Full text of Commercial and Financial Chronicle : November 23, 1918, Vol. 107, No. 2787 [Copy 1]

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Bank &

Quotation Section
Railway Earnings Section
l» '•'* "v

VO!
VVJL. 107
XU/.

"*“*

"***

rnmmAHY. MFW Vn»K.

Issued Weekly

$10.00Per Yssr

Railway & Industrial Section
Bankers’ Convention Section

Electric

Railway Section
City Section

State and

CMTC.ro AS SeCOMO-CLASS MATTE- JUNE
>3, 1ST*. ATTM— MMT omftc AT MPWVO.K, MEW TO—K. UNDO TM» .(not
*A—^M ,, I—„

NEW YORK, NOVEMBER 23. 1918.

financial

William B. Dana Co.. Publishers,
138 Front St.. N. V City.

Jf manual

0707

NU. LlOlm

^financial
*

THE FARMERS’ LOAN & TRUST

HARVEY FISK & SONS

COMPANY

32 Nsmsu Sl

NATIONAL

NEW YORK

Foreign Exchange, Cable Transferee

THE LIBERTY

OP NEW YORK

Travelers* Letters of Credit
The Company to a legal depositary ft*
moneys paid Into Court, and Is author¬
ised to act as Executor. Administrator.

Trustee, Guardian, Receiver, and In all
ether fiduciary capacities.
Acts as Trustee under Mortgages made
by Railroad and other Corporations, and
as Transfer Agent and Registrar of Stocks
end Bonds.
Receives deposits upon Certificates of
Deposit, or subject to check, and allows
Interest on dally balances.
Manages Real Estate and lends money
on

Will

act as

Agent In the transaction of

16-22 WILLIAM STREET,NEW YORK
Branch: 475 Filth Avenue, at 41st Street
LONDON

BROADWAY end CEDAR ST

NEW YORK CITY BONDS
AND OTHER CHOICE
INVESTMENT SECURITIES

The National Park Bank
of New York

Capital

....

Surplus & Profits

Capital
Surplus & Undivided Profits
Deposits (Nov. 1, 1918) -

Pine

Street, Corner Wliliam

Member Federal Reserve Bank
and New York Clearing House

NEW YOrlK

•

$5,000,000 00
18,592,000 00
172,670,000 00

President
RICHARD DELAFIELD
Viee-Preaidenta
GILBERT Q. THORNE
JOHN C. VAN CLEAR
WILLIAM O. JONES
MAURICE H. EWER
GEORGE H. KRETZ
SYLVESTER W.LABROT

PARIS

Cashier
ERNEST V. CONNOLLY
AsaUtaai Coahiert

WILLIAM A. MAIN
J. EDWIN PROV2NB
HENRY L. SPARKS

$3,000,000.06
4,000,000.00

HAR R IS, FORBES&CC

Organized 1856

Depositary for Legal Reserves of State
Banks and also for moneys of the City
Of New York.
Fiscal Agent for States. Counties and
Cities.

UNITED STATES BONDS

bond and mortgage.

any approved financial business.

BANK

FRED’K O. FOXCROFT
WILLIAM E. DOUGLAS
BYRON P. ROBBINS

Established 1874.

27 Austin

Friars. LONDON. E.

HARRIS, FORBES

& CO.* Inc.

BOSTON
Act

as fiscal agents for munici¬
palities and corporations and

deal

in Government, munici¬
pal. railroad and public utility

BONDS FOR INVESTMENT
List

Application

Cable Address SABA. NEW YORK

Edward B. Smith &Co

John L. Williams & Sons

Established 18r

BANKERS
Center 8th and Main Streets

RICHMOND, VA.
Baltimore Correspondents:

MIDDENDORP, WILLIAMS Sc CO.. Ine,

GARFIELD NATIONAL BANK
Fifth Avenue Building
Corner Fifth Ave. end 13rd St., New York.

Capital. $ 1,000,000

Surplus, S1,000,000

RUEL W. POOR. President.
HORACE P. POOR. Vice-President.
ARTHUR W. SNOW. 2d V.-Pree. Sc Cashier,
RALPH T. THORN. Asst. Cashier.
JOHN W. PEDDLE, Asst. Cashier.

THE

BANKERS

Established 1810

The Mechanics and Metals
National Bank
of the
Capital
Surplus and Profits

Deposits Nov. 1,1918

$6,000,000

$11,000,000

•

$221,000,000

iForeign Exchange Department

NEW YORC

over

Letters of Cradlt

$150,000,000

Francis Ralston

Welsh,

First National Bank

BONDS

Philadelphia, Pa.

OF RAILROAD, GAS AND ELECTRIC
LIGHT AND POWER COMPANIES

CHASTER SIC. I
109-111 SOUTH FOURTH STREET

ACCOUNTS

INVITED

The Chase National Bank
of the City of New York
Capital
Surplus and Profits
Deposits (November 1,1918)

•

(10,000,000
19,933,000
399,639,000

OFFICERS

NATIONAL BANK

Resources

1411 Chestnut Snip*. Philadelphia
80 Pins Stbbbt
Nhw Yobs

City of New York

AMERICAN EXCHANGE

Foreign Exchange

Members New York mid Philadelphia
Stock Exchanges

PHILADELPHIA

A. BARTON

HEPBURN. Chr. Advisory Bd.
ALBERT H. WIGGIN,
Chairman
EUGENE V. R. THAYER.
President
SAMUEL H. MILLER.
Vice-President
EDWARD R. TINKER,
Vice-President
CARL J. 80HMIDLAP£.
Vice-President
GERHARD M. DAHL.
Vice-President
ALFRED O. ANDREWS.
Cashier
CHARLES O. SLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PtfRDY,
Asst. Cashier
CHARLES D. SMITH,
Asst. Cashier
WILLIAM P. HOLLY.
Asst. Cashier
GEO. H. SAYLOR,
Asst. Cashier
M. HADDEN HOWELL.
Asst. Cashier
8. FRED TELLEEN,
Asst. Cashier
ROBERT I. BARR.
Asst. Cashier
SEW ALL 8. 8HAW,
Asst. Cashier
LEON H. JOHNSTON,
Asst. Cashier
DIRECTORS
Henry W. Cannon
Samuel H. Miller
A. Barton Hepburn
Albert H. Wtggln
John J. Mitchell

Edward R. Tinker

Henry B. Endtcott

Edward T. Nichols
Guy E. Tripp
Newcomb Carlton
James N. Hill
Frederick H. Ecker
Daniel O. Jackling
Eugene V. R. Thay
Frank A. Sayles
Carl J. Schmldiapp
Charles M. Schwab
Gerhard M. Dahl
Andrew Fletcher

THE CHRONICLE

*IVoi<. 107.
—

3nt>t*tjnrnf $)ou6tt ant) JBratotr* of foreign exchange

J. P. MORGAN & CO. Maitland,
Wall Street, Corner of Broad
00.. PHILADELPHIA

Corner of 5th and Chestnut Streets

MORGAN, GRENFELL&GO., LONDON
No. 22 Old Broad Street

"co7,
Boulevard Haussmann

■OBOAN, HABJE3 ft
31

Commission.
Foreign Exchange, Commercial Credits.
Cable Transfers.

Gtaculur Letters for Travelers, available in all
parts of the world.

BROWN BROTHERS 8TCo.
Bostof

NEW TORE

BlUs of Exchange*

Telegraphic Transfer*,
gf Credit

Investment Securities

NEW YORK

And its Branches.

TRAVELERS’ LETTER8 OF CREDIT
Available throughout the United States

August Belmont & Co.

RrtiMnd&Cft
33 Pine Street, New York

Investment Securities

ISSUE LETTERS OF CREDIT

Members

for Travelers

Available in all parts of the world.

Travelers’ Credits

Draw bills of Exchange and make Telegraphic
Transfers to EUROPE, Cuba, and the
other West Indies, Mexico and California.

BROWN, SHIPLEY & CO.

Execute orders for the purchase end
Bonds and Stocks.

sale of

New York Stock

Exchange

Letters of Credit for Travelers
Correspondents of

LONDON

Barclays Bank, Ltd., London

Lawrence Turnure & Co.

Jordaan & Cie, Paris
Russo-Asiatic Bank, Hong Kong

64-66 Wall Straat,
New York

Banque Induetrielle do Chine, Paris
Shanghai, Peking, Hong Kong, Saigon,
Tientsin, Haiphong, Yunnan Fu

T. Snffera Taller

James G. Walf ce

Investment securities bought and sold on com¬
mission.
Travelers* credits, available through¬
out the United States. Cuba. Puerto Rico. Mexico,
Central America and Spain. Make collections in ana
issue drafts and cable transfers on above countries.

TAILER&CD

Joint

London Bankers:—London
Bank, Limited.

Stock

Graham, Parsons &Co.

Paris Bankers:—Banque Prancaise—Heine

10 Pine Street, New York

5c Co.

Investment Securities

Winslow, Lanier & Co.

37 William Street.
N.

STOCK

EXCHANGE.

Execute orders for purchase and
Stocks and Bonds.

sale of

Foreign Exchange Bought and Sold.

NEW YORK

Issue Commercial and Travelers’ Credits
available in all parts of the world.

Deposits Received Subject to Draft. Interest
Allowed on Deposits. Securities
Bought and Sold on
Commission.

Foreign Exchange, Letters of Credit

Schulz &

Ruckgaber

IT Pine Street
Members of

New York

New York Stock Exchange

Investment Securities

Foreign Exchange
Commercial

Kean, Taylor & Co.

Credits Issued in Dollars, Pounds
Sterling, Francs, Guilders, Pesetas, etc.

London

Exchange Bank

Broadway, Corner BEAVER ST.

PITTSBURGH

Railways, Gas and Electric
Light and Power Companies
of

established

value.

Gable Address. "Graco.” Philadelphia.

BOISSEVAIN & CO.
94 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.

INVESTMENT SECURITIES ~
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON St CO.
(Successors toAdolphBoissevain &Co.)

Amsterdam, Holland.

BERTRON, GRISCOM ft CO., INC.

New York

Produce
244 Fourth Ave.

Government and Municipal Bonds
Securities of Railroads, Electric

Agents: Messrs. Fruhling & Goschen

Bonds for Investment.

8 Nassau Straet
NEW YORK

PHILADELPHIA

HQDELBACH, ICKELHEIMER ft CO.

89 CEDAR STREET

BANKERS.

BANKERS

485 Chestnut street

MEMBERS

108 So. La Salle St.
CHICAGO

N- 1 William Street

Agent* tor the Bank of Australasia.

London end Peris.

Commercial Credits

•%

J. & W. Seligman & Co.

Messrs. Mallet Freres Sc. Cie, Paris,
Banco Nacional de Mexico,

Agents and Correspondents of the
Messrs. ROTHSCHILD,

Foreign Exchange
Deposit Accounts

The National Provincial A Union Bank of

41 EXCHANGE PLACE, NEW YORK.
Members New York Stock Exchange.

Granvflle Kane

England, Ltd., London,

Securities bought and sold on

hnimnu

Order? executed for all Investment Securities,
as at vita of Corporations and negotiate and
» Lorn*.
Letters

PARIS

62 WILUAM STREET
NEW YORK

NEW YORK

DREXEL

Coppell & Co.

INVESTMENT SECURITIES
40 Wall Street
NEW YORK

Land Title

Building

PHILADELPHIA

Capital
....
$1,000,000
Surplus and Undivided Profits 1,000,000
Foreign Exchange bought and sold. Cable
Transfers.
Commercial and Travelers’ Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.

John Munroe & Co.
MW YOBK

Letters of Credit for Travelers
Osmnuedal Credits.

Foreign Exchange

Coble Transfers.

IKDNBOE & CO.t Paris

ALDRED & CO.

BOSTON

H. AMY & CO.

Exchange Place
New Yerk

Members N. Y. Stock

Exchange

44 AND 48 WALL ST.

General In

and

Fiscal Agents for
Public Utility and Hydro-Flaatrtc

»'.vnu'

Mot. 23

1918.]

imriwanw

fflrmmmii

THE CHRONICLE

HUM

3ntje*tment anb Jfinandal ©ousts

Ud,Hlgglnson&Co.

CHICAGO

BOSTON

N«w York

Millett, Roe & Hagen

NEW YORK
BOSTON

INVESTMENT SECURITIES

SAN FRANCISCO

Chicago

HIGGMSON «. CO.

MEMBERS
NEW YORK STOCK EXCHANGE
BOSTON STOCK EXCHANGE

Goldman, Sachs & Co.

80 Lombard Stmt

LONDON. E &
52 WILUAM ST.
NEW YORK

Members of New York Ac Chicago Stock Exchangee

Hornblower & Weeks
42

BOSTON

The National City

BROADWAY, NEW YO RK

Company

Investment Securities

Bonds

SMITH & GALLATIN

Short Tom Holes

Members of the

■EMBERS
NEW YORK. BOSTON AND
CHICAGO STOCK EXCHANGES

National City Bank
New York

New York Stock Exchange

111
Direct vires to aH principal markets

Boston
Detroit

15 CONGRESS *T

Broadway

Building

New York

Chicago
Providence

Portland

Robinson & Co.

FtlnTiHtlirl 1888
f

mmm,

Investment Securities

(Revised” to Oct. 1, 1918)
Sent upon request

Bankers

221 Chestnut St., Philadelphia
Bostom

U. S. Government Bonds

“BurnhamV Manual
of Chicago^Securities” ^

Chicago

41 South La Salle St.

CHICAGO

W. C.

8k Co., N. Y.

115

Investment Securities

Langley & Co.

Bonbright & Company
Incorporated

investments

N*.YI

Frazier &• Gb.

New Yotfc

John Burnham & Co.

allowed on deposits
subject to check
High-grade investment securities
lUmbera Philadelphia, Nev York
Oblcsoo
Stock Exchanges

Exchange Place
Members New York Stock

Interest

SMI

25 Nassau Street New York
PHILADELPHIA
OHIOAGO

Broadway, New York City

LONDON
William P. Bonbright A Co.

STOCKS AND BONDS
bought and sold for cash,

or carried
conservative terms.
Inactive and unlisted securities.

BOSTON r
DETROIT

Inquiries invited.
Broad and Sansom Street*,
PHILADELPHIA
211 E. Redwood Street, Baltimore

FINCH A TARBELL

SIMON BORG & CO.,

Members New York Stock Exchange
NEW YORK
-

ISO BROADWAY,

Members of New York Stock

M. C. BOUVIER & CO.

HALSEY, STUART A CO.
tacecpecsted

lacceaaort to

N. W. HALSEY A CO. CHICAGO

No. 46 Cedar Street

Mambsrs
Naw York Stock Exchange
Since 1869

PHILADELPHIA

-4

INVESTMENT SECURITIES

NEW YORK

MILWAUKEE

Cities and Corporations.

H. D.

Walbridge & Co.

14 Wall

Street, New York
,

H. T. HOLTZ & CO.

Public

Utility Securities

PUBLIC UTILITY
BONDS

HARPER

BONDS

& TURNER

INVESTMENT

BANKERS

STOCK EXCHANGE BUILDING
WALNUT STOCrr ABOVE BROAD

SOUTH LASALLE STREET
CHICAGO

MUNICIPAL AND RAILROAD
FOR INVESTMENT

MUNICIPAL AND

New Yoril

DETROIT

Government, Municipal, Railroad
and Public Utility Bonds.
Fiscal Agents Jor

20 BROAD STREET

•

HIGH-GRADE

CHICAGO

NSW YORK
BOSTOR
ST. LOOIS

•

F,schemes

PHILADELPHIA

Members Pbiladetobla Stock Frchan—

Colgate, Parker & Co.
49 Wall Stmt, New Yocfe

THE CHRONICLE
financial

[Vol. 107

fivuauial

financial
rri

r~i

WE FINANCE

Electric

Light, Power and Street
Railway Enterprises with records
of established earnings

ESTABROOK & CO.
Members New York and Boston
Stock

CHASE

Exchanges

& COMPANY

INVESTMENT SECURITIES

WE OFFER
Investment Dealers
Public Utility Securities

Bankers and

Proven

n—i - nnnn

Correspondence Solicited

15 State Street,
24 Broad Street,

BOSTON
NEW YORK

BONDS
j

19 CONGRESS

BALTIMORE

ST.,

BOSTON

SPRINGFIELD

ELECTRIC BOND & SHIRE CO.
(Md*Up Capital and Surplus, $21,000,000}
71 BROADWAY, NEW YORK

MUNICIPAL AND RAILROAD

United States
Government and

Municipal Bonds

BONDS
For Conservative Investment

High Grade
Investment Bonds

William ftfimptonfo

R. L. Day & Co.

Government and Municipal Bonds
Over

Congress St., Boston

14 Wall

Issues Underwritten

Street, New York

St. Louis

Chicago

New York Correspondents

Municipal and Corporation

Quarter Century in this business

Cincinnati

Pittsburgh

Jackson, Miss.

specialize In securities of

the Mississippi Valley and the

REMICK, HODGES & CO.

South

C. I. HUDSON & CO.

PARKINSON & BURR

No. 66

BOND DEPARTMENT

Mississippi Valley Trust Co.

BROADWAY, NEW YORK

Members

New

York, Philadelphia and
Chicago Stock Exchanges

Members of the New York and
Boston Stock Exchangee

ST. LOUIS

TELEPHONE RECTOR 7401

53 State Street

f Wall Street
mW YORK

Miscellaneous Securities

BOSTON

in all Markets
PRIVATE

WIRES TO

flanker* Sc Stoker* outcihe fl.

PRINCIPAL CITIES
CHICAGO

H. F. BACHMAN & CO.

GReenebaum sons

Established 1866
▼ JAMES D

INVESTMENT BANKERS
Members N. Y. and Phlla. Stock Exchanges

1118 Chestnut St.,
PHILADELPHIA

|acey|imber(o.

81 Broadway
NEW YORK

TIMBER BONDS

Thomas C. Perkins, inc.
Investment

Southeast Corner La Salle and Madison Sts.
CHICAGO

Capital and Surplus, $2,000,000

6&%

CHICAGO FIRST MORTGAGES

Suitable for Estates. Trustees and

Write for Bond Circular C 25.

expert verification
of underlying asset?

Oldest Banking House In Chicago. A state Baafc.

O. Slaughter At Co.
MONROE

118 WEST

STREET

CHICAGO, ILL.

CONNECTICUT

[New York Stock Exchange.

Now York Cotton Cichanta,
Now York Coffer En hance,

WE PURCHASE

Entire issues of preferred and common stocks
•f established and dividend-paying Naw England Manufacturing Companies.

I New York Produce Exchange.
Members^ Chicago Stock Exchanfta.

Commercial
or

any

111

Broadway

60 State
ESTABLISHED 1865

Lou I a Merchant*

Exchan

(Winnipeg Crain Exchange

Paper

Municipal Bond$

part of original issues of such companies
paying from 7 to 10 per cent.

Correspondence invited.

| Chicago Board of Trade.
Minn. Chamber of Commerce,

s. n. bond & co.

WE OFFER
bankers and investment dealers all

Individual

based always upon

332 so. Michigan Av., Chicago

Bankers

HARTFORD

AND TRUST COMPANY

E. T. KONSBERG A CO.

New York

884 So. La Salle Street
CHICAGO

Street, Boston

ARMOUR & CO.

W. F. Baker, Manager Bond Dept.

Debenture 6s.

4xc/liiC^eu6Co
5 Nassau St., N. Y.

MEMBERS NEW YORK STOCK EXCHANQE
Deal In

Members Chicago Stock Exchange

^0
^kS.ll*dONES
Municipal Railroad^ ‘
Corporation Bonds

Underlying Railraod Bonds
and

Taz-czempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks

sONTooam

Broap Street

New York

NW SECTM IMS—CASU MNIU “•CKSTM£*T'
List C gives current

offerings.

ala

B. W. Strassburger

SOUTHERN INVESTMEMT SECURITIES
Montgomery, Aim.

Not. 23 1918.]

THE CHRONICLE
Canadian

BANK OF MONTREAL
(Established 1817)

Canadian

CAPITAL paid

Government and Municipal

Bonds

$16,000,000
16,000,000

TOTAL ASSETS
Head

regard¬

ing Canadian Government and
Municipal Bonds to yield from

5V4%-to 6*4%

'Wood, Gundy&C*>.
■•uim!

$426,322,096

HEAD OFFICE, TORONTO

PAID-UP CAPITAL

S15.000.08g
SIS.500,008

REST

We invite corrc^oondence

C P. R.

REST

THE CANADIAN BANK
OF COMMERCE

General

Manager.

NEW YORK AGENCY

64 WALL STREET
R. Y. HEBDEN.
W. A. BOO,
A. T. SMITH
Agents
Chicago Branch, 108 South La Salle St*
Spokane, Wash.
Mexico City.

Foreign Exchange bought and sold.
Commercial credit* Issued
available
In any part of the world.

Building

TORONTO

Office—Montreal

SIR VINCENT MEREDITH, Bart., President
Sir Frederick
Williams-Taylor,

London Offices, 47 Threadneedle St., E. C.
9 Waterloo Place. Pall Mall, S. W.
and

Trafalgar Square.
G. C* CASSELS, Manager.

President, Sir Edmund Walker.C.V.O..LL.D..D.C.
General Manager. Sir John Alrd.
Assistant General Manager, H. V. F. Jones.

New York Office, 16

Exchange Plaea

F. B. FRANCIS,
J. A. C. KEMP,
C. J. STEPHENSON

Agents

Buy and Sell Sterling and Q
change and Cable Transfer!

jental Ex-

Elections
points.
Travelers' Cheques and Letters of Credit IsillfMl

made at all

available in all parts of the world.

Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON OFFICE—2 Lombard Street. S. O.
BANKERS IN GREAT BRITAIN,
The

Bank

The

Bank

England,
Scotland,

Lloyd's Bank, Limited.

Canadian

CANADIAN
SECURITIES

Government, Municipal
and Corporation Bonds

Government, AAunlelpjil
6l

Corporetlon

Dottmiofl Securities

Lists n r—W

CORPORATION- LIMITED
A. E. AMES & COi
U

Toronto

mo/itrcal lomdohjj-iq
.

IfMlmy, NCtt YOU"

Toronto

Mon tree I

C. MEREDITH & CO.,
LIMITED

THE BANK OF NOVA SCOTIA
(Incorporated 1839)
PAID-UP CAPITAL
RESERVE FUND
TOTAL ASSETS OVER

88.808.088
19.000.008

186.000,008

Head Office. Halifax, N. S.
General Manager’s Office, Toronto. Ont.
187 branchea throughout Canada Newfoundland,
Cuba Jamaica, Porto Klro. and In Boston. Chi¬
cago and New York
Commercial and Travelers*
Credits Issued available In all parts of the world.
Bill* on Canada or West Indian points favorably
negotiated or collected by our branches In the
United States.
Correspondence Invited.

New York Agency, 52 Wall Street
H. F. Patterson. Agent.

Lo"do" J.°,"t Clt* 4 Midlae d
Roya, £ank of Scotland.

Correspondents
in Great Britain

Bond Dealers and Financial Agents
engineers

“

BOARD OF DIRECTORS.
C. Meredith. President
Sir Chan. B. Gordon. K.C B E.. Vire-Pres
R Hosmer.
Win McMenter.
O Macarow,
Bartlett Mclennan,
A Baunigarten,
Baum gar ten,
H B MacDougall.
J. J Reed.
A. E. Holt.

THE

J-G'WHITE COMPANIES
Financiers

Purchasers

Engineers
Operators

of Public Utility and Industrial

Properties

J. M. Mackie. Manager.

A.TP. B. Williams. Sec

119 St. James St.

46 Threadneedle St.

MONTREAL

LONDON, E. C.

R. A. Daly 8a Co.
CANADIAN

GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS

REPORTS—VALUATIONS—ESTIMATES
of Nova Scotia

43 EXCHANGE

Building

TORONTO, ONT.

PLACE, NEW YORK

LONDON

ROYAL BANK OF CANADA
Established

Capital Paid

1869.

Up.TTT.

Reservs Funds

Total Assets

Contractors

Managers

$14 000.080
815.000.000

$393,800,000

Head Office
Montreal
SIR HERBERT 8 HOLT President
E. L. PEA8E V'Ice-Pres & Man. Director
C. E. NEILL. Gen. Manager.

520 Branches throughout the DOMINION OF
CANADA & NEWFOUNDLAND lu HAVANA
and all prlncii>al points In CUBA. PORTO RICO.
DOMINICAN REPUBLIC COSTA RICA and
VENEZUELA
Also
in
ANTIGUA
BAHA¬
MAS
BARBADOS
DOMINICA
GRENADA.
JAMAICA ST KITTS TRINIDAD BRITISH
HONDURAS and BRITISH GUIANA.
SPA IN — Barcelona

LONDON OFFICE—Bank Buildings,
Piincea Street. E. O.
Nsw York Agency—Cor. William St Cedar Sta.
F. T. WALKER O. E. MACKENZIE and
J. ▲. BEATSON, Ageuts.

CHICAGO
■VOUR fund* in Canada

can be
profitably em¬
ployed by investing in CANADA’S WAR
LOANS. They yield from
5.54% to 5.62% and
can be
instantly sold should the necessity arise.
*

nlnv«M

GREENSHIELDS & CO.

WILLARD CASE & COMPANY
CONSULTING

ENGINEERS

Member* Montreal Stock
Exchange
Dealer* in Canadian Bond Issue*

17 SL John SL

Monti eal, Can.

Canadian Securitlae
W. GRAHAM BROWNE&CQ
222

Stk3d
MONTREAL

Development of

Industrial

Plants
Report*

CANADIAN

Equipments

Municipal and Public Utility

dt. jAmt'

ComaoandoBee

Bonds

Operating Methods St Conditions
Determination* of

Worth

Established

IT BATTERY PLACE

Properties
NEW YORK

NI ESBITT,
I

6 COMPANY. LIMITED

822 ST.

JAMES ST. MONTREAL
MERCANTILE TRUST OLD.HAMILTON.

Adrian H. Muller & Son
AUCTIONEERS

in mg

engineers

H. M. CHANCE 4 CO.
Mining Engineers and Gaologist*

COAL AND MINERAL PROPERTIES

Examined, Managed, Appraised
Bids.

PHILADELPHIA

Hatopers

F. WM. KRAFT, Lawyer
Specializing in Examination A Preparation of

County, Municipal and Corporation
Bonds, Warrants and Securities and

Proceedings Authorizing Same.
Rooms 617-690, 111 W. Monro* St^
Harris Trust Building

CHICAGO. ILLINOIS

Of flea. No. 86 WILLIAM STREET
Corner Pin* Street

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY
At the

Exchange Sales Ri

14-16 V«Mf Street

THECHRONICLE

[Vol. 107

Jfoteign
AUSTRALIA & NEW ZEALAND

BANK OF
NEW SOUTH WALES

THE LONDON CUT & MIDLAND
BANK LIMITED

Paid Up Capital
Rm*tv« Fund
Rmmtvc Liability of Proprietors

Head Office

*19.524,300

Overseas Branch

14,750*000

19,524,300

ff a 88 OLD BROAD

STREET, E. C. 2.

t53.798.000

Afgrtfit* Assets, 31 March 1918, $305,984,997
Sir J. RUSSELL FRENCH, K. B. E.,
General Manager

235 BRANCHES and AGENCIES In the Aus¬
tralian States, New Zealand. Fiji, Papua (New
Balnea), and London.
The
Bank
transacts
every
description of
Australian Banking Business.
Wool and other Produce Credits arranged.
Head Office

London Office

GEORGE STREET
SYDNEY

29, THREADNEEDLE
STREET, E C., 2

THE UNION BANK OF AUSTRALIA United
Incorporated 1880

Established 1837

Capita I—

Authorized and Issued
..£8.000.000
Paid-up Capital £3.000.0001 ToReserve Fund ..£2.025.000fgether £4.025.000
Reserve Liability of Proprietors
£4.000.000
£8.025.000
Total Capital and Reserves..
Tha Bank has 41 Branches In VICTORIA. 39 in
NEW SOUTH WALES. 19 In QUEENSLAND,
14 In SOUTH AUSTRALIA, 21 In WESTERN^
AUSTRALIA, 3 In TASMANIA and 44 In .NEW

BEALAND.

($5=£l)

Subscribed Capital

$124,624740
25,963,485
21,730,000

Paid-up Capita!
Reserve Fund

$1,181,151,610

Cash in hand and Balances
at Bank of England -

BANCA COMMERCIALS ITALIANA
Head Office MILAN
Paid-up Capital
Reserve Funds

331.200.000
..311.840,000

AGENCY IN NEW YORK,
188 BROADWAY

800

BRANCHES

Proceeding to Europe

Bash

has made arrangements te enable
American efflcers having acceunts with them ta
thalr Cheques free ef charge In France at
Branch ef the RANK OF FRANCE er ef the
fOCIETC GENERALE and at tea BANQUE FRANCAISE POUR LE COMMERCE ET ^INDUSTRIE.
Paris* In Italy at any Rranch af the RANCA COM¬
MERCIALS ITALIANA. and in tha Naar East at
any Rranch ef the IMPERIAL OTTOMAN RANK.

advantage af using all er
any af tha l.lll Offices ef the Rank far their
business cennectlens and far thalr Mall, which
will be carefully distributed.
branches
American

ers

Paid-up Capital
Reserve

are

statiened In England.

Banking Corporation

WALL STREET,

U. S. A. for

NEW YORK CITY

Japan

Panama

Philippine Islands

Colombia

London

Santo Domingo
San Francisco

d’Oriente. Tripoli.

ERNESTO TORNQUIST & CO., Lda. The Union Discount Co.
BUENOS AIRES
of London, Limited
Est&bllsoed 1830
29 CORNHILL.
Telegraphic Address, Udisco, London.

and Reserves

£2,587,251

Capital Authorized
Capital Subscribed
Capital Paid-Up
Reserve Fund
35=£1 STERLING.

Clermont & Co.

-I

..117,402^229

Advances and Discounts

HEAD OFFICE: 41. LOTHBURY,

E.C. 2.

Foreign Branch Office: 82, Corn hill, E.C. 2.
SPANISH BRANCHES:
BARCELONA
MADRID

Paeeo de Gracia 8 and 15
Calle da Alcala 42

AFFILIATED IN FRANCE:
London County St Westminster Bank (Paris). Ltd.
PARIS
22. Place Vendomg
LYONS
37. Rue de la RepubllqiM
BORDEAUX
22 St 24. Coura de I'lntendanea
MARSEILLES
31. Rue Paradfc

AFFILIATED IN IRELAND:
ULSTER BANK LIMITED

The

Anglo-South American
Bank, Ltd.
ARGENTINA

CHILE

URUGUAY

FRANCE: Paris

SPAIN: Madrid, Bilbao, Barcelona

$10,000,000
8,500.000
4.250.000
4,000,000

CAPITAL & RESERVES

£6,338,794 @ $5

per

£=*31,693,976

NOTICE IS HEREBY
GIVEN that the
RATES OF INTEREST allowed for money
an

General Financial, Banking and
Commercial Business

1918.)

Straits Settlements
Java

Buenos Ayres, Rio de Janeiro. San Paulo.
Santos.
&c.
Socleta
Commercials

one.

Branches in:
India
China

BANQUE FRANCAISE ET ITALIENNE POUR
L’AMERIOUE DU SUD.

Capital fully paid

8,828,558
8,528,555

1..

Current, Deposit and other Ac¬
count
£230,425,743
Cash in Hand and at Bank of Engand
42.931,095
Money at Call and Short Notice... 29,525,781

Capital
$3,250,000
Surplus 4k Undivided Profits..—..$5,368,000

Representatives In

River Plate

F. C. Goodenoagh
W. O. Stevemoa

Authorized Capital
£30,005,008
(1.500.000 Shares of £20 each)
Subscribed Capital
27,314.258

Correspondents to the Italian Treasury.

Oldest business establishment in the

ESTABLISHED IN 183$

established at all tha Camps where

Traaps

International

London and

...

MANAGER

easterners have the

West End Agency and London Office of the
Italian State Railways, 12 Waterloo Place
Regent St., 8. W,

Agents In

GREAT BRITAIN

84, Lombard Street, London, E. C.

cash

SIR EDWARD H. HOLDEN. Bart.. Chairman.

Italy, at all the
principal points in the Kingdom.

FOREIGN EXCHANGE DEPARTMENT

195876,125
437,602,475

London Office. 1 OLD BROAD STREET, E. C.
Manager: B. Coneoio.

64 Branches In

£3^00,000

LONDON COUNTY WESTMINSTER
AND PARR’S BANK tlglTED
163,948.690

any

Head Office: 71 CORNHILL. LONDON. E.C.
Manager—A. O. WILLIS.
Assistant Manager—W. J. Basame

Reserve Fund

144789,215

To American Officers
This

Nominal Capital
£18.800,000
Capital Subscribed.......£13,879,440
Paid Up Capital.
£8.894,442

268,547,890

Money at Call and Short
Notice Bills of Exchange
Investments
Advances -

54, Lombard St., London, E. C*

CHAIRMAN

30th Juno, 1918.

Deposits

LIMITED

HEAD OFFICE

5, THREADNEEDLE STREET, LONDON, L6.1

(ESTABLISHED 1817.)

BARCLAYS BANK

deposit are as follows:

HEAD OFFICE, OLD BROAD STREET,
LONDON. E. C.

At Call 3

Par Cant

It 3 to 7

Days' Not lee, 3 Per Cent.

NEW YORK (AgencyI, 88 WALL STREET

The

Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.

CHRISTOPHER R. NUGENT. Manager.

Every description of Banking end
Exchange business

BANKERS

GUATEMALA,
Central America
Cable Address: "Clermont'*

LEU and CO.’S BANK,
LIMITED
ZURICH, (Switzerland)
Founded 1758

Capital Paid
Reeerva

and!

Fund

Fra. 50,800,000

EVERY DESCRIPTION of BANKING BUSI¬
NESS TRANSACTED.

BUls of Eachanga Negotiated and Collected.
Drafts and Letters of Credit Issued*

Telegraphic Transfers Effected.
Bookin

an<t Travel Department.

The National

Discount

Company, Limited
35 CORNHILL

LONDON. E. C.

Cable Addrcaa -Natdta. Loudon.
Subscribed Capital
$21,168,821
Paid-up Capital
4.233.326
Reserve Fund
$.380,000
<$5=£1 STERLING.)

NOTICE to hereby given that the RATE OF
INTEREST

allowed

for

money

Depoels

THE

NATIONAL PROVINCIAL AND
UNION 8ANK OF ENGLAND
Limited^
($S=£1.)
SUBSCRIBED CAPITAL
PAID-UP CAPITAL
RESERVE FUND -

$141,422,105
$27,384,425

$20,000,000

Three per cent per annum.

Head Office:

Approved bank and mercantile bills discounted.
Money

received

deposit at rates advertised

flrora time to time ana for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable eecurltiee.

PHILIP

HAROLD

WADE, Manager

15. BISHOPSGATE, LONDON. ENGLAND,
with

numerous

Offices in England

and Wales

Not. 23 1918.]

********************

THE CHRONICLE

Jforeign

ii~i~LrL\

SPERLING

& CO.

Basildon House, Moorgato Sfcc
London, E. C.

Jfinantfa!

Baoqoe Nationale de Credit
Capital

fra. 150,000,000

Reserve Fund

FISCAL AGENTS FOR

Public Utility

”

36,000,000

HEAD OFFICE

and

16, Boulevard des Italians

Hydro-Electric Companies

HIGH-GRADE
SOUTHERN BONDS

PARIS

NEW YORK AGENTS

SPERLING & CO., INC.,
120 BROADWAY.

Comptoir National d’Escoopte da Paris
Capital fully

paid up
Frs.200.000.000
Reserve Fund
Frs. 42.000.000
HEAD OFFICE: 14 RUE BERGERE, PARIS
London Office: Kins William Street. E. C.
Branches at Manchester and Liverpool
Nearly 800 Branches In France. Spain. Tunis.

BRANCHES

at:
Lyons, Marseilles.
Havre, Angers, Bordeaux, Dijon.
Nantes, Orleans, Rouen, Saint-Etienne, Toulouse, Tours, Troyes, and

140 others in the chief

centres

We buy and sell highgrade tax-secured municipal

bonds of the Southern States
and their sub-divisions offer¬

ing

Madagascar. India and Australia.
the French Colonial Banks.
AND

EXCHANGE

business oG

j^ery description transacted. DEPOSIT ANB
35SflpNT AOOODNT8. DOCUMENTARY
CREDIT8 SHIP'S DISBURSEMENTS AND
DOLLECTION OF FREIGHTS In all parts ot
ibe world.

with which

are

Incorporated the

Societa Bancaria Italiana
and the
Societa Italiana di Cradito Provincial#

Authorized and Subscribed

Capital

Liras 180,000.000

Paid-up Capital
Deposit# & Current Accts.
(Aug. 81 1917)

“

Cash in hand with the Bank

(Aug. SI 1917)
Central

“

183,000,000

HIBERNIA

Baslt, Zurich, St Gail. Geneva, Lausanne

BANK 6, TRUST CO.
NEW ORLEANS

West End Branch:...11c Regent Street
Waterloo Place S. W. 1

PARIS OFFICE. 2 Rue le Peletler
London Clearing Agents: Barclay’s Bank, Ltd.,
54, Lombard St. E. C.
Joint Proprietors with the Guaranty Trust Co. of
New York of the Italian Discount and Trust
Company. New York. 399 Broadway.
.

fhe Mercantile Bank of India Ltd.

.$40,000,000

Capital paid up, • Frs.82,000,000
Surplus, . • • . Fr8.27,750,000

High Yield

Special facilities offered to MEMBERS OP
THE AMERICAN MILITARY AND NAVAL
FORCES.

Low Yield

Railroad Investments

The Colonial Bank

Office
Gracechurch Street, London

Capital Subscribed
Paid-up Capital

Mauritius.

$15,000,000.00
$3,750,000.00
$1,625,000.00

Rest
$5= £1

WEST INDIES,
LIVERPOOL,
WEST AFRICA,
MANCHESTER
LONDON.

Address

American Banks and individuals are invited to
avail themselves of this Bank’s services in con¬
nection with U. S. Forces now in Europe.

Dept. FC-25

Babson’s Statistical Organization

Head Office:

WELLESLEY HILLS. MASS.

29, Gracechurch St., London, E.C. 3, Eng.

Capital £1,500.000.

Paid up £662,600.
Reserve Fund i 600.000.
Branches In India. Burma, Ceylon, Straits
Settlements. Federated Malay States, Chine.,

Times have changed since absolute
safety necessitated but a low nominal re¬
turn.
To-day It Is possible to place In¬
vestments with no risk to net 6% to 9%.
A discussion of the present position of
high yield and low yield railroad invest¬
ments together with a descriptive chart
Will be supplied gratis upou request.

Established 1836.

Head

and

Resources.

Management and Head Offica:

ROME
BRANCHES at: Genoa. Milan. Naples. Pa.
lermo. Turin. Venice, Bologna. Catania. Leghorn,
Florence, Ancona. Messina, San Remo. Como
and 50 others In CHIEF CENTRES OF ITALY.

descriptive booklet.

Swiss Bank Corporation

167,000,000

“ 1,926,000,000

yield.

BOND DEPARTMENT

LONDON OFFICE. 43 Lothbury. E C 2

Banca Italians Di Sconto

safe security with

Write for

GENERAL BANKING BUSINESS

Agents of

BANKING

attractive

France.

New York Agency:
22 William Street.

Largest Organisation of its Character in the
World.

Ionian Bank, Limited
Incorporated by Royal Charter.

STANDARD DANK OF SOUTH AFRICA, Ltd
HEAD OFFICE, LONDON, E. C.
Paid-up Capital... £1,548,525 or
$7,742,625
Reserve Fund..... £2,000,000 or 610,000,000
Total Resources.._£44,230,275 or $221,151,375
About Two Hundred and Ftrty Branches and
Agencies throughout South Africa.

W. H. MACINTYRE. Aeent
68 Wall St., New York

representing The Bank of New South
Wales with branches throughout Australasia.
Also

NATIONAL BANK OF INDIA Limited
Bankers to the Government in British East
Africa and Uganda.
Head Office: 26, Bishopsgate, London. E. C.
Branches In India. Burma. Ceylon. British East
Africa. Uganda and at Aden and Zanzibar.
Subscribed Capital—£2.000.000
Paid-up Capital
£1.000.000
Reserve Fund
£1,350.000
The Bank conducts every description of banking
and exchange business

Offers every banking facility for transactions
with Greece, where it has been established for
SO years, and has Branches throughout the
Also at Alexandria, Cairo. &c.t in Egypt.
Head Office: Basildon House,

Moorgate Street,
LONDON, E. C. 2.

Tel. 20 Montgoaary
Jersey C»ty, N. J.

Head Office—Cairo.
Established under Egyptian Law June. 1898
wltb the exclusive right to issue Notes payable at
sight to bearer.
*

paid

LONDON

£8.000.000
£1.663.378

AGENCY

6 AND 7 KINO Wil l.I AM <J.. LONDON

E. C

PETROLEUM BANKING & TRUST CO. S. A.
Apart ado

(F.

Box)

No.

468—Tamplc

Tampt, Mexico.

Members of the American Bankers'
Association.

Offers every Banking Facility.
Payments and
collections made on all parts of Mexico,
in both M exican gold and
New York exchange.

Limited.

OUTWATER & WELLS
IS Exchange Ple«se

NATIONAL BANK of EGYPT

Capital, fully
Reserve Fund

Head Office: 17

Moorgate Street, London, E.C.
Chief Office in New Zealand, Wellington.

Authorized Capital
Subscribed

•

Paid-up

...

“

•

Reserve Eund
•
Uncalled capital

■

•

■

£3,000,000

2,250,000
750,000
£715,000
£1,500,000

Correspondents in all parts of the world.

Jersey

Securities

Country.

Hong Kong & Shanghai The National Bank of New Zealand
Banking corporation
Paid-up Capital (Hong Kong Currency)
815.000.000
Reserve Fund J In Gold
815.000.000\.-—834.600.000
I Id Stiver.. 10.500.000/
Reserve Liabilities of Proprietors ........ 15.000.000
ORANT DRAFTS. ISSUE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA. JAPAN. PHILIPPINES. STRAITS SET¬
TLEMENTS. INDIA.
WADE GARDENER. Agent. 34 Wall 8t

New

Htqurtmtion
NOTICE OF LIQUIDATION
The First National Bank of < ieorgetown. located
at Georgetown, in the State of Delaware, Is clos¬
ing Its affairs.
All noteholders and other creditors
of the

association

are

therefore

hereby

notified

present the notes and other claims for payment.
Dated September 30, 1918.
L. L. LAYTON.
President.
The
Riverside
National
Bank,
located
at
Riverside, in the State or New Jersey. Is closing
Its affairs.
All noteholders and other creditors
of

the

Association are therefore hereby notified
their notes and other claims for pay¬

to present
ment.

ALBERT L. PANCOA8T, Cashier.
Dated. October 24. 1918.

CREDIT SUISSE
Established

IX6A

Capital & Reserve, francs 100,000,000
Haad Offica: Zurich, Switzerland

Branch#*

Basla, Geneva, St. Gall, Lucerne,

Glacis, Lugano, Frauenfeld
ALL BANKING BUSINESS

THE CHRONICLE

vxn

[Vol. 107

^Bankers anb 3Brotters outeibe flt'm |}orb
ST. LOUIS

CINCINNATI

DENVER

ROBERTS

States

Mountain

A. G. EDWARDS A SONS
BELL

In St. Louis

Chicago Board of Trade
Cincinnati 8tock

SYSTEM

COLORADO,

NEW

MEXICO, ARIZONA, UTAH,
WYOMING, IDAHO AND MONTANA

412 Olive Street

HALL

(New York Stock Exchange

Telephone

38 Wall Street

Exchange

INVESTMENT SECURITIES
CINCINNATI

OHIO

7% STOCK
No Bonds—No Preferred Shares

BOETTCHER, PORTER

SECURITIES

& COMPANY

$50,000
CLARKSVILLE, TENN.,
4% BONDS

DENVER

of the

To Net 5%

CENTRAL WEST

Weil, Roth & Co.
DETROIT, MICH.

CINCINNATI

KEANE, HIGBIE & CO.
MUNICIPAL BONDS
1148 Penobscot
Herndon Smith

DETROIT

Bldg.

Charles W. Moore

William H. Burg

EDGAR

OHIO

MINNEAPOLIS

MOTTU & CO.

Investment Bonds

Established 1892

ST. LOUIS, MO

NORFOLK. VA.

COT

NEW YORK
60 Broadway

INVESTMENTS

WELLS-DIC CEY CO.
MIN NF A POL IS. MINN.
Original Purchaser* o* City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin Cit> Rapid Transit Co 1% Bonds. A
Minneapolis National Bank Stocks.

Membera New York Slock Exchange
Members Si Louie Sti>ck Exchange

300

Cincinnati Securities

SMITH, MOORE & CO.

HARK C STEINBERG &

FRIEDLANDER
DEALER

CINCINNATI

NORFOLK, VA.

Ml OLIVE ST.

NEW YORK

PORTLAND, ORE.

Broadway

ALABAMA

ST. LOUIS

MORRIS BROTHERS
MARX

ST. LOUIS SECURITIES

& COMPANY

Incorporated

BANKERS

THE PREMIER MUNICIPAL BOND HOUSE

Members St. Louis Stock Exchange

Birmingham, Ala.

Established Over 25 Years

STIX & CO.

Southern Investment Securities

OF OREGON

Dealers in

Government and

Municipal Bonds

PORTLAND. OREGON

Investment Securities
BUFFALO

806 OLIVE ST.

HALL A COMPANY

ST. LOUIS

JOHN T.

PROVIDENCE

BUFFALO, N. Y.

STRANAHAN & COMPANY

Government, Municipal
and Carporation Bonds

Specialists in
Bonds and Stocks of

Boston
New Haven

INVESTMENT BONDS
Local snd Pacific Coast Scourltlss
LEWIS

BUILDINQ,

PORTLAND,

OREGON

SPECIALISTS IN

Buffalo and Western New York Securities

Public Service Companies
New York

STEELE

LOUISVILLE

___

John W. & D. S. Green

Providence

Worcester
Augusta. Maine

MACON

AUGUSTA

W. M. DAVIS COMPANY

JOHN W. DIC GEY

Southern Municipal Bonds

Rochester Railway 1st & Id Mtge. 5s
Buffalo Railway 1st Consol 6s
Buffalo Crosstown ts
Louisville Henderson & St. Louis 1st is
City of Louisville. Ky., Bonds
Louisville Lighting 1st Ss

LOUISVILLE. KY.

AND

AUGUSTA. GA.

Guaranteed Stocks

Southern Securities

MACON

Established 1886

GEORGIA

INVESTMENTS

CLEVELAND

PORTLAND, MAINE

OTIS & COMPANY
INVESTMENT
CUYAHOGA BLDG.

Members New York Stock Exchange
464 West Main Street. LOUISVILLE. KY.

Wanted—Wichita Water Co. 5s

BANKERS

due 1931

CLEVELAND

Branch Offices: Columbus. Ohio; Akron, Ohio!
Youngstown. Ohio. Denver, Colo.;
Colorado Springs. Colo.
Members of New York, Chicago. Columbus
and Cleveland Stock Exchanges and
Chicago Board of Trade.

Henning Chambers & Co.

BALTIMORE

CINCINNATI

H. M. PAYSON & CO.
Investment Bankers
68

Exchange St.,

Portland, Maine

We buy and sell

BALTIMORE
and

STANLEY & BISSELL
INVESTMENT BONDS

F. E. MAGRAW
MUNICIPAL AND CORPORATION

GARFIELD BLDG.

CINCINNATI

SAINT PAUL

CLEVELAND. O.

BONDS

Securities

Westheimer & Company
M.mb.rs of th.

buy

4 sell bonds issued by
Ohio Corporations
an

Commercial Paper
Local Securities of the Twin Ctties

Globe Building

ST. PAUL, MINN.

N.w York
Cincinnati

Chicago

Stock
Stock

Board

Exchange
Exchange
of Trade

Nov. 23 1918.]

THE CHRONICLE

^financial

jHitanrial

LO* ANGELES

Pacific Coast Securities
BONDS

ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25th. 1918.
Trustees, in conformity with the Charter of the
Company, submit the following statement of Us affairs on the
31 st of December, 1917.
The Company’s business has been
confined to marine and inland transportation insurance.
Premiums on such risks from the 1st
January, 1917, to the 31st December, 1917
Premiums on Policies not marked off 1st
$11,105,619.46
January, 1917
1,135,785.43
Total Premiums
__

The

of MUNICIPALITIES AND

CORPORATIONS
haring substantial assets
and earning power

WILLIAM R. STAATS CO.
LOS ANGELES
SAN FRANCISCO

CHICAGO

PASADENA
We Specialise in California

Municipal and Corporation
BONDS

PERRIN. DRAKE &. RILEY
LOS ANGELES

R. H. MOULTON & COMPANY
CALIFORNIA

MUNICIPALS

Title Insurance Building,
SAN

LOS ANGELES

$12.241.404~89
Premiums marked off from 1st
January, 1917, to 31st December, 1917
$11,171,853.93
Interest on the investments of the
Company
received during the year $404,411.15
Interest on
Deposits in Banks and Trust Companies, etc
126,991.53
Rent received less Taxes and
Expenses
93,474.66 $ 624,877.34
Loises paid during the year
$3V5i3,653.20
Less: Salvages
$336,896.32
lie-insurances

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, i9i7> which are entitled to
in
participate
dividend,
for
which,
upon application, certificates
will be issued on and after
Tuesday the seventh of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.

EDMUND L. BAYLIES,
JOHN N. BEACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK,
FREDERIC A. DALLETT,

CLEVELAND H. DODGE.
CORNELIUS ELDERT,
RICHARD H. EWART,
G. STANTON FLOYD-JONES,
PHILIP A. S. FRANKLIN.

TRUSTEES.

HERBERT L. GRIGGS
SAMUEL T. HUBBARD,

ANTON A. RAVEN,
JOHN J. RIKER,
LEWIS CASS LEDYARD.
DOUGLAS ROBINSON,
WILLIAM H. LEFFERTS,
JUSTUS RUPERTI
CHARLES D. LEVERICH,
WILLIAM JAY SCHIEFFELIN,
NICHOLAS F. PALMER,
SAMUEL SLOAN,
WALTER WOOD PARSONS.
WILLIAM SLOANE.
CHARLES A. PEABODY,
LOUIS STERN,
WILLIAM R. PETERS.
WILLIAM A. 8TREET.
JAMES H. POST,
GEORGE E. TURNURE,
CHARLES M. PRATT,
GEORGE C. VAN TUYL.Jr.
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.

FRANCISCO

F. M. BROWN & CO.
DEALERS IN

Municipal and Corporation
BONDS

ASSETS.
United States and State of New York
Bonds
$ 1,185,000.00
Stock of the City of New York and
Stocks of Trust Companies A Banks
1,445,550.00
Stocks and Bonds of Railroads
3,287,129.85
Other Securities
305,410.00
Special Deposits in Banks and Trust

Companies
S00 San some Street, Corner California

SAN FRANCISCO. CALIFORNIA

Quotations and Information

Furnished

Paolfie Coast Securities
Established 1858

SUTRO & CO.
INVESTMENT BROKERS
Members
410 Montgomery St.
San Francisco Stock

Real Estate cor. Wall Street, William
Street and Exchange Place
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
Premium Notes
Bills Receivable
Note Receivable.
Cash in hands of European Bankers
to pay losses under policies payable
in foreign countries.
Cash in Bank and in Office
Statutory Deposit with the State of
Queensland, Australia

San Francisco

and Bond

Exchange

CHAPMAN DE WOLFE CO.
851-853

Montgomery Street.

SAN FRANCISCO. CALIF.

503,857.68 $ 840,754.00
$2,672,899.20

Re-insurance Premiums and Returns of Premiums
$1,913,710.65
Expenses, including compensation of officers and
clerks, taxes, stationery,
advertisements, etc
$ 857.596,09

3,000,000.00
3,900,000.00

Estimated Losses

LIABILITIES.

and Losses Unset¬
tled in process of Adjustment
$ 4,432,959.00
Premiums on Unterminated Risks...
1,069,550.96
Certificates of Profits and Interest

Unpaid

301,406.75

Return Premiums Unpaid
Taxes Unpaid
Re-insurance
Premiums on Termi¬
nated Risks
Claims not Settled, including Com¬

121,989.96
500,000.00
365,667.87

pensation, etc

Certificates

75,000.00
1,009,577.74
1,038,460.86
5,122.26

Profits

Ordered

183,517.10

Re¬

deemed, Withheld for Unpaid Pre¬

miums
Income Tax Withheld at the Source..
Certificates of Profits Outstanding

3,135.96
5,722,590.00

Balance

5,318,322.55

22,750.10

598 675.67
2,187,198.87

4,765.00
$18,041.890.25

$18,041,890.25

Balance brought down
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted to
$
75,724.00
Rents due and accrued on the 31st day of December, 1917, amounted to
$
22,201.50
Re-insurance due or accrued, in companies authorized In New York, on the 31st
day of
December, 1917, amounted to
$ 583,467.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
$
63,700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by
-.....$2,303,887.87
On the basis of these Increased valuations the balance would be
.................
-—

$8,367,303.84

Stocks and'Bonds
Information and Quotations on all Pacific
Coast Securities
Member San Francisco Stock A Bond Exchange

STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 1 1918
RESOURCES

INCOMES

Loans, Bonds and Investment Securities

Is the name of a little monthly Magazine which
we will send to you without
Charge.
It Is our atm to make it the most concise and
valuable pocket edition of financial news that Is
published. Its object is to serve. Ask for It.

BREED. ELLIOTT & HARRISON
INDIANAPOLIS
Detroit

Chicago

Milwaukee

Overdrafts

OTTO F. HAUEISEN

CO.

Established 1902

4,155,423 23
15,398,281 86
LIABILITIES

Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c

Circulating Notes
Deposits.

Local Securities and

Indiana Corporation Bonds Sc Stocks
Flatchar-Amar. Bank Bldg., INDIANAPOLIS
PITTSBURGH

Securities

Specialty

PITTSBURGH, PA.
Members

NEW YORK 8TOCK EXCHANGE
PITTSBURGH STOCK EXCHANGE
CHICAGO BOARD OF TRADE

31
56
00
00

fllmoisTrast&Sa>iiuSsBank
CHICAGO

Capital, Surplus and Undivided Profits
a

CHILDS, CAY & WOODS
Union Arcada

4,420,368
2,613,573
2,000,000
4,761,000

Building, Indianapolis

NEWTON TODD

Pittsburgh

$6,000,000 00

104,771,070 50
$124,566,012 37

Specialists in Local Securities
Fletcher Trust

$105,012,302 73
4 55

Cash
Due from Banks

Borrowed from Federal Reserve Bank

413

BANK

PITTSBURGH

INDIANAPOLIS

Cincinnati

MELLON NATIONAL

$16,400,000

Pays Interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
cellent 'securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
ohange. Transacts a General Trust Business.
Corporation Bond*.

[Vol. 107.

THE CHRONICLE
Current JBonb inquiries

WANTED

J. LISMAN & CO.

Members New York

Irrigation District 6s
Lindsay Water Co. 1st Ss
Leavenworth City & Ft. Leavenworth Wat. Co. 4s, Ss & 6s
Emmett

tnd Chicago Stock Exchangee

61 BROADWAY,

NEW YORK

Leavenworth Terminal Ry. & Bridge 5s
Peoria Water Works 4s& Ss
San Pedro Los Angeles & Salt Lake 4s
Pascoag Water Co. Ss
Midland Valley 1st 5s and Incomes

Louisville & Jeffersonville Bridge 4s
Peoria & Pekin Union 6s and 4^8
Chicago & Eastern Illinois Coal Pure. 5s
Chicago Terre Haute & Southeastern 5s
Carolina Clinchfield & Ohio Elkhom Ext. 5s
Washington Ohio & Western 1st 4s
International & Great Northern Notes"
Philippine Railway Company 1st 4s
Peoria Railway Terminal 1st 4s, 1937
Rio Grande Southern Railroad 1st 4s
AND ALL RAILROAD AND STEAMSHIP SECURITIES
WE DEAL IN

We buy your

end

cover

you

Association

ZORICH
formerly Bank In Winterthur eet ISM
Bank est 184S
Toggenburger
CAPITAL FULLY PAID
•
Fre. 50.000 000
RESERVES • •••••
M
11.500 000
TOTAL ASSETS
“ S00,000.000

New York

Telephone Rector 6334.

Kans. City Term. 6% Notes, 1923
Moline Plow 7s, 1919-24
Procter & Gamble 7s, 1919-23

Houst. & Tex. Cent. Gen. 4s, 1'21

MATT. H. CONNELL
&U Broadway
New York
Telephone: Rector 6467

Q., Ill. Div. 4s, 1949
Kentucky Central 1st 4s, 1987
C. B. &

’55
Lake Shore Collateral 3J^s, 1998
Cin. Ind. St. Louis & Chic. 4s, 1936
Rich. Wash. Coll. Trust 4s, 1943

L. & N. Atl. Kn. & Cin. Div. 4s,

TOBEY & KIRK
Member* New York Stock Exchange
NEW YORK
25 Broad Street •
•

Bklyn Union Gas Co. 5s, 1945
Cedars Rap. Mfr. & Pow. Co. 5s, 1953
Central Union Gas Co. 1st 5s, 1927
Columb. & 9th Ave. RRr 5s, 1993
Kings Co. El. Lt. & Pow. 6s, 1925
Lex. Ave. & Pay. Ferry 5s, 1993
Laurentide Pow. Co., Ltd., 5s, 1946
Nassau Elec. RR. Cons. 4s, 1951
New Amster. Gas Co. Cons. 5s, 1948
N.Y. &

Westchest.Lt.Co.Deb.5s,1954
Shawinigan Wat. & Pow. Co( 5s, 1934

Wm.
Tel. Rector 3273-4.

Members of the New York Stock Exchange

25 BROAD STREET

NEW YORK

American Power & Light 6s, 2016
Texas Power & Light Preferred
Kansas Gas & Electric Preferred
Southern Utilities 6sy 1933
Southwestern Power & Light Pfd.

85 Devonshire St.

Rep. of Cuba 4J/£s, 1949
Ward Baking Stock & Bonds

& CO.

NEW YORK

Cosden & Company

Exchange

BOSTON

Connecticut Ry. & Ltg. 4V£s, 1951

& Wab. Val. Tr. 5s, 1934
Taylor-Wharton Iron & St. 6s, 1942
Buff. Roch. & Pittsb. Equip. Issues
SAMU£LK. PHILLIPS*. CO
Ft. Wayne

427 Chestnut

Street

PHILADELPHIA

Big Four, Springf. & Col. 4s, 1940
Ft. Worth & Rio Grande 4s, 1928
Housatonic RR. Cons. 5s, 1937
Michigan Central RR. Deb. 4s, 1929
Mohawk & Malone Ry. 4s, 1991
N. Y. & Long Branch 4s, 1941
N. Y. & Putnam RR. 4s, 1993
N. Y. N. H. & Hartf. 3 lAs, 1954-’66
Rio Grande Southern RR. 4s, 1940
Wabash, Omaha Division 3 34s, 1941
West Virginia & Pittsb. 4s, 1990

Carnegie Ewen
2 Wall

Street, New York.

Bonds

Underly. RR. & Pub. Utility Bonds

& Company
Middendorf, Williams
Incorporated
INVESTMENT SECURITIES
BALTIMORE, MD.

Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Wash. Balt. & Annapolis Securities

J. HARMANUS FISHER & SONS
(Established 1874.)
SOUTH ST.
BALTIMORE. MD.
Members Baltimore 8tock Exchange

Lincoln Trust Co.
Bond & Mortgage Co.
Bank of Commerce

Equitable Trust Co.

Hartshome & Battelle

H. L. NASON A. CO..

Prov. of Ontario 4s, 1941

Montreal L., H. & P. 4y2s, 1932
Laurentide Power 5s, 1946
*4
Cedar Rap. Mfg. & Pow. 5s, 1953

Norfolk Ry. & Light 1st 6s, 1949
Norf. & Ports. Trac. Co. 1st 6s, 1936

INVESTMENT SECURITIES

Seaboard Air Line 1st Cons.6s, 1945

New York

Boston

Members of New York Stock

NEW YORK

WANTED
Nor. Pac. ref. & imp. 4l/zs9 2047 $10, $50, $100 and $500 Bonds
Stock Dividend Warrants for
Savannah Florida & Western
1st 5s & 68, 1934
Liberty Bonds.
Brunswick & West. 1st 4s, 1938

GILBERT P. COOPER

63 Wall Street

27 State Street

5 Nassau Street

LIBERTY BONDS

60 Broadway,

INCORPORATED

120 BROADWAY.

for proceeds by cable.

Swiss Banking

H. C. SPILLER & CO.

SUTRO BROS.

Swlw Block-Exchangee

We Invite correspondence from all
American Bankers doing business aoroad.

Laramie Valley Irr. Dist. bonds
Bessemer Coal, Iron & Land 6s

WOOD, STRUTHERS * CO.

SWISS BONDS & STOCKS
It official rate* or

City Wat. Co. of Chattanooga 6s
Newport News Lt. & Wat. Co. Ss
Racine (Wis.) Water Co. 5s
Birmingham Water Co. 5s

Bankecs Trust Co.

FRANK J. M.

DILLON

71 Broadway
NEW YORK.
Tel. 6460 Bowling Green

N. Y.

LIGGETT & MYERS TOB. 6s,
Due 1921

BULL A ELDREOGE
SI Nassau

Tel. 632 Cort.

Street, N. Y.

Glover & MacGregor
S4S Fourth Asa.,

PITTSBURGH, PA.

tmer, Wat. Wks. & Elec. 5s,

United Coal

1934

Corporation Stocks

Painnount Coal & Coke 4sf 1919
Atch. California Arizona 4Ms, 1962
Atch. East Oklahoma 4s, 1928
Big Sandy 4s, 1944
Central Arkansas & Eastern 6s, 1940

Chicago Hammond & Western 6s, 1927
Choctaw Oklahoma & Gulf 6s, 1919
Little Rock Hot Springs & West. 4s, 1939
New York Connecting 4Hs, 1953
New York & Long Branch 4s. 1941
New York Susq. & Western 5s, 1937
Norfolk Terminal 4s, 1961

Rochester & Pittsburgh 6s, 1921 & 1922
Savannah Florida & Western 6s, 1934
Soo 2nd 4s, 1949
South Carolina & Georgia 6s, 1919
Toledo Terminal 4V$s, 1957
West. Pocahontas Pur. M. 4M», 1945 & 1946
West Virginia & Pittsburgh 4s, 1990
_

SAUER, CARRUIHERS A CELL
Bonds—Bank Stock*—Standard Oil

Stock*

16 Broad Street
New
Phones 5161 to 5169 Hanover

York

Nov. 23 1918.]

THE CHRONICLE

Current $Umb inquiries
Ellicott Square 5t

Guanajuato Reduction ft Mines 6s
Guanajuato Power ft Electric 6s

N. Y. ft
N. Y.

Rock&way Beach 1st 6a, 1927
Bklyn. ft Manhat. Beach 1st Cons.fls, 1936
Long Island, North Shore Branch Cons. 6s, 1932
Lehigh Valley Terminal Ry. 1st 6s, 1941
Indiana Illinois ft Iowa 1st 4s, 1960
Chicago Memphis ft Gulf 6s, 1940
St. Paul Ref. 4tfs, 2014
Beech Creek 1st 4s, 1930
Bangor ft Aroostook Ref* 6s, 1961
New Jersey Zinc Co. Stock

San Antonio Water Co. 6s
St. Joseph Water Co. 6s

Birmingham Water Co. 6s
York (Me.) Light ft Heat 4M» ft 6s
Clinton Water Co. 6s
Richmond (Ky.) Water Co. 6s
Racine Water Co. 6s
New Hampshire Elec. Rys. Com. ft PL
Springfield Breweries 6s ft Pref.
Wichita Water Co. 6s

J. S. FARLEE & CO;

Hutchinson Water, Light ft Power 4s

HOTCHKIN & CO

BROADWAY, NEW YORK

ineurvoraloO

Will

S3 State St., Boston, Biass*
Long Distance Telephone

Main 460
KttabHahed 1865.

Bioren & CO,
BANKERS
114 Chestnut St.

Philadelphia
'

Government.
Municipal. Railroad and
Public Utilities $ecur«-»e».
New York and Philadelphia
Slock Exchange*.
Private wires to the Prtncli,<-J Olties

N* Y. Ont. & West. ref. 4s
Rock Island gen. 4s, reg.
Central New England 4s

Canadian Govt. 5s, 1937

NEWBORG & CO.
Members

New

York

Stock

Buy

Casein Company of America
Chic. & East. Illinois 4s & 5s
Chic. & Indiana Coal Ry. 5s
Delaware Lack. & Western Coal
Denver & Rio Grande Adj. 7s
Dominican Republic 5s
Evansv. & Terre Haute Ref. 5s
Evansville & Indianapolis 6s
Kansas City Gas 5s

Kirby Lumber
Lehigh Valley Coal Sales

Niagara Falls Power
5s and 6s
J. S. Bache ft Co.

Members of the New York Slock
Exchange
NEW YORK
Tel. 4400 Broad
Branches and Correspondents
Albany
Cincinnati
Pittsburgh
Baltimore
Cleveland
Rochester
Boston
Kansas City
St. Louis
5"ffal°
New Orleans
Syracuse

Chicago

Missouri Kansas & Texas Issues
Peoria & Eastern Income 4s
Texas & Pacific 2nd Income 5s
West Virginia Coal & Coke

WILLIAM C. ORTON

Philadelphia

Troy

Emerson-Br&ntingham
Lima Locomotive
Penn Seaboard Steel

Packard Motor
Port Lobos Petroleum

Specialist Reorganisation Securities
25 Broad St., Naw York

DUNHAM & CO.

To!. 7140-1-2 Broad

Specialist*

Exchange

BROADWAY. N. Y.

Ezch.nf. Pl.ce, *Phon.

1900-0 Huow

Telephone. 4390 Rector
PRIVATE WIRE TO ST.

LOUI8

CHICAGO

SECURITIES

Railroad.

Munlclpa.. Industrial and
Public Utility Bonds for Conservative

BABCOCK, RUSHTON & C0£

Investment.

Entire

Security

laauea

Members New York A Chicago Stock Exchangea
127 South La SaUe St.
T Wall Street
Chicago
New York

Negotiated

W. W. LANAHAN & CO.
BANKERS

Members N. T. mh) Baltimore Stock Exchange*

ROYAL

DUTCH PETROLEUM
Dutch Fractional Shares,
New Shares and Warrants

Bought, Sold, Quoted

gfoscpTt ‘SStallicr
Sc jgous
Stock
sietuoers New York
61 Broadway

Exchange

New York

WANTED
Tobacco Products Scrip
Cuban 5s, 1949

MILLER

COMPANY

Members New York and Phi la. Stock Exchanges
ISO B’way
'Phone S906 Rector
New V.»rk

Southern Indiana 1st 4s, 19S1
New Orleans & Qt. Nor. 1st 5s. 1955
Pine Bluff & Western 1st 5s. 1923
El Paso & Rock island 1st 5s. 1951
New Mexico Ry. & Coal 5s. 1951
Mineral Range Cons. 5s, 1931
N. Y. New Haven & Hartford 4s. 1922
Chic. Terre H. & Southeast Inc. 5s. 1960
Chic. Terre Haute & Southeast Stock
Peoria & East. 1st 4s. 1940
New Orleans Tex. & Mex. 1st 6s, 1925
Cayadutta Elec. 6s, 1922
Pere Mara. Lake E. & Det. Riv. 4Ms, 1932

WOLFF & STANLEY
Tet. 2860

Weekly Summary

Investors

Issues

CARL

Will be mailed

Standard OH

request

H. PFORZHEIMER ft CO.

Phones 4860-1-2-3-4 Broad

McKinley & Morris

11 WALL ST.

26 BROAD 8T.. N.T.

N.Y.

Tal. 2244-4-4 Ractov

Oregon RR. ft Nav. 4s
Wisconsin Gas ft Elec. 6s
Wheeling ft L. Erie 6s, 1926-1928
Phila. Co. 6s ft &M»
B. ft O.-Tol. Cinn. 4s, ft P. L. E. ft Toledo Tract. L. ft
P. 7s
W. Va. 4s
Boston ft Albany 3^8 ft 6s
Wisconsin Cent. Ref. 4s

Lexington & Eastern 6s
“Soo” Atlantic 4s

Chicago Ind. ft Lon. 5s, 1966

Austin ft Northwest 6s
Manitoba 4s
Miss. Kan. ft Okl. 6s, Ctfs.
Seaboard Air Line 6s
East. RR. Minn.-No. Div. 4s

SAM’L

6667 Broad

TT William 8t., Nsw Vo**

STANDARD

Colorado & Southern 4J^s, 1935
St. L. I. M. So. Riv. & Gulf 4s, '33
Akron & Barberton Belt 4s, 1942
Penna. Co. Gtd. 3J^s, 1944
Gulf & Ship Island 5s, 1952;
Tenn. Coal & Iron 5s, 1952'
Utica Gas & Elec. 5s, 1957
N. Y. & N. J. Tel. Co. 5s, 1920
Internat. Paper Co. 5s, 193$
Moline Plow Co, 7s, 1920

’Phon.

5380-1-2-3 Broad

Cleveland Elec. Ill. 5s<
Detroit United 1% Notes
Amer. Spirits Mfg. 6s
Amer. Steel Foundries 4s
Detroit Edison 5s ft 7s
New York Dock 4s
Great Northern Power 5s

Great Falls Power 5s
New Jersey Lt. #ft Power 5s
Lex. Ave. ft Pav. Ferry 6s

GOLDSCHMIDT
zZZ

25 Broad Streat

[Vol. 107.

THE CHRONICLE

XI'

jFin&ntial

Lincoln Trust Company
Member of Federal Reserve
New York Clearing House

System and

Bond Secured

Association

204 FIFTH AVENUE

Notes

OFFICERS
ALEXANDER 8. WEBB, President

Charles E. Calhoun, Asistant Secretary
Paul H. Selchow. Trust Off icer
Norman W. Andrews, Assistant Trust Officer
Joseph W. Hanson. Asst.Mgr. Downtown Br.

Vice-President
Ward, Vice-President

Abram M. Hyatt,
Owen

Frederic P Davis, Secretary
Nelson F. Griffin, Assistant

Treasurer

Statement of Condition at

the close of business Nov. 1,1918
LIABILITIES

ASSETS

19,629,601 61

Deposits

nies afford the investor safe and

Yield 8%.
Maturities 10 to 28 months.
Write for descriptive

circulars.

$23,057,407 35

$28,057,407 35

H. M. Byllesby & Company

DIRECTORS

Incorporated.
Louis Stern
Jesse Isidor Straus

Abram M. Hyatt

W. D. Baldwin
George Blagden
L. M. Boomer
William G. Conklin
William Felsinger
Hermann C Fleitmann
Erskine Hewitt

growing utility com-

and

profitable investment.

Capital
$1,000,000 00
08 Surplus and Undivided Profits.
614.328 51
48,238 99
68 Reserved for Taxes
1,641,224 07
76 Notes and Bills Rediscounted124,014 17
28 Other Liabilities

618,690 59
225,771 66

Exchanges and Cash Items....
Other Assets

ous

$2,949,264
12,049.403
3,952.508
2,434,031
827,737

Bonds and Mortgages

Short term notes of prosper¬

Augustus F. Kountze
George Leask

George A. Vondermuhll

Owen Ward
Alexander S. Webb
William H Whoelock
C. Morton Whitman

John P. Munn. M.D.
P. F. Murphy

Beverley R. Robinson

220 So. La Salle St.
CHICAGO.

1220 Trinity Bldg.
NEW YORK.

Broadway at 72d Street

Broadway at Leonard Street

♦

fhnptrr QJrust (Eompatt^
Main Office

A
STONE & WEBSTER

EQUITABLE BUILDING

120

BROADWAY, NEW YORK
41 THREADNEEDLE ST.t E. C.

47th St.

CONDENSED STATEMENT OF CONDITION

Accept-

ances

Accrued
Interest
and Other Assets

Receivable

Capital Stock
$1,500,000 00
Surplus and Undivided Profits.
1,558,477 92
Reserved for Accrued Interest,
Taxes. Rents, &c
353,650 96

17
02
69
19
02
29

$9,602,887
4,402,846
12,392,675
Loans
26,813,939
Bonds and Mortgages
685,929
Banking House ana Real Estate.
556,473

Customers’ Liability

NOV. 1, 1918
LIABILITIES

RESOURCES
Cash in Vault and Banks
N. Y. State and City Bonds
Other Bonds and Stocks

158,509 06
51,060,671 88

Acceptances

Deposits

Uni^ city and interurban railways*
gas plants* industrial plants mid
buildings.
CONSTRUCT either from our own de¬
signs or from designs of other engi¬
neers or architects.
on public utility properties*
proposed extensions or new projects.

618,050 88
$54,631,309 82

$54,631,309 82

This Company is the
New York for the sale

DESIGN steam power stations* hydro¬
electric developments, transmission

REPORT

158,509 06
...

utility developments.

BUY AND SELL securities.

LONDON OFFICE

FIFTH AVENUE OFFICE

680 FIFTH AVENUE, Cor.

FINANCE public

MANAGE railway* light* power

and gao

companies.

Fiscal Agent of the State of
of Stock Transfer Tax Stamps

SAFE DEPOSIT VAULTS

MKW YORK

BOSTON

CHICAGO

Chartered April 14, 1866

BROOKLYN TRUST COMPANY
177 Montague

Acme White Lead &

Color Works 6s

Detroit United Ry.—Issues

Michigan Municipals

Street, Brooklyn

Local Detroit Stocks

Bedford Branch: Fulton St* and Bedford Ave.
Manhattan Branch: Wall St* and Broadway

JOEL STOCKARD A CO.
Members Detroit Stock Exchange

Summary of Statement
RESOURCES
United States Bonds and Cer¬
tificates
State and Municipal
Bonds and Stocks

Bonds

Bills Purchased
Time Loans
Loans on Bond and Mortgage

Banking House
Real Estate
Demand Loans..$3,990,225 78
Cash In Vaults
and Exchanges 1,708,841 79
Due from Federal
Reserve Bank. 8,151,895 75
Due from Other
Banks
1,045,567 37
Customers Liability a-c Accep¬
tances
A
Accrued Interest

DETROIT MICH.

of Nov. 1, 1918
LIABILITIES

$5,186,805 58

4,812,806 43

13,841,711
6,479,369
8,313,760
1,437;770

20
82
40
80
1,022,001 40
84,901 43

$1,500,000 00
2,518,283 78
33,054,124 93

Capital Stock
Surplus
Deposits
Certified Checks
Officers Checks
Reserve for Taxes,

118,610 48
649,958 22

Expenses,

94,060 56

etc

Bills Payable and Rediscounts
at Federal Reserve Bank...

6,636,700 69

Acceptances

1,443,958 18

877,404 07

Interest Accrued

New Jersey

Municipal Bonds

Deaerlptlvs List on Requsst

J.S. RIPPEL A COMPANY
18 CLINTON

STREET

NEWARK. N. J.

9,894,030 69
1,443,958 18
427,484 98
$46,893,100 91

$46,393,100 91

Member of the New York Clearing House Association
Member of the Federal Reserve System

W. H. Goadby

& Co.

M.mbto. N.w York Stock

NO. 74 BROADWAY

E.change

NEW YORK

Nov. 23 1918.]

THE CHRONICLE
(£rtt*f

Companies
CHARTERED IN 1830

NEW YORK LIFE INS. & TRUST CO.
32 WALL ST., NEW

YORK.

Grants Annuities.

Accepts Trusts created by will or otherwise. Manages
Property as Agents for the owners.
Allows interest on deposits
payable after ten days’ notice.
Legal Depository for Execu¬
tors, Trustees and Money in Suit.

Accepts Only Private Trusts and Declines all Corporation
STATEMENT—At the Close of Business
ASSETS
Real Estate
Bonds and Mortgages
Loans on Collaterals
Bills Receivable
Cash In Company’s Vaults
Cash on Deposit
Accrued Int.. Rents. Suspense Account, &c
Bonds and Stocks

Other Public Trusts

November 1st 1918
LIABILITIES

$2,209,358 07
3,751,508 74
695,375
2,970,269
1,815,207
930,841

Capital Stock
Surplus Fund and Undivided Profits
Deposits in Trust

00
31
00

$1,000,000
4,406,406
23,613,701
361,083
2,172,824
954,008

Life Insurance Fund

Annuity Fund
Interest Due Depositors, Taxes, See

69
837,723 14
19,297,741 28

$32,508,024 23

00
62
34
42
82
53

$32,508,024 23

TRUSTEES
Charles G. Thompson
Frederic W. Stevens

W. Emlen Roosevelt

Stuyves&nt Fish
Edmund L. Bay lies
Henry A. O. Taylor
Columbus O’D. Iselin

Augustus D. Jutlliard
Cleveland H. Dodge
Thomas Denny

Walter Kerr
Howard Townsend
Eugene Delano
Alfred E. Marling

Lincoln Cromwell
Paul Tuckerman

Moses Taylor
Edward M. Townsend

Edward J. Haney
Henry Parish Jr.
Nicholas
Biddle
William M. Crulkahank

Stephen P. Nash
Lewis Spencer Morris

Joseph H. Choate, Jr.

WALTER KERR, President
HENRY PARISH. JR., 1st Vice-Pres.
ZEOBR W. VAN ZRLM. 2nd Vicc-Pres.
S. M. B. HOPKINS. 3rd Vice-Pres.

IRVING
L.
ROE, Secretary
J. LOUIS VAN ZELM. Asst. Secy.

JOHN O. VEDDRR, Asst. Secy.

ALGERNON J. PURDY, Asst. Secy
WILLIAM B. AUSTIN. Asst. Secy.

REPORT OF THE CONDITION OF THE

THE

UNITED STATES TRUST CO.
OF NEW YORK
at

the close of business

the

MARINE
NATIONAL BANK

1st day of Novem"

ber, 1918.
RESOURCES.
Stock and bond investments, viz.:
Public securities
Private securities
Real estate owned
:

$4,690,000
5,988,685
1,045,000
4,415,024

Mortgages owned

00
00

OF BUFFALO, N. Y.

00
67

Loans and discounts secured by bond and
mortgage, deed, or other real estate
collateral
51,250 00
Loans and discounts secured by other
collateral
21,294,985 50

Two-Hundred and Fifty-Fourth Statement
RESOURCES
Loans and Discounts. .$27,052,711
U. S. Bonds
18,047,109
Bonds and Securities.. 17,554,041
Real Estate
1,500,001

Loans, discounts, and bills purchased
not secured by collateral
Due from approved reserve depositaries,
less amount of offsets

6,984 891 20
5,502,768 49
100,000 00

Specie (gold certificates)
Due from the Federal Reserve Bank of
New York, less offsets
Other assets, viz.:
Accrued interest entered on books at
close of business on above date

3,200,000 00

LIABILITIES

16 Capital
00 Surplus and Profits
01 Reserve for Deprecia-

of Acceptances
Cash and with Banks

$53,624,391 39

1,400,000 00 Circulation

(net)..

7,905,873 32

Acceptances

OFFICE R S

14,556,941 87
Deposits:
Preferred,

GEORGE F. RAND, Chair, of the Board
JOHN L. CLAWSON, Vice-President
ANSON C. GOODYEAR, Vice-President
EMIL DIFFINE, Vice-President
PERCY W. DARBY, Asst. Cashier
GEORGE E. BECKER, Asst. Cashier
EDWIN J. VOLTZ, Asst. Cashier

follows:

Due New York State

savings bankg
$2,347,657 72
Other deposits due as
executor, adminis¬
trator,
guardian,
receiver,
trustee,
committee, or de¬
positary

7,713,457 48

Other
deposits se¬
cured by a pledge
of assets
Not preferred, as fol¬
lows:

Deposits

1,400,000 00
58,159,266 79
$73,459,735 49

$73,459,735 49

$12,000,000 00
2,556,941 87

excuted

for Customers

Deposits (net)
$2,000,000 00

$5,000,000 00
4,693,228 70
145,000 00
135,000 00
3,927,240 00

Reserve for Taxes

count

LIABILITIES.

Capital stock
Surplus:
Surplus fund
Undivided profits

tion

Customers’Liability Ac¬

351,786 53

(Condensed), November 1st, 1918

1,692,807 54

JOHN H. LASCELLES, Pres.
WALTER P.COOKE, Vice-Pres.
HENRY J. AUER, Vice-Pres.
MERLE H. DENISON, Cashier
EUGENE L. REED, Asst. Cash .
ABBOTT H. SEELY, Asst.Cash
HENRY J. BE1TZ, Asst. Cash.

subject to

check
15,702,896 08
Time deposits, cer¬
tificates, and other

deposits, the

pay¬
ment of which can¬
not legally be re¬

Government, Municipal, Railroad
Public Utility
Industrial

quired within thirty
days

2.716,726 28

Other certificates of

deposit

2,793,027 94

Due trust companies,

banks, and bankers

penses,

Accrued interest entered
on books at close of
business
on
above
date
Estimated unearned dis¬
counts

Investment Bonds

3,080,862 95

Extend total deposits
Rediscounts
Other liabilities, vis.:
Reserves for taxes, ex¬

36,047,435 99
300,000 00

A. B. Leach &

$185,800 00

Co., Inc.

Investment Securities
62 Cedar

513,092 60
21,120 93
720,013 53
1

$53,624,391 39

St«, New York

Philadelphia

Boston

Baltimore

Scranton

105 So. La Salle St.# Chicago

Buffalo]
Pittsburgh

Cleveland
Detroit

Minneapolis
Milwaukee

(VOL. 107.

THE CHRONICLE.

XIT

Unit Companies

Guaranty Trust Company
of New York
140
FIFTH
AVE.
Fifth Ave. 4k

OFFICE
St.

Broadway
PARIS OFFICE
Rue dee Italiens, 1 4k S

LONDON OFFICES
S3 Lombard Street, E. C.
0 Lr. Grosvenor PI., S. W.

43rd

MADISON AVE. OFFICE
Madison Are. 4k 60th St.

TOURS OFFICE
Rue Etienne Pallu, T

Condensed Statement, November 1,

1918

RESOURCES

Real Estate (140 Broadway, 66 Liberty Street,
Madison Avenue and 60th Street)
Bonds and Mortgages.
U. S. Government Bonds and Certificates
Public Securities, including British and French
—

28,876,128 70

67,348,271 14

Treasury Bills
Other Securities
Loans and Bills Purchased
Cash—On Hand and in Banks

—

Exchanges for Clearing House
Foreign Exchange
Credit Granted

$5,000,000 00
1,754,800 00

45,349,645 06
387,770,516 22
110,078,726 37

16,701,619 78
21,110,709 84

Domestic and Foreign

50,521,984 75

Acceptances

Accrued Interest and Accounts Receivable

2,330,320 51

$736,842,722 37
LIABILITIES.

Surplus Fund—required by law.

_ _

5,000,000 00

Additional Surplus—
Undivided Profits
Bills Rediscounted with Federal Reserve Bank..
■Notes Secured by Liberty Bonds Rediscounted
with the Federal Reserve Bank.
Accrued Dividend

Outstanding Treasurer’s Checks
Foreign Accounts
Domestic and Foreign Acceptances
Accrued Interest Payable and Reserve for
Taxes and Expenses
Deposits

2,428,936 24
6,668,000 00

63,408,502 00
436,000 00

7,709,042 56
8,265,276 02
50,521,984 75
—

3,891,128 33
543,513,852 47
$736,842,722 37

•

si
li
yajy

AH Bankers’

Brokers'business is such that it

can

profit

materially by advertising but a out and dried plan cannot be
suooessfuily applied to all, though certain fundamental prin¬

ciples apply to all.
Let us investigate your proposition from the standpoint of a
disinterested partv.
For eighteen years we have suo¬
oessfully applied tne principles that produce real results to
the Banker and Broker.

STERN & SILVERMAN
INCORPORATED

PHILADELPHIA

An inguiry does not obligate you

Rudolph
Guenther, Inc.
Specialists in Financial
Advertising.

25 Broad

Street, N.Y.

Phone Broad 266

Send for circular on "XV American Investment Field after the War."

ELECTRIC RAILWAYS
nNANCINC

ENGINEERING

Ndt.[23:1918.]

THE CHRONICLE

^financial

When Prices

Drop

T"^EACE means readjustments in prices, wages and com^ mercial

policies.

The National Bank ot Commerce in
New York is ready at all times to discuss the effects of
these changes on the business problems of its customers.

A New Commerce Book
ready for distribu¬
tion,
study of post-war
problems entitled “When
Now

National Bank of Gmimprm

Prices

inNewYork

Drop.”

Capital, Surplus and Undivided Profits Over $45,000,000

HUDSON TRUST COMPANY

Thirty-Ninth St. & Broadway, N. Y.
Condensed statement at the close of business
November 1, 1918

The

RESOURCES
U. S. Government Bonds
Bonds of the City and State
New York

Sundry Stocks and Bonds
Loans and Bills Purchased
Furniture and Fixtures
Bonds and Mortgages (First)
Accrued Interest Receivable
Cash on Hand and In Banks....

$948,888 61
685,000
938,067
8,870,197
8.000
68,000
89.099
1,332,669

00
50
04
00
00
13

thing

—

Bividends
Unpaid
posits
e

cannot

$500,000 00
630,777 38
2,073 48

bequeath

7.121 79
55.705 15
383 00
8,016,761 00

$6,212,821 80

That

FRANK V. BALDWIN.
President
JOHN QERKEN,
Vice-President
V.-Pres. & Sec'y
RICHARD A. PURDY.
Treasurer
J. J. BRODERICK Jr..
WILLIAMJ. TERRY. Asst. Sec. & Asst.Treas.

dantefc
WANTED By a New York City
inancial institution* the services of

thoroughly equipped Foreign Ex¬
change man* not of German Nation¬
ality, to organize a Foreign depart¬
ment.
Salary commensurate with
the position. Replies, stating quali¬
fications and salary expected, will be
considered confidential. X. Y. Z.,
care “The Commercial & Financial
Chronicle,” P. O. Box 3, Wall Street
Station, New York.
a

The Central Union Trust Co. of New York is well qualified
to take your
place in the management of your estate. It is

long-experienced and- particularly well equipped

the full

45-year-old man who has had
almost 30 years* experience in two
country banks in Orange Co., N. Y.
Fifteen years as Cashier.
Can give
good returns to the right party for
a salary of $2,500.
First class refer¬
a

ences

Address,
Walden, N. Y.

will be furnished.

R. A. Demarest,

perform

duty of adminisi£jr*ug estates*

“The

Management of Your Estate** is

sixteen-page book¬
instruc¬
charge.

let prepared by us, and is interesting as well as
tive. We will be pleased to mail it to you free of

Central Union Trust
OF NEW YORK

Position wanted after January 1st

sound

judgment
which now guards and
governs your business
must go with you—you
cannot bequeath it to
your heirs.

OFFICERS.

you

$6,813,821 80
LIABILITIES
Capital
Surplus and Undivided Profits.
Reserved for Taxes &c
Accrued Interest Payable—
Rediscounts

one

Broadway

Plana Branch

788 Fifth Avenue

Company

54 Wall Street

42nd Street Branch
Madison Are. it 42nd Bt.

5th

Ave. Branch
425 Fifth Avenue

Capital, Surplus and Undivided Profits $30,000,000

THE CHRONICLE

IT1

[Vol. 107

jfimntial

The New York Trust

Company

Announce the opening on
November 23, 1918, of its

Fifth Avenue Office
Cor. Fifth Avenue & 57th St.

Where

will

prepared
to, transact a general Banking
and Trust Company business

EXEMPT FROM ALL
FEDERAL INCOME TAXES

The Fifth Avenue Bank
OF NEW YORK
530 Fifth Avenue

$175,000

Statement

corner

44th Street

the Close of Business November 1, 1918.

(Latest Report to Banking Department.)

CITY OF

MIAMI, FLA

RESOURCES
Discounts and time loans
$15,720,943 12
U. S. and other securities
1,709,736 18

Banking house and lot
Gold
and
gold
certificates
$53,855 00
Silver

6% BONDS

552,066 60

Due July 1, 1928

earn¬

2,328,481 33

2.528.481 33

Deposits

serve Bank
Domestic Acceptances
Cashier checks
Reserves for taxes and contin¬

982,981 00
$1,126,657 77

Due from Federal
Reserve Bank

LIABILITIES
$200,000 00

Bills payable with Federal Re¬

89.821 77

Legal tenders and
other bills..

Capital
Surplus and
ings

18,743,865 82
3,000,000 00
665,000 00
51.740 29

415,869 69

gencies

1,589,764 32

Exchanges for
Clearing House

Eligible to Secure
Postal Savings Deposits

and other cash
items
1,491,656 07
Due from banks.
877,133 07
Demand loans
1,672,000 00

6,757,211 23
Credit

PRICE TO YIELD

4?$%

R. m. Grant &. Co.
SI

NASSAU

ST.,

NEW YORK

Boston

Chicago

GEORGE W. MYER, JR.

granted
Acceptances..

Domestic

665,000 00
$25,404,957 IS

B. H. FANCHER, Vice-President
HENRY R. ICKELHE1MER, of Heldelbacb, Ickelhoimer & Co.. iD Wall St.
HOWARD C. SMITH, of Hathaway, Smith,
Folds A Co., 45 Wall St.

60 WALL ST., NEW YORK

Income Tax Returns.

Telephone Hanove i6266

ROLLANQ G. MONROE,

of Monroe, Paris A Co.. 452 Fifth Ave.
T. FRANK MANVILLE, President H. W.
Johns-Manvil Co., Madison Ave. A 41stSt.
FRANCIS L. HINE, President of toe First
National Bank.

A. S. FRISSELL
Chairman of the Board
THEO. HETZLER
President

Certified Public Accountant

Audits, Investigations,
Estate Accounting,

$25,404,957 IS

DIRECTORS
A. S. FRISSELL, Chairman of the Board
CORNELIUS N. BLISS, Jr.,
of Bliss, Fabyan A Co., 32 Thomas St.
THOMAS S. VAN VOLKENBURGH,
ALFRED
E. MARLING,
of P. VanVolkenburgh A Co., 17 Battery PI.
or Horace S. Ely A Co.. 21 Liberty St.
WILLIAM H. PORTER,
THEO. HETZLER, President
of J. P. Morgan A Co.

B. H. FANCHER
Vice-President

WM. C. MURPHY
Asst. Cashier '

WM. G. GASTON
Cashier
ERNEST FOLEY
Asst. Cashier

Nov. 23 1918.]

THE CHRONICLE

XTU

Vinantial

QuarefiSty Trust Company of New York, Trustee.

We summarize as follows from a letter of Mr. R. C.
of The American Thread Company:

Kerr, President

The bonds will be secured by a closed first mortgage on all the
fixed tassets of the Company. An appraisal as of March 31,
1918,^showed the sound value of the property to be in excess of
$18,000,000, with net current assets of $10,307,944 in addition.
The proceeds will be used to refund the $6,000,000 of First Mort-

gagef Four Per Cent Bonds maturing January 1, 1919. Net
profits for the thirteen months ended March 31* 1918, amounted
to $5,810,871, or approximately sixteen times the maximum
annual interest charge.
We offered on Nov. 20,1918, $4,500,000 of these bonds
(the balance,
sold privately) if, as and when issued, and received by us, at

$1,500,000, having been

101 & int., to yield about 5%%.

All the bonds

Descriptive Circular Sent

Request.

having been sold, orders will be executed at prevailing market prices

The National City
National

Company

City Bank Building, New York
Uptown Office—Fifth Avenue and 43rd St.
Correspondent Offices in Thirty-one Cities

Bonds

Short Term Notes

You Should Keep a Record
of the Serial Numbers of

Acts a*
Executor

Trustee,
Administrator,

Your

Liberty Bonds

If your Liberty Bonds should be lost or
stolen a record of their serial numbers

invaluable to

aid to
Coupon Liberty Bonds are
negotiable—may be used by the finder
just the same as money—and their loss
should be reported immediately to the
Federal Reserve Bank of your district.
If you, care to take the precaution of
keeping a record we will send you a
may prove
recovery

you as an

LIBERTY BOND
SAFETY RECORD
leather covered,

vest-pocket size, con¬
taining entry-forms for recording num¬
bers, denomination and other important
Identifying data regarding your Liberty
Bonds.
Gratis on request for
Liberty Bond Record C-323

HUGHES &DIER
Stocks—Bonds—Grain
Members

f Phil a. Stock Exchange

\Ohicago Board of Trade
50 BROAD ST., NEW YORK
Telephones Broad 1262-3-4-5.

Guardian,
Receiver,
Registrar and
Transfer Agent.

Girard Trust Company
PHILADELPHIA
Chartered

Man bar of Federal Rosorro System

E* B. Morris, President

deposits*

ZDttnbentJS
GREENE CANANEA COPPER CO.
42 Broadway, New York, N. Y.
The Board of Directors of the Grene Cananea

Copper Company has declared a dividend of $2
per share upon its Capital Stock of the par value
of $100 per share, payable on November 25, 1918,

to the holders of such shares of record at the close
of business at 3 o’clock P. M.. Friday. Novem¬
ber 8. 1918.
The dividend is payable only upon
the $100 shares into which the Capital Stock is
divided.
All stockholders who have not con¬
verted their holdings into shares of $100 par
value should do so without delay in order that
they may receive their dividend promptly.
The transfer books will not be closed.
J. W. ALLEN, Treasurer.
New York. October 24. 1918.

REPUBLIC IRON & STEEL COMPANY.
PREFERRED DIVIDEND NO. 61.
At the meeting of the Board of Directors
of the Republic Iron & Steel Company, held
November 19th, 1918, the regular quarterly
dividend of 1 %% on the Preferred Stock was

declared, payable January 2nd, 1919, to stock¬
holders of record December 14th, 1918.
Books

UNION BAQ & PAPER CORPORATION.
DIVIDEND NO. 9.

COMMON DIVIDEND NO. 9.
At the meeting of the Board of Directors of
the Republic Iron & Steel Company, held No¬
vember 19th, 1918, a dividend of 1H% on the
Common Stock was declared, payable February
1st, 1919, to stockholders of record January 15th,
1919.
Books remain open.
RICHARD JONES, JR., Secretary.

New York. N. Y., Nov. 20,1918.
A quarterly dividend of one and one-half
per cent, has this day been declared upon the stock
of this Corporation from the surplus earnings of
the year 1918. payable December 16th, 1918,
to the holders of record of the stock of this Cor¬

PREFERRED STOCK DIVIDEND.
The regular quarterly dividend of 1M % on the
Preferred Stock of Nebraska Power Company has
been declared, payable December 1
1918, to

poration at the close of business on December
6th, 1918.
CHARLES B. SANDERS, Secretary.

American Telephone &

Nebraska Power

Company

preferred stockholders of record at the close of
business November 20, 1918.
8. E. SCHWEITZER, Treasurer.

Telegraph Co.

Thirty-Year Five Per Cent Collateral Trust
Gold Bonds

Coupons from these bonds, payable by their
terms on December 1, 1918, at the office or
agency of the Company in New York or in
Boston, will be paid in New York by the Bankers
Trust Company, 16 Wall Street.
G. D. MILNE, Treasurer.

American
,

remain open.

©tblbfjnba

1836

CAPITAL and SURPLUS, $10,000,000

Interest allowed
on

Acceptances

Telephone & Telegraph Co.

A dividend of Two Dollars per share will be

paid

holders

Wednesday, January l5, 1919, to stock¬
of record

the

of business on

Friday, December 20, 1918.
G. D. MILNE, Treasurer.

Southwestern Power

Light Co.

PREFERRED STOCK DIVIDEND.
The regular quarterly dividend of one

and

the Preferred
Stock of Southwestern Power A Light Company
has been declared, payable December 2, 1918,
three-quarters

per cent

(1H%)

to stockholders of record at the close of business
November 22, 1918.
M. H. ARNING, Treasurer.

CRUCIBLE STEEL COMPANY OF AMERICA
Pittsburgh, Pa.
November 21, 1918.
DIVIDEND NO. 65.
A dividend of One and Three-Quarters Per
Cent (1 H%) has been declared on tne Preferred
Stock of this Company, payable December 20,

1918, to stockholders or record December 6, 1918.
Checks will be mailed.
GEO. A. TURVILLE,
Vice-President.

(Vo*.. 107

THE CHRONICLE

XT Ill

JHtunuial

$20,000,000

Liggett & Myers Tobacco Company
Three Year 6% Gold Notes
To Mature December 1, 1921
Issued, $20,000,000

To be Dated December 1, 1918
Total to be Authorized and Presently

Coupon notes in denomination of $1,000, registerable
principal only.
Redeemable as a whole or in part, at the option of the Company, on any interest date on 30 days'
notice, at 102% and interest for notes with two years or more to run; at 101
And
interest for notes with one year or more but less than two years to run; at 101 %
Interest

payable June 1 and December 1.
as

and interest for notes with less than

one

to run.

year

Guaranty Trust Company of New York, Trustee
The six-year average balance of income, after deduction of bond interest, was equal to more than
five and one-half times the annual interest requirement for the Notes, and the balance for 1917 was equal
to more than six times such annual interest requirement.
The volume of business done by the Company has increased each year and the earnings have kept pace
with the increase in volume. The value of gross sales for the first nine, months of 1918 was $108,141,174.
Present quoted
above the Notes.

These Notes

were

prices for the outstanding stocks indicate

equity of about $60,000,000

offered for subscription November 18, 1918, when,

as and if issued and received
and subject to approval of counsel at

98 and interest to

yield about 6%%

The issue having been largely oversubscribed, this advertisement appears as a matter of record
All legal details

and

over

onlgr.

pertaining to this issue will be passed upon by Messrs. Stetson, Jennings & Russell, of New York

The National City Company
New York
We do not guarantee the statements and

of New York

figures presented herein, but they are taken from sources which we believe to be accurate.

FINDING OF
"Passed by the

Guaranty Trust Company

Capital Issues Committee

CAPITAL ISSUES COMMITTEE

as not

validity, worth

Incompatible with the national interest, but without approval of legality.
or security.
Opinion No. A2652.'*

XKbtbenb*

Broadway

Lenox Avc. & 125th St.

TTie American Sugar

COLUMBIA
TRUST
COMPANY

Refining Company

Fifth Ave*&34th St.

PREURKKO DVVIDCMO
COMMON OIVIOBNO

Third Ave.& 148thSt.

The Board of Directors ha*
the

7n dm Preferred Stock one and thr***
juarters p«r cent., being the 108 • coo*
lacutiw dividend thereon, payable on

Member New York Clearing House
Member Federal Reserve System

tannery 2*£ 1919* to the Stockholder*
if record on December 2 V, 1918*

Condensed Statement November 1, 1918
ASSETS
Cash on Hand
Cash in Banks and Exchanges..^
Public Securities
Other Bonds and Stocks
Loans and Bills Purchased
Short Term Securities

Foreign Exchange
New York City Mortgages
Real Estate, Banking Houses
Customers' Liability on Acceptances and Com¬
mercial Letters of Credit
Accrued Interest Receivable

7,017,640
60,264,765
4,247,854
5,186,589
3,180,130
5,305,106

Office Checks
Reserved for Taxes and Dividend

Acceptances
Commercial Letters of Credit
Rediscounts
Unearned Discount
Accrued Interest Payable

January 2*S*, 1919? to the Stockholder*
of record on December 2fti,t9!8.
On to Common Stock

65
52
48
63
50
69

11,434,167 09
461,990 03

LIABILITIES

Capital Stock
Surplus and Undivided Profits
Deposits

quarters percent, being the K>9^ coo*
eecutive dividend thereon, peyahle on

$722,265 56
17,317,597 15
5,961,923 54

declare!

following dividends

$5,000,000 00
6,850,478 54
86,637,398 31
2,061,916 32
347,501 38
9,146,206 70
2,787,960 39
7,902,510 15
185,405 46
180,653 59
$121,100,030 84

quarters

one

additional three*

per cent.,

payable on

January 2*9*, 1919, to the Stockholder*
of record on December 2<V*,1918«
The transfer Book* will not be dosed.
JOSEPH E.FREEMAN.

Snwuqi

THE NEW YORK AIR BRAKE COMPANY.
Sixty-Fourth Quarterly
•iy u
Dividend,

The Board of
<
Directors has this day declared
dividend of FIVE DOLLARS PE
SHARE
for the quarter, payable December 20th, 1918,
out of the surplus at the end of the year 1917. to
stockholders of record at the close of business
December 2nd, 1918.
The transfer books will not dose.
Checks for dividend will be mailed to stock¬
holders at the addresses last furnished to the
Transfer Office.
C. A. STARBUCK, President.
New York, November 20th. 1918.
a

MERQENTHALER LINOTYPE CO.
New York, November 19, 1918.

DIVIDEND 92.
A regular quarterly dividend of 2 H per cent,
the capital stock of Mergenthaler Linotype
Company will be paid on December 31, 1918.
to me stockholders of record as they appear at
the dose of business on December 4, 191$.
The
transfer books will not be dosed.
JOS. T. MACKEY, Treasurer.

Not.

231918.]

THE CHRONICLE

xu.

yftundal

"Passed by the Capital Issues Committee

not in compatible with the national

legality, validity, worth,

security.

interest, but without approval of
Opinions No. A1912. No. A2607.”

$7,000,000

City of Philadelphia
4lA% Bonds
Dated November 1, 1918

Due November 1, 1948

Interest payable January 1st and July 1st

Registered bonds in denominations of $100 and multiples. Coupon bonds
$1,000, which may be registered as to principal. Registered
and coupon bonds interchangeable.

in denominations of

FREE FROM STATE TAX IN PENNSYLVANIA

Exempt from Federal Income Tax under Present Laws
An individual holder of

municipal bonds is not required to file a certificate of
ownership in the collection of income derived from municipal bonds, nor to
make declaration of such income in the returns.

Legal investment for Savings Banks and Trust Funds in Pennsylvania!
New York, New Jersey and all the New
England States, and ctligUble,
in our opinion, to secure Postal
Savings deposits up to 90%of the
market value of the Bonds, not
exceeding par and interest.
Price, when,
104 and

and if issued and received by

interest, yielding

over

us,

4.25%

Guaranty Trust Company of New York
140

FIFTH AVE.
Fifth Ave. A

Broadway

OFFICE
St.

LONDON

OFFICES

MADISON AVE. OFFICE
Madison Ave. A 60th St.

82 Lombard

Street, E. C.

43rd

Lr. Grosvenor PI., S. W.

Capital and Surplus $50,000,000
iOibitoentig

PARIS
OFFICE
Rua das Italians, X A S

TOURS

OFFICE
Rua Etianna Pallu, T

Resources

of Seven Per Cent per annum from revenue and
Three Per Cent per annum from special income
account, was declared, payable 31st December
next to shareholders of record at 1 P. M. on
30th November instant.
ERNEST ALEXANDER. Secretary.
Montreal. Nov. 13th. 1918.

Lockwood,

OFFICE OF
Gree »e A Co..

BOSTON, MASS.

jBibtDeirttf
Managers,

Common Stock.
quarterly dividend of 2% ($1 per share)
the common stock of the International
Cotton Mills has been declared payable No¬
vember 30th. 1918, at the office of the transfer
agents, the Old Colony Trust Company, Boston,
to all stockholders of record at close of business
November 15th, 1918.
INTERNATIONAL COTTON MILLS.
8. Harold Greene, President.
The

upon

OFFICE OF

BATON ROUGE ELECTRIC COMPANY
Baton Rouge, Louisiana,
PREFERRED DIVIDEND NO. 15.
# COMMON
DIVIDEND NO. 7.
A semi-annual dividend of $3.00
per share on
the preferred capital stock and a semi-annual
of
dividend
$4.00 per share on the common
capital stock of Baton Rouge Electric Company
have been declared, both payable December 2.
1918, to Stockholders of record at the close of
business November 20. 1918.

WEBSTER,

Transfer Agents.

NORTHERN TEXAS ELECTRIC COMPANY
Fort Worth, Texas.
COMMON DIVIDEND NO. 37.
A dividend of $2.00 per share has been declared
on the common capital stock of Northern Texas
Electric Company, payable December 2. 1918,
to Stockholders of record at the dose of business
November 22. 1918. This dividend, together
with those already paid, makes 6% on the com¬
mon stock of the Company for the year 1918.

STONE A WEBSTER

$700,000,000

Bitn&en&s

THE CANADIAN PACIFIC RAILWAY
COMPANY.
DIVIDEND 90.
At a meeting of the Directors held to-day the
usual quarterly dividend of Two and One-Half
Per Cent on the Common Stock for the quarter
ended 30th September last, being at the rate

STONE A

over

Transfer Agents.

Lockwood, Greene A Co., Managers,
BOSTON, MASS.

Preferred Stock.
The regular quarterly dividend of 1 H% upon
the preferred stock of the International Cotton
Mills has been declared payable November 30th.
1918. at the office of the transfer agents, the Old

Colony Trust

Company, Boston, to all stock¬

holders of record at close of business Novem¬
ber 15th. 1918.
INTERNATIONAL COTTON MILLS,
S. Harold Greene, President.

FAIRBANKS, MORSE A CO.

PREFERRED STOCK DIVIDEND.

Notice is hereby given that the regular Quar¬
terly Dividend of one and one-half per cent
(1^%) has been declared on the Preferred
Capital Stock of the above Company and will
be payable on December 1st, 1918, to stock¬
holders of record at the close of business on

November 20th, 1918.
The transfer books of the
Company will be
closed for the registration of transfers from the
close of business on November 20th. 1918,
until ten o’clock In the forenoon of Decem¬
ber 2nd, 1918.
F. M. BOUGHEY. Secretary.

Chicago, Illinois, November 20th, 1918

CUBANhAMERICAtTSUOAR

THE
CO.
PREFERRED AND COMMON DIVIDEND.
The Board of directors have this day declared
the following dividends, payable
Januery 2nd.
1919, to stockholders of record at the close off
business on December 14th, 1918:
On the Preferred

Stock

quarterly dividend of

the Common Stock a quarterly

2>&*. for
be mailed.

dividend of

the payment of the dividends wIH

The Transfer books will not be closed.
WALTER J. VREELAND,
Assistant Secretary
New York, November 20th, 1918.

AMERICAN POWER A LIOHT CO,
71 Broadway, New York.
COMMON STOCK dlVIDEND NO. 24.
The regular quarterly dividend of one
per
cent. (1 %) on the Common Stock of the American
Power A Light Company has been
declared,
payable December 2, 1918. to Common stock¬
holders of record at the close of business No¬
vember 22, 1918.
M. H. ARNINO, Treasurer.
Office of
FEDERAL MINING A SMELTING COMPANY
32 Broadway. New York City .November 15th. 1918.
A dividend of one and three-quarters
(1H %)

Kcent
preferredpayable
onbeen
the declared,
stock ofDecember
this Company
to-day
15th.

1918, to stockholders of record a% the dose or
business en November 25th. 1918.
M. A. SHEPHERD,
.

„

NATIONAL LEAD COMPANY.
.Iti Broadway, New York.
.

A dividend of one ana oae-quarter
per cent
has this day been declared on the Common Stock
of this Company, payable December 31,
1918,
to stockholders of record at clooe of
business

December 13. 1918.
FRED B. FORTMEYEB. Treasurer.

[Vol. 107.

THE CHRONICLE
^financial

The

properties here advertised are being conducted by
Custodian of the United States pending final sale

the Alien Property

and delivery to
These Companies are and

cent American ownership.
will be entitled to the same unreserved patronage as

100 per

is enjoyed by any other

loyal American Business

BOTANY
WORSTED MILLS

New Jersey
Worsted Spinning Co.

GARFIELD
WORSTED MILLS

PASSAIC, N. J.

GARFIELD, N. J.

(24,410 Share* of Stock of Botany
Worsted Mills and/or by Stoehr
& Sons, Inc., 1,290 Shares of
Said Sto.k
Notice is hereby

given that the

undersigned, A. MITCHELL
PALMER, Alien Property Custo¬
dian, and/or Stoehr & Sons,
Inc., will offer for sale to the high¬
est bidder, at public sale or sales,
on the premises at the front door
of the main office building of Bot¬
any Worsted Mills, Dayton Ave¬
nue, Passaic, New Jersey, at 12
o’clock noon, on Monday, the
second day of December, 1918,
the following:
24,410 shares of stock, par value
$100 each, of Botany Worsted
Mills, a New Jersey corporation,
out of the total of 36,000 shares
of said stock, all of which are issued
and outstanding.
It is further ordered and directed
that the said sale shall be made

jointly with the sale by Stoehr &
Sons, Inc., a New York corpora¬
tion, of 1,290 shares of stock, par
value $100 each, of said Botany
Worsted Mills, owned by said
Stoehr & Sons, Inc., making a
total of 25,700 shares of said stock
of said corporation to be sold.

1,129

Worsted

Spinning

the

at the front door of the

sale to the

public sale,
at the front

main

building of the New
Jersey Worsted Spinning
Company, on Passaic Avenue,
Garfield, New Jersey, at 4
o'clock P. M. on Tuesday,
the 10th day of December,
1918, 1,129 shares of the com¬
mon stock, par value of $1,000 each, and 375 shares of the

preferred stock, par value $1,000 each, of the New Jersey
Worsted Spinning Company,
a corporation organized and
existing under and by virtue
of the laws of the State of
New Jersey.

DIRECTOR, BUREAU OF SALES,
New York City.

Preferred Stock of
Worsted Mills.

erty Custodian, will

office

JOSEPH F. GUFFEY,

Garfield

Notice is hereby given that
the undersigned, A. MITCH¬
ELL PALMER, Alien Prop¬

hereby given that
the undersigned, A. MITCH¬
ELL PALMER, Alien Prop¬
erty Custodian, will offer for
sale to the highest bidder at
public sale, on the premises,

application to

of the Second

Company.

Notice is

Full description of and information concerning
the above properties, the terms and conditions
of inspection and sale may be obtained by

110 West 42nd Street,

5,834 Shares of the Common
Stock, 125 Shares of the Pre¬
ferred Stock, and 3,693.6 Shares

Shares of the Common

Stock and 375 Shares of the
Preferred Stock of New Jersey

offer for

highest bidder at
on

the premises,

door of the main

office building of
Worsted Mills, on

Garfield

Outwater
Lane, Garfield, N. J., at three
o'clock P. M. on Thursday,
the 19th day of December,
1918, 5,834 shares of the Com¬
mon Stock, 125 shares of the
Preferred Stock, and 3,693.6
shares of the second Preferred
Stock of the Garfield Worsted

Mills, all of par value one
($100) dollars per
share, of Garfield Worsted
Mills, a corporation organized
and existing under and by

hundred

virtue of the laws of the State
of New Jersey.

A. MITCHELL PALMER
Alien

Property Custodian

Nov. 23

1918.]

THE CHRONICLE

XXI

Slrumtlal

The properties here advertised

being conducted by the Alien Property
Custodian of the United States pending final sale and
delivery to
100 per cent American ownership.
These Companies are and
are

will be entitled to the
is

same

unreserved patronage as

enjoyed by any other loyal American Business

TO B
BY THE

OLD

CUSTODIAN

GERA MILLS
PASSAIC, N. J.

Passaic
Worsted Spinning Co.
PASSAIC, N. J.
4,236 Shares of Stock of Passaic

Preferred Stock of Gera Mills.

Worsted

Notice is hereby given that
the undersigned, A. MITCH¬
ELL PALMER, Alien Prop¬

Company.

Notice is

highest bidder at
public sale, on the premises,

hereby given that
the undersigned, A. MITCH¬
ELL PALMER, Alien Prop¬
erty Custodian, will offer for
sale to the highest bidder at
public sale, on the premises,

at the front door of the main

office

erty Custodian, will offer for
sale to the

building, of the Gera
Mills, on Eighth Street, Pas¬
saic, New Jersey, at 12 o’clock
noon, on Tuesday, the 10th
day of December, 1918,11,142
shares of the

common

stock,

value of $100 00 each and
5,000 shares of the preferred
stock, par value $100 00 each,
of the Gera Mills, a corpora¬
tion organized and existing
under and by virtue of the laws
par

of the State of New

Jersey.

TEXTILE, Inc.
BRIDGEPORT, Conn.

11,142 Shares of the Common
Stock and 5,000 Shares of the

Spinning

INTERNATIONAL

2,298 Shares of the Capital
Stock of International Textile,
Inc., Manufacturers of Lace.

Notice is hereby given that
the undersigned, A. MITCH¬
ELL

Spinning Company,
corporation organized and
existing under and by virtue

PALMER, Alien Prop¬
erty Custodian, will offer for
sale to the highest bidder, at
public sale, on the premises at
the main office building of the
International Textile, Inc., in
Bridgeport, Conn., at 12
o’clock noon on the 18th day
of December,
1918, 2,298
shares of the capital stock,
par value $100 each, of Inter¬
national Textile, Inc., a cor¬
poration organized and exist¬
ing under and by virtue of the

of the laws of the State of

laws of the State of Connecti¬

New

cut.

building of the Passaic
Spinning Company,
on Eighth Street, Passaic, New
Jersey, at 2 o’clock in the after¬
noon, on Tuesday, the 10th
day of December, 1918, 4,236
shares of stock of the par value
Worsted

of $100 each of the Passaic

Worsted
a

Jersey.

Full description of and information concerning
the above properties, the terms and conditions

fppSn”JOSEPH
“d
«DAfECT?

“y be

GUFFEY,

®ureau of sales,
City.

j’
110 West 42nd
Street, New York
,,

by A MITCHELL PALMER
a lien Property
3 Custodian
r

(Vol. 107.

THE CHRONICLE

xxn

^financial

Through Your Own Bank
Arrangements may be made with the Anglo-South American Bank, Ltd., to
finance American commerce with Latin-American and European countries
through your own bank. This bank maintains eleven branch offices in
Chile, eleven in Argentina, and one in Uruguay, as shown on the map,
as

well

cor¬

respondents

the other coun¬
tries of South
America. In ad¬
dition

this

unusually com¬
plete service,
this

bank

has

branches in the
chief
cial

commer¬

centers

Great Britain,
France and

Spain, and cor¬
respondents in
other parts of
the world. With

capital and
serves

re¬

than

$32,000,000, the AngloSouth American

Bank, Ltd., of¬
fers exceptional
facilities to
financial insti¬
tutions having
no

direct

con¬

nections in these
countries.

Write

for Booklet “Collection Tariff.

Anglo-South American Bank,
New York
Head Office

London

Ltd.

Agency, 60 Wall Street
John Cone, Agent

F. C.

Harding, Sub-Agent
W. M. Dawkin, Sub-Agent

Capital and Resenres
Over $32,000,000

Bank &

Quotation Section
Railway Earnings Section
VOL. 107

Railway & Industrial Section
SATURDAY, NOVEMBER 23 1918

Site Ctamicle.

Gearings

For One Y*-ar
For Six Months

Subscription—Payable

In Advance
*10 00
6 00
13 00

European Subscription (including postage)
six months (including postAge)
7 60
Annual Subscription in London (including postage)
£2 14s.
8ii Months Subscription in Isindon (including
postage)
£1 11 a.
Canadian Subscription (including postage)
$11 60
Subscription includes following Supplements—
Bank and Quotation (monthly) Railway avd Industrial (3 times
yearly)
Railway Ear ings (monthly)
Electric Railway (3 times yearly)
Stats and City
(semi-annually) Bankers’ convention (yearly)

European Subscription

Terms of

$4 20
( Two Months
('‘times)
22 00
< ’ Three Months (13 times).................. 29 00
/

gix Montluj

(26 times)
v TwelveMonths (52
times)
Chicago Office-39 South La Salle Street, Telephone
MaJ stic 7396.
Ia>ndon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.

60 00

87 00

Chicago
Philadelphia

1917.

*3,223.097,859

*2,943,650,646
419,518,208
313,221,299
243,273,498
195,787,431

Boston
Kansas City
San

Francisco

Pittsburgh
Detroit
Baltimore
New Orleans
Eleven cities, five days
Other cities, five days

Per
Cent.

1918.

480,115.159
406,232,056
319.245.242
*185,000,000
*130,000,000
113,619,085
127.601.739
*54,000,000
72,595,895
64,212,019

*5,175,719,054
912,016,409

+9.5
+ 14.4
+29.7
+31.2
—5.5
8-9
+4+

412 S34 423

108,792,595
76,829.873
47,996,771
39,767,301
58,676,947

+ 66.1
+ 12.5
+ 82.6
+ 9.4

*4,590.148.990
851,762,294

+ 12.8
+ 7.1

Fort Wayne
Akron

*6,087.735,463
1,145,298,741

*5.441.911.284
967,578,220

+ 11.9
+ 18.5

Total all cities for week

*7.233,034,204

*6,409,489.504

+ 12.8

Partly estimated.

The full details for the week covered by the above will be given next
Saturday,
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence Iq 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 Nov. 16 show;

Clearings at—

New York

Philadelphia
Pittsburgh

....

Baltimore
Buffalo

Albany
___•
Washington

....

Rochester
Scranton

Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Trenton
Ybrk
Erie

Greensburg
Chester

Binghamton

....

Lancaster
Montclair

Total

1918.

1917.

3,513,909.857 3,710,128,002
400.623.990
413,513,046
121,020,972
84,948.358
77,630,542
52,622.568
24.120.387
23.255,222
5,359.474
7,080.341
16,836,742
13,823,564
8,117,357
9.303.84G
3.847.145
4,097,278
6.042,441
4,500,000
2,598,894
2,958,756
3,685,967
3,675.618
2,200,000
2,353,629
3,651,765
4,287,854
2,526,672
3,171.992
1,241,767
1,511.124
2,186,991
2,214,430
823,297
1,435,233
1,518,531
1,536,394
761.600
1,122.400
799,119
600,000
2,500.000
2,599,221

Inc. or
Dec.

+ 47.5
+ 3.7
—24.3

+ 21.8
—12.7
—0.1

+ 12.0
—12.2
+ 0.3
—6.5

—14.8
—20.3
—17.9
—1.3
—42.6
—1.2
—32.2

+ 33.2

357,328

614,065

Middle. 4,190,360,840

4.351.352,941

—3.5

381,703,051
13,294.400
8.114,532
5,434.263
3.050,447
2,4.90.000
3,191,428
2,054.760
2,384,668
1,196,699

374,002,763
14,473,300
9,720,101
5.653,441
4,656,101
3,150,000
4,481,990
3,290,990

+2.1

Springfield
Portland
Worcester
Fall River
New Bedford
Lowell

—

775.000
652,887

Holyoke
Bangor
Tot. New Eng.
——

424,251,535

—

980,167

—8.1
—16.5
—3.9
—34.5
—23.8
—28.8
—36.6
—5.6
—34.1
—9.7
—33 5

425,607,754

—0.3

2,525,164

1,815,833
857,904

1915.

—5.3 4,039,807.207 3,075,301,411
—3.1
318,101,451
128.995.360
+ 42.5
73,822,548
55,306,766

—3.8
—41.9

Boston
Providence
Hartford
New Haven

1916.

48,878,519
19,471,156
5.948,720
10,024,268
7,609,483
3,515,364
3,867,670
2,795,473
3,103,972
2.189,503
3,509,653
2.372.319
1,110,342
1,708,748
728,609
1,273,030
1,037,300
682,807

39,299,352
15,316,300
6,328,417
8,458.158
6,774,811
3,048,562
3,034,085
2,053.211
2,754,278
2,111,621
2,741,206
2,210.210
1,011,954

1,181,196
728,196

1,059,129
838,600
660.590

1,926.351

1,750,366

554.833

402.800

4,554,039,324 3,450,236,579
277,309,318
13,419,600
10.022,950

281,281.849
10,826,500

5,418.255
3.452.151

2,931,619
4,792,329
2,183,623
2.039.946
1,533,452
977,165

3,855,115
3,575,701
2,525,000
3,375,708
1,581,371
1,709,154
994.827
663,813

744.924

462.750

324,825.902

254.898,018

7,046.230

Tot. Mid. West

San Francisco
Los Angeles
Seattle
Portland

Spokane

Fresno
Stockton
Pasadena
San Jose
Yakima
Reno

Long Beach
Total Pacific..

Minneapolis

....

Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita

420.488

543.467.170

115.438,082
.34,501,000
36,974,204
29,982.757

129,971,316 —11.2
+ 8.1
31,925.000
28,853,080 + 28.1

96,404,768
30,054,000
22,925,499

22.999.578
+ 30.3
11,095,021 —24.3
19,615.103 —24.3
4,625.862 + 33.7
6,297,736 + 23.8
4,700.815
+0.8
2,881,584 —27.0
—13.0
3,826,707
2,280,421 —21.5
1,174,154 —20.0
1,932,066 —43.4
1,130.394 + 18.9
—5.4
555,000
788.995 + 52.2

18,121,134
7,528,207
12,669,093
2.748.429
5,233,703
3,195.241
2,126.275
3,135,724
2,160,200
1,242,441
1,248.348
889.709
640,738

02.528.375
23,742,992
12,991,268
11,439,647
4,700,000
11.159,145
2,028.181
4,111,856
2,894.083
2.254.571
1.838.028
1,240,710

+ 25.3
+ 11.4
—24.0
+ 9.5
—4.8
—7.1
—3.6
—10.0
—7.3
—15.6
—14.1
+ 2.7
—13.0

+ 27.1
+ 0.9
—0.9
—8.7
—7.2
—8.9
—39.0
+ 47 1

■668.696

144,060.121

196,418,178
45.921.635
49,000.000

231.349,352
42.013.307

—15.1

129,025,499
40,124,446
30,027,388
21,427,175

96.326.649
35.176.489

47,000,000

+9.3
+4.3
+4.0

18,201.959
24,386,016 —17.7
8.969,245 + 100 7
15.475,835
+ 14
9.825.352 —16.0
8.020.820
8.652.075
3,420,719

—15.4
—1.3
—34.6

4,670,359
3.488.323
3,015,200
2,583.112

—21.71

1,118.966
843.133
696,411
425.000

+ 5.5

—43.4,
—3.2
—26.7!
—2.1
—4.4

+ 34.1

1.693.894

—5.5

2.241,202
2,567,216
1,721.677

-36.5|

1,260.690

Total oth.West

411,499,506

442.891.233

St. Louis
New Orleans....
Louisville
Houston
Galveston

161.524,112
64,866.429
22.371,316
15,893,188
5.462,573
24,326,076
14,340,881
64,322,559
66.888,776
6.517.312
19,096,862
9,521,016
11,719,804
4,203.534
7.230.923
2.700.000
5.842.967
6.898.282
3,717,013
1,634,906
10,457,142
2,500,000

189,723,401!

Memphis

Birmingham
Augusta
Jacksonville
Knoxville
Little Rock

Chattanooga

....

Charleston
Mobile
Oklahoma
Macon
Austin

527.486
021,105

3,267,873
8,747,742
23,000.000
2,900.000

Shreveport
Total Southern
Total all
Outside N.

2.482.394

3,000.000

Vicksburg
Jackson
M uskogee
Tulsa
Dallas

614.659

210.898.265

670.040

Fort Worth
Richmond
Atlanta
Savannah
Nashville
Norfolk

850.197
774.705
865,865
716.341

—1.3

810,148
825,354
670.552

•

717,597

2,173,235
1,029.129
1,900,000

274,652.898

1,600,097
1.424.6S8

Billings

8,241,300
8,618.933
3,368.708
3,796.682
2,856.909
2,147,567
1,083,390
1.276.350
2,965.000

271,158,808

8,537,202
2.239.084
3.656.960
3,680,328
1,706,587
2,600.000

Hastings
Aberdeen
Waterloo
Helena

+2.2
—2.6
—9.1
—1.1
+ 0.4

901,831
900,000
500.000
332.803
496.031

8.240.292

Pueblo
Fremont

14,058,962
9,704,900
12,052.461
3.500.000
6.185.003
4,022.723
2.769.113
1,558,624
1,822,134
5.127.000
735,999
3,993,325
1,350,784
3,587,672
1,082,054
1,142.771
1,079.580
905.577
880,360
739,414
487,470
650,000
1.235,154
492,704
405,909
125.124

778.882,505

7.295,461

Davenport
Cedar Rapids...
Fargo
Colorado Springs

37.456.298
19.354.425
10,137,067

—7.5

19.040,511
20.060,447
17,944,598
15,695.654

Tcpeka

64,820.847
26.875.579

878,654,768

14,858,165
6,182,964
7.798.354
4,737,963
2,104,174
3,307,856
1,789,670
939.481
1.093,877
1,344.367
525,000
1,200.894

Sacramento
San Diego

—7.9
—7.5

—8.3

356,680.137
32.794.950
39,798.698

812,837,933

8.400.000

Salt Lake City..
Tacoma
Oakland

32,275.869
16,358.000

+ 23.7
+ 10.6

406.969,971
40.250,550
69,850,253

514.238
337,99€
100 .ooc
843,189

903,112
964,703

Ann Arbor
Adrian
Owensboro

—12.5

451,403
417,427
498.721
916.532
243.238
299.624
94,252
327.825

690,000

Lansing
Jacksonville, Ill.

566.374,934
42,253,320
91,438,995
62,499,630

1915.

11.479,400
11.209.040
3,300,000
5,420,143
3,385,251
3,418.579
1,704,278
1,761,500
5,231,000
1.207,697
3,851,291
2.045.827
2,200,000
1,300,000
1,286,775
1.300,000
1,187,785
1,110,337
840, 548
685,000
910.986
1,056.725
653,948
370,957
163.742
573.211

1,205,083
1,086,044
1,117.677
1,219,524
966,332
1,068,269

Mansfield
Decatur
Danville
Lima

Note.—For Canadian clearings see “Commercial and Miscellaneous News/*

1916.

1,980,000

Lincoln
Week ending November 16.

Inc. or
Dec.

3,576.930
1,972,307

....

Rockford
Canton

Kansas City....

Total all cities, five days
All cities, one day

Evansville

Bloomington

following table, made up by telegraph. Ac., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been *7,233.0*4.231, against *6,632,208,499 last week and
*6.409,489,504
the correspondiag week last year.

1917.

5,362.075
3.400,000
4,282,246
1.899.062
1,339,363
5,730,000
1,150,000

Dayton

Springfield, Ohio

CLEARING HOUSE RETURNS.

New York

Columbus
Toledo
Peoria
Grand Rapids

South Bead

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

Clearings—Returns by Telegraph.
Week ending November 23.

....

Quincy

WILLIAM B. DANA COMPANY,
Pnbllalien,
Franc* Pine and Depeyster bu.. New Yorlu

Tt- The

Detroit
Milwaukee

Lexington
Youngstown

NO 2787

1918.

495.458.894
52,248.166
83.889,823
69,139,559
29,713,128
15,126,000
11,732,300
10,921,913
3,000,000

Springfield, Ill..

Advertising—Per Inch Space

Transient matter per inch space (14 agate
lines)
gtandiTig uusinesa
TtnainAaa cams
Curd a
Branding

Chicago
Cincinnati
Cleveland

Indianapolis

Section
Section

Week ending November 16.

at—

PUBLISHED WEEKLY.

Terms of

Electric Railway
State and City

Bankers* Convention Section

563.099.K77

—3.3
—26 8

~7-l|
—14.9

—1.9
55.921,836
22.702.005
—1.5
18,500,000 —14.1
6,500,000 —16.0
21.088,747 + 15.4
18,763,790 —23.0
49.893,164 + 28.9
69.462.021 + 14.2
14.973.545 —50.5
15,625,261 + 22.2
8.492.916 + 12.1
4,437.070 +164.1
5,090,074 —17.4
6,101,993 + 41.7
3,156,654 —14.5
8,122,581 —28.1
6,766,673
+2.3
3,706.217
+ 0.3
1.461.066 + 11.8
13.124,117 —20.3
—6.3
2,666.718
5,000.000 —40.0
634,996 —16.9
1.000.046 —37.9
6,139,812 —36.4
7,882.591
+ 11.0
21,937,635
+ 4.8
—3.7
3,011,253

578.886,218

—2 7

6,682,208.499 6.952.045,812

-3 9

Y_' 3,108.298.642'3,241,917,810

17,883,425
11,258,225
11.731.474

6.928.304
5,222.118
6,756.000
2,193,665
3.142.245
1,952.367
1,759.840
2,454.356
1,266,200
719,307
410.063
357.971

1,192.000
2,119.000
2.342.802
1,135.672

22.589.182

18.665,515
13.721.228
13.192/246
8.631,922
5.478,271
3,694.977
4.354,670
1,770,260
2.429.939
1.451.289
1.983,161
2,906.005
858.354
462.123
398.842
266,145
1,094,013
2.154.039
1.548.417
93K 143

300,435,608

240.091.9U9

142,659,427
44,530,637
19,998.277
15,993,175
7,309.528
17,253,233
13,102,774
26,915,749
34.342.396
9,436,194

99,819.855
23,289,327
18.301,601
13,497,417
6,710,491
10.583.576

11.074.862
6,903.018

7,789 076
6.001 300
2.997 531
2,439,095
2,935.127
2.090.435
3.169,058
3,035.236

3,029,042
3.214.424
3,300,000
2,122.504
6,231,166
4,157,604
3,555,075
1,351,608
6.334,148
7,524.487
3,000.000
443,400

11,657.087

15,473,658
21,157,376
5,375.174

2,257.938
920,155
3,308.000
4.361.691
1,848.351
319.130

712,418

509,085

2,060,651

1,403.375
2,443,766

4,623.528
17,138,358
...

417,377,883

271,004,511

6.585.459.487 4,904,388,308

—2.3 2,546,654.280

1,829,08678$f

THE CHRONICLE

1940

[Vol. 107.

put into new structures so long as the cost
of construction is maintained upon a war basis, for

not be

THE FINANCIAL SITUATION.

fully demon¬
and they are
now to be called upon to manifest an equally patri¬
otic ardor in time of peace. The period of readjust¬
ment does not require the sacrifice of lives, but there
must be continued exercise of that self-denial which
puts the general welfare of the whole country above
individual gain and luxury. Capital and labor
shared equally in profits growing out of the war, and
they shared alike in its burdens. In the same man¬
ner the responsibilities of the readjustment to a peace
basis will fall equally upon all citizens whether they
derive an income through investments or by daily

The people of the United States have
strated their patriotism in time of war

toil.
At the Pan-American Labor Conference in Texas
Mr. Samuel Gompers announced that labor organ¬
izations would seek to retain all advantages in higher

and shorter hours gained by the war. Wages,
toiler, exactly as interest and prof¬
its, the income of the investor, are regulated by eco¬
nomic forces which are more powerful than any arti¬
ficial means that man may employ to overcome them.
It is clear to every thinking person that the end
of the war brings with it a termination of the decla¬
ration of extra dividends which grew out of war
profits. It is clear that there is ahead of us a period
of cheaper money and of lower interest rates. This
is foreshadowed by the revival of demand for bonds
bearing a fixed rate of interest. Investors are buy¬
ing such securities at current market values (the
low prices ruling having been induced by war con¬
ditions), because they foresee that the yield upon
future investments will be smaller. Just as surely
as the income upon capital will be readjusted to a
peace basis, so will wages approximate the scale
which prevailed before the great war began. The
law of supply and demand applies with equal force
to capital and labor.
If there is to be prosperity, industries must be
kept in operation and the mills and factories can
only continue busy if they may manufacture products
at a cost, plus a fair profit, which will attract buyers.
The price of labor is the chief item governing the
cost of materials used by manufacturers, as well as
the cost of operating their plants. The theory that
high-cost materials and high-cost labor, both in¬
creased through the necessities of war, can continue
in time of peace is entirely fallacious.
Regardless of all artificial barriers there must
come a readjustment adversely affecting alike the
wages

the income of the

income of the investor and the wage earner to a

point which will reduce the cost of production in
order that consumers may be encouraged to pur¬
chase the products of the American mills.
Organized labor should not be misled on this
important subject, but should be wisely counseled
to co-operate with employers in their efforts to keep
plants in operation and wage earners well employed.
Self interest as well as patriotism and common sense
now call for the exercise of sound judgment, not
only by the labor leaders, but by each individual
worker, in order that the United States may obtain
its full share of prosperity through the great task
of rebuilding the countries devastated by war.
Such co-operation is also needed to bring about
as quickly as possible a revival of construction in this
country which was suspended by reason of the
United States becoming a belligerent < Money will

capitalists realize that such structures must be
rented, later, on the lower basis which peace is sure
to bring.
Upon a prompt readjustment of wages
depends very largely the material welfare of the
whole country.

Transvaal gold mining operations continue
results under 1917 and for October the yield

to show
has not

only fallen much below that of the corresponding
period of all earlier years since 1910, but is also the
smallest per diem output of any month since January
1914.

This outcome doubtless reflects the hindrance

operations consequent upon the influenza epi¬
demic, which was particularly virulent in the Rand
district, not merely materially reducing the number
of hands at work, but rendering less efficient those
able to be in the mines. To some extent, too, the
shrinkage in output may be ascribed to the lower
grade of the ores encountered, and to the shutting
down of some workings that return no profit under
current conditions.
During October mining opera¬
tions returned only 679,764 fine ounces, this being a
decrease of 71,526 fine ounces from a year ago and
a contraction of 117,867 fine ounces from the high
mark for the period established in 1915. For the
year to date there is a falling off of 456,292 fine
counces from 1917—7,120,713 fine ounces comparing
with 7,577,005 fine ounces—and a loss of 617,297
fine ounces from the previous year, decreases which
further diminution in yield in November and Decem¬
ber is likely considerably to increase. Indications,
therefore, are that production for the full twelve
months of the current calendar year will exhibit a de^
cline of quite a little over 500,000 fine ounces froml917,
and with the returns for the remainder of Africa also
running behind, it ^is highly probable that the
yield for the whole country will be the smallest

since 1911.

Building construction operations in the United
States in October 1918, reflecting at their extreme
the effect of the various influences that have tended

seriously to check activity in this important
industry for an extended period, shrank to what
might almost be termed an irreducible minimum.
A year ago at this time we referred to the result then
compiled as the smallest for the period in many
years, but now we have a total barely one-half of that
so

then disclosed.

Yet it is not out of line with what

might reasonably be looked for with labor and
material largely conscripted for Government use,
only the most urgent construction on private account
being acquiesced in by the body having jurisdiction
over the
In other words, nothing was
matter.
allowed to hamper or hinder war activities and that
stand met with the unqualified approval and sup¬
port of the building trades. Now, however, a rift
in the cloud has appeared.
With an armistice
already arranged abroad, to be followed in due
course by peace treaties, repressive measures have
Within the last two weeks,
at once been relaxed.
consent has been given by the War Industries Board
for the prosecution of many projects that but for
the changed conditions would have continued to be
withheld, and on Thursday announcement came
that restrictions of every character on building
operations had been removed. Meanwhile, although
there have been further advances in prices of a few

Nov. 23

1918.]

THE CHRONICLE

1941

building materials their general tendency is seemingly .55,021 in 1917, but in 1913
a higher
level, the manufacturers being approximately 130 millions.
rather
not towards
way.

inclined to meet the prospective builder half
A fact of interest bearing on the situation is

that a recently completed survey of the
building
situation by the F. W. Dodge Co. indicates that

projects involving approximately $450,000,000

“Der

the aggregate

was

Tag", the day which German naval officers

for years been toasting, as the
supreme moment
of their lives when they should meet the
British
naval fleet, came on
lave

are
Thursday with much different
with restrictions removed results than had been hoped for by the Kaiser's
and money available.
men.
The heart of the great German fleet—four¬
Showing how general has been the shrinkage in teen ships of the line, 7 light
cruisers, 50 destroyers
building operations even from the low level of a year and “all" the underwater craft—surrendered on
ago, we note that at only one of the larger cities of
:hat day to a vast armada of
British, American and
the country was there any display of
activity in French vessels, in accordance with the terms of the
October (this being associated with the extension armistice
signed on Monday of last week. The
of facilities for providing war materials) and that
program of submission laid down by the commander
actually but 24 of the 166 cities from which returns of the British fleet was carried out to the minutest
are
available reported any increases. Decreases detail. The German
warships, quoting a press dis¬
heavy in amount are disclosed in the results for such patch, were strung out in a single column almost
leading centres as Chicago, Philadelphia, Boston, twenty miles long. They appeared at the "rendez¬
Pittsburgh, Kansas City, San Francisco, Cleveland, vous at the appointed time and were led into the
Newark, Detroit, Denver, Los Angeles, Minne¬ Firth of Forth between twin columns of Allied
ships
apolis, St. Paul, Milwaukee, Indianapolis, Washing¬ which overlapped the Germans at each end. The
ton, Buffalo, Toledo, Hartford, New Haven and enemy craft are now anchored in the Firth under
Akron. For the 166 cities our returns furnish a
guard.
total of contemplated outlay for
In other lines, too, the terms of the armistice are
building construc¬
tion work of only $24,241,021, or
$21,596,152 being carried out without disorder and without
(47.1%) less than for the month of 1917 and some serious modification. The evacuation of France
62 millions, or 72%, below the
aggregate for the by the enemy has been completed and rapid progress
like period in 1916. The operations for which is
being shown in the German withdrawls from
permits were issued in Greater New York show a Belgium. King Albert and the Belgium
Govern¬
moderate contraction from the very meagre total ment left
Bruges on Thursday and were scheduled
of a year ago, covering a projected expenditure of to make formal
entry into Brussels yesterday after¬
but $4,038,814, against $4,462,514 and comparing noon,
Belgium troops and gendarmes having reached
with $14,413,510 two years ago. For the
country, the capital on Thursday to restore quiet. The Third
exclusive of this city, the estimated outlay under American
Army in its march toward the Rhine has
the contracts arranged aggregates only $20,202,207, crossed into
Luxemburg and Lorraine. The army
against $41,374,619 in 1917, and falls below 1916 is supplying food by hundreds of tons to civilians of
by over 50 millions.
liberated towns and villages, until the French and
For the calendar year 1918 to date our compila¬
Belgium Governments can establish supply systems.
tion covering the identical 166 cities included in the With rare
exception, the Germans on retiring are
monthly statement naturally makes a very unfavor¬ taking all foodstuffs with them. British and French
able showing in the circumstances. The figures for troops are also
pressing foward in their separate
the whole country for the ten months of the last four sectors.
years are 391 millions, 645 millions, 860 millions
and 700 millions respectively. Greater New York's
The formal negotiations to decide on the terms of
aggregate at 52 mjllion dollars fall below that of the peace treaties will begin in the
closing days of
1917 by almost 40 millions and 1916 by 150 millions,
December, probably in Paris. President Wilson has
while for the outside cities the contrast is between decided to be
present at the beginning of the dis¬
339 millions and 553)4 millions and 655 millions. cussions and will leave
Washington as soon as the
Analysis of the returns by sections reveals the fact short final session of the current Congress convenes
that losses from 1917 have been general and large, on Dec. 2. The visit of the
President to France will,
reaching nearly 32 million dollars in New England, it is expected, coincide with a remarkable gathering
58 millions in the Middle section (New York City of
reigning sovereigns and chiefs of State. Intima¬
excluded) over 89 millions in the Middle West, 5)4 tions have been reached that a grand review of
desig¬
millions on the Pacific Coast, some 17 millions at nated units of the various
armies and fleets will take
“Other Western" points, and 12% millions at the
place and will be witnessed by the heads of the
South.
kingdoms and republics which joined to defeat

ready to be put under

way

Canadian returns at hand for the month also
indicate a poorer outcome than in 1917. Twentyseven cities in the Eastern Provinces give for
October
this year a total of intended outlay of $2,415,143,

against $2,637,909 last

and for 12 Western
cities the contrast is between $422,505 and $641,480.
The aggregate of all (39 cities) is, therefore, only
$2,837,648, against $3,279,388. For the ten months
the contemplated expenditures in the East tota
$25,865,669, against $25,827,739, but in the West
$7,564,627, against $5,327,282. In all, conse¬
quently, the 39 cities have arranged to expend in
building construction $33,430,296, against $31,-

year,

Prussian militarism. It is understood that neutral
Governments will be invited to send delegates to
the Peace Congress and participate in a considera¬
tion of the two foremost international questions,

namely the formation of

League of Nations and

the determination of what constitutes freedom of
the seas.

The second week which has followed the formal

acknowledgment of German collapse has contained
developments which are on the whole reassuring in
their relations to future peace
no

problems. There

seems

immediate prospect of the spread of Bolshevism

of the type which has so completely disorganized
Russia. Latest advices cabled from Holland indi¬
cate a substantial improvement in the political situa¬
tion in that country. Disturbances and excitement
have not died out completely but the position is said
to be well in hand.

The Queen has several

driven out in an open carriage and has
and received everywhere with respect.

times

been cheered
The London

“Daily Chronicle's’7 diplomatic correspondent, writ¬
ing under date of Wednesday, declares that the revo¬
lutionary agitation in Holland appears to have com¬
pletely broken down. A great demonstration had,
he said, been organized, the announcement of which
occasioned considerable apprehension. But the

people who attended the gather¬
orange-colored rosettes—the loyal and na¬

great masses of the

ing

wore

[Vol. 107.

THE CHRONICLE

1943

The whole proceeding ultimately
resolved itself into a great demonstration of loyalty
to the throne and to the present order of things.
In Austria, too, affairs have calmed down. The
situation in Vienna where the first American cor¬

tional emblem.

Banks of Gemany

and Austria are said to be

secretly exporting large sums in securities to Switzer¬
land since the signing of the armistice because of the
fear that a heavy tax will be levied by the Allies and
a further tax imposed later by the new Governments.
Leading German papers are railing at the Allies be¬
cause of the non-arrival of foodstuffs.
In accord¬
ance with the Council of German National Pleni¬
potentiaries, the new German “Department of
State” had been filled by a coalition Cabinet with
Dr. W. F. Solf head of the Foreign Office.
Dr. Solf
has been German Foreign Secretary since the retire¬
ment of Secretary von Kuehlmann.
Dr. Schiffer,
the new Secretary of the Treasury, is a leader of the
National Liberal Party and formerly was Under
Secretary of the Imperial Finance Minister. Dr.
August Muller, Secretary of Economics, is a Social
Democrat and formerly was Under Secretary of the
War Bureau.
General Scheuch, the new Minister
of War, was formerly Prussian Minister of War.
Emanuel Wurm, Secretary of War Food, is a Social
Democratic Deputy in the Reichstag. He was born
in Bavaria.
Dr. Bauer, Secretary of Labor, also is
a Socialistic member of the Reichstag and was ap¬
pointed Secretary of State for the Imperial Labor

respondent—that of the Associated Press—arrived
last week appears one in which there is more talk
than disorder. There is urgent need of bread es¬
pecially for the poor of Austria. Some disorders
have been reported from Prague, the capital of Office on Oct. 6 last. Vice-Admiral Mann was
Bohemia, as the result of an attempt to remobilize appointed Secretary of the Navy early in October
former soldiers into a national guard. But wherever and retained his new position in the coalition Cabinet.
the correspondent passed on his way to Vienna he He previously was at the head of the U-boat depart¬
encountered no difficulty and saw few disorders. ment of the navy.
At stations, here and there, troops returning from
The British Parliament was prorogued on Thurs¬
the Italian front resisted when the local police tried
to disarm them.
Sometimes there was disorder day. The King’s speech, which was read by com¬
when the soldiers refused to give up plunder stolen mission owing to his absence in Scotland, expressed
from the army stores and a few men were killed, “humble thanks to Almighty God for the success
but direct benefit resulted from an order issued with which it has pleased Him to crown our arms.”
early in the week that soldiers found in possession The King urged continuance of “the exertions which
of such property would be shot unless they surren¬ have carried us to victory until the ravages of war
dered it before Nov. 20. The formation of a re¬ are repaired and the fabric of national prosperity is
public in Vienna according to the press correspon¬ restored.” The British Premier Lloyd George has
dent has apparently not been a difficult task and sent a letter to Bonar Law, Chancellor of the Ex¬
it is now merely a question of holding the people chequer and leader of the Unionist Party, outlining
together until a stable government can be estab¬ his policy regarding the general election and the
When the Empire was overturned in the principal issues of the day. The Premier says he is
lished.
last days of October there was, he adds, no violence convinced that there should be a general election,
in Vienna. One of the notable political changes his principal reason being that it i$ essential that there
has been the granting of equal franchise to women. should be a new Parliament possessed of authority to
The German situation does not yet appear to have deal with the difficult transitional period which will
calmed down to the same extent as in Austria. If
the new German Government can carry on its work
for six or eight weeks, the future of new Germany is

follow the cessation of hostilities.

He believes it

should be a coalition election, the constituents being
invited to return candidates who will undertake to

assured, declared Friederich Ebert, the Chancellor, support the present Government, not only to prose¬
in a recent speech.
“We also can hope,” the speaker cute the war to a final end and to negotiate peace,
said, “to obtain conditions of peace relatively favor¬ but to deal with problems of reconstruction. Her¬
able. But if our adversaries can establish that bert H. Asquith, former Premier and leader of the
anarchy reigns among us, they will dictate conditions old Liberal organization, delivering a speech in
that will annihilate Germany’s political life.” The Westminster early in the week, declared that it was
more general attitude of the common people in Ger¬
both a blunder and a calamity that the country should
many appears the one that they have had enough of be plunged into the tumult of a general election at a
war and their one desire is to go back to useful occu¬
time when the whole future international develop¬
pations in an attempt to get their families and them¬ ment of the world was in the crucible. He said his
selves out of the horrible condition of misery and dis¬ case against holding an election was greatly strength¬
Most of them appear to ened by the fact that the men most entitled to express
content which has arisen.
be showing slight interest in the new form of govern¬ an opinion on the reconstitution of affairs—the
ment or in any phase of the political developments. soldiers in the field—-would be unable to vote.
The Hungarian Republic was on Tuesday proclaimed
with Budapest as its captial, the National Council
Even in Russia there are satisfying indications of
having announced its own dissolution, and charged a gradual clearing up of the deplorable condition of
the Karolyi Cabinet to exercise all its powers until anarchy which has been prevailing on a gradually
the convocation of the new Constituent Assembly.
increasing scale. An Associated Press dispatch from

Nov. 23 1918.]

THE CHRONICLE

Vladivostok explains that through a coup on the
part of the Council of Ministers of the new All
Russian Government at Omsk, Admiral Alexander
Kolchak has become virtual dietatorjand’commander
of the All Russian army and fleet. Two ministers
who opposed Admiral Kolchak’s dictatorship have
been arrested. Telegrams received from Omsk
state that the
cumstances

“due to

the news of the armistice has apparently resulted
in additional liquidation and practical’y all the socalled peace stocks*, including Consols, have inter¬

mittently been under

pressure.
The absence of
immediate prospects of relief from bond subscrip¬
tions or in the form of reduced taxes has resulted

in depression.
it still requires

The Treasury has announced that
the sale of £25,000,000 in war bonds
Some members of the London Stock Ex¬
are already asking for the removal or at
least the relaxation of trading restrictions.
Many
of them are urging a resumption of the
fortnightly
settlement in place of the daily adjustment that now
is current. Nobody is desirous of seeing the re¬
sumption of speculation by contango, and it is not
thought probable that changes of a drastic character

extraordinary cir¬
and danger menacing the State.” The weekly.
Ministers has assumed authority and change
move was

Council of
transferred it to Admiral Kolchak.

The latter has

accepted the responsibility, and, it is announced,
has entered upon his duties as “Supreme Governor.”
General Horvath, General Ivanoff, Minister of War
of the Omsk Government, and General Renoff,

former Commander of the All-Russian
nounced that they recognized the new
The coup occurred on November 18.

Responsible data
will furnish

1943

are

beginning to

forces, an¬
authority.

appear

will be made in the near future. Nevertheless a sub¬
committee has been appointed to consider the ques¬
tion and will forward its recommendations to the

which Treasury Department.

idea of the huge cost of the war in
human life and in the less valuable forms of wealth.
An official statement of British war casualties in¬
an

The correspondent of the

“Journal of Commerce” describes the situation as
one in which the
security market now arising from
its

long illness is finding difficulty in collecting its
cluding all the theatres of activities presents the thoughts and arranging future plans; hence there is
astounding total of 3,049,991. This information hesitation and caution instead of hustling and energy.
was presented in the House of Commons on Tues¬
The prospectus of the London issue of the French
day by James Ian MacPherson, Parliamentary loan quotes a price of £13 12s 4d. for bonds of 500
Secretary for War. Officers killed, wounded or francs each, the amount to be issued in the United
missing aggregated 142,634; the men 2,907,357. Kingdom being fixed at 520,000,000 francs. The
Of the total, the number killed was 658,665, com¬ amount has already been oversubscribed. It is
prising 37,836 officers and 620,829 men. The reported that the Royal Mail steamship interests
figures given include troops from India and the are purchasing control of the Khedival Mail Steam¬
Dominions. Official totals are not yet available ship Co. The British Westinghouse Co., which is
of the French losses. It has in fact been the con¬ controlled by Vickers’
interests, is proposing to
sistent policy of the French authorities throughout increase its capital by £5,000,000. The London
the war not to publish these figures. But now that market recognizes that the work of demobilization
the fighting has ended there is reason to expect an must of necessity mean a long period of transition
official statement in the near future, and this will from war to peace conditions. As at home
here,
unquestionably show a considerable excess over the the labor problem in the United Kingdom appears
British losses. As to the German losses the “Vor- the source of greatest concern in any consideration
waerts” newspaper of Berlin declares it has reliable of conditions during this period of transition.
It is
authority for its statement that 1,580,000 German feared, too, that the forthcoming general elections
soldiers were killed and the fate of 260,000 is not will engender considerable socialistic propaganda
known.

total

than

4,000,000

were

and be calculated to retard business until the election
result is known, which will probably not be much

wounded, some of them several times. The news¬
paper adds that there were 490,000 German pris¬ before the end of the
oners

in hostile countries.

The direct cost of the
tions to last May was

for all

belligerent na¬
reported at about $175,000,000,000 by the Federal Reserve Board “Bulle¬
tin,” issued this week, and it was estimated in a
statement that the final money cost will amount to
nearly $200,000,000,000. The calculations were
compiled by the Board from various sources. For
purely military and naval purposes it is estimated
that all the belligerents had spent about $132,000,000,000 to May 1 or about three-fourths of the
total war cost, the balance representing interest
on
debt and other indirect war expenses. The
enormous

size of the

war

cost in debt is illustrated

by comparison with the ante-war debt of the seven
principal belligerents which did not exceed $25,000,000,000. The cost of supporting this debt was
only about $1,000,000,000 a year. Hereafter the
annual burden to pay interest and sinking fund
allowances, the “Bulletin” says, will not be less
than $10,000,000,000 and probably much more.

year.

It is recognized that
only be re¬
food and the

Government control of industry can
laxed gradually while the rationing of
essential

materials will continue for many
months. The British Board of Trade has announced
that the Government’s assistance of the dye trade
will consist first of loans not exceeding 50% of the
raw

firm’s assets to be confined to the work of developing
the manufacture of special dyes.
A second form of

assistance will be that of aiding buildings, plant and
research and will be limited to not exceeding 40%
of the cost.
It has been announced definitely that
the Bank of Liverpool is absorbing Martin’s Bank,

Ltd., thus securing a seat in the London Bankers’
Clearing House. Martin’s Bank is one of the few
remaining private banks of London. It was estab¬
lished in the 16th century, has a capital of £500,000,
a reserve fund of £189,000 and its
deposits, according
to the last report, June 30, amounted to £5,321,000,
The Bank of Liverpool’s capital is £1,733,890, re¬
serve fund £900,000, and deposits
£50,231,000.

British trade in October, as reported by the Board
Financial sentiment still is without enthusiasm of Trade, showed the large increase of £23,449,000
in London. The failure of securities to respond to in imports and a decrease of £7,936,000 in exports.

[Vol. 107.

THE CHRONICLE

1944

War conditions have so completely disorganized
values and the movement of merchandise that it is

the significance of these net
changes. The advance in prices in probably more
responsible for the larger value of imports than any
actual improvement in the volume of business. The
total of cotton goods exported during the month was
226,110,000 yards, against 382,822,000 yards for
the same month of 1917, the exports of gray goods
having fallen to 46,001,000 yards (against 87,486,000
in October 1917) bleached goods to 69,139,000 yards
from 134,423,000 yards, printed goods to 49,597,000
yards from 69,445,000 yards and dyed goods to
61,373,000 yards from 91,468,000 yards. The
following comparisons show the imports and exports
difficult to appraise

civilians

parade before thousands of troops scat¬
along the route from the Arc du Triomphe to the
Place de la Concorde, and then past the monument of
Joan d’Arc, Gambetta and Lafayette. It is estimated
3y cable correspondents that 200,000 members of socities of every social kind marched in the processions,
and it seemed as if the remainder of Paris, taking &dvatage of the clear, cold weather, lined the route.
This was the first official grand manifestation since
the armistice was signed, and was intended to symbol¬
ize the gratitude of the civilians to the victorious
troops. Spruce branches brought by American auto¬
on

tered

mobiles from Alsace decorated the stand from which
President Poincare spoke. The President said that
Alsace and Lorraine had been

awaiting in silence the
for the month of October and for the ten months awakening of sleeping justice.
Germany by her
declaration
of
war had liberated the French from the
ending with October:
October
—January 1 to October 31
coercion to which they had been constrained to sub¬
1918.
1918.
1917.
1917.
Imports
£117,707.000 £94.258.263
£1,087.791.378 £872.136.877 mit through their love of peace and horror of blood¬
Exports
42.821.000
50,757,054
416,972.427
444.786,142 shed.
The country and the army had passed through
Excess of
four years of alternate hopes and dejection. The na¬
imports. £74,886,000 £43.501,209
£670,818,951 £427,350,735
tion had seen death pluck the flower of its youth. But
Persever¬
Sales of British war bonds for the week ending nothing had broken its will to vanquish.
ance and energy finally had been rewarded, and Al¬
Nov. 9 through the banks amounted to £22,070,000, making the total of the continuous issue to that sace-Lorraine again had become French.
date £1,236,428,000. The preceding week’s sales
Official discount rates at leading European centres
through the post offices aggregated £728,000, bring¬
ing the total through that channel up to £42,726,000, continue to be quoted at 5% in London, Paris,
and making the grand total £1,279,154,000. The Berlin, Vienna and Copenhagen; 5J^% in Switzer¬
sales of war savings certificates for the week of Nov. 2 land; 6% in Petrograd and Norway; 6J^% in Sweden,
amounted to £3,325,000, bringing the total ultimate and 43^% in Holland and Spain. In London the
private bank rate has not been changed from
indebtedness under this head up to £256,000,000.
3 17-32% for sixty-day and ninety-day bills.
Money
in
as
at
on
call
London
remains
heretofore
3J^%.
France apparently is losing no time in attacking
No
reports have been received by cable of open
its problem of readjustment from war conditions.
rates at other European centres, so far as
market
Press accounts bring the news that there has been a
notable lowering of prices in Paris in the recent past, we have been able to ascertain.
f

quotations for grain from North America having
dropped nearly 50%. Wool from South America
has declined to 270 francs per cubic metre from 350

the

francs.
The French Government is to establish

popular

price restaurants, the Committee of the Chamber
of Deputies on Victualling having adopted recently
a report authorizing the Government to appropriate
50,000,000 francs for that purpose. Louis Loucheur,
French Minister of Munitions, presented to the
Army Committee in the Chamber of Deputies on
Saturday last a report regarding the transformation
of the present war factories. Measures had been
taken, the Minister said, to prevent idleness as far
as possible and to insure work to French workmen
and women before. foreign workers and prisoners
get employment. The production of war material
would cease progressively after military requirements
and the available workers were taken into account.
The British War Cabinet has sanctioned an agree¬

turning over to France vessels aggregating
400,000 tons, such vessels being built in Great Brit¬
ain. One-third of the ships will be turned over at
the close of hostilities, one-third in a year and the
remainder during the course of the succeeding year.
A new French law has just been published increasing
by ten cents the daily pay of privates and corporals
in the French army. Half the increase is paid to
the soldiers, the other half being placed to their
credit in savings banks.
Last Sunday was Alsace-Lorraine day in Paris.
It was not celebrated by, victorious troops marching
through the city, but by countless processions of
ment

A further

gain in gold of £585,456 is shown in this

week’s statement of the Bank of England. There
increase in note circulation of £286,000;
was an
hence the total reserve was expanded £299,000.
The

proportion of reserve to liabilities was again
reduced, viz., to 16.48%, as compared with 16.66%
a week ago and 19.32% last year.
Public deposits
declined £340,000, although other deposits regis¬
tered an expansion of £969,000 and Government
securities increased £3,192,000. Loans (other se¬
curities) expanded £119,000. The Bank’s stock of
gold on hand' now stands at £75,170,519. Last
year the total was only £55,856,322 and in 1916
£56,408,033. Reserves total £28,397,000, as against
£31,833,837 in 1917 and £37,038,443 the year before.
Loans aggregate £99,879,000, in comparison with
£91,958,028 and £98,634,422 one and two years ago,
respectively. Clearings through the London banks
for the week amounted to £411,370,000. Our
special correspondent is no longer able to give details
by cable of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has
discontinued such reports. We append a tabular
statement of comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1917.
1916.
1918.
1915.
Not. 20.
Not. 21.
Not. 22.
Not. 24.
£
£
£
£

Circulation

65.222.000

Public deposits
29,668,000
Other deposits
142,672,000
Govern’t securities. 61.788.000
Other securities
99,879,000
Res’vTnotes A coin. 28.397.000
Coin and bullion... 75,170,519

42.472,485 36,919,590
42,175.307 55,580,473
122,596,062 105.417.900
58.735.870 42,187.582
91.928.028 98.634,422
31.833.837 37,938,443
65,856.322 56,408.033

1914.
Not. 25.
£

33.301,750 35.314.865
52.148.990 18.691.374
84.649.258 156,462.997
18.895.068 26.285.717
98.116.125 111.315.710
37.605,297 55,358,067
52,457.047 72,222.932

Proportion of res’ve
to liabilities
Bank rate...

16.50%
5%

19.32%
5%

23.56%
6%

*7.48%
6%

*1.60%
5%

Nov. 23 1918.]

THE CHRONICLE

The Bank of France in its weekly statement re¬
ports an additional gain in the gold item this week,
the increase being 4,371,000 francs. The Bank's

aggregate gold

holdings, therefore, now amount to
5,452,259,625 francs, comparing with 5,331,456,417

francs in 1917 and 5,036,089,484 francs in
1916; of
these amounts 2,037,108,484 francs were held abroad
in 1918 and 1917 and 1,079,072,906 francs in 1916.

During the week silver was increased by 103,000
francs and general deposits gained 46,544,000 francs.
Bills

discounted, on the other hand, decreased 42,970,000 francs, advances were reduced by 9,234,000
francs and Treasury deposits fell off 22,336,000
francs. Note circulation registered the
large con¬
traction of 379,125,000 francs, reducing the total
outstanding to 30,192,484,000 francs. In 1917 at
this time the amount was 22,414,455,440 francs and
in 1916 15,952,396,405 francs.
On Nov. 7 1918,
which was immediately preceding the
signing of the
armistice with Germany, the total was 30,821,245,000 francs, which contrasted with
6,683,184,785
francs on July 30 1914, just previous to the outbreak
of war. Comparison of the various items with the
statement of last week and
corresponding dates in
1917 and 1916

are

follows:

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week. Nov. 211918. Nop. 22 1917.
Nor. 23 1916.
Cold Holdings—
Frarcs.
Francs.
Francs.
Francs.
In France
Inc.
4,371,000 3,415,151,141
•

3,294,347,932

Abroad

No change

Total

Silver

Inc.
....Inc.

Bills cijcounted..Dec.
Advances..
Dec.
Note circulation..Dec.

Treasury deposits.Dec.
General deposits..Inc.

2,037,108,484

3,957,016,578
1,079,072,906

4,371,000 5,452,259,625 5,331,456,417 5,036,089,484
103,000
319,149,819
248,517,065
316,257,954
42,970,000
758,731,600
718,843,098
601,978,408
9,234,000
856,187,500 1,143,223,638
1,359,809,612
379,125,000 30,192,484,000 22,414,455,440 15.952,396.405
22,336,000
74,496,000
52,626,028
86,219,659
46,544,000 2,964,650,000 2,800,325,963 1,852,499,697

not

loosening

appear

encouragement

of the

expect

any

strings to provide an
increase in the volume of funds in the
reasonably
near
future. The Stock Exchange
Committee,
however, is endeavoring to obviate inequalities.
One suggestion which appears to be
receiving favor¬
ing attention is that individual loans for Stock
Exchange houses may be adjusted on a new basis.
It has been claimed, for
instance, that the arbitrary
date of Sept. 16 does injustice to members
who,
up

purse

in order to facilitate the distribution of the
Fourth

Liberty Loan

were

honestly endeavoring to keep

down their customers' commitments. Meanwhile
several large houses who were not so careful in
this

respect permitted,

as a

result of increased business,

their loans to accumulate and have
thus, it is asserted,
been enjoying a credit position more favorable than

they deserve. It is reported that the Committee
is considering the
acceptance of a new date as a
basis for members' loans—a date more
equitable
for all concerned. But there is to be no
letting down
of the requirements that members must furnish the
Exchange Committee with daily reports of all their
loans. The Committee appointed
by the Association
of Partners of Stock
Exchange Firms a week or so
ago for the purpose of taking up with the Stock
Exchange Committee various questions regarding
the restrictions of loans imposed
by the Money
Committee, has this week issued a circular to its
members in which it states among other things:
A number of the firms have made
inquiries of us as to
whether there is any possible chance of removal of the re¬
strictions placed on loans. We desire to take this
oppor¬

tunity to state that

at the present the restrictions will

re¬

main. If, however, any firm thinks that an injustice has
been done it due to any special cause in the allotment of
its loans, the committee of the New York Stock
Exchange
will be very glad to have that firm appear before it and

Saturday's bank statement of New York Clearing
members, which will be found in more com¬
plete form on a later page of this issue, reflected
explain the facts, and if the facts justify a modification it
heavy withdrawals of funds from the banks to meet will
be granted.
the interest payments due on Liberty bonds which
The committee has had a conference with the Stock
fell due on Friday last.' As a result there were de¬
Exchange committee and we are more than pleased to an¬
clines in reserves, while both loans and
deposits were nounce that this delicate question has been handled by
House

2,037,108,484

does

1945

increased.

expansion in loans totaled $43,728,- the Stock Exchange committee in a most satisfactory man¬
ner.
000. Net demand deposits increased
$37,917,000
to $3,812,322,000 (Government
Much interest has been evinced in money circles
deposits of $338,724,000 deducted), and net time deposits gained $3,- in the announcement by Secretary McAdoo that the
043,000 to $154,028,000. Cash in vaults (members next Government bonds to be issued (in the spring)
of the Federal Reserve Bank) decreased $682,000
Announcment in re¬
to will be of short maturities.
$106,492,000 (not counted as reserves). Reserves spect to this matter became desirable because of the
in the Federal Reserve Bank of member banks de¬ proposed flotation of another series of short-term
clined $33,780,000 to $514,061,000 Reserves in certificates of indebtedness in
anticipation of the
own vaults (State banks and trust
companies) were new loan. Secretary McAdoo states that the new
increased $81,000 to $10,367,000, while the reserve policy has been adopted by the
Treasury in the belief
in other depositories (State banks and trust
the
that
interest of the Government and the coun¬
compan¬
ies) expanded $253,000 to $8,970,000. Aggregate re¬ try at large will best be served by the issue of
serves were reduced
$33,446,000, which carried the bonds of short maturities. The adoption of this fea¬
total down to $533,398,000 and compare with $575,-, ture is expected by Treasury officials to enhance the
993,000 last year. A gain in reserve requirements of attractiveness of Federal securities in competition
$5,083,220 served to .ncrease the loss in surplus, with those by private corporations and to overcome
which amounted to $38,529,220, thus leaving only possible reluctance of the people to
buy Government
$28,812,730 in excess reserves on hand (but not bonds, now that the fighting has ceased. In this
counting $106,492,000 cash in vaults held by these relation it is of interest to note that at a gathering
banks), as contrasted with $109,260,310 at the same of the heads of the various Federal Reserve banks in
time in 1917. These figures are on the basis in both Washington this week the belief was
virtually unani¬
cases of 13% reserves for member banks of the Fed¬
mous that it will be found desirable for the
Capital
eral Reserve system, but not counting cash in vaults Issues Committee to remain in operation for the
of such member banks. Circulation registered a re¬ present in order that official control of the
applica¬
tions for new capital might be exercised as long as the
duction of $209,000 to $35,615,000.
necessity remains.
The financial markets still are limping along
Referring to money rates in detail, loans on call
owing to the insufficient supply of funds. There have ruled during the week until Friday at the single

The

|Vol. 107.

THE CHRONICLE

1946

4 7595; cable transfers, however, remained at 4 76 9-16
6%, this being the high and low and renewed
and sixty days at 4 73%@4 73%; trading was not
rate on each of the earlier days of the week, for
m&ed collateral loans. On Friday, however, a few active. There were no new developments noted on
commitments were announced as low as 5%%, Tuesday and the range of quotations remained at the
but 6% remained the renewal basis.
All-industrials levels of the day previous. Wednesday's market
continued to be quoted at % * of 1% over was a dull affair; transactions were light in volume
this figure. In time money the situation remains and rates continued unchanged. Delays in cable
about the same. Nominally 6% is still bid for all transmission caused some hesitancy in dealings on
maturities from sixty days to six months, with, Thursday and cable transfers declined to 4 76%;
however, no trades reported except for a few small demand bills were also a trifle lower and receded to
amounts for thirty days at 6%.
Dulness was the 4 75%@4 75 13-16; sixty days, however, showed no
feature of the week's dealings. At the correspond¬ change. On Friday the market ruled quiet and a
shade easier.
Closing quotations were 4 73 %@
ing period a year ago sixty days was quoted at 5%@
4 73% for sixty days, 4 75%@4 75% for demand
5%%, ninety days and four months at 5%% and
and 4 76 7-16@4 76% for cable transfers. Com¬
ive and six months at 5%@5%%.
Mercantile paper was in fairly good demand, with mercial sight bills finished at 4 75%@4 75%, sixty
days at 4 72%@4 72%, ninety days at 4 71 @4 71%,
a ready market for all high-grade notes, which con¬
tinue to be quoted at 6% for sixty and ninety days' documents for payment (sixty days) at 4 71%@4 72
endorsed bills receivable and six months' names of and seven-day grain bills at 4 74%@4 74%. Cotton
choice character. Names less well known are also and grain for payment closed at 4 75%@4 75%.
No shipments of gold either for export or import were
quoted at 6%.
On Wednesday a ship¬
Banks’ and bankers' acceptances have ruled firm reported during the week.
ment
of
$2,000,000 in silver was arranged for Cal¬
and without quotable change. A fair degree of
activity was recorded. Both local and out-of-town cutta, India. This brings the exports of the white
institutions figured among the buyers. The rate metal on this movement up to $19,000,000.
for demand loans on bankers' acceptances has not
The Continental exchanges have experienced a
been changed from 4%%. Quotations in detail are
quiet and comparatively unventful week, operators
as follows:
Spot Delivery
Delivery
evincing a disposition to await the outcome of the
Sixty
Ninety
Thirty
within
Day*.
Days.
Days.
30 Days.
Eligible bills of member banks
4%<&4'A* 4K@4tf 4H@4H
4^ bid peace settlements before entering into extensive new
Eligible bills of non-member banks
4H@4H 4&@4%ii 4h@4K
4^6 bid commitments.
As a result, dealings were more or
Ineligible bills
6J*@5
5H@5
6^@5
6 bid
No changes in rates, so far as our knowledge goes, less routine in character and variations in rates
have been made the past week by the Federal Re¬ without importance. Francs ruled easier and closed
serve banks.
Prevailing rates for various classes of at a slight net decline for the week. This was
paper at the different Reserve banks are shown in the something of a disappointment to exchange traders
who have been confidently predicting further ad¬
following:
vances, as also was the failure of the authorities to
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
substantially raise the level of Italian exchange.
3
Lire remained at the rates previously current, while
1
CLASSES
i f;
3
OF
2
8
rubles continue to occupy a purely nominal position.
8
DISCOUNTS AND LOANS
1
8
1
It is reported that there has been some demand for
55
* k I San
1 i £ 8
German marks and Austrian kronen, presumably
Discounts—

rate of

Richmond. Chicago.

e
*•

•

Within 15 daya, lncl. member
4
4
4
4
4M 4 H 4
banka’ collateral notea
4H 4H
16 to 60 daya’ maturity... 4 H 4 H 4 H 4 H 5
4 H 4h 4.% 4X 5
4H 4 H
61 to 90 daya’ maturity.
■

and llve-atock
5
paper over 90 daya
Secured by U. 8. certificate*
Agricultural

4 H 4X
4X 5
5
5

4H 4 H
4H 5
6

5H 5 K 5X 5X e y* 5*

(
.

)

of lndebtednese or Lib¬

erty Loan bonds—
Within 15 daya, Including
member banka' collat¬
eral notca
16 to 90 days’ maturity...
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity

5K 5

Franciso

i
4
4H

4H
4
4H 4
4
4
4H 4
4H 4H 4 H 4H 4H 4H 4M 4H

4
4

4
4H

4H
4 Mi

4K 4K 41*5 4Hc 4H 4H 4H 4 H 4\4 4*4a
4* 4K 4 H 4H 4H 4H 4K 4 H 4Vi 4 H

* Rate of 3 to
4^% for 1-day discounts In connection with the loan operations
of the Government.
On Oct. 1 the following special rediscount rates for bankers’
acceptances were established: Maturities up to 16 days. 4%; 16 to 60 days. 4 M %:
61 to 90 days, 4H % •

15 days and under, 4\i%.

5 Rate for trade acceptances

maturing within 15 days, 4\i %.

15 days and under, 4%.
Note 1. Acceptances purchased

In open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for cominercla
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dis¬
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 00-day
paper of the same class.

Sterling exchange in a broad sense remains prac¬
tically without new feature. The unusual delay in
cable communication owing to the congestion of the
under-water lines has interfered with business and is

responsible for the moderate reduction in rates for
cable transfers.

Dealing with the day-to-day devel¬

anticipation of the lifting of the ban against
dealings once the peace treaties are actually signed.
A cable dispatch from London under date Nov. 16,
states that the movement of exchange rates against
Germany is still in progress. The Amsterdam rate
on Berlin ended the week at 33 florins per 100 marks,
against 33.40 a week ago, while Swiss exchange on
Germany is 69.15 francs, as compared with 70 in
the week preceding. A feature of the week was the
announcement that an organization of foreign ex¬
change bankers has been formed, which will be
known as the Association of Foreign Exchange
Dealers, for the promotion of closer co-operation
Meetings
among members in all exchange matters.
in

will be held once a month.
check rate on Paris closed at
In New York sight bills on the

25.97% (unchanged).
French centre finished
at 5.45%, against 5.45; cables
at 5.45, against
5.44%; commercial sight at 5.46%, against 5.45%,
and commercial sixty days at 5.55%, against 5.51
the previous week. Lire closed at 6.37 for bankers'
sight bills and 6.35 for cables, the official figure
arranged some time ago. Rubles have not been
altered from 14 for checks and 15 for cables. Greek
exchange continues to be quoted at 5.16% for checks

opments, sterling exchange on Saturday was quiet but
steady, with demand still quoted at 4 75 15-16@
4 76, cable transfers at 4 76 9-16 and sixty days at and 5.15 for cables.
In the neutral exchanges
4 73%@4 73%.
On Monday the opening was a
shade easier and demand bills receded to 4 7585@ developed in Swiss francs

The official London

pronounced rally has
a

generally firmer

Mov. 23 1918.]

THE CHRONICLE

tendency in Scandinavian rates. Pesetas were
higher, while guilders ruled steady, though with¬
out essential change.
The explanation most widely
accepted for this movement was that the more or
less serious political disturbances and labor uprisings
reported throughout Europe and especially at neutral
centres would tend to delay the speedy return to
normal peace conditions.
Bankers’ sight on Amsterdam closed at 41%,
against 41%; cables at 42%, against 42; commercial
sight at 41 11-16, against 41 11-16, and commercial
sixty days at 41 5-16, against 41 5-16 a week ago.
Swiss exchange finished at 4 98 for bankers’ sight
bills and 4 96 for cables. This compares with 5 03
and 5 01 the preceding week.
Copenhagen checks
closed at 26.50 and cables at 26.80, against 26.60
also

1947

THE DISARMING OF GERMANY.
In

compliance with the terms of the armistice,
there has been occurring this week perhaps the most
remarkable surrender in the whole of military and
naval history. We describe this delivery to the
Allied commanders of Germany’s military arms and

warships

surrender, although it is not technically
step and, is not so described in the armistice.
Nevertheless, it is now quite evident that the giving
up by the German army of 5,000 guns, 25,000 ma¬
chine guns and 1,700 airplanes, and by the German
fleet of all its submarines and 74 warships of the
various classes, will have the military and moral
effect of full capitulation.
The army and navy personnel will not be tech¬
and 26.90. Checks on Sweden finished at 27.70 nically prisoners, and each branch of the service will
and cables at 28.00, against 27.40 and 27.70, while retain a considerable part of its arms and
equip¬
checks on Norway closed at 27.30 and cables at ment.
On the mere face of the armistice agreement
27.60, against 27.00 and 27.10 the week before. Germany will be entirely at liberty, at the expira¬
Spanish pesetas finished at 19.90 for checks and 20.00 tion of the thirty-day period fixed for duration of
for cables.
A week ago the close was 19.90 and that agreement, or of whatever may be the extended
20.05.
period, to resume fighting and continue the war.
In South American quotations, the check rate on But every one knows that this will
not, and under the
Argentina closed at 44.60 and 44.75 for cables, which conditions now created cannot, be the result. The
compares with 44.60 and 44.75.
For Brazil the rate German army is as effectively removed for a fighting
for checks was advanced and finished at 26.35 and force as was the army of McMahon and the
Emperor
26.50 for cables, as against 25.85 and 26.00 last Napoleon III at Sedan in 1870.
The German navy
week.
Chilian exchange has not been changed from is as completely out of the war as was the Spanish
12 15-32, while for Peru it is still 50.125@50.375c.
navy after Cervera’s surrender in 1898.
Far Eastern rates are as follows: Hong Kong,
We do not believe that the annals of history
78@78%, against 75%@76; Shanghai, 122@122%, present any such episode as has been witnessed this
against 122@122%; Yokohama, 54%@54%, against week in the advance of the Allied armies to the
54%@54.65; Manila, 50%@50% (unchanged); Sin¬ Rhine, their unopposed occupation of Alsace-Lor¬
gapore, 56%@56% (unchanged); Bombay, 36%@ raine (which is still in form a German province), the
36% (unchanged); and Calcutta (cables), 36%@37 delivery of the greater part of the German battle
fleet to the Allies on Thursday, at the Firth of Forth,
(unchanged).
and the surrender on Wednesday morning thirty
The New York Clearing House banks,
Jin_their miles off Harwich, to the British Admiral who
operations with interior banking institutions, have fought the battle near Heligoland in 1915, of the
gained $6,552,000 net in cash as a result of the cur¬ squadron of German submarines. There is a touch
rency movements for the week ending Nov. 22. of what people call “poetic justice” in this termina¬
Their receipts from the interior have aggregated tion of an ocean
campaign which had been waged
$9,636,000, while the shipments have reached as was the campaign of the German undersea boats;
$3,084,000. Adding the Sub-Treasury and Federal it is, in its way, far more impressive than the com¬
Reserve operations, which together occasioned a loss plete destruction of the German fleet in battle would
of $78,024,000, the combined result of the flow of have been. If the present episode stands apart from
money into and out of the New York banks for the any similar episode of past wars, so did the whole
week appears to have been a loss of $71,472,000, as career of Admiral von Tirpitz’s submarines. Such
follows:
appropriateness as the whole world recognizes in the
surrender before defeat, with a plea for mercy, of
Week ending Nov. 22.
Out of
Into
Net Change In
Bank Ho dings.
Banks.
Banks.
the army which overran and devastated Belgium in
Banks’ Interior movement
89,636,000
83.084,000 Gain 86,552,000
defiance of treaty, four years ago, will certainly
Sub-Treas. &. Fed. Res. operations..
40,146,000
118,170,000 Loss 78,024,000
Total
exist in equal and perhaps even greater measure in
849,782,000 8121,254,000 Loss 871,472,000
The following table indicates the amount of bullion the delivery to the enemy, without battle, of the
entire fleet of submarines which, since the day of the
in the principal European banks:
Lusitania in 1915, has been violating the laws of
Nov. 21 1918.
Nov. 22 1917.
ocean warfare with a recklessness and cruelty un¬
Gold.
Stiver.
Gold.
Total.
Stiver.
’
Total.
known in the previous experience of mankind.
£
£
£
£
£
£
England.
75,170,519
75,170.519 55,856,322
55,856,322
This ignominious ending to both the land and the
Frances.. 136,606,000 12,664,000 149,270,000 131,773,960
9,920,000 141,693,960
Germany. 127,500,950 2,708,060 130,209,010 120,195,200 6,062,000 126,257,200
sea campaigns of Germany was reasonably certain
Russia.*.. 129,650,00Q 12,375,000 142,025,000 129,650,000 12,375,000 142.025,000
Aus-Hunc 11,008,000
2,289,000 13,297,000 11,378,000
2,400,000 13,778,000
to
be accompanied by some revelations, new to the
Spain
88,229,000 25,945,000 114,174.000 78,227,000 28.642,000 106,869,000
Italy
37,413,000
3,100,000 40,513,000 33,343,000
2,600,000 35,943.000
world
outside of Germany, regarding the real condi¬
Netherl'ds Jg,535,000
600,000 59,135,000 56,985,000
607,400 57,592,400
Nat. Bd.h W,380,000
600,000 15,980,000 15,380,000
600,000 15.980.000
tion of things in that country’s armaments. Re¬
Swlts’land 15,218.000
15,218,000 14,011,000
14,011,000
Sweden... 15,186,000
15,186,000 11,919,000
11,919,000
Denmark. 10,325,000
130,000 10,455,000 10,584,000
158,000 10,742,000
garding the army, we have not yet had explicit
Norway..
6,744,000
6,744,000
6,751,000
such

....

6,751,000

Tot. week. 726,965,469
Prev.week 726.205.213

60,411.060 787,376,529676,053,482 63.364.400 739,417,882
60,407.060 786,612,273 675,741,779 63.545.400 739,287.179

• Gold holdings of the Bank of France this year are
held abroad.

♦ No figures reported since October 29 1917.^R ™
c Figures for 1918 those given by “British Board of Trade Jouraal”fforlDec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals.

^
'

exclualve^of £81,484.340

>'>

1914 in both years.

facts. The statement of “Vorwaerts” at Berlin
this week, that up to Oct. 31 no less than 1,580,000

German soldiers had been killed in the war, and that
the fate of 260,000 more was unknown, speaks for

itself, but it is not

unexpected disclosure.

The

1948

THE CHRONICLE

[Vol. 107.

figures are larger than what any one outside of merely lying idle, taking no hand in the defeat of
Germany had supposed; yet the losses were known Germany.
We now know the truth of this, and we are likely
to be immense, and their effect, in the progressive
weakening of German man power at the front when to learn the truth regarding many other disputed
the Allied forces were being rapidly recruited from ’acts. Perhaps after all, and contrary to expecta¬
tion, we shall find that the “inside history” of the
America, was fully recognized before.
What we are now likely to learn, however, as war will be written as rapidly as the events occurred
controversy, apology and effort at personal vindica¬ which preceded its termination, and that the world
tion from responsibility multiply in Germany, will will not have to wait, as it did in the controversies
affect such questions as the German reasons for over other great wars, a decade or a generation for
failure at the first Marne battle, at Verdun, and in the facts to be derived from long-withheld private
the drive during the first half of this year; the culpa¬ reminiscences of statesmen and commanders. It
bility of separate commanders on all those occasions; will be well if this is so, even in relation to arma¬
the result of such policies as “mass attacks”; the ments; for there are many evidences—:notwithstand¬
reason, military or political, for what turned out to ing Secretary Daniels's new program—that in the
be the great mistakes of strategy. A little while matter of military preparation and competitive
ago it seemed unlikely that we should ever know armaments, the world may be about to enter a new
just who blundered at Verdun—the Crown Prince, era. The surrender of Germany's armament, un¬
der all the accompanying circumstances, would be
or his generals, or both; whether the “Ludendorff
drive” of this year was a scheme of the Kaiser the fittest possible introduction to such a changed
alone, or of Hindenburg, or of Ludendorff, or order of things.
whether all agreed on it. There were rumors at the
time regarding a violent clash of opinion between the
THE AMERICAN SPIRIT AND THE REQUIRE¬
Kaiser and the High Command.
Much mystery
has surrounded the virtual displacement of Hinden¬

burg by Ludendorff as Chief of Staff since the drive
began, and we have been lately informed from official
Berlin that Ludendorff himself confessed, after the
check at the Marne last June, that the German cam¬
paign was doomed.
Doubtless the facts will emerge in time. As re¬
gards the German navy, Captain Persius, the wellknown naval critic of the Berlin “Tageblatt,” has
already come into the open with certain remarkable
disclosures regarding the German fleet. From the
first, he declares, the navy has been grossly mis¬
managed. It is not only that in 1917, as against 83
new submarines constructed 66 were destroyed, and
that whereas in October of last year Germany had
146 undersea boats, last February she had only
136, and last June no more than 113. Aside from
the light these figures throw on the terrible penalty
exacted from the crews engaged in this unlawful
warfare, these results might perhaps be called the
fortunes of war.
It bears no doubt on von Tirpitz's insistent pre¬
diction that his “submarine blockade” would “bring

England to her knees,” on Hindenburg's assurance
that “Germany can accept all the consequences
which an unrestricted U-boat campaign might bring.”
But Captain Persius goes further, showing the actual
helplessness of the German battle fleet. As early
as the beginning of 1916, twenty-three battleships
and one new cruiser had been disarmed to provide
material for land warfare. At the beginning of
1918, all the warships built between 1897 and 1906
by von Tirpitz had been destroyed. As to the
battle of Jutland, which the Kaiser has repeatedly
and boastfully referred to as a great German naval
victory, Persius now declares that, but for good
leadership in the German fleet's withdrawal and for
the misty weather, whereby the fire of the English
ships was made relatively ineffective, “the destruc¬
tion of the whole German navy would have resulted.”
As it was, every man acquainted with the facts knew
that “the Skagerrak battle must be the only genera
naval engagement of the war.” This series of dis¬
closures has at least an exceedingly interesting
bearing on the recurrent complaint, from 1915 to
the conclusion of the war, that, the British fleet was

MENTS AFTER THE WAR.
We have

supped with the horrors of war so long
of peace brings chiefly a sense of
relief, and that so grateful and so extensive that
public attention will be largely monopolized by it.
But nothing is more certain than that the harvest

that the prospect

of the seeds that the war has sown for us will have
be reaped. Recklessness, extravagance and
to

corruption in financial administration may have
been inevitable, but the consequences, which,
little regarded while the war was in progress because
outweighed by the splendid results of the awakened
energies directed to the one end of winning the war,
will have to be faced when conditions are suddenly
and completely changed by peace.
Nothing has been more noteworthy or less an¬
ticipated by the outside world than the response
which the American people made to the confidence

even

which their Government from time to time had to

place in them.

Those who rmember the draft

riots of the Civil War, with the necessary resort to
bounties and the acceptance of purchased substitutes,
were

amazed at the universal and matter-of-course

in which the whole country accepted first one,
and then a second, and far more exacting conscription.
When the British Commissioner last winter made
it known in Washington that England was within
four weeks of absolute starvation and that un¬
less relieved would involve her unconditional sur¬

way

panic in Washington among
and Mr. Hoover
appealed to the country practically to cease using
wheat and beef, though the exact facts of the emer¬
gency were not told, the response was so immediate
and so complete that within three weeks the stream
of supplies in adequate and permanent sufficiency
was poured into England.*

render, and there

was

those who received the statement,

After that

and the tremendous

success

successive Liberty Loans, and the
millions given to the Red Cross and the
*

Reporting the figures on wheat and flour

Administration states:

of the

hundreds of
Y. M. C. A.,

conservation the Food
•

"Last spring when we had only 20.000,000 bushels of wheat for export
above our normal requirements, the American people made sacrifices by

saving that enabled us to send 110,000,000 additional bushels of wheat
besides the normal exportable surplus.
"Of this the housewife alone saved a total of 13,000,000 barrels of flour,
or a saving equivalent to approximately 24 pounds of flour for every man,
woman

and

chil<Lin^the»United States."

Nov.

231918.]

THE CHRONICLE

the peace

1949

of the first motorless Sunday in response
simple request that gasoline might be saved,
sent a thrill of pleasure and of confidence throughout
the country, for which we were hardly prepared.
Greater than all was the quiet and steady spirit
of consecration and patriotic devotion with which,
in houses of every class from the lowest to the highest,
the peril of both the sea and the front for those
they love was accepted. Thousands in the service
grew to millions, casualty lists lengthened, danger
changed to wounds and death, but there was no
outcry and no faltering, only a clearer vision and a
sterner purpose, a drawing of heart to heart, and a
deeper devotion with more earnest and more confi¬

the
and

dent prayer.
The American people can surely be trusted.
war has done much for them.
They have

the

of dross and standardized elements of permanent

the load of enormous taxation and for a time at
least the habit ef excessive administrative extrava¬

beautiful,” those things which in their nature
use show the hand of God and
pertain to Hig
service, will regain their supremacy. We shall not
be able to hide ourselves behind our individual
comfort or prosperity. There will be much indus¬
trial and economic confusion; food for a time may
be scarce and high; labor will be greatly disturbed,

will be out of work and wages will be inevitably
lowered; incomes will be smaller, and competency
and skill will be more exactingly required. The
men who to-day because
they belong to a certain
group and work for the Government can force their
wages up three or fourfold and then shrewdly succeed
in doing only two-thirds as much work; and equally
many

and

of another class who

throng
The departmental offices and in their incompetence sit
found around doing nothing but draw their pay because
themselves. The melting pot has not only fused no one has the time either to teach them or to turn
the mass, accomplishing what generations could them out, will have to face new standards both of
hardly have done; it has also burned up a good deal morality and of efficiency. We shall have to carry
value, which, because they are human and not
material, were buried in the immigrant and alien,
and common, and vulgar, and even negro mass.
America stands to-day more united, more under¬
standing, more human, more brotherly, and, we
may believe, more dependable than ever she has been.
That certainly the war has done for us.
But when this is said, it remains true that peace
will bring many and real perils. No greater disaster
call befall a community than the disorganization of
civil society, such, for example, as we see to-day in
Russia.
It means throwing into the discard all

men

gance,

women

and in all probability

unprecedented host

public officials.
But there is

American

spirit which can be
counted upon to face the task. The highly com¬
petent woman who the other day refused to leave
her position of responsibility in the training of others
when she was offered twice the salary she was re¬
ceiving, the other who declined an advance of 20%
on her salary because she thought the place did not
justify it, and that other who at the call of the Gov¬
ernment left her private position and took public
that has been gained in the long struggle and slow service at one-third the pay, and has been promoted
development of civilization and the destruction, as from position to position with no thought of com¬
well, of the means of life. The Bolsheviki and the pensation and no desire but of increased usefulness,
proletariat turn upon one another, not because they are but chance instances of which there are sure to
are savages, but because they are starving.
The be many. The unselfish and brilliant service of
Russian people are awaking to the fact that in the the leading men who have so freely given their
cataclysm which has fallen upon them the industry service to the country in the hour of need all must
of the country has been stopped and the machinery recognize. Many of them are of the much reviled
of it has been destroyed. There is no food, and no capitalist class, but they are patriots and true
wealth, and no order, and no source to which they Americans. The war has brought to birth and to
can look for the one or the other.
Under these light the same spirit in multitudes of men and wome>
of every class.
conditions men fall back into savagery.
With faint disparagement it has been said “The
The Central Powers are upheaved not simply
because the war has gone against them, but because British Empire has been built up by character
military defeat has created conditions in which, as rather than by intelligence.” In both America
sometimes with a human body that has suffered finds herself summoned to compete. We turned
sudden injury, the germs of evil hidden in the system the scale in the fighting; we must do still more in
find their opportunity and disaster ensues. The the rebuilding.
easy adoption of unsound economic principles,
OUR NATIONAL BALANCE SHEET AS A
thoughtless public and private extravagance, in¬
difference to corruption in high places, feeble protest
RESULT OF THE WAR.
We
have
finished the “Great Undertaking.”
against profiteering, sentimentality put in the place
of knowledge in dealing with the problems of labor Let us put it this way for sake of our present con¬
and poverty, impatience of criticism and timely sideration. We have really only arrived at the
discussion, adoption at face value of socialistic beginning of perpetual and universal peace. We are
teachings, and that kind of belief in the people at the threshold only of a world made safe for de¬
which is really the “cult of incompetence,” have mocracy. For, having disposed of centralized power
their innings in war times. The results come later. named autocracy, we have, it would now seem,
In due time “nature sends in her bill”; so does the yet to overcome the power of decentralization, if we
human nature which is equally the creature of God can use such a contradictory term, as witnessed in
and is charged with the task of bringing in the king¬ Socialism and anarchy. But our future accomplish¬
ments will, for the most part, be by example, per¬
dom of righteousness and truth on earth.
With the end of the war we shall settle down to suasion and agreement. We are ready to relinquish
the normal life in which values will once more be the use of Force; for, in essentials, we regard our

rightly appraised; that is, opinions and principles
and decisions and courses of conduct will have to
stand the test of reality. “The true, the good and

cause as won.

It is wisdom then to take

balance sheet of

national finances, to foot up our losses and

our

gains,

1950

THE CHRONICLE

[Vol. 107.

provide for the future. Incidentally, a is an equity involved. And since the major portion
budget is absolutely imperative, but we have as of the benefits will accrue in the future,’it can
yet no adequate machinery by which to establish it. hardly be denied that that future may rightly be
The fact is, however, that as a business proposition asked to pay a part of this colossal debt. Business
there are gains which we cannot write into the state¬ has suffered intangible losses by reason of changed
ment in figures.
To many, many minds we have conditions that could not fall equally on all. Some
removed a threat against our very existence. That have reaped profits, profits that are described as
is of inestimable value, though incapable of expression “excess,” but these are not always easily distinguish¬
in figures. Again, we have gained the good-will able. And besides (we may now, perhaps, be more
of the world, save at least a sore-defeated portion free to examine the real morals of the case) those
of it, and that may yet come to see the light. Have who faithfully executed contracts to the Government
we not ?
Will not these peoples emerging into liberal occasioned by the war at fixed prices for raw ma¬
forms of government feel kindly to the people of terials, were not in an illegitimate trade. Their
the United States? And when in times to come lawful profits, under various systems of “control,”
do not become per se the object of penalization—and
our expanded and expansive trade sails the seven
seas, will not American-made goods find favor? they wiir now measurably cease, with the necessity
And to a nation, a people, hitherto theoretically, of reconstruction.
Taking all things into considera¬
as well as to a large extent actually, isolated from
tion, since these debts compel taxes currently year
the world, is not this good-will an asset in our foreign by year—it is not a wise business proposition to try
commerce of almost priceless business value?
It to pay them in a few years. Prudence and conserva¬
will not accrue to the collective people, the nation, but tism and (let us not forget the useful word) “conser¬
to portions of our people, in an iifdividual capacity, vation,” would dictate that we lighten the burden
which will be thereby enabled to help pay our debts, of taxation at the earliest possible time, and provide
through taxation. More, and this is a gain that is for liquidation by creating a sinking fund over a
actual, and is immeasurable, and one that cannot be long period.
Let us consider the proposition direct. The
stated in the balance sheet, we have (so far as our
undertaking contributed thereto) established the emergency is past. When the future was uncertain
peace of the world.
And only in peace can business and possible demands unknown, it was conceived
thrive. And correspondingly trade is the great that one third of the annual expense should be borne
pacifist. As we live now under the aegis of our by current taxes. Let us be just to ourselves!
shining ideal, so we will prosper, and all peoples Was there not in this selection of “one-third” a
will prosper. But ideals cannot be expressed in covert spirit of reprisal on wealth—that “aggre¬
dollars, nor measured in dollars. Theoretically, our gated” wealth, as well as war profits, should be
national balance sheet will show twenty-five to made to pay a heavy portion of the cost? Has it
forty billions of dollars of loss (at this time all esti¬ not been charged again and again in the press that
mates are mere conjectures) and not a dollar in gain. a prominent member of a prominent committee of
We are not unmindful of a certain salvage in ship¬ Congress exhibited a “spirit” which seemed to say
ping and otherwise, but the principle remains. And to the “rich”—“you brought on this war, which
yet we are rejoicing as never before “in our history.” some of us did not want, now you must pay for it?”
Though we did “love money,” have we not shown If so, our comment now is that this “spirit” has
a nobler, purer, more
encompassing and enduring nothing to do with a plain business proposition as
love for something higher and better—the welfare applied to a collective people. We want now to
of mankind ?
Have we not at heart regarded resume. The sooner we may, the sooner we will
wealth as a trust, as a means to an end? We speak recover our total momentum and volume, which
of our people in their collective being. Crusaders? translates into “prosperity.” If we can be relieved,
Yes, we are almost staggered at the magnitude of even for the current year, of a part of this heavy,
the enterprise. But it won!
and to some inordinate, one third current levy,
We must write these things or be unfair to our¬ we will better be able to make the countless readjust¬
selves. Coming back to our national financial ments that in some measure will affect all, and we
balance sheet, we are conscious that there are losses will the sooner regain our power, poise, and purpose,
we cannot estimate, cannot write into the
figures. as a great community of business men and women.
We have lost a part of the labor of the people for a If a change in politics results in relieving us of an
specified time continuing into an indefinite time, the alleged “spirit” of reprisal, we shall not find the
labor that was taken from production over into de¬ change adverse to the recovery and expansion of
struction, a double loss. But we pass that, even “business.”
while we remember those brave spirits who will
Let us then proceed cautiously and considerately.
never “come back,” a loss that is irreparable and
Let us not strike down the hand that feeds us. How
inestimable. We are considering the condition of a literally does that same hand feed the world in
business corporation composed of a collective people. want at this very day, and must do so for months
We want to resume business “at the old stand, in to come. We are under no stress now. We
may be
the old way.” But in an “emergency” we have in¬ calm. Whether
twenty-five or forty billions, it is
curred an enormous debt. Surely, it will “cripple a collossal sum, why should we
try to pay a propor¬
us” if we undertake to pay it all in a few years. We tionate third of it in any one
year? Is it business
can get an extension of time for,
strange to say, in acumen, is it business prudence? We shall pay the
our collective capacity we owe it to ourselves in our debt to the last
farthing. But as a corporated people
individual capacities, at least to large numbers of we have been “hit hard,” how hard we do not
yet
our population.
Therefore we need not worry too know. The sooner every wheel is turning, the
much.
sooner
every man will be employed.
We must
There is a moral obligation that goes with every meet a certain deflation in everything, prices,
wages,
debt. But with that moral obligation to pay, there uses. Is it not wise, as well as fair, to make taxand

Nov. 23
ation bear

1918.]

THE CHRONICLE

lightly

1951

the readjustment period as is production and trade. Certain European States
obligation and business formerly among our best customers, as nations and
peoples, will buy no more for war, and are not able
to buy as formerly for
peace. It is plain they must
RECONSTRUCTION AND RESUMPTIONbuy on credit, if at all—but credit under new condi¬
RELEASE FROM GOVERNMENT CONTROL.
tions. On the other hand, the extension of credit
To resume is to resume; but to reconstruct is a must be upon a new base and
upon new terms.
different matter. In many ways we must recon¬ But credit, in its larger aspect, is largely a creation
struct before we can resume.
A plant that has been of man’s genius, it can be made to fit circumstances,
made over for war production must be brought back it is almost
magical in its power to meet conditions
to its former estate before business can resume.
through organization. Not so with raw materials—
And yet in all human probability it will not be re¬ they are bound
by kind and locality, affected by
made so as to be the exact counterpart of the original. present known uses.
No so with labor—it must
There are many reasons. It must have had some await what we term
resumption, must accommodate
defects, now more apparent than ever. The de¬ itself to change, must yield to the pull of peace.
mand for its former product has undergone a change. Chairman Hurley of the
Shipping Board calls atten¬
It would be folly to try to meet an entirely new tion to possible
tonnage to be available in connection
condition with an imperfect or superseded equip¬ with the right of
corporations to combine for foreign
ment.
There will be changes. But the primal trade, but says there are few evidences at
present
purpose to engage in manufacture and trade for the of manufactures devoted to that specific purpose.
account of and benefit to the corporation will exist. Indigenous raw materials await
shipment in South
And this example serves to illustrate the state of all American countries. It is stated the
surplus of
business now that the pressure of war is removed. two or three harvests of wheat await
transport in
consistent
revival ?

with

moral

But business is not free to resume because of the
“control” exercised by Government.

There is good sense in the plea
lease of business from the control

Australia.
more

The world disorders of a world war of
than four years’ duration cannot be removed

for a gradual re¬ in a month or a year. All nations and peoples, are
imposed by Gov¬ affected. No one can “resume” of itself. Foreign
ernment by reason of war’s necessities.
But in trade affects domestic, resumption must be re¬
saying this, one of the strongest possible arguments ciprocal.
is made for that release. We might illustrate in
As supply and demand, under natural law, assume
this way: War and peace are tremendous powers their control of human
affairs, some of the larger
that pull upon production in different directions. effects are
discernible. The vigor of South American
Trade is a cable through which the two powers countries such as Brazil and the
Argentine has not
exercise their might. While war exists labor is drawn been impaired.
Their progress has been impeded.
across the dividing line into the service of war.
To With the reign of orderly governments elsewhere,
this by a system of compulsion the power of Govern¬ under
peace, they should “resume” easily and
ment is added.
The result is that the products of speedily. Being agricultural rather than manu¬
industry are piled up in the camps of war, and used facturing they should appeal to the United States
for purposes of destruction, destroying themselves. because its
hundred-year history in the development
Suddenly war ceases. The pull of peace is so violent and use of agricultural machinery adapted to their
that in the rebound the forces of production are needs is evident. And as “the drumbeat of
England
hurled into violent confusion on the other side. encircles the earth,” so
the British Empire by the
If Government continues its artificial pull the process very
ties of sympathy should rebound tremendously
to the calls of trade.
may be more orderly.
But for the strong as for the
At any rate we have many emergency laws on weak actual
“resumption” depends still upon the
the statute books, of differing dates of expiration, release of Governmental control.
which must be obeyed. And they are law until
When, therefore, we come to a specific prophecy
they are repealed or expire by limitation. But it is as to domestic trade in the United States, we are
as clear as light that
in the administration of these confronted with a problem so vast, so intricate, so
laws the purpose must be paramount to return entangled,
that the only watchwords are energy,
business to its former freedom as rapidly as possible. initiative, and caution. All the laws of all the
It may, as indicated, never go back to exactly the nations will not of themselves wipe out the con¬
same plane and process.
But it will go back to the sequences of this war. We have but one means of
same principles of operation and
ownership, unless recuperation, considering mankind as a unit—it is
it is prevented from doing so, either by the specific labor. And no matter how soon a
League of Na¬
will of Congress, or by the methods of administra¬ tions
may be formed insuring lasting peace, or how
tors who will change its character and purpose. much its
statutes, if we may call them such, may
And this is one of the legacies of war to which we affect “t ade” in its broadest sense—at
home, or
cannot give too much thought and study.
For no abroad, commerce cannot and will not “resume”
matter what happens, the pull of the wants and needs without
“goodwill.” No one wou d palliate wrong.
of the people in peace, under natural law, will con¬ But if there has been a darkened
past, if there is
tinue.
to be a future of light, mankind, including all peo¬
It is too early to attempt any predictions. ples, whether in or out of a
family of nations, must
There are too many contingencies.
No one knows be willing to live in the light. No comprehensive
the date of the declaration of peace.
All the laws of view of future trade in the world can ignore its
supply and demand are awry. We may talk of sweep around the earth in the north temporate
consumption for purposes of rehabilitation of devas¬ zone. No “resumption” to be full and fair in the
tated areas and lost commerce. But vast popula¬ United States can ignore former best customers in
tions are in a state of anarchy.
While this exists that magic zone. Its peoples are the most am¬
they can do little for themselves or for others in bitious and enlightened as we follow the sunin its

Whitman, we come
regard the “circle,”
“almost circled.” These European

course, even if, as with Walt
to our own western shores and

progress,

[Vol. 107.

THE CHRONICLE

1952

this awful con¬
flict, not only need help, but they can furnish us
as a people with much that we need, and under
the aegis of “peace,” it is proper and politic to re¬
sume friendly trade relations with all of them.
We come back, then, to our own domestic trade,
only to perceive that, while “control” may in a
measure steady the process of resumption for a
time, since, like war, it is an artificial interference
with the natural equilibrium of human effort, we
shall in peace soonest return to our former state,
if we administer this temporarily continuing con¬
trol with the sole view of getting rid of it as fast as
possible, in order that new and larger expansion
may ensue under the natural laws that exsit, always
pulling and always powerful, laws that will not,
States that have been the centre of

ceased with the
a shred of just
cause, even if having a technical warrant of authority,
and the excuses offered for it are so flimsy as to sug¬
gest an ulterior purpose which the country would
disapprove and rebuke if it were openly stated.
The head of the Commercial Cable Company de¬
clares—what is evident enough—that “the national
security and defense” are not promoted by this late
action, and also that serious complications may
possibly arise over foreign-owned cables. Some
cables are merely under lease to the Western Union,
is

in that the war emergency
itself. Such action is without

worse

war

and whether these

are

included in the terms of the

proclamation depends upon a very nice bit of verbal
construction, such as has often come before the
courts, inasmuch as somebody must decide disputed
interpretations.
Questions concerning the existence of power to
do certain things, and concerning the cuttingcannot abrogate, though we may seemingly defy across of private rights ordinarily respected, are
them and interrupt them, laws ordained in the passed over in a time of emergency; cargo may be
constitution of things, made for man’s benefit jettisoned to save a ship, and a prophet was once
and working for his good, when, and only when, he cast overboard into the Mediterranean for the same
Sometimes a good end may justify bad
reason.
obeys their divine edicts.
means, if the end be so paramount as to make any
THE SEIZURE BY THE GOVERNMENT OF THE personal or any temporary sacrifice small by com¬
CABLE LINES.
parison; therefore, in the time through which we
The President’s proclamation, made public on have been passing, anything and everything which
Tuesday, announcing the taking over of marine seemed reasonably to promise to aid success had to
cables, follows almost precisely the similar procla¬ be done and we all had to accept it; there was not
mation of July 22 concerning the land wires, and time then for discussion, so imperative was the need
it cites, as did the former one, the joint Congres¬ of action and of swift action; extinguish the con¬
sional resolution of July 16 authorizing him, “during flagration, save the country and the world—then
the continuance of the present war,” to take posses¬ discuss rights and principles and legalities and au¬
sion of any of these instrumentalities of communi¬ thorities afterwards.
We did so; we did not try to stop to argue with the
cation, “whenever he deems it necessary for the
national security or defense.” At the outset, there¬ necessity, but bowed to it. But now the emergency
fore, there rises in the mind of every reader this has ceased, the great end for which nothing was
question: Is the war which in July was “present” deemed too costly a sacrifice has been accomplished.
still in continuance? We have all been acting of Principles and authority now have their turn once
late on the assumption and belief that it ended on more.
The Federal Constitution does not in express
the 11th with the signing of an armistice which seems
terms authorize seizure of private property in any
as sure as any human event can be of remaining
unbroken by any formal resumption of hostilities. circumstances; it merely says, in the Fifth Amend¬
The power granted by the joint resolution was ment, that private property shall not be taken for
limited by its unmistakable terms to “the continu¬ public use without just compensation, thus affirm¬
ance of the present war;” is that continuing, or has
ing the existing power of dominance in the public
but assuring compensation for property taken
it ceased?
It may be said, in attempted evasion, that this thereunder. Yet eminent domain as formerly ex¬
proclamation, printed in the “Official Bulletin” on ercised probably never went beyond a taking once
the evening of the 16th and not given to the press for all and a compensation, once for all, according
until several days later, bears date of the 2d and to market value at the time; can power be found,
that the power granted only during the continuance anywhere, written or unwritten, to cover a forcible
of the war was available on that date and therefore taking for use and occupancy, as in case of the
the action taken is valid a week after the war. railroads and the wires, and under such terms as
Such reasoning is clearly unworthy, however, and have already been discussed in the “Chronicle?”
the validity of this action would be open to question The “just compensation” assured by the Constitu¬
if it were a matter which could properly come tion, put in the novel form of rental, is to be prac¬
before the courts; meanwhile, its reception by tically determined by the taking power alone, with
Congress and the press (we print a notable article in the proviso that if the dispossessed owner does not
condemnation on another page, taken from the silently accept the rent money tendered him he shall
New York “World”), shows that the power granted have 25% of even that tender withheld and may
as a war emergency is believed to have expired, at
then go to law and get his rights if he can; and as a
least in every sense but the merely technical.
comment upon this as well as an additional warn¬
The seizure of the railroads has never been made ing, we are now told from Washington that Mr.
to appear clearly unavoidable, although a case of Burleson declines to make a contract with the
some plausibility was framed for it; the seizure of
Postal Telegraph for rental of its land lines on the
the land wires was so evidently without substantial basis proposed by the company and has “invited it
cause
a

that it must be deemed

wanton exercise of

questionable authority; seizure of the cables

now

to take its

basis of

case

into the Court of Claims.”

authority for such trampling

across

If any

private

Nov. 23 1918.]

THE CHRONICLE

1953

rights (as in ordinary times everybody would surely but seek aid from ail
sources; and that he will not
call it) can be found anywhere, must it not be
solely misread the result of the elections, which means that
in the proposition that the Government has
power the country declines to tolerate here, under
any
and that in wartime
nobody must put questions con¬ change of name, the one-man rule which it has had
cerning the exercise of that power?
to fight abroad, but prefers to resume and
preserve
But after the war emergency has
passed, the whole the distributed and balanced powers under which it
situation changes, or else we must accept the still has
grown to greatness.
novel proposition (novel in this
country at least)

that the power of Government over the individual
and his rights of property and person are alike in
war and in peace.
Is the country
for this

ready

question?

Or,

NEED OF ECONOMY IN GOVERNMENT USE
OF PAPER.
On Wednesday the city of Rochester had the novel

the other hand, shall we continue experience of
being without any local dailies and the
to follow the apparent line of least resistance and
people might have framed a guess of how they would
just drift on towards the rule (fought and now beaten be
placed if the hostility of some Congressmen to
in Europe) of sic volo, sic
jubeo, stet ratione vol¬ the press had pushed such vexations as the “zone”
untas?
postal rate far enough to practically suppress gen¬
If this proclaimed seizure of the cables was not
eral circulation of the
journals of the great cities.
on

the immediate start of the movement in
resume the powers of that
body as a

Congress to The trouble in Rochester was of the ^ame nature as
department in recently halted an issue of the “Chronicle” for
Government it is none the less timely that such a several
days, a strike in the printing trades, that
movement has begun.
The Republican caucus in part of the
newspaper force which was willing to
the Senate has agreed to support a resolution to
work being compelled to
stay idle because other
create six joint committees instead of the one
pro¬ mechanical departments were “out.”
posed by Senator Weeks, some time ago, for handling
The temporary halt in
publishing was therefore
the various practical problems involved in
readjust¬ not due to the lack of printing paper, although
every
ing to a normal condition. This may or may not user of that, from the dailies to the
weeklies
and the
be the wisest step, but it need not be discussed to¬
monthlies and the book publishers, has been more
day, since what is of far higher consequence and is or less troubled
by the shortness, which has pre¬
distinctly encouraging is the resolution unanimously vailed
everywhere, with a single exception: “pub¬
adopted “that the Congress shall assert and exercise lic”
printing (so-called because conventionally for
its normal and constitutional
function, including legis¬ public information and benefit) seems to have had
lation necessary for reconstruction.” It seems
the least disturbance. We did have a
temporary
doubtful whether the other side of the Senate will
sounding of alarm in Congress, where it was said
venthre to controvert this, and whether the House that
even that ancient
abuse, the “Record,” was
majority will see good party policy in anything more in danger from
shortage of paper; yet while pub¬
positive than keeping silent about it. It is an ad¬ lishers have been bombarded with
warnings to use
mission, made to all the world, that Congress has the most
rigid
economy, accompanied by questions
not been asserting and
exercising its proper and dele¬ concerning the most detailed matters of their busi¬
gated function. It has notoriously gone far toward ness and
by injunctions (couched almost in the im¬
becoming the rubber stamp which the late Congress¬ perative mood) to do this and not do
that, stopping
man Gardner proclaimed himself
willing to be; it has only short of orders to conserve paper by
ceasing to
gradually evaded and passed along to an Executive issue at all, the Government has
apparently
been
more than consenting the share which
Congress was as prodigal in the use of paper as before.
constituted to perform, and the
As a case in point, the Chicago
responsibility laid
“Daily News”
upon it by the fact of its own existence and the
early in this month said that in a single mail there
oath to which each member subscribes. And now
had come to it 29 envelopes, marked “Official
the Republicans in the Senate declare a vow of
Business,” bearing the same warning against private
reform in this respect.
use, bearing identically the same address
wording
The country did not respond as the President and
written in the same hand. The contents were
wished to his unfortunate appeal for a Democratic
also the same, the whole 29
containing each one
Congress, but the next body will probably be demo¬ small paper shield in
red, white and blue, bearing
cratic in the better and non-partisan sense,
and the the legend, “Buy More Bonds.” For what
purpose,
influence of the country’s response is
already seen asks the journal: “to provide money to win the war
upon the expiring Congress.
If the President is as and secure the triumph of
justice and lasting peace,
wise and as unselfishly patriotic as his admirers or
to buy envelopes for the Bureau of
Publicity of
believe him to be, he will forego
partisanship and will the U. S. Treasury to waste?” Then the “News”
accept the situation. He is perhaps unable yet to points out that in a time of
labor scarcity some¬
perceive the fact, but the gradual effacement of the body addressed 29
envelopes, that 29 small paper
co-ordinate branch of the Government has not been
shields might be simultaneously
mailed, and over¬
well for his own clearness of
judgment, or for his worked mail employees had to handle and deliver
own fame, or for the
good of the country; the un¬ 29 inclosures which could have been
put into one.
balanced condition developed in the stress of war has
A trifle, is it? Admit it such, if
you choose, yet
been deplorable in all respects and
especially danger¬ consider: in a war of such vastness and suddenness
ous by forming a bad
habit, hard to break as all bad there must inevitably be
mistakes, some “graft,”
habits are. It must be broken,
notwithstanding. and much waste; this follows from human imper¬
Faithful are the wounds of a friend, and a critic is
fections, and unqualified condemnation of it would
worth far more than a flatterer, though he
may be be hypercriticism.
All this is of the past; if it is
less agreeable. We earnestly hope Mr. Wilson will
looked into at leisure, that should, be for the
pur¬
cease suspecting a personal
opposition where none pose of drawing knowledge and lessons that
may be
exists or has existed; that he will not merely welcome turned to
use hereafter.
But, this having been

1954

and now it is time to begin to
draw in upon wasteful expenditures, to do that
forthwith, do it rapidly, do it rationally, do it un¬
sparingly as to anybody’s personal interest or con¬
venience. We are a wasteful people, but our Gov¬
ernment—and not merely since war magnified the
work it had to undertake—is not only the greatest
spender but the greatest waster. Let its waste
begin to lessen forthwith. There may be difficul¬
ties in shutting down on contracts, although it is
obviously less wasteful to make some compensatory
allowances to contractors in some cases than to con¬
tinue diverting to needless Jwar products raw ma¬
terial and labor so needed in many other places and
lines; but in respect to fruitless consumption of paper
there is no such excuse, and that can be halted at
This done, the paper supply for useful pur¬
once.
poses can be greatly and quickly improved.

said, the war is over,

(faxwmt %vmts
CONTINUED
The usual

disposed of
count basis
are

bars in exchange for gold
license from the Federal
stances of

BILLS.

TREASURY

Treasury bills was
this week by J. P. Morgan & Co. on the dis¬
recently prevailing, namely, 6%. The bills
BRITAIN, BELGIUM AND

ITALY.

the Czecho¬
the United
States on Nov. 16 extended several other new credits to the
Allies. Great Britain received a credit of $200,000,000,
raising the total placed at its disposal to $3,945,000,000;
credit of $50,000,000 was extended to Italy, making the
total to that country $1,210,000,000, while $9,000,000 was
advanced to Belgium, making the total to it $192,520,000.
With these new credits the total aid to the Allies since this
-country’s entry into the war has been raised to $8,178,976,666, apportioned as follows: Great Britain, $3,945,000,000; France, $2,445,000,000; Italy, $1,210,000,000;
Russia, $325,000,000; Belgium, $192,520,000; Greece,
$15,790,000; Cuba, $15,000,000; Serbia, $12,000,000; Ru¬
mania, $6,666,666; Liberia, $5,000,000; Czecho-Slovaks,
Besides extending a credit of $7,000,000 to
slovak National Council, mentioned below,

the

case.

of the new

ruling

issued by the Board:

Nov. 10 1918 applicants for licenses to export any manu¬
factures containing gold will be required to make their application on
Form X, as heretofore, and attach thereto, duly executed and filled in.
(.1) On and after

Supplemental Information Sheet X-29 (a new
other supplemental information sheets required
countries, as Form X-101, Form X-102, &c.
(2) Licenses wften

import agreement is

form), together with any
for shipment to particular

given.—Licenses may be granted

destinations, if
(Form
United States
commodities

exportation of manufactures containing gold to all
the applicant shall file with the War Trade Board an agreement
X-210) to the effect that the applicant will Import into the
gold equivalent to the bullion value of the gold contained in the
exported.
On Jan. 15 1919 and at the end of every three months period thereafter,
each exporter in the United States who shall export manufactures
ing gold, under this section, shall file with the War Trade Board,
ton, D. C., a report in writing (Form X-217) of all exportations of
tures containing gold of bullion value more than 5% of the value of
commodity, made by him during the preceding three months and
portations of gold from any foreign country made by him during
to which there must be attached a copy of the Customs Import Entry or
Entries countersigned by the Collector of Customs.
(3) Licenses when no import agreement is given.—Licenses may
granted for the exportation of manufactures containing gold without
agreement for import required by Section (2) in the following cases:
(a) When the bullion value of the gold contained in the
be exported shall not exceed 5% of the total value of such
or
(b) When the destination is Cuba, the West Indies, Mexico.
America, or South America, and the bullion value of the gold contained
the commodity to be exported exceeds 5% but does not exceed 45%
the whole value of such commodity, but the gold bullion value in the aggre¬
gate shipments by any exporter during a period of three months
exceed 33 1-3% of the whole value of the total shipments by such exporter
during such period. On Jan. 15 1919, and at the end of every three
period thereafter, each exporter in the United States who

for the

contain¬
fishingmanufac¬
the
all im¬
such period,

such

commodity to
commodity;
Central
in
of
shall not

$7,000,000.
CRE DIT OF $7,000,000 EX TEN DED
TO

BY UNITED STATES

CZECHO-SLO VA KS.

Czecho-Slovak
Washing¬
the
Allies to the United States. The Czecho-Slovak loan,
arranged through Thomas G. Masaryk, President of the new
Czecho-Slovak Republic, will be used, it is stated, to finance
purchases in this country of arms, ammunition and supplies
The
for the Czecho-Slovak armies in Russia and Siberia.
Czecho-Slovak National Council, with Dr. Masaryk as
President, was recognized by the United States and the
Allies as the de facto Government of a belligerent people at
time when real independence for the Czechs and Slovaks

A credit of $7,000,000 was extended to the
National Council by the Treasury Department at
ton on Nov. 16, making a tenth debtor nation among

under

gold certificates without

REGULATIONS GOVERNING EXPORTATION OF
MANUFACTURES CONTAINING GOLD.
Under date of Nov. 16 the War Trade Board announced
new regulations governing the exportation of all manufac¬
tures containing gold.
Beginning that date, exporters of
such manufactures are required to make application for li¬
censes, which will be granted for exportation to all destina¬
tions, if the applicant shall file with the Board an agree¬
ment to import into the United States gold equivalent to
the bullion contained in the commodity exported. On Jan.
15 next and at the end of every three-month period thereafter
each exporter will be required to report exportations of manu¬
factures containing gold of bullion value of more than 5%
of the value of the commodity made by him during the preced¬
ing three months, and all importations of gold from any for¬
eign country made by him during such period, with the copy
of the custom import entry attached. Licenses may be
granted for the exportation of such manufactures with agree¬
ment for import, when the bullion value of the gold contained
in the commodity to be exported shall not excede 5 % of the
value, or when it is destined to Cuba, the West Indies, Mex¬
ico, Central or South America. The following is the text

offering of ninety-day British

CREDITS TO GREAT

NEW

and gtecnssions

OFFERING OF BRITISH

coin

Reserve Board or an order of the
Secretary of the Treasury, depending upon the circum¬

dated Nov. 19.

NEW

[Vol.107.

THE CHRONICLE

Austro-Hungarian rule seemed very far away.

months
shall export
manufactures containing gold under this section shall file with the War
Trade Board, Washington, D. C., a report in writing (Form-216) of alj
exportations; or
pre¬
(c) When the exporter is within the class set forth in paragraph
ceding and the applicant files with his application an affidavit by
man¬
ufacturer stating that the commodity was manufactured or in process
manufacture prior to Sept. 15 1918, neither the agreement (Form
import nor the report (Form X-216) referred to in said

(b)
the

of
X-215) to
paragraph (b) need
be made.
(4) In filling out reports of exportations of manufactures containing gold
(Forms X-216 and X-217), exportations of commodities containing gold
of bullion value not

exceeding 5% of the value

of the commodity

should not

reported.
(5) All applications for licenses to export manufactures of gold
contain platinum, iridium, rhodium, or palladium will be
when the regulations governing the exportation of the latter named
are also complied with.
(6) Copies of the various forms described above may be obtained
application to the War Trade Board, Washington, D. C., or to any

which also
considered only
metals
upon

of the

branch offices.

REMOVAL OF

RESTRICTIONS ON GOLD AND SILVER
FOR DOMESTIC

USE.

imposed
industrial pur¬

Announcement that the restrictions heretofore
on the domestic uses of gold and silver for

A LONDON

EXPLANATION OF THE RISE IN
GERMAN MARK

THE

IN OCTOBER.

the Money Market” the
London County Westminster and Parr’s Bank, Ltd., make
poses had been terminated was made by B. M. Baruch,
a special point of the recent rise in the value of the German
Chairman of the War Industries Board on Nov. 18. As a
mark and Austrian crown. The “Review,” which is dated
result of the removal of the Government restrictions Verne
Oct. 31, opens with a reference to the rise in value of the
M. Bovie, Superintendent of the New York Assay Office,
It says:
is said to have announced that beginning Nov. 19 the re¬ pound sterling.
The continued successes of the Allied armies in all theatres of war, the
strictions against the issuance of gold for trade and other retreat of the German troops on the western front, the successful capture
purposes would be removed and that the Assay Office was of Aleppo, the excellent news from the Italian front—all these events,
with a request for a separate peace from Austria-Hungary, an
prepared to sell gold as heretofore. Under the order is¬ combined
armistice from Germany, and the precarious internal conditions in which
sued by Director of the Mint Raymond T. Baker early in the Central Powers find themselves, has had the expected result on the
September (referred to in our issue of Sept. 14, page 1047) value of the pound sterling in neutral countries.
In
last review we stated that we should not be surprised to see a
the mints at Philadelphia, Denver and San Francisco and
very decided upward movement in the value of the pound sterling comthe Assay Office at New York were forbidden to issue gold

In its

our

“Monthly Review of

»©v. 23 1918.]

THE CHRONICLE

1955

pared with the quotations of Sept. 30. and. as anticipated, British currency
has greatly improved in value abroad.
The German reply to President
Wilson, dated Oct. 12. made its effect immediately felt on neutral markets,
and quotations improved very considerably in favor of this
country.
President Wilson’s frank reply of Oct. 14 was apparently construed abroad
as possibly lengthening peace
negotiations, and the rates for sterling ex¬
change abroad weakened somewhat; the neutral opinion, however, was
quickly affected by Austria’s unqualified separate peace offer, and the
rates immediately showed that the general trend of opinion abroad was
that the secession of Austria from her ally, Germany, would result in a
speedier termination of the war.
The table given below will show the satisfactory rise that has taken
place
in the British pound sterling abroad between
Sept. 30 and Oct. 30:
Appreciation
Pound Sterling—
Par. Sept. 30. Oct. 30.
during Oct.
Denmark
Holland

£l=Kr.
£1=F1.
£l=Kr.
£1=Kr.
£l=Fr.

18.16
12.10
18.16
18.16
25.22
£l=Pts.25.22

Norway
Sweden.
Switzerland.

Spain
*

16.44
10.11
15.90
14.60
21.90
21.38

17.?2
11.23
17.35
16.60
*23.73
23.45

7.78%
11.07%
9.12%
13.69%
8.35%
9.68%

October 29.

■

Reason of the Rise in Value of the German Mark.
During the month under review there has been an appreciable rise in
the value of the German mark; the following table shows at a glance the
rise that has taken place in the value of this currency in neutral markets
between Sept. 30 and Oct. 30:
German
Oct. Apprecia'n
Sept.
Mark—
Par.
30.
30. During Oct.
Denmark
Marks 100=Kr. 88.88
60.25
55.50
10.44 %
Holland
Marks 100=FI. 59.26
32.05
34.50
7.64%
Norway
Marks 10O=Kr. 88.88
50.25
54.25
7.96%
8weden
Marks 100=Kr. 88.88
45.00
51.00
13.33%
Switzerland
Marks 100=Fr. 123.45
67.75
*75.75
11.80©
Spain
•No quotation—
*

Oct. 29.

A great deal of comment and discussion has been caused
rise in the currencies of Germany and Austria;

by reason of the
apparently in some quarters
it had been thought that, with a peace dictated by the Allies, the German
mark and Austrian crown would still further depreciate in value, but evi
dently the question of speculation on a short market had not been consid¬
ered by such parties.
The rise in the value of the German mark and the
Austrian crown is solely attributable to speculation in view of peace
pros¬
pects.
There are many people abroad who. in the beginning, and especially
when Germany was winning battles on all sides, bought, not only German
marks, but German war loans, and as the German and Austrian exchanges
depreciated in value they found themselves confronted with heavy losses.
On a further fall, holders of German marks and German war loans in neutral
countries purchased more marks in order to average the price, especially
when the Russian debacle was made public; later on, however, they found
that the mark still continued to depreciate and that, with the
entry of
America into the war, the prospect of Germany winning the war became
remote; consequently they sold the whole of their mark balances and stocks
and withdrew the money to their own country,
making a very heavy loss
in exchange; now, on peace prospects, they have been
buying marks in
the hope that the German exchange will improve later, and in this
way they
hope to recover the losses previously made. It is also a well-known fact
that before the German Government prohibited the
export of moneys
abroad a great deal of money had been transferred from
Germany to neu¬

tral countries, and there is little doubt that Germans,
seeing a large profit
in bringing the money back to their own country, now that
peace offers are
in the air, have been purchasing marks with the
moneys at their credit

abroad.
Moreover, there are no doubt merchants abroad who have en¬
tered into contracts with Germany for the delivery of German merchandise
when peace is declared, and having bought in German currency, and possi¬

bly already sold in their own or other currencies at a large profit, are quite
willing to buy marks now, as they will incur no loss, their books already
showing at the present rate of exchange for German marks a large profit.

In connection with the rise in the value of the German mark abroad it
purchasers of German marks on neutral
exchanges at this time come on a market that is not only depleted of German
mark balances, but in many cases oversold, and consequently
any special
demand that might spring up owing to speculation immediately raises the
value of the mark very appreciably.
From the date that the first German note was dispatched to Washington,
the German, and also the Austrian exchange, steadily increased in value;
on Oct. 14 the German mark was quoted in Amsterdam
39.75, against a
rate of 32.05 on Sept. 30, showing a rise in value of 24%; in Switzerland the
rate rose from 67.75 on Sept. 30 to 79.50 on Oct. 14, a rise of 17%; the rate
of the mark in Copenhagen on Oct. 14 was quoted 59.75, against 50.25 on
must also be borne in mind that

Sept. 30, a rise of 19%; on the same date Vienna was quoted in Copenhagen
39, against 27.25 on Sept. 30, a rise of 43%; on Oct. 15 Berlin was quoted
in Stockholm 57.50, against 45 on Sept. 30, and Vienna was quoted 36.50
on the same day. against 25 at the end of
September, showing rises of 28%
and 46%, respectively.
From the date of the receipt in neutral countries
of President Wilson’s reply of Oct. 14 the rates fell, with various fluctua¬
tions, and closed on Oct. 30 much under the rates quoted above.
Value of the German Mark Expressed in Marks per Pound Sterling.
In order that our British customers may see at a glance the depreciation
over London of the German exchange, we
append a table showing the Ger¬
man currency expressed in marks per
pound sterling, worked at the rates
of exchange existing on Sept. 30 and Oct. 30, the gold par of the
exchange
being marks 20.43 per pound sterling. The table below shows the London
quotation worked through different neutral exchanges:
September 30.
Denmark.
Kr. 50.25=100 Marks! Marks 32.71=£1
Kr. 16.44=£1 sterling]

Norway.
Kr. 50.25=100 Marks! Marks 31.64=£1
Kr. 15.90=£1 sterling]
Sweden.
Kr. 45.00=100 Marks! Marks 32.44=£1
Kr. 14.66=£1 sterling]

Switzerland.
Ft. 67.75=100 Marks! Marks 32.32=£1
Fr. 21.90=£1 sterling/
Holland.
FI. 32.05=100 Marks! Marks 31.54=£1
FI. 10.11=£1

sterling/

Countries

Denmark_3%
4%
“

Denmark.
Kr. 55.50=100 Marks! Marks 31.92=£1
Kr. 17.72=£1 sterling/
Norway.
Kr. 54.25=100 Marks! Marks 31.98=£1
Kr. 17.35=£1 sterling/
Sweden.
Kr. 51.00=100 Marks! Marks 32.54=£1
Kr. 16.60=£1 sterling/

Switzerland.
♦Fr.75.75=100 Marks! Marks 31.32=£1
Fr. 23.73=£1 sterling/
Holland.
FI. 34.50=100 Marks!Marks 32.55=£1
FI. 11.23=£1 sterling/
"

October 29

Securities.
(Amort.) 1897

Loan,

1912

3% Gold, 1894

„

Holland,. .3%

Norway. .3%

I!
Spain

*;
;;
“

‘

Price

'Price

July

Price

Sept.

30 f18.
77-79

’14.
75

97-99

69-71
86-88
67-79
77-79
85-87
129-133
114-116

78 H
77

30 ’18.
73-75
91-93
67-69
79-81
65-67

76-78

3%. 1888

73 H

3k%, 1900
4-3k%

82k

71-73
76-78
82-84

81-85

84-86
103-108
106-108
65-67
70-73
75-77
76-78

92-97

83-87

Sweden ._3H%, 1880

3%, 1894

Switzer¬
land —3 k % Swiss. Fed. Rs

Price
Oct.
30 ’18,

67-70
82-85
59-62
67-70
59-62

70-72
76-79
94-99

92-97
57-61
60-63
65-69

65-68

73-78

From the above table it will be seen that the
greatest rise occurred in
Spanish 4 per cents, which on July 27 1914 were quoted 86, on July 30
of this year reached the high
figure of 129-133, owing to the depreciation
of the pound sterling, exchange on the
Spanish markets, but with the
appreciation in the value of the British currency the price fell on Sept.
30
to

103-108, and is

now

quoted 94-99

LOAN OF 15,000,000 PESOS BY URUGUAY TO ALLIES.
The following advices from Montevideo,

daily press were received under date of Nov.

Uruguay, to the
18:

The Senate Finance Committee held a conference
to-day with
ister of Finance with the object of
expediting the approval of a
to the Allies of 15,000,000 pesos gold.
The British Minister has
the Uruguayan Government that Great Britain is most anxious
credit be extended despite the termination of hostilities.

EXTENSION

CHINA

LOAN

the Min¬
loan
informed

new

that this

AGREEMENT.

According to an Associated Press dispatch, dated Nov. 8,
from Peking a further extension of six months has been
granted by the Chinese Government on the currency loan
agreement of 1910, which expired on Oct. 14. The dis¬
patch added:
The amount of the loan was £10,000,000, and its purpose was to reform
the currency system.
Owing to the revolution the loan was not com¬

pleted.

■

CHINESE GOLD CURRENCY ISSUE.
With regard to the proposed issuance of gold notes by
China the New York “Times” of Oct. 29 said:
With a view to facilitating foreign trade, the Peking Government has
recently promulgated by a Presidential mandate the gold note regulations
and the convertible note regulations, to be put in force on the day of their
issue.
According to these regulations, China has authorized certain banks,
to be named by the Government, to issue gold notes.
Until gold coin is ready, the note will be used only for domestic circula¬
tion and for drawing a bill of exchange, and the note will not be convertible
until then.
Gold equivalent to the amount of the note issued will be
reserved and the standing amount will be ahnounced every ten days.
The organization of the Currency Bureau consists of nine articles.
It
belongs to the direct control of the Premier, and supervises the currency
system covering the whole country.
It wiU have one Controller, one
President, and one adviser. The office of Controller vM be assumed by
the Minister of Finance, while the adviser will be hired from abroad.
The
Currency Bureau will be organized on a ten-year basis, and the chiefs of
the Chinese Government Mint, Printing Office, and the Supervisors of
Banks will be placed in control.

OPENING OF WASHINGTON OFFICE BY U. S.
COUNCIL OF STATE BANKING ASSOCIATIONS.
Letters announcing the opening of Washington, D. C.,
headquarters by the United States Council of State Banking
Associations have been sent to all the State chartered finan¬
cial institutions in the United States and to the Secretaries
of all the State banking associations by E. G. McWilliam,
Assistant to the President of the Council. Mr. McWilliam
is personally in charge of the new office. The organization
of the Council in July was referred to in these columns

July 28, page 227, and in our issue of Aug. 17 (page 646)
we printed its articles of association.
The Washington
office plans to keep all State chartered institutions advised,
in advance, of legislation affecting them, and to seek their
advice regarding the same.
The following is the letter to
the State institutions:
UNITED STATES COUNCIL OF STATE BANKING ASSOCIATIONS.
Union Trust Building, Washington, D. C.
To the State

October 30

1—:

Depreciation in Value of Neutral Securities on the London Market.
On several occasions we have pointed out In our review
the close relation
existing between the price of the securities of neutral countries dealt in
on the London market and the rates
of exchange of the pound
sterling in
those countries.
Neutrals abroad have been steady buyers of their
own
securities in this market, in order to take
advantage of the great profit
yielded by the depreciatiou of the pound sterling on their
respective
markets.
The following table will show the depreciation
referred to
above, and, as the pound sterling still further appreciates, so a further fall
in the price of the above securities can be
anticipated:

The

foreign exchanges at the present time may almost be termed the
barometer of neutral opinion in respect of peace, and it has been quite
easy to forecast the trend of the exchange during the past month.
Rates
seem to have reached a point now when
any further appreciation of the
pound sterling seems to be dependent on peace prospects.

■'

Banks, Trust Companies and Savings Banks of the United States:

The Council of State Banking Associations was organized to
provide a
medium for the direct expression of the sentiment of State chartered finan¬
cial institutions upon matters of legislation affecting State banks,trust

companies and savings banks.
The Articles of Association of the Council (copy of which was sent to
you) provide that any association of State banks may become a member,
and that each State shall be represented upon the Council by three, repre¬

senting respectively the State banks, trust companies and savings banks.
The executive body of the C ouncil is a committee composed of one from

[Vol. 107

THE CHRONICLE

1956

each Federal Reserve District, elected by the representatives from each
district.
At the organization meeting of the Council, which was held In St. Louis

July 15 1918, representatives of thirty States participated, and the officers
and members of the executive committee were elected.
The headquarters of the Council have been established at the above
address with the undersigned personally In charge.
Thus the State chartered financial institutions of the countary are fur¬
nished direct representation for constructive work at the National Capital.
In its capacity as representing only State chartered institutions the
Council of State Banking Associations will not be subject to that embarrass¬
ment which might accrue were it attempting to represent all classes of

the entire Dominion.
The influenza epidemic was a most severe adverse
factor.
The conclusion of the armistice and the ensuing celebration inter¬
fered with the campaign to some extent, but were on the whole. I think,
rather helpful than otherwise.
Notwithstanding all drawbacks

financial institutions.

Every State chartered institution will be advised by this office, in ad¬
of proposed legislation affecting them and their advice sought. This
will be earnestly considered and prompt action taken by the Executive
Committee which also constitutes the Legislative Committee.
In this connection it ts hoped that by close co-operation with the Federal
Reserve Board legislation will be secured which will permit all State banks
(the character of whose business makes them eligible) to become members

and

vicissitudes, however, the loan went gloriously over the top.
Its success insures the liquidation of all floating indebtedness of the
Dominion as well as providing funds to meet the expenses of demobilization
and credits tor the purchase of our agricultural and manufacturing products

during the period of reconstruction. Canada will enter this most important
period splendidly equipped financially as the result of the Victory Loan.
To all the agencies that so powerfully assisted—the press, the pulpit,
the various women’s and other organizations, the great financial, the
railway and other institutions, and to workers and helpers, I express m
most grateful thanks.

The

vance,

Of the Federal Reserve system.
The Council is financed through the various State associations, with
Which all State banks, trust companies and savings banks are urged to
affiliate.
There is. therefore, no additional assessment on individual banks
for the service the Council will render.
The co-operation of the Secretary of your Association has been solicited
to the extent of arranging for the election at the next gathering of your
Association of properly accredited representatives of the State chartered
institutions of your State to attend the next annual convention of the
Council which will be held only after all State conventions have convened.
Will you be good enough to get in touch with the Secretary of your State
Association and offer your suggestions in regard to how this may be most

at this time, indicating your attitude

totals for the

capita:

per

*676.057,867 Montreal (city and Isl.) *143,433,050
329,679,000 Quebec (outside Mont¬
32,000.000
real)
144.946,100

Canada
Ontario
Toronto

30.600.000
35.396,667 Nova Scotia
2,700.000
18,189.600 Prince Edward Island._
23,889.000 Dominion total for whole
campaign last year..*420.000.000
43,639,900

Alberta

toward

16.500.000

New Brunswick

Other Provinces—
British Columbia

conveniently consummated?
The Council is very earnest in its desire to render real service to the State
chartered institutions of the country.
This service will be effective in
proportion to your co-operation. Write us, therefore, of all matters in
which you think this office may be of service and respond promptly to
every communication from the Council in order that we may have the bene¬
fit of your advice and proceed accordingly.
It seems proper to state that in establishing an office in Washington
the Council did not have in view the creation of an agency to advocate
legislation designed merely to give one class of banks, or banks In one local¬
ity. an advantage over others, but rather to assist as far as possible in the
constructive development of our banking laws to the end that our banking
resources may continue to meet the abnormal demands made upon them.
When legislation is introduced in Congress which affects or may affect
State chartered institutions an endeavor will be made to furnish the appro¬
priate committee of Congress with the information it should have in order
to reach a proper conclusion, and this office will also, as stated, endeavor
to keep the State institutions informed of any proposed legislation which
may affect their interests: so that through the medium of the Council the
views of those affected may be presented for consideration.
It is believed that the interests of all banking institutions can be best
served by adhering strictly to a policy of intelligent co-operation in the
matter of legislation.
An expression from you

following table gives the approximate

various Provinces, with the Province of Ontario leading
with an estimated total of $329,679,000, representing $131 60

Saskatchewan
Manitoba

In the number of

the most widely

subscribers this loan is said to have been

distributed of

any

loan floated.
NEW

CANADA REMOVES RESTRICTIONS ON
MUNICIPAL SECURITY ISSUES.

On Nov. 19 it was announced at Ottawa that war-time
restrictions had been rescinded on the issue of securities of

commissions and

provincial governments, municipalities,

local governments.
Under an order-in-council issued last
December it was provided that such issues could be made or
sold only with the approval of the Minister of Finance.
The object of the order was to conserve the Canadian finan¬
cial market for war issues of the Dominion Government to

prevent issues

being made for purposes which might well be

deferred till the end of the war. Provision was also made,
however, for issues considered essential.
On the recommendation of the Minister of Finance, an

order-in-council has now been passed which provides that
the issues mentioned can be made without his consent be¬

ing

necessary.

The Minister, it is pointed out,

regards

longer necessary that war-time restriction should be
the placed on the borrowings of these public bodies.
quality of its service.
The restrictions still stand in so far as the issue of se¬
E. G. Me WILLIAM, Assistant to the President.
curities and stocks of corporations are concerned. But
November 13 1918.
In the letter, which has also been sent by him to the the Montreal “Gazette” thinks it probable that they will
Secretaries of the State banking associations, Mr. Mo- also be removed at an early date.
this movement, will be greatly appreciated and we assure you that it
be the endeavor of this office to merit your co-operation through

will

as no

William says:
Enclosed you will find copy
State bank, trust company and

of a letter which has been mailed to each
savings bank in the United States, explain¬

ing the plans and purposes of the United States
Associations.
We especially

FRANCE

Council of State Banking

desire the co-operation of the State chartered institutions
the Council and

in your State, first in the matter of electing delegates to
second in financing the Council.
1. The Council is composed of three from each State,

APPROPRIATES $680,000,000 FOR
TION TO A STATE OF PEACE.

Dispatches from Paris Nov. 21 stated that
Ministers had approved three decrees to
from a state of war to a state of peace.

TRANSI¬

the Council of

facilitate passing

The decrees pro¬
vide for taking inventories of establishments doing war
spectively the State banks, trust companies an$ savings banks. It is
earnestly desired, therefore, that at the earliest possible moment repre¬
work, prescribe regulations for the transition period and
sentatives of the State chartered institutions in your Association shall
provide for reduction or suspension of war contracts and the
meet for the election of a State banker, a trust company man ami a savings
substituting of peace contracts. The Council authorized
banker who will represent those institutions of your State at the next
meeting of the Council, which will be held only after all State conventions
the expenditure of $360,000,000 in Paris for railway work,
have been held next year.
$200,000,000 for the ports, bridges and road construction;
2. It is proposed to finance the Council upon a basis of the resources
$100,000,000 in the communes and provinces for public
of the State chartered institutions in each State.
For the first year a
representing re¬

budget of *50.000 has been established, which upon the above basis is
approximately *2 25 per million of resources of State institutions, or
*_.
for your State, which amount, we trust, your Association may see
its way clear to appropriate for this purpose.
Mr.
is the member of our Execu¬
tive Committee from your district, and, if he has not already done so,
undoubtedly will communicate with you in the near future.
In the mean¬
time, will you be good enough to take steps toward securing action upon
the above matters by the executive body of your Assi»ciation?
We are preparing to render a real service to the State institutions of
each State.
If our service is to be of that practical value which we anticl*

pate,

must have the hearty co-operation of those
May we count upon you?

institutions in your

works, $20,000,000 for use during the period
ment and $400,000 for labor exchanges.
The
merce

cablegram also said that the

of unemploy¬

Parliamentary Com¬

Committee had that day heard a

preliminary outline

by Senator Jules Siegfried of the general principles of France’s
economic program. The committee adopted unanimously
a resolution expressing the belief that “the most favored
nation” clause in the matter of tariffs should not be included
in future commercial conventions.

Association.

CANADA'S SECOND VICTORY LOAN A SUCCESS.

Figures revised to 11 a. m. Nov. 19 give the total subscrip¬
tions to Canada’s Second Victory Loan as $676,057,867.
As will be recalled, the Dominion asked for a minimum
of $300,000,000 with the right to accept all or any part of

subscriptions in excess of that sum.
Sir Thomas White, Minister of Finance, in expressing his

gratification and thanks to all who helped, said in a speech
at Ottawa

Tuesday night:

It has been a triumph for the Canadian people.
The announcement
that Canada had more than subscribed her last and greatest Victory Loan

will profoundly impress the world as to our economic soundness and finan¬
cial strength after more than four years of war.
I am more grateful than I can say for the splendid response of the public
and for the magnificent work of the Victory Loan organization throughout

ASKING FOR MARGINS IN NEW YORK
MONTREAL.

FUNDS AT

In advices from Montreal on Nov. 15 “Financial America”
referred to a disposition on the part of Montreal repre¬
sentatives of some New York brokerage houses to insist on

margins in New York funds in place of Montreal funds
owing to the loss through the discount on Montreal funds in
New York.

It quotes

the Montreal “Star” as saying:

recently Increased marginal requirements of New York stock market
branch offices here have added to the difficulties of the exchange problem,
according to the bead of a large New York office here.
New York houses have been accepting Montreal funds as margins on
transactions in New York market as a result there has been considerable
accumulation of these funds here.
These have to some extent been converted Into high-grade Canadian
securities which in part have been accepted as stock collateral in New York
The

Nov. 23 1918.]

THE CHRONICLE

but there is said tc be a limit to which this process may
proceed as brokers
desire to avoid getting tied up too tightly in that connection.
The situation is said to have come to the pass that some local branches

requiring that additional margins be furnished in New York funds in
place of Montreal funds.

are

This

means that the trader will have to assume the loss of the
exchange
premium in place of the brokerage house. The rate of exchange has been
hovering around 2% premium for a long time and in transmitting consider¬
able sums to New York for margins the local offices have been
assuming

considerable loss.
Now chat the margins have been increased to a considerable extent the
the problem has been increased to the point where, as stated, some offices
have decided to take action to obviate this loss.
The manager of one office said that so far he had not reached the point
of insisting on New York funds as margins, but he knew of some cases
where this had been done.
He admitted, however, that the matter was
giving him cause for a good deal of careful thought and some anxiety.
He instanced the peculiar attitude of traders in their treatment of this
problem. One of them drew on his office for a good-sized sum in New
York funds thus getting the benefit of the prevailing premium which
added that much to his trading profits.
On the other hand the same party
had been supplying margins for his account in Montreal funds thus playing
the firm to a proportionate disadvantage.
“Would this party,” he asked,
“have been satisfied to accept New York funds if they haa happened to
be
at a discount in place of a premium?”
“Not much.” he added.

RECONSTRUCTION UNDER WAY IN ITALY.

1957

it due to any special cause in the allotment of its loans, the Committee of
the New York Stock Exchange will be vary glad to have that firm
appear
before it and explain the facts, and if the facts justify a modification
it
will be granted.

The committee representing the Association of Stock
Exchange Firms is composed of:
Sol Wexler, Vice-President of the Association of Stock Exchange
Firms,
and of the firm of J. S. Bache Sc Co.; James L. Laidlaw of Laidlaw Sc
Co.;
John H. Holden of Babcock, Rush ton Sc Co.; Albert McClave,
of the Association of Stock
Sc Co.

President
Exchange Firms and of the firm of McClave

CAPITAL ISSUES COMMITTEE TO CONTINUE SUPER¬
VISION OF SECURITY ISSUES.
It was announced this week that it has been agreed by
Secretary of the Treasury McAdoo and members of the
Capital Issues Committee that the latter should continue
indefinitely its function of supervising proposed issues of
stocks and bonds for capital purposes, in order to facilitate

preparation for future war loans. The matter was discussed
at general conferences this week—on the 19th and
20th;
following the meeting of the 19th when a meeting of chairman
of Federal

Reserve Banks and members of the Federal

Italy has embarked on a definite reconstruction program Advisory Council was held in
Washington the New York
and nearly three and a half billion lire have been appro¬
“Times” said:
priated to carry it otit, according to an official dispatch
The verdict was that, in view of the fact that the financing of the Govern¬
from Rome, received at Washington on the 20th.
Measures ment would require from $8,000,000,000 to $10,000,000,000 in 1919 to
have been adopted to permit all war factories to resume clean up war obligations, there should be a controlling restriction on the use
of credit, gradually relaxing as the need for the
of our soldiers
peace production immediately.
One billion eight hundred returning from overseas and the requirementsemployment
for the transfer of war
million lire has been designated for railway reconstruction, workers to peace-time industries developed.
The opinion was expressed that capital should be released in the first
one billion for public works and
drainage of harbors, five instance
to those industries that represented essential peace-time needs;
hundred million for other works of public utility and one that preference should be
given to those improvements that had to do
hundred million to cope with the situation created by the with public health and public safety ; for the installing of systems that
would give better police and fire protection; for the building of needed
large numbers of unemployed.
highways, and for irrigation and drainage improvements. The putting
The dispatch also quoted Food Commissioner Crispi as
up of monumental buildings, it was thought, should be discouraged for the
saying that because of the addition of nearly 5,000,000 peo¬ present.
With the exception of San Francisco and Dallas, Texas,
ple to Italy’s population by reason of the Austrian evacua¬
tion, further restrictions on food rations would be neces¬ the Chairman of every Federal Reserve Bank was present
sary.
The large stock of food supplies accumulated will be and in addition prominent bankers from all over the country
insufficient, Commissioner Crispi believes, in view of this were present at the meeting, these including J. P. Morgan
addition to the population, along with the feeding of about of New York, J. B. Forgan of Chicago and A. A. Jackson of
900,000 Austrian prisoners in Italy and the numbers of Philadelphia. Press dispatches from Washington on Nov.
Austrians that are surrendering daily as the armies of oc¬ 20, in referring to the decision of Secretary McAdoo and
members of the Capital Issues Committee, that supervision
cupation complete their task.
be continued, following the meeting on that date, said in
„

part:

FURTHER SHIPMENT OF SILVER TO INDIAMELTING OF SILVER DOLLARS.

Despite th
mittee in

A further

000,

shipment of silver, amounting to about $2,000,made by the New York Assay Office on the 20th.

was

Like the

of the 6th inst., for $3,000,000, it was

one

con¬

signed to Calcutta, India, for British account. Large
shipments of silver are also reported from other cities, for
instance, a third shipment, amounting to $4,000,000, was
made from Philadelphia this week, making a total of $12,500,000 shipped thus far in November, compared with
$5,000,000 in October.
According to Washington advices of Nov. 21 more than
150,000,000 silver dollars have been taken from the Treas¬
ury vaults in the last few months and melted into bullion for
export to India and other Oriental countries, where large

quantities of silver for small coins are needed to pay soldiers
A Treasury report on the 21st showed that

and for trade.

the fund of 490,000,000 silver dollars in the vaults six months
ago

has shrunk to $338,368,000.

As fast

the dollars have

been melted down, silver certificates, based on the coin,
were withdrawn from circulation and their place has been
taken largely by new $1 and $2 Federal Reserve notes.
In the last month the melting has gone on at the rate of

$4,000,000

The silver has been shipped across the
a week.
continent, to Pacific ports secretly from time to time in
heavily guarded express trains.

decision to continue the activity of the Capital Issues Com¬
effort to suppress fraudulent securities which promoters would

seek to exchange for Liberty bonds held by small purchasers, considerable
doubt over the future status of the committee still exists in the mind of

Secretary McAdoo and other Treasury officials, it was said.
Some advocate that Congress be asked to give the committee compulsory
which it now lacks and without which it is feared it cannot make its
restrictions effective after the ardor of war-time co-operation among busi¬
ness interests has cooled
power,

Others suggest that the functions of the committee be taken over by a
agency, to wnich the President might delegate his power, con¬
ferred by the Fourth Liberty Bond Act, to regulate the sale of Liberty
Bonds.
In this manner it might be possible to require promoters who
exchange their securities for Liberty Bonds to report regularly tbe amounts
of bonds thus taken in and these reports, it is feit, might act as a restrain¬

Treasury

ing

influence.

Members of the Capital lssue»
selves as individually anxious to
up questions of relaxing their past
of bonds for public improvements

Committee, although expressing them¬
relinquish their duties, agreed to take
strict regulations to permit the floating
by States, counties and municipalities,
and to facilitate the construction of buildings in regions where materials
and labor are available without detracting from more essential Govern¬
ment projects.
In other words, the committee now intends to work out a systematic
program for permitting the financing of enterprises which will take up the
slack in industrial and labor fields caused by cessation of war activities.
This policy, when formulated, will be set fortn in a statement by the
committee.
This may be issued within a few days.
Special effort will be made to discourage the floating of .questionable or
highly speculative security issues, although without authority to coerce
promoters, the committee must rely mainly on the co-operation of invest¬
ment bankers and other banking interests whose leaders have assured the
committee of support.
Another difficult problem of late war financing confronting the Trea ury
is the maintenance of the extensive war savings organization, built up

during the last

MONEY
In

RESTRICTIONS ON STOCK
LOANS TO CONTINUE.

stating that the present restrictions

loans

are

(named

EXCHANGE

Stock Exchange

with thousands of men and women giving their time
compensation. Mg,ny of these workers no#
wish to be relieved of their duties, but the Treasury is urging them to
stay, both to aid in gathering two billion dollars in the campaign of 1919,
and to preach the doctrine of continued thrift.
to

the

year

movement

without

be continued for the present, the Committee

Oct. 30 by the Association of Stock Exchange

Firms to take up with the committee appointed by the Stock

MR. McADOO RESIGNS AS SECRETARY OF TREASURY
AND DIRECTOR-GENERAL OF RAILROADS.

Exchange various questions arising from the restrictions of
the so-called Money Committee) says under date of Nov. 15:

Recent
McAdoo

The Committee has had

conference with the Stock Exchange Com¬
pleased to announce that this delicate question
handled by the Stock Exchange Committee in a most satisfactory

mittee and
has been

we are more

than

manner.

A number of the firms have made

inquiries of us as to whether there is
possible chance of removal of the restrictions placed on loans.
We
desire to tike this opportunity to state that at the present the restrict on
will remain.
IT, however, any firm thinks that an injustice has been done
any

that Secretary of the Treasury William

G.
resign were confirmed yesterday. The
Secretary’s note of resignation was dated Nov. 14, and in
brief explained that the strain of his official duties during
six years had endangered his health, which required rest for
recuperation.
He also explained that the cost of living in Washington was
so great and the salary of a Cabinet officer so moderate that
rumors
was

1958

THE CHRONICLE

he had been forced to draw upon his private fortune for his

FINAL FIGURES FOR FOURTH LIBERTY LOAN.

expenses.

He therefore asked to be relieved of his duties as Secretary
of the Treasury as soon as the President could appoint his

and to be relieved of his duties as Director-General
on Jan. 1 or earlier.
President Wilson replied with an appreciative letter ac¬

successor,

of Railroads

cepting the Secretary’8 resignation as requested.
FIFTH LIBERTY LOAN TO BE OF SHORT MATURITY-

BANKERS'

VIEWS AS TO

According to

SHORT MATURITIES.

announcement of Secretary of the Treas¬

ury McAdoo on Nov. 19, bonds of the Fifth war loan, to be
offered probably in the spring, and which it is reported may
be styled the “Victory Loan,” will be of short maturity.
While Mr. McAdoo has not given any indication as to the

length of the term, his announcement has been interpreted
in some quarters as meaning five years or less. The Secre¬
tary’s statement in the matter said:
In

Approximate final figures for the Fourth Liberty Loan
show subscriptions close to seven billion dollars—$6,989,047,000—this representing an over-subscription of $989,047,000,

16.48%. The latest figures were made public on Nov. 19.
Every Federal Reserve district exceeded its allotted quota in
the recent campaign.
Including the Four Liberty Loans
and the War Savings stamps, the nation has raised in the
last eighteen months of the war $17,852,000,000 in popular
loans, and this does not take into account over-subscriptions
which W'ere not accepted.
The items included in this total
are First Liberty Loan, $2,000,000,000; Second Liberty Loan,
$3,808,766,150; Third Liberty Loan, $4,176,516,850; Fourth
Liberty Loan, $6,989,047,000; War Savings stamps, $879,000,OCX). The following are the approximate final figures of
subscriptions to the Fourth Liberty Loan:
or

District—
Boston..
Richmond
Cleveland
Dallas

Minneapolis

country would be best served by the issue of bonds of short maturities, and
that that would be the pclicy of the Treasury.

Chicago.

Short term bonds, Treasury officials feel, would be bought

readily than those of longer maturity.
Liberty Loans range between 10 and 30 years.
war obligations mature as follows:
more

Previous
Existing

First

Liberty Loan, $2.000.000.000, redeemable at the option of the
Treasury after 1932, and payable not later than 1947.
Second Lil>erty Loan. $3,808,766,150, redeemable after 1927, payable
in 1942.
Third Liberty Loan, $4,176,516,850, redeemable and payable without
option in 1928.
Fourth Liberty Loan, $6,989,047,000, redeemable after 1933, payable
in 1938.
War Savings. $879,330,000, up to the present payable in 1923.
It is pointed out that with this program of maturity, the Treasury,

exercising its option, can call in the nation’s war debt for redemption in
Installments every five years until 1947.

It is pointed out that with this program of maturity, the
Treasury, by exercising its option, can call in the nation’s
war debt for redemption in installments every five years
until 1947.
With regard to the approval voiced by New York bankers

generally of Secretary McAdoo’s plan for short-term bonds,
the New York “Evening Post” of Nov. 20 said:
The announcement of William G. McAdoo,

published this morning, that

Secretary of the Treasury,

“it

was entirely clear that the moment had
come when the Interests of the Government and the country would be best
served by the issue of bonds of short maturities, and that that would be the

policy of the Treasury,” confirmed the view long entertained by leading
New York bankers

as to

what should be the character of the next Govern¬

ment loan.

Emphasis was laid to-day on the act that a short-term issue
should prove reassuring to the holders of the older Liberty bonds, since
they would have the knowledge that there would be no further depression
of bond prices through the sale of long-dated issues.
All objections to the flotation of short-term bonds have been removed
with the ending of the war, according to a banker who is a member of one
of the Liberty Loan sub-committees.
Until now, uncertainty as to whether
the war would be greatly prolonged deterred the Tresaury from placing on
the market a short-dated bond, which might mature while the war was still
in progress.
In

banking quarters, a bond maturing in even less than five years
is suggested.
Until the time of offering, the Government’s needs could be
financed by the use of Treasury bills, sold to the banks.
It was learned
to-day that a movement is on foot to persuade Individuals to buy these
certificates in increasing amounts from the banks, thereby relieving the
pressure on the financial institutions.
“The next bond issue will have to be on a business basis,” was a state¬
ment commonly made by investment bankers.
It was pointed out, how¬
ever, that this would not necessarily require an increase in the interest
rate, since other attractions might be offered.
A rate of 4H% was sug¬
gested, though most bankers declined to express any opinion on this point.
Whether the bonds will be sold in an intensive campaign, like the several
Liberty Loan drives, or in continuous offerings over the counter—a method
that has been highly successful in England—is a question that is arousing
much interest in Wall Street.
In circles close to the publicity department
of the Liberty Loan Committee, the conviction is expressed that an inten¬
sive drive will be required.
In fact, it was intimated that tentative prepara¬
tions have already been made for such a drive, though it was admitted that
these might be abandoned later.
Moreover a drive and a continuous offer¬
ing might be combined, as in England.
some

Francis L. Hine, President of the First National Bank of
this city, has been quoted in the matter as saying:
Secretary McAdoo is, in my judgment, exceedingly wise to discontinue
the issuance of long term bonds.
The investment market would readily
absorb a large amount of serial notes maturing in from one to five years.

According to the New Y'ork “Tribune” of Nov. 21, Mr.
Hine pointed out that inasmuch as it is likely that the Amer¬
ican market will be asked to absorb a large amount of British
short-term bills in the not distant future, it is good business

policy to create a United States Government short-term se¬
curity that will be sold not through patriotism alone, but
through its intrinsic merit as well.

Quota.
$500,000,000
280,000,000
500,000,000
600,000,000
126,000,000
210,000,000
402,000,000
260,000,000
1,800,000,000
192.000,000
260,000.000
870.000,000

Philadelphia

Inquiries as to future bond Issues by the Government,
Secretary McAdoo said that, though it was not yet possible to estimate
when or wh^t amount further issues of bonds must be made to cover
remaining expenditures growing out of the war, it was entirely clear that
the moment had come when the interests of the Government and the
answer

[Y«l. 107

San Francisco
St. Louis.
New York...
Atlanta
Kansas City

Total
United States Treasury

Subscribed.
$632,221,850
352,688.200
598,763.650

Per Ct.
126.44
125.95
119.75

702.059.800
145,944,450

117.00
115.82

241.628.300

115.06

459,000,000
296,388.550
2.044.778.600
217,885.200

114.17
113.99
113.59
113.48

294,649,450
969,209,000

113.32
111.40

$6,000,000,000 $6,954,875,200
33,829,850

Total

$6.989,047.000

116.48

$2,044,928,600 RAISED IN NEW YORK FEDERAL RE¬
SERVE DISTRICT FOR
Announcement

was

FOURTH LIBERTY LOAN.

made

Nov. 16 that the total sub¬

scription for the Fourth Liberty Loan in the Second Federal
Reserve District was $2,044,928,600.
The quota was $1,800,000,000, so the oversubscription amounted to $244,928,600, a sum which will be increased as the result of compiling
of late reports that are yet to come in.
The total subscrip¬
tion for Greater New York was $1,482,078,650.
The quota
was
$1,334,082,400; the oversubscription, $147,996,250.
The total subscription for Manhattan was $1,353,449,550.
The quota was $1,236,605,800 and the oversubscription
$116,843,750.
The Second Federal Reserve District includes all of New
York State, the twelve northern counties of New Jersey
Fairfield County, Connecticut.
This district is divided

and*
into
a Metropolitan District, made up of Manhattan, the Bronx
and Brooklyn, and eight sub-districts.
Queens and Rich¬
mond are in Sub-district 8, but totals of subscriptions for
those boroughs are included in the total given above for
Greater New York.
The total subscription officially reported to the Federal
Reserve Bank for the Second Federal Reserve District of

$2,044,928,600 is equal to 114% of the quota. The percent¬
age of the quota subscribed in the corresponding period of
the Third Liberty Loan was 124%.

The following

are

the

totals for New York City:
Quota.
$1,236,605,800

Manhattan

79.233,800
9,434,700
6,634.200
2,173,900

Brooklyn
Queens
Bronx
Richmond

New York City

The totals

$1,334,082,400

by sub-districts

No. 1 (Buffalo)
No. 2 (Rochester)
No. 3 (Syracuse and Utica)
No. 4 (Binghamton)
No. 5 (Albany)
No. 6 (Long Island outside N.Y.C)
No. 7 (Northern New Jersey)
No. 8 (Fairfield
County, Conn.;
Westchester and Rockland Coun¬

ties. N. Y.)
Total outside
Total for District

NEW
In

are as

Total
% of
Subscriptions. Quota.
$1,353,449,550 109%
100,469.650
127%
17,331,900
184%
5,751,800
86%
5,075,750 233%

$1,482,078,650

111%

follows:

Quota.
$87,253,400
42,214,800

Total.

18,900,000
69,382,000
10,841,400
143,850,000

44.509.300
62.240.300
21,512,900
76,116,150
18,982,950
194,453,150

%
107%
105%
107%
114%
109%
175%
135%

35,332,400

51,712,600

146%

58,143,600

$93,322,600

$465,917,600

$562,849,950

120%

$1,800,000,000

$2,044,928,600

114%

YORK FEDERAL RESERVE BANK ON FOURTH
LIBERTY LOAN SUBSCRIPTIONS.

given to the press on Nov. 18. the New York
stating that the total amount of
subscriptions to the Fourth Liberty Loan in District No. 2
w^as $2,044,928,600, added that the total might be still fur¬
ther increased when the final report is made.
The subscrip¬
tions paid in full amounted to $1,422,001,550, leaving a
balance of approximately $621,000,000 to be paid at the
designated later dates. Concerning the installment pay¬
a

statement

Federal Reserve Bank in

ments due
On

this week, the bank said:

Thursday Nov. 21 partial payment will be due, amounting to ap¬
proximately $132,000,000. of which the banks will pay part in cash, or

Nov. 23

1918.]

THE CHRONICLE

book credit and part by payment with United States certificates
of in¬
debtedness maturing Nov. 21 and those maturing Dec. 5, which have been
called for payment.
Of these certificates there were issued in this district of the Nov.
21 ma¬
turity $211,714,000, and of the Dec. 5 maturity $207,287,000.
It is understood that banks will use their certificates of indebtedness of
these two maturities, Nov. 21 and Dec. 5, to as great an extent as
possible
in making their bond payments on Thursday.

ADJOURNMENT OF CONGRESS.
The second session of the 65th Congress, which began on
Dec. 3 1917, was brought to a close at 5 p. m. on Nov. 21
under a resolution adopted earlier in the day by the Senate

by a vote of 41 to 18, and by the House without objection.
Adjournment had been arranged by Democratic and Re¬
publican leaders of the Senate and House on the 18th, and
was decided upon for the two-fold
purpose of enabling mem¬
bers to secure travel mileage allowances and to prevent the
late session from merging with the third and final session of
the 65th Congress, which will open Dec. 2.
Ending of the
session on Thursday was agreed upon after the Senate
Finance Committee had decided that it could not report the

1.Reform

revised six-billion-dollar war revenue bill before the date for
the beginning of the new session. The adjournment lacked
the spectacular features which usually mark the conclusion
of a session.
President Wilson did not go to the Capitol
because no legislation requiring his action was passed by
either body and only small groups of members and spectators
waited tor the falling of the gavels of Vice-President Marshall
and Speaker Clark.
Very little business wras transacted in
either House during the day, most of the Senate’s time being
taken up in spirited debate, while the House, after
passing
the adjournment resolution, recessed until just before 5
o’clock.
The usual committees from the Senate and House
waited on the President, and were advised that he had no

communications to make.
Except the War Revenue Bill,
little business was left unfinished by Congress. During the

period before the

new

session

opens,

the Senate Finance Com¬

mittee will endeavor to complete revision of the revenue
measure while House committees work on the
appropriation
bills to come before the next session, which expires by limi¬
tation next March 4. For length, bulk of appropriations for
the war, and the number and importance of legislative meas¬

passed, the session which closed on Thursday was re¬
garded by leaders as unprecedented. Appropriations passed
aggregated $36,298,000,000, making the total for this Con¬
gress more than $55,000,000,000, of which $19,412,000,000
was appropriated at the first—an
ext’-a—session, at which
war was declared on
Germany.
ures

PROPOSALS REGARDING

PENDING

WAR REVENUE

BILL.

The recommendations of Secretary of the Treasury
McAdoo for the downward revision of the pending war
revenue bill whereby it would yield not
exceeding $6,000,-

000,000 instead of the $8,000,000,000 provided for in the
bill as it passed the House, were formally accepted by the
Senate Finance Committee on Nov. 16. Experts of the
Department were requested on the 16th to make estimates
of prospective revenue to be derived from schedules already
modified, and it was asserted that as soon as these figures
were
available, the committee would proceed with the
remainder of the bill.
It was stated by members of the
committee that probably, many, if not all, of the so-called
luxury taxes would be eliminated. On the 16th the com¬
mittee tentatively reversed its previous decision to include
individuals and co-partnerships in the same class as corpora¬
tions under the excess profits schedule. The new plan is
to make the excess profits tax apply to co-partnerships but
not to individuals.

On Monday, the 18th, the Committee
advised party leaders that in view of the fact that the war
revenue bill would have to be carefully considered and in
some of its features largely rewritten as a result of the recom¬
mendations of Secretary McAdoo that the total estimated
revenues be reduced to $6,000,000,000, it would be impossible
to report the measure before the 1st of December.
The
Committee on the 19th held no session in order that Chair¬
man Simmons and experts of the Treasury Department

might devote the day to consideraing amendments made
On
necessary by Secretary McAdoo’s recommendations.
the 21st inst. Chairman Simmons presented to the Committee
an outline of the proposals with regard to the measure; in
this he urged:
tfcie bill so as to raise for the fiscal year 1919 $6,000,000,000,
and for the fiscal year 1910 S4.000,000.000. in accordance with the estimate
of the Secretary as to the requirements of the Government for these years

respectively.

1959

2. Retain in the bill the income, excess profits, and war
profits r .tes in
the House bill, with the exception of the 6% differential
upon the undis¬
tributed earnings of corporations.
The elimination of this 6<£ dif erential,
together with other changes made by the Senate with reference to amor¬
tization, depletion, &c., would reduce the revenue to the Government from
these sources to approximately $5,000,000,000 for the fiscal year 1919.
While these taxes will be paid in the year 1919, they will be based
upon the
incomes and earnings for the calendar year 1918.
These earnings represent¬
ing war profits have, in the main, been collected and are in pocket, and it
is felt that they should pay the big increases proposed.
3. That the additional $1,000,000 000 required be raised from the other
sources of taxation contained in the
pending bill as amended by the Senate.
4. Eliminate altogether the 20% tax imposed upon the price of articles
sold in excess of certain fixed prices.
Retain the Se ate amendment as to

inheritance taxes.

Retain the other excise, special, and miscellaneous
provided in the bill as amended in the Senate, which ere. in the main,
those of the House bill, but where the House bill rate is in excess of the rate
of the present law, change the rate so as to provide a rate averaging about
33 1-3% in excess of the rates imposed in the existing law.
In cases of new
taxes

sources

of taxation of this character, included either in the House

Senate

bill, change the rate so as to conform to this scheme of reduction.
In obtaining this general average of 33 1-3% increase from the rates of
the existing law, it is planned that the range of increase will run from 25 to
40 %.
The theory upon which the income and profit taxes are differentiated
from the excise, special, and miscellaneous taxes of the bill is based
upon the fact that in the case of incomes and excess profits the taxes for
the present fiscal year will be levied upon incomes made during the cal¬
endar year 1918, whereas in the case of the

other taxes

the increase will

apply chiefly to transactions taking place during the calendar

year

1919,

since the termination of war conditions.
5. That for the year 1920 the reduction of $2,000,000 000 be accom¬
plished through the elimination of the war profits tax and the reduction of
the normal individual incomes and the corporation income tax to 8%
and a reduction of around 33 1-3% from the excess profits tax proposed in
the Senate bill as now drafted.
or

In a statement issued on Nov. 15 with regard to Mr.
McAdoo’s conference with the committee od the 15th,
Chairman Simmons said the Secretary’s estimates of $18,-

000,000,000 of Government expenditures next year, and of
probable reductions by 1920 which would make possible re¬
duction of the tax bill to about four billion dollars, largely
are “guesswork,” based
upon all possible but incomplete

information.

Senator Simmons said:

The eighteen billion dollar estimate is nothing but an estimate and,
according to Secretary McAdoo, not much more than an enlightened guess.
It was guessed at after receipt of all possible information available at this
time.
The War, Navy and other departments cannot give any absolutely
reliable statement of their requirements and do not know what they can

lop off.

Regarding Mr. McAdoo’s estimate for reduction of taxa¬
tion for 1920 to four billion dollars, Chairman Simmons
added:
The Secretary believes it to be of the highest importance that business be
advised in advance as to what taxes it will have to pay.
He thinks if
that is not done, with a special session of Congress next year to enact

legislation, it would take five or six months and be near the end of
the year before people would know what they would have to pay.

revenue

War

plans suggested by Chairman Simmons en¬
Republicans of the
that this financial
program would not meet the requirements of the Govern¬
ment. At a special conference of Republicans it was said that
the $4,000,000,000 tax levy for 1920 would be insufficient
and if agreement is made now to the Simmons suggestions,
Republicans who will be in control of Congress during the
fiscal year 1920 will be embarrassed in running public affairs,
through a lack of funds. Republicans are said to have
stated that the great reductions in war contracts promised
by administrative officers of the army and navy will not
revenue

countered considerable opposition from
Senate yesterday.
Fear was expressed

materialize and further that these reductions will not amount
to more than $4,000,000,000 or $5,000,000,000.
The “Wall Street Journal” of the 20th inst. in stating that

the bill may go over to next year said:
Presentation of the

revenue

bill to the Senate, it how appears, may

delayed until the new year, owing to the strong opposition against some of
the measures proposed in the revision of the bill to meet changed condi¬
tions.
When Secretary

McAdoo agreed to the bill providing only $6,000,000,000
the excess pro¬
Many Senators
frankly oppose this not only because they do not wish to raise the income
taxes, but also because they resent any attempt to write into the present
bill a revenue measure operative two years hence.
They are concerned
only with whether the retrenchment program, which all are agreed must
begin at once, will not enable them to report to the Senate the present bill
as scaled down in the committee from the House bill of $8,000,000,000.
There is a decided opinion at the Capitol that it should be possible to
obtain from the departments a considerable sum remaining from the au¬
for the next fiscal year, he added the proviso, eliminating
fits taxes but increasing individual income taxes in 1920.

thorizations made with such lavish hand in the furtherance of the war

At least $2,000,000,000 it is said should be obtained by this
of the departments show a tendency
to cling to the funds which they have in order that work may be kept
going without recourse to Congress for money to be used in closing up
program.

means.

war

On the other hand, many

work

The fact that

a Republican Congress will come into power after March
4 1919. is sufficient reason for members of that party opposing any attempt
to draft legislation now that will carry over into 1920.
They propose to
write the revenue bill for that year themselves.
The fight, therefore,

against the proposed revision of the bill will be a strong one, and in some
quarters it has been said that it is not beyond the range of possibility for
the bill to be delayed until the end of the Congress, leaving the drafting of
a new bill to the incoming legislators.
It is pointed out that since the war
emergency no longer exists, it is not necessary to hasten action on the bill.

1960

THE CHRONICLE

JACOB H. SCHIFF'S SUGGESTIONS REGARDING

[Vol. 107

RETIRING OF WAR DEBT.

PRESIDENT WILSON TO GO TO FRANCE TO PARTICI¬
PATE IN PEACE CONFERENCE.

A cogent reasoning as to the manner of bringing about
the retirement of the nation's war debt has been offered by
Jacob H. Schiff, of Kuhn, Loeb & Co. His conclusions,

Official announcement that President Wilson would go to
France to take part in the discussion and settlement of the
main features of the peace treaty was made in the following

presented in response to a request by the New York “Times,” statement given out at the White House on Nov. 18:
appeared in the Nov. 15 issue of that paper. Mr. Schiff’s
The President expects to sail for France immediately after the opening
views bore on the suggestion that a sinking fund of 5% be of the regular session of Congress, for the purpose of takirg part in the dis¬
established to retire the war debt. Noting that in this way cussion and settlement of the main features of the treaty of peace. It is
not likely that it will be possible for him to remain throughout the sessions
the debt would be canceled in twenty years, he pointed out of the formal peace conference, but his presence at the outset is necessary
that this would mean that the major part of the burden would in order to obviate the manifest disadvantages of discussion by cable in
determining the greater outlines of the final treaty, about which he must
fall on the present generation.
Expressing the belief that necessarily be consulted. He will, of course, be accompanied by delegates
it would neither be wise nor necessary to hasten the process who will sit as the representatives of the United States throughout the
in so short a period, Mr. Schiff rightly says “industry needs conference. The names of the delegates will be presently announced.
The President will address Congress at the opening of his
an interval of moderate taxation in order to
prepare itself
for development and future uncertainties; the people should regular session on Dec. 2, and it is thought probable that he
have a breathing spell in which to readjust their business will leave the United States on Dec. 3 or 4.
In visiting
interests to vhat will be new conditions.” What Mr. Schift Europe the President will establish two precedents. He will
proposes is the establishment “in due time” of a very mod¬ be the first Chief Executive of the United States to partici¬
erate sinking fund, “not to be large at least for several
pate in a Peace Conference for the settling of issues growing
years
after borrowing for war and after war purposes comes to out of a war in which this country participated, and he will
an end, always taking into account that
industry must not be the first President to leave North America during his term
be affected by the requisite taxation beyond a degree
which of office. In reaching his decision to attend the Peace Con¬
it could bear.” The following are his views as printed in ference President Wilson is understood to have been largely
the “Times”:
influenced by representations from Premiers Lloyd George
No statement can be made at this time, which
by force of circumstances
of England and Clemenceau of France and other statesmen
may not likely need revision.
The country has many expenditures to meet
of the Entente countries.
The principles and terms of set¬
before the actual outlay resultant from the war may be considered in a com¬
prehensive fashion, and for this reason it Is difficult to suggest a complete
tlements enunciated by the President have been accepted by

program or retiring the debt.
The outstanding Liberty bonds aggregate
about $17,000,000,000, aside from War Savings
Stamps, but of this vast
total it must be borne in mind some $7,000,000,000
represents loans made
by the United States to the Allied nations, and the liquidation of this in¬
debtedness will be completed in due course by the borrowers.
It is quite possible that further loans and credits will need to be
made to
some of these nations.
Because of the factors in respect1 to future loans
Which may not yet be calculated, it is
necessary that one treat in rather gen¬
eral terms of the probable net war debt which the United
States will have
when the details of peace are completed.

Assuming that the issue of $10,000,000,000 additional Government
bonds proves necessary for the liquidation of the war and
for further ad¬
vances to some of the Allies, and needs for
reconstruction purposes, there
will be outstanding nearly $27,000,000,000 of the war
bonds when a
program for retiring the various issues is put into
operation.
Fi uring
upon a final total of the Allied indebtedness to us as from
$7,000,000,000
to $10,000,000,000. and
deducting this self-liquidating debt of. say, about
$7,000,000,000, there would remain some $20,000,000,000 to be finally
retired through taxation.
The suggestion that has already been
variously made for the establish¬
ment of a sinking fund of 5% of
outstanding war bonds appears to me to
involve too heavy a burden upon
industry and the Incomes of the people, at
least during the first few years after peace comes.
I believe that some sort
of sinking fund should be instituted.
There is no reason why this should
eventually not be done, although a sinking fund for so vast an amount of
bonds must be handled in a way which would not
increase taxation unduly
in the years when the nation is
readjusting itself to peace conditions.
A sinking fund of 5% would retire the estimated
$20,000,000,000 in
twenty years. The annual reservation for this would amount to
$1,000.000,000. In view of the fact, however, that the
ordinary expenditure
of the Government before the war was about
$1.000,000.000 per year, and
will probably be considerably higher for some time
after the war, an effort
to maintain so large a sinking fund
would, perforce, necessitate a wide
use of the taxing power of the Goveri.m
;nt, and in this lies danger of
adversely affecting business. It must -be rememL>tvtxi that in addition
to the usual Government expenditures there
will be the interest on the
bonds, amounting in the earlier years to
approximately $800,000,000
per
year,, and besides this the as yet unknown factor of
insurance payments
for soldiers and their families needs to be
con^ideied.
To retire the full war debt in twenty
years would
mean

part of the burden would fall

that the major

the present generation.
I do not believe
It would be either wise or
necessary to hasten t ie pro ‘ess in so short a per¬
iod.
Industry needs an interval of moderate taxation in order to
prepare
itself for development and future
uncertainties: the people should have a
breathing spell in which to readjust their business interests to what will be
on

new conditions.

I would suggest that a
sinking fund, perhaps a very moderate sinking
fund, be established in due time, not to oe
large at least for several years
after borrowing for war and after war
purposes comes to an end, always
taking into account that industry must not be affected by the
requisite
taxation beyond a degree which it could hear.
Later it might be entirely
feasible to increi.se the size of the sinking fund.
Occasionally one heats a suggestion that the borrowings by the Allied
Governments from the United States be canceled by
popular acclaim.
Fears have been expressed also that those Governments will not
be able to
pay off their obligations to the United States because of their great domestic
dents,
it appears to me that the European nations to
wnom we nave
made advances would not listen to a proposal for the elimination of
their
obligations, and, further, there is no reason w.iy t iey s .ould not be in a
position to meet the interest and ultimately retire the principal of this
Indebtedness as they recover in time from the effects of the war.
Russia
will probably be slower to recover than the others, and
pernaps also Bel¬
gium. and to tnis willing consideration, 1 am sure, will be given by the
American Government and people.
France is likely to come out of the war period in a position to recover

rapidly, despite the fact that the country has suffered so greatly. The
presence of the American army on French soil, necessitating the purchase of
vast amounts of supplies and materials of French
manufacturers, as well
as the direct daily expenditures of our soldiers, has
brougnt a stimulus
to that country which should prove of great value in her work of
rehabili¬
tation.
There also remains to take into account the large
indemnities
Which will liKely be imposed upon the Central Powers under
the peace
treaties.
Low ever, while it may even now be of
advantage to
open discussion

about the Important question how to provide for che
payment of our
debt, it would l>e premature to come to any conclusions as to this at
a

When we shall likely still have to do considerable borrowing.

war

time

both the associated nations and the Central Powers as the
basis upon which peace is to be re-established and it is under¬
stood that it is for the working out of the application of those

principles that his

presence

earnestly desired by the

Allied statesmen.
SENATOR REED IN OPPOSITION TO PEACE LEAGUE
PLAN.

Speaking before the Senate on Nov. 21 in opposition to the
League of Nations and an International Court proposed in
President Wilson’s principles of peace. Senator Reed of
Missouri declared that any arrangement that would cause
the United States to be embroiled in European troubles was
“the most monstrous doctrine ever proposed in this country.”
George Washington’s advice against “entangling alliances”
was read by Senator Reed, who declared that the United
States became the foremost nation in wealth, man power
and education because of adherence to “the teachings of
the creator of this republic.”
“Now,” he continued, “it
is proposed that we renounce our ancient policy and become
entangled in every broil in Europe of the present or that
may happen hereafter.
That is the most monstrous doctrine
every proposed in this republic.”
In declaring also an
international court to be dangerous Senator Reed pointed
out that for it to be effective it must have

force able to

combination
of the court,” he
declared, “would be able to conquer the United States,”
adding “a man who would create an army that can conquer
the United States is a greater traitor than Benedict .Arnold.”
The following dealing with the Senator’s remarks is taken
from the account of his speech appearing in the New York
“Tribune” of yesterday:
conquer any single nation in
of nations not in the league.

the world

“This

or any

army

“It is

proposed.” said Senator Reed, “that every time there is a quarrel
Europe the United States must draw hfer sword and summon our boys
from the farms and workshops to pour out their blood in wars, the causes
and reasons and settlements of which do not affect us one jot or one tittle.
in

Senators, it is
enter every

monstrous doctrine that America must

bind herself to

European quarrel.”

Mr. Reed then went back into European history, touching particularly
the straggles o' the smaller nations, and then sketched the possibilities
of wars between some of the nations emerging now. as a result of the war,
into independence.
He asked who would vote to go to war to settle one
on

of these

quarrels.

“I dare any man here to say that he would submit the Monroe Doctrine
to a tribunal of European kings,” said Mr. Reed, “or to a tribunal composed
of European nations.
What is meant by this league of nations?
It is a
dreamer’s dream.
“Ten years from now we may find our closest friend to-day an ally of Ger¬
many.
Does that sound impossible?
I want to say to the Senate that
there are many questions on which the nations of Europe would naturally
be united

by their common interests against the United J-t; tes.”
pointed to the division of Africa, in recent years, between the
European nations, particularly Great Britain, F'rance. Germany and
Portugal,
He pointed to the desires of Germany and England to expand
in South America.
He declared that Germany would be rehabilitated in
a few years, that many of the present animositites would soon pass, and
common interest might unite the European nations against the United
He then

States.

“Does any one for a moment suppose that England would yield her
mighty fleet?” he inquired, discussing both the league of nations and the
freedom of the seas.
“If she should consent to do so. any moderately
If she
powerful nation could crush her in a few months by starvation.
did not yield her rieet. and the league of nations became a fact. England
would dominate the world.

Not. 23 1918.]

THE CHRONICLE

"Merely ta think of the possibilities of the league of nations
impossibility."

would startle

any one with its

serving mankind. God has indeed been gracious. We have cause for
rejoicing as revives and strengthens In us all the best traditions In
our national history.
A new day shines about us. In which our hearts
take new courage and look forward with new hope to new and
greater

such

Senator Phelan, of California, in the last 10 minutes of the
session in the Senate replied to Senator Reed. He said
that the Missouri Senator’s argument that racial differences

nations militates against such a plan is one of the
arguments in favor of it. The freedom and democracy ac¬
corded to small nations of Europe would be worthless,
he declared, unless some agency, such as the League of Na¬
tions, is created to protect them. Senator Phelan in re¬
plying to Senator Reed’s statement that England would
not participate in such a league, said that Premier
Lloyd
George has unqualifiedly declared in favor of the plan.

among

NEW YORK OFFICE OF DEPARTMENT OF COMMERCE
ENGAGED IN FOREIGN TRADE PROMOTION.
The signing of the armistice putting an end to hostilities
in Europe acted as an immediate and powerful stimulant

duties.

While we render thanks for these things, let us not forget to seek the
Divine guidance in the performance of those duties, and Divine

forgiveness for all errors of act or purpose, and pray that in all that we
do we shall strengthen the ties of
friendship and mutual respect upon which
must assist to build the new structure of peace and good-will
among the
nations.

Wherefore, I, Woodrow Wilson. President of the United States or
America, do hereby designate Thursday, the twenty-eighth of November
next, as a day of thanksgiving and prayer, and invite the people throughout
the land to cease upon that day from their ordinary occupations and in
their several homes and places of worship to render thanks to God, the
Ruler of nations.
In witness whereof I have hereunto set
my hand and caused the seal
of the United States to be affixed.
Done in the District of Columbia this sixteenth day of November, in
the year of our Lord, one thousand .nine hundred and eighteen and of the

independence of the United States of America the

average foreign customer and who will
turn to their normal export business.

soon

be free to

By the President:
ROBERT LANSING, Secretary of State.

An announcement

issued by the New York office says:
The number of firms who

are planning serious
selling campaigns abroad
steadily increasing, and the local office of the Bureau of Foreign and

Domestic Commerce is constantly in consultation with such houses.
It is
estimated that the number of requests for assistance has doubled
during
the past month.
Although it will probably be six months or more before
there is a material improvement in the shipping
situation, the Government

facilitating in every possible way the conduct of our foreign commerce,
success in selling American goods abroad is
going to depend largely
upon the degree of co-operation which exists between the Government and
private interests, but more particularly upon the extent to which our
manufacturers and exporters utilize and encourage the Bureau of
Foreign
and Domestic Commerce.
It is planned to make the New York office
o# the Bureau the greatest foreign trade service station in the
world, and
this will be done if a sufficient appropriation is made
by Congress for in¬
creasing the Bureaus’ organization at home and abroad.
Our competitors in foreign markets have
always made scientific accuracy
a primary consideration,
while, in the past, many American exporters
have been too prone to depend upon guess-work and too
willing to take
It is the Bureau’s aim to place our export trade
unnecessary chances.
on a sound and scientific basis
by Collecting the most accurate and complete
information about foreign markets that can possible be secured.
Additi¬
onal commercial attaches are being appointed to cover certain countries
in Europe, and trade commissioners are being sent to Latin America and
the Far East.
These men will make a careful study of their respective
and

fields, and millions of dollars worth of business will
States

as a

come to

THANKSGIVING PROCLAMATION OF GOVERNOR
WHITMAN OF NEW YORK.

Governor Charles S. Whitman of New York is his Thanks¬
giving Day proclamation, issued on Nov. 18, said:
or

re¬

the United

result.

The import and export statistics of the United States, which
are compiled
by the Bureau of Foreign and Domestic Commerce, will be revised and
extended, according to a plan now being carried out. More than 1,500
new Items will be added to the
export classification, and the number of
import items shown will be materially increased.
An important phase of the Bureau’s work is the collection of
samples
of goods sold in different parts of the world.
These articles are exhibited

in the New York office at 734 Customhouse.
The merchandise on display
includes cotton goods, wearing apparel, electrical material, musical instru¬
ments, jewelry, boots and shoes, leather, canned goods, and hardware.
Through an examination of the various items shown, exporters may obtain
complete information regarding the lines in which they have to compete
with foreign shippers in the world’s markets.

one hundred and fortyWOODROW WILSON.

third.

tion obtained at the district office of the Bureau of
Foreign
and Domestic Commerce, 734 Customhouse. This active

branch of the United States Government is now being called
upon for a wide range of data concerning foreign markets
for American goods by manufacturers whose war orders
have prevented them from meeting the demands of the

mercy

and

interest in American export trade, according to informa¬

1961

Never have the American people had more cause than now for rejoicing
for the expression of profound gratitude and Thanksgiving to Him who

doeth all

things well.

While our hearts go out in loving sympathy to our own people and to
the people of the nations allied with us who have been called upon
to
mourn the loss of their nearest and dearest who have made the
supreme
sacrifice, we are thankful that our country has met the test, and that her
sons have been worthy of the
proudest traditions of the Republic.
For victory, for peace, and for blessings unnumbered, let us give thanks

Almighty God.
Now, therefore, I, Charles S. Whitman, Governor of this State, do pro¬
claim the 28th day of November 1918, Thanksgiving Day, and direct that
it be observed in accordance with the time-honored custom throughout the
to

State of New York.

A. BARTON HEPBURN ON CANCELLATION OF WAR

CONTRACTS.
In

article

the “Cancellation of Government Con¬
tracts” A. Barton Hepburn, Chairman of the Advisory
Board of the Chase National Bank of this city, points out
that the Government should at once provide the necessary
an

machinery for fairly and speedily adjusting all claims
soon

it cancels any of the war contracts.

While

con¬

ceding that “with the war over the continued making of
products, except upon the basis of peace requirements,
would be altogether wrong,” Mr. Hepburn points out,
however, that “the canceling of these contracts deprives
the corporations, at least temporarily, of a market.’ The
seeking of new markets in the avenues of peace will, he says,
take time and capital, “and hence the Government should
settle for such cancellations immediately in order that these
concerns may have the use of all their resources to meet the
conditions which the cancellationof these contracts will pre¬

cipitate, and find markets based upon the requirements of
the world at peace.
Otherwise a commercial debacle will
ensue.” Mr. Hepburn’s views are set forth in the No¬
vember issue of the “Chase” the official organ published
PRESIDENT WILSON’S PROCLAMATION DESIGNAT¬ by the bank, from which we quote as follows:
The Government has
ING NOVEMBER 28 AS DAY OF THANKS¬
GIVING AND PRAYER.

In his proclamation

designating next Thursday, Nov. 28,
day of thanksgiving and prayer, President Wilson
calls attention to the fact that “we have special and moving
cause” this year “to be grateful and to rejoice.” “Complete
victory,” says the President, “has brought us not peace alone,
but the confident promise of a new day as well, in which
justice shall replace force and jealous intrigue among the
nations.” While rendering thanks, the President likewise
counseled that Divine guidance also be sought in the under¬
taking of our new and greater duties and for the strengthen¬
ing of “the ties of friendship and mutual respect upon which
we must assist to build the new structure of peace and
good
will among the nations.” The following is the proclamation
as

in full:
By the President of the United States of America
A PROCLAMATION.
It has long been our custom to turn in the autumn of the year in

praise
thanksgiving to Almighty God for Ilis many blessings and mercies to
us as a nation.
This year we have special and moving cause to be grateful
and to rejoice.
God has in his good pleasure given us peace.
It has not
come as a mere cessation of arms, a mere relief from the strain and tragedy
and

war.

It has

come as a

great

triu^nph of Right.

Complete victory has

brought us, not peace alone, but the confident promise of a new day as
well, in which justice shall replace force and jealous intrigue among the
nations.
Our gallant armies have participated in a triumph which is not
marred or stained by any purpose of selfish aggression.
In a righteous
cause they have won immortal glory and have nobly served their nation

already carceied a number of contracts for ves¬
sels, for enlarged plants in which to manufacture war material, and for the
supplying of needful goods for the prosecution of the war. With the war
ended, the Government will cancel all contracts as soon as may be, except
for such material as may be needed for the Army and Navy on a peace
basis.
This they have a right to do by a reservation in their contracts,
and this they ought to do in the interests of the whole country; but it should
be done in a way to protect those business interests which the Government
has virtually commandeered and controlled, and for whose products they
have been in many cases the only customer, and in many more cases the
principal customer. In the interests of labor, in the interests of commerce,
in che interests of the general welfare, everything should be done to facili¬
tate a readjustment upon a peace basis without loss, at lease without avoid¬
able loss, to the various parties concerned.
Each business will require
all its capital, all its resources, in order to seek new customers and find
new channels for its product, and nothing would be more fatal than
pro¬
tracted delay on the part of the Government in making a settlement with
these various interests in accordance with the terms of their contracts.
In studying this problem, I recall an instance that came under my no¬
tice with reference to a Government contract in connection with the Civil
War.
In 1887 I was National Bank Examiner for the Port of New York.
I
found that the Continental National Bank and the Broadway National
Bank each had a loan of an amount approximating $300,030 made to a

shipbuilder by the

As collateral to the loan there was as¬
name of Secor.
signed to these banks a conrract between the said Secor and Gideon Welles.
Lincoln’s Secretary of the Navy, for the construction of ironclad war¬
ships. This contract was made in 1804 and the vessels were wanted for
use in the conduct of the Civil War, then in its third
year. •' The contract
was approved by the Admiralty Board and was in all respects regular.
The keels of the ships wore laid and the work was progressing and some
payments had been made by the Government, upon certificates of its in¬
spectors as to the amount of work done, in accordance with the terms of
said contract.
The Civil War ended in 1865, whan these vessels were about twothirds completed.
When the war closed the Government sold many
completed armored vessels, wanted no more vessels, and Congress neg-

THE CHRONICLE

1963
lected to

make appropriation for the completion of these ships, notwith¬
standing the solemn contractural obligations of tne Government. The
work done under these contracts by Mr. Secor was duly certified by the
Government Inspectors and entitled him to be paid large amounts, and
because of -hese facts loans were made to Secor by these two banks. Still
Congress failed to appropriate money to pay its contract obligations.
The appropriation would pass one House of Congress, only to fail in the
other.
Sometimes it would pass both Houses and fail in the Conference
Year after year the appropriation failed until the vessels
Committee.
rotted on the ways.
There were ascertained amounts due upon these con¬
tracts, certified by Government Inspectors.
An individual or corporation
could have been sued and forced to pay. but the Government could not be
Secor spent all he had and all he could borrow in the effort to com¬
sued.
plete his contract. He haunted the halls of Congress in wearying efforts
to get what was owing him by the Government, and finally died, of a
broken heart, bankrupt, because of the lack of common honesty in the

treatment of his claim.

Now

mark

what

happened.

A Court of Claims was subsequently

established to enable parties having claims against the Government to
present the ssme for adjudication.
These two banks, the Broadway and
the Continental National, went to the Court of Claims.
Their evidence
was

complete and conclusive and their claims

were

allowed with 4% in¬

terest, thirty years after they should have been paid, the added incerest
swelling tl ese two claims to about SI ,100.00ft.
These banks were paid

long after Feror had turned

to dust, with his claim utterly
of the continued neglect of Congress.

Individual

Congressmen

honest

refused because

and

respond to the obligations
collective body, a feeling of
individurl irresponsibility permits them to neglect a manifest duty.
These loans, when I came across them, had run over twenty-three
years without payment of cither principal or interest.
I insisted that
they were not bankable assets and should be charged to profit and loss
and I so reported to the Comptroller of the Currency, who directed that
they be charred off. The barks demurred and asked if the Comptroller
of the Currency took the position that the undisputed claim of an as¬
certained amount, evidenced by written contract of the United 8tates
Government, was not good collateral—that a loan thus secured must
be charged out of the bank’s assets.
Of cousrse, it was not a bankable
asset and should not have been included in the bank’s resources,
although
are

which law 8nd custom establish, but

was

subsequently paid.

Our Government has many contracts at the present time with very
many corporations involving hundreds of millions of dollars and em¬
bracing all lines c f roods needful in supporting an army and navy and
the various activities in- dent to the prosecution of the war.
In anticipa¬
tion of peace, the Government wisely reserved the right to cancel contracts

by making certain compensatory adjustments, by paying money to offset
the unavoidable losses which must result from the sudden
stopping of
the Government's activities, Ic-v’"’?’ concerns without customers and in
possession of large amounts of gr. s, not perhaps available for the de¬
mands of peace.
With the war over, the continued making of products,
except upon the basis of peace requirements, would be altogether wrong,
but the canceling of these contracts deprives
the corporations, at least
temporarily, of a market. They must seek new markets in the avenues
of peace.
That will take time and capital and hence the Government
should settle for such cancellations Immediately, In order that
these con¬
cerns may have the use of all of their
resources to meet * the conditions
which the cancellation of these contracts will
precipitate, and find mar¬
kets based upon the requirements of the world at
peace.
Otherwise a
commercial debacle «will ensue.
We are at the pinnacle of high prices.
The stopping of these plants would throw labor out of
employment at a
time when living is the most expensive.
Unless these concerns are able
to shift their business from a war to a
peace basis and keep their help em¬
ployed, the suffering and distress will be very great and widespread.
If
the delay and Injustice which obtained in the Secor case is
repeated to any
extent, the whole community will be the losers and business
generally
severely penalized. The Government should at once provide the neces¬
sary machinery for fairly and speedily adjusting all claims as soon as it
cancels any of the war contracts.
Of course, the cancellation of con¬

| Vol. 107.

Food Administrator Hoover in addressing a conference of
State Food Administrators at Washington on Nov. 12. In
drawing attention to the conditions of famine existing in

Europe which will be “beyond

our powers to

remedy”

even

with the carrying out of plans to ship from the United States
20,000,000 tons of foodstuffs during the next year, Mr.
Hoover declared that in Northern Russia alone there are

40,000,000 people who have out little chance of obtaining
food this winter. He added that millions of others throughout
Europe who can be reached must be fed. In summarizing
the changes this will occasion in our food conservation
program, Mr. Hoover said “we may now advantageously
abandon the use of substitutes in our wheat bread; we will
still require economy and elimination of waste in its con¬
sumption; for the present we need conservation in butter and
condensed milk; that ultimately we must extend this to all
the fats.” As to sugar he then said we could contemplate
maintaining fully three pounds per month per person, and
;hat by the availability of Java sugars to Europe we could
Degin to relax more restraints on sugar pending some change
in Europeans policies.
The Official Bulletin gave his re¬
marks in part as follows:
We have

frankly

now

to considere

a new

world situation in food.

Europe—Europe of which

We have to

large part is either in ruins or
in social conflagration; a Europe with degenerated soils and depleted herds;
a Europe with the whole of its population
on rations of varying degrees of
privation and large numbers who have been under the German heel actually
starving. The group of gamblers in human life who have done this thing
are now in cowardly flight, leaving anarchy and famine to millions of
help¬
less people.
We have also to survey the situation in the exporting nations
of the world, to see what can be done to redeem this mass of humanity
survey

back to health and to social order.

Dependent Upon North America.

Up to the collapse of the Germans the world that is allied against Germany
has

the North American Continent for the margins of food
The loss of
shipping and the increased demands for transportation of our ever growing
army had isolated the stores of food in the Southern Hemisphere and the
Far East.
Within 30 or 60 days the world should begin to release cargo
ships from military duty and to send them further afield for food, and be¬

depended

upon

that maintain their strength against the common enemy.

fore the next harvest arrives the entire world’s food supply should be
accessible.
On the other hand, the cessation of hostilities will create

enormously increasei demand for food and we must be deeply concerned
that the starving millions who have been liberated from the German yoke
shall have such supplies as will enable them to return to health and pros-

perity.
to

All these considerations must change our domestic food policies
us as a nation an obligation and an opportunity of service.

and

open

We must now take an account of the whole food resources of the world
and we must take an account of the total demands.
We must consider

carefully how this situation reacts upon our people. We must consider
national duty in the matter and we must make such changes in our
policies as are fitting to the new situation. We have thus a new orientation
of the whole food problem, and it is an orientation that affects every one
of the great groups of commodities in a different manner.
It has been part of the duty of the Food Administration to keep informed
as to the situation in world supplies.
I will not trouble you with the
details country by country, nor commodity by commodity.
The matter
of prime interest to us is how much of each commodity the exporting coun¬

our

tries

can

furnish between now and next harvest and how much is necessary

tracts will

to the

the war.

We have computed the export countries’ supplies on the basis of the
avoidance of waste and we have assumed for the importing countries
stringent war consumptions, with additions such as we consider will pre¬
serve health and order.
In these circumstances we make the world’s balance
sheet in the different great groups of commodities approximately as follows
until next harvest:
Wheat and rye.—Sufficient supplies with economy in consumption.

necessarily Involve the cancellation of “priorities’' which at
present give the Government prior service in respect to raw materials.
The holders of the canceled contracts must be allowed to
go into the mar¬
ket for all of their raw material
unhampered and freely as they did before

UNITED WAR WORK CAMPAIGN EXTENDED-CON¬
TRIBUTIONS BY NATIONAL BANKS.
The campaign in this city for the United War Work fund,
which opened on Nov. 11 and was to have closed on

Monday
last, the 18th, has been twice extended during the week;
the time was first extended last
Monday until Wednesday,
while next Monday has since been fixed as the date for the
termination of the drive. Last night New York still lacked
over $3,000,000 of its
quota of $35,000,000.
For the coun¬
try as a whole a minimum of $170,500,000 is sought.
With regard to the question of national banks contribut¬
ing toward the fund, Dr. John R. Mott, Director-General of
the campaign, has received from
Comptroller of the Currency
John Skelton Williams the
following advices:
John R. Mott, Director-General United War Work
Campaign, 347 Madison
Avenue, New York:
In reply to your inquiry I regret to advise
you that the joint resolution
empowering the boards of directors on behalf of national banks to make
subscriptions to the United War Work Campaign, w.iich has passed the
Senate, has not been reported upon by the House committee for lack of a
quorum.
It is hoped this resolution may become a law
shortly. Mean¬
while, there is no reason why national banks desiring to do so should not
make conditional subscriptions to the fund, such
subscriptions to become
effective only when the bill becomes a law.
JOHN SKELTON WILLAIAMS,

Comptroller of the Currency.

C. HOOVER OUTLINES DEMANDS ON UNITED
STATES TO MEET FOOD PROBLEMS ABROAD.
The call for further sacrifices on the part of the American

people to fulfill the nation’s obligation and opportunity to
aid the war sufferers in Europe by helping to provide sus¬
tenance until the next harvest, was pointed out
by U. S.

importing countries in which we have a vital interest, in order to
maintain health and public order in the world.
Table of Estimates.

High protein feeds (for dairy animals).—A shortgage of about 3,000,000
tons.

Other feeds.—Sufficient

supplies with

economy

in consumption.

Beans, peas, and rice.—Sufficient supplies with economy in consumption.
Pork products, dairy products, vegetable oils.—A shortgage of about

3,000,000,000 pounds.
Beef.—Sufficient supplies to load all refrigerating ships’ capacity.
Sugar.—Sufficient supplies for our normal consumption if other nations
retain their present short rations.
A shortgage if they increase their
rations.
Coffee.—A surplus.

Tonnage from United States.
Of all these foods, except

possibly protein feeds, we have a sufficiency for
people and in many of them large surpluses. Of the world total
to produce the above results, we are estimating North America will furnish
rather more than 60%. and that the United States, including West Indies,
will be in position to furnish a total of about 20,600,000 tons of food of
all kinds for export against our pre-European war exports of, say, 6,000,000

our own

tons.

Wheat and Rye.
In the matter of wheat and rye, the large supplies that have accumulated
In the Argentine. Australia, and other inaccessible markets appear to us
to supplement the stores of clear wheat bread for the world.
It will, how¬

require a continued high percentage of milling, with continuous econ¬
in consumption and the elimination of waste.
Here directly arises a
change in our policies, for we are able from now on to abandon the use of
substitutes in our wheat loaf.
The world’s supply of wheat at his juncture
ever.

omy

Is a priceless blessing, for, while bread comprises but 25% of our national
diet, the food of Europe is from 50 to 60% sheer bread. The large harvest
that we have here this year is to a large degree the result of the guaranteed
price, and we may rightly be proud tiat our production and conservation
policies have provided the necessary margins to the world of its daily

bread.
The shortage in protein feeds directly contributes to the world’s shortage
in the supply of fats.
If we examine the position of the dairy products.

Not. 23 1918.]

THE CHRONICLE

the pork product*, ami the vegetable oils, we Hud that in every item there
is a shortage in the needed supplies for the whole worid, although we are

estimating with

economy

the export possibilities of the United States in

all these products at over 4,000,000.000 pounds, of which from 3,000,000,000 to 3.500,000.000 comprise pork products.

Yet, with all our supplies, the world will be far deficient in its normal
supply of fats for two or three years at least. Our internal policy with
regard to this group of commodities must therefore be one toward the most
intense economy in consumption, if we are to carry out our high purpose
of furnishing food to a famine-stricken world.
World's

Supply of Beef.

Argentine and the United States are sufficient to load these ships. There
a shortage in the importing countries, but we can not hope to
expand exports materially for the next months, in view of the bottle neck
in transportation.
It is very difficult to forecast with any degree of accuracy the position
in sugar.
At the present moment all Europe and North America are
living on much restricted allowance.
will be

Price of Sugar.
The Pood Administration has protected the fundamental supply to the
American people by purchasing, in conjunction with the Allies, the next
Cuban sugar crop.
We have made such arrangements with the various
refiners and producers in the United States and with the producers as will

price of 9 cents a pound wholesale for sugar during the next 12
This price compares with from 12 to 20 cents a pound in the other
sugar-importing countries.
As the result of these arrangements and the fact that eastern sugars will
be available, we will need little or perhaps no restraint on consumption
after the new Cuban crop is available, unless, as I have said, the other
Governments in the world decide to considerably increase their present

assure a

months.

rations.
Prime Changes Possible.

This being the new world situation in food, created by the collapse of the
war, the prime changes in our policies on to-day’s outlook can be sum¬
marized:
That we may now advantageously abandon the use of substitutes in our
wheat bread; that we will still require economy and elimination of waste
in its consumption; that for the present we need conservation in butter
and condensed milk; that ultimately we must extend this to all the fats.
We can contemplate, at the most, maintaining fully 3 pounds per month
of sugar per person of household sugar and on the present outlook, and we

by the availability of Java sugars to Europe begin at once to relax
restraints on sugar pending some change in European policies.

I now

come

to the

Future of the Administration.
question of the future of the Food Administration

administration.
That portion of our work under the Lever Act revolves largely around
the curtailment of speculation and profiteering.
This Act expires at the
signing of peace with Germany and as it represents a type of legislation
only justified under war conditions, I do not expect to see'its renewal.
It has proved of vital importance under the economic currents and psychol¬
I do not consider it as of such usefulness in the economic
ogy of war.
currents and psychology of peace.
The law has well justified itself under war conditions.
The investiga¬
tions of our economic division clearly demonstrate that during the first
year of the Food Administration farm prices steadily increased by 15 to 20%
on various computations, while wholesale prices decreased from 3 to 10%,
according to the basis of calculation. Thus middlemen's costs and profits
were greatly reduced.
This was due to the large suppression of profiteer¬
ing and speculation, and to the more orderly trade practices introduced
an

under the law.
It is my desire that we should all recognize that we have passed a great
milestone in the signing of the armistice; that we must get upon the path* of
peace; that therefore we should begin at once to relax the regulation and
control measures of the Food Administration at every point where they do
not open a possibility of profiteering and speculation.
This we can not
and will not permit, so far as our abilities extend until the last day that we
have authority under the law.
While the expiration of the Lever law can be faced without anxiety
the other functions of Food Administration must continue.
Some or¬

ganization must be continued or some organization must be set up to guide
our distribution of food abroad, if it shall reach the most deserving and the
most necessitous.

Someone must co-ordinate the internal transportation of these large
exports with our domestic distribution if we are not to entangle our domestic
supplies and are to have effective handling in our ports. Someone must
co-operate with the Shipping Board in the provisions of overseas tonnage.
Someone must organize our own needed imports of sugar, coffee, and vege
table oils.
Someone must stimulate and guide our people in their desire to

help in this
of

some

war against famine.
It is in these directions that the future
kind of food administration lies.
An organization is now called

fight against famine. Fortunately, I believe this new war on
privation finds its own peace at next harvest. What the constitution of
thL organization is to be, must be developed with thought and care.
In
any event the Government must have the continued service and help of
you who are tried and experienced.
upon to

Asks Continued Support.
I

desirous that in all these enlarged activities I should have the con¬
tinued service and support of you gentlemen who have contriouted so
much to solve our war pro Diems.
I am also leaving for Europe for a conference over another situation
am

equally enlarged.

From our findings there must arise details in organiza¬
tion to meet a much wider situation.
There must be a feeding of the people
who have been liberated from the German yoke.
That feeding must be
organized, and in order that

we may get effective and prompt action from
the United States, the War Department has yesterday undertaken, ac our
suggestion, to largely divert their military tonnage to the transportation of
food and the enlargement of the quartermaster's stores in Europe that we

may

have them immediately available.

It will be months until formal peace; in the meantime the organization
must remain intact if we are to serve the high purposes that I have out¬
lined. And after that we can decide our courses upon the basis of our

national duty.

MR.

ARMOUR SEES LIKELIHOOD OF HIGH
PRICES FOR THREE YEARS.

for

FOOD

European demands on the United States
food, there is,according to J. Ogden Armour, no likeli¬

Because of the

hood of an early lowering of food prices, the possibility of
the continuance of the present high prices being looked for

perhaps three years. The Chicago “Tribune” of Nov. 14
special article gave the following account of Mr. Ar¬
mour’s opinion:

for

J. Ogden Armour can see no prospeet of lower living costs, or at least
of cheaper food, in the near future, and no probability of material relief
within the next three years.
The householder will be interested in Mr.
Armour’s opinion since he sits on the roof of the economic world as banker,

farmer, manufacturer, jobber and industrialist, and, through the myriad

In the matter of beef, the world’s supplies are limited to the capacity of
the available refrigerating ships.
The supplies of beef in Australia, the

can

1963

corporations he controls, feeds

more people than any other man.
It
his belief that the humanitarian impulse which prompted the country

is
in
entering and prosecuring the war must impel it to defend the peoples of
Europe against famine and pestilence. ancUthat the task entails the contin¬
ued conservation of food and the maintenance of prices that will stimulate
production.
“The demand for foodstuffs for export promises to increase with the
consummation of peace,” said Mr. Armour.
“We started to democra¬
tize the world and have nearly completed the task.
I do not believe that
we can abandon to want and distress the peoples we have rescued from op¬
pression. We have the will and the means to feed these stricken peoples
and

doubt it will be done.

decrease in food prices as conditions re¬
feeding our own army abroad for
a year or more and the added burden of supplying a large civilian popula¬
tion, there must be need for the economical use of foods and for maximum
production.
“Production is best stimulated by the maintenance of prices profitable
to the producer.
Although the price_of wheat is fixed by the Government,
this grain may be something of an exception to the rule of scant supply
and high prices.
The release of a part of our own and British tonnage from
the rush of war carrying and of all German bottoms will allow great food
sources in South America, India and the Black Sea provinces to be drained
of surplus wheat.
This may help the food situation materially.
“The world will have greater need of our meats, especially fats, than of
our grains.
It will probably prove the most patriotic thing for the corn
farmer to raise all of the corn his land will produce and then feed all the
hogs the corn will fatten. This will go far toward keeping prices of food
down and supplying world needs.
“The Government must finance the increased production and increased
shipment of foodstuffs for the same humane reasons that it financed the
war.
This country has taken great material benefit out of the war despite
its costs, and it will not hesitate to share its fortune with troubled Europe.”
Mr. Armour expressed the opinion that despite the need of financing a
growing export business and maintaining our armies, there may be expected
an easier tendency in the money market due to a diminution of munition
work and the liquidation of war investments.
He sees, also, a favorable
attitude developing on the part of labor, a tendency to take the job more
seriously and to consider the halcyon days of wartime a thing of the past.
“Eventually there must be

turn to normal.

some

But with the task of

FURTHER INCREASE IN SUGAR ALLOW AN CE—ORDER
AFFECTING CURTAILMENT OF SOFT
DRINK
PRODUCTION RESCINDED.
_

The sugar allowance will be increased, beginning Dec. 1,
from three pounds per person a month to four pounds.
Announcement of this was made on Nov. 14, following the
issuance a day or two before of the statement which we give

herewith, making known the increase in the sugar allowance
in the Louisiana

cane

section:

beet-sugar producing States and in the cane-sugar producing
territory of Louisiana, where there is sufficient sugar available, the monthly
In the

for household use will be increased from
Public eating places in these sections will
be granted 4 pounds of sugar instead of 3, as at present, for every 90 meals
swved. * This increase is granted because of the lack of cargo space for
'overseas shipment, together with the insufficient storage facilities in this
country. The monthly allowance was increased throughout the nation on
Nov. 1 from 2 to 3 pounds, per capita per month, in accordance with the
Food Administration’s promise to relieve the sugar allowance at the earliest
opportunity.
per capita allowance of sugar
3 to 4 pounds, effective-Dec. 1.

rations from two to three pounds
month was noted in these columns Nov. 2,
page 1713.
The Federal Food Board in New York, in an¬
nouncing on Nov. 15 the new sugar rationing which would
go into force on the 1st of the coming month, said:
The increase in the sugar

per person per

Beginning on Dec. 1, the sugar allowance for household consumption

pounds per person per month,
issued to all retail grocers to enable them to
basis.
There is plenty of sugar on hand
will be four

and sugar certificates will be
supply their trade on this new
to take care of any possible

demand.

In reporting that ice cream manufacturers, confectioners
and bakers have been given a sugar allotment of 50% over
what had already been granted them, which, it added,

pretty nearly restored their sugar allowances to a

basis, the “Journal of Commerce”
new ruling as follows:

normal

Nov. 15 quoted the

of the armistice further improves the world situation in
and, therefore, enables us to give all industries in Classes A (confec¬
tioners, ice cream manufacturers, bottlers, &c.) and D (bakers) an addi¬
tional allotment of 50% of the monthly average basis as shown by Items
17, 18 and 19, Statement A, from Dec. 1 on.
This is an addition to November-December allotments given these
industries in our telegram Oct. 15.
Please issue these additional certifi¬
cates for the month of December at once, granting manufacturers the
privilege of using this sugar in addition to their November and December
allotments.
No change in Class B.
Classes C and E, covering consumers and public eating-houses, where
sugar is available in plentiful supply, you may issue certificates on basis
of four pounds per capita consumption, or four pounds for ninety meals,
beginning Dec. 1.
War industries regulation governing all soft drink and carbonic gas
The signing

sugar,

manufacturers is rescinded.

A statement of B. M. Baruch, of the War Industries
Board, appearing in the “Official Bulletin” of Nov. 14,

1964

THE CHRONICLE

[Vol. 107.

pointed out that while the order affecting the production the War Trade Board had gone in “hindering the export
resinded, this of cotton.” Senator Smith demanded the immediate raising
rescinding order did not affect the regulations governing the of the embargo on cotton exports if no necessity existed for a
use of sugar by manufacturers of soft drinks.
restriction of shipments.
The War Industries Board announces that by reason of the signing of
Senator H. Smith is reported to have told the Senate on
the armistice, relieving to a great extent the necessity for saving man
Nov.
21 that cotton interests in the South were suffering
power, transportation, &c., the order recently put into effect curtailing
the production of soft drinks and mineral waters has been rescinded.
by reason of market speculation. He is further reported
This does not rescind the Food Administration's regulations governing
as saying that cotton growers, had
large orders from Europe
the use of sugar by soft-drink manufacturers.
for cotton but could not ship their product because of
The Priorities Division of the War Industries Board announced Sept. 26
export
the following curtailment order:
restrictions. Immediate suspension of these restrictions,
Soft drinks and mineral waters.—Effective Nov. 1, the production of
le said, should be made in order that the market
non-alcoholic beverages (other than near beers which have been prohibited
might feel
the good effect of the spot demand.
after Dec. 1), including the mAiufacture of fruit juices, water, concen¬
Letters produced by
trated extracts, syrups, and carbonic acid gas, curtailed on the basis of
Senator Smith from cotton interests in the South suggested
50% per annum based on the production for the calendar year of 1917;
that the Shipping Board release tonnage to carry the staple
that Is, no month’s production shall exceed 50% of the production of the
to Europe.
corresponding month of the previous year. Grape juice, cider and logan¬
of soft drinks and mineral waters had been

berry juice products of this year’s harvest
striction must apply to the year of 1919.

may

be produced, but the

re¬

DISCONTINUANCE OF COTTON PURCHASES FOR
ARMY.

MAXIMUM COTTON GOODS PRICES CONTINUED.
Maximum price

limits on cotton goods are to remain
unchanged until Jan. 1, according to an announcement
made by the Price Fixing Committee of the War Industries
Board

Nov. 15 which says:

Subject to the President’s approval, the Price Fixing Committee of the
War Industries Board makes the following announcement at a meeting
of the Price Fixing Committee with the cotton manufacturers Nov. 8-9
1918 no agreement was reached for a revision of the existing schedule of
maximum prices on cotton goods.
In the absence of the agreement on new prices the present maximum
limits on cotton goods are left unchanged by the Price Fixing Committee
until Jan. 1 1919, except for certain revisions hereinafter referred to. In
making this arrangement the Price Fixing Committee took into considera¬
tion the special difficulty which arises at the present time in determining
fair prices on Cotton goods.
The price of raw cotton is fluctuating and un¬
certain.
The differentials for the numerous separate classes of cotton
goods vary greatly and cannot be brought into reasonable conformity with
each other except after prolonged investigation.
In view of these circum¬
stances the Committee finds itself unable to fix new maximum prices at
the present time.
In sanctioning the maintenance of the existing schedule for a limited
period, the Committee wishes it to be understood that the prices enumer¬
ated tn that schedule are not indorsed as just and reasonable, but only as
maximum prices, not to be exceeded under any conditions during the
period stated. It is not recommended by any implication that these
prices must now be paid by the Government, by the Allies or by the public.
It is agreed on the recommendation of the manufacturers that certain
errors in the yam schedule be corrected and that differentials be investi¬
gated. anc. if any of them are found out of line with basic prices be revised
to more fairly conform to the general profit return on other cotton
goods. All
sales made after Nov. 16 shall be subject and shall conform to any revisions
made under this paragraph.

REMOVAL OF COTTON EXPORT RESTRICTIONS.
The removal of the restrictions on the exportation of raw
eotton to Great Britain, France, Italy, Belgium and Japan
was announced on Nov. 21 by the War Trades Board and
the Committee on Cotton Distribution. The order becomes
effective Deo. 2. Exportation restrictions for Spain, where¬

making known that there was little likelihood of the
Government making any further purchases of cotton goods
for army needs, the War Service Committee of the National
Council of American Cotton Manufacturers, in a letter

published in the New York “Commercial” of Nov. 18, said:
The War Service Committee has learned from the War Department that
in all

probability there will be little, if

any, more

buying of cotton goods

for army purposes.
It is desirable to decrease as rapidy as possible the
economic waste caused by the production of goods suited only for war.
To accomplish this result, the War Department will co-operate with the

industry in facilitating the return of machinery to production of commercial
Such matters should be taken up with the Procurement Sec¬
tion, Cotton Goods Branch, Clothing and Equipage Division.

materials.

printing the above, the “Commercial” said:

The cotton goods trade understands officially it is the intention of the
Government to deal reasonably with the manufacturers and other sellers
of cotton goods in connection with contracts for work under way or about
to be started.

Reports reached New York Saturday from mills in New England and the
South that those factors had telegrams from the Government notifying
them to hold up goods ready for shipment and to discontinue looming fab¬

rics occupying the machinery.
letters explaining details are to follow,
concluded the message.
These letters are anxiously expected, for the manufacturers don’t know

yet where they stand, so they cannot plan for the future.
But serious
complications are feared for, it is known that the Government will not
knowingly cause the mill men and other dealers to suffer.financially; besides
dislocation of labor is a thing the war boards will try to avoid.
Trading in all descriptions of cotton goods has been at a standstill since
the signing of the armistice.
As a matter of fact, business was negligible
for several weeks before that eventful day, information from factory cen¬
tres and Eastern city markets indicates.
As last week drew to a close and
it became definitely known that the maximum values determined last
summer would be continued until Dec. 31, a tendency developed on the
part of holders of materials, especially some second hand dealers, to let
go their possessions at slight discounts.
A greater movement in this
direction is expected this week, for it is generally conceded, despite the
advance in raw cotton, the new year will bring with it considerably lower
cotton piece goods and yarn prices and that any sum obtained between now
and the middle of next month will be more than the merchandise will be
worth after the holidays.

by the quantity exportable was limited and allotted among
the various shippers, have also been withdrawn, effective
Nov. 22. Applications hereafter will be considered with a COTTON TEXTILE MERCHANTS’ DISAPPROVAL OF
UNJUST CANCELLATIONS BY MERCHANTS.
view to granting licenses freely. Regulations which re¬
With regard to action taken this week by the Association
quired that the grade and staple be specified on application
for export and that the applicant disclose the existence of an
actual sales contract or freight allotment were likewise with¬

drawn, effective Nov. 22.

printed the following:

The withdrawal of all restrictions on the shipment of cotton
from the United States except to enemy countries and to the

Northern Northern European neutrals was made known on
Nov. 20 by Senator Hoke Smith, of Georgia, after a con¬
ference with officials of the War Trade Board. The Senator
is said to have stated that cotton is expected to flow more
freely to countries contiguous to Germany when that nation
has complied with all the terms of the armistice.
Cotton in

increased quantities, it is said, is already moving to the
Allied countries.
crop

this

year was

Because of the fact that India’s cotton

sufficient only for that country’s needs,

Senator Smith said, Japan has been very anxious to get
cotton from the United States.
Stocks of cotton in the South now are very large, and it
was because of this fact that Southern Senators and
Repre¬
sentatives at a recent conference decided to ask the War
Trade Board and other Government agencies to
modify
the restrictions on exports. The matter also was
brought
to the attention of the President.
Senators say that coun¬
tries desiring to import American cotton have indicated a
readiness to supply the tonnage necessary for its movement
overseas,

and

now

that restrictions

shipments to most
they expect the movement to
as

countries have been removed
increase rapidly.
On Nov. 18 a resolution was introduced in the Senate
by Senator Smith of Georgia inquiring the extent to which

of Cotton Textile Merchants of New York in condemnation
of unjust cancellation, the New York “Times” of Nov. 20
So

have been attempts on the part of certain merchants to
purchases of cotton goods, made at higher prices than those
now current, become since the signing of the armistice that resolutions were
passed yesterday in a meeting of the Association of Cotton Textile Mer¬
chants of New York concemning the practice and declaring it to be the
duty of sellers to refuse to accept cancellations when they are made in an
arbitrary and unlawful way. The membership of the association includes
all the important wholesale dry goods firms in the Worth Street district.
The meeting was called by President Bertram H. Borden of M. C. D.
Borden & Sons, and recommendations on the matter under consideration
were made by a committee consisting of S. F. Dtibben,
Chairman; J.
Harper Poor, Gerrtsh H. Milliken, William G. Broadway, Henry W.
Howe and Ridley Watts.
In part, this is a statement that was issued after the meeting:
“The meeting considered only those cancellations that were purely
arbitrary or without just cause.
Instances where tnere is an honest differ¬
ence of opinion over the terms of the contract or questions of
quality, and
all border-line cases, were excluded, the desire of the trade
evidently being
merely to insist that the parties to the contract act in good faith and
numerous

cancel contract

observe its terms.

“Every member who spoke upon the subject made it clear that his own
firm would not permit unjust cancellations and would use every
proper
means to have its contracts carried out by both parties; and, of
course, it
6eems quite clear that if all the merchants take this
attitude, the problem
speedily will correct itself. The merchant who allows an unjust cancella¬
tion is doing himself and the trade a wrong which differs only in degree
from the injury done by the buyer or other merchant who
attempts to

cancel.”

It was said that there has always been more or less disposition on the
part of some merchants to take it for granted that the seller of any article
under a future contract is impliedly guaranteeing that the price will not
tecline during the life of the contract.
It was further asserted that this
convenient and easy way of regarding a plain contract obligation frequently
leads to the attempted cancellation of contracts by purchasers during a

declining^ market.

Nov, 23 1918.]

THE CHRONICLE

COTTON STRADDLES PERMITTED—LIVERPOOL
MAXIMUM FLUCTUATION ENLARGED.
We referred last week to the action of the
Liverpool Cotton
Association in passing a resolution reducing the maximum
daily fluctuation from 100 to 50 points, this being one of the
incidents growing out of the prohibition against

speculative
selling on the New York and New Orleans Cotton Ex¬
changes. On Nov. 18 it was announced that the fluctua¬
tions in cotton futures had again been extended
by the Liver¬
pool body to 100 points.
Announcement was also made
on the 18th at the Cotton
Exchange that advices had been
short

received from the Committee on Cotton Distribution of
the War Industries Board, of which Charles J. Brand
is
Chairman, that straddles between months in the New York
market and between the New York and New Orleans mar¬
kets would be permitted, but that no new transactions
between American and Liverpool markets would be
permitted
that contemplate initial selling on this side.

RESTRICTIONS

MANUFACTURE

LEATHER

GLOVES.
A conservation program for manufacturers of
heavy leather

gloves and mittens was announced by the War Industries
Board through its Chairman, B. M. Baruch, the latter
part of October. Under the new schedule the types and
styles are reduced from 10 to 55%. Colors are to be re¬
stricted to black, dark brown, yellow, khaki,
natural, and
smoke; all decorations are to be eliminated and silking and
embroidering is authorized only on driving gloves. On Oct.
10 the War Industries Board announced that manufacturers
of light leather gloves and mittens had been
instructed,

beginning with the 1919 spring

season, to

eliminate many

styles, restrict the number of colors and limit the length
of the gloves to 1214 inches. Manufacturers of
light leather
leather gloves have been called upon to restrict their
output
to the following colors in the various classes of leather: All
gloves cut from dipped grain leather to be restricted to black,
dark tan, gray and khaki; gloves cut from brushed leather
to be restricted to black, white, tan and
gray; gloves cut from
mocha leather to be restricted to gray and beaver; gloves cut
from suede or flesher leather to be restricted to
gray, beaver
and khaki. The following is the announcement
regarding
the restrictions in the manufacture of heavy leather gloves:
Types and styles of heavy leather gloves and combination heavy leather
gloves and mittens, In which more than 25% of the material used Is heavy
leather, are reduced from 10 to 55%, and types of auto hand wear are re¬
duced 75% by a conservation program effective for the 1919 season, worked
out by the Conservation Division of the War Industries Board with
repre¬
sentatives of the industry.
The Conservation Division insists it Is essential that styles
involving the
unnecessary use of material and capital be avoided.
The division is
putting into effect In various industries plans for saving essential materials
and equipment, for simplifying manufacturing operations, and for
reducing
the amount of capital tied up in manufacturers’,
wholesalers’, and retailers’
stocks.
Besides reducing styles and types in leather gloves colors have been
restricted to six shades; length of cuff of auto hand wear to 6 inches and of
other heavy leather gloves to 7 inches as the maximum; all decorations
eliminated; and silking and embroidering authorized only on driving
gloves.
Plans for packing gloves are given, the purpose being to save
paper

and board.

The Conservation Division announced also that the conservation program
for light leather gloves and mittens, submitted to the industry Oct. 5, is
confirmed and made effective.
The classification of the manufacture of
any leather glove and mitten as to whether it is to be placed under the
light leather glove schedule or the heavy leather glove schedule is to be
determined wholly by the character of leather used, that is, whether it be
light dress leather or heavy work leather.
Schedule for Manufacturers.

Following is the complete schedule for manufacturers of heavy leather
and combination heavy leather gloves and mittens;
1. These recommendations apply to all gloves and mittens made of heavy
leather and other materials in which more than 25% of the material used
is heavy leather, unless otherwise specifically provided for.
2. This schedule for conservation is to apply to all gloves and mittens
manufactured for the spring and fall seasons of 1919.
Manufacturers,

however, may cut gloves to correct stock or to fill orders now booked, it
being understood that no orders should be taken contrary to the provisions
in this schedule except to use up materials already on hand, finished or in
present process of manufacture.
It is expected, of course, that in so far
as possible manufacturers will at once
adjust their business to this schedule.
3. Classification of the manufacture of any leather glove and mitten,
as to whether it be placed under the light-leather glove schedule or the
heavy-leather glove schedule, is to be determined wholly by the character
of leather used, viz., whether it be light dress leather or heavy work leather.
4. Colors.—Each manufacturer to restrict his output of gloves and mit¬
tens to the following colors: Black, dark brown, yellow, khaki, natural,
and smoke.
5. Length of cuffs.—In either gloves, gauntlets, or mitten gauntlets the
length of cuff should not exceed the maximum length of 7 inches.
6. Silking and embroidering.—All silking and embroidering or imitation

silking and embroidering to be eliminated
on driving gloves.
7. Decorations.—All
mittens.

decorations to

all gloves and mittens except

eliminated

all

gloves and

8. Sample numbers.—The term “sample number’’ is used in the follow¬
ing paragraphs in its trade sense; that is, any change in cut, construction,

material, quality, grade, sewing, color (see paragraph 4), lining, wristing,
fast«Mar. Ac., constitutes a new or different sample number.
All gloves

1965

and mittens manufactured from offal of leather
out of Government contract
work to be included in nutrimmu
sample numbers.
9. Job lots or special sale lots, consisting
of sample lines, mended goodsf
lots that are broken as to size or color, discontinued
lines or seconds from
regular lines that sold by the manufacturer in bulk at a sacrifice are
not to
be considered as a sample number or as
part of a manufactured line.
10. Each manufacturer to reduce his
sample numbers of gloves and
mittens for the spring and fall seasons of 1919 as enumerated
In the follow¬
ing table. The basis for figuring this reduction is to be
computed upon
the number of samples of gloves and mittens carried for the
spring and fall
seasons of 1917 and from which samples actual sales were
made.
In no
case should more samples be shown than
specified in the following table:
To Be Reduced

for Spring and Fall
Seasons, 1919i

Samples Carried in 1917.
20 or less
21 to 40
41 to 60
61 to 80
81 to 100
101 to 150
151 to 200
201 to 250
251 to 3Q0
301 to 350
351 to 400
401 or more

10%
15%
20%
25%
33lA%
40%
40%
45%
50%
50%
50%
55%.

( 18
( 34
( 48
( 60
( 67
( 90
(120

samples
samples
samples
samples
samples
samples
samples
samples
samples
samples
samples

(138
(150
(175
(200

or
or

less).
less).

less).

less).
less).
less).
less).
less).
less).
less).
less).

or
or
or
or
or

or
or

11. Auto handwear.—The term “auto handwear” is used in its trade
includes only those types of handwear as are sold exclusively

sense and

motor

for

driving.

All such handwear to be marked on sample ticket “auto.”
Each manufacturer to reduce his sample numbers of auto handwear
75%,
and in no case should the number of samples exceed 55.
However, manu¬
facturers of auto handwear may retain five sample numbers in cases where
the above percentage of reduction would reduce them below this number.
Note paragraph ^for definition of “sample numbers.”
12. Length of cuffs.—In all auto handwear the length of cuffs should not
exceed the maximum length of 6 inches.

13. Boxes.—All gloves and mittens to be packed as follows: (a) Boxes
to conform in dimensions to the largest, size
they contain. A11 boxes to
be completely filled with merchandize only.
(6) The minimum quantity
to be one dozen pairs to a box, except in cases where they are too

large and
bulky, in which case not less than one-half dozen pairs to a box. This
applies also to auto handwear.
(c) All false bottoms, centers, and end
blocks, and dividing cardboards to be eliminated,
(d) All fly sheets to
be eliminated,
(e) AU gloves and mittens that are sold by either the

manufacturer or wholesaler to the retailer at $6 50 or less per dozen
are
not to be packed in boxes.
(/) Side bands to be used only when necessary
to preserve the merchandize from injury,
(g) Telescope boxes to be
eliminated in so far as possible.

The

following is the

announcement

concerning the

servation program in the case of manufacturers of
leather gloves and mittens:

con¬

light

Manufacturers of light leather gloves and mittens will go on a conser¬
vation program to prevent the unnecessary use of material and capital in
the industry.
Many styles are to be eliminated, colors will be restricted,
and the length of gloves limited.
The schedule has been worked out by the conservation division of the
War Industries Board with representatives of the manufacturers,-and

for all gloves and mi c tens or combination gloves or mittens made of light
leather and other materials in which more than 25% of the material used
is light leather.
It will apply to all gloves and mittens manufactured for
the 1919 spring and fall seasons.

Manufacturers, however,

may cut gloves to correct stock or to fill
It is understood that no orders should be taken con¬
trary to the provision of the schedule except to use up materials already on

orders

now

booked.

hand, finished,

or in the present process of manufacture.
The cutting of
such stock should be discontinued after Feb. 15 next, but it is expected
that so far as possible manufacturers will adjust at once their business to
the new schedule.

Schedule for Makers.
The schedule follows:
Colors.—Each manufacturer to restrict his output to the following colors
in the various classes of leather:

(a) All

gloves cut from dipped-grain leather, commonly known as
to be restricted to black, dark tan, gray and khaki.
(b) AU gloves cut from brushed leather, commonly known as glace, to
be restricted to black, white, tan and gray.
(c) AU gloves cut from mocha leather to be restricted to gray and
capes or nappas,

beaver.

(d) All gloves cut from suede or flesher leather to be restricted to gray,
beaver, and khald.
(e) All gloves cut from so-called doeskin or chamois leather to be re¬
stricted to white and natural.

(f) All gloves cut from deerskin to be restricted to gray and khaki.
Length of gloves.—The maximum length of gloves not to exceed 12H
inches, measured from tip of middle finger to centre of top on back of glove.
Style numbers.—Any change in construction, material, quality, or grade
to be construed as constituting a new style number, except that when dewskin is used four grades may be used in each style number.
Colors are not
to be Interpreted as creating an additional style number.
Job lots or’
special-sale lots, consisting of sample lines, mended goods, lots that are
broken as to size or color, discontinued lines, or seconds from regular lines
that are sold by the manufacturer in balk at a sacrifice price, are not to be
considered as a style number or as part of a manufactured line.
Each manufacturer to restrict his output to the following maximum num¬
ber of style numbers:
*
(a) In dipped-grain leather, either domestic or imported, not more than
,

15 in all and not more than 10 from either class of leather.

(b) In mocha leather, not moro than eight.
(c) In suede and flesher leather, not more than 16 in all and not

than

10 from either class of leather.

(d) In brush or glace leather, not more than four.
(e) In doeskin or chamois, not more than two.
(f) In deerskin, not more than eight, subject to qualification under cap¬
tion “Style numbers.”
Women’s Gloves and Mittens.

(g) In dipped-grain leather, either domestic

imported, not

than

than’

15 in all and not more than 10 from either class of leather.

(h) In mocha leather, not more than eight.
(i) In suede and flesher leather, not more than 12 in aU and not
8 in either class of leather.

THE CHRONICLE

1966

(J) In brush or glace leather, not more than six.
(k) In doeskin or chamois, not more than six.
(l) In deerskin, not more than six subject to qualification under caption
•'Style numbers”.
Boys', Misses’ and Children’s Cloves and Mittens.
(m) In dipped-grain leather, either domestic or imported, not more than
12 in all and not more than 8 from either class of leather.
(n) In mocha leather, not more than 8.
(o) In suede and flesher leather, not more than 12 in all and not more
than 8 from either class of leather.
(p) In brush or glace leather, not more than 6.
(q) In doeskin or chamois, not more than 5.
(r) In deerskin, not more than 2. subject to qualification under caption
"Style numbers.”
Boxing.
All gloves to be packed as follows:
(s) All gloves to be laid off flat and packed standing on edge.
(t) Side bands to be used only when necessary to preserve the merchan¬
dise from injury.
(u) Boxes to conform in dimensions to the largest size glove they contain.
All boxes to be completely filled with merchandise only.
(v) The minimum quantity of gloves to be one dozen to a box.
(w) Men's and boys’ gloves and mittens to be packed not less than two
dozen in a box, when size of order permits.
(x) Women’s and children's gloves and mittens to be packed not less
than three dozen in a box, when size of order permits.
(y) All false bottoms, centre and end blocks, and dividing cardboards
to be eliminated.

(z) All fly sheets to be eliminated.

HIGH PRICES FOR INFLUENZA DRUGS.

The following
of Nov. Is

is taken from the “Wall Street Journal”

mounting. From
'by retailers, par¬
ticularly in camphor, asafoetida, anti-pyrlne, codeine and rhinitis. Un¬
doubtedly in some of the smaller cities where the ratio of cases is very high
The epidemic still rules the drug markets and prices are
parts of the country come reports of profiteering

some

and the amount of drugs small the retailers have advanced their

prices

unduly, but in the larger cities the advance in drugs has merely followed
the law of supply and demand.
Japanese refined camphor is quoted as high as $4 a pound, an advance
of nearly $2 in the last month.
Offerings are getting lighter as the price
advances and the Government is a big taker wherever it is offered in bulk.
Asafoetida gum has advanced $1 10 a pound to $3 in the last week for the
powder and a similar price for the gum.
Stocks are light. Acetphenetidin
is selling at $5 a pound, an advance of $1 a pound in the last week.
Cam¬
phor oil is selling for 25 cents a pound with smaller stocks reported. Co¬
deine alkaloid has been advanced 50 cents an ounce to $10 65 an ounce
and sulphate $8 50 an ounce in 100 ounce lots.
The demand for Japanese menthol has not caused a change in price
during the last week and it is freely quoted at $5 75 to $6 a pound. Quinine
sulphate is a few cents higher with second hands selling at $1 15 an ounce.
Following the epidemic druggists anticipate a demand for tonic drugs
and medicines including iron, quinine, strychnine, cod liver oil. &c.

On the 11th inst. the

same

paper

said:

The peace talk hit the drug market during the last week, resulting in
active selling of herbs, leaves, and seeds, large stocks of which many drug
dealers have accumulated.
They are apparently afraid of disposing of
them -at current prices.
While the influenza epidemic

waned, and there was less demand for
drugs utilized in combating it, stocks had become so depleted that even
the present demand, well above normal, was sufficient to keep prices up
to the recent high levels, so that small price changes were reported for
aspirin, antipyrine, acethenetidin, asafetida, and quinine.
Thymol crystals and sodium bicarbonate advanced, owing to smaller
production; and mercury dropped $2 50 a falask.
Camphor, which was the centre of attention in the drug market during
the epidemic, ruled firm during the week at the highest prices obtained,
$4 a pound.
There are limited supplies available.
The spread of the epi¬
demic to Scandinavia, where it is still increasing, caused the Norwegian
Legation at Washington to induce the State Department to arrange for
the immediate shipment of 600 kilos of camphor to Norway.
Menthol declined a little and was quoted at 25 cents a pound.
Demand for opium derivatives kept the market strong, with gum quoted
$22 50 a pound in cases, powdered $24 50, and granular $25 50.

[Vol. 107.

not affect those

purchasing 100 lbs.

Retail coal dealers in New York City will not “pass on” this advance
consumers who are accustomed to buying coal in lots of 100 pounds or
less.
They have very generously assured the Federal Administration that
the price of domestic anthracite in 100-pound lots or less will continue as
heretofore at the rate of 60 cents a hundred pounds when called for at

peddlers’ cellars and 70 cents
homes by a peddler.

White ash grade—Broken, $5 95@$6 70; egg, $5 85@$6 60; stove,
$6 10@$6 85; nut, $6 20@$6 95; pea, $4 80@$5 55.
Red ash grade—Broken, $6 15©$6 90; egg, $5 45@$6 20; stove, $6 80@
$7 05; pea, $4 90@$5 65.
Lykens Valley grade—Broken, $6 40@S7 15; egg, $6 30@$7 05; stove,
$6 70@$7 45; nut, $6 70@$7 45; pea, $5 15@$5 90.
Existing prices were continued on sizes wrhere no changes are announced.
They are: Buckwheat, $3 40@$4 15; rice, $2 90; barley, $2 65. and screen¬
ings, $1 50.

Following announcement of the above, the New York
State Fuel Administration
of 95 cents

ton to

effective Nov. 1.

consumers

Nov. 8 announced

increase
of domestic sizes of anthracite
an

In stating that the increased price would

hundred pounds when delivered at their

Still lower prices prevail at yards and coal pockets, it is
stated. At such places small consumers are enabled to buy at
55 cents a hundred pounds on the cash and carry basis.
On Nov. 20 retail dealers in anthracite were warned by

the price
only to the extent of the amount of the additional labor
cost involved in the recent wage increase.
Consumers who
were overcharged were asked to notify the local adminis¬
the Fuel Administration that they may advance

trator.

investigation of the anthracite coal situation in New
York, Pennsylvania and the New England States was or¬
dered on Nov. 20 by the Senate Committee on Manufactures
on receipt of information that a serious shortage existed in
The investigation will be conducted by a
those States.
sub-committee consisting of Senators Reed of Missouri,
Vardaman of Mississippi, Jones of New Mexico, Lodge of
Massachusetts and Kenyon of Iowa.
An

SAVING BY ANTHRACITE CONSUMERS THROUGH
USE OF PEA AND BUCKWHEAT COAL.
The following

concerning the saving of 70 cents to $1 32

effected by anthracite consumers by
and buckwheat coal in connection with the

ton which can be

per

buying

pea

domestic sizes comes to us this week from the Anthracite
Committee in Philadelphia:
One way for

the householder to save on fuel bills is to use buckwheat

No. 1, a steam-sized anthracite that burns well with other larger sizes of
coal with no wastage and is good for banking fires over-night.
Given a
fair trial, this size, below pea, has invariably
When Dr. Garfield added $1 05 per ton at

given satisfaction.
the mines on coal cost to
cover the increase in anthracite wages, this increase was placed, neces¬
sarily, on what are called the domestic sizes.
The steam sizes of anthracite
are no higher than before.
Here is where the householder can save money.
The mine price .for steam anthracite a re quoted as follows:
Buckwheat
No. 1, 83 40; rice, $2 90; barley, $2 65; screenings, $150.
With the
freight of $1 70 per ton added to buckwheat, the cost to the local dealer is
$5 10 if shipped from the big companies.
The independent*, or smaher
producers, are allowed a differential of 75 cents more per ton at the mine.
Dealers can get buckwheat in full supply, even though it is not possible
now

to fill at once all orders for domestic

anthracite.

scale of prices, the costs to the dealer of the domestic
anthracite sizes delivered in Philadelphia are as follows: Broken, $7 85;
Under the

egg, $7 75;
white ash.

new

stove, $8; chestnut, $8 10; pea, $6 50.

These prices are for

If the consumer gets either e^g or pea—both nut and stove sizes are
scarce—the ordering of one ton each of egg and buckwheat sizes, or one
ton each of pea and buckwheat, would cost the consumer the above prices

plus the $2 50
as

per

ton allowed the dealer by the Fuel Administration,

follows:

Egg and buckwheat, $17 85 for the two tens.
the two tons.
This averages $8 93 and $8 30 per ton, against $10 25 for egg and $9 for
pea, with 75 cents more added to the consumer if the retailer deals with
the independents.
A mixture of egg and buckwheat thus saves money for the furnace in
the cellar, while a mixture of pea and buckwheat saves money for the
Pea and buckwheat, $16 60 for

kitchen range.

RESTRICTIONS

BITUMINOUS

COAL

REMOVED.

INCREASED PRICES FOR ANTHRACITE COAL.

on any coal mined previous to the wage increase.
All the
penalty will be invoked against profiteers raising prices on
coal whose cost of production was not affected by the wage
increase. The actual increase of cost per ton on the basis
of the wage increase figured by the Fuel Administration
at 74 cents a ton.
The sizes of anthracite affected by the
new prices are about 70.6% of the total production.
The
new schedule carries forward without change the existing
differential between the large companies and the individual
operators in favor of the latter, and is as follows:

less, the Fuel Admin¬

STORAGE

New prices on anthracite coal to absorb the recent in¬
crease in anthracite wages were announced by the Fuel
Administration on Nov. 7. At the same time special orders
were issued to guard against an increase in price to the public

istration said:

It was announced yesterday (Nov. 22) that all storage re¬
strictions had been removed by the Fuel Administration on
bituminous coal, in conformity with the action of the War
Industries Board in canceling its preferential industrial list.
Anthracite coal, however, is not affected by the ruling.

Every industry and every householder, it was said, will be
permitted to store as much bituminous coal as desired, or
obtainable. The restrictions that have now been discon¬
tinued provided for the accumulations by the consumers in

preferential classes defined by the War Industries Board of
stocks of bituminous coal in accordance with their
location in relation to various mine fields and their classifi¬
cation on the preference schedule.
Locations far removed
from mine fields, the Fuel Administration announced, have
been found to be “well stocked” with coal.
reserve

FUEL

ADMINISTRATION TO CONTINUE CONTROL
UNTIL PEACE.

All coal, oil and gas concerns in the country have been
advised by the Fuel Administration that authority of the
Government over their activities will not cease until a peace

pact actually is signed.

Both the Navy and the merchant

fleet, especially the latter, are in need of oil as well as coal.
This need, the Fuel Administration declared, would be met.
TransportationU>fjfood and workers to the other side of the

Nov. 23 1918.]
is

ocean now

that there
tials.

THE CHHONIULEF"

imperative and the domestic situation is such
be no falling off in the deliveries of both essen¬

can

REMOVAL OF “LIGHTLESS" NIGHT RESTRICTIONS'
In announcing on Nov. 21 the removal of the
“lightless’
night restrictions, effective to-day (Nov. 23), the United
States Fuel Administration said:
Every plan and request for coal conservation made during the war
by
the U. S. Fuel Administration has been so
cordially received and so fully
and thoughtfully carried out
by the public that the policy of the Adminis¬
tration henceforth will be gradually to eliminate
restrictive orders and to
carry on necessary voluntary conservation
In pursuance of this
orders

through educational means.
policy,
were issued to-day setting aside the
light less night order except where State Administrators,
because of condi¬
tions local to their States, feel the
necessity for its continuance and direct
hat it be kept in effect.
Removal of other restrictions will follow, it was
announced, in confidence that the public, already appreciating the neces¬
sity for conservation, will carry it forward without the
ever-present re¬
minder these orders supply.

Supplementing the above, a statement issued by Mercer
P. Moseley, Chief of Fuel Conservation for New York
State,
said:
The

abatement of this order does not mean a
change in the situation
respecting the supply of domestic sizes anthracite. These lights are
gen¬
erated by bituminous coal.
Domestic anthracite is scarce and need for
continued.conservation on the part of the public is most emphatic.

under 26 cents

big producers

PER PRICES AND ALLOCATIONS.

Following last week’s conference between representatives
industry and members of the War Industries
Board to consider matters incident to the
change from war
to peace conditions, a conference of
copper interests and
of the steel

members of the Board was held on Nov. 15. At the
copper
Conference it was agreed, through a committee of producers
and refiners, to maintain the present rate of production

and
further
agreed to continue * Government regulation of prices and
allocation of materials. As indicated in our issue of Nov.
2,
page 1715, the price of copper at 26 cents a pound was con¬
tinued in October with the approval of President Wilson
until Jan. 1 next. With regard to the conference of Nov. 15
preserve

existing levels of prices and

wages.

was

and its conclusions the War Industries Board made the fol¬
lowing announcement on the 16th:
Bernard M. Baruch, Chairman of the War Industries
Board, conferred
yesterday with a committee of the copper industry of America. The
meeting was attended by Daniel Guggenheim, of the American Smelting
& Refining Co.; C. F. Kelley, of the
Anaconda Co.; Daniel C. Jackling.
of the Utah Copper Co., and R. L.
Agassiz, of the Calumet & Hecla Co.
This is the second meeting of the kind to be held since the armistice
was
declared, the first having been the steel meeting, which took place on

Thursday.

General industrial conditions to which the use of copper is
intimately
related were reviewed at the meeting.
The discussion was particularly
directed to the immediate situation that America and the rest of the world
is

facing.

The

spirit of co-operation that characterized the copper
producers throughout the war in the supply of the metal to America and
same

the Allies was present.
The meeting brought out the following points which are to remain ef¬
fective until Jan. 1, and then to be subject to renewal or revision as
already
agreed upon:
(a) The present rate of production is to be maintained in the mines, smelt¬
ers and refineries, cohtinuous
employment being thus insured during the
first period of the transition from a war to a peace ba.«-i>.

(b) The present level of prices of the metal and the existing wage scale
of labor are to be preserved.
(c) The War Industries Board, or such other Governmental agency as
may be designated, is to continue regulation of prices and allocation of
the material.
One of the Allied Governments within the last twenty-four hours has re¬
quested information on delivery of 200,000 tons of the commodity, which

accepted

sign that the European demand would not only be large,
point given consideration was the prospective
requirements for civilian consumption, due to the curtailment of the pro¬
ductivity of many American industries for the last eighteen months be¬
cause of the needs of the war program, which have created a demand that
should prove a factor in stabilizing conditions generally.
The civilian demands in Europe and elsewhere, held in check for more
than four years, would work to the same end, it was thought, since America
produces approximately 75% of the wrorld’s copper supply. The recon¬
struction work in the belligerent countries was another point of discussion
as well as the demand that Germany and her former Allies will have to
satisfy when she is again rehabilitated and has re-established her commer¬
was

as a

but immediate.

Another

cial relations with the rest of the world.

referring to the continuance of Government control of
prices and allocation, “Financial America’’ of Nov. 16
had the following to say concerning foreign requirements

pound.

were

This led to the circulation of

rumors that the

offering metal under the fixed price.

There is little or no copper to be obtained under
26 cents
time ago producers were informed by the

a pound.
Some
Government that they were at
fallows; 60% to consumers
having

liberty to dispose of their product as
Government orders and 40% to all other
no change in prices.

consumers.

But thi« effected

In Boston advices Nov. 21 the “Wall Street
Journal*’ said:
The inquiry of the French Government sent to
the War Industries Board
for 200.000 tons of copper carried with it an
agreement to pay 28 cents a
pound for a certain portion of this big order for
quick delivery. The
balance was sought at 26 cents a pound.
Under agreement between the
Board and the copper producers, however, no more than
26 cents a pound
can be accepted.

item

the 14th inst. O'ust before the

meeting took
place), the “Wall Street Journal,” in commenting on the
conference and the developments looked for, said in
part:

An interesting situation has arisen as to
potential sales to Germany.
Some companies express a willingness to sell
Germany the metal she needs,
provided sufficient credits covering future purchases are established in this
country.
On the other hand, one of the biggest producers says that his
company will not sell a pound of metal to Germany except for cash.
England, Belgium and France have formed syndicates to regulate the
distribution and sale of copper needed by their respective
countries, but
these syndicates will not start to operate until the situation as
regards future
prices, &c., is clarified. At the present time these commissions are
gather¬
ing data in respect to production and the probable trend of prices. Pro¬
ducers are not expected to interprose any
objection to Joint purchases
for export.

Readjusting the

copper

industry to

basis will, authorities em¬
are expected.
Until
some definite news comes from
Washington, business in all probability
will be very light.
It is pointed out that miners are being paid on the basis
of 28H to 29 cents a pound for the
metal, despite the fact that the price
has been fixed at 26 cents a pound until Jan. 1 next.
It is agreed that an enormous demand for the metal is in
prospect, but
when this demand will be filled depends on the attitude of the
Government.
Restrictions might be imposed that would preclude the selling of metal
on an open-handed scale for some
time to come.
phasize, be

CONTINUANCE OF GOVERNMENT CONTROL OF COP¬

1967

big problem.

But

a peace

cancellations

RESIGNATION OF JOHN P. WHITE FROM U.
ADMINISTRATION.

>’. FUEL

John P. White has resigned as Joint Director of the Bureau
Announce¬
ment that he had accepted the
resignation with regret because
Mr. White’s services had been “of inestimable value” was
made by Fuel Administrator H. A. Garfield on Nov. 18.
It is stated that Mr. White who retired as President of the
United Mine Workers of America to become labor adviser
to the Fuel Administration, will continue to consult with the
of Labor of the Federal Fuel Administration.

Administration

labor affairs.

It is further said that few

disputes involving miners remain to be adjusted, and Mr.
so that he could give his attention

White asked to be relieved
to his private interests.

FRANK P. WALSH RESIGNS AS CHAIRMAN OF
NATIONAL WAR LABOR BOARD.
The resignation of Frank P. Walsh from the National
War Labor Board was tendered to President Wilson on
Nov. 19. Mr. Walsh, who has served as Joint Chairman
with William H. Taft, in submitting his resignation, ex¬

plained that professional engagements, many assumed prior
made it imperative that he return to his law
practice at the earliest possible moment. His letter to
to the war,

President Wilson follows:
Dear Mr. President—I

hereby resign

Joint Chairman of the National

War Labor Board.

Professional engagements, many assumed prior to the creation of the
Board, make it imperative that I should return to my practice at the earliest
possible moment. Of course, I could have no thought of resigning, small
as my actual service may have been, during the hostilities.
Your confidence in me and many acts of kindness during my service
on the Board I appreciate beyond expression, although
my respect and
admiration for you personally, as well as my devotion to all of the things
which you represent, could not have been enhanced.
With my warm regard and sincere wish for a safe journey, and the
winning of the world to your splendid ideals, I am

Faithfully

yours,

FRANK P. WALSH.

The Board last week passed and sent to the Secretary of
Labor and to President Wilson a resolution under the sig¬
nature of Chairman Taft and Vice-Chairman Black Harmon

asking that members be relieved from their duties with the
Board at the earliest possible moment.

copper

for the metal:
France is in the market for 400,000,000 pounds of copper.
It is expected
that inquiries for 1919 export delivery will continue to pour into the big
producers. But the oig question in the minds of copper interests Is now
will foreign consumers arrange for payment?
It has not yet been decided
whether foreign consumers or foreign Governments will buy the metal.
Some producers incline to the opinion that a system of credits will have
to be arranged with bankers in this country before any orders covering
export delivery can be accepted. The big producers have enough business
on their books now to carry them almost up to the close of this year, and
they are not worrying about the situation after Jan. 1.
A very

small refinery in New Jersey, which has heretofore been affiliated

with German interests, has been intimating that copper could be purchased

NO MAXIMUM QUICKSILVER PRICES.
Maximum prices on quicksilver will not be fixed by the
War Industries Board, it was announced on Nov. 22, but

agreements now existing between quicksilver producers and
the Board will not be affected.
MEXICO'S PROPOSED NEW OIL LAND LAW.

Concerning a proposed new Mexican oil law, which is de¬
signed to meet the objections raised by United States hold¬
ers of oil lands, the New York “Times” of yesterday in a
1 special copyright cable from Mexico City Nov. 21 said:

oil law, which will be presented to Congress, will modify the
that subject, to whlcn American holders of oil lands have

present
objected
vigorously, The law will be effective one month after its promulgation.
Article 2 provides that those lands in which capital had been invested
prior to May 1 1917, for the purpose of exploring for or exploiting oil, are
not denouncable. provided the holders of the lands, including owners or
lessees, shall justify their rights of possession before the Executive within
a period of three months from the date of the law’s passage.
Claims owned
In fee are to pay territorial contributions and the production taxes imposed
by the decree of July 31 of this year, or those which may be hereafter estab¬
A

new

laws

lished under the classification of rents and royalties on claims to which
titles are Issued in conformity with the new law.
Claims held under lease contracts are to pay during the life of the con¬
tracts the taxes fixed by the decree of July 31.
This provision will termi¬
nate upon

the expiration of the lease contracts which may not be modified
of the contracting parties to do so may

renewed, even though the power
be stipulated in them.

Upon the expiration of a contract, an exploiter, during the three months
following, may obtain title In his favor to the claim upon the payment of a
tide tax.
Claims covered in this article are to be subject to the regulations
on exploitation which govern claims to titles of petroleum lands.
vArticle 3 provides that landowners holding contracts consummated
prior to May 1 1917, who have not invested capital in oil exploration or
exploitation operations shall enjoy during one year, counting from the day
the law is enacted, the preferential right to denounce underlying claims
to the properties provided they justify their rights before the Executive
within a period of three months.
When a single piece of ground is de¬
nounced by various lessees, title is to be issued to that lessee holding the
contract at

[Vol. 107

THE: UHB0NICI.E

1968

the latest dale.

It is provided in Article 4.that in justifying rights to ail lands referred to
in the preceding articles, the interested parties may use certified documents
which had previously been filed in the Department of Industry. Commerce
and Labor.
Article 5 provides that owners and lessees who have invested capital in
oil exploration and exploitation operations from May 1 1917 to the time
of the Issuance of the new law may obtain titles in their favor to the under¬

lying oil claims by the payment of the title tax, upon furnishing proof with¬
in a period of three months from the issue of the law of having the author¬
ization of the Executive to carry out the operations mentioned.
Article 6 stipulates that all denouncements of petroleum claims presented
to agencies of the Department of Industry in accordance with the provi¬
sions contained in the decree of Aug. 8 of this year are valid.

pointed out that appropriations and
aircraft were limited to “the present

Senator Martin also
increased personnel for

emergency,” and that authority of the President under
emergency shipping fund created June 15 1917, ends
months after the proclamation of peace.

the
six

RESTRICTIONS REMOVED.
Announcement that all remaining restiictions on non-war
construction throughout the United States had been re¬
moved was made on Nov. 21 by B. M. Baruch, Chairman
of the War Industries Board. This action permits all
building operations which had been held up because of the
war program to proceed.
No further permits will be re¬
quired. Notice of the removal of the restrictions was tele¬
graphed to the chairmen of the State Councils of Defense
by D. R. McLennan, Chief of the Non-War Construction
ALL BUILDING

Section of the War Industries Board.

COMMITTEES OF NATIONAL CIVIC FEDERATION
TO CONSIDER AFTER-WAR PROBLEMS.
The Reconstruction Committee, organized by the Na¬
tional Civic Federation, has been called by V. Everit Macy,
President of the Federation, to meet at 1 Madison avenue,
New

York,
questions:

Monday, Dec. 2 to consider the following

What part of the so-called “labor and capital” war measures devised
by the Government shall be retained at the conclusion of peace?
How far are compulsory measures, which were necessary under emer¬
gency condidons, to be continued after peace is restored?
What changes in our immigration policy will he forced by the economic
and other results of the war?

Realizing that the after-war era would call for a practical
reconstruction program, the National Civic
WORK ON U. S. PUBLIC BUILDINGS ORDERED RE¬
March 16 1918, provided for the appoint¬
Federation,
on
SUMED BY SECRETARY McADOO.
ment of a committee of representative men and women con¬
Secretary of the Treasury McAdoo on Nov. 16 issued in¬ nected with labor, agriculture, manufacturing, commerce,
structions to the Supervising Architect of the Treasury
banking, economics, the church, the bar, &c., to make a
Department to invite bids for construction work on post
study of the subject, so far as it relates to the problems
offices and other public buildings and extensions authorized
with which the National Civic Federation is especially
by Congress, thereby rescinding orders of last December
equipped to deal. The call for the meeting says:
suspending all work on public buildings on account of the
We are now face to face with the demobilization of our huge army and
war
conditions. Secretary McAdoo’s announcement of the transformation of our industries from a war basis to a peace basis.
and progressive

These

the 16th says:
owing to the pressure of war conditions and the con.
sequent necessity of concentrating the Industrial power of the nation on
the manufacture of war material, I deemed It essential to direct the super¬
vising architect of the Treasury Department to discontinue all construction
In December last,

public buildings except such as was absolutely., necessary*andjto
refrain from inviting bids for new work.
If'Vu
The changed conditions brought about by the conclusion of the armistice
and the manifest inability of Germany to renew the conflict, emphasizes
the importance of resuming with as little delay as possible the normal indus¬
trial activities of peace.
Construction work, which has been delayed
because of the necessities of war, should now be resumed, and 1 have
therefore Instructed the supervising architect to invite bk'» for the con¬
struction of new buildings and extensions authorized by Congress.
Among the first moves of the Treasury Department, in pursuance of the
new policy of the resumption of building operations, will be to take up,
with the Commission appointed by the (Congress for that purpose, the
question of constructing an archives building in Washington. The neces¬
sity for such a building has been greatly increased by reason of the need
of adequately safeguarding the large mass of valuable records and docu¬
ments relating to the war.
The resumption of construction work by the Government will con¬
tribute toward facilitating the industrial transition of the country from a
war to a peace basis and should serve to encourage others to undertake
without delay the fulfillment of the many and varied industrial peace
work

needs of the country.

LIMITATION
A summary

WAR

EMERGENCY

MEASURES.

of the arrangements made by Congress for

the dissolution of the machinery provided in the various
acts of Congress limited to the period of the war, was fur¬
nished by Senator Martin, Democratic leader, on Nov. 13:

The

expansion of fighting forces will end of course,
pointed out, with the proclamation of peace;
the collateral agencies he noted are limited as follows:

Senator Martin
Control of

Railroads—Twenty-one months.

Control of Telegraph and Telephone Lines—During the war.
Food and Fuel Control—When state of war is ended and proclaimed.

Espionage Act—End of the war.
War Trade Board and Export Control—End of the war.
War Finance Corporation—Six montlis after the war, with further time
for liquidation.
Capital Issues Committee—Six months after the war.
Reorganization of Government Bureaus under the Overman Law—Six
months after the

war.

Alien Property Custodian—End of the war, with extension of time for
certain duties.
Government Operation of Ships—Five years after the war.
Aircraft Board—Six months after the

war.

Agricultural Stimulation—End of the present emergency.
Housing Construction—End of the war, except for shipbuilders.
Labor Employment—During the emergency.
Minerala stimulation—a*

after

^'•nclvnation

questions,

well

questions pertaining to our mercantile marine,

finance, the production and control of basic industries—the output of
which we must supply to the whole world for a long time to come—must

necessarily be handled by Governmental agencies.
Buc the National
Civic Federation’s Committee is interested in the practical so-called “labor

capital” questions and it is these which it is expecting to study. The
deliberations will be placed at the disposal of
the Government.
It is earnestly hoped that there will soon come out of the
proposed Weeks and Overman bills an official commission ready to deal with
and

results of its constructive

all

reconstruction problems.

National Unity, an organization formed
by the National Civic Federation for the purpose of dealing
with war policies, of which Theodore N. Vail is Chairman,
will meet at 1 Madison avenue, on Tuesday, Dec. 3.
It
will consider, among other things, measures for bringing
about a greater fraternity of international good feeling
among the nations that have overturned German autocracy.The League for

The call for this meeting says:
If there is any one thing that this war has settled, it Is the r'ght of every
nation to develop according to its national life.
But there still exist forces
which in every way seek to destroy the principle of nationalism, and it Is
as soon as the restrictive war laws
will become bolder in that attempt.
Tnis raises

probable that

are removed,

these forces

the question as to which,

if any, of the emergency espionage laws shall be retained at the conclusion
of peace.
1
The anarchistic elements in control of Russia, with a gigantic fund at
their command, have boasted that they will carry into every country “a
war after the war,” meaning a class war.
This same incitement is being

spread by writers, speakers and agitators in this country, without let or
bind ranee.
The world has had enough of war and slaughter, and cer¬
tainly will not be inclined to welcome any further war, whether an Inter¬
national one or a war between classes.
Just as the League for National Unity urged the bringing about of fra¬
ternal co-operation in time of wrar, so will it aim to do in the era of peace.
It hopes to see

developed the same principles in all those

countries which,

than four years of appalling bloodshed and suffering, have
manfully withstood and defeated the encroachments of autocracy.
In
each of those nations it is believed that a League for National Unity will be
organized, from which will emerge an International League for Unity.
through

League for National Unity,
of
Wisconsin, is Chairman,
Bloodgood,
will meet at 1 Madison avenue, on Dec. 3, to consider
vital questions connected with the work of the Division.
One relates to an inquiry into the character of the educa¬
tional program proposed for our soldiers during their re¬
tention in France. Another question to be considered is:
“How far is it the duty of the fathers and mothers of the
soldiers and sailors to interest themselves in an effort to
counteract the disloyal propaganda in this country pro¬
The Next of Kin Division of the

of which Wheeler P.

moted

by revolutionary Socialists and Bolsheviki?”

Not. 23 1918.]

THE CHRONICLE

REGULATIONS GOVERNING THE APPLICATION FOR
ISSUANCE OF EXPORT LICENSES.
On Nov. 8 the War Trade Board announced that the
regu¬
lations previously prescribed as to the signing of
applica¬
tions for export licenses, as set forth in W. T. B. R.
214,
issued Sept. 10 1918, have been rescinded. The

regulations

requiring the filing of

powers of attorney (War Trade Board
announcements of Dec. 4 1917, as set forth in Journal No.

1969

Since August 1917, when the first calls were issued under
the army draft law, 2,700,000 men have been inducted into
the army. Practically all physically qualified men between
the ages of 21 and 31 who were placed in Class 1 are now in
the service. The men who were to have moved to
camp
this month were of the new registrants enrolled Sept. 12.
With regard to plans for demobilization, this statement
referred to above, issued by General March, said:

2 of the War Trade Board, and of March 2
1918, as set
forth in W. T. B. R. 67) have also been rescinded. The

With reference to what is being done after the armistice was
formally
signed, I have issued orders in accordance with a plan which we have
evolved for the prompt reduction of our forces in the United States as

Board says:

follows:

In order to facilitate the work of filing applications for
export licenses,
the War Trade Board wili now accept applications if it shall
appear from
the application itself that It bears the personal signature, in
ink, of the
consignor or of some person to whom the consignor has delegated the duty
of signing applications.
_

Shippers will

neld responsible, as heretofore, for all statements made
upon applications and for full compliance with all rules and
regulations
of the War Trade Board, and their attention is called to the
following
provision contained in the form of export license.
“By accepting or acting
under this license the person to whom the same is issued
warrants the cor¬
rectness and truthfulness (1) of all answers made and
statements con¬
tained in the application Hied with said Board for this
license, and (2) of
all information given in response to
any further requirements of said
Board in connection therewith, which
application and information are by
reference made parts hereof."
oe

First—The demobilization of the development battalions throughout the
country.
They are 71 in number and embrace in strength 98,199 men.
Second—The demobilization of conscientious objectors who are not serv¬
ing sentences.
Third—The spruce production division.

Fourth—Central training schools for officers with certain modifications
Fifth—The United States Guards, who comprised something like 135,000
on

paper.

Sixth—Railway troops.
Seventh—Depot brigades.
Eighth—Replacement camps.
Ninth—Combat divisions.
We have in the United

States now something like 1,700,000 men, and to
muster out a force of that kind of course will take some
time.
Each man
has to be examined physically, his final accounts made and a
copy of his

medical record transferred to the War Risk Insurance Bureau so
that the
get compensation they are entitled to under the Act, which must
be properly safeguarded.
Great masses of blank forms have been
pre¬
pared in advance, and they are being shipped to the various camps for use
as these orders go into effect.
The orders that have already been issued affect some 200,000 men.
I ex¬
pect to muster them out in two weeks.
When the machine is in full oper¬
ation we expect to release 30,000 men a day.
In handling this problem of demobilization one of the features
which had
to be considered was the
subsequent retaining of men for the Regular
Army, or what will be the Regular Army when Congress passes laws reor¬
mm may

DEMOBILIZATION PLANS.

Demobilization of America’s

vast army

of nearly four
and within a few days
200,000 men dow in camp in this country will have been sent
home, and thereafter the demobilization will continue at
the rate of 30,000 men a day,
according to plans announced
by General Peyton C. March on Nov. 16. There are about
1,700,000 men in camps in the United States now, General
March said. In a general order issued to the
army on the
16th, Secretary of War Baker said in part:
million

men

already under

way,

The

signing of the military armistice enables us to suspend the intensive
military preparation in which the country was engaged. It does not,
however, signify the formal end of the war, and it will therefore be necessary
for us to keep under arms a substantial army
until we are certain just what
the military needs of the country will be.
The

men In service In the United States will be
demobilized as rapidly
is consistent with the needs of the
Government, and the War Depart¬
ment is working with the other agencies of the Government toward a
as

rapid

re-establishment of normal business conditions and the restoration of the
soldiers to their homes and occupations.

The suspension of draft calls and release of all men called
who had not actually entrained for
camp were almost the
first work of the War Department when the armistice was

signed.
at

10:50

A preliminary order
a.

was

Nov. 11.

issued by Secretary Baker

Subsequently, by order of

President Wilson, Provost Marshal-General Crowder issued

order to all local draft boards directing the cancellation
of all outstanding army draft calls,
stopping the movement
of 252,000 men under orders to entrain within five
days,
and setting aside all November calls for over
an

300,000

men.

In transmitting the President’s order to the local
boards,
Gen. Crowder announced that registrants whose induction
orders were canceled or who were discharged after their
.

entrainment for camps would revert to the status existing

at the time the

ganizing that army. When the war broke out there were only a limited
number of such men in the service, and the great number of
men who filled
out these units were men who
voluntarily enlisted for the period of the war.
So we have offered these men who came in for
the
option of re-enlisting if they

period of the

war

the

care to.

We have offered an immediate honorable
discharge with a furlough of one
month upon re-enlistment and we
propose to go before Congress and ask
Congress to give every man who has been honorably discharged one month's
pay, whatever his grade is, as a bonus. These men who re-enlist will not
lose their bonus.
Under present laws every man who is
discharged from the army is en¬
titled to wear his uniform for a period of three months.
That is a very
necessary thing, because the releasing to Civil life of 3,000,000 or
4,000,000
men makes it impossible to clothe in civilian
clothes so great a number.
So there will be a period of readjustment
during which they will be wearing
their uniforms.
The officers are listed in this way: Officers who want to
apply for com¬
missions in the Regular Army will be considered; officers who
want to put
themselves in a class where they can be used for future
military operations
will be offered commissions in the Reserve
Corps, The rest of them will be
discharged. In this connection I also issued orders to all the staff corps
that the discharge of officers and men must
keep pace with the cutting down
of work, and they have been directed to submit
lists of officers and men
from time to time as they can be spared for
discharge.
At the same time as these orders were given for the
troops at home, I
cabled Gen. Pershing directing him to return to the United
States on troop
transports all men who are casuals or convalescents, sick and wounded who
are able to be moved; and these men
will come in a steady flow across the
Atlantic before the larger number come back as units.
We propose when the divisions come back from France
to have them
mustered out In the vicinity of their homes.
The men from New England
will be put in Camp Devens, for instance, and we
intend to have these men
parade in the nearest adjacent town so that the home people can see their
own soldiers,
This scheme calls for the clearing out of the camps at home,
and I will leave in each one of these
camps a unit of the Regular Army,
which will police it and take care of it and make it
ready for the troops as
they come back from France.
With reference to casualties in the American
expeditionary force, I cabled
Gen. Pershing directing him to
report in plain English and not in code, ho
as to save time, the
name of every man killed, wounded or
miming up to
the time of the armistice not hitherto
reported.
I have had an answer
this morning saying he would
expedite it in every way.
.

original order was issued, this to include
resumption of the order and serial number. It also was
specifically announced that nothing in the cancellation of
the calls should operate to relieve from the consequences of
his acts any registrant who theretofore had become delin¬
The relation of demobilization
plans to industrial readjust¬
quent or a deserter. The local draft boards were instructed ment was dealt with
by
Assistant
Secretary of War Benedict
to complete the classification of all
registrants who on Sept. Crowell in a statement made public on the
16th, in which
12 were between 19 and 36, but to discontinue all work on he
said:
With the signing of the armistice the War
registrants in the 18-year and 37-45 year groups. In his
Department is faced with an
intricate problem and great responsibilities. The industries
order to Gen. Crowder Secretary Baker
of the country.
expressed his con¬ which have
responded whole-heartedly to the call of the Government for
gratulations and thanks to the members of the Selective increased production
and which were going at a rate never before
attained,
Draft Service for the successful working out of their enormous must be diverted from war-time production to
their normal occupations in
and difficult task.

Win mitering

Mr. Baker said:

upon what seems in view of the mighty events of the
to be the final work of this character to be done
by the selective

day.

service

system, I extend to the members of that system my personal congratula¬
tions upon their truly great achievements of the last
year and a half, achieve¬
ments that have taxed to the utmost the time, the
ability and the endurance
of all those engaged in the work and that have furnished the
army to which
In large measure must be given the credit for
saving to the world both
civilization and government by the people.
To you, members of that system, must come a sense of
duty well done
which a loyalty, patriotism and devotion such as yours can
bring. The
country and the world know that they owe to you a debt of thanks and
gratitude which cannot be measured by words but only by the affection,
the respect and esteem, now yours, of those among whom
you live, and
from whom you have taken that which was beyond price.

In transmitting Secretary Baker’s order to the State draft
executives and local and district boards, Gen. Crowder
added his personal congratulations upon their “truly great
achievements ef the last year and a half.”

times of peace.
The first and primary consideration in
getting back to
this normal basis is to make this
readjustment with as little inconvenience
as possible, and with a continuous
employment of labor.
It is also essential that the production
of material for war, which
now a waste of material which could
be used for civilian purposes here
and for the purpose of reconstruction in

Europe, should be stopped as
speedily as is consistent with the primary consideration of
labor and the
industries.

Instructions, therefore, have been Issued to all bureaus of the War
Department governing the methods of slowing down of a
production, so

that as far as possible there should be a
tapering off of war work, giving
time for industrial readjustment and for
the industry to take up civilian
work.
So that manufacturers might as
rapidly as possible get into work
on civilian needs the War
Industries Board at our request has withdrawn
all priority ratings on army work.
No order is being suspended or canceled
by the War Department without
consideration of the nature of the work or the
locality in which the work is
being performed, labor and the re-employment of labor at such
places in
other industries and without conference
and consultation with the War
Industries Board, which has been constantly in touch with the
industries
of the country, and with the
Department of Labor, which is in intimate
touch with conditions of
employment in all parts of the United States.

THE CHRONICLE

1970

NO SPECIAL RELEASES FROM ARMY LIKELY, SAYS
SECRETARY BAKER.

Dispatches from Washington report that many requests
being received at the War Department from business
organizations and employers for the release of individuals
from military service.
Such requests, it is stated, are not
likely to be granted. On this point a special dispatch from
Washington to the NewYork “Sun” on Nov. 15 said:
are

Requests from business organizations for the return of their men from the
army are already pouring in here.
Secretary Baker said it was not likely
any would be granted, as it tended to break up units, and furthermore,
would create an inequality of conditions.
The same thing would apply
to individual requests, which are coming in by the thousands.
“The thing that we must do." said Mr. Baker, “is to demobilize the men
in this country, and all the others, with reference to their occuptaional
opportunities, so as to let them go back into normal life of the country
without filling the country with unemployed men.
The War Department
is Working in close co-operation with the Department of Labor and the
War Industries Board.”
“If an individual had an opportunity to return to his employment, would
an individual instance be considered?” Mr. Baker was asked.
“An individual instance, if it comes in a class that was to be discharged
a class, would be granted, but no priorities and no furloughs will be
granted,” he said.

MEMORIAL TREES FOR FALLEN SOLDIERS
ADVOCATED.

Governors of all States in the Union have been asked to

co-operate in a plan to plant, along transcontinental highways
and public roads, memorial trees for the nation's dead
soldiers and sailors. Charles Lathrop Pack, President of the
American Forestry Association, says the idea has already
been taken up by many towns and cities, and the General
Federation of Women's Clubs had before it a proposition to

plant memorial trees along the Lincoln Highway. As
quoted in the “Evening Post'' of this city on Nov. 9, Mr.
Pack said:
There could be nothing more appropriate than to have each State
a motor highway passes, plant “victory” oaks or ‘‘victory
elms” for her soldiers who have died in battle.
The motor has played a

through which

mighty part in the winning of the

war.

and it would be

a very

fine thing

for these highway organizations to take up plans for memorial trees.
Then, too wood has played a biv part in the victory. Our wood stocks
must be replenished.
With each State co-operating with the highway

authorities,

living lesson could be taught the coming generations as to

the beauties and value of forestry.

AMERICAN
SOLDIERS, IN ARMISTICE
FORBIDDEN TO FRATERNIZE WITH

Rigid maintenance of discipline and

ORDERS,
FOE.

’

fraternization with

the enemy were admonished in the final orders issued on
Nov. 11 to the American troops. Orders announcing that
the armistice had been signed and giving directions as to
the future conduct of the troops had been signed in advance
and were transmitted to the various corps commanders.
From thence they were transmitted by telephone and run¬
ners to the front line troops.
The orders read:
1. You are informed that hostilities will cease along the whole front at
eleven o’clock a. m. Nov. 11 1918, Paris time.
2. No Allied troops will pass the line reached by them at that hour and
date until further orders.
3. Division commanders will immediately sketch the location of their
front line.
This sketch will be returned to headquarters by the courier

bearing these orders.
4. All communication with the enemy, both before and after the ter¬
mination of hostilities, is absolutely forbidden.
In case of violation of this
order, severest disciplinary measures will be immediately taken. Any
officer offending will be sent to headquarters under guard.
5. Every emphasis will be laid on the fact that the arrangement is an
armistice only, and not a peace.
6. There must not be the slightest relaxation of vigilance.
Troops must
be prepared at any moment for further operations.
7. Special steps will be taken by all commanders to insure strictest dis¬

cipline and that all troops be held in readiness fully prepared for any
eventuality.
8. Division and brigade commanders will personally communicate these
orders to all organizations.

[Vol. 107

helping to bring the nations back to a peace basis, a just and lasting
I will not probably be able to help him in Congress but I shall
help him in every other way I can. The demonstrations all over the
country, following announcement of the cessation of hostilities, show that
the people do pot like war and are with him in a love for peace that comes
with honor, the only kind of a peace any of us want.
But there are influences organizing against him now, organizing to turn
the results of the war to their profit and to keep all the people from reaping
lems of

peace.

We saw that in Michigan in the recent
It is this sinister influence that must be combated.
After

the full benefit of their sacrifices.

election.

Germany’s great victory in 1871 the military party fastened militarism
on that nation; and that same militarism, like a Frankenstein, turned and
ruined the very nation which created it, and to which it had given a false
feeling of security for a time. We must see to it that our nation does not
fall into the

same error.

The greatest security, the real preparedness, of a nation is in the ability
to do things.
We did our big part of the job of winning the war, not with a
lot of out-of-date munitions, but because we had the soldiers ?t the front

the pep into tbe action there and the men at home to put the pep
into making munitions for them, and men with plants and ability to turn
the plants quickly to making up-to-date machinery and produce whatever
was wife ted in the rapid development of our war needs.
We ware pre¬
to put

pared with skill and ability instead of antiquated machinery. The
Germans, believed to be the best “prepared” nation in the world, had
enough antiquated stuff to get them licked.
With the nation at war, my object was to help get out in everything
called for by the Government, and with the war ended my object is to help
find profitable work for every returned soldier, no matter what his con¬
dition, and our experience has shown that practically all can be profitably
employed.

SUPREME COURT DENIES APPEAL OF MOONEY, CON¬
VICTED FOR SAN FRANCISCO BOMB OUTRAGE.
The Supreme Court on Nov. 18 denied the appeal of
Thomas J. Mooney, the San Francisco labor leader found

guilty of murder in connection with the San Francisco
preparedness parade dynamite outrage in 1916, and now
under sentence of death. The Court refused to review the
decision of the California Court, the decision being handed
down by Chief Justice White without comment. The
Court’s decision ends Mooney’s long fight for a review of
his case, with the possible exception of action by Governor

Stephens of California. The outrage took place in 1916
organized labor has been insistent in demand¬
ing a review. Several retrials have been granted the labor
leader but all resulted in sustaining the original court sen¬
tence.
Charges were made that certain witnesses for the
State had been found to have perjured themselves. Hun¬
dreds of thousands of dollars were expended in a nation wide
campaign in an. effort to compel new hearings and this
pressure was so great that President Wilson was induced
to send a telegram to the Governor of the State of California
recommending clemency for Mooney. An international
aspect was given to the case at the time when Russia, follow¬
ing the downfall of the Czar, was wavering in its support
of the Allies.
Efforts were made to influence Mooney's
case by the assertion that his conviction would have an
unfavorable reaction among the Russian radicals.
On Thursday it was stated in Sar Francisco advices that
Judge Franklin A. Griffin, before whom Mooney was
originally convicted, had written to Governor Stephens
asking the Governor to grant Mooney a conditional pardon.
Judge Griffin has on previous occasions expressed the opinion
that Mooney should have a new trial. Meanwhile, efforts
are being made by trade unions on the Pacific Coast to
forment a general strike as a protest against Mooney’s execu¬
and since then

tion.

On the 20th the Seattle Metal Trades Council sent

telegram to the American Federation of Labor at Wash¬
ington urging the calling of a general nation-wide strike.
The Federation was also requested to ask British and Cana¬
a

dian labor leaders to take similar action.

Unions in the

shipyards district of Alameda and Oakland were said to be
balloting on the Mooney strike proposal.
EMERGENCY POWER BILL TO BE DROPPED.

MONEYED INTERESTS BEAT HIM AT THE POLLS,
SAYS HENRY FORD.

Charging that “Wall Street interests, now organizing
against the President,'' had spent $176,000 to get the Repub¬
lican nomination for Truman H. Newberry, his opponent
in the recent Senatorial election in Michigan, Henry Ford,
in a typewritten statement given to the press on Nov. 15,
declared that the same interests “would spend $176,000,000
to clean up the country,’’ and that “that is where our danger
lies; that is what makes for Bolshevism.” Mr. Ford in the
of his statement, which was full of characteristic
comments on the political situation, charged that sinister
interests in this country were organizing to block President

The so-called

Emergency Power Bill at one time urged
the
by
Administration as a necessary measure for supple¬
menting the power supply in districts where war work was
concentrated, will probably be dropped, according to Wash¬
ington advices on Nov. 15. Chairman Fletcher, of the
Senate Commerce Committee, was quoted as saying that he
was not inclined to press the measure.
As passed by the
House an appropriation of $150,000,000 was authorized,
but the Senate Committee, in a substitute measure, reduced
this amount to $50,000,000.

course

Wilson’s efforts to
he said:

bring about

just

peace.

On this point

Everybody’s hope in Europe is pinned on Mr. Wilson’s name, his deeds.
He has performed well the work of carrying a peace-loving nation through
e righteous war to a glorious success, and he is now facing the great prob¬

AIRPLANE TELEPHONE IN USE BY AMERICAN
FIGHTERS.

According to John D. Ryan, Director of Airplane Produc¬
tion, American pilots fighting on the west front were directed
by their commanders by means of a wireless telephone. The
perfection and practical application of the instrument,

Nov. 23 1918.]

THE CHRONICLE

hitherto withheld for military reasons, was revealed by Mr.
Ryan on Nov. 15. The device was perfected by Col. Clar¬
C. Culver, U. S. A., and has been developed to the
point where, it is said, the sound of the human voice is trans¬
mitted clearly despite the noise of the motor and propeller.
In making his announcement regarding the use of the wire¬
less telephone on the western front up to the moment
the armistice was signed, Mr. Ryan as quoted in the New
York “Sun” said:

ence

There are some details concerning it which we cannot discuss yet but
the radio devices worked out during months of experiment went into actual
service some weeks ago.
I have myself, standing on the ground, given
orders to a squadroa flying in the air and watched them manoeuvre accord¬

ingly. The transmission of the voice is clear enough to be heard distinctly
through the sound of the airplane motor.
It is in every way satisfactory.

Mr. Ryan would not discuss the distances over which
the radio telephone worked but they are said to be a matter
of several miles.
MAYOR HYLAN BARS RED FLAG FROM STREETS OF
NEW YORK.

In an order issued to Police Commissioner Enright on
Nov. 18, Mayor Hylan of New York ordered him to have the

police henceforth prevent the display of the red flag on the
streets of the city, and to disperse all unauthorized public
assemblages. The action was taken presumably because
there have recently been riotous outbreaks by soldiers and
others against the display of red flags in Socialist demon¬
strations.
The order of the Mayor read:
The

display of the red flag in

1971

white slavery.
peace so

That’s why they indicted
quickly.

and that’s why they made

“They are afraid of Bolshevism. All Socialists are pro-Bolshevist
to-day. They are not afraid of Germany, but they are afraid of Bolshevism
in Europe.
They are afraid 2,000,000 soldier boys may be affected by it.
“Your list of the new Socialist Soviet republics is not complete.
You
add Sweden and Denmark now, and who knows how soon the United
States, our own country, may be on the list? God only knows what
may
happen in this country in the next year or two. We have the same condi¬
tions they had in Germany and Russia.
We have the same kinds of
stomachs.
Stand by your colors—the flag—your ideas—and when I say
flag I mean the international flag.”
Loud cheers and cries of “The Red Flag” interrupted the speaker at this
can

point.
“I am in no way opposed to our flag,” he added glancing at the Stars and
Stripes,” at the'same time the International is the bigger flag of the two."
Resolutions were adopted, expressing “entire accord in the effort of our
German comrades under the inspiration and leadership of Karl Liebknecht and in the efforts of our comrades in Finland, Austria, Bulgaria,
Serbia, Sweden, Holland and in other nations to establish working class

Governments

the Russian model."

PROHIBITION AMENDMENT TO NATIONAL FOOD
STIMULATION ACT BECOMES A LAW.
Without

roll-call the United States Senate

Nov. 18

adopted Senator Sheppard’s amendment to the National
Food Stimulation Bill, providing that after June 30 1919
there shall be no traffic in alcoholic beverages of any sort
within the United States, and further that on May 11919 the
manufacture of all wines and malt liquors shall cease for
the period of the existing war and until all the American
troops are brought home and demobilized. With the Presi¬
dent’s approval of the measure on Nov. 21 the bill became

our thoroughfares seems to be emblematic
insignia for law hating and anarchy. For the
preservation of public order, peace and the welfare of the community,
only the American flag or the insignia of some foreign Government recog¬
nized by the Government of the United States should be displayed.
We are passing through the most important and critical period of our his¬
tory. Reports from abroad picture the horrors and outrages of unrestrained
mobs, and even the great neutral nations in Europe are facing dangers of
social upheaval.
In this critical time every loyal American citizen must
exercise forbearance and patience and aid the authorities to deal justly and
fairly with every problem of Government. Whenever new ideas are sug¬
gested they must be considered calmly, and if adopted should be put into
effect through the established methods of law and order.

bodies of similar character, Precinct commanders will immediately report
through Borough Inspectors to the Chief Inspector, the time and place
when any such parades, meetings, or assemblages are to be held, and they
must be properly policed and red flags, banners, signs, Ac., of a seditious

That, after June 30 1919, until the conclusion of the present war, and
thereafter until the termination of deinobilizatiQn, the date of which shall
be determined and proclaimed by the President of the United States, for
the purpose of conserving the man power of the nation and to increase

of unbridled licence and

law.
This

previously passed by the United States
Aug. 29 and referred to in these columns on Sept. 7,
while on Sept. 23 the House of Representatives adopted the
measure by a vote of 171 to 34.
A slight addition, that of
allowing wines to be imported until May 1 1919, was the
only change made. This amendment had been suggested
through the State Department by the Governments of
France, Italy, Portugal and Spain, which complained that
the prohibition upon such importations placed by the Lever
In carrying out the instructions of Mayor Hylan, Police
Law worked a serious hardship upon one of their chief
Commissioner Enright sent the following order to the various
industries.
police stations:
The full text of the measure as passed by the Senate,
Extreme vigilance must be exercised in regard to parades, meetings and
with the added matter printed in black-face type, follows:
assemblages held by the Socialists, anarchists, pacifists, I. W. W., and

character

or other manifestations that are calculated to cause or
promote disorder or hostility toward the United States Government must

...

prohibited.

Local Socialist organizations have announced their in¬
tention to contest the Mayor’s order, especially that part

referring to public meetings.
CONGRESSMAN-ELECT VICTOR BERGER ENDORSES
BOLSHEVIKI.
The Russian Bolsheviki were endorsed and the red flag
of international Socialism exalted above the American flag

by Congressman-elect Victor Berger of Milwaukee before a
large audience at Chicago on Nov. 17. The meeting was
held to glorify the Socialist revolutions in Germany land
Austria, and resolutions were adopted “extending the hand
of fellowship to* the revolting working class of Europe.”
The German language was used freely by the Socialist
speakers. A German singing society sang the Socialist
March and “The International” in German.
The “Mar¬
seillaise” was sung in English.
“The Star-Spangled Banner”
was

not sung.

Every speaker, from the Chairman, William

Bross Lloyd, recent Socialist candidate for United States
Senator, to the woman representative of a Siberian soviet,
had words of praise for the Bolsheviki.
None had words of

appreciation for America’s part in the world’s

war.

The

collection of funds for United War Work was denounced
and the Socialists were urged to withhold money from this
work and contribute it to a fund for Socialistic propaganda.
Allied forces in Siberia

were criticised for “taking the
guns
and bayonets from the Siberian Soviet Army,” and were
held responsible for the check of the Bolshevist movement in

that part of Russia.
Victor Berger was

introduced to the crowd of 8,000 to
10,000 persons as a man who could qualify.as^good^Socialist, “because he can show his indictments.” As quoted
in

Senate

measure was

efficiency in the production of arms, munition^, ships, food and clothing
for the Army and Navy, it shall be unlawful to sell for beverage purposes
any distilled spirits, and during said time no distilled spirits held in bond
shall be removed therefrom for beverage purposes, except for export.
After May 1 1919, until the conclusion of the present war, and there¬
after until the termination of demobilization, the date of which shall be
determined and declared by the President of the United States, no grains,
cereals, fruit or other food products shall be used in the manufacture or
production of beer, wine or other intoxicating malt or vinous liquor for
beverage purposes.
After June 30 1919, until the conclusion of the present war, and there¬
after until the tterminaion of demobilization, the date of which shall be
determined and proclaimed by the President of the United States, no beer,
wine or other intoxicating malt or vinous liquor shall be sold for beverage
purposes, except for export.
The Commissioner of Internal Revenue is
hereby authorized and directed to prescribe rules and regulations, subject
to the approval of the Secretary of the Treasury, in regard to manufacture
and sale of distilled spirits and the removal of distilled spirits held in bond
after June 30 1919, until this Act shall cease to operate, for other than
beverage purposes, also in regard to the manufacture, sale and distribu¬
tion of wine for sacramental, medicinal or other than beverage uses.
After the approval of this Act no distilled malt, vinous or other intoxi¬
cating liquors shall be imported into the United States during the con¬
tinuance of the pre ;ent war and period of demobilization, except wines,
which may be imported until May 1 1919; provided that this pro¬
vision against importation shall not apply to shipments en route
to the United States at the time of the passage of this Act.
Any person who violates any of the foregoing provisions shall be punished
by imprisonment not exceeding one year, or by a fine not exceeding $1,000,
or by both such imprisonment and fine.
Provided, that the President of the United States be, and hereby is,
authorized and empowered, at any time after the passage of this Act, to
establish zones of such size as he may deem advisable about coal mines,
munition factories, shipbuilding plants and such other plants for war
materials as may seem to him to require such action whenever, in his
opinion, the cieation of such zones is necessary to and advisable in the
proper prosecution of the war, and that he is hereby authorized and em¬
powered to prohibit the sale, manufacture or distribution of intoxicating
liquors in such zones, and that any violation of the President’s regulations
in this regard shall be punished by imprisonment for not more than one year,
or by a fine of not less than $1,000, or by both fine and imprisonment.
Provided further, that nothing in this Act shall be construed to interfere
with the power conferred upon the President by Section 15 of the Food
Control Act, approved Aug. 10 1917.

The bill was signed by President Wilson at exactly one
minute to 5 o’clock Nov. 21, just a few minutes before

special dispatches to the New York “Times”, Berger said adjournment.

in part:
“I can show four indictments.
I was not indicted because I had com¬
mitted any crime.
We were indicted because we stood for socialism—
that was the only reason.
They say the Socialist party of the United
States is German.
Germany will be proud of having given this socialism
3o the world.
They object to socialism because itiwould do away^with

Some

persons

contend that had he waited

five minutes longer the measure would have failed, since
it could not be signed after adjournment. On the other

hand, however, it is urged that this has reference only to
cases where the life of Congress itself expires and not to the
termination of

session.

1972

THE CHRONICLE

CONTROL OF CABLES TAKEN OVER BY
GOVERNMENT.

The issuance of
Nov. 2

a proclamation by President Wilson on
placing all marine cables under control of the Post¬

master-General became known on the 16th inst. The
action of the Government in assuming control of the cables
at this time has developed more or less conjecture as to its

iVoL. 107.

and will continue during this period of readjustment/' He
also said "the recent breakdown in connection with one of
the cable systems has demonstrated the absolute necessity
of

being able to utilize at will the facilities of either cable
system with all of the land line systems, in order that traffic
may be adjusted in the same hands as it is on the land
lines." On Nov. 15 before announcement had been made
of the issuance of the proclamation of the 2nd the suspen¬
sion of all outgoing cable service by the Western Union,

Clarence H. Mackay, President of the Postal Tele¬
graph Commercial Cable Companies in expressing himself
at a loss to understand what prompted the action, had because of congestion of messages, was announced by that
company.
By the 18th full service was resumed. We
the following to say on the 16th:

reason;

I cannot understand why the Government takes over the cables as a
measure, notwithstanding the war being now practically ended.
The cable companies have rendered splendid service ever since the out¬
break of the European war four years ago.
Why at this late day the Post
Office Department takes over the cables as a war necessity, in the face of
th <fact that tne Navy Department has censored all cable messages since

war

April 1917 and is still censoring them, is beyond my comprehension. And
why also the Government should saddle itself with this added burden when
on the other hand it is trying to reduce the war expense is a mystery.
The cables, except for the last few days, have been worked to their full
capacity, and Government operation cannot increase that capacity nor
make the rates any cheaper.
In fact, I have no doubt that Government
operation will result in loss, just as the Government operation of the land
lines will undoubtedly result in a very heavy loss.
Only a few days ago 1
wrote Mr. Burleson requesting that the land lines be turned back to the
companies, so as to limit the loss of the Government. The letter is quite
in point and reads as follows:
“November 11 1918.
"Hon. Albert 8. Burleson, Postmaster-General, Washington, D. C.:
"My Dear Mr. Burleson: In view of the fact that an armistice with Ger¬
many has now been signed and a treaty of peace will probably be agreed
upon quickly. 1 take the liberty of suggesting that the telegraph lines be
returned to the two telegraph companies at once, as authorized by the
President’s proclamation, which states that you shall be at liberty to re¬
linquish ‘in whole or in part to the owners thereof
any tele¬
graph • .
system or any part thereof.’
“Such action on your part would save the Government a great deal of
money, because as I am informed, the compensation which has been agreed
upon between you and the Western Union Telegraph Company is much
more than that telegraph company is now earning (Tom month to month.
That compensation is even more than that company’s earnings for 1917,
which was the most profitable year in its history. The
earnings of that
company for the first seven months of this year as reported to the InterState Commerce Commission were $1,357,225 less than they were for the
.

same

period of last

year

(including cable operations, but

any

decrease in

such cable earnings was undoubtedly more than offset by the
alleged de¬
crease of $578,000 in taxes), which would indicate that the
year ending
July 31 1919 will show a loss to the Government, in connection with that
company, of at least $2,326,668, and in all probability considerably in
excess of that figure.
I do not know what the corresponding figures of
the Bell Telephone Company are.
But there is no reason for the Govern¬
ment continuing to bear these losses inasmuch as it can
stop them imme¬
diately, by returning the lines to the telegraph companies. That such a

step would meet with general approval is indicated by the speech of Senator
Martin of recent date, in which he urges immediate retrenchment in all
branches of the Government.
“There is no such deficiency in your operation of the Postal Telegraph
lines, inasmuch as no compensation has yet been agreed upon as to that
company.

“Again, the sooner competition in the telegraph business is restored the
greater I believe will be the satisfaction of the public.
As you are aware,
the joint resolution of Congress of July 16 1918
authorizing the taking of
control of the telegraphs and telephones was
purely a war measure ‘for
national security and defense,’ and this is
emphasized by the fact that
Congress provided that Federal control shall not extend beyond the date
of the proclamation by the President of the
exchange of ratifications of
the treay of peace, as against the Railroad Federal Control
Bill, which
continued the period of Federal control for a period of
twenty-one months
after the war.
If Congress had intended the Telegraph and
Telephone
Federal Control Act to be other than a purely war
measure, Congress would
have made its continuance last for the same
period as the railroad control.
The fact that the telegraph-telephone control was
purely a war measure
Was also most emphatically
emphasized in the debates in both Houses of
Congress when the resolution was passed.
‘Certainly the war no longer justifies the Government’s retaining these
telegraph lines for war purposes. In fact, since Aug. 1 1918, when the
Government first took control of the telegraph lines for war
purposes,
there has not been a single act in such
operation, so far as 1 can ascertain,
that has been different from what such
operation would have been if the
telegraph companies had been allowed to continue their own control, and
the Government had not taken over the lines for
war purposes.
This
merely emphasizes the propriety and wisdom of the Hn«w
being turned
back at once.
The compensation to the Postal
Telegraph-Cable system is now in
course of discussion with
your committee, but if you think well of the
suggestion to return the lines to both telegraph
companies, the Postal
Telegraph-Cable Co. is willing to waive any claim for compensation
and
accept what the lines have actually earned since the
beginning of Federal
control.
All this would save the
Government from the Vws which it is
now sustaining from month to month.
“On the other hand, if the Government is to
continue to keep control of
our lines, we certainly are entitled to the
same profits that we made
during
the year prior to July 1918, which you will
notice includes th" first six
months of 1918, In which six months, as stated
above, the Western Union
earnings showed a considerable decline, but which was
apparently not
considered In arriving at their compensation.
You will observe, therefore,
that the basis on which we are willing to
accept compensation is morp
favorable to the Government than you have
granted to the Western Union.
Apparently war compensation is based upon war profits, and we are en¬
titled to the same treatment as the Western
Union in this respect.
“I am,

yours,

respectfully,

“CLARENCE
On the 19th inst.

MACKAY, President.’’

Postmaster-General Burleson issued

statement relative to the action of the Government in
taking over control of the cables in which he said '‘there
never was a time in the
history of this war
which
called for such a close control of the cable
a

system

to-day

quote herewith Postmaster-General Burleson's statement

of the 19th

to the

reasons

prompting the Government's

action:
Originally the cable systems were organized and operated independently
of the land line systems.
The transmission of messages commenced and
ended at the termini of the cables and the communications destined to
points beyond the terminial were physically transferred to other lines.
To-day the transmission is continuous for land and cable lines. The dis¬
tance of continuous transmission is bounded neither

by continents

nor

oceans.

Effective communication, therefore, demands intimate relations under
which a continuous circuit can be established, not from one terminal to

another, and, so far as authorized under the joint resolution, from desti¬
nation to destination.
The effectiveness of the service is dependent upon
the extent of the common control of circuits, which should be to the fur¬
thest point possible.
This necessity of continuity and common control between land and cable
lines is most conclusively shown by the fact that each of our telegraph sys¬
tems has its independent cable system.
The Mackay Company, originally a cable system, finding that the land
lines were indispensable to the cable system, constructed a land system to
make more effective Its cable system.
The Western Union, while organized primarily as a land company, al¬

though there were large cable facilities working in connection with it be¬
longing to other companies, yet for its own interest was forced into con¬
structing and otherwise obtaining effectual control of the trans-Atlantic
cable companies which had heretofore been independent, hut which worked
in connection with the Western Union and which did not belong to or work
in connection with the Commercial or Mackay interests.
The other cable companies, through their contractual relations, became
more or less a part of the telegraph system so far as transmission and con¬

tinuity

were concerned and their operation in this way was made as effec¬
tive as it would be through ownership or common control.
There never was a time in the history of this war for which this joint
resolution was passed giving the President the right to control the wire and
cable systems which called for such a close control of the cable system as

to-day, and will continue during the period of readjustment. The abso¬
lute necessity of uninterrupted, continuous communication should be ap¬
parent to all.
The Postmaster-General is now operating all the telegraph
and telephone lines In one system.
The recent breakdown in connection with one of the cable systems has
demonstrated the absolute necessity of being able to utilize at will the fa¬
cilities of either cable system with all of the land line systems, in order that

traffic may be adjusted in the

same hands as it is on the land lines.
other reasons for taking over the cables which have been
suggested by the experience so far in Government control of land lines, but
I only think it necessary to state the determining factors.

There

are

many

The issuance of Postmaster-General Burleson's statement
above brought the following from Mr. Mackay on the 19th:
I fail to

see the point of Mr. Burleson’s
argument.
The land line systems
theoretically in the hands of the Postmaster-General, but practically
they are operated by the two telegraph companies exactly the same as they

are

were

before the Postmaster-General took them over.

Mr. Burleson fails

point out how any more traffic can be sent over the ocean cables than
under present control.
Those cables already are operated to their full
capacity by the most expert management, and he cannot add to their
capacity. The recent breakdown of the Western Union cable system
caused the cable business to go by the Commercial Cable
Company’s
cables, and its facilities were overtaxed. But how could Mr. Burleson have
added to their capacity during that interruption?
The cable business flowed to the Commercial Cable Co. from both tele¬

graph companies because the Western Union land line system, being de¬
prived of its cable connection, turned over the business to the Commercial
Cable Co., or its patrons did so, which is the same thing.
Eva* since the United States entered the war the American ends of the
cables have been under the control of Government officials as effectively
as any control could be.
They have been under the control of the Director
of Naval Communications and not a single thing pertaining to the
operation
of the lines or the facility with which cable dispatches are being handled
was done without his knowledge.

Every suggestion and request that was made by this Government official
his representative stationed in our cable office at New York was promptly
complied with in every particular. In addition a most rigid censorship
was established in which the company heartily
co-operated. In fact the
Commercial Cable Co. has been complimented by American and British
Government authorities for the splendid service it gave.
In Canada.
Newfoundland, Great Britain and France, censorship under the direction
or

of those Governments has also been in force for over four years.
There is not a quarter of the need of dose control of the cable systems
now or

during the period of readjustment

there

was

during the

war

itself,

because during that time there was a vast quantity of war news, which is
now

quickly subsiding since the armistice

was

declared.

Mr. Burleson, of course, is not a practical cable man and knows absolutely

nothing about that line of business, and his reasoning is not convincing.
He is all wrong.
Mr. Burleson says

he has other
incipient Government ownership.

reasons.

I fear that the chief

one

On the 18th inst. when the Western Union had announced
the restoration of its cable service messages however being

accepted subject to delay Mr. Mackay had the following to
say in protest to the taking over of control of the cables by
the Government:
The proposed action of the Government to take over the cable UneB Is in¬
comprehensible to me. The very vastness of the proposition is staggering.
For illustration, we have a cable 10,000 miles long from San Francisco to
China and Japan and Manila.
What in the world could the Government
do with that?

Not. 23

1918.]

THE CHRONICLE

The Central St Soutn American Cable Oo. has cables from
New York

When asked to-day why newspapers had not been notified
of the appear¬
of the proclamation the Committee on Public
Information explained
that usually when proclamations dealing with a certain
subject were handed
by toe State Department to the “Official Bulletin," the Committee
was
asked by the other Government Department
especially affected to notify
the newspapers.
Usually the special department issued a statement ex¬

through the Panama Canal and away down the west shore of South Amer¬
ica, and across the mountains to the Argentine Republic. It is a tremen¬
dous system.
What in the world can the Government do with that, and
why does it want it?

ance

Then there is the Atlantic system of seventeen trans-Atlantic
cables which
the Government proposes to take over, six of which are
British-owned and

plaining in plain language the effect of the often technical proclamation.

merely leased to the Western Union, and who knows but that serious
complications might not arise in the future in connection with these
foreign
are

In the case of the cable control, it appears,
no such request was made.
The Committee on Public Information appeared to
believe that It was in¬
cumbent upon the Post Office Department to notify the
newspapers. The
Post Office Department said that this
step should have been undertaken
by the State Department. One official said: “The proclamation was

owned cables?
Ail the cables are now worked to their utmost

speed, and by the most
expert management, and it is simply impossible to get anything more out
of those cables than is being got, all to the
contrary notwithstanding.
If
we still had three or four years of war before us
there might be some sense
in the Government exercising some
degree of supervision over the handling
of these vast cable systems, but everybody believes that the terms
of peace
will be worked out within two or at least three
months, and furthermore
the Navy Department has been exercising censorship
and is continuing to
do so.
Why then does the Government want to seize these cables for such
a short space of time?
It will merely disorganize the systems and
undoubtedly will be a heavy
expense to the Government and no good can come of it.
Apparently the
proposition is merely the rev erberation of the action of the Government in
taking over the land telegraph lines on Aug. 1 1918. when the war was in
full swing.
That has now passed by and there is no rhyme or reason as
far as I can see for the Government now
seizing these vast cable systems.
There is certainly no element of “national security and defense” in
taking
over these cables now, when the war is
over, and yet that was the sole
purpose of the joint resolution under which the Postmaster-General now
takes these cables.
Moreover, it has been intimated to me that there is
serious doubt that the courts would uphold the action of the
Government in
seizing these cable systems under the war power after an armistice has been
entered into.
Then why this action at this late day?
The whole move
would appear to be a preliminary march toward Government
ownership.

weeks

United States to

recover such further stun as, added to said
75%. will make
such amount as will be just compensation therefor, in the manner pro¬
vided for by Section 24, paragraph 20, and Section 145 of the Judicial Code.
Provided, further, that nothing is this Act shall be construed to amend,
repeal, impair, or affect existing laws or powers of the several States in
relation to taxation or the lawful police regulations of the several
States,
except wherein such laws, powers, or regulations may affect the transmission
of Government communications or the issue of stocks and
bonds by such

system or systems.
And. whereas, it is deened necessary for the national security and defense
to supervise and to take possession and assume control of all marine
cable
systems, and to operate the same in such manner as may be needful or
desirable:
Now, therefore, I, Woodrow Wilson, President of the United States, un¬
der and by virtue of .the powers vested in me by the
foregoing resolution,
and by virtue of all other powers thereto me
enabling, do hereby take
possession and assume control and supervision of each and every marine
cable system and every part thereof owned or controlled and
operated by
any company or companies organized and existing under the lawB of the
United States or any State thereof, including all equipment thereof and
appurtenances thereto, whatsoever, and all materials and supplies.
It is hereby directed that the supervision, possession, control and
opera¬
tion of such marine cable systems hereby by me undertaken shall be exer¬
cised by and through the Postmaster-General, Albert S. Burleson.
Said
Postmaster-General may perform the duties hereby and hereunder imposed
upon him, so long and to such extent and in such manner as he shall deter¬
mine, through the owners, managers, boards of directors, receivers, offi¬
cers, and employees of said marine cable systems.
Until and except so far as said Postmaster-General shall from time to
time by general or special orders otherwise provide, the owners, managers,
boards of directors, receivers, officers, and employees of the various marine
cable systems shall continue the operation thereof in the usual and ordinary
course of the business of said systems, in the name of their
respective com¬
panies, associations, organizations, owners, or managers, as the case may be.
Regular dividends hitherto declared and maturing interest upon bonds,
debentures and other obligations may be paid in due course, and such
regular dividends and interest may continue to be paid until and unless
the said Postmaster-General shall from time to time otherwise by general
or special orders determine; and,
subject to the approval of said PostmasterGeneral, the various marine cable systems may determine upon and arrange
for the renewal and extension of maturing obligations.
From and after 12 o'clock midnight on the 2d day of

Novmeber 1918, all

marine cable systems Included In this order and proclamation shall con¬
clusively be deemed within the possession and control and under the super¬
vision of said Pestmaster-General without further act or notice.
In witness whereof, 1 have hereunto set my hand and caused the seal
of the United States to be affixed.

Done by the President, in the District of Columbia, this 2d day of No¬
vember in the year of Our Lord one thousand nine hundred and eighteen,
and of the independence of the United States the one hundred and forty third.

WOODROW WILSON.

By the President:
ROBERT LANSING, Secretary of State.

The New York “Times” in Washington advices, under
date of the 18th inst., had the following to say regarding
the belated announcement of the issuance of the proclama¬
tion:

two

old, anyway."

He seemed to consider that sufficient

excuse

the lack of publicity.

for

The following concerning the lines affected
by the^ order
is taken from the New York “Evening Post” of Nov. 19:
Tnirteen trans-Atlantic cables, one Pacific, one South American and one
a total of sixteen cables with a total length of
approxi¬
mately 75,000 nautical miles, pass to the control of the Government under
the proclamation of the President signed on Nov. 2. and
made public this
morning, according to information obtained from the companies affected.
There are other cables, particularly crans-Atlantlc
lines, owned by foreign
companies, that are not taken over by the Government.
Eight of the trans-Atlantic cables are operated by the Western Union
Co.
Two of them are owned by that company and six are leased
from
British companies for a period of 99 years, but the status
of these, officials
of the company state, is the same as those owned
by the Western Union.
The other five are owned and operated
by the Festal-Telegraph and Com¬
mercial Cable Co.
*•
The Commercial Pacific Cable Co. owns and
operates the single trans¬
pacific line affected by the order. This cable runs from San
Francisco
to the Philippine Islands, Japan and China,
via Honolulu,

Cuban, making

*—

Midway Island,
Guam, Manila, Shanghai, and from Guam to Bonin Island, Japan.

The President's proclamation, made public in the “Official
Bulletin” of Nor. 16, reads as follows:

By the President of the United States of America,
A PROCLAMATION.
Whereas, The Congress of the United States, in the exercise of the con¬
stitutional authority vested in them, by joint resolution of the Senate
and
House of Representatives, bearing date July 16
1918, resolved:
That the President, during the continuance of the
present war, Is author¬
ized and empowered, whenever he shall deem it
necessary for the national
security or defense, to supervise or take possession and assume control of
any telegraph, telephone, marine cable, or radio system or systems, or
any
part thereof, and to operate the same in such manner as may be needful or
desirable for the duration of the war, which
supervision, possession, control,
or operation shall not extend
beyond the date of the proclamation by the
President of the exchange of ratifications of the treaty of
peace;
Provided, that just compensation shall be made for such supervision,
possession, control, or operation, to be determined by the President; and if
the amount thereof, so determined by the President, is
unsatisfactory to the
person entitled to receive the same, such person shall be
paid 75% of the
amount so determined by the President, and shall be entitled to sue
the

1973

The Central and South American
Telegraph Company’s system is taken
by the Government. This line runs from New York to the West
Coast of South America and the Argentine.
The Cuban cable connects
New York and Cuba.
over

The following order, making effective Government
pos¬
session and control of the marine cable systems was issued

by Postmaster-General

Burleson

Nov. 20:

Pursuant to the proclamation of the President of the United
States,
dated the second day of November, Nineteen Hundred and
Eighteen, I
have assumed possession, control and supervision
of the marine cable sys¬
tems of the United States.
This proclamation has already been published
and the officers and operating officials of the cable
companies are acquainted
with its terms.
Until further notice the marine cable
companies shall continue oper¬
ation in the ordinary course of business
through regular channels. Regu¬
lar dividends heretofore declared and maturing
interest on bonds, deben¬
tures and other obligations may be paid In
due course, and the companies
may renew or extend their maturing obligations unless otherwise ordered
by the Postmaster-General. All officers, operators and employees of
the marine cable companies will continue In the
performance of their
present duties, reporting to the same officers as heretofore and on the same
terms of employment.
Should any officer, operator or employee desire
to leave the service he should give notice as
heretofore to the proper of¬
ficer, so that there may be no interruption or impairment of the service
to the

public.

I earnestly request the loyal co-operation of all
officers, operators and
employees and the public in order that the service rendered shall not only
be maintained at a high standard, but
improved wherever possible. It is
the purpose to co-ordinate and unify these services so that

they

operated

may

as a national system, with due regard to the interests of
the public
and the owners of the properties.
No changes will be made until after the most careful consideration
of
all the facts.
When deemed advisable to make changes, due announcement
will be made.

Nothing contained in this order shall be construed to affect In any way
the censorship of marine cables now conducted under the direction of the
Secretary of the Navy under executive order of September 26 1918.

CONTROVERSY BETWEEN POSTMASTER-GENERAL
BURLESON AND C. H. MACK AY OVER COMPEN¬
SATION FOR TELEGRAPH LINES.
This week’s controversy between Clarence H.
Mackay and
Postmaster-General Burleson growing out of the assumption
of control of the cable companies by the Government has
been linked with differences over the compensation to be
allowed by the Government for the U3e of the land lines.
There has been an exchange of letters between Mr. Burleson
and Mr. Mackay in the latter’s capacity as President of the
Postal Telegraph-Cable Company, but because of the
crowded condition of our columns we are able to give but one
of these letters, that of Mr. Mackay to Mr. Burleson on
Nov. 4, which follows:
Hon. Albert S. Burleson,

November 4 1918.

Postmaster-General, Washington, D. C.:

My Dear Mr. Burleson—We gather from the discussions we have had with
the committee appointed by you to report as to the
proper compensation
to be allowed the telegraph and telephone companies for the use of
their
property by the Government that that committee takes the position in re¬
gard to the Postal Telegraph lines that compensation should be a
percentage
of the physical value of the telegraph lines themselves.
We cannot assent
to this.
It is not the basis of the compensation to the Bell
or

to the Western Union.

Telephone Co.

The compensation to them is based on their

earnings for the last year, and, in fact, the Western Union
compensation
excess of the earnings for the last
year.
Apparently your committee has estimated the Postal properties at $30,000,000, and think that we should receive only 6% of that amount, which
would be $150,000 a month.
How in the world they arrived at so low a
valuation I do not know.
Now, even in August, a poor month in the tele¬
graph business, but the first month in which the Government had control
of our lines, we earned about $320,000 few the
Government.
Hence, on
your committee’s basis, the Government would pay us $150,000 «-nd
keep
$170,000. This, of course, is absurd.

is in

There has been
much money,

intimation that the Postal Company is m
Airing too
answer to that is that
telegraph rates in

but the conclusive

THE CHRONICLE

1974

the United States are lower th \n anywhere else in the world, and, more
conclusive still, is the fact that there is strenuous competition between the
two

telegraph companies, and that under that competition the Western
Union has at times earned less than 2% on its capital stock, and at other

times has been unable to set aside any reasonable reserve.
Moreover, the
Postal Company paid no dividens whafcsoveer for many years, and, in

fact, lost a great deal of money for many years. The compensation you
have given the Western Union is based on the present telegraph rates, and
those rates are the same as the Postal Company gets.
And even if the physical value of the Postal Telegraph lines entered
into the proposition at all that value cannot be ascertained without pro¬
longed effort, and even then would be of little use. That value, whatever
it may be, varies from day to day.
Copper wire that cost us as low as
11 cents a pound a few years ago is now worth 28>2 cents a pound, if we
were at liberty to dismantle and sell it.
The copper wire for which we have
recently paid prices ranging up to 38^ cents a pound will be worth only
15 cents a pound after the war.
Poles that cost us $1 25 each before the
war are now worth from S3 to S4 each, if we could dismantle and sell them,
while poles that now cost us from $3 to $4 will be worth only about SI after
the war.
The same is true of crossarms, pins, insulators, office furniture,
electric apparatus, &c.
The entire equipment of the telegraph company is made up of per¬
sonal property, which fluctuates rapidly in value.
The physical value
to-day ■will not be the physical value next month.
It rises and falls with
the fluctuating market for this class of equipment.
The Massachusetts
Public Service Commission, in answer to the recent suggestion that a
physical valuation be made of the elevated railroad properties in Boston
in connection with the financing of that company, put the matter very
succinctly when it said:
“Appraisal would be a long and expensive task. At best the results
would be dependent in no small degree upon the personal judgment of
the engineers employed, for the notion that appraising is an exact science
will be entertained only by those who lack experience.
Any estimate of
present cost of production would be void of public advantage owing to the
recent course of prices.”
Moreover, as stated above, the physical value has nothing to do with
this question of compensation, either from a legal or business standpoint.
The compensation we are entitled to is based upon the usable value and
earning power of our telegraph line.
When the United States Government
took over the Monongahela Canal the Government claimed that it need not
pay for the earning power of that canal, but the Supreme Court of the United
States decided otherwise, and said (148 U. S. 337):
“After taking this property the Government will have the right to
exact the same tolls the Navigation Company has been receiving,
It
would seem strange that if, by asserting its right to take the property, the
Government could strip it largely of its value, destroying all that value
which comes from the receipt of tolls, and having taken the property at
this reduced valuation, immediately possess and enjoy all the profits from
,

the collection of the same tolls.”
A few months ago the Supreme Court again affirmed that principle of
law when it said (246 U. S. 192):

“That there is an element of value in an assembled and established plant,
doing business and earning money, over one not thus advanced, is selfevident. This element of value is a property right, and should be consid¬
ered in determining the value of the property, upon which the owner has a
right to make a fair return when the same is privately owned, although
dedicated to public use.”
We have given you detailed figures showing what this property earned
last year, and if we had been allowed to remain in control of the same prop¬
erty there would have been undoubtedly the same profit this year, and that
is the basis of the compensation to be paid to us.
The compensation to be paid for the use of perishable personal property is
not based on physical value, but rather on its earning value as a going utility,
as we could show by many examples.
When the Government seizes a
building for use during the war it pays the owner the same rentals he nas
been receiving, irrespective of the cost or physical valuation of his building.
Congress, in fixing the compensation for the railroads, paid no attention to
their physical value, even though a very large part of thao value consists
of permanent terminals and right of way.
Congress based their compensa¬
tion entirely on earning power, and we can see no reason why the same rule
should not be applied to us.
If hy careful management we have made a substantial profit on our land
line system. In spite of the fierce competiHon. we are entitled to that profit.
As stated above, this applies particularly to perishable properties, such as
tele*Teph lires. A single heavy snowstorm may carry down thousands of
miles, including lines not over a year old, and that has happened.
Tele¬
graph lines are very perishable, and any claim that their usable value is
merely, say. 6% of the physical value is unsupported by the history of
telegraph lines or any other class of perishable property.
But above all stands the fact, as stated previously, that the compensa¬
tion to the Western Union Telegraph Company is based on their 1917 earn¬
ings, and to ask my company to take less would, to put it mildly, be an in¬
justice. and I am quite sure that you intend that the same fair treatment

fVot. 107

of the Central A South American Cable Co., so as to give the State Depart¬

rapid service to South America. Only a few days ago. when the
State Department requested a special cable across the Atlantic, so that ft
could be in instantaneous communication with the American representa¬
tives at Paris, it applied to the Postal Telegraph-Commercial Cables for

ment a

this facility, something which had never been done before.
The Postal
Telegraph-Commercial Cables promptly set aside one of their trans-Atlan¬
tic cables for that purpose and furnsihed a through circuit from Washing¬
ton to Paris and the State Department is now using it.
We have been badly treated, but we shall continue the fight.

To the above

might be added the further fact that at the

request of the State Department Mr. Mackay has made
arrangements so that President Wilson is kept in almost
instantaneous communication with the American Embassy
in Paris. The New York “Times” of Nov. 18 in reporting
this said:
Never Ijefore in the

history of cable communication, it is said. has a circuit
importance been arranged. It gives the Government the exclusive
use of a continuous telegraph and cable line from the Ft~te Department,
Washington, to the American Embassy in Paris. Tn the event of an inter¬
ruption of this circuit, alternative facilities are arranged for.
Within a few hours after the circuit was requested, Washington was
linked up with Paris, so that President Wilson could communicate freely
and rapidly with his representative.
This arrangement was made more
than three weeks ago in anticipation of Germany’s defeat, and the officers
and staff of the Commercial Cable-Postal Telegraph companies co-operated
enthusiastically to meet every requirement of the Government.
When Washington and Paris wish to confer, a call is made for the circuit,
and without delay service is established.
The circuit consists of a land
wire of the Postal Telegraph Co. froin the State Department in Washing¬
ton direct into the cable office of the Commercial Cable Co., New York,
where the communications are relayed to an Atlantic cable, thence to
Waterville, Ireland, where they are again relayed by the company’s cable
to Havre, Frence, and thence by a special wire into the American Embassy,
of such

Paris,
The

fcot^cHstfance of unbroken

preparation

telegraphic continuity of 3.992 miles.

of this circuit recalls one which was arranged in 1902
upon completion of the Commercial Pacific cable between San Francisco
and Manila.
A special circuit was arranged around the world, and a
message sent by Mr. Mackay to President Roosevelt at Oyster Bay occupied
only nine minutes in going 25,853 miles and passing through fifteen different
relay stations.
According to the Commercial Cable Co., the cable now turned over to
the Government is its best one and is operated by its best operators.

TELEGRAPH SYSTEMS TO BE OPERATED AS ONE BY
POSTMASTER-GENERAL BEGINNING DEC. 1.
The intention of the Government to operate the telegraph
as one beginning Dec. 1 was made known on Nov. 20
in the issuance of the following order:

systems

In order that the telegraph facilities may be used to the fullest extent
and the transmission of messages expedited, the telegraph systems shall
hereafter be operated as one, and, effective Dec,.l 1918, all telegraph offices

f^all accept for transmission all classes of messages now accej ted by any
one of them at the prescribed tariff rates.

It is stated that so far as the plans of the Federal Tele¬
graph and Telephone Administration have been worked out,
,it is not contemplated to abolish the principal offices of
either of the two telegraph companies in the larger cities,
although it is possible that some of the smaller offices
of the two companies will be closed whenever it is found
that one office will be ample to receive all the telegraph
traffic of the immediate vicinity.
According to the New
York “Times,” David J. Lewis, who is at the head of the
Telegraph and Telephone Administration, made a careful
survey of telegraph conditions in all large cities preliminary
to the merger.
He explained that hereafter both telegraph
companies must accept all business tendered them, whether
their lines reach the destination of the telegram or not.
In
the latter event it w^ould be the duty of the telegraph com¬
pany to turn over the telegram to the company whose line
could transmit the dispatch.
But it is not contemplated!
that there shall be a physical merger of the two companies
shall be accorded to all.
to the extent of the complete absorption of the Posta
Yours respectfully,
C. H. MACKAY. President.
Telegraph by the Western Union. It is understood that
Discussing the subject further, Mr. Mackay had the fol¬ the merger of the two telegraph companies wall be arranged
lowing to say, indicating how the Postal Telegraph-Cable along the lines of the merging of the railroad companies,
Company has specially accommodated the Government in the facilities of the twro companies being pooled and tele¬
numerous ways of late:
grams being routed over the shortest line that can be set up
We shall take the matter at once into the Court of Claims, although this
from the wires of the two companies, just as freight and
probably means long delay.
We think we have been very badly treated, especially as there is nothing
passenger traffic on the railroads is sent over the most avail¬
complicated about our accounts. Professor Friday, the expert of the Post
able route, the tracks of any railroad being used.
Office Committee, made a special trip from Washington to look into them,
Washington dispatches under date of Nov. 20 say that
and he found nothing to criticize.
In addition to this, we have the certifi¬
cate of Messrs. Barrow, Wade, Guthrie & Co., chartered accountnats. of
reports are on file recommending the merging of telegraph,
New York and London, that our profit for the year 1917 was $4,269,547.
telephone and post offices, and officials indicated that steps
The Post Office Committee knows that these figures are correct, and yet
along this line, governed by local conditions, might be ex¬
they offer us only about half of that amount, while on the other hand
they have given the Western Union Telegraph Company their full 1917
pected after some experiments had been conducted in Wash¬
earnings and some more. Mr. Burleson denies this, but we have absolutely
ington. On Dec. 1 telegraph messages w*ould be accepted,
reliable information that it is true.
The Postmaster-General proposes to
it was stated, at Post Office branches there and telephone
make a heavy profit out of the Postal lines, and this profit will be used by
the Postmaster-General to pay his losses on the Western Union lines.
pay stations would be installed in each branch.
Other ex¬
For years the Postal Company opposed Mr. Burleson’s schemes for Gov¬
periments
are planned.
ernment ownership, and apparently it is now singled out for persecution.
It was announced that after Jan. 1 employees of telegraph
This notwithstanding from the very beginning of the war its attitude has
been one of helpfulness to the Administration.
Last spring, at the personal
companies in service continuously two years would receive
request of the President, we withdrew our discharge of union men, while the
annual vacations of twro weeks with pay and those in service
Western Union refused.
Only a few months ago, at the request of the
one year, one week.
Extension of long-distance telephone
State Department, we strung a special wire on short notice to make up a
through circuit from Washington to New York to connect with the cables
service to all local lines where practicable is planned by the

Nov. 23 1918.]
Postmaster-Genera!.

THE CHRONICLE
Companies without long-distance con¬
writing.

nections have been invited to make applications in

REDUCTION IN RATES ON NIGHT MESSAGES.
A reduction in telegraph rates on night
messages, effec¬
tive Jan. 1 next, was ordered by Postmaster-General Burle¬
son on Nov. 19.
The reduction cuts the minimum toll
from $1 to 50 cents between Atlantic and Pacific Coast

States.

The night messages are subject to delivery
by
post office carriers. The minimum cost on night telegrams
will be 20 cents for ten words and one cent for each additionaword for the shortest distances, and 50 cents awith two cents
for each additional word for the longest distance.
Where
the day rate is $1, the new night rate will be half that sum.
The rates on ordinary telegrams, though

night letters

sent at night and

affected by the order.
On Nov. 19 Charles G. Marshall of the Ohio Public Utili¬
ties Commission, and Joseph B. Eastman of the Massachu¬
on

are not

setts Public Service Commission, were named
by PostmasterGeneral Burleson as additional members of the Committee
on Standardization of
Telegraph Rates. A similar com¬
mittee for the telephone service was enlarged by the appoint¬
ment of Paul P. Haynes of the Indiana Public Service Com¬
mission and Noah W. Simpson of the Missouri Public Ser¬
vice Commission as additional members.

HOTELS AND APARTMENT HOUSES PROHIBITED
FROM OVERCHARGING FOR TELEPHONE CALLS.
Under an order issued by Postmaster-General Burleson
on Nov. 19, hotels, apartment
houses, clubs, &c., are pro¬
hibited after Dec. 1 from charging in excess of regular
paystation rates for telephone messages. It is stated that in
some cases a

charge of 10 cents instead of 5 had been made

for local calls.

1975

Something has been said in support of the theory that control by the
Government of the cables during the sitting of the Pe&ce
Conference is
necessary, especially In view of the President’s intention to be
present,
but it will be observed that the Postmaster-General takes this
occasion
to extend his authority over the land lines.
With “the duration of the
war" now certainly only a matter of
months, perhaps of weeks, he orders
the unification of the various systems and the consolidation of
offices, and
even elaborates a delightful scheme of
vacations for employees for many a
happy summer to come.
These movements, belated and in one Instance antedated, have the
ap¬
pearance of a definite plan for the enforcement of Government
ownership.
In our opinion, the approach of
peace could hardly be signalized mors
emphatically, aside from demobilization, than by the abandonment as
speedily as possible of the extraordinary powers conferred upon the Ad¬
ministration for war purposes exclusively.
Here we find the

tendency Is
precisely the other way.
Government ownership is a question upon which the American
people
never have passed.
They may favor it or they may not, but there can be
doubt that they have a right to be heard and that
they will insist upon
being heard. It is a problem of peace and not of war, and all doctrinaires
in or out of office, including Senator Lewis of
Illinois, not re-elected, who
now sponsors a
Government-ownership proposition, may as well under¬
stand that snap judgment is not to be taken in relation
to matters of such

vital

importance.

transportation and communication, at present completely in the hands
of Government, millions of men and women are
employed and Dillions
of dollars invested.
To ignore every other consideration for the moment
the political aspects of this tremendous addition to the
voting power of
public servants, as would be the case under Government ownership, are
more than staggering.
It would make an office-holding class almost as
numerous as the party that
supported Mr. Taft in 1912. In the hands of
unscrupulous men it could and would dictate nominations and elections.
Sufficient unto
surrender

war are

the evils of

war.

We did not draw the sword, or

liberties, or submit to dictatorial methods, or ac¬
cept rationing and taxation, or yield to the monopolization of our industries
with the idea that we were thus giving up forever the American
theory
of government, industry and
society. We went to war for democracy on
the promise, spoken or implied, that
peace should find all these things
restored to us.
If we cannot gain new freedom,
we at least must not
some

our

lose the old freedom.
There is no disposition to hurry Mr. McAdoo or Mr. Burleson in their
progress toward a peace basis for railroads and telegraphs.
The methods
of readjustment and restoration must be
orderly and gradual, of course.
But not another step backward should be taken on
any plea whatever

short

resumption of hostilities.

The Postmaster’s order says:

On and after Dec. 1 1918 hotel*, apartment houses, clubs and similar
institutions shall not charge any guest, tenant, or member for
telephone
messages an amount in excess of that charge! for such service at the public
pay stations in the same exchange, nor shall they charge for private branch
exchange stations an amount in excess of that actually paid by them for
such stations.

SAMUEL GOMPERS
WILL

FIGHT

WARNS THAT LABOR
WAGE REDUCTIONS.

UNIONS

One of the features of the Pan-American Labor Conference
held in Laredo, Tex., a week ago was the

warning by Samuel
Gompers, President of the American Federation of Labor,
REMOVAL OF RESTRICTIONS AFFECTING EXTEN¬
that any proposed general reduction in wages or
lengthening
SIONS OF TELEPHONES.
of working hours which might be
attempted
after the war
On Nov. 21 Postmaster-General Burleson removed the would be
fought by organized labor. A statement to this
restrictions in his order of Aug. 15 1918, relative to the
effect, issued by Mr. Gompers on the closing day of the con¬
limiting by telephone companies of extensions and better¬ ference, Nov. 16, grew out of a declaration
by William H.
ments to imperative and unavoidable work to meet war
Barr, President of the National Founders’ Association
requirements. Owing to cessation of hostilities, these (referred to in these columns last
week, page 1885), to the
,

restrictions

are

deemed unnecessary.

SEIZURE OF CABLES CONDEMNED BY NEW YORK
WORLD.
In

leading editorial article in its issue of yesterday (Nov.
22) in doubled leaded type, The ‘‘World” of this city, a
strong Administration paper, voices its opposition to the
act of Postmaster-General Burleson in assuming possession
a

of the cable lines for the Government.
It takes occasion
same time to advert to Mr. Burleson’s order ex¬

at the

tending his authority

the land lines, saying: “With
certainly only a matter of
months, perhaps of weeks, he orders the unification of the
various systems and the consolidation of offices, and even
elaborates a delightful scheme of vacations for employees
for many a happy summer to come.”
It then expresses
the opinion that “the approach of peace could
hardly be
signalized more emphatically, aside from demobilization,
than by the abandonment as speedily as possible of the extra¬
ordinary powers conferred upon the Administration for war
purposes exclusively.”
We print the article herewith in
over

‘the duration of the war’

now

full:
Not Another Step Backward.
It Is not strange that surprise amounting to resentment as well as
amaze¬
ment is expressed over Postmaster-General Burleson’s seizure of the
cables
and his new orders relative to telegraphs and
telephones, which seem to

contemplate something radically different from possession and operation
for war purposes only.
When Congress reluctantly authorized these measures last July, hos¬
tilities were at their heignt, and few ventured to hope that the war could
be ended in less than a year.
In letters addressed at that time to Chair¬
man Sims of the House Committee on Inter-State and
Foreign Commerce
the President, the Secretary of War, the Secretary of the Navy and the
Postmaster-General urged the passage of the resolution as “necessary
to
safeguard the interests of the country during the prosecution of the war."
The resolution itself limited the power conferred to "the duration
of the
war."
On the 1st of August the land wires were taken over, but
nothing was
heard of the seizure of the cables until Nov. 15, and the fact was not gen¬

erally known until Nov. 18, when the President’s proclamation, dated
Nov. 2. was first published.
In the meantime, on Nov. 11, the war came
to an end, although it cannot be held officially to be ended until the
treaty
of peace shall have been signed.

effect that American manufacturers cannot continue to
operate the mines and factories and compete in the world
of trade “if we are to operate on a national
eight-hour day
and pay the wages which have been imposed
during the
stress of

political opportunity.”

A special dispatch to the
Gompers as saying in

New York “Tribune” quotes Mr.

reply to Mr. Barr:

We are accustomed in these last few years to talk
about reconstruction,
the reconstruction of the affairs of the whole world.
There are peoples who
have different notions of what that reconstruction shall be.
There are
some, and among them the working people, the
organized labor movement,
the liberal minded people, the farseeing people,
who believe that ti e form
of reconstruction must be elevation of the great masses of the
working people
of the world.
And among these are the people who believe that the

princi¬

ples for which the world

war was waged, freedom and justice and
democracy,
shall find its true expression in everyday life.
On the other hand, the oldtime masters of the
political and industrial
world have not lost their hope to matnt tin domination over the
people. It
is the old Bourbons of the whole world.
Among this latter class we find

employers of labor in the United States, particularly the National
Manufacturers’ Associa tion and the association of employers called the Na¬
tional Founders’ Association.
Inasmuch as this conference has unanimously declared in favor of the
fundamental principles of right and justice and freedom for
some

labor, this, in

my judgment, is the most appropriate time to speak of this
This is not the first time that the employers of America have
undertaken
to reduce wages and lengthen hours.
It was the
of
.

policy

employers in

every crisis, industrial, economical, financial, to try to force down wages
and lengthen the hours of labor as their remedy for the
misery of the people,
until in 1907 the American Federation of Labor declared to the

employers of
America that they wbuld resist every attemp t to reduce wages
of the work¬
ing people of our country.
As a consequence the v ages of the working
people of America were not reduced and a panic passed over a ery lightly.
There are some people v ho will not understand— there r re some
p eople
who do not understand— all that was meant by the willim nes of the
people
of the democracies to fight and make the sacrifices in orter
that a better
time shall come to the workers.
It was said of the Boi rbons of France
that having learned nothing they could forget
nothing; and the employers of
the United States, as typified by Mr. Barr, are the Bourbons of
our country.
The time has come in the world when the
working people are coming
into their own.
They have new rights and new

advantages: they have made

the sacrifices, and they are going to enjoy the better times for
which the
whole world has been in a convulsion.
The American labor movement whole-heartedly
world

supported this
The American labor movement went to the fullest
struggle.
lengths in
support of the struggle, and we knew what was involved.
And the Barrs,
whether it be this individual or others by other names, understand
that their
day of absolutism in industry is gone, the same as absolutism in govern¬
ment lias been

destroyed.

1976

THE CHRONICLE

lust this one word more.
The American labor movement will co-oper¬
ate with all other agencies to help in this reconstruction time.
Our move¬
ment is not to destroy but to construct, and all may just as well understand

[Vol. 107.

incidental to the peace conference developed on the 16th.The Mexican delegation is said to have contended during

the morning that they were not empowered to vote on a
question so important and acked that they be allowed to
record their votes as individuals instead of as a delegation
Mr. Barr, in a statement issued on the 17th inst., had the They caucused during the noon recess, however, and at the
afternoon session voted solidly for the resolution, subject to
following to say in answer to Mr. Gompers:
ratification of their organization. President Gompers is said
It is quite apparent that Mr. Gompers has misinterpreted both the spirit
and the intent of my recent statement.
to have explained that the resolution presented the substance
If any man or set of men assume to think that manufacturers intend at
and essence of the program agreed upon by the London Interthis time to enter into any wage controversy they are quite mistaken. On
Allied Labor Congress. The resolution was printed as fol¬
the contrary, the present time is one when all possible constructive energy
any other time that the advantages which the workers of America
and of the Allied countries have gained, and which we hope to entend to
the people even of the conquered countries, are not going to be taken away
from us and we will resist in that attempt to the uttermost.
now as at

should be utilized for co-operation and not for strife.
Perhaps the country
maintain its industries and secure its share of world trade on an eighthour day basis.
If so, weU and good. No one would welcome such a
condition more than the manufacturers.
Whether it is possible to do so
or not Is a great question.
There is no existing data or information based
can

precedent which furnishes the answer. For war purposes our country
and all other nations found it necessary to set aside eight-hour laws to meet
on

manufacturing emergencies.
It seems best to treat the question of working hours as one of the prob¬
lems to be solved in accordance with peace conditions and in a sensible
business like fashion.
If our manufacturers can maintain their industries and furnish employ¬
ment to all classes of workers on an eight-hour basis the situation would
be welcome, otherwise the result would be a common calamity with the
worker as the chief sufferer.
The same general application of principles
applies to the question of wages. If wages can be maintained at a high
level all classes would be gainers thereby as it insures to the common benefit
and increases all buying power.

However, labor’s product must be sold in competition with other coun¬
tries, and if it cannot be sold at the present high wage level it must, never¬
theless, be sold, and a reduction in wages automatically creating a de¬
creased cost of living is preferable to unemployment.
My understanding of the attitude of manufacturers is that they are ap¬
proaching the present industrial situation with the high purpose of maintain¬
ing the nation’s industries upon a sane and stable basis.
To seek any temporary benefit would be both selfish and short-sighted.
The broadening of human vision, the desire for better things in industry
and the hope for permanent advancement are not confined to Mr. Gompers,
nor have they reached all other classes of society and passed by the manu¬

lows in the New York “Tribune” of Nov. 15:
Whereas, The delegates of the First Pan-American Federation of Labor
Convention, meeting at such a critical time in the world’s history, realizing
that the problems now confronting humanity in the building of an
enduring
peace are no less acute than the problems of war, and being deeply and
fervently desirous that in the reshaping of the world’s affairs the most criti¬
cal consideration be given those principles that make for an enduring peace
and create equality of opportunities for the peoples of all nations; and
Whereas, The time has arrived when the organized labor movement,
with full understanding of its rights, its power and resorces. its value and
contribution to society, must bring forward its most profound constructive
thought, calculated to establish and insure the principles of the true
democracy.
Therefore, be it resolved. That we declare that the following essential
fundamental principles must underly the peace as weil as the principles of
all civilized nations; A league of the free peoples of the world in a common
covenant for genuine and practical co-operation to secure justice and there¬
fore peace in relations between nations.
No political or economic restric¬
tions meant simply to benefit some nations and to cripple or embarrass
others; no reprisals based on vindictive purpose, desire or deliberate de¬
sire to injure, but to right manifest wrongs; recognition of rights of smalt
nations and of the principle that no people must be forced under a sover¬
eignty under which it does not wish to live, no territorial changes or adjust¬
ments of powers except in furtherance of the welfare of the people affected
and in furtherance of world peace.
And be it further resolved:
That in addition to these basic principles there should be incorporated
in the treaty which shall constitute the guide of nations of the new period
and conditions into which we are entering the following declarations funda¬

facturers.

mental to the best interests of all nations and of vital

Unquestionably the manufacturer is more deeply concerned in working
oat the great common industrial problems than are those individuals and
organizations whose principal efforts are confined to vituperation and
reduction of output.

earn ere:

In referring to the fact that President Gompers’s statement
is likely to precipitate the opening up in Washington of an
issue heretofore held in the back ground, the New York
*‘Times” in Washington advices under date of Nov. 17
stated that Senator James A. Reed of Missouri, who has
been connected with several Congressional investigations
which among their activities looked into the increase of

I do not desire to enter any discussion with Mr. Gompers as to what he
said in his speech, but my opinion oh this question is as follows:
The purchasing price of the dollar throughout the world has greatly
depreciated. This is principally due to the enormous inflation of the world’s

circulating medium. Accordingly, there has been an apparent increase
in values all along the line, but this increase is more apparent than real,
because while there was more money paid it was actually not as available,
dpllar for dollar, as It was before the war began. It must be apparent to
every thoughtful man that a return to normal currency conditions will mean
a contraction in prices.
This, of course, will affect the price paid for labor
in common with prices paid for other commodities.
One economic fact that seems to be overlooked is that enormously high
wages do not mean that conditions of the laborer will thereby be improved.
Wages, after all, are measured by what they will buy. As everything
has to be produced principally by labor, if labor Is paid enormously high
wages, the price of everything is enormously increased, and the laborer
finds himself in the end but little better off than he would have been under
normal conditions.
The fact is that prices of all kinds are relative, and the
thing labor ought to ask for is fair treatment; that is, that labor shall have
a fair division.
Labor has a right to ask this, and- every other element
of the community has the same right.
In fact, speaking broadly and elimi¬

nating the small percentage of idlers, all people in the United States are
engaged In useful occupations; they are laborers. Each has a right to
expect a fair opportunity to gain a livelihood.
In the readjustment necessary in getting from a war to a peace basis all
classes of people should endeavor to do their part in a patriotic way. No
particular class should undertake to gain an advantage from the war. This
has not been a war of any class.
It has been a war of the American people.
The victory is the victory of the American people, and no particular class
of our people has done more than the other classes.
In getting bade to a
peace basis there should be no agitation, no attempt to stir up strife, no
effort to gain advantage.
We should exercise as high a patriotism in remobllixing for business of peace as we did in mobilizing for business of war.

PRINCIPLES LAID DOWN BY PAN-AMERICAN LABOR
FEDERATION FOR PLACE CONFERENCE.
Permanent organization of the Pan-American Federation
of Labor was effected at the international labor conference
in Laredo, Tex., last week. The formation of the new or¬

ganization occurred on Nov. 16; Samuel Gompers was
elected as its first President, to serve until the next meeting,
which is to be held in July 1919 at Panama.
John Murray
was elected English-speaking Secretary of the organization
and Canuto Vargas of New Mexico was chosen as Spanish¬
speaking Secretary. A lengthy debate on the resolution
submitted by President Gompers outlining labor's conditions

wage

That in law and in practice the principle shall be recognized that the
labor of human beings Is not a commodity or article of commerce.
Industrial servitude shall not exist except as a punishment for crime,
whereof the party shall have been duly convicted.
The right of free association, free assemblage,, free speech and free prem
shall not be abridged.
That the seamen of the merchant marine shall be guaranteed the right
of leaving their vessels when the same are safe In harbor.
No article or commodity shall be shipped or delivered in international
commerce in the production of which children, under the age of sixteen
years,

have been employed

permitted to work.

It shall be declared that the basic work day in industry and commerce
shall not exceed eight hours a day.
Trial by jury should be established.

in industries making war supplies, is one of those in
The
Washington who thinks the price of labor along with other
prices will have to come down. Senator Reed is quoted by ington
the ‘“Times” as saying:

wages

importance to

federation will have its

new
.

headquarters in Wash¬

ATTITUDE OF AMERICAN FEDERATION OF LABOR
TOWARD INDUSTRIAL WORKERS OF THE WORLD.

An effort on the part of Mexican delegates to the PanAmerican Labor Conference at Laredo, Tex., on Nov. 15
to have adopted a resolution aiming at the release from

prison of Industrial Workers of the World brought about an
attack on that organization by American labor leaders, who
defeated the plan by amending the resolution.
The New
York “Times” in

ing to

say

account of the debate had the follow¬

in part:

Following Mr. Alpine (Third Vice-President of the American Federation
of Labor), Mr. Gompers spoke.
He described the victory of the Allies
as essential to civilization, to the welfare of the workers in all countries,
and as insuring the future of democracy throughout the world.

“We could not tolerate any agency which sought to interfere with our
for this holy war,” said Mr. Gompers.
“The American Fed¬
eration of Labor has always sought to aid any movement whether within
or without its ranks, that made for the upbuilding of the workers or
the advancement of humanity.
But we could not aid men who would

work

destroy the only real organized labor movement in America and who
would wreck our nation itself.
We believe In democracy among the
people in an orderly republican form of Government; and when justice
is not meeted out and equality does not rule under our Government, we
supersede that Government through the use of the ballot. That is the only
way for orderly Government to succeed, and that is the way it must be
done in all nations; you must follow it and not pattern after the BolshevHd.
who destroy freedom.
“The triumph of America and her allies in this war has been received with
rejoicing by the lovers of liberty throughout the world; even the workers
of German and Austria are glad.
The new republics of Germany and
Austria and their workers will have the cordial support of the American
Federation of Labor with every movement designed for the world’s welfare.”
Mr. Gompers recited the efforts of the American Federation of Labor for
the overthrow of the Diaz Government, its support of the Madero revolu¬
tion, and its insisting upon sanctuary in this country for industrial refugees
from Mexico.

tm&t

William Green, Secretary of the United Mine Workers and Chairman of
the resolutions committee, recited the facts of the Haywood trial and bitterly
denounced Haywood as an ingrate and traitor, both to labor and his coun¬

He asserted that the miners had spent half a million dollars to free
Haywood, Moyer and Pettibone.
Ms
Luis N. Morones, Secretary-Treasurer of the Mexican Federation of
Labor, after asserting the joy felt by the workers of Latin America at the
triumph of the cause of the Allies, told of the efforts made by the 1. W. W.

try.

and the Bolshevist forces in Mexico.
“We deliberately provoked this discussion,” said Mr. Morones.
"We
wanted to know if it were true, as the I. W. W. propagandists have been

telling

us,

that the American Federation of Labor is arbitrary.

Not. 23 1918

THE CHRONICLE

wanted to know whether the United States is an
enemy of real liberty for
labor.
Some, including myself, who have been in your

better, but

country know

we wished all

colleagues to be convinced. There is no
sympathy among the majority of our workers for the I. W. W. and Bol¬
shevism, and we thank Mr. Gompers for his warning against them.”
Then came the climax.
Charles E. Moyer, gray, bent and lined, arose,
and in

our

broken voice denounced his former associates.
is Moyer—Charles E. Moyer,” he said.
“Many of you
know me.
More know of me.
I am that Moyer who sat in the shadow
of death out of Boise, Idaho, with Bill Haywood and
George Pettibone.

“My

hour and provided proportionate increases for other

em¬

ployees.
Motormen and conductors of the Denver Tramway Com¬
pany get wage rates of from 43 to 48 cents an hour.

name

I know that every word which has been told you of the American Federation
aiding workingmen is true. My organization was not then a
member of the Federation, but it poured out its money for our defense.

of Labor

“Pettibone is dead.
On his deathbed he blessed the Federation for what
it had done for him.
I am alive and still working within the Federation
to show my gratitude and my
appreciation of what this, the only labor
movement in the United States, is doing for humanity.
"Bill Haywood is alive—in prison, a fate he richly merits.
From the
day he was set free he has been working against the Federation, to which
he owes his life and liberty, and against organized society and the best
interests of the workingmen.
I warn you against him and his propaganda.
I especially warn the miners of Mexico against all this.
You will never
make progress, never achieve anything, if you join with the forces of
disunion.”

The resolution was finally amended to provide for an investigation by
the executive council of the Federation of reports of labor men
improperly
imprisoned, with power to take such action as it should deem fit.
The great majority of the Mexican delegates voted for the amendment.

WAGE INCREASES IN THE PRINTING TRADES.
New York pressmen and press feeders were on Nov. 20
awarded a wage increase of $6 a week over the existing
scale through an award by the War Labor Board. Chair¬
Walsh said the Board went

man

1977

further than “the barest

justice demanded.” The feeders (a class of unskilled labor)
were receiving $24 a week; before the United States entered
the war, they had been receiving only $16 a week.
They

struck in October for an increase to $30 and when the case
before the War Labor Board demanded $36, evidently
on the theory that if
they put in merely their original demand
this would be scaled down; so they asked for $12 additional

went

AMERICAN ELECTRIC RAILWAY ASSOCIATION PRO¬
POSES COMMITTEE TO STUDY ELECTRIC
RAILWAY PROBLEMS.
At a conference of the American Electric Railway Asso¬
ciation in New York on Nov. 1 a resolution reciting the con¬
ditions that now prevail in the industry and the necessity
for measures to revise the basis of the relations between the
utilities and the public, and instructing the President to

appoint a committee to study and report upon problems
reconstruction, was introduced by P. H. Gadsden, Presi¬
dent of the Charleston Consolidation Ry. & Lighting Co. of
Charleston, S. C., and unanimously adopted. Attention
has been called by J. H. Pardee, President of the Association,
to the fact that newspapers of this and other cities in their
report of the conference of the Association have made the
statement that a resolution was adopted
recommending
public ownership of the electric railways of the country.
Mr. Pardee with regard thereto says:
of

Many of these papers have since printed a correction of this statement.
Nevertheless there is an impression in many quarters that the Association
has taken such action, and it seems proper that those interested be informed
as to the actual facts.
These are:
A resolution reciting the present condition of the industry and its in¬
ability to continue service unless substantial relief was afforded it and
recommending to member companies that they afford every facility to
States and

municipalities for acquiring existing transportation facilities

introduced by Mr. J. D. Mortimer, President of the Milwaukee
Electric Railway & Light Co.
On Mr. Mortimer’s own motion, this resolution was referred to the execu¬
tive committee of the Association for such action as it saw fit to take.
The resolution is now before the executive committee, and so far no
action whatever has been taken upon it.

was

The resolution submitted by Mr. Gadsden and

adopted
reciting the conditions confronting the
instead of the $6 for which they had struck and are now to electric railways set out, among other
things, that.“as a
have the $6 in full. Chairman Walsh declared that investi¬ consequence of the rapidly mounting costs of
operation and
gations by the Board showed that $34 80 a week was neces¬ the steadily declining net income, the financial standing of
the electric railways has been seriously affected, and it is
sary at present to support a family in health and reasonable
comfort.
no longer possible to attract new capital for the efficient
“Any wage less than this is penalizing the workers’ family operation of the properties in the interest of the public.”
for the benefit of his employer,” said he.
It was resolved by the Association that “in the light of the
The award is made in the case of the Association of Em¬ experience of the industry during the war the entire
subject
ploying Printers against Franklin Union 23 of the Inter¬ of the relationship between electric railway companies and
national Printing Pressmen and Assistants Union. It is the public should have, now and during the reconstruction
retroactive to Oct. 1 and is to continue until peace is de¬ period following the war, the most earnest consideration
clared, but either side may reopen the case May 1 for such of representatives of both the public and the companies.”
The following is the resolution in full:
readjustment as conditions then may make necessary.
at the convention in

The whole structure of the franchise

relationship between electric rail¬
and the various communities has broken down under the strain of the
war.
The rapid increase in the cost of all material, the extraordinary
demands of labor made necessary by the rise in the cost of living, the alarm¬
ing decrease in the purchasing power of the nickel, have brought the
electric railways of this country face to face with bankruptcy.
Practically every other industry except public utilities, whose rates are
regulated by law, has been able readily to adjust its methods of doing
business to meet the war demands, and the radical increases in the cost of
operations and of manufacture have been promptly reflected in the selling
price, and so passed on to the consumer. In all other departments of our
commercial and industrial life where the economic laws of supply and de¬
mand have been unhampered and allowed free play, the inevitable increase
in the cost of production has been taken care of in the perfectly normal way
ways

WAGE INCREASES ON ELECTRIC RAILWAYS.

Wage increases for employees of nine street railway and
interurban systems were granted in awards announced
Nov. 21 by the War Labor Board. The advances are for
the duration of the war and in each case the Board recom¬

mended that the companies be permitted to raise fares to
absorb the increased cost of operation.
The companies affected are the Detroit United Railway,
the Empire State Railroad Corp. and the Syracuse & Sub¬
urban Railway, Syracuse, N. Y.; the Lewiston, Augusta
and Waterville Railway, the Cumberland County Power &

Light Company, Portland, Me.; the East St. Louis, Colum¬
Railway, the Auburn & Syracuse Electric
Railroad, the Cincinnati Traction Company and the Denver
Tramway Company.
Motormen and conductors on the Empire State Railroad
Corporation’s city lines received wages ranging from 38 to
42 cents an hour, while the wages of those on the inter¬
bia & Waterloo

urban lines

were

fixed at from 41 to 45 cents

hour.

Other

employees get proportionate increases. Provision
was made that women shall receive equal pay for equal
work. The award in this case is retroactive to last Aug.
12 and the company has until next Feb. 1 to make pay¬
ments of back pay due employees.
The award in the case of the Detroit United Railway Com¬
pany affected only car inspectors, controller men, pitmen
and pitmen helpers, who get a flat increase of 20% or more
in order to bring the pay of all such adult employees to a flat
minimum rate of 42)^ cents an hour.
Trainmen on the city lines of the Auburn & Syracuse
Railroad receive wages of from 38 to 42 cents an hour, those
in passenger service on interurban lines get 44 cents an hour
and those in express and freight service on these lines 47
cents.

The Board fixed the wages of trainmen employed

by the

Cincinnati Traction Company at from 43^to£48 cents an

of increased cost to the consumer.

It is only in those industries where the public has attempted to fix a
just and fair price for service rendered and where the artificial standard
has been substituted for the natural one that
down under war conditions.

find this

complete break¬

Industry generally
crease

was never so prosperous, notwithstanding the in¬
in the cost of labor and material.
The public utilities, and especially

the electric

railways, present practically the only exception to this rule of
They, on the contrary', are steadily being destroyed by the war.
A tabulation of 388 electric railways, representing over 63% of the elec¬
tric mileage of the United States, shows a falling off in income of 82% for
the first six months of 1918 as compared with the corresponding period of
last year.
Many of the companies are facing an actual operating deficit
in spite of the increase in gross receipts.
The scale of wages established
by the National War Labor Board in cases already decided, when applied
to the industry generally, will add oyer $100,000,000 to its already greatly
increased operating expenses.
As a consequence of the rapidly mounting costs of operation and the
steadily declining net income, the financial standing of the electric rail¬
ways has been seriously affected, and It is no longer possible to attract
new capital for the efficient operation of the properties in the interest
of the public.
These facts lead inevitably to the conclusion that the present relationship
between the companies and the public, as evidenced by existing franchises
with fixed rates of fare, is economically unsound; that the present system
of regulating fares by franchises or commissions is admittedly not suffi¬
ciently responsive to violent and radical charges in operating conditions.
Under the present system, before the company can justify an increase of
its fare it must first show that for a longer or shorter period it has suffered
loss under the existing fare, which loss cannot be compensated for by the
new rate.
In any other business the prudent manager is able to provide
against increases in cost by promptly advancing his selling price.
The electric railway must stagger along under the 5-cent fare for months
until its credit is destroyed, its service impaired, its equipment deteriorated,
and it haw become obvious to the community that it is on the brink of de¬
struction before its case has been sufficiently made out to justify an Increase
prosperity.

in its rate.

The declaration of war found the electric railways thoroughly unpre¬
pared for the problems thrust upon them. Without in any way lessening
our efforts to win the war by supplying this essential service to the public,
it wo i’d seem to be the part of wisdom for us to take up for serious con¬

sideration the problems of peace.
Of all the problems of readjustment which this nation will have to meet
and solve after the war. none will be more serious or more difficult than that
of the electric railway industry.
In the light of our experience as empha¬
sized by war conditions, it is manifest that to insure the efficient operation
of the electric railways of the country after the war there must be a re¬
casting of the entire basis of the relationship existing between the electric
railways and the communities they serve.
In many cases electric railway franchises, which had come to be con¬
sidered as valuable assets, in the light of recent experience have been proved
to be liabilities.
Already there is a growing recognition of this fact in
different parts of the country, as evidenced by the “operation at cost”

plans recently adopted in Boston, Chicago and Cincinnati.
In the past the sole interest of the community has been thought to be
in the service rendered, but with a broader conception of the underlying

problems involved there is a growing tendency to recognize a community
of interest in the problems of profit and loss, as having a direct and imme¬
diate bearing upon the rate of fare.
Now, therefore, be It resolved by the American Electric Railway Asso¬
ciation:
1. That it Is the deliberate judgment of this Association that, in the light
of the experience of the industry during the war, the entire subject lof the

relationship between electric railway companies and the public should have,
and during the reconstruction period following the war, the most
earnest consideration of the representatives of both the public and the
now

companies.
2. That, among other things, a radical revision of electric railway local
franchises should be made, if the industry is to continue to render efficient
service to the public. •
3. That a committee be appointed by the President of the Association,
whose duty it shall be to make a study of reconstruction problems, particu¬

larly those relating to local franchises, and report their recommendations
at an early date.

WAGE INCREASES FOR RAILROAD TELEGRAPHERS—
STRIKE AGITATION.
An advance of 13 cents an hour above the rate prevailing
Jan. 1 has been granted by the Railroad Administration

telegraph operators

all railroads under Federal con¬
trol. The minimum wage is thereby increased from 35
cents an hour to 48 cents; eight hours are to constitute a
day’s work, and overtime is to be paid at the rate of time
and a half. The new wage scale, announced by DirectorGeneral McAdoo on Nov. 16, is retroactive to Oct. 1. The
order, involving aggregate increases of about $30,000,(XX)
a year, applies to between 60,000 and 70,000 employees,
including telegraphers, telephone operators, agent telegra¬
phers, agent-telephoners, towermen, lever men, tower
and train directors, block operators, and staff men. It
does not apply to telephone switchboard operators. A sep¬
arate wage order is to be issued, applying to railroad agents
who are not telegraphers. The following is the announce¬
ment made on the 16th inst. by the Railroad Administra¬
tion regarding the advance in telegraphers’ wages:
on

Washington, Nov. 16 1918.
Director-General McAdoo to-day announced bis award, effective Oct.
1 1918, with respect to telegraphers, telephone operators, excepting switch
board operators, agent telegraphers, agent telephoners, tower men, lever
men, tower and train directors, block operators and staff men.
The award
affects between sixty and seventy thousand railroad employees, and in¬
volves increases approximately $30,000,fOO per annum.
All rates of wages paid as of Jan. 1 1918. prior to the application of Gen¬
eral Order No. 27, and exclusive of all compensation for extra services,
are first reduced to an hourly basis, which is arrived at in case of monthly

paid employees by dividing the annual compensation by the number of
regularly assigned working days for the year 1918 and then dividing the
daily rate thus obtained by the regularly assigned or established number
of hours constituting a day’s work, exclusive of the meal hour.
The hourly
rate for weekly and daily paid employees is arrived at similarly.
Rates thus obtained, where less, are first advanced to a basic minimum
of 35 cents an hour, and to this basic minimum and to hourly rates which
are above the minimum 13 cents per hour is added.
Eight consecutive hours, exclusive of the meal hour, constitutes a day’s
Work, and overtime will be paid at the rate of time and one-half. * There
has been no consistent practice on the several railroads with respect to this
item.
On the majority of railroads there has been in effect, however,
varying rates for overtime, some of which were less, and in instances more,
than the time and one-half rate.
The award does not apply to cases where individuals are paid $30 per
month or less for special service which only takes a portion of rheirtime
from outside employment or business, and in the case of employees who

paid upon a commission basis or upon a combination’of salary and com¬
mission, not including express or outside commissions, the Board of Rail¬
road Wages and Working Conditions are instructed to make individual
recommendations when properly presented.
Appeal is provided for in case of individual grievance.
The Director-General has for considereation, and will announce some
time next week, an award covering compensation for exclusive agents who
are

are

not

telegraphers.

On Nov. 11 reports of sporadic strike threats by railroad
telegraphers caused the issuance of a statement by DirectorGeneral McAdoo reminding them that they were now work¬
ing for the Government and that no strike had ever occurred
against the Government. He added that he had found it
impossible to render a decision on the telegraphers’ claims
before Nov. 14.

His statement follows:

I regret to learn that efforts are being made by some persons to induce

telegraphers in the railroad service of the United States in certain sections

[Vol. 107

THE CHRONICLE

1978

of the country to strike on Nov. 14, unless the Director-General makes a
decision before that date on the request of the telegraphers for increased
wages.
I cannot believe that genuinely patriotic men will listen for a moment
to advice from anyone to strike against the Government of the United
States.
All employees of the railroads are now in the service of the Gov¬
ernment and never in the history of the United States have its employees
struck against their Government.
General to render a decision on the

It is Impossible for the Directors
telegraphers’ claims on or before Nov.

14.
The case is under consideration and will be decided at the earliest
possible moment. A grave mistake will be made if any body of employees
should quit their posts.
It is just as essential now to keep a continuouflow of supplies to our soldiers and sailors in France as it was while the war
was actually raging.
I earnestly request each patriotic employee to remember his duty to his
Government and to remain at his post and await with confidence the action
of the Director-General which will be taken at the earliest possible mo¬
ment.
In this hour of glorious triumph for world’s democracy let us
not fail to do our part by standing to our posts as our soldiers and sailors
have so gallantly stood to theirs.

Despite this appeal it was reported on the 13th inst. that
than 15,OCX) telegraphers employed on 19 Southeastern
railroads would walk out the next morning unless the de¬
mands for increased wages were met by the Railroad Ad¬
more

ministration before that time. Announcement of this was
made by O. D. Gorman, Chairman of the General Com¬
mittee of the Order of Railway Telegraphers of the South¬
eastern District. The strike was, however, avoided by
a

statement

by Director-General McAdoo informing General

Chairman Gorman that he would shortly announce an
award for the keymen based upon the recommendations
of the Railway Administration Board of Adjustment.

PROCLAMATION PLACING AMERICAN RAILWAY
EXPRESS UNDER CONTROL OF DIRECTORGENERAL OF RAILROADS.

proclamation taking under Federal control the American
Railway Express Company and placing it under the juris¬
A

diction of Director-General of Railroads W. G. McAdoo was
issued by President Wilson on Nov. 16. .It became effective

Monday, Nov. 18. It is stated that this action
clarify the express situation, which heretofore has
been based on the understanding that the express combina¬
tion operated privately as the agent of the Director-General.
at

noon

serves

The Railroad Administration is said to have stated that no
radical change will be made in the methods of operation or in
the employees of the express company. The President’s
action in placing the express business specifically in the hands
of the Railroad Administration, it is pointed out, removes
doubt as to the powers of the Director-General to initiate
rates for the express company.
As soon as the new rates
go

into effect the

wages

of the

express

employees probably

will be raised, it is declared, making aggregate advances of
about $12,000,000. The following is the President’s procla¬
mation placing control of the American Railway Express

Company with the Director-General of Railroads:
BY THE PRESIDENT OF THE

UNITED STATES OF AMERICA.

A PROCLAMATION.

Possession and Control of a Certain

Transportation System.

Whereas the organizations for the conduct of the express

business

over

systems of transportation which have been duly placed under
Federal control, and pertaining to such systems of transportation, have
been consolidated into the American Railway Express Co., which has been
made the sole agent of the Government for conducting the express business,
with the result that the entire transportation system of said express com¬
numerous

pany

has been necessarily in substance and effect placed under Federal

control; and
Whereas it is desirable, in order to administer to the best advantage the
transportation business and operations of the American Railway Express
System to make it specifically clear by this proclamation that the President
has the possession, use, control and operation of the entire transportation
system of the American Railway Express Co.
Now, therefore, I, Woodrow Wilson, President of the United States, un¬
der and by virtue of the powers vested in me by law, do hereby, through
Newton D. Baker, Secretary of War, take possession and assume control
at 12 o’clock noon on the 18th day of November, 1918, of that certain sys¬
tem of transportation called the American Railway Express Co. and all of
its appurtenances and property of every kind or nature, directly or indi¬
rectly, owned, leased, chartered, controlled or used in the conduct of, or
in connection with, its express business.
It is hereby further directed that the possession, control, operation and
utilization of said express transportation system hereby by me undertaken
shall be exercised by and through William G. McAdoo, heretofore appointed
Director-General of Railroads, with all the powers conferred upon him by
the said proclamations of Dec. 26 1917 and March 29 1918, respectively,
together with all and singular the powers conferred upon the President
by the Act of Congress entitled, “An Act to provide for the operation at
transportation systems while under Federal control, for the just compensa¬
tion of their owners and for other purposes,” approved March 21 1918.
The said Director-General of Railroads may perform the duties hereby
imposed upon him, so long and to such an extent as he shall determine,
through the board of directors, officers and employees of the said American
Railway Express Co., under the contract already made, and dated the 26th
day of June, 1918, between the said Director-General of Railroads and said
American Railway Express Co., and until and except so far as said DirectorGeneral shall from time to time by general or special orders otherwise pro¬
vide, the board of directors, officers and employees of said company shall
continue the operation thereof in the usual and ordinary course under such
contract.

Nov. 23 1918.]

THE CHRONICLE

Prom and after 12 o’clock noon on said 18th
November, 1918, the said
transportation system shall conclusively be deemed within the possession
and control of said Director-General without further act
In witness whereof I have hereunto set
my

notice.

hand and caused the

seal of

the United States to be affixed.
.
Done by the President, through Newton D. Baker,
Secretary of War, in
the District of Columbia this 16th day of November, in the
year of our Lord
1918, and of the independence of the United States the 142d.
WOODROW WILSON.

PROMINENT LAWYERS CHOSEN AS ADVISORY
COUNSEL OF ASSOCIATION OF OWNERS OF
RAILROAD SECURITIES.

Prominent lawyers, headed by ex-Senator Elihu Root, were
as Advisory Counsel to the National Association of
owners of Railroad Securities by the Executive Committee
at a meeting held yesterday at the Recess Club, 60 Broad¬
way, New York.
Luther M. Walter, Assistant Director,
Public Service and Accounting, United States Railroad Ad¬
ministration, becomes one of general counsel. The lawyers
who will serve with Mr. Root are John G. Milbura, New
York; John S. Miller, Chicago; Forney Johnston, Birming¬
ham, Ala., and Hugh L. Bond, Baltimore. The Chairman
of the executive committee, S. Davies Warfield, and Presi¬
dent of the Association, in announcing the Advisory Counsel,
named

made the

following statement:

This action by the committee is the result of meetings heretofore held in
relation to the return of the railroads under the Federal Control
Act,
which provides not only for their operation by the Government
“during
the period of the war,” but also that they shall be returned within “a rea¬
sonable time thereafter,” giving as the maximum twenty-one months.
The war is ended.
The objects for which the railroads are now to be

operated is

a matter of considerable concern to the millions of people
who
interested in their securities, as it is also to shippers, the travel¬
ing public and to the country.
The methods employed by the Railroad Administration up to this time

own or are

be contended to have been necessary for the purposes of war.
What
now on, however, must be taken as
indicating the railroad
policy of the Administration; is it proposed to carry out the intention of the
Congress as expressed in the Federal Control Act and return them “within
a reasonable time ” with each
railroad, in the wording of the Act, “in
substantially as complete equipment as it was at the beginning of Federal
Control,” or is it intended to use them for laying the foundation for per¬
manent Government control and operation under such plans as the
present
Railroad Administration may desire and as the forerunner of Government
may

is done from

ownership.
The Congress made no provision in the Act for any such
the contrary, it specifically provided for their return.

use

of them,

There Ls first to be decided the time of such return of the railroads.
The twenty-one months was not allowed by the Congress for their ex¬
ploitation. It was given in order that their affairs might be adjusted
for their return.
Under the policy now being pursued, charges incident
to so-called unification

are piling up against them, very difficult for them
The policy in force is destructive of their individual credit.
Furthermore, present conditions cannot continue without obliteration of
railroads as individual going concerns.
If they are to be returned as going
concerns, as the Congress, by Act, intended Ad provided that they should
be, this cannot be carried out under methods which are destructive of the

to repay.

facilities which have been built up by the expenditure of millions of
dollars for tbe promotion of enterprise and convenience of business and the
very

public.

The most potent factor in our reconstruction for upbuilding a«d
our industrial and agricultural life will be the railroads loosened
from their present entanglements.
Comprehensive plans for strict Governmental regulation, which shall
include supervision of security issues, must be studied—they are to be
decided upon by the Congress and should be worked out coincidently
with the operation of the railroads by the Government with the fixed pur¬
pose and to the end the Congress intended, that they shall be returned as
it prescri’>ed; not that they shall be conducted so as to add to their financial
obligations such sums—in many cases against the protest of their corporate
extending

managements—as the railroads will be unable to repay.
The Association will have some suggestions to offer in relation to plans
for their return which must give equal protection to the shippers, to labor
and to the owners of railroad securities.
With this in view the Association
has named as advisory counsel and has added to the general counsel the
well-known lawj'ers mentioned.
The questions involved are now at issue.
They are of great magnitude
and

far-reaching in result, not only in respect to the railroads but also as
regards all industrial and business life.
This Association will ask for an
early decision as to the status of the railroads, securities of which it repreents to the exteit of nearly five billion dollars.

The appointment of Luther M. Walter

as one of the general
counsel, at present Assistant Director of Public Service and
Accounting of the Railroad Administration, will be regarded
as significant.
Mr. Walter became Assistant Director on
the call of C. A. Proudy, the Director of that Division.

When called by Mr. Proudy he was counsel of the National
Industrial Traffic League, an organization representing a

membership of 300,000 shippers of the country. Mr.
Walter is a native of Kentucky, and is a member of the law
firm of Borders, Walter & Burchman, Chicago.
He came
into prominence as special counsel for the State of Louisiana
and brought the action before the Inter-State Commerce
Commission and carried before the Supreme Court the case
which resulted in the far-reaching “Shreveport decision,”
pointing the way to permit the Inter-State Commerce Com¬
mission to prevent interference by State Commissions with
the inter-State rate structure. Mr. Walter becomes general
counsel together with Samuel Untermyer, and E. H. Inness
Brown, of the law firm of Hornblower, Miller, Garrison &
Potter.

1979

NEW BRITISH ELECTIONS TO BE HELD DECEMBER 14.
Chancellor Andrew Bonar Law announced in the House
of Commons on Nov. 14 that the date for a new
general
election in the British Isles had been set for Dec. 14.
The last general elections were held in Great Britain
Dec. 2-19, 1910. The new Parliament met Jan. 31 1911
with the Liberals in power. When the war began Mr.

Asquith’s Ministry included Lloyd George as Chancellor
of the Exchequer. Politics in England, so far as
general
elections were concerned, was adjourned for the period of the
war by common consent, but in the
spring of 1915, just
after the Dardanelles failure and with the war
going badly,
the Premier felt constrained to reform the Cabinet

coalition, and the Marquis of Lansdowne, Lord Curzon,
Arthur Balfour, Bonar Law, Sir Edward Carson and other
Unionist statesmen were included.
On Dec. 6 1916 Mr. Asquith resigned to avert a general
election. His resignation was the result of a variety of dis¬
sensions within the Government and of the dissatisfaction
of the Unionists, who had quietly intimated that, war or
no

war,

they would

endeavor to force
The Northcliffe
George, was de¬
claring that the Asquith element “must go,” and Carson
was obstreperous.
Bonar Law having failed to form a new
Cabinet, Lloyd George succeeded, and the newer coalition,
as he formed it, has continued
substantially unchanged.
When resigning, Asquith managed to retain in his own
hands the machinery of his party and its funds. Since
Premier Lloyd George has beeD constantly dependent for
support upon the Liberal majority in the House of Com¬
mons, the “Old Gang,” as opponents call the Asquith fac¬
tion, has been able more or less to restrict his course. The
war having practically ended, and the old Parliament
being
left in an anomalous and unrepresentative position, the
Premier apparently hopes to tree his hands by getting a new
mandate from the people.
The “keynote speeches” delivered at a great meeting in
London on Nov. 16, at whifeh Lloyd George, Bonar Law and
George N. Barnes, the leaders of the coalition Government,
were the principal speakers, indicate that the voters are to
be asked to return the present coalition Government to
power, and endorse'the peace principles advocated by Mr.
Lloyd George. The Premier also laid great stress on the
necessity for radical internal reforms, saying:
necessary

use every

the Government to go before the people.
presg, at the time still zealous for Lloyd

The

has revealed the defects of the old system, and we will be wise
We cannot return to the old conditions.
remedy them.
If Parliament rises to the level of its great opportunities then the empire
and tbe throne will be firmly established on the only solid basis—that of a
contented and happy people.
war

to take note of and

The old Parliament has served its use, and there is no time to lose, as
go to the peace conference with the authority of the people
behind him.
There is no use talking of blank checks.
That is only talking

somebody must
blank

nonsense.

The question is, What body of men is going to settle the problems of
reconstruction?
Recruiting statistics have revealed terrible conditions as

regards the physical health of the nation.
but to neglect.
The health of the
we

This is due not to poverty

people must be the special concern of the State. What
feeding ourselves in the past is like feeding a hungry

have done toward

giant with

teaspoon.

An Associated Press dispatch from London, dated Nov. 15,
outlined the political situation in Great Britain as follows:
The issue in the coming elections is wnether the country will endorse
Premier Lloyd George’s proposal that the present coalition government be
continued after the war for the work of making peace and carrying on the

labor of reconstruction.
Never before

British political conditions as chaotic as they are
has shattered old party lines.
The Electoral Reform Bill adopted by Parliament during the summer of
1917 virtually doubled the number of voters.
It gave the ballot to all
women over thirty, men over twenty-one and soldiers under tweuty-ono.
This added 6,090,900 females and 2,000,00 males to the voting lists.
How
the women will vote and what parties the soldiers will support none can
predict.
The prospect of plunging the country into the excitement and expense of
an election at such a time as the present has excited strong opposition.
On
the other hand, the legal life of tne present House of Commons expired tnree
years ago, and it has extended Its own tenure of office from term to term
by resolutions.
This has been an informal proceeding, which would have
been impossible except that it had the endorsement of public opinion,
because no one wanted an election dining the great war.
As the new voters will be entitled to take part in choosing the govern¬
ment, Lloyd George has before him the difficult task of trying to keep
together that majority of the Conservative Party which supported his war
measures and enough Liberals to give him a balance of power.
The decisive
factors will be how many Liberals will follow him and what the Labor Party

to-day.

The

were

war

will do.

Herbert H. Asquith remains the official leader of the Liberal Party,
while Mr. Lloyd George is a freelance without any party organization or
party funds behind him.
He wishes to continue the political truce which
all parties declared at the beginning of the war, and trusts to the slogan
that he is the “leader who won the war” to attract votes.
The program of his followers is apparently to nominate Lloyd George
"Liberals in all districts where the regular Liberal candidates will not
endorse the Premier’s platform.
If this is carried out, it means a split In
the Liberal Party, which will have to decide whether the Lloyd Georgians

1980

THE CHRONICLE

th« Asquithlans control It.
How many candidates the Labor Party
will nominate and how many votes it will muster is an uncertain element.
So far as Ireland is concerned, the election probably means the almost
total disappearance of the old Nationalist Party of Redmond and Dillon
from 'Westminster.
The Sein Feiners are expected to sweep Southern

Ireland, but the members elected by the Sin Fein always refuse to take their
seats.

In addition to trying to hoid together his Conservative and Liberal sup¬
porters, Mr. Lloyd George is trying to reconcile the Asquith faction. Mr.
Asquith could have had a high seat in the present Cabinet if he would have
accepted it. There were two obstacles, however, home rule and protec¬
tion.
One of these the Conservatives will not have, and the other is ob¬
jected to by the Liberals.
Mr. Lloyd George addressed a large group of Liberal members from both
houses of Parliament on Tuesday.
Andrew Bonar Law, Chancellor of the
Exchequer, also presented the coalition program at a meeting of Conserva¬
tives.
This program Is said to include “safeguarding” agriculture and
essential manufactures, imperial preference, and home rule without coer¬
cion of the six counties of Ulster.
Mr. Lloyd George’s speech before the
Liberals advocated a League of Nations and emphasized the needs of
national unity.
He begged the Liberals noc to sulk. Limited protection
and half-way home rule do not satisfy the stalwarts of either party.
The
greatest asset of Mr. Lloyd George is his personal popularity.

The general elections appointed for Dec. 14 will he held
under radically different conditions from those held in
December 1910, which, with subsequent bye-elections, gave
the nation the Parliament that has carried it through the
war.
On the eve of the new elections the alignments of the

parties is reported to be about as follows: Liberals, 261;
Unionists, 285; Nationalists, 76; Laborites, 39; Independent
Nationalists, 8; Independent, 1. The elections of 1910 gave
a tie between the Liberals and Unionists ol 272 each, which
the former, by the adhesion of the minor parties, turned into
a majority.
During the war the opposition has, through
bye-elections, increased its number of seats to 285, while the
Liberals have lost 11.

The

new

conditions

due to the

are

Representation of the People Act of 1918X Prior to that
Act about 8,000,000 males were qualified to vote.
Now
about 10,000,000 men and 6,000,000 women are so qualified,
and the number of seats has been raised from 670 to 707 in
the House of Commons.
According to the new Act, one
member will represent 70,000 population except in Ireland,
where the basis is one for every 43,000.
The British Labor Party, at a conference on Nov. 14,
decided by a large majority to withdraw its members from
the Cabinet at the close of the present Parliament.
.

fVoi#. 107

The

speech referred to was the one in which the British
pleaded for a peace based on justice, without ven¬
geance, and endorsed the President’s conception of a League
of Nations.
Extracts from the speech were given in these
columns last week on page 1894.
In thanking the President for his congratulations, the
British Premier, in a message sent on the 19th, said:
Premier

My heartiest thanks for your cordial, kindly message. I am certain the
our two countries regarding international reconstruction are
fundamentally the same.
I feel sure that at the peace conference we shall
be able to co-operate fruitfully to promote the reign of peace, with liberty
and true democracy throughout the world.
ideals of

GERMAN
HIGH
SEAS
FLEET
SURRENDERED—
STRIPPED TO BUILD SUBMARINES, SAYS
CAPT. PERSIUS.
That the German high seas fleet had been stripped to get
material to build submarines, and that all talk of a second
general battle since the defeat of the German fleet at the

Skagerrak in 1916 was based on sheer bluff, were among the
statements made by Capt. Persius, the German naval critic,
in a sensational article in the Berlin “Tageblatt” published
just before the German fleet set sail to surrender to the Allied
navies this week.
Capt. Persius’ article was summarized
as follows in London dispatches on Nov. 20:
Captain Persius. the German naval critic, has chosen the moment when
the finest vessels of the German navy are about to be surrendered to the
Allies to publish in the Berlin “Tageblatt” an article containing revelations
Captain Persius

regarding the German fleet,
man

fleet would be able in

says the hope thrt the Ger¬
second Skagerrak battle to beat the British

fleet rested upon the bluff and lies of the naval authorities.
In August, 1914, Germany had about one million tonnage in warships, he
saj^s, while Great Britain had more than double that, and thanks to the
mistakes of von Tirpitz, the German material was quite Inferior to the Brit¬
ish.
In the Skagerrak battle, he declares, the German fleet was saved
from destruction partly by good leadership and partly by favorable weather
conditions.
Had the weather been clear or Admiral von Scheer’s leadership
less able, the destruction of the whole German navy would have resulted.
The long-range British guns would have completely smashed the lighter¬
armed German ships.
As it was, the losses of the German fleet were enor¬
mous, and on June 1 Captain Persius says, it was clear to every thinking
man that the Skagerrak battle must be the only general naval engagement
of the war.
On all sides, continues the writer, Admital von Tirpitz was advised to
construct

only submarines, but he remained obstinate.
On Oct. 1 1915
appeal to the army com¬

several members of the Reichstag made an earnest

mand—not to the naval staff—with the result that

BRITISH PREMIER FA VORS KEEPING UP WAR WAGES
FOR AT LEAST SIX MONTHS.

Premier Lloyd George, in an address at London on
Nov. 14 before the representatives of the employers’ associa¬
tions and trades unions of the principal industries of the

country, declared that the Government wished
their assistance and advice

to the

course

to have
which should be

adopted to make provision for the carrying out of the
pledges given by the Government in March 1915. At that
time the unions were requested to relax during the period
of the war certain union practices and customs.
Provision must be made, he said, for conditions which are
now arising in connection with wages,
owing to the fact
that, with the change from munitions work to private work,
the rate of wages which had been fixed by awards and’orders
under the Munitions War Act would cease to have effect.
The Government, he declared, intended that the pledges

given would be carried out. He said it was the policy of
the Government, with, he hoped, the assent of the employers’
and work peoples’ associations, to provide that during the
immediate transition period the present level of wages, due
to the high cost of living, should be maintained for at least
a period of six months, unless altered
by agreement between
the various parties concerned or by reference to an inde¬
pendent tribunal.
A Consultative Committee was appointed by the
employ¬
ers and work peoples’
representatives, in accordance with
the suggestion made by the Government, that there should
be a joint discussion of the subject, and that it should be
dealt with immediately.

£ PRESIDENT WILSON CONGRATULATES
GEORGE

HIS

SPEECH
PEACE VIEWS.

LLOYD
OUTLINING

order

was

issued

terminating the construction of battleships in order that the material
might be used for the making of U-boats.
In the meantime, so great a
scarcity of material had arisen that it became necessary to disarm a num¬
ber of the battleships and take the metal.
In this manner, at the begin¬
ning of 1916, twenty-three battleships had been disarmed, as well as one
newly built cruiser.
At the beginning of this year Captain Persius states, the German navy
consisted only of dreadnoughts and battleships of the Helgoland, Kaiser
and Markgraf types, and some few battle cruisers.
All the ships which von
Tirpitz had constructed from 1897 to 1906, at a cost of innumerable mil¬
lions, had been destroyed, and the U-boats that had been constructed had
proved unable to fight against British warships.
«• Admiral von
Capelle during his period as head of the navy, says Captain
Persius, constructed very few submarines, work being continued only on the
construction of submarines of the large type, but in official quarters it was
still stated that Germany possessed an enormous number of U-boats, and
that the losses were virtually nil.
That was not true, the writer admits.
In 1917, he states, 83 submarines
were constructed, while 66 were destroyed.
In April 1917 Germany had
126 submarines, and in October 146.
In February 1918 she had 136, and
in June of the same year 113, according to Captain Persius’s figures.
Only a small percentage of these submarines were actively operating at
any given time. Captain Persius declares.
In January 1917, for instance,
when conditions were favorable for submarine work, only 12% were active,
while 30% were in harbor, 38% were under repairs, and 20% were “inca¬
pacitated.” Submarine crews, he says, were not sufficiently educated
and trained, and they looked with distrust upon the weapon.
In the last
months, he reveals, it was very difficult to get men for submarine work, as
experienced seamen looked upon the submarine warfare as political stupid¬
ity.
Captain Persius tells of the mutiny that broke out at the beginning of this
month, when the German nawy was ordered out for attack.
Had the sea¬
men obeyed, the writer remands, innumerable lives would have been lo6t,
and he declares that “every thinking man, therefore. Is of the opinion that
the seamen on Nov. 5 rendered an invaluable service to their country.”

The Germans were nevertheless able to turn over this week
formidable body of war ships in accordance with the terms
of the armistice.
The chief ships of the German high seas
fleet were surrendered to the Allies on Nov. 21. Following
the surrender, the vessels were taken to the Firth of Forth,
escorted by the British Grand Fleet, five American ships of
the line and three French warships.
The Allied armada was
a

in two long columns.
This announcement
cially by the Admiralty in the afternoon:

was

made offi¬

The Commander-in-Chief of the Grand Fleet has

reported that at 9:30
morning he met the first and main installment of the German
fleet, which is surrendering for internment.

o'clock this

high

seas

President Wilson has

It was understood that the German warships surrendered to
sentja message to Premier Lloyd
George of Great Britain, coneratulating"him on his speech Admiral Beatty on Nov. 21 were 9 battleships, 5 battle
oLNov. 12, outlining his views?on peace.
As~given out at cruisers, 7 cruisers and 50 destroyers, leaving to bo sur¬

London

on Nov. 17, one message read:
May I express my sincere admiration of the admirable temper and
purpose of your address of the 12th, just reproduced in part in our papers?
It is delightful to be made aware of such community of thought and counsel
in approaching the high and difflcult.task now awaiting us.

rendered two battleships which are under repair.

The fol¬
lowing battleships, battle cruisers and light cruisers were
given in a telegram from Berlin received in Amsterdam as
those surrendered to the Allies:

Nov. 23 1918.]

THE CHRONICLE

BATTLESHIPS.
Markgraf
Grosser Kurfuerst
.24.113 “
Koenig Albrrt.
-.24,113 “
Bayern
Kronprirz Wilhelm.
.25,000 “
Koenig
Prinxregent Luitpold. —24,113 “
Friedrich der Grosse.
Kaiser
Kaiserin

—

BATTLE < BRUISERS.
Moltke
.27.000 **
Von der Tann
...28,000 “

Hinder burg

...25.293 tons
...25.293 "
-.28,000 “
-.25,293 “
—24,113 “

Seydlitx

—

.25,000

“

—18.800

army, as an

expression of their admiration and their confidence.
It is a token of the
gratitude of the American people for your achievements and for
the great
services you have rendered to our army.
I am very happy to have been
given the honor of presenting this medal to you.

B rummer

_..

Frankfurt

—.

4,000
5,400

“
“

Koeln
Dresden
Emden

General Pershing then pinned the medal

“

Another flotilla of German U-boats surrendered on Nov.
21 to a British squadron.
There were 19 submarines in all.
The twentieth, which should have come
to-day, broke down
on the way,
according to advices from Harwich.
BRITISH KING SENDS CONGRATULATIONS TO
EMPIRE AND THANKS TO FIGHTING FORCES.

In a series of messages sent out on Nov. 12,
following the
signing of the armistice that ended the war, Bang George
9ent congratulations to the people o the
Empire and ex¬
pressed his thanks to all branches of the fighting forces for
their struggles and sacrifices. As quoted by the British
Wireless Service, his message to the people of the
Empire

said:

At the moment when the armistice was
signed, bringing, I trust, a final
end to the hostilities which have convulsed the whole
world for more than
four years, I desire to send a message of
greeting and heartfelt gratitude
to my overseas peoples, whose wonderful efforts
and sacrifices have con¬

tributed

so greatly to secure
victory which is now won.
Together we have borne the strenuous burdens in the fight for justice
and liberty.
Together we can now rejoice at the revelation of those great

aims for which we entered the struggle.
The whole empire pledged its
word not to sheathe the sword until our end was achieved.
That pledge
is now redeemed.

The outbreak of the war found the whole empire one.
I rejoice to think
that the end of the struggle finds the empire still more
closely united by
common resolve, held firm through all
vicissitudes, by suffering and sacri¬
fice. by dangers and triumphs shared together.
The hour is one of solemn thanksgiving and of gratitude to
God, whose
divine providence has preserved us through all
perils and crowned our arms
with victory.
Let us bear our triumph in the same spirit of fortitude
and self-control with which we have borne our dangers.

To the army the King expresses his pride at the brilliant
success which has crowned more than four
years of effort
and endurance.

tion, Marshal Foch said:

the shores of the Dardanelles.
I pray that God, who has been

pleased to grant a victorious end to this
great crusade for justice and right, will prosper and bless our efforts in
the immediate future to secure for the generations to come the hard-won

This

was

peace.

the message to the air forces:

Our far-flung squadrons have flown over home waters and foreign seas,
western and Italian battlelines, the Rhineland, the mountains of
Macedonia. Gallipoli, and Palestine, the plains of Mesopotamia, the forests
and swamps of East Africa, the northwest frontier of India, and the deserts
of Arabia, Binai, and Darfur.
The work of the Royal Air Force, with its
wonderful expansion and development, will ever remain one of the most
remarkable achievements of the great war.
the

In his message on the work of the naval forces the

King

say8:
Never in Its history has the Royal Navy done greater things
or better
sustained its old glories and the chivalry of the sea.
With full and grateful
hearts the peoples of the British Empire salute the white, red, and blue

ensigns and those who have given their lives for the flag. I am proud to
have served in the navy; I am prouder still to be its head on this
memorable
occasion.

DISTINGUISHED SERVICE MEDAL CONFERRED ON
MARSHAL FOCH BY GENERAL PERSHING.
General Pershing, Commander of the American forces in
France, on Nov. 12 conferred upon Marshal Foch, Commander-in-Chief of the Allied armies, the American Dis¬
tinguished Service Medal. The presentation was made with
impressive services in the name of President Wilson at Senlis,
where Marshal Foch had his headquarters.
A guard of
honor was drawn up at headquarters and trumpeters blew a
fanfare as Marshal Foch, with General Pershing on his right,
took positions a few paces in front of the guard. General

Pershing, addressing the Generalissimo, said:
The Congress of the United States has created this medal to be conferred
those who have rendered distinguished service to our country. Presl-

upon

wear this medal with pleasure and
pride. In days of
in dark and critical hours, I shall never
forget that

triumph,

tragical day In

March when, stirred by a generous impulse, you
came and placed at my
disposition the entire resources of your army. To-day we have
gained
the greatest battle in history and saved the most sacred
cause—the liberty
of the world.
li
An important part is 4ue to the action
undertaken and well carried
through by the American army upon the two banks of the Meuse. For
the last two months the American army has fought
in a most difficult region
a fierce and ceaseless battle.
The complete success of this struggle lA due
to the fine qualities displayed by all.
I do not forget the breadth and clearness of
conception on the part of
the generals, the method and ability on the
part of the staffs and the cease¬
less energy and indomitable
courage of the men.
Not do I forget that at
the moment when this vital battle was being
fought by your principal forces,
American divisions were reinforcing the armies of their allies
on other
fighting fronts where their conduct evoked the ardent admiration of us all.
General, I thank you with all my heart for the aid you have brought us.
For all time the wcrds “la Meuse” can be borne with merited
pride upon,
the standards of the American Army.
I will keep in my heart the recol¬
lection of those great hours, often very
difficult, but now crowned with
glory, during which we fought together for liberty, justice and civilisation.
.

BELGIUM'S GLORY

IMPERISHABLE, WILSON'S WORD

TO KING ALBERT ON NAME DAY..
On

the occasion of the celebration of his name
day, Nov.
15, President Wilson sent the following message of congratu¬
lation to King Albert of Belgium:
His

Majesty, King of the Belgians, Brussels:

Never has a national holiday occurred at a more
auspicious moment,
and never have felicitations been more heartfelt than those which
it is my
high privilege to tender tc your Majesty on this day.
When facing imminent destruction, Belgium
by her self-sacrifice won for
herself a place of honor among nations, a crown of

glory, imperishable
though all else were lost.
The danger is averted, the hour of victory come, and with it the
promise
of a new life, fuller, greater, nobler than has been known before.
The blood of Belgium’s heroic sons has not been shed in vain.

our most formidable enemy,

who planned the war to gain
pride in her armed strength, and of con¬
tempt for the small British army of that day, has now been forced to ac¬
knowledge defeat. I rejoice that in this achievement the British forces,
now grown from a small beginning to the finest
army in our history, have
borne so gallant and distinguished a part.
Soldiers of the British Empire,
in France and Belgium, the prowess of your arms, as
great in retreat as
in victory, has won the admiration of all—friends and foes—and
has now
by a happy historic fate enabled you to conclude the campaign by capturing
Mans, where your predecessors of 1914 shed the first British blood. Be¬
tween that date and this you have traversed a
long and weary road. De¬
feat has more than once stared you in the face.
Your ranks have been
thinned again and again by wounds, sickness and death.
But your faith
has never failed, your hearts have never known defeat.
With your allied
comrades you have won the day.
Others of you have fought in more distant fields, in the mountains and
plains of Italy, in rugged Balkan ranges, under the burning sun of Palestine,
Mesopotamia, and Africa, amid the snows of Russia and Siberia, and by

accepting the decora¬

I will
well

WOODROW WILSON.

supremacy of the world, full of

blessings of freedom and

Marshal

Foch’s breast and the two stood with their hands
clasped as
the trumpets sounded once more. In

LIGHT CRUISERS.

Bremen

Germany,

dent Wilson has directed me to present to you the first of these
medals, in the
name of the United States Government and the
American

—

Derflinger

1981

The state entry of the

King and Queen of Belgium into
Brussels, originally set for Nov. 15, the King's name day,
was postponed, but was
expected to take place on Nov. 23.
Meantime arrangements were being perfected for the trans¬
fer of the Belgian administration and diplomatic bodies.
FULL TEXT OF GEN. PETAIN'S ORDER TO FRENCH
ARMY OF OCCUPATION.
The following is the full text of the order of the
day issued
Nov. 12 by Gen. Petain, the French Commander-in-Chief,
to the French armies, paying tribute to their past conduct in
battle and urging continued good behavior on the
on

troops

about to occupy German territory:
To the French Armies: During long months you have
fought.
will record the tenacity and fierce energy displayed

History ’
during these four years

by our country, which had to vanquish in order not to die.
To-morrow, in order better to dictate peace, you are going to carry
your arms as far as the Rhine.
Into that land of Alsace-Lorraine that is
so dear to us you will march as liberators.
You will go further, all the way
into Germany to occupy lands which are the necessary guarantees for
just
reparation.
France has suffered in her ravaged fields and in her ruined villages. The
freed provinces have had to submit to intolerable vexations and odious outrages, but you are not to answer these crimes by the commission of vio¬
lences which, under the spur of your resentment, may seem to
you le¬
gitimate.
You

to temain under

discipline and to show respect to persons and
You will know, after having vanquished your adversary by
force of arms, how to impress him further by the dignity
of your attitude,
and the world will not know which to admire most,
your conduct in suc¬
cess or your heroism in fighting.
I address a fond and affectionate greeting to our
dead, whose sacrifices
gave us the victory.
And I send a message of salutation, full of sad affec¬
tion, to the fathers, to the mothers, to the widows and orphans of France,
who, in these days of national joy, dry their tears for a moment to acclaim
the triumph of our arms.
I bow my head before your magnificent flags.
are

property.

Vive la France.

(Signed)

A short summary of

early cablegrams,

was

PETAIN.

Gen. Petain’s order, as contained in
given in these columns last week.

1,120 LIVES, 831 SHIPS, NORWAY'S LOSS IN WAR

Norway’s total losses due to the

war are stated to have
aggregate tonnage of about 1,250,000,
according to official statistics made public at London on
Nov. 14. In addition, thirty-three vessels of approximately

been 831 vessels‘of

69,000 tons

damaged by German submarines.
given as 1,120.

were

loss of life in these disasters is

The

GERMANY RENEWS APPEAL FOR FOOD—SUGGESTS
SENDING COMMISSION TO AMERICA,
AND WANTS HOOVER TO HELP.
The German Government

Nov. 15 renewed its appeal

mitigation of the terms of the armistice and for haste
in sending food to Germany. In a message addressed to
Secretary- Lansing and sent out from Berlin by wireless on
Nov. 15, Dr. Solf,, the Foreign Minister, after appealing
to Mr. Lansing to intercede with President Wilson to send
peace delegates to The Hague as soon as possible, “in order
to save the German people from perishing by starvation and
anarchy/* suggested that Herbert C. Hoover, the American
Food Administrator, be assigned to the task of assisting
the German people.
In a second communication, also
sent by wireless, and received on the 16th, Dr. Solf requested
permission for a German commission to visit the United
States to lay before the American Government the exact
conditions in Germany and confer as to methods of relief.
The German wireless communications were not given out
officially by the State Department at Washington, the
published version being forwarded by the Associated Press
from London, where they were picked up by the British
wireless stations. Dr. Solf’s appeal sent on the 15th, as
forwarded from London, read as follows:
for

Secretary of State Lansing:

The German Government and the German people have

gratefully taken

cognizance of the fact that the President of the United States is ready,
to consider favorably the sending of food to Germany. Distress is urgent.
[Section missing .J
I believe I am not appealing in vain to the humanitarian feelings of the
President if I ask you to submit to him the request that, in order to save
the German people from perishing from starvation and anarchy, he will as
quickly as possible send to The Hahgue or some other place plenipoten¬
,

tiaries.

here on the 16th,
the following additional sections of Dr. Solf’s appeal were
In

further cable from London, received

cited:
plenitopentiaries of the Ger¬
people the details of how the magnanimous help of America could
save, in time, our Fatherland from the worst.
Perhaps the matter could
be put in the tried hands of Mr. Hoover, who has rendered such great
American delegates could discuss with the

man

services in Belgium.
The acceptance of the

oppressive armistice conditions, the necessity of
supplying from scanty provisions the armies that are streaming back from
the front, the cessation of navigation in the North Sea and the Baltic by the
continuance of the blockade, which inmperils our provision supply, and the
disturbed conditions ih the East make the situation in our country daily
more unbearable.
The peril can be avoided only by the most speedy

help.

by the German Foreign Minister,
asking for permission to send a commission to the United
States was quoted as follows:
The second appeal

London, Nov. 16.—The following wireless dispatch from Dr. Solf, the
German Minister of Foreign Affairs, addressed to Secretary of State

Lan¬

sing, was picked up here to-day:
"The return of the troops from the West gives rise to the fear that within
a very short time Berlin and other large German towns will be cut off
from

supplies of food from the interior.

We therefore repeat, with the

greatest anxiety our request of yesterday that you should not hesitate a
moment in convening a conference at The Hague, as proposed by us
to
which

fVoL. 107

THE CHRONICLE

1982

representatives could travel in the next few days.
"Further, we urgently request that permission of the President of the
United States be given, so that a German commission may leave immedi¬
ately for America and personally lay before the Government there the con¬
ditions existing here and to assure steps being taken for the purchase of
most necessary foodstuffs.
"We cherish the confident hope that the humanitarian feeling of the
American people will not frustrate the possibility of saving thousands of
women and children from death by starvation.”

The Government of the United States also desires to call the attention
of the German Government to the fact that these communications should
be

presented through established

diplomatic channels rather than by

direct radio communication.

The attitude of the American authorities
sistent appeals of the German Government

I should be gratified if you would be good enough to convey the following
communication to the Secretary of Foreign Affairs of the German Gov¬
ernment:

The Government of the United States has received the radio messages
addressed to the President of the United States by the German Govern¬
ment. relative to relief from certain requirements imposed in the armistice
With the Ottoman Government and the armistice with the German Gov¬
ernment.

The communications which have been received will be forthwith com¬
municated to the other Governments with which the Government of the
United States is associated and also to the supreme war council in Paris.
The Government of the United States takes this opportunity to suggest
to the German Government that communications of this nature, which

pertain to the terms of the armistice

to matters in which all the

asso¬

ciated Governments are interested, should be sent to all the Governments
and not addressed alone to the President or the Government of the United
States.

for food is said

be, on the whole, rather cool.
Food Controller Herbert
C. Hoover, just prior to sailing for Europe to make plans
for feeding the enormous populations threatened with fam¬
ine, stated that his first concern would be to care for the
small nations who were friendly to the Allies.
He favored,
however, the lifting of the blockade, so that Germany and
Austria could import food supplies from abroad.
In the

of the German Provisional Govern¬
and for permission to address itself
directly through a commission to the American public the
officials at Washington were said to see a purpose to excite
the sympathy of a large element of the American population
more or less connected by blood ties with Germany.
With
such sympathies aroused, the German Government, it was
said, undoubtedly hoped to influence the approaching peace
Such appeals as those which have been sent
conference.
by wireless by Dr. Solf to Secretary Lansing were said to be
quite unnecessary and not likely to have any beneficial realmost hysterical appeals
ment for supplies of food

sults.

___________________

GERMAN

WOMEN APPEAL

TO MRS. WILSON AND

JANE ADD AMS FOR MI TIGA TION OF

ARMISTICE.

the appeals sent out by the
Government for the modification of the armistice
In

addition to

German

and the
sending of food to Germany, similar appeals were sent to
Mrs. Woodrow Wilson and Miss Jane Addams of Chicago
on behalf of the women of Germany, asking that the terms
of the armistice be modified to prevent “unspeakable dis¬
aster.”
The appeal to Mrs. Wilson, signed by Gertrud
Baeumer and Alice Salomon for the National Council of
Women of Germany, was sent out from Germany by wire¬
less and received at the military intelligence radio station
at Haulton, Me.
It was made public by the War Depart¬
ment

Nov. 14

follows:
Berlin, November 12 1918.

Wilson, White House, Washington, D. C.:
Madame—According to the terms of the armistice Germany has to sur¬
render a very large part of the rolling stock of her railways.
At the samt
time she has to feed the troops of her former enemies in the occupied prov¬
inces of Germany.
The German women and children have been starving for years.
They
To Mrs.

Woodrow

the millions if the terms of the armistice are not
We need the rolling stock of the railways to bring the food from
the farms to the cities.
It will be impossible to feed the soldiers of the occu¬
pying armies if we cannot get large amounts of food from overseas.
The women and children all the world over have been the innocent suf¬
ferers of this terrible war, but nowhere more than in Germany.
Let it be
through, you madame, to implore our sisters in the United States of America,
who are mothers like ourselves, to ask their Government and the Allied
Governments to change the terms of the armistice, so that the long suffer¬
ing of the women and children of Germany may not end in unspeakable
will die from hunger by

changed.

disaster.
For the National Council of Women of Germany.

GERTRUD BAEUMER.

(Signed)

ALICE SALOMON.

Addams, forwarded through the same
signed by Anita Augsburg, a German woman
prominent in welfare work for women and children, with
whom Miss Addams, it is said, became acquainted in 1915
while in Europe with the Ford peace expedition.
It read:
The message to Miss

channels,

was

No direct reply has been

made by the American Govern¬
appeals, and press dispatches from
Washington indicate that no such reply will be made. On
the 16th, however, in response to a message addressed to
Secretary Lansing, and appealing for the mitigation of cer¬
tain clauses of the Turkish armistice affecting the continued
residence of German citizens in Turkey, Secretary Lansing,
while promising to forward the German request to the other
Allied Governments, suggested that future requests of the
kind be sent by the German Government through regular
diplomatic channels to all the Governments interested.
Mr. Lansing’s note, addressed to the Swiss Minister at
Washington, was made public on the 16th as follows:

per¬

our

ment to either of these

toward the

Poz, November 13 1918.
To Jane Addams, Hull House, Chicago.
German women, foreseeing entire

famishment and mutiny for their

country, urge their American sisters to intercede relief of truce conditions
We are
regarding terms of demobilization, blockade, wagons, locomotives.
all free voters of a free republic now, greeting you heartily.

(Signed)

ANITA AUGSBURG.

FURTHER APPEALS BY GERMANY FOR MODIFICA¬
TION OF ARMISTICE.

Extensive changes

in the terms of the armistice were asked
by Dr. Solf, the German Foreign Minister, in a message
received by wireless at London on Nov. 18.
The dispatch
asked for elucidation, “in a mollifying sense,” of the condi¬
tions of the armistice concerning the left bank of the Rhine.
The message was addressed to the Governments of the
United States, Great Britain, France and Italy.
In view
of the close economic relations between the country west of
the Rhine and the remainder of Germany, the preservation
of which is declared to be necessary “to the continued peace¬
ful development of Germany,” Dr. Solf asked the modifi¬
cation of about a dozen points concerning this region. For
instance, he asked permission for German owners to exploit
as heretofore the coal, potash and iron ore mines and the
general free use of the Rhine for transport within the old
boundaries of the German Empire.
He also requested per¬
mission for free navigation by way of Rotterdam and the

for

Nov. 23 1918.]
coast for the

THE CHRONICLE

provisioning of Germany; the continuation

industrial pursuits

the left bank of the Rhine for the use
of the remainder of
Germany, and free railway traffic in
on

occupied territory.
The old frontier of the empire, including
Luxemburg, Dr.
Solf suggested, should be regarded as the customs
boundary,
and customs duties levied by
Germany. Dr. Solf declared
that without these modifications Germany would “advance
toward more or less Bolshevist conditions, which
be¬

might

dangerous to neighboring States.” He repeated the
previous protest against the surrender of means of transport,
and also protests against “continuation of the blockade.”
The Foreign Secretary concludes by saying that
attempts
by German delegates to discuss these matters at Spa were
unsuccessful because the representatives there of the Allied
come

countries lacked the necessary powers.
A London dispatch on Nov. 16 announced the
receipt of
a German wireless
stating that Foreign

Secretary Solf had
Secretary Lansing a note referring to the article in
the Anglo-Turkish armistice requiring German civilians to
leave the Turkish Empire immediately, and
declaring that a
literal fulfillment of the article “must cause severe
hardships*
especially to poor people, and appears unreasonable after
sent to

the conclusion of

universal

armistice.”

The German

Foreign Secretary added that German hospitals and asylums
for the blind and orphans, the orphan
asylums caring prin¬
cipally for Armenian children, would be compelled to close,
“thus causing new suffering among the Christian
popula¬
tion.” The German Government, Dr. Solf added,
requests

that President Wilson intervene in favor of these German
civilians being permitted to remain in Turkey.
It was in response to the foregoing appeal that
Secretary

Lansing (as noted in

article above) requested the German

Government

to address future communications
referring to
the armistice terms to all the Governments interested, and

not

President Wilson and the American Government

alone.

German Catholics

are appealing to Pope Benedict
against
heavy burdens of the armistice conditions, according to
wireless dispatch received at London on the 16th from

1983

The business of the Citizens’ National Bank of this
city,
Edwin S. Schenck, President, reached the high-water mark
of its history when the deposits aggregated
$46,262,775 on
Nov. 1.
The surplus fund on the same date was
in

addition to

$2,450,000,

The demand for the surrender of railway material, which is
indispensable
to us, prevents us from carrying out the traffic
necessary for victualling

the people, who for four years have been starving.
Food supplies for the
enemy troops of occupation cannot be procured.
We therefore urgently
beg your Holiness in the name of humanity and the principles of religion
and love to intervene with the Allies for the right of our
people to live.

The German delegates who signed the armistice also issued
formal protest against the terms imposed upon Germany,
this protest, sent to the French Government, and made

public at Paris

Nov. 12, reading:

The German Government will

naturally make every effort to aid in the
carrying out of the obligations imposed upon it.
Its plenipotentiaries
recognize that on certain points a conciliatory spirit has been shown toward
their suggestions.
They can, consequently, consider the observations
which they submitted on Nov. 9, referring to conditions of the
armistice,
and the reply they received on Nov. 10 as forming an integral
part of the
complete convention.
They cannot, however, permit any doubt to exist on the fact that the
shortness of the delay fixed for evacuation and the handing over of indis¬
pensable means of transport threatens to provoke a state of affairs which,
without the German Government and people being at fault, may render
the execution of the conditions of the armistice impossible.
The plenipo¬
tentiaries further consider it their duty, referring to their reiterated verbal
and written declarations, to state once more with the utmost energy that
the execution of this convention must throw the German people into
anarchy and famine.
After the public manifestations which preceded the laying down of the
armistice conditions might have been expected which, while giving our ad¬
versaries full military security, would have put an end to the
sufferings of
non-combatant women and children.
The German people, which for fifty
months has held out against a world of enemies, will maintain its
liberty
and unity despite every violence.

CONVENTION OF INVESTMENT BANKERS' ASSOCIA¬
TION TO BE HELD DEC. 9, 10 AND 11,
The new elates set for the annual convention of the In¬
vestment Bankers’ Association of America, which is to be
held at St. Louis, are Dec. 9, 10 and 11.
It had originally

planned to hold the meeting on Nov. 18, 19 and 20, but the
date was postponed owing to the influenza epidemic.
ITEMS

ABOUT BANKS, TRUST COMPANIES, &c.
large lot, 500 shares, of National Bank of Commerce
stock was sold at auction this week at 207^, an advance of
12 points over the price paid at the last previous public
sale two weeks ago.
No sales of bank stocks were made
at the Stock Exchange.
No trust company stocks were sold.
A

Shares.

BANK—New York.
Low. High. Close.
600C*mmerce, Nat. Bankof... 207 H 207H 207H

Last previous sale.
Nov. 1918— 195

resources

$61,947,475.
♦

It was announced on the 20th inst. that the Mercantile
Bank of the Americas, in conjunction with the
Guaranty
Trust Company of New York has decided to organize a
new bank in Cuba, thus
adding another link to the chan
of affiliated banks which it has been
establishing in Latin
American countries.
The name of the new bank is Banco
Mercantil Americano de Cuba (American Mercantile Bank
of Cuba) and it has a paid up capital and surplus

of $2,500,-

000.

The

board of directors includes Charles H. Sabin
and Albert Breton of the Guaranty Trust
Company, James
N. Wallace of the Central Union Trust Company, Thatcher
M. Brown of Brown Brothers & Co., Frederick Strauss of
J. & W. Seligman & Co., Manuel Rionda, Miguel
Arango
and several of the officers of the Mercantile Bank of the
Americas.
Mr. Sabin has been elected Chairman of the
board of dir actors, Mr. Breton President, and Frederick

Strauss, Thatcher M. Brown and Jason A. Neilson Vicee
Presidents.
The Manager of the new bank will be Fernand
J. Oehmichen, at present General Manager of the American
Mercantile Bank of Peru.
to commence

operations

The
or

new Cuban bank expects
before Jan. 1 1919. The

Mercantile Bank of the Americas was organized during
the second half of 1915.
In the short time since its incep¬
tion it has established twenty-four offices in Central and
South America and Europe and a number of new offices
are in process of
organization. It is owned by Brown
Brothers & Co., J. & W. Seligman & Co., Guaranty Trust

Company, Central Union Trust Co., all of New York,
National Shawmut Bank of Boston, Anglo and LondonParis National Bank of San Francisco and Hibernia Bank
& Trust Co., New Orleans.

the

Berlin.
The manifesto of the German Catholics asserted that
insistence upon “the cruel armistice conditions” must throw
the German people in the direst need, and continued:

capital of $2,550,000 and total

The New York Trust Co., 26 Broad St., this city, an¬
the opening of its new Fifth Avenue offiee, corner
Fifth Ave. and 57th St., to-day, under the management of
Charles E. Haydock, Vice-President. The mansion has a
nounces

long social history. Mary Mason Jones inherited the prop¬
erty in 1869 from her father, who bought it in 1798 and built
of houses on 58th St. Mrs. Paran Stevens, a leader
in Knickerbocker society, lived here for several years and
then Mrs. Herman Oelrichs made the residence her home for

a row

twenty

years

until the New York Trust Co. leased it for an
The late Collis P. Huntington’s home is

uptown branch.

situated on the southeast corner and Mrs. Cornelius Vander¬
bilt’s mansion is on the opposite northwest corner. The
interior of the banking room on the first floor has been pre¬
served

intact, the appointments have been panelled in oak
correspond with the rooms as they originally existed as a
private home. A grand staircase winds upwards to the sec¬
ond floor, where the trust and bookkeeping departments are
located. The consultation rooms for meetings and the
private use of customers are on the third floor.
to

Clinton T. Miller-has been appointed Assistant

Comp¬

troller, and Willis C. Bright, Auditor, of the Guaranty Trust
Co. of New York. Mr. Miller was born in New York City
in 1885. Mr. Bright was born at Fayetteville, Tenn., in
1883.
He entered the employ of the Guaranty Trust Co.
of New York in October 1917.
In May last Mr. Bright
became Assistant Auditor of the Guaranty Trust.
♦

Cornelius Francis Kelley, President of the Anaconda
Copper Mining Co., was elected a member of the board of
directors of the Guaranty Trust Co. on Nov. 20. Mr.
Kelley succeeded John D. Ryan as President of the Ana¬
conda Copper Mining Co. when Mr. Ryan became Chair¬
man

of the United States Aircraft Production Board.

Mr.

Kelley is general counsel for the Butte Anaconda & Pacific
Ry., President and director of the International Smelting
Co. and the Portrerillos Railway Co., Vice-President and
director of the Andes Copper Co., and director of the United
Metals Selling Co. and the Raritan Copper Works. He is a
member of the American Bar Association, Montana State
Bar Association and the American Institute of Mining
Engineers.
Cornelius

Pugsley, President .of the Westchester
County National Bank of Peekskill, N. Y., has been elected

[You 107.

THE CHRONICLE

1984

director of the Metropolitan Trust Company of New York.
Aa a representative from the Westchester County District

Mr. Pugsley took a prominent part in Congress in enacting
financial legislation. In 1912 he served as President of
the New York State Bankers Association and presided at
the celebration of 100 years of peace, which was commem¬
orated at the memorable banquet held at Ottawa, Canada.

Paul A. Seeger, who resigned on the 19th inst. as President
of the Drovers* & Mechanics’ National Bank of Baltimore*
has been elected Vice-President of the National Exchange
Bank of Baltimore. Clinton G. Morgan, Cashier of the

latter, has also been made a Vice-President; Joseph W.
Leffler, heretofore Assistant Cashier, succeeds Mr. Morgan
in the Cashiership.

The Cosmopolitan Bank & Savings Co., of Cincinnati*
Bank of
Boston, was instantly killed at West Medford Station od having amended its charter and code of regulations, will
the Boston & Maine RR. on Nov. 19. Mr. Fitch gave his hereafter be known as the Cosmopolitan Bank & Trust Co.
life in a vain attempt to save a woman who had attempted The change in name became effective Nov. 15. Edward F.
Romer is President of the institution, while John H. Meiners
to cross the tracks after the gates were down.
is Secretary and Treasurer.
Charles E. Nott, heretofore Assistant Secretary of the
New England Trust Co. of Boston and for many years con¬
The Comptroller of the Currency has approved an increase
nected with that institution, was recently elected Secretary of
$500,000 in the capital of the Winters National Bank of
to succeed Henry N. Marr, retired.
Mr. Marr at the time Dayton, Ohio, raising the amount from $500,000 to $1,of his retirement had served the New England Trust Co. 000,000.
for thirty-seven years.
John H. McCluney, former representative Field, Richards
Herbert P. Robinson was elected a director of the Peoples & Co. of Cincnnati, with headquarters at Saginaw, Mich.,
Trust Co. of Philadelphia at a meeting of the Board on has become associated with the Bond Department of the
Nov. 13.
Grand Rapids Trust Co. of Grand Rapids, Mich.

Arthur E. Fitch, Cashier of the National Union

♦

•

Samuel D. Jordan, a Vice-President of the Bank of North
America of Philadelphia, on Nov. 19 celebrated the fiftysixth anniversary of his connection with that institution, he

having entered the service of the bank as

boy

the above

date in 1862.
The West Philadelphia Title & Trust Co. of Philadelphia
has re-elected its retiring directors with the exception of
J. Henry Jahke, who declined a renomination and who has
been succeeded on the board by Jay Lee Hall.
A special meeting of the stockholders of the Corn Exchange
National Bank of Philadelphia is to be held on Dec. 17 to
take action upon the proposed increasing of the capital slock
of the institution from $1,000,000 to $2,000,000. It has
been recommended by the directors that the stock be in¬
creased arfd be offered at $200 a share, $100 for capital and

$100 for surplus.
"■

•

■

We referred in these columns Nov. 9 to the contest which
had arisen to prevent the sale of the Drovers & Mechanics
National Bank of Baltimore to tre National Exchange Bank
of that city. The stockholders of the Drovers & Mechanics
have been advised, under date of Nov. 19, that it was found
that the sentinemt of the shareholders was overwhelmingly

against the consolidation and the deal was declared off.
Paul A. Seeger has resigned as President of the Drovers &
Mechanics, while several of his friends have withdrawn from
the board. Robert D. Hopkins, heretofore Vice-President,
has been elected President of the bank. Heyward E. Boyce,
also a Vice-President, will continue in that capacity. No
further immediate changes in the official staff are contem¬
plated. Fred G. Boyce Jr., Vice-President of the Mercan¬
tile Trust & Deposit Co., and Harry N. Baetjer, of the wellknown law firm of Venable, Baetjer & Howard, have been
elected directors of the Drovers & Mechanics National.
The following is the letter sent to the stockholders of the
latter this week.
November 19 1918.
To the Stockholders of the Drovers & Mechanics National Bank:
I wish to advise you that at a meeting of the directors of this bank held
to-day at which the ful board was present the following resolution was

unanimously adopted:
Whereas more than a majority of the stockholders of this bank have
expressed their opposition to the proposed consolidation of this bank with
the National Exchange Bank and
Whereas It Is considered that further discussion of the subject will be
contrary to the best Interests of the bank, now therefore be it
Resolved: that this board do not submit the matter of said consolidation
to a formal vote of the stockholders of the bank, but that it advise the
National Exchange Bank of the opposition to the plan from its stock¬
holders and formally release it from its offer to acquire the stock of this

bank, and that the stockholders of this bank be advised of the action
taken at this meeting, and that the proposed plan of consolidation is
withdrawn; and be it further
Resolved: that the Safe Deposit & Trust Co. be released from the agree¬
ment entered into on the first day of November 1918 relative to the de¬

posit of said stock, and that said company be advised of the action taken
at this meeting and that the stock deposited with it, under the terms of
said agreement, should be returned to the depositors thereof, or held
sub jest to their further instructions.
Tour bank will, therefore, continue as an independent institution and
I trust we will continue to have your full support and co-operation. Assur¬
ing you of my appreciation of your loyalty, I am
Yasn very truly
ROBERT D. HOPKINS,

President.

Flank J. Guse has been elected Cashier of the Washington

Spokane. He has been with the company for
W. H. .Miller has been elected Assistant Cashier.
He was Cashier of State Bank of Connell, Wash., until his
recent resignation.
Trust Co. of
12 years.

Information has been received from London by William
Baxter, Agent in New York City for the Chartered Bank
of India, Australia and China to the effect that the Directors
have applied to the Treasury to increase the capital of the
bank from £1,200,000 to £2,000,000 by the issue of 40,000
new shares of £20 each, fully paid.
The issue price of the
new shares will be £40 and the stockholders are entitled to
subscribe in the proportion of two new shares for every three
old shares now held. The present quotation for the old
shares is £84.
„

J. S. Mitchell, of J. S. Mitchell & Co., of Sherbrooke, has
been elected a director of The Canadian Bank of Commerce

(head office, Toronto).

Mr. Mitchell also replaces the late

William Farwell, D.C.L., of Sherbrooke, as
the local committee of the bank at Sherbrooke.

Chairman of

The Sterling Bank of Canada (head office Toronto)
recently added to its board W. A. Matheson, of Winnipeg.
Mr. Matheson is General Manager for Western Canada and
a director of the Lake of the Woods Milling Co., Ltd., Presi¬
dent of the Sunset Manufacturing Co., Ltd., Vice-President
and director of the Monarch Life Assurance Co., director
of the Standard Trusts Co., director of the Royal Canadian
Securities Co., Ltd., member of the executive committee of
the Board of Grain Supervisors and member of the council
Winnipeg Grain Exchange.

THE ENGLISH GOLD AND SILVER MARKETS.

We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
October 31 1918:

of
of

GOLD.
The Bank of England gold reserve against its note issue shows an In¬
crease of £482,905 as compared with last week’s return.
The first interim

report of the Currency Commission, amongst such matter of extreme in¬
terest with regard to gold, contains the following paragraphs:
*‘(1) While the obligation to pay both Bank of England notes and cur¬
rency notes in gold on demand should be maintained, it is not necessary
or desirable that there should be any early resumption of the internal
circulation of gold coin.
“(2) While the import of gold should be free from all restrictions, it is
convenient that the Bank of England should have cognizance of all gold
exports, and we recommend that the export of gold coin and bullion should
be subject to the condition that such coin and bullion has been obtained

The Bank should be under obligation to
supply gold for export in exchange for its notes.
“(3) In view of the withdrawal of gold from circulation, we recommend
that the gold reserves of the country should be held by one central institu¬
tion, and that all banks should transfer any gold now held by them to the
Bank of England.”
A recommendation is put forward that an amount of gold, not less than
£150,000,000 in value, should be accumulated as a reserve against the note
issue.
The amount now held as a reserve by the Bank of England against
its note issue is £73,118,790, and a further sum of £28,500,000 is held as a
reserve against Treasury currency notes, making together £101,618,790.
Injadditionitoithls.IthereJ^a^substantial amount in the possession of other

from the Bank for the purpose.

Nov. 23

1918.]

THE CHRONICLE

Joint stock banks. Apart from any import from
foreign countries that
may be indebted to the United Kingdom, the production of
gold within the
British Empire, which has. in the
past, approximated £60.000,000. should
render the addition of the balance
required to make up £150.000,000 a
comparatively easy task.
SILVER.
The market continues to be quiet and sound In tone.
ment has taken place in the
Shanghai exchange.

No fresh

move¬

INDIAN CURRENCY RETURNS.

1985

By Messrs. Millett, Roe & Hagan* Boston:

Share*.
Stock*.
~
% per th. Share*.
Stock*., «■
«
$ per *k.
36 Hamilton Woolen
92
1 Lowell Gas Light..
_.rrl6tW
10 Canadian Conn. Cotton Mills,
5 Emerson Shoe, 1st pref.100 *
common
40
5 Journal Engraving
..175 *
2 Androscoggin Mills...
187
25 Hood Rubber, pref
100 *
10 Textile Finishing, pref
97
25 Merrlmac Chemical, $50 each.

97H

By Messrs. Barnes & Lofland, Philadelphia:
Share*.
Stock*.
$ per *h.

Bond*.

Per eonI.

In Lacs of Rupees—
Oct. 7.
Oct. 15.
Oct. 22.
Notes in circulation
134.39
134,70
135.73
Reserve in silver coin and bullion (within
and without India)
27.93
28.21
29.25
Gold coin and bullion in India
20.35
20.37
20.37
Gold coin and bullion out of India
12
12
12
The stock in Shanghai on the 19th inst. consisted of
about 26.600.000
ounces In sycee and
$11.800.000. as compared with about 27.700.000 ounces
in sycee and S12.100.000 on the 12th Lost.
Quotations for bar silver
per ounce standard:
Oct. 25
cash.49 Hd. Oct. 31
cash.49 4d.
Oct. 26
“
49Hd. Average.
“
49.5d.
Oct. 28
“
494d. Bank rate
5%
Oct. 29
“
49 Hd. Bar gold per ounce
standard.77s.
9d.
Oct. 30
“
49Hd.
No quotation fixed for forward
delivery.
The quotation to-day for cash delivery is the same as
that fixed a week ago.

3,702 Montgomery Shoshone Consul
Mining
$2 lot
8 Amer. p.pe A Secur., pref
60
15 Harwood Electric, pref
60
4 Phil. Bourse, com.. $50 each.
6X
4 Empire Title A T., $25
paid 15
3 Continental Pass. Ry
1084
100 Trenton Potteries, pref
45
250TrentonPotteries.com
514
144 North Coast Power, pref
54

ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities.
&c., at London,
as reported by cable, have been as
follows the past week:

National Banks.—The following information
regarding
national banks is from the office of the
Comptroller of the

London,
Week endi 0 No*. 22.

No*. 16. Nov. 18. Nov. 19. Nov. 20. Nov.
21. Nov. i
Sat.
Mon.
Tuts.
Wed.
Thurt.
Fri.
..d. 484
48 4
48)4
48)4

Silver, per oz
Consuls. 2)4 per cents..
British, 5 per cents
British. 4)4 per cents...
French Rentes (In Paris). _fr
French War Loan (in
Paris)

....

Holiday 59)4
11

TT -T

48)4
60)4
94)4
99)4

99)4

62.90

59)4
94)4
99)4

62.90

87.70

87.75

The price ol silver in New York
Silver in N. Y., per os...cts.1014

59)4

101)4

the

101)4

same

101)4

48)4
60)4
94)4

101)4

Road—

Philadelphia A Reading
Lehigh Valley

tons. 1.115.340 1.425.265

The ship¬
date aggre¬

Central R illroad of New Jersey
J.*elaware Lackawanna A Western
Delaware A Hudson

Pennsylvania
Erie
New York Ontario A Western
Lehigh A New England
Total

1,216,391 1.314.896
601,180
604.295
982.966 1.153.661
739,495
813,429
393.885
430,662
731.694
793.226
165,205
179.403
340.210
396.113
6,286.366 7.110.950

-7 Mo*.. Coal Yr., Oct.31
1918.
1917.

9.111.369
8.910,548
4.175.925
7.054,510
5.514.544
3.260.441
5.319.347
1.210.231
2.352.812

55)4
30

APPLICATIONS FOR CHARTER.
For organization of national banks:
f
The Citizens National Bank of
Toluca, Ill
The National Bank of Johnston, So. Caro

apital.
$50,000
50.000

$100,000
CHARTERS ISSUED.

The First National Bank of Monticello, Utah
$25,000
For conversion of State banks:
The First National Bank of Saltvilie, Va. (conversion
of the
Saltville Bank, Inc.)__

25.000

$50,000
INCREASES OF CAPITAL APPROVED.

gate 46,909,757 tons, comparing with 46.780,815 tons for
the corresponding period last year, a gain of 128,942 tons.
Below we give the shipments by the various carriers
for
the month of October 1918 and 1917 and for the
respective
coal years to Nov. 1:
October
1918.
1917.

Currency, Treasury Department:

Total

ANTHRACITE COAL SHIPMENTS.—The
shipments
of anthracite coal for the month of October
1918, as reported
to the Anthracite Bureau of Information at
Philadelphia,
Pa., amounted to 6,286,366 tons, being a decline of 824,584
tons from the movement of October 1917.
The average
daily shipments during October of this year were 30,540 tons
behind those for the same month last year. “This
decrease,”
says the Bureau’s report, “can be attributed to the recent
epidemic of influenza which passed over the region and
resulted not only in the loss of a great deal of
time, but a
loss of life in a great many instances. When
is
everything
considered, the output for the month of October is commend¬
a credit to the anthracite
industry.”
ments for the coal year
(beginning April 1) to

79J<

$4,400 Trenton Potteries funding
certificates
40
$8,000 North Coast Power gen. lien
Ainc. 68,1941...
25
$1,000 Indianapolis North. Trac.
1st 5s. 1932
55)4
$5,000 Ft. Wayne A W. V. Trac.
cons.
5s,
1934. Sept.
1917

Girard Nat. Bank
344
coupon on
Penn. Nat. Bank
270
$5,200 Det. Tol. A Iron. RR. adj.
Mutual Trust
35
5s. 1954
Phila. Trust
».
750
$5,000 Mexican Govt, series B 4s.
Provident Life A Trust..421-427
1954, June 1914 coupons on
Real Estate T. I. A T
325 4 $2,000 U. 8. Public Service 1st
6s.
Fire Assn, of Phil., $50 par.306
<927
John B. Stetson, com
3024
Pa. Acad, of Fine Arts
254
Unitel Gas A Elec.. 1st pref. 4014

Original organizations:

TRADE AND TRAFFIC MOVEMENTS.

able and

3
10
10
1
22
6
1
1
1
6

1953

Total

days has been:
101)4

...

$2,000 North Pa. RR. gen. 3-3s,

8.988.139
8.685.842
4,141.140
7.368.299
5.284.571
3.300.307

5.349.365
1.197.413
2.465.739

46.909.757 46.780.815

Commercial amliUiscellancous Diems
Auction

Sales.—Among other securities, the following
not usually dealt in at the Stock
Exchange were recently sold
at auction in New York, Boston and Philadelphia:

Increase'.
The Winters National Bank of Dayton,
Ohio, capital increased
from $500,000 to $1,000.000....
$500,000
The Coffeen National Bank, Coffeen, Ill.,
capital Increased from
$25,000 to $35,000

10.000

Total

$510,000

CHARTERS RE-EXTENDED.
The Little Falls National Bank, Little
Falls, N. Y., charter re-extended
until close of
business

Nov. 17 1938.

Canadian Bank Clearing3.—The clearing-- for the week
ending Nov. 14 at Canadian cities, in comparison with the
same week in 1917,
show an increase in the aggregate of
4.6%.
Week ending November 16.

Clearing* at—
1918.

Canada—
Montreal

100.735.665
59.957.760

Toronto

Winnipeg

66.368.820
9.960.867
6.287.435
5.448.087
3.200.000
6.854.896
4.107.075
2.186.033
1.692.891

Vancouver
Ottawa

Quebec
Halifax
C dg try
Hamilton
St.. John
Victoria
London
Edmonton
Regina
Brandon

2.547.194
3.029.116

4.538.246
823.361

Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort. William
New Westminster
Medicine Hat

Peterborough
8herhrooke
Kitchener
Total Canada..

...

1917.

620.500
1.896. .315
2.193 ..507
1.078.290
687.744
429.265
469.858
822.631
805.885
633.936

It c. or
Dec.

1916.

$
1
%
75.740.530 + 33.0
54.446.102
+ 6.4
76,762.587 —13.4
9,842,944
+ 1.3
5.411.021
+ 16.2
4,692.144 + 16.1
3.137.708
+ 2.0
9,954.642 —31.1
5.055.604
18.7
2.139.865
+ 2^21
1.758.878
—3.8
2.344,526
+ 8.7
3.785.903 —19.9
4.797.486
—5 4
952.702 —13.5
1,146.692 —45.9
2.482.453 —23.6
1.753.046
+ 25.1
842.568 + 28.0
820.296 —16 2
370.833
+ 15.7
660.317 —28.9
673.442
+ 22 1
686.274
+ 17 3
588,6.50
+ 7.6
—

285.375.177 270.847.213

+ 4.6

1915.

89.902.101
65.085.045
62.455.338
6.821.982
5.375.545
4.751.327
2,362.968
7.157.833
4.770.803
1.829.736
1.389.160
2.003.322
2.6.31.915
4.001.143
716.238
981.0.50

2.206.868
1,503.906
833.212
568.972
274.451
725.051
633.132

62.618.196
43.361.176
54.764.847
5.922.418
4.624.206
3.676.291
2.077.882
5.063.047
3.425.612
1.406.653
1.585.555
1.823.005
2,234.390
3,037.890
987.154
689.699
1.854.377
1,536.966
618.205
305.064
245.406

451.431
490.374

694.687
629.402

269.005.187 202.799.808

Bv Messrs. Adrian H. Muller & Sons. New York:

Share*.
Stock*.
Per cent.
20 InterScan Submarine En-|
glneering Inc., pref
j $52 lot
40 Int. Sab. Eng. Inc., com.,j
no

par

Shares.
Slocks
30 Berrian Construction

Per cent.
1
24
i.
1
3
First Mtge. Guarantee
75
The Parklyn Corporation...
3
Andes Elec. Corp.. com.$6.000 lot
Guantanamo
Sugar.
$50
each
$50 per sh.
Unitel Gas, A Elec. Corp.

62)4 Purves Realty
42*4 Stillwell Bull ling
340)4 Purdy Redty Corp

100 10th A 23rd Street Ferry....$8 lot
415
50 Col Knick. Trust Beneficial
304
certr. 25% pill
200
$1IH per sh.
303 Waterlite Power Engineering
545
Inc., N Y., no par
i$l29 lot
2,099 Kensington
Gold
Mines,
750
$10 each.
$70 lot
c »nv. com
50c. per sh.
400 Carbo-Hydrogen of Amer.,
500 Nat’l Bank of Commerce
207 )4
pref.. with bonus of 25%
100 Interborough Rapid Transit.141
in common
$4 per sh.
312 Federal Utilities, Inc., com.$76 lot
222 New York Railways
2-2 4
50 Col mial Land
$15 lot Bonds.
Per cent.
100 John V. Cockcroft. Inc.. pf.$77 lot $1,000 Oregon Elec.
Ry. 1st 5s,
50 John
V.
Cockcroft. Inc.,
1933
73
common, no par

.$27 lot

By Messrs. R. L, Day & Co., Boston:
Shares.
Slocks.
% per sh.
2 Nation il Union Bank
191)4
4 Merchants National Bank
252)4
50 Hamilton Mfg
110
5 York Mlg.. ex-dlv
133)4
1 Bigel >w Hart. Carpet, pref
83)4
4 Merrimack Mfg.. pref
78)4
1 Pacific Mills...
154
5 Merrimack Mfg., com
75
11 Tremont A Suff >lk Mills
158
3 Mass. Cotton Mills
135)4
9 Hamilton Mfg
110)4
3 Everett Mills
142
16 Naumkeag Ste im Cotton
163
1 Great Falls Mfg—
183)4

Shares.
Stocks.
$ per sh.
10 Lyman Mills
136
25 Draper Corporation
117)4-117)4
2 Waltham Watch, pref
77)4
10 Merrlmac Chemical. $50 each. 97)4
100 Duluth E'11s m Elec., com
30)4
152 Wisconsin Edison
32
70 Guanajuato Pow. A Elec., pref. 20
4 Essex Co., ex-dlv.. $50 each...180)4
5 Hood Rubber, pref
100
5 Cambridge Gas Light
150)4
5 Puget S >un1 Tr L A P., pref. 48 4
50 8haft Pierce Sh *e. pref.$500 per lot
16 North Boston Ltg. Props., pf. 82)4
25 Lawrence Oas
110)4

DIVIDENDS.
The following shows ail the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of

Company.

Per

Whe>

Books Closed.

Cent

PayabU

Days Inclusive.

Railroads (Steam).
vtcta. Topeka A Santa Fe. com.
Boston dk Alba y (1quar.)

(quar.)
14 Dec. 2
24 Dec. 31
Canadian Pacific, common (quar.)
2 4
Dec. 31
Chesapeake <Sr Ohio
*2
Dec. 31
Chest ul Hill (.guar.)
*75c. Dec.
4
Cleveland A Pittsburgh guar (quar.).. 87 4c Dec. 2
Special guaranteed (quar)
50c. Dec.
2
Cripple Creek Cent., pref (qu.) (No. 52)
1
Dec.
1
t Delaware dk Hud so ? Co. (quar)
*2 4
Dec. 20
Mlltnots Central (quar )
14 Dec. 2
Maine Central, preferred (quar.)
14 Dec. 2
New York Philadelphia A Norfolk
$3
Nov. 30
V >rf >lk A Western Common
(quar.)
Dec 19
14
North Pennsylvania (quar.)
$1
Nov. 25
Pennsylvania (quar.)
7.5c.
Nov 30
Phi'a. Gerrna town dk Norristown (quar .) *$1.35 Dec.
4
Pittsburgh Bessemer A Lake Erie. pref.
$1.50 Dec.
2
Pittsburgh A West Virginia, pref (qu ).
14 Nov. 30
Pittsb. Youngst. A Ash., pref. (quar.)..
14 Dec. 2
Rea ling Com pan v. fl-st pref (quar.)..
50c
Dec. 12
Southern Pacific (quar.) (No. 49)
14 Jan.
2
S .uthern Rillwav. preferred
24 Nov. 30
Union Pacific, common (quar.)
24 Jan. 2
Street A Electric Hallways.
Baton Rouqe Elec. Co., common (No. 7)..
4
Dec.
2
Preferred (Vo. 15)
3
Dec.
2
..

Holders of reo.
Hoi lers of ree.
Holders of rec
♦Holders of rec.
•Nov. 21
to
Holders of rec.
Hoi lers of rec
Hoi lers of rec.
•IIol lers of rec.
Hoi lent of rec
Holders of rec
Holders of rec
Holders of rec
Nov. 15
to
Holders of rec
•Nov. 21
to
Holders of rec.
Hoi lers of rec
Hoi lers of rec.
Holders of rec
H >| lers of rec.
Holders of rec
Hoi lers of rec.

Oct
Nov.
Nov.
Dec.
Dec.
Nov.
Nov.
Nov

N<fv.
Nov
Nov
Nov

Nov.

31a
30a
30a
6
3
9a
9a
15a
27r
6r
15a
15a
30a
19
la
3
15

Nov.
Nov
Dec.
Nov.
Nov 15a
Nov. 20a
Nov 26a

Nov. 30a
Nov. 18a
Dec.
2a

Hoi ’ers of rec. Nov. 20a
Holders of rec. Nov. 20a

Per
Cent.

Name of Company.

Street ft E.ec. Rye.—Concluded.
Central ArkansasBy.* Lt., pref (qu.).
Cities Berries, eom. A pref. (monthly)
Common (payable In common stock).
CUies Service, com. and pref. (monthly).

Books Closed.
Days Inclusive.

When

Payable.

Nov. 30 Holders of rec. Nov. 15a
Dec.
1 Holders of rec. Nov. 15a
Holders of rec. Nov 15a
Dec.
1
1 Holders of rec. Jan. 15a
4 Feb.
Feb.
1 Holders of rec. Jan. 15a
n
$1.50 On dem Holders of rec. Nov. 16
Dec.
1 Holders of rec. Nov. 15a
2
14 Dec. 2 Holders of rec. Nov. 20a
Jan.
1 "Holders of rec. Dec. 21
*3
1 Holders of rec. Nov. 15a
75c. Dec.
14 Dec. 2 Holders of rec. Nov. 20a
Dec.
2 Holders of rec. Nov. 22a
2
Dec.
2 Holders of rec. Nov. 22a
1 4
Dec.
2 Holders of rec. Nov. 22a
14
14 Dec. 1 Holders of rec. Nov. 30
to
Nov. 18
14 Dec. 1 Nov. 16
14 Dec. 16 Holders of rec. Dec. 2
14 Dec. 16 Holders of rec. Dec. 2
14 Dec. 2 Holders of rec. Nov. 20a

14
H
fH

Common (payable in common stock)..
Citizens’ Traction, Pittsburgh
Detroit United Ry. (quar.) (No. 58) —
Eastern Wisconsin Elec. Co., pref. (qu.)..

Indianapolis Street Hv
Norfolk Railway A Light
Northern O lo Elec. Corp., pref. (quar.)
North. Texas Elec. Co., com. (qu.) (No.37)
Rochester Ry. dk Light, pref. (quar.)
Preferred, Series B (quar.)
San Joaquin L. A P., pf. (qu.) (No. 16)
Washi gto (D.C.)Ry.dk El.,com.dk pf (qu)
West Penn Rys., pref.(qu.) (No. 6)
WestPennTr.dk W.Pow., pf.(gu.) (No. 16)
Wisconsin-Minn. L. & Power, pref. (qu.)

Miscellaneous.
*14
Acme Tea, first preferred (quar.)
$1.50
Ajax Rubber, I c. (quar.)
2
Alaska Packers’ Association (quar.)
14
American Beet Sugar, pref. (quar.).._.
1
American Cotton Oil, common (quar.).
3
Preferred
14
American Express (quar.)
t*4
American Hide A Leather, preferred...
90c
Amer. Inter not. Corp., com. & pref. (qu.)
14
American Laundry Mach . common
14*
American Linseed, preferred (quar.) —
2
American Mtutiyraph (quar.)
51
Extra (payable i <■ Liberty Loan bonds). .
1
Amer. Power dk Light, com. (qu.) (No. 24)
3
American Radiator, common (quar.) —
4
American Sewer Pipe (quar.)
14
Amer. Smelting A Kefg., eom. (quar.)..
Preferred (quar.)
14
------14
Amer. Sugar Refining, com. A pref. (qu.)
Common (extra)
- - 4
15/
Amer. Sumatra Tob., com. (in com.stk.)
2
American Telephone dk 'telegraph (quar.).
5q
American Tobacco, common (quar.).
$2
Anaconda Copper Mining (quar.)
14
Associated Dry Goods, first pref. (quar.)
14
Second preferred (quar.)
5
Atlantic Refining (quar.)
2
Allas Powder, common (guar.)
3
Common (extra)
Bethlehem Steel, common (quar.)..
24
Common B (quar.)
24
2
Cum. conv. pref. (quar.)
Non-eum. preferred (quar.)
14
14
Borden’s Conde sed Milk, pref. (quar.)..
Brier Hill Steel, common (quar.)..
14
34
Common (extra)
Preferred (quar.)
14
Brown Shoe, common (quar.)
14
$2
Buckeye Pipe Line (quar.)
*$2
Calumet dk Arizona Mining (quar.).
*$15
Calumet dk Hecla Mining (quar.)...
75c.
Cambria Steel (quar.).
75c.
Extra

Dec.
1 •Holders of rec. Nov. 21
Dec. 15 Holders of rec. Nov. 30a
Nov. 9 Holders of rec. Oct. 31a
Dec. 31
Holders of rec. Dec. 14a
to
Dec. 5
Dec.
2 Nov. 15
to
Dec.
5
Dec.
2 Nov. 15
Jan.
2 Holders of rec. Nov. 30a
Jan.
2 Holders of rec. Dec. 14a
Dec. 31
Holders of rec. Dec. 16
Nov 26
to
Dec. 6a
Deo.
5
Jan.
2 Holders of rec. Dec. 16a
to
Dec.
1
Dec.5 1 Nov. 21
to
Dec.
1
Dec.
1 Nov. 21
Dec.
2 Holders of rec. N >v. 22a
Dec. 22
to
Dec. 31
Dec. 31
to
Dec. 20
Dec. 20 Dec. 10
Dec.
5
to
Dec. 16 Nov. 28
to
Nov. 22
Dec. 2 Nov. 14
Jan.
2 Holders of rec. Dec. 2a
2a
Jan.
2 Holders of rec. Dec.
3a
Dec.
7 Holders of rec. Dec.
Jan. 15 Holders of rec. Dec. 20a
Dec.
2 Holders of rec. Nov. 15a
Nov. 25 Holders of rec. Oct. 19a
Nov. 30 Holders of rec. Nov. 9a
Holders of rec. Nov. 9a
Nov. 30
to
Dec. 14
Dec. 15 Nov. 21
1
to
Dec.
9
Dec. 10 Dec.
1
to
Dec. 9
Dec. 10 Dec.
Jan.
2 Holders of rec. Dec. 16a
Jan.
2 Holders of rec. Dec. 16a
Jan.
2 Holders of rec. Dec. 16a
Jan.
2 Holders of rec. Dee. 16a
Dec. 14 Holders of rec. Nov. 30a
Jan.
1
Jan.
2 Dec. 21
to
Jan.
2 Dec. 21
to
Jan.
1
to
Jan.
1
Jan.
2 Dec. 21
Dec.
1 Holders of rec. Nov. 20 «
Dec. 14 Holders of rec. Nov. 23
7
Dec. 23 •Holders of rec. Dec.
7
Dec. 31 •Holders of rec. Dec.
Holders of rec. Nov. 30a
Dec. 14
Dec. 14 Holders of rec. Nov. 30a
35c
Holders of rec. Nov. 20
Dec.
1
Century Steel
Dec.
2 Holders of rec. Nov. 22a
$1
Cerro de Pasco Copper (quar.) (No. 12)
Dec.
2
Holders
25c.
of rec. Nov. 22a
Extra
to
Jan. » 1
14 Dec. 30 Dec. 22
to
Jan.
1
Common (extra)
44 Dec. 30 Dec. 22
Colorado Power, common (quar.).
4 Jan. 15 Holders of rec. Dec. 31a
4f Dec. 20 Holders of rec. Nov. 30a
14 Dec. 16 Holders of rec. Nov. 30a
Preferred (quar.)
Dec.
1
Holders of rec. Nov. 30a
3
Com eclicul River Power, preferred.
5c. Dec. 17
Holders of rec. Nov.30a
Consolidated Gas (quar.)
14 Dec. 16 Holders of rec. Nov. 7a
3
Dec. 16 Nov. 26
to
Dec. 16
Continental Gil (quar.)
Coi.ti e tal Refi i g, common (monthly)
glQc. Dec. 10 Holders of rec. Nov 30
$1.50 Dec. 14 Holders of rec. Nov. 20a
Copper Range Co. (quar.)
Cosden A Co., preferred (quar.)
*84c. Dec. 1 •Holders of rec. Nov. 15
to
Dec. 16
75c. Dec. 16 Nov. 24
Crescent Pipe Line (quar.)
10c. Dec. 10 Holders of rec. Nov. 30
Cresson Cons. Go d Min. dc. Mill (m’thly
3
Dec. 14 Holders of rec. Nov. 3<a
Crex Carpet
Crucible Steel, pref. (quar. No, 65) ...
14 Dec. 20 Holders of rec. Dec. 6
2 Holders of rec. Dec. 14a
Cuban-Ameiicai Sugar, common (quar.)
24 Jan.
2 Holders of rec. Dec. 14a
14 Jan.
Prejerred (quar.)
6
Dec. 16 Holders of rec. Nov. 30
Cumberland Pipe Line
25c Dec. 30 Holders of rec. Dec. 10
Davis-Daly Copper Co. (No. 2)
...
Deere A Co., pref. (quar.)
14 Dec. 10 Holders of rec. Nov. 15a
Dec. 16 Holders of rec. Nov. 30«
2
Diamond M .tch (quar )
1
Holders of rec. Dec. 14
Dominion lro dk Steel, pref. (quar.)
14 Jan.
Jan.
1 Holders of rec. Dec.
5
Domi ion Steel Corp., com (qu ) (-Vo. 49 „ 14
Jan.
15
Holders of rec. Jan.
2
Eastern Steel, common (quar.)
24
Dec.
16
Holders
of
rec.
1st and 2d preferred (quar.)
Dec.
2
14
2 Holders of rec. Nov. 30
Eastman Kodak, common‘(quar.)
24 Jan.
2 Holders of rec. Nov. 30
Common (extra)
74 Jan.
2 Holders of rec. Nov 30
Preferred (quar.)
14 Jan.
Dec.
11
Holders of rec. Dec.
2a
Elk Horn Coal Corp., common
$1
Dec.
11
Holders of rec. Dec.
2a
$1.50
Preferred.
Fairba ks, Morse dr Co., pref. (quar )..
to
Dec.
1
14 Dec. 1 Nov. 21
Federal Mlnvh A Smelting, pref. (quar.
14 Dec. 15 Holders of rec. Nov. 25a
Federal Utilities, Inc., prel (quar.) —
14 Dec. 2 Holders of rec. Nov. 15
FultonMJior Truck, pf. (acct.accum dies. 11 1-3 h Jan. 10 Holders of rec. Nov. 18
General Asphalt, pref, (quar.) No .46
14 Dec. 2 Holders of rec. Nov. 14a
Dec.
2 Holders of rec. Nov. 20a
2
Common (extra)
Feb.
*2 4
1 ♦Holders of rec. Dec. 31
2 ♦Holders of rec. Dec. 18
Preferred (quar.)
*14 Jan.
pref. (quar.).
Dec.
2 Holders of rec. Nov. 25a
General Cigar Inc
14
Jan. 15
Holders of rec. Dec.
7a
General Electric (quar.)
2
Extra (payable in stock)
Holders of rec. Dec.
7a
Jan. 15
2c
Nov. 3(
Holders of reo Nov. 1
Gillette Safety Razor (quar.)
$2
Extra
Nov. 3(
Holders of rec. Nov. 1
$1
Globe Oil (monthly)
14c Dec. 1C Holders of rec. Nov. 25
Feb. li
Goodrich (B. F.) Co., common (quar.)
Holders of rec. Feb.
1
6a
Preferred (quar.)
2
Holders of rec Dec 20a
14 Jan.
Dec.
3
]
Holders of rec. Nov. 20a
Great Northern Iron Ore Properties.
Dec. 17
Holders of rec. Nov. 30a
$2
Great Northern Paper
14 Dec. 2 Holders of rec. Nov. 25a
Jan.
2
*10m
Nov 2f
Greene Cananea Copper (quar.).
2
Holders of rec. Nov. 8«
Jan.
2
Holders of rec. Dec. 16a
Gulf States Steel, common (quar.)..
24
First preferred (quar.)
2
Holders of rec. Dec. 16a
14 Jan.
Second preferred (quar.)
2
Holders fn rec. Dec. 16a
14 Jan.
2
Holders of rec. Nov. 21a
Harbison-Walker Refrac., com.
)
14 Dec
Preferred (quar.)
14 Jan. 2( Holders of rec. Jan. 10a
Nov.
3(
Holders of rec. Nov. 20*.
1
)
Hartman Corporation (quar.)...
Holders of rec. Nov. 2<>»
14 Dec.
Haskell dk Barker Car (quar.)
Jan.
♦Holders of rec. Dec. 16
*$1
4
Dec.
l Holders of rec. Nov. 22
Hey wood Bros, dk Wakefield Co , ct
Homestake Mining (monthly) (I
)
50c Nov. 2«> Holders of rec. Nov. 20a
*6
Dec. 3
Illinois Pipe Line
*Holders of rec. Nov. 30
Nov. 3<) Nov. 29
to
Nov. 30
Imperial Oil, Ltd
Indian Refining, common (quar.).
*3
Dec. 1<5 ‘Holders of rec. Dec.
2
2
Preferred (quar.)
*14 Dec. 1<5 ‘Holders of rec, Dec.
Dec.
2 Holders of rec. Nov. 11
Inland Steel (quar.)
2
Nov. 313 Holders of rec. Nov
•)
$1
Preferred (quar.)
14 Nov. 3(3 Holders of rec. Nov
Internat. Harvester, pref.
2
Holders of rec. Nov.
14 Dec.
International Nickel, com
Dec.
2 Holders of rec. Nov.
$1
Kerr Lake Mines, Ltd. (q
25c Dec. 1 5
Holders of rec. Dec
2c
Dec.
) /15
L Holders of rec. Nov
>*

(Vol. 107

THE CHRONICLE

1986

Per
Ce~d.

Name of Company.

Miscellaneous—(Concluded).
Kings County Elec. Lt. A Power (quar.)
Lake of the Woods Milling, com. (quar.)

When

Books Closed.

0myable.

Days Ir:elusive.

2 Holders of rec. Nov. 26a
2 Holders of rec Nov. 2$
2
Holders of rec. Nov 23
Preferred (quar.)
30 Holders of rec. Nov. 20a
Lanston Monotype Machine (quar.)...
30
Holders
of rec. Oct. 31a
Lehigh Coal A Navigation (quar.)
2 Holders of rec. Nov. 15a
Liggett A Myers Tobacco, com. (quar.)
30 Holders of rec Nov
la
Lindsay Light, common (quar.)
30 Holders of rec. Nov. la
Preferred (quar.)
2 Holders of rec. Nov. 21
Mahoning Investment (quar.)
2 Holders of rec. Nov. 15
Manatl 8ug !r, common (quar.)
2 Holders of rec. Nov. 20a
Manhattan Shirt, common (quar.)
2 Holders of rec. Nov. 20a
Com. (extra pay. In 4)4% L.L.bonds)
10 Holders of rec. Nov. 25
Map e Leaf MUli g. Ltd., com., special..
to
Dec.
1
2 Nov. 21
Maryla nd Coal of West Va
Dec.
2 Nov. 21
to
I
Extra
Nov
16
Dec.
to
1
1
Massachusetts Gas Cos., preferred
Holders
of
30
rec.
Nov.
20a
May Dept. Stores, common (quar ) — .
H
rec.
I
iers
of
Dec
4a
31
Merger thaler Li otype (quar.) (No. 92)..
1 Hoi !ere of rec. Nov. 15
Michigan Drop Forge, com. (monthly) —
1 Hoi ’era of rec Nov. 16
Michigan Sugar, comma i (quar.)
1 Hoi 'ers of rec. Nov. 24
Middle Stales Oil Corp. (mo thly)
Moline Plow, first preferred (quar.)..
14 Dec. 1 Holders of rec. Nov. 16a
Dec.
Holders of rec. Nov. IPa
1
Second preferred (quar.)
14
1
Dec. 15
Hoi 'era of rec. Nov. 30a
Mo treal Collo s, Ltd., common (quar.)..
14 Dec. 15 Hoi iers of rec. Nov. 30a
Preferred (quar.)
75c
Nov.30 Holders of rec Nov 15a
National Acme (quar.)
National Biscuit, com. (quar.) (No. 82)
14 Jan. 15 Holders of rec. Dec. 30a
Preferred (quar.) (No. 83)
14 Nov. 30 Holders of rec. Nov. 16a
—
Nat. Cloak A Suit, pref. (quar.) (No. 18)
14 Dec. 2 Hollers of rec. Nov. 22a
Nat. Enamel. A Stpg., com (aujir.) —
14 Nov 29 Holders of rec. Nov. 9a
Nat. E amel dc Stampi g, pref. (quar.)..
14 Dec. 31 Holders of rec. Dec 11a
2
Holders of rec. Dec. 16a
Jan.
1
National Glue, com. A pref. (quar.)
Dec. 21
to
Jan.
1
2
Dec. 31
National Grocer, common (quar.) —
Deo. 21
to
3
Dec. 31
Jan.
1
Preferred
of
Dec.
Dec.
Holders
rec.
13
31
National Lead, common (quar.)
14
Holders
of
rec
Nov
Dec.
14
22
National Lead, preferred (quar.)
14
2 Holders of rec. Dec. 9
National Sugar Refining (quar.)
14 Jan.
3
Jan.
2 Hoi ’ere of rec. Dec. 20a
Natio al Surety (quar.)
50c Dec. 16 Holt era of rec. Nov. 30a
National Transit (quar )
50c. Dec. 16 Holders of rec. Nov 30a
Extra
Nebraska Power, preferred (quar.)
14 Dec. 1 Hoi ’ere of rec. Nov. 20
New Niguero S gv, am. dc p-ef. (guar )
34 Dec. 2 Hoi 'ere of rec. Nov. 25a
New River Co., pref. (quar.) (No. 19)..
14 Nov. 271 Holders of rec. Nov. 12
5
Dec. 20
Holders of rec Dec.
2
New York Air Brake (guar.) (No. 64)
1
Dec.
2 Holders of rec. Nov. 22a
N. Y. dk Quee s Elee. L. dc Pow , pf (qu)
3
Dec. 20 Holders of rec. Dec.
2a
NUes-Bement-Pond, common (quar.)..
14 Dec. 2 Holders of rec. Nov. 20
Ogilvie Flour Mills, Ltd., pref. (quar.)..
Holders
of
rec.
Nov.
15a
$1.25
Dec.
1
Ohio Cities Gas, common (quar.)
3 •Holders of rec. Dec. 20
Oklahoma Prod, dk Refg. (guar.)
*124e Jan.
to
Dec. 15
Pabst Brewing, preferred "(quar.)
14 Dec. 14 Dec. 7
50c. Dec. 16 Holders of rec. Dec.
2a
Pacific Mail SS common
Holders of rec. Dec
2a
Dec. 16
$1
Common (extra)
♦Hol-'ers
of
rec.
30
Nov.
25
Nov.
*14
Pennsylva ia Lighting, common
Dec.
Holders
of
rec.
Nov.
23
43.75c
14
Philadelphia Electric (quar.)
Holders of rec. Nov. 30a
50c Dec. 14
Pittsburgh Brewing, common (quar.) —
Preferred (quar.)
14 dNov30 ^Holders of rec. Nov. 20a
1
Dec. 21
Jan.
1
to
Jan
1
Pittsburgh Rolls Corp., common
14 Dec. 1 Holders of rec. Nov. 15a
Pittsburgh Steel, pref. (quar.)
Holders
of
rec.
Nov.
Dec.
5
15a
Porto Rican-American Tobaceo (quar.).
3g
Dec.
2
4 Holders of rec. Nov. 13a
Pressed Steel Car, com. (qu.) (No. 33)
Preferred (quar.) (No. 79)
14 Nov. 26 Holders of rec. Nov. 5a
la
14 Nov 30 Holders of rec Nov
Quaker Oats, preferred (quar.)
1 Holders of rec. Jan. 15a
14 Feb.
Republic Iron dc Steel,Com. (qu.) (No. 9).
2 Holders of rec. Dec. 14a
14 Jan.
Preferred (guar.) (No. 61)..
Dec. 10
to
Doc. 26
50c. Dec. 20
St. Joseph I-cad (quar.)
Dec.
Holders of rec. Nov. 30a
15
14
Savage Arms Corp., com. (quar.)
First preferred (quar.)
14 Dec. 15 Holders of rec. Nov. 30
14 Dec. 15 Holders of rec. Nov. 30
Second preferred (quar.)
Dec.
1
to
Dec. 20
5
Dec. 20
Solar Refining
:
Dec 20
Dec.
1
to
Dee. 20
5
Extra
5
Holders
of
rec
Nov. 15
Dec.
2
Southern Pipe Line (quar.)
5g
Dec. 31
Holders of rec. Dec. 14
South Porto Rico Sugar, common (quar.)..
2
Dec. 31
Holders of rec. Dec. 14
Preferred (guar ).
14 Dec. 2 Holders of rec. Nov. 22a
Southwestern Power dk Light, pref. (quar.)
2
Nov. 30 Holders of rec. Nov. 19a
Standard Milling, com. (qu.) (No. 8)..
Preferred (quar.) (No. 36)
14 Nov. 30 Holders of rec. Nov. 19a
7
Dec.
2 Holders of rec Oct.
$2
Standard Motor Construction
1
Jan.
1 Holders of rec. Dec. 15a
Sta dard Oil Cloth, Inc., com. (quar.)
1
Jan.
1 Holders of rec. Dec. 15a
Common (extra)
1 Holders of rec. Dec. 15a
14 Jan.
Preferred A dk B (quar.)
24 Dec. 16 Holders of rec. Nov. 15
Standard Oil (Calif.) (quar.) (No. 40)..
5
to
Nov. 36
3
Nov. 30 Nov.
Standard Oil (Indiana) (quar.)
5
to
Nov. ?0
3
Nov. 30 Nov.
Extra
Dec.
to
3
1
Dec.
15
Dec.
14
Standard Oil (Kansas) (quar.)
3
Dec. 14
Dec.
1
to
Dec. 15
Extra
*3
Jan.
2 ♦Holders of rec. Dec. 14
Sta dard Oil (Ke lucky) (guar.)
Dec. 20 Nov. 21
to
Dec. 20
10
Standard Oil (Nebraska)
5
Holders of rec. Nov. 20
Dec. 16
Standard Oil of New Jersey (quar.)
3
of
rec.
Holders
Nov. 22a
Dec.
16
Standard Oil of N. Y. (quar.)
3
to
Dec. 18
Jan.
1 Nov. 30
Standard Oil (Ohio) (quar.)
1
Jan.
to
Dec. 18
1 Nov. 30
Extra
Holders of rec. Nov. 5
Dec. 10
2
Standard Sanitary Mfg.. com. (extra)..
1 Holders of rec. Nov 15a
Steel Products, preferred (quar.)
14 Dec.
1
Dec.
2 Holders of rec. Nov. 20a
Studebaker Corp., common (quar.)
Dec.
2 Holders of rec. Nov. 26a
Preferred (quar.)
14
Holders of rec Dec.
2 4
Dec. 31
2
Texas Company (quar.)
2
Jan. 15 ♦Holders of rec. Jan.
Tobacco Products, com. (pay. in com. stk.) *10/
2 ♦Holders of rec. Dec. 21
*14 Jan.
Preferred (guar.)
6
Todd Shipyards Corp. (guar.) (No. 10).. $1.75 Dec. 20 ♦Holders of rec. Dec.
1
Holders of rec. Dec. 14a
14 Jan.
Underwood Typewriter, common (quar.)
Holders
rec
5
Jan.
1
of
Dec.
14a
Common (extra)
Holders of rec. Dec. 14a
1
14 Jan.
Preferred (quar.)
14 Dec. 16 Holders of rec. Dec. 6
U io» Bag dk Paper Corp. (qu.) (No. 9).
Unlted Cigar Stores of Amer., pref. (qu.)
14 Dec. 1( Holders of rec. Nov. 29a
14 Dec. 2 Holders of rec. Nov. 15
United Drug. 2d pref (quar ) 'No. 11).
2 Holders of rec. Dec. 14a
14 Jan.
United Dyewood, common (quar.)
Holders of rec. Dec. 14a
2
14 Jan.
Preferred (quar.)
*1
If
♦HoL'era of rec. Dec.
Dec.
2
TJtiled Paper Board, common
1
*14 Jan. 11 ♦Holders of rec. Jan.
Preferred (guar.)
14c Dec. 2 Holders of ree. Nov. 11a
United Profit Sharing
Extra
14c Dec. 2 Holders of rec. Nov. 11a
*14 Dec. 2.' ♦Holders of rec. Dec. 13
U. S. Gypsum, preferred (qu ir.)
4
Dec. If 1 Holders of rec. Dec.
2
U. S. 1 dustrial Alcohol, com. (guar.)
to
Dec.
2
14 Dec. 3( Nov. 30
U. 8. Steel Corp., com. (quar.)
2
Dec. 3(
Nov. 30
to
Dec.
2
Common (extra)
Nov.
to
Nov. 6
5
P c )•
d (quar.)
14 Nov. 2<
Dec.
to
6
Nov. 16
Dec.
5
Vl^-. In a Iron, Coal A Coke
Holders of rec. Dec. 13
14 Jan.
Wabasso Cotton Co. (guar.)
3
Dec.
Hoi
’ere
of
rec.
20a
Nov.
Waltham Watch, preferred
Dec. 3
♦Holders of rec. Nov. 30
*$4
Washi gion Oil (a m ual)
4
Dec. 21
Jan.
Dec. 3
to
1
Western Grocer, common
3
Dec. 3
Dec. 21
to
Jan.
1
Preferred
2 Holders of rec. Nov. 15
14 Dec.
Dec.
2
Holders
of
rec.
Nov.
15
14
2 Holders of rec. Nov. 15
14 Dec.
Dec. 3 1
HoP'ers of rec. Dec. 14a
$1
White Motor (quar.).
2 *Holdera of rec. Nov. 26
*14 Dec.
2 *Holiers of rec. Nov 26
Dec.
•5
Common (bonus).
Dec.
i
Holders of rec. Nov 11a
2
Jan.
2 ♦Holders of rec Dec. 10
*14
2
3

Dec.
Dec.
Dec.
14
14 Nov.
Nov
$1
3
Dec.
50c fov.
174c Nov.
3
Dec.
24 Dec.
1
Dec.
2m
Dec.
10a
Dec.
10c. Dec.
10c. Dec.
Dec.
2
Nov.
14
Dec.
24
15c Dec.
20c. Dec.
1
Dec.

—

•
b
From unofficial sources
a Transfer books not closed for this dividend,
British Income tax.
/Payable in common
d Correction,
e Payable in stock
ock.
h On account of accumulated dividends. < Payable In
g Payable in scrip,

Payable in U. S. Liberty Loan
t Declared subYork Stock Expe has ruled that stock wUl not be quoted ex-dividend on this late and not until
•t
er notice.
* Ex-dividend on this date,
l Declared 7%, payable in quarterly
instilments of 14% each on Jan. 2, April 1, July 1 and Oct 1 1919 to holders of
ie<-<.rd on Dec. 16 1918, March 15 June 16 and Sept. 15 1919, respectively.
erty Loan bonds.
o

I Red Cross dividend,

n Payable in Canadian Govt. Victory Loan bonds
bon is,
the approval of Director-General of Railroads,
r The New

Nov. 23 1918.]

THE CHRONICLE

1987

Msoiher Siaks of tha Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
giving the prineipal items of the resources and liabilities of the Member
Banks.
Definitions of tne
in the statement were
given in the weekly statement issued under date of Deo. 14 1917 and which different items con¬
was published in the
•‘Chronicle’* of Deo. 29 1917, page 2523.

Board
tained

STATEMENT SHOWING PRINCIPAL RESOURCE

AND LIABILITY ITEMS OF
MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT
CLOSE OF BUSINESS NOVEMBER 8 1918.
Substantial withdrawals of Government
deposits
and
somewhat
smaller
increases in other demand deposits, also reduction in
bank holdings of United States
some volume of the
securities, are indicated by the
Treasury certificates on hand show a decline of about 12.3weekly statement of conditions on Nov. 8 of 751 member banks in leading cities.
millions,
indicating
that the bulk of the 754 million certificate issue
been delivered by subscribing banks in
due on Nov. 7 had
payment for Liberty bonds.
At the central reserve cities the increase in
due to a large extent to investment
the certificate holdings is apparently
by these banks in the most recent issue of
tax certificates.
reduction of 62.9 millions, of which 23.3 millions
U. S. bonds other than circulat.on bonds
show a
represents the decrease in the
war obligations fell off 43.7 millions
holdings of the central reserve
banks. Loans s 'ecured by U. 8.
at all reporting banks, and 50-6
millions at the banks In the central reserve city
show a decline of 28.4 millions,
cities.
All
other
loans
and
notwithstanding a gain of about 46 millions in this item
investments
war securities and loans
reported by the Greater New York banks. The ratio of U. 8.
supported by such securities to total loans and investments
declined from 22.2 to 21.6 per cent for all
23.6 to 23 per cent tor the banks in the central reserve
reporting banks, and from
cities.
The week witnessed the net withdrawal of 239.4
millions of Government deposits, 70.9
banks.
millions representing withdrawals from central reserve
These withdrawals are accompanied by an increase of
city
173.5 millions in net demand
net deposits of the central reserve city
deposits of all reporting banks, and of 88.5 millions in the
banks. Time deposits declined 18.7 millions.
Reserve balances with the Federal Reserve banks
millions, and cash in vault 10.2 millions.
increased 92.8
For all reporting banks the ratio of
to Investments, because of the relatively larger decrease in
the central reser\e city banks this ratiodeposits
investments, rose from 78.9 to 79.2%. For
shows an increase from 85 to
85.4%. The ratio of combined cash and reserve balances to
from 14 to 15% for all reporting banks and from
15.2 to 16% for the central reserve
went up
from 67.2 to 141.2 millions.
city banks. “Excess reserves” of all reportingdeposits
For the banks in the central reserve cities an
banks increased
increase of this item from 48.9 to 78.9 millions
Is noted.
1.

Member Bank*.

Boston.

Number of reporting banka

Data for all reporting banka In each
district.

Neto York.

U. 8. bonds to secure clrculat’n
Other U. 8 bonds. Including

Philulel. Cleveland.', Richm'd.

104

53:

14 ,402,0

50,311,0

.11

,492,0

Liberty bonds
I 23 ,824,0
372, 408,0 69 ,823.0 106 434,0
(J. 8. certlfs. of indebtedness.. 82 ,877,0
398, 079.0 47 ,015.0 62 104.0
Total U 8. securities
121 ,103,0
820, 798,0 128 ,330,0 211 370.0
Loans sec. by U 8. bonds, Ac. 114 ,494,0
622 334,0 164 ,169.0 81 039.0
All other loans A investments. 785 ,405.0
4,242, 441.0 627 ,317.0 977 578.0
Reserve with Fed. Res. Bank. 72 ,353,0
644, 000,0 74 ,608,0 88, 886.0
Cash In vault
25 ,887.0
131, 759.0 21 .637,0 33, 049,0
Net demand deposits
689 ,529,0 4,463, 905,0 625 ,570,0)745, 716.0
Time deposits
98 ,598,0
259, 480.0 16 ,359.0 223, 006,0
Government deposits
140 ,258,0
480, 154,0 101 ,495.0' 87, 453,0
4

St. Louie.

101

24,253,0

15,465,0

18,906,0

17,655,0

49 169,0
31, 105,0

39,042,0
36,176,0
90,683,0
21,041,0
317,486 0
29.362,0
16,499,0

132,096,0
86,482,0
237.484,0
97.910.0

34,716, 0
26,537, 0
78,908, 0
22,068, 0
381,881 0
34,617, 0
12.317, 0
257,204 0
73,585 0
31,758 0

42,832,0

Chicago.

Atlanta.

Two elphera (00) omitted

104, 527,0
37, 479,0
391 814.0

34, 404,0
20, 137,0
311, 677.0 213,739.0
58, 537,0 92,531,0
34, 458,0 26,001,0

Minneap. Kan. City
35

,433,273,0
148,903,0
60,152,0

,067,776,0
376,548,0

69,705,0

Dallas.

73,

6,369,0 13,710,0

San Fran

Total.

751

18,177,0 34,505,0

268,077,0

10 021,0 27, 070,0 22,699,0 31.756,0
11 781,0 31, 952.0 11,948,0
61,197,0
28 171,0 72, 732,0 52,824,0 127,458,0
8 873,0
8, 927,0
7,329,0 13,659,0
268 589,0 462 976,0 189.639,0 550,906,0
23 798,0 48 038,0 16,317,0 52,569,0
9 534,0 16, 724.0 12,761,0 22,277,0
213 685,0 368 904.0 151.496,0 418,819.0
46 ,287,0 58 490.0 25,209,0 122,265,0
9 ,331,0 29 878,0 15.330,0 21,253,0

919,058,0
887,253.0
2,074,388,0
1.199,322,0
10.629,305,0
1,267,855.0
382,733.0
9,528.020,0
1,450,895,0

1,047,074,0

Data for banks In each Central Reserve
rttt. banks In all other Reserve cities
and other repotting banks.

Now York.

Two ciphers (00) omitted.

Nov. 8.

Number of reporting banks

Chicago. a. Louis. Total Control Ret. Cities.

Nov. 1.

Nov. 8.

9
U. 8. bonds to secure clrculat’n
36,879,0
36,518,0
Other U. 8. bonds, including
Liberty bonds
314,306,0 326,121,0
U. 8. certlfs. of Indebtedness..
380.882,0 347,423,0
Total U. 8. securities
732,067,0
710,062.0
Loans sec. by U. 8. bonds, Ac.
572,935,0
622,535,0
All other loans A Investments. 3.904.503,0
3,858,505,0
Reserve with Fed. Res. Bank.
617.222,0
582,450,0
Cash in vault
117,737,0
110.551,0
Net demand deposits
4,153.870,0 4,067.003,0
Time deposits
208.353.0

Government deposits

Ratio of combined reserve and
cash to total net deposits

434,298,0

Nov. 8.

Country Banks.

Nov. 1.

Nov. 8.

Total.

Nov. 1.

Nov. 8.

Nov. 1.

128

453

170

751

10,555,0

48,553,0

48,193,0

171,205,0

171,119,0

48.319,0

48,334.0

268,077,0

267,646,0

1,119,0

Nov. 1.

Other Reserve Cities.

81,152,0 25.927,0
421,385,0
444,715,0
410.794.0 447,013,0 86,879,0 90,232,0
919,058.0
981.960,0
34.312.0 21,043,0
436,237,0
404,455,0
388,169,0
420,975.0 64,847,0 74,174,0
887,253,0
899,604.0
116,583,0 57.525,0
903,175,0
897,363,0
969,168,0 1,039,107,0 200,045,0 212,740,0 2,074,388,0
2,149,210.0
77,252,0 16,723,0
666,910.0
717,496,0 .456,874.0
448,147,0 75,538,0 77.414,0 1.199.322.0 1.243.057.0
882,501,0 275,426,0 5,062,430,0 5,032,367,0 4,695,151,0
4,791,066,0 873,724,0 834,257,0 10629305.0' 10,657.690,0
104.694,0 26,337,0
748,253,0
707,375,0
459,008,0
412.098,0 60,594,0 55,583,0 1.267,855,0 1,175,056,0
35,753,0
6,757,0
160,247,0
150,598,0
180,482,0
181,978,0 42,004.0 39,950,0
382,733,0
372,526.0
726,477.0 182.281,0 5,082,628,0 4,974,173,0 3,775.380,0
3.684,246.0 690.012,0 696,099,0 9.528,020,0 9.354.518.0
209,144.0 141,027,0 53,519,0
402,899,0
393,276,0 845,144,0 876,355,0 202,852,0 199.945.0 1,450,895,0
1,469,576,0
462,902,0 54,193,0 26,293,0
514,784,0
585,650,0
458,472,0 610,916,0 73,818,0 89,899,011,047,074,0 1.286.465,0

24.4

The Federal Reserve

Nov. 8.

25.0

17.9

18.3

23.0

Banks.—Following is the weekly

23.6

20.5

21.0

19.8

21.5 1

21.6

22.2

statement issued

by the Federal Reserve Board on Nov. 16.
Further increases in the holdings of war
paper, practically offset by decreases in other discounts on
hand, also considerable gains in Government
deposits, accompanied by a larger decline in members’
reserve deposits, are indicated in the Federal
at close of business on Nov. 15 1918.
Reserve Board’s weekly bank statement issued as
Investments.—Holdings of war paper, i. e., discounted bills secured by U. 8. war
obligations, show an increase for the week of 41.6 millions and con¬
stitute at present 59.1% of the Reserve banks* total
earning assets, compared with 57.4% the week before. Other discounted
about 41 millions, while holdings of bills
bills on hand decreased
purchased in open market went up 3.4 millions and of
Government short-term securities 1.5 millions.
earning assets increased about 5.4 millions for the week.
Total
Deposits.—Government deposits show considerable increases in
responding decreases at these banks are shown in members’ reserve the four Eastern banks, with a total gain for the week of 86.1 millions. Almost cor¬
deposits, the total decline for the week being 96 millions. Net deposits show an
increase of 4.2 millions.
Reserves.—Gold reserves increased during the week about 10-2
millions,
while total cash reserves went up 9 millions. The banks’ reserve
shows a slight rise from 49.8 to 49.9%.
percentage
Note Circulation.—Federal Reserve Agents
report the issue during the week of 18.1 millions net of notes.
The
banks
show
an
2,562.5 millions of Federal Reserve notes, an increase of 4.3 millions
actual circulation of
for the week, besides aggregate liabilities, of 72.9
the week before, on Federal Reserve bank notes in circulation.
millions, as against 68.9 millions
Capital.—-An increase of $79,000 in the total of paid-in capital is due In
part to admission of new members, also to increases in
members of the system.
Increases under this head are shown by all the banks
capital or surplus by
except those at Boston and St. Louis.
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 re¬
garding the transactions in Federal Reserve notes between the Comptroller and the Reserve
Agents and between the latter
and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.—The
weekly statement issued by the bank subdivides some certain items that are
under a more general classification In the statement
included
prepared at Washington. Thus, “Other deposits, &c.,” as of Nov.
Government deposits,” $94,789,027: “Non-member banks
deposits," $7,587,833, and “Due to War Finance Corporation,"15, consisted of “Foreign
$5,675,693.

Combined Resources

and

RESOURCES.
Gold In vault and In transit
Gold settlement fund—F. R. Board—
Gold with foreign agencies

Liabilities

of the

Federal Reserve Banks

Nov. 15 1918.

Nov. 8 1918.

Nov. 1 1918.

375,527.000
433.885,000
5,829,000

386,437,000
435,452,000
5,829,000

449,248,000
5,829,000

the

Oct. 25 1918. Oct. 18 1918. Oct. 10 1918.
9

383,833,000

376,679.000
415,676,000
5,829.000

382.160.000
416,413.000
5.829.000

Business Nov. 15 1918

Oct. 4

9
372.922.000
448,720.000
5,829,000

1918. Sept. 27 1918

373.255.000
419.665.000
6.829,000

Nov. 16 1917.
S

370,220.000
437.319.000
5,829.000

526,792.000
363.710.000

52.500.000
815,241.000
827,718,000
838.910,000
798.184,000
804.402,000 827.471,000
798.749.000
813,368.000
943.002.000
1,166,579,000 1,145.640.000 1.149,859.000 1,184.998,000
1,173,521.000 1,157.000.000 1,181.485.000 1,161,731.000
629.906.000
74.957,000
T_.
73,233,000
63,460.000
61,950,000
67.390.000
46.765,000
45,200,000
45,714,000
11.420.000
Total gold reserves
2,056,777.000 2,046.591,000 2,052.229.000 2.045,132.000
2.035.313.000
2,031,236,000
2.025.434.000
Legal tender notes, silver, Ac
2,020,813,000
1.584.328.000
53.039,000
54.248,000
53.456,000
53,037,000
52,372.000
52.122.00fr
51.937.000
51.363.000
52,525.000
Total reserves
2,109,816,000 2,100,839,000 2,105,685,000
2,098,169,000 2,087,685,000 2,083.358.000 2.077.371.000 2,072,176.000 1.636.853.000
Bills discounted: Secured by Govern¬
ment war obligations
1,358,532,000 1,316,967,000 1.252.904,000 1.092,417.000
1.262.757.000 1,304,383,000 1,241,787,000 1.221,533.000 1 487-850,000
All other
439,276,000
480,271.000
493,043.000
453,747.000
Rills tuiught
425.799,000 450,086.000 453.246.000 491,897,000
in open market.
377,877,000
374,522,000
377.072,000 398,623,000 370.136,000 338.620.000 311,990.000 288,391.000
193.869.000
Total bills on band
2,175.685.000 2,171,760,000 2.123,019.000 1,944,787.000
2,058.692.000
2,093.089.000
U. S. Government long-term securities.
2.017,023.000 2.001.821.000
681.719.000
29,478.000
29,479,000
29,472,000
28,251,000
28,205,000
28.214.000
28.289,000
U. S. Government short-term securities
28,545.000
54.092.000
93,449.000
91,956,000
88,750,000
322,060.000
67.738,000
All other earning assets
66.193.000
56.514.000
50.098,000
187.904.000
28,000
28,000
35,000
24.000
197.000
188,000
202.000
102.000
1.273,000
Total earning assets
2,298,640,000 2.293,223.000 2,241.276,000
2.295,122.000
2.154.832.000
2.187.684.000 2.102.028.000 2.080.566.000
Uncollected items (deduct from gross
924.898.000
deposits)
717.785.000
687,468,000
684,315,000 856,923,000 803.517.000 723,430.000
704.046.000
649.448,000
446.382.000
f % redemp. fund agst. F. R. bank notes
4,008,000
3,924.000
3.703.000
3.692.000
3,425.000
3,177.000
2.679.000
2.447.000
All other resources537.000
18.169.000
18,790,000
17,075,000
16.879.000
13.757.000
13.485.000
13,262,000
12.858.000
3.736.000
Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund

...

....

Total resources...
•

5.148.41^.000 5.104 Tti 'WV*

nrn

i i i

Includes amount lormerly shown against Items due tram or due to otnsr

nna

^ 0-0 -Q -

OOO

r*e** •»!« onn =1 m 1

jreuer ju Reserve u*u*s

net*

non

4 «oo me ono 4 «17

4^5.000'

3.012.406.000

...

[Vol. 107.

THE CHRONICLE

1988
.

1 Noe.

•

79.903.000
1.134,000

Surplus

246.401.000

Government deposits
Due to members—reserve account....
Collection Items
Other deposits, lnci. for. Gov't credits.

1,449.949,000
673.727.000
113.385.000

Total gross deposits
F. R. notes in actual circulation
F. R. bank notes In circulation, net llab.
All other liabilities

«*

Total liabilities
OoM reserve against net deposit liab..
Odd res. agst. F. R. notes in act. clre'n
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined
Ratio of total reserves to net deposit and
Fad. Res. note liabilities combined..
Ratio of gold reserves to F. R. notes in
actual circulation, after netting aside
35% against net depositIIabilities...

LIABILITIES.

Capital paid In..

Oct. 25 1918. Oct. 18 1918. Oct. 10 1918.

Noe. 1 1918.

Not. 8 1918.

15 1918.

79.190.000
79,360.000
79,824,000
1,134,000
1,134.000
1,134.000
78,218,000
249,397.000
160,256,000
1,683.499,000
1.442.493.000
1,545.996,000
702,107,000
543.975.000
527.796.000
117,001.000
111.827,000
114.941,000

2.384.319.000 2.361.589.000 2,310.308,000 2.316.657.000 1.941.747.9M
2,383.462.000 2.348,989.000 2,347.692,000 2,580.825.000
972.585.9M
2.478.378.000 2,431,004,000 2.349.326.000
2.562.517.000 2.558,196,000 2,515.504.000 2,507,912.000 2,502.488,000
8.980,089
35.819.000
40.305.000
52.031.000
55.666.000
58,859.000
63,338,000
68,864.000
72.930.000
3.383.9M
35.857.000
37.732.000
39.046.000
40.552.000
42,865,000
45,086,000
47,237.000
48.472.000
5.011,134.000 4,899,386.000 4.817.495.000 3.812.406.888
6.148.418.000 5,104,244,000 5,052,114.000 5,270,785.000 5,063,216.000
71.4%
48.8%
49.7%
50.6%

51.4%
60.2%

50.9%
49.8%

51.7%
60.9%

50.8%
50.7%

51.2%
50.0%

49.6%

50.5%

51.4%

78.6%

50.9%

50.6%

51.3%

50.8%

50.6%

50.1%

50.2%

50.3%

75.2%

49.9%

49.8%

50.4%

49.6%

51.1%

50.6%

51.5%

51.6%

45.8%

69.6%

59.4%

60.6%

59.6%

61.3%

60.9%

62.3%
$

31.000
175.342,000

1.420.000

10.000
31.000

264.546.000
4.841.000

302.709.000
467,000

2,743.686,000 2,710,680,000 2.697.090.000

Issued to Federal Reserve banks.. 2.761.012.000
How Secured—

121.757. M8

669 000
11.000
12.712.000

5.139.8M

2.667.024.000 2.623.339.000

1,595.233*666 1.598,048.666 1.560.821*660 1,512.692’,666

1,493.503,000
78.053,000
894.229.000

200.176.000

198.176.000

2.583,418.000 2.494.205.000 1.#38.420.•••

431.182.000

l.lABILITIES

New York

113.060,000
860,186.000

77.477.000
871.356.000

Government credits, t Revised figures.
of EACH of Che 12 FEDERAL RESERVE B\NKS at CLOSE of BHS»NESv NOV. 15

Philadet. Cleveland.

Richm'd.

Atlanta

Chicago

46,078.0
408,0

Total gold beld by banks
Gold with Federal Res. Agents..
Gold redemption fund

45.374,0
66.878.0
6,271,0

316,444.0
282.983.0
24.992.0

46.604,0 74.088.0
80.314.0 151.484,0
1,212,0
7.700.0

Total earning assets
164,401,0
Uncollected Items (deducted from

Total

retat.

Fra,.

375.527,0
433.885,0
5,829,0

8.115.0
12.823.0

10.581.0
36.748.0

204.0

321.0

19,394.0
47.981,0
3,794,0

815.241,0
21.142.0 47.650.0
24.102.0 106.037,0 1,166.579,0
74,957,0
328.0
2,155.0

97,581,0
46,0

71,169.0
109.0

47.399,0 154.015.0| 2,056.777.0
225.0
53,039,0
1.039.0

83.196.0

97.627,0

71,278,0

48,438.0 154,240.0 2,109.816,0

45.508.0 143.363.0
36.538,0 81.640.0
13.039,0 32.145.0

52.234.0
29,289,0
3.102.0

11.908,0
25.019.0
4.558.0

31,057,0
49.740,0
8.212,0

28.768.0
2,910.0

99,801,0
1.234,0
2,785,0

95,085.0 257.148.0

84.625.0
1.153,0
5,070,0

41,485.0

4,509.0
10.612,0

89.009.0
8.867.0

880,356.0 198.937.0 166.352,0 103,820,0

99,605.0 272.269.0

90,848.0

44,516.0 100,872,0

816,0

233.0

233,0

16.423,0
60.089,0
5.958,0

23.305.0 136.988.0
44,924,0 197.842,0
4,541,0 11.108.0

31.580.6

36,249.0
57.772.0

624.419.0 134.618.0 226.784.0
437,0
974,0
43.211.0

82,470.0
677,0

72,770.0 345,938.0
207,0
1,346.0

81.091,0
2.105.0

135,592,0^227,221,0

83,147,0

72,977,0 347,284,0

77,002.0
57,934.0

71.093.0
19,047,0
9,661,0

841,920,0 191.260,0 152.839,0
1.088,0
1,399.0
1,359.0
6,318,0 12,425.0
37,027,0

17.903.0

175.0

520.0

3,972.0
28,0

46.173.0
3.338,0

3.560.0

126,0
2,905,0

2,996,0

13.887.0

50.113.0 1,358.532.0
439.276.0
34.424.0
377,877,0
34.175.0

45.565.0 118.712.0 2.175.685.0
29.478.0
3.461.0
4.003,0
93.449,0
3,021.0
1,902.0
28.0

51.470,0 125,194.0 2.298.640,0

62,061,0

146,296,0

68.303,0

51,357,0

56,743,0

39,710,0

86,681,0

64,939,0

15,541,0

69,580,0

22,703,0

33,871,0

717,785,0

175,0
1,523,0

1,179,0
4.522.0

275.0
2,611,0

298.0
821,0

186,0

156.0
866.0

540,0
1.785.0

241.0
652,0

88.0
202.0

442.0

1,119.0

221.0
807.0

207.0

1.741,0

1.520.0

4.008.0
18,169,0
....

349,346,0 1,699,983.0 405,718.0 446,049,0 245,637,0 213,314,0 708,559,0 239.876.0 157,974,0 243,291,0 123,639,0 315,032.0 5,148.418,0

resources

LIABILITIES.

Capital paid in
Surplus
Government deposits...

Due to members—Reserve acc’t.
Collection Items
Oth. deposits incl for Gov't cred.

6.599.0

20.725.0

75.0
45.372.0
87.509,0

649,0
48.756.0
599,319,0
159.385.0
108.053.0

49.724,0

8,881,0

4,044,0

3,174.0

11.091.0

40.0

26,726,0 24.892.0
74.816.0 113.152,0
64.436.0 42,060.0

116,0
13,922,0
50,789,0
41,329,0

216.0
7.198.0
209,632,0
63.442.0
1,546,0

7.398,0

36.0

24,033,0
38.259.0
26,432,0
17.0

3,785,0

2,911,0

17.45*8.6

38,0
7.430,0

51,615.0
49.003,0

46,057.0
11,334.0

217.0

915.513.0 165.978.0 180,140,0 106,040,0 88,741,0 281.818.0 118,293.0
723.355.0 225.022.0 248.204,0 132,122,0 116.910,0 396.231.0 111,636,0
4.292.0
2.878,0 12.866,0
1,162,0
4,557,0
5,475.0
21.615,0
1.870.0
6.337,0
1,571.0
2.153,0
2.763.0
3,349,0
18.126.0

Total gross deposits
* 182.605,0
F. R notes In actual circulation. 152,980.0
3,514.0
F. R bank notes In circ’n—Net.
3.573.0
All other liabilities

15,0

3.123,0

4,540.0

17.*8*4*9.6

8.*3*4*7.6

65.407.0
33.408.0
2.0

32.337.0
14,065.0
20.0

4.418.0
81.057.0
19.109.0
3.479.0

3,632.0

64,836.0 116.666.0
87.131.0 111.653.0

8.479.0

1,580.0!
1,478.0 ;

2,861,0

79.903,0
1.134,0
246.401.0
1.449.949.0
573,727.0
113.385.0

54.769.0 108.063.0 2.383.462.0
61.063.0 196.210.0 2.562,517.0
3.363,0
72.930,0
3,149.0
2.856.0
48.472,0
1.535.0

5.148.118,0
349.346,0 1.699,983.0 405,718.0 446,049,0 245 637,0 213.314,0 708.559,0 239.876,0 157,974.0 243,291,0 123,639,0 315,032.0

Total liabilities

•Difference between nei amounts due troui «wi net aiuou.iL* due w> oiiwi

SrtTRMRVT
Two ciphers

•xm

165.0
18.938.0
291,0

6% redemption fund against Federal Reserve bank notes
All other resources

LMlllOS

Cuy

Kan

8,325.0
27.691,0

580,548,0 147.006,0
94,444.0 10.992,0
166.938.0 33.262.0

158.226.0
1,759,0
4.416,0

vtxnncup

2.111.0
29,236.0

667,630.0

Total reserves
121.186,0
Bills dtacounted: Secured by Govt
war obligations
134,813.0
All other
11,472,0
11.941,0
Bills bought In open market....

Lent u

7,515.0 24,683.0
15.615,0 111,489,0

118,523.0
2.663.0

6,278.0
9.941.0
204,0

%
118.0

...

243.838.M8

208,167,0001 208.239.000, 214.239,000

1.038.420.066

S
26.242.0
47.321.0
525,0

;

1.257.995 .Mt
218.475.0M

042.433.000 1 609 364 OOO

78.609.000
899.213,000

277.615.0
36.818.0
2.011.0

deposits)

245.620.000

230,845.000

2.761.812.000 2.743.686.000 2,710,680.000 2.697.090.000 2.667.024.000 2.623.339.000 2.583.418.000 2.494.205.000

81.776.000
867.907.000

3,779,0
41,187,0
408.0

gross

972.585.9M

488.714.888
31.843.M8
355.833.8M

78.586.000
868.878,000

RESOURCES.
Gold coin and certlfs. In vault..
Gold settlement fund
Gold with foreign agencies

Total bills on hand
U. 8 long term securities
U. S short term securities..
All other earning assets

511.888

10.000

73.363.000
874.129.000

boston

Total gold reserves

34.652.000

1.460.33*9*666 1,401.933.666 1.332.474.666

rvMRNT Of RESOURCES end

Legal-tender notes, silver, Ac

147.888

2,583.418,000 2.494.205.000 1.9S8.628.6M
tt.835.M9
152.414.000 144.879.000

Eligible paper delivered to F R Agent. 2,120.296.000 2.116.238.0™
ft This Item Includes foreign
a Net amount due to older Federal Reserve banks,

......

98,888

9.000

171.434.000

2 .06ft w>. non 1 Oftl 64 \ftft<» 2 012 927.000 2 040 V22 000 1

Two ciphers (00) omitted.

”

9.000

11.000
25.313.000
35,408.000
10.000

235.210,000

201.239.000,

78.352.000
878.051.000

Total

589.8M
113.8t7.8M

193.457.000
5,692.000

2.858.549.000'2.814.263.000 2.739.825.000

207.176.000

210,176.000

8.888

68,475,088
1

1.145.789.0M
3.609.760.000 3.561.280,000 3,525.460.000 3.488.640.000 3.414.220.000 3.364.480.000 3.286.140.000
546.315.000
1.484.9M
572.078.000 562,931,000 560.860.000 557.446.000 555.671.000 550.217.000

3,048,957.000 3,037.682.000 2,998,349.000 2,964.600.000 2.931.194.000
287.145.000
293.996.000 287.669,000 267.510.000 264.170.000

By gold coin and certificates
By lawful money
...
By eligible paper
.......
Gold redemption fund...........
With Federal Reserve Board

373.281.8M

2.558,196.000 2,515.504,000 2.507.912.000 2.502.488.000 2.478,378.000 2.431.004.000 2.349.326.000

2,562,517.000
In circulation
Fed. Res. Notes {Agents Accounts)—
Received from the Comptroller..
... 3,629,140.000
680.183.000
Returned to the Comptroller
Amount chargeable to Agent
In hands of Agent

14.300.000
10,000
192.414.000

9,153.000

*17.755.666

195.176.000

63 4%
0

1,358.365.000 1,323.052.000

‘

f
•
S
S
3
66.691.9M
78.802.00ft
78.903.000
78.956.000
79.057.000
1.134.000
1.134.000
1 134.000
1.134.000
218.687.999
191.623.000
197.359.000
230.889.000
179.868.000
1.489.498.9M
1.535.490.000
1.506.727.000 1.508.334.000 1.496.815.000
249.437.9M
512.227,000 485.069.000
514.110.000
585.090.000
21.925.9M
104.385.000
103.907,000
108.256.000
112.634.000

$
3
3
3
3
3
Distribution Of ylain rules—
1.425.804.000
1-15 days bills discounted and bought. 1,353.310.000 1,354.320,000 1,336,423.000 1,198.861.000 1.343.320.000
10.750,000
11.402.000
250.906,000
15,688.000
15,701,000
18.481.000
1-15 days U. 8. Govt, short-term secs.
31.000
33.000
2.000
2.000
7,000
7.000
1-15 days municipal warrants
203.960.000
249.254.000
221,020.000
188,642.000
176,019,000
168.765,000
Id-30 days bills discounted and bought.
5,412.000
6.022.000
117.000
137.000
101,000
73.000
10-30 days U. 8. Govt, short-term secs.
2,000
5.000
7.000
10-30 days municipal warrants
301,760,666 304,615,666 291,511,000 279,786.000 265.599.000 ! 273,091.000
81-00 days bills discounted and bought.
707.000
163.000
42,000
617.000
10.684.000
9.132,000
81-60 days U 8. Govt, short-term secs.
7.000
7.000
7.000
15.000
5.000
15.000
31 00 days municipal wp "rants
174.622.000
188.485.000
232.891.000
284,735,000
319.973.000
334.095,000
01-90 days bills discounted and bought
8.104.000
8.851.000
8,676,000
8.109,000
3.557.000
2.194.000
01-90 days U. 8. Govt, short-term secs.
11.000
5.000
10,000
10.000
01-90 days municipal warrants
15.612.000
12.034.000
12.229.000
21,708.000
'16.833,666
Over 90 days bills disc'ted and bought.
41.220.000
41.300.000
62.319.000
64,199.000
61,913,000
63.569.000
Over 90 days U S.Qovt abort-term secs.
10.000
10.000
6.000
6.000
Over 90 days municipal warrants
Federal Reserve Notes—
2,761.812.000 2,743.686.000 2,710,680.000 2.697.090.000 2.667.024,000 2.623.339.000
Issued to the banks
164.536.000
144.961.000
189.178,000
185.490.000 |
199.295.000
Held by banks
/

WKK'

Sept. 27 1918. Nov. 16 1917.

Oet. 4 1918.

Boston

(00) omitted.

PROP.RM

RRSRRVR AGENTS

New York

Philadet

Cleveland

i Shi »iU'>uii> it» i*. -huh

rmieriti Kneerwe >muu.

ACCOUNTS AT CLOSE OP BUSINESS NOV

Richm'd.

Atlanta

Chicago.

St. Louis

Mmneati

Federal Reserve notes—
Received from Comptroller
Ret urned to Comptroller

229.020.0 1,189.440,0 309,780.0 300.400.0 182.580.0 183.640,0
259.843.0 54,718,0 28.074,0 32,142,0 24,060,0
43,589.0

Chargeable to F. R. Agent
In bands of F. R. Agent

185,431.0
17,500.0

929.597,0 255.062.0 272.326.0 150.438.0 159,580,0 458.216,0
104.800.0 21.900.0 12.820.0
8.500,0 39,350,0 40.240.0

Issued t<» F. R. Bank
167,931,0
Held by F R. Agent—
5.000.0
Gold coin and certificates
Gold redemption fund
9,878.0
Gold Sett Fd.. F R Board.. 52.000.0
101,053,0
Eligible paper, min. req'd

824,797.0 233,162,0 259,506.0 141,938.0 120,230,0 417.976.0
2.089.0'
58.000,0
81.849.0

Kan

*. t><*un

* Overdraft.

15 "•"»

dig

497.060.0 149.800.0 112.480,0 150.700,0
38.844,0 22.925.0 17,402.0 23.082.0

158.740.0
1 20,750,0
14.243,0 12.793.0 12.734,0
110.000.0 67.521.0 118.000.0
541,814.0 152.848.0 108.022,0

■-ihir.

126.875.0' 95.078.0 127,618.0
9,085.0, 6.750.0
8.420.0

Dallas

San Fran

t
9
t
99,920.0 224.320.0 3.629.140,0
19.745.0 15.759.01 580.183.0

80,175, 0 208.561.0 3 048.957,0
287.145.0
17.780 0

117,790,0 88,328,0 119,198,0 62.395,0 208,561,0
I

2,503.0
1
! 13.102,0
2.542.0
2.251,0
1,518.0
2.870,0
40.170,0 196.324.0 43.631,0 41.800.0
75.306,0 220.134.0 71,617,0 30,556,0

r««u

2.761,812,0

2.621.0
45.360.0
71.217.0

210.176.0
10.081
78.352.0
3,337, 0 11.476.0
878.051.0
10.684 0 94.561.0
38.293 ,0 102.524.0 1 .595.233,0

167,931.0

824,797,0 233.162.0 259,506.0 141,938.0 120.230.0 417.976.0 117,790,0

88.328.0 119.198.0

62.395.0 208.561.0 2.761.812,0

▲mount of eligible paper deliv¬
158.203,0
ered to F. R Agent
167,931,0
F. R notes outstanding
14.951.0
F. R. notes held by banks

841.930.0 177.074,0 151.185.0 98,491.0 82,421.0 257,148.0 74.874.0
824.797.0 233.162,0 259.506.0 141,938,0 120,230.0 417,976.0 117.790.0
6.154.0
3.320.0 21.745.0
9,816.0
101.442.0
8.140.0 11.302,0

38.178,0 89.009.0
88.328.0 119,198.0
7.545.0
1,197.0

45.565.0 106.218.0 2.120.296,0

723.355 0 225.022.0 248.204.0 132.122.0 116.910.0 396.231 0

87.131.0 111 653.0

61 063.0 106 >10 0 2.5**2.517.0

Total
...

nntw <n

actual Mrculn'e

152.980.0

111,636 0

62,395.0 208.561.0 2.761.812,0
199.295,0
1,332.0 12.351.0

Nov. 23 1918.]

THE CHRONICLE

1989

Statement ot New York City Clearing; House Banks and Trust Oompanies.—Tbe following detailed
statement
■hows tbe condition of tbe New York City Clearing House members for the week ending Nor. 16. The figures for tbe
sep
arate banks

tbe averages of the

are

daily results.

In the ease of totals, actual figures at end of the week are also given.

NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.

Week Ending

Net

Capital.

ProfiU.

(Nat. Banks Aug. 31)
Banks Sept. 10 }-

Nov. 14 1918.

Loam,
Discount*,
Investment*,

1 State

[Trust
Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co.
Merchants’ National.
Mech A Metals Nat.
Bank of America
National City
Chemical National..
Atlantic National
Nat Butch A Drovers
American Excb Nat.
Nat Bank of Comm..
Pacific
Chat A Phenlx Nat..
Hanover National...
Cltlaens* National

Metropolitan
Corn Exchange
Importers A Trad Nat
National Park
East River National.
Second National
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Excb
Commonwealth
Lincoln National
Garfield National
Filth National
Seaboard National.
_

Guaranty Trust Co..
Fidelity Trust Co
Columbia Trust Co..
Peoples Trust Co
New York Trust Co.
Franklin Trust Co...
Lincoln Trust Co
Metropolitan Trust..
Nassau Nat. B’klyn.
Irving Trust Co
Farmers Loan A Tr__

200.000
400.000

880.400
840.300

1.000,000
1.000.000
250.000
1.000.000
3.000.000
1.000.000
1,000.000
1,500.000

2,000.600
1.389.000
406.800
3.724,800
4.281.700
974,700
1.292,200
2.368.200
15.822,600
4.592.400
27.084.600
1.291.800
6.895.400

11.250.000
2.000.000
25,000,000
1.000.000
5.000.000
1.000.000
3.000.000
1.000,000
1.000.000

Sttver.

Ac.

Sept. 10]

$
$
2.000.000
5,374.800
2.500.000
7,227,700
2.000.000
2,743.500
6,000,000 11.026.500
1,500.000
6.762,800
25.000,000 c52.572.400
3.000.000
9.557.600
1,000.000
905.100
300.000
103.100
5,000.000
5.991,400
25.000.000 23,745.300
500,000
1.086.700
3.500.000
3,033.500
3.000.000 17,479.400
2.550.000
3,034.900
2,000.000
2.276.900
3.500.000
8.274.500
1.500.000
7.843.600
5.000.000 17.923.800
250.000
79,500
1,000.000
4.011.100
10.000,000 31.189.000
4,500,000
5,828,000
361.900
1,000,000
1.000.000
637,400
10.000.000 14.691.000
200.000
2,275.300

Liberty National
Coal A Iron National
Union Exchange Nat.
Brooklyn Trust Co..
Bankers Trust Co
U S Mtge A Trust Co

Co’s

Legal
Tenders.

Gold.

National
Bank
and
Federal
Reserve
Notes.

1.335.900

10,665,300
1,145.900
690.600

2.000,000
1.000,000
1.500,000
5.000.000

4.402.300
1.174.800
1,060,900
11.436.800

Average.
$
48,296.000
63.044,000
28.810.000
162.929.000
30,973.000
593,563.000
85.114.000
17,359,000
3.074,000
115,162.000
420.815.000
15,779,000
96,502,000
137,763.000
44,698,000
29,932,000
102,693.000
37,876.000
188.573.000
3.177.000
19,139,000
346,735.000
105,596,000
11,261.000
6,748.000
333,100,000
19,427,000
5,662,000
6,748.000
14,970.000
12.387,000
7,684,000

Average.

81,000
10.000
1,073,000
58,000
33,000
2,600,000
54.000
54.000
40,000

130,000
2,000
37,000
342.000
169.000
6,000
12,000

50,645,000
73,519.000
14,432,000
14.153,000
39.042.000
268.921,000
64.056,000
469.624,000
11,099.000
82,163,000
28.038,000
100.460,000
29,404,000
20,296.000
53.190,000
16.557.000
44,450,000
126,872,000

taries.

Average.
$

Average.

447.000
259,000

200.000

1,383,000

169,00
3,055.000

333.000

288,000
102,000
57.000
162,000

388.000
196,000
62.000
652.000

218,000
355.000
524.000

595,000

97,000

776.000

248.000

1,072.000
589,000
722,000
802,000
2,254,000
46,000
376,000
14,000
249,000
684,000
2,558,000
171,000
14,000
1,420,000
433,000
85,000
176,000

210.000
32.000
155,000
176.000
316.000
386,000
154.000

21.000
623.000

461,000
28,000
14,000
3,479.000
161.000
61,000
28,000
328.000
5,000
21,000
262,000

244,000
163.000
129.000
163,000
18,000

45.000
68,000
31.000
130,000
77,000
119.000
41.000
47.000
89.000
9,000
47,000
18,000
34.000
103,000
125,000
19.000

70,000
132,000
34.000
1,778,000
90,000
23,000
55.000
55.000
78,000
17,000
69.000

92,666
3,748,000

123,000
309.000
145,000
52,000
147,000
302,000
37,000
221,000
244.000
13.000
169.000
45.000
56,000
214,000
542.000
58,000

142.000
5,080,000
927,000
7,194,000
193.000
2,777,000
1,384.000 30,714.000
329,000
3,505,000
1,997,000 104.255.000
789.000
8,366.000
90,000
1,824,000
9,000
476,000
1,3071000 12,013.000
1,655,000 38,296,000
594,000
1,810,000
3,116^000 12,876,000
644,000 21,106.000
331,000
5,220,000
1,007,000
3,766.000
4,902,000 15,404,000
203,000
3,513.000
1,198,000 20,780.000
48,000
626,000
612,000
2,223.000
495,000 19,091,000
1,866,000 14,150,000
536,000
1,227,000
110,000
716,000
885,000 48.829,000
451,000
2,780,000
1181000
900,000
165,000
1,034,000
662,000
2,095,000
179.000
1,669,000
181,000
824,000
395,000
6,369.000
561,000 10,798,000
508.000
1,464,000
262,000
1,707,000
630,000
3,415,000
693,000 30,800,000
351,000
6,663,000
2.615,000 52,511,000
177,000
1,171,000
796,000
8,740,000
617,000
2,159,000
184,000
8,194,000
214,000
1,963.000
309,000
1,751,000
574,000
4,422,000
134,000
1,180,000
4,429,000
2,030,000
287,000 15,399.000

actual
actual
actual
actual

condlti
oondltl
oondltl
oondltl

on
on
on
on

8tate Banks.
Greenwich

•

Average.

162.027.000

25.507,000
692,577.000
61,069,000
13,596,000
2,613,000
87,762,000
805,432,000
14,651,000
79,134,000
137,626,000
31,226,000
28,559,000
106,502,000

1,723,000

760,000

277,000
15,221,000

1,807,000
8.687,000

11,600,000
4,765,000
629,000

1,445,000

5.913,000
4,914,000
60,000
7,541,000

4,920^000

438.000
143,000
295,000

230,000

2,193,000
150,000
966,000

158,447,000
3,764.000
14,777,000

3,981,000

51,000
4,882 iOOO

148^854^000

1,651,000
613,000
240,000
25,000

24,929^000

98,801,000
9,858,000
4,890,000

60.000

650,000

8,3281000
1,000,000
197.000

308;745;000 10.668,000 1,100,000
17.308.000
5,627,000
6,804,000

14,857,000
10,299,000
6,036,000
45.588,000
68,191,000

11,9981000

12,783,000
23.256,000
208.100,000
45,020,000
878,916,000 22,363,000
8,315,000
451,000
9,450.000
64,168,000
22,227,000
1,460,000
4,004,000
46,773,000
14,004,000
1,772,000
12,083,000
1,674,000
32,409,000
1,174,000
9,301,000
619,000
34.690,000
1,006,000
108.058,000 10,275,000

„

100,000
31,000
162,000
140,000
1,738,000
425,000
475,000
4,881,000
14,499,000
3,658,000

210,000
395,000
240.000
70,000
800.000
411,000

396.000

50,000
u

3,731,949,000 150,308.000 35,634,000

—

3,703.293,000
3.667.756,000
3.693.689.000
3,691.867,000

••••••••

152,935,000 35,615.000
150.010.000 35.824,000
149,477.000 36,098,000
147,811.000 36,048.000

Totals, actual oondltl
Totals, actual oondltl
Totals, actual oondltl
Totals, actual oondltl
Trost Companies.
Title Guar A Trust.

500.000
250.000
1.000.000
2.000.000

Bank
of Fed era! Reserve
1.474.500
15,161,000
590,000
819.300
4,948,000
277,000
20,654^000
550,000
1.152.200
495.200
32,528,000 1,504,000

3.750,000

3,941.200

154.00C

1,219,000

637.000

202,000
20,000
431,000
425,000

33.000
650.000

1,101,000
284,000

14,766,000

4,733^000

1.062.000

2,266,000

2,921,000

1.374,000

1.078.000

2,989,000

5,545,000

256,000

73.040,000

54.000

73,237.000
73,097,000
77,152,000
77,297.000

2.936.000
2.941.000
3.009,000
3.010.000

1,285.000
1,356,000
1.146.000
1,174.000

1.103,000
1,093,000
1.068.000
1,217,000

3,120.000
2,957,000
2,806,000
2,952,000

5,405,000
5,684.000
4,964.000
4,947,000

368,000
234,000
801,000
293,000

73,826,000
73,204,000
71,913.000
70,995,000

54,000
62.000
52.000

5.000.000
4.000.000

Bank
of Fed oral Reserve
11.871.000
95,000
39.902,000
24,112.000
5.199,600
198,000

117.000
183.000

234,000
66,000

653.000
412,000

2.142.000
1,057.000

921,000
435,000

21.698.000
12.290.000

446,000
575,000

9.000.000

17,070,600

300.000

1.065,000

3,199,000

1.356,000

33,988,000

1,021,000

324.000
314,000

994,000
1,029,000
697.000
706,000

3,565,000
3,033,000
3,087,000
3,705.000

1,107,000

35,203,000
33,445,000
33.951.000
33.621,000

1,039,000
923,000
923,000
923,000

Totals, avge for wk
on
on
on
on

Nov. 16
Nov. 9
2
Nov.
Oct. 26

263,000
445,000

1,894^000

5,000

20,785,000
32.756.000

49,000

45,000

........

Not Mem bert
_

Lawyers Title A Tr__
for wk

avge

38,786.000 514,061.000
37.648.00C 547,841.000
33.687.00C 525,944,00C
38.268.000 617.098.000

Deposit*.

Bank

73,291.000

State

actual
actual
actual
actual

—

35,808,000 13.233.000 20.665.000
35.714,000 13,450.000 20,362,000
35.502.000,12.561.000; 18.698.00C
35.532.000 12.371.000 20.366.000

Deposits.

Circula¬
tion.

174,000
48,000
34,000

N Y Produce Excb..

Totals,

4,653.190,000
4.608,942.000
4.583,744,000
4.628,553.000

Net
Time

Not Mem bert

Bowery

Totals,
Totals,
Totals,
Totals,

Nov. 16
Nov. 9
Nov. 2
Oct. 26

Net
Demand

32,521,000
49,952.000
21,319,000

Average for week.. 192.900.000 351,594,900 4,622,510.000 35.854,000
,13,485.000,20.495,000 38.242.000 558,274,000
Totals,
Totals,
Totals,
Totals,

Nationst

with

Legal
Deposi¬

83.000
299.000
70.000

Additional
Deposits

Legal
Deposi¬

Average.

26,000
303.000
76.000
8.435.000
275.000
8,235.000
139.000
88.000
11,000
605,000
216,000
44,000
461,000
4,167,000
112.000
650,000
1,063.000
70.000
53,000
3,000

Reserve
with

oondltl
oondltl

Nov. 16
Nov. 9
Nov. 2
Oet. 26

64,014.000

293,000

300.000

63,501,000
64.161,000
63,476.000
64,485.000

293.000
293.000
547.000
656,000

312.000
303.000
300,000
307.000

314.000

290,000

1,168.000
1,015.000
1,692,000

Grand aggregate .avge 205.650.000 372,606,700 4,759.815.000 39,068.000 15,159,000 21.873.000 42,296,000 567.018,000
Comparison prev wk.
+27.098.000
+ 22058000
—83.000 + 907.000 +

1,612.000 a3.838.977.000 151.383,000 35,634.000
+ 438.000
+82,240,000
+ 613,000 —238.000

Grand ag*gate. actual

Nov. 16—. 4.789,928.000 39,031,000 14,830.000 22,092.000 40,900,000 523,031.000
+ 43,728,000
+89.000 —279.000 + 323,000 —734,000 -33,527,000

1,476,000 b3,812,322,000 154,028.000 35,615.000
+ 73,000
+ 37.917,000 +3,043,000 +209,000

Nov.
9... 4.746.200,000 38.948.000 15.109,000 21,769.000 41,634.000 556.558.000
Nov. 2
4.724.372.000 39.058.000 14.007.000,20.080.000 37.190.000j 533.995.000
Oct. 26... 4.770,335.000 39.098.000113,852.000,21.873.000 41,926,000i 625,750.000
Oct. 19... 4,665,899,000 38.952.000113.798.00012 L ,340,000 40.441.0001627.008.000

1,402.000

900,000j+2869000

Comparison
Grand
Grand
Grand
Grand
a

condition

wk.

ag’gate. actual
ag’gate. actual
ag'gate. actual
ag’gate. actual
U. 8. deposits

—

condition
condition
condition
condition

deducted, $341,018,000.

„

b U. 8. deposits deducted, $338,724,000.

3,774.405.000 150,985,000 35.824,000
3,699.553.000 150.452,000 36,098.000
3,796.383,000 148,779,000 36,048.000

1,816,000
1,985,000
1,005,000

3,836,763,000 145,248.000 35,908,000

Includes capital set aside for foreign branches, $6,000,000.

STATEMENTS OF RESERVE POSITION.

Averages.
Cash
Reserve
in Vault.

Members Federal
Reserve Bank.
State banks
Trust companies*
Total
Total
Total
Total

Nov.16Nov. 9.
Nov. 2.
Oct. 26.

8,362.000
1,958.000

Reserve
in

Actual Figures.
”

Inc.

Dec.

Reserve

Surplus

from

Depositaries

Total
Reserve.

Required.

Reserve.

Previous Week

558,274.000 558,274,000 489,662.610
5,545,000 13.907.000 13,147,200
3,199,000
5,157,000
5,098,200

10,320.000 567.018.000 677.338.000 507,908.010
10.280.000 544.960.000 555.240.000 497,131.820
10.243,000 532,912.000 543,155.000 490.718,930

10.542,000 669,211,000 679,753.000

68,611,390 + 11,724,630
759,800
—98,320
—304.500
68,800

69.429.990 + 11,321.810
58.108.180 + 5.672,110
62,436.070 —21,006.500
31.123,650 506.310.430 +73,442,570

Cash
Reserve
in Vault.

$
b

8,444,000
1,923,000

Reserve
in

Inc.

Depositaries

Total
Reserve.

Reserve
Required.
%

514,061.000 514,061,000 486.016.140
5.405.000 13.849.000 13,288 A30
5.488.000
5,280.450
3,565,000

Surplus

or Dec.
from

Reserve.

Previous Week

28.044.860 —38,487.560
560,320
—293,960
207,550
+252,300

10,367.000 623,031.000 533.398.000 504,585.270 28,812.730 —38.529 220
13.160.820
10,286.000 556,558,000 566.844.000 499.502.050 67,341,950
9,887.000 533.995.000 543,882,000 489.700.870 54,181,130 —79.596.580
104134550
635,962.000
133,777,710
+
602,184.290
10,212,000 625,750.000

Not members of Federal Reserve Bank.

This Is tbe reserve required on net demand deposits In the ease of State banks and trust companies, but in tbe ease of members of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Nov. 16. $4,688,050; Nov. 9. $4,493,850: Nov. 2. $4,421,130: Oct. 26, $4,383,150.
a

b This is the reserve required on net demand deposits in the ease of State banks and trust companies, but in the ease of members of the Federal Reserve Bank Indodes
also amount of reserve required on net time deposits, whlob was as follows: Nov. 16. $4,509,240: Nov. 9, $4,500,300: Nov. 2, $4,484,310; Oct. 26, $4,434,330.
c Amount of cash In vault, which is no longer counted as reserve for members of tbe Federal Reserve Bank, was as follows:
Nov. 16. $108,076,000: Nov. 9. $103,523,000: Nov. 2. $105,594,000: Oct. 26. $108,163,000.

d Amounts of cash In vaults, whlob is no longer counted as reserve for members of the Federal Roservs Bank, was as follows:
Nov. 16. $106,492,000; Nov. 9. $107,174,000; Nov. 2. $100,448,000; Oct. 26. $106,537,000.

(Vol. 107.

THE CHRONICLE

1990

Nov. 16.

$729,411,000

Loads and Investments

SpecieCurrency end bank notes
Deposits with the F. R. Bank of New York
Total deposits.,
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits..
Percentage of reserve, 20.6%.

Differences from
previous week.
Dee. <9,036,400

8,499,700
15,026,400
66,320,100
779,752,300

Dec.
Dec.
Dec.
Dec.

676,369,900
123,738,600

Inc.
Dec.

355,700
10.200

401,200
18,722,200

Total

$15,359,200

12.11%

$64,487,000

13.63%

13,855,400

10.93 %

30,037,000

6.35 %

$29,214,600

23.04%

$94,524,000

19.98%

The averages of the New York Citv Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS
GREATER NEW YORK.
Loans
a id
Investments

Week
Ended—

Legal

.308,018.7
5.058.802.7 .239,295.8
6.137.0*18.5 .295.324.2
5,231.510.0 .297.646,1
6.281.063,9 .317.718,7
5.230.921.4 .314,490,2
5.173,081.5 .406.150.0
5.249.106.54 .475,183,9
6.233.177.2 .418 249,8
5,294.283,6 .427.043.3
450.212.9
5.296.960.1
5.373 198.8
537,675,4
5.413.086.8 .435.747,6
487.7*6.5
5.3 6.267,9
5.457.805.1
520,463,6
6.499.400.2 4 364.815.8'
5.471.164.4 4 430.932.2:
5,489,226,0 4 515.346.9
6.089.497,1

Inly 20....
Inly 27....
Aug. 3
Aug. 10....
Aug. 17....
Aug. 24
Aug. 31
Sept. 7-...
Sept. 14
Sept. 21.
3ept 28
Oct.
6....
Oct. 12....
Oct. 19....
Oct. 26
Nov. 2

Nov. 9....
Nov.16

AND TRUST COMPANIES IN
(Two ciphers omitted.)

Demand

Deposits.

Specie.

Tenders.

$
76.008.0
75,037,7
74.037,6
73.349.2
72.650.0
72.410.2
71.853.1
70.700.1
71,038,6
70.472.1
70,816,0
89.970.7
69.765.2
70,376.0
71.255.2
69.692.6
68,979,4
69.440.7

$
87.138.5
87.536,0
88.453.1
87.040.8
90,058,1
86.569.3
86.335.2
87.712.1
88.345.3
96.532.8
94.623.1
91.434.6
85.254.7
92.445.8
94.750.5
85.425.1
89.755.9
91.559.5

Total
Cash in
Vault.

Reserve in

Deposi¬
taries.

$
$
163.146.5 563.383.2
162.573.7 561.439,9
162.490.7 i 678,552.0
160.390.0 657.064.2
162.708.1 549.748,1
158.979.5 651.742.5
158.188.3 558.574.4
158.41242 583,554,8
159,383.9 554.898,2
167,004.9 571,118.2
165.439.1 567,573.3
161.405.3 587.014.3
155,019,9 574,142.4
162.821.8 580.295.4
166,005.7 619,305,3
155,117,7 585.223,6

158.735.3 591,280.8
161.000,2 610,910,4

*
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

the Department also
statement covering all the institutions of this

by the State Banking Department,

presents a
class in the City of New York.
For definitions and rules under which the various items
are made up, see “Chronicle/’ V. 98, p. 1661.
The provisions of the law governing the reserve require¬
ments of State banking institutions
as amended May 22
1917 were published in the “Chronicle” May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).

member institutions which

are

Reserve on deposits.
P. C. reserve to dep.

Total..
State Banks.
Not Members of the
Federal Reserve Bank.
Sank of Washington Heights
Colonial Bank
International Bank....
Mutual Bank
Mechanics' Bank. Brooklyn
North Side Bank. Brooklyn.

$
•
99,050,000
166,698.000
6.481,700 1,969,525,000 Dee. 26389,500
13,021.700 Dee.
140,500
564,400
651,700
17,851,200 Dec.
36.100
t

•

Banks.—We give below a sum¬
showing the totals for ail the items in the Boston
Clearing House weekly statement for a series of weeks:
B08TON CLEARING HOUSE

MEMBERS.

Nov. 16
1918.

Changes from
previous week.

Nov. 9
1918.

Nov. 2

4,738,000 Dec.
Circulation
Loans, disc’ts A Investments. 569,900,000 Dec.
Individual deposits, incl.U.8. 506,633.000 Dec.

Due to banks..
116,028,000 Dec.
Time deposits
13,515,000 Dec.
...
Exchanges for Clear. House. 16,299,000 Inc.
Due from other hanks
78,989,000 Inc.
Cash in bank A in F. R. Bank 57,557,000 Dec.
Reserve excess in bank and
4,414,000 Dec.
Federal Reserve Bank

1918.

4,746,000
8,000
4.758.000
6,412.000 575,312.000 580.961,000
5,420,000 512.053,000 529,950,000
3,324,000 119,352,000 116,000.000
644.000 14,159.000 14,084,000
1,202,000 15.097.000 19.796.000
2,820,000 76,169,000 82.314,000
7,991,000 65,548.000 56,649,000

6,696,000

11,110,000

1,843,000

Philadelphia Banks.—The Philadelphia Clearing House
week ending Nov. 16, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
“Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
statement for the

Week ending Nov. 16 1918.

ciphers (00) omitted.

Two

FJl.System

Due from banks

Bank deposits
Individual deposits..
Time deposits
Total deposits

U.8.deposlts(not Included)
Res’ve with Fed .Res.Bank
Res’ve with legal deposit’s

46.870.6

64,634,0
45,257,0
19,377,0

in vault

Cash tat vault is not

2,062,0
786,0
2,848,0
2,253,0
595,0

17.764.6

Cash in vault*
Total reserve A cash held.
Reserve required
Excess res. A cash

26,424.0

Nov. 2

1918.

Total.

$3,000.0
7,498,0
25,699,0
392,0
11,000,0
432,0
14,992,0

$28,475,0
77,282,0
717,347,0
23,051,0
126,016,0
153,251,0
447,006,0
4,603,0
604,860,0

Capital
Surplus and profits
Loans, diac’ts A investm’te
Exchanges for Clear .House

Nov. 9
1918.

Trust
Cot.

Members of

$31,475,0
84,780,0
743.046,0
23,343.0
126.027,0
153,683,0
461,998,0
4,603,0
620,284,0
60,169,0
46,870,0
2,062,0
18,550,0
67,482,0
47,610,0
19,972,0

$31,475.0
84.788.0
750.896.0
26.065.0
125.029,0
153.286,0
460,636.0
4,757,0
618.679,0
89.647.0
55.821.0
2.497,0
18.007,0
76,325,0
47,185,0
29,140,0

$31,475,0
84.000.0
760,209.0
23,578.0
1274)12.0
151,996,0
447,746JO
4.792.0
603,534JO
124.1334)
46.866.0
2,757,0
17,397,0
67,020.0
45303.0
21,217,0

counted as reserve for Federal Reserve bank members.

Companies.—Following Is the report made to the Clearing House by clearing non*
“Clearing House return” on the preceding page:

not included in the

Capital.

Profits.

Nat. banks Aug. 31
State bank*8ept. 10
Trust cos. Sept. 10

Members of

Federal Reserve Bank.
Battery Park Nat. Bank..
Columbia Bank
New Nether land Bank
W. R. Grace A Co.’e bank.
Yorkvllle Bank..
Firs Nat. Bank, Brooklyn
Nat City Bank. Brooklyn
P'rs Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City

YORK CLEARING HOUSE.

Net

Week ending Nov. 16 1918.

mary

RETURN OF NON-MEMBER INSTITUTIONS OF NEW
CLEARING
NON-MEMBERS.

•

192,691,800 Inc. 4,719.100
43,854,900 Inc. 2,673,000
582,260,900 Dec. 11,991.400 1,944,824.400 Dec. 42.662.000
99,046,400 Inc. 2,165,100 277,158.200 Dec. 1,528.800
18.2 Dec.
21.9 Dec.
0.3%
©3%

com¬

panies in New York City not in the Clearing House,” furnished

Non-Member Banks and Trust

Specie
Currency A bk. notes
Deposits with the F.

24,300,000
43,041,800
480,497,800 Deo.
9,441,700 Inc.
26,397,300 Inc.

Differences from
previous week.

Boston Clearing House

Trust Companies

State Banks

Cash In vaults

Loans and lnvestm’ts

Deposits

RESERVE.

Deposits in banks and trust COS

Capital as of Sept. 10
Surplus as of Sept. 10

Nov. 16
1918.

Differences from
previous week.

Nov. 16
1918.

R. Bank of N. Y__

2,174,700
3,195,500

Trust Companies.

Stale Banks.

Week ended Nov. 16.

SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.

<[Figures Furnished, by Stale Banking Department.)

COMPANIES IN NEW YORK CITY.

STATE BANKS AND TRUST

Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
The State Banking

8
400,000
1,000,000
200.000

$
599.800
632.500
195.900

500.000
200.000
300.000

755.100

300.000
400.000
250.000

698.400
681,700
583.400
1,334,600
765.100

Loans.
Discounts,
Investments,
Ac.

Average
$
11,512,000
13,728,000
4,305,000
4,267,000
8,076,000
8,291,000
6,564,000
9,763,000
4,675.000

Legal
Gold.

Average.
$

Tenders.

Average
$

Time

taries.

Deposits.

Nationa
Bank
Circula¬
tion.

Average
$

Average.

Average.
$

Average.
<

177,000
1,637.000
225,000

75,000
121,000
273,000
153,000

1,115.000
1,335,000
636,000
480,000
880,000
628,000
556,000
862,000
333,000

Reserve
Nous.

Average.
«<

118,000
471,000
110,000

22,000
304,000
97,000

14,000

Net
Demand

Reserve
with

Silver.

Average.
$

Deposi¬

Additional
Deposits
with Legal
Deposi¬

National
Bank
A Federal

Legal

12,000
18,000
6,000
4,000
1,000
7,000
1,000
81,000
40.000

19,000
23,000
136,000
4,000

89,000
49,000
68,000
54,000
728,000

1,569,000

6,825,000

6,000
3,000

45,666

248,666

Net

496,000
551,000
1,931,000
766,000

6,933,000
11,595.000
4,126.000
2,447,000
4.605,000
6,037,000
5,300,000
6,808,000
3,811,000

85,000
354,000
89,000
570,000
3,625,000
469,000
431,000

569,666

285.000
119,000
386,000
194,000

6,249,000

51,662,000

6,192,000

1,177,000

466’,666

3.550.000

6,14e,500

71,181,000

170,000

205,000

100.000
500.000

580,200
1,081,800

500,000
200.000
1,600.000
200.000

180.700
562.700

2,444,000
10,429,000
5,822,000
7,793,000
23,578,000
4,649,000

70,000
200,000
151,000
1,000
100,000
9,000

370,000
14,000
102,000
301.000
12,000

28,000
412,000
59,000
116,000
512,000
118,000

178,000
315,000
410,000
274,000
891,000
227,000

135,000
671,000
315,000
922,000
1,493,000
232,000

237,000!

'3.100,000 3,495,800 54,715,000

531,000

799,000

1,245,000

2,295,000

3,768,000

14,000
79,000

101,000
183,000
284,000

193,000

...

Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
on Trust Co.,Bruoklyn
Ham
Meooanics' Tr Co.. Bayonne
Total

Grand aggregate

Comparison previous week
Excess
Grand
Grand
Grand
Grand
a

reserve

aggregate Nov.
aggregate Nov.
aggregate Oct.
aggregate Oct.

9..
2
26...
19..

2,260
11,181
5,233
7,401
24,880
4,108

000
000
000
000
000

445,000
272,000
39,000
319.000

1,863,000

55,063,000

1,075,000

270,000
242,000

258.000

5,421,000
4,547.000

1,224,000
3,311,000

512,000

258,000

9,968,000

4,535,000

655,000
542,000

,000

200,000

1.028.500
364,500

7,923,000
7,982,000

315,000
14,000

17,000
20,000

700,000

1,393,000

15,905,000

329,000

37,000

93,000

1,030,000 1.041,000
+ 3,000 —144,000

2,066.000
—66,000

4,148,000 11,105,000 8,370,000 al 16,693,000 11,802,000
+ 47,000
—6,000 —292,000 —834.000 +2,068,000

1,177,000
—14.000

1.027.000

2.132.000
2.129.000
2.124.000

4.154.000 11.397.000

114.625.000 11.755.000
113.397.000 11,761.000
117.757.000 11.585 non

1.199.000
1.198.000

500,000

7,350,000 11,035.300 141.801,000
—723,000
$776,580 decrease
7.350.000 11,035,300 142.524.000
7,350.000 11.0.35.300 147.072.000
7 250
11.035.300 147,623.000
7.250.000 11.035.100 145.809.000

U. 8. deposits deducted, $9,436,000.

874.500

215.900

420.000
9.000

1.631.000
1.770.000
1.043 non

1.185.000
1.277.000

1.521.0001
1 ms non

-iio

non

9.204.000
8.387.000
4.190.000'11.447.000 11.926.000
3,981.000 11,482.000
■> « Q non

1 <J-"» nr,r,

—

1.191.000
’

'*nq

Nov. 23

THE CHRONICLE

1918.]

jBanhjcrs' Pianette.
Wall Street, Friday Night, Nov. 22 1918.
The Money Market and Financial Situation.—A re¬
view of the security markets and general business in Wall
Street for the week must be largely a repetition of similar
records for some time past. War or no war, an intensive

drive to sell a new War Loan of $6,000,000,000, or that
drive ended with the loan largely over-subscribed, or this
matter followed by an equally persistent effort to secure

$170,000,000 for United War Work, each and all have
failed to disturb, to any appreciable extent, what has usually
been one of the sensitive markets in the world. This fact is a
remarkable illustration of the unbounded confidence which

prevails

general business conditions and future

prospects.

With business at the Stock Exchange largely

in the hands
of professional traders the attention of Wall Street has cen¬
tred chiefly upon what is doing, and what ought to be doing
but is not, at the national Capital.
This includes many
things, prominent among which is, of course, President
Wilson’s proposed trip abroad to participate in the great
Peace Conference

taking

soon

to convene at

Versailles, the recent

cable lines by the Post Office Depart¬
Daniels’s amazing proposition to con¬
naval’construction according to the war program.
matters have evoked universal interest, a good deal

over of the
ment and Secretary

tinue
These
of discussion and more or less criticism.
In the meantime there is beginning a movement to reduce
the production of war material in various lines with a view,
it is hoped, of putt ng all our industries on a normal peace
basis as rapidly as possible and thus releasing a large labor
element for application to pressing domestic needs.

Foreign Exchange.—The delay in cable transmission has
retarded business in sterling exchange. Rates have

declined

fractionally. The continental exchanges have been fairly
steady with Swiss francs exceptionally firm.
To-day’8 (Friday’s) actual rates for sterling exchange were 4 73 %@
4 73% for silty days. 4 75% @4 /5H for cheques and 4 76 7-16@4 7o%
for cables.
Commercial on banks, sight. 4 75% @4 75%; sixty days,
4 72%@4 72%; ninety days, 4 71@4 71%, and documents for payment

(sixty

days),, 4 71%@4 72. Cotton for payment 4 75%@4 75%, and
grain for payment, 4 75% @4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 51 % @
5 51% for long and 5 46%@5 46% for short.
German bankers' marks
were not quoted.
Amsterdam bankers’ guilders were 41 5-16@41 3-16
for long and 41 11-16 for short.
Exchange at Paris on London, 25.97%

fir.; week’s range, 25.97% fir.
high and 25-97% fr. low.
Exchange at Berlin on London not quotable.

for foreign exchange for the week foUows:
Sterling Actual—
Sixty Days.
Cheques.
High for the week
4 73%
4 76
The range

Low for the week
Paris Bankers' Francs—

High for the week

Low few the week

4 73%

4 75%

5 49%

5 44%

Cables.

4 76 9-16
4 76 7-16

„

5 51 %

5 45%

544
5

45%

Amsterdam Bankers’ Guilders—
High for the week
41 5-16
41 %
Low for the week
40 13-16
41%
.Domestic Exchange.—Chicago, par. Boston, par. St. Louis. 15@
25c. per $1,000 discount.
San Francisco, par.
Montreal, $17,625 per
$1,000 premium.
Cincinnati, par.
;

State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been rela¬
tively inactive and irregular. While a large proportion of
the active list has declined, of a list of 20representative issues
5 have advanced and 2 are unchanged.
Among the strong features of the week are Pennsylvania

1991

For daily volume of business see page 2000.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow;
Sales

STOCKS.

Range for Week.

Range since Jan. 1.

Week ending Nov. 22.
Week.

Lowest.

Highest.

Lowest.

Highest.

$ per share.
$ per share. 3 per share. \ per share.
200 65
Nov 21 65% Nov 18 48
Sept 80
Jan
Nov 22 101
Nov 101. Nov
3 101
Nov 22 101
Nov 18 77% Sept 65% Nov
200 94
Nov 18 95
600 44% Nov 21 45% Nov 18 41
Sept 45% Nov

Par. Shares

Adams Express
100
AUegh 4c West gu
100
American Express ..100
Am Malt 1st pf ctfs dep.
Amer Smelters Securities
Pref Series A
Am Sumat Tobac, pf .100
Assets Realisation
10
Associated Oil
100

Batopilas Mining....20
100
Bklyn Union Oas
Brown Shoe, pref
100
Brunswick Terminal .100
100
Butterick
10
Calumet A Arizona
Case (J I), pref
100
Central Foundry
.100
100
Preferred
Cent RR of N J-...100
Cert-Teed Prod ..no par

Chicago A Alton.... 100
Cluett Peabody ACo .100
.

Preferred
100
Colo Fuel A I, pref..100
Continen Can, pref.. 100
Continental Insur
25
Deere A Co, pref
100
Detroit Edison
100
Duluth S 8 A Atl.
100
Elk Horn Coal
50
Federal Min A Smelt. 100
Preferred
100
Fisher Body Corp.no par
deferred
100
General Chemical
100
Preferred
100
General Cigar, Inc.. 100
Gulf Mob A Nor ctfs.100
Homestake Mining.. 100
lot Harvest (new), pf 100
Jewel Tea, pref
100
Kings Co Elec L A P. 100
.

Kresge (S 8) Co, pref 100
Laclede Gas

100

Liggett A Myers
.100
Lorillard (P)
100
Manhattan (Elev)RylOO
Marlin-Rock

v t c.no

par

May Dept Stores
Michigan Central

100
100

Minn St P A S S M..100
Leased line ctfs
100
National Acme
50
National Biscuit
100
Nat Rys Mex 2d pref 100

NOTexAMexvtc.lOO
N Y Chic A St Louis. 100
First preferred.... 10C
10C
New York Dock
Owens Bottle-Mach. .25
Peoria A Eastern.... 10C
Pittsb Steel, pref
10C
St L-S Fran, pref A.. 10C

Savage Arms Corp. 10C
So Porto Rico Sugar. 10C
Standard Mill, pref.. 10C
_

Nov 16 89
Nov 21 95
300 93
May 96
Nov
100 88% Nov 22 88% Nov 22 81
Jan L03
June
500
2% Nov 16 4
1% Nov 20
Mar
2% Nov
800 68% Nov 20 69% Nov 21 54
Apr 71
Oct
2
Nov
16
1
Jan
4,100
1% Nov 22
2% Nov
300 92
Nov 22 93% Nov 18 78
Aug 93% Nov
Nov 22 95
100 95
Nov 22 95
Jan 98
Apr
9
400
8
Nov 21
Nov 21
6% Jan 16% June
100 18% Nov 16 18% Nov 16
7% May 18% Nov
100 68% Nov 20 68% Nov 20 63%
Jan 71
May
Jan 90% Nov
100 90% Nov 21 90% Nov 21 73
Nov 19 18
Nov 41% Apr
Nov 21 20
1,800 18
Nov 21 35
Nov 21 33
Nov 63
200 35
Apr
100 220
Nov 16 220
Nov 16 202
Apr 220
Oct
400 39
Oct 40% Nov
Nov 16 40% Nov 21 30
10
Nov
21
200 10
Nov 21
7
Apr 11
Nov
Nov 19 45
200 60
Jan 65
Nov 16 62
Nov
Nov 22 95
100 105
Nov 22 105
Jan 105
Nov
2 101
Nov 22 101
Nov 22 101
Nov 101
Nov
400 105
July 106
Oct
Npv 16 105% Nov 22 99
Feb 57
300 55% Nov 19 57
Nov 20 44
Nor
200 95
Nov 22 90
June 96
Nov 22 95
Feb
12 120
Nov 18 98
Jan 109.,
Nov 18 120
Oct
100
2% Feb
3% Nov 22
3% Nov 22
4% Oct
500 30% Nov 18 31% Nov 22 22
Jan 31% Nov
100 10% Nov 16 10% Nov 16
9% Apr 15 ■
Oct
Jan 44% .Oct
1,000 41% Nov 21 42% Nov 18 27
100 38
Jan 43 , June
Nov 22 38 * Nov 22 26
300 91
Nov 18 91% Nov 16 70%
Jan 92% Nov
300 *168 Nov 22 168% Nov 21 165
Jan 185 i;
Aug
Nov 19 101
Nov 19 99% June 103% Jan
j. 14 101
600 44
Nov 16 44% Nov 21 34
Jan 58
June
100
9
8
9
Nov 22
Mar 10
Nov 22
May
100 95
Nov
68
June
22
95
22
Nov
95
Noy
100 114
Oct 114 i
Nov 18 114
Nov 18 107
Nor
200 94
Nov 22 88
Nov 22 94
Apr 97% Jan
210 102
Nov 18 87
Nov 22 106
Nov
Aug 104
100 106
Nov 16 106
Nov 19 104% Nov 106
Nov
100 85% Nov 18 85% Nov 18 82
July 90Mar
100 189% Nov 16 189% Nov 16 164% Aug 195%
Feb
100 156
Nov 18 156
Nov 18 144% Aug 200 > Mar
10 102
Mar 103% Nov
Nov 21 102
Nov 21 94
200 80
Nov 22 75
Oct 87
Nov 22 82
Sept
400 61% Nov 21 61 % Nov 22 47
Jan 63
Nov
20 91% Nov 18 91 % Nov 18 80% Feb 95. June
100 94% Nov 20 94% Nov 20 80%
Jan 97% Nov
100 62
Nov 22 62
Nov 22 62
Nov 62
Nov
200 30% Nov 18 30% Nov 18 26%
Jan 33» May
900 107% Nov 22 109% Nov 21 90
Aug 109% Nov
400
8% Nov 22
9% Nov 18
4% May 10% Nov
34
17
Nov 16
1,60C 32% Nov 21
Apr 35 j
Nov
Nov 19 13%
2,400 28% Nov 16 34
Oct 27% Nov
10C 65
Nov Id 65, Nov 16 55
Nov
July 66
30C 20% Nov 22 21% Nov 18 18%
Jan 27, May
Nov 22 60% Nov 16
65
Nov 70% AUg
1,200 57
20C
6.
Nov 19
5% Nov 22
4% Api
6% Nov
90
10C 91% Nov 21 91% Nov 21
Apr 98, :Jan
10C 30
Nov 20 21
Nov 2C 30
Api 33% Nov
Nov 20 53
20C 60
Nov 2C 60
Jan 80% May
Nov 20 120
Jan
ioc 140
Nov 2C>140
Sepl 162
5C 84
Jun< 89;,
Jan
Nov It 84. Nov 19 80
Ocl 48% Nov
4.20C 44% Nov 2C 48% Nov 16 37

Stutz Motor Car.no pa>
Third Avenue Ry
10C 5.60C 14%
Tol St L A W trust recti
40C
5%
Transue A Wms_.no pat 7,20C 37%
Underwood
10C
10C>110
United Drug
10C 76
10C
2d preferred
10C 81
10C
U S Realty A Impt._10( M
10C 20
40C>| 75
Wells, Fargo Express 10( 1

Nov 22
Nov 22
Nov 21

19%
5%
40%
Nov 2C>jll0

19 14% No\ 21% Jan
4
Jun<
22
7% Aug
May
19 36% Ocl 42
20 ilOO
Api -111% Nov
Nov 18 | 69
June 76% Nov

Nov
Nov
Nov
Nov

Nov 18
Nov 18
Nov 21

76
81
20

Nov 1C

75% Nov 20

Nov 18 1
Nov 21

Junt51*82

8
Mat
63% Sept

Outside Market.—The ‘‘curb” market
this week, though a heavy tone marked the

was

Nov

26, |Oct
83% Jan

unsettled

trading for the
most part.
Business was of only fair volume and price
g. m. 43^s, Lehigh t. r. 6s, Rock Island ref. 4s, Burlington changes with few exceptions narrow. The feature was the
Joint 4s and Steels. On the other hand, Atch. gen. 4s, Am. exceptional heavy trading in Keystone Tire & Rubber com.
Tel. & Tel. con. 6s, St. Paul ref. 43^s, Erie “D” 4s, Inter. and advance in price—from 19 to 26 K—though to-day it
R. T. 1st ref. 5s, Inter .-Met. 4^s, Mo. Pac. gen. 4s and yielded to 2434 and closed at 24%. U. S. Steamship was
So. Pac. conv. 5s have declined a point or more.
another more than ordinarily active issue and recorded an
In addition to the above, the active list mentioned includes advance of over a point to 6% with the final figure to-day
Ches. & Ohio, New York Cent., Rubber, Union Pacific 6Attention was also directed to the commencement of
and Southern Pacific issues.
trading in General Motors 6% deb. stock “w. i.”, which
United States Bonds.—Sales of Government bonds at advanced from 7934 to 83% but reacted to 80. Aetna
the Board include $1,000 4s coup, at 106%, $1,000 4s reg. Explosives was down to its lowest, weakening from 7 to 634*
Burns Bros. Ice com. lost 5 points to 42, but recovered sub¬
at 105%, Liberty Loan 33^s at 99.86 to 99.98, L. L. 1st 4s
at 96.30 to 96.70, L. L. 2d 4s at 96. to 96.40, L. L. 1st 434s at sequently to 4534Curtiss Aeropl. & M. com., which has
98.40 to 98.70, L. L. 2d 4^s at 97.70 to 98, L. L. 3d 4}£s been inactive for a week or more, on a few transactions sold
at 97.70 to 98 and L. L. 4th 434s at 98.
For to-day's prices down to 17, a new low record, and a loss of 3 points from the
of all the different issues and for week's range see third page last preceding transaction. Wright-Martin Aire. com.
dropped from 5*4 to 4%. Submarine Boat after an early
following.
Railroad and Miscellaneous Stocks.—Trading in the advance from 1334 to 1424 fell to 13, while Lake Torpedo
stock market has been abridged this week by restriction Boat sold at 2%, a new low point, and at 224 finally. Lima
imposed by the Money Committee of the Stock Exchange Locomotive com. declined from 45 to 4334 and sold finally
and perhaps by other matters. Prices have fluctuated at 44. United Motors sold up early in the week from 3434
rather widely day by day, with the prevailing tendency to 3534* later dropping to 3334* the close to-day being at
downward. ~To-day’s market was not only the most active 3324- Oil stocks were quiet and generally lower. In
of the week but it also yielded most easily to whatever ad¬ Standard Oil shares, Standard Oil (Calif.) lost about 8
verse influences were brought to bear upon it.
Reading points to 232, recovering to 235. Standard Oil of N. J.
dropped over 2 points, New York Central 2 and Balt. & sank from 617 to 613. Standard Oil of N. Y. moved down
Ohio, Canadian Pacific, Great Northern and Union Pacific from 300 to 284 and ends the week at 290. Of the other
oil shares Midwest Refg. after a gain of 2 points to 138 ran
each lost a point or more.
Of the industrial stocks Studebaker declined over 6 points down to 135 and finished to-day at 13534- Oklahoma Prod.
to-day and closes 9% lower than last week. Inter. Mer- & Refg. gained about a point to 1034* hut reacted and closed
can. Marine
preferred has covered a range of nearly 10 to-day at 924- Sinclair Gulf Corp. declined from 22 *4 to
points and shows a net loss of 834 on Government inter¬ 2024- The bond department was active with a good busi¬
ference with the proposed sale to British interests. Royal ness in American Tobacco serial 7s, all issues,at firm prices.
Dutch is 13 points lower than last week and 43 lower than The new Liggett & Myers Tobacco 6% notes were traded in
a month ago.
Mex. Pet. has covered a range of 1634 and for the first time “w. i.” up from 9834 to 9924 and down
is 6 points lower than our last quotations.
Other ch nges, finally to 9824-.
A complete record of “curb” market transactions for the
especially in the railway group, have been within a much
week
will be found on page 2000.
narrower range.

1993

New York Stock
For

Exchange—Stock Record. Daily, Weekly and Yearly

record off uIm during

OCCUPYING TWO PAGES
the week off stocks usually Inactive,

HIGH AND U)W BALE PRICKS—PER BRAKE. NOT PER CENT.

Saturday
Nor. 16

per share

96
89
106

68*4
63

42*4

•27%
49%
83

104% 104%
•131% 137%
28% 29>4
83% 84%
*71% 73
•36
•70

40
76

26%

Nov. 21

Nov. 22

59%
•9*4

60
10%

•37
•70
•26
•53

190
6

•5

•180

•10

11%
20%
33%
25
25%
101% 101%
33% 33%
104
104%

36%

67%

62
125
♦119
14
14%

6%
13%

*13

28%

29
60

•59
81

81%

*38% 39%
22% 22%
1097* 1097*
100

100%

487*
18%

63
47

87%

38*4
79%
90%

18%

•78%
88%
•38
*39

39
40
16
22
41

*15

•19%
•39
•10

75%
•9%

*11
*20
62
120

120
14

•13%
6%

6%
13

*39%
15%

•20
39
10

25
39
10

38%
38*4
14%

16%

•21
•38

*47

*75

•17
10

10%

*9%
39%

76
10
18

10%
39%
25%

70%
25
75

*9%

17
10
39

17
10

•24

15
*28
*22

15
31
23

•27
22

62%
•11%

62%
11%

•23
•35

24
39

11
•21
•35

25%

61%

62
63
4

2%
28%
82

•100
•97

147*
62%

62%

’

4%
2%
28%

3*4
2%

28%

•80

101% >100
100

•63%

65%

•80

46%
96%
84%

*97

63%
•80

46%
96%
84%

45%
96%
84%
110

'41% Vi%
*82%
15

92
15

74%

75%

42
•65
55
40
82
*65
•100

•4%
*45
•

‘87%

•108

90*4
111%
*110

98
•50

103
5
50
142

89%
110

73
41
65
55
*39

195
98
52

95%
31

13%

•27
22

62*4

62%
10*4

11
24
39

2%
28%
83

•23
*35

2%
27%
•80%

101%

100

63%

•971*
*61%

*80

96%
85%

45%
•96

83%

10%
103

30%
70
24
*49

~87~

41%
90

14%
74
41
65

40%
*82%
14%
73*4

55*4
41%
81%

45
142

88%

108

105% 107
104% 105%
190

190
•97% 100

50%
95%

51%
95%

13%

35
15

•46%

48%
69%

68%

12
19*4

32%

39%
24%
14*4

*27
*21
*62

31
22

62%
10%

10%

24
39

*21
*35

25%
62%

25%

108

26%

27%

82
69
37

26%
63%
46

11%
19%
32%

12
19%
32%

69%
37

69%
*24%

70
26

*52
*42

54
46

83
100
102

•10% 10%
*22% 22%
103% 104%
30% 31

70%
24%
51

81%
59%

4%
2%

27%
81%
100
97

61%
90

46%
97%
85%

44%
*96%
83%

45%

41%

*82%
14%
*73

42%
56%

65%

55
40
82

40%
82%

50
142

*87%

88%
►107*4 108*4
91% 95
113
115

•185
*98

195
100
50% 51

•94*4 95%
•30% 36
•13% 15
•46% 48%
68% 69*4
108% 110

62%
10%

62%
10%
24

61%
2%
27
*80
100
*97

69%

44%

26%
62%
63

4%
2%

27%
84
100
100

60*4
45%

84%

"83%

41
90

*82%

92%

14*4

*14%

75
43

56%
55%
40%
82
65

*46

"86%

60
142

87%
108% 108%
93
94%
111% 111%
115

107%
104% 105
192% 192%
*98
*50

100
51

*94%

95*4

•31

35
15

•13%
•46%
67%

48%
68%

21
*34

21
39
10

21%

22%
105%
29% 30*4
69% 69%
24
52

131% 133%
73% 74%
9%
9%
16% 16%
9%

38%
24

13%
*27
22
62

9%
20
*35

24%
59%
*62%
3%

10
39
24
14
31
22

62%
10%
20
38

26%
61%
65

4%
2%
26% 26*4
*80
82%
100
100%

43%
*96
81
108
40

60%
90

44%
97

83%
108

*82%
14%
78%

40%
92%
15%
80%
42

76%

41%

•40

56%
55%
40%
82%
65%

•54% 56
54% 54%
39% 40
*81% 82%
63% 64
100% 100%
4%
4%

*54%
54%

39%
81%

*44

'85%
106
92

50
142

87%
108

93%

111% 111%

•111

115
106

*40

*83%
106
91

4.200
7,000

2,000
400

3,100
5.200
1,300
2,950

115

300
300

4,200
600

1,000

400

American

Tobacoo

100
100
100
100

Do
pref (new)
Am Woolen of Mass
Do
pref
Am Writing Paper pref.
Am Zinc Lead A 8

100

26
Do
pref
25
71.700 Anaconda Copper Mining.60
7.100 Atl Gulf A W I 88 Line...100
1,500
Do
pref
100
100.600 Baldwin Locomotive Wks.100
100
Do
pref
100
500 Barrett Co (The)
100
1.200 Bethlehem Steel Corp
100
74.500
Do
class B common..100
1.750
cum oonv 8% pref
Do
13,000 Booth Fisheries
No par

109%
108% 108
108
110
67
66%
66% 67%
67%
67
67% 67%
67
67%
671*
79
80%
81%
78%
79% 80%
78% 80%
79% 81%
78% 81%
102
•103% 104% 102
103% 103% *103 104% 103 103 •103 104% *102% 103% 101% 102%
63
63%
63% 64%
64% 65*4
63% 63%
62% 64
61% 63%
62% 63%
62% 63%
62% 66%
62% 65%
104% 104% 105% 106
105% 105% 104% 105
104% 104%
23%
22% 23
23%
23% 26
24% 25%
24
24%'
24% 21%
•Bid and asked prions, no sales on this day,
1 Ex-rlghts. I Less than 100

66%

100
100

100
63,850 Amer Smelting A Refining. 100
800
Do'
pref
100
18.800 Amer Steel Foundries
100
1,900 American Sugar Refining.. 100
Do
pref
100
15,100 Am Sumatra Tobacco
100
10,200 Amer Telephone A Teleg.100

86%
106%
93%

104%
103% 104%
104% 104% 102% 104%
*188
193
192% 192%
*97% 100
99% 99%
49% 60%
49% 50
94% 94%
95% 95%
31
32
30% 31
15
13% 13% •13
•461* 48% *46% 48%
67
68%
65% 67%
106% 109% 106
107

Do
pref
100
American Hide A Leather. 100
Do
pref
100
American Ice
100
Do
100
preferred
Amer International Corp.100
American Linseed........ 100
Do
pref
100
American Locmotive
100
Do
pref
100

200
700 American Malting
200
Do
1st pref
American Shipbuilding

58
142

110% 111%
•111

Par

...

97
59
*80

Railroads

4,500 Atch Topeka A Santa Fe.-lOO
650
Do
pref
100
1,200 Atlantic Coast Line RR..100
5,800 Baltimore A Ohio
100
Do
1,725
100
pref
9,350 Brooklyn Rapid Transit.. 100
Canadian
Pacific
6,000
100
4,200 Chesapeake A Ohio
100
1,100 Chicago Great Western.. 100
Do
1,000
100
pref
4,500 Chicago MUw A St Paul.. 100
Do
6,600
pref
100
1,100 Chicago A Northwestern.. 100
Do
pref
100
22,400 Chic Rock Isl A Pac temp ctfs.
4,300
7% preferred temp ctfs
2,700
6% preferred temp ctfs

...

103

*48

Loosest.

114% 114%
180
183%
*5%
7%
11% 11%
18% 20
31% 32%

64
64%
100% 100% *100
103
4%
4%
4%
4%

•111
106% 104

105% 105*4

132% 133%
74% 74%
*9% 10
16% 16%
9% 10%
38*4 38*4
*24% 25
14% 14%

•80

14%
74%

*48

*22

*21

10%
24
38

25*4

100
97

63%

31
27
63

22
38

PER SHARE
Ranye since Jan. 1.
On basis of 100-share tote.

100 Clev Cln Chic A St Louis. 100
200
Do
pref
100
100 Colorado 4c Southern..... 100
Do
1st pref
100
Do
100
2d pref
100
600 Delaware A Hudson
100
400 Delaware Lack A Western..50
1,000 Denver A Rio Grande
100
Do
3,200
pref
100
22,500 Erie
100
Do
1st pref
4,600
100
Do 2d pref
1,000
100
8.500 Great Northern pref..
100
Iron Ore properties. .No par
19,560
700 Illinois Central
100
6,000 Interboro Cons Corp_.No par
600
Do
100
pref
2.500 Kansas City Southern
100
500
Do
pref
100
100 Lake Erie A Western
100
Do
pref
100
6,800 Lehigh Valley
50
200 Louisville A Nashville.... 100
2,200 Mlnneap A St L (new)
100
3,000 Missouri Kansas 4c Texas. 100
800
Do
..100
pref
25,800 Missouri Pacific tr ctfs...100
1.700
Do
pref tr ctfs
100
9.700 New York Central
100
N
Y
N
H
A
10,000
Hartford.... 100
600 N Y Ontario A Western.. 100
1,900 orfolk A Wes tern......100
9,500 Northern Pacific
100
6.400 Pennsylvania
60
3.800 Pere Marquette v t 0
100
300
Do
prior pref v t 0
100
1.400
Do
pref v t 0
100
10,000 Pittsburgh A West Va
100
Do
1,300
pref
..100
37,900 Reading
60
300
Do
1st
pref
50
700
Do
2d pref
5
4,200 St Louls-San Fran tr ctfs. 100
100 St Louis Southwestern.... 100
200
Do
pref
100
2,000 Seaboard Air Line
100
400
Do
pref
100
140,505 Southern Pacific Co
100
37,100 Southern Railway
100
1.800
Do
pref
100
3,100 Texas A Pacific
100
Twin City Rapid Transit.. 100
16,900 Union Pacific
100
1,000
Do
pref
100
100 United Railways Invest.. 100
300
Do
pref
100
4,900 Wabash
100
4,000
Do
pref A
100
250
Do
pref B
100
5,000 Western Maryland (new). 100
Do
2d pref
100
600 Western Pacific
100
700
Do
preferred
100
2,700 Wheeling A Lake E Ry.-lOO
100
Do
preferred
100
Wisconsin Central
100
Industrial it Miscellaneous
8,100 Advance Rtimely.
100
Do
4,300
pref
100
400 Ajax Rubberlnc
50
10,700 Alaska Gold Mines
10
10,700 Alaska Juneau Gold Min'g. 10
4,100 Allis-Chalmers Mfg v t 0..100
500
Do
preferred v t c
100
1,000 Amer Agricultural Cbem..l00
200
Do
pref
100
3,500 American Beet Sugar
100
Do
100
pref
14,600 American Can
100
200
Do
pref
100
7,700 American Car A Foundry. 100
400
Do
pref
100
1,300 American Cotton Ol
100

10%
104%

63
4

*21
38

25*4
62%

•

25
39

28%

•55%
40%

►111
*110
104

27%

62
4

103
137

83
70
40
75

62%
4%
2%

41
55

103
*131

114% 114%
*183% 190

6*4

131% 132%
74% 75
*9% 10
*16% 18
9% 10%
38% 39
§24% 24%
14% 14%

82
81%
65
65
64*4 65
103
•99*4 103 *100
4*4
4*4
4%
4*4
45

114%
186

110

•30%
•13%

697*

24%
14%

15
31
22

108
92%
907* 92
111% 111
111
115
•110
115

95%

68%

14%

40%
82%
66%

*46

41%
*82%

42
67
56

107% 108%
105% 106

•185

•21

25%

25
41

70%
24%

*24%

*37
*70
*25
*50
*42

•

134%' 132% 1327* 132% 133%
75%
10

58%

104
137

24
24
24
23
24
100
99% 100%
98% 99%
33
34
33
33%
33%
*102
105
104
*102
103% 102% 102%
9
8%
8%
8%
8%
7%
8%
36
33
*35% 37
34
*34% 36%
20%
20% 20% *20% 21%
20% 20%
*56
58
59% *56
58
11% *11
11% *11
11% *11
11%
*20
25
24
*20
25
*20
24
62%
617g 62%
61% 62%
60% 61%
120
*118% 124
120
118% 118% *117
13
14%
13*4 14
*13% 14%
13%
*6
6%
6%
6%
6%
5*4
6
13
•12% 13% *12% 13%
12% 121*
28*4
27*4 28
27% 28
26% 27%
*58
59
68
59
58%
67% 67%
80
78
80*4
80
80%
79% 80%
39
377s 38%
37% 38%
37% 37%
22
•22
*22
23
22%
111
108% 109% 108% 108%
97
98
99%
97% 98%
96*4 977*
48
48
48*4
48%
48%
477* 48%
17% 17%
18
17% 17%
17
17
63%
48
48
49*4
47% 47%
37
37*4
36
36*4 37%
37%
79
79
79%
79
79
79%
88
88
89%
86
88*4
89%
89%
38
38%
39
38*4
38% 38%
15
15%
14*4 14*4
14% 14*4
24

•48

40
75
27

114%
*183%
6*4
11%
19%
32%
*23<4*
99%
33%

10% 10%
•22% 23%
103% 10434

22% 22%
102*4 104%
31% 31*4
*69*4 70%
25% 257*

73%
25%

24
61

20%
57%

*38

106%

•17

12
20%
33

27% 28%
27%
68*4 69
68%
80% 80*4
80%
38% 39%
38%
22
22% 22%
•108% 110 •109
98
98% 99%
48% 49%
48%
18
18%
17*4
63%
48% 50
47%
37% 37%
36%
79% 79%
79%
88
88%
88%

73%
25%

•10%
19%
32%

62%

•104

11
24

•6%

10%

•22%

•49
132

11
•20

68
46

997* 100%
33% 33%

9%
37
21%
57%

62%

•120

104

57%

26%

•37
*70
*25
*51
*42

40
75

•114% 118%
•183% 190

104

11%

43%

*43

116
190

57%

•70
•25
•53

27%

36%

*9%
•28%

•31

32%
23%
100%
32%

*11
•20

59%

40
75

5%
11%
20%
33%
24%
101%
34

•10%

20%
33%

*8%
36%

40%
162%

$ per share $ per share < S per share
94*4 95
94% 94%< 93*4 94
90
89% 89% *88
88% 88%
109
109
•104
108
*103% 108
67% 58
57% 58
56% 57%
61
61
60
60
58% 60
40
38
41%
38% 40%
40%
39%
164
164
163
163% 164% 162% 163%
59% 59%
59%
59% 59%
58% 59%
10%
•9*4 10%
9%
9%
8*4
8%
28
•27% 28
28
26
29
28
49%
48% 48%
48% 48%
47% 49
84%
82% 83%
82% 82%
80% 82%

49%
48*4
83
83%
•104
104
104% 104
103% 103% *103
•131
134
131% •131
•129% 131% *130
27% 28*4
27
27% 28
27% 28%
82
82
83%
82% 83
82*4 83
69
68% 71
70% 70%
69% 70

*43% 48
43%
114% 114% •114
•180

42%

48%
821*

26%

•53

Nov. 20

163% 165

30
49%
83%

Friday

Nov. 19

Thursday

41%

164% 164%
69% 60
10

Wednesday

preceding page.

STOCKS
NEW YORK STOCK
EXCHANGE

the
Week
Shares

f per share
95
95is 95%
95%
•88
92
90
90
103% 107% 107 107
58
68% 59
58%
62
62
•61
62%

89
106

68*4

Tuesday

9 per share

96*4

•61

Monday
Nos. 18

Salesfor

see

shares,

Ex-dlv. and rights.

per

81
80

Mar23
Jan30

89% Apr22
49
53
36
135

Jan24

Apr25

June26
Mar25
49% Jan 15
6

Apr 9
Apr 9
Apr22
April
Mar25
125
Julyl5
18
Apr22
66*4 Jan 15
18%
37%
66%
89%

46
26

Janl5
Feb21
58% May 7
18
47
40

Apr22
Apr 3
Apr 4
100% April
160
Apr 17
2% Jan 4
5
Apr23
14
Aprl7
23% Janl6
18% Jan25
86

Jan15
Jan 15
Jan 7

25%
92

6% Sept20
Septl6
15% Aprl7

29
45

Jan 5

7% Oct 10
Apr23

18
55
110

Janl5
Jan 2

7% Aprl7
4% Jan
61* Jan29
20
41

Jan 15

Janl5

67% Janl5
27

April
18% Jan22

102

Jan24

81% Jan24
43% June27
9% May
62% Apr 3
30
Apr 6
22% Jan 2

Highest.
S per share
99% Novl2
92 * Novl2
109
62

Nov20
Novl2

64%
48%
174%
62%

Nov 13
Jan l
Octl4
Novl2

11
32

Novl2
Nov 12

54% Sept 7
86% Novl2
107
137

Nov 9
Jan29

321* Novl2
88
75
40
70

Novl2
Nov 12
Nov 8
N >v22

271* N>vl2
Nov 4
Oct23
119*4 Nov 12
185 Sept 4
7
Nov21
65
47

13%
23%
36%
27%
106%
34%
105%
9%
471*
24%
59%
117*

Jau 2
Novl2
Novl2
Novl2
Novl2
Novl4
Nov 12
Jan 3
Jan 3
Novl2
Novl2
Nov13

Oct22

65% Nov 12
124% Novl2
157g Nov 12
6% Novl2
13% Novl2
31% Novl2
62

84%
457g
24%
112%
105
50%
187*
64
50

Nov 9
Nov 12

May29
Nov 9

Novl2
Novl2
Nr»vl2
Novl2
Nov 9

JanlO

Novl8
40% Novl4
82
Nov 14

70% Jan 15

96% Oct23

35
35

39
40
17
25

Janl2
Mar 30

9% Apr 3
19
28
7

Oct 2
Oct 2

67
14

Jan21

Aprl7
15% Aprl9
801* Jan24
20% Apr30

May 4
39% Junel3
109% Jan 15
69

Jan 3

4% Jan15
10% Apr 9
7
Apr26
37
Aug 2
2014 Janl5
12% Oct 8
20
13
46
8

Jan29
Jan 2
Jan 3

Apr22
171* Aprl7
34 May 2
11

257g
49

Janl9
Jan 9
Jan 2

1% Apr27
1% Apr 1

17% JanlS
72% Jan 4
Jan 2
78
89% Janl7
Nov 2
58
*82
Septl3
34% JanlS
89% Jan23
68% Janl4
106
25
78

Jan 3

Janl6
Mayl*

11% JanlO
50
Jan 2
11% Jen 2
38% Janl6
61% Septl3
27
Jan 7
69% Jan 7
53% Janl5
*95
Jan 4
2% Sept28
39
Sept25
90
73
103
58
98

Feb21

May28
8ept25
Janl5
Janl6

108%
60*4
90%
140%
92%
44%

Mar23
Jan 5
Aug 5
Jan 5
8eptl4
Janl5

Jan 4

20% April
127* Janl8
41

*59%
97%
68

66%
93
85

Jan 2
Janl8
Jan 6
Jan 6
Jan 15
Jan 2
Jan 4

60% Nov 13
69% Novl2
96% Jaol5
21

Year 1917

Loosest.

■

18*4
15%
79%
22%
85*4
5%
39%
131*
40

81*
23

50%
103

67*
3%
7

75
12

Dec
Nov
Oct
18% Dec

45
37

63% Apr
601* Nov
12
22

65U

Jan31

12
20

June27

May 7
11% July 8
44% Jan 2
26% June26
17% Feb 15
32

June22
24*4 Nov 12
64
June27

12% Nov 12
26

39*4

Novl2
Oct22

26*4 Nov21
627* Novl9
66% Nov 8
5% Nov 6
3% June21
37
May24
86% May24
106
101
84

Oct

Aug27
Feb27

91% May 8
60*4 Mayl7
97% Nov 8
88% Sept27
111% Sept30
44% Oct 18
85

Nov 6

22% Sept 4
947* Aug24
49

Oct28
Oct21
60% Oct 14
43
Aug 10
83% Novl4
71% May 16
102 Nov 1
13% Feb 6
58% Feb 6
61

11% Dec
7

Nov 9

Aug28
July 3
July 1

104
109
96
94

Oct 18
Febl8
Nov20
May 18
Oct21
Oct 18

Mayl6
May 16

Nov

36% Dec
18
12
20

Dec
Dec
Dec
HU* Dec
361* Dec
7i* Dec
16% Nov
33
Dec

71* Nov
19

Oct

45% Deo
1

Dec

1% Dec
15
65
72
91
63

Dec
Dec
Dec
Dec
Dec
78% Dec
29% Nov
87
Dec
67
Feb
100
Nov
21
Dec
80
Dec
10
Feb
43% Dec

87* July
35
Dec

Jan
Jan

49%
39%
118%
38%
106%
17%
72%
257*
58i*
25%
63%
79%
133*4
32%

Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

11
Jan
20% Jan
34
Jan
Jan
61
103% Jan
627* Jan
29% Jan
138% Jan
110% Jan
67% Jan
36% Jan
73% Jan
67 June
35% June
68
Jan
104% Jan
45
Jan
45% Jan
26% June
32
Jan
53
Jan
18
Jan
39i* Jan
98% Mar
33% Jan
70i* Jan
19% Jan
95
Jan
149% Jan
85
Jan
11% Jan
23% Jan
15% Jan
58
Jan
30% Jan
23
Apr
41
Mar
18% May
48
July
227* Jan
60% Jan
54% Jan

18i* Jan
37% Jan
80
Jan
11% Jan
8% Mar
32% May
867* Mar
95% May
103% Jan
102% Feb
98
Jan
63
May
111% June
80% June
118% May
50i* Jan
101% Jan
17% Mar
Jan

15% Feb

167* Aug
55
July
62% Aug
29% Aug

46%
93
8%

95
116

39%
21%
53%
*74%
120%
67%
101%

Dec

101% Dec
69% Dec
4% Dec

50
88

Nov 19

Dec
Dec
Dec
Dec
Dec
Dec
Dec

7%
167*
75*4
21%
61% May
11% Nov

67%
*99%
50%
89%

May 15
113% May 8
145 May24
109% Feb 1
195% Nov 12
9«7* Nov22
60-s May24

Nov

337* Dec

144

Mayl4
94% Oct 18
110% Novl2

Dec

40% Dec

137% Octl9
76% Novl2

Dee
Dec
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Nov
Oct
Dec
Dee
Dec
Dec
Nov
Nov
Dec
Dec

197*
37%
62%
21% Sept
17
Nov
92% Dec

Novl2
Novl2
40% Jan 3
12
Novl2
25% Nov 12
110
Nov 7

347* Nov12
75% Nov 12
27% Nov 8

Highest.

% per share % per share
75
Dec 107** Jan
75
Dec 100% Fell
*797* d«j 119
Jan
38% Dec
85
Jan
48% Dec
767* Jan
36
82
Jan
Dec
126
Dec 167% Mar
42
Nov
65% Jan
6
Dec
14% Jan
17% Dec
41% Jan
35
92
Jan
Nov
62% Dec 125% Jan
85
Dee 124% Jan
137% Dec 1721* Feb
16
Dec
38i* June
44
Dec
84% Apr
71
35% Dec
Apr
24
Jan
51
Nov
Jnn
61% Oct
80
18
Jan
30
Nov
447* Nov
67% Jan
41
Mar
46
Sept
87
Nov 1517* Jan
1671* Dec 238
Mar
5
17
Jan
Dec
41
97* Dec
Jan
13% Dec
34% Jan

Mayl6
July 6

1067* Apr29
Jan21| 28% Sept 5

Ex-dividend.

PER 8HARE

Mange for Previous

106

Oct
Feb
Dec
Dec
Dec
Dec
Nov
Dec
Nov
Dec
Nov
Dec

30 May
95% Deo
123
89

371*
87
17

Deo
Deo
Feb
Nov
Nov
Dec
Dec
Nov

101*
39%
61%
87% Sept
54
43
93
82

Feb
Feb
Dee
Deo

66% Dee
*66% Dec
93

Dee

Nov

82% Jan
1067* Jan
19% Mar
71% July
93

Nov

112% June
117% Jan
75

June

126% June
121% Jan
62% Dee
128i* Jan
220

Mar

109% Jan
58% Juno
100 June
54% Mar
41% Jan
72% Jan
87
May
121% Jan
66
Jan
761* July
102% Jan
136
615
166

Jan

Jan
Jons
101% Oat

* Before payment off first Installment.

New York Stock

Record—Concluded—Page 2

1993

For record of mIo* during the week of stock* usually Inactive, see second
page preceding.
PBR SB ARB

miQB AND LOW SALE PRICES—PBR SHAMS. NOT PBR CBNT.

Saturdag
not.

10.

8 Per thart
150

Mondag

Tutting

Wednetdag

Thurtdag

Not. 18.

Not. 19.

Friday

Not. 20.

Not. 21

Not. 22

3 per thart % per thart
149
149 •145
152

22% 22%
•47% 48
22% 22%
65

61%

62%

•106
38
103

227*

9%
22%

8%
22%

47%

21%
65%
61%

22%
65%
62%

tv*
21

108
38

•106

103

102

22
41
40

22%
41%

39%

37»*

•72

60%
90%

*90
32

32%
81

13%
30%

~xoa% 155
£20
£28%
85
85
56
57
*1UZ% 108
-81

52%
67%
47

847*

f56%

52%
68%

52%
*66
•46
52

14%
*56%

£14** ££7
*112
27*4
28%
27%

112

114%
32^2 32%
33
33%
*63
63%
57

38%
72%
21%

39%

113

32%
32%
•62
57

38%
72%

72%
22

38
92
*77
*64

21%

38^2

38
•91
*75
•64

92
79

64%
38%

36%
66%

36%
65%
*27%

28%

165% 170
----

43%
78

*102%
*44
*84
•61

•

43%
7%
*31

ee%
*116

58%
33%

....

27
44
78

45
92
63

•104% 108
*191* 20
1021* 103
•56

162

---

----

108

104

•106

377*

102

100

31%
80%

30%
152
122
84
56

85
56

127%
84%

63%
•94
*35
*95
16
186

76%
•95

82
53
71
47

62%
15%
58
117

28%
117

32%
33

63%
58

38%
72%
21%
38
92
79
65
37
66

*91
77

95
77
65

*63%
37

28%
166

66%

37%
66%

46%

100%
•92

71%

•105%
*48%
•46

*91
*77
64
29

65%

47
83

81%

64%

64
*97

100

*90%
102
24

23%
761*
*99%

78%

99%
112

110

11%

_____

*74

*103%

....

44
92

61
I

105

*31%
647*

66%
114
53

113
57
33

661*

*97

129%
66%
102

24%
77%

99%
112

35%
47%

36
47%

64
100

100

39%

*35%

100
16
188

*95
16

66%

*93

104
10
162
*15

35%
*4714
63%
100

36%

39%

*95

100
16

43%
76%
♦103%

....

61%

*61

105

*104

152

127%

92%
44%
•62
46

26%
86%
69%
•120
•113
•54
*89
*67

*60

*46

92%
44%
70

46%
27%
86%
72%

91%
43%
•62

92%
43%
70

•60
*90

43%
•60

46%

26%

88
69

86%

124
120
56
91

69
•120
•113
*53
*89

70
124
120
56
91

•113

«<*

*66

•B4 and asked prices,

122%

91
32

80%
48
14

•89

30%
*80%

31%

44%
13%

46%

14 "
29% 293^
149% 151%
125
129

297*
152%
125%
84
56

*104

75%
*103%
43%

83
64%
102

110

11%

83%

128

67%
102

100

63
92

44%
70

46%
27%
89%'
70

122%'

427*

33%

23%
77

•817*
*63
*96

12V‘f
69%

£99
•35
*95

*46

*60
90

43%
•60
46

*99
102
9
162

165
16

69%

78%
99%

103%
10
162

15% 157*
35% 357*
47% 471*
601* 61%
*92% 100

35%
47%
63%
99
38
100

*36
*95

36%
100

15% 157*
186% 189%
78% 80%

75%
397*
103%

*98

100

*73%
39%

76%
397*
105%

102
*108

120

142% 142%
14% 14%

143
15

*42

46%
103%

46%

102% 104%

707*
108
48
47

43
*87

61%
*104

18%
105
57
42

7%
32%
65%
115

53%
*31
43
102

167*
45
83
63
*96
•91
*126

681*

43%
92

61%
108

18%
105

57%
43

7%
33
66%
115

55
33

44%
102

17
46%
83
63
102
...

129

47%

1007* 102%
110% 111%

89%
43%
*60
*45
25%
87%

431*
70

120

•89
464

*44

78
99%
105

9%
161

15%
35%

47%

48
56% 60%
*92% 100
*35
*95
15

37
100

15%
186% 188%
77% 78%
*95
99*4
*73% 76%
39

39%
103% 105*4

*106

120

143% 144
14
*42

*93
68

46%

*99%

"87%

70
46

*55
*45

*113

26%

24%

71%
120%

120

•113

*89

53
91

*88

*44

*52
j

42%

51%
66«.

4 .Lam Uuta 100 shares.

Low**t.

600 Burns Bros..

100

2.300 California Petroleum..
100
Do
1,200
pref...
100
6,100 Central Leather
100
Do
prof
100
2.450 Cerro do Pasoo Cop...No par
2,000 Chandler Motor Car. ....100
16,050 Chile Copper
25
8,500 Chino Copper
5
1,520 Colorado Fuel A Iron....100
Columbia
Gas
ABleo
21900
100
3,200 Consolidated Gas ( N YK.100
500 Continental Can, Inc
100
61.800 Corn Produots Refining. .100
Do
1,900
pref
100
41,720 Crucible 8teel of America. 100
600
Do
prof
100
11.200 Cuba Cane Sugar....No Par
Do
2,200
pref
100
22,300 Distillers' Securities Gorp.100
2,900 Dome Mines. Ltd
10
3,800 Gaston W A W Inc..No par
3,600 General Electric
100
1,300 General Motors Corp..... 100
Do
2,200
prof
100
3,000 Goodrich, Co (B F)._
100
Do
prof
....100
1,700 Granby Cons MSA P
100
4,900 Greene Cananea Copper.. 100
1,103 Gulf States Steel tr ctfS-.lOO
4,700 Haskell A Barker Car. .No par
32,200 Inspiration Cons Copper..20
2,500 Internet Agrleul Corp....100
Do
2,700
pref
..100
900 Intern Harvester (new)...100
34,400 Int Mercantile Marine.. 100
Do
369,000
pref
100
8,300 International Nickel (The) 25
4.100 International Paper
100
Do stamped pref..
1,100
100
11,600 Kelly-Sprtngfield Tiro
25
26,900 Kenneoott Copper....No par
1,300 Lackawanna Steel..
100
7,600 Lee Rubber A Tiro...No par
.......

800 Loose*Wiles Biscuit tr ctfs. 100
100
Do 2d prof
100
200 Maekay Companies
100
Do
500
prof
100
26.800 Maxwell Motor, Inc...... 100
Do
1st prof....
11,300
100
8.200
Do
2d prof
100
137.000 Mexican petroleum
100
100
Do
prof.............100
5*600 Miami Copper..
5
14,700 Midvale Steel A Ordnance.50
700 Montana Power......... 100
Do
prof..
100
Nat Conduit A Cable No par
800 Nat Enam'g A 3tamp*g...l00
Do
100
prof.............100
100
1,300 National Lead
Do
100
pref
100
Nevada
Consol
6,600
Copper....5
1.300 New York Air Brake.... 50
500 North American Co
.100
19.100 Ohio Cities Gas (The)
25
2,300i Ontario Silver Mining....100
800 Pacific Mall S3
Ji
9.100 Pan-Am Pet A Trans.... ..50
Do
pref
100
l.OOO!
3,600, People’s OLAC (Chic).. 100
...

...

1.500 Philadelphia Co (Plttsb) .50

24,120 Pie roe-Arrow M Car...No par
Do
200
prof.............100
7.500 Pierce Oil O »rooratlon
25
3.300 Pittsburgh Coal of Pa....100
Do
400
pref
100
400 Pressed 8teel Oar........ 100
100
Do
prof.............100
100 Public Serv Corp of N J..100
1,000 Pullman Company....... 100
7,700 Railway Steel Spring..... 100
300
Do
prof.............100
12.700 Bay Consolidated Copper. 10
12.100 Republic Iron A Steel....100
400
Do
prof
...100
3,400 Royal Dutch Co ctfs dep
9.500 Saxon Motor Car Corp...100
400 Sears. Roebuck A Co....100
2.300 Shattuck Arts Copper..... 10
7.500 Sinclair OU A Ref*g ..No par
1,000 Sloss-Sheffteld Steel A Iron 100
103,500 Studebaker Corp (The)..100
900
Do
pref.............100
100 Superior Steel Corp'n
100
Do
1st
prof
....100
"V, 400 Tenn Copp A C tr ctfs.No par
6.300 Texas Company (The)....100
63,100 Tobacco Produots Corp.. 100
100
Do
pref
.100
500 Union Bag A Paper Corp. 100
United
7.100
Alloy Steel....No par
19.700 United Cigar Stores
100
Oo
prof............. 100
....

...

100

8,950
300

United Fruit
100
U S Cast I Pipe A Fdy
100
Do
prof...
.....100
U 8 Industrial A!oobol._100
Do
mref
...100
United States Rubber.... 100
Do
1st preferred..
100
U 8 Smelting Ref A M
50
Do
prof..............50
United States Steel Corp. 100
Do
prof
100
Utah Copper
10
Utah Securities v t c
100

419|
255

1 Ex-rights,

'*•>*

'»

Es-Jlv. and rights

247* Now 9

60% Nov 7

73% Feb 27

68
103
39

Oct 18

Novl2
Novl2

103% Novl2
24

Oct 18

47% May 16
54% May24
417* Oct 17
105%Novl2

82% July 15

65% Oct

7
297* Jan 15
s90%Jan 7

Feb 19

50% Novl6
103

Oct

62
86

747* May 16
91%June 4

25% Oct 11

84
83
64%
15
39

Jan 12
Jan 31
271* Apr 10
78% Mar26
£33 Jan 2
6 JunelO

38
96
74

Aug21
Feb 1
59% Oct 18

Jan 2
Jan 10
Jan 25

103% Novi*
86

Jan

104

Oct 14

Jan 15

83% Jan
27

121
33

Feb 15

Apr
17i* Jan

2
g

42
92

71% Junel8
67

Jan

Oct 19
Novl6

78% Feb 28
66 May28
42% N »vl2
697* N >v 8
32% N >v 9

23% Jan 15
61
Apr 24
19 May27
79
87

Nov 7

45% Mayl6
66% Jan 3
63% Nov21
41% Novl2
91% May 16
23% Nov20

24% Jan 15
Jan 22
Apr 2
Mar-25
Novl3

Novl2
Oct 16

125% Nov 6

Jan 15

58
41
29
70
12

Oct 23

68% Nov 6
111% Apr 25
49% JulySO
58% Oct 18
19 June20
65 Junel8

Oct 30
Jan
6

42% Jan 16
10 Jan 8
38

May24[

Nov V
Feb 13

164
88

38i* Jan 17
63
34

Novl2
Feb 18,

158% Oct 18

127% Jan 7
106% Jan 16
75% Oct 10

Low*m

7
5

Jan
Jan

36% JunelO
34% Jan 29
28% Mar25

...

Year 1917

3 per thart
161% Oct 26
127* July 10
331* May 14
49
NOV12

102% Marl4
29% Mar 6
68% Jan 2
14% Apr 4

..........

47
1,000
200
102 540,380
2,414
110%
79
30.000
800
14%
55%
3,500* Vtrglnla-Csroltna Cbem. .100
Do '
112
prof
100
200 Virginia Iron C A 0
100
*89% 5,000 Western Union Telegraph. 100
43%
7,600, Westing bouse Elec A Mfg.60
70
Do
1st preferred..
60
47
50
1,300 White Motor
25% 61,400 Wtllye—Overland (The).. 25
88
Do
2,000
pref (new).......100
73
13,800 Wilson A Co, Inc. v t O...100
400 Wool worth (F W)........100
120%
120
Do
prof
....100
52
Worthington P A M v t e. 100
91
Do
prof A
100
67

12
36

Bang* for Pr**um»

Highest.

% par than.
108 Feb 5
8% Novl8
16% Jan 2
36% Jan 3

6,200 Butte Copper a zinc v t c..5
1,900 Butte A Superior Mining..10
1,500 California Packing....No par

700
300
100

PBR 8BARB

Bang* *tne* Jan. 1.
On 'ba*i$ of iOOshar* lets.

lndustrlalgcMlsc.(Con.) Par

46%
1017* 103
26,600

90%
43%

53%
91

15%
35

69%
70% 72%
121% *120
123
..

102
9
161

110%
78% 81
75*4
14
14% 14%
55*4 57
54%
110
112% *110%
60

76*4
99%

69% 71
70%
1 106% 105% 105% 105%

63
91

sales ea inis day.

257*
121

126% 128%

44%

*100% 105 •101 104
22% 23%
21% 22%
231*

46%
27

68%

65
102

43%

102

*15*4 16
184% 187
77% 80%
98

48
83

2834
53%

*103%

43%
88
62
108

95
78
64

19% 207*
161
166%
104% 104%
25% 26

....

42%
7%

99% 99%
101% 104
10
10%

35%
36
47%
49
65% £60%

361*

77*:
33

47
81% 82
*63
65
•96
102

*161
16% •15

100

*58

42%'

26%
52%

26%
44%
75%

18% 19%
107
,*105

*90%

*91
•74
64

107

65
66
64% 65%
*110
114
114
114
56
55% 55%
567*
327* 33
327* 327*
44% 45%
44% 45
103
103
*102% 103%
17
17% 17%
17%

162

100

*105

107
57

*7%
33

88
61

92
62
108

*113
53
*89

urn

26%
43%

19%

95
78
64

297*
52% 54
20% 21%
156% 165

44%

120
53
91

f53

*91
*75
64
28

95
78
64

99% 101%
997* 1017*
98% 101
100% 101%
111% 111% 111% 111% 111
111% 111% 111%
80
84% 85%
83% 84%
82% 84%
82%
•15
*15
15%
15% •14% 16
14% 15
58
55
55
57% 57% •56
55% 56
114
•110
*110
115
•110
114
*110
114
*60

837*

84
571*

““

105
67
42

114%

16
184
186%
76% 78%
*95
75

30%

19%

33
66

75%
•73% 75
75%
39% 40%, 39% 40
39%
101% 102%' 102
1027* 102%
120
*106
120
*105% 120 *106
145
143
143
*140
145% 142%
15
15
*14
14% 14% *14
46% *42
46% •42
46% *42
101%
99% 104% 102% 105% 102%
95
*92
95
94% 94% *92
72%
70% 71
70%
70% 72
•106
108
•106
107% *105
108
49
48
49
49
48% 481*
•46

14
29
152
124

44%
,

157*

100

48
14

107
26% 27

27
44
80

*90%
128% 129%
67
67%
•100% 103
23% 23%
77% 78
99% 99%

100

185% 187
75% 76%

77%
99%

*81%
*63%

81%
64
102
....

31%
80%
47%

*104

*85

61%
108

*43

9% 10%
162% 162%

165
16

397*
38%
38%
101%

•89

36%
52% 657*
22% 27%
152% 159%

155% 164%

*72% 75
39% 40%
102% 103%
•105
•143
*14

83%

114
58

58%

39%
38%

*102% 108 *102% 108 •102% 108 *102% 108
81
81
80
81
81
81%
77% 80
52
62%
49% 50%
50% 51%
48% 50
70
68% 68% *67
66% 67%
68
68
•46
47
*46
47
46% 47%
471* 43%
50
52% 53%
52
49% 51%
48% 50
*14
*14
16
15% *14
15%
10% 14%
577* 58
44
56% 57% *54% 58
54%
*113
116
*112
112
115
115% 1127* 115
27
25
27% 28*4
27%
25
27%
25%
114% 117% 109
1127* 105% 112% 106% 103%
32% 32%
32
32% 32%
32% 32%
32%
31% 32%
31% 32%
31
32% 32%
32%
64
63
63
63% 64
64%
63% 63%
68
60%
60% 62%
61
62% 63%
62%
37
38% 39%
37% 38%
38%
35% 367*
73
72% 727* *72% 73
73%
73% 733*
22
217* 22%
21
22% 22%
23%
23%
377* 381*
37% 37%
39
37% 37% •36

43%

*31

119

36%

47
14
30
151
123

153

43%

33%
66%

35%

*103
106
£35
35%
102
103
20
20%
38
39
38
39
38
38%
98% 100%
70
70 "

377*
103%
21

*70%

108

20%
38
101

101%

32%
80%
48%
14%
30%

20 ‘
19% 20
102
102% *101
107
56% 56%
57
57
42% 43
43% 43%
7%
7%
7% 7%

44%
7%

39
39

31%
80%
47%

19%

•102

111

207*
40%

129% *128
*65% 67%
66

•160
16

105

26%

44
*85
61
*101

•128

*99%

377*

43
75

*103%

*90%

23%
77%

39
39
101
71

•104
37
103

108

“

64%

20%
39%

33%
33% 33%
33%
45
46%
441* 46
44% 46%
•102
103% *102
103% *102
103%
17% 17%
17% 17%
17
17%
47
•81

37%

106

*70

•102% 108

47
63
15
58

52%

37%

32%
807* 81
47% 49
13% 13%
30% 30%
152% 153%
125% 127

81
49

48%
13%
30%

377*

106

48
48% 49%
487*
47% 48%
47% 49%
47% 49%
101% 102% *102
103% •1017* 103% *101% 103 *102
103%
55
56
57
55% 56%
55% 57%
56%
56% 58

£U£% 1U1%
OO
07%

90%

*104

21
217*
21%
407*
40% 41
39
40
39% *39
39% 39%
39% 39%
100
101% *100% 102

1U1% 101%
*71%
74%

49%

8%
227*
477*
21%
65%
62%

*63%
61%

108

% per thart S per share
151
151
148
1507* 151
148%
9
8%
8%
87*
*8%
9%
•22
23
21% 22
20% 21%
47% 47% *47% 477*
47% 48%
*21
21
21%
21%
20% 21%
*63
65
64% 64%
64% 65
62
*61% 62%
62%
62% 64

STOCKS
NEW YORK STOCK
EXCHANGE

the
Week
Share*

$ per thart

20%
40%

Saletfor

Jan
5
Jan 15

194

Oct 19

101% Novl2
25% N3V22
33‘h Jan 31
61
42% Nov 12
Mayl6
64 June25
81% NovlS
96 Ma l9 101% July-26
13% Novl9
21% July
37% Jan 7
54% May20
83
Nov21
99i* Feb 20
43% Jan 7i
64% Oct 19
99% Mar 2 105<* May 18
17% Mar26
217* May 16
99% Nov 4 139 May22
37** Augl6
57% N >v22
48 Oct 18
35% Mar-25
13 Junel7
4% Jan 22
23% Jan 211 35% Nov
72% Oct 28
63% Oct 30
86 Jan 8 124% Oct 28
61
Nov 6
39% Jan 2,
21 Apr 12
35% Oct 29
34 Jan 16
61% Nov 12
89% Jan 26 103 Nov20
15 8eptl3
19% Oct 16
42 Jan 15
68% Feb 28
84
Feb 19
79% Jan 2
73
567* May28
Aug 13
93 Apr 27 100 Aug 6
85 Oct 2 109% Mar 5
100% Jan 7 132% Novl2
45% Jan 7
71% 8ept28
95 Jan
2 102% Aug 29
21% Nov22
26% May 16
96
May 16
£72%Jan 16
92% Jan 2 102% 3eptl7
70% Mar23 145 Oct 18
18
NovlS
4% Aug22
133% June 8 169 Oct 14
14% Oct 9
18% Feb 19
39 Feb 6
25% Apr 11
39 Jan 24
71% May24
S37* Apr 24
727* Nov 8
80% July 3 100 Nov 9
34% Mar26
45% May 3
96

100 8ept27
21 July 6
203 Oct 18

Feb 16

127* Jan 2
136% Jan 7
48% Ma'JS
£87% Marl9
66

367* Oct 30
83% Mar28
101% Jan 6
116% Jan 16
11% Apr 6
41
97
94
61
*96

Mar26
Nov 4
Oct 11
Jan 16
Jan 15

Ma'26
75% Nov22
11
Septl6
33% Jan 2

108

60% Niv8

Jan 16
60 Jan 6
77% Aug 2
38% Jan 17
69 Jan 11
36% Jan 2
16% Jan 16
76 Jan 3
45% Jan 2
110 Mar25
111 Oct 1
34 Jan
4
85% Feb 6
fan

6 Far 910 per share,

Mar21

75% Novl2
103
N>vl2
50% Oct 19
467* Novl3
116% Aug 28
112% Oct 23
93 Oct 19
16*4 Novl2

321* Apr 12
42% Apr 12
86% Mar26

12%
33%
10%
29%

Dec
Nov
Dee
Nov

65
97
25
56

Dec
Deo
Deo
Nov
Nov
Nov
Nov
Nov
Dec
Nov
Feb

11%
351*
29%
25%
76%
76
18

881* Nov
45% Dec
83

247*
747*
11%
6%
28
118

111

73%
95%
47%
64%
49
30

Nov 9

July27
Apr 16

MaylO
Feb 20
Nov 9

Novl2

89% N iv 19
73
Nov22
128%Oct 2lj
115 Sept 9,
69 Aug 28
91% Apr 61
70% V tlv26

18
a

Dee
Nov
Dec
May
Nov
Feb
Dec

74% Nov
72% Dec
82% Dee
£91% Dee
65
34
77

Nov
Nov
Nov

271* Nov
38

Nov

7% Nov
26% Nov

17%
62%
24%
18%
60%
367*

Deo
Feb
Dec
Nov
Nov
Dee

26
68

Nov
Nov

10% Nov
12% NoV
55
70

Jan
Nov

67% Dec
19% Nov
49

13
67

Dec
Nov
Dee

847* Nov
26

Nov

391* Dec
£58% Dec
95% Deo
13% Dee
24

Feb

90i* May
377* Deo
99
16
98
39

Deo
Nov
Nov
Deo

317* Oct
3% Nov

9 per than

126% Apr
62% Jan
42% Aug
80% Jan
62% Jaa
101% June
116% Jaa
41

Feb

104% Mar
27% Mar
63% Mar
68

June

47% Apr
134% Jaa
103% June
87% July
112% Jaa
917* July
117% Jaa
65% Jaa
94% Jaa
44% Oct
24% Jan
41% Aug
171% Jaa
146% Jaa
93

Jaa

61% Jaa
112

Jaa

92% Jaa
47
137
40

Jaa
Jaa
Juno

66% June
21% May
60i* July
36% Mar
106% Oct
47% Mar
49% Jan
771* June
64% Jaa
60% May
103% June
30

Jan

27% Jaa
64

Jaa

89%
671*
61%
74%

Feb
Jaa
Jaa
Jaa

Jaa

106% Jaa
97% June
43% Apr
67% June
109% Jaa
117% Mar
June
46% Oct
99% July
63% Mar
114
Jaa
26% June
166
Mar
72% Mar
143% Apr
7% Sept
39

Feb

30<s June

87
86

Nov
Dee

106% Jan

Jan
Jan

24% Deo

26
88

Dee
Nov

41% June
98% Aug

37i* Dee

64% Sept

74
49
£90
99

Deo
90
Aug
Dee
83% Jan
Nov £107
Jan
Dee 131
Jan

106%
36%
88%
19%

Deo
Nov
Dee
Nov
Feb

60
89

Dee

69 May
47b Nov
123% Dee
16
Dee
25% Dee
83% Nov
83% Nov

167% Jan
68
101

June
Jaa

82% Apr
94% June
106% May
73% Nov
68

Jaa

238% Jaa
29% Mar
59% Mar
74% Mar
110% Jaa
85
Nov 108% Jaa
30% Nov
61% June
96
Dec 102% July
11
Nov
19% June
Jan
114% Dee 243
42% Dee
80% Aug

80% Nov20
Nov 9
101
£86
80 May 13
59%
44% MaylO
84%
105% Nov22
81%
110 Julyl8
98%
148 Oct 19 £106
19
10
May 7
42
47% Feb 1
137
May24
98%

Jan 24

Bighorn,

9 per thart
89
Jan

88
46
91
40

Dee

Dee
Dee

Nov
Dec
Dec
Nov
Deo

Nov
Nov

Dee
Deo
Dee
43% Nov

79%
102%
70%
9%
26
97
46
£76

Dee
Dee
Dec
Dec
Nov
Dee
FOb
Dee

33% Dee
62% Dec
33% Nov
16
69

Nov
Nov

Nov

99% Dee
113

Dee

23% Feb
88
Nov
V»

Par 9100 per share.

Mav
£

106
112

Mar
Jan

49% June
127% Aug
120% Mar
164% Jaa
24% June
63

Jaa

171% June
106
67

June

Aug
Jaa
Jaa
Jaa
May
Jaa
118% May
24% Jaa
46
May
112% Jaa
114%
67%
62%
136%
121%

Mar

99% Jaa
66 May
70% Jaa
62% Jaa
38% Jaa
100

Mar

84% Mar
151

Jaa

126>* jaa
37% June
97% June
63

June

Bx-dividead

1994

Exchange—Bond Record, Friday, Weekly and Yearly

New York Stock

method of gaoling bonds teas changed and prices are now—-and interest"—except

In /tut. 1909 the Exchange

Week's

Price

BONDS

Bangs

Friday

T. STOCK EXCHANGE
WMk Ending No/. 22.

99.90

O S 3HS Liberty Loan.. 1932-47
U84i converted from 1st Lib
arty Loan..
1932-47
O S 4«2d Liberty Loan.. 1927-42
tj 0 4m converted from 1st
liberty Loan
1932-47
0 8 41ii converted from 2d
1927-42
Liberty Loan

90.69
96.00

J
D
M N
D

98.42

Sale 98.49

M
Vf

N
9
O
J
J
F
F
F

97 90
97.90
98
98

Sale 97.70
Sale 97.70
Sale 98.09

Q
Q
Q
Q
Q
Q N
O 8 Panama Canal 3s *....1961 Q M
Registered
1961 Q M
Q

17.29 102.50

98.70

508,

93.8'J 99.00

98.00 8305 93.10 98.14
98 00 15317 94 79 99 111
98 00 13550 98.00 98.10
99
98*4 Aug’18 --.-j 97

93% Aug*18
105%
1055* Sale 105%
106
105*4
106*4 100*4
98

98
98
85
85

—

98
99

89
100

c*«

July* 18

97*«

Oct*18

Sept’18

....

—

Feb

—

...

....

NOV’ 18

98%

‘”99%

Nov’18

Tokyo City fis loan of 1912.

O
s

98% Sale
81% 817*

O & of Gt Brit A Ireland—
1
1919
3-year 5H% notes
1921
3-year 6H% notes
Convertible 0 X % notes.. 1919
mThese are prices on the basis of

M
M
F

N
N
A

99
98

Paris (City of) 3-year 6s

1921 A

M
A

4Hi Corporate stock

1964
4%s Corporate stock
1966
4 H s Corporate stock July 1967
4 m Corporate stock
1965
4He Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1868
4% Corporate stock
1957
4% Corporate dock reg.. 1956
New 4Hs
1957
4K% Corporate stock...1957
1 H% Corporate stock...1964

j
M
M
M
M
M
M
M
M
M
J
J
J

IV Y State—4s
1961
Canal Improvement 4s... 1961
Canal Improvement 4s... 1962
Canal Improvement 4s... 1960
Canal Improvement 4 m. 1964
Cana) Improvement 4Hs. 1966
Highway Improv’t 444s.. 1963
Highway Improv’t 4m..1965
Virginia funded debt 2-3s... 1991
6s deferred Brown Bros ctfs...

J
J
M
M

D
S
N
N
N
N
N
N
N
S
J
J
J
J
J
s
8
J

Rocky Mtn Dlv 1st 4s...1905
Trans Con Short L 1st 4s 1958
Cal-Aria 1st A ref 4 m* A*’1962
S Fe Pres A Ph 1st g 6s...1942
Atl Coast L 1st gold 4s
61952
Gen unified 4 m
1964
Ala Mid 1st gu gold fis...1928
Bruns A W 1st gu gold 4S.1938
Charles A Sav 1st gold 78.1936
LAN coll gold 4s
el962
8av F A W 1st gold 68
1934
1st gold 5s..
1934
Balt A Ohio prior 344s
1925
Registered
...61925 Q
1st 60-year gold 4s
61948 A

Q
1933

J
M
A
F
J

Ohio River RR 1st g fis...
General gold 5s
Pitts Clev A Tol 1st g 6s..
Buffalo R A P gen g 5s
\

A
M
M

Clear A Mata 1st gu g 6s..

Consol 1st g 6s.

Mobile Dlv 1st g 5e__J...
OBM BR A B of Ga ooll g 5s.
Gent of N J gen gold fis

A
1 J
F
j
A
J
F
M
J
J
J
J
M
r J
'

J
1J
M
) Q
> J
> M
...

>IN

•No price Friday; late* this week,

98
98
98
98
107
98
107

99
101

80
93

*»7*
887,

1041*
80% 92>*
831* 927*

90
76

737*
84
84

1021*

62
50

103

171!
343'
904

99%
82*2

95*4

99**

91% 98*2
977* 105

....

93%
94

93
93

85
99

....

——

....

----

....

78#
67

98%
97%
97%
106*2
104%
106%

July’18
July l8
Oct ’18
Oct *18
Oct ’18

June’18
Oct ’18

100% June'18
74
Dec ’17
70
Oct ’18

O
O

Sale

86*4
88
80% Apr ’18

797*
75*8
94%
90*4

D
D

Nov’18

94*4

93% 103
93% 103%

85
99

94*4
97%
94%

....

105

1001* 101%
....

....

64%

....

96*8

....

8t%

"77"

89*4
89%
98*2

95%
78

69*4

81%
.

•

85*2

9234

73%

75%
757,

88"

72
80

92%

88**

93*a

9<J%

99t*

99%
997,

9»

....

Due Jan.

4 Don April,

e Due

J
ft

] i
J

1925 J

a2014 F
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J.
F
F
M

1886-1926

1987

pl987 Q

1987 M

1987
1987
1879-1929
1879-1929
1879-1929
1879-1929

M
M
A
A
A
A
1921 A
1921 A
1933 „

Debenture 6e
Registered
Sinking fund deb fis
Registered
1933
Dee Plaines Val 1st gu 4 m ’47
From Elk A Mo V 1st 6s..1933
Mao G B A N W l«t 3 H0.1941

M
A

1041

J
M

Chicago Rock Isl A Pac—
Railway general gold 4s
1988 J
Registered.
.1988 J
Refunding gold 4s
1934 A
__

R I Ark A Louis 1st 4Hs.. 1934
Burl C R A N 1st g fie
1934
C R I FA N W 1st gu 59..1921
Cboc Okla A G gen g fis. .?1919
Consol gold 5s
1952
Keok A Dee Moines 1st 5s 1923
St Paul A K C Sb L 1st 4m *41
Chic St P M A O cons 6s
1930
Cons 6a reduced to 3m__1930
Debenture 5s
..1930
North Wisconsin 1st 6s...1930
St P A 8 City 1st g 6e
1919

85
84

100
84

72%

99*4
94%
72%

96%
85

84*4
83
100
100

97%
100

84%
87**

108%
104

9»%
100

67*4

94 ~
94% 1001*
80

May.

D
o
A
J
J
J
D
J
J
J
J
J
J
J
J
J
D
D
A
A
N
F
N
N
N
O
O
o
o
o
o
N
N
S
o
J
8

J
J
M
Day A Mich 1st cons 4 m 1931 J
Cln
Ch
A
St
L
J
Clev
gen 4s.. 1993
20-year deb 4 4s
1931 J
General 5s Series B
1993 J
Cairo Dlv 1st gold 4s
1939 J
Cln W A M Dlv 1st g 48..1991 J
St L Div 1st coll tr g 4s...1990 M
Spr A Col Dlv 1st g 4s
1940 M
W W Val Dlv 1st g 4s
1940 J
C I St L A C consol 6i
1920 M
1st gold 4s
........£1936 Q
n

Cln S A Cl cods 1st g 5s..1923
C C C A I gen cons g 6s..1934
Ind B A W 1st pref 4s
194C
O Ind A W 1st pref fie...01938
Peoria A East 1st cons 48.1940
Income 4s
199(
Cleve Short L 1st gu 4)4*—1961
Colorado A Sou 1st g 4s....1929
Refund A Ext 4m
1935
Ft W A Den C 1st g 6S...1921
Conn A Pas Rlvs 1st g 4s ..1943
Cuba RR 1st 50-year 5s g...l952
Pf| t 4L(*k A Western—
Morris A Ess 1st gu 3)48.2000
1921
N Y Lack A W 1st 6s
Construction 5s
1923
Term A Improvt 4s
1923
Warren 1st ref ga g 3HS—200C

Due June. 6 Due July.

6 Due Aug.

j
j
A

Q
A

87*4
Sale
30

30
29

30
28
100
63

....

84%

70%
66

35*4

47%

97%
71%

997,

80
98
*7

88%

99%

897*

95%

78%
99%

J
A
J

J
J
F
M

D
J
A
N

....

Aug'18
757* Oct ’is

64%

101%

....

757*

54
98

69
101

....

81
65

....

78%

....

79%

Sale

mmmm

100% A^r *17
84% Apr *17
70

Sale

V->

....

96»* Jan ’17
;
97* Dec *16
I
79*2
80 !
92% Feb '16
86

Sale

841* Sale 841*
98%
| 97
78

99%

....

70%

27
56
50

76**
64%

17,

77**
667,
71%

86%

_...! 97% Aug’18

....

82*8
76%
89*2
86%
73
•71
87

••••

....

81%

83*2

817*

....

102*4

....

----

97
97

100
....

96%
*91
97
97
11 *4

106*4
60

98
....

....

Jan *18
Nov’18

977* May'lH
85
July'18
81*4 Frt> *18
89
8ept*18
85% Aug'18
74
71
87

....

102

98
98

—--

—

3
....

«...

74
Oct T8

101
104

....

•••

Sept’18

19l
•

«...

■

80%
94

89**
102%
Sale

75%

80
Sale

71%
94%

73
98

Nov’18
16
Nov’18
Jan'17

95
....

66
71

106*2
79%
95

100%
99**
81%

61%
103*4
66*2
80
-•

83
72
80

85
69
65
75

74%
68

99*2
82

1007,
95%
89%

85%
67*,

85%
74
71
88

94%
96

96*2

109
—

102**
73
92

....

98% Nov’18

....

81%
82
71% May’18

i
....

10*%
76%
98*2

84*4

71 Sa

71%

62*2

80*4
80%

All

73
96

....

6
15

....

95
93
57

100

99%
95
58

109*4

70
72
59
112
102
88
81%
85% 93

95
58
105
103
11
62*4 70

....

•«..

....

14
4

79
59

65*4
80 ~

74%
83*,
86*4

62
63

65
75

....

—

—1W

....

59*2
22

87*2 90
837, go
80*2 Sale
99% 100*,
86

81*4

CM
-

102% Jan *17
107% Apr *17
94
July’08
60
17

....

Nov’IS
Oct ’18

80%
Scpt’18

Feb ’16

83**
82%

62
17
90
91

66
96

82%
98*,

40
12

83% Sept’18
91
79
97

99
——

— —

81%
89

72
Feb ’18
97% June’17
97
May’18
93
92
May’18
69
68
68
Sale 71
72
111
112
Nov’IS
88
8cpt'18
97
93
Nov’18
118
Nm'16
100% 100
100
95
M»y’18
70
58
July'18
105
104
July'18
68
67*2
68%
90
Mav’17
88
Mar’ll
79
Nov’IS
Sale 72
73
817, 82
82
90
86% Aug'18
837, Mar’17
83
63
Oct ’18
Sale 75
75
73*t June’17
84
Nov’16
101
99
Sept’18
90
87
Dec ’17

71%
54%
19

801* Aug 18

90%
106

98
95

101

111 • Dec 15
102*» Mat ’18
76
Oct *18

72
96

99*2

100
92*, 97
94*, 97

101% 100% Aug’18
102
96*, Nov’18

100%

74%
97%

96
95
100

101%<>->
106
88

97
92
05%

94%

92% Oct ’ 18
97

81
89
97
94

797,
79% 82*2
99*, 103
104 104

•••

May 18
109% Apr 16
94% July’18
96
96
Va% May 18
100
Jan *18

88%

....

87%
Oct’18

88%
81
94
M

100
97*, 97%
8ft
85

....

•

82%

74
66

Jan’18
92
Oct *18i
Sale 99
100%1
80 | 78*4 Nov’18

103
100

... .

....

104% 10*7* Sept’17
....

. . . .

16i
--t

...J

100*,

....

’lfl

77% 8ale, 77
791*
89*2 90 j 89
91%
66*4 77% 66
Nov’18
87*4 Sale 87*4
88*2

91
89
30
30
101
72

91
78
25
22
98
72

12
4

....

82
77

A
N
D
c
J

—-1

75
97*4 Feb *13
32
Mar’17
Sale 64
65
101
Oct 18

J
j
o

937*
Mar’18
87
30
Nov’18
Oct ’18

100
72

....

Apr
A
F

86%

104

Superior Short L 1st 5s g.cl930 M
Chic T H A So East 1st 6s..1960
Chic A West Ind gen g 6s. _? 1932
Consol 60-year 4s
1952
Cln H A D 2d gold 4 m
1937
C Find A Ft W 1st gu 4s g 1923

• —- —
—

July 18

91
87

8
J
S
J

s
o
o
J
N
O
A
D
D
s
J
o
s
D
M
J
J
N
J
D
J
D
J
J
N
%
J
N
F
p
J
J
o
J
c

J
J
M
J
A

■■m

....

43%

92*4

....

M
A
F

....

Oct’18

92U Sale

102%

A
A
J

14
88%
987* Oct *18 ....i
98% Nov’18

89%
99%
99%

747,

a2014 A

Ilia

Sale

....

Milw A Nor 1st ext 4^8--1934
Coos extended 4m
1934
Chic A Nor West Ex 4s 1886-1926

1 at

99% 101

99
78
83

98%

1947

53
42

78
89
99

N
N
8
J

1947

62
42

Oct

88 t Sept*l6
92% 113*4 Feo *15

53%

— —

M
1958 M

IftlU

....

103

101

....

1920
Dubuque Div 1st s f 6s
Fargo A Sou anum g 6s__1924
La Crosse A D 1st 6s..
1919
Wto A Minn Dlv g 5s
1921
Wls Valley Dlv let 6s
1920

....

96*8
91%

....

Cblc A Mo Rlv Dlv 58...1926
Cbio A P W 1st g be
1921
C M A Puget Sd 1st gu 4S.1949

....

70
77

N
9

«1989
el989
25-year debenture 4*
1934
Convertible 4m.1932
Chie A L Sup Div g 6s....1921

Sale

Stamped 4s
General fie stamped
Sinking fund 6s
Registered
Sinking fund fis
Registered

Sale

70% Sile

M
M

79
83

71%
79

...

745.

....

Chicago Milwaukee * St Paul—
Gen’l gold 4s Series A
el989 j

Registered
General gold 3m
Registered..

.....

88
75
63

J
D

Permanent 4*
Gen A ref Ser A 4 m
Gen ref conv Ser B 5e
Gen’l gold 3)4 1 Ser B
General 4 Me Series C

73*2
82%

....

Since
Jan. 1

High IVO.I Low High
11
81%
85
72
86
88*4 Mar*I7 ——I
44
81%
82*4
65% 85%
88
90%
89*4 148 76
75
4
75
75
75
85'* No 10
96*4 Feb *16
84% J*f *13
2
70%
76*2
78
76%

81*4 Sale

....

1956
1956 J
1969 J

avmbsww

....

Ashland Dlv 1st g 6s
1925
Mich Div 1st gold 6s...1924
Mil Spar A N W 1st gu 4s. 1947
8t L Peo A N W 1st gu Se.1948

91%

Mil L 8 A West 1st g 6s...1921 M

73**

S
91% Nov’18 --••1
1
J
79
June'18
1
J
Nov’18
82*4 ---- 83
8
85*2 90
84%
85*2
nj
1
93
100
t
99*4 July 17
S
86
4
89*4 89
89*4
D
39
85*4 Sale 85
86*2
N
i
98%
98% Nov’18
89
J
80
78
Oct ’18 ....1
J *110*4
1297* Aug 15
N
44
79% Sale 79%
80%
O 107
115
July’17
O
105
...J
93%
July 15
J
13
91*2 Sale 91
92*4
J
90% 8ept’17
|
O
84
84% Sale 84
85
*
J
86
92% Mar’17
-J
671
86*4 Sale 84%
86*4
D
49
907* Sale 907*
91%
J
112
Jan 12
97*4
N
80*s 88*4 86
Nov’18
N
80[* Sale 80*s
5
80%
J
9
87*2 Sale 87*2
88
%
100
17
8534
Apr
O
93% Aug‘18
927*
A
101% Nov’16
D
95%.... 99% Oct ’17
89
O
88
Ma>’18
O
99
99% Mar’»8
S
991* 107
997* June 18
N
87%
99*« Oot ’17
O
97
Nov’lfl
76*4
J
86
103% P-0 ie
A •101%
101
May 18
1007a Aflnt’IS
D *101%
O
90
99
93
99
16
D
80
83
82%
84
11
A 100
99% Sept’18
N
93
Sale 93
20
94%
D
72% 80
72% Nov’IS
J
90
86%
May*lS
J
85%
97% June'17
J
87%
84*, Aug’IS
N
5
84%
87*2
87**
J 106*2 108
108*2 Nov’IS
J
100
Sept’IS
J *98% Sale 98%
2
98%
J
100
Apr 'In
8
93
100% Jan *13
V
80
66
Sept’18
J
4
91% Sale 91%
91%
N
100 2 Sale 100%
9
100*2
h
*97
104% Jan’17

80
82

791*
71%

8,
2!

Refunding gold 5s
Refunding 4s Series C
Ind A Loulsv 1st gu 4s
Chic Ind A 8ou 60-yr 4s
Chic L 8 A East 1st 4 448

Ullm X Q

....

Chic Ind A Loulsv—Ref 68.1947

General 4s

98%
98*2
97%
108*2

104** 1041*
104»* 107*2

Nov’18

Oct ’18

90%

....

98%
98*2

877* 96*4
102% 102%
93<a 103%
93
103*4
85
93%
93
85
85
91%

....

73*2 June’18
80%
81

82
85
98
90

87%
877,

Nov’18

86%
797*

44|
4
2

78%

i0
4!

93
93

91% Nov’18
897* oct ’18
102% 102% Nov* 18
102
103
102%

....

38
1

A
O

81%

1927

Chicago Great West 1st 4s..1959

...

Range

Lam Sale

8134 Sale

Ask Low

Bid
M

F
Illinois Dlv 344*—r
1949 t
1949
T
Illinois Dlv 4s
Iowa Dlv sinking fund 5s. 1919 A
1919 A
Sinking fund 4s
See Great North
Joint bonds.
Nebraska Extension 4s... 1927 M

Registered

Range

Noe. 22.

Chesapeake A Ohio (Con)—
General gold 444s.......1992
1992
Registered
20-year convertible 4 44s. .1930
30-year eonv secured 5S..1946
Big Sandy 1st 4s........1944
Coal River Ry 1st gu 4s.. 1945
Craig Valley 1st g 5s.....1940
Potts Creek Br 1st 4s
1946
R A A Dlv 1st eon g 4s._. 1989
2d consol gold 4*
1939
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5s..1941
Chic A Alton RR ref g 3a
1949
Railway 1st Iten 344*
1950
Chicago Burlington A Quincy—
Denver Dlv 4s
.......1922

Week's

Friday

971*

53'* 72
90*2 100
90'* 94%

296
..

98**
98%

Series A.1995 j
Pitts June 1st gold 6s
1922 J
P June A M Dlv 1st g 3m 1925 M
P L E A W Va 9ys ref 4s..1941 M

Registered

Bale
98%
98*4
98**1
98*4 93 Oct ’18,
1027* 102%
102%'
102% 102
102%
102
Sale
1027*

60*2

M
J
J
M
J
J
M
M
M
J
M
J
J
M
A
A
J

oonv 444s
Refund A gen fis

Price

BONDS
Y. STOCK EXCHANGE
Week Ending-Nov. 22.

General 4s
Chic A E 111 ref A imp 4s 8.-1955
U S Mtg A Tr Co ctfs of dep_.
1st consol gold 6s
1934
General consol 1ft 5s..
1937
U S Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep
Purch money 1st coal 5s..1942
Chic A Ind C Ry 1st 5s
1936

89*4
102

99%
98
102%

93*8
98%
98**
102%
102%
102%
93%
93*2
931*
92%
102%
102%
83%

61995 Nov
61995 Nov

10-yr

99*4
97

94*2
88*4

S
8
O

Railroad.
Ann Arbor 1st g 4a__
61995 Q
Atchison Topeka A Santa Fe
Gen g 4s
1995 A
Registered
1995 A

1st consol gold 5s

101*2

98%
97%
Sale 101*4

85tol

State end City Securities.
If Y City—4%8 Corp stock 1960 M

Adjustment gold 4s
Registered....

Sale
Sale

85%

....

85
85

Foreign Government.
»
F A
991* Sale 99%
9334 727
Foreign Secur be
1
Sale 96
96
96*2 1963
Anglo-French 5-yr be Ex ter loan. A O
3;
89
89
89*4
Argentine Internal 6* of 1909... M 8
53
101*4
Bordeaux (City of) 3-yr 6e._ 191 M N 100*4 Sale 100*4
15
72
71*
71%
Chinese (Hukuang Ry) 6e of 1911 J D l 69
95
95i* Sept’18 ...
Cuba—External debt fie of 1904 M, 3
921* 93i* Oct *18
Ex ter dt fie at 1914 eer A.. 1949 F A
84
82
80
Apr *18
A
External loan 4 Vie
1949
97
977* 97
987*
O
Dominion of Canada g fie... 1921
27
97 I
O
961* Sale 961*
Do
do
..1920
o
983*! 88
9734 Sale 97*2
Do
do
..1931
11642
104
1035* Sale, 103
French Repub .*>m secured loan.
903*!
1
At 871* 90t*! 903*
Japanese Govt—£ loan 4 m-1925
921*
it
90
Nov’IS
87i2
Second series 4 m
1925
871*
88%
.1
Do
do
“German stamp”.
743*
■j X 745*
7434
Sterling loan 4s
1931
N
00<4 Sale 100
10H2
Lyons (City of) 3-yr 6s
1919
46
101*4
Marseilles (City of) 3-yr 6s.. 1919 M N 100*4 Sale 100%
62
Oct’18
J 1 61
Mexico—Ex ter loan £ fie of 1899 Q
1954

107
107
98

105
105

June 18

85%

.....

937*

97%

....

Amer

Gold debt 4s of 1904

High

96 70 204 9*.00 98.50
96.40 1773, 94 00 100.00

Sale 90.1)
Sale 96.0)

99.98 CO CO H >

Sale 99.84

Since
Jan. 1

No. Low

High

Ask Low

Bid

U. 9. Q*f*rnnwiit.

Range

Last Sale

22.

Noe.

for interest and de/anked bonds.

Nov’18
42

....

71
102
99*, 96

....

96%

Oct’18
102 I\
Oct 18
92** Oct’lS

11021* Feb *08

mmmwB

71
10
W 100
95

92%

7ft*,
102*2
98

93%

Due Oct. p Due Nov. « Due Deo.

•

Option sale.

1918.]

New York Bond Record—Continued—Page 2

QBONDS

N. T. STOCK EXCHANGE
Week ending Nov. 22.

Pries

Wests

Frida*

Rsngs or

Nos. 22

Last Sals

Bid

Delaware A Hudeoo—
let lien equip *4 Ha
let A ref 4s

1922 j
1943 M
..1935 A

20-year coot fie
Alb A Susq oonv 3 Hb
1946
Renee A Saratoga 1st 7e..l92l
Denver A BJo Grande—
let eone g 4s
1936
Consol told 4148
1936
Improvement gdd fie
1928
let A refunding fie
1955

A
M
J
i
j
P
J
J
J
J
A
J
J
M
J
A
A
J
M
M
M
M

Rio Gr June let gu g fie...1939
Rio Or Sou 1st gold 4e
.1940
Guaranteed
1940
Rio Or West 1st gold 4S..1939
Mtge A ooll trust 4s A..1949
Det A Mack—1st Uen g 4*.. 1995
Gold 4s
1995
Det Riv Tun Ter Tun 4 4s
1961
Dul Mlasabe A Nor gen fie..1941
Dul A Iron Range 1st fis
1937
Registered
1937
Dul Sou Shore A Atl g fis
1937
Elgin Joliet A Blast 1st g fis 1941
Erie 1st consol gold 7s
1920
N Y A Brie 1st ext g 4s
1947
2d ext gold fie
.1919
3d ext gold 4 Vis
1923 M
4th ext gold fie
1920 A
6th ext gold 4s
...1928 J
NYLEAWlstgfd 7s..1920 M
Erie 1st eons g 4s prior...1996 J
Registered
1996 J
let consol gen lien g 4s. 1996 J
Registered
1996 J
Penn coll trust gold 4s..1951 F
60-year coov 4s Ser A..1953 A
do Series B
1953 A
Gen oonv 4s Series D...1953 A
Chic A Erie let gold 5s_—1982 M
Clev A Mahon Vail g fie..1938 J
Erie A Jersey 1st s f 6s... 1955 J
Genesee River 1st sf fis... 1957 J
Long Dock consol g 6s
1935 A
Coal A RR 1st cur gu 6s.. 1922 M
Dock A Impt let ext 5s...1943 J
N Y A Green L gu g 5s...1946 M
N Y Susq AW 1st ref 5s.. 1937 J
2d gold 4*a
1937 F
General gold fis
1940 P
Terminal 1st gold fis...1943 M
Mid of N J 1st ext fis
1940 A
Wllk A East 1st gu g fis..1942 J
Bv A Ind 1st eons gu g 6a..1926 J
Bvansv AT H 1st cons 6s..1921 J
1st general gold fie
1942 A
Mt Vernon 1st gold 6s...l923 A
Bull Co Branch 1st g fis..1930 A
Florida E Coast 1st 4Ha... 1959 J
Port St U D Co 1st g 414s..1941 J
Ft Worth A Rio Or 1st g 4s. 1928 J
Galv Hous A Hen 1st fis
1933 A
Great Nor C B A Q ooU 4s.. 1921 j

Retfstered
..61921 Q
1st A ref 4*s Series A .1961 J
Registered
1961 j

931*
87
Sale 86
871*
97
961*
961* 97
761* 771* 771* Nov’18
102
103* Sept’18
Sale

731*
75*
80i*! 797* Nov* 18
90
Nov’18
837*

J
J
D

741*

A
D

6U* Sale

797*
82

82
*40

J
J
J
O

71
68
67

D
D

N
J
O
O
J
N
S
N
S

80
99

96*

D
S
J

83*

96*4 97is
90
100*

100
78

84
60
73

87
99

101*
- 78*
96* 96*
93* 95

81*

56
57
60

54*

547*

55
54

Sale
100

Nov’18

1067*

Jan’17
Nov’18
Oct ’18

57*

101*
102

105

90
85

99
....

....

——

23*
97
65

100
73

821* 87
....

"95*

j
92

92*

—

308

48* 62
82

98
96

102
98

103

85
74

85
81

67
97

91*

96*
94*

89*

106

Nov’18
May’16
89*
Mar* 16
Nov'15

111

91*
20

Nov 18

’81* ”89*
80

92* 95

....

—

817*
85*

78*
84

75*
74*

....

... .

89*

....

93
90

71*
69*

....

...

Oct *18

817* Nov’18
85

73* June’18
73* Oct* 18
75

Feb’18 ....i

90* Apr*17
88* Nov'18
92
Sept’17
75* Oct*18
84
80

7
75
74

83
86

73*
73*
67*

73*
78*
75

75*

Nov’15

Juoe’17

69*
80

86*

81*

75*

July’09

79* Oct* 18
95* Sept’12
85
86*

86
72
77

Sale
75

81*

80* Nov'18

74*

72
78
79

——

—-

95*
58*

....

.. ..

Feb’18
78
Feb’14
73* Nov’18
83
Aug 12
102
June’16

58* Sept’18

Oct ’18

66*

83*

65*

Oct’18
June’lfi

64*

—

80* Nov’16
76

——

72*
5

May’18

75
92

Oct’18

2
----

79*

77*

71*

72
78

641*

73*

•

til I I

——

58*

62
63

65*

Nov’10

117* May’10
72*
95

....

——

95*
90

63*

—-

70*

....

771*
79*
95
77

63*

95*
90
70

84* Sale
81
81*

90
80
80
92
93
99

89*

91*

84*

No prioe Friday; latest bid and asked this week,

947*
——

65* July’18
95

Jan’17
Oct’18
Oct’18

95
70* Oct’18
65
Nov’17
89
Feb *18
89
Apr’17
94
Nov’18
82* June’17
64
Nov'18
78
Oct’09

84*
81*
88

86*
82*

92
89

96
701*

—-

——

----

73*
71*

91*
83*

23
28!

80*

"80*

84*

94*

Oct*17

81* Nov’18
89* Nov'18
a

85*
70*

Nov’18

80* Feb ’17
80* Oct ’18

“98"

65* 65*
5

Due Jan.

----

74*
85

M
J
M
J
J
F
Ml

N
D
N
J
J
A
8
M
S
M N
J
D
M S
J
J
A O
M s
J
J
Q J
F A
J
J
F
A
F
A
A O
Ml
8
Ml N
M %
M %

81*
90*

* Due Feb

Mo K A E 1st gu g fie....1942 A o
M K A Okla 1st guar 5s..1942 Ml N
MKATofTlstgug fis. 1942 M S
Sher 8b A 8o 1st gu g fis..1942 J
D
Texas A Okla 1st gu g fis..1943 M S
Missouri Pacific (reorg Co)—
1st A refunding fis Ser A..1965
1st A refunding 5s Ser Ba.1923
1st A refunding 5s Ser C..1926
General 4s
1975
Missouri Pac 1st cons g 6s.. 1920
46-year gold loan 4s
1945
3d 7a extended at 4%....1938
Boonv 8t L A S 1st fie gu.1951
Cent Br U P 1st g 4s
1948
Pac R of Mo 1st ext g 4s..1938
2d extended gold fis
1938
St L It M A 8 gen con g fie. 1931
Gen con stomp gu g 6s..1931
Unified A ref gold 4s... 1929
Registered
1929
Rlv A G Div 1st g 4s...1933
Verdi V I A W 1st g 5s...1926
Mob A Ohio new gold 6s....1927
1st ext gold 6s
..51927
General gold 4s..
1938
Montgomery Dlv 1st g fis. 1947
St Louis Dlv fis
1927
St L A Cairo guar g 4s....1931
Nashv Cbatt A St L 1st fis..1928
Jasper Branch 1st g 6s...1923
Nat Rys of Mex pr Uen 4 Ha. 1957

Guaranteed general 4s...1977
Nat of Mex prior Uen 4 4 §..1926
1st consol 4s..
1961
New Orleans Term 1st 4s
1953
N O Tex A Mexico 1st 6s
1925
Non-cum income fis A
.1935
New York Central RR—
Couv deb 6s............1936
Consol 4s Series A
1998
Ref A Imp 4Hs “A”
2013
New York Cent A Hud Rlv—

Mortgage 8 4s
Registered
Debenture gold 4a

"79*

2d guar gold fie

93*

July,

98
89
88

77*
78*
71

95
95

86*
108

115

88*
96*

—

981*
100*

100*
88
104

99*
79*
100*
64

....

80*
93*
101* 103* 103* Sept’18
79
Nov’18
80* 78
92* 101
95* Nov’18
.

388

8ale
82

——

67* Sept’18
95
95

79*

"92* *92*

57*

95*

103*

83*
67*

Feb’05

68*
83

74
95
102
73
90

78
96
88

68*

Aug’18 c::: ”95" “96*
97* May’16
101* July’18
101* 102*
98
100
99
99
99
Aprils
86* 94* 93* Jan ’18;
93* 931*
60
66*
69
60
July’18

90*
83*
101* 104
.

....

1::::

*77 “

...

75
....

101
103

iof
80

78*

Bale.

60*

86*'

60
78

48*
88*

88*

73*
34*
27
43

491*
88*

9
30

89
.

75*

72*'

36
41

37
32
44
42
32
40

....

62
87
Bile
60
50

30*

r 111

10
l

1 1

....

—

....

28
32
40
41

25*

73
87
32
46
42
34

1,....

60
63
62
55
51

—

....

30* Nov’18

95*

58
82
100
63
81
85

OTr'B
.

81* Sale
76*

Sale

10
12
3
238

65*
100 1
Oct’18 I

Apr’18

Ntv’18

.....

80
95
87
85

102

July’14
82*

95
71
93
90
78

76*
99* 100* 100
99* 104*
30
30*
....

....

25
21
67

....

97*

70
Sale

5612

88
79

68*
661*

69*
—-

86*

I ! 11 •1 I !
1•
1

68
.

6714
100
68

781*

90*

96>4

721*

76*

66*

May’18
71

July’17

Oct’18

101
92
66

1021*
96
71

95* 101
Mar’17
I
Oct’18
A<ib *16

Auv’18
68

21
60
92
40

21
70

63
75

162
16
34

101*
79*
87*
Nov’18

....

97*
5712

91* 103*
69
77

82*
87*

66*
74*

75
71*
89*

88
Nov’18

68>*

....

68*
66*

62*

Oot’18
Oct’18
Mari 17

96* Apr *17
95* Nov’16
104
May’16
....

....

Nov’16

....

98
58

89*
951*
94

Rept*16

66* Aug ’18

....

897s

85*
65*

....

Oct’17

971*
971*
67* Nov’18

88*

96*
21
63

101* Sale 101
75* 79* 79*
85* 86* 86

30
79

——

101* Sept’18

95
71
90
84

60
63
62
-58

Apr ’17 j-.--

100*

102*

—

Feb ’13
97* Dee’13 1
81
Oct’18

81*
80*
76*

56
36
60
49

____

94* Stle
93* 94*
64* Sale
99* 100 100

72*
93*

•

60*

75*

81*
62
90
1 1 •

88*4 Sale

”70*

....
....

55
55

85*

76*
40*

’

85*

37*

38*
71*

68*
66*
69*
62*

30
70
60

....

95*

44*4
47*
34*

38*
32*

79*
63*
60*

71*

....

92*
——

104

101

....

(

77
53
40

75*

Due Sept,

71*

10d“ 101*

100
Oct’18
57* July 18
85* 83
83
95
Nov’18 t....

....

104*
90»* Apr ’12

91*

....

87
100

95*

j—-

j::::

90
111
00

1003* 109*4
88* Sale
83* m'+>
98* 99

—-

103*
921*

93*
93*

871*

——

71
71*
Jan’18 L...
97
97
7
7#
78*
781*
Nov’18
72* 84
Jan ’ll
Apr *18
Apr ’18
Aug’16
Aug’18
87* 90
Oct’18
111
109
Nov’18
100
93
89 |
90
32 81
Jan’17 i....
3
93
99
9S*
Aug’18
100* 100*
Al>r
18
87
87*
100 101
Sept’18
Feb ’17

97
78
84
95

79*

70
86

1936

79*

July’18

Oct’18
94* June’16
79* Nov’18
85
8ept’18
99* Oct’06
71* Aug’18

87*

76i*
88*

1997

1936
Registered
Beech Cr Ext 1st g 34s.fil951
Cart A Ad 1st gtt g 4s
1981
Oouv A Osws 1st gu g fis..1942
Mob A Mai 1st gu g 4a... 1991
N J June R guar 1st 4e
19M
N Y A Harlem g 34«
2000
N Y A Northern 1st g fis.1923

Due June. * A Due

....

1997
1934
1934

Registered
Lake Shore eoU g 3Hs.... 1998
Registered
1998
Mich Cent ooll gold 3 4s. .1998
Registered
1998
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4s..1936
Registered
1936

——

^ ——

101*

N
A

Sines
Jan. 1

Hioh No. LOW High
Oct’18
96
102
100
113
Mar’17 1---102* Sale 102*
102* 128 97* 103*
99* 101 100
Nov’18
96*101
1H5
Oct’13

"80 "

M
F

Roots

Sals

Ask Low

Rants

102* 107* 100

J D
A O
M N
Ml
S
Q F
J
J
J D
Ml
S
J
J
1st Chic Term s f 4s
1941 M N
M 8 S M A A 1st g 4s lntgu.*26 J
J
J
Mississippi Central 1st 5s...
J
Missouri Kansas A Texas—
1st gold 4s..............
J D
F A
M N
1st A refunding 4s
.2004 M S
Trust Co cert* of dep
Gen sinkini fund 4 Ha...1936 J
J
St Louis Dlv 1st ref g 4s..2001 A o

100* 100*
104* 108

Nov’18

Collateral trust gold fis...1931
E H A Nash 1st g fis
1919
L Cln A Lex gold 4HS...1931
N O A M 1st gold 6s
1930
2d gold 68
1930
Paducah A Mem Div 4s.. 1946
St Louis DiV 1st gold 6s.. 1921
2d gold 3s
1980
Atl Knox A Cln Dlv 4s...1955
Atl Knox A Nor 1st g fis.. 1946
Header Bdge 1st s f g 6s..1931
Kentucky Central gold 4s. 1987
Lex A East 1st 50-yr fis gu 1965
LANAMAM lstg4H8 1945
L A N-South M Joint 4s.. 1952
Registered
A1952
N Fla A S 1st gu g fis
1937
N A C Bdge gen gu g 4 4s. 1945
Pensao A Atl 1st gu g 6s..1921
SAN Ala cons gu g fie...1936
Gen eons gu 50-year fis. 1963
L A Jeff Bdge Co gu g 4s._. 1946
Manila RR—Sou lines 4s...1936
Mex Internal 1st cons g 4s..1977
Stamped guaranteed
1977
Midland Term—1st s f g fis. 1926
Minneapolis A St Louis—
1st gold 7s....
...1927
Pacific Ext 1st gold 6s....1921
1st consol gold fis
...1934
1st A refunding gold 4s...1949
Ref A ext 50-yr fie Ser A..1962
Des M A Ft D 1st gu 4s..1935
Iowa Central 1st gold fis. .1938
Refunding gold 4s
1951
M 81P A S S M con g 4s int gu 193 8
.

April7

100* May’18
108

82*

86*

Nov’18

136* May’06
95
8ept'18
109* Aug 16
79* 69* Dec '16
.

421s

Nov'18
Juue’16

111

81*

Nov'11

92
96

....

98
91

75*

June'12
82*
82*
92
Aug’10
56* Oct’17
35* June*16
95*
951*
94* Nov'18

loot*
107*

64*

Nov’18

118
103*
93* 103* 91*
85*4 99 102*
88* 90* 88*
95*
841*
*81
85*
.

49*

Jan’17

89* Apr'18

841*
108

85* June’17
108
95

65*

102* July’17
Jan’18
Nov’18
100* Dec’06
60
June’18
108
Jan’17
108
Jan’17
67
Oct* 18

97
86
86
67

Jan* 18

85
78

....

102
97
103

....

85*

57*

Hi
33
82

100* 100*

110* Nov*17

Dec ’16
62
June’16

—

101*
78* Oct ’18
96* June’18
931* Jan* 18
99i* July’17
94* Nov’15
100* July’18
Sale 737*
77

—

Sale

96
86
101
87

61*

wears

Frida*
Nos. 22
Bid

Leh V Term By 1st gu g fis..1941 A O
Registered
1941 A O
Leh Val RR lOyr coll 6s..»1928
Leh Val Coal Co 1st gu g fis. 1933 i""j
Registered
J
...1933 j
1st tnt reduced to 4s..... 1933 j
J
Leh A N Y 1st guar g 4s
.1945 M s
Registered
...1945 M %
Long laid 1st eons gold fia..51931 Q J
1st ooneol gold 4s
*1931 Q J
General gold 4«
..1938 J D
Ferry gold 4 He
..1922 IN 8
Gold 4s
1932 J D
Unified gold 4s.
.1949 M S
Debenture gold fis....... 1934 J D
20-year p m deb fis......1937 M N
Guar refunding gold 4s... 1949 M S
Registered
1949 Ml 8
N Y B A M B 1st eon g fis. 1935 A O
N Y A R B 1st gold fis
1927 M s
Nor 8h B 1st con g gu 6e.ol932 Q
J
Louisiana A Ark 1st g fie
1927 M s
Louisville A Nashv gen 6s.. 1930 J D
Gold fis
1937 Ml N
Unified gold 4s
J
.......1940 J
Registered
J
1940 J
.

Dec T6

82
90

80
90

63
50

Mar*18
99

"81* "84"

60* 77

....

J
J
O
N
J
N
J
A
A
N
O
D
j
J
O
O
O
D
J
J
O
j

....

73*

J
j
J
A
O
O
O
N

48* 63

87
99
Sale 101

Si.

101*
801*
96*

93* 94

Pries '

High

6H* Nov’18
82

75
89
84

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 22.

88*
85* 98*
71
77*
101* 103*

87* Nov’16
61* Apr* 11
39
July’17

73*
63*

Low

63
70

751* July’16
83*
83*
83*
96* June’18
93*
95
100^4 100*4 Nov’18
105* Mar’08

—

High

931*

94is

j
N
O
O
N

J
j
81 Paul M A Man 4s
1933 J
J
1st consol g fie
1933 J
J
Registered
1933 J
J
Reduced to gold 4 He.1933 J
J
Registered
..1933 J
J
Mont ext let gold 4s...1937 J D
Registered
1937 J D
Pacific ext guar 4s £
1940 J
j
E Minn Nor Dtv 1st g 4s..1948 A
O
Minn Union 1st « 6s
1922 J
J
Mont C 1st gu g fis
1937 J
J
Registered
1937 j
J
1st guar geld fis
1937 J
J
W1UA9F 1st gold fis.. 1938 J D
Green Bay A W deb ctfs “A”
Feb
Debenture etfs ”B”
Feb
Gulf ASIlstrefAtg fis..51952 J
J
Hooking Val 1st cons g 4 Ha 1999 J
Registered
1999 J
Col A H V 1st ext g 4S
1948 A
Col A Tol 1st ext 4s
1955 P
Houston Belt A Term 1st 5s. 1937 J
Illinois Central 1st gold 4s..1951 J
Registered
1951 J
1st gold 3 Hs
1951 J
Registered
1951 J
Extended 1st gold 3H«-.-1951 A
Registered
...1951 A
1st gold 3s sterling
1951 M
Registered
.1951 Ml
Collateral trust gold 4s... 1952 a
Registered
.1952 A
1st refunding 4s
1955 M
Purchased Unas 3Hs
1952 j
>oa tuiu n...»oJ 1
Registered.
1953 M
Cairo Bridge gold 4s...1950 J
Litchfield Dtv 1st gold 3s. 1951 J
Loulsv Dlv A Term g 34s 1953 J
Registered
1953 J
Middle Dlv res 5s
1921 P
Omaha Dtv 1st gold 3S...1951 P
8t Louis Dlv A Term g 3S.1951 J
Gold 8 Ha
1951 J
Registered.
1951 J
Sprtngf Dlv 1st g 3Hs
1951 J
Western lines 1st g 4s
1951 P
Registered
1951 P
Bellev A Car 1st fis
1923 J
Carb A Shaw 1st gold 4s..1932 M
CMC St L A N O gold 5s..1951 J
Registered.'.
1951 J
Odd 3Hs
1951 J
Registered
1951 J
Joint 1st ref 6s Series A.1963 J
Memph Dlv 1st g 4s... 1951 J
Registered.
.^..1951 J
St Louis Sou 1st gu g 4s..1931 M
lad Dl A Iowa 1st g 4s
1950 J
In* A Great Nor 1st« Os
1919 M
James Frank A Clear 1st 4s. 1959 j
Kansas City Sou 1st gold 3s. 1950 A
Registered.
1950 A
Ref A impt 5s
Apr 1950 J
Kansas City Term 1st 4s...1960 J
Lake Erie A West 1st g 5s..1937 J
2d gdd fis
1941 J
North Ohio 1st guar gfis..1945 A
Lak Val N Y 1st gu g 4Hs..l940 J
Registered
1940 J
Lehigh Val (Pa) eons g 4s..2003 M
General eons 4 Ha
2002 M
-

Ask Low

Rants
Sines
Jan. 1

1995

Nor. 23

----

a Due Oct.

73* Oct’18
89* Feb *16
May’17
95* June’18

....

79*

96*

....

s Option sale.

New York Bond

1996
BONOS

W. Y. STOCK EXCHANGE
Week ending Nov. 22.

OgALCham

76%
101%
961*
74*4
60*4

1stgu4sg.1948 J
J
J
A

Rut Canada 1st gu g 4s. 1949
St Lawr A Adir 1st g 6a...1996
2d gold 6s
1999
Utica A Blk Riv gu g 4fl..1922
Lake Shore gold 3Hs.--.l997

...1997

Registered

Debenture gold 4s.....1928
25-year gold 4s..
...1931

1931

Registered

74
67

....

104% Dec '15
103
May*17
130% Jan '09
123% Mar’12
99% Aug'17
93%
98%
74% Aug‘18

....

72%
82%
82
102

88%

85%
85

J
i

59i2
65%

Sale

90
60
65

AS
F

NYW’ebeeAB Istserl4^sl949
Boston Terminal 1st 4s
1939
New England cons 6s.__.1945

Consol 4s
1945
Providence Secur deb 4s..1957
Prov A Springfield 1st 6s. 1922
Providence Term 1st 4s
1956
W A Con East 1st 4 Vis
1943
N YOA Wref 1stg 4s
#1992
Registered $6,000 only. .#1992
General 4s..............1956
Norfolk Sou 1st A ref A 6s..1991
Nort A Sou 1st gold 6s
1941
Norf A West geo gold 9s....1931
Improvement A ext g 6s.. 1934
New River 1st gold 6s
1932
N A W Ry 1st eons g 4s.. 1999

Nsrtbern Pacific prior lien
railway A land grant g 4s. 1997
Registered
.....1997
Geoeral lien gold 3s.....a2047

o2047 Q
J
J
ItPANPgngold6s... 1923 F
Registered certificates.. 1923 Q
Registered

Ref A imp 4 (is ser A
2047
St Paul-Dulutb Dtv g 4s..1996

St Paul A Duluth 1st 6S..1931 F

1st consol gold 4s
...1968 J
Wash Cent 1st gold 4s
1948 Q
Nor Pae Term Co Istg 6s..l9S3 I

Oregon-Wash 1st A ref 4a...1961 J
Pacific Coast Co lstg 6s
1946 J
Paducah A Ilia lat a f 4Via..1955 J
Pennsylvania RR lat g 4s..1923 G
Consol gold 6s
1919 M
Registered
1919 Q
Consol gold 4s
1943 M
Consol gold 4s.......
1948 G
Consol 4 Vi*
1960 F
General 4 Vis
1965 J
gen
guar
g
AUegVal
4s...1942 AH
D R RR A B'ge 1st gu 4s g. 1936 F
Phil* Balt A W lat g 4s..1943 M
Sodua Bay A Sou 1st g 5a. 1924 J
Sunbury A Lewis 1st g 4a.1936 J
U N J RR A Can gen 4s..1944 IN
Pennsylvania CoGtur 1st gold 4 Via.......1921 J
Registered...
1921 J
Oust 3 Vis coll trust reg A.1937 M
Guar 3 Vis eoll trust ser B.1941 F
Guar 3 Via trust ctfs C...1942 J
Chur 3Vis trust ctfs D...1944 J
Guar 16-26-year gold 4a..1931 A
40-year guar 4s ctfs Ser E.1952 M
Oto Leb A Nor gu 4s g...l942 M
01 A Mar 1st gu g 4Vie...1935 AH
Cl A P gen gu 4 Vis aer A. 1942 J
Series B
1942 A
Int reduced to 3Vis.. 1942 A
Bertas C 3 Vis
1948 M
Series D 3 Vis
1960 F
Brie A Pitta gu g 3 Via B..1940 J

...

70%

....

92
74

98%
75

72%
75%

86 87%

74%

71%

82%

Nov'17

771*

Oct *18
3
2

17,
19
11

60
55
50
52
55

60
65
62
63
61

51%

91% Jtio *12
60
July'18

Aug’18
79% Dec *17

60
73
69

70
57

65%

Sept* 17

16
99% Dee *13
88% Feb *14
Apr

71
92%June 12
60
Apr 18
65
67%
68*2
63% 69
81 * June 18
85
96
103% 111% 108% Oct *18
Nov’16
105% .... 122
106*4
107
106*4
88i2
88% Sale 88%
93% Deo *16
84%
84%
84%....
123 * May* 17
117% May'17
104% 8ept*18
104%
83% Nov’18
85% 93
103
8ept*16
95%
80
Sale 80
80

A
O
o
o
J
D
%
s
o
J
N

J
J
F
F
J
O
A
A
F
D
M
J
J
D
J
N
S
M
N
N
A
D
8
A
N
J
J
8

J
J
S
A
D
O

O
N
N

N
J
O
O
N
A

J
J
J
S
N

J
J
S
o
o
N
N
A
D

2 105
8 79

■62%

....

*48

Oct *18

107

90
95

95%
97% 100
97%
90% ....
90% 92
99% 103%
93% SUe
86% 88%
81%
86% ....

79
89%
78*4 80
56% 64%
58
58
827* 90
74
75
100% 103

*16

77% Nov’18
72%
36% •**< 16
64% 85
Nov* 18
106% 109*4 107
80
79% Sale 79%
....

85%

90
Nov’18
90%
75% .... 74 Aug *18
103
103
103% 109
100% .... 103% Sept’17
94

84t*

87%
79% Oct *18
62%
63%

106*4
88%

103% 105%

....

85
Sale
69

60
68%
81% 84%

60
60

105% 108%

—

86% Sale

63%

....

Series C
1940 J
Or R A I ex 1st gu g 4V4S.1941 J
Ohio Connect 1st gu 4a... 1943 M
Pitts Y A Ash let cons 5a.1927 M
To! W V A O gu 4Vis A..1931 J
Series B 4 Vis
1933 J
Series C 4s
1942 M
P C O A St L gu 4 Vis A
1940 A
Bertas B guar
1942 A
Series C guar.........1942 M
Bertas D 4s guar
1945 M
Bertas E 3 Vis guar gold.1949 F
Bertas F guar 4a gold.._1953;J

»2%

106% May*l5
87
July* 14
83
Aug *13

63% Sale

S
D
A
N

1996
Div*l 1st Uea A gen g 4s. 1944
10-26 year conv 4s.....1932
10-20-year oonv 4s.....1932
10-26-year oonv4 Vis... 1938
Pooah C A C Joint 4s... 1941
O C A T 1st guar gold 5a.l92‘2
Bcto V A N E 1st gu g 4s.. 1989

O
J
o
J
J
N
J
8
J
8

Registered.

....

...-

87%

63
60
59%
57
55%
94
95
50 Oot '17

551*

Nov’18

Sale

....

..J

Sept* 18
56%
58%

F
i
J
A

81%

75%
73%
92%

Feb *14
June’08

73%
82%
78
79%
100% Jan '17
98% July'17

60% ....
55%
56% Sale
63

731*
82%

79% July'17
85

....

81%
78%

‘H

87
90

78
70

92
70
71
82

83% Nov'17

72*4 ....
85%
85% Sale

J
M

Naugatuck RR 1st 4s
N Y Prov A Boston 4s...1942

....

84%

314S....1954 A

Me price Friday; latest

91%
90

Nov’18

77%

106% 108%
19 65% 8J%
82
90

100% Feb 17
93% July’18
100
Aug *18

93%

93%
100

100

....

84%

...

....

82%
95%
85%
85%
78

July’18
92

99% Nov’18
93
93%
87% Nov’18
84% 8ept’16
92
Aug’17
102

Jau *93

Dee ’17

88
83

88
92%

927,
857,

99%
96%

87%

...

97% 98%
95% ....
76%
76%
747, ....
757*
83% 91
83%
80% 87*4
86% ....
95%
89% ....
86%....
82% ....
80%
73
73
84

88
92

....
....

....

95
...
....

93% 95
93% 100
93% 99
89% 93
89%
89% 93

98% Nov’18
97% July’18

96%
95%

98%
971,

87
78

July’18
81% July’17
37% Deo *16
82% July’18

82%

84
86

96%

Feb

JuneT8
Oct 17

96% May’17
96% May’18
104
Dec 15
■*«% Feb ’12
90% Oct *12

Oct ’18

May’10

81
78

Dec *17

8*i« Sept* 17
95
93
99

Manga
Since
Jan. I

Bid

M
F

89%
93%
100

A
Q

Last Sale

92
100

M N

95
Oct’18
June’17

89%
72%

M
M

J
J

Morgan’s la A T 1st 6S..1920 J
No of Cal guar g 5s
19*8 A
Ore A Ca> 1st guar g 5a...1927
So Pac of Cal—Ou g 5a...1937
So Pac Coast 1st gu 4a g..l937
San Fran Term! 1st 4a...1950
Tex A N O con gold 6a...1943
So Par RR lat ref 4a
1955

J
M
J
A

Southern—1st cons g 5a
.1994 J
Registered
...1994 J
Develop A gen 4s Ser A
1956 A
Mob A Ohio coll tr g 4a...1938 M
Mem Dlv 1st g 4Via-5a...lJ96
St Louis dlv 1st g 4s
..1951
Ala Ot Sou 1st oons A 5s. .1943
Atl A Chari 4 L 1st A 4Visl944
let 30-year 5a Ser B
1944
Atl A Danv lat g 4a
1948
2d 4a
1948
Atl A Yad 1st g tuar 4s..1949
E T Va A Ga Dtv g 6a...1930
Com 1st gold 5a
1956
E Tenn reorg lien « 6s....1938
Ga Midland let 3s..,
1946
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6a...1925
Mob A Btr prior lien g 5a.1945

48
10

89
81% June’IS

87%

Aug*18j_.
66%

100% Sept’18

75%
591*
62
74

72%
93

92%
90*4
93
05

D
A
A
D

103

J
J
J D
J J
J
J
J
J
J
J
A O
J
J
M G
G S

...

63%

64%

75
76

Jan’ 14

...

80%
81%
81%

91%
81%
88

55%

67%

82%
76

77
57
70
65

66%

54%

14
10
6
...

85%

100

100
67

...

61%

85%
63%
501*

Mar’18
Oct’IS

67
52

...

71%

75%

68%

61
66
75
77

92%
90%

95
90%

51%
,

...

85*4
84%

101
95

De’15
Nov’18
90% June* 18
94
June* IS
91% June* IS

....

Sale 79
90
78
Sale 85%
Sale 102%
Sale 84%

"9%
86%
105%

383
691
19

87% Sep* *16
86% 86*4 86%
86*2
75% 78
78
NoV 13
100
00% 101
Oct’18
07
96% Jan*IS
95
91
01
94
93

Nov’18

85% July'18

99%

95
. Oci
*16
100
95% 103% » ••
97 I 93
Nov’18
109% N >v’l5

I 93

93%

....

Nov’13
100% out 17

104% 100
93%
102%
92% 95% 96%
07**
90%
93%
90% 93
78%.... 77
78
85

85
Sale

Apr
Oct

1*
17

F*»

• <<

....

84%
93%
70

78%
Nov’16

81% vlar

’93" "99%

75
96

100
0g

75% 88
86% 109%
75

85
71

88
96

96%

88%

85%

100

93%

96%

71%

*81%
*86%

117
40

75%
86% 100

235
10

’59" 73*

...

....

93
Oct’18
Oct’18
Oct ’18

ZZZZ ~80~
95
94
52

91%

Sept* 16
’17

84%
85*4
96% Sale 96
97%
103% 100% Aug 16
71
70% Sale 70
75
73%
77
741*
92
Jul.v‘18
92%
74
*
72
74
76%
85%
95% 101%

91%

Aua

—

Feb’U

Feb

5
5

....

80
92

64%
87%
821,

74
93
84%
95
70%

91%

97%

92%

86
51
9 100

..:

....

’99"

91
70

94%
94%
92% Nov’18

51
\i
18
O
100%
J 100%
100%
100
Oct
’18
J 100%
91% Oct ’18
J
91% 95
J
72% 68 Jan *18
...1945 J
Mortgage gold 4a
95
Jan *13
90% 102
Rich A Dan deb 5a stmpd.1927 A o
73
S“i»t'l2
Rich A Meek 1st gu 4a
1948 M N
98% Nov'18
So Car A Ga 1st g 5«
1919 M N "98%
JuneTl
S
102%
95%
Virginia Mid Ser D 4-5a..l92l M
93
93 <*
Apr 1*
Series E 5s
1926 G 8
104% r*~ *16
91%
Series F 5s
1926 G S
94% Nov’18
94% g8
General 5a
1936 G N
87
81% 8epr’18
J
Va A 8o’w’n lat gu 5a._2003 J
70
82
70%
701*
lat oona 50-year 6a..1958 A O
A
92
93* Mar i
W O A W lat cy gu 4a
1924 F
J
87
95%
Vlv’i
Spokane Internet lat g 6a..1955 J
87
Julv’18
99% 86
Term Assn of St L lat g 4 Vis.1992 A O
94
89% 95
Nov’18
1st cone gold 5a
1894-1944 F A
J
77
80
75% Oct ’18
Geo refund s t g 4a
1953 J
O
99% 95% Julv 17
St L M Bridge Ter gu g 5a. 1930 A
D "90" 92
89%
90%
Texas A Pac 1st gold 5a....2000 J
Mar
46
41
65
2d gold Income 6s
Sept* 18
#2000
*6
J
83% 93
May I La Dlv B L 1st g 5s
1931 J
106% V .•'««
W Min W A N W lstgu 6sl930
‘95" 99
90% Oct ’18
Tol A Ohio Cent 1st gu 5a.. 1936
87
92% 100 J*I, ■ *1
Western Dlv 1st g 5s
1935
93
74
84
Oct’18
Geoeral gold fie..
1935
78
Kan A M 1st gu g 4a
80% 67% Sept’18
1990
Sale 89%
90
90
2d 20-year 5s
1927
<7
35
50
52
Tol P A W 1st gold 4a
1917
84
Nov’18
83%
Tol St L A W pr lien g 3Via.l925
53
55
561*
55
60-year gold 4a
1950 A
32
18% M - ’«6
Coll trust 4a g Ser A
1917
18% 18
Trust 00 ctfs of deposit
Aug*18
80
a
’!
69% 87
Tor Ham A Buff lat g 4a..*1946 J
85
95
Oct ’13
Ulster A Del 1st eons g 5a..1928 J
58
70
lat refunding g 4s.......1952 A
Sept’17
90
Sale 89
91
Union Pacific lat g 4s
1947 J
Oct’18
84%
851*
Registered.
1947 J
89 2
89% Sale 89%
20-year oonv 4s
1927 J
87 I
861* SUe 86%
lat A refunding 4r
#2008 M
Temp secured 6s July...1928 .... 104% 8ale 103%
85
85
85 I
Sale
Ore RR A Nav con g 4s.. 1946 J “
Ore Short Line 1st g 6a...1922 F
101% 103 101
102%
95
98
96
Oct* 18
let consol g 5s
1946 J
86% Sale 86%
Guar refund 4s
86%
.1929 J
98
91
Dec *17
Utah A Nor gold 6s
1926 J
89
82
89
Feb IS
1933‘J
1st extended 4a
80
Jan IS
Vandalla oona g 4a Ser A...1956 F
Con ole 4s Series B......1957 M
79%
80% Iutv’»<*
35
«Un**l7
V«*rm C-us A *» let
41** 1934 J

A
J
J
J

21
6

64
661*
100
June’16
67
80
July’18
Sale 74
75%
Sale 59%
59%

....

50
99

99% June* 17

65% 63%
72

73%

44
99

99% 1021*

....

08%

55
1001* 101%
91
97%

...

Njv’13
94% 98
May’16
May* 17
100% 103% 101% N >v’18
74
Nav’18
75% 77
87
85% Autc'18
74
74
74%
75%
57
Nov’18
57% 65
67% Sale 671*
67%
65 j
63
Sale 63

62%

66
60
44

97
78
90

D
D
S

O
N
J
N
N
K
J
O
N
J
J
J
O
J
M
J
O
J
J
J
J
o
t

91
65
76
59

81 >4
76
52

..I

63
100%

98% Wl%
91% 91%
68
68
95
95
96%

98%

94%

81%
67%

81%
72%

....

91%
91%

95
93

88
87
91

90% Sept* 18
90% 8ept*18
91
Sept’18

bid and Mked. a Due Jan. h Due Feb.

GHA3AMAP 1st 5s..1931
2d exten 5s guar
1931
Olla V G A N 1st gu g 5s_.1924
T
Hous E A W
1st g 5a...1933
1st guar 5s red..
1933
H A T C 1st g 5s Int gu
1937
Gen gold 4s Int guar...1921
Waco A N W dlv 1st ( 6s ’30
A A N W 1st gu g 5e._
1941
Louisiana West 1st 6a....1921

J
J
M
J
F
F
J
A

96% 100%

June’17
Mar* 16

Oct ’18
Jan’18
Dec’17
91

Cum adjust Ser A 6s....51955'A
Income Series A 6s..
51960! Oct
St Louis A San Fran geo 6e.l931 J
J
J
General gold 5e
1931' J
J
St L A 8 F RR eons g 4s..1996 J
Southw Div lstg5s..-.1947 A O
K C Ft S A M cons g 68.1928 M N
KCFtSAMRyrefg 4sl936 A O
O
K C A M R A B 1st gu 58.1929 A
St L 8 W 1st g 43 bond ctfs.. 1989 M N
J
2d g 4s Income bond ctfs.pl989 J
Consol gold 4s
1932! J D
J
1st terminal A unifying 5s. 1952! J
D
Gray's Pt Ter 1st gu g Se.1947 J
8 A A A Pass 1st gu g 4s
19431J J
J
8 FA N P 1st sk fd g 5s
1919 J
Seaboard Air Line g 4s
1950 A O
O
G >11 4s stamped
1950 A
Adjustment 5s
ol949 F A
Refun ling 4a
1959 A O
Atf Blrra 30-yr 1st g 4s..el933 M S
J
Caro Cent 1st con g 4s
1949 J
J
Fla Cent A Pen 1st g 5e—1918 J
J
1st land grant ext g 5s.. 1930, J
J
Consol gold 5s
1943 J
J
Ga A Ala Ry 1st con 5s..ol945 J
J
Ga Car A No 1st gu g 5s.. 1929 J
J
Seaboard A Roan 1st 5s. .1926 J

*1949
#1929
1934
Cent Pac 1st ref gu g 4s._1949
Registered
1949
M >rt guar gold 3 Vis. .*1929
Through 8t L 1st gu 48.1954

Oct’181

98%

....

1940 A
1943 J
Reading Co gen gold 4s
1997 J
Registered.
1997 J
1951 A
Jersey Central coll g 4s
Atlantic City guar 4s g
1951 J
St Joe A Green Isl 1st g 4a__ 19471J
St Louis A San Fran (reorg Co)—
Prior Hen Ser A 4s
1950; J
Prior lien Ser B 5s
1950 J

Registered
20-year conv 4s
20-year conv 5s

....

Pitts 8b A L E 1st g 5s
1st consol gold 5s

Southern Pacific Co—
Got l 4s (Cent Pac coU)..51949

High No. Low High
Nov’18
t
88% 93
95 I
I 93
95

Ask Low

96%

104%'

98% Apr *17
92

WeeJts

85%

90
61

95
82%

79%

92%

41
86

46%
86

’ *93”

67%
89%

69
90

671*

66%

•

88% Feb *17
88
Apr ’17
90% July’12
81
Aug *18
78

P C C A 8t L (Con.)—
Series G 4s guar
1957
Series I con* gu 4 Via
1963
C St L A P 1st cons g 5S..1932
Peoria A Pekin Vn lat 6e g..l921
2d gold 4 Vis
51921
Pere Marquette 1st Ser A 5s. 1956
1st Series B 4s
1956

Friday
Not. 22

Philippine Ry 1st 30-yr s f 4s 1937 J

Apr '18

7*% Nov'18
87%
91%

....

1027*
102%
88%

1931'Q

Nov' 16,
Nov'16

101
103
94
Sale 74

102

J
M
M N
1954 G N

•

....

90*4

1931. M

Non-cony deben 4s
1955
Non-cony deben 4s......1959
Cony debenture 8 Vis
1956
Cony debenture 6s.......194s
Cons By non-cony 4s
1930
Non-cony deben 4s....1954
Non-conv deben 4s
1955
Non-cony deben 4s
1955
Non-cony deben 4s
1956
Harlem R-Pt Cbes 1st 4s. 1954
BA N Y Air Line 1st 4s..1955
Cent New Eng 1st gu 4s..1991
Hartford St Ry 1st 4s
1930
House ionic R cons g 5s
1937

----

88%
88%

Registered.
1940. J
J LAS 1st gold 3 Hs—195! M
1st gold 3 H»
1952 G
20-year debenture 4s... 1929 A
N Y Chic A St L 1st g 4s.. 1937 A
Registered
1937 A
1931 M
Debenture 4s
West Shore 1st 4s guar...2361 J
Registered
...2391 i
NYC Lines eq tr 5s._ 1918-22 M
Equip trust 4Ks..1919-1925 J
NY Connect let gu 4 Vi* A..1953 F
N Y N H A Hartford—
Non-eon v deben 4s
1947 G
Noa-oonv deben 3 4s
1947 All
Noa-conv deben

....

91%

1940 J

—-

825*

Ka A A O R 1st gu C 5s—.1938 J
Mahon C'l RR 1st 5s
1934 J
Pitts A L Erie 2d g 5s...01928 A
Pitts McK A Y 1st gu 6s.. 1932 J
2d guaranteed 6s
19341J

Michigan Central 5s
Registered.

....

J
J
J
M
M
G

High NO. Low High
72% 74%
74% Mar’18
113
May* 15
95% 98*4
96% Oct 18
Nov* 18
83
67% 83
60
63
60*4
60*4
70
70
Jan *18
70

Ask Low

Bid

N Y Cent ABB HR (Con.)—
N Y A Pu 1st coos gu g 4s. 1993 A
PtneCreek reg guar 6e._.. 1932 J
R W A O eon 1st ext 58—51922, A
Rutland 1st eon g 4 Via—1941 J

Since
Jan. I

Range or

Price

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 22.

Manga

West**
Manga or
Loot Sola

Price
Friday
Noe. 22

[Vol. 107.

Record—Continued—Page 3

90**
91

Lue June, h une July.

* Due Aug.

o Due

85
42
84
..J 83
10
82%
30
75%
90 101%
7
78%
11
997*

~9l’
86
89%
87%

104%
85
104
94% 97%
807, 90%

89
80

80%

Oot. 9 Doe Nov. f Due Dee. • Option sale.

Nor. 23

New York Bond Record—Concluded—Page 4

1918.]

BONDS

Week’*

Ran§e

N. Y.STO^K EXCHANGE
Weak anting Nov. 22

Range or

Since
Jan. 1

N
N

93%
98%

Ask l
8Ue 9314
SUe 96

A
J

89%

8
J
J
J
O
S

96%

.1962
.1939
.1939
.1939
.1921
..1954
..1941
..1939
..1941
..1945
..1945
..1952
..1937
..1943

Geo gold 4e.

Wheel Dlv let gold 5e.

M
F
J
M
J
J
J
M

WtoCent 50-yr let geo 4a._. 1949 J
Bop A Dui dlv a term 1st 4s *36 M

.....

....

73%
78

06%

Stamped

4%s

guar

1951

....

85%

87%

86%
72%
OS**

....|

Oat end Electric Light
Atlanta G L Co 1st g 5s
1947
Bklyn Un Gas 1st cons g 5s. 1945
Clncin Gas A Elec lstAref 5s 1950
Columbia G A E 1st fis
1927
Columbus Gas 1st gold 6s..1932
Consol Gas coo v deb Os
1920
Cons Gas BLAPof Halt5-yr 5s'21
Detroit City Oas gold fis... 1923
Detroit Edison 1st coll tr fis. 1933
1st A ref 5s ser A
A1940

Eq G L N Y 1st

cons g

4
F

M N
4
J
4
M

J
8

fis..1932 M

Os. 1943 A
Refunding gold 5s
1947 M
Oh G-L A Coke 1st gu g fis 1937 4
Con G Co of Cb 1st gu g 5el93fi 4
Ind Nat Oas A Oil 30-yr 6sl930 M
Mu Fuel Gas 1st gu g 6S..1947 M
Philadelphia Co conv 5a....1919 F
Conv dehen gold 5s
1922 M
Stand Gas A El conv s f Os.. 1920 4
Syracuse Lighting 1st g 5s..1951 J
Syracuse Light A Rawer fis. 1954 4
Trenton G A El Is's fis
1*49 M
Union Elec Lt A P 1st g 6S..1932 M
Refunding A extension 5s. 1933 M
United Fuel Gas 1st s f 6s.. 1936 4
Utah Power A Lt 1st 5s
1944 F
Utica Elec L A P 1st g 5s
1950 J
Utica Oas A Elec ref 5s
.195714
cons g

WeSfh^pr t,fj rnl *

|OV! t

prt™ pHday; tnvift tr*i tni

55<2
67U
6914

63
72

7712

797*

92U

9312

94*4

965*
8912

Ma . *12

May *13

86%;

86*4!

8712

78iS

86*4

8312
87%
87%

87%'

87it Nov’13
86(4 Oct *18

8712

...

....

81
78%

76
84

78
4&n *14

62*4
19U

125
174
Oct *18 ....I
25
58
82% 263

67
21*8

8OI2
85>2

85
68

88%
80

437*
14*4

69*4
25

87
48
77**

90
585*
85

73U
74-*

811*
841*

87
55
81

83%
82%

81»s Nov 13
805*
835*

4uly* 18

88
85
85

80
95
80
30

Oct ’18
M.V17

76%

86
....

98
81%

Sale
Sale

82
75

Sept’17
M .r’14

IJOI2 4une*17
81 2 July’IS
99%
98*4 Aog’17
96
97i2 4uly*17
74% 74
Aug’17
99 May
43
48
Sale
521*
21>2
18*4 Sale 13*4
62*4 65
64*4 Nov’18
80
99
881* Nov’16
«

8U*

....

34
153

Aug *18

17*4

24*4

621*

901* Feb *17
81

•

....

56
35
97
93
76
62
66

25
25
25

80%

Sale
Sols
104
_____

....

69
52
57
35
SUe
35

4uly’lS

501*

6514

25
22
22
77

25
261*
27
80i«

103

....

8ept'15
941*

4uhe*18
82
Feh 15
105

95U Oct *18
95*2
Sept’18
9U* Oct ’18

3i:
—

90
----

*80 " *905*
95

88%
90%

100"
95
78
99
92

———

....

Sale
97

87%

"OQ "
76%
100

Feb ’18

I 100 Feb ’13
92<t Nov’17
961* Deo ’17

....

90
97
110
78

Dec ’17
Aug ‘18
June'17
Nov’18
99
99
9U* Oct *18
841* Oct *18

——

891*

90**

108

95U

911*
93*4
897*
9U2

06**
98
92i*

871*
95

97%
887*

»9

'88 ” ”97i»

Nov* 18

87*2

991*

94**
841* 861*

L04% Apr ’17
97
97
961*
Sale 761*
7612
94?s Sept* 18
961* Aug *17

Sale

80
60
66

907* Deo* 16

....

95*4
87*2

95
96

.?1

Sale

59
387*

Mar*18
Aug *18
Oct ’18

June’17
Ma.v*18
25
24*4
22
Sept 18
77
Oct ’18
1

521*
271*

76
56
66

50
25

....

95% Sale

30
146

90
91
76
56
58

91 '
Sale

105

4>tl *17

10212 Mar’12
56
53U
35
38-2
90
Aug *18
92*2 Oct *18

BONDS

Price

Y. STOCK EXCHANGE
Week Ending Nov. 22

Bid
68
33

Sale

96
80
83

91%
82%

87
87%'
90
Feb *18
96
90
82 >* Nov’18

85s*

85**

81%

85%

85
58

75%

74
58
85

76i2

947*

86*4
76**

04
88

SUe
SUe

Hioh

87
82

63
94
99

1932 j
a
m
a

94%

_____

901*
86%

1945 pg
Pan-Am ’etATrl^t con v6s 19-'27 j
Pub Serv Corp N J gen 5s.. 1959
Tennessee Cop 1st conv 6a..1925
Wash Water Power 1st 5s.. 1939
Wilson A Co 1st 25-yr s f 68.1941

....

83%
94

90%

NO. Low
60
11
18
6 18

Oct *18
35**
321*

97
93

81
83
94
67
96
99
89%

113

98%

971*

Sale 97t*
Sale 102
89% 89
SUe 100
Sale S)2*s

98*4

Hioh

66%
39

36
89
90
96
83
86
85
68
91

10 102% 118%
115
73
89%
14 77
87%
I 78% 85
91
100
91
97
90*2 94
531 90
1047*
42 86% 92%
81
76

871*
87%

....

1027*
92 1
Nov 18
Apr *14
June* 16

....

Sept’18

....

90%

98%
99%

85%

91%
87%

92 105
15 731*
88

1191*
86
951*

——

89%

Mar’18' ...J
45
90*s

96 |
100 2
Nov’H
93%
Oct *17
911* Nov’18
86*>i Oct *18
95
84
Jun-’17
103
103 |
SUe 831*
83%
95 | 94*2 Nov’18
95
90*4 Aug 18
..

Sept’18

98%
9U*

81%
t

83
Nov’18
Sept 18

10712 100

102 ,
90% 96
901* SUe
92
Site
81
87%

1939 j
I960 A
fis
series
10-20-yr
3
1932 j
N Y Dock 50-yr 1st g 4s.... 1961 p
1932
1954
1941
1943

30%

87
82
100
100

1941 a
1943 j

Since
Jan. 1

A*k Lore
75 | 63
Sale 33
35 I 32

88*4
88*4
112
112% 1121*
87
SUe 86*4

...............

Range

Last Sale

SUe

Computing-Tab-Rec s f 65--1941 lj
Granby Cons M S A P con 6s A *28 pg
Stamped
1928 m
Great Falls Pow 1st a f 5s... 1940 m

Niagara Falls Power 1st fis..
Ref A gen 6s
a
Nlag Lock A O Pow 1st 5s..
Nor States Power 25 yr 5s A
Ontario Power N F 1st 6s...
Ontario Transmission 5s....

Range

Nov. 22

MiscsIlaneoHS
Adams Ex coll tr g 4s
1948
Alaska Gold M deb 6s A
1925
Conv deb 6s series B____. 1926 pg
Am 8S of W Va lai fis
1920 m
Armour A Co 1st real est 44* *39 j
Booth Fisheries deb s f 6s... 19261 a
Braden Cop M coll tr s f 6s. 1931 f
Bush Terminal 1st 4s...... 1952 a
Cousoi5e._............. 1955 j
1960 a
Bldgs 5s guar tax ex
Chic C A Conn Rys s f fis .. 1927 a
Chic Un Stat’n l«t gu 4 4* A 1963 j
Chile Copper lOyr conv 7s. 1923 pg
Recta (part pai l) oonv 6s ser A a
Coll tr A oonv 6s ser A.. 1932 a

lot Mercan Marine s f 6s...
Montana Power 1st fis A....
Mortis A Co 1st s f 44ft---.
Mtge Bond (N Y) 4s ser 2..

Week*

Fridag

991*

971*

2
37
2
5

ro*4 90*4
907* 100

Manufacturing

Industrial

Am Ag Cbem 1st c 5s
1928
Conv deben fis
...1924
Am Cot Oil debenture fis... 1931
Am Hide A L 1st s f g 6s.... 1919
Am 8m A R 1st 30-yr fis ser A d ’47
Am Thread 1st coll tr 4s
1919
Am Tobacco 40-year g 6s... 1944

A
p

102

85%

m
M

100

92*4
90%

J
a
Gold 4s..
1961 F
Am Writ Paper 1st s f 6s...191 jj
BaJdw Loco Works 1st 5s.. 1940 M
Cent Foundry 1st a f 6s.__.1931 F
Cent Leather 20-year g fis..1925'a
Consol Tobacco g 4s
1961 F
Corn Prod Ref s t g 5s
1931 M
1st 25-year s f 5s
1934 M
Distil Sec Cor oonv 1st g fis. 1927'a
E I du Pont Powder 44s
1036 J
General Baking 1st 2*-jr 6s.19. fi J
Gen Electric deb g 34*
1942 F
Debenture fis
...1962 M
1936 J
Ingersoll- Rand 1st fis
Int Agrlcul Corp 1st 20-yr fis 1932 m
lot Paper conv ■ f g fis
1935 J
1st A ref 8 f conv 53 ser A1947
Llgvett A Myers Tobac 7S..1944 a
fig...
...1951 F
LonlUtrd Co IP) 7s
1944 A
fis
1951
Mexican Petrol Ltd oon 6s A 1921
1st lien A ref 6* series C..1921
Nat Enam A Stpg 1st fis....1929
Nat Starch 20-yr deb fis.... 1930
National Tube 1st fis
19S2
N Y Air Brake 1st oonv 6a..192s
Pierce Oil 6-year conv 6s.«1920
10-year conv deb 6s....A1924
Sinclair Oil A Refining—
1st s f 7s 1920 warrants attach
do without warrants attach
Standard Milling 1st fie....1930 M
The Texas Ce oonv deb 6s..1931 J
Union Bag A Paper 1st fis..1930 J
Stamped
...1930 J
Union Oil Co of Cal 1st fis. 1931 J
U 8 Realty A I conv deb g fis 1924 J
U 8 Rubber 10-yr col tr 6s..1918 J
1st A ref fis series A
1947 J
U 8 Smelt Ref A M conv fis. 1926 F
V-Car Cbem 1st 16-yr fis
1923 J
Conv deb fis
*1924 A
West Electric 1st fis Dec
1922 J

117

99*8
_

75%

117

SUe

80%
0»% 100
'
99%
881* Sale
—

100

76
94

35' 79

97*8 101%
80
841*
97*4
9, 93

..—l| 97% 99%
10
84

99i*
881*
May’17

93%

165
175
95% 98
94

...

68%
931*

....

Nov’18
Oct ’18

77%
99

Aug *18

100
Bile 100
89% Sole 88%
I
99
Sale 99
95% Sale 95
90
96% 98
100% Sale 100
89
90% 88
87
94
83
93
94
90

100*1
89%

9514
Jone'18
100%
Oct ’18

106% 18U*
100
151
i

93
97

100

5
64
104

129
lfi
..

Aug *18
Oct *18

63*4 63% 65%
67*4
997* 100% 100
Nov’18
8512 Sale 85'4
87%
99% 100
99%
99%
96

...

94% Nov’18
98*4
98%,

100
100% 130
97% 97*4 97

23 107% 117
2 86
96
107
11*
17
83% 93

May’18

96*4

99
100

66%

.—|| 94% 100%
J1 96 96

Nov’18
76 |
Oct ’18

175
175

99%
88%

91%

106
130
90
.

96
76

!—■ ”75“ "so”

Nov’18
73 I

111% 8 Ue 111
111*4
91% Sale 91%
92 |
112
110*4 112
Nov’18
91% 91% 91**
92 |

3
5

1001* Nov’18

96
Sale 75
95 I 94

—

96
96%l
81
Mar’18
99 s* Sept’18

104
80
73

68% 73
101% 102

...

995*
Nov'18

991*
88I2

921* 1001*
90i4 106

89%
98*4 101
41; 847* 95%
1
967* 99%
in
1171*
—I 71
741*

71*4 Oct *18
88 I
8412
I 99%
99*4!
1 82
82 I

99*4 100
74% 84

75
82

102
89
100
93

80 1
Sale

——

91% 92%
97%
95% 101%
83
90%

l|
1

86
99%
84% 95%

93%
96% 101%
867* 88
83

99
68
101

45
..—

100

178
76
11 j 92%
Nov*18 -.-.II 90
10 94%
100*4
Nov’18
947*
——

88%

99%
97%

100%
98

Coal, Iran A Steal
Beth Steel 1st ext s f fis.....1926 J
1st A ref fis guar A
1942 M
20-yr pot Imp 91 fis... 1936 J
Buff A 8uaq Iron s f fis
1932 J
Debenture fis
a 1926 M
Cahsba C M Co 1st gu 6s..1922 J
Col F A I Co gen s f fis
1943 F
Col Indus 1st A coll fis gu.. 1934 F
Coos Coal of Md lstAref fis. I960 J
Elk Horn Coal oonv fie
1925 J
Gr RJv Coal A C 1st g 0S..A19I9 A
III Steel deb 44s
1940 A
Indiana Steel 1st fis
1952 M
Jeff A Clear C A I 2d fis
1926 J
Laekaw Steel 1st g fis......1923 A
1st oons fis series A
1950 M
Midvale Steel A O eoov s f 5sl036 M
Pleasant Val Coal 1st s f fis. 1928 J
Pooato Con Collier 1st ■ f fis. 1957 J
Repub IAS 10-30-yr 5s s f. 1940 A
St L Rock Mt A P fis stmpd. 1956 J
Tenn Coal I A RR gen fis.. 1051 J
U 8 Steel Corp—Icoup
<11963 M
• f 10-60-yr fis reg ....<11963 M
Utah Fuel 1st s f 5s
1931 M
Victor Fuel 1st ■ f fis
1953 J
Va Iron Coal A Coke 1st g fis 1949 M

85%
90
88

91%

7512
90%
06

86% July'18

1J1
Dec *14
91% 86
Nov’18
Sale 75%
76
95 2 87
Aug’18

A
A

O
O
O
O
N
D
O
S
I
J
J
O
J
J
N
N
N
J

94
95
95%
90
897*
90%
Sale 85%
86%
96 | 90
May*18

94%

J
N
J
D
S
D

....

86
Sale

96%

95
94
86

12
9
44
.. ..

....

7
_____

Aug *18
Feb ’18
86

93%
87%

78%
90
85

88
73
83
95
94
81
92

94%

96%
96%

86%
78
98
95
94

96%

7
4

SUe
BUe

94%
86

94%
87%

49
16

Sal6|

89%

11, 801* 92

95
81
96
99
98

86%
97

95>»

94%
86

89%
76%
87%
95%
80

86% Oct ’18
95%

80i2
96%

95%
99*4

Sale

Nov’18
Nov’18
100
Nov’18

85%
92%

9S%

921*
226

96
96

t>7%

971*
100%
99%

87
.

85i2

89%

Sale
90 I
92 1

80
86

Dec’16

Nov’18

Jan ’17

Sept’18

Telegraph A Telephone

—

96%
92
83
71
——

88
90

4
4
D

’55' ~65i*

4
A

Nov’18
83

S
N

79<4

65
88

103%

N
D
D
4
8

99
70

O
J
J
N
N
A

105

90
60

90
82

57**

Njv'IS’
July’17|

A
4

M N
O
J

72*4

93%
94%

Gas A Elec Berg Co c g fis..1949 4
D
Havana Elec consol g 5s..
1952 F A
Hudson Co Gas 1st g 5s.__.1949 M N
Kao City (Mo) Oas 1st g fis. 1922 A O
Kings Co El L A P g fis
1937 A O
Purchase money Os..
1997 A O
Convertible deb fie
1925 M 8
Fd El III Bkn 1st con g 4s. 1939 4
J
Lac Oas Lof 8t L 1st g 5s_.sl919 Q
F
Ref and ext 1st g 6s
1934 A O
Milwaukee Gas L 1st 4s
1927 M N
Newark Coo Gas g 5s
...1948 J
I
N Y O E L H A Pg 5S....1948 J
D
Purchase money g 4s....1949 F
A
Ed Elec HI 1st cons g 5s..1995 4
4
NYAQEl LAP 1st con g 5s. 1930 F A
Pacific G A El Co—Cal O A E—
Corp unifying A ref 5s...1937 M N
Pacific O A E geo A ref 5s..1942 4
4
Pae Pow A Lt 1st A ref 20-yr
fis International Series...1930 F A
Pat A Passaic G A El 5s
1949 M 8

Peop Gas A C 1st

86i2
86*4

SUe

—

81 1
May’13

80
99% L01

19% Sale
84% 100

Manila Elec Ry AUil 5s.. 1953 M 8
Metropolitan Street Ry—
Bway A 7tb Av 1st c g 5s. 1943 J
Col A 9th Av 1st gu g 5s..1993 M
Lex Av A P P 1st gu f 5s.. 1993 M 8
Met W 8 El (Chic) 1st g 4s.. 1938 F
A
Mllw Elec Ry A Lt oons g 5s 1920 F
A
A
Refunding
ex ten 4 4s.. 1931 4
Mlnneap St 1st cons g 5s
1919 4
Montreal Tram 1st A ref 5s. 1941 J
New Orl Ry A Lt gen 4 4s..1935 4
R Y Munirlp Ry 1st s f fie A 1906 4
W Y Rys 1st R E A ref 4s...1942 4
30-year adj Inc 5s
a1942 A O
N Y State Rys 1st oons 4 4s. 1902 M N
Portland Ry 1st A ref 5s
1930 M M
Portld Ry Lt A P 1st ref 5S.I942 F A
*
Portland Gen Elec 1st 5s. 1935 4
It Jos Ry L H A P 1st g 5s. .1937 M
St Paul City Cab coos g fie..1937 4
Third Ave 1st ref 4s..
1900 4
Adj income 5s
.....01960 A
Third Ave Ry 1st g 5s
1937 J
Tri-City Ry A Lt 1st s f 5s.. 1923 A
Undergr of London 4 4s....1933 4
Income Os
1948
United Rys Inv 5e PittsIss.. 1920 M
United Rys St L 1st g 4s...1934 J
St Louis Transit gu 6s
1924 A
United RRs San Pr s f 4s...1927 A
Un on Tr (N Y)c ertfsdep... —
Equ t Tr (N Y) Inter ctfs
Ya Ry A Pow 1st A ref 6s..1934 J

807s

62% Sale

70»2
4an Is
Aug’18
Oct *17
83 I
Oct’18
Fe* *17

Sept* 18
Sept 18
96% Aug *13
Sale' 95
957$
92
8912 Oct *18

A
O

’17
Aug *18

Nov’18
Nov’18

83
65
96

71%
97%

Interboro-Metrop coll 44s.l956;A
Interboro Rap Tran 1st 6s.. 1906 4
Manhat Ry (N Y) cons g 4s. 1990, A
Stamped tax-exempt
.1990, A

I**

63
72

....

Det United 1st cons g 4 4b..1932
Ft 8mltb Lt A Tr 1st g 5s...1930
Hod A Man hat 5s ser A....1957
Adjust Income 5s........1957
N Y A Jersey Is' 5s
...1932jF

82
81

76%
85

Aug Is
Nov’13
8epr’18

No Low Hioh
32 84U 9612
17 90
97S*
9 80
897*
90
90
96
I00i4
65
65

»95» Mw'17
63
8epr*13

e9%

...

j
F
F
4
4
4
4
M
M
F

98%
72

....

J
4
M N
J
4
F A
F A

77
73

90
97(4
8912

99lf Sept’17
80
Aug T2
75
4, *17
84% Jan ’17

76
78%
84
82
64% 69% 69
97% .... 99
85% 00
36
45
87
SUe 86
94
96
93
96
] LOO

4
N

A O
J ' J
4
J

....

90
98
65

....

—

Hioh

891x

87% 102

A
A

F
O
A
J
J
A O
Nov
..1946 M S
..1926,A O
J
..1928 J
A
..1930 F
..I960 M 8
..19*9 M S

Street Railway
Brooklyn Rapid Tran g 5e__1945
let refund ooov gold 4e
2002
0-jrear secured notes Se...l918
Ctl*» 3-yr see 7%n t«ec OP A19J1
3-yr 7% secure! notes..A192I
Bk Cty Is* cone 6s.. loia 1041
Bk Q Co A 8 oo «u g fie.. 1941
Bklyn Q Co A 8 l*i 5*__._1941
Bklyn Un El 1st g 4-do
1950
Stamped guar 4 5e
1950
Kings County E 1st g 4* A1949
Stamped guar 4s
.1949
Nassau Elec guar gold 4s. 1951
Chicago Rys 1st 5s
1927
Goon Ry A L 1st A ref g4Hsl951

Lott Sale

Nov. 22

1997

Sale 85
95% 96
LOO
89
94
80
93% 99U
Sole 9112
90

8ept*17
Apr ’
Mar’17

July’17
Nut’15

92
Nov’13

78
90

92
91

9712 May’17
75%

98** Oct *17
92 «4 Sept’17
90
101s* Nov’16
93% 92 Aug *18
Sole 891*
90
....

....

981* 1007*
7U* 86

91
97

a Due Jan.

96
105

17
M 1-’17

9U4

971*

Am Tetep A Tel coll tr 4s... 1929 J
J
Convertible 4s
...1936 M 8
M
S
20-yr convertible 44s
1933
D
30-yr temp eoll tr fis
1946 J
Sub recta full pd com fis 1926 J
D
Cent Dist Tel 1st 30-yr fis.. 1943 Q
J
Commercial Cable 1st g 4s..2397 Q
J
...2397 J
Registered
J
Cumb T A T 1st A gen fis...1937 J
J
Keystone Telephone 1st fis.. 1936 F A
Mich State Telepb 1st fis
1924 M N
N Y A N J Telephone fis g.,1920 M N
N Y Teiep 1st A gen s f 4 4s. 1939 M N
Pacific Tel A Tel 1st fis
1937 J
J
South Bell Tel A T 1st s f fis. 1941 J
J
West Union coll tr our fis ...1938 J
J
Fd and real est g 44s ....1950 M N
Mut Un Tel gu ext fis ....1941 M N
Northwest Tel gu 44s g ..1934 J
J

dDusAprfl. e Due May. § Due June. ADueJuly. * Due Aug.

w- — —

90%
94%

87%
90%

94*4

102
98

Sale

98%
73

93%
_

90
95

Apr * 16

....

100
91% SUe
96% SUe
33
95*8

93%
91
....

....

614,

90%

68%
_

90%
95%

103%
May’l*'
Nm *17
Jan’18
95

68%

"ii
60,

’08% ”68%

Aug *18
91%
96%
97
Oct *18
92

Sale
99
101% Sept’17
Nov* 10

77% 88
81% 86
82
92%
86
97%
93% 106
•8% 99t*

52
32
1

85%

97
84
87
86

98
92

87%
80

96%
97

93%
92%

....

# Due Oct. * Due Nov. (

Due Dec. * Option sale.

Monday

Tuesday

Wednesday

Thursday

Friday

Nor. 18.

Nov. 19.

Not. 20.

Nor. 21

Nov. 22

Saturday
Nor. 1ft.

the
Week
Shares

145
146
147
•145
147
•145
149
*145
149
*1451t 149 *146
75
76
76
76
761* 75*4
751* 76
7512 76 ! 75U 76
105
102
102
*102
104
•1001* 102
103
103
102
•100
101
35
3312
32*4
33U
33*g
3312
32*4
33*2
Ml*
331* 33i2
331*
Last Sale 169 Nov'18
*168
*108
*168
*168
•
*
*
•
Last Site 3
June'18
3
3
3
3
Last SalelVt JulyHS
*14
30
•14
30
*14
30
*ii
30
Last Sale 41*

1,^56

35
138
100
120
62

*30

35
138
100
125

3014

30U

■

....

4912

*57

*471*

102*4 102*4
971* 981*
*.85
•5
112
•113
100
*50

4912

49l2

49>2

101

1011* 1017,
97
981*:

1
512

*.80

9712

51*

112*2

111

111*4

114

113

•80
15
*107
*66

113
105

1,479

61*
22

3l2
93

88I2
68U
•140

*881*

....

99
64

*128*4 130
48*4
13

1212
3514

*60
*129
....

*12U

36*4

131
511* 52
145
14512
441* 45
*26
261*
128

100

681s

*98
*60

1011s

*11112 112
8*4
814

*50
95

*85l2

89
80
18

2312
137g
13U
*5

361*

32 lg
7
22

3*4
93
89

68I4
1447g
....

99
65

13
38*8

12412 1281*
*52
144

325g

31
7

....

144

44<2

4412
26ig
100*4
IIII4 111U
8U
8U
26
99

95*2

3*g

3*8

*92
89

*5
186

89'

68>2 *6812 *6812 70
14412
144*4 144*4 *142
*8812
*8812
..

....

98
*60

98
61

*46
12

48
13

3812
127
*52

391s
129
...

13
41*2

12612 128
.

14312 144*4
44&s 45
*26
26*4
100U 101*4
11H2 11H2
8»s
8*8

*52
143

85<4
-r

17'

24*4
13i*
13*2
5*2
186

13is

31*8

317g

47S
185

63
151

24U
13*s

23*4

6U2
152

186
62
152

3*2

93
88

6812

312

3‘z

88'

87
69

44ig

44*4

99*4 1017s 1007$ 10214
112 *11012 HI
8*8
8I4
8U
8U

112

Jan 2
June 4
90*4 Aug 5

45>8 Jan 8
90

Jan 3

6018 Jan 2
76
11
98

Jan 7
Feb21
Janl5

581s Janl7
21

Jan25

10U Mayl8
12
4
134

...

Jan29
Jan31
June2l

27<8 June27
128
27

Janl6
Aug 29
4»8 Oct 10
12
Apr23

31* Aug23
88 8ept30
*77U JanlS
62
107
88

Mergenthaier Linotype
100
New Eng Cotton Yarn
100
Do
pref
too
New
123
England Telephone.. 100
.

66
102
29
11
27
102
45

100
50
10
100

Nov20

Junel7

June

30*4 Novl9
Aprl7

30
148

Nov

Jan30
Novl8
Jan 3
U6U Jan 9
81
Feb25
88
Novl9
7it Mayl6
33 Maylft
46 May29
95
112
25
90
50
62

Nov 14
Novl3
Jan 8
Oct
4

106

Oct 18

98*8
212
15*8
11512

Novl6
Mar 2
Mar 4
Mayl5

114

Novl4

July 5
Apr 1

1091s Oct 9;
60*8 May24|
96*4 Marl2i
Nov 8|
June 5:

92
82
18

120U
67*4
28*8
14*2
17*2
5*4

July 8'
Feb 16
Nov20
Sept 5
Augl9
May l!
Mayl5

186

Nov21

644 Novi 6
157*4 Nov 9
35
Aug30
7*2 Oct 23
22

Novl4

Jan29
Janl7

115*8
38*8 July 9
24*4 Aug 9
Mar25
Mac25
Jan 2

108
5

July
Aug

83*8 Dec
10218 Nov
Dec
Dec
June
Dec
Dec
Dec

44
116
83
78
1
6

21*4 Sept
90*8 Oct
•

Dec

16*8 Dec
83
34
*45

Dec
Dec
Dec

73
88

Dec
Dec
Dec

7*8 Dec
90
105

Nov
Dec
Dec

387g Nov
*87U Dec
60
75
6
88

Dec
Dec
Dec

Dec

Sept
55*8 Feb

Highest
176
79
133
46
213
3
30

Jaa
Jaa
Mar
Mar
Jan
July
July

38
150
108
140

Feb
Jaa
Jaa
Mar

78is Mar
133
Jaa
92 ig Jaa

100*8 Mar
6*s June
31*4 July
52*4 Jaa
105
Apr
136
Jaa
84*8 Feb
110
Jaa
56*2 Mar
Jaa
74
94*« May
103tg Jaa
2*8 Jaa
14
Mar
126*4 June
12lig Jaa
128U Jnn
58
June
look June
75
July
97*8 Jan
14*4 Oec
121ig Jan
66
Jan

37s Dec
133ig Deo

20*8 June
10
Jaa
226
Jaa

118*4 Dec

170*4 Ju

Deo
Dec

18*2 Jan
33*2 Jan

92ig Dec

102
Jan
100*8 Mar
Mar
81

6*s Marts
93

N)vl3

91*4 Novl3

100*2 Oct

Aug30

Dec
Dec

16
150
2
9

July30
July 5
Jan 7
Jan 3
Jan29
Oct 23

Dee
Dee

70is Dec

June 6

71
147
95

120
27

Sept 9
Aug 9

Junel7
Junell
Janl5

82**8

100

100
503 United Fruit
1,490 United Shoe Mach Corp.. 25
Do
330
pref
25
100
4,537 U S Steel Corporation
Do
35
...100
pref
1,910 Ventura Consol Oil Fields. 5

8’8

Aug 6
Feb20
Jaul6

99
107

....

Jan 2

784 Jan 2
88s* Jan 2
.40 July 1
4
Sept30

10
10
100
25
.100
50

99*4 1017g
....

20
80
37
47

Inc.' 10

16,801 Stewart Mtg Corpn
4,739 Swift A Co
30 Torrlngton

Feb25
7
Oct

*884 Junel4

156 Massachusetts Gas Cos...100
Do
95
pref
100

....

144

27
84

100

Nova Sootia Steel A O
15 Pullman Company
100 Punta Allegre Sugar
201 Reece Button-Hole

77igJunel8
1*4 Sept 6
8it Jan22

200 Cuban Port Cement
185 East Boston Land..
227 Edison Electric Ilium
4,373 Fairbanks Co
123 General Electric

8eptl9
Oet

Nov22
Novl2

147
86
125
66

Febl9
Jao22

104
53
106
70

7,014 Go'ton-Pew Fisheries
515 laternat Port Cement.... 10
Do
193
pref...
50
230 Island Oil A Trans Corp... 10
MoElwaln
26
(W H) 1st pref. 100

31U

3012

Jan23
AprlS
Jan26

July 19
July 2
82ig Aprl8

1,601 Century Steel of Amer

....

47*2

38*4

1-^ -

Telep A Teteg

July11

25
138

Maine Central
100
Mass Electric Cos
100
Do
100
pref stamped
N Y N H A Hartford
100
Northern New Hampshire. 100
Old Colony
100

Amer

146
80
104
40
170
3
16

Jan .2

10'4 Mar 1

20 American Woolen of Maas. 100
Do
283
pref
100
151 Amoskeag Manufacturing
Do
110
pref
10
815 Art Metal Construe Inc
Atl Gulf A W I S S Lines.. 100
Do
65
100
pref
no par
6,465 Booth Fisheries

49%

par

pref

1,915

104*4

49*8
9412

142
142
Last Sale 90
Nov'18
Last Sale 921* Aiur’17
96
95
95«2 97
Last Sale 60
Oct’18
129
128
*46
47«2
13
13
13
13
39U 40U
391a 4114
127
128U 1241s 127U
*52
142
143
143
145
45
44
44U 447g
26
26
26*8 26*4

98
63
130

98
*60

103

Sale 110*sNov’18
*
67

*2212
312

3*8

3*s
*92
87

89'

110*4 11112
112!2 11314

17*2

6214
151

7
*22

7
22

51
95
85
81

24U
1312
13*4

*15012 15U2
31*4 3212

129*4 *12812 129*4
....

104U 1047g

185
185
62U 63 U

6312

114

*50
95
85
*79
17
Last
*67

*10812 110
67
67
67U
26
245s 26
14U *1312 13*8
1312 *1314 13*4
5
5
512

15312 153i2 *152

3*4

•88I2

*80

153

89’
145

10412 105U

185

7
22

681s

13*4
51*

*112

114

....

4912

110*4 112*2

37
80
19
150
2

855
121
11
43 Rutland, pref
100
Vermont A Massachusetts. 100
West
End
Street
50
324
Do
25
pref
50
Miscellaneous
291 Amer Agricul Chemical... 100
Do
213
100
pref
Amer Pneumatic Service.. 25
Do
pref
50
216 Amer Sugar Refining
100
Do
60
pref
100

101
1007g 101
98
96l2 97*4
Last Sale .85 Nov'18
Last Sale 5
Nov' 13

1057$
51U
9512
89i2

185
62

31U

*31*

2312

*5
182
182
621* 63U

64U

*92
89
145

13*8
•1314

113

66
23

100
98

113

....

31
7
22

•

101
98
1

11112 111*4

5
180

...»

88
81

51U
95l2

*57

49U

49*2

4912

*111*4112'

1712 *15i2 17
*1081* 110 *103 109

13*4
13*4

13S*
13*4
6
180
62

88
81
17

....

17
110
67
22*4 23

1
51*

106*4 .104*4 1067s
51
*501* 51U
95>2 96
95U 96
90

100
97
*.80

9712

*.85

4912

49
59

122ii Aprl7

100
100
100
100

Georgia By A Elec stampd 100
Do
pref
100

350

....

491*

100

no par
A Wore Else, .no par
pref
no par
Chic June RyAUS Y
100
Do
100
pref
100
73 Connecticut River
138 Fitchburg pref
100

•

138
100
125

Railroads
A Albany
Elevated
A Lowell
A Maine
A Providence
Suburban Etoe._no

NTnv’lft

30
SOU!
30
30U *._..
Last Safe; 138 Sept’18
138
Nov'18
Last Sale 85
100
*90
*85
*85
*85
*120
125
130
•120
*105
125
120
•61
6312 6412
64l2 6412
61
62*4 63
61i2
6H2 6212
Last Sale 109
Oct'18
*106
•106
*106
*106
Last Sale 70U Oct'18
74*
•70
74
74"
•70
74’
*70
*70
*87
87
88
88
87
*87i2
*8712 90
2
3
27g
2*2
212
21*
*212
*212
27*
*212
12
12
12
13
13
13
13
13
13
12ig
12U 127|
38
38
37*8
3812
37*4 38*8
38*4 39*4
381* 39
3812 39
92
*90
92
92
*94
94
*90
95
94
95
94
94
*112
114
114
*112
*110
112
*112
112
24
*22
22U 2212
*22U 24
*2214 24
*22*8 24
Last Sale 90
Nov'18
*95
*95
103
100
101
100
*95
*95

*30

Boston
Boston
90 Boston
443 Boston
Boston
Boston
Do
Boston
Do
20

Lowest

Highest.

Lowest.

x2\

Range for Precious
Year 1917

Range Since Jam. 1.

STOCKS
BOSTON STOCK
EXCHANGE

Salesfor

SHARE PRICES—NOT PER CENTUM PRICES.

•

[Vol. 107.

BOSTON STOCK EXCHANGE—Stock Record

1998

Nov 4
Novl4
Oct29

69
130
50

Jan 2

Nov 13
Oct 26

71
63
110
35

Dec
Dec
Dec
Jan

93
*59
107
29
10

Dec
Nov
Dec
Dec
Dec

Jan
Mar

169
g5

9218 Aug

137s Marlft
41*2 Nov20
146*4 Aug 17
116
521s Aug 7
40
148*2 Novl2 *105
48*2 Mayl6
37ig
26*2 May28
25
1161s Aug28
79*8
113 Oct 22
103*4
9
Nov 8
4*4

Nov
Nov
Dec

Dec
Oct

Dee
Dee
Dec

124*5 Mar

Jaa
166*4 Jan
46
Jaa
16
Mar
112

1627b Apr
68 June
155*8 Jaa
58*4 Jan
30*8 Mar
135 May
121
Jan
87i Jan

Mining
.99
80

*.70

*75
79

•79
*4
*.30
*48

.40
49

*.25
*48

13*4

•13*4

.99
79
4
.50
49
....

*.70
81

37g
*.30
49

13U

*.75
*79
4
*30
48

1
81
4
.50
48

Last Sale 1
Nov’18
79
80
78
784
4
4
37s
37g
.50
.30
*.30
.30
49
48
48
*48

137g

*135s

14*4

137g

.90
81
4
.55

15
*.35

15
.50

2312

*22

68
*457

68
465

1312

*1212

*121*

13i2
4912

*27j

*27*

51s
11*8

3
5

IH4
4*8

11*4
4*4

11*8
5
*80

5
83
63
8
.80

*5212
•7
*.60
•50

82
27

811*

*li4

*0'8

*2*4
•3*4
•4*4

•57

68
20

•19l|
*2

214
13
15
70

*12
*66
*13
*.50
*1
•41
•56

*51*4
7*8

5212
7*8

*5012

51*2

8
.90
51
83
27

*.60
51
•82

.90
51
83

*7
•
60
•50

26U
*5*4

2614

501*
*82

*261*
*5*4
1

•51*
3

*3*4
*4*4
3
4
57
20
2
•10
*12
*66

*8*8
13
*.50
*1
40

411*

2414

*2314

•4ft
*.45

47
.80
4

3?g
3is

37*
3*8

1
*.90
•49
49U
47
47
35* 312
9*2
91*
2
2

5
3

3*4

57s
3

4U
5

3U
3*4

5712

20
2
13
15
70

201s

20lg

2
•10
*12
*66

2
12
15
70

.90

41
59

4012
57

41
57

47
.50

3*4
1*8

3lg
•Hz

3*4

*.11

.13
8
4

.13
8

314

*21*
.75
22
*.60

31*
1
49
47

.90
48

46*2

4i8
912
2
3
.99
22
.75

•Bid ttd asked prloes.

3»2
3*8

3 7i*

9ig
2

.75
22
*.60
•

68
455
13

450
13

46*s
*27g

5ig

26la
57g

26U

*5*4
2*4

1*4
41
59
16
70
24
47
.50

6
2*4

Last Sale
5
5

3*8
3ls

3*8
3*2
57

*18*4
*2

*10

19U
2lg
12

*7
.80

491s
83

8ia

8*4

.80
50
83
27

5% 5%
1

57s
57g
2*4
*212
4U
Oct’18
4*4
4*4
3
3U
3*4
*3*8
56
564
*18
18*4
2

1,255

*22U

....

312
Hz

3*8
n*

.13

*.12
8

.13
8

*.12
8

.13
8

31*
3*4

87g
312
3U

31s
3U

3l2
314

3*8
3U

3‘a
314

.95

*.85

.95

4812
47lg
4

*47*4
46ia
314
8*4
2*8
2*8

481s

.82
48
46

.88
48
46

.75
46

.84
48

37g

312

3*s

46U
3*8

46<4
3*8

9U
21z
2*8

.75
22
*.60

.85
22
.75

2
.13

812
3*4
312

9i4
218
3

1
22
.75

*.12
8

....

214
*2i2

256

Ex-dlvldend sad rights,

paid,

June21
73*8 Juoel4
39
Janl7
6*8 June21
.40 July23

100
100
25

4912 Nov22
79*8 Oct
1
1918 Janl4

1
25
5

25
25
25
5

Company

-....

........

177 Old Dominion Co
85 Osceola
35 Pond Creek Coal
36 Quincy
10 Ray Consolidated Copper.
176,St Mary’s Mineral Land..
650 Santa Pe Gold A Copper..
360 Shannon
150 South Lake
200 South Utah MAS..
505 Superior

25
5
100
100
5

b Ex-stock dividend,

h Ex-rights,

14*8 Feb 19
51*2 Novl2
3
Sept30
67g Mar 8

5
1

25
25
25

Dec
Dec
Dec

62
80
20

Jan 3

Mayl5
Febl8

July 3

ftigOct 18

Febl3
Jan 2

4*8 Nov 4
4*4 Oct 29
66*8 Mayl6
20*2 May 14
2*2 July 1
1714 Mar 7
20
80

Jan31

Jan 2

6
1

Nov
Nov

1*8 Aug
67
16

Dec
Nov

1*8 Dec
10

Nov

4*4 Jan
Jan
ll*a Jaa
1*4 Jan
70
Mar
41*4 Jan
73
Jan
15*4 June
2*4 Jaa
52 ~ Jan
85*4 Jan
590
Feb
27*4 Jan
68
Jaa
3
Jaa
7*4 Jan
16
Jan
Mar
9
108

46*8 Jaa
20*8 Jaa
4
Mar
76*8 June
94
Apr
Jaa
36
6
Aug
4*i Jan

Dec

Nov

Jaa
Jan

18
5

8*g Aug
15*8 Jan
3

'May

5*8 Mar
Jaa

26*8 Mar
Jaa

17*8 Apr
30

Jaa

* Mar

Mar
Sept
Mar
Jaa
Jan
67*4 Mar

92*4
9*t
24*4
2*4
27g

53*8 Dec

16
60
20
48
.58

28*4 June
94 ig Feb
32*8 Apr
89*4 Mar

Nov
Nov
Nov
Dec
Dee

6*s Oct

2
19

Mar

Jaa
Jaa

Jan 3
Jan 8

.89 Dec
.10 Dec

6*4 Jaa

87* Nov 20
4*4 Sept27
4*2 Feb 13
1% Aug20
60*2 Oct 18
47*2 Nov 8
4*8 Nov 18

3U Dee
3*s Dec

16*8 Mar
8*4 Jaa
8*8 July

Janl6

354 Apr 8
3
2

Jan 3
Jan 3
Jan 3

156 Mar 7
is

Oct

1*4 Dec
41$ Nov

.30 Nov

21 Oct 19
.40 Mayl9

.95 Marl9
1*2 Mar30
45*i Jan 3
65
Jan 9

2
.20

1*4 May31
8*4 June25
1*8 June !
2is Aug2(
*2 Nov21

4*4 Apr
114 June

6*4 July
11*4 Oct

1*4 Feb21
5*4 Jan 2

.75 Nov22
36
Apr 13
42
July24

Nov
Nov
Dec

97s April
17*8 Mayl6

1*4 Aug 13
2*8 8ept23

*4 Dec

Jan 2

20*4 Feb20
78 Maylft
25*4 May23

Jan23

■

55
411
11

1
70
84
29

Feb 19

Ex-dividend

8*a Nov
.25 Dec

12*8 Dec

Dec
Deo
Nov
Dec

*8 Sept30
.11
4

Dee
Dec
Nov

4
66
35
7

Novl2
Feb 18
84*4 Oct 24

48
4
Oct
.40 Nov21
3
AprlO

10
25
5

*4 Sept
45
11
40

57*4 Nov 7
10*8 Jan 2

12
6

Nov20

*8 June21
39 May28
46*8 Junell
16*8 Nov 8
65
Sept30
21*4 Mar22

Oct
Dec
Dec

Dec
Apr
Nov
Dec

3*8 8ept20
3*4 Septl7

1
70
1

39*4
1*8
3*4
8*4

Aug29
Aug29
856 Janll

25
10
25
10

Ma'y27

6
7

15
25

73it Mayl6
465

1*4 Mayl5
8*4 May 14
3U Mar 5

13
Novl5
.25 Feb 14

945 Utah Consolidated

.48 Nov22
33
May 14

6
Jau 2
.80 Septll
5
Mar25
2
Jau 2

10
12
65

25
25
10

Feb27

2U4 July 3
54
July 6
I6I4 Aug24

1818 Jan30
1*4 Aug29

25
2,265 Superior A Boston Copper. 10
960 Trinity
25
7,610 Tuolumne Copper
1
730 U S Smelt Befin A Min... 50
182 i
Do pref
50
27,845 Utah-Apex Mining
5

.65
Mar26
.40 Juue28
*531* Oct 11

25
5

Novl2

6*8 Nov 6
.45 May 13

New Arcadian Copper

1*4 Jan25
86

1*8 AprlO
47i Novl2
8*8 Mar25

___

e Assessment

25
20
10
10

Mine

0|lhway Mining

Mason Valley
Mass Consol

Jau 2
11
Jau 5
JO Oct 21
17
Mar25
62*8 Janl5
427
Feb28
10*4 Juue27
43*s Mar25

10
10

Centeauial

Junel4

12*s Mar23

10
25
25

11,030 Utah Metal A Tunnel
2*4!
470, Victoria
.75
.95 i
.50
.85
2,454! Winona
1
400. Wolverine
*2112 22
2114 2U2
Last Sale ltf SeDt'18!
iWyandott
2U
212

212
2*4

Do
pref
300 Nlplaslng Mines
1,092 North Butte
100 North Lake

.50

....

25
25
5

New River

464

46
*.40

Amer

100 New Idrla Quicksilver

48
.45

*47

214 Mohwak
29 Nevada Consolidated

1012
Aug’18
Nov'18
8*8
8*8
13
1314

13
.90
.75
*.50
Sale lU
Nov’18
41
*3912 40
59
5612 56la
16
16
*15
70
68
*68

1,440 Mayflower-Old Colony... 25
155 Michigan
25

13
.75
Last
41
*56
*15
68

3*4

316

*10

Last Sale 12
Last Sale 66

Calumet A Arlxona
Calumet A Hecia

Juuel3

1*S Apr25
.15 Jutyll

Algomab Mining

410 Franklin
290 Granby Consolidated
Greene Cananea
25 Hancock Consolidated
100 Indiana Mining
155 Island Creek Coal
Do
53
pref
325 Isle Roy ale Copper..
50 Kerr Lake
145 Keweenaw Copper
50 Lake Copper Co
115 La Salle Copper

*8 June27
71

Ailoues

Copper Range Co
Daly-West
1,310 Davis-Daly Copper
1,360 East Butte Copper Min...

48
.40

3*8
*HZ

503
63
45
835
100

4678

2612
57$

218
10
15
70

*.60
*1
40
*56
*15
*68
*23
45
.50

1*2

8
.90
51
83

*....

57
20

.90

23*4

1
22
.75

57
20
*2
10
*12
*66

*.50
*1

11*

23*4

•2*4

2*4

*7
*.60
*50
*82

.90

*46
.50

3*4
2*4

3
5*8
11*4
4*4
79*4

8*8
13*4

68
24
47
.51

3*8
91*

*27S

85g
13U

*46
.51

678

8*4
13U

15*8

481*

*512
*212
*3*4
*4*4

13*2

25
25
10

lOia 11
4*8
4*8
79*4 79*4
Last Sale 43*4 Nov'18

27
6
1

460

412
79*4

817g

8*4
l3ig

*.90

.48

5
11

.95
51

8*4
13*8

15*8

.75
•2 Us

*.60

67g
2*4
*3*4

6
1

•71*
378
31*

1
6
3

151*

1*4
.13
7

817g
261*
*5*4

14*8

.48

*1212

5*8
11*4
4*4

531Z

.75
li*

*.11
7

*412

13*4

.50

6812

*7
*.60

*23*8
•3*4
*1*4

5lg

14'8

Adventure Con
Ahmeek
Alaska Gold

Zinc, Lead A Smelt.
Do
pref
Arlxona
Commercial....
1,660
200 Butte-Balaklava Copper..
125 Butte A Sup Cop (Ltd)...

Oct’18

1414

22i2
68*4

197
535
300
30
125

13*s

*.45
*21

455

13l2
48*2

*5212

•SOU
151*

*67

*1212
*47
3

58
16
69

♦lSU

5’8
1H4
4*8

69
460

*80

8*4
131*
•

68U
460

2312

41*

*27g
5*8
11*4
4*8

13i2
4914

*.35
*22

*80

*3*4

1312
49

15
.50

*14*4

*80

61*4

*26

15
15'
147S 15‘
*.35
.50
*.35
.50
*22
22
2312
22ig
68
69
68
68U
460
460
•460
470

13*8

Last Sale 50

*46

....

137g

Haft-paid.

3
1

Nov

May
40>8 Dec
43lg Nov
178 Mar
9*2 Dec
2*8 Dec
2
Oet
2
Oct
31
Dec
.15 Aug

.8i Jaa

2|£ Jaa
67*4
521s
37>
2ltg
6*8
6

Jaa
Jaa
Sept
Feb
Jaa
Jam

5*8 Jaa
63*8 Mar
3*8 Jaa

Nov. 23 1918.]

THE CHRONICLE

Outsidft Stock

Sales
Last Week’s Range
for
Sale.
Week.
of Prices.
Stocks— (Cond.)— Par. Price.
Low. High. Shares.

Friday

Exchanges

Boston Bond Record.—Transactions in bonds at Bos¬
ton Stock Exchange Nov. 16 to Nov. 22, both inclusive:
Friday
Last
Sale.
Price.

Par.

2d Lib Loan 4a..1927-42
1st Lib L’n 448.1932-47
2d Lib L’n 4 H8.1927-42
3d Lib Loan 4KS..1928
4th Lib Loan 4 4 a. 19.38
Am Agric Chem 5a...1924
Am Tel A Tel coll 4a. 1929
Convertible 6a
1925
Ateh Top A 8 Fe 4a..1995
AtlG4WI88L5B ..1959
Chic Jet A U 8 Y 5a. 1940
Ot Nor-C B A Q 4S...1921
Mass Gas 44s
1929
.

—

Week’s Range

Sales

of Prices.
High.

Week.

—

1024
80

N E Telephone 5s....1932
Pond Creek Coal 6a_.1923
Punta Alegre Sugar 6s. 1931
Swift A Co 1st 5s
1944
Ventura Oil conv 7s. .1922
Western Tel A Tel 58.1932

99.54
95.64
95.64
98.60
97.54
97.54
97.74

99.70
95.84
96.10
98.70
98.04
98.00
98.04

1004 1004
864 874
1024 1034
874 874
80
834
944 944
954 954

92
75

92
75
93

944

974

88
97
93

92
75

944
954
88

974

914

Range since Jan. 1.

for

Low.

93
92

$6,700
3,200
23,700
650

27,200
68,300
74,600
1,000
5,000
4,600
1,000
11,500
1,000
6,000
10,000
11,000
3,000
16,000
3,000
10,000
3,000
3.000

Low.

High.

96.52 Jan
93
June
92.84June
93.64 July
93.04 July
94.54 Aug
97.54 Nov

102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov

924 May
774 Aug
944 Sept

1014
874
1044
874
834
944
954

Nov
Nov

92
75

Nov
Nov

944

Nov

Oct

744 Sept
874 Apr
92
85

Mar

Sept
Jan
844 Aug
90
Apr
77
May
904 Sept
674

Kov
Nov
Nov
Nov
Nov

954 Nov
88

824 June

Nov

Sales

Stocks—

Par.

American Radiator pfd 100
Amer Shipbuilding.... 100
Armour A Co, pref
Booth Fisheries—

Common, new. (no par)
.

Preferred
100
Chic C’y A C Ry pt sh com
Preferred

Week's

Pneumatic Tool. .100
Rys part ctf "1”
Rys part ctf "2”
Rys part ctf “3”
Rys part ctf “4”
Chicago Title A Trust. 100
Commonwealth-Edison 100
Cudahy Pack Co com.. 100
Deere A Co, pref
100
Diamond Match
100
Hartman Corp
100
Hart Shaf A Marx, comlOO
Illinois Brick.
100

Libby (W J)
Lindsay Light

Mid West Utilities pref 100
National Carbon, pref. 100
Peoples’ Gas L A Coke. 100
Pub Serv of No Ill com 100

Quaker Oats Co, pref..100
Sears-Roebuck com
100
Shaw W W common
100
Stew-War Speed com. 100
Swift A Co.
100
Swift Int’l
Union Carbide A C(no par)
United Paper B’d com. 100
Preferred
<
100

100

Range since Jan. 1.

Week.
of Prices.
High. Shares.

116
101

105
103

116

1054
1024 1034

244

234

77
1
14

77
1

134
22
66
40

264
784
1
15
22

42
11
2

185**

185
117
118
129
132
954 97
115
1154

185

1174
129
96
115

544

644
234

67
64
23

144

•

95
98
162
70
75
123
43

98
162

754
75
125

644
25
15
60

724

100

240
460
100
145
45
55
100
125
22
220

2,240
200
65
50

105
100

15,433

95
99
164

754
•774

130
50
614 69
22
24
63
63
108
1084
69
724
98
98

464
664
244

5,687

544

1154 H54
534 58

534

15
190
580

1,115

664

Ward, Mont A Co pref
Wilson A Co, oom__
Preferred

for

Low.

Chicago Elev Ry pref
Chic
Chic
Chic
Chic
Chic

Range

145
10
20
180
30
204
275
140

1,720
10,982
45,587
13,433
750
29
27

1,095
40

Low.

1284

High.
136

Aug
Jan

964

Jan

1444 May
104

Sept

Jan
Nov
4 Aug
12
June
12
June
474 Jan
40
Nov
8
Jan

Nov

28
86

184

Sept

Nov

714
60
16

14 July
4 Nov
112
Sept

185

100

June

1184

1074

Jan
June
Jan
Oct
Jan
Oct
Oct
Nov

133
98

92
102
45
53
45

184
144
40
107

24
14

*1154
60
69
67
26
28
65

Sept
Mar

404

61
95

Apr

June

924

Aug
June

133

1154
100

1684
754

Jan
Jan
Aug
Oct

534
47
102
32

82
146
50
69
26
81
110

474 Apr
144 Feb
584 June
100
46

Aug
Jan
Oct

914

Apr
Mar
June
Oct
Mar
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Oct
Jan
Jan
Nov
Nov
Nov
Jan
Nov
Nov
Nov

544

Chicago Teleph 5s... 1923
Commonw-Edison 5s. 1943

Cudahy Pack 1st M 5sl946
Liberty Loan 3 4 s. 1932-47
Lib Loan 2d 44s
Lib Loan 3d 44s
Lib Loan 4th 44s
Met W Side El ext g 4sl938
Ogden Gas 5s
1945
Pub Serv Co 1st ref g 5s ’56
8outh Side El 44»
1924
Swift A Co 1st g 5s... 1944

904

964
974
914

964
97 4
914

99.60 99.80
97.50 97.50
97.60 97.76
97.70 98
564 60

550

854

794

794
974

1,000
10,000
20,000
7,000
1,000
1,050
1,700
1,200
3,000
2,000
3,000
5,000
8,000

88
52

May

724
994

Feb
Nov
Mar

Jan
924 June

904 Oct
624 Aug
964 Nov

874 Sept

Apr

90
Mar
94
Aug
93.76 Sept
94.20 Aug
97.70 Nov
45
Apr
75
June
78
Oct
78
Oct
90
Sept

914

Nov
Nov

101.22 Sept

98.10May
97.76 Nov
98
Nov
60
Nov
86
Nov
91
Nov
91
Sept

974 Sept

Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Nov. 16
to Nov. 22, 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

value.

Stocks—

Par.

Amo* Rolling Mill, com.25
Amer Sewer Pipe
100
Am Wind Glaris Mach .100

I* Preferred

.100
Columbia Gas A Elec. .100
Crucible Steel, pref.. .100
Farmers Dep Nat Bank—
Harb-Walk Refrac, pf.100
Indep Brewing, com.. ..50
.

Preferred

Week’s Range

474
154
734
754
384

384
91
see not

994

474
154

804
384

665
25
20

994
24

1144 1144
164
1684
49
50 '
12

154
434
284

43
28

74
45

154

34
74
45

•124
40
73

994
24

2,990

90
91
below.

Low.

1064 1064

••••••

200
180

54
12 4
164
434
284
4

94
494

50
795
90
30
40
100
220
25
125
160
325
560
755
20
480

Indep Brewing 6s....1955

284

High.
55

Aug
Jan
Jan
Oct
Jan
Mar

Sept
14 Jan
44 8ept

106

Mar

Jan
June

Jan

May

1194
197

Jan

Feb

Aug
Jan
Feb
Mar

Aug
Jan

54 Aug
134 Aug
164 Nov
464 June
314 Aug
44 Aug

134 Sept
*404 Sept
23
July
14 Mar
5
Sept
45

115

464 Sept
3
7

964
414

Jan
Nov
Jan
Nov

1024
34
94

1144 Sept
96

Apr

154
82

13
*

9c
134
101

424

175
525

4
Oc
134

8,100
10
75

1014
924 94
424 444

440
830

97.7897.78

6c
21c

High.

•

Nov
Jan
Jan

107

Sept
4 Nov
Aug
1324 Oct
874 Mar
7c

1
48c
8
120

14
16c
151
116

Feb
Mar
Nov
Nov

Jan
Feb

Oct
Jan

May
Aug
974 May
47
May

95.97 Oct

98.06 Nov

34
50

40
54

90
39

534

$1,000
2,000

Apr
Jan

Jan

Aug

Note.—Omitted last week—10 shares Farmers A Dep. Nat. Bank at 98.

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Nov. 16
to Nov. 22, 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
Sale,
Par. Price.

Stocks—

Baltimore Tube
100
Consol Gas, E L A P..100
Consolidation Coal
100
Cosden A Co
5
Preferred
5
Davison Chemlcal_.no par
Elk horn Coal Corpn
50
Preferred
50
Houston Oil pf tr ctfs..l00
Mer A Miners Trans.. 100
Mer A Min Trans V T.100
Mt V-Wood Mills v t r.100
Preferred v t r
100
Northern Central
50

Pennsylv Water A Pow.100
United Ry A Elec
—50
Wash Balt A Annap
50
Preferred

50
5

Wayland Oil A Gas

Week's Range
j

of Prices.
Loud.
High.

for

1074

80
80
106 4 1074
82 4 84

314

304
44 4
724

74
34
354
314
444
724

714

714
164
734
754

74
34

724

714
754
79 4

714
75

784
20 4
28 4
37 4
34

80
22

Range since Jan. 1.

Week.
Shares.
’

Loto.

724

High.

Oct
Jan
Nov

1871

822
366
45
265
683
20
56
56
26
30
40
34

£24
54 Sept
34 Jan

129|

Jan

224 Jan
394 Mar
64
Apr
56

Jan

624 Aug
144 June
68
69
60

Jan

Aug
Jan

May
1074 Nov
106

Jan

84 Jan
44 Nov
394 Aug
314 Nov
45

Nov

804 June
92
90

Jan
Mar

174 Sept
July
754 Nov
76

Nov

354 June
3
Apr

244 Feb
314 Sept
414 Jan
34 Jan

834 $47,000
2,000
934
4,000
884
2,000
994
9,000
894
974 16,000
1,000
984
1,000
904
1,000
1004
85
36,000
854 37,000
98
5,000
5,000
934
1,000
1004
22
2,000
5,000
984
92
2,000
1,000
834
84
3,000
3,000
89
79
17,000

734 July

834 Nov

400

734 Aug
914 June

284
374
34

1,735
50
50

555

174 June
24

Jan

Bonds.
Atl Coast L RR conv 4s ’39
Balt Elec stamped 5s. 1947

Chicago Ry 1st 5s_...1927
Consolidated Gas 5s..1939
General 4 Ms
1954
Cons G, E L A P 5% notes
6% notes
Consol Coal ref 5s..
1950
Convertible 6s
1923
Cosden A Co ser A 68.1932
Series B 6s
1932
Elkhom Coal Corp 6s. 1925
Fairmont Coal 5s
1931
Fla Cent A Pen extended 6s
G-R-S Brew stmpd 4s. 1951

834
934
88
99 M

Kirby Lumb Contr 6s. 1923
Mary’d Elec Ry 1st 5s 1931
Milw El Ry A Lt 4M8.1931
Monon Vail Trac 5s. .1942
Penn Water A Pow 5s. 1940
United Ry A Elec 4s. 1949
.

Fundtpg 5s small

994
89
97

984
904
1004
844

84
97

934
1004
22

984

984
92

834

834
84

784

884
784
80
96
85

1936

6% notes
Wash Balt A Annap 5sl941

81
96

854

6,100
17,000

June

814 Oct
974 Oct
834 Nov
90
94
81

June

Sept
Jan

984 July
77
78

June
June

934

Aug
Apr
994 Nov
20
May
954 Apr
874 Jan
91

82
80
84
71

Aug
Sept
Mar

Sept

Jan

Nov

884 Nov
100
Apr
894 Nov
98
99

Nov
Nov
904 Nov
1034 Jan
854 Oct
854 Nov
984 Jan
934 Feb
1004 Nov
22
Nov
99
Nov
92
Feb
86
Feb
Feb
85
894 Nov
79
Nov
824 Feb
96
Feb
854 Nov

Philadelphia Stock Exchange.—The complete record
of transactions at the Philadelphia Stock Exchange from
Nov. 16 to Nov. 22, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Friday
Last
Sale.
Price.
Par.

Stocks—

Alliance Insurance
10
100
American Gas
American Rys, pref
100
Baldwin Locomotive..100
Buff A Susq Corp—
Preferred v t c
100
Elec Storage Battery.. 100
General Asphalt
100
...100
Preferred
10
Insurance Co of N A
JG Brill Co
100

Keystone Telephone
50
Lake Superior Corp
100
Lehigh Navigation.....50
Lehigh Valley
50
Minehlll A S H

Penney! Salt Mfg

Pennsylvania

584

Jan
Feb

Philadelphia Traction..60
10
Railways Co General
Reading
50
Tono-Belmont Devel

Tonopah

56
53
33
71

Mining

Union Traction
50
United Coe of N J
100
United Gas Impt
50
US Steel Corp...
100
Warwick Iron A Steel..10
Westmoreland Coal
50
Wm Cramp A Sons.
100
Bonds—
U S Lib L 1st 3 48.1932-47
1st Lib L 4s... 1932-47
1927-42
2d Lib L 4s
3d Lib L 448
1928
4th Llb.L 44s
1938
Amer Gas A Elec 5s. .2007
2007
do
small
Baldwin Locom 1st 5s 1940
Elec A Peop tr ctfs 4s. 1945
1945
do
small
...

Equit Ilium Gas L 5s.1928
Inter-State Rvs coll 4s 1943

Sales
for
Week.
of Prices.
Low. High. Shares.

Week’s Range

744

794

804

56
53
33
71
26
24
11

56
55

344
71
26
25
12

Range since Jan. 1.
Low.

62
7
13
500

19
50
58

46
48

1,310
101
187
126
27
122

1,550

584

High.
Jan

Aug
Oct

Jan
Jan
Mar

144 May
47
24
18
7
12

Jan
Jan
Jan

Aug
Jan

194

Jan

89
80

Jan
Feb

1004 May
Nov
Oct
Oct
744 Nov

56
67
37

274 July
27
July
12

Nov

214 July
764 Nov
654 Nov

164

174

614

Jan

614

604

624

811

Jan

49
133

494 NOV

52
85
48

1,943

434 June

864 Nov
504 Nov

354
254
264

364
264
274

29
24

374 Nov
274 Nov

72
2

864

894
34
34
404

Phi la Elec of Pa
25
Phila Rap Tran v t rets.50

Range since Jan. 1.

for

Week.
of Prices.
Low. High. Shares.

80
80

La Belle Iron Wks, com 100
Preferred
100
100
Lone Star Gas
Mfre Light A Heat... ..50
Nat Fireproofing, com -.50
Preferred
-50
...1
Ohio Fuel Oil
Ohio Fuel Supply.... ..25
Oklahoma Natural Gas.25
Pittsb Brewing, com. —50
Preferred
—60
Pittsburgh Coal, com. .100

Last
Sale.
Price.

8
120

Pittsb Brewing 6s—1949

Philadelphia Co (Pitts)Pref (cumulative 6%) 50

Sales

Friday

120

47,600
5,600
7,512

Low

Apr
Nov
Nov
Oct

Bonds—
Booth Fisheries s f 6s. 1926
Chic City A Con Rys 5s ’27

74
120

Amer Wind Glass Mach..
Bonds.

Feb

24 June
184 Nov

13o
32c

6c
30c

9o
30c

Range since Jan. 1.

Scrip.

Nov

Chicago Stock Exchange.—The complete record of
Chicago Stock Exchange from Nov. 16
to Nov. 22, 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.
Last
Sale.
Price.

Pittab-Jerome Copper
1
Ptttsb A Mt Shasta Cop__l
Pittsburgh Oil A Gas.. 100
Pittsb Plate Glass, oom.100
Riverside East Oil, com..5
San Toy Mining
1
Union Natural Gas....100
U 8 Steel Corp, com
100
West’house Air Brake.. 60
West'house Elec A Mfg .50

974 Nov
944 Nov

Jan

transactions at the

Friday

1999

354
*254
264
72

“864
3

34
40

704
994
89

3
3
40
190

864
494

190

734
99
1014
84
84

704
75
88

8,078
992
119
40
585

2,401
705

1,299
1

855

6,583
200
61

924

1,966

99.92
97.50
97.84
97.90
98
85
854 86

$2,000

994
734
734 734
1034 1034

5,000
10,000
1.100
1.000
2,000

99.92
97.50
95.60
97.80
98
84

994
73

100

5.100
16,500
53.100
3,000
400

Oct

Mar
June

234 Mar
*654 Sept
2
Sept
71
Jan
1 5-16 Sept

24 July
364 Aug
1824 Aug
*624 Oct
864 Mar
74 Apr
69
74

Mar
Jan

30
72

44
954
34
4

424
195

774
1164
84
76

954

Nov

Jan
Nov
Jan
Oct
Mar
Jan
Jan
Feb
Nov
Aug
Mar
Jan
June

97
Jan
93
June
92.80June
94.30 Sept
97.50 Nov

102.40 Aug
07.90 Jan
97.84 Nov
98.52 May
98
Nov

764 Sept
774 Mar
984 8ept
67
Sept

86
101

Nov

kJan

Oct

1014 May
36

July

854 Nov
May
734 May

1034 Nov
42

Jan

Friday

Range since Jan. 1.

for

of Prices
High. Shares.
Par. Price. Low.
vv

Bonds—(Cind.)

Keystone Teiep 1st 6s.1935
Lake Superior Corp 6e 1924
Lehigh Valley 6s ctls.1928
Gen eonsjI 414*..-.2003
Lehigh VaJ Coal 1st 5s 1933
Natl Properties 4-fls. .1946
Philadelphia Co eons A eoll
trust 5s stampel
1951
Phils Electric 1st 5S..1966
fmftl)

91*
40

94)4

1966

Reading gen 4s
1997
Spanish-Am er Iron 6s. 1927

94H
95)4
89)4

94)4
95)4
90

66)4

Low.

99)4 Sept
Aug

3,000
28.000

900

Jan

85)4 Nov

Apr

96
97
91
101

89)4, Sept
July

80)4 Sept
99
54

Jan

59)4 Aug
103)4 Nov
91)4 Feb
101
May

14,0001

67)4

High.

87)4 Oct
47 J4
Jan
97 J4 Sept
85
Oct

18,000
1,000

100

100
66 X

vvn.

2,000
22.500
39.000
4,000
2.000
1.000

89K 89H
6314 56
102102H
91
91)4
100 H 100)4

102 H

United Rys Invest 5s. 1926

FrUtai
Last Week's Rangt
Sale.
of Prices.
Price. Low.
High

Laos

Week’s Range

Last

[Voi.. 107

THE CHRONICLE

2000

July
Apr

Jan

May

67)4

Nov
Feb
Nov

Stocks—

1C
Wayne Coal
1
Aire
Wrlght-Martln
r__(t)
Rights—

6)4
3)4
4H

5)4
3)4
4)4

Texas Co.r
Former Standard Oil
Subaid lerles.
An?lo-Amer Oil.r..
t\
Colonial Oil.r10C
G lena-Slg Oil, eom.r.100
ill n >ls Pipe IJne.r
10C
Indiana Pipe Line.r
50
Ohio Oil.r
•.
25
Pmui-Mm Fuel r
.25
Standard Oil (Calif) r.,100
Standard Oil of N J .r.. 100
Standard Oil of N Y.r. 100
Vacuum Oil
10C
Other Oil Stocks.
Allen Oil.r
1
Barnett oil A Gas r
1
Cosden A Co common r..6

15)4

14)4

U 8 Steamship

17)4
.

106

320

Exchanges

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
k eek

D. 8.
Bonds

Bonds

310,300 829,133,500
529,342: 50,182.700
42,330,800
446,088
49,860,000
529,800
50,854,500
550,590
57,873,750
649.140

81.135,000
1,954,000
1,427,000
1,955,000
1,345.000
1,779,000

81.176.000
1,265,000
986,000

3.015,260 8280.2)5.250

89.595.000

88.715,000 842,435,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

dkc..
Ronds.

1 Far Value

|
|

Week ending Nov. 22.

sates at

Now York Stock
1918

Exchange

1917

3,015,260'

Stocks—No. Shares...

83.651,000
6,709,000
6,574,0C0
7,737,000
7,387,000
10,377,000

990,000
870.000
1.428.000

Jan. 1 to Nos. 22.
1918

1917

128.636.279!

3,188,324

70,782,292

8280.235.250 8298.604.400 812.023.407.915 815.749.957.030

Par value

-’...-..-I

Bank shares, par
Government bonds...
State, mun., Ac., bonds
RR. A mlsc. bonds...
Total bonds

819.700.

8117,600

81,080,107.000'
244,030,000
301,547,000

8220,241.750
273,119,500
432,198,000

81.625,684.000

8925,559,250

Bonds'.

842,435,000
6.715,000

814,432,000
4,385,500
6,811,000
9,595,000]

858.745,000

825,628.500

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.
Boston.

Week ending
Nos. 22 1918.

Saturday
Monday
Tuesday

Wednesday
Thursday
Friday
Total

Shares.

Philadelphia.

Bond Sales

16,534
24,120
20,967
27,755
23,456
26,779

139,611

827,700
116,200
30,700

69,000
32,050
17,000
8292,650

2,332
6,182
7,378
7,472
3,843
5,634
32,841

AND

Baltimore.

Bona Suits

822,000
44,000

1 bond Sales

1,040
1,436
1,010
551S

24,300!
54,9001
66,600
25,000

626
815

8236,800

6,478

5118.000
16,300
23,100
30,000
17,900
15,000
8220.300

New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from Nov. 16
to Nov. 22, 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 rggularly

organized stock exchanges.

only

they

permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
are

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 transac¬
tions may creep in, or even that dealings in spurious securi¬
ties mav be included, should, hence, always be kept in mind,

particularly as regards mining shares. In the circumstances,
it is out of the question for anv one to vouch for the absolute
trustworthiness of this record of “Curb"‘transactions, and
we give it for what it may be worth.
Friday
West ending Nos. 22.

Aetna Explos.r
(no per)
Brit-Am Tob ord bear_.£l
Burns Bros Ice com r .100

Car Ltg A Power.r
25
Cities Service com r
100
Preferred r
100
Columbiaville Woolen r 10

Cramp (Wm) 8 A E B.rlOO
Curtiss Aero A M,com_(t)
Emerson Phonograph
5
Gen Motors 6% deb stk wl
Hupp Motor Car
10
Intercontinental Rubb.100
Keyst Tire A Rub, com. 10
Lake Torpedo Boat.r_.10
Lima Looomot com r. 100
Mare*»nl Wire! Tel of Am.5
N Y Transportation
10
North Am Pulp A Pap (t)
Pom Seaboard Steel
(*)
Poulsen Wireless, r
100
Reie Equipment r .....10
Smith Motor Truck r.._10
10
Stand Mot Constr.r
Steel Alloys Corp.r
5
Submar Boat O >rp v te. <+)
United Motors r. .fno par)
Unit Zine Smelt..(no par)
U 8 Light A Heat com r.10

Last
Sals.

Sales
Week’s

Par. Price. Low.

Stocks—

6)*
22 H
45 M

2)1
300

11X

------

80
4H

24H
------

44
6
------

6)4
22
42

1)4
295

81H
11H
90
17
2X
79

4)4
12 H
19

2)4
43)4
4)4
14)4
2)4
34)4
7

12)4
------

------

7)4
13
33 H

Elk Basin Petroleum r
6
Esmeralda OU r
1
Federal Oil r
6
Glenruck (Ml r
......10
Houston Oil com r._._100
Imperial Con (Ml 1. r__._l
Internal Petrol.r
1
Island OU A Trans r....!0
Merritt Oil Corp.r
10

11)4
)4
8H
6)4
13

33)4
H
IN

Range

for

High.

Week
Shares.

Okmulgee Prod A Ref

Omar OU A Gas

22)4
47

2)4
300
82

11)4
91)4
18

2)4
83)4
5

13«
26)4
2)4
45

5)4
14)4
3)4
42)4
7
12 H

H
8)4
7)4

14)4
35)4
)4
1)4

9,900
12,600
1,500
7,100
366

250
1,600
450
500
800

3,100
3,680
225

67,500
400
400

8,500
100

6.100

High.

6)4 Nov
14)4 Apr

.16)4 Mav
23)4 Nov

18 H June
1)4 Oct
Feb
200
68)4 Jan

63 <4 Nov
3)4 Mar
805
Oct
82
Nov
12
Oct
91)4 Nov
42
June
4 H Jan
83 H Nov
5)4 Nov
15)4 Oct
26 H Nov
6
May

10)4 Sept
80
June
17
Nov
1
Aug
79
Nov
2 H Jan
8
Aug
11H Oct
2)4 Nov
33
Oct

2)4 July
13)4 Aug
3

720
200

34)4 Nov

2,055
9,200

10)4 July
Nov
H

400

Oct
June
Nov
1914 Jan
H Nov
1
Mar

1,200
7,300
15.500
1.000
1.000

8)4

5
11

Nov

com

Royal Dutch Co new.r...
8a pul pa Refining, r
6
Security Prod A Ref
5
Sequoyah OU A Ref
1
Sinclair Gulf Corp r
(t)
Sinclair Oil warrants
Stanton Oil.r
1
Texana Oil A Ref.r..
1
United Western OU, new.r
in
Victoria Oil r

Wayland Oil A Gas, com.5
Mining Stock*Alaska-Brit Col Metals.. 1
America Mlnes.r...
..1
Atlanta Mines
1
Bis Ledge Conner.
6
Booth r.
l
Boston A Montana Dev..6
Caledonia Mining.......1
Calumet A Jerome Cop.r 1

Cental Silver M A M.r..l
Coco River Mining_r
1
Consol A, lion* tf-oHt
5
Consol Copper Mines
6
Cresson Qhm Gold MAM 1
Denbigh Mlnes.r
1
Dundee-Arisona Copper. 1
Eureka Croesus Min r
1
First National Copper
5
Goldfield Consolidated. 10

Goldfield Merger, r

Great Bend.r
1
Herte Mining
—_.25e
Iron Bloesom.r
10c
Jim Butler.r
......1
Jumbo Ritmirinn
I

7)4

La Rose Consol Mines

Magma Chief r.
Magma Copper
Marsh Mining-r
Masro Valley
McKlnley-Darragh-Sav

1
6
1
5
1
1

Mother Lude.r
N Y A Hond Rosario...10
Nlxoa Nevada........1
OBond ago Mints r
1
...

Ray Hercules Mlning_r_.fi
R«rnewer Mines........ 1
San

Toy Mining

Silver Flame Silver r....l
Silver King of Arisona...l
Silver Pick Cons.r
..1
Standard Silver-Lead
1
Stewart
1

Mining
Superstition Mining
Riimwm

Tonopah Extension

1
1
..1

Apr
May
Nov
Feb

8)4 May

7)4
H
H
2

2)4
--

------

87c

4)4c
1)4
51c
40c

1)4
2)4
22c
------

5)4
%
42c

2
18c

4)4
3)4
33c

1)4
2)4
3)4
40c
87c
4c
1
4c
463
39c

14
------

7-16
16c
------

1)4

West End Consolidated
5
Western Utah Exfen f r__l
White Caps Extension.10c

Whit* Caps Mining
Wlljert Mining

lOe
1

Bond*—
Amer Tobacco serial 7s r’19
Serial 7s. r
1920
Serial 7s.r
1921
Serial 7s r
1922
1923
Serial 7s r
1919
Beth Steel Ser 7s r
Serial 7s r
1921
Serial 7s.r
1923
Canada (Dorn of) fie. .1919

1)4

...

1)4
4c
51c
43c
9-16

2)4
48c

7)4c
1)4
1

22c
2J4c 3c
4c
4c

300

16,700
2,900
27,500
20,400
1,000
52,000
26,780
31,000|

1.1001

22,000
14,800
3,800
3,700
41,000
10,200
7,400
800

4.700
1,550
2.200
6,000
8,000

10)4c

10)4c
4c

3)4
47c
33c
11
33c

4)4
3)4
32c
9c

H
7-16
4c

H
14c
11c
8c

3)4
1)4

6c
35c

X
25c

32)4
4c

3)4
50c
43c

900

31,100
22,200
4.300
11,400
5,500

14)4
14
14
7-16
4c
7-16
16c
11c
13c

3)4
1)4
3)4
14
4)4
8c
37o
82c

1)4 15-16

98)4
115
104
100
100

98)4
125

194)4
100)4
100

98)4

97)4 98)4
99)4 100)4
98)4 99)4

67
69

72
71

100)4 100)4
9914

1,800
3,300
1,000
2,950
4,000
47,000

12)4

37)4e 43c
80c

liOOO

39c
4H
4
34c
10c

10014 10014
100
100H

9014

57,700
2,200
6,000
3,070

e;e55

100)4
101
101)4
102)4
102)4
100)4

100H

15,000
2,200
1,000
4.300
10,000
3,100

2,800
16,600
1,000
3,000

100)4
100)4
100)4
101)4
101)4
100)4

98)4
99)4

100

5)4

100)4
100)4

98)4

6,650
7,200
49,000

9-16
48C

5)4
H

2c
15c
9c

101)4
101)4
100)4

200

40c

19c
2c
17c
10c

101

50
800

530

15q

U 8 Rubber 7s. r
West’house El A Mfg—
1-v*nr69t n<">te«i

42c
88c
5c

18c
2c
16o
10c

CntMol Copper 7a_r
Federal Farm I-oan fie

KanCltyTermRv 6s w 1 *23
LdggettAMyers Tob 6sl921
Russian Govt thl r.. 1919
fitfe
_.1091

2)4
3)4

21c

United Eastern Mining.. 1

4H
7c
37c
43c
81c

2)4

1J4
5)4
6)4
5)4
5)4
% 11-16
1
1)4
1)4
1)4
2
2)4

75c"
------

100

15,000
24,300

H
H
13-16 13-16

25c
30
4c

49c
35c
12
35c

2
22c
73

•

------

3)4

10)4

66)4
7)4
7)4
)4
)4
H 11-16
20)4 22)4

370
70
265
80

2)4
3)4

9)4

------

3,305

10c

1.08
1.08
135
138
51c
56c

2
46c
6c
1
1)4
1
1
13-16
1)4

6)4
5)4
H

1
97
35
80
191

248,200
4,300
3)4
13,900
74
77
1,500
H 11-16
1,100
15
14)4
7,800
H
3)4
3)4 19,500
200
22)4 22)4
1)4 1 13-16 12,600

42
------

240
617
300
385

6c
2

H
4)4

695. notes
1919
Interboro R T 7s....1921

June
Nov

22C
-

47)4

7)4
1)4
6)4

3 3-16

U s Lead A Zine i r
Ward Mis A Milling

2,500

7)4
1)4
6)4

Tnnnpah Mining

Gen Else 6% notes.. 1920

Oct

15)4
3)4

6)4 Nov
20
July
4H Aug
56)4 June
May

74
------

18
470
109
169
97
327

7-16
5-16

13)4
Silver Canon

50)4 May

15)4
13)4
2)4
13)4
7)4
20 Vi
85)4

6)4
6c

2)4
3)4

3.700

7-16
3-16

)4
Canada Copper Co Ltd..6 2 1-16
Candaiaria Silver.r
48c
1
Cash Boy
7c
1

1
.1
Wasapika
Washington Gold Quarts. 1

Range sines Jan. 1.
Lou.

23
Metropolitan Petroleum25 1 11-16
Midwest Oil common r..l
Midwest Refining.r
60 135)4
Northwestern Oil. com.r.l
51c
Oklahoma Prod A Ref...6
9H

Kew&niin

On the New York Stock Exchange, for instance,
members of the Exchange can engage in business, and

•

290

Crystal Oil A Refining.r.l

State. Mun
A Portion

Railroad,

Slocks.

ending
Nos. 22 1918.

232
613
284
384

235

18,600

44)4

Volume of Business at Stock

17
470
106
167
96
320

for
•
Week.

6 H *22 ^0C
4
19.50Q

5)4

9914

Range since Jan. 1.

Sales

2|200

12,000
3,400
2,500
1,000
6,600
31,100
1,000

34^500
600

5,270
500
500

1,860
8,500
23,500
10.900
5,000
8,500
36,300
2,000
25,400
12,000

*131,000
100,000
83,000
285,000
167,000
15,000
1,000
65,000
772,000
60,000
150,000
7,000
6,000
375,000
245.000
550,000
138,000
59,500
76,000
2.000

Low.

High.

3)4 Non

7)4 May

2)4 Oct
4)4 Nov

1114 May

12)4
11)4
470
92
138
90
290
26
210
490
248
317

Oct
Feb

Sept
Sepi
Sept

635
302
420

6H Sept
June

5)4 July
3e Sept
1)4 Aug
2H Sept
39)4 Jan
)4 June
12)4 Feb
1)4 Jan
17)4 Mar
X Jan
87c
97
42e

Apr
Mar

Sept
6)4 Apr
1)4 Sept
18e Nov
56
July
6

Sept
>4 Sept
X Sept

15
26

Jan
June

X Sept
3-16 Nov

)4 Aug
1)4 Sept
3

18)4

Oct
June

Sept
Sept
Sept
Sept

Feb

6-16 Ain*
34c
July
3c
July

X Sep t

Nov

17)4 Nov

470
145
192
99
365
48
249

Nov

5-16 May
5* Aug
1

Apr
Jan
Oct
Nov
Nov
Nov
Oct

11-16
1 3-16

6-16
4
6

614

2)4 Nov
1.24 Jan
139
Nov
89c
Feb

1014 Oet
1114 Mar
40c
82

24
43

Oet
Nov

214 Mar
1X May
214 Feb
6H Mar
3)4 Feb
70c
88c
13c

Nov

96e
66c

Vi Oct
7-16 July

Feb
1)4 Sept
X

17c

Oct

l)4cJune
2
Sept
2)i Jan
5-16 Apr
40c
8c

Nov

July
l)4e Oct

25c’

Jan

Apr
May
2)4eNov
3)4 Aug

33c
25c
11
31c
2

3)4

Nov
Jan

Mkr

7-32

Ape

2)4e Oct

114 Sept
1

Nov

1 5-16 Nov

2)4 Jana
2)4 Jan
7-16
5c
lOe

*654*
11-16
90e

Nov

2)4 Sept
14 Sept

3” July

Jan

64c
1Rft

Jan

lfiU

Nn*

14
1

Nov

AUg

H Jana
7c

Feb

14
lfle

Apr
Jan
Apr

13c

Nov

3)4 Mar
1H Jan

1 W

6)4

73e
65c
lie

Oct
Jan
Oct

62c
43c
82c

96)4
9414
115

Jan
Mir

Feb
Mar
Nov
Nov
Nov

1)4 Jana
23c
18c

14
14c

101

Oct 101)4
Oct 101)4
Oct 103)4
Oct 103
July 101
July 100)4
July 100)4
Jan
9814
Nov

July
Jan

May

60c

99)4
99)4
99)4
9814

Apr
Jan

1)4 Mar
6

Oct

Jan
Jan

8)4eMar
6)4 Jan
60c
66e

May
37)4c Nov

100)4
99)4

Nov
Jim

6c
4c

l)4c Nov
84c Sept
4c
Sept

Jan
Feb
Feb

9c
Feb
11-16 Apr
)4 Mav
42
Jan

Aug
Jan
Nov

Jan

2)4 July

Oct
lie
7c
8c

NOV
Feb

2% Nov
•7)4 May

414

Sept
Jan
Sept

7)4

Mar
Jan

114 July
2)4

Jan

60c

19c

14)4

Jan

Nov
Feb

1)4 Mar
2)4 Nov
48C

Nov
Oct
Jan

27c

May

114 Mar
Apr

Sept

4)4 Aug
4H Mar

Jan
Nov

10)4 May
14 Oct
IX Mar

85e

Ap.

Mar

29 H June

Aug
3c
Oct
42c
Jan
1
Nov
1 6-16 Feb

Jan
Feb
Jan

86)4 Jons
% Nov
16>t Oet

Jan

Xs Nov

Jan
Jan

8H Feb
114 July
714 Oet

3o
She

1H
37e

Oct
Nov
Jan
Jan

Sept
Feb

Jan
Jan
Oet

Oct
Nov

Oct
Nov
Aug

Nov
Oet
Nov

125
1 ruf
if

Nov
AUg

101)4
10014
994
100)4
9914

May
Apr
Nov
Nov
Nov

Mar

Apr
99)4 Nov

Oet
Nov

10114 Nov

98)4 May

100 H

101)4 June
9814 Jan
99

Jan

97)4 Nov
99)4 Nov
98)4 Nov
88
32

Nov

Odd lota.
* No par value.
« Listed as a prospect
I Listed on the Stock
Exchange this week, where additional transactions will be found,
s New stoeJ
r Unlisted.
• Ex-cash and stock dividends.
«v When Issued.
% En-dlvKten#.
y Ex-rights.
s Ex-stock dividend.

Not. 23 1918.]

THE CHRONICLE

CURRENT NOTICE
—In

advertising pages to-day, the Guaranty Trust Co. of this city
Is offering for private investment $7,000,000 City of
Philadelphia 4H %
bonds, due Nov. 1 1948. at 104 and interest, yielding over 4.25%. Free
of Pennsylvania State tax and exempt from Federal income tax under
present laws.
Legal investment for savings banks and trust funds in
Pennsylvania, New York.'New Jersey and all the New England States,
and eligible, in the opinion of the Guaranty Trust, to secure Postal Savings
deposits up to 90% of the market value of bonds, not exceeding par and
our

2001

New York City

Realty and Surety Companies

All prices now doUars per share.
Alliance R’lty
Amer Surety.
Bond A M G.

Casualty Co.
City Investing
Preferred..

Bid.
55
58
205
....

14
60

Ask. !
65

65
215
75
19
67

Bid.
95
Mtge Bond.J 85
iNat Surety..1 210
IN Y Title A
Mortgage..! 60

Ask.

{Lawyers Mtge

90
215
.

Bid.

Ask

Realty Assoc
(Brooklyn).
U S Casualty.

70
175

US Title Guar
West A Bronx
Title AMO

80
190
60

150

170

interest.
—R. M. Grant & Co. of this city have purchased and are offering to
investors, to yield 4.50%, $490,000 City of Dee Moines 4H% and 5%
bonds, due serially Nov. 1 1923 to 1938. The bonds are exempt from all
Federal Income taxes, are eligible to secure postal savings deposits, and
they are. it is stated, legal investments for savings banks in New York,
Massachusetts. Connecticut, Rhode Island, Maine, New Hampshire and
Vermont.
The city’s valuation for taxation purposes in 1917 was $172.457,359. Its total bonded debt including these bonds is given as $3,939,-

494.
—All the bonds having been sold, the National City Company, this city,
will execute orders at prevailing market prices for $6,000,000 American
Thread Co. first mortgage 6% ten-year gold bonds, due Dec. 1 1928.
The National City Company publicly offered $4,500,000 of this issue on

Nov. 20, the balance having been sold privately.
A descriptive circular
will be sent on request.
See advertisement elsewhere in to-day’s issue.
—The issue having been many times oversubscribed, the National City
Co. and the Guaranty Trust Co. advertise* as a matter of record only their

joint offering of $20,000,000 Liggett 4c Myers Tobacco Co. 3-year 6%
gold notes due Dec. 1 1921. at 98 and Interest, yielding about 6H %. All
the particulars appear in the advertisement published on another page.
—Imbrle 4c Co., bankers, of New York, announce the opening of a
Pittsburgh office in the Commonwealth Building, under the management
of hrthur G. Deane and Albert G. Wells.
—The investment business formerly conducted by Rauscher 4c Childress
at 10 Wall Street, this city, will in the future be carried on by W. O.
Rauscher at the same address.

—Paine. Webber & Company of Boston have opened a branch office in
Philadelphia, Land Title Building, in charge of F. Clark Durant, Jr.

STOCK OF MONEY IN THE COUNTRY.—The follow¬

ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-Stock of Money Not. 1 ’18
Money in Circulation
In U. S.
nHeldin Treat. Nov. 11918. Nov. 1 1917.
$
S
$
$
Gold coin (including bullion
In Treasury)
3.079,784,766 303,339.350
Gold certificates
Standard silver dollars
429.846.930 30,972,885
Silver certificates

Subsidiary silver
Treasury notes of 1890

235,004,206

3,874,531

United States notes
346,681,016
Federal Reserve notes
c2.705,737,855
Federal Reserve bank notes
71.647.260
National bank notes
721,471.138

7.493.225
32,590,498
1,010,839
20,040.397

Total

6945,885,712 1,021,616,341
724.716.139 1,220,881,009
81.329,800
75,940,258
315,732,826
476,449,471
231.129,675
207.884,124
1,811,419
1,920,791
339,187,791
339,974,034
2,531,940,647
865.745,710
70,636,421
12.911.105
701,430,741
701,605,505

7,590,173.171 399,321.725 5.943,801,171 4,924.928.348

This statement of money held in the Treasury as assets of the Government
does not Include deposits of public money In Federal Reserve banks and In national
a

banks and special depositaries to the credit of the Treasurer of the United States,

amounting to f1.827,371,512 48.
b Includes $419,617,732 70 Federal Reserve Gold Settlement Fund deposited
with Treasurer of the United States,
c

Includes

own

Federal Reserve notes held by Federal Reserve banks.

Note.—On Nov. 1 1918 Federal Reserve banks and’Federal Reserve Agents held

against Federal Reserve notes $911,992,785 gold coin and bullion, $193,850,780
gold certificates and $141,206,710 Federal Reserve notes, a total of $1,247,050,275,
against $601,517,840 on Nov. 1 1917.

New York City Banks and Trust Companies
All prices now dollars per
Banks—N.Y.
America*....
Amer Exch..
Atlantic

Bid.

Ask.
510
230
180
200

495
220
170
Battery Park. 190
400
Bowery *..._
175
Bronx Boro*. 125
170
160
Bronx Nat
Bryant Park* 150
20
Butch A Drov
25
390
410
Chase
245
Chat A Phen. 235
125
Chelsea Exch* 115
395
405
Chemical.
225
Citizens
215
455
445
City
225
Coal A Iron.. 215
Colonial •____ 400
165
155
Columbia*
Commerce
t207i*
Comm'l Ex*. 390
410
Commonwealth *.._ 195
107
Continental*. 100
335
Coro Exch*.. 325
85
100
Cosmop’tan*.
Cuba (Bk of). 175
20
25
East River
Fifth Avenue*J1800 2200
230
215
Fifth
900
First
170
185
Garfield
Gotham
200
a0
Greenwich *__ 330
685
Hanover
240
Hand man
520
Imp A Trad.. 510
...

Bid.
250
165
305
123
Metropolitan* 170
375
Mutual *
New Neth*.. 200
New York Co 130
New York
425
Pacific *
135
Park
510
Prod Exch*.. 200
Public
210
450
Seaboard
Second
400
125
Sherman
108
State *
23d Ward*... 115
Union Exch.. 145
UnitedStates* 500
iWash H’ts*__ 275
Westch Ave*. 160
York ville *
290

Banks.
Lincoln
Manhattan *.
Mech A Met.
Merchants

....

275
410

Trust Co’s.
New York.
Bankers Trust
Central Union

Columbia
Commercial..

Empire
Equitable Tr.

....

Fidelity

....

Fulton

Guaranty Tr.

525

Hudson

260
145
150
110
57
90
200
133
175
141

Bid.

Ask.

440
410
310
88
290
363
382
205
325
380
135

450
417
315
95
300
368
387
215
$55
385
145

Irving Trust. /See Irving
\Nat Bank

225
470
425
135

Law Tit A Tr

1 Lincoln Trust

90
98

97
105

Mercantile Tr

130
155

A Deposit. 200

Metropolitan. 330

|Mutual(West.

Chester)

...

105

175
310

In Y Life Ins
870
j A Trust
|N Y Trust... 595

155
270

{Title Gu A Tr

Scandinavian

First
Flatbush
Green point
Hillside •
(Homestead *_
Mechanics’ *_
Montauk •
Nassau
National City
North Side*..

Farm L A Tr.

....

Brooklyn.

Coney Island* 140

Pflonift’i

certificates) 270
395
Liberty

share,

Ask.
280
175
315
130
175
400
215

OT_..

165
120
110
62
100
207
138
200

{Transatlantic.

280
260
....

....

125

890
610
300
....

170

405
890
130

415
910
140

500
220
{Hamilton.... 265
Kings County 020
{Manufacturers 160
280
People’s
70
Queens Co—

515
235
275
650
165

|U S Mtg A Tr
{United States

{Westchester..
Brooklyn.
Brooklyn Tr.
Franklin

Banks marked with a (•) are State banks,
t Sale at auction or at Stock
Exchange this week, t Includes one-third share Irving Trust Co.
f New stock.

Quotations for Sundry Securities

All bond prices are “and interest” except where marked “g.”

Standard Oil Stocks

Pe r Share
Par Bid. | Ask

Anglo-American Oil new. £l|
17
Atlantic Refining
100 990
Bome-Scrymser Co
100 450
Buckeye Pipe Line Co
60 **93
Cheeebrough Mfg new
100 300
Colonial Oil
100
10
Continental Oil
100*450
Crescent Pipe Line Co
50 *36
Cumberland Pipe Line... 100 165
Eureka Pipe Line Co..__100; 180

Galena-Signal Oil

100, 105

com

Preferred old
100'
Preferred new
Illinois Pipe Line
100
Indiana Pipe Line Co
60
International Petroleum. £lj
National Transit Co... 12.50
New York Transit Co___100

RR. Equipments—PerCt. Basis

17i2 Baltimore A Ohio 4Hs
Buff Roch A Pittsburgh 4Hs
Equipment 4s
Canadian Pacific 4Hs
I
Caro Clinchfleld A Ohio 5s..
Central of Georgia 5s
Equipment 4Hs
Chicago A Alton 4s
Chicago A Eastern Ill 6Hs.I
Equipment 4 Ha
Chic Ind A Louisv 4Hs

1010
475
96
325
40
475
39
170
190
110
130
103
165
98

6.10 5.70
6.15
6.15
6.35
6.75
6.25
6.25
7.00
7.50
7.50
6.50
6.00
6.00
6.90
6.50
6.40
6.40
6.40
6.25
6.23
6.00
6.0C
0.5<
6.0U
6.15
6.00
7.25
7.25
6.50
6.50
6.10
6.10
6.50
6.00
6.00
5.75
5.75
7.25
7.25
7.00
7.00
6.25
6.50
6.50

5.65
5.65
5.95
6.00
5.75
5.75
6.25
6.50
6.50
0.00
5.55
5.25
6.00
6.00
6 00

Chic St Louis AN0 5s
Chicago A N W 4Ha
Chicago RIA Pac 4Hs
Colorado A Southern 5s..__
*1514 15*4 Erie 58
17
*16
Equipment 4 Ha
6.00
180 190
6 00
Equipment 4s.
Northern Pipe Line Co._100| 110 115
Hocking Valley 4s.
5.75
Ohio Oil Co
25 *320 325
Equipment 5s
5.75
Penn-Mex Fuel Co
25 *45
Illinois
47
Central 5s
5.25
Prairie Oil A Gas
100 560 570
Equipment 4Hs
5.25
Prairie Pipe Line
100 288 293
Kanawha A Michigan 4Hs__
6.00
Solar Refining..
100 340 360
Louisville A Nashville 5e
5.25
Southern Pipe Line Co.. 100 180 185
Michigan Central 5s
6.75
South Pain oil..
..100 280 285
Minn St P A 8 8 M 4Hs.___
5.50
Southwest Pa Pipe Lines. 100 100 105
Missouri Kansas A Texas 5s.
6.50
Standard Oil (California) .100 234 238
Missouri Pacific 5s
6.50
Standard Oil (Indiana). .100 715 725
Mobile A Ohio 68
6.00
Standard Oil (Kansas)...100 535 650
Equipment 4Hs
6.00
Standard Oil (Kentucky) 100 340 360
New York Central Lines 5s.
5.70
Standard Oil (Neoraska).lOO 450 465
Equipment 4Hs
5.70
Standard Oil of New Jer.100 593 603
N Y Ontario A West 4Ha...
6.00
Standard Otl of New Y'k.100x288 292
Norfolk A Western 4 Ha
5.25
Standard OH (Ohio)
100 465 485
Equipment 4s
5.25
Swan A Finch
100 100 105
Pennsylvania RR 4 Ha.
5.25
Union Tank Line Co.... 100 107 109
Equipment 4s
5.25
Vacuum Oil
St Louis Iron Mt A Sou 5s..
100 380 388
6.25
St Louis A San Francisco 5s.
Washington Oil
10 *40
45
6.25
Seaboard Air Line 5s
6.25
Equipment 4 Ha
6.25
Ordnance Stocks—Per S hare.
Southern Pacific Co 4Ha...
6.75
Aetna Explosives pref
100
55
Southern Railway 4 Ha
50
6.00
American A British Mfg. 100
5
Toledo A Ohio Central 4s...
2
6.00
Preferred
..100
35
20
Atlas Powder common
100 162
167
Tobacco Stocks—Per Share.
Preferred
100
90
86
Par Bid. Ask.
Babcock A Wilcox
100 110 112
American Cigar common. 100
98 103
Bliss (E W) Co common. 50 *300 350
Preferred
100
83
93
Preferred
Amer Machine A Fdry__l0<
50 •65
75
60
80
Canada Fdys A Forgings. 100 190 205
British-Amer Tobac ord..£i *22
24
Carbon Steel common
100
100
Ordinary, bearer
£1 *221* 24
1st preferred....
100 "93"
98
Conley Foil
100 190 1210
2d preferred...
100
Johnson Tin Foil A Met. 10C
70
68
60
90
Colt’s Patent Fire Arms
MacAndrews A Forbes.. 10C 170 190
Mfg
25
50
Preferred
io<
90 100
duPont (E I) de Nemours
Reynolds (R J) Tobacco. 10C 360 400
A Co common
B common stock
100 262 1267
10C 270 290
100
Debenture stock
Preferred
10c 106 110
88*2 8912
Eastern 8teel
100
A dividend scrip
90
80
94
98
B dividend scrip
40
Empire Steel A Iron com. 100 25
94
98
Preferred
100
73
Young (J 8) Co...
10C 120 150
Hercules Powder com... 100 210 220
Preferred
10C
95 105
Preferred
100 105 109
Nlles-Bement-Pond com. 100 117 121
Short-Term Notes—Per ?ent.
Preferred
100
Amer Cot Oil 5s 1919..MAS
98
95
98s* 99
Pain Seaboard Steel (no par) *46
50
7% notes Sept 1919
IOOI4 KXM*
Amer Tel A Tel 6s 1919. FA»
Phelps-Dodge Corp
100 290 310
99?s 1001*
Scovill Manufacturing
Balto A Ohio 5s 1919...JAJ
100 370 400
99*4 991*
Thomas Iron
60 •20
30
Canadian Pac 6s 1924.MAS u.
997* 100*8
Winchester Repeat Arms. 100 700 800
Del A Hudson 5s 1920
FA/
98*4 98*1*
Woodward Iron
Erie
100
55
RR
1919
5s
60
96
A-C
96**
Fed Sugar Rfg Be 1920..JAJ
Preferred
95
85
951* 97
General Elec 6s 1920
JAJ 100 100**
6% notes (2-yr) 1919JAI
100 1001*
Public Utilities
Great North 5s 1920...MAS
98
98**
Amer Gas A Elec com
50 *104 106
Hocking Val 6s Feb ’19 MAN
Preferred
50 *44
K C Term Ry 4Hs 1921.JAJ
47
98
98*$
Amer Lt A Trac com....100 238 (240
5s Nov 15 1923..MAN 15
997* 100
Preferred
100 101
Laclede Gas Lt 5s 1919. FAA
103
9812 991*
Amer Power A Lt com
100
64
60
Lg „ettAMyersTob6i’21 JAl
98*4 98**
Preferred
N Y Cent 5s 1919..MAS 15
100
78
75
99
991*
Amer Public Utilities com 100
Penn
Co
20
10
4Ha 1921..JAD U
Preferred
100
Pub 8er Corp NJ 5s '19.MA8
42
39
96*
Carol na rowALi^bt com 100
Rem Arms U M C 5s ’19FAA
32
98
99
Preferred
100
Southern Ry 5s 1919.MAS 2
90
987* 991*
Cities Service Co com
100 297 300
Utah Sec Corp 6s ‘22 .MAS 15
8512 87
Preferred
100
82
8212 W’house El A M 6s ’19. FA/
997? 1001*
Colorado Power com
100
Winches
31
29
RepArms7sT9. MAS
99L 99*4
Preferred
100
94
98
Industrial
Com’w’th Pow Ry A Lt. 100
and Miscellaneous
23
2412
Preferred..
100
American Brass
63
100 205 210
50
Elec Bond A Share pref..100 492
American Chicle com
95
10C
49
51
Federal Light A Traction. 100
Preferred
12
10
10C
72
07
Preferred
100
American
40
45
Hardware
10<
140 145
Great West Pow 5s 1946. JAJ
Amer Typefounders com. 10C
83
87
38
43
Preferred...
15
Mississippi Rlv Pow com. 100* 13
100* 83
Preferred
100
42
Borden’s ConaMllk com. 100
47
96
99"
First Mtge 5s 195}...JAJ
Preferred
100
97 100
72i2| 75
North'o States Pow com. 100
Celluloid Company
62
65
100 135 140 *
100
Preferred
Columbia Graphoph Mfg (0 *90
87
89
93
North Texas Elec Co com 100
Preferred
63
68
100
85
90
100
Preferred
70
75
Freeport Texas Co
35
(*), *34
Pacific Oas A Elec com.. 100
Havana Tobacco Co
39
41
100
1
3
1st preferred
Preferred
84
86
100
2
5
100,
1st g 5s June 1 1922..J-D1 /38
Puget 8d Tr L A P com.. 100
12
15
45
100
Preferred
Intercontinen
48
Rubb
com.
100
431t
12<2 131*
Interoat Banking Co.... 100 160
17
19
Republic Ry A Light.... 100
Preferred
100
58
International Salt
60
100
52
62*
South Calif Edison com. 100
1st gold 5s 1951
79
82
A O
71
73
Pi eferred
100
International Silver pref. 100
95
98
75
Standard Gas A El (Del). 50 •10
12
Lehigh Valley Coal Sales. 50 •88
92"
Preferred
60 •33
Otis Elevator common
35
100, 55
Tennessee Ry L A P com. 100
Preferred
4
314
100.
82
100
Preferred
17
19
Remington Typewriter—
United Gas A Elec Corp. 100
Common
6
7
100
31
32
1st preferred
1st preferred
38
100
40
100 108 112
2d preferred
7
2d preferred
100
10
100 101
102
United Lt A Ryseom.__.100
40
42
Royal Baking Pow com.. 100 123 130
1st preferred
74
100
Preferred
76
100
85
89 ]
western Power common. 100
14
16
Singer Manufacturing
100 195 200
Preferred
100
60
63
Texas Pac Coal A Oil
100, 900 026
115
103
160
*96

....

"9412

85*

•

Ex-rights.

Per share,

Flat

price,

b Basis,

Nominal,

d
s

Purchaser also pays accrued dividend. ~e New stock.
Ex-dividend, g Ex-rights. (t) Without par value.

IVol. 107

THE CHRONICLE

2002

Imjjestttijeirt and jjjUiitoad Intelligence
RAILROAD GROSS EARNINGS

monthly returns
last two
the electric

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

Latest Oross Earnings.

ROADS.
Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Vicksb.'September

‘

Monongahela
September
Monongahela Conn September
Nashv Chatt A St L September
wk Nov
"
Nevada-Cal-Oregon 1st
September
September

Nevada Northern..
Newburt Sc Sou 8h_
New Orl Great Nor
New Orl A Nor East
N O Texas A Mex..
Beaum 8 L A W_
St L Browns A M
New York Central.
Ind Harbor A B.
Lake Erie A W__

•

Weekly Summaries.

Year.
%

4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d

week
week
week

week
week
week
week
week

week
week
week

14
16
15
14

roads).

(13

roads).

roads).
roads).

roads).

!10 roads).

15 roads).
15 roads).
16 roads).
(16 roads).

(12 roads).

9.306.598
7,102.544
6,484.655
7,230.476
9.735.164

7,172,415
7,762,172
7.664.060
11,833,602
7.581,166
7,109.658

Previous
Year.

7.916.611
5.908.578
5,564.164
6,251,935
8,158,016
5.656,143
6.931,491
6,809,000
10.309.702
6,615.360
6.774.612

Increase or
Decrease.

%
+ 1.389 987
+ 1.193, 966
+920, 491
+978, 541
+ 1.577 ,148
+1.516, 272
+830 ,681
+855, 060
+1.523 900
+965 ,806
+335 ,046

156.934
199.544
665.186
150,817
127.006

485,480

September
September
September
September
September
September

742.894
1,412,566
450.804 4.820,489 3,513.212
111.055 1.464.053 1,005.939
82,254 1.075.633
709.589
295,618 3.199,829 2,879.462
90,850
185,915

999.140
1,653.322

September
September
September
September
September
September
September
Pennsylvania RR.. September
Balt Ches A Atl. September
Cumberland Vail September
Long Island
September
Mary’d Del A Va September
N Y Phila A Norf September
W Jersey A Seash September
Pennsylvania Co
j September 9.336,261 7,190.353 67,006.847,58.587.503
Grand Rap Sc Ind September
610.994 5.324.173' 4,935.644
719,230
Pitts C C A St L_ September 8,396.660 6,166.836 63.253.227 54.824.756
913,934
Peoria A Pekin Un. September
113.334
101,310
941.688
Pere Marquette
September 2.815.651 1,989,293 20,439.932 17,392,295
855.928
Pittsb A Shawmut. September
94.636 1,027.883
130,912
Pittsb Shaw A Nor. September
925.066
972,395
100,863
90,471
Pittsb A West Va
162.755 1,411.657
167,630
September
Port Reading
156.632
1.442,712
257.996
1,821.781
September
639.787
793,767
99,386
80,551
Quincy Om A KanC September
Reading Co—
Phila A Read RR September 7.568.743 5,534.439 59.579,365 49,643.555
Rich Fred A Potom September
394.557 4,958,407 3.562,115
830,613
Wash Southern.. September
418,412
224,394 2,716.923 1.839.600
3.434.028 3.257.553
Rutland
485,786
414,328
September
St Jos A Grand I si. September
223.212
184.219 1,967.971 1.726.289
St Lou is-San Fran. September 7.251.930 5.200.882 50.714.787 41.916.462
847.043
Ft W A Rio Gr
107.201
691.381
112,365
September
St L-8 F of Texas September
849,989
90.863 1.038.040
102.041
St Louis S W Syst__ 1st wk Nov
16.485,767
14,327,813
363,000
368,000
St L Southwest.
952,085 9,582,230 8.292.003
September 1,061,289
St L 8 W of Texas September
535.377 5.012.394! 3,941,225
515.514
8an Ant A Ar Pass. September
434,113 3.087.3451 2,927.911
487,533
Seaboard Air Line
September 3,971.222 2,492.373 28,604.483 21,939.978
South Buffalo
919.805
111.022
83,880 1.161.813)
September
Southern Pacific
September 14583 550 11643 531 111293 855 94,966,809
Arizona A East.. September
403.030
280.715 3.333.836j 3,228,649
Galv Hous ASA September 2,058,877 1,807,943 15.888.501 *14,388,058
Hous A Tex Cent September
913,585
772.907 6,726.306! 5.611.145
.

...

Hous E A W Tex.
Louisiana West._

September
{September

Morgans La A Tex September

Texas A New Orl September
Southern Ry Syst..{September
Ala Great South. {September
Cin N O A Tex P_ September
New Orl A Nor E {September
Mobile A Ohio
! September
Georgia Sou A Fla September
South Ry in Miss September
Spokane Intemat'l. September
Spok Portl A Seattle September
Staten Island R T__ September
Tenn Ala A Georgia 1st wk Nov
Tennessee Central. September
Term Assn of St L. September
St L Mer Brdg T. September

Texas A Pacific
2d wk Nov
Toledo Peor A West September
Toledo St L A West September
Ulster A Delaware. August

Union Pacific

September
September
Ore-Wash RRAN September
Union RR (Pa)
September
Utah
September
Vicks Shrev A Pac. September
Virginian RR
September
Wabash RR
September
Western Maryland. September
Western Pacific
September
Western Ry of Ala. September
Wheel A Lake Erie. September
Wich Falls A N W_ September
Yazoo A Miss Vail. September
Oregon Short L.

160.781 1.525.613j 1.335,770
207.133
313,379 3.235.334! 2,528,133
402.276
584.347 6.034.737j 4,794,403
732.758
577.500 5.505.921! 4,615,493
634,497
13394715 8,130.032 93.110.470 64,707.807
619.087 6,720.9371 5,137,530
971.361
1.376.931 1.136.137 11.195.975; 9.726,175
450.804 4.820.4891 3.513.212
665,186
1,383.658 1,192.176 10.917.410 10.178.517
265.643 2,600,015 2,070,746
316.991
890.158
145.679
115.804 1.013.057
745.237
93.714
100,760
692.632
593.428 6.102.301 5,015,181
769,685
202.198
140,474 1,401,613 1,157,479
116.476
2.361
1,794
105.306
162,557 2,216.978 1,321,071
292,088
368,687 293,397 2.828,705 2,868.272
332.426
316,004 2.687.351 2.327,833
488,323 22,616,673 19,029,444
571,529
108.804 1.192.109
177.831
952,072
642,045 6,034,531 5,235,402
790,015
129.189
139.563!
679.694
695,679
10527836 7,204.241 69.858.763 54.346.186
3,283,077 2,741,863 24.617.878 22,287,153
2,589,779 1,917,154 19.274.864 15,956,266
823,772
533,653 5.133.946 4,350,104
132.882
1.023,264
195.188 1.871.225 1,493,400
254.059
818,610 8.679.749 7,750,505
1,180,591
4.550,247 3,541,712 34,351.331 29.721.580
1,455,299 1.205,513 11.009,406 9,938,958
985.519! 8.348.466 7,256,096
1,036.991
161,695 1,816.041 1.200.209
303,932
1,434.044 1.076.312 9,992.774 8,025,716
110.043
83.371!
763.279
751,300
2.109,072 1,571.416 15.933.644 12.712,817

Monthly.

Monthly Summaries.

Cur. Yr. Prev. Yr.
241.621
247.265
January
240,046 239.885
February
230.336 228.835
March
238.891
237.463
April
233.734 232.255
May..
230.355 228.892
June
220,303 219.294
July
231.700 230.570
August
230.743 230,015
September- .232,186 232.,378

Mileage.
17.56
20.21
16.54
1565
19.33
26.81
11.98
12.04
14.78
14.59
4.95

Previous
Year.

Current

Current
Year.

30506322 21342154 210620888 176648597
536,466
423.774 4,060.328 3,941,871
832.140
660.072 6.757.312' 6,081,242
6,003.477 4.516.101 48.923.701 38,405.593
7,503.023 4.763.036 51.822.062 38.817.403
258,7411 239.835! 1.981.440 1.801,414
3,456.082 2.243.369 24.116.754 18,903,514
871.425 ; 842,915 7,186.934 i 5,875,014
629,714' 337,014 4.293,4471 2.666,353
2,230,058 1.488.383 15.633.914 12,657.904
10007110 7,894,171 75.702.148 63.939,269
804.570 8.419.533 6.985.915
1,025,943
276.702 3,084.357i 2,665,843
344.020
7.925.743 5,719,694 59,236.485 48,365.495
518.804
416,759 4.152.072 3,995.285
10343044 7,342.480 70,645.843 64.682.895
773.371!
806,604
63.919
62.604
560.187
465.451 4.292.644 3.583.364
454.395
1,393,762
475.855
37110221 26361482 263290512 217048345
966.482
182.670
154.809 1,039.684
435.922 4,111.278 3,633.104
626,856
2,301,729 1.910.499 17.044.260 12.838.720
110,232
778.166!
751.992
133.132
513,236 5.399.046 4,120,343
767.971
903,491 8,172,355' 6.815,935
1,195,871

September

September
September
Michigan Central September
Cleve C C A 8t L September
Cincinnati North September

Pitts A Lake Erie
Tol A Ohio Cent.
Kanawha A Mich
N Y Chic A St Louis
N Y N H A Hartf..
N Y Ont A Western
N Y Susq A West..
Norfolk A Western.
Norfolk Southern.
Northern Pacific
Minn A Internal.
Northwest’n Pacific
Pacific Coast Co

Previous
Year.

%
I
%
1,931,359 1,439.720 14,225,824 11,076.647
96.874! 130.000 1.060.868 1.064,222
171.284' 143.991 1,360.088 1.390.409
8.453.365 6.510.903, 64.787,367 57,489.019
288,997 j 191,754 2.250.9021 1,607,285
241,198
109:715 1J87,160! 1,361.926
2,215.233 1.342.238 15.653.628 10.957,623
6.094
7.453
244.375
325,488
265.871
219.627 1.985,887 1,819.548

September
September
September
September
September

AQQEEQATE 07 GROSS EARNINGS—Weekly and
Current

Year.

Mo KAT Ry of Tex September
Mo A North Arkan. September
Mo Okla A Gulf
September
Missouri Pacific... September

Jan 1 to Latest Date.

Earnings.

Current

Week or
Month.

Previous
Year.

232,346
189,675 1.750.866 1,490.673
Ann Arbor
65.210 2,935,871 2,687,183
1st wk Nov
83,978
Atch Topeka Sc 8 Fe September 15354828 11829768 118135608 103092933
Golf Colo Sc 8 Pe September 1,938.130 1,568.386 14,028.420 12.402.873
Panhandle A 8 Fe September
501.970
590.245 4.382,663 5.114.405
322,751 3.309,679 2.862.727
Atlanta Birin Sc Atl September
465,998
163.374 1.790.341 I,252.113
Atlanta Sc West Pt_ September
251.877
466.542
375.100 3,152.813 2.613.392
Atlantic City
September
Atlantic Coast Line September 4.778.366 3,409.914 41.393.761 32.028,586
926.429
986,133
122,364
197.384
Atlantic Sc St Lawr.'June
Baltimore Sc Ohio.. September 18816993 12681071 125042185 98,641.568
171.040 1,359,295 1,506.166
160.144
B Sc O Ch Ter RR September
344.602 3.494.758 3,306.606
456.917
Bangor Sc Aroostook September
72.995
66,727
Bellefonte Central. October
6,232
7,958
332.985
342.529 2,937,748 2.906.285
Belt By of Chicago. September
Bessemer Sc L Erie. September 1,638.357 1.321.417 9,935,697 9,264.306
293.977 2.598,556 2,383.098
316,483
Bingham A Garfield September
851,109
93,316 1,136,924
87,113
Birmingham South. September
Boston A Maine... September 7,155.550 5.239,744 51,981.266 44,106,954
Buff Roch A Pittsb 2d wk Nov
336,593 16,101,692 13,239,563
352,956
148.496 1,695,503 1.293.273
Buffalo A Susq RR. September
190.537
Canadian Nor Syst.|2cf wk Nov 1,065,900 1,039.800 39.607,600 36,081.800
Canadian Pacific
2d wk Nov 3 247,000 3,575.000 131295883 128790646
Can P Lines in Me. September
140,752
136,006 1,726,291 1.870,661
Caro Clinch A Ohio September
335.485 3,453,235 3,012.534
488,133
Central of Georgia. September 1,822,792 1,332,625 15.027,373 11.169.968
Central RR of N J_ September 4,249,787 3.297.106 33,091,906 27.774.080
Cent New England. September
597.364
468.877 4,602,209 4,103,935
Central Vermont.. September
529,769
416,5211 3,788.751 3.321.104
203.261 2,074.629 I,667,288
Charleston A W Car September
282.023
Ches A Ohio Lines. September 7,339.545 4.722.017 51,900.335 39.931.740
Chicago A Alton.
September 2,501,247 1,837,796 17,735.341 15,259,337
Chic Burl A Quincy September 14017205 10295234 104032713 90.231.048
748.485
Ch Det A C G Trk JJuTy
163.436
122.207!
800,805
Chicago A East Ill. September 2,783.009 1.849.691 19.475.001 15,506,462
Chicago Great West September 1,880,450 1,419,398 14,096,588 12,101,460
Chic Ind A Louisv. September 1,043.760
805.406 , 7.904.621 6,767.002
268,295 2,464,418 2.420,585
Chicago Junction.. September
280,116
ChicMUw A St P-. September 13392216 10382216 94,372,315 83.361,129
Chlc A North West September 13344959 10062306 91,427.091 79.494,458
Chic Peoria A St L. .September
180,564
197,074 1,636,831 1,593.751
Chic R IA Pacific. jSeptember 9,758,725 7,469,876 72,620,187 62.259.984
Chic R I A Gulf. September
392.032
317.1611 3.257.297 2,738.445
Chic St P M A Om.{September 2,406.687 2,030,652 17,739.387 15,599.804
Chic Terre HAS E.September
525.206
332.8431 3.631.106 2,742.054
Cin Ind A Western September
306.478
217,228 2,333,978 1.997.149
Coal A Coke
970,919
112,5581 1,061,414
September
147,808
Colorado Midland.{September
194,829
991,011
9.464
Colo A South RR__'2d wk Nov
244.620 10,818,919 9,44~l”,889
254,280
Ft W A Den City September
558,589! 5.548.258 4,559,701
728,311
706,185
107.961
97.556!
836.335
PliTrin A Brazos Val September
905.691
‘Colo A Wyoming..{September
95.5481
836,603
84,615
860.518
Crip Crk A Col Spgs September
74.151
95.436
710.050
Cuba Railroad
875,550 690,125 10.064,834 5,559,898
September
Delaware A Hudson September 3,768.930 2,733,263 26.082,585 22.398,163
Del Lack A West.. September 6,540,659 4,926,045 49,736,310 42,701,467
Denv A Rio Grande September 3.227.953 2,585,693 22,289,450 20,619,525
Denver A Salt Lake September
194.451! 1,592,499 l,35p.623
217,568
Detroit A Mackinac 2d wk Nov
38,822
25,387) 1,373,304 1.166,925
Detroit Tol A Iront September
397,455
274.025 2,409.858 2,233,135
Det A Tol Shore L. September
127,083! 1,446,461 1.379.788
177,370
Dul A Iron Range.. September 1,250,257 1,028,756' 7,311,282 5,452,401
Dul Missabe A Nor September 3,402.822 2,377.746 16,730.438 II.311,302
Dul So Shore A Atl. 2 awk Nov
86,940
83,053 4,206,271 3,769.248
Duluth Winn A Pac September
150.015 1,267,889 1,595.931
126,056
East St Louis Conn September
776.826
113.351
88,412
836.675
Elgin Joliet A East. September 2.005.231 1.306.639 14,238,426 II,890.099
El Paso A So West. {September 1.282.268 1.005,591 11,127,134 10.305.853
Erie
September 8,096.844 6,181,141 61,953,959 52,322.967
Chicago A Erie.. September
944.702
669.347 , 7,587,908 6.455,152
Florida East Coast. September
508.426
440,338 ; 6,722,306 6.305.286
805.950
Fonda Johns A Glov September
116.327
95,622
843.017
762.887
Ft Smith A Western September
113,972
97.807
924.660
Galveston Wharf. September
862.710
72.879
98,941
790,491
775,185
411,982 4.722,132 2,817,621
Georgia Railroad.. September
Grand Trunk Pac._ 3d wk Oct
180,873' 4.835,073 4,595.997
210,515
Grand Trunk Syst. 2d wk Nov 1.471.654
959,136 61.223,341 51,889,262
Grand Trunk Ry 3d wk Oct 1,297.051
988.961,48.358.370 41,727,738
Grand Trk West. September 1.796.655 1,341.045: 9,378.764 8,300,630
G
H
A
Det
Milw. July
274.888 1,759.411 2,015,444
265.944
Great North System September 10967707 8,382.073 68.566.616 64.759.847
Gulf Mobile A Nor. September
224,519
218,140, 1,771,375 1,713,142
Gulf A Ship Island. September
226.242
234,995! 1,974,730 1,665,768
Hocking Valley
September 1,490.827 1,022,798 9,823.592 7.924.149
Illinois Central
September 10802 501 7.525*564 79.224.556 64.232,608
Internal A Gt Nor. September 1.354.736 1.158,776 9,804.122 8,722,511
Kan City Mex A Or September
979,641
879,713
174.320
97,852
K C Mex A O of Tex September
887.957
115.348
946.328
101.516
Kansas City South. September 1.418,203 1,135.796 10,980.045 9.090.471
Texark A Ft Sm. September
96.028
886,382
810,853
86,650
Kansas City Term. September
113.616
918.586
836,764
91.304
Lehigh A Hud Riv. September
191.754
196,486 1,713,074 1,716.889
Lehigh A New Eng. September
180,680
331,268 3,011,751 2.736.273
Lehigh Valley
September 6,407.870 4,703.999 47,385,830 39,965.605
Los Ang A Salt L__ September 1.380.407 1.008,777110.577.281 9.351,412
Louisiana A Arkan. September
127,078
147,084! 1,254,337 1,137,844
Louisiana Ry A Nav September
268,860
242.028! 2.253,573 1,729,302
Louisville A Nashv. September 9,991.340 6.434,755 73.368.542 55.678.848
Lou Hend A St L__ September
289,276
203,767! 2,049,989 1,639,407
Maine Central
September 1,646,584:1,263.36612,127,842 10,592,948
Midland Valley
September
326,525
251,319, 2,520,767 2,115,115
Mineral Range
2d wk Nov
20.5771
22,700' 1.000,725 1,055,271
Minneap A St Louis September 1.255,858 1.042,067 8.737.277 8,069,273
Minn St P A S S M I September 3,978.417 3,135,822,24,289,868 25.456.001
633,832
Mississippi Central.
I September 134.684! 108.119' 982,709
Missouri Kan A Tex September 3.205.949 2.240.357 23.513.232 18.867,665
Alabama Sc

Latest Cross

ROADS.

November. .242,407
December .247.988
.

Year.

Previous
Year.

Increase or
Decrease.

%
$
I
360,062 .052 326.757.147 +33.304.905 10.19
343.875 .052 317.836.386 +26.038.666 8.18
282.394 .665 294.002.791 —11.608,126 3.95
362,761 .238 312.276.881 +50.484.357 16.22
285.776 203 260.627.752 +25.148,451' 9.65
369.409 895 319 274.981 +50.134.914’15.70
374.237 097 342.146.096 + 32.091.001 9.38
363.165 528 323.163.161 +40.002.412 12.38
463.684 172 346.022.857 +117661315 34.00
498.269 .356 362.509.561
487 ,140 .781 357.772,850

xmmvn

Nov. 23 1918.]

THE CHRONICLE

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second week
of November.
The table covers 12 roads and shows 4.95%
increase in the aggregate over the same week last year.

2003
Latest Gross

Name of Road
or

Company.

Week

Earnings.

Current
Year.

Month.

Second Week of November.

1917.

1918.

Increase. Decrease.

Buffalo Rochester A Pittsburgh
Canadian Northern
Canadian Pacific
Colorado & Southern
Detroit A Mackinac
Duluth South Shore A Atlantic.
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hav A Milw
Canada Atlantic
Mineral Range
Texas A Pacific..,

352,956
1,065,900
34247,000
254.280
38,822
86.940

S
336,593
1,039,800
3.575,000
244,620
25,387
83.053

$
16,363
26.100

1.471,654

959,136

512,518

20.577
571.529

22,700
488.323

83,206

Total (12 roads)
Net increase (4.95%)

7.109,6581 6,774,612

—

9,660
13,435
3,887

665,169
335,046

328,555

2.123
330,123

For the first week of November our final statement covers
16 roads and shows 14.59% increase in the aggregate
over
the same week last year.
First Week of November.

Previously reported (10 roads).

Mineral Range

St Louis Southwestern

1917.

Increase

*
6,044,530
65,210
22,646
87,396
25.125
7,453
363,000

6,985.416
83.978
36,774
80,735
20,169
6,094
368,000

Ann Arbor
Detroit A Mackinac
Duluth South Shore A Atlantic.

Nevada-California-Oregon

1918.

Total (16 roads)
Net Increase (14.59%)

7,581,166| 6,615,360

J Decrease.

940,886
18,768
14,128

978,782
965,806

6,661
4,956
1,359

Havana El Ry, LAP
Honolulu RTA Land
Houghton Co El Co.
Houghton Co Tr Co.
b Hud A Manhat RR
Illinois Traction
In ter boro Rapid Tran
Jacksonville Trac Co.
Keokuk Electric Co.
Key West Electric Co
Lake Shore Elec Ry
Lewist Aug A Waterv
Long Island Electric.
Louisville Railway..
Manhat Bdge 3c Line
Milw El Ry A Lt Co.
Milw LtHtATr Co.
Montreal L, H A P__
Nashville Ry A Light

Harrisburg

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬

ported this week:

Gross Earnings—
Current
Previous
Year.
Year.

Roads.

252.550
974.550

Net

Earrings.

Fixed Chgs.
& Taxes.

Earnings.

197,000
1.695.300

Balance,
Surplus.

Bellefonte Central

Oct *18
*17
10 mos *18
•17

Earnings.

917.000
7,821,350

Gross

Net Earnings
Previous
Year.

Current
Year.

Grand Trk Ry of Can__Sept 1,304,100
Jan 1 to Sept 30
9,118,600

7,958

128
def217
10,878

6,232

72,995
66,727

Net after
Taxes.

210
247

2,100
2,570

5,313

Other

Gross
Income.

Income.

Fixed

Charges.
%

def82
def464
8,778

2,843
Balance,
Surplus.
$

Cuba Railroad—

Sept ’18
3

mos

*17
’18
'17

875,550
690,125
2,968,679
2,273,714

180,153
75,897
831,656
581,810

12,582
1,377
36,657
3,901

192,735
77,274
868,313
585,711

106,904
93,886
320,070
281,897

85,831
defl6,612
548,243
303,814

EXPRESS COMPANIES.
Month of June
—Jan. 1 to June 30—
1918.
1917.
1918.
1917.
American Express Co.—
$
$
$
%
Total from transportation
6,992,836 6,432,875 43,508,142 36,384,641
Express privileges—Dr
3,509,412 3,119,584 21,671.059 18,179,492
Revenue from transport’n
3.483,424
Oper. other than transport'n
304,643

3,313.291 21,837,083 18.205,149
334,535 1,712,812
1,907,511

3,788.067
4,140,086

3,647,826 23,549,895 20,112,660
3,470,733 24,516,170 19.241,976

Operating

expenses

Net operating revenue.
def360,019
Uncollectible rev. from trans.
7,093
Express taxes
49.077
_

177,093 def966,275
1,751
19,032
47,265
280,447

873.684
13.130
270,004

oss416.189

128,077 df1,265,754
587.550
of June
—Jan. 1 to June 30—
1917.
1918.
1917.
$
$
$
352.039
369.528
1,700,881
1,666.191
203.554
197,491
999,134
907,643
Month
1918.
$

Northern Express Co.—
Total from transportation...

Express privileges—Dr

Revenue from transports.

Oper. other than transport'n

148.485
4,980

172,038
5,363

701,747
25,266

758.548
25,207

Total operating revenues.
Operating expenses

153,465
122,682

177,401
118,157

727,013
687,991

783,755
622.959

Net operating revenue
Uncollectible rev. from trans.
Express taxes

30,783

59,244
39
6,000

39.022
244

160,796

74,000

36,000

131

30,000

Operating income
Western Express Co.—
Total from transportation

265

652
50,205 loss35,222
124,531
Month of June
—Jan. 1 to June 30—
1918.
1917.
1918.
1917.
$
S
$
%

182,583
90,451

177,215
84,577

433,057

819.082
401,917

Revenue from transport'n_
Oper. other than transports.

92.132
4,370

92.638
4,412

466,414
22,713

417.165
22,686

Total operating revenues.

96,502
87,282

97,050
70,739

489,127

439,851

446,616

384,981

9,220

26,311

239
665

42,511

485

54,870

1.831

9,428

11,714

8.316

24.465

32,598

43,094

Express privileges—Dr

Operating

expenses

Net operating revenue
Uncollectible rev. from trans.
Express taxes

Operating income

899,471

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross
Name of Road
or

Company.

Week or
Month.

Earnings.

Current
Year.

Aurora

Elgin A Chic. August

159.124
274.022
1249.284
13.690
212.237

September

September
August
August

September
September
September
August
August
August
August *
September

Previous
Year.

Current
Year.

May

83 1

1.326.099
2,158.579

1.185,664
1,509,119

135,344
1.391.7691

195.788
1.435.993

19.131

21.111
302.040
10.542
637.050
202,283
905,216
210.085
129,811
172.806
36,654
14.525
97.584
1045.802
215,462
19,059
560.563
210.459
10,134
1696.828
155,206
23,298
34.399

345.246

September

734.456

September

288.831

October

970,106

May
May
May
May

12.417

271,642

213,092
185,742
40.928
13,618
83.921

1017,842
September 338,160
July
21.578
September
659,934
August
224,382
11.854
May
September 1965,619
September
167,678
August
26,280

Current
Year.

$
685.717
171.235
1.529.918

$
647.057
150,814
1.267,446

Year.

/77730.000 /68430.000
73.106
85.683
12.466.574 12,201,995
323,175
292,145
190.036

173,802

1.347,673
935,307
18,652,716 15,807,394
365.885
356,811
9,353,690 8,718,356
781.557
689,872
3.122.090 1.924,029
15,916,364 14,141.271
626.688
556,468
1,679,618 4.141,415
2.416,267 2,321.650
1,683,764 1,311,889
11,063,958 9,827,671
14.103,983 13.139,162
1,395,844 1,319,119
3.050,932 2,697,391
644.000
829.224
458.782

2.289.886

542,399
850,818

370,006
1,798,732

80,330

88.297

2,764,357

2.389.871

57.575

50.817
5.744.526
1.640.503

6,475.939
2.174.068
5,297,130
2,081.799
1,578.948
1.667 636
166,154
54.141
358.846
4.679,714
2,500,482
130.577
5,412.121
2,036.848
36.896

4,822,709
1,811,617
939,102
1.508.506
159.837
60.954

490,349
5.042.054

1,869,358

Northampton Trac..
122.831
Northern Ohio Elec.
4,804,703
North Texas Electric
1,465.566
Ocean Electric (L I).
34.856
Pacific Gas A Electric
16,502,154 14,677,224
Pacific Power A Lt
o Paducah Tr A Lt Co
204.534
198,993
Pensacola Electric Co August
48.779
319.921
226,042
Phila Rapid Transit. October
2462,189 2602,141 26,056,022 24.592,268
Phila A Western
September
68,366
53,376
Portland Gas A Coke September
173.504 119.021
Port(Ore) Ry.LAPCo. September
672,791 501.149 5.660.876 4,381,385
Porto Rico Railways. September
92,216
73,920
799,165
691.960
g Puget Sd Tr, LAP August
1000.340 586.369 6.608,432 5.136*058

(/Republic Ry A Light September

443,863
39.705
433.086
57.839
103,477

Ricnmond Lt A RR. May *

St L

Rocky Mt A Pac September

Santiago El Lt A Tr. August

Savannah Electric Co
8econd Avenue (Rec)
Southern Boulevard
Southern Cal Edison.
Staten Isl Midland

Tampa Electric Co._
Tenn Ry.Lt A P Co.
Texas Power A Lt Co

Third Avenue Ry
D D E B A B RR.
42dStMAStNA Ry
Union RyCo(NYC)
Yonkers Railroad.
N Y City Inter Ry
Belt Line Ry Corp.
Third Avenue System
Twin City Rap Tran.

August
May

77 890
18,639

May

September
May
August
September
September
May
May
May
May
May

815,183
25.600

89,567
557.768
326.820

330,733
40,461
149.763
237,919
72.069
60.725
54,282
888.579
826.759

May
May
July
September

Virginia Ry A Power. October
Wash Balt A Annap. September
Westchester Electric. May
York Railways
October
Youngstown A Ohio. September

594,948
323.665

426,250

4,151,145

36.881
167.111
331,960 3,917.457
51,185
440.507
86.570
756.682
69.222
312.004
: 83.010
18.841;
712,529 6,015,679
29.128
104,205
79.321!
693.673

3,469,834
563.598
2,821.102
369.565
616.608

313,010
86,764
5.972.705
122,195
672,895

410,940
231,569
350.327
37.730
150.474
250.676
72,489
64.502
60,290
983.315
849.507

609,622
179.669

1,593,223

1,705,118

189.439
658.863

180,225
715,193

1.047,046

1.165.969

323.046
280.371
250.417

315,513

307,661
287,556
4.187.820
7,732.106
5,405,430
943,843

3,907.722
7.299.514
6,539,811
2,105.150

50.632

44.570

217.326

80.583
40.657

204.998

92,737
33,797

888,983
314,517

863,497
261,807

a Now covers only the lines east of York
Beach, Me.: in the first four
months of 1917 covered also the lines west of York Beach, Me.
b Repre¬
sents income from all sources,
c These figures are for consolidated com¬
pany.
f Earnings given in milreis. g Includes constituent companies.

Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross Earnings
Current
Previous

Companies.

Year.
s

Chicago Telephone-b—Sept 1,789.946

1.786.930

Michigan State Telep.b.Sept
689.875
Jan 1 to Sept 30
6,190,620
New Eng Power Co.a—Sept
338,160
Jan 1 to Sept 30
2,500,482

666,014
5,976,397
215,462
1,869,358

Jan 1 to Sept 30
16,570,597 16,109,356
Cleveland Telephone.b.Sept
316,330
250,962
Jan 1 to Sept 30
2,530,935 2,316.750

Net earnings here given
b Net earnings here given

are
are

Gross

Cities Service Co

Oct ’18

Net Earrings

Current
Year.
s

Previous
Year.

$
352,827
3,790,134
30,264
377.920
137,376
535,027
24,517
840,002

240,222
3,903.286
15.503
76,630
2,918

844.991
74.670

864,425

after the deduction of taxes,
before the deduction of taxes.

Earnings.

Previous
Year.

183.598

September
May

September
NewpNAHRy.GAE September
Nevada-Cal El Corp. September

N Y A Long Island..
N Y A North Shore..
N Y A Queens Co...
New York Railways.
New England Power.

254.354
113,480

Jan. 1 to Latest Date.

1.743,374 1,298,706
957,615
982,676
391,756
3.721,362 3,276,451
110,299 103,594
976.219
878.328
714.696 617,641 6,042.506 5,036,586
62.657
62,793
523,803
527,494
32,234
29,991
267,837
270,301
27.544
29.134
221.658
231.321
395.697 352,103 3,620,534 3,223.714
1302.353 1181.644 10,853,115 9.806.320
3176,578 3073,471
29,752,929
84.255
53,176
584,972
453,054
23,330
21.480
172.068
160,525
17,970
12,405
123.998
92.071
238,587 180.006 1,417.698 1,165,162
91,827
86,834
670,553
680,129

Railways September

Jan. 1 to Latest Date.

•

Adirondack El Pow Co September
Alabama Power Co.. September
Amer Power A Lt Co September
Atlantic 8hore Ry— September

tEl Paso Electric Co

12,976

Bangor Ry A Electric September
83,952
80.836
Baton Rouge Elec Ry August
23,413
18,122
Blackstone VGA El. August
197.612 158,136
Brazilian Trac, LAP September /9081000 /7925000
Brock A Plym St Ry. August
12,290
15.509
Bklyn Rap Tran Syst May
2761.039 2607.401
Cape Breton Elec Co August
44,716
39.683
Cent Miss V El Prop. July
28.981
26.196
Chattanooga Ry A Lt September 173.242 72.342
Cities Service Co
October
1784,000 1659.665
Cleve Painesv A East August
52,035
66.717
(/Columbia Gas A El. October
856,709 835,614
Columbus (Ga) El Co August
91.723
92.681
Colum (O) Ry P A L. September
331.983 349.881
Com'w’th P, Ry A Lt September 1920.908 1695.725
Connecticut Power Co August
86,563
72,222
Consum Pow (Midi). September
569.829 491.699
Comb Co (Me) PAL September
281.195
299,726
Dayton Pow A Light;September
201,457 148.534
g Detroit Edison.... October
1268,289 1129,437
(/Detroit United Lines September 1710,423 1484.328
Duluth-Superior Trac!October
125.099 139.148
East St Louis A Sub- September
385.033 320.857
Eastern Texas Elec.. July
105,879
84.332
August
99,022 105.941
all River Gas Works August
58.294
50.180
a Federal Lt A Trac. August
283.088 230.227
Ft Worth Pow A Lt
September
110.208
89.685
Galv-Hous Elec Co._ August
Grand Rapids Ry Co September
Great West Pow Syst October

5,000

Previous
Year.

1,784,000
*17 1,659,665
12 mos’18 22,097,814
•17 18.706.604
Columbia Gas A El Oct’18
856,709
’17
835.61
10 mos’18 9.353,690
’17 8.718,356

Net after

Fixed

Taxes.
*
1.726.987
1.630.010
21,621,087
18,369.353
386.530
369,564
4,647,650
4,367,202

Charges.
*
60,345
225

160,761
2.9S4
357,754
352,157

3,571,087
3,503,201

Balance,
Surplus.
$
1,666.642
1,629,795
21,460,326
18,366.369
*197,087
*182,655
*2.715,254
*2,484,619

Gross

Earnings.

Detroit Edison Oo
10

1,268.289
1.129.437
’18 11,053.958

Oct '18
’17
mos

’17

Duluth-8up Tract
10

Oct '18

'17

mos

’18
’17

Great Wert Power

Oct '18

'17
12 mos '18
'17
Oct '18
Montreal Power
*17
6 mos '18
'17

Sept '18

N Y Railways

mos'18

2,781,133

HonoluluBTtL Sept 18
'17

9 mos '18
'17

Oct '18

'17

10 mos '18
'17
Oct '18
'17
4 mos '18
'17
Oct '18
'17
11 mos '18
'17

York Railways

3,285,292

Oct'18 2,462,189
'17 2,602,141
mos '18 10,642,530

Alter allowing for other

Virginia Ry ft
Power Co

948,376

1,018,291

'17

Niagara Lockport
ft Ontario Pow

9.827.671
125.099
139,148
1.395.844
1,319.119
391,756
336,667
4.453.463
3,957,738
970,106
905,216
5,297,130
4,822.710

*17

'17

Phila Rapid Tran

{V oil. 107

THE CHRONICLE

2004

After allowing for other

9,895,800

Net after
Taxes.

$
356,515
300,190
2,833.765
2,912.518
6,840
32,039
254.544
385.910
245,400
211,929
2,706,232

2,525.945
527,507
495,116
2,757,791
2,612,012
78,319
277,530
383.520
914.933
681,479
1,087,331
3,665,648
4,157,211

income received.
Gross

Net

Earnings.
$
62.657
62,793
523.803
527,494
283,205
185,039
2,538,370

Earnings.

1,851,020
591.948
609.622

2.656,613
2,338,616
80,583
92.737
982,587
951,747

29,934
29.957

209,251
242,571
117.532
70.530

1,075,992
812,197
123.278

272.973
857,204
1,074,454
28,952
49,217
443,553
495,401

Balance,
Surplus.

Fixed

Chafes.
128,258
83,755
1.096,263
856,692
14,690
14,949
148.086
146,530
137,095

228,257
213,435
1,770,502
2,059,826
xdefd,068
*18.928
*123,590
*253,343
*111,594
*73,930

139,215
1,660,478 *1,032,592
*877,225
1,681,217
442,238
83,268
412.358
82,757
498,906 2.258.884
498,327 2.113.885
217,042 *def94.049
220,818
*110,821
654,65l*defl37,283
655.839
*400,494
820,404 defl38,925
276,442
810,889
393.717
3,271,931
911,386
3.245.825
Fixed Chgs.
& Taxes.

$
13,019
3,727

Balance.

Surplus.

municipalities for a suspension of franchise provisions limiting fares for
the period of the war and one year thereafter.
These applications are
now pending and a fair consideration and just decision in the matter will
result in an increased fare.
[See a subsequent page.—Ed.)
Dry Dock East Broadway A Battery RR.—Its receiver was discharged
during the fiscal year, and the following securities of the Dry Dock Co.
were issued: (1) Series B 4% bonds, $528,000: (2) Series C bonds, interest

earned until Jan. 1 1926 not exceeding 6%: after that date at the rate of
4% with additional interest not exceeding 2%, if earned, $1,300.200 (V.
106, p. 715; V. 107. p. 1192).
All of the Series B bonds and one-half of the Senes C bonds have been
Issued to Third Avenue Railway Co. in settlement of that company’sclaims
and the remaining one-half of the Series C bonds have been issued to the
holders of the Dry Dock Co.’s certificates of indebtedness.
Outlook.—With the right to charge an equitable fare, the future of this
system would bj very encouraging.
The downtown lines generally, along
which there is small prospect of building development, are holding their
as

well against competition, while some of the uptown lines have not
suffered as great a loss of receipts as was feared, and there is a marked evi¬
dence of the development of a short-haul travel to subway and elevated
lines which should develop rapidly upon the resumption of building in this
own

the
united in the company’s service, two notable efforts by the organizers for
the Amalgamated Association, who violated their agreement with us two
years ago, to reorganize our motormen and conductors, having failed.

Considering present maintenance difficulties,
property is in good physical condition. The employees are loyal
undeveloped territory.

357,460
351,161

1917-18.
*1916-17.
1915-16.
1914-15.
$9,866,695 $8,701,328 $10,837,076 $10,565,028
95.250
80.000
71,349
126.500
16.471
19,927
18,386
20.429
73.441
61.588
73.210
Rent of tracks A term’ls
72.124
85.802
84.711
93.664
Rent of bldgs. A oth.prop
107.456
50.959
41.895
34.793
Sale of power
41.786

Operating Revenue—
Transportation
Advertising
Rent of equipment

16.915
23.230

79,093
144,240

Total oper.

revenue..$10,234,989

Operating Expenses—
Maint. of way A struc
$1,186,997
Maint. of equipment
860.333
Depreciation accruals..
Power supply
940,255
Operation of cars
3,047.828
Injuries to pers. A prop.
830.974

Net operating revenue.
Taxes

have been

published during the preceding month will be given
month. This index will not

the “Chronicle” in which it is
published. The latest index will be found in the issue of
Nov. 9.
The next will appear in that of Nov. 30.
Third Avenue Railway Co., New

{Report for Fiscal Year ending June 30 1918.)
in subst.:

Consolidated Statements.— The Third Avenue Railway Co. and Its sub¬
sidiary corporations are treated in this report as a system and the state¬

ments are consolidated statements, with inter-company items eliminated.
Results.— The strike of two yean ago and the competition of subway and
elevated extensions have so abnormally distorted operating figures as to

make a comparison with the previous year of little value.
While subway
and elevated competition and other causes tyave so reduced operating
revenues as to put them practically on a par with the year 1913, the in¬
creased cost of labor and material has increased operating expenses for the

1918 approximately $1,000,000 above those for the year 1913.

This

spite of every economy that it has b.?en possible to effect during the year
1918, and It Is a dear illustration of the increased cost of street railway
operation under the present abnormal conditions.
For tho first six months of the fiscal year ended June 30 1918, it was
found that there had been earned above operating expenses, taxes and inter¬
est on underlying bonds $494,386.
To preserve the company’s credit in
the face of constantly decreasing earnings combined with large and con¬
tinued increases in the cost of operation, it was deemed necessary and
advisable to set this amount aside to secure the proper, safe and adequate
In

maintenance, equipment and operation of the road.
For the last six months
ended June 30 1918 there was earned above operating expenses, taxes and

underlying interest, the sum of $175,911, which is less than 1%, the
minimum amount that can be declared payable as interest under the
Adjustment income Mortgage; this amount also was set aside for the afore¬
said purposes.
See footnote to income account b?low.
Whle there was a very material decrease in the deficit as compared with
the strike year of 1917, there have been external conditions which have
made it impossible to restore the system's previous financial condition.
Subway Competition.—It had been anticipated that the system would
suffer a serious loss of receipts as the various sections of competing subway
and elevated lines were put into operation.
It was believed, however, that
history would repeat itself in the restoration of receipts by the rapid

system operate.

$7,287,840
$1,684,808

$3,909,680

836.098

794.450

$6,808,194
$4,328,176
848.122

terial. these Increases pyramiding month by month.
Unprofitable Lines.—With a system which has extended its lines and
acquired other lines as rapidly as this system has, it may be expected that
lines will ba found that are unprofitable and might properly be abandoned.
Such lines include lines in the older developed portions of the city, chiefly
storage battery lines, that have lost travel by reason of shifting or business
conditions, discontinuance of ferries and other connecting transportation;
(b) lines lying in undeveloped territory that, from one cause or another, has
railed to develop, as was originally anticipated.
The abandonment of some
of these and the removal of the physical property Is under consideration.
► Maintenance and Depreciation.—At the time the company was reorgan¬
ized, the P. S. Commission imposed the condition that 20% of the gross

A similar

condition imposed upon the New York Railways Co. was contested, and
the Court of Appeals held that the Commission had no power to impose
that condition.
During the present year, however, we have spent 20%
in maintenance, without spending more than we should have done in order
properly to maintain the property, and with present costs for labor and
material we will probably nave to spend more than 20% during the conUng
year in order properly to maintain the property.
Increased Fare.—Regardless of economies that have been made or can
be made, it is not poasible with the present 5-cent fare and free transfer
system to earn an equitable return upon the fair value of the property under
existing costs for labor and material. On May 25 1917 an application was
made to the P. 8. Commission for permission to charge 2 cents for transfers
This aplication failed by reason or the Court of Appeals' decision in the
Rochester case holding that the Commission
J
0
o Increase fares
In violation of franchise agree
our franchise agreements appear to
make a general charge fer transfers impossible under this decision and

specific charges for transfers seemed inadvisable.
1 An effort was made to secure the enactment of legislation, which would
place the power or fixing the fares in the hands of the P. S. Commission,
Irrespective of franchise agreements. This failed of passage.
Later appli¬
cations were made to the Board of Estimate of N. Y. City, also other

$6,976,179
731.035

$3,480,054
157.870

income
$2,222,819
Deductions—
Interert.ibt intge. bondsi
$548,080
879,620
1st ref. mtge. bonds.
xAdjust. M. inc. bonds 1,126,800
2,550
Notes payable
13,737
Traces A terminal priv_
Misc. rent reductions
10.747
Amortization of debt,
18.874
discount and expense.
33.480
Sinking fund accruals
Miscellaneous
45,434

$1,055,283

$3,637,924

$3,259,773

$2,679,322

Total deductions
xNet income for period

$548,080

$548,080
879,620

856.272

798.800

1.126.800

1,126.800

4,665
13.022
10,521

6.197
14.415
13.953

9.304
14.466
15,561

18.447
33.480
42.975

18.049
33.480
29.606

8.615
30.000
14.105

$2,677,610

$2,646,852

$2,565,730

def.$456.503df$l,622.326

$991,073

$694,043

This period includes, and the figures reflect, the strike in 1916.
xNote.—Interest on adjustment mortgage income bonds is included in the
above at the full rate of 5%.
An initial dividend of l H% on the adjust¬
ment bonds was paid April 1 1913 tor the 6 mos. ending Dec. 31 1912.
*

Regular semi-annual divs. of 2 Vi % each were paid to and Incl. April 1917.
In Oct. 1917 paid 1X%: in Aprilla
and Oct. 1918. nil. V. 107, p. 1194.
BALANCE SHEET JUNE 30.

1918.
1917.
Liabilities—
S
S
equip.81,137,408 82,329,779 3d Ave. Ry. stock.16,590.000 16.590,000
Controlled cos
516,600
537,600
Special deposits—
100.482 Funded debt (bds.):
107,447
Sinking funis.
3d Ave Ry Co.49.526.500x49 526.500
84,100
84,100
Comp, of N Y C
Controlled cos.. 6,628.361 7,079.000
State Ind.Comm
88.329
88,000
200 000
Liberty
360.078
bond debt
2,104
Other
3,348
200.000
Notes
payable
2,043,961
Deprec. A con ting. 2,022,498
456.591
276,768
Investment fund..
254,726 Accounts payable.
254,389
89.168
91,980
200,000 Empl wagesAdep..
Liberty bonis
402,200
638.799
Int. mat. A unpl.
639.499
Bklyn A Nor. Riv.
671.846
Interest accrued..
78.605
RR. cap. stock.
25,000
605.766
640,603
840.390 Taxes accrued
Cash
684,132
Int.
on
adJ.
M.bds
1,408,500
638.799
Cash for mat. int.
639,499
224.221 Res. for adj.. depr.
Acc’ts receivable-.
383,018
conting., sinking
Materi ils A supp.
621,134
743,414
fundsTAc. .TTl0.720.273 11,385,776
152,111
Constr. In process.
26,211

1917.
%

1918.
$

Assets—
Railroads A

’

Unexplre 1 lnsur’ce
prem. A rents..
Unamort, debt dis¬
count A expense
Miscellaneous

502,668

Surplus
89,766

1.251,328
38.675

951,354

26,958

1,270,202
55,104

87,980 434 88.932.400
Total
Includes 1st M. 5% bonds, $5,000,000; 1st

Total

$21,990,500; adjustment mtge. 5% bonds.

87,980.434 88.932.400
refunding mtge. 4% bonds,

$22,536.000 —V. 107, p. 1921.

Brown Shoe Company, Inc.

War conditions, however, have almost entirely

travel of mechanics incidental to ordinary building operations.
Increased cost of Operation.—With the decreased receipts there has come,
as a result of the war, very heavy Increases in the cost of labor and ma¬

$7,334,919
$2,900,070

2.914.525
602.798
511.890

164.925

■topped building and the system has been forced to suffer not only the
loss of receipts due to this competition, but also due to the lack of that

receipts must be set aside for maintenance and depreciation.

659.197
509.101

$890,358

bjilding up of the undeveloped territory through which many«of the lines
of this

468,532

862.805
983.338

678.574
562.959
779.459

$2,063,972
158,847

York.

President S. W. Huff, New York, Oct. 8, wrote

year

2,726,243

£91.550
294.271
731.598
2,923.777

n<"w

the last Saturday of each
include reports in the issue of

$925,974

$1,000,701

709.637
225.962
781.085

$3,178,645
81.128

Interest revenue

Financial Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which

$8,972,649 $11,136,370 $10,885,859
$998,770

General A misc. expense

income received.

FINANCIAL REPORTS

and

FOR THE

CONSOL. INCOME AND PROFIT AND LOSS STATEMENT
YEARS ENDING JUNE 30.

*115.941
*209.047

114.833
43,773
81,509
37.700
44.798
28,034
818,578
294,895
608,143
224,593
172.420* def30.421
*126.961
156,126
*211,349
702,014
*483,393
630,167
3,291
25,661
23,177
26,040

{Report for Fiscal Year ending Oct. 31 1918.)
published Nov. 15 1918, says in subst.

The annual report,

Plants.—The nine large and modern plants owned and operated bv the
have been maintained at a maximum of efficiency. Four of these

company

plants are located in St. Louis. Mo., and each one in Moberly. Mo.. Brook¬
field. Mo.. Dixon. HI.. Murphysboro. Ill., and Litchfield. Ill., occuping
an aggregate of more than 18 acres of floor space, and are completely
equipped with every modern appliance In shoemaking machinery.
During the year there has been charged as part of the expenses of manu¬
facturing $81,152 for repairs and renewals, and the entire co-t of dies and
patterns $53,660. together with depreciation on plants of $255,664. making
a total of $390,475 charged to operations.
All buildings, equipment and
stock are fully covered by insurance.
Capital Stock.—To comply with the requirements of the charter, provid¬
ing for the retirement of the pref. stock, there has been, during the year,
retired an additional $100,000 of pref. stock [at cost of $94.3401 and canceled
same, thereby reducing the amount outstanding to $3,500,000.
[Original
amount was

$4.000,000.)

Federal Taxes.—Reserve [of $500,000] has been set aside, based on infor¬
mation available, regarding Federal taxes,
we
sufficient to cover this contingency.
Inventories.—The inventories have been taken at cost or less; we have
no obsolete material of any kind In our factories.
All raw materials and
finished products apply on orders already booked for winter and spring

which,

shipment.
Profit Sharing.—Our profit

believe, will be amply

sharing plan, under which all executives,

superintendents, foremen and their chief assistants, receive a
percentage of the profits, has been continued during the year, and has
served as a stimulus in inspiring the best efforts of these men in the common

managers,

intftrret.
Outlook

for 1919.—We start the new

fiscal year with

a ve-

'arge volume

of orders booked for winter and early spring shipment.
The U. S. Govern¬
ment will still require a small percentage of our output for Army and Navy
use.
With the coming of peace we are being asked to reserve portions of
the production of our various plants for shipment abroad.

[The report Is signed by George
and John A. Bush, President.]

Warren Brown, Chairman of the Board,

Nov. 23

1918.)

THE CHRONICLE

INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1916-17.
1915-16.
1917-18.
1914-15.

Net salesNet profit
Interest

*1.719.762

<553,726

*1,838,385

229.680

172.334

146.642
130.636

105,848

79,671

36,126

500,000
244,470
360,000

410,000
248,955
360,000

264~250

273,000

sr.*733,915sr*l,059,605sr*l,203,507

def*32,678

Depreciation
Repairs, patterns, Ac.,

charged off

Federal income, war and
esc. profits tax. (est.)
Preferred divs. (7%)

Common,divids. (6%)__
Bal.,

Pittsburg Brewing Co.
{Report for Fiscal Year ending Oct, 30 1918.)

*30,825,715 *21,882.016 *15,913,373 *10.764,328
*2,414,088

sur. or

def

BALANCE SHEET OCT. 31.
1918.
$

Assets—
Real est.,

1917.
$

Liabilities—
Preferred stock
Common stock...
1,409,717 Notes payable
4,966,365 Accounts payabley90,081 Accrued accounts.
Res. for Fed. Inc.,
war A exc. prof.
380,815

bldgs.,
mach’y, equip.,

Ac
bl ,490,098
Trade names, Ac. 4,966,365

Securities
Liberty bonds

112,397
280,739
Cash
355,900
Accts. receivable-c5,578,986
Inventories
7,813,795
Prepaid exp., Ac..
67,575

1918.
%

1917.
S

3,500,000
6,000,000
5,657.500
1,380,499
29,545

3,600,000
6,000,000
4,450,000
703,554
17,561

taxes (est.)
4,383,641
600,000
6,631,318 Special reserves..
900,000
47,911 Surplus
x2,568,310

410,000
*800,000
1,928,735

Total

2005

President C. H. Ridall on Nov. 131918 wrote in substance:
The gross earnings for the year amounted to *2,666,425. Alter
allowing
for the payment of dividends, deductions for depreciation, doubtful ac¬
counts, interest on bonds, and the sums reserved for Federal and State
taxes accrued and unpaid, amounting in the aggregate to *2,191,780, there
remains a credit balance of *474,646, which amount has been carried to
surplus account.
The financial statement shows bonds payable by the company amounting
to *5,319,000.
From this amount should be deducted 474 bonds carried
under the head of investments and 603 bonds held in the sinking fund,
leaving outstanding bonds of the net aggregate amount of *4,242,000 par
value.
INCOME ACCOUNT FOR YEAR.
Oct. 31 Years—
1917-18.
1915-16.
1916-17.
Sales (barrels)
702,554
849,200
798,175
Total net sales
*8,845,932 *7,663,428 *6,555.829
Operating cost of sales— 6,011,396
5,437,498
4.312,228

600,869
*4,744,864
3,380.921

General office expenses.

*2,834,536
400,735

*2,225,930
460,559

*2.243.601
459.785

*1,363,943
397,947

*2,433.801
232,625

*1,765,371
215,577

Other income.

1914-16.

.TnTMBfi
194,237

*965,996
175.456

20,635,854 17,909,849
Total
20,635,854 17,909,849
b After deducting *949,695, depreciation and *20,000, mortgage en¬
cumbrance assumed, against *714,082 and *40,000 respectively In the
previous year, c Includes prepaid purchases $86,309 against *185,152
Oct. 31 1917.—V. 107. p. 1839.
x After deducting *94,340 for redemption
of *100.000 pref. stock,
z Includes special reserve account of redemption of pref. stock, *500,000,
and special reserve for contingencies which may arise due to war of *400.000.

Total
*2,666,426 *1,980,948 *1.978.052 *1,141,452
Deduct—
Interest
*319,140
*319,140
*319,140
*333,140
Estimated State taxes
22,7781
125,000
Res. for Fed. taxes
488,840)
Preferred dividends. (8
"8,501
(9)549.009 (8^)533,757 (1H) 106,750
Common dividends..(1
to)89,434
<H)29,811
71
Depreciation, Ac
(53,087
728,958
687,796
163,742

Tidewater Oil Co. (of N. J.), N. 7. City, and Subsidiaries

Balance, surplus

{Report for Nine Months ending Sept. 30 1918.)
[Including Tide Water Oil Co. and Subsidiaries.]

maintenance, pensions, royalties, ad¬

ministration, Ac.; provisions'for taxes, insurance
and all other charges, exclusive of depreciation..xl7,241,704
Net earnings from

operations

*13,178,870

Depreciation charged off

2,620,203
2,627,540

Provision for Federal taxes

12,167,834

*8,843,838
1,427,319
(See note.)

Net income.
Income from investments

*7,931,127

272,447

*7,416,519
77,854

Total income

*8,203,574

*7,494,373

Deduct—Proportion of income belonging to minor¬
ity interests in subsidiary companies

357,070

558,823

Tide Water Oil Co. stockholders’ proportion
Dividends paid in cash (14%—see text)

*7.846,505
4,465.940

*6,935,550
-4,465,691

Balance, surplus, for period

*3,380,565
12,917,001

*2.469,859
13,023,617

Previous surplus carried forward

Total.
Dividend of 10% paid (in stock) Feb. 1917

*16,297,566 *15,493,476
2,900,000

Total profit and loss surplus

*16,297,566 *12,593,476

In 1918, Federal taxes are shown separately (as above); in 1917 they
e included in expenses.
are
The dividends, *4,465.940 for the 9 months in 1918, include: March,

5%; June, 4%; Sept., 5%.

CONSOLIDATED BALANCE SHEET (INCLUDING SUBSIDIARIES).
Sept.3V18. Sept.ZW17.
Sept.30'18. Sejtf.30’17.
$

Liabilities—

Prop’s A equlp’t.x33,698,473 29,849,470 Capital stock
31,900,000 31,900,000
Other investments 1,541,771
255,858 Subsidiaries’ int._
190,350
Short-term seour’s
5,279,941 Reserve for fire
Cash
1,975,462 2,536,053
losses
444,809
414,932
Tax resave fund. 1,957,851
*
Minority Interest
Liberty bonds
Insub.cos
1,205,840
1,953,631 1,993,200
Accts. A notes rec. 4,130,015
2,735,646 Dividend payable.
1,594,950
Prepaid expenses.
109,325
18,990 Accounts payable. 1,861,315
1,158,651
Crude oil A prod’ts 7,374,956 7,246,736 Accrued taxes
2,757,688 1,142,010
Materials A supp. 3,336,783
2,134,387 Burp, (see above). 16,297,566 12,593,476
Deferred Items...
53,892
740,139

Includes

55,405,359 50.797.219
on

Total

1917.
1918.
Assets—
$
Liabilities—
$
Plant and equip.. 17,836,539 17,986,802 Preferred stock... 6,100,100
Cash
625,545
368,397 Common stock— 5,962,250
Investments
*2,544,865 1,034,922 Bonds (see text).. 5,319,000
Notes receivable.. 1,203,911
1,821,932 Sundry accounts..
38,725
Accts. receivable.
329,383
691,150 Acer, taxes (est.).
535,000
Brewery and office
Accrued bond int.
106,380
Inventories
906,513
815,779 Surplus
5,802,943

Sinking fund

417,641

Total

796.

(Julius) Kayser & Co. (Clove Mfrs.), New York.
{Report for Fiscal Year ending Aug. 31 1918.)
INCOME ACCOUNT.
Years Endimg

Aug. 31 ’18. Atm. 31 ’17

Profits (after deprec.)../
Deduct; Federal income{$1,585,631
and excess prof, taxes [
Redemp. of pref. stock.
150,000

Special reserve account-

Miscellaneous
First pref. divs
Second pref. divs
Common dividends.

4,906

$1,467,657

Cal. Year
1915.

$175,000
150,000

100,000

39,299

20,808

$869,195
a

$716,436

*1.004,343
$901,854

$437,847
*1,029.810

150,000
254,138
6.092

(7)169,990
(7)48,650

(6)360,000
$988,870

$455,977

BALANCE SHEET AUGUST 31.
1918.
g

Assets—

Lands, bldgs., Ac.x2,548,653
Other real estate..

Patents, trade¬
marks, Ac
5,644,000
275,000

Other investments
Materials and sup¬

Marketable stocks
and bonds

Customers’,

1917.
$

1,912,900
115,000
6,580,000

Common stock

5,664,000 Sur. appl. in re¬
299,073
demp. of pf. stk. 1,100,000
Mtges. payable..
4,627,194 Pay-rolls A mdse.
accounts
1,766,725
64,518 Other accts. pay’le
59,770

114,518

Ac.,

Divs.

accounts receiv¬
able
y2,523,993
Other accounts

receivable
Cash
Deferred chargee.

1918.
$

Liabilities—
2,129,095 1st pref. stock
58,350 2d pref. stock

6,020,733

plies

292,121
214,599
73,190

accrued

pref. stock
1,739,785 Reserve for change
In prices
89,806 Res. for Fed. Inc.
A exc. prof. tax.
266,800
52,284 Special res. acct._

17,706,807 14.990,905

Total

x After deducting *896,313 reserve for depreciation,
reserve for cash discount.—V. 107, p. 185.

1917.
$

1,951,600
695,000
6,000,000
950,000
9,600
463,462
36,758

Profit and loss
Total

6,100,100
5,962,250
5,319,000
33,853
140,327
106,380
5,328,297

270,727

23,864,397 22,989,708

Total

23,864,397 22,989,708

Includes as of Oct. 31 1918 mortgages receivable, *121,650; real estate
(other than plant), *506,776; stocks and bonds, *427,335; Liberty bonds,
*984,631; U. S. Treasury ctfb.. *500,000, and War Savings stamps, *4,473.
Note.—Unsold stocks and bonds in treasury: *181,000 bonds, 7,998
shares of pref. stock (par *50), or *399,900, and 10,755 shares of common
stock (par *50), or *537,750.—V. 107, p. 1924.

Independent Brewing Co. of Pittsburgh.
{Report for Fiscal Year ending Sept. 30 1918.)
Breweries.—(a)

Allegheny County:

Duquesne, American, Lutz.

First

National and Hill Topat Pittsburgh, Pa.; Chartiers Valle* at Oarne-ie, Pa.,
Home at Braddock, Pa., and Homestead at Homestead, Pa.
(b) Beaver
County: Auderton at Beaver Falls, Pa.
(c) Butler County: Butler at Butler,
Pa. (d) Washington County: Oharleroi at Charleroi, Pa., and Globe at Mo-

nongahela, Pa.
Kensington at

^e) Westmoreland
at Monessen.
Pa.jNew
Kensington, County:
Pa., andMonessen
at Latrobe,
Loyalhanna
Pa.
lew

RESULTS OF OPERATIONS.
Years ending—
Sales (barrels)
Total sales
Miscell. income, Ac

Sept. 30 ’18.
516,847
*6,488,735
134,581

Oct. 20 ’17.
658,424
*5,212,603
140,162

Oct. 14 *16.
668,428
*4,733,858
140,662

Oct. 16 ’15.

Income (allsources)— *6,623,316
Cost of produc. A pper..
5,326,053

*5,352,765
4,279,121

*4,874,520
3,556,234

*4,184,785
3,234,487

Profit on sales
*1,297,263 *1,073,644
Disbursements—
Interest on bonds
*247,500
*270,000
Pref. dividends (7%)...
315,000
315,000
Common dividends. (2M%) 112,500 (1^)67,500
Int. on bds. const!t. cos.
460
1,380

*1,318,286

*950,298

*270,000
315,000

*252,770
315,000

1,568
434,478

2,017
262,744

*1.021,046
*297,240

*832,532

Depreciation, Ac
Total disbursed
.....

538,052

419,764

*1,213,512
*83,751

*1,073,644
None

BALANCE SHEET.
Sept. 30’18. Oct. 20’17.

15,480,695 15,637,236

Total

*117,764

Sept. 30 ’18. <**.20*17.

Assets—
$
$
Liabilities—
Real estate, Ac...12,318,981 12,641,069 Common stock
Cash
585,600
217,613 Preferred stock...
Bills receivable...
831,711
1,116,444 Bonds—
Accts. receivable.
440,259
561,633
Indep. Brew. Co.
Securities at par.. *244,800
218,050 Constituent cos.
76,936
71,670 Accounts payable.
Unexp., Ac., insur.
549,741
Materials, Ac
451,459 Bond Int., Ac
Bond sinking fund
432,668
359,298 Undivided profits.
Total

525,488
*4,086,333
98.452

4,500,000
4,500,000
4,500,000
29,988
86,262

1,864,444

$
4,500,000
4,500.000

4,500,000
23,000
213,812
119,729
1,780,694

15,480,695 15,637,236

(7)141.394 (4*«) 104.606
(7)48,650(4 2-3)32,433
(8H%)664.900(7^)450.000 (3)180,000
.

„

*1,444,847

(7%)134,047
(7%) 15,342

Total deductions

Balance, surplus

($1,906,197

8 Mos. to

Aug. 31 ’16.

1917.
$

Sept. 30 1918 refining and gasoline plants, *12,153,216:
p.

*933,443
*208,009

BALANCE SHEET OCT. 31.

55,405,359 50,797,219

pipe lines, *11,158,655; oil producing properties, *17,653,849; railroad and
lighterage properties, *818,074; timber proparties, *314,523; less reserve for
depreciation, *8,399,843.—V. 107,

*1.540,693
*437,359

1918.
$

Balance, surplus

Total

*1,722,107
*258,841

Sept. 14.

Assets—

*2.177,586
*474,646

Note.—In June 1918, after an intermission of over 3H years, dividends
were resumed on the common stock, H of 1% being paid June
15 and 1%

Nine Months—
1918.
1917.
Total volume of business done by the Tide Water
Oil Co. and its subsidiaries, as represented by
their combined gross sales and earnings, exclus¬
ive of inter-company sales and transactions
*30,420,574 *21,011,672
Total expenses incident to operations. Including

repairs,

Total deductions

11,829

15,439

500,000

750,000
500,000
4,410.583

175,000
500,000
3,694,147

17,706,807 14,990,905
y

After deducting

Includes *139.000 I. B. Co. bonds held by company and *105,800 in¬
vestments in miscellaneous stocks.—V. 107, p. 1841.

American

Bolling Mill Co.
{Report for Fiscal Year ending June 30 1918.)
Pres. George M. Verity, Nov. 1 1918, said in substance:
Operations.—In Oct. 1917 our capacity had been practically sold for the
entire year.
By Dec. 1 the Government had effected a regulation of prices,
and was beginning to demand a much greater percentage of
our production.
Weather conditions during the winter were wlthour precedent.
This fact,
together with unusual

car shortage and insufficient coal supply, created
Almost
impossible conditions existed during Jan., Feb. and March, and we were
unable to resume normal shipments until June.
During the last half of
the year the Government was rapidly working up to a point where it was
either consuming or controlling the steel production of the country.
At the time of issuing this report your company is applying not less
than 98% of its production to business considered “essential” by the
Government, and all prices are regulated.
In spite of unfavorable conditions existing during the winter months, the
net returns from the business for the year are the largest in our history.
They no doubt represent a peak in net profit per ton or product made and
sold.
However, when Federal taxes are deducted, it brings surplus earn¬
ings down to within what can be done in peace times. Your company’s
production capacity has now been so largely increased from surplus that its
earning possibilities will always be substantialy greater than heretofore.
Sales Billed.—During the fiscal year ended June 30 1915 these aggregated
*6,500.000; for year 1915-16, *13.262,000; for 1916-17, *22.710,000; and
for 1917-18, *33.515,000.
This represents an increase in sales of more than
400% in three years.
This large increase in volume of business is not entirely due to the ab¬
normal conditions brought on by the war, but is largely due to the natural
but rapid growth of your business, which was made possible by the very
large increase in our manufacturing facilities.

conditions which affected production and shipping very materially.

Outlook.—Current shipment* are running at about the same rate as last
while the average price prevailing is considerably lower. It is. there¬
fore, apparent that while profits will still be large as compared to normal
times, they will be considerably reduced during the current year.
Blast Furnace, Ac.—Our blast furnace and mining operations are running
amoothly, and have kept us supplied with raw materials during a period in
which it would have been practically impossible to have secured a sufficient
tonnage of pig iron at any price. As far as an ample supply of raw materials
at producer’s cost is concerned, your company is now independent.
Products Shipped.—The total tonnage shipped of prime products, miscel¬
laneous and by-products, has been: for fiscal year 1914-15, 119.332 tons;
year 1915-15. 224.144 tons; 1916-17, 304,721 tons; 1917-18. 458.208 tons.
Dividend Policy.—There has been no change in stock dividend policies,
which means that stock dividends will be declared from year to year as
conditions warrant.
Even the very large Fe eral taxes now contemplated
leave your company in position to support current cash dividend disburse¬
ments.
There is, however, every necessity for conserving cash resources
after dividend requirements have been provided.
Annual Meeting.—At the annual meeting 8ept. 19. the officers made a
brief report covering the development of your company from the time of
its incorporation, and a very full report covering your company's activities
and developments during the last two to four years.
INCOME ACCOUNT YEARS ENDED JUNE 30.
(Before acquisition of Columbus Iron A Steel Co.)
1916-17.
1915-16.
1914-15.
1917-18.
33.515.000 $22,710,000 $13,262,000 $6,500,000
119,332
224.144
304.721
Tons shipped
458.208
Not
$6,816,400 $4,223,989 $1,376,112
Operating profit
521.627
950,877
1,770.205
Cnge.for maint. .rep. .Ac. reported.
159.975
171.600
1.096.608
Chge. for res., depr.,Ac. $1,060,571
year,

$7,845,527

$3,949,587

$3,101,513

$694,510

6.748

1.925

40.174

58.860

Net income
$7,852,274
Cash dividends
$1,754,476
Stock dividends
441,075
Int. paid and accrued..
318,133
Excess profits tax—
A. R. M. Co. 1916-17
798.185
C. I. & 8. Co. 1916-17
40.686
A. R. M. Co. 1917-18
2,959.952
Pref. div. reserve fund._
23.035
Accounts written off...
3,771

53.951.512
$1,103,275

$3,141,687

$753,370
$524,402

Net

profits

Int., dlvs., rents, Ac

$597,214
(5)319.965
177,483

58,851

Total deductions

Balance, surplus..

$6,339,313

1918.
$

Assets—
Real est.,

1917.
$

$1,762,242

$1,162,126
$2,789,386

Marketable secur.
Pref. div. guar’tee
Deferred charges.

Total

653,112

119,035
22,498

1917.
*

9.000,000
1,172,000

3,680,000

4,599,152

1,300,000

books 1,922.846

804,490
207,328
909,456
302,727

Reserve for taxes.

19,066
Total

36,762,031 30,360,574

Owned and controlled through ownership of the capital stock of the

New England Cotton Tarn Co.,

Boston.
{Report for Fiscal Year ending Sept. 30 1918.)
A Boston paper cites the report substantially as follows:
During the past year the only material change in assets has been the sale
of the pref. stock of Fairhaven Mills and pref. stock of the Nemasket Mills.
The proceeds thereof were invested largely in Liberty bonds. 1
At the time of the last annual report $63,700 of the pref. stock of the
company was outstanding; since then all of this stock has been acquired,
so that It is now entirely owned by the company.
We have also acquired
$280,000 common stock during the year, so that the common stock now
outstanding is $3,005,000. The amount of bonds outstanding has been
reduced to $95,000.
(In the balance sheet of Sept. 30 1918 this amount
has been offset against Liberty Loan bonds owned. See footnote below.1
A dividend of 6% on the common stock was declared, payable Nov. 6
1918. and the directors see no reason why dividends should not continue
be paid.
BALANCE SHEET SEPTEMBER 30.

Liabilities—
1918.
1918.
Assets—
1917.
Merchandise
$681,871 Preferre i stock
Common stock
$3,005,000
Notes A accounts
See text
receivable
$1,247,937 $1,762,557 Bondel debt
Cash
1,075,472
734,155 Notes payable
1,717,500
Accounts payableInvestments—
7,722
Stocks A bonda.x3,627,900 4,194,785 Reserve for Insurl
378,980
_

1,275,880

800,000

depreciation/

Profit and loss... 2,117,967

$7,227,169 $8,173,369

Total

$930,697 $473,751 $361,996 $352,868
32,910

5.790

5,790

BALANCE SHEET DECEMBER 31.
1917.
Assets—
Stocks and bonds
owned
$6,697,388
Accts. receivable319,239
Bills receivable...
55,679
Cash in banks
29,184

1916.

$4,378,725
255.617
67.979
56.273

1917.
Liabilities—
Common stock
$1,966,200
Pref. stk.,6% cum. 1,220.200
First lien 5s
1,913.200
Coll, trust notes.. 1,104.000
A
bills
Accts.
payT
122.724
Def.pur.mon.notes
101.823

1916.

$1,506,600
7724)00

1,772.600

83*524
”

624,869

673,343

United States Finishing Co.

{Report for Fiscal Year ending June 30 1918.)
$729,052
$24,318

International Metal Products Co. (patent holding company),
b Includes mining operations and coke ovens.—V. 107. p. 1921.

Liberty bonds.

1914.

1915.

$1,302,704 $714,203 $566,590 $550330

Balance, surplus
$339,097 $234,662 $198,804 $191,672
Int. on funded debt C.G.A E.Corp. $118,836
$88,630 $79,540 $64,525
The company has paid since its organization consecutive quarterly divi¬
dends on its common and preferred stocks at the rate of 2% per annum and
6% per annum, respectively.

50.000

470,765
1,239,500 Accruel dividends
939,795 Res. for renewals,
3,059,985
3,597,209
replace’ts, Ac.. 3,680,392
2,337,719 Mlscell. reserves.. 1,052,548
4,544,819 Special reserve for
96.000
guar, of pref.dlv
189,398
119,035
12,175,635 10,662,672
98,000 Surplus

36,762,031 30,360,574

earnings
Operating expenses, taxes, Ac
Int. on outstg bonds of sub. cos
Gross

Surplus

1918.
Liabilities—
$
Preferrei stock..
1.300,000
Common stock
9,441,075
Gold notes (6%).. 1,166,500

151,939 Mater’ls in transit
165,603 Accrued pay-rolls.

121,686

SUMMARY OF OPERATIONS.
1917.
1916.

403,694/

Accounts

151,939
176,035
Improved
Unimproved...
123,561
Stock in other cos.bl,723,150
Cash
822,109
Notes A accts. rec. 5,568,542
Inventories
2,806,890
Material A supp.. 6,322,349

depend entirely on the support given the company by its present stock¬
holders.
Profitable extensions are demanded on all sides.
Stockholders,
therefore, are invited to make further investments in toe securities of the co.

154,650

263.8..61

bldgs
machinery, Ac. 18,272,810 16,282,840
Pat’ts, pat. rights,
licenses, Ac
a675,000 Notes payable
Investments—
E.S.W. Farms.

sidiaries.
Demand for Service—New Funds.—Due to the extreme general scarcity
of money, the demand for additional service is now exceeding the supply of
The growth of the company during the year 1918 will
available funds.

$7,101,490 $4,758,593
Total
$7,101,490 $4,758,593
[See sale of notes on a subsequent page of this issue and in Y. 105, p.
1312. 1423.—V. 106, p. 610 ]

$1,379,445
BALANCE SHEET JUNE 30.

$1,512.961

Appraisal.—An independent detailed inventory and appraisal of the

physical properties by competent engineers was completed in November.
The replacement cost of the properties, exclusive of franchises, good-will
and other intangibles was found, using pre-war prices, to be $7.157372.
These figures support the company’s belief that a fair return on the capital
invested calls for higher rates to consumers than those now prevailing.
During the year 1917 additional properties to the value of $1,890,000
were added, and extensions to existing properties to the value of $564306
were made.
Eighty cities and communities are now served by your sub¬

Total

Profit-sharing distrib’n.

(Vox*. 107

THE CHRONICLE

2006

Total

1917.

$63,700
3,285.900
385.000

1,902.500
111,740
378.980
2,045,549

$7,227,169 $8,173,369

President Henry B. Thompson wrote

in substance:

Results.—The earnings show a decrease in comparison with the previous
year.
This Is largely accounted for by a decrease in dividends from Queen
Dyeing Co. [from $375,000 to *112,500], by increased war taxes and by
increased costs of operation for the months of Jan.. Feb. and March, incident
to the fuel situation.
Our expenses during those three months were largely
increased and our output seriously curtailed by the enforced shutdown
acting under the orders of the National Fuel Administrator. The conges¬
tion arising from this situation of necessity Increased our cost and delayed
shipments. As a result we closed our fiscal year with an unusual amount
of goods in process and orders on hand.
The greater part of our earnings, due to the rapid expansion in all values,
have been put back into the business and show through our balance sheet
under the headings of machinery, inventory and accounts receivable.
We
have spent for new machinery $315,290, and. after providing for the year's

depreciation, plant account shows a net increase of $172,779. Our Inven¬
tory account has increased $317,954, and accounts receivable. $359,145.
In 1914 our inventory stood at $429,925.
In 1918 we showed an invest¬
ment in Inventory which represents all supplies of dyestuffs, chemicals,
coal, Ac., of $1,083,721, or an increase in the four years of $553,797. *
On the basis of our present annual consumption of some of the more
Important materials, the increase in the prices in the past four years repre¬
sents approximately the following additional expenditures:
Coal
$450.0001 Sheetings
.$260,000
Prussiate of soda
110.000 Acetate of chrome
130.000
Chlorate of soda
40.0001 Aniline oil
180,000
Abnormal Operating Costs.—I stated in my last year’s report that "our
operating costs at the close of the fiscal year have reached their highest
point since July 1914." This statement can be repeated in this report
with emphasis, for all our supplies, as above shown, notably coal and labor
costs, snow very radical advances.
The volume of business has been
slightly in excess of last year; the type of work has been about normal
with previous years, although on account of handling in a large way at our
Pawtucket and Silver 8pring branches uniform cloths and tent canvas for
the U. S. Government, we have had to restrict in degree our printing orders
and develop our dyeing facilities.
Additions, Improvements, Ac.—Our expenditures for new machinery have
been larger than usual.
This was necessitated by the installation of new
machinery for the dyeing of the Government cloths, and also by the in¬
stallation of new boiler plants at our Silver Spring and Sterling branches.
The latter installations were absolutely necessary, for the boilers were worn
out and out of date.
The modern boilers installed will result In large fuel
economies.

necessity we have held up all improvements In new construction,
those absolutely necessary. Our repair account, amounting to
$471,189, is large, but it does not mean that our actual repairs have been
above normal, but that the added value is represented by increased costs
Of

except

of material and labor.

Dividends.—Four regular quarterly dividends on the pref. stock were

paid, and in addition, two dividends of IH% each were paid July 1 and

Nov. 1 1917, on account of postponed dividends.
[The accumulated divi¬
dends have thus been reduced to 24V4%.
Preferred dividends of 134%

5 M %.
Against the earnings of the year 1917 there have been charged four
quarterly disbursements of 1 % % along with the extra 134 % paid Nov. 1
1917.
The company does not show these deductions.—Ed.]

S. FINISHING CO. FOR YEARS ENDING JUNE 30.
1917-18.
1916-17.
1914-15.
1915-16.
Yards finished
Not stated. Not stated. Not stated. 197.160.100
RESULTS U.

Investments (stocks and bonds) for the two years, compare as follows:
Sanford Spin. Co.: Sept. ’18.
Sept. ’17
Sept. ’18.
Sept. '17.
$500,000
$500,000 Nob3ka Spinning
Common
Preferrei
Ca., pref
452,900
500,000
$100,000
$100,000
Vacuum Fum. Co.
Globe Yarn Co.:
21,000
21,000
500.000
600,000 Daniels3n Cotton
Common
500,000
Prererre 1
500,000
Co., com
197,900
197,900
Rotch MUl bonisOohannet Co.:
2,500
500.000 New Belford Spln500,000
Common
Co. bonds
600,000
253,600
Prfeferre 1
500.000
268,400
Old Colonv Cot.Co
100,000
100,000
Total
of
above.
207,485
Falrbav .M Ills, pref
$3,627.900 $1,194,785
300,000 Lib. bds. (add !)—xl,275.860
New mark .M. ,pref.
800,000
a

Gross receipts
Cost of produc., maint.
and general expense__

$8,349,074

$6,450,965

$5,204,665

$4,046,051

a7,021,565

5,160.151

4,053,371

3,492,498

Net earnings
Other income

$1,327,509
152,118

$1,290,813
404,039

$1,151,294
23,298

$553,553
89.927

Total earnings
$1,479,627
Interest on bonds
C131.173
Interest on debentures..
Taxes
186.470

$1,694,853
$132,425

$1,174,592
$135,976
94,271

$643,480
$138,125
104,083

...

40,208
89,787

Depreciation
x After deducting $95,000 for the remaining Cotton Yarn Co. bonds
which have been secured by deposit of Liberty Loan 3J4s.
Note.—As to the change of the name of the company to “New England
Investment Co.." see a subsequent page.—V. 777. p. 1842.

Continental Gas & Electric Corporation.

{Report for the Fiscal Year Ending Dec. 31 1917.)
President C. S. Eaton in January last wrote in substance:
Results.—The gross business done was nearly twice that of the preceding
year; none of this gain is due to war demand.
Net earnings, while pro¬

portionately reduced by extraordinary Increases in cost of materials, were
larger than for any corresponding period.
The gain in gross Indicates:
first, a large increase in the number of properties: second, a large increase
in the demand for electric light, power and heat in the territory served by
your company.
The high average price for all farm products has meant

houses wired for electric lights, electric irons, electric stoves—and a
higher standard of living once attained becomes a habit.
In proportion to the business done, the operating costs were Increased
by $150,000 during the year compared with the average cost of the four
preceding years.
Rates.—No advances were made in rates to consumers, but steps have
1 ready been taken to advance rates of the subsidiary cos. about 20 %.
many

Preferred

£ivs

‘138.353

(834%)262,500(534)157.500

Balance, surplus—
$899,484 $1,180,933
$805,992
$401,272
Note.—Barrow, Wade, Guthrie A Co., chartered accountants, say: "The
earnings for the year amounted to $1,161,985 (before deducting preferred
dividends), after full depreciation has been taken into account, and after
charging off the balance of the debenture erpsnse, but no provision has as
yet been made for excess profits taxes for the year 1918.
Dividends
amounting to $112,500 were received from the Queen Dyeing Co., and are
included in other income."
a Includes depreciation in 1916-17 and 1917-18.
c Includes $36,173 interest on the U. S. Finishing Co. 1st Mtge. 5s (less
In sinking fund), $82,500 interest in U. S. Finishing Co. Consol. Mtge. 5s
and $12,500 interest on Sterling Dyeing A Finishing Co. 1st Mtge. 5s.
x Inserted by Editor—see text.
The company is also making annual payments of $50,000 to the cumula¬
tive sinking fund for the 1st Mtge. bonds, to which was also added in
1917-18: interest on sinking fund bonds $51.327, securities matured $10,000
and interest on cash and securities in sinking fund. $4,801.
During the
year $33,000 1st Mtge. bonds were redeemed for $32,985 and $84,855, was
applied by the trustee to purchase of municipal and other securities, in¬
creasing the net holding of such securities on June 30 1918 to $172,795.
Additional amount on deposit with the triistees from sale of Passaic prop¬
erty and Pawtucket lands, $142,742.
x

Nov. 23

1918.]

THE CHRONICLE

BALANCE SHEET JUNE 30.

GENERAL INVESTMENT NEWS

1918.
Assets—
Beal est., bldgs.,Ac.
less depreciation

6,094,933
Copper rollers
520.302
Sterling Impi. stk.
Silver Spring Land
Carp, stock
10,000
Queen D. Co. stk.
750,000
Liberty Loan sect.
208.364
Inventories
1,087,744
Cash
266.562
Book debts
972,472
Prepaid insur., Ao.
74,056
Sinking fund
y392.264
Sterling Impt. Co.
(no liquid asset)
811 v. Bpr. Ld.Corp
152,027
Total
•

10,528.713

1917.
9

1918.
Liabilities—
8
Common stock
2.350.000
Preferred stock... 34)00.000
Bonds outstand’g.s2,607,000
Accounts payable.
294.539
Taxes and
pay¬
rolls
100,313
Accrued bond,Ac.,
Interest
65,175

6.922.154
523,030
•1

750,000
9,387
769,790 Liberty bond acct.
118,719
337,573 Pref. dlv. payable
613,327
July 1
105,000
51,887 Surplus
1,887,966

1917.
3

2.350,000
3,000,000
2,640,000

202,817
63,843

105,000
1,030.710

314,630

9.458.370

Total

10,528,713

Western Canada Flour Mills Co.( Ltd.

(Annual Statement for the Year ending Aug. 3ri918.)
Kelly, Oct. 23 1918, wrote in substance:

President A.

During the year a concrete storage warehouse was erected at Toronto,
which now provides the necessary facilities tor the company’s local business.
You will note a decided decrease in inventories which was due to large
wheat shipments *or overseas consumption.
This necessitated closing all
the mills for a considerable period prior to the end ot the company’s fiscal
year.
Supplies in Canada were thereby materially reduced and could not

be replenished until the new crop was available.
Advantage was, however,
taken of this idle period to, in a measure, overhaul the plants which are
now in a satisiactory state of efficiency.
The crop this year, while below the average in quantity. Is of exception¬

ally good quality. The price has been fixed for the crop year, and pro¬
vided production can be kept up the company should be able to continue
to operate with favorable results to the shareholders.
INCOME ACCOUNT FOR YEARS ENDING AUGUST 31.
1916-17.

1917-18.

reserves..$543.844

$418,023

$376,261

93.500

1914-15.
$340,062
93,500

(10%)*229.702

(8)169.976

(8)169,976

S22S.252

$158,383

$112,785

87,890

1915-16.

91,664

In 191/-18 the regular 8% dividend.was paid with a 2% bonus.
BALANCE SHEET AUGUST 31.
1918.

Liabilities—

1917.

1918.

Capital stock
$2,340,100 $2,124,700
equipment, Ac.$2,616,655 $2,629,634 First M. 6% bonds
814.243
849,492
Share A other inv. 1,111,074
653,987 First A Refunding
Pat’ta, trade-inks.
625,684
655.130
6% bonds
and good will
183.067 Bond interest
1
43,454
45.704
Aects. A bills reo
871.801
Dividends
accrued
724.640
93,604
42,494
Inventories
509,085 1,576,257 Accounts and bills
Canada’s Vic.Loan
250,000
payable
a887,960 1,233,252
Cash
235,699
27,837 Profit and loss,
Deferred charges.
69,164
844,651
surplus
858,434
Total

.$5,663,479 $5,795,423

Total

$5,663,479 $5,795,423

Including two years estimated war taxes.
Indirect liabilities in 1918, customers’ paper under discount, $494,687,
against $2,351,489 in 1917; guarantee Brackman-Ker Milling Co., Ltd.,
$545,771 in 1917.
Head office. Toronto; Mills: Goderich. Ont., Brandon, Man., Winnipeg,
a

Man., Calgary, Alta., and South Edmonton, Alta.—V. 107,

1843.

Westfield

Manufacturing Co.
(.Report for Fiscal Year ending Aug. 31 1918.)
Pres. Wilbur C. Walker, Aug. 311918, wrote in substance:
The net profits for the year, after payment of interest on bonds and
deducting all general, selling and other expenses, all ordinary repairs to
buildings, equipment and ample allowance for depreciation and taxes, were
$231.483 net (contrasting with $202,757 in 1916-17 and $175,375 in 1915-16.1
The entry of our country into the war has made necessary an almost
complete revision in our manufacturing facilities, requiring large expendi¬
tures for additions to buildings and special equipment.
Regular quarterly dividends of 1 % % on the pref. stock have been main¬
tained. quarterly dividends of 1 Vi % on the com. stock have been regularly

paid, and during the fiscal year $54,000 of the company’s 6% debenture
bonds

were retired.
The company has no notes payable, nor any paper
outstanding bearing its endorsement. Accounts payable represent miscel¬
laneous current bills not yet due.

COMBINED INCOME ACCOUNT FOR YEARS ENDED AUG. 31.
Sales (net)
Cost of sales
,.

Net income
Miscellaneous income.

Preferred dividends (7%).

1917-18.

1916-17.

1915-16.

$3,030,882
2.180.195

$1,560,380
1.103.878

$1,417,201
1.067.238

$850,687
595.052

$456,502
232.530

$349,963
161.670

$255,635

$223,972

1.626

2.260

$188,293
11.890

$257,262

$226,232

$200,183

$25,779

$23,475
28.000

$24,808
28.000

28.000

(6%)48,000 (6%)48.000 (1M)12,000

Balance, surplus

$155,483

$126,757

$135,374

BALANCE SHEET AUGUST 31.
Assets—

Land.bldgs.,mach.,
equipment, Ac.

'U. 8. Lib. bonds..
Cash
Notes A accts. rec.
Materials A supp.

Prepaid charges..
Organisation exp.
Suspense account.

1918.

$965,844
50.600
157.053
310,796
907,380
5,604

15,524

1917.

Liabilities—
Prelerred stock
$890,007 Common stock
15.000 Serial deben. gold
50.489
bonds, 6%
293,165 Accounts payable.
796,369 Accrued interest..

7,317 Acer .tax. ,roy. .Ac.
Deposits on orders
19,524 Res’ve for deprec.,
taxes, Ac

Surplus
32,412.800 $2,071,871

Total

1918.
$400,000

800,000
331.000
178.624

4,9651

1917.
$400,000
800,000
385,000
102.678
15,877

44,966/

Baltimore A Washington RR. below.

Barcelona Traction, Light & Power Co., Ltd.—Status.
Referring to the proposition outlined last week (p. 1918), the bondhold¬

9.458.370

* Indudes in 1918 U. 8. Finishing Co. 1st Mtge. 5s, $707,000 (after
deducting $1,013,000 in sinking fund). Consol. Mtge. 5s, $1,650,000. and
Sterling Dyeing A Finishing Co. bonds, $250,000.
The liabilities of the Queen Dyeing Co. as of June 30 1918 Indude
$750,000 common stock (all owned by the U. 8. Finishing Co.). $500,000
pref. stock. $750,000 bonds. $72,631 accounts payable and accrued pay¬
rolls. bond interest payable July 1, $18,750. and preferred dividend. $8,750,
Liberty Loan, $18,010. and taxes accrued, $9,887. The total surplus
June 30 1918 was $156,085.—V. 105. p. 2092.
*

iMSl—
Beal estate, bldgs.,

Ry.—No Interest.—

Baltimore & Sparrows Point RR.—Sale.—

certain Pawtucket land.

Balance, surplus

Atlantic Quebec & Western

Notice is given that under the provisions of the supplemental trust deed,
dated June 30 1917. there are no funds available for any payment in respect
of interest coupons 25 and 26, dated respectively Jan. 1 mid July 1 1918.
of the First Mtge. 5% debenture bonds.—V. 105, p. 1616.
See Philadelphia

Includes in 1918 $249,512 cash and securities in sinking fund, and
$142,742 cash on deposit with trustee from sale of Passaic property and

No action on the common dividend was taken by the directors. Six
months ago the American Railways Co. passed its common dividend, which
had been at the rate of 2% semi-annually.—V. 106, p. 2343.

166,592

Par value. $250,000; book value, $1.

Net profits after
Bond interest
Dividends..

RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways Co.—No Common Dividend.—

66,000

2007

ers’ committee in circular of Sept. 21 says in substance:
The financial arrangements adopted by the bondholders In 1915 (Y. 100,

p. 1751, 1830, 1917) were based upon a report by Dr. H. F. Parshall, in
which he showed the necessity for the immediate completion of the great
dam and power house at Talarn, the construction of a second transmission

line, and the extension of the distribution system.
The continuance of the war caused unavoidable delays and greatly in¬
creased the cost of shipping and the price of all materials, with the result
that the completion or the works was delayed and the estimated cost in¬
creased.
Practically the whole of these works have been completed, how¬
ever. excepting part of the distribution system.
The surplus earnings bo*
tween July 1 1915 and Dec. 31 1917, and the proceeds of the sale of £1,000 000 Prior Lien "A” bonds were applied towards meeting the cost of such
construction, which during this period amounted to £1,773.000.
(During
the same period over 6,000.000 pesetas were expended upon the extension
of the Ferrocarriles de Cataluna and at the end of 1917 the railway company
had in hand approximately 4.500.000 pesetas to complete the line to the
Important manufacturing town of Tarassa. These amounts were provided
by the sale in Spain of bonds of the railway company, so that the cost of
this extension has not encroached upon the funds provided for the electric
works under the 1915 plan.J
The works referred to above, as completed, have proved satisfactory In

operation, and resulted in
following figures:
(All pesetas.)
Gross

earnings

Operating expenses

steady advance in earnings,

indicated by the

1914.
1915.
1916.
1917.
15.466.208 16.804,223 20.225.827 22.966.847
8,381,735 7,202.840 6,661.218 6.758,841

Net earnings
7.084.473 9.601.383 13,564.609 16.208,005
Dr. Parshall relied upon the 6team plant in Barcelona contributing 40,000.000 k.w.h. per annum at an annual cost of generation of £90.000 as a

Slemental
to meet
that
ofthen
suitable
be obtained
forthe
to 40loads.
ty could supply
35 peak
since
pesetas At
per
ton,time
butcoal
the

cost of coal

has increased enormously, and is now between 300 and 400

pesetas per ton.

The augmentation of the hydro-electric supply, therefore, became an
economic necessity, and as the peak loads in 1916 approximated to the
capacity of the existing hydro-electric installation, the management decided
that it was essential to push forward the construction of another power
installation.
It will be remembered that of the £2,000.000 Prior Lien “A” bonds au¬
thorized in 1915 £1,000.000 was to be used, with the surplus revenue, to
meet the cost of completing the works then under construction. In accord¬
ance with Dr. Parshall’s report, and the remaining £1.000.000 was to be
used for carrying out further extensions when the necessity arose.
Accordingly the funds for a new hydro-electric development at Oamarasa,
which is situated some thirty kilometres below the Tremp installation, are
being provided through the sale of these bonds. £260.000 were sold in
1917 and subsequently, and early in the present year a further 10.000,000
pesetas (approximately £400.000) were sold on satisfactory terms to a
Spanish syndicate. Sufficient funds have thus been provided to carry on
the work into 1919. and the committee feel confident that under the ar¬
rangements now contemplated the further funds which will be required for

completing the works will be made available as needed.
The entry of the United States into the war has necessarily added very
greatly to the difficulty of getting supplies from that country. but as or¬
ders for the machinery were placed there over a year ago, it is hoped that
It will arrive in 8paln in time to enable the plant to be brought into opera¬

tion towards the end of 1919.
Meanwhile, the shortage and high price of coal have much increased the
demand for power, and the greater part of the power to be supplied by the
new plant seems likely to be taken up as soon as it Is available.
The proceeds from the sale of the Prior Lien “A” bonds will not provide
for the cost of these works as well as the cost of the Camarasa development,
and therefore some contribution will have to be made out of revenue.
Moreover, without the benefit of the Camarasa installation there Is no as*
surance that the full interest will be earned.
The directors, therefore,
have no alternative but to ask the bondholders to agree to a modification
of the arrangements approved in 1915.
The leading representatives of
the French. Belgian and Spanish holders of the company’s bonds, as well
as the holders in Great Britain and Canada, have been consulted regarding
the situation.
The plan embodied in the conditional agreement involves further sacri¬
fice on the part of the bondholders, but will, it is believed, place the com¬
pany upon a solid financial foundation for the future.

[Bondholders’ committee: E. R. Peacock. A. E. Baker, Robert Flem¬
ing, H. Malcolm Hubbard, Gilbert Johnstone. H. C. Levis and C. D.
Seligman. 3, London Wall Buildings, E.C. 2. See V. 107, p. 1836,1918.)

Bay State Street Ry.—Fare Litigation, &c.—

Judge Morton in the United States District Court at Boston on Nov. 20
declined to interfere with the intention of Receiver Donh&m to discontinue
certain routes which failed to pay operating expenses.
The Court set
Dec. 4 for a bearing on the receiver’s petition relating to other lines.
The Receiver has filed in the United States District Court at Boston
a

petition in which he attacks the constitutionality of the Massachusetts
permitting a street railway to grant half fares to school children.
107, p. 1918, 1836.

statutes

Permission is asked to discontinue such fares.—V.

Boston Elevated Ry.—President.—
Vice-Pres. J. Henry Neal has been elected
O. Brush resigned.—V. 107, p. 1579, 1836.

President to succeed Matthew

Boston & Maine RR.—Favorable Outlook for Reorganiza¬
tion.—The formal plan of reorganization and merger, issued
as of Nov. 1, was cited at much length in last week’s “Chron¬

icle,”

1918.

This plan

was

issued with the approval and

financial backing of the Director-General, as shown in letter
addressed to Mr. Gordon Abbott (Chairman of Old Colony
Trust Co.), who is Chairmant of he Reorganization Managers.
The “Boston News Bureau’’ on Nov. 20 said:
It is understood that directors of the Boston A Maine RR. and of five
out of the seven principal leased lines have voted to approve the reorganize*
tion plan.
[The directors of the Fitchburg and Connecticut River roads
have since acted favorably on the plan, making the vote of the directors of

the several roads immediately concerned unanimous.)
Of course, the approval of the stockholders is the important thing, but
special stockholders meetings require legal notice and it was deemed
advisable to have directors meet and approve the plan in order that the

Government would see that the various interests in the Boston A Maine
system approve the plan and wish to expedite its acceptance.
It is ex¬

pected that the various meetings of shareholders will be held next month.

4,696

5,661

211.880
436.668

81.469
281,186

32.412.800 $2,071,871

No sign of important oppositfcm to acceptance of the plan is discernible.
It requires no sixth sense to appreciate that the prospects of the various
security holding interests would not be in any measure improved by failure
to consummate the reorganization plan.
The Hampden RR. suit now remains the only important loose end in the
Boston A Maine situation.
This case has gone up to the U. 8. 8upreme
Court.
If the decision is adverse to the Boston A Maine the Federal

2008

Government win lend the road enough to pay the judgment. But if ad¬
the Hampden, ae the Boston ft Maine interests confidently expect
it will be, then there Is an end of the matter.
In fact, so confident are the
Boston A Maine people in the outcome of this litigation that they would
not listen to a compromise although the Railroad Administration was
disposed to agree to such a disposition of the suit.

vene to

Reorganization.—The plan would result in the following;
Constituent
Properties—

Stock
Interest A
of Track. Funded.
Unfund.
Outstanding.
Guar. Diet
Boston A Maine Railroad 13,315 S103.167.060 None $38,817,900 1st pf. $4,414,593
3,149,800 pref.
(Companies to be
39,505,100 com.
merged)
)
y

Miles -Debt Outstanding-

Entire Stock Owned—
Nashua A Acton RR
Vermont Valter RR

Sullivan County RR

MontpeUerAWelbsRlverRR
Barre A Chelsea RR
Mt. Washington Ry

45
49
55

Wilton RR

Peterborough RR
Horn Pond Branch.
Northern RR
Concord A Claremont RR.
Peterb. A Hlllb. RR
Conn. A Pass. Rivers RR.

Massawippl Valley RR....
New Boston RR..
Concord A Portsmouth RR
Suncook Valley RR

Pemlgewasset Valley RR..
Franklin A Tilton RR
York Harbor A Beach RR.
Totals

$67,500
14,280

..
..

21
12
1
108
84
20
160
46

$772,000

$3,193,000
150,800
800,000
300,000
240,000
351,900
2,000
3,068,400

500,000

$218,600
15,080
72,000
21,000
20,400
14,076
184,104
25,000

....

1,800,000
300,000
60,000
350,000
278,640
503,400

1,900,000

19
30
8
13

184,000
18,000
2,400
24,500
8,359
30,204

33,000

Totals, entire steam sys.4,370 $108,196,060 None $92,903,940
Street Railways Owned—

$5,334,096

19
31

—

$108,196,060 None $92,903,940

88,317,000 $19,879,060

$5,334,096
8,055,509

92,903,940

Excluding amounts owned by B. A M. or subsidiary companies.
Excluding Newport A Rlchford (33.22 miles of track), not opertaed in Boston

A Maine System, but teased to Montreal A Atlantic Ry. for a rental covering all
fixed charges.
Also excluding St. Johnsbury A Lake Champlain RR. (112.08 miles
of track), a majority of whose capital stock is owned by the Boston A Lowell RR.,
but which is operated separately from the Boston A Maine System.
The Boston
A Maine RR. guarantees $1,328,000 St. Johnsbury A Lake Champlain First Mtge
6% bonds. This contingent liability is not Included in the above table. Also
excluding the right to use 4.3 miles of Old Colony RR. track mid excluding Joint

trackage rights over other railroads aggregating 47.55 miles of track.
plan in V. 107, p. 1918.

Compare

Brazil Ry.—Data Regarding Brazilian Railways.—

The "Railway Review" in its issue tor Nov. 16 publishes several pages
of authoritative information recently compiled by the Bureau of Foreign
A Domestic Commerce referring to the railways of Brazil. The article coVers
many

points of interest and mentions numerous lines.—V. 107,

Brockton & Plymouth Street

801. 290.

Ry.—Operations.—

Officers of this compnay have agreed to keep the road in operation until
Dec. 23 instead of Nov. 23 as originally announced.
It is understood that
if an agreement can be reached it is probable that the line will continue
operations indefinitely. It is believed a 10-cent fare will be required.—

vTl04, p.

1898.

Canadian Northern Ry.—New Directors.—

Central Vermont Ry.—Attachment Obtained by Contractor
Partly Constructed Line to Providence.—

See Southern New England RR.—V. 107, p. 1666.

Chicago Elevated Rys.—Six-Cent Fares Authorized.—

Patrons of the elevated railways of Chicago on Nov. 20 were notified
that the company had been authorized by the Illinois P. U. Commission
to charge a 6-cent fare until Dec. 31 1919.
It is stated that the increase
will add $1,200,000 a year to the company’s revenue.
An increase to a
7-cent fare had been asked.—V. 106, p. 821.

Chicago Rock Island & Pacific Ry.—Receiver, &c.—

1919, 1384.

Cincinnati Findlay & Fort Wayne RR.—Sold.—

This property was bid in at foreclosure sale on Nov. 18 by the bondhold¬
ers’ committee, F. N. B. Close, Chairman, for $200,000, the upset
price.
Operations ceased some time ago and the property is being dismantled.—
V.

107,

1669.

Claremont (N. H.) Ry. &

Lighting Co.—Receivership.

A press dispatch from N. H. on Nov. 15 says:
"Russell Jarvis, a paper
manufacturer, has been appointed Receiver, for the Claremont Electric
Ry. Beginning Saturday morning, it was announced, the road would be
operated by a committee of local manufacturers who offered to buy the
outstanding bonds of the company, amounting to $150,000. at 50 cents
on the dollar.
Mr. Jarvis will serve for the present as manager.
"The road gave notice some weeks ago that it would discontinue business
but was prevented from doing so by injunction proceedings and the applica¬
tion for a receivership.
It is six miles long, running between Claremont
Junction, Claremont and West Claremont. It was built fifteen years ago
and never has paid dividends.
Of late it has defaulted interest on its
bonds.”
The Eastern Power A Light Corp. owns $144,300 of the company’s
stock.
See pages 109 and 110 in “Electric Railway" Section.—V. 107.
p.

180.

Delaware & Hudson Co.—Usual Dividend

Receipt of Funds from U. S. Government.—

Contingent

The directors, repeating their action of three months ago, have declared
dividend of $2 25 on the stock, “payable Dec. 20 1918 to holders of record
at the close of business on Nov. 27 1918, provided that before said date
there shall be received from the U. S. Government a sum sufficient in the
opinion of the President of the company with other available funds, to
a

Kyreceived."
the N. Y.
a laterExchange
date when,
andwill
if said
shall
the same and
On payable
at Stock
stock
not sum
the as
be quited

ex-dividend on Nov. 27 1918. and not until further notice.
Certificates
delivered must carry a due bill.
Compare V. 107, p. 1384, 802.

Detroit United Ry.—Bonds to be Paid.—
The 1st Mtge. 5% gold bonds of the Detroit Ry. numbering 301 to 350,
both inclusive, fall due and are payable Dec. 1, principal and interest,
at the People’s State Bank. Detroit:—V. 107, p. 1287, 1192.

Tallulah Falls, Ga.,

above Lake Mathis Is ready and filled.
Work is being rushed on
new reservoir. ("EngineeringRecord.”)—Compare V. 106, p. 1569; V.

this
107,

1482, 1384.

Grand Trunk Ry.—Attachment Obtained by Contractor
Partly Constructed Line to Providence.—
See Southern New England RR.—V.

107,

1747.

Holyoke (Mass.) Street Ry.—Strike Ended.—

The employees and the company have come to an agreement to aribitrate
their differences with Henry B. Endicott, Executive Manager of the State
Public Safety Committee, and in consequence thereof the cars have been
put back into service as usual.
The strike commenced Nov. 8.—V. 107,
p.

1384. 291.

Interborough Rapid Transit Co., N. Y.—Fares.—
See New York

Rys. and Rapid Transit in N. Y. below.—Y. 107,

1919.

Ithaca (N. Y.) Traction Corporation.—Fare Increase.—
This company was authorized on Nov. 14 by the P. S. Commission at

Albany to charge 7-cent fares with the understanding that the order may be
reopened when it appears that reasons for allowing the increase no longer
exist.
The company asked permission to charge 10 cents.
Commissioner
Barhlte is quoted as saying: "There is a limit beyond which trolley fares
should not go, in fact, they cannot be advanced beyond a certain point
without disastrous results to the company.
In these times of heavy
burdens the people should not be required to pa; an excessive fare.
It is
practically conceded that dividends have been paid in the past, when the
money so used in ordinary prudence should have been used for the rehabili¬
tation of the property.”—V. 107, p. 603.

Kansas City (Mo.) Terminal Ry.—Official Statement.—
The Continental & Commercial Trust & Savings Bank
and Halsey, Stuart & Co., Inc., both of Chicago, have
issued a circular regarding their offering, advertised and

fully described in last week’s “Chronicle” of $9,850,000
Five-Year 6% Secured Gold notes at 99^ and int.
Digest of Letter from President E. P. Swinney, Nov. IS 1918.

Organization.—Incorporated in 1906 under laws of Missouri as a railroad
company with powers to own and operate a union passenger station and
freight and passenger terminals in and about Kansas City. All its $2,200.000 outstanding capital stock has been fully paid in cash at par and is
held by or for the benefit of the 12 railroad companies named below.
Its
charter is for 999 years.

These terminal facilities have been constructed

by the united action of all the 12 trunk lines entering the city,
which has any other passenger station here.
Funded Debt of the Company Held by Public upon

none

Completion of the Present
Refunding Operation.
First Mtge. 4% gold bonds due Jan. 1 1960 (closed, $50,000,000
authorized and issued)
$33,092,000
Five-year 4 H % gold notes, due July 1 1921 (secured by $3,125,000 1st M. 4% gold bonds, not included above)
2,600,000
Five-year 6% secured gold notes, due Nov. 15 1923 (secured by
$13,783,000 1st M. 4% bonds, not included above), this issue 9,850,000
Purchase Money Mtge. 5% notes, due May 11922 and Nov. 12
1922, aggregating
1,115,753
The proceeds of these notes will be used to retire $9,625,000 notes, ma¬
turing on or before Nov. 30 1918, and as security for this new issue there
will be pledged with the trustee $13,783,000 par value of the First Mort¬
gage 4% gold bonds, due Jan. 1 i960, the bonds thus being pledged at
approximately 71H
Security of Pledged Bonds.—These bonds are secured by an absolute first
mortgage on all the property, rights and franchises or the Kansas City
Terminal Ry. Co. (except
property costing approximately $1,115,000. and
for which the above-described purchase-money notes were given), and are
further secured by assignment to the mortgage trustee of agreements be¬
tween the company, the trustee and all the 12 railroad companies entering
Kansas City (V. 107. p. 1920).
Under the above agreements, each of these 12 proprietor companies
covenants unconditionally to pay an amount equal to one-twelfth of the
principal of all outstanding First mortgage bonds when due, and an amount
equal to one-twelfth of the interest thereon, and one-twelfth of all taxes
payable by the Terminal Co., ten days before such interest and taxes be¬
come due, and agrees also to pay its share of the total expenses of operation
and maintenance of the terminals, proportionate to the use thereof.
If
one or more of the proprietor companies should default in its obligations
under these agreements, the remaining companies or company must make
up-all deficiencies ratably and the defaulting company or companies may
be excluded from the

Walter C. Noyes has filed a final administration account as receiver of
the railroad company to which position he was appointed on Jan. 18 1915
in litigation instituted by the Central Trust Co. or New York, as trustee.
Judge Julius M. Mayer in the U. S. District Court Nov. 22 made an order
approving the accounting and directing that the receiver be discharged.
See Consolidated Indiana Coal Co. under "Industrials" below.—V.

107,

sixth 10,000 k.w. unit in the

•

The board of directors has been completed by the election as the Nova
Scotia appointee, of Col. Thomas Cantley, Chairman of the Nova Scotia
Steel A Coal Co., and for New Brunswick of A. P. Barnhill, K. C.—
V. 107, p. 1919, 1836.

will increase
thebecapacity
20%aswhen
the reservoir
Elant
of the
stationasbysoon
completed
and will
ready for
operation
the new
reservoir

$81,780

$837,723

The installation of
i

See Boston A Maine RR. above and V. 107, p. 1919.

$1,857,000 None

$3,172,000 None $11,431,140

Georgia Ry. & Power Co.—Sixth Generating Unit at
Hydro-Electric Plant.—

Hampden RR. Corp.—Status under Plan.—

6
54

Grand totals
4,420
Do before reorganisation 4,420

appointed Federal Manager.

Tallulah Falls, Ga.,

852

Portsmouth Electric branch
Concord A Manch. El. br.
-

$1,600,000
357,000

Florida East Coast RR.—Federal Manager.—
J. P. Beckwith, General Manager, has been
—V. 107, p. 1003, 396.

Totals
203
Leased or Otherwise Control’ed
Vermont A Maas. RR
191
6
Troy A Bennington RR...
50
Nashua A Lowell RR
23
Stony Brook RR..

[Voi.. 107

THE CHRONICLE

use

of the terminals.

Existing Properties Owned by the Terminal Company.
(а) Union passenger station, centrally located between Wyandotte and

Main streets and 21st and 24th streets, covering with train sheds and
tracks about 51 acres, containing 18 parallel through tracks with space for
8 more, a total of 26 tracks, accommodating 52 trains simultaneously.
(б) Main line about 6.61 miles in length, with from 4 to 8 tracks, through
the heart of the city from east to west, affording entrance to the station
from both directions.
(c) Double track line about 2.36 miles in length, extending from a junc¬
tion with the westerly end of the above main line to a junction with the
Chicago Burlington A Quincy RR. at the Missouri River.
(d) Double track line about 7 miles in length along the northerly side of
the city, connecting with the main line at both the east and west ends of
the city.
(e) Two double-track elevated lines (now practically completed), ag¬
gregating about 6.72 miles and extending from the westerly end of the m«.vn

One through Kansas City, Kansas.
(/) Surface tracks in Kansas City, Kansas, reaching the stock yards,
packing houses and other industries, and connecting with various railroads
to the West.
Forms a complete belt line for the

use of all the railroads entering the
city, and reaching several hundred important industries. The terminal
facilities include industrial tracks, local freight stations,
passenger, freight
and switching yards, round houses and shops, as well as the Union Passen¬
ger Station.
Territory Served.—The growth and importance of Kansas City as a busi¬
ness centre are well known, it being one of the world’s
greatest granaries
and live stock markets.
The combined population of Kansas City, Mo.,
and Kansas City, Kan., has grown from 215,170 in 1900 to 330,712 in
1910, and is now conservatively estimated at approximately 400,000.
Bank clearings have increased from $2,635,000,000 In 1910 to $7,662,000,000 in 1917, and have shown a continuous increase from year to year.—
See also V. 107. p. 1920.

Lehigh & Hudson River RR.—Vice-President.—
George D. Dixon succeeds J. J. Beattie as Vice-Pres, and John W.

Sanford has been appointed Secretary and Treasurer.—V. 106, p.

Lehigh Valley RR.—Black Tom Decision.—

2649.

The Court of Errors and Appeals at Trenton, N. J., on Nov/l8 handed
down a decision upholding the judgment of $23,687 obtained by the New
Jersey Fidelity A Plate Glass Insurance Co. against the railroad, the
action resulting from the Black Tom explosion of July 30 l9l6.
The
suit is one of a considerable number of similar cases now pending in|the
courts.—V.

107, p. 1920. 1837.

Mexican Central Ry.—Obituary.—

President Albert A. Robinson died Nov. 7.—V. 89, p. 919.

Nov. 23 1918.]

THE CHRONICLE

Monongahela Valley Traction Co.—Syndicate Profit.—

On Not. 13 checks were distributed to the bankers who participated in
the syndicate which
placed the $5,500,000 General Mtge. 7% bonds of
1018. due July 1 1923. The syndicate was headed by the Fidelity Trust
Oo. of Baltimore and the National City Co. of N. Y.
See Y. 107, p. 1004,
1287.

New Tork Railways.—Fare Increases

Dropped.—

In reply to a request of the Brooklyn Board of Real Estate Brokers
that the street railway companies be allowed to raise their

fares. Controller
Craig, on Not. 18, announced that the city had no intention of granting
such applications as an increase over the
present 5-cent fare “wotud inure
to the benefit of the transit companies and not to the City of New York.”
The action by the Board of Estimate on Not. 16 in discharging its Franchise

Committee from further consideration of the subject of increased fares
disposed, he said, of the applications of the railway companies.—V. 107.

1745, 1482.

Norfolk Southern

Railway.—Secretary and Auditor.—

J. C. Nelms, Jr., has been appointed Secretary and Auditor for the
corporation.—V. 107, p. 1586, 1094.

Pennsylvania RR.—Sub-Co. Sale.&-

8ee

Philadelphia Baltimore Sc Washington RR. below.—V. 107,

Peoria & Pekin Union Ry.—Delay in
pons Believed to Be Temporary.—

1837.

Payment of Cou¬

The Central Trust Co. was not provided with the cash necessary to
pay
the coupons due Nov. 1 on this
company’s First Mortgage 6s, Second Mtge.
4 He and debenture 5s.
A letter from the company states that it is en¬
deavoring to hasten the payment by the Federal RR. Administration of the

money needed to meet this interest.

The property is being operated by

the united States Government.—V. 107, p. 1004.

Philadelphia Baltimore & Washington RR.—Purchase.

The stockholders will vote Dec. 3 on purchasing the franchise and assets
of the Baltimore 4c Sparrows Point RR.
All of the stock of the Baltimore
St Sparrows Point RR. is owned by the Philadelphia Baltimore 4c
Wash¬
ington RR. and practically all of the stock of the latter is owned by the

Pennsylvania RR.—V. 106,

2441.

Philadelphia Germantown & Norristown RR.—Fur¬

ther Deduction in Dividends

Account of Federal Taxes.—

The company has declared a quarterly dividend of $1 35
per share, payableDec. 4, as registered Nov. 20. The Phila. “News Bureau'’ Nov. 19 said:
“Pending decision in the suit to determine whether the Federal taxes
should be paid by the company or the Philadelphia 4c
Reading Ry., the
lessee, 15 cents has been deducted from the regular $1 50 quarterly dividend
to be set aside against taxes for the year 1918 to be
paid next June. If, as
recommended by Director-General McAdoo, there be no increase in excess
profits taxes, a deduction of 10 or 15 cents a share from the next quarterly
dividend should fully provide for the tax.
“The deduction of 25 cents a share from the dividend
paid last September
was sufficient within $700 to
pay the Federal taxes paid last June ror 1917.
“If the pending suit be decided in favor of the lessor, stockholders of the
Philadelphia Germantown 4c Norristown RR. will be eventually reimbursed
for the deductions from their guaranteed rental.’’—V. 107,
p. 1101, 697.

Philadelphia Rapid Transit Co.—Decision as to Payment
of Federal Tax Affecting Dividends of Thirteen Leased Lines.—
By a ruling by Common Pleas Court No. 3 at Philadelphia on
Nov. 20, the Philadelphia Rapid Transit Co. is held respon¬

sible under the terms of the several leases for the payment to
the Govt, of the income-excess profits taxes of ten of its
leased line corporations. The transit company won a vic-

tory, however, in three of the thirteen suits started, judg¬
ment beiDg entered in it3 favor.
All the cases it is under¬
stood will be appealed to the State Supreme Court.

Companies for Which the Transit Company Must Pay the Federal Taxes.
Philadelphia Traction Co., Germantown Passenger Railway Co., 13th
Sc 15th Streets Passenger Railway Co., Philadelphia City
Passenger Rail¬
way Co., Union Traction Co., Ridge Avenue Passenger Railway Co.,
Frankfora Sc Southwark Philadelphia City Passenger Railway, Fairmount
Park 4c Haddington Passenger Railway Co., Citizens’
Passenger Railway
Co. and the Hestonvllle Mantua Sc Fairmount Passenger Railroad Co.
Companies That Must Assume Liability for Their Federal Taxes.
Continental Passenger Railway Co. of Philadelphia, Philadelphia Sc
Darby RR. Co. and Green 4c Coates Streets Phila. Passenger Railway Co.

The “Philadelphia Ledger” of Nov. 21 had the following*

An appeal from the rulings will be taken to the State Supreme
Court, and
Ellis Ames Ballard, Chief Counsel for the Transit Company, stated yester¬

day that

effort would immediately be made to have the

cases

advanced

the list so that argument could be heard when the Supreme Court meets
here in January and an early decision obtained.
Mr. Ballard explained the financial aspect of the litigation in this state¬
ment: “The cases in which the Court of Common Pleas No. 3 has ordered
judgment to be entered for the plaintiffs against the Philadelphia Rapid

Transit Company in the suits by the various lessor companies to recover
income and excess profits taxes, which the Philadelphia Rapid Transit Co.
refused to pay for its lessor lines, aggregate $365,845.
The three cases in
which judgment was entered in favor of the defendant, the Philadelphia
Rapid Transit Co., involved claims aggregating $11,451. In two cases
in which the amount involved was $26,100, the plaintiffs have not filed
any claim to recover taxes paid by them.”
In the principal
opinion of Judge Ferguson filed in the case of the Ridge
Avenue Passenger Railway Co., and referred to in twelve other decisions,
the Court says in part:
“The covenant which binds the defendant, the Philadelphia Rapid Tran¬
sit Co., and which is invoked to require it to pay the taxes imposed by the
Federal Government,
requires the defendant to ‘pay all taxes,
charges and assessments now or hereafter lawfully imposed upon Ridge
Avenue (the plaintiff), or for which Ridge Avenue would otherwise be
liable or chargeable on account of its
earnings or
profits.’
“At the time the lease which contained the covenant was executed the
Federal tax laws above referred to were not in existence.
The covenant
provided, however, for the payment of all taxes thereafter lawfully im¬
posed, and the question to be determined is whether or not such taxes are
within the meaning of the covenant.
“We think the case is ruled by the North Pennsylvania RR. Co. vs. Phila¬
delphia Sc Reading Ry. Co., 249 Pa., 326.
In that case the covenant pro¬
vided for the payment of all taxes upon the yearly payments which the
lessee was obligated to pay the lessor as rent.
It was held that the lessee
in the case was obliged to pay the amount assessed as income tax under the
Act of Congress of Oct. 3 1913.
In that case the tax was not imposed on
.

the‘yearly payments’ or ‘rent,’ as such, but was laid upon the net income.
“The distinction between a tax laid upon the premises or business, or re¬
ceipts, thereof, is very clearly pointed out by the present Chief Justice in
Catawissa RR. Co. vs. Philadelphia Sc Reading Ry. Co., 255 Pa., 269.

“We are of the opinion, therefore, that judgment should be entered for
the plaintiff for the full amount of its claim, with interest.”

Judge McMichael filed an opinion in the case of the Union Traction Co.,
referred to this decision in seven other writings. After reciting the
covenant regarding the taxes and ordering judgment for the leased line,
and

the opinion concludes:
"The covenant by clear language agrees that the Rapid Transit Co. shall
pay any taxes now or hereafter lawfully imposed upon Union.
It being
conceded that the United States taxes are lawfully Imposed upon Uhion,
the first clause of the covenant clearly assumes the payment of all taxes
lawfully imposed upon Union.” (Cites former ruling.)
In the case of the three companies held to be liable for the tax. Judge Fer¬
guson filed three short opinions.
The covenants in these leases vary some¬
what, but the Court rules in all that the transit company, the lessee, is not
bound to pay the war tax.
The Court rules that its judgment comes within
tiie decision made in the case of the Catawissa RR. Co. vs. the Phila¬

delphia Sc Reading Ry. Co., 255 Pa.. 269.—V. 107, p. 1573, 1101.

Pittsburgh & Lake Erie RR.—Officer.—

Brunner has been made Assistant to the Pres.—Y. 107, p. 647

2009

Pittsburgh Railways.—Interest Payments, &c.—The Fed¬

eral Court at Pittsburgh on Nov. 15 authorized the payment
of the following fixed charges, aggregating $234,116, and con¬

stituting

large part of the charges due this month:

Rental Citizens’ Traction Co
$90,750
Rental Pittsburgh Sc Birmingham Passenger Railway Oo
66
Interest Title Sc Trust Co
5,000
5% gold car trust bonds
17,000
Interest Millvale Etna Sc Sharpsburg Street Railways Oo
18,525
Interest Pittsburgh Birmingham Traction Co
37,500
Interest Pittsburgh Charleroi Street Railways Oo
61,125
Interest West Braddock Bridge Co
4,150
The payments were ordered subject to the terms and limitations of the

3)inion
handedTraction
down byCo.the Court Sept. 7 disposing of the petition of the
onsolidated

Judges C. P. Orr and W. H. S. Thompson also declared their intention
appoint a master to systematize the payment of fixed charges (bond in¬
terest, mortgages and rentals) of the Pittsburgh Railways Co. as petitioned
for by Charles A. Fagan, one of the receivers for the company.
The master, according to the petition of Mr. Fagan, will ascertain what
funds are available for tne payment of fixed charges, to whom such charges
shall be paid first, whether such charges shall be paid in full or partially
and is to arrange a schedule and rules by which the receivers are to be
guided in the payment of all fixed charges.
An answer was filed on or about Nov. 18 by the Assistant City Attorney
of Pittsburgh objecting to the demands of the Fidelity Title Sc Trust Co.
for the payment of the First Mortgage bonds of the Ben Avon Sc Emsworth Railways Co.
Attorneys for the Colonial Trust Co. petitioned the Court asking that
the receivers be granted permission to pay $38,300 bond interest due against
the Ardmore Street Railways and other mortgages.—V. 107, p. 1837.
to

Public Service

Corporation of N. J.—Sub.-Co. Stock.—

See Public Service Gas Co. under “Industrials” below.—V. 107, p.

1920.

Rapid Transit in New York.—Passenger Travel.—

Announcement is made that travel

the street

railways in New York

City, including elevated roads and subways has reached approximately
2,000,000,000 per year, according to figures compiled by the P. 8. Com¬

mission.
The number of fares collected between July 1 1917 and June
30 1918 was $1,975,482,316; an increase of $56,670,087 over the previous
year.

New Bronx

Subway.—

Announcement is made that the Lexington Ave. Subway route would be
opened up to Hunts Point about the middle of December. The new route
is already in operation to 138th St.
See report of Third Ave. Ry. on a

preceding page.
The Interborough Rapid T a ipitf'o. **n Nov. 19 put on the new schedule
of trains in conformity with the order of the P. S. Commission issued last
August which called for the 2-minute schedule of the East and West Side
express trains in the morning and e% ening rush hours, and a 3-minute
schedule for local trains.
The P. S. Commission ha transmitted to the Board of Estimate four

proposed agreements with the Degnon Contracting Co., whereby the re¬

maining work on the four contracts that the contracting company has,
is to be done on a cost basis.
These contracts comprise work in Brooklyn
and in Manhattan; all on lines to be operated by the Brooklyn Rapid
Transit Co.—V. 107, p. 1288, 1005.

Reading Co.—Subsidiary Company Dividends.—

gee Phila. Germantown 4c Norristown RR. Above.—V. 107, p. 1102,1005.

Richmond Fredericksburg & Potomac
W. D.

RR.—Fed. Mgr.

Duke, General Manager, has been appointed Federal Manager.—

V. 107, p. 1005, 697.

San

Francisco-OaklandTerm.Rys.—Sub.Co.Ownership.

Mayor Davie of Oakland, Cal., has called a meeting of various Mayors
of the East Bay cities to discuss the matter of municipal ownership of the
system of this company’s subsidiary, the Oakland Transit Co. (V. 100, p.
1752), with a view to putting the matter before the voters next April.
—V. 107, p. 1748, 1288.

Schuylkill Ry., Girardville, Pa.—Plan.—

The organization plan was cited last week, p. 1920.
No foreclosure sale
is contemplated.
The plan has been assented to by a large majority of
the holders of outstanding bonds of the consolidated issue, out it has not
yet been declared operative.—V. 107, p. 1920.

Southern New England RR.—Attachment.—

An attachment for $2,000,000 in a special precept was filed on Nov. 18
with the Registry of Deeds at Springfield, Mass., by John Marsch of Chi¬
cago,

Ill., against the Southern New England RR.

The writ is returnable

in the U. 8. District Court at Boston, where the case is now pending on
the docket.
Marsch, a contractor, seeks payment he claims due him for

constructing the Palmer-to-Providence line.
This partly-built line was projected by the Grand Trunk Ry. interests
Vermont Ry., with tidewater
and Central .VermontiRy.,
_

to connect their controlled road, the Central
at Providence, R. I. See V. 106, p. 2758,
V. 103, p. 2078.—V. 102, p. 1718-53
'

Stockton Terminal & Eastern RR.—Sold.—•!
This property was purchased at foreclosure sale on or about Nov. 12
for $65,000 by E. F. Davis, President of the First National Bank of Oak¬
dale and a director of the Stockton 4c Linden RR.
The sale was made by
direction of F. J. Dietrich, as Commissioner in the foreclosure proceedings,
brought by the Mercantile Trust Co. of San Francisco, as trustee for the
bondholders, who were given judgment against the corporation for sums
aggregating $191,000.—V. 103, p. 1688.

Third Avenue Ry., N. Y.—Report, Fares,

Ac.—

See annual report upon a preceding page, New York Railways above,
and Yorkers Ry. below.
Also see caption Rapid Transit of New York.—
V. 107, p. 1921, 1194.

Toledo St. Louis & Western

RR.—Equipment Dispute.

Director-General McAdoo recently ordered Receiver Walter L. Gross
to purchase 1,250 freight cars at a cost of $3,572,250.
Stockholders pro¬
tested the order, and on Nov. 19 the receiver filed a brief In the Federal
Court at Toledo calling in question the right of the Director-General to
order such acquisition at the expense of the property.
The receiver con¬
tends that payment for the equipment should be made from the revolving
fund at the Director-General’s disposal, under the Congressional Act.
Hearing was set for Nov. 25.
(Compare Act in V. 106, p. 1091, 1193.

142, 35; V. 105, p. 2509.)—V. 107, p. 1838, 1102.

United National Utilities Co.—Dividend Deferred.—

The directors have taken no action on the cumulative preferred stock
dividend which derives its income from stock of the National Properties
Co.
Action was also deferred last May.—V. 105, p. 1310.

Yonkers (N. Y.)

RR.—Zone System Denied.—

The Yonkers Board of Aldermen have denied this company, a subsidiary
of the Third Avenue Ry., the right to establish zone systems, by which
two zones would be created in the city and another beyond the city line,
making a 15-cent fare possible.—V. 107, p. 1103.

INDUSTRIAL AND MISCELLANEOUS.
American Car &

following facts
“Chronicle.”

have

Foundry Co.—Business, Ac.—The

been officially approved for the

Operations.—The volume and quality of the company’s work, whether

in the manufacture of shells, artillery limbers and caissons, or in the produc¬
tion of its normal lines of domestic output, freight and passenger cars, have

the commendation of Government officials.
Since its new fiscal year, last May, the company has been producing at
the rate of more than $25,000,000 gross a month, or $300,000,000 per anSusnension of artillery and munition work is “ —1
—*—
won

THE CHRONICLE

*010

But even if the company were to stop its war production entirely it would
hare on hand a very satisfactory volume of car orders.
In fact tiie company has recently taken two export orders that involve

gross

business of $30,000,000.

These orders call for 10.000 freight cars

for Italy and about 3.000 for other countries.
This $30,000,000 or export
business is a highly encouraging sign.
It shows how acute is the shortage
ef rolling stock in many parts of the world.
It is a harbinger of continued
large business of this nature. Up to this year the company never did In
any single twelvemonth as much as $30,000,000 of export business.

Unfilled Orders.—The total volume of unfilled car orders on the company's
books exceeds $100,000,000 by a comfortable sum. The company went Into

artillery and shell production at the Government's request.
when the Government so orders.

It will stop

But it Is exceedingly fortunate that Its

readjustment to a peace basis Is so buttressed by a large volume of the regu¬
lar lines of production that the transition period promises to be very easy.

Peace Status.—A great proportion of the company’s war profits has gone
to the Government In taxes.
Cutting off war production, therefore, means,
in a broad way. not so much smaller earnings for stockholders as smaller
excess

(“Wall Street Journal.’’)—V. 107.

profits payments.

American^Linseed Company.—Preferred Div

1839, 907.

—

The directors have declared a dividend of 7%. payable 1
Jen- 2
to holders of record Dec. 16; 1 H % April 1 1919 to holders of record Mar. 15

1919; 1H% July 1 1919 to holders of record June 16 1919; and 1H%
Oct. 1 1919 to holders of record Sept. 15 1919.-T-V. 107, p.1921.

American Malting Co.—Applies to List.—

This company has applied to the New York Stock Exchange to list $105,$00 additional cumulative 6% preferred stock on official notice of issuance
In exchange for second preferred stock, and $133,700 additional common
Mode on official notice of issuance in exchange for the third preferred stock.
—V. 107, p. 1921.

American

Metal

Under

PltuSirrif^GMrtte'’

“Simultaneously wtththe filing
’ Nov. 14 ears:
additional suits were filed against the Consolidated Window
Glam Co., Pittsburgh Glam Co., Walter A. Jones, the Pittsburgh Window
Glam Co. and the Smothport Glam Co.
The new suits contain similar
allegations to those filed in the suits entered In 1914. There are also a
number of sfmllas mite pending in the court.
“It is the opinion of the attorneys concerned In the cam that appeals
will be filed shortly to take the cam to a higher court.
In the event that
the higher courts sustain the action of the lower court It is said that prac¬
tically every plant in the United States making window glam cylinders by
machinery will either have to stop manufacture or pay royalties to the
American Window Glam Machine Co. and the American Window Glam
Co."—V. 107, p. 1921.
of the opinion

American Writing Paper

Co.—Control

of 0per.—Rates.
of further

co¬

ordinating the transportation, communication and express systems of the
country, the Government on Nov. 18 began active direction of the operation
of this newly consolidated company, comprising the larger express services.
The companies were made a part of tne systems already under Govern¬
ment control to eliminate duplication of efforts in rendering-express service
and to give better results to the people, if possible, in the Joint operation
of the facilities.
Bates on all express lines under Federal control have again been raised.
A

Co.—Progress of Refunding

Temporary certificates for $2,450,000 at the $11,000,000 5% bonds due
July 1 1919 deposited under the refunding plan have been listed on the
Boston Stock Exchange and the holders of considerable additional amounts
have signified their intention of depositing prior to Dec. 1.

The bondholders’ committee wishes it to be understood that the new
issue has not been underwritten and that it is important the exchange
should be made as the company Is not in a position to pay off the present
bonds in cash at maturity. See plan in full in Y. 107, p. 1748.

Anaconda Copper

Co.—Ferroalloy Plant.—

This company has just completed the electric furnace plant which will
add a considerable tonnage of ferro-manganese from Western low-grade
ores.
The power for this plant is obtained from the hydro-electric devel¬
opment at Great Falls, Mont.-—V. 107, p. 1839.

Andrew Jergens Co.,

Presidential order issued Nov. 16 for the purpose

Window Glass Co., Pennsylvania Window Glass Co. and the Kane Glaa*
Co. for infringement of patents covering the manufacture of window Claes

Co.—Adjournment.—

The meeting of stockholders scheduled for November 22 for the purpose
at voting on the dissolution of the company has been adjourned to Nov. 29.
—Y. 107, p. 1670. 1483.

American By. Express

IVot. 107;

Cincinnati.—Notes Approved.—

On Nov. 13 Beazell A Chatfleld of Cincinnati received

approval of the

company’s Issue of $650,000 7% gold notes from the Capital Issues Comm.

Art Metal Construction

Co.—Special Dividend.—

The directors have declared a special dividend of 40 cents a share, payable
Dec. 31 to stockholders of record Dec. 13. A special dividend of 15 cents
Is also payable the last day of this month.
The company resumed quar¬
terly dividends at the rate of 15 cents a share last July after a lapse of four
years, which rate has since been maintained in addition to the declaration
of special disbursements from time to time.—Y. 107, p. 1289.

Atlas Powder Co.—Extra Dividend
The directors have declared

an extra

Common

dividend of 3% on the common

along with the regular quarterly dividend of 2%, both payable Dec. 10 to
This amount was paid In June and Sept. last.

holders of record Nov. 30.
—V. 107, p. 804.

Baldwin Locomotive Works.—Contract Situation.*-—

to Increase the wages of express company employees.

Agreement.—

A press dispatch from Washington stated that this company and DirectorGeneral McAdoo have concluded a new agreement by which the company,
now under management of the Railroad Administration, will receive
49H %, of all express operating revenues, and the railroads 50 Vi %. It Is
m same proportion as under the old contract.—V. 107, p. 1580.1194..

American Sumatra Tobacco Co.—Stock Div. 15%.—

As foreshadowed in the “Chronicle’' of Nov. 9. the company last week
declared a stock dividend of 15% on the common stock payable Dec. 7
to holders of record Dec. 3, in connection with the right to subscribe for a
further 25% of new common at par. By clerical slip this dividend was
referred to in last week’s Issue as 50%. Compare V. 107, p. 1670, 1839,

1921.

It has been rumored in Philadelphia that come Gov. contracts which
have been placed with this company have been held up, but any confirma¬
tion is entirely lacking.
It Is understood, however, that even though these
contracts or a great part thereof are canceled, there will be plenty of busi¬
ness for the next year or two because of the general shortage of looomotives.
—V. 107, p. 504.

Barber Steamship

Lines, Inc., N. Y.—Stock.—

This company, incorporated at Albany on Oct. 23 1918 as successor of
the shipping firm of Barrier A Co., 17 Battery Place, N. Y., fried on Nov. 18
a certificate increasing their capital stock from $1,000,000 to $2,500,000.
President E. J. Barber has stated that the increase is made with a view to

developments In after-tho-war shipping. The “Journal of Commerce’*
says that the company is now an entirely American concern, the British
ships at the firm having been lost during the war.

Apply to hist.—

Beaver Co., Ltd.—Pref.

Stock Offering.—Imbrie & Co.
offering at 87yielding 8%, $795,500 7% cumulative
American Thread Co., N. Y.—Refunding of $6,000,000 pref. stock; authorized, $2,500,000; issued or about to be
1st Mtge. 4st Due Jan. 1 1919—Afew 1st Mtge. 10- Year 6% issued, $795,500. The bankers report:
The
is now earning at the rate of six times its dividend require¬
Bonds Oversubscribed.—In order to refund the $6,000,000 ments. company
Tne dividends are also guaranteed by the Beaver Co. of Buffalo,
1st M. 4s due Jan. 1 1919, it has been arranged to make a whose common stock, ranking junior to this in point of distribution, is
170 bid, while the earnings on it have averaged 30% a year since 1906.
new issue of $6,000,000 (closed) First Mtge. 6% 10-Year
With peace conditions, estimated from orders already booked, the earnings
This company has applied to the New York Stock Exchange to list

$1,022,085 additional

common

stock.—V. 107,

1921, 1839.

are

Gold Bonds, dated Dec. 1 1918 and due Dec. 1 1928.
The
National City Co. of N. Y. on Wednesday opened and
Immediately closed subscription books for $4,500,000 of
these bonds at 101 and int., to yield about 5%%, the entire
block having been oversubscribed. The balance, $1,500,000,
had been sold privately in advance. (See adv. pages).
Interest payable J. Sc D 1, without deduction of any Federal normal
income taxes now or hereafter deductible at the source up to 2%.
Denom.
$1,000 c*. Principal and Interest payable In U. S. gold coin. Guaranty
Trust Co. of New York, trustee.
Data from Letter by President. R. C. Kerr, N. Y., Nov. 16 1918.

Organization, Ac.—Incorporated in New Jersey March 10 1898

will show a very substantial Increase.
The industry has been established for a number of years and has shown
a

consistent'healthy growth of about 30% each

year.

Beaver board is

the standard of quality in this staple commodity.
The company has recently installed a new unit at Thorold for the making
of a single-ply wall board which will double the output of all the Beaver
Board Co.’s plants.
The Thorold company is controlled by the Beaver

Co., Ltd., which

owns

all its

common

stock.

Further data another week.

Brooklyn Union Gas Co.—Sub-Co. Decision.—

The Appellate Division of the Supreme Court on Nov. 15 sustained an
order by Justice McAvoy refusing the application of the city of New York
for a writ prohibiting the P. 8. Commission from re-opening the question
of rates to be charged by the Newtown Gas Co., a subsidiary of this com¬

pany.—V. 107,

1921.

Burlington (la.) Gas Lighting Co.—Rate Increase.—

ting, mending and other cottons, and engages in the allied businesses of
cotton spinning, doubling, twisting, dyeing, bleaching,
polisaing, spool
making, Ac.
The company’s plants and property are located In Willlmantic, Stonlngton and Griswold, Conn.; Holyoke and Fall River, Mass.; and Lakeview

This company has increased its rates for gas
thousand cubic feet.—V. 107, p. 405.

California Wine Association.—Prohibition Status.—
See Pabst Brewing Co. below.—V. 107, p. 1749, 1580.

Carbon Steel Co.—New Directors.—

and Milo. Me.

Capitalization.—These bonds will be the only funded obligations in the
hands of the public and will be followed by $4,890,475 5% pref. stock and
$5,400,000

common stock.

The average dividends paid on the common stock for the past ten years
have exceeded 13%.
The bonds will be secured by a closed first mortgage on all the fixed
assets, consisting of land, buildings, machinery and equipment, &c.
An
appraisal as of March 31 1918 showed the sound value or the property to
be in excess of $18,000,000.
In addition, the net current assets as of that
date amounted to $10,307,944.
Profits.—Our business has shown a substantial increase In both volume
and value since incorporation.
In recent years the net profits, after
making ample deduction for depreciation but before deducting Federal
taxes and bond interest, have been as follows: (a) Year ended March 31
1916.
mil pm. ended Feb.last
28 1917,
$3,703,172; (c) 13 mos.
ended $2,018,495;
March 31 1918, $5,727,668. This
amount is equal to approri-

Charles McKnight, R. S. Baldwin ,D. R. Wilson, C. F. Bine Jr., J. Ram¬
sey Speer,
tors.

A. L. Humphrey and W. D. Uptegraph have been elected direo-

Government Orders.—Pres.

Large corporations have

McKnight

and installing new equipment in order to rush war work and should at least
be permitted to complete orders for which they have made all preparations.
So far our company has received no cancellations and we are going right
ahead with our work.—V. 107, p. 1746.

Central Foundry Co., N.

Results for Three Months ending Sept. 30.
Gross Earnings—
1917.
1918.
1916.

Water-worksproperty__ $1,383,322

West Penn Trac. prop..

2,606.008

$1,219,936
1,990,322

„

Total net earnings, after taxes. Ac...
Other Income

1915.

$1,144,400
1,598,945

$1,022,366
1,273,638

$3,989,330

Net earnings
Interest charges

$336,151
206,391

$376,595
203,028

$400,153
199,804

$327,665
195,975

Net Income

$129,760

$173,567

$200,349

$131,690

$3,210,258 $2,743,345 $2,296,004
of American Water Works A Electric Co., Exclusive of
Earnings of the West Penn Traction Properties.
1917.

—T. 107, p. 1477.

American

Window

Glass

1916.

1915.

Machine Co.—Decision.—

Judge W. H. S. Thomson In the Federal Court

vuutu at
Pittsburgh on Nov. 13
handed down a decision In favor of this company and
nd its ally
ally, the American
Window Glass Co. In the suit brought June 1914 against the Consolidated
eruusio

•

as•

w•

jluvuiovu
“*“*
J

vuo

depreciation
Federal taxes...

Provision for
Interest on bonds and bond discount!
Interest on loans and bills payable. f

9 Mos. ’18. 6 Mos. *18. Cal. Yr. ’17.
$656,756
6,743

$488,988
deft.80.277

$2,180,971
22.941

$663,499

$408,711

$2,203,912

$214,240

$118,355

$286,290

44.858

I'ouvioi
*

tfo

—Balance, surplus

37.220

89,784/

Total gross
Income Account

1918.

Y.—Earnings.—

Results, 9 Mos. end. Sept. 30, 6 Mos. end. June 30 1918, A Cal. Yr. 1917.

Total Income

Y.—Earnings.

on Nov. 19 said:
in building new plants

gone to great expense

Sinking fund and

American Water Works & Elec. Co., N.

from $1 10 to $1 25 per

$314,617

53,2341

732 J

130.619

$199,170 $1,228,441

Central & South American Telegraph

ment Takes Over Marine Cables.—
See preceding pages of this issue.

558,563

Co.-r-Govern-

Rights Obtained for Argentine and Brazilian Lines.—

The company, it is announced, has obtained new concessions as follows:
(1) From the Argentine and Uruguayan Governments, the rights to lay,
operate and maintain lines and cables connecting the Argentine Republic
with Montevideo and Uruguay.
The new line, including some 70 miles of
cable, is expected to be completed within nine months. (2) From the
Brazilian Government the right to establish cable communications between
Rio de Janeiro and Cuba, touching at places In Northern Brazil and possi¬
bly the West Indies. The company nas already two cables connecting
New York with Guantanamo. Cuba, thence to Colon, Panama.—rY- 107
p. 1839, 1289.

Vot. 23 1918.]

THE'CHRONICLE

2011

Century Steel Co.—Dividend of 3H%.—

It is provided in the privilege to subscribe for the new Issues that the mb
scriber must take both issues and cannot subscribe separately for
either
tne common or the preferred. Richardson, Hill St Co..
Boston, however,
will pay 80 for the preferred to those who wish only the common.
- ” *
Slock Authorised—Amounts Outstanding Before and After Above Transaction.

Chesebrough Mfg. Co., N. Y.—Dividend Omitted

First preferred 8% cumulative
Second preferred,

The directors have declared a dividend of 35c. per share
(3X %) on the
$700,000 outstanding capital stock (par $10). payable Dec. 1 to holders
of record Nov. 20. A like amount eras paid in Sept, last and an initial
dividend of 25c. was paid June Iw—V. 10LO> 805.

The directors have decided to omit the quarterly dividends
usually
declared at this time. For a year past the company has been
paying
each quarter $3 per share regular and 60 cents per share extra.
'
The directors explain that in view of the abnormal conditions now
proprevailing the management deem tt wise to conserve cash. In some quar¬
ters this is supposed to mean that the interruptions in dividend
payments
may not be of long duration.' There are also reports of possible extensions
abroad which would include considerable outlays for construction.—V. 107.
p. 805.
'
'
“ 5

Oemmon

1918—Octofter—1917.
1918-12 Mo*.-l»17.
$1,784,000 $1,659,665 $22,097,814 $18,706,604
57.013
29,646
476.727
337,251

Expenses
„

Net earnings

....

Interest on debentures..
Preferred dividends

^Balance^sm^lus

$1,726,987

60.345
337.024

$1,630,019 $11,621,087 $18369353
225

326.936

160,761
4.019,574

2.984

3.604.834

$1,329,618 $1,302,858 $17,440,752 $14,761,535

Colorado Power Co.—Extra Dividend.—
An extra dividend of X of

t% has been declared on the common stock,
payable in liberty bonds Dec. 20 to holders of record Nov. 30, in addition

to the regular quarterly of 1X %. payable Jan. 15 to holders of record
Dec. 31. The quarterly pref. dividend of IX% has also been declared,
payable Dec. 16 to holders of record Nov. 30,-rrV. 107. p. 1289. 607.

Consolidated Indiana Coal Co.—Redemption.—
All

Continental Gas & Electric Corporation, Cleveland,
O.—Sale of Notes—Annual Report.—Robert Garrett & Sons,

Baltimore, have recently sold $400,000 6% Secured Gold
notes dated Sept. 1 1917 at 97 and int., to yield
7%%, the
notes now being quoted at 98.
Tbk issue, due Sept. 1 1920 (but callable at 100X and int.). Is part of a
total of $1,200,000, Che balance having been sold to investors in the Middle
West.
(Compare V. 105, p. 1312, 1423.) They are secured by deposit of
the First Mortgage 5% bonds of the company at the rate of 133% of the
par value of notes outstanding, which bonds through deposit of collateral
are a first Hen on practically the entire
property of the company, which
supplies electric power and gas for domestic and commercial use to about
80 towns and agricultural communities located in fertile sections of Western
Iowa, Eastern Nebraska and Missouri and adjacent to the city of Omaha.
It also owns all the bonds and stocks of the Canada Gas A Electric Corpora¬

tion, serving, without competition, the city of Brandon, Manitoba.
total population served is
145,000.
Capitalization November 1918—
&% bonds due 1927
Collateral Trust 6% notes due Sept. 1 1920
6% preferred stock

Authorized.

The

Outst’g.

$5,000,000 a$ 1.913.200
2,000,000 bl,200.000
5.000.000
1,241.800
Common stock
5.000,000
1.971,900
a In addition, $1,600,000 5% bonds deposited to secure the Issue of
$1,200,000 6% 3-year Collateral Trust notes, and holders have the option
of exchanging their notes for the bonds at 93 X and Int. for the latter at
any time before maturity or redemption date.
b Additional notes can be issued only when secured by the 5% bonds
at 75% of their par value.
For the past six years annual dividends of 6% have been paid on the
preferred stock and 2% on common.
This issue provides funds for extensions and improvements.
The
properties of tne company have been valued on the basis of replacement
cost, using prices prevaiUng in 1914, at $7,157,872, deducting from which
$521,000 bonds of two subsidiary companies, leaves a net replacement
value of $6,636,872.
The total physical indebtedness of the corporation,
including this issue, is $3,113,200. or less than 50% of the net value or
the physical properties.
"
Increases in rates to subsidiaries amounting to about 20% bave recently
been granted by practically all the communities served.
A substantial
increase in net earnings as compared with 1917 should result.
(Compare
annual report on a preceding pagel
Directors—W. H. Abbott (Vice-Pres.), Omaha, Neb.; George T. Bishop,
Baltimore, Md.; George A. Coulton, Cleveland, Pres. Union Commerce
Nat. Bank, Cleveland; C. A. Eaton, DD., LL.D.; C. S. Eaton
(President),
and George W. York, members Otis A Co., barkers, Cleveland; Burton A.
Howe, member Howe, Snow. Corrigan St Bertles, bankers. Grand Rapids,
Mich.
[8ee “Financial Reports" above.]—V. 106, p. 610.
-

Total

f,473.500

100
25

1,317.800

1.605.280

$3,791,300 $4,107,673
$4,500,000
Secretary J. R. Peters, N. Y.. writes: The new money is needed for work¬
ing capital and for the resumption of foreign business, which has been more
or less dormant since the beginning of the war.
The entire issue is subject
to approval by the Capital Issues Committee.
* 5
A Boston paper states that for the nine months to Sept. 30 the
company
earned net of $852,000. after liberal depreciation and a tax reserve
rve based
on the House Revenue bill,
comparing T‘with final 1917 net of $806,000."
Compare full description of company fit V. 106, p. 2563.-tY.
$388.
....

lC^lf.

505.

Fairbanks, Morse & Co.—New Officer.—

The directors have elected three new Vice-Presidents on account of ex*
panding business: R. H. Morse, in general charge of purchasing- O. W.
Pank, in charge of sales of factory products, and W. S. Hovey, In charge of
manufacturing, all of Chicago. W. E. Miller retired as First Vice-Pres.
and was elected Vice-Pres. and Treas.
H. J. Fuller was re-elected Flee*
Pres.
* ?
'•■fT
•

Allied

Company Stock.—See Fairbanks & Co. above.-—

V. 104, p. 1493.
Fulton Motor Truck Co.—Dividend.—

The accumulated dividend on the preferred stock from Feb. 1 1917 to
July 1 1918 which amounted to 11 1-3% has been declared payable Jan.
10 to holders of record Nov. 18.

The plant, located at Farmingdale,
Long Island, has an output of 3,000, capacity 7,500, trades per ann. Capital
authorized, $5,000,000 common and $2,500,000 8% cumulative
preferred; outstanding Nov. 21 1918, $3,270,000 common, par $10, and
$500,000 preferred, par $10. Pres.. W. F. Melhuish Jr.; V.-Prea. St Tretup..
James 8. Kuhn; Sec., W. F. Melhuish.

General Chemical Co.—No Stock Dividend.—
The directors yesterday

declared' (1) the regular quarterly dividend of

It was deemed advisable in the interest of stockholders that the,
of declaring stock dividends should be suspended in view of the
construction of the Federal Income Tax Law.
Last year at this time there
was declared an extra dividend of 5% upon the common stock,
payable in
common stock at par, as well as a special dividend of
2X% payable in
cash.—V. 107, p. 1672, 406.
,

General Motors Corp.—Merger Held Up—Possible Issue

of Debentures Instead of Preferred Stock.—

It is generally believed that the consummation of the plan looking to the
with this company of the United Motors Co. has been delayed coos
weeks by the terms of the agreement with the New York Stock Exchange
in connection with the listing recently of $20,000,000 6% preferred share*.
A financial daily says:
Owing to the fact that the company agreed to issue no xnera preferred
stock, it is restrained frem issuing- to United Motors si.arelolder* the
$33,000,000 additional preferred required by the terms accepted by the
stockholders of both companies several weeks ago.
In an effort to overcome this difficulty it is reported that the
General
Motors Corporation will call a special meeting of shareholders to authorize
a new 6% debenture stock which United Motors stockholders would
accept. If such authorization is made present General Motors preferred
holders would be given the right to convert into the new debenture issue.
Compare V. 107, p. 1923, 1672.
merger

Price R( duction, &c.—New

Building.—

The Chevrolet Co., subsidiary of the General Motors organisation Use
reduced its 4-cylinder "490" machine $100 to $735. and, it is believed, that
as conditions permit the other General Motors subsidiaries will follow the

example in price reductions.
In October last this company acquired the property on the Southeast
corner of Broadway and 57tn St. from Its srbe-*d*ary. the Chevrolet Motor
Co., at a price understood to have been $1,700,000. The rropcrtv w'll
be occupied by the company and its subsidiaries as general offices.—V 4107.
p. 1749, 1581.
**

General Petroleum Co .—Pipe Line.—

This company is building an 8-Inch pipe line to connect Its Vernon re¬
finery with the Montebello oil fields. At Verncn the new lire will connect
with the existing line extending to tidewater.—V. 107, p. 1C97.

Granby Consol. Mining, Smelting & Pow. Co., Ltd.—
Adyox.

Cooper Output (lbs.)—

1918.
1.932,870
26.657,806

Grand Forks.

1918.
616,604
7.047.854

Total.
1918.
2.549.474

Total.
1917.

Continental Refining Co.—Scriv Dividend.—

October
Ten months
—V. 107. p. 1582. 1478.

1671. 908.

The trustees have declared a dividend or $2, payable Dec. 17 to holders
of record Nov. 30.
This compares with previous quarters as follows:
Divs. since 1907.1 *08. 09. *10.
*11. *12. '13. *14. ’15. 1916. 1917. ’18.
Per share
/ $1 $1 $1 $1.50 50c. 50c. 50c. 50c. $1.25 $1.50 text
In 1918, March and June, $1 each; Dec., $2.—V. 107, p. 287, 85. ‘

The regular monthly dividend of 1 % has been declared on the common
stock payable in scrip Dec. 10 to holders of record Nov. 30.
“Said scrip
will be convertible at par into common stock on
any date prior to maturity
at the option of the bolder.
If carried to maturity the scrip will be redeemed
by the company with interest at the rate of 7% per annum."—V. 107,

Curtiss

•

Aeroplane & Motor Corp.—Cancellations.—

This company, according to reports given out during the past week, has
had contracts aggregating between $50,000,000 and $75,000,000 canceled,
of which the greater part are understood to be orders but recently given
and on which no work has been done.—V. 107, p. 1923, 1483.

Cuyahoga Telephone Co.—Bond Extension.—

number of them ready for operation, all machinery and apparatus,
many warehouses and the land on which the distilleries are located In many
places In Kentucky, together with several dozen whiskey brands ana
a

trade-marks.
The four distillery plants
—V. 107. p. 1671, 1484.

of Julius Kessler St Co. were sold for $30,100.

Dominion Steel Corp.. Ltd.—Common Div. Increased.—

quarterly dividend of 1X % has been declared on the common stock,
A dividend of 1X % was paid

payable Jan. 1 to holders of record Dec. 5.

tile last four quarters.—V. 107. p. 1840, 1387.

East Bay Water Co., Oakland, Cal.—Bonds.—

The California RR. Commission has authorized this company to issue
$131,967 5X% First Mortgage 30-year bonds, due 1946. to reimburse
its treasuryfor expenditures on capital account from Jan. 1917 to June
30 1918.
The bonds are to be sold for not less than 92 X % plus interest,
or pledged as collateral security for the payment of $1.250,CC0 of 5-year
notes authorized by the Commission last August.—V. 107, p. 1484, 805.

Fairbanks Company, New York.—Common Stockhold¬
ers to Receive 4% Stock Dividend and Right to Subscribe at Par

for 10% New Common and also 10% of 8% 2c? Pref.—

The directors have voted to give the common stockholders of record
Nov. 25 (a) the right to subscribe for new 8% pref. stock (2d preferred) at
$100 per share and to common stock at par ($25) for each share to the extent
of 10% of their holdings- (5) a 4% stock dividend on the common stock,
or one share for every 25 held.
The dividend and the right to subscribe to
the new stock attaches to stock of record Nov. 25. and will be payable as
near after Dec. 1 as circumstances permit. The right to subscribe has been
underwritten.

Great Western Sugar Co., Denver.—Extra Dividend.—

Co.—Earnings—Dividerd—List.—

2X % on the

Oct.

D. K. Weiskopf, representing the Republic Distributing Co. of Cincin¬
nati, on Nov. 18 purchased as a whole for $205,000 nineteen distilling

1672),

3.259.974
82.959399

An extra dividend of $10 per share has been declared on the common
stock payable in 4X% Liberty bonds on Jan. 2.—V. 107, p. 12£0, 185.
The directors have declared the usual quarterly dividend of
common stock, payable Jan. 2 to holders of record Dec. 16.

Distillers* Securities Co.—Sub. Co. Plants Sold.—
plants owned by the Kentucky Distilleries St Warehouse Co. (V. 107,

33,705.660

Great Northern Iron Ore Properties.—Div. Increased.

Gulf States Steel

See Ohio State Telephone Co. below.—V. 107, p. 1749.

1,500,000

stock

the outstanding First Mtge. 30-year sinking fund 5% gold bonds
dated 1905 have been called few redemption on Dee. 1 at 110 and interest
at the Guaranty Trust Co. of New York.—V. 105, p. 822.

2,000,000

Results for October and Year ending Oct. 31.
Gross earnings

Before.
After.
$1,000,000 $100 $1,000,000 $1,000,000

8^--—-

Cities Service Co.—Earnings.—

Total Auth. Par.

Sept.
Aug.
10Mos.*18 10A#b*.*17
Net earnings
$35,024 $33,768 $72340 $1,777,834 $3,480367
For explanation as to decrease in earnings see V. 107, p. 1290.
This company has applied to the New York Stock Exchange to list ex¬
tended stock trust certificates for $11,119.375 common stock; trust extended
to Dec. 1 1921. and extended stock trust certificates for $2,000,000 first
preferred stock; trust extended to Dec. 1 1921.—V. 107, p. 1290, 9C8.

Hawaiian Commercial & Sugar Co.—Extra Dividend.—

An extra dividend of 50 cents (2%) per share has been declared on the

$10,000,000 outstanding capital stock (par $25), along with the usual
monthly 25 cents (1 %) per share, both payable Dec. 5 to holders of record
Nov. 25.
This Is the second extra dividend declared this year.
In 1917,
the company paid three extras (50 cts. each), amounting to $1.50 and with
the 12 regular monthly payments the total disbursed for the year aggre¬
gated $4.50.—V. 107, p. 1582.

Hoster-Columbus Associated Breweries Co., Colum¬
bus, O.—Status under Prohibition.—An official oircular
says in substance:
The State of Ohio has adopted a constitutional amendment forbidding
the manufacture and sale of beer on and after May 26 1919.
to*
Your directors will decide within a few months whether to recommend
liquidation and surrender of the corporate charter, or to continue the cor¬
porate life of the company (with possibly a termination of the voting trust)
upon the chance that in the future It may lawfully resume operation.
The
practibiUty of the latter course will obviously be affected by the disposition
of the bondholders to make tender to the
company of their holdings, in
response to the company’s request.
After May 1919 the company, as
far as can now be seen, will have no earnings with which to pay interest
on its bonds.
4 The company’s statement as of Oct. 1 1918 shows (1) Assets: fixed—

land, buildings, equipment, $2,103,869 securities—other than bonds *of
the company. $17,184 inventory—malt, hops, Ac., cooperage, sundry

(Vol. 107.

THE CHRONICLE

2012
SQDDlieS. $348,444 receivables—(leas
cash, $572,893 deferred—sinking

n©

of customers,

fond. rentals,

insurance

(2) Liabilities—bonds famed. *1.826.400 payable,. *35.231 accrued.
$29,442 reserve for packages, $158,618.
At
ntMt***" in 1915 the capitalization was determined in relation
to calculated earning power, and the balance sheet was brought into
equilibrium by adjustment of the item “fixed assets.
This Rem, of
course, is below replacement value and above wrecking value.
Of bonds

and int., to yield about 6%%, and was
immediately far oversubscribed. Notes dated Dec. 1 1918.

New York, at 98

Digest of Letter from V.-Pres. C. W. Toms. Now York, Nov. 1$ 1*18.
Business.—Company manufactures and sells all kinds of tobacco products,
excepting snuff and large cigars, and owns over 90% of the stock of the
Pinkerton Tobacco Co.

2611991 1
issued, there are $1,355,200 par amount, outstanding exclusive of
held tar tike sinking fund and those in the company's treasury.
Pabst Brewing Oo. below.)—V. 101, p. 1192, 451.

Illinois Pipe Line

bonds

(See

Co.—Dividend Reduced.—

The directors have declared a dividend of 6% on the
standing capital stock payable Dec. 31. This compares
June 1918 and 10% In Dec. 1917.—V. 107, p. 1104.

Indiana Power & Water

$20,000,000 out¬

with 8% paid in

Co.—Guar. Notes Offered.—

Chandler, Wllbor A Co., Inc.. Boston, are recommending for investment
at 9944 and int. this company’s 234-year 7% Collateral Trust gold notes,
datsdJan. I 1918. guaranteed, both principal and interest, by Utilities
Development Corporation. Due July 1 1920 and redeemable, all or part,
at any time on 30 days' notice at 100 and int.
Convertible at par into
1st M. 6% bonds at 97H until July 1 1918 and at a price for the bonds in¬
creasing U of IK each six months thereafter. Company pays normal
Federal incameAkK of 2%.
Data from Letter of President H. L. Clarke of Chicago.
[Letter addressed to King, Hoagland A Co. and Union Trust Co.,
,

Chicago.]
Organization.—An Ityfiana. corporation owning and operating electric
light and power properties in Knox, Davies, Greene, Sullivan and Pike
counties in Indiana.
These counties produce large quantities of corn,
wheat, oats and other cereals, and are the centre of the Indiana coal fields.
both of

Capitalization.

Capital stock

First Mtge. 6% bonds (including $819,800 bonds deposited
collateral security of the 234-year notes now issued)

$500,000

1,845,500

234-year 7% secured gold notes (this issue)
674,800
Three-year 6% gold debentures
150,000
These notes are secured by the deposit with the trustee of First Mtge.
6% bonds, due Sept. 1 1936, in the ratio of 120% for each 100% of notes
issued.
They are also guaranteed by endorsement as to principal and
Interest by the Utilities Development Corporation.
Additional 1st M. bonds cannot be issued for more than 85% of the actual
cash cost of further extensions, improvements, additions or acquisitions,
and then only when the annual net earnings of the company
First Mtge. interest charges, including bonds proposed to be

are twice the

issued.

The

company must also have the approval of the bankers and the Continental
A Commercial Trust A Savings Bank, Chicago, corporate trustee.
Mar. 31 *17. Sept. 30 *18.
Earnings for Years Ending—
Gross earnings
$473,100
$281,955
Net earnings, after oper. exp. A taxes
98,773
240,154
—

Properties.—Has electric-light and power plants at Vincennes, Bicknell.
Worthington. Bloomfield, Elnora, Odon, Dugger, Petersburg and several
other small communities and water works supplying Worthington and
Bloomfield.
Is connecting these plants by a high-tension transmission
line and will generate electricity at a central power station at Edwardsport
on the White River.
Population of the communities now served over
100,000 people. The transmission lines now being completed will enable
the company to serve Knox, Greene, Sullivan, Davies and Pike counties

with a population of 200,000.
With the full operation of the new steam
turbine plant, gross earnings based on contracts, actually negotiated,
should aggregate at least $600,000 annually, with low operating expense
and the company operating its own coal mine.

Management.—In hands of Utilities Development Corporation of Chi¬
which is successfully operating similar properties. There Is a sub¬
stantial equity over and above the funded debt.
See also V. 106, p.90,
1581, 2761; V. 107, p. 1749.

cago,

International Agricultural

Corp.—Sale of Minority

Shares.—
Notice Is given that A. Mitchell Palmer. Alien Property Custodian, will
offer for sale to the highest bidder, at public sale, on the floor of the New
York Stock Exchange, on Jan. 17 1919,19,443 shares of the common stock,

yar^$100^and 27,943 shares of the preferred stock, par $100.—V. 107, p.
International Mercantile Marine Co.—Sale Held Up.—

Following a meeting of the directors on Nov. 18, it became
known that the long pending negotiations for the sale by
the company of the ships it controls through British sub¬
sidiaries had been held up by Federal
Franklin gave out the following:

authority.

Pres.

While during the course of the negotiations we have kept the authorities
in Washington fully informed, we have to-day been requested that we take
no further steps to complete the transaction until our Government has the

opportunity to further consider the whole matter.
(It is supposed that the authorities are apprehensive that the sudden
withdrawal of so great an amount of tonnage as is involved in the negotia¬
tions may considerably hamper the return of American troops from France
and otherwise create a shortage of shipping available for American use.
It is even rumored that the Government had made an offer to the company
for the shipping involved in the deal.]—V. 170, p. 1841, 1484.

International Nickel Co .—Power Development.—
A press report states that work is to start immediately on the power de¬
velopment for this company, costing $2,000,000, at Turbine, Ont.—V.
107, p. 805, 499.

Jones Brothers Tea Co., Inc.—Sales.—
1918—Oct.—1917.
Decrease. \ 1918-10 Mos.-1917.
Increase.
$1,139,620 $1,147,164
$7,5441$11,290.013 $9,732,646 $1,557,367
The decrease in month’s sales was caused by the influenza epidemic,
which not only affected the agents but prevented them from gaining access
to homes affected.—V. 107, p. 1672, 1195.

Kansas Natural Gas Co.—Rates Increased.—
Judge Wilbur Booth In the U. 8. District Court at Minneapolis, Minn.,
on Nov. 13 issued an order increasing the rate for gas from 60c. to 80c.
per 1,000 cubic feet.
The change affects the rate in Topeka. Kansas City,
Kan., and Kansas City, Mo., and other cities in the central and northern
parts of Kansas.—V. 107, p. 407.

7 Kelso Smokeless Coal Co.—Redemption.—

Nine ($4,500) First Mortgage 20-year 6% gold bonds have been drawn
for redemption Jan. 1 1919 at 102)4 and interest at the Commercial Trust

Co., of Philadelphia.—Y. 103,

1985.

(Julius) Kessler & Co— Sale of Plants.—

Kentucky Distilleries & Warehouse Co.—Sale of Plants.
Securities Co. above.—Y. 107,

1672, 1388.

(S. S.) Kresge & Co.—October Sales.—
1918—Oct.—1917

$2*971,471 $2,6314271
—V. 107. p. 1750. 1104.

Increase.

1918-10 Mos.-1917.

Increase.

$340,2001$27,538,334 $22,613,278 $4,925,056

Lawrence Mfg. Co., Boston.—Extra Dividend.—

An extra dividend of 2 % has been declared along with the regular semi¬
annual dividend of 3%, both payable Dec. 2 to holders of record Nov. 1.
—V. 106, p. 2233.

Liggett & Myers Tobacco Co.—$20,000,000 Three-Year
6% Gold Notes Oversubscribed.—An issue of $20,000,000
Three-Year 6% Gold notes was offered Nov. 18 by the
National City Co. and the Guaranty Trust Co., both of

Cigarettes—Fatima, Piedmont and

ling. Hiawatha, Sweet Burley and Sweet Cuba, (e) Sarap tobacco—Red
Man and Buckshoe.
(f) Twist tobacco—Granger and Picnic,
(a) Little
cigars—Recruits, (h) High-grade Turkish cigarettes—Condax and Vafladis.
Notes.—Authorized
Description of
issue, $20,000,000. to mature Dec. 1
1921; interest from Dec. 1 1918, payable June 1 and Dec. 1. Denomina¬
tion $1,000 c*.
Both principal and interest payable in U. S. gold coin of
the present standard of weight and fineness.
At option of company re¬
deemable on any interest date after 30 days* notice, either as a whole or in
part, at 102% and int. for notes with two years or more to run from the
date fixed for redemption; at 10134 and int. for notes with one year or
more but less than two years to run from such date; at 101 % and int. for
notes with less than one year to run from such date.
[Trustee, Guaranty
Trust Co., New York.]
The direct obligations of Liggett A Myers Tobacco Co.
The only
other funded debt consists of $14^792,850 7% (debenture) bonds due 1944
and $15,059,600 5% (debenture) bonds due 1951; no more of these bonds
may be issued.
important Provisions of Trust Agreement.—As long as any of the notes are
outstanding the company will not (a) mortgage or pledge any of its real
or

personal property, except U. 8. Government obligations, or (5) sell any

of Its real estate, plants, brands, trade-marks, patents, or shares of stock
of Pinkerton Tobacco Co. unless it pays over to the trustee cash to an
amount equal to the cash value received from any such sales, to be used to
purchase or redeem notes.
Hie company will also at all times maintain quick assets in a sum equal
to at least twice the amount of its outstanding notes and all other liabilities
other than its bonds maturing in 1944 and 1951, notes secured by U. 8.
Government obligations and reserves (including tax accruals), all as de¬
fined in the trust agreement.

Purpose of Issue.—This issue will provide funds to reduce present cur¬
This financing, necessitated partly by the increased
and partly by an actual increase In the amount of in¬
ventory carried, will place the company in an advantageous position for
purchases of leaf tobacco and enable it to meet readily the increased de¬
mand for itsproducts.
On Sept. 30 1918 the company’s quick assets (intercompany items ex¬
cluded) exceeded $69,700,000, and its current liabilities aggregated about
rent indebtedness.
cost of leaf tobacco,

$21,200,000.

Net Income Available for Bond Interest for Past
Year—
Net Inc.
Bond Int.
Year—

Six Calendar Years.
Net Inc.

Bond Int.

$8,383,566 $1,794,511
$8,998,547 $1,829,361
9,150.183 1,786,463
8,279,966 1,820,235 1917
7,202,139 1,810,965 Average 6 yrs_$8,436,219 $1,807,362
8,602.912 1,802,636

1913
1914

1915

The six-year average balance, $6,628,857, after deduction of bond in¬
terest, was equal to more than 534 times the annual interest requirements
tor the notes, and the balance for 1917 was equal to more than six times
such annual interest requirement.
The volume of business done has increased each year and the earnings
have kept pace with the increase in volume.
The value of gross sales for
the first nine months of 1918 was $108,141,174.
The company

has outstanding $22,512,800

7% pref. stock and $21,496,equity

400 common stock, which, at present quoted prices, indicate an
of about $60,000,000 over and above the notes.—V. 107, p. 1923.

McAlester Gas & Coke Co.—Earnings.—
1918
1917.
Increase.
$172,176 $83,374 $88,802
82,836
39,381
43,455

Years ending April 30—
Gross
Net
Bankers interested report:

„

Formerly supplied artificial gas to the cities of McAlester and North
McAlester and more recently distributed natural gas as agent of Choctaw
Natural Gas Co.
Has now acquired that company and “therefore owns,
controls and distributes all the gas found in merchantable quantities within
30 miles of McAlester.”—V. 99, p. 1370.

M&ckay Companies.—Government Takes Over Marine
as of Nov. 2 and Will Operate All Land Lines as One
System, Effective Dec. 1.—

Cables

preceding pages of this issue.
Land Line Compensation—Co. Protests—PhysicalValuation.
On preceding pages will be found President Mackay’s letter to Post¬
master-General Burleson protesting against the Government's basing the
compensation for the u&e of the company’s Postal (land) properties on any
See

such valuation

$30,000,000.

Government Compensation—Company Proposes to Appeal to
the Courts.—Clarence H. Mackay issued this statement: ,
We are Just advised by Postmaster-General Burleson that he has awarded
the Postal Telegraph-Cable Co. $1,680,000 per annum as compensation
for the use of its lines, despite the factgthat the profit;from those lines in
1917 was $4,269,000.
The profit of Postmaster-General Burleson from the
lines of the Postal Telegraph-Cable Co. for the month of August 1918 (the

first month of Government control) was $320,000.
The compensation
which Mr. Burleson pays us for that month is $140,000.
Mr. Burleson,
therefore, keeps $180,000. This $180,000 goes to pay the Western Union

compensation.

exist and
rebuked.

And this is America?

But courts and public opinion still

believe such high-handed Bolshevikism will be properly

On Nov. 20 Mr. Mackay
sition in part as follows:

explained the company’s

po¬

Now, Mr. Burleson knows very well the reasons why the Inter-State
Commerce reports of our 39 subsidiary telegraph companies do not tell the
whole story.
I wrote him a letter on Oct. 28 ex plaining the matter.
In addition to that letter, Mr. Burleson ignores the fact that the Mackay
companies are a trusteeship and that no trustee or individual is allowed by
law to own or operate telegraph lines.
Under the statutes they must be
owned or operated by corporations.
We have the certificate of Messrs. Barrow, Wade, Guthrie A Co.,
chartered accountants, of New York and London, that our profit for the
year 1917 was $4,269,547.
The Post Office Committee knows that these
figures are correct, and yet they offer us only about half of that amount,
while on the other hand they have given the Western Union Telegraph Co.
their full 1917 earnings and some more.
We shall take the matter at once into the Court of Claims, although

delay.
statement issued on Nov. 20 said:
The Postal Telegraph-Cable Co. is composed of a number of component
companies, each of which makes returns under oath to the Inter-State Com¬
merce Commission on the regular prescribed form.
The records show that
for the calendar year ended Dec. 31 1916 the total investment in plant and
equipment as reported for the 39 companies covered by the award amounted
to $6,647,472.
The gross revenues of these companies, as reported to
this probably means long

Mr. Burleson in

See Distillers* Securities Co. above.—

See Distilleries

Principal brands manufactured: (a)

Chesterfield. (b) Plug Tobacco—Star, Horse Shoe, Drummond Natural
Leaf, Tinsley’s Natural Leaf and Every Day Smoke, (c) Smoking To¬
bacco—Velvet and Duke’s Mixture,
(a) Fine cut chewing tobacco—-Ster¬

the Inter-State Commerce Commission, were, for that year, $12,096,586;
and the net income, after deducting the operating expenses and taxes, was
reported to be $332,343; while on the sworn questionnaire furnished to the

Department, the Postal Telegraph-Cable Co. stated their net

operating in¬

for the land lines for this same year (1916) to have been $4,157,670.
In their report to the Inter-State Commerce Commission for 1916 the com¬
ponent companies charged $2,197,900 for depreciation.
In the informa¬
tion furnished to the Department, the charge for depreciation during that
period was placed at $427,863.
In the report of these component companies to the Inter-State Commerce
Commission for 1917, the gross revenues are reported to be $12,855,420
and the net income to be $117,204.
In the questionnaire furnished to the

come

Department by the Postal

Telegraph-Cable Co. the net income for 1917 of

The depreciation charge made in
Commission for 1917 was $2,350,200, while in the information furnished to the Department for the same
period the depreciation charge was placed at $448,975.

the land lines & stated to be $4,485,593.
the report to the Inter-State Commerce

Nov. 23 1918.]

Explaining this

Oct. 28 wrote:

THE CHRONICLE

apparent

The explanation is simple.

discrepancy, Mr. Mackay

It is that

f
gr^t many years has been organized
ies.

Postal

Telegraph system for
the plan of the Mackay Compan¬
our

financing the little local companies by furnishing the money for all
reconstruction of their telegraph lines, and for the annual interest of
$800,000 a year, which has to be paid by the land line
system, and also furnish¬
ing money for the construction of new lines in new territory and additional
wires in old territory.
In return the Mackay Companies by contract with
these various local companies receives a
large proportion of the through
tolls.
This arrangement is a matter of convenience and has
grown up from the
necessity of having these local companies, in order to
comply with the
State statutes relative to condemnation ami
granting of local ordinances,
Ac.—a necessity which arose in the very beginning of the Postal
system, in
the

early eighties.
The whole of this compensation now claimed would have
appeared in the
reports of the Inter-State Commerce Commission, which reports began
about two years ago, if the Mackay Companies were subject
to the InterState Commerce Act, but not being subject to that Act
(they being only
an unincorporated
trusteeship), the Mackay Companies were not asked
by the Commission to make a report, and properly so, and hence did not
make any.

New Wireless Invention Intended to Eliminate Static Inter¬

ference.—

See Marconi Wireless Telegraph Co. below. V. 107 p. 806, 506.

Magma Copper Co.—Production.—

The October output amounted to 949,455 lbs.,
lbs. in October 1917.—V. 107. p. 1582, 1196.

Marconi Wireless
Invention.—

comparing with 779,102

Telegraph Co. of America.—New

It was announced on Nov. 18 that Roy A.
Weagant, Chief
the company, had perfected an invention which eliminates the Engineer of
interference
caused by “static electricity” from wireless

telegraphy, thereby removing
possible the carrying on of wireless service at all times from towers even
as low as 25 or 30 feet.
The President of the Western Union Telegraph Co. claims to know all
about the invention, and while admitting that the device “will do
something
toward eliminating static under certain
conditions,” is incredulous that it
is a "cure-all” for such difficulties.
E. J. McNally, Vice-President of the
Marconi Company, however, asserts that “Mr. Carlton knows
nothing
about the new device and is therefore incompetent to
judge its value.”—
V. 107, p. 408.

Maryland Goal Co. of Md.—New Director.—

See Maryland Coal Co. of West Va. below.—V. 99,
p. 123.

Maryland Coal Co.W.Va.—Extra Dividend—Director, Etc.

A dividend of 1 % and 1 % extra has been
to holders of record Nov. 21. In Feb.
paid a

declared, both payable Dec. 2
dividend of 1 % and 2% extra.

Joseph E. McGowan, Sec. Sc Tr^as., has been elected a director both of
this company and Maryland Coal Co. of Md., to succeed the late
Howard
S. Dickson.—V. 106, p. 302.

Mason Valley Copper Co —Production.—

Copper output for October Amounted to 1,080,200 lbs., which compares
with 1,469,631 lbs. produced In October 1917.—V.
107, p. 1582, 1196.

Massachusetts Electric Cos.—Sub. Co. Fares.—

See Bay State Street Rfs. above.—V. 107, p. 1920,
1004.

Maxwell Motor Co.—No Dividend on First Pref. Stock.—
The directors have omitted the declaration of the usual divi¬
dend on the first preferred stock, due at this time,
covering
the final quarter of 1918.
The company since 1915 has paid
at the annual rate of 7% on this issue, and also in 1915
paid
an extra dividend of 15in warrants.
The directors have
issued the following statement referring to the

passing of this

dividend:
The

war

work in which the company

has been engaged, and which is occu¬
than 80% of its capacity, has necessitated the carrying of a
substantial inventory of war materials with its
corresponding obligations.
Now that the war is approaching an end, a substantial
modification or
revision of existing war orders is anticipated which will necessitate a
liquida¬
tion by the company of its present inventory
and a conversion of its manu¬
facturing facilities from a war basis to a peace basis. How soon this liquida¬
tion and conversion can be effected cannot be foreseen or
determined until
the policy of the Government is more
definitely established and announced.
In the meantime and until the
company has passed through the period of
readjustment which is coming, it is the judgment of the directors that the
pying

cash resources of the company should be conserved to meet unknown con¬
tingencies and, the dividends of the first preferred stock being cumulative
that the interests of the company will be Setter served and the interests of
its first preferred stockholders as to the dividends

equally protected, by
discontinuing the issue of scrip which imposes from the company an obli¬
gation to pay the same on a fixed date, when the conditions which will then

exist cannot

now

be foreseen.—V. 107, p. 1832, 1388.

Meadow River Lumber Co.—Bonds Called.—

Twenty ($20,000) First Mtge. 6% gold bonds, due June 1 1922 (Noe.
381-400, inch), and 10 ($10,000) bonds (Nos. 401-410, incl.), due Dec. 1
1922, have been called for payment Dec. 1 at 100K and int. at Citizens
Trust Co., Clarion, Pa.—V. 106, p. 2233.

Mergenthaler Linotype Co.t N. 7. -Earnings.—

Sent. 30 Years—
Total net profits
Dividends (about)
Dividend rate

1917-18.

$1,343,545
1,280,000
(10%)

1916-17.

1915-16.

$1,883,159
1,600,000
(12H%)

$1,898,200
1,279,990
(10%)

1914-15.

$1,467,015
1,663,997

(1$%)

Bal., sur. or deficit—sur.$63,545sur.$283,159sur.$618,210def.$196,982
—V. 106, p. 713.

Mexican
See

Telegraph Co.—Govt. Takes Over Marine Cables.

preceding pages or this issue.—V. 107,

1290.

Michigan Smelting & Refining Co., Detroit, Mich.—
as of Dec. 31 1917—Business,
Officers, &c.—

Balance Sheet

Assets—
Cash in bank
Cash on hand
Notes rec’le, actual value.

Liabilities—

$279,081
1,293
90,609
Mdse., finished & unfin'd.
921,442
Accts. receivable, act. val. 1,279,468

Capital stock paid in
$1,500,000
Surplus
and
undivided
prottt
1,202,249
Accounts payable
332,945

Borrowed money from in¬
Trucks and auto
dividuals
16,543
68,723
Machinery and fixtures._
119,115 All other liabilities
6,719
Real estate
327,709
Other invest., stock Sc bds.
50,575
Life insurance (endowm’t)
Total each side
25,000
$3,110,636
Products.—The company, manufacturers of lead pipe, solder, babbit
metal, smelters and refiners of scrap metals and prosses into ingots for

commercial

uses.
Annual production, 80,000,000 pounds.
Dividenis.—The pref. stock is 7% cumulative and
pays dividends quar¬
terly. The common stock pays regular annual 10% dividends, and for the
past several years has paid in addition to the regular dividend large extra
dividend?. In 1916 a stock dividend of 100% was paid, and in 1917 extra
cash dividends were paid amounting to 27H%.
Officers and Directors.—Jos. Sill man. Pres. Sc Gen. Mgr; Chas. O. Patch,
V.-Pres. Sc Treas.; Chas. B. Bohn, V.-Pres.; Henry Levitt, Sec.
Direc¬
tors. the foregoing and Leo M. Butzel, Detroit, Mich.

Mid-Co.

Petroleum

Co., Tulsa, Okla.—Earn.,

etc.—

The earnings for the six months ending July 31 1918 are reported as
$1,705,537. The earnings for the month of July were $465,671, which is
at the rate ef over $5,500,000 per annum.
-

—

2013

Of the First Mortgage bonds which were underwritten
by Chicago bank¬
$300,000 recently matured and were retired on Nov. 15. leaving out¬

ers,

standing $2,700,000 First Mortgage bonds.

Compare V. 106,

2653.

Midvale Steel & Ordnance Co.—Peace Status.—

The Philadelphia “News Bureau” says in substance: “There have been
no cancelations of orders by the Government with the
Eddystone rifle
plant. The plant has sufficient orders to operate for the next six or eight
months, and it was said the plant may run all of next year. Its entire
rifle output is being taken by the United States Government.
Concerning cancellations one interested is quoted as saying “There have
been cancelations of contracts, but they are largely confined
to. contracts
let recently, and on which work has not yet started.
Where work is
actually under way, I believe the Government will move very carefully.”
—V. 107, p. 1842. i290.

Miller Rubber Co., Akron, O.—Pref. Stock Offered.—
Otis & Co., Cleveland, have recently been placing $2,000,000

a new

cum.

2d pref. stock,

par

$100.

Has been in successful operation for 25 years.
Incorporated in Ohio in
Nov. 1907.
Besides automobile tires, dec., specializes la druggists' and

surgeons’ articles, which comprise about 40% of its business; the leading
manufacturer of surgeons' gloves.
Capitalization (No Bonded Debt)—
Authorized^Par.
Issued.
1stpr. (a.&d.) stk., 7% cum.(call. 115 A dlvs.) $7,500,000 $100 $3,000,000
2d pref. (a. Sc d.) stock, 8% cum. (callable 105
to 115 and dividends)
3.000.000 100 2,000,000
Common stock
10.000,000 100 4,172,600
This issue of 2d pref. shares will retire bank loans duo to expansion of
inventories resulting from the war; the total net assets will then
aggregate
about $10,000,000 and net quick assets $5,270,000.
(Compare v. 102,
p. 1901; V. 104, p. 867; V. 99. p. 202.)
1914.
1915.
1916.
1917.
1918. :
Sales—
$
$
$
$
$
9 mos. to Sept. 30.2,154.821 2,796,332 5.001.631 8,854,845 12,158,630
Calendar year
2,574,930 3,704,754 6,675,184 11,357,561
Net earnings.
x 319,297 x 452,790 y 720*156
831,271estzl400000
—

x Years ending Sept. 30.
y 15 months ending free. &1.
z Estimated
earnings for the cal. year 1918, subject to Federal taxes not definitely
determinable, but against which a reserve of $200,000 has been made in
the balance sheet.
For the 8 mos. to Aug. 31 1918, subject to like reduction
for Federal taxes, the net earnings were $999,071.—-V. 106, p. 825. ; -

Municipal Gas Co., Albany.—Decision Reversed.—

The Appellate Division of the Supreme Court at Albany on Nov. 18
handed down a decision reversing the decision of Justice G. D. B. Hasbrouck, which granted a temporary injunction permitting the company to
increase its charges for gas from $1 to $1 30 per 1,000 cubic feet.—V. 107,
p.

1104, 1196.

National Acme Co.—Peace Outlook.—Chairman W. D. B.
Alexander in reply to inquiries regarding the peace outlook
for the company, is quoted in substance as follows:
We anticipate that the ensuing two to three years at least will afford
exceptional opportunities for profitable business. It is assumed that,war
orders are a thing of the past.
Our output is comprehensively covered by two broad divisions—auto¬
matic screw and
auxiliary machinery and screw machine products. With
respect to the former we have been on record that our after-fche-war foreign

business will be above the average for three or more years.
Presumably
the home machinery orders will taper off somewhat, but the sum total of
foreign and domestic will not have been materially altered.
In the product division our output of parts for use on automobiles was
formerly quite large. For some months this has ceased to be more than a
negligible factor, notwithstanding which October has the distinction of
being the best month for product sales in the company’s history.
If and when war ends orders for screw machine products cease, we look
for an Immediate and voluminous demand for automobile
parts to cover
requirements for repairs as well as new machines. The nature of eur
product department equipment is such that we can bridge the transition

from

work practically

war to peace
war business we

For
of

have made

night.
plant extension with the exception

over
no

inconsequential temporary frame building. The Colt plant where
we have over five acres under one roof was
planned and contracted for
prior to our entering the war. An addition to our Stanton plant now
building is for account of larger work and more crane capacity and is in no
an

manner related to war demands.
Also, the materials consumed by us In
manufacturing are practically all standard and whether peace or war
conditions prevail there should be little or no shrinkage on inventories

account.

The probable resumption of building on a larger scale and an
anticipated
activity on the part of the railroads in the purchase of equipment should
both prove of direct benefit to us.—V. 107, p. 1842, 700.

National Brick Co. of Laprairie, Ltd.—Plan.—

The committee named below has asked the denosit of the company's
securities with the National Trust Co., Ltd., of Toronto, as depositary,
with a view to reorganization. A circular says In substance:
It is proposed that a new company to be called the “Laprairie & Delson
Brick Co., Ltd.,” or some other suitable name, be organized with power to
issue the securities shown below in order to acquire the assets of the Na¬
tional Brick Co. of Laprairie, Ltd.
The holders of the bonds of the National Brick Co. [$2,319,100 outstand¬
ing. with interest from April 1915 to date unpaid, but represented by the
scrip below mentioned] to be given in exchange for their bonds an equal
amount of 6% Income Mortgage bonds of the new compa y; interest on
same to be cumulative, and payable when earned; but the
company to be
in default unless at least 2% of interest be paid not later than
April 30 1922,
and a further minimum of 2% be paid in each year thereafter. These bonds,
or any portion
of them, to be redeemable at par and int. at any interest date.
The holders of the scrip [$450,936 Feb. 28 1918] to be given in exchange
for the same 7% cumulative preferred shares, equal in amount to their
holdings of scrip increased by the interest accrued on their present bonds
up to the date of the organization of the new company; the said stock to
be preferred both as to assets and dividends.
In consideration of the concessions to be thus agreed to, one share of
$100 of the common stock to be given to the bondholders and scripholders
of said National Brick Co. for every $300 par value of their bonds,
scrip
and accrued interest.
The holders of the [$2,000,000] common shares of the said National
Brick Co. to receive for every four shares [of $100 each] one share in the
new company.
If this proposed reorganization cannot be carried out by
the mutual consent of all parties, or if litigation should become necessary
to enforce the rights of the bondholders, or if other circumstances should
arise which, in the opinion of the first parties to the agreement hereto an¬
nexed, or any two or them, warrants such action, then they shall be free
to modify or even eliminate the amount of common stock proposed to be
given to the common stockholders of said National Brick Co.
The new company will then have an issue of about:
$2,319,000 out of an auth. $3,000,000 6 % 30-year Income Mortgage bonds.
531,000 out of an auth. $1,000,000 7% cumulative preferred stock.
1,450,000 out of an authorized $2,000,000 of common stock.
The balance of the authorized bonds and stock to be available for the
acquiring of other property, or for sale, to increase the working capital.
No dividends to be paid on the common stock until the bond issue shall
have been reduced to $2,000,000 by purchase, or redeemed in cash and can¬
celed and no dividend thereafter be paid on the common stock unless a
further amount of the bonds equal to, or exceeding the amount of such
dividend, shall have been purchased or redeemed in the period to which
said dividend shall apply.
Reoreanization committee: A. A. Ayer, R. M. Ballantyne and H. R.

Trenholme (bondholders’ representatives

T. B.

Macaulay.

the board of directors), and

[J. N. Greenshields, K.C., of Montreal, a director and formerly Presi¬
dent of the company, announced on Nov. 5 that because of his disapproval
of the plan he had taken legal proceedings to bring about the liquidation of
the company, in order to protect his Interests as a shareholder.
The profit
of the company for the year ended Feb. 28 1918 was $22,958, after allowing
for insurance, taxes, general expenses and plant renewals.]
The hearing of the application for an order authorizing liquidation has
been postponed to Nov. 27. It has been suggested that possibly a com¬
promise plan may be under consideration.—V. 103, p. 1215.

[Vol. 107.

THE CHRONICLE
National Transit Co.—Extra Dividend.—

An extra dividend of 50 cents per share has been declared on the $5,000,000 stock* along with the regular semi-annual 50 cents per share, both pay¬
able Dec. 10 to all holders of record Nov. 30. A like amount was paid
fn June last.—V. 107. p. 2455. 2233.

Nevada Consolidated Copper Co.—Earnings.—
—3 Mot. end. Sept.

1917.

1918.

9 Mot. end. Sept. 30—
1918.
1917.

Grom production (lbs.). 18,643.216 20.217.673 57.586.289 59.887,350
Net earnings
*890.293 $1,755,179 $3,391,881 $8,088,094
Dividends
1,499.593
2,299,376
5,048.643
6.298.290
Contrib. Amer. Red Cr_
30,000
def.$639,300 def.$544,197 df$l .656.762sr$l .789.804
Balance
_

In circular of Nov. 9 Pres. D. C. Jackling says

in brief:

For the quarter ending Sept. 30 1918 the production of copper
to 18.643.216 lbs., as compared with 21.507.909 lbs. for the

amounted

preceding

,670.415 The
for September
Suarter.
lbs.: production
for July
19181918
6.899.282
was 5.073.519
lbs.; average
lbs.; for
monthly
Aug. 1918
pro¬

lbs. for the preceding quarter.
During the quarter 1.003,898 dry tons of Nevada Consolidated ore aver¬

duction 6.214.405 lbs., against 7,169,305

1,067,212 dry tons
including 8teptoe plant depreciation and all

aging 1.50% copper were milled, as compared with
averaging 1.54% copper for the previous quarter.

The cost of copper produced,
charges, and without credit for gold, silver or miscellaneous earnings, was
20.70 eta. per pound, as compared with 17.72 cts. for the previous quarter.
This cost shows approximately the increase which it was estimated would
result from the Increased ore. bullion and merchandise freights under Gov¬
ernmental tariffs, plus additional refining rates and charges paid to cover
the actual increased cost of treatment and delivery of refined copper, and
also a wage increase of 50 cts. per day to all employees of mine, mill and
smeller which was granted ana made effective July 1 1918.
Miscellaneous income, including that of gold and silver, amounted to 2.05
Cta. per pound of copper produced for the third quarter, as compared
with 2.61 cts. per pound of copper for the second quarter.
The costs
for the quarter include $296,105 set aside to cover accrual of county.
State and Federal taxes.
The earnings for the quarter are based on a copper price of 23.43 cts.

for the copper produced during the quarter. All unsold copper
carried at usual price, 13 X cts. per lb.
statement will snow a deficit in earned
surplus of $639,300 for the quarter. This after the Sept. 30 dividend distri¬
bution of 75 cts. per share, toe inclusion in operating costs for the quarter of
$179,920 to cover depreciation of plant and equipment, and a contri¬
bution of $30,000 to the American Red Cross War Fund.
(The balance sheet of Sept. 30 1918 shows total assets of $31,895,046.
including $16,127,851 of current assets, as follows: Materials. $2,673,537;
accounts collectible, $1,979,009; deferred accounts, $91,317; metals at retinery and in transit, $3,596,490; metals at Step toe, $3,033,300; marketable
securities. $1,960,575; case and cash items, $2,793,622.
Offsets: Capital
•tbek. $9,997,285; surplus, $7,071,850; refining and delivery charges (not
due). $1,542,154; accrued taxes, $632,424; accounts payable (not due),
$1,102,954; deferred accounts, $24,615; earned surplus, $11,523,764.
per pound

u»

transit and in plant inventories is
The accentoanying profit and loss

—V.

107. p. 1842. 1389.$

New England Cotton Yarn Co.—Annual Report—New
Name and Broader Rights—Financial Status.—
At the annual meeting on Nov. 19 it was voted to change the name of
this company, now simply a holding organization, to New England In¬
vestment Co.. which will have a modern and broader charter.
The annual
meetings will hereafter be held the third Tuesday in January, the first

In 1920. The annual report is cited under “ Reports” above. The Boston
“News Bureau" of Nov. 20 contained a rather full statement regarding
the enterprise.—V. 107. p. 1842. 1672.

New

England Investment Co.—New Name.—£

■ See New England Cotton Yarn Co;

New York Shipbuilding

Co.—Peace Conditions.--

will bring no abatement in activities at tb j ship¬
building plant at Camden, N. J. The company has contracts on hand to
keep the plant operating at full capacity on Government vessels, as well as
merchant ships for a few years to come.
The new yard now being comple¬
ted at a cost of about $10,000,000, will be carried out as originally planned
and Is expected to be ready for service shortly after the first of the year.
This section of the works will give employment to about 4,000 men. Thir¬
teen vessels and 18 torpedo boats are now on the ways.
Two transports
also are being constructed.—(“Iron Age.”)—V. 107, p. 507, 499.
The close of the

war

Niagara Falls Power Co.—Application Filed for Author¬
ity to Issue Bonds.—
This company has filed with the New York P. S. Commission a petition
for authority to issue $2,000,000 in bonds reserved under the Refunding
and Improvement Mtge. of the Hydraulic Power Co. of Niagara Falls,
dated Oct. 1 1916, and stating that the money to be secured and the prop¬
erty to be paid for by the issuance of bonds are reasonably required and
are not in whole or in part reasonably chargeable to operating expenses
or to income.
Improvements under way and proposed, it is stated, will
cost $4,000,000 and the money required in excess of the proceeds of the
bonds will ba paid from the cash assets in the treasury.
The company
stated that no franchise is proposed to be capitalized or paid for under
the application. ' Compare V. 107, p. 1924, 1750.

Ohio State Telephone Co.—Extension of Underlying
M. 5% Bonds for Three Years at 7% Interest.—The

$2,676,000 1st M. bonds of the Cuyahoga Telephone Co.
and the $2,156,000 1st M. bonds of the United States Tele¬
phone Co., now by merger underlying bonds of the Ohio
State Telephone Co., being dated Jan. 2 1899 and due Jan. 1
1919, are to be extended three years from Dec. 1 1918 with
interest at rate of 7 %, represented by new coupons due June 1
and Dee. 1. Circulars received from Otis & Co., Cleveland,
show in substance:
Description.—Principal and interest will be payable at the option of the

holder or any bond either at the banking house of J. P. Morgan Sc Co.
in N. Y. or m Cleveland at office of mortgage trustee, viz., for Cuyahoga
bonds at Citizens’ Savings & Trust Co., for U. 8. issue at Cleveland Tr. Co.

Digest of Letter from President Charles Y. McVey, Oct. 25 1918.
Government Control, Ac.—This extension has the express approval of the
Postmaster-General of the United States, which is in control of the proper¬
ties and business under Act of Congress.
By a written agreement the
Postmaster-General Is to pay as rental of the Telephone Co.’s properties
while Government control continues a sum equal to approximately four
times the interest on all underlying bonds.
Security.—These underlying bonds are secured by first Uens on proper¬
ties acquired by the Ohio State Telephone Co. under the merger of 1914,
and all additions and Improvements made thereto.
They and other under¬
lying bonds are followed by $4,981,000 of Consol. & Refunding Mtge.
preferred
and
$5,205,475
of common stock of
bonds, $6,617,425 of
stock
the Ohio State Telephone Co., which has assumed the payment of the prin¬
cipal and interest of the underlying bonds. Its assumption of the said
bonds and its issue of the said bonds and stocks were with the express ap¬
proval of the Public Utilities Commission of Ohio, which has also approved
ibis extension. It is owner not only of the telephone system in Cleveland
and long-distance lines, but also of telephone systems In Columbus, Toledo,
Dayton, Akron, Youngstown, Canton, Zanesville, Alliance, Findlay,
Massillon, Lancaster. Barberton, Salem, Fostoria and many other Ohio
Its total stations aggregate over 150,000 in number.
cities.
Also owns long-distance system including: (a) 34,818 miles of toll line
wire owned and operated; (ft) 73 local exchanges owned and operated,
which are served by such long-distance system; (c) 829 local exchanges
•owned by other companies in Ohio, served by the company’s long-distance
system. Other States reached by such long-distance system, through
other connecting long-distance systems. Michigan, Indiana, Illinois, Mis¬
souri, West Virginia, Kentucky, Pennsylvania and New York,
t Recent appraisals show: (1) For the local telephone properties In Clevelandbcovevea as a first lien by the Cuyahoga bonds, a present value of at
‘

’

V.-Pres.

least $5,819,217: (ft) for the long-distance lines covered as a first lien by the
U. 8. bonds, a present value or at least $4,769,433.
j
Growth of Business in Four Years.—The number of telephone stations on
the commencement of business in July 1914 was 97,606; on July 31 1918,

150.026.

The number of miles of line wire owned

and operated In July

1914 was 248.555: on July 31 1918. 351.608.
The gross operating revenue
of the properties for the fiscal year ending July 1 1914 was
for the fiscal year ending June 30 1918, $4,063,520.
Since the consolida¬
tion in 1914 the company has expended $4,937,402 for additions and im¬

$2,855,491;

provements, exclusive of the cost of new properties acquired.
Earnings for Year Ending June 30 1918.
Operating revenues
$4,063,519lint, on underlying bonds.
Total net (after taxes)
$1,702,7381 Depreciation
Balance, after aforesaid deductions
-V. 107. p. 1924. 1750.

$401,233
437,014
$864,491

Osage Manufacturing Co.—Redemption.—

Ten First Mtge. 6% 10-year gold bonds, dated 1909. have been drawn
for redemption for account of the sinking fund on Dec. 1. st 102H
interest, at the Virginia Trust Co.. Richmond. Va.—V. 99. p. 1533.

Owens Bottle-Machine Co., Toledo, O.—Earnings.—
and Treasurer J. C. Blair writes as follows:
As our fiscal year has been changed to Dec. 31, our next report will
cover a 15 months’ period.
Nowever, for your Information we wish to
advise that our earnings for the Owens and subsidiary companies, for the
12 months ended Sept. 30 1918, were $4,631,906, less taxes of $1,425,000,
or net for the O vens and controlled companies of $3,206,906.
We paid dividends during the past twelve months of 7% on the preferred
and 20% on the common stock or a total of $2,438,820.
Compare V. 105,
p. 2181, 2541.—V. 107, p. 807.
Pabst Brewing

Co.—Prohibition Amendment.—

President Wilson on Nov. 21 signed the

priation bill, which provided for national
the army is demobilized.

Emergency Agricultural Appro¬

prohibition from next July until

Under the Act the amendment will affect only the manufacture of wine,
tor the brewing of beer must cease Dec. 1 1918.
Under the amendment the
manufacture of wine will cease May 1 1919 and should brewing of beer be
allowed to continue after Dec. 1, it would also be stopped after May 1
under the new law.—V. 107, p. 1197, 408.

Pacific Mail Steamship Co.—Extra

Dividend.—

share (20%) has been declared. In

An extra dividend of $1 a

addition to

the semi-annual dividend of 50c. (10%), both payable Dec. 16 to holders
of record Dec. 2.
A like amount was paid In June last.
In June 1917
50c. par share was paid without extras, and In Dec. 1917 50c. and
extra.
The stock is $1,500,000, pir $5 a share.—V. 107, p. 909, 807.

$2 50

Packard Motor Car Car.—Peace Basis.—
A press dispatch states that this company began moving on to a peace
basis two days before the armistice was signed, when the manufacturing
department of the company was authorized to resume the manufacture
of motor cars.—V. 107, p. 1746, 1672.

Paraffine Companies, Inc.,

San Francisco.—Convert¬

ible Collateral Trust Gold Notes Offered.—Leroy T. Royne &
Co. and Girvin & Miller, San Francisco, are offering jointly

and int. $500,000 7% Convertible Collateral Trust
gold notes dated Dec. 1 1918 and due serially 1919 to 1924.

at par

A circular shows:
Interest payable J.

Sc D.

Normal Federal income tax up to 4% paid

by the company. Anglo-California Trust Co., San Francisco, trustee.
Callable, all or part, on any int. date at 101 and interest. Maturities
$50,000 semi-annually. Dec. 1 1919 to June 1 1924. both incl. These notes,
secured as below stated, are convertible at the holder’s option at maturity
into the 1st M. 6% bonds on a basis of par for the notes and 6H% income
basis for the bonds; price to be determined upon the actual length of
time the bonds have to run.

Authorized. Public holds
$5,000,000 $4,907,636
94,000 sh. 89,339 sh.
issue) 1,500.000
750,000
Convertible Collateral Trust notes (this issue) __
500.000
500,000
Earnings to Aug. 31 as Certified by Price, Waterhouse A Co.. After Paying
All Expenses, Depreciation Charges and Bond Interest

Capital Statement—

Preferred stock, 7% cumulative
Common stock (shares have no par value)
1st M. 6s (remaining $750-000 pledged for note

7%
Net

Net earnings after bond
Interest on notes

Cal. Yr. '16.

Cal. Yr. '17.

8 Mos. 1918.

int..$1,031,151

$1,403,614

$909,193

26,250

Officers and Directors.—Robert 8. Moore, President (Free. Moore Ship¬
building Co.); R. S. Shainwald, V.-Pres. and Gen. Mgr.; 8. C. Irving, Treas.
Directors: A. F. Morrison, W. I. Brobeck, Wellington Gregg Jr., C. E.
Green fof San Francisco], Peter C. Brown and R. W. Pridham, Los Angeles.
Digest of Letter from V.-Pres. R. S. Shainwald, San Fran., Nov. $.
This note issue is secured by a pledge with the trustee of $750,000 of our
Issue [of $1,500,000] First Mtge. 6% bonds, which in turn are an absolute
first closed mtge. on all of the physical properties now owned or to be ac¬
quired. and on all future improvements. These properties have been
appraised at a figure plus actual cost of subsequent construction of $5,393,055. which is, in my opinion, an exceedingly conservative figure.
The Paraffine Companies. Inc., although incorporated in 1917, consists
of the following old established concerns, some of which have been in busi¬
ness

for

than 30 years:

Organized.

Annual Capacity.

Paraffine Paint Co., mfg. roofings, bldg, pa¬
pers and paints; owns and operates an as¬

phalt refining plant and felt mill; also plants
recently added for manufacture of a floor
covering similar to linoleum
1884
California Paper&Board Mills, Antioch, Cal. 1901 26,500 tons paper board
Southern Board & Paper Mills, Vernon, Cal_1912 18,000
do
do
Northern Bd. Sc Paper Mills, Sumner, Wash. 1913
8,000
do
do
Economy Paper Co., large plant in Los An¬
geles for collecting and sorting waste paper
used by the board mills
1911
R. W. Pridham Co., plants at Oakland and
Los Angeles; manufactures corrugated and
solid fiber containers and paper cartons.

(A 3d plant of similar character

Is being

—1886 16.000 tons paper board
Port An- new/ 4,500 tons sulphite
geles, Wadi, to be in operation Jan. 1919
\10,000 tons paper board
The Paraffine Paint Co.’s products have been exported for nearly 30
years past to Australia and New Zealand and for about 15 years past to all
Asiatic and South American countries bordering on the Pacific and Indian
Oceans.
Locally we do business In all that section of the United States
west of the Rocky Mountains, in British Columbia and Alaska.
Our paint
business is increasing very rapidly, the lines manufactured being special,
such as metal paints, ship paints and preservative paints. The local
business in roofing is, on account of war conditions and the reduction in
construction work, considerably curtailed at this time, but should presently
become normal,
while the foreign business has largely increased through
war conditions, this increase should not be affected to any extent by a
cessation of the war.
The business of the board mills and box-making
plants are In no way affected by the war. See also V. 106, p. 1904, 1235.
installed at Tacoma, Wash.)
Crescent Boxboard Co., plant at

Port Lobos Petroleum

Corp.—New Stock.—

The directors on Oct. 30 voted that the unissued $1,500,000 2d pref.
stock be offered to the common stockholders of record Nov. 25 1918 for
subscription pro rata on or before Dec, 10 1918, payment
to
made 40% forthwith and the residue when called by the board.
The
President was also authorized to have such issue or any pert thereof under¬

thereof

written, including a commission therefor of not exceeding 5%.
The shareholders will vote Nov. 29 upon increasing the authorized
capital to $20,000,000 by adding $2,600,000 to the 2d pref. stock, the addi¬
tional stock to be issued hereafter from time to time, the 2d pref. stock¬
holders to have a prior right to subscribe to same at par pro rata.
Incorporated in Maine in June 1916 and has undertaken the develop¬
ment of some 80.000 acres of oil and gas leases in Province of Vera Cruz.
.

Not. 23

1918.]

THE CHRONICLE

Mexico. Control owned by James B. Duke, the
President, and associates.
The new capital will be need in the construction of pipe line and terminal
facilities at Port Bobos. If the foregoing proposition is
adopted the au¬
thorized capital stock will include: Common stock. SI2.500.000 first
pref.
8% cumulative, S2.500.000 2d pref. 10% cum. (with right to participate
equally with common shares in any further dividends). S5.000.000. All
the authorized common stock has been issued and also $1,000,000 2d
pref..
but none of the first pref. 8% cumulative stock has been issued.
The “Chronicle’* is informed that In addition to the
present 10-inch pipe
line to the Gulf, there is under construction a 6-inch line which was
origin¬
ally intended for gas bat which can be used for oil. The company nas
torse producing wells. John Z. Middleton. Sec.. 511 Fifth
Ave.. N.Y.City.

Procter & Gamble

Co.—Complaint.—

The Federal Trade Commission has fanned a formal
complaint against
this company and the Procter 8c Gamble Distributing
Co., makers of
“Ivory" soap, alleging that it has reason to believe these companies are
forcing retailers to maintain standard fixed retail prices.—V. 107. p.

1197, 1104.

Public Service Gas Co., H. J.—New Stock.—

Rrfcrr'ng to the authorization given by the New Jersey P. U. Commis¬
sion for this company to issue $1,400.000 of its capital stock, we are advised
that inasmuch as all the shares are owned by the Public Service
Corp. with
the exception of 8 directors’ shares, there were no circulars issued
covering
the rights to subscribe to this issue.
The money is to be used to cover
extensions and improvements to plant. Compare V. 107,
p.

1925.

Pullman Co., Chicago.—Orders, dec.—

Sleeping Car Fares.—

107. p. 1925,1673.

Co.—Earnings.—

1918.

1917.

Balance, surplus

S763.975
700.666

$869,812

Total profit and loss surplus

$823,997

$123,332

Net earnings, after all taxes and expenses

—V. 106, p. 2762.

Rapid City (Mich.) Gas & Heating Co.—Successor.—

Tennessee Copper & Chemical Co.—Litigation Settled.—
The following has been officially confirmed:
.

This company through the payment of about $1,000,000 has settled
Its litigation with the Russian Government.
The company had been
carrying on its books a reserve of $1,140,000 against this settlement.
[The contract was made by the former management of the company. The
Russian Government made certain advances for faculties with which to
turn out the required product, but difficulties arose and litigation
followed.]
V. 107, p. 1389.

Tobacco Products Corp.—Stock Div.—New Stock.—

10% has been declared on the common stock, pay¬
able (subject to the approval of the Capital Issues Committee) Jan. 15 to
holders or record Jan. 2, along with the regular quarterly dividend of 1 % %
on the preferred, payable Jan. 2 to holders of record Dec. 21.
The stockholders will vote Dec. 10 on increasing the common
capital
stock from $16,000,000 to $20,000,000 in connection with the stock div.

The

following is pronounced substantially correct:

war taxes, was better than
Earnings in Oct. 1917 on same basis were $157,000, an Increase
of 182 %.
On basis of ten months' results the company Is expected to show
a net minimum for full year 1918. before war
taxes, of $3,700,000.
Net
a year ago was $2,000,000.
This means an increase of 85% for the 12
months.—V. 107, p. 1673. 1583.

$440,000.

Union Bag & Paper
Results for

Co.—Earnings.—

3 Months and 9 Months ending Oct. 31.
1918-3 Mos.-1917.
1918-9 Afo».-*1917.
$816,877
$837,286 $2,391,297 $2,545,455
53.188
59.848
174,654
201.213
51,108
53.158
154.251
174,304

Net earnings

Depreciation

Bond Interest

Balance
$712,581
$724,280 $2,062,392 $2,169,938
The fiscal year of the corporation will end December 31 instead of
Jan. 31, as formerly, consequently there will be but two months on the
next

Republic Distributing Co.- ■Distillery Purchases.—

This company announces that it will be impossible for it to comply with
the rule requiring publication of the annual
report at least twenty days
prior to the annual meeting, which this year falls on Dec. 10, due «6 the
inability to compute war taxes, &c.—V. 107, p. 1925.

See Distillers Securities Co. above.

Rocurdy Navigation Co.—Bonds Called.—

The entire ($75,000) bonds will be redeemed Dec. 15 at the Pittsburgh
Trust Co., Pittsburgh, Pa., at 103 and interest.

Royal Dutch Co.—Stock of Controlled Company.—

This company’s subsidiary, the “8he11” Transport to
Trading Co., Ltd.,
bas asked the London Stock Exchange to grant an official
quotation to
2.671,070 additional ordinary shares or £1 each, fully paid, making the total

quoted. £7.418,631.—-V. 107, p. 1485.

San

Joaquin Light & Power Corp.—Bonds Authorized.

The California RR. Comm, has authorized this
company to use the
proceeds from $112,551 of its Series “C” 6% bonds hitherto authorized, to fin¬
ance

Sugar Co.—Scrip Dividend.—

A regular quarterly dividend of 5% in 3-year 7% scrip, due Dec. 31 1921.
on the common and 2% in cash on the preferred stocks, have been
declared,
both payable Dec. 31 to holders of record Dec. 14.
The dividend rate on
the common shares has been 20% per annum (5% quarterly) since Jan.
1916, but beginning in July last this distribution has been made in scrip.
The scrip in which the common dividend is payable is callable on any int.

day.

It is not convertible into stock.—V. 107,

1925, 1389.

Standard Oil Co. of Kansas.—Extra Dividend.—
An extra dividend of S3 per share and the regular quarterly dividend of
$3 have been declared on the capital stock, payable Dec. 14 to stock of
record Nov. 30.—V. 107, p. 701.

Standard Oil Co. of Ohio.—Extra Dividend.—

The usual extra dividend of $1 has been declared, along with the quar¬
terly of $3. both payable Jan. 1 to holders of record Nov. 29.—V. 106,

2234, 1466.

Stewart-Warner Speedometer

Corp.—Quar. Statement.

Income and Surplus Account for the Nine Months ending
Sept. 30 1918.
Profits and income after all mfg., selling and admin, exp.. In cl. provisions
for discounts and losses on customers’ accounts, deprec’n on plant and
equip., toe., before providing for Federal income tax and excess profits tax:
For 3 mo*, ending Mar. 31. $227,582; 3 mos. to June 30, $716,728; 3 mos. to Sept. 30. $638,846; total 9 months
$1,583,156
Deduct—Provision for Federal income tax
x94,800
Dividends
450,000

Balance for period
Balance of surplus at Dec. 31 1917

$1,038,356
5,458.215

Unappropriated surplus at Sept. 30 1918
x

$6,494,572

in this statement tor war excess profit* tax.
Balance Sheet September 30.

No provision is made
1918.
$

Real est., bldgs.,
mach. to equip.

2,879,811

Pat’ts, trade mks.,
toe
Investments

9,134,806

104.021
Invent, (ateoet).. 3,059,926
Acets. receiv., toe. 1,220,847
Cash
400.623
65,629
Prepaid tamr., toe.
r Total
—V. 107, p.

1917.
$

2.997,028 Surplus
1,347,298
294,006
109.920

..16365.663 16,756.763

1925.

1918.

liabilities—
$
Common stock.
10.000,000
2,873,705 Notes payable..
Account* payable,
Ac
9.134305
220,492
Accrued taxes, toe.
150,599

Total

6,494,572

808.

United Motors Corporation.-

■Merger Held Up.—

8ee General Motors Corporation above. -V. 107. p. 1843. 1486.

United Paperboard Co.—Dividends—Directors.'■**>

The directors declared a dividend of 1% on the common stock, payable
Dec. 16 to holders of record Dec. 2.
The regular quarterly of 1H % on the
preferred was also declared payable Jan. 15 to holders of record Jan. 1.
An initial dividend of H of 1 % was paid on the common stock Dec. 16
1917,
but none since then.
H. H. Bod man and L. B. Boyd were elected directors to succeed Carl
Adams and George M. Bodman.
The other retiring directors wars re¬
elected.—V. 107. p. 692, 612.

United States Steel Corp.—Remarks of Chairman Elbert
Gary as to Trade Outlook and Peace Problems, dec.—

C. A. Pfeifer who is managing the company in the interest of the creditors
confirms the following data:
‘The corporation on Oct. 31 owed creditors
a little mere then $2,400,000.
Since July 1917 the company has been
operated for benefit of creditors and three dividends of 10% each have been
paid, bringing obligations to creditors down to the figure given
“unless stockholders accomplish a reorganization for settling creditor’s
claims and provide necessary working capital for continuance of the business
liquidation of remaining assets will result in creditors receiving less than
par for their claims and there would be nothing left for stockholders.
“As the company is strictly an assembling plant, it has not been in a
position to accept war contracts to supplant the reduction in passenger car
output.
It has taken only one Government order, for assembling 500
three-quarter ton trucks. Deliveries on this order are being started.
“We have been able to keep the plant partly operating and are now
turning out about 400 cars a month.
Profits from this business, of course,
accrue to the creditors, who recently granted a two-ye^r
extension on
notes they took for their claims.’’
Compare V. 107, p. 508.

South Porto Rico

quarter.—V. 107.

United Pruit Co.—Report Delayed.—

capital expenditures made during Sept. last.—V. 107, p. 1485, 1102.

Saxon Motor Co. Corporation.—Status.—

Co.—Report of Distribution Denied.—

Rapid City (Mich.) Gas Light Co.—New Company.—

See Rapid City Gas 8c Heating Co. above.—V. 106,
p. 2234.

Swift &

President L. Swift Is quoted as saying that the company
contemplates
no further distribution in the near future, and that the
report of the segre¬
gation of the New England Dressed Beef to Wool Co. is without foundation.
—V. 107. p. 1583, 1198.

269.587

This company has been formed as successor to the
Rapid City Gas Light
Co. (V. 106. p. 2234).
It has been in receiver's hands since 1914. The
President of the new company is George P. Bennett.

Stromberg Carburetor Co.—Earnings.—

Press reports state the net earnings for the 9 months ended
Sept. 30
amounted to $431,533, compared with $318,819 for the 12 months
of1917.
—V. 107, p. 910, 602.

Net earnings In October before allowance for

Press dispatches from Washington state that the abolishment of the ex¬
tra half cent per mile in sleeping car fares on lines under
Government con¬
trol is being considered by the RR. Administration.—V.

Stover Mfg. Engine Co.—Extra Dividend.—

An extra dividend of 2% has been declared payable in Liberty
bonds.
Jan. 2, to holders of record Dec. 16.—V. 105, p. 1715.

A stock dividend of

At the annua) meeting of the stockholders recently held. Clive Runnella
has been made a director.
Pres. John L. Bunnells, in speaking of the com¬
pany’s bus-'ness status, stated that contracts on hand amounted to over
840.0C0.0C0. very largely composed of Government orders for cars and
ammunition.
A statement published in the “Iron Age” says that the
Pullman Co. has stopped its war activities.

Punta Alegre Sugar
Years ending May 31—

2018

1917,
$

10,000,000
700,000
272,639
198,293

5,685331

See page 1884 in last week’s issue.—V. 107, p. 1925. 1751, 1746.

United States

Telephone Co.—Bond Extension.—

See Ohio State Telephone Co. above.—V. 107, p. 1751.

Wabasso Cotton Co., Ltd., Three Rivers, Qua.—

A dividend of 1)4 % has been declared for the September quarter, placing
the stock on a 6% basis.
An initial dividend of 2)4% was paid In July,
representing two dividends, 1)4% each, for the March and June quarters.
—V. 107, p. 1105, 702.

War

Regulations.—Lightless Night Restrictions Removed.

See preceding pages and page 1882 in last week’s issue.—V. 107, p. 612.

Western Union Telegraph Co.—Government Takes Over
Operation of Marine Cables as of Nov. 2 and Will Operate All
Land Lines as One System, Effective Dec. 1.—
See preceding pages of this issue.

New Wireless Invention Intended to Eliminate Static Inter*

ference.—
See Marconi Wireless Telegraph Co. above.
Announcement was made Nov. 19 of reductions in the rates for night
message telegrams.
Under the new schedules these messages mar be sent
from coast to coast for 50 cents for ten words and will be delivered at their
destination by post-office carriers.—V. 107, p. 1583, 1486.

Weyman-Bruton Co.—New Stock—Need of Working
Capital.—Referring to the notice of a stockholders9 meeting
to be held Dec. 4 to vote on increasing the authorized capi¬
tal stock, President J. Peterson

as of Nov. 14 writes:
Doe to the continuing growth and expansion of the company’s business
and the greatly increased cost of tobacco and other raw materials and labor
and high taxes, the company is in need of additional working capital, and
it is for these reasons that the board of directors has called a meeting of the
stockholders for the purpose of authorizing an increase in the capital stock
of the company.
The board of directors contemplate offering early In the ensuing year,
for subscription and sale, not exceeding 12,000 shares of stock of the par
value of $1,200,000.
Business continues good and the company is in a healthy and satisfac¬

tory condition.—V. 107,

1843, 1292,

Winchester Repeating Arms Co., New Haven, Conn.—
Opposition to Proposed Recapitalization Plan.—
A stockholders’ committee, said to represent about 25% of the $1,000,-

000

stock,

seeking modification

the

plan of recapitalization

Woods Mfg. Co., Ltd., Montreal.—Extra Dividend.—

An extra dividend of 5% has been declared, making the distribution for
the year 12% in all.
Dividends were stopped when the war broke out, and
were resumed last year on a 5% basis; at the end of the year an extra divi¬
dend of 2% was paid, making a total of 7% for the year 1917.—V. 106, p.

1143.

Wright-Martin Aircraft Corporation.—Operations.—

16365,683 16,756,763

the ground that it should give the shareholders an equity in the property,
in addition to $7,500,000 cum. 1st preferred stock.
Frederick Geller and
Charles K. Beckman of N. Y. are counsel for the committee. Compare
plan in V. 107, p. 1751.

The corporation bas notified its employees that there will be no stoppage
of work at its plants, although in accordance with orders from the W ar
Department, all overtime, Sunday and Saturday afternoon work has been
done away with.
See annual report in last week’s issue.—V. 107. p. 1917.

THE CHRONICLE

2016

i&ommextml 'A'lraes
COMMERCIAL EPITOME
Friday Night, November 22 1918.

The country now faces the more or less trying process of
shifting its trade from a war to a peace basis. Naturally,
there will be big cancellations of war orders. They have

[Vol. 107.

Corameal, 119%; lard, 115%; bacon, 108%; flour, 103%, and
pork chops, 102%. The nation goes dry on July 1 1919 un¬
til the army is disbanded. An important announcement is
that all building is now free, the remaining restrictions hav¬
ing been lifted by the War Industries Board; that is, there
are now no obstacles to non-war construction throughout the
United States. This will of course
interests throughout the country.

mean

much to real estate

Cancellation of war con¬
tracts involving more than $1,336,000,000 since the signing
already begun. Many things mark the gratifying change of the armistice is announced by
Secretary Baker. One of
from four years of war to the welcome return to the con¬
the signs of returning peace is that the War Industrie s Board
ditions of peace. Naturally, however, there is some con¬
has lifted the ban on the use of gold for artistic and other
cern in the world of business as to how the transition may
affect prices. Much is said of deflation to follow inflation. purposes. Jewelers until now could use only 50% of the
amount formerly used by them.
Nevertheless, the country, it is believed, faces a period of
LARD stronger; prime Western, 27.55@27.65c.; refined for
the
Continent, 29.25c.; South American, 29.40c.; Brazil, in
many in other words, isupexpected to be
eferred civilian trade,
kegs,
30.40c. Futures have been irregular, declining at
large. Construction long deferred is likely to be on a big
In fact,
scale. Building long restrained will revive. Export em¬ times. The arrivals of hogs have been very large.
bargoes on cotton exports have been removed, except to on the 19th inst. they were 212,000, of which 76,000 were at
Chicago. At times, too, reactions in grain has had an
recent enemy nations and northern neutrals.
This will effect.
Moreover, the cash demand has not been brisk; far
no doubt mean a big impetus to the outward movement of
from
it.
Yet it is said that packers have contracted for
cotton as soon as enough ocean tonnage can be had.
The
retail trade here and elsewhere is better with cooler weather their entire output during the next forty days. And hog
and the passing of the influenza epidemic. There are to prices have stood up well in the face of big receipts. After
be no more “Ughtless nights” here.
It is to be hoped, too, all, Europe will want immense quantities of food products
that steps will be taken to prevent coalless days and nights of all sorts, including meats. This fact is not lost sight of.
this winter such as made last winter disagreeably memorable. It has largely offset the big hog movement though this is a
Regulations limiting the amount of bituminous coal to be decidedly interesting development. A Cincinnati dispatch
stored by consumers were lifted to-day by Fuel Adminis¬ said that, with the hog pens of the local stockyards built to
trator Garfield in conformity with the cancellation by the accommodate 15,000 hogs now holding 22,000, an embargo
War Industries Board of its preference list. An industry has been placed on further receipts. The congested condi¬
tion is brought about, according to stockyard men, by the
or domestic consumer may now store all the bituminous
desired. Meanwhile the uncertainty as to future prices price-fixing methods of the Government, which divided
of merchandise undoubtedly hurts business for the time hogs into two lots, one weighing below 130 pounds and the
being. Buyers hope for lower prices. They are, therefore, other above 130 pounds. Leading packers want hogs above
for the moment buying only from hand to mouth. Still, 180, according to experts, while fresh-meat dealers will not
it is believed, that this phase is but temporary. Industries buy those between 130 and 150 pounds on account of the
are now turning from war to peace
production and trade high price, but wait and buy those below 130 pounds,
under peace is expected, as already intimated, to be which are cheaper. Accordingly there has been a steady
large.
Speculation is small. accumulation of hogs between 130 and 150 pounds, with few
Failures are still few.
Both the Shipping Board and the Secretary of Commerce buyers for this class, and it was decided that an emabargo
on receipts of hogs was the only possible way out of the
are being petitioned by merchants and manufacturers to
make some tonnage available for exports, so American ex¬ difficulty until some other method of priee-fismg could be
porters may enter the markets of the world on even terms arranged with the Government. A Buffalo dispatch says
with the manufacturers of other countries. Lack of ton¬ that an embargo has been declared on the shipment of hogs
to all stockyards east of the Missouri River, except under
nage here, while Japan, Great Britain, Norway and Spain
furnish bottoms to their exporters, will result, the exporters individual car permits, according to information received at
contend, in handicapping American manufacturers to an the East Buffalo stockyards.

Seat activity in

lines in making

for lost time.

extent that will be difficult to

overcome when vessels finally
made available. Washington advices state that Amencan-owned vessels requisitioned by the Shipping Board will
not be turned back to private owners until the food emergency
in Europe and Russia has been passed. It is added that it
will probably be nine months or a year before their return
will be considered. Requisitioned Dutch vessels aggregating

DAILY CLOSING

495,875 deadweight tons also will be retained as long as
possible, it is said.

Moreover, if possible, vessels of other

neutral nations under charter to the Board also will be re¬
tained to aid in feeding Europe. Negotiations, it seems, are
under way for extending the

charters on 150,000 tons of
Japanese shipping which expire during Dec. and Jan.
The United States will be called upon in the coming year to
send at least 20,000,000 tons of foodstuffs to Europe. This
will be in striking contrast with the export of 11,820,000
tons last year—the greatest in our history, and a pre-war
normal of less than 6,000,000 tons.
President Wilson’s plan
now

to feed

Germany, endorsed by the Allies, will allow Ger¬
it seems, to purchase supplies from Argentina, the
Allies releasing necessary tonnage. It is also planned to
ease blockade regulations so that neutrals can help feed
Germany under the control and supervision of the Allies
and America. Great Britain has already released some
German tonnage, and these ships will go to Argentina ports.
many,

The Allies and the United States will assist in the arrange¬
ment of credits by Germany with Argentina.
Beef and
wheat will be purchased. It is estimated that Germany has
two-thirds enough food to supply indicated needs of the near
future.
It appears that while there is a shortage of anthra¬

cite, bituminous operators are concerned about the proba¬
bility of an overproduction of soft coal, and a drop in the
market.
From April 1 to Nov. 2 there was mined 368,858,000 tons against 326,461,000 tons during the sane period of
1917, an incroase of about 13%. With war plants running
night and day, this enormous stock of soft coal would be
readily absorbed but with the war over it is a different story.
The Department of Labor states that retail prices of food
during October showed for all articles an increase of 2%
over September and an increase of 16% over October 1917.
A comparison of prices for a five-year period shows that food
cost 75% more in October 1918 than in October 1913.
The
greatest advance in prices from September to October of
this year were in dairy products and sugar. Eggs increased
9%, butter and sugar 10%, and cheese 7%. The greatest
price decreases were in potatoes and onions. From October
1917 to October 1918 sirloin and round steak, rib and chuck
roast and plate boiling beef increased from 24 to 30%. Dur¬
ing the month from Sept. 15 to Oct. 15, these five cuts de¬
clined in price 2% each, with the exception of rib roast,
which declined only 1%.
During the five-year period
five
articles
incresaed
over
100%,
as
follows

PRICES OP
Sat.

are

November deUvery-Cts.27.10
December delivery
26.40

LARD FUTURES IN CHICAGO.

Mon.

27.12
26.50

Tues.

27.00
26.30

Wed.

27.05
26.35

Thurs.

26.80
26.25

Fri.

26.65
25.95

PORK firmer; mess, $45.50@$46.50; clear, $45@$53;
family, $52@$53. Beef products strong; mess, $35@$36;
packet, $37@$37; family, $40@$41; extra India mess,
$62@$63. No 1 canned roast beef, $4.25; No. 2, $8.25.
Cut meats firm; pickled hams, 10 to 24 lbs., 31 ^@32%?.;
pickled bellies, 35@36c. To-day pork closed at $42 for
Nov., an advance of $2 for the week. Butter, creamery,
extras, 64H@65e. Cheese, flats, 30@33He. Eggs, fresh,
gathered extras, 68@72c.
COFFEE.—Spot nominal. Santos 4s firm; offers at
19.45c.; 3s, 19.90c. Interest centres largely on the question
when the New York Coffee Exchange will be re-opened for
business.
This may not be done at once. But on the other
hand many believe that it is only a question of a short time
before it will be done.
The Board of Managers is at work on
this question and is in frequent communication with Wash¬
ington. Brazil is holding very large supplies, even though
the Brazilian Government has in the present year bought
over 3,000,000 bags.
It is pointed out that tne stocks at
Rio and Santos, with the quantities held by the Brazilian
Government, amount to 8,456,000 bags. Some estimate the
present Brazilian crop at 11,000,000 bags, which, with the

carry-over from last season, would make a total supply in
the interior of 13,500,000 bags, of which 4,055,000 bags have
been forwarded to the ports.
This leaves 9,435,000 bags,

which, with present port stocks, makes an available supply
in Brazil, according to this computation, of 18,000,000 bags,
about a year’s normal world’s consumption in peace times.
Rio Janeiro cabled on the 18th inst.: ‘‘Brazilians are much
pleased at the removal of restrictions on the importation of
The Board of
Brazilian coffee into the United States.”
or

Managers of the New York Coffee Exchange have appointed
a committee to go to Washington to-night and to confer with
the Food Administration to-morrow regarding the removal of
all restrictions now in operation in the trade.
SUGAR quiet; raw, 7.28c. for centrifugal 96 degrees,
Cuban and Porto Rican; granulated, 9c.
Porto Rican sugar
has latterly sold for November shipment at 6.055c. c.i.f.
New Cuban sugar crop operations are about to begin.
Old
crop

sugar

remaining will be rapidly shipped.

Grinding

of the new crop, it is said, has already begun.
The 'weather
in Cuba is favorable for the growing crop.
The cane is in
excellent condition.
Rapid progress is being made in har¬
vesting the Western beet crop in this country. It is now
estimated at 6,549,000 tons.
Refined is in moderate de¬
Restrictions are gradually being removed by themand.
Food Administration.
Chewing gum manufacturers will
be allowed 50% additional sugar during December.

Nov. 23

1918.]

THE CHRONICLE

2017
-

OILS—Linseed steady at $1.60 for raw, carloads prompt
delivery, 5 barrel lots, $1.63@$1.65. Lard prime edible,
$2.30@$2.35. Cocoanut, Ceylon, barrels, 16%@17c.;
Cochin, barrels, 18@18Hc. Soya bean, 18@18Hc. Com

oil, crude wood, 17@ 18c. Olive, $4.25. Cod, domes¬
tic, $1.45@$1.50. Spirits of turpentine, 87@87He.; com¬
mon to good strained rosin, $16.50@$17.50.
PETROLEUM steady; refined, barrels, cargo, $17 25@
$18 25; bulk, New York, $8 25@$9 25; cases, New York,
$19 25 @$20 25. Gasoline steady; motor gasoline in steel
barrels, to garages, 24Hc.; to consumers, 26 He.; gas ma¬
chine, 41 He. There is a steady decrease in the output of
Butler County, Kan., one of the most productive of fields.
Still wild-cat wells

are

said to have had

velopment work is being pushed.
on a

scale that attracts attention.

Pennsylvania dark

CabellCrichton..

$4 00 South Lima
2 85
2 58
2 25
2 25
2 15
2 381

Wooster
Thrall
Strawn
De Soto
North Lima

Kentucky is producing
$2 38 Illinois, above 30
2 28
degrees
$2 42

2 77 Indiana
1 40 Princeton

Corning

De¬

some success.

2 42 Kansas and Okla¬

Somerset. 32 deg.. 2 60
homa
2 25
1 25 Caddo, La., light. 2 25
Ragland
Electra
2 25 Caddo, La., heavy 1 55

Moran

2 25 Canada
2 33 Healdton
(Henrietta

Plymouth

brisk, indeed,

only fair.

Foreign is

the whole, it is moderate

None the less, however, prices

are

firm.

time that some manufacturers
were at least selling to others at as low as 25 H cents and
even lower.
Also producers, it is stated, are to combine
under the provisions of the Webb Act to control and regulate
were

rumors

one

trade, promote exports and block foreign rivalry. One
European inquiry, it is said, is for 400,000,000 pounds.
Copper will remain at 26c. until Jan. 1 in order to favor maxi¬
mum production, prevent labor disturbances in the mines
and pave the way for placing the full resources of this Gov¬
ernment behind any steps needed for the rehabilitation of
the

non-war

industries of the United States and the

building of Europe.

There

re¬

unconfirmed rumors of
sales at as low as 24c. Tin quiet at 72H@73c. Lead
quiet at 8.05c. Spelter 8.40c., spot New York; later 8.60c.
were

and firm but quiet.
PIG IRON is quiet pending contract adjustments. There
have been a few cancellations in the case of mills doing
Government business. But in any case the furnaces are
well sold ahead for some time to come. Therefore, no large
outside business would in any case be done for a time.

Everybody is naturally awaiting future developments with

small interest. As the case stands there is less business
than there was before the armistice was signed. Naturally

pig iron producers are opposing cancellatipn on the part of
the Government, without compensation. But very many
on

the other hand, think that for several

years

there is bound to be a good domestic demand both for
iron and steel regardless of a temporary slowing down of
business during the transition from a war to a peace basis.
STEEL mills are very ready to take private business,
with an eye to expected cancellations of Government con¬
It is said that only 43% of the structural steel ca¬
tracts.
come

pacity

was

contracted for last month.

The October orders

for structural steel were 77,000 tons, as against 108,000 tons
in September. Structural steel makers, it is well known, have
been almost entirely dependent on Government orders for

business,

Wed.

10,236
__

Thwrs.

6,407

3.157

Fri.

Total. '

2,400

33 ,<*70
916
589

741
589

10,922

8,670

8,256

403

436

245

10,192

9,575

702

100

5,474 53,089

....

E8>

•

3,506

„

3,213

4,647

'617

'549

5.378

4,223

2,055
867

"733

'745

2,921
2,500

23,888
2,500
796
3.873
266
1.499
870
9,888

...

■433

Wilmington

500

Norfolk

1,867

■r* -r

New York
Boston

339

254

140

1,750

1,726

1,721

1,954

N’port News, Ac

....

Totals 'this week

24,217

856
123
301

il9

—

——

_,„rwr-

856

123
75

Baltimore
11!

169

867

Jacksonville
Savannah
Brunswick
Charleston

—

20,447

26,022

25.485

19,780

—

—--

18,463 134,414

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

materials

were

not to be obtained for civilian

orders. There has been some cessation of work on Govern¬
ment orders until the Federal authorities can decide just what

they want and what they do not want.

The rescinding of the

old schedule of priorities, apart from those on merchant ships,
railroad and naval material, clears the way at once for a

1917.

Stock.

Receipts to
Nov. 22.

This
Week.

Galveston
Texas City
Port Arthur
Aransas Pass, Ac.
New Orleans
Mobile
Pensacola
Jacksonville

33.970

Savannah

23,888

Since Aug
1 1918.

"6',826 "'278
474,121 47,687
45,843
3,490
4,640
8,777
1,500
406,687 45.879
37,300
5,000
69,320 12,245
42,940
3,565
100,356
9,789
156
2,557
2,522
3,468
12,347
4,482
7,878 3,216

1,499
9.888
856

N’port News, Ac.
New York
Boston
Baltimore

123
301

Philadelphia

;

860,272
16,935
5,492
5.089

58,702
2,859

'589

2,500
3.873

Norfolk

Since Aug
* 1 1917.
j

53,089
2,055

'867

Wilmington

This
Week.

680,744
20,459

916

Brunswick
Charleston

5S&.438
55,183

1918.

1917.

319,377

11,575

277.303
9,388

389,426
26,193

254,903
15.488

9.500
279,602
16,000
56,061
44,260
84,425

11,500
259.295
23,000
53,085
47,177
68,463

139,796
11,317
11.590
13.590

104,201
8,810
24,754
8,609

1,155
21,750

570.902

81,000
117,266
51,726
127,874
1,881

82,988
36,733
51,452
2,961

....

Totals

134,414 1,923,307 202,316 2,644.097 1,412,712 1,165,976

In order that
we

comparison may be made with o her years,
give below the totals at leading ports for six seasons:

Receipts at—

1918.

1917.

1916.

Galveston
Texas City, Ac
New Orleans.
Mobile

33.970
1,505
53,0891
2.055

58,702
3,137
47,687
3,490

Savannah
Brunswick

23,888j

45,879

...

2,500;

Charleston,Ac
Wilmington.

3,873:
1,499:
9,888

Norfolk

_____

N’port N., Ac.

856

All others....

1,291;

Total this wk.

134,414

1915.

1914.

1913.

175.216
11,373
61,722
4,834
47,013

146,538
35,887
80.914
11,945
46,987
5,500
19,070
14,252
26,371
3,516
32,815

423,795

64,010
12,868
42.220
1,439
16,728
1,000

12,666

79,385
23,801
45,496
3,513
33,411
4,500
10.295
1,720
23,443
2,841
11,677

5,238

5,000
17,224
5,922
16,867
11,216
4,232

202,316

240,082

171.948

360.439

5,000

12,245
3,565
9,789
156

4,502
4,924
17,417
1,602

Since Aug. 1. 1,933,307 2,644,097 3,644,263 2.903.394 2,690.158 5.545.070

The exports for the week ending this evening reach a total
of 40,642 bales, of which 32,211 were to Great Britain,
6,954 to France and 1,477 to the rest of the Continent

Exports for the week and since Aug. 1 1918

look for lower prices during the coming year. With the
war over there will be a less stringent demand, it is supposed.

Many,

Tues.

5,382
175

New Orleans
Mobile
Pensacola

2 78
1 45
2 25

steady demand and also firm.
COPPER remains at 26c., but it is said that a big combi¬
nation, consisting of England, France, Italy and Belgium,
has been formed to buy copper for these countries. Yet
there

Mon.

6,388

TOBACCO.—Prices have been firm and supplies actually
available are moderate.
In some cases they are said to be
really small. The demand for domestic leaf, it is true, is
not especially
at best

Sat.

Galveston
Texas City
Port Arthur, Ac.

Week ending Nov. 22 1918.
Exported to—

Exports
from—
Galveston.

Great
Britain. France. Other.

23,005

Tota

are a3

follows:

From Aug. 1 1918 to Nov. 22 1918.
Exported to—

23,005

Great
Britain.

France.

Other.

233,790

Tota

City.

95,183
15,800

Pt. Nogalez

130

78,066

37,993

47,000

43,920

261,762
18,644
4,750
142,072
11,196
6,646
11,612
202,021
21,519
11,450
6,402

Texas

New Orleans
Mobile
Pensacola..
Savannah..
Brunswick

6,072

6,954

13,026

....

145,703
18,644
4,760
51,146
11,196

Wilmington

328,973
15,800

5,640

Norfolk....
New York.
Boston
Baltimore.
Phlladel’a..
PaciflcPorts

3,134

....

1,477

11,581
93,759
16,718
11,450
6,002

24,728
4,801

83,531
40C

1,477

62,403

Total....

32,211

6,954

604,739

154,626

345,015 1.104,380

Total 1917.
Total 1916.

30,406
70,739

5,499 86,082 121,987 973,466
7,472 51,062 129,273 1,124,577

266,750
352,017

416,214 1,656,430
773,064 2.249,658

1,477 40,642

large amount of business.

Of course it gives the market a
In addition to above exports, our telegrams to-night also
Also there have been a good give us the
following amounts of cotton on shipboard, not
many cancellations.
And the question is whether civilian cleared, at the ports named. We add similar figures for
business within the next six or eight weeks is to make up for New
York.
the loss of Government business. Naturally the cancella¬
tions have been largely of shell steel, wire, rads, and car ma¬
On Shipboard, Not Cleared for—
terials. The talk is that about 300,000 tons of rails, 40,000
Great
Other
CoastGer¬
Leaving
cars and 1,500 locomotives ordered for American forces in
Total.
Nov. 22 at—
wise.
Britain. France. many. Cont't.
Stock.
France will not now be wanted. But very many believe that
247,028
30,500 12,500 72,349
29,349
the United States is in for a big period of construction and re¬ Galveston
New Orleans*.
5,000 29,000
360,426
7,000
8,000
9,000
'
construction, or in other wordj, making up for lost time now Savannah
4,000
7,000
272.602
3,000
63,561
that peace has returned and civilian trade will gradually, Charleston
2,600, 2,500
Mobile
7,020
19,173
7,020
600
supplant military orders.
Norfolk
600
83,825
more

normal appearance.

....

______

New York*—
Other ports*.

9,000

7,000

6,000

—

3,666

3,000

j1 18,000
10.000

121,796
107,832

COTTON
Total 1918.
48.500 24.600 146.469 1,266,243
69,369 14,000
Total 1917— 93,963 15.668
994,901
Friday Night, Nov. 22 1918.
44,819, 16.625 171,075
Total 1916— 89,662 31.306
51.9961 20,700 193,664 1.288,482
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the ♦Estimated.
week ending this evening the total receipts have reached
Speculation in cotton for future delivery has been within
134,414 bales, against 145,643 bales last week and 134,013 restricted limits as the embargo on short selling has continued
bales the previous week, making the total receipts since at New York, New Orleans and Liverpool. This has made
Aug. 1 191o 1,923,307 bales, against 2,644,097 bales for the for great irregularity of prices at times with occasional
same period of 1917, showing a decrease since Aug. 1 1918
sharp reactions. But latterlv it has been another story.
Prices for a time advanced snarply. The dominant factor
of 720,790 bales.

2018

THE CHRONICLE

of late has been talk of increased exports. The allotment
to Great Britain in December has been increased 85,000
bales. This will make a total for that month of 235,000
bales. This be it remembered is for Great Britain alone.
How soon business with the Continent will be revived to
something like its old pre-war proportions remains to be
seen.
But the Continent, like England, is bare of cotton.
It has every incentive to i et its mills going as quickly as

possible fin order to recover lost markets. French ter¬
ritory is now clear of invading armies. It is naturally
believed that the French mills will resume work as soon
as possible.
How soon those of the Central Powers
will be able to get cotton is as yet more or less

S*oblematical. begin
But intotime
possibly
in the
forethis
partcountry.
of 1919
draw
supplies
from
ermany may

Meanwhile

Japanrs textile industries

are

rapidly growing

and Japan will want.a good deal of cotton from this country.
Borne of its leading interests, it is understood, have for some
time past favored the “long” side of the market. The ex¬
ports in December and Januarv from the United States are
expected to show an increase that will clearly mark the be¬

ginning of the return to

conditions in the world’s
cotton commerce generally.
The October consumption of
raw cotton by American mills was very small, it is true, but
as everybody knows, this was due largely to the influenza
epidemic, and it is believed to be reasonably certain that the
November figures will make a better showing and those
of December something still better.
Meanwhile the
ginning has fallen off sharply. This, to be sure, was
due
hugely to the epidemic and rains at the
South during the first half of November, so that the total
from Oct. 31 to Nov. 13

pre-war

was

the lowest

record for that

period i. e., 902,106 bales, against 1,385,937 for a like
period last year, 991,110 in 1916, 1,392,389 in 1915 and
1,841,328 in 1914. This makes the total of 8,681,005
bales, against 8,571,115 up to the same time last year,
9,615,003 in 1916, 8,771,275 in 1915 and 11.668.240 in
1914, And although this decrease is attributable, as
already stated, in part to accidental and temporary causes
the fact remains that we have had four short crops in suc¬
cession and are now facing a return to peace conditions
aDd a larger civilian consumption especially as the armies
will be sent home as speedily as possible.
Liverpool has
been a good buyer here and its prices have frequently
Ignored reactions in New York.
The limit of fluctuations
in Liverpool in one day has been restored to 100
English points or 200 in American money, the same as at
New York.
On the other hand, however, conditions of

trading here now

are,

sellingis not permitted.

of course, largely artifical.

Short

Vol. 107.

For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures dosed
on same

days.

Saturday
Monday
Tuesday

Wednesday.
Thursday
Friday

Market
Cloved.

Spot

Futures
Market
Closed.

15 pts. dee.,
115 pts. dec.
35 pts. dec.,
85 pts. adv_.
;uiet. 95 pts. adv..
'uiet, 30 pts. adv..

Steady
Barely steady..
Steady..
Steady
Steady
Steady

Jet.
•uiet,
uiet,
tulet,

SALES.

Spot.

Contract Total.

...

Total.

FUTURES.—The highest, lowest and closing price at

New York lor the past week

have been

follows:

Saturday. Monday. Tuesday, Wed: day, Thursd’y, Friday.
16. Nov. 18. Nov. 19. Nov. 20. Nov. 21. Vnf.22

Nos.

Week.

November—

Range
Closing

28.70

—

27.55

—

27.15

—

28.04

—

29.00

—

——

—

—-»

December—

Range

Closing

28.601.70 27.50401 27.05-.96 27.25-.05 28.20-.00 28.75-.42 27.05470
28.65 — 27 A0-.55 27.10-.20 27.99-.05 28.95-.00 28.73-.75
—

—

Ja uary—

Range
Closing
February—
Range
Closing
March—
Range
Closing
April—
Range
Closing
May—
Range

Closing
Ju

27.95-100 26.85-/45 26.40-A5 26.65-.31 27.45-.35 28.05-.74 26.40400
28.00-.15 26.85- .96 26.50-.55 27.25-A1 28.25-.30 28.05-.10

27.85

—

26.65

—

26.20

—

26.95

—

27.93

—

27 AS

—

—.

27.55-.45 26.50-/10 26.02-.98 26 AO-.95 26.98-.87 27.45-.17 26.02-A0
—
27.75-.88 26.50-.60 26.05-.10 26.80-.95 27.78-.82 27.40-.43
—

—

•-

27.55

—

26.35

—

25.92

—

26.65

—

27.65

—

27.12

—

27.45-25 26.25-/75 25.80-.73 26.05-.75 26.75-.60 27.07-.92 25.80-/75
27.45- .60 26.25-A0 25.82-.87 26.55-.76 27.55-.60 27.07-.13 T— —

e—

Range
Closing
July—
Range
Closing

27.50
27.30

26.20

25.62

26.40

27 A3

26.83

—

27.20-.00 26.20-/50 25.62-.48 25.90-.40 26.60-.37 27.27-.60
27.20-.25 26.15-.20 25.62-.65 26A5-.50 27.28-.33 26.78-A5

25.62-/50

—

—-

—

—.

—

August—

Range
Closing.... 26.80
_

—i-

—

Sep'ember—
Range

—

25.50
25.12

—

25.85

—

26.83 —
26.80-A5 26.30
—-

26.20

—

26.00-.45 24.75-.00 24.90-.10
25.05 — 24.52 — 25.25 — 26 A0

25.25

—

24.25

—

Closing

—

25.65

—•

—

25.70

—

——

—

25.50-483
—

—

24.75445
—

October—
Closing
129c.

/28c.

—

i 23c.

i 27c.

24.34-.50 23.95-.10 24.55-.65 25.30-.60 23.95460
23.50-.52 24.20.26 25.15 — 24.63-.77

125c.

THE VISIBLE SUPPLY OF COTTON to-night, as made
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
up

This excludes possible support from
time to time such as the short interest always affords. And
it is pointed out that although the ban on exports to most (Friday), we add the item of exports from the United States,
neutrals has been lifted, this does not necessarily mean that including in it the exports of Friday only.
1918.
1917.
1918.
1915.
Nov. 22—
exports will immediately and decidedly increase. Northern Stock
at Liverpool
bales. 228.000
482.000
872.000
885.000
neutrals are still under the embargo and also enemy coun¬ Stock at London
16.000
21.000
30.000
67.000
48,000
79.000
64.000
77.000
tries. Moreover, many believe that a large percentage of Stock at Manchester.....
the available supply of ocean tonnage will be monopolized
567,000
Total Great Britain
292,000
779.000 1.031.000
*1.000
*1.000
in conveying food to Europe for some time to come. They Stock at Hamburg
*1.000
*1.000
at Bremen
believe that the increase in exports will be far more gradual Stock
196.000
256.000
172.000
Stock at Havre
74,000
3.000
6.000
5,000
than many people seem to expect. Meanwhile stocks at Stock at Marseilles
1,000
27.000
62.000
56.000
Stock at Barcelona
32.000
the South are large. The cotton goods business is not so 8tock at Genoa
171.000
212.000
21,000
21,000
*1.000
*1.000
good as it was. There is naturally a fear of cancellations Stock at Trieste
of Government orders.
The Secretary of War announces
Total Continental stocks
128.000
254,000
444.000
495,000
cancellations of various war orders presumably not cotton
1.526.000
Total European stocks..
420.000
821,000
1,223.000
goods, amounting to the vast sum of $1,336,000,000, and India cotton afloat for Europe.6.000
43.000
37.000
34.000
this is taken as a hint that before long there may be cancella¬ Amer. cotton afloat for Europe.. 172.000 166.000 612.805 375.717
62.000
61.000
73,000
tions of orders given out to the cotton mills. The trade Egypt, Brazil .Ac..afloat for Eur’pe 46.000
Stock in Alexandria. Egypt
291,000
243,000 202.000 230.000
faces a period of transition.
417.000
Stock
in
Bombay. India
*570.000 *480.000
300.000
Many think that prices are
1.412.712 1,165.976 1.482.146 1.430.490
altogether too high. They believe that in the natural course Stock in U. S. ports
Stock in U. 8. interior towns
1,326.677 1,108,162 1*274.398 1.327.340
of things present prices which they considered traceable in U. 8.
13.193
17,013
23.800
exports to-day
13,028
part to war inflation must be deflated. In other words,
5.424.740
Total visible supply
4,257,415 4,099,151 6.225.149
they look for lower prices. Trading is much smaller than it
Of the above, totals of American and other descriptions are as follows
was recently.
To-day prices were irregular, advancing
American—
bales. 109.000 368,000 543.000 663.000
stock
early but later on falling Rharply as the demand from shorts Liverpool
63.000
69.000
Manchester
.22.000
58*000
fell off and selling of Southern hedges increased. Also Wall Continental ftock_
stock—.
*112.000 *218,000 •346.000 *407.000
612.805
375.717
166.000
172.000
Street, New Orleans and Japanese interests sold and the American afloat for Europe
U. 8. port stocks
1,412.712 1,165.976 1.482.146 1.430.490
technical position had weakened. Shorts had been driven U.
1.327.340
8. ulterior stocks
1,326,677 1,108.162 1,274.398
23.800
out.
13.193
13.02'
17.013
Quite a “long” interest had accumulated. Prices had U. 8. exports to-day
had a very, marked rise—something like $15 a bale—since
Total American
3,167.415 3.101.151 4,345.149 4,285,740
the Government put a ban on short selling.
East Indian, Brazil, &c.—
In the end
stock
119.000
114.000
129.000 222.000
prices declined and they are generally lower for the week, Liverpool
30.000
67.000
London stock........-....---16.000
21.000
although January closed unchanged. Spot cotton ended at Manchester stock
14 .000
26.000
6.000
10.000
Continental
stock
*16.000
*98.000
*88.000
*36.000
for
30.50c.
middling, a rise for the week of 45 points.
India afloat for Europe
%
6,000
37,000
34.000
43.000
The official quotation for middling upland cotton in the Egypt, Brazil. Ac., afloat
46,000
61.000
73.000
62.000
Stock in Alexandria. Egypt—— 291.000
243.000
230.000
202.000
New York market each day for the past week has been:
Stock in Bombay. India.
417.000
*570.000 *480.000
300.000
—

------

...

Sat.

Mon.

Tues.

Wed. Thurs.

29.90

28.75

28.40

29.25

Nov. 18 to Nov. 22—

Middling uplands

30.20

FrI.

30.50

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 22 for each of the past 32 years have been as follows:
1918-C— -30.50
-.30.10
1917
1916
—20.30
—11.75
1915
775
1914
—13.50
1913
1912—.-.
9.45
mi..—
—

—

1910-C—.—14.85
1909
—1485
1908
9.55
1907
—11.20
1906
11.00
1905
11.65
1904
9.90
1903
—11.30
...

—

1902.c_-.
8.50
1901
8.00
1900
—10.25
1899
7.56
1898
5 44
...

—

...

1897
1896
1895

...

—

1894-C—
5.81
1893
800
1892
9.62
1891
8.12
1890
9.44
5-81 1889
...10.25
7.62 1888
1000
8.50 1887
—

—

...

—

998,000
880.000 1.390.000
1.090.000
3.167,415 3.101.151 4.345.149 4.285.740

Total visible supply
4,257.415 4,099.151 5.225.149 5,424.740
20.60d.
22.16d.
lt.90d.
7-28d.
Middling upland. Liverpool
30.05c.
20.4oc.
12.30c.
Middling upland. New York
39.50c.
Egypt, good brown, Liverpool._- 3i.05d.
33.55d. 22 60d.
10 20d.
Peruvian, rough good. Liverpool33.13d.
30.00d.
16 00d.
ll.OOd.
Broach, fine .Liverpool
19.48d.
21.20d.
11.30d.
6.90d.
Tinnevelly, good, Liverpool
19.73d.
21.38d.
11.42d.
7.02d.

—

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.

Total East India, Ac
Total American

•

Estimated.

Continental imports for past week have been 27,000 bales.
The above figures for 1918 show an increase over last week

gain of 158,264 bales over 1917, a decrease
of967,734bales from 1916 and a loss of 1,167,325bales from
of 86,928 bales, a
1915.

Nov. 23

THE CHRQN1CI-E

1918.]

AT THE INTERIOR TOWNS the movement—that is,
the ieoeipt3 for the week and since Aug. 1, the shipment jfor
the week and the stocks to-night, and the same items for the

corresponding period of the previous year—is set out in
detail below.

Mourn*-vl to No9. 22 1918.
Temts.

Receipts.
—

Week.

Al&.,EoItuli.

Montgomery

Season,

6C
1.401
1.806
2.120
6.623
4.500
279

Brims

Ark., Helena..
Little Biefc.
Pine Bluff...

On.. Albany..
Athens

3,940

Atlanta

7,021
7.451
1,925
5,722
1395

Augusta
Columbus.
Macon
Some

La.. Shreveport
Mlsn,CAumbUfl

6,611
903

Clarks 1 ale

6,107

Greenwood

6.000

Merillan
Natchex

....

Vicksburg..
Yuoo City
Mo.. St. Louis.
N.C-.Gr'nsboro
Raleigh....

i
-

SMP“

Stocks

men*.

Not.
22.

i Week.

8363!

47,481!
39,330,

21367
68,315
47,669.

8358,
61,169,
76,770

2103011
37.605!
89394
24,231
72,326

12.698]

60397)
70,155

21335f
24,717|

1.446
1.506
1.778
1.500
13,901

14353:
19,221144,966

1328

13,491!

114

Mourn** to Non. 23 1917.

3,447!

471

862

1301
6351

8300,
6

1.975
8361

Receipts.
Week. | Season,

4,203144,9lf
1.120 23,200
4,462 29346
2,630 12.107
2.318 43,421
576
4329

4,906 38,103
5.700* 42,014
322 13350
500 12362
1,060 9,023
1,000 14.409
13364 19307
499
7,396
217

Cincinnati.
(Ala., Arlmore
Chlekaaha

4376

48.926*

4376 14,700

1393
989

20.781
18,175!
19.5871

1*274 10*U5

Hugo.
Oklahoma.,..
8,0. .Greenville

...

1,000
3,200
Greenwood
1,000
Tram.,Me-aphis 42381
Nashville

Tex., Abilene.
Brenham
Clarksville.
Dallas

....

Honey Grove
Houston
Paris
San Antonio..
Total. 41

‘o'doi

600

15,772
21.549
41332'

1,459
2.500
i.m
52.002
4.461
800

610.
500

3,792
7,000
30,930! 2.000 23,008
200
11,127
9.075
313,741 29.360271,711

"700

16,087!
874.554
49,192
22,038

Stocks

j Week.

28.

284

400*i

1.298
5.383
951
7,195
1,900. 12.795
936* 5.302
29,651344.022
4,089, 9,672
700
2,927

Not.

ts.

89.
2.323
2.438
23387
17,613 2.07(3
1,896
7.997
31,798 13,35$
9,000
84,388
4,295
316f
37,180 8.718
23,434 18.278

150

| Ship-

70.513]

145
2,686
2355 18.815
1,597 6,333
1.899 17.728
8,531 41.155
3.000 49.951

11.325,

2306

3.178,
38.146!
28,993:

23,9671
94.260

30^

65.203! 4,100 82,497
122.554 11,870 41,388
288.982
12,670133394
19.528,
635
20.493
1,725 13.794
89.474 4,918 22.328
8.438
3.469
25.307
1.810 10.951
10.299 116.032 9,377| 41307
70fl
6,007
3.441
7 000'
75.229 3,000 49.783
71.810
3,000 33,790
1351
17,308]
953! 11.308
2300:
33.790! 1300. 12.150
1,385
905! 5.989
10.734
23.912
2329
2,9371 11.950
58.660 404.909 56.922 6.711
15.162.
1300!
1,000 8.613
46S
3.827
45q
256
1,852
40.421! 1301 17.435
21.150! 1.100 12.000
1,600,
2300
25.915
1.000 10.062
936
2,032
19.41
7.652
1.500
10.95-'
1300
6301
41.55'
3.893
4316 11.988
982
8,19!
632| 4.427
64,134 409,643! 41.587,202.337
581
952
1.200
2.156
18.383
2.745
709
2.192
17.141
8345
2.131
30.183
4.462
18316
73,043
3.172s
35,671
8321
77,3801L ,081.735 60,793205351
5346.
44,114. 4305] 12.590
1.154
20.676
1,884| 1.344

townstetD .30v2 ,70 4,611143,4811126377 357.107 3.564,516265.8091108 1*2

Tho above totals show that the interior stocks have in¬
creased

during the week 59,825 bales and are to-night 218,515

bales more than at the same time last y?ar. The receipts at
all towns have been 153,798 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up

from telegraphic reports Friday night. The results for
in the last two years are as follows:

the week and since Aug* 1
Shipped—
Via
Via
Via
Via
Via
Via
Via

Week.

St. Louto

Aug. 1.
8138.854

13.864
19.267
1.343
2.958
2.680
5,812
10.761

Mounds, &c
Rock Island
Louisville
Cincinnati

Virginia points
other routes, Ac

deduct

149.482

5.628
47.504
27,141
68.719
159.249

-56.715

Shipments

Overland to N.

-1917Since

-1918Since

Nov. 22.

696.577
22.747

424“

Week.
056.922
28,905
1.016
4,982
922

Aug. 1.

0407.471

7,529
12.946

154.448
2.365
27,370
16.546
127.243
199.980

113.222

935.423

174,134

1.598
4.623

86.661

11.166
4.180
027,773

34.475
a213.794

6.645

128.869

43.119

422.403

-50,070

467.708

70,103

513.020

19.461

Th8 foregoing shows the week’s net overland movement
has been 50,070 bales, against 70,103 bales for the week last

year,

and that for the

land exhibits

season to date the aggregate net over¬
decrease from a year ago ot
,312 bales.
1918

In Sight and

Week.

134.414
Receipts at ports to Nov. 22.
Net overland to Nov. 22.
50,070
South, consumption to Nov. 22.a 67.000
Total marketed
Interior stocks in excess.

251.484
59.825

lowest 38.

Palestine, Tex.—There has been rain on one day during

the week, the rainfall being one inch and twelve hundredths.
The thermometer has ranged from 40 to 72, averaging 56.
San Antonio, Tex.—We have had rain on one day during
the week, the precipitation reaching thirty hundredths of an
inch. Average thermometer 56, highest, 74, lowest 38.

had rain on one. day ot the
past week, the rainfall being fifty-nine hundredths of an
New Orleans, La.—We have

inch.

The thermometer has averaged 66.
Shreveport, La.—We have had rain on two days of' the

past week, the rainfall being two inches and twenty-fim
hundredths. The thermometer has averaged 59, ranging
Vicksburg, Miss.—There has been rain during tho week

to the extent ot two inches and forty-eight

hundredths,, The
*
Mobile, Ala.—The week's rainfall has been one inch: and
eighty-nine hundredths, on four daysv Average thermome¬
thermometer has ranged from 41 to 71, averaging 55:

62, highest 77, lowest 48.
*
Selma, Ala.—We have had rain on three dam the* past
week, the rainfall being one inch and thirty-four hundredths^
ter

The thermometer has
the lowest 33.

Aug. 1.
1.923.307
467.708
1.332.000
3.723.015
630,061

202316
70,103
80.000

;

twenty-five hundredths on three days. Average, ther¬
53, highest 66, lowest 40.
The following statement we have also received* by tele¬
graph, showing tho height of the rivers at the points named
at 8 a. m. of the dates given:
Nov. 22 1918.
Feet.

New Orleans...

Above

zero

of gauge.

Memphis

Above

zero

Nashville

Above

of gauge.

zero

Shreveport
Vicksburg

Above zero of gauge.
Above zero of gauge.

of gauge.

Not. 23 1917
Feet.

5.8
8.7
153

4.2
5-8:

7.7

15.6

*6.7:
9-0

16.9

Below.

QUOTATIONS FORMIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cottoh markets for
each day of the week:
Week ending
Nov. 22.

Closing Quotations for Middling Cotton on—
Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
30.25
29.75
28.00
29.50

30.00
29.75
28.00
29.50

Wilmington.... 28.00

28 jOO
28.00
29.00
29.00

2730
27.25
28.00
28 65
26.81
30.00
28.45
28.75
30.50

27.75
27.00
28.00
29.50
27.31
30.00
28.45
29.50
30.50

Galveston
New Orleans...
Mobile
Savannah
Charleston

Philadelphia
Augusta
Memphis

27.75
29.00
30.15
2838
30.50

Dallas
Houston
Little Rock

30 00
30.50

27.12
30.50
29.05
29.00
30.50

30.50
29.75
28.00
29,50

30.50
29:75

2838
29.50

....

ummrn

27.75
28.00
30.45
28.62
30.00
29.35
30.50
30.58

28.38
29.25
30.75
28.62
30.00
29.25
30.50
3030

352.419
91.298

NEW ORLEANS CONTRACT MARKET.

4,570.117
753,220

4.353.076

November
December
March

712,289

5323337

114,120

868,477

Bales.
Since Aug. 1—
449.537 1916—Nov. 24
347,858 1915—Nov. 26
531316 1914—Nov. 27

May
July
October
Tone—

Spot
Options
Bales.
6.627359
5,270,600
5,047,063

WEATHER REPORTS BY TELEGRAPH.—Our re¬
ports from the South this evening by telegraph indicate that
rain has been quite general during the week and at a few
points a little heavy. Texas reports much lower tempera¬
ture and predictions of frost nearly to the Coast to-night.
Galveston, Tex.—Much lower temperature with occasional
rains during the week. Freezing temperatures with frost
nearly to the coast are predicted for to-night. Rain has
fallen on three days of the week, the rainfall being four inches
and twelve hundredths. Average thermometer 61, highest
76, lowest 46.
Abilene, Tex.—There has been no rain during the week.
The thermometer has averaged 53, the highest being 74
and Hie lowest 32.

Saturday.

MondayTuesdayJ
Wed’day. Thursday. Friday.
Nov. 21. Nov. 22.
18.
19.

28.20 —
27.70-.75
27.40 —
27.25-35
27.25-35
27.05-. 10
24.75-.85

Quiet
8teady

Nov.

1.413.000

Movement into sight in previous years:

and

Aug. 1.
2,644.097
513.020

These figures are consumption; takings not available.

Week—
1916—Nov. 24....
1915—Nov. 261914—Nov. 27

mometer

Since
Week.

443.717

311309

North, apiirnV takings to Nov. 22 87,615

averaged 54, the highest being 70 and

Savannah, Ga.—There has been rain on one day of the
week, to the extent of thirty-seven hundredths of an inch.
The thermometer has averaged 61, ranging from 46 to 79.
Charleston, 8. C.—There has been rain on two days during
the week, to the extent of eighteen hundredths of an inch.
Minimum thermometer 45, maximum 77, mean 61.
Charlotte, N. C.—We have had rain to the extent ot one
inch and fifty-six hundredths. The thermometer has
*
~
averaged 56, ranging from 36 to 75.
Memphis, Tenn.—The week's rainfall has been one inch

January
Came into sight during week
Total in sight Nov. 22

J ’ ' *’ *

from 41 to 76.

1917-

Since

Spinners’
Takings.

Amarillo, Tex.—There has been no rain during the week.
ranged from 20 to 68, averaging 44.
Brownsville, Tex.—Rain has fallen lightly on one day during
the week; and the precipitation has been eight hundredths of
an inch. Average thermometer 63, highest 82 and lowest 44.
Dallas, Tex.-—We have had no rain the past week. The
thermometer has averaged 54, the highest being 70 and the

The thermometer has

Norfolk
Baltimore

*
Including movement by rail to Canada, o Revised.
b 24362 bales added as correction since Aug. 1.

2019

16. Nov.

Nov.

Nov. 20.

26.20 —
26.35 —
26.35 26.00- .03
25.75 25.55-.60
24.25-35

26.25 —
26.25 —
25.85-.90
25.54-35
25.40-.45
25.20-30
23.00-.10

27.29 —
27.29-32
26.72-.80
26.30-35
26.12 —
26.05 —
23.75*35

Steady

Quiet
Steady

Steady
Steady

Irregular

28.45
28.45

—
—

28.05 —
28.05-.15

27.70-.73 27.40-.44
27.20-.23 26.80-.88
27.04 — 26.60-.68
26.84-30 26.40- .50
24.64-.64 24.10

Steady
*8teady

—

8teady
8 toady

WAGE INCREASE ASKED BY FALL RIVER COT¬
TON MILL OPERATIVES.—Advices from Fall River
Nov. 19 are to the effect that at the second conference of
the executive committee of the Cotton Manufacturers'
Association and the Fall River Textile Council, held that

night, to consider the

wage

schedule for the next six months,

the Textile Council committee asked for 15% advance, to
date from Dec. 1. The decision to ask for this advance was

reached by the Council at a

meeting before the conference.

In declaring that the advance was impossible the Manu¬
facturers' Committee asked that operatives go on at present
rate of wages, which is the highest in the history of manu¬
facturing here. Attention, furthermore, was called to the
facts that deliveries on all Government contracts have been
ordered suspended and that there had been somo cancella¬
tions by both Government agents and by civilian buyers.
The delegates will report back and another conference

will probably be

held.

THE CHRONICLE

2020

fVoL. 107.

WORLD’8 8UPPLY AND TAKINGS OP COTTON.— for to-day below and leave those for previous weeks of this
The following brief but comprehensive statements indicate and last year for comparison:
at a glance the world’s supply of cotton for the weak and
1917.
1918.
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
8* lbs sum- CoCn
8* tbs. Shin- Cot’n
-

gone

out of sight, for the like period.

92s Cop
Twist.

1917.

1918.

Cotton Takings.
Wook and Ssason.

Week.

Season.

Week.

Season.

3,931,618
4,170,487
Vixthlf pipply Not. 15
3,027,450
2314.776
Visible supply Aug. 1
443,717 6323.337
American in sight to Nov. 22-311,309 4,353,076
28,000
241,000
325,000
Bombay receipts to Nov. 21--. 510,000
32.000
12,000
1,000
Other India snip’t* to Nov. 21&30'666
37,000
300,000
259,000
Alexandria receipts to Nov. 2085,000
2,000
37,000
53,000
Other supply to Nov. 20*

4,524,796 8,061,526 4,443.335 8,748,113

Total supply
Deduct—

4,099,151

4,257,415 4,257,415 4,099,151

Visible supply Nov. 22

3.804.111
3.135.111
669,000

267.381
237.381
30,000

Total takings to Nov. 22a
Of which American

Of which other

344.184 4.648.962
292.184 3.741.962
907,000
52,000

•Embraces receipts in Europe from Brazil, Smyrna, West Indies, See.
Tills total embraces the total estimated consumption by Southern mills,

Sept

27
Oct.
4
11
18
25
Nov
1
8
15
22

55*

S. 4.

32* Cop
Twist.

Mid.

Ingt. Common
to finest.

UpFs
d.

s. d.

ings, Common
to finest.
d.

.d.

Mid.
UpTs

25* 14 0

018 0* 18.52

018 5

28* 14 6

@1810* 20.07

0
0

29
30

20.62
@19 0
@19 1* 20.43

30*

0
0
0

15 5 @19 9
32* 1510* *20 1*
35
16 6
@2010*
36* 17 0 022 6

55* 30 3 038 10* 23.23 25*
*

55 *
55

0
€4
0
0

54*
54
52

0
0

51*
50
48

57
56

55*
54
63
50

2<»
29
28
28

3
3
9
3

9
9
3
9

21.26
21.24
19.96
20.60

34*

14 3

15 0
16 0

10.37

21.27
21 AS
22.10
22.15

SHIPPING NEWS.—In harmony with the desire of the
Government to observe secrecy as to the destination of cotton

leaving United States ports, our usual details of shipment
have been suspended for an extended period, but will be r
sumed shortly.

1,332,000 bales in 1918 and 1,413,000 bales in 1917—takings not being
available—and the aggregate amounts

taken by Northern and foreign

spinners. 2,472,111 bales in 1918 and 3,235.962 bales in 1918. of which
1,803,111 bales and 2,328.962 bales American, b Estimated.

CENSUS BUREAU’S REPORT ON COTTON GIN¬
NING.—The Division of Manufactures in the Census

completed and issued on Nov. 21 its report on the
ginned up to Nov. 14 the present season
and we give it below, comparison being made with the
returns for the like period of the two preceding years:
Bureau

amount of cotton

Counting Round as Half Bales

Alabama
Arizona
Arkansas
California
Florida

1918.

1917.

1916.

620,617
13,226
629,993
25,013
19,627

378,677
5,873

787,650

2,110

AH other States

651.488

394,646

47,075
479,243
681,873
740,694
276,598
3,298,186

30,187
378,214
700.636
923,175
126,395
2,698,838
9,081
2,836

10,468

Virginia

620,100

33,429
527,384
435,307
1,099,329
189,644
2,250,986

Missouri.
North Carolina
Oklahoma
South Carolina
Tennessee
Texas

1,581,897

495,076

409,378

Louisiana

Mississippi

39,906

1,480,631

664,096
17,394

1,626,944

Georgia.

451,507
2.478
926,985
14,707
4C.749

19,973

LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week’s sales, stocks, &c., at that port:
Sales of the week
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

The distribution of Sea Island cotton in 1918

by States is: Florida,

Saturday.

Spot.
Market,

12:15
P. M.

3,000

2,000

1,000

2.000

52,000
183,000
99,000

50.000
221,000
109,000

41,000

91,000

40,000
244,000
126.000
70.000
60.000
169.000
122.000

228.000
109,000
41,000
27,000

33,000
225,000
210.000

74.000
201,000
156.000

58,666

Monday.

Tuesday.

Wednesday.

Thursday.

Friday.

Dull.

Mid.Upl’ds

20.70

20.73

20.41

20.32

20.60

21.33

21.36

21.04

20.95

21.23

1,000

Good Mid.
HOLIDAY.

Uplands.

1,000

Futures,
Market

1,000

1
I Buyers

[
{

(

opened

1,000

4
P. M.

The
below.

(Sea Island) in Porto Rico in 1917-18 as indicated
by the exports, was 138,523 lbs., or a decrease from 1916-17.
As a matter of record we give below the statistics for the
secured from official
1917-18. 1916-17.

Exported—

Bales.

sources:

1915-16.

1914-15.

Bales.

To New York
To Great Britain and Continent

388

Total cr>p
Total weight, pounds
Average weight per bale

388

507

138,523
357.02

181,338
357.65

507

859

1913-14
Bales.

769
27

537
273

905
353,101

796
306,073

810

391.3

384.5

at maximum

decline.

Steady at
Quiet at
30pt8. dec. 4@20 pts.
to 2pts.adv advance.

1
J

Quiet at 4 Quite 24.
pts. dec. to 34 pts-Adv.
2 pts. adv.
Quiet at
Steady
3@11 pts. 52@93 pts.
decline.

prices of futures at Liverpool for each day
Mon.

Sat.

Tues.

Wed.

sdv.

are

Thurs.

given
Fri.

Nov. 14
to

Nov. 22.
New Contracts.
November
December

January.
February
March

12*| 12* 12*

12*

12*| 4

p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p.

HOLI¬
DAY

m.'p.

d.
d.
d.
d.
d.
d.
d.
d.
d.
20.63 20.63 20.64 20.65 20.76 20.69 20.69 20.62 20.98j21.20
19.90 19.90 19.75 19.77 19.97 19.97 19.96 19.86 20.2320.48
19.18 19.18 18.90 18.92 19.10 19.04 19.10 18.99 19.3319.61
18.50 18.50 18.20 18.20 18.36 18.30 18.35 18.27 18.6818.94
17.55 17.55 17.30 17.29 17.50 17.49 17.621 17.40 17.98118.33

305,076
376.64

BOMBAY COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Oct. 31 and for
the season from Aug. 1 for three years have been as follows:

Quiet at
5@8 pts.

Irreg. at
13@33
pts. dec.

prices.

f
{
{

Market,

PORTO RICO COTTON CROP.—The production of
cotton

seasons as

2,000

Not. 15. Not. 22.

8,681,005

8,109 bales Georgia, 13,904 bales and South Carolina, 2,132 bales.
The number of American Egyptian bales included this year is 6,873. j*

last five

4,000

spot cotton have been as follows:

3,904

8,571,115
9,615,003
The 1918 figures are subject to slight corrections when checked against
the individual returns of the ginners being transmitted by mail.
The number of round bales included this year is 127,812, contrasted
with 157.719 bales in 1917 and 168.575 bales in 1916.
The number of Sea Island bales included this year is 24,145, against
68,229 bales in 1917 and 92,909 bales in 1916.

Not. 8.

7,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily dosing prices of

Sales

United States

Nov. 1.

BREADSTUFFS
Friday Night, Nov. 22 1918.

Flour has been in better demand from the Government
for export to Europe. Export purchases on the 16th instant

1,415,500 lbs. Prices are advancing. The Govern¬
paid
$9 95 to $10 75 basis of Baltimore. The Govern¬
Obd. 31
purchases together with those recently made make a
Since
Since
Since
Receipts at—
Week.
1 Aug. 1. Week. Aug. 1. Week. Aug. 1. total of about 3,000,000 bbls. This has given the market a
totally different aspect. The whole situation is stronger.
10,0001 262,000
Bombay
9,000 187,000 28,000 177,000
Some are even predicting that prices will sooner or later go
back to the level existing early m the season. That remains
ALEXANDRIA RECEIPTS AND SHIPMENTS OP
What is certain is that holders are decidedly
to be seen.
COTTON.—The following are the receipts and shipments for
more confident.
Mill offerings have fallen off. Some mills
the week.ending Oct. 30 and for the corresponding week
in fact have withdrawn their offerings.
Also the domestic
of the two previous years:
trade looks better. Buyers are less timid. They think,
they can see their way more clearly. Stocks here have been
1918.
1917.
Alexandria, Egypt,
1915.
Oc. 30*
largely reduced by the Government purchases. Rye flour
has also been with light offerings and a better demand.
Receipts (cantars)—
What will be done with rye flour and corn flour remains to
This week
227.397
233,665
304.505
Since Aug. 1
1,206,003
1,454,652
1,689,742
be seen. Bakers, it is well known, do not have to use them
were

1918.

1916.

1917.

ment
ment

•

now as

Since

Week. Aug. 1.

56,752
28.570
29329
11,792

"965

34,166
10349
24.302

23.661 126.643

965

Week. Aug.

Exports {bales)—

To Liverpool
To Manchester, Ac
8". 154
To Continent and India. 3,715
To America
11,702
Total exports

Since

Note.—A cantar is 99 lbs.

Sines

Week.'Aug.
5,865

53.383

9,6071 31.536
1,795
3.393

16.603
9,001

68,717 20.660 110.523

Egyptian bales weigh about 750 bis.

The statement shows that the receipts for the week ending
Oct. 30 were 233,665 cantars and the foreign shipments
were

23,661 bales.

MANCHESTER MARKET.—Our report received
came

to-night from Manchester states that the market

by
is

quiet and easier for both yams and cloth. We give prices

substitutes.

The Food Administration Grain Cor¬

poration is making plans for the purchase of substitutes
which do not find a ready sale by the millers, dealers or
bakers, if acquired before Nov. 12. Export sales of flour
to the Government made on Tuesday’s bids, aggregated
1,218,000 barrels, at prices ranging from 10 to 10.75 with a
trend towards the higher price. This makes about 4,000,000
barrels taken by the Government in the last ten days.
Wheat trade has an interesting future. For the Govern¬
ment will buy heavily, it is believed, in feeding Europe.
It
is estimated that a population in Europe of some 380,000,000 people will have to be fed for a certain period by the
exporting nations of the world. Argentina of course will
do some of this work. But large supplies of foodstuffs will
have to be obtained from this country. The visible supply
in this country last week increased 8,740,000 bushels, and it

Nov. 23 1918.]
ia

THE CHRONICLE

136,809,000 bushels, against only 19,564,000 a year
The general notion is that despite the large stocks
the tendency of prices will be to maintain a firm level.
Meanwhile the outlook for the winter wheat crop thus far
is reported to be favorable. The United States must con¬
tinue, as already intimated, to feed Europe on a big scale.
The Cincinnati “Price Current” says the soil condition
throughout the surplus wheat States is almost entirely favor¬
able for the growth condition, only a verv few localities
report¬
ing too dry or too wet, the drought condition in the Southwest
having been entirely eliminated. The average reports show
bettor than 100 in most of the States, as follows: Ohio 100,
Indiana 104, Illinois 104. Missouri 100, Iowa 104, Nebraska
90, Kansas 102, Oklahoma 104. The percentage of market¬
able farm surplus of wheat that has been sold
by farmers is re¬
ported as follows: Ohio 89, Indiana 85. Illinois 92, Mis¬
souri 88, Iowa 88, Nebraska 82, Kansas 88 and Oklahoma 94.
The Liverpool freight situation remains firm, with rates from
Argentine for neutral tonnage quoted at 225s. to United
Kingdon, 250s. to French Atlantic and 20.50s. to the United
States.
Rates from Indian ports are approximately at
260s.t scale terms, Kurrachee to United Kingdom, and 275s.,
d. w., to United Kingdom, and 400s. to Mediterranean from
Bombay. Heavy grain from the northern range ports to
America is quoted at 50s. to the United
Kingdom, 56s. 3d.
to North France, 75s. to Marseilles, 77s. 6a. to
Italy and
from Australia nominal values put forward are 110s. to
now

ago.

South Africa and 130s. to the United States. Now that there
is less urgency to build and repair
fighting ships, it should be
possible to increase the output of mercantile tonnage. The
greater part of the shipments from America are coming as
wheat instead of flour as formerly: it is said that it takes
three to four days less time to load a boat with wheat than to
load it with flour, and the saving represents 20% of the
ship’s time. A Sydney dispatch announces that a fleet of
steamers is already on its way from Australia with a load of
45,000 tons of wheat for Europe. In Italy unsettled weather
has retarded preparations for the new crops. Efforts will
be made to secure sufficient tonnage to transport the neces¬
sary artificial manures for them.
The situation as regards

supplies is considered fairly satisfactory. In France plow¬
ing and sowing has been hindered lately by heavy rains, but
nevertheless fair progress has been made. Transportation
difficulties,
especially a shortage of railway cars, continue
to hamper the distribution of supplies, and there are
many
complaints of the delays in forwarding seed grain. The

liberation of the land of Northern France from enemy occu¬
pation will eventually result in large areas of arable land be¬
ing available for cropping.
In Spain beneficial rains have
occurred recently and it is believed that when seeding is fin¬
ished there will be large deliveries of native wheat. The
official fixed price for wheat, it is claimed, will be maintained,
and if growers do not offer their grain
voluntarily the au¬
thorities have power to requisition it. In the United King¬
dom autumn cultivation is progressing.
Threshing of the
wheat harvested some time ago is giving satisfactory results,
but the later crops in some cases appear to be badly
damaged.
A long period of fine weather is needed so that farmers
may pro¬
ceed with their plowing and sowing. Recent
soaking rains
have damaged some grain left in the fields. In
Argentina
beneficial rains have fallen in the centre and south, which
were favorable for growing crops.
Heavy precipitation in
the north is tending to delay cutting operations. The outlook

for wheat is excellent.
pressure

Buenos Aires wheat closed under

of increased offerings and there is less activity in

the demand from

foreign

Tonnage supply is slowly
increasing and it is believed there will be more freight room
available in the

near

DAILY CLOSING
No. 2 red
No. 1 spring.

Indian

sources.

future.

PRICES

OP
Sat.

WHEAT IN NEW YORK.
Mon. Tues. Wed. Thun. Fri.
cts_237* 237 * 237 * 237 * 23714 237

240* 240 * 240)4 240 * 240 )4 240

has again advanced.

2031

through

a good deal of their other farm work will now
begin
to send forward the new crop more
freely. Some think, too,
that the recent advance has been too rapid.

They also

think that in the long run Argentina will do a
larger export
business than this country. Still others lay stress on
the
big export business in flour and oats and the
prospective
large trade in meats and fats for export to needy nations of
Europe. And they think that this will preclude the possi¬
bility for a certain period, at least, of any very large American
exports of corn. To-day prices declined but they are higher
for the week.
DAILY CLOSING PRICES OP CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thun. Fri.
No. 3 yellow
cts_153* 156* 161* 163*
„

168* 165*
DAILY CLOSING PRICES OP CORN PUTURE3 IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
November delivery in elevator (new
contract)
cts.126* 130
132* 130
131
120
December delivery In elevator (new
contract)
125* 128* 130* 129* 129* 127
„

Oats also advanced with reports of an excellent
export
The European needs are believed to be
very
large. In fact they are considered to be so large that Euro¬
pean buying in American markets will be restricted only

demand.

by the supply of ocean tonnage. Exporters have been
buying at the West of late for Lake shipment. Country
offerings have been comparatively ^ small. Apparently

reports from London that German vessels were
coming to the United States for supplies of foodstuffs
for Germany early in the week at one time had
some
effect
on
th3
grain
trade
generally.
The percentage of marketable farm surplus sold by farmers
is estimated as follows: Ohio, 62; Indiana, 65:
Illinois, 55;
Iowa, 60, and Nebraska, 74. On the other hand, the visible
supply during the week increased 1,000,000 bushels.; More¬
over, hedge selling has told on prices at times.
Naturally,
too, on the rise a good deal of the short interest has been
eliminated. Furthermore, the recent advance in the esti¬
mation of some calls for at least a temporary reaction. The
domestic demand does not appear to be very brisk. At times
in fact it has been slow. In Argentina the outlook for oats
is excellent.
To-day prices fell, but they are highsr for
erroneous

the week.

DAILY CLOSING PRICES OP OATS IN NEW YORK.
Sat. Mon. Tues. Wed.
Thurs.
Fri.
cts.81 *-82 81
85
84 *
84
83 *-84
82 - 83 84 * 85 * 85
84 *
84-84*
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO.
Sat.
Mon. Tues.„ Wed. Thurs. Fri.
November delivery In elevator (new
contract)
cts. 73*
75
76
75* 75* 75
December delivery in elevator (new
contract)
72* 73* 74* 74
74*
Standards
No. 2 white

73*

The

following

are

closing quotations:

FLOUR.
$10 75< $11 00 Tapioca flour.......
nom.
10 35(
10 60 Hominy
$3 85 @4 42*
10 75(
10 60 Yellow granulated
$4 25
Rye flour
8 50 (
9 75 Barley goods—Portage barley:
Corn goods, all sacks 100 lbs.
No. 1
6 00
White
$3 K5«
4 35
Noe. 2. 3 and 4
5 25
Cornflour..
3 7o(
Nos. 2-0 and 3-0
4 00
6 00@6 15
Rice flour, spot and
No. 4-0
6 25
to arrive
nom.
Oats goods—Carload, spot de¬
Barley flour (to arrive).$7 42@$7 50
livery
10 10

Spring

Winter
Kansas.

...

...........

...................

GRAIN.
Wheat—
No. 2 red
No. 1 spring

Oats—

$2 37*
2 40*

Com—
No. 2 mixed............ 1
No. 2 yellow
1
No. 3 yellow
1
............

........

Argentine

.............

Standard..................84

No. 2 white
No. 3 white
No. 4 white

84 *
83*

......

Barley—
Feeding

1 10® 1 15
1 16® 1 25

Malting....

Rye-

No. 2

1 77

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and nver ports for the week ending last
Saturday and
since Aug. 1 for each of the last three year.* have been:

It is a curious commen¬
the prevalent notion for many months that peace Receipts at— Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
would bring lower prices, that the actual cessation of hostil¬
bbls.imbs
bush.
60
lbs.
ush
56 lbs. bush 32 Ihs. bush.4»lbs bush.Mbs.
ities has caused a substantial advance.
And many believe Chicago
127.000
1.288.000
1,753.000
521.000
2.339.000
179.000
that the rise is not yet over by
Minneapolis
1.775.000
726.000
748.000
190.000
127,001)
any means. Certainly Duluth
1.000
91.00(1
2,918.000
365.000
756.000
Europe will have to have large quantities of foodstuffs from Milwaukee
12,000
81.000
80.000
379.000
117.000
23,000
this country as well as from other exporting nations.
184.000
There Tolelo
26,000
181.000
is no longer any talk about the elimination of substitutes Detroit
48,000
63,000
60.000
No Report
for wheat flour as militating against corn prices because the Cleveland
8t. Louis
467.000
47,000
430,000
660.000
4.000
3.000
world’s requirements of corn will in any case be large. Peoria
60.000
34.000
641.000
155,000
8.000
2.000
Kansas City.
5,000
645.000
217.000
245.000
Cash markets have advanced.
It is true that Argentina Omaha
288.000
364.000
838.000
and neutral countries, according to current reports, will be Indianapolis
64,000
330.000
288.000
called upon to supply Germany.
But there is an enormous Total wk.1918 251.000 7,692.000 4.032.000 5.962.000 1.780.000 1.153.000
wfc.1917
387.000
7.371.000
2.824.000
6.994.000 2.192.000
670.000
population
outside
or Germany in dire need of food. Many 8arae
believe that Europe will need every bushel tha* we can spare. Same wk.1910 451.000 8,350.000 3.354.000 6.621.000 3,575.000 833.000
They believe that the sales to Europe will be measured only Since Aug.l—
1918
5,563.000 248.086.000 73.715.000 122,429.000 23.562.000 13.187.000
by the supply of ocean tonnage. Stress is laid on the fact
1917
5,124.000 94,119.000 36.383.000 129.511.000 38.823.000 11.901.000
that the price of wheat is fixed at $2 20 for the entire season
1916
6.179.0001 174.623.0001 53.467.0001 123.751.000 42.752 .OOd 11.683.000
and that the price of hogs is also being maintained by the
Federal authorities.
The exports from .the several seaboard ports for the week
It is said, too, that the Government
may take steps to sustain corn prices with a view of en¬ ending Nov. 16 are shown in the annexed statement:
couraging an increase in the acreage next season. In sDite
Wheat.
Corn.
Flour.
Exports from—
Oats.
of the fact that primary receipts are running ahead of those
Rye.
Barley. Pea*.
last vear the visible supply fell off somewhat last week.
Bushels
Bushels. Barrels. Bushels. Bushels. Bushels Bushels.
966.614
On the other hand, the market has at times been more or New York
123.989 130.231
418.778
113.472
65.000
less nervous. The technical position has been weakened Baltimore
161.968
61.818
somewhat. That is to say, a good deal of the short interest Newport News
600
698.000
has been eliminated. The “long” account has shown a
Total week.
1.193.582
123.989 136,231 1,238.596
113.472
790,236
321,808 46.333
863.735 470,078 114.675
tendency to increase noticeably. Also, farmers having got Week 1917

tary

corn

™

•

1 •

•

1 1

•

THE CHRONICLE

2022

and since

The destination of these exports for the week
lily 1 1918 is as below:

and Sine*
July l to—

July 1

Barrels.

Barrels.'

Brit. No. Am. Cola
Other Countries..

11 1•ttt
1

•

Bushels.

•

Total receipts of flour and grain at the
the week ended Nov. 16 1918 follow:

Bushels.

123,989

702.085
3.220
19,735

I 1•• 11

”"2".220

123,989
321.808

2,319.359

•

6.860.311

seaboard ports for

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

Barrels.

Bushels.

Receipts at—

391,000
98,000
139,000

55,000
12,000
26,000

80.000

*59,666

31,000

24,000
41,000

2,716.000

166,000
43.000
79,000
6.000

New York...

Philadelphia

Since

July 1

1,591,499

27.643.956
29,664,615

1,193.582
790.236

136.231 27,643,956
46,333 2,135.860

Total
Total 1917

Week
Noe. 16

10,017.966
17.625,990

287,429

42,779 17,625.990

Since

Bushels.
906.153

93.452 10.017.966

Continent
So. A Cent. Amer.

July 1

Week
Noe. 16

Since

Week
No•. 16

United Kingdom.

Coni.

Wheat.

Flour.

Export* for West,

Baltimore
N'port News.
New Orleans*
Montreal....
Boston

376,000
376,000
117,000
698.000
65.000
482.000
74,000

70.000

2,000

106.000
5,000
115.000

163.000
1,000

1,000
2,000

38,000

229,000
2.188.000
194.000
124,000
439.000
3,473,000
SlnceJan.1’18 15,197,000 73.650,000 19,102.000 90.544.000 8.745.000 6,627,000
Tot. week ’18

468,000
Week 1917...
Since Jan.T17 18,869.000
*

5,006.000

181.891,060

281.006 452,000
2,254.000
238.000
47.835.000 133,878.000 16.091,000 12.587,000
New Orleans for foreign ports

Receipt* do not Include grain passing through
through bills of lading.

The worlds shipments of wheat and corn for the week
ending Nov. 18 1918 and since July 1 1918 and 1917, as

issuea by

Bromhall,

are

shown in the following:

Corn.

Wheat.

1918

Export*.

North Amer*
Russia
Danube

Week

Since

Si ce

July l.

July 1.

Week
Noe. 16.

Since

Nov. 16.

July 1.

Bushel*.

Bushels.

336*666 51.920*666

5.264,000

12.327,000

5,308*666

278.666

9,726*666

6.410*666

1,315,000

1,513,000

Oth. eountre

840.000 14,916,000 22,548.000
5,104,000
8.568.000
340.000
825.000
1.234,000
190.000

220,000

Total....

6.264.000 158,852,000 150,928.000

634.000

Aus r .11a...
Ynriiii

...

North America.—The Canadian Government has
Issuance of both manifests and exports until after ten
during the continuance of the war. a Revised.
*

of wheat and

The quantity
mentioned was

corn

follows:

16,305.000 20.250.000

officially prohibited the
days. This is effecUve

afloat for Europe

dates

United

Continent.

Bushels.
Bushels
Not avail able
ible
Not avail
Not avail able

The visible

Corn.

Wheat.
United
Ki igdom.

Not. 16 1918..
Not. 91918..
Nov. 10 1917..
Nov 18 1916..

Bushels.

36.000

4.558,000 85.678.000 113,679,000

....

Argentina

al9l7.

1918.

01917.

Total.

Kingdom.

Continent.

Total.

Bushels.

Bushel*.

Bushels.

23,324.000

38.488,000

supply of grain, comprising the stocks in
and

at principal points of accumulation at lake
seaboard ports Nov. 16 1918 was as follows:
granary

GRAIN STOCKS.

United States—
New

York

Wheat.
bush.

Corn.
bush.

1 995.000

94,000

Oats.
Rye.
bush.
bush.
1,230.000 1.878.000

35.000

Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit..

2 396.000
3 246,000

39,000

375.000
388.000
702.000

5,541.000
3,014,000
12,341.000
8.192.000
1,309,000
23.000

46.666

408.000
925.000

7.000
190.000

9*5*1*666

Chicago

21,508,000

954.000

Boston

Philadelphia

“

3.992,000
20.287.000
22,761.000
3,860,000
15,573,000

Minneapolis
8t. Louis
Kansas City
Peoria
Omaha
On Lakes
On Canal and River

264.000
5.011.000
4,155,000
387.000

Nov. 16 1918
Nov. 9 1918
Nov. 17 1917
Nov. 18 1916

136.809.000
128.095.000
19.564.000
64,064.000

Total
Total
Total
Total

1,718.000

bush.

77,000
"

5*666
94,000

2,080.000

555.000

360.000 1.481,000
18.000
1.219.000
289.000
58.000

15,666

6.689.000

558.000

1,4*37,666

253.000

afloat
Milwaukee
Duluth

Indianapolis

66.666
132,000

2.000
306.000
638.000

Barley.

...

112*666

1,021.000
275.000 1,003,000
429.000
424,000
217,000
1,610.000 1.224.000
716,000

273,000
377,000

161.000
2,432.000

100,000
525.000

558.000
261.000

394.000

1,152.000
1.453.000

44,000

4.152.000
4,360.000
1.244.000
1.368,000

27.000

739,000
55.000
65.000

916.000

119.000
299.000

22.660.00010.749.000
21.613.000 8.007.000
18.533.000 3.614.000
47.790.000 1.969.000

4,744.000
4,393,000
3.587.000
4.405.000

Note.—Bonded grain not Included above: Oats. Duluth, 3.000 bushels; total,
8,000, against 317,000 bushels In 1917; and barley. Duluth, 77,000 bushels: total
77.000. against 462,000 In 1917.
Canadian—
Montreal
2.702.000
Ft. William A Pt. Arthur.. 14.893.000
Other Canadian
7.984,000
Total
Total
Total
Total

Nov. 16 1918.
Nov. 9 1918.
Nov. 17 1917.
Nov. 18 1916.

25.579.000

20.882.000
18.778.000
23.150.000

176.000

1.514.000
2,373.000

10.000

810,000

10.000
16.000
18.000
1,000

310.000
152.000

424.000

176,000
65.000

4.311.000
4.509.000

22.000

5.855.000

222.000 16.201,000

296,000
236.000

Summary—
American

Canadian

...........

Total Nov. 16 1918.
Total Nov. 9 1918.
Total Nov. 17 1917.
Total Nov. 181916.

THE DRY GOODS TRADE
New York, Friday Night, Nov. 22 1918.
The readjustment of conditions from a war basis to a
peace basis is the principal factor in the markets for dry
goods at the present time. With no one certain as to what
the future will bring forth, or how long it will take to re¬
adjust matters or how the trade will be under a peace status,
it is natural that there should be a further contracting of
business with merchants moving cautiously.
While buy¬
ers are not seeking goods to any marked extent, neither is
there any particular anxiety on the part of manufacturers
There are just as many uncertainties confronting
to sell.
the producer as the distributer and consumer. Government
inquiry for fabrics has fallen off and although there has been
on general canceling fo contracts on which work has been
started, many have been reduced. Cancellation of orders
for civilian account, however, have been quite numerous,
and many buyers are taking advantage of every delay in
delivery to release themselves from their obligations. The
labor situation at mill centres is again looming up as a
threatening factor. Fall River operatives are demanding
an increase of 15% effective Dec. 1, and to continue for the
next six months.
Manufacturers on the other haad claim
that it will be impossible to grant the increase which is re¬
sulting in more or less unrest. Recently there has been
some talk of a downward readjustment of wages, but it is
not likely that any action in this direction will be taken until
living costs are modified. The announcement that present
prices for goods will be maintained until the end of the year
was generally expected, and the trade was quite gratified
over the additional announcement of the War Trade Board
that time limits on deliveries would be removed. This
was taken to indicate that Government control and price
fixing would be entirely discontinued afte: the first of the year.
The trade in general is anxious to have the market an open
affair and free from restrictions. With the war over, re¬
tailers are preparing for increased business, and many
fabrics placed on sale are comparatively cheap when con¬
sidering present replenishing costs. More activity is de¬
veloping in export markets. Inquiries are increasing and
merchants are preparing for a heavy business. The War
Service Com. announced during the week that restrictions re¬
garding maximum prices shall not apply to export trade,
and that the matter of export prices has been placed in the
hands of the Export and Import Com. of the!National Council.
DOMESTIC COTTON GOODS.—An improved inquiry
has been reported in the markets for staple cottons. Most
of the buyers are seeking lower prices, and concessions have
been granted on a number of lines. Second hands have
been offering more freely at prices below those named by
the Government, while some mills are said to have entered
into contracts on a lower basis.
It must be remembered
that the quotations fixed by the Government are maximum
prices, so therefore business can be transacted below but
not above.
Most of the commission houses express the
opinion that as soon as the various uncertainties surround¬
ing the situation are removed, and merchants are able to
arrive at what they consider a safe working basis, that
trade will be active. Heavy goods have been offered more
freely, many of the goods having been made for Govern¬
ment use, orders for which had been cancelled.
Gingham
manufacturers have been notified that they can sell fabrics
for any delivery they desire, and it has been announced that
there are no longer any goods classified as non-essentials.

WOOLEN GOODS.—In view of the favorable interna¬
tional developments, markets for woolens and worsteds
are developing a more normal appearance.
Further allot¬
ments of wool have been made for the manufacture of goods
for civilian account, and it is believed that most of the stock
held by the Government will soon be available for this
Manufacturers of dress goods are reported to be
purpose.
preparing to produce new lines to stimulate demand. In
the men’s wear division of the market, there is a belief that
the demobilization of the armies will result in a considerable

improvement in business for next spring and summer, as
many of the soldiers will have to completely outfit themselves
with new clothing.
Reports have been in circulation that
the Government has ordered the stoppage of work on con¬
tracts for uniforms and other goods.
FOREIGN DRY GOODS.—While there has not been
sufficient time for the ending of the war to affect markets
for linens to any material extent the feeling as regards the

is very optimistic. More fabrics will likely be
available for civilian use as the result of decreased taking
by the British Government for military purposes. There¬
fore predictions are for larger imports.
The raw material
future

situation, however, will be dominating factor for some
time to come. Flax is in poor supply, and there is no telhing what will develop as regards the future production on
the Continent.
Retailers are preparing for the coming
holiday sales, and while few have been in the market for
additional supplies, if the foreign situation improves, the
demand from this source is expected to increase.
Domes¬
tic substitutes are still being pushed, but when linens be¬

plentiful and prices decline from present high
no doubt will revert to these as they are more
lasting and consequently cheaper in the long run. Bur¬
laps have continued dull with light weights selling below
the Government fixed price.
Light weights are quoted
at 13.40c. and heavy weights at the official price of 16.50c.

come more

.136,809.000
25.579,000

4.152.000 22.660,000 10749.000 4.744,000
176,000 4.311,000
10.000
310.000

.162.388,000
.148,917.000
38.342,000

4.328.000 26.971.000 10759.000 6.054.000
4.425.000 26.122.000 8.023,000 4.545.000
1,266.000 24.388.000 3.632.000 3.883.000

87.214,000

1.590.000 63.991,000 1.970.000 4,641,000

fVoL. 107

levels, buyers

Not. 23

1918.]

THE CHRONICLE

BUU and Citxj department

2023

Nov. 14 arguments were heard by Presiding
Judge Tucker
and Circuit Judge Stapleton, who reserved their decision

pending the filing of briefs by both sides.
Although the suit was brought in the name of Mr. Hanley,
NEWS ITEMS.
who assails the validity of the election at which the bonds
California (State of).—Probable Amendment Result* a*
were voted by an overwhelming majority, the real
issue
Shown by Latest Returns .—Single tax, the dentistry measure,
involved is said to be the legal determination of the status
the proposal to let absent voters mail a ballot, exemption of
of City Commissioner Kellaher, who is resisting the
seating
cemeteries from taxation, the State budget board, the Carna¬
of Dr. T. L. Perkins*, who was elected in the same election
han stockholders’ liability amendment, both the tax levy
the dock bonds were approved, as successor to Mr. Kellaher.
limitation amendments and the proposal to give the Legis¬
The vote was 31,883 44 for ” to 7601 44 against.”
lature power over courts appear to have been defeated in the
late election with health insurance and the two liquor amendments, according to the latest compilation of returns.
BOND CALLS AND REDEMPTIONS.
The measure relating to the deposit of public moneys, the
usury law, the county government proposal, the University
Helena, Mont.—Bond Call.—Martin Doty, City Treas¬
of California amendment, the enlargement of the Appellate
urer, will redeem on Jan. 1 1919 judgment funding coupon
courts, the borough government measure and workmen’s bonds Nos. 749 to
859, both inclusive. The bonds will be
compensation, among others, appear to have carried. Full paid for at par and
interest, including Dec. 31 1918.
text of these amendments appear in V. 107, p. 1760.
Spokane, Wash.—Bond Call.—The following special
The count on the amendments, showing in each case the
number of precincts complete out of the 6,191 in the State, improvement bonds have been called at the City Treasurer’s
-1

-j-fc

ni^^ni~trvt/xrijiv%njVuxivmnAnAnn<vvv>Aixivrvtn nirijiiaiinAiivvvvvx~*iiw->i

office:

follows:

Amendment
Number.

Precincts

1—Liquor regulation
2—Deposit of public moneys
3—Usury law
4—Absent voters
5—County government
6—Courts
7—Los Angeles County funds
8—University of California
9—Appellate Court Divisions

10—Borough government
11—Exemption cemeteries
12—Reimbursing cities
13—Condemnation of right-of-way
14—Taxation exemptions
15—State Budget Board
16—City of Venice indebtedness
17—Tax levy limitations
18—School tax limitations
19—Land values taxation
20—Health insurance

21—Dentistry

—

...

—

...

—

...

22—Prohibition
23—Workmen’s compensation
24—Stockholders’ liability
25—Eminent domain

...

Reported.

Yes.

No.

5,529
3.133
3.644
3.603
3,597
3.602
3,777
3,620
3,708
3,716
3,705
3.706
4.306
3.630
3,620
3,620
3,620
3.708
3.868

222,509
161,142
151,966
124,986
125.106
46,029
118.565
151.718

292,916
113,731
127.259
153.922
112.971
169.383
114,041
91,760
108,670
102,352
188,810
160,798
111,796
184,002
159,169
101,217
155,931
141,373
132,089
286,878
205.118
279,494
143,365
118,631
138,623

5.161

3,681
5.820
3.706
3.601
3,591

126,700
116,841
104,644
76.775
140.103
111.121
62.302
112.031
84.542
113.541
77,793
102,503
127,884
249,669
149.661
114,464
88,170

Florida (State of).—Dry Amendment Adopted—Legisla¬
Catts issued a proc¬
lamation convening the Legislature in extraordinary session
Nov. 25 for a period of twenty days, to enact a law whi<*h will
ture to Convene.—On Nov. 15 Governor

prohibit the bringing into Florida of intoxicating liquors
after Jan. 1 1919, when the recently adopted amendment to
the State Constitution goes into effect.—V. 107, p. 821

Louisiana

(State
of).—Constitutional Amendments
Adopted.—From a table of votes polled at the general
election, held Nov. 5, and which appeared in the New Or¬
leans “Times-Picayune” of Nov. 18, it appears that all the
amendments proposed, except Amendment Number 12,
passed. The vote in practically every instance was de¬
cisive. The provisions of the proposed defeated amend¬
ment, which lost by a vote of 13,326 “for” to 26,193 “against”

nTas

follows:

12. An amendment to the Constitution of Louisiana authorizing cor¬
porations formed or to be formed under the laws of this State for the pur¬
pose of constructing and operating canals for irrigation and navigation, as
well as plants for the generation and distribution of hydro-electric power,
to utilize the waters of navigable streams of this State, under such regu¬
lations as may be prescribed by the State Board of Engineers for such
purposes; as well as to use the deserted beds of former navigable streams
that may remain the property of t ie State as reservoirs in connection with
such irrigation projects; and provided that, at the end of seventy
years
from the completion of any system of canals and hydro-electric
plants by
corporations availing themselves of the authority so granted, their property
and

plants shall become the property of the 8tate, to be operated by it for
revenue in such manner as the Legislature shall direct; and providing
that none of these provisions shall be construed to apply to canals in exist¬
ence on or prior to July 1 1918.
A summary of the fourteen amendments voted upon is given in V.
107,

public

1115.

Minnesota (State of).—Dry Amendment Defeated.—Com¬
plete official returns announced Nov. 15 by Secretary of
State Julius A. Schmahl, show that the proposed dry amend¬
ment to the State Constitution failed by only 756 votes in
the big total of 380,604 cast at the general election Nov. 5.
Dry votes totaled 189,547 and the wet votes 173.615.
Adoption of the proposed dry amendment, however, re¬
quired 190,302, so it lost by the margin of 756.—V. 107,p.918.

'Portland, Ore.—Suit Filed to Enjoin Issuance of Dock
Hanley, a Portland taxpayer, has filed suit
against City Auditor Funk and other city officials to enjoin
the issuance of $5,000,000 dock bonds voted Nov. 5. On
Bonds.—P. J.

Name and
District No.

TO BE PAID DEO. 1 1918.
Bonds Called up to
Name and
and including.
District No.

Pave.

Bonds Called up to
and including.

Qrade.

Bernard St., 942
Second Ward, 1

29 Lindeke Street, 737
114 Monroe Street, 458
132 Madison Street. 511
188 Montgomery Avenue, 528
9 Marietta Avenue, 738
100 Madison Street, 1108

Sprague Avenue, 273

SHerman St., 710
Stevens St., 1044
Washington Street, 666
Qrade.
Addison Street, 502
Cleveland Avenue, 831
Dalton Avenue, 717
Eleventh Avenue, 494
Elm Street, 506...
Euclid Avenue, 885
Fifth Ward, 1
15th Avenue, 473
Fifth Avenue, 734
Freya Street, 755
Fifth Avenue, 1042.

32
27
10
11
5
18
138
40
21
21
5
25
27

Gordon Avenue, 527
La Crosse Avenue, 510

Myrtle Street, 1107
Perry Street, 673
Scott Street, 779
22d Avenue. 878
Walk.

Sharp Avenue,

10
6
8

...

67
7

1134.1

Water Main.
Ninth Avenue, W79
34th Avenue, W80

89
98
27

21
2

7
6

Sewer.

Highland Boulevard. 900

Mallon Avenue, 1130
20th Avenue. 895
120th Avenue, 1099

12
......

BOND PROPOSALS AND
as follows:

3
14

.*.5

NEGOTIATIONS

this week have been

AKRON, Summit County, Ohio.—BONDS APPROVED.—The Capital

Issues Committee has

$195,000 6% trunk

approved the following issues of bonds. It is reported:
bonds.
Date Oct. 1 1918.
Due $39,000 yearly

sewer

from 1920 to 1924 inclusive.

47,000 firo-system-signal and hose bonds.
ALCORN COUNTY (P. O. Corinth), Miss.—BOND OFFERING.—
Proposals will be received until 2 p. m. Dec. 3 by W. C. Sweat. County
Attorney, for $30,000 6% serial court-house bonds

ALLENDALE, Bergen County, N. J.—NO BIDS RECEIVED.—No

bids were received for the $5,000 5 % 5-year temporary park notes dated
Oct. 1 1918 offered on Oct. 24—V. 107, p. 1592. The bonds will
probably
be sold at private sale, we are advised.

ASHEVILLE, Bu- combe County,

No.

Caro.—BOND SALE.—On

Nov. 14 the $64,000 1-10-year serial gold funding bonds, dated Oct. 1
1918—V. 107. p. 1761—were awarded to the Battery Park Bank of Ashe¬
ville at 100.33 for 5>£s.
Other bidders were:
Intel est.
Amount.
f6‘
$66,105 25
5fc%
65.102 42
Seasongood Sc Mayer, Cincinnati.
64.692 00
5H%
64.051 21
5*%
63.110
.5%
10

Baker, Watts & Co., Baltimore
Co., Atlanta
Battery Park Bank, Asheville

5H %
t%

J. H. Hilsman &

5^%

H Hollins & Sons. Boston
Pruddens Sc Company, Toledo
R. M. Grant Sc Co., New York
The Hanchett Bond Co., Chicago
E

5J4<%
5h %
5H %
16%

Following bids received too late for consideration:

Stacy Sc Braun, Toledo, Ohio

|6%

The Tiilotson Sc Wolcott Co.. Cleveland

Sidney, Spitzer Sc Co., Toledo
John Nuveen Sc Co., Chicago
♦This bid was submitted in addition to
awarded the bonds.

64,038
65,050
*64.710
64,823
64.359
64.485
65.650
64.367

00
00
00
68
00
12
00
00

65.682 08

64.089 60
15K%
64.179 20
5h%
•
5H%
64,166 00
6%
u-t.iou
64.756 w
00
the bid upon which they were
4

ASHLAND. Ashland County, Ohio.—BONDS AUTHORIZED.—On
Nov. 5 an ordinance was passed by the City Council authorizing the issu¬
ance of $4,000 6% storm-sewer bonds.
Denom. $500.
Date Dec. 1 1918.
Int. M. Sc S.
Due $500 each six months from Mar. 1 1921 to Sept. 1
1924. inclusive.

ASTORIA, Clatsop County, Ore.—DESCRIPTION OF BONDS.—
The $200,000 5% street-impt. bonds recently voted (V. 107. p. 1761) are
in denom. of $1,000 and are dated Oct. 1 1918.Int. A. & O.
Due Oct. i
1958, subject to cal! after 10 years.
Reclamation Commission.

and

E. G. Gearhart, Secretary of 8anitary

ATHENS, Athens County, Ohio.—BOND SALE.—An issue of $1.700
6% bonds offered on Oct. 25 was awarded on that day to Stacy Sc Braun
of Toledo at par and interest.
Denoms. $300 and $200.
Date March 1
1918.
Due $300 yearly on March 1 from 1919 to 1923 incl. and $200
March 1 1924.

ATTLEBORO, Bristol County, Mass.—BOND SALE.—On Nov. 19

E. If. Rollins Sc Sons of Boston

were

4V4% railway bonds at 101.076.
1919 to 1928 inclusive.

awarded, according to reports. $22,500
Date Oct. 1 1918.
Due yearly from

BEAUFORT TOWNSHIP, Carteret County, No. Caro.—BOND
OFFERING.—Sealed bids will be received until 10 a. m. Dec. 2 by J. F.
Morris, Clerk Board ol County Commissioners (P. O. Beaufort), for $10,000
5H% 20-year road bonds.
Int. semi-ann.
Cert, check for 5% required
BENTON COUNTY (P. O. Foley), Minn.—BOND SALE —On Nov. 14
the $16,028 90 (not $15,000 as first reported) 5% ditch bonds—V. 107,
p. 1855—-were awarded to Kalman. Matteson Sl Wood of St. Paul at par.
Denoms. $1,000 and $500.
Date Nov. 1 1918. Int. lift. St N. Due
yearly from 1919 to 1928 inclusive.

THE CHRONICLE

2024
BREWSTER,

Stark Count.,

bids will be received until 12

$1,500 6%

Ohio.—BOND OFFERING.—Sealed

Dec. 10 by L. 8. Lash.

Village Clerk, for
Denom. $500. Date Oct. 1

sewage-disposal-plant bonds.

1918.
Int. seml-ann.
Due $500 1922. $500 1924 and $500 1926.
check for $100. payable to the Village Treasurer, required.
Bonds
delivered and paid for within 10 days from time of award.

Cert,

to be

BRIDGEPORT. Belmont County, Ohio.—BONDS PROPOSED.—-It
reported that the city contemplates issuing $9,000 fire-apparatus bonds.

BRONSON. Bourbon County, Kan.—BOND SALE.—This city last
2-17-year serial electric-light bonds at
July 1 1918.

month sold an issue of $15,000 5%
par to the 8tate of Kansas.
Date

BRUNSWICK. Frederick County. Md.—BONDS APPROVED —
Reports state that $125,000 water bonds voted during August—V. 107,
p. 620—have been approved by the Capital Issues Committee.

[Vol. 107.

any State bank in the city of Detroit for 2% required.
The bonds,
which have been approved by the Capital Issues Committee, can only bo
delivered at the office of the City Treasurer, and accrued interest will
be charged on delivery.

or on

DORMONT (P. O. Pittsburgh), Alleghany County, Pa.—BOND
OFFERING.—Sealed bids will be received until 8 p. m. Dec. 6 by C. D.
Doming, Borough Clerk, for $70,000 44% t <x free-improvement bonds.
Denom. $1,000.
Date Dec. 2 1318.
Due Dec. 2 1948.
Certified or
cashier’s check for $350, payable to J. E. Fulton, Borough Treasurer,

required.

EAST CHICAGO AND INDIAN HARBOR SCHOOL CORPORA¬

TION, Ind.—BOND SALE.—On July 25 the National City Co. of Chicago
was awarded $150,000 5% school bonds at 100.05.
Denom. $1.000. Data
July 25 1918. Int. J.A J. Due yearly on July 25 from 1924 to 1933. inci.
ELYRIA, Lorain County, Ohio.—BONDS DISAPPROVED.—'The
Capital Issues Committee, it is stated, has failed to approve the $700,000
107, p. 1936. Officials were told to
mak application in about three months, it is further stated.

water-works bonds mentioned in V.

BUTLER COUNTY SCHOOL DISTRICT NO. $1, Kan.—BOND
SALE.—$3,880 5% 1-5-year serial school house bonds were placed with the
State of Kansas during October at par.
Date Oct. 1 1918.

CALIFORNIA (State of).—BONDS APPROVED.—The Capital Issues
Committee has approved. It Is stated, a block of $1,700,000
bonds.
It is further stated that the bonds are on sale.

8tate Highway

CAMBRIA COUNTY (P. O. Eden.burr), Pa^-BOND OFFERING.—
Sealed bids will be received until 12 m. Dec. 11 by Herman T. Jones.
County Comptroller, for $500,000 44 % coupon county-court-house bonds.
Denom. $1,000.
Date Oct. 1 1918. Prin. and semi-ann. int. (A. & O.)
payable at the County Treas. office. Due yearly on Oct. 1 as follows:

$13,000. 1919 and 1920 $15,000, 1921 to 1924 Incl. $17,000. 1925 and 1926
$18,000. 1927 $19,000, 1928 $2o,000. 1929 $21,000. 1930 $22.OOp. 1931
$23,000. 1932 $25,000. 1933 and 1934 $26,000, 1935 $28,000, 1936
$29,000. 1937 $30,000, 1938 $31,000. 1939 $33,000. 1940. and $29,000.
1941. Cert, check for $5,000 required.
Purchaser to pay accrued interest.
The bonds have been approved by the Capital Issues Committee.

CANTON, Stark County, Ohio.—BONDS PROPOSED.—The City
Council, according to local papers, now has before it the recommendation
of the Water Committee to issue $1,454,900 bonds for various impts.
CARBON COUNTY SCHOOL DISTRICT NO. *9 (P. O. Boyd),
Mont.—BOND OFFERING.—Reports state J. C. Lochridge. District
Clerk, will receive bids until Nov. 29 for $1,800 6 % 5-20-year school-bldg,
and furnishing bonds.
CHEYENNE COUNTY SCHOOL DISTRICT NO. 77, Kan.—BOND
SALE.—$1,700 6% school house bonds were taken by the State of Kansas
at par during October.
Date Sept. 1 1918. Due yearly on Jan. 1 from
1921 to 1927 inclusive.

ERIE, Erie County, Pa.—BOND OFFERING.—According to reports
proposals will be received until 10:30 a. m. by T. Hanlon, City Clerk, for
$25,000 4% 12 5-6 year average creek-improvement bonds.
Interest
semi-annual.
Certified check for 1% required.
FREMONT, Wayne County, No. Caro.—BOND SALE.—On Nov. 15
1-15-year serial coupon (with privilege of registration)
p. 1761—were
awarded to Durfee. Niles A Co. of Toledo for $25,656 80 (102.627) and
interest.
Other bidders were:
Hanchett Bond Co., Chic.$25.162 50 8tacy A Braun. Toledo
$25,070 00
Prudden A Co., Toledo.. 25,150 00 8pitzer,
Rorick A Ce.,
Tillotson A Wolcott Co.,
Toledo
24, 80 00
the $25,000 6%

public-improvement bonds dated Sept. 15 1918—V. 107,

Toledo
25.127 501
A bid of $25,045. less $627 for preparation

from W. L. Slayton A Co., Toledo.

of bonds,

was

also received

GRAYSON COUNTY (P. O. Sherman), Tex.—BONDS VOTED.—
At a recent election the proposition to issue $50,000 road bonds men¬
tioned in V. 107, p. 822 was favorably voted, it is stated.

GREELEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Greeley), Delaware County, Iowa.—DESCRIPTION OF BONDS.
—The $12,000 (not $15,000 as first reported) 5% bonds recently awarded
to Geo. M. Bechtel A Co., of Davenport at par and interest—V. 107, p.
1936—are in denom. of $1,000 and are dated Nov. 1 1918.
Int. M. A N.
Due Mar. 1 1936.

HAMILTON,

Butler

County.

Ohio.—BOND OFFERING.—Sealed

serial road bonds dated Nov. 6 1918 for Which proposals were received until
Nov. 6—V. 107, p. 1936—were awarded to the First Savings Bank of West

bids will be received until 12 m. Dec. 10 by Ernst E. Erb. City Auditor,
the following* two issues of 10-year assessment bonds, aggregating
$55,361 20:
$52,442 60 5% sanitary sewer bonds. Date Sept. 1 1918.
2,918 60 44% sanitary sewer impt. bonds.
Date Oct. 1 1918.
Prin. and semi-ann. int. payable at the office of the City Treasurer.
Cert, check for 5% of the amount of bid, payable to the Treasurer, required.
The bonds, which have been approved by the Capital Issues Committee,
will be delivered and are to be paid for within ten days from time of award
at Hamilton.
Purchaser to pay accrued interest.

CLEVELAND, Cuyahoga County, Ohio.—BONDS DEFEATED—
BOND ELECTION.—According to local papers, the proposition to Issue
$2,500,000 bonds—V. 107, p. 527—was defeated at the general election
Nov. 5.
The question of issuing these bonds will be submitted again at

HARLOWE TOWNSHIP,
Carteret County, No. Caro.—BOND
OFFERING.—Proposals will be received until 10 a. m. Dec. 2 by J. F.
Morris. Clerk Board of County Commissioners (P. O. Beaufort), for $3,000
54% 20-year road bonds. Int. seml-ann. Certified check for 5%
required.

CINCINNATI, Ohio.—BONDS AUTHORIZED,—It Is reported that
the City Council has authorized an issue of $3,200 city’s portion bonds.
CLAY COUNTY SUPERVISORS* DISTR CT NO. 2 (P. O. West

Point),

Miss .—PURCHASER OF BONDS.—The $15,000 6%

15-year

Point.

election to be held Dec. 12.

COAL

HILLSBORO,

Lawrence County, Ohio.—BOND SALE.—The
$5,000 6% 10-year coupon refunding bonds dated Dec. 1 1918 and offered
on Nov. 16—V. 107, p. 176—were purchased on that day by the State

GROVE,

Industrial Commission.

COSHOCTON CITY SCHOOL DISTRICT (P. O. Coshocton),
Coshocton County, Ohio.—BOND OFFERING.—Proposals will be

received by T. H. Wheeler, Clerk Bd. of Ed., until 12 m. Nov. 30 for $18,000
54% school-lmpt. bonds. Auth. Sec. 7629, Gen. Code. Denom. $500.
Date Dec. 1 1918.
Prin. and semi-ann. int. (M. A S.) payable at the
Commercial Nat. Bank of Coshocton.
Due $1,000 each six months from
Mar. 1 1920 to 8ept. 1 1926 and $500 each six months from Mar. 1 1927
to Sept. 1 1930 Incl.
check
Cert,
for 5% of the bonds bid for, payable
to the District Treasurer, required.
Bonds to be delivered and paid for
within 5 days from time of award.
Purchaser to pay accrued interest.
Bidders must satisfy themselves as to the legality of this issue before sub¬

mitting bids.
COTTER SPECIAL SCHOOL DISTRICT NO. 60, Baxter County.
Ark.—BOND SALE.—The Hanchett Bond Co. of Chicago has purchased
an issue of 110.000 6% school-addition bonds.
Date
Denom. $500.

June 1 1918.
Prin. and semi-ann. int (M A S.) payable at the Standard
Trust A Savings Bank of Chicago.
Due $500 yearly on 8ept. 1 from 1925
to 1944 incl.
These bonds are exempt from Federal income tax.
Total value of all property, estimated
$825,000
Assessed valuation for taxation
275,000
Total bonded debt
14,000
Population, estimated
1.500

CROOKSTON, Polk County, Minn.—BOND SALE.—On Nov. 16
A

Harris Trust

Hill

ing bonds.

Savings Bank of Chicago

was

awarded at

101.34

will be received until 10a. m. Dec. 3 by Daniel A.
Haggerty. City Clerk,
for an issue of 5% gold coupon (with privilege of registration) refunding
bonds, not exceeding $127.377 52.
Denom. 127 for $1,000 and 1 for
$377 52.
Date Dec. 1 1918. Prin. and semi-ann. int. (J. A D.) pavable
at the City Treasurer’s office.
Due yearly on Dec. 1 as follows: $6,000
1919 to 1930, incl. $6,377 52 1931. and $7,000 1932 to 1938, incl.
Certi¬
fied check on an incorporated bank or trust company for 2% of the amount
of bonds bid for, payable to the “City of Hoboken, required.
The bonds,
which have been approved by the Capital Issues Committee, will be

pre¬

pared under the supervision of the U. 8. Mtge. A Trust Co. of N w York,
which will certify as to the genuineness of the signatures of the
city officials
and the seal impressed thereon.
Successful bidders will be furnished with
the opinion of Hawkins, Deiafield A Longfellows of New York, that the

bonds are binding and legal obligations of the city.
NOTES AUTHORIZED.—An ordinance has been adopted by the Board
of City Commissioners, providing for the issuance of $125,000
54%
promissory notes. Denom. $25,000. Date Oct. 22 1918. Due June 1 1919.

HOWE, Le Flore County, Okla.—BOND OFFERING.—Sealed bid*

will be received until Dee. 2
by E. S. McClain. Town President, for the
$5,000 6% coupon electric-lignt bonds mentioned in V. 107. p. 1855.
Denom. $500. Date Nov. 1 1918.
Int. semi-ann. (M. A N.). payable at
the Fiscal Agency of the State of Oklahoma In New York

Nov. 1 1938.
Certified check for 2% required.
Total tax rate (per $1,000), $9 60.

JACKSON, Hinds County, Miss.—BOND ELECTION.—An election
during January to vote on a proposition to issue
$20,000 bonds.
will be held sometime

CUSHING, Payne County, Okla.—BOND SALE.—The $150,000
water-supply bonds recently voted—V. 107. p. 1855—have been sold.

just learned that

was

Minneapolis Trust Co. of Minneapolis.

DAYTON, Montgomery County, Ohio.—BONDS DEFEATED.—
The proposition to issue $285,000 general bonds—V. 107, p. 1304—was
defeated Nov. 5. it is reported.
SCHOOL

DISTRICT

(P.

County, Ohio.—BONDS VOTED.—According

to issue $30,000 school bonds was

Defiance),

Defiance

to reports, a proposition
favorably voted at a recent election.

DES MOINES, Polk County, Iowa.—BOND SALE.—R. M. Grant A
Co. of New York have the present month been awarded $490,000 4 4 and
6% tax-free coupon Binding bonds at 100.714+
Denom. $1,000.
Date
Nov. 1 1918.
Prin. and semi-ann. Int. (M. A N.) payable at the City
Treasurer’s office or at the office of R. M. Grant A Co. of N. Y.
Due as
shown below: The legality of the bonds has b**en approved
by Theodore
Chapman of Chicago. Total bonded debt (including this Issue) $3,939,494.
Valuation for purposes of taxation 1918, $153,093,825.
Population 1910
(U. 8. Census). 86.368; 1918 (est.) 110.000.
.

Maturities.
4 4%

$15.000
15.000
15.000
15.000
15.000
15.000

Bonds.
5% Bonds.
5% Bonds.
Nov. 1 1929 $40.000
Nov. 1 1923 $30.000
Nov. 1 1934
Nov.
Nov.
Nov.
Nov.

I
1
1
1

1924
1925
1926
1927

Nov. 1 1928

35.000
40.000
40.000

40.000

Nov.
Nov.
Nov.
Nov.

1
1
1
1

1930
1931
1932
1933

40.000
40.000
40.000
55.000

Nov.
Nov.
Nov.
Nov.

1
1
1
1

1935
1936
1937
1938

DETROIT, Mich.—BOND OFFERING.—Proposals will be received
a. m. Nov. 25 by George Engel. City Controller, for the $988
700
44% 30-year tax-free coupon (with privilege of registration) public sewer

until 11

bonds (offered without success on Nov. 11—V. 107. p. 1761).
Denoms
988 for $1,000 and 7 for $100.
Date Aug. 15 1918. Principal and semi¬
annual Interest payable at the ofTice of the City Treasurer, or at the cur¬
rent official bank In the City of New York, at the option of the holder
Certified check or a deposit on any national bank in the United States

City. Due
Assessed value, $222,425.

HUMBOLDT, Allen County, Kans.—BOND SALE.—An issue of
$10,000 44% 2-5-year (opt.) public-utility gas bonds, dated Feb. 1 1918,
has been awarded to local investors at par. Denom. $500. Int. F. A A.

J15,000
A D. 5%*
refunding
bonds.A bid
Denom.
$500. Date
1 1918.
Due
Dec. 1 1933.
of $15,150
alsoDec.
received
from Int.
the

DEFIANCE

County, Tex.—BOND ELECTION.—'The City

Council has authorized, it is stated, t’»at a special election be h°l1 Dec.10
to vote on a proposition to issue $40,000 5% 40-year water-works-extend¬

HOBOKEN, Hudson County, N. J.—BOND OFFERING.—Sealed bids

COMANCHE COUNTY COMMON SCHOOL DISTRICT NO. SS,
Tex.—BONDS REGISTERED.—On Nov. 12 the State Comptroller regis¬
tered an issue of $2,000 5 % 5-20-yr. school bonds of this d.strict.

the

for

JASPER COUNTY (P. O.

Newton), Iowa.—BOND SALE.—We have

Jan. 30 last Geo. M. Bechtel A Co. of Davenport
were awarded $62,000 5% funding bonds for $62,055, equal to
100 088.
Denom. $1,000.
Date Fel
i’eb. 1
‘ 1918.
~
~Int. M. A N.
Due $5,000 yearly
banning May 1 1923.
on

BOND SALE.—On Sept. 13 the above company was also awarded $47,000 5% funding bonds for $47,648, equal to 101.378.
Denom. $1,000.
Date Sept. 1 1918.
Int. M. A N. Due $7,000 yearly beginning May 1

JEFFERSON AND MADISON COUNTIES JOINT SCHOOL DISTRICT NOS. 16 AND SI, Mont.—BOND SALE.—On Nov. 14 $3 000
6% school bonds were awarded to Wells-Dickey Co. for $3,100. equal to
103.33.

JEROME,

Yavapai County, Arix.—BOND OFFERING.—Sealed

bidl

will be received until 7 p. m. Nov. 30 (date changed from Nov. 15—V. 107
p. 1686) by A. E. Weidman, Town Clerk, for $100,000 54% fire-impt
bonds.
Denom. $1,000
Int. J. A J.
Date Nov. 15 1918.
Due 1933
subject to call one-tenth part every two years after date of issue.

JOHNSON COUNTY SCHOOL DISTRICT NO. $ (P. O. Buffalo),
were received for the $2,000 6%
school bonds offered on Oct. 7—V. 107. p. 1304.
We are further advised
that arrangements have been made by patrons of the district to take the

Wyo.—NO BIDS RECEIVED.—No bids
bonds over.

KANSAS CITY. Jackson County, Mo.—BOND OFFERING.—Proposals will be received unt'l 10 a. m Nov 23 by Ed. F. Orcar. City Comp¬
troller, for $600,000 5% coupon Union Station Approaches bonds
Denom,
$1,000.
Date July 1 1915.
Interest payable at the office of Citv Treasurer
or at Chase National Bank, New York City, at option of holder.
Due
July 1 1935. The legality of the bonds will be approved by Dillon. Thom¬
son A Clay, of New York City, whose opinion or a duplicate thereof, as to
the legality will be delivered to purchaser or purchasers or said bonds.
Bids murt be made on blank form furnished by city and be accompanied
by a certified check on a solvent bank or trust company in Kansas City,
for 2% of the amount of bonds bid for, payable to the above Comptroller.

_Not. 23 1918.]

THE CHRONICLE

Bonds will be delivered «t 10

a. m.

Nor. 30 1018 at the office of the above

Comptroller.
CERTIFICATE OFFERING —Proposals will also be received until
10 a. m. Nov. 26 by Frank McCabe.
Secretary Board of Public Works, for
1197.154 00 6% 1-10-year serial Condemnation Fund certificates
for
Union Station Approaches.
Denom. $1.000 (1 for $154 90). Date May 13
1918.
Principal and semi-annual interest (J. & J.) payable at the office
of City Treasurer.
Bids must be on blank forms furnished by
city and
accompanied
by

certified check

on a

solvent bank

trust company

2035

payable to the City Treasurer, required.

for within ten days from time of award.

Bonds to be delivered and paid
Purchaser to pay accrued interest.

NORFOLK. Norfolk County, Va.—BONDS
AUTHORIZED.—On
Nov. 12 the City Council passed an ordinahee
authorising the
of
$70,000 waterworks improvement bonds.
NORTH ARLINGTON SCHOOL DISTRICT
(P. O. North

Arllng-

DISTRICT, Neshoba County, Miss.—
BOND SALE.—The Friedman-D’Oench
Bond Co., of St. Louis, has
purchased and is now offering to investors at a price to
yield 5 H% an Issue
of $95,000 6% tax-free bonds.
Date Aug. 1 1918.
Interest payable at
the National Bank of
Commerce, 8t. Louis. Total debt of this district,
this issue only.
Assessed valuation of taxable property for 1917, $496,670.
Real value (estimated). $1,950,000.

ton), Bergen County, N. J.—BOND OFFERING.—Sealed bids will be
received until 8 p. m. Dec. 3 by Frederick W. Hoefer, District
Clerk, for
an issue of 5%
coupon (with privilege of registration) bonds, at not ex¬
ceeding $26,000. Denom. $1,000. Date Oct. 11 1918.
Principal and
semi-annual interest (A. A O.) payable at the First National Bank
of
Lyndhurst.
Due $1,000 yearly on Oct. 11 from 1919 to 1944, inclusive.
Certified check on an incorporated bank or trust
company for 2% of the
amount of bonds bid for, payable to the ’’Custodian of 8choo!
Moneys of
tile School District of the Borough of North Arlington.”
required. The
successful bidder will be furnished with the opinion of
Hawkins, Delafleld
A Longfellow, attorneys of New York City,
that the bonds are binding
and legal obligations of the said School District.

LA SALLE COUNTY (P. O. Cotulla), Tex.—BOND
PROPOSED.—An election will be held in the near future, it IsELECTION
stated, to
vote on the question of issuing $300,000 road bonds.
t

OREGON (State of).—BONDS APPROVED.—It is reported that the
application of the State Highway Commission for permission to issue
$590,000 bonds has been approved by the Capital Issues Committee.

Kansas City for

2% of the amount of bonds bid for, payable to the City
Treasurer, required. Bonds will be delivered when paid, for at the office

of the City Treasurer.

KENTAWKA DRAINAGE

LE FLORE COUNTY (P. O.
Greenwood), Miss.—NO BIDS RE¬
CEIVED.—No bids were received for
the $99,000 5% road bonds offered
on Oct. 7 (V. 107. p. 1209).
LIVE OAK COUNTY ROAD DISTRICT NO.
$, Texas.—BONDS
were registered with the State
Comptroller on Oct. 4.

REGISTERED.—$10,000 5% road bonds

LIVE OAK COUNTY ROAD DISTRICT NO.
6, Texas.—BONDS
advices to us report that this district has
regis¬
tered with the State Comptroller an issue of
$50,000 5% road bonds.
They are due $2,000 yearly.

REGISTERED.—Special

LOCKPORT, Niagara County, N. Y.—BOND SALE.—On Oct. 29
John Irwin, of Lockport, was awarded at
par $6,218 37 5% local improve¬
ment bonds.
Denom. $1,554 59.
Date Oct. 22 1918. Interest annual.
Due yearly from 1919 to 1922 inclusive.
LOS ANGELES, Calif.—NO BOND ELECTION.—We are
advised that
reports stating that this city contemplated the
holding of an election to
vote on a proposition to issue
$4,500,000 harbor-improvement bonds—
—V. 107, p. 1762—are erroneous.
LUCAS COUNTY (P. O. Toledo), Ohio.—BONDS
PROPOSED.—
issuance of $250,000 Soldiers' & Sailors'

Ixwal
Papers are agitating the
Memorial Building bonds voted

some years ago.

McLennan COUNTY (P. O. Waco), Tex.—bond ELECTION
pro¬
posed.—Waco papers state that a committee is
urging the County Com¬
missioners’ Court to call an
election to vote on a proposition to issue bonds
to take care of the detention home
for unfortunates.

MANHATTAN BEACH

(P.

San

County, Cal.—BONDS PROPOSED.—It

completion bonds

are

contemplated.

Francisco), San Francisco

is reported that

pleasure-pier

MANSFIELD, Richland County, Ohio.—BOND SALE.—The three
Issues of 5% 1-5-year sanitary sewer bonds,
aggregating $10,250 offered
on Sept. 30—-V.
107, p. 1024—have been awarded to the Richland Sav¬
ings Bank of Mansfield at 100.60. Denom. $500. Date Sept.
1 1918.
Interest M. A S.
MANTECA, San Joaquin County, Cal.—RATE

is reported that the rate of interest
voted—V. 107. p. 1855—is 5%.

OF INTEREST.—It
the $42,000 sewer-line bonds recently

MARSHFIELD, Webster County, Mo.—BONDS VOTED —The propo¬
sition submitted to the voters at the election held Nov.
8 (V. 107, p. 1762)

providing for the issuance of $15,000 municipal lighting plant bonds,
favorably voted, it is reported.

was

MIDDLETON, Butler County, Ohio.—BONDS

AUTHORIZED.—An
ordinance has been passed by the City Commission
authorizing the issuance
of $5,000 5)4% city’s portion bonds.
Denom. $500.
Date Jan. 1 1919.
Int. semi-aim. payable at the National Park
Bank, N. Y. Due $500 yrly.
on Jan. 1 from 1919 to 1928 inclusive.
MIFFIN TOWNSHIP SCHOOL

DISTRICT

Allegheny County, Pa.—BONDS VOTED.—An

bonds has been voted, it is reported.

(P. O. Homestead).

issue of $90,000 school

MILFORD VILLAGE SCHOOL DISTRICT (P. O.
Milford), Cler¬
mont and
Hamilton Counties, Ohio.—BONDS AUTHORIZED.—
Recently an issue of $12,000 6%
5-29-year serial refunding school bonds
was
authorized. Denom. $500. Date Dec. 1 1918. Semi-annual interest
payable at the office of the Clerk and Treasurer of the Board of Education.
MILLER COUNTY LEVEE DISTRICT NO. t.
Ark.—BONDS OF¬
FERED BY BANKERS —G. H. Walker & Co. and the William
R. Comp¬
ton Investment Co., both of 8t.
Louis, are offering to investors at a price
to yield 5-50%, an issue of $100,000
6% tax-free coupon bonds. Denom.
$1,000.
Date Aug. 1 1918.
Principal and semi-annual interest (J. A D.)
payable at the 8t. Louis Union Bank, St. Louis. Due yearly on June 1
from 1919 to
1938.

MISSION,

Hidalgo County. Tex.—WARRANT SALE.—Recently
of Austin purchased $25,000 7% public improvement
war¬

J. L. Arlitt
rants dated Oct. 3 1918 and
maturing yearly from 1921 to 1953. incl.

MITCHELL,

Davidson

County,

So.

Dak.—BOND

SALE.—On

Nov. 15 the $100,000 10-20-yr. (opt.) coupon or
registered water-works
bonds—V. 107, p. 1762—were awarded to the Mitchell
Trust Co. of
Mitchell at 100.678 for 5s.
Other bidders were:
Premium.
Discount.
The Nat. City Co., Chicago
$611 Minn. Ln. A Tr. Co., Minneap. $485
Commercial A Savings Bank
E. H. Rollins A Sons,
Chicago. 1,477
Mitchell
540 Stern Bros. A Co., Kansas City 1,500
Bolger, Mosser A Willaman,
Sidney Spitzer A Co., Toledo._2,000
Chicago
475 First Tr. A Sav. Bk., Mitchell.2,500
Taylor, Ewart A Co., Chicago.
70 Bankers’ Mtge. Co., Des Moi.6,200
_

MONTAGUE COUNTY (P. O. Montague), Tex.—BOND OFFERING.

—H. B. Latham, County Judge, will receive bids until Dec. 2 for
$200,000
5% road bonds, it is stated. Interest semi-annual.

MOUNT STERLING, Madison County, Ohio.—BOND
OFFERING.—

Georoe W. Tanner, Village Clerk, will receive bids until
12 m. Dec. 16 for
$10,000 5% 6-year average water and light bonds, it is reported. Int.
semi-ann.
Cert, check for 2% required.

MOWER

COUNTY (P. O. Austin), Minn.—BOND SALE.—On
Nov. 14 the $34,600 5-20-year serial Judicial Ditch No. 4 bonds
dated
Nov. 1 1918—V. l07, p. 1855— were awarded to the
Wells-Dickey Co. of
Minneapolis for $35,170 (101.647) and interest for 5s. Other bidders were:
C. H. Coffin, Chicago.
Bankers’ National Bank,

Int. Rate Bid.

Minneapolis

Seasongood A Mayer, Cincinnati
Harris Trust A Savings Bank, Chicago
Spitzer, Rorick A Co., Toledo

5M%
5%

5H%
5%

5)4%

Bid.

$35.005
35,025
34,905
35,168
34,600

00
50
00
00
00

NESS COUNTY SCHOOL DISTRICT NO. 85, Kans.—BOND
SALE.
—$1,400 5% school house bonds went to the State of Kansas at par during
October.
Date Oct. 1 1918.
Due Jan. 1 1920 to 1926, incl.

NILES, Trumbull County, Ohio.—BOND OFFERING.—In addition

$10,000 sewer-conetruction bonds offered on Nov. 25 (V. 107, d. 1937),
proposals will also be received until 2 p. m. on that day by Homer Thomas,
City Auditor, for an issue of $1,200 5)4% municipal water-works bonds.
Auth., Section 3939, Gen. Code. Date Oct. 1 1918. Interest semi-annual.
Due Oct. 1 1924. Certified check for 2% of the amount of bonds bid
for,
to

OSBORNE COUNTY SCHOOL DISTRICT NO. $8, Kans.—BOND
SALE.—This district ln October put out $1,000 5% 1-5-year serial schoolThey went to the State of Kansas at par. Date Sept. 1 1918.

house bonds.

PADUCAH, McCracken County, Ky.—DESCRIPTION OF BONDS.—

The $70,000 5% refunding bonds, recently awarded to the
City National
Bank of Paducah at 100.75 (not 100.735 as first
reported—V. 107 .p. 1937)
are in denom. of $1,000 and are dated Dec. 1
1918. Int. J. A D. Due
Dec. 11948.

PALO PINTO COUNTY COMMON SCHOOL DISTRICT NO.
1,
Tex.—BONDS REGISTERED.—This district registered with the State
Comptroller on Nov. 14 $1,800 5% 1-20-year school bonds.
PARK COUNTY

(P. O. Livingston), Mont.—BONDS VOTED.—By a
vote of 1,373 to 477 the proposition to issue $50,000
(opt.)
bridge bonds, at not exceeding 6% interest, carried at 15-20-year
the election held
Nov. 5.—V. 107, p. 1401.

PASCAGOULA, Jackson County, Miss.—BOND SALE.—The
$115,000 6% paving and sewer bonds, recently voted (V. 107, p. 1937),
have been awarded to Powell, Garard A Co., of Chicago at
par ana interest.
Denom. $1,000.
Date Dec. 1 1918. Interest semi-annual. Due yearly
from 1919 to 1938. inclusive.

PHILADELPHIA, Pa.—BOND SALE.—On Nov. 18 the
4M % 36-year tax-free coupon and registered bonds dated Nov.$7,000,000
1 1918—
V. 107, p. 1762—were awarded to the
Guaranty Trust Co. of N. Y. at
102.858, a basis of 4.33 %. The following is a list of the bids:
Amou ->i
Bid For.
Charles Broome
$2,000
Guar. Tr. Co. of N.Y.7,000,000
Wm. Salmon A Co..7,000,000
Wm. A Read A Co..17,000,000
Kuhn, Loeb A Co../
Penna. Co., trustee.. 100,000

Henry W. Bartol....

37,500

A. B. Leach A Co...
100,000
A. B. Leach A Co...
100,000
Harris Forbes A Co..7,000,000
Penn National Bank.
100,000
A. B. Leach A Co...
100,000

Amount
Bid For.

Bid.

103
102.858
102.853
102.827
102.50
102.50
102.375
102.25
102.1982
102.1627
102.125
102
102
102

Penn National Bank.
Corn Exch. Nat. Bk.
Corn Exch. Nat. Bk.
W. W. Souzer
Corn Exch. Nat. Bank
Charles Swab

Butcher, Sherrerd A

Hansell
Lydia A. Kirby
Corn Exch. Nat. Bank
Howard Rehrer
Jos. N. Brady.
Wm.H.Newlin
1,000
W. J. Wolf, M.D...
W. Judaon Spankle..
5,000
C. C. Coigne
A B. Leach A Co... 300,000
L. F. Full
A. B. Leach A Co... 200.000 101.875
Albert F. Hess
Penn National Bank. 100,000 101.8255 Central Tr. A Sav. Co.
Drexel A Co
Bank of North Amer.
\7,000,000 101.79
Brown Bros. A Co../
Geo. M. Clarke Jr
A. B. Leach A Co... 200,000 101.75
Central Nat. B-»nk_.

Seasongood, Haas A
MacDonald

15.000 101.68

People’s Trust O)

Bid.

100,000 101.6569
250.000 101.60
250,000 101.26
10.000 101

250,000 101
1,000 101

6,000
3,000
250,000
25,000

101
100.60
100.50
100.30
600 100.26
8,000 100

100 106
300 100
200 106
180,000 100
60,000 100
5.000 106
200,000 100

26,000 100

POMPTON LAKES, Passaic County, N. J.—BONDS APPROVED.—

The Board of Public Utility Commissioners yesterday
issuance of $56,000 bonds for alterations to the local light,approved
neat and

plant.

of the
power

PORT OF PORTLAND (P. O. Portland), Multnomah
County. Ora.
5 a proposition to issue $5,000,000 harbor
development bonds carried by a vote of 31,833 ’’for” to 7,601 “against.”
—BONDS VOTED.—On Nov.

QUINCY, Norfolk County, Mass.—BOND SALE.—On Nov. 1$
$199,500 4)4% coupon Improvement bonds were awarded, it Is stated, to
Merrill. Oldnam & Co., of Boston, at 100.279.
Date Sept. 1 1918.
Prin¬
cipal and semi-annual interest (M. AS.) payable at the Old Colony Trust
Co. of Boston.
Due yearly on Sept. 1 as follows: $41,500
1919,
$41,000
1920 and $39,000 1921 to 1923, inclusive.
Financial Statement Not. 7 1918.
Net valuation for year 1915
Net valuation for year 1916
Net valuation for year 1917

$42,778,517
67,255,122

49,310,775

Gross net valuation for three years

Average valuation

2)4%
Total debt Incurred and outstanding
$1,771,200
Debts authorized but not yet incurred..
239.500
$2,010.70$

$149,344,414
49.781,471
1.244.536

Less debts outside debt limit—

Park
Street improvement

$12,000

Refunding

Water
Sewer
Debts authorized but not incurred outside
debt limit water construction meters..

34,600
60,000

474,500

526,500

49,500

1,157,10$

Total

debt outstanding but not yet incurred
within debt limit
$853,60$
Net debt plus authorized debt to be reckoned in
determining
debt limit

Borrowing capacity

of Sept. 1 1918.

RAWSON VILLAGE SCHOOL DISTRICT (P. O.

653,600
$390,938

Rawson), Hancock

County, Ohio.—BOND SALE.—The $12,000 5% school-building bonds
offered on Sept. 28 (V. 107,_p. 1305), were awarded on 8ept. 30 to W. L.
Slayton & Co. of Toledo. Date Sept. 2 1918. Due yearly on Sept. 1 as
follows:
$500 1920 to 1925, Inclusive, and $1,000 1926 to 1934. inclusive.

RENO COUNTY SCHOOL DISTRICT NO. 77, Kans.—BOND SALE.
—$3,200 5% school-house bonds have been issued by this district. Date
Sept. 1 1918.
Due yearly on July 1 from 1919 to 1929, Inclusive. The
State of Kansas took the bonds at par during October.

ROCHESTER, N. Y.—BOND OFFERING.—Henry D. Qutnby. City
Comptroller, will receive bids until 2 p. m. Nov. 25 for all or any part
following 4)4% funding bonds aggregating $2,268,000:
$225,000 1-30-year serial registered local-lmpt. bonds.
Due $7,500 yearly.
900,000 1-30-year serial registered school bonds.
Due $30,000 yearly.
575,000 30-year coupon (with privilege of registration) water-works bonds.
225,000 coupon (with privilege of registration) sewage-disposal bonds.
75,000 1-30-year serial registered fire-house bonds.
Due $2,500 yearly.
63,000 1-20-year serial registered park-improvement bonds. Due $3,000
except
yearly,
last payment, which is $6,000.
70,000 1-20-year serial registered voting-machine bonds. Due $$,500
yearly.
of the

Denoms. In multiples of $1,000 or $500, to »ult purchaser.. Date Aug. 1
1018. Principal and semi-annual interest payable at the Central Union
Trust O®. of New York.
Certified check for 2% of the bonds bid for,
payable to the above Comptroller, required. The Capital Issues Committ/*. **a*» aonroved the above bonds.
\ All bonds win be ready for delivery at the above trust company as soon
after the date of sale as the bonds can be prepared for delivery or. at the
option of the bidder, any time thereafter within fifteen days of the date of
sale.
The locality of these Issues will be examined
of New York, whose favorable opinion will be

by Reed. McCook A Hoyt,
furnished to the purchaser.

Financial Statement Nov. 1 1018.
Assessed valuation, real estate
Assessed valuation, franchises

—

$246,128,179 00
18,824,681 00

..$264,952,860 00

Total
Bonded debt (including lpcal improvement
bonds and debt incurred on account of
overdue taxes A assessments. $6,038,000).$22,154.825
Other debt (including $2,268,000 notes to be

25,927,031 39

3.772,206 39
funded)
Deduct water debt. Bonds...$9,422,500 00
Notes...
775,000 00 10.197,500 00
Sinking fund applicable to other than water

10,937,788 29

$14,989,243 10
Sinking fund applicable to water debt
1,189,685 15
Population. State census 1915, 248,465.
•
The above described bonds are to be issued for funding existing note in¬
debtedness of the city, and therefore will not increase the debt.
NOTE SALE.—On Nov. 21 $75,000 St. Paul and Franklin Street land
and $50,000 school-construction notes, payable four months from Nov. 2
5 1918 at the Central Union Trust Co., N. Y., were awarded to Salomon
Bros. A Hu trier of N. Y. at 4.44% interest plus $1 premium.
Other bid¬
ders, all of New York, were:
.

8. N. Bond A Co
A. B. Leach A Co

Interest.

Pemium.

4.45%

ftl 00

Equitable Trust Co

9 00
3 00

4.50%
4.59%

4.65%

Goldman, Sachs A Co

-*—

ROSEAU COUNTY (P. O. Roseau), Minn.—DESCRIPTION OF
BONDS.—Further details are at hand relative to the sale of the $9,000

6% Ditch No. 17 bonds awarded during August to Kalman, Matteson A
Wood, of St. Paul, at par (V. 107, p. 1593). Denom. $1,000.
Dat
Aug. 1 1918. Int. F. A A. Due yearly on Aug. 1 from 1923 to 1934, incl
ST. HELENS, Columbia County, Ore.—BOND SALE.—Recently
Morris Bros., Inc., of Portland, purchased at par and interest, it is stated,
the $5,000 6% 10-20-year (opt.) municipal wharf bonds voted April 1

(V. 106, p. 1933).
ST. MARYS, Auglaize County.

Ohio.—BONDS AUTHORIZED.—

City Council authorized, it is stated, an issue of $20,000

5)4 % electric plant and waterworks completion

bonds.

ST. PAUL, Minn.—BOND OFFERING.—Jesse Foot. City Comptroller,
will receive proposals until 12 m. Nov. 27 for the following 5% 10-year

(with privilege of registration) tax-free water-works refunding bonds,
aggregating $235,000:
$140,000 bonds. Date Jan. 2 1918.
95,000 bonds. Date Jan. 1 1919.
Denom. $1.000.
Purchaser to pay accrued interest. Certified check (or
cash) for 2% of the amount of bonds bid for, required. This issue has been
approved by the Capital Issues Committee. Principal and semi-annual
interest payable at the city's fiscal agency in New York.

coupon

Financial Statement Oct. 1 1918.
General city and school bonds

Sinking funds available, not including any which are
cable to water debt only
Net general debt
Permanent improvement revolving

$8,628,000 00
appli¬
613,299 79

$8,014,700 21
$1,900,000 00

fund bonds

Water Debt.

$2,407,000 00
363,754 87

Water bonds
Amount in Water Board sinking fund

TAYLOR COUNTY (P. O. Abilono), Tax.—BIDS REJECTED.—

All bids received for the four issues of 5% road bonds,
offered on Nov. 11 (V. 107, p. 1763) were rejected.

aggregating $75,000

THROOP, Lackawanna County, Feu—BOND OFFERING.—Proposals

will be received by M. J. O’Horo, Borough Secretary, until 8 p. m. Dec. 4
for $65,000 5% coupon (with privilege of registration) tax-free (in Penn¬

sylvania)

Denom. $1,000 and $500.

refunding bonds.

Date Apr. 1

1918. Semi-ann. int. (A. A O.) payable at the Borough Treasurers
office or at the First National Bank of Olyphant.
Due yearly on Apr.
1. as follows: $10,000 1929 to 1933. incl., and $15,000,1934. Cert, check
on an incorporated bank or trust company for $500 payable to the
Bo¬

rough," required. The record in this Issue of bonds has already been
approved by Townsend, Elliott A Munson of Phila. Assessed valuation
1918, $7,490,074. Tax rate (per $1,000) 1918, $4.00. Tim official cir¬
cular states that no additional issue of bonds is contemplated within the
next year.
Population 1918 (estimated), 7.500.
TRIADELPHIA SCHOOL DISTRICT (P. O. Triadelphla), Ohio
County, W. Va.—BONDS VOTED.—Report* state that a recent election
to issue $114,000

held in tills district resulted in favor of the propositions
school furnishing and $85,000 high school 6% 10-34-year

$1,000.

740,288 29

debt

On Nov. 5 the

[Vox.. 107.

THE CHRONICLE

202ft

8. M. Baird is Secretary, Board of Education.

bonds.

Denom.

TROY, Renncelacr County, N. Y.—BOND OFFERINGProposals

will be received by Frank H. Miter, City Comptroller, until 10 a. m.
Nov. 25 for $10,200 5% 1-10-year serial additional voting machine tax-free
bonds.
Denom. $1,020.
Date Sept. 15 1918. Int. semi-ann. Due
$1,020 yearly for ten years after date. Cert, check for 1% of the bonds

bid for, payable to the "City of Troy,” required.
and paid for within 5 days from time of notice to

Bonds to be delivered

Purchaser

purchaser.

accrued interest. The official circular states that the city has never
defaulted in any of its obligations.
to pay

Financial Statement, Nov. 15 1918.

-—$1,736,118 62
2.594.136 24

General debt
Water debt

Sinking fund
porary

103.419 80

Certificate of indebtedness for

public improvements (tem¬

loan)

Real estate assessed valuation, 1918
Franchise assessed valuation 1918__
Personal property assessed valuation,
Total assessed valuation, 1918

Population (1910 Census),

194,250 00

54.971,599 00
4.982,580 00
1,150,837 00
61,105,016 00

1918

76,813.

TROY, Miami County. Ohio.—BOND SALE.—On Nov. 1 the $22,500

5H% water works bonds (V. 107, p. 1687) were awarded to Prudden A Co.
of Toledo for $23,455 50. equal to 104.246.
Denom. $500. Date Sept. 1
Prin. and semi-ann. int. (M. A 8.) payable at the office of the City
1918.
Sinking Fund Trustees.
Mar. 1 1947 incl.

Due $500 each six months from Mar. 1 1925 to

Other bidders were:

*$23,505 00

Seasongood A Mayer, Cincinnati
Rudolph Kleybolte Co., Cincinnati
A. E. Aub A Co., Cincinnati
Davies. Bertram A Co., Cincinnati
Wm. R. Compton Co.. Cincinnati
Fifth-Third National Bank, Cincinnati
Weil, Roth A Co., Cincinnati
F. C. Hoehler A Co.. Toledo..
Spitzes’, Rorick A Co., Toledo
Graves. Blanchett A Thornburgh, Toledo
Ohio National Bank, Columbus
Dureee. Niles A Co., Toledo
W. L. Slayton A Co.. Toledo
8tacy A Braun, Toledo
Provident 8avlngs Bank A Trust Co., Cincinnati
Tillotson A Wolcott Co., Cleveland

23,431 50
23,430
23.411
23.382
23.346
23.343
23,271

00
00
00
00
75
75

23.203 50

23.202 00

23,176 90
23,111 80
23.100 75

23.088 00

23,058
22,965
John Nuveen A Co., Chicago
22,806
Otis A Co.. Cleveland
22,782
*
Although this bid appears higher than that of the purchaser, it Is
reported
to
us
Auditor.
officially
by the City
a

•-

00
so

VALLEJO, Solano County, Cal If.—BONDS DEFEATED.—Recently
proposition to issue $125,000 waterworks purchasing bonds was defeated,

it Is stated.

VAN ZANDT COUNTY ROAD DISTRICT NO. 4 <P. O. Canton,
Van Zandt County, Tex.—BONDS AWARDED IN PART.—Of the
$250,000 5H% tax-free road bonds, offered during April (V. 106. p. 1491)

Kauffman, Smith-Emert Investment Co. and Thefts A Dlestelkamp Invest¬
Co., both of 8t. Louis, are offering to investors at a price to yield
5.30%. $200,000 of this issue.
Date Feb. 1 1918. Prin. and semi-

ment

$2,043,245 13

Net water debt
Short Time

ann.

Floating Indebtedness.

Tax levy certificates of indebtedness,

$3,718,900 00
310,275 14

1918

Special assessment bonds. Class A
Special assessment bands. Class B
Local improvement certificates of Indebtedness

428,358 97
340,000 00

Total.
$4,797,534 11
Assessed valuation real estate. $98,410,383; assessed valuation personal

property, $34,388,894. Total assessed valuation 1918 (40% actual).
$132,799,277. Tax rate per $1,000 1918, $35 45. The official circular
states that the city has never defaulted In the payment of either principal
or interest and obligations of all kinds have always been promptly paid.
SAMPSON COUNTY (P. O. Clinton), No. Caro .—BOND SALE.—
On Nov. 4 the $100,000 5% coupon road bonds (V. 107, p. 1496) were
awarded to Well, Roth A Co. of Cincinnati.
Denom. $1,000. Date
July 1 1918. Int. J. A J. Due July 1 1938.

SAfc BENITO, Cameron County, Tex.—WARRANT SALE.—Re¬

cently J. L. Arlitt of Austin purchased and issue of $7,000 7% sewer impt.
Date July 20 1918.
warrants.
Due yearly from 1919 to 1947, ind.

SCURRY COUNTY (P. O. Snyder), Tex.—BOND ELECTION.—It is
reported that on Dec. 7 a proposition will be submitted to the voters
providing for the issuance of $200,000 road bonds.

SEATTLE, Wash —BOND OFFERING.—Seeled bids wm be received

by H. W. Carroll. City Comptroller, until 12 m. Nov. 27, for the purchase
of the coupon bonds of Empire May Local Improvement Condemnation

District 3,009. estimated at approximately $120,000 mentioned in V. 107,
p. 1763, to be in denomination of $200 each, except Bond No. 1, which
shall be in an amount not to exceed $400, to be dated on or about Mar. 1
1919, to bear interest at a rate not exceeding 8%, payable annually, to
mature on or before 12 years after date, as provided for and specified in
Ordinance No. 36201.
Cert, check on a national bank or trust company
for $6,000, payable to above Comptroller, required.

DESCRIPTION OF BONDS.—Additional Information is at hand re¬
lative to the sale of the $1,500,000 5% tax-free gold coupon (with

privilege of registration)
bonds.

municipal

light and power plant system

Awarded on September 27 to Carstens A Earles, Inc., and
John E. Price A Co. of Seattle, jointly at 92.26.
Date Nov. 1 1918.
Prin. and semi-ann. int. (M. A N.) payable in New York City or at the

City Treasurer’s office, at the option of the holder.
on

Nov. 1 from 1924 to 1938, incl.

Bonds entirely self-supporting,
Net bonded debt

Due $100,000 yearly
$455,713,716
227,856,858

$20,415,400

including this issue

9.960,309

10.455.091

Population (U. S. Census) 1910, 237,979; 1918 (estimated). 421,405.
SHARPSBURG SCHOOL DISTRICT (P. O. Sharprshurg), Al¬
legheny County, Pa.—BOND ELECTION.—On Dec. 17 an election will
be held to vote on a proposition to issue $30,000 bonds to pay floating
indebtedness.
Bonded debt (not incl. this issue) $148,000. Asessedvaluation $4,751,730.

Jas. L. Morrissey la District Secretary.

SMITH COUNTY SCHOOL DISTRICT NO. 18, Kan.—BOND SALE.
—During October the State of Kansas purchased at par $500 5% 1-5-year
serial school-house bonds, jt Date July 1 1918.

Due yearly from

Financial Statement.
Estimated actual value taxable property
1
Assessed value taxable property
Total bonded indebtedness.

5,000,000
2,224,270
200,000

Population 1918 (est.), 10,100.
VENICE ISLAND RECLAMATION DISTRICT NO. S028 (P. O.
Stockton), San Joaquin County, Calif.—NO BIDS RECEIVED.—No
bids were received for the $59,000 reclamation bonds, offered Nov. 11
(V. 107, p. 1856).
VERONA VILLAGE SCHOOL DISTRICT (P. O. Verona), Preble
County, Ohio.—BOND SALE.—The $20,000 5 H % school bonds, offered
on Oct. 9 (V. 107. p. 1401) were awarded on Oct. 19 to the Ohio National
Bank of Columbus at 102.65.
Date April 1 1918. Due $500 each six
months from Apr. 1 1938 to Oct. 1 1947.

WATERBURY, New Haven County, Conn.—BOND OFFERING.-

Sealed bids will be received until 8 p. m. Dec. 5, it Is reported, by Charles
B. Tomldnson. City Clerk, for $400,000 4H% 20-year (average) water
Certified check for 1% required.
bonds.
Interest semi-annual.

WEST HOBOKEN, Hudson County, N. 3.—BOND SALE.-On
Nov. 20 the 5% coupon (with privilege of registration) school bonds, not
to exceed $65,000 (V. 107, p. 1937) were awarded to Farson Son A Co.
olN. Y. for $65,621. a basis of 4.55% for $64,000 bonds.
Due yearly
on

July 1

follows; $3.000.1919 to 1933 Incl.; $4,000.1934 to 1937 Ind.;

and $3,000. 1938.
Other bidders were:
Bidders—
A. B. Leach A Co., New York
B. J. Van Ingen A Co., New York
Outwater A Wells, Jersey City
R. M. Grant A Co., New York
Hornbiower A Weeks
Geo. B. Gibbons, New York
Harris. Forbes A Co., New York__
National City Co., New York
J. S. Rippel A Co., Newark

Amt. Bid For.

$64,000
64,000
64,000
64,000
64,000
65.000
65,000
65,000
65,000

Bid.

$65.383
65.160
65,222
65.025
65,011
65,799
65.845

00
60
40
05
20
50
65
65.903 50

65,606JX>

WITT, Montgomery County, III.—BOND SALE.—On July 29 the
$16,000 5% water-works bonds, voted during June (V. 106, p. 2580).were
awarded to the Wm. R. Compton Investment Co. of St. Louis.
Denom.
$500.
Date June 1 1918. Int. J. A D. Due June 1 1938. subject to
call June 1 1923.

Financial Statement.
Estimated actual value of taxable property
Assessed valuation for taxation purposes, 1918

Outstanding bonds issued by City of Seattle

int. payable at Hanover National Bank, N. Y.

1919 to 1945 Incl.

YONKERS, N. Y.—TEMPORARY LOAN.—On Oct. 28 a temporary
awarded to Salomon Bros. A
Hutzler, of New York, at 4.82% interest

loan of $345,000. to run for six months, was

YOUNGSTOWN, Mahoning

County, Ohio.—BONDS AUTHORIZED

suspension of the rules an ordinance was
passed Nov.' 11. authorizing the sale of $75,000 Influenza epidemic bonds.

—It is reported that under a

CANADA,

its Provinces and Municipalities.

COLLING WOOD, Ont.—DEBENTURE AUTHORIZED.—At a recent
meeting of the Town Council, by-laws were passed authorizing, it is stated,
the issuance of $13,000 debentures for patriotic purposes and $8,400 under
consolidated Debenture Act.

Nor.

1918.]

THE CHRONICLE

Cotton

t£ni0t Companies*

O. Corn
nst

Schiereoberg

xziii

Pul 8dmn

Frank A. Kimball

Corn, Schwarz & Co.
COMMISSION MERCHANTS
IS William Street

New York

MEMBERS OF

New York Cotton Enchant*
N*w Orleans Cotton Enchant*
No* York Produce Enchant*
N*w York CoNm Enchant*
London Co—rciai Sal* Room* (Coffee E.)

Geo. H. M° Fadden &, Bro.,
COTTON MERCHANTS

Ul Chestnut St.

PHILADELPHIA

Broad St.

NEW YORK

The NEW ENGLAND
TRUST COMPANY

Rhode Island

Hospital Trust

BOSTON, MASS.
capital, si.eee.eee

surplus. I2.ttt.ttt

Safe Deposit Vaults
Authorised to set as Executor, sad to receive sad hold
money or property la trust or on deposit from Courts of
Law or Equity, Executors, Administrators, Assignees.
Guardians, Trustees, Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed, on Deposits Subject to Check.

DIRECTORS
Edward D.
Herbert J. Wells
Lyman B. Goff
Howard O. Starves

Stephen O. Metcalf
Walter RCaiiender

Edward Holbrook
James E. Sullivan
Benjamin M. Jackson
Frank W. Matteson
Robert H. I. Goddard

OFFICERS.
JAMES R. HOOPER, President
ARTHUR ADAM3, Vice-President

ALEXANDER COCHRANE, Vice-Pres.
FREDERICK P. FISH, Vice-President
FREDER’K w. ALLEN, Treasurer
CHARLES E. NOTT, Secretary
EDWARD B. LADD, Asst. Treasurer
RAYMOND MERRILL. Asst. Treas.
JOHN W. PILLS BURY, Asst. 8ee.
ORRIN C. HART, Trust Officer
ARTHUR F. THOMAS, Asst. Trust Officer
R. B. GAGE, Manager Safe Deposit Vault

FREDERIC ZEREOA A CO..
Havre Correspondents:
aOCIETE d * IM PORTATION et de COMMISSION

Milan Correspondents:

McFADDEN A CO.. LTD.
Mefisndrln Correspondents:
REINHART A CO.. LTD.

GWATHMEY A CO.
20-24 EXCHANGE PLACE. NEW YORK
MEMBERS
YORK COTTON EXCHANGE
YORK 8TOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
5W
1EW
FEW
IEW
TEW

Stephen M. Weld & Co.
COTTON MERCHANTS

82-92 Beaver Street, New York City
BOSTON.
FALL RIVER.

PHILADELPHIA.
UTICA. N. Y.
WILD A CO..

PROVIDENCE,

LIVERPOOL.

NEW BEDFORD.

OFFICERS

.Vice President

Hkmkt L. Sladeb,
_

Vice Prarftat

Asst. Trust Officer
Robert T.
‘ Asst. Trust Officer
Henry B. Hagan,
Asst. Secretary
Bilth 8. Richards,
Asst. Secretary

Downs,”

Asst. Trust

| David P. Kimball
Robert A. Leeson

Offionr

Joan E. Williams,

James R. Hooper

Asst. Secretary
H. Catron,
Asst. Secrstmy

Providence. Rhode Island

Augustus P. Loring Jr.
Ernest Lovering

George H. Davenport
Francis W. Fabyan

Vice President

Jobm EL Wells,

G. A. Harrington,

George Wlgglesworth, Chairman

Arthur Adams
J. D. Cameron*Bradley
S. Parker Bremer
Alexander Cochrane

plVSSU.

Frank H. Swan
Rowland B»«»H
Royal C. Taft
JLArthur Atwood
William CX Dart

Hxhbxrt J. Wills, President
Hobasio A. Hunt.
Pusstom H. Gardner.
Vice President
V-Pres't and Trust Off!
Thosus H. West, Jr.,
Wxuaau A. Ganwell,

BOARD OF DIRECTORS

Liverpool Correspondents:

gstfigffis,

Charles C. Gardiner

Walworth Pierce
James M. Prendergast

Frederick P. Fish
Charles H. W. Foster
Frank H. Gage
Morris Gray

Henry H. Proctor

Sydney Harwood

Edwin M. Richards
Herbert M. Sears
Arthur R. Sharp

Franklin W. Hobbs

Henry L. Shattuck

1880

The United States Life
Insurance Co.

CENTRAL
TRUST COMPANY
OF ILLINOIS

IN THE CITY OF NEW YORK

Issues Guaranteed Contrasts*

JOHN P. MUNN, M. D., PRESIDENT.

125 West Monroe St., CHICAGO

Capital
Surplus & Profits
Deposits - - -

ISIS

Finance Comnltt**

$6,000,000

$,500,000

CLARENCE H. KELSEY.Pres.Title Gu.A Tr€e.
WILLIAM H. PORTER. Banker.
ED. TOWNSEND. Pres. Imp. A Trad. Nat,,

50,000,000
Good

ROBERT MOORE &, CO.
Mills Bufldint
IS Broad Str**t. N. Y

COTTON
Members New
Amodate Members

Accounts of banks and bankers
received upon favorable terms

MERCHANTS

York

Cotton Excitants
Liverpool Cotton Association

men, whether experienced in life tni*****
not, may make direct contracts with this Com¬

pany. for a limited territory, if desired, and secure
for themselves. In addition to first year’s commis¬
sion. a renewal Interest Insuring an Income for tbs
future. Address the Company at its Homs Ottos

No. 277 Broadway. New York City.

Individuals.

WILLIAM RAY A CO,

CHARTERED 18ft

Successor* to

GEO. COPELAND A CO..
COTTON BROKERS.
1S-26 Cotton Enchant*
N*w York

Orders for future delivery contracts executed
on the New York and Liverpool Cotton Exchanges

Doited States Trnst Company of New York
40-47 WALL STREET

Capital,
•
•
•
•
Surplus and Undivided Profits,

Jfartor*

$2,000,000j00
$14,207,995.69

■

JAMES TALCOTT, In.
Foundsd

This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary ana in other recognized trust capacities.
It allows interest at current rates on deposits.
Production of Mills Financed
It holds, manages and invests money, securities and other property, real or
Sales Cashed With or Without
personal, for estates, corporations and individuals.
Guarantee
1884

225 FOURTH AVC.

Nsw York City

EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, Vie* President
WILFRED J. WORCESTER,

WILLIAMSON PELL, Asst. Secretary

S*cr*tary

CHARLES A. EDWARDS, td Asst. Ssarstary
TRUSTEES

AMERICAN MFG. CO.

JOHN A.
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CA88 LEDYABD
LYMAN J. GAGE
PAYNE WHITNEY r
_

CORDAGE

STEWART, Chsirmsn of the Board

EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS

CORNELIUS N.rBLI88jFJB.
HENRY W. do FOREST
WILLIAM VINCENT A8TGS
CHARLES F. HOFFMAN
md
WILLIAM SLOANS,
M

MANILA, SISAL, JUTE

titbit A Wsst Streets, Brooklyn, N. V* City

L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND

GEO. B. EDWARDS
INVESTMENTS
SS Broadway, NEW YORK, N. Y.

FOR SALE—Timber, Coal, Iron, Ranch and
other properties.
Confidential Negotiations, Investigations,
Settlements and Purchases of Property.
VMtad Stataa
Warn Indies.
Canada.

MERCHANTS, DISCOUNT AND GUARANTEE SALES

General Offices, 254 Fourth Avenue
NEW YORK
Established

over

60 Yean

(Vdt.107.

THE CHRONICLE

XXiY

fuuauial

/(ranctel

financial

Kmipt from Federal Income Tax

Odd Lot

Investment Securities

$114,000
*»

Adams County,

Armour A

Company 6s
Cudahy Packing Co. 7i

MUNICIPAL

;

Inland Steel Co. Ext. A Ref. 6b
Peel Bros^Mfe. Cot 7s
Wilson A Co. Ino. First 6e

BONDS

Illinois

Offerings solicited from Banks,

Drainage 6% Bonds

’

AMES, E ME RICH & CO.

Individuals and Trust Estates
Bids will be promptly submitted

Bolger, Mosser 6c Willaman Central Bond & Mortgage Co.
29 So* La Salle St.»

Chicago

SOS Sb. La Salle Street
*

CHICAGO

Cuban Government
6% Internal Gold Bonds of

National Bank of Cuba

J. M. HOYT. Chairman
JAMES M HUB8T. Preddoat
C B LITTLE. Vise-Pros. A Tress.
KENNETH D STEERE. Vles-Pras.
L. A. STEBBIN8. 0ee> A Osa. Couooal
W. M. 0CHELUNOER. ASS'S Bse'r.

EVERSZ & COMPANY

First Nat. Bank Bldg,
MILWAUKCE

IMLU Sail# St.
CHICAGO

8took

Ktfotlats And Imu« Loans for Railroads

Wollenberger & Co.

and Eatabliahad Corporations^

Buy and **11 Bonds suitable for Invaatmant

1S4 So. La Salle Street

C. F. Childs & Company

CHICAGO

investment bankers

Specialists

U. S. Government Bonds
QOqi

CAPITAL, $500,000

Of the Banks in

OZt /O New York City use

NATIONAL

SAFETY

PAPER

FOB THEIR CHICKS

106 So. La Salle St.

NEW YORK

CHICAGO
SOS So. La Sails St.

;

ISO

Broadway

TAYLOR, EWART & CO.

Now York

F. H. PRINCE & CO

INVESTMENT BANKERS
*

iitywM

105 South La Sail# Strast

Cotton

CHICAGO

Henry Hentz & Co.
William Strast
NEW YORK

BOSTON, MASS.

'Municipal, Railroad and Public
Utility Bonds

HIGH-GRADE INVESTMENTS

Congress Street
BOSTON, MASS.

COMMISSION MERCHANTS
AND BROKERS

t't
'

Caldwell &- Company

i
'

'Jadxn of New York a

SOUTHERN MUNICIPALS

Members of

{fee York Stock Exchange

Cumberland Tel. A Telep. Co. fie
Nashville Chattanooga A 8t. Louis By.
Nashville A Decatur By.
Nashville Railway A Light Co. Securities

Nee Yore Onctoo Exchange
New York Ooffw a Sugar Exchange
New York Produce Exchange
Chicago Board of Trade
Associate Members of

NASHVILLE, TENN..

ST. LOUIS. MO.,

Liverpool Cotton Association

214 Union Street

517 Security Bldg.

Hubbard Bros. & Co.
COFFEE EXCHANGE BUILDING

W. G. SOUDERS &CO.

HANOVER SQUARE

EMEIT, IECU l lOCIfIII
959-41S Continental & Commercial Bank Bldg

INVESTMENT BONDS

CHICAGO

NEW YORK
DETROIT

COTTON MERCHANTS
Liberal Advances Made

Borland Bulldliif

George La Monte & Son
91 Broadway

CHICAGO

200

MILWAUKEE

South

Sallo

INVESTMENT BONDS

Street

Cotton

CHICAGO

Consignments.

Hopkins, Dwight & Co.
COTTON
and
COTTON-SEED OIL

Municipal and

Corporation

CHRISTIAN & PARSONS CO.

Reset SO, Cotton Exchange Building,

BUNUo

SHAPKER, WALLER & CO,

Commorcial Paper
Collateral
Loans

COMMISSION MERCHANTS

Dnune

at SOOTH LA SALLO (TRRRT

CHICAGO

lnvontmont Socuritioa

NEW YORK.

mt La Saba

Mop, a.

^financial

DominicK & Dominick

FIRST NATIONAL BANK
RICHMOND, VIRCINIA

Capital and Surplus,

Frank F.

Fagan, Vice Proa.

Chat. R. Burnett, Vice Pres,
Correspondence Invited

Daalars in

COMMERCIAL PAPER
IL L Cot u ami. m
-

•

INVESTMENT SECURITIES

Sts., rhlisgr

&Z;': •»''

■■

Elston & Company
MUNICIPAL
GAS AND ELECTRIC BONDS

SEAS0NG00D, HAAS & MACDONALD
Members New York Stock

SO Broadway

Exchange
Naw York

Members New York Stoek Kinhango,

•«.

-5

Pennsylvania General 4H»

115 BROADWAY

<WOOSPO$A^O)

$3,000,000

John M. Miller Jr., President
W, M. Addison, Vico Pros. A Cash.

established 1870

A. G. Becker 6c Co.

St. Louis

Philadelphia

Milwaukee

39 South La Sallo Street
CHICAGO

'Are

Municipal Bonds

Kasaapt fr*a ffilarai laaaaa Ti

Yielding from 4 H% to 6%
Send /or but

THE HANCHETT BOND CO.
39 South La Sallo Street

CHICAGO

Full text of Commercial and Financial Chronicle : November 23, 1918, Vol. 107, No. 2787 [Copy 1]

FRASER