The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 107
li-raturte
Railway & Industrial Section
Bankers! Convention Section
Electric Railway Section
State and City Section
SATURDAY, NOVENMER 23 1918
The Thronicle.
Week ending November 16.
Gear/nos at
PUBLISHED WEEKLY.
NO 2787
1918.
1
1917.
Inc. or
Dec. 1
1916.
1
1915.
Terms of Subs.:ription-Payable in Advance
For One Year
$10 00
For Six Months
t3 00
European Sit bscription (Including postage)
13 00
European Subscription six months (Including postage)
7 50
London
Subscription
(including
in
Annual
postage)
22 148.
Six Months Subscription in London (including postage)
21 its.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(9 times yearly)
ELECTRIC RalLwaY(3 tunes yearly)
13/.11.wa V EAR INGS (monthly)
STATE AND CITY (surni•annually) 13ANKERs' CONVEN1ION (yearly)
Terms of Advertisina-Per Inch Space
Transient matter per inch space(14 agate lines)
{Two Months
(.4 times)
141,11,1701Tilist113
Standing Business Cards
Ijil:11:=
Twelve Months(52 times)
CIIICA00 OFFICE-39 South La Salle Street, Telephone Mai'stic 7395,
LO.NDON OFFICE-Edwards 86 Smith,1 Drapers' Gardens, E. C.
$4 20
22 00
29 00
50 00
87 00
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depoyater Stn.. New York.
',Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold 31. Dana, Vice-President anti
Secretary. Addresses of both. Office of the Company.
CUM/UAW HOUSE RETURNS.
te ThefollowIng table, mile tip by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,233,034.201, against 86,682,208,499 last week and $6,409.489,504
the corresp aiding week last year.
Cleariws-Returns by Telegraph.
Week e Wing November 23.
1918.
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
Nevi_Orleana
$3,223,097,859
480,115.159
406,232,056
319.245,242
*185,000.000
*130,000,000
113,619,085
127,601,7:39
*54,000,000
72,595.895
64,212,019
$2,943,650,646
419.518,208
31:3,221.299
243,27:3,496
195,787,431
412,634,423
108,792,595
76.829,873
47,996,771
39.767,301
58,676,947
+9.5
+14.4
+29.7
+31.2
-5.5
8.9
+4.4
+66.1
+12.5
+82.6
+9.4
Eleven cities, five days
Other cities, five days
$5.175,719,054
912,016,409
$4,590,148,990
851,762,294
+12.8
+7.1
Total all cities, five days
All cities, one day
$6,087,735.463
1,145,298,741
$5,441,911,284
967,578.220
+11.9
+18.5
O•nt.A1 rill ',Ries for week
$7.233.034.204 g0.4n9 IRO 664 • I- 19. ft
* 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 In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Nov. 16 show:
Clearings
Week ending November 16.
at1918.
1017.
$
$
3,513,909,857 3,710,128,002
New York
400.623,990 413,513,046
Philadelphia
121,020,972
Pittsburgh
84,948,358
77,630,542
Baltimore
52,622.568
24,120,387
23,255,222
Buffalo
5,359,474
7.080,341
Albany
1(3,836,742
13,82:3,564
Wasidirton
8,117.357
9,303,846
Rochester
3,817.145
4,097,278
Scranton
5,042,441
4.500,000
Syracuse
2,598,894
2,958,756
Reading
3,685,967
3,675,618
Wilmington
2,353,629
2,200.000
Wilkes-Barre- _ :3,651.765
4,287.854
Wheeling
2,526,672
3,171,992
Trenton
1,511,124
1,211,767
York
2,186,991
2,214,430
Erie
1,435,233
823,297
Greensburg
1,5:36,394
1,518,5:31
Chester
761,600
1,122,400
Binghamton
_
600,000
799,119
Altoona
2,599,221
2,500,000
Lancaster
614,045
357,328
Montclair
Total Middle_ 4,190,300,840 4,351,352,941
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New 13eciford
Lowell
Holyoke
Bangor
Tot. New Eng-
Inc. or
Dec.
1916.
+2.1
381,703,051 374,002,763
14,473,300 -8.1
13,294,400
9,720,101 -16.5
8,114.532
5,65:3,441 -3.9
5,434,263
4,656,101 -34.5
3,050,447
3,150,000 -23.8
2400:000
4,481,990 -28.8
3,191.428
3,290,090 -36.6
2,054,760
2,525,164 -5.6
2,384,668
1,815,8:33 -34.1
1,196,699
857.901 -9.7
775,090
980,167 -33 5
652.887
424.251.535 • 425,607,754 -0.3
277.309.318
13.419,600
10,022,950
5,418,255
3,452.151
2,9:31,619
4,792,329
2,18:3,623
2,039.946
1,53:3,452
977.165
744.924
324.825,902
Noie.-For Canadian clearings see "Commercial and Miscellaneous
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
+47.5
39,299,352
48,878,519
+3.7
19,471,15(3
15,316,300
-24.3
5,048.720
6,328,417
+21.8
10,024,266
8,458,155
-12.7
7,609,483
5,774,811
-6.1
3,515,364
3,048,562
+12.0
3,867.670
3,034,085
-12.2
2,795.473
2,053,211
+0.3
3,10:3,972
2,754.278
-6.5
2.189.503
2,111,621
-14.8
3,509,653
2,7.11,206
-20.3
2,372,319
2.210,210
-17.0
1,011.954
1,110,342
-1.3
1,708,748
1,181,196
-12.6
728.609
728,196
-1.2
1,059.129
1,273,030
-32.2
1,037,300
838,600
+33.2
682,807
560,590
-3.8
1,750,366
1,926.351
-41.9
402.3300
554.833
-3.5 4-7554,039,324 3,450,236,5/9
281.281.849
10,826,500
7,016,230
3,855,115
3,575,701
2,525,000
3,375.708
1,581,371
1,709,151
994.827
663,813
462.750
254.898,018
News."
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, 111
Fort Wayne.._
Akron
Lexington
Youngstown
Rockford
Canton
Quincy
Springfield, Ohio
South Bend
Bloomington__ _
Mansfield
Decatur
Danville
Limit
Lansing
Jacksonville, III_
Ann Arbor
Adrian
Owensboro
Tot. Mid. West
495.458.894 566,374,934 --12.5 496,969.971 356.680.137
32.248.166
42.253.320 +23.7
40.250.550
32.794.950
83.889.823
91,438.995 ---8.3
69.850.253
39.798.698
69.139.559
62,499,630 +10.6
64,820.847. 37.456.298
29,713.128
32.275,869 -7.9
26.875.579
19.354.425
15.126.000
16.358.000 -7.5
14.058.962
10.137.067
11,732.300
11.479.400
+2.2
8.241.300
9,704.900
10.921,913.
11,209.010 -2.6
12,052,4611
8,618.933
3,000.000
3.300.000 -9.1
3,500.000
3.368.708
5.362.075
5.420.143 -1.1
6.185,003
3.796.682
3.400.000
3,385,251
+0.4
4,022.723
2.856.909
4,282,246
3,418.579 +25.3
2.769.113
2.147,567
1.899,062
1,704,278 +11.4
1,558.624
1,083.396
1.339.363
1,761,500 -24.0
1,822,134
1,276.350
5.730.000
5,231,000
+9.5
5,127.000
2,965.000
1.150,000
1.207.697 -4.8
735.999
717,597
3,576.930
3,851.291 -7.1
3.993.325
2,173.235
1,972.307
2.045.827 -3.6
1,350.784
1,029.129
1,980,000
2.200,000 -10.0
3,5337,672
1,900.000
1,20.5.083
1,300.000 -7.3
1,082,054
850.197
1.086,014
1.286,775 -15.6
1,142.771
774.705
1,117.677
1,300.000 -14.1
1,079.580
865.865
1,219,524
1,187,785
+2.7
905.577
716.341
966,332
1,110,337 -13.0
880.360
614.659
1,068.269
840, 548 +27.1
739.414
451,403
590.000
585.000
+0.9
487.470
417,427
903,112
910,986 --0.9
650,000
498.721
964,703
1,056.725 -8.7
1,235.154
916.532
514.238
553,048 -7.2
492.701
243.238
337.996
370,957 --8.9
405.909
299.624
100.000
163,742 -39.0
125.124
94,252
843.189
573.211 +47.1
420.488
327.825
812.837.933 878,654,768 -7.5 778.882,505 543,467,170
San Francisco_ __
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
Pasadena
San Jose_____o_.
Yakima
Reno
Long Beach
Total Pacific
115,438.082 129.971,316
.34.501.000
31.925.000
36.974,204
28,85:3.086
29,962.757
22.999.578
8,400,000
11,095.021
14.858.165
19,615.103
6.182,964
4,625.862
7,798.354
6,297,736
4,737,963
4,700.815
2.104,174
2,881,584
3,307.856
3,826.767
1.789,670
2,280.421
939,481
1,174,154
1,093.877
1,932.066
1.344.367
1,130.394
525,000
555.000
1,200.894
788.995
271,158,808 274,652.898
Kansas City__
Minneapolis ____
Omaha
St. Paul
Denver
1)uluth
St. Joseph
Des Moines
Sioux City
Wichita
Topeka
Lincoln
Davenport
Cedar Rapids
Fargo
Colorado SIR'Ings
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
196.418,178
45.921.635
49.000.000
19.010.511
20.060,447
17,944,598
15.695.654
8.249,292
7.295.461
8,537,202
2.239,084
3.656.960
3.680.328
1,706,587
2,500.000
819.148
825,354
570.552
570.040
1,600.097
1,421.688
2.482.394
1,260.696
411,499.506
-11.2
+8.1
+28.1
+30.3
-24.3
-24.3
+3:3.7
+23.8
+0.8
-27.0
-13.6
-21.5
-20.0
-43.4
+18.9
+52.2
-1.3
96,401.768
30.051.000
22,925,499
18.121.134
7.528,207
12,669.093
2.748.429
5,233.763
3,195.241
2,126,275
3,135,724
2.166,200
1,242.441
1,248,348
889.709
540.738
668.696
210.898.265
62.528.375
23.742.992
12.991.268
11,439.647
4,700.000
11.159.145
2,028.181
4.111,856
2,894.083
2.2.54.571
1,838.028
1,240.710
901.831
900.000
500.000
332.803
49(3.6.31
144.060,121
231.349.352 -15.1 129.025.499
96.326.649
42,013.307
+9.3
40.124,446
35.176.489
47.000,000
+4.3
30,027.388
22.589.182
18,201,959
+46
21,427.175
18.665.515
24,386,016 -17.7
17.883.425
13.721,228
8,969,245 +100.7
11,258.225
13.192,246
15.475,835
+1.4
11.731,474
8.631.922
9,825,352 -16.0
6,928,304
5.478.271
8.626.820 -15.4
5,222.118
3.694.977
8.652,075 -1.3
5,756,006
4.354.670
3.426,719 -34.6
2.193.665
1.770.260
4.670.359 --21.7,
3,142.245
2.429.939
3.488,323
+5.5:
1,952.367
1.451.289
3,015,200 -43.4
1,759,840
1,983,161
2,583.112 -3.2
2,451,356
2,906.005
1,118.906 -26.7
1,26(3,200
8.58.354
843.133 -2.1
710,307
462.123
596.411 -4.4
416.063
398.842
425.000 +34.1
357.971
266.145
1,69:3,891 -5.5
1,192,000
1,094.013
2.241.262 -36.5
2,119.000
2,154.02.9
2.567.216 -3.3
2,342.862
1.548.417
llichens3il l l ngs
1,721.677 -26.8
931 113
1,135.672
Total oth.West
442,891,233, -7.1 300.435.608 240,091.909
161.524,112 189,723,401 I -14.9i 142.659.427
St. Louis
99.819.855
54.866.429
New Orleans
55,921,836 -1.9
44,5:30.637
23,289.327
22,371,316
Louisville
22.702.005 -1.5
19,998.277
18.301,601
Ilouston
18.500.000 -14.1
15,893.188
15,99:3.175
13,497.417
Galveston
5.462.573
0.500,000 -16.0
7,309.528
5.710.491
Memphis
24.326,076
21.088,747 +15.4
17,253.233
10.583.576
Fort Worth
14,340,881
18,763,796 -23.6
13.102,774
11,657.087
Richmond
64.322,559
49.893,164 +28.9
26.915.749
15,473,658
Atlanta
66,888.776
59,462,021 +14.2, 34,312.396
21.157.376
Savannah
6.517.312
14,973,545 -56.5
9.4:36,194
5,375.174
Nashville
15.625.261 +22.2, 11,074.862
19.096.802
7,789 676
9,521.016
Norfolk
8.492.916 +12.11
6,963.'..18
5,001 300
Birmingham
11,719.804
4,437,070 +164.11
3,029,042
2,997 531
Augusta
4,203,534
5.090.074 -17.41
3,214,424
2,439,095
Jacksonville
7,230,923
5.101,993 +41.71
3,300,000
2,935.127
2,700.000
Knoxville
3.156.654' -14.5,
2,122.504
2,090.435
5,842.9137
Little Rock
8,122,5S1 -28.1,1
5,231.166
3,169,058
Chattanooga
5.898,282
5,766,673
+2.3'
4,157.604
3,035.236
Charleston
3.717,013
3,706,217
+0.31
3,555,075
2,257.938
Mobile
1.634.906
1,461,066 +11.8
1,351.608
920.155
Oklahoma
10,457,142
13,124.117 -20.31
6,3:14,148
3,308,000
Macon
2,500,000
2.666.718 -6.3
7,524,487
4,361.691
5,000.000 -40.0,
3,000,000
3,0
400
43;0
400
00
1,848.351
ib
n urg
634,996 -16.9,
A
V lucks
1.1
485
06
6
527
319.130
1,000.016 -37.9'
712.418
509.085
3,267,873
j
M
ati
ck
ss
ko
olgiee
5,139.812 -36.41
2,060,651
1.403.375
8,747,742
Tulsa
7.882,591 +11.0,
4.623,528
2,443.766
23,000.000
Dallas
21,937,635
+4.81
17,138,358
2,900.000
Shreveport
3,011,253 -3.71
Total Southern 563,099.577 578,886,218 -2.7 417,377.883 271,604.511
6,682.20'3.499 6.952,015,812 -3.9 6.585,459,487 4,904,388,308
Total all
Outside N. Y_ 3,168.298.612 3,241,917,810 -2.3 2,546,654,280 1,829,O8(38
1940
THE CHRONICLE
THE FINANCIAL SITUATION.
The people of the United States have fully demonstrated their patriotism in time of war and they are
now to be called upon to manifest an equally patriotic ardor in time of peace. The period of readjustment 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 manner 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
toil.
At the Pan-American Labor Conference in Texas
Mr. Samuel Gompers announced that labor organizations would seek to retain all advantages in higher
wages and shorter hours gained by the war. Wages,
the income of the toiler, exactly as interest and profits, the income of the investor, are regulated by economic forces which are more powerful than any artificial 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 declaration 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 buying such securities at current market values (the
low prices ruling having been induced by war conditions), 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 increased 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
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 purchase 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
[VoL. 107.
not be put into new structures so long as the cost
of construction is maintained upon a war basis, for
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 to show
results under 1917 and for October the yield 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
to operations consequent upon the influenza epidemic, 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 operations returned only 679,764 fine ounces, this being a
deorease 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 December is likely considerably to increase. • Indications,
therefore, are that production for the full twelve
months of the current calendar year will exhibit a decline of quite a little over 500,000fine ouncesfrom1917,
and with the returns for the remainder of Africa also
running behind, it Os 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
so 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
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 matter. In other words, nothing was
allowed to hamper or hinder war activities and that
stand met with the unqualified approval and support 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
at once been relaxed. Within the last two weeks,
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 1918.1
THE CHRONICLE
1941
building materials their general tendency is seemingly 155,021 in 1917, but in 1913 the aggregate was
not towards a higher level, the manufacturers being approximately 130 millions.
rather inclined to meet the prospective builder half
way. A fact of interest bearing on the situation is
"Der Tag", the day which German naval officers
that a recently completed survey of 'the building have for years been toasting, as the supreme moment
situation by the F. W. Dodge Co. indicates that of their lives when they should meet the British
projects involving approximately $450,000,000 are naval fleet, came on Thursday with much different
ready to be put under way with restrictions removed results than had been hoped for by the Kaiser's
and money available.
men. The heart of the great German fleet—fourShowing 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 that 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 disheavy 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 rendezPittsburgh, 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 building construcIn other lines, too, the terms of the armistice are
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 Governmoderate 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 afterbut $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 million 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 dis339 millions and 5533/ 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. Intimaexcluded) over 89 millions in the Middle West, 53/b tions have been reached that a grand review of desigmillions 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
Canadian returns at hand for the month also Prussian militarism. It is understood that neutral
indicate a poorer outcome than in 1917. Twenty- Governments will be invited to send delegates to
seven cities in the Eastern Provinces give for October the Peace Congress and participate in a considerathis year a total of intended outlay of $2,415,143, tion of the two foremost international questions,
against $2,637,909 last year, and for 12 Western namely the formation of a League of Nations and
cities the contrast is between $422,505 and $641,480. the determination of what constitutes freedom of
The aggregate of all (39 cities) is, therefore, only the seas.
$2,837,648, against $3,279,388. For the ten months
the contemplated expenditures in the East total
The second week which has followed the formal
$25,865,669, against $25,827,739, but in the West acknowledgment of German collapse has contained
$7,564,627, against $5,327,282. In all, conse- developments which are on the whole reassuring in
quently, the 39 cities have arranged to expend in their relations to future peace problems. There seems
building construction $33,430,296, against $31,- no immediate prospect of the spread of Bolshevism
1942
THE CHRONICLE
of the type which has so completely disorganized
Russia. Latest advices cabled from Holland indicate a substantial improvement in the political situation 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 times
driven out in an open carriage and has been cheered
and received everywhere with respect. The London
"Daily Chronicle's" diplomatic correspondent, writing under date of Wednesday, declares that the revolutionary agitation in Holland appears to have completely broken down. A great demonstration had,
he said, been organized, the announcement of which
occasioned considerable apprehension. But the
great masses of the people who attended the gathering wore orange-colored rosettes—the loyal and national emblem. 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 correspondent—that of the Associated Press—arrived
last week appears one in which there is more talk
than disorder. There is urgent need of bread especially for the poor of Austria. Some disorders
have been reported from Prague, the capital of
Bohemia, as the result of an attempt to remobilize
former soldiers into a national guard. But wherever
the correspondent passed on his way to Vienna he
encountered no difficulty and saw few disorders.
At stations, here and there, troops returning from
the Italian front resisted when the local police tried
to disarm them. Sometimes there was disorder
when the soldiers refused to give up plunder stolen
from the army stores and a few men were killed,
but direct benefit resulted from an order issued
early in the week that soldiers found in possession
of such property would be shot unless they surrendered it before Nov. 20. The formation of a republic in Vienna according to the press correspondent has apparently not been a difficult task and
it is now merely a question of holding the people
together until a stable government can be established. When the Empire was overturned in the
last days of October there was, he adds, no violence
in Vienna. One of the notable political changes
has been the granting of equal franchise to women.
The German situation does not yet appear to have
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
assured, declared Friederich Ebert, the Chancellor,
in a recent speech. "We also can hope," the speaker
said, "to obtain conditions of peace relatively favorable. But if our adversaries can establish that
anarchy reigns among us, they will dictate conditions
that will annihilate Germany's political life." The
more general attitude of the common people in Germany appears the one that they have had enough of
war and their one desire is to go back to useful occupations in an attempt to get their families and themselves out of the horrible condition of misery and discontent which has arisen. Most of them appear to
be showing slight interest in the new form of government or in any phase of the political developments.
The Hungarian Republic was on Tuesday proclaimed
with Budapest as its captial, the National Council
having announced its own dissolution, and charged
the Karolyi Cabinet to exercise all its powers until
the convocation of the new Constituent Assembly.
[VoL. 107.
Banks of Gemany and Austria are said to be
secretly exporting large sums in securities to Switzerland 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 because of the non-arrival of foodstuffs. In accordance with the Council of German National Plenipotentiaries, 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 retirement 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 appointed Secretary of State for the Imperial Labor
Office on Oct. 6 last. Vice-Admiral Mann was
appointed Secretary of the Navy early in October
and retained his new position in the coalition Cabinet.
He previously was at the head of the U-boat department of the navy.
The British Parliament was prorogued on Thursday. The King's sp.eech, which was read by commission owing to his absence in Scotland, expressed
"humble thanks to Almighty God for the success
with which it has pleased Him to crown our arms."
The King urged continuance of "the exertions which
have carried us to victory until the ravages of war
are repaired and the fabric of national prosperity is
restored." The British Premier Lloyd George has
sent a letter to Bonar Law, Chancellor of the Exchequer and leader of the Unionist Party, outlining
his policy regarding the general election and the
principal issues of the day. The Premier says he is
convinced that there should be a general election,
his principal reason being that it is essential that there
should be a new Parliament possessed of authority to
deal with the difficult tran'sitional period which will
follow the cessation of hostilities. He believes it
should be a coalition election, the constituents being
invited to return candidates who will undertake to
support the present Government, not only to prosecute the war to a final end and to negotiate peace,
but to deal with problems of reconstruction. Herbert H. Asquith, former Premier and leader of the
old Liberal organization, delivering a speech in
Westminster early in the week,declared that it was
both a blunder and a calamity that the country should
be plunged into the tumult of a general election at a
time when the whole future international development of the world was in the crucible. He said his
case against holding an election was greatly strengthened by the fact that the men most entitled to express
an opinion on the reconstitution of affairs—the
soldiers in the field—would be unable to vote.
Even in Russia there are satisfying indications of
a gradual clearing up of the deplorable condition of
anarchy which has been prevailing on a gradually
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 dictator:and: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 move was "due to extraordinary circumstances and danger menacing the State." The
Council of Ministers has assumed authority and
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 forces, announced that they recognized the new authority.
The coup occurred on November 18.
Responsible data are beginning to appear which
will furnish an 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 including all the theatres of activities presents the
astounding total of 3,049,991. This information
was presented in the House of Commons on Tuesday by James Ian MacPherson, Parliamentary
Secretary for War. Officers killed, wounded or
missing aggregated 142,634; the men 2,907,357.
Of the total,_the number killed was 658,665, comprising 37,836 officers and 620,829 men. The
figures given include troops from India and the
Dominions. Official totals are not yet available
of the French losses. It has in fact been the consistent policy of the French authorities throughout
the war not to publish these figures. But now that
the fighting has ended there is reason to expect an
official statement in the near future, and this will
unquestionably show a considerable excess over the
British losses. As to the German losses the "Vorwaerts" newspaper of Berlin declares it has reliable
authority for its statement that 1,580,000 German
soldiers were killed and the fate of 260,000 is not
known. A total of more than 4,000,000 were
wounded, some of them several times. The newspaper adds that there were 490,000 German prisoners in hostile countries.
The direct cost of the war for all belligerent nations to last May was reported at about $175,000,000,000 by the Federal Reserve Board "Bulletin," 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.
1943
the news of the armistice has apparently resulted
in additional liquidation and practicary all the socalled peace stocks, including Consols, have intermittently been under pressure. The absence of
immediate prospects of relief from bond subscriptions or in the form of reduced taxes has resulted
in depression. The Treasury has announced that
it still requires the sale of £25,000,000 in war bonds
weekly. Some members of the London Stock Exchange 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 resumption of speculation by contango, and it is not
thought probable that changes of a drastic character
will be made in the near future. Nevertheless a subcommittee has been appointed to consider the question and will forward its recommendations to the
Treasury Department. 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
thoughts and arranging future plans; hence there is
hesitation and caution instead of hustling and energy.
The prospectus of the London issue of the French
loan quotes a price of £13 12s 4d. for bonds of 500
francs each, the amount to be issued in the United
Kingdom being fixed at 520,000,000 francs. The
amount has already been oversubscribed. It is
reported that the Royal Mail steamship interests
are purchasing control of the Khedival Mail Steamship Co. The British Westinghouse Co., which is
controlled by Vickers' interests, is proposing to
increase its capital by £5,000,000. The London
market recognizes that the work of demobilization
must of necessity mean a long period of transition
from war to peace conditions. As at home here,.
the labor problem in the United Kingdom appears
the source of greatest concern in any consideration
of conditions during this period of transition. It is
feared, too, that the forthcoming general elections
will engender considerable socialistic propaganda
and be calculated to retard business until the election
result is known, which will probably not be much
before the end of the year. It is recognized that
Government control of industry can only be relaxed gradually while the rationing of food and the
essential raw 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
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 established in the 16th century, has a capital of acopa,
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, reserve 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,
1944
THE CHRONICLE
[Vol,. 107.
civilians on parade before thousands of troops scattered 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
by cable correspondents that 200,000 members of scicities of every social kind marched in the processions,
and it seemed as if the remainder of Paris, taking advatage of the clear, cold weather, lined the route.
This was the first official grand manifestation since
the armistice was signed, and was intended to symbolize the gratitude of the civilians to the victorious
troops. Spruce branches brought by American automobiles from Alsace decorated the stand from which
President Poincare spoke. The President said that
Alsace and Lorraine had been awaiting in silenca the
awakening of sleeping justice. Germany by her
declaration of war had liberated the French from the
—January 1 to October 31October
coercion to which they had been constrained to sub1917.
1917.
1918.
1918.
£1,087.791,378 £872,136,877 mit through their love of peace and horror of bloodImports ___ £117,707,000 £94,258,263
444,786,142
416,972.427
50.757.054
Exports-- 42.821,000
shed. The country and the army had passed through
Excess of
£670,818,951 £427,350,735 four years of alternate hopes and dejection. The naImports. £74,886,000 £43,501,209
tion had seen death pluck the flower of its youth. But
Sales of British war bonds for the week ending nothing had broken its will to vanquish. PerseverNov. 9 through the banks amounted to £22,070,- ance and energy finally had been rewarded, and Al000, 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, bringing 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; 532% in Switzersales of war savings certificates for the week of Nov.2 land;6% in Petrograd and Norway;63/2% in Sweden,
amounted to £3,325,000, bringing the total ultimate and 432% 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
France apparently is losing no time in attacking on call in London remains as heretofore at 34%.
its problem of readjustment from war condition's. No reports have been received by cable of open
Press accounts bring the news that there has been a market rates at other European centres, so far as
notable lowering of.'prices in Paris in the recent past, we have been able to ascertain.
the quotations for grain from North America having
A further gain in gold of £585,456 is shown in this
dropped nearly 50%. Wool from South America
statement of the Bank of England. There
week's
has declined to 270 francs(per cubic metre from 350
was an increase in note circulation of £286,000;
francs.
The French Government is to establish popular hence the total reserve was expanded £299,000.
price restaurants, the Committee of the Chamber The proportion of reserve to liabilities was again
of Deputies on Victualling baying adopted recently reduced, viz., to 16.48%, as compared with 16.66%
a report authorizing the Government to appropriate a week ago and 19.32% last year. Public deposits
50,000,000 francs for that purpose. Louis Loucheur, declined £340,000, although other deposits regisFrench Minister of Munitions, presented to the tered an expansion of £969,000 and Government
Army Committee in the Chamber of Deputies on securities increased £3,192,000. Loans (other seSaturday last a report regarding the transformation curities) expanded £119,000. The Bank's stock of
of the present war factories. Measures had been gold on hand now stands at £75,170,519. Last
taken, the Minister said, to prevent idleness as far year the total was only £55,856,322 and in 1916
as possible and to insure work to French workmen £56,408,033. Reserves total £28,397,000, as against
and women before foreign workers and prisoners £31,833,837 in 1917 and £37,038,443 the year before.
get employment. The production of war material Loans aggregate £99,879,000, in comparison with
would cease progressively after military requirements £91,958,028 and £98,634,422 one and two years ago,
and the available workers were taken into account. respectively. Clearings through the London banks
The British War Cabinet has sanctioned an agree- for the week amounted to £411,370,000.. Our
ment turning over to France vessels aggregating special correspondent is no longer able to give dgtails
400,000 tons, such vessels being built in Great Brit- by cable of the gold movement into and out of the
ain. One-third of the ships will be turned over at Bank for the Bank week, inasmuch as the Bank has
the close of hostilities, one-third in a year and the discontinued such reports. We append a tabular
remainder during the course of the succeeding year. statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
A new French law has just been published increasing
1916.
1914.
1917.
1915.
1918.
Nov. 22.
Nov. 21.
Nov. 24.
Nov. 25.
Nov. 20.
by ten cents the daily pay of privates and corporals
.0
65,222,000 42,472,485 36,919,590 33,301,750 35,314.865
in the French army. Half the increase is paid to Circulation
29,668,000 42,175,307 55,580,473 52,148,990 18,691.374
Public deposits
deposits
142.672,000 122,596,062 105,417,900 84,649.258 156.462.997
Other
the soldiers, the other half being placed to their Govern't securities_ 61,788.000 58,735,870 42,187,582 18.895.068 26,285,717
Other securities.... 99,879,000 91.928.028 98.634,422 98,116.125 111,315.710
credit in savings banks.
Res've notes & coin- 28,397,000 31,833,837 37,938,443 37,605,297 55.358.067
75,170,519 55,856,322 56,408,033 52,457,047 72,222,932
Coin and bullion
Alsace-Lorraine
day
in
Paris.
Sunday
was
Last
Proportion of res've
31.60%
16.50%
19.32%
23.56%
27.48%
to liabilities
It was not celebrated by victorious troops marching Bank
6%
6%
5%
5%
5%
rate
through the city, but by countless processions of
War conditions have so completely disorganized
values and the movement of merchandise that it is
difficult to appraise 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
for the month of October and for the ten months
ending with October:
Nov. 23 19181
THE CHRONICLE
1915
The Bank of France in its weekly statement re- does not appear encouragement to expect any
ports an additional gain in the gold item this week, loosening up of the purse strings to provide an
the increase being 4,371,000 francs. The Bank's increase in the volume of funds in the reasonably
aggregate gold holdings, therefore, now amount to near future. The Stock Exchange Committee,
5,452,259,625 francs, comparing with 5,331,456,417 however, is endeavoring to obviate inequalities.
francs in 1917 and 5,036,089,484 francs in 1916; of One suggestion which appears to be receiving favorthese amounts 2,037,108,484 francs were held abroad ing attention is that individual loans for Stock
in 1918 and 1917 and 1,079,072,906 francs in 1916. Exchange houses may be adjusted on a new basis.
During the week silver was increased by 103,000 It has been claimed, for instance, that the arbitrary
francs and general deposits gained 46,544,000 francs. date of Sept. 16 does injustice to members who,
Bills discounted, on the other hand, decreased 42,- in order to facilitate the distribution of the Fourth
970,000 francs, advances were reduced by 9,234,000 Liberty Loan were honestly endeavoring to keep
francs and Treasury deposits fell off 22,336,000 down their customers' commitments. Meanwhile
francs. Note circulation registered the large con- several large houses who were not so careful in this
traction of 379,125,000 francs, reducing the total respect permitted, as a result of increased business,
outstanding to 30,192,484,000 francs. In 1917 at their loans to accumulate and have thus,it is asserted,
this time the amount was 22,414,455,440 francs and been enjoying a credit position more favorable than
in 1916'15,952,396,405 francs. On Nov. 7 1918, they deserve. It is reported that the Committee
which was immediately preceding the signing of the is considering the acceptance of a new date as a
armistice with Germany, the total was 30,821,245,- basis for members' loans—a date more equitable
000 francs, which contrasted with 6,683,184,785 for all concerned. But there is to be no letting down
francs on July 30 1914, just previous to the outbreak of the requirements that members must furnish the
of war. ' Comparison of the various items with the Exchange Committee with daily reports of all their
statement of last week and corresponding dates in loans. The Committee appointed by the Association
1917 and 1916 are as follows:
of Partners of Stock Exchange Firms a week or so
BANK OF FRANCE'S COMPARATIVE STATEMENT.
ago
for the purpose of taking up with the Stock
Changes
&alas as of
for Week. Nov. 21 1918. Nov. 22 1917. Nov. 23 1916. Exchange Committee various questions regarding
Gold Holdings—
Fra C3.
Francs.
Francs.
Francs.
In France
Inc. 4,37f,000 3,415,151,141 3,294,347,932 3,957,016,578 the restrictions of loans imposed by the Money
Abroad
No change 2,037,108,484 2,037,108,484 1,079,072,906 Committee, has this week issued
a circular to its
Total
Inc. 4,371,000 5,452,259,625 5,331,456,417 5,036,089,484 members in which it
states
among
other
things:
Silver
319,149,819
103,000
Inc.
248,517,065
316,257,954
Bills ( 13counted...Dec. 42,970,000
758,731,600
718,843,098
601,078,408
Advances
Dec. 9,234,000
856,187,500 1,143,223,638 1,359,809,612
Note circulation. Dec. 379,125,000 30,192,484,000 22,414,455,440 15,052,396,405
Treasury deposits.Dee. 22,336,000
74,496,000
52,626,028
86,219,659
Oeneral deposits_..Inc. 46,544,000 2,964,650,000 2,800,325,963 1,852,499,697
Saturday's bank statement of New York Clearing
House members, which will be found in more complete form on a later page of this issue, reflected
heavy withdrawals of funds from the banks to meet
the interest payments due on Liberty bonds which
fell due on Friday last. As a result there were declines in reserves, while both loans and deposits were
increased. The expansion in loans totaled $4,728,000. Net demand deposits increased $37,917,000
to $3,812,322,000 (Government deposits of $338,724,000 deducted), and net time deposits gained $3,043,000 to $154,028,000. Cash in vaults (members
of the Federal Reserve Bank) decreased $682,000 to
$106,492,000 (not counted as reserves). Reserves
in the Federal Reserve Bank of member banks declined $33,780,000 to $514,061,000 Reserves in
own vaults (State banks and trust companies) were
increased $81,000 to $10,367,000, while the reserve
in other depositories (State banks and trust companies) expanded $253,000 to $8,970,000. Aggregate reserves were reduced $33,446,000, which carried the
total down to $533,398,000 and compare with $575,-,
993,000 last year. A gain in reserve requirements of
$5,083,220 served to .ncrease the loss in surplus,
which amounted to $38,529,220, thus leaving only
$28,812,730 in excess reserves on hand (but not
counting $106,492,000 cash in vaults held by these
banks), as contrasted with $109,260,310 at the same
time in 1917. These figures are on the basis in both
cases of 13% reserves for member banks of the Federal Reserve system, but not counting cash in vaults
of such member banks. Circulation registered a reduction of $209,000 to $35,615,000.
A number of the firms have made inquiries of us as to
whether there is any possible chance of removal of the restrictions placed on loans. We desire to take this opportunity to state that at the present the restrictions will remain. 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
explain the facts, and if the facts justify a modification it
will be granted.
The committee has had a conference with the Stock
Exchange committee and we arc more than pleased to announce that this delicate question has been handled by
the Stock Exchange committee in a most satisfactory man-
ner.
Much interest has been evinced in money circles
in the announcement by Secretary McAdoo that the
next Government bonds to be issued (in the spring)
will be of short maturities. Announcment in respect to this matter became desirable because of the
proposed flotation of another series of short-term
certificates of indebtedness in anticipation of the
new loan. Secretary McAdoo states that the new
policy has been adopted by the Treasury in the belief
that the interest of the Government and the country at large will best be served by the issue of
bonds of short maturities. The adoption of this feature is expected by Treasury officials to enhance the
attractiveness of Federal securities in competition
with those by private corporations and to overcome
possible reluctance of the people to buy Government
bonds, now that the fighting has ceased. In this
relation it is of interest to note that at a gathering
of the heads of the various Federal Reserve banks in
Washington this week the belief was virtually unanimous that it will be found desirable for the Capital
Issues Committee to remain in operation for the
present in order that official control of the applications for new capital might be exercised as long as the
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 thesingle
THE CHRONICLE
1946
rate of 6%, this being the high and low and renewed
rate on each of the earlier days of the week, for
mixed collateral loans. On Friday,' however, a few
3 %,
commitments were announced as low as 54
but 6% remained the renewal basis. All-industrials
of 1% over
1
continued to be quoted at 4
this figure. In time money the situation remains
about the same. Nominally 6% is still bid for all
maturities from sixty days to six months, with,
however, no trades reported except for a few small
amounts for thirty days at 6%. Dulness was the
feature of the week's dealings. At the corresponding period a year ago sixty days was quoted at 53@
ninety days and four months at 532% and
5
1
ive and six months at 54@5%%•
Mercantile paper was in fairly good demand, with
a ready market for all high-grade notes, which continue to be quoted at 6% for sixty and ninety days'
endorsed bills receivable and six months' names of
choice character. Names less well known are also
quoted at 6%.
Banks' and bankers' acceptances have ruled firm
and without quotable change. A fair degree of
activity was recorded. Both local and out-of-town
institutions figured among the buyers. The rate
for demand loans on bankers' acceptances has not
been changed from 43%. Quotations in detail are
as follows:
Spot Delivery
Thirty
Sixty
Ninety
Days.
Days.
Days.
43%.344) 4%@414 43%(4454
43%@434 47 (i44.4 4%04%
554(45
5%@5
@5
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
,4
Delivery
within
30 Days
454 bid
43% bid
6 bid
No changes in rates, so far as our knowledge goes.
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
Discounts—
1
ri
]'
A.
•
cs
a
2
S
I Dallas.
j
I Kansas City.
.0
Atlanta.
Boston.
CLASSES
OF
DISCOUNTS AND LOANS
I New York.
DISCOUNT RATES OF FEDERAL RESERVE RANKS.
•
Within 15 days,Incl. member
banks collateral notes.... 4 4 4
16 to 60 days' maturity__ 43%43% 4%
61 to 90 days' maturity.... 43% 4% 4g
Agricultural and live-stoc
• 5 5 5
paper over 90 days
Secured by U. S. certlficat,
•
of indebtedness or Ll, .
erty Loan bonds—
Within 15 days, including
member banks' collat4 4 4
eral notes
4 '43%43%
16 to 90 days' maturity
Trade Acceptances1 to 60 days' maturity
43% 4% 4%
4% 4% 4%
61 to 90 days' maturity
3 4 4
454 43% 43% 411
4
41( 4%
43% 5 4% 4% 43% 43% 5 43% 5
43% 5 43% 43% 43% 5 5 5 5
53% 53% 5
53% 53% 53% 53% 53% 53%
4 •43%4
4
4
4
43%4
43.(
43% 43% 43% 43% 43% 43% 43% 43% 43%
4% 4126,454c 43% 454 43% 43% 43% 430
4% 45.11 454 454 454 414 431 414 43%
* Rate of 3 to 454% 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%%;
41 to 90 days, 454%.
a 15 days and under, 434%.
I' Rate for trade acceptances maturing within 15 days, 434%.
c 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 commercla
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day discount rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Sterling exchange in a broad sense remains practically 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 developments,sterling exchange on Saturday was quiet but
steady, with demand still quoted at 4 75 15-16@
76, cable transfers at 4 76 9-16 and sixty days at
733'1@4 73%. On Monday the opening was a
shade easier and demand bills receded to 4.7585@
[VOL. 107.
4 7595; cable transfers, however,remained at 4 76 9-16
and sixty days at 4 73%@4 73%; trading was not
active. There were no new developments noted on
Tuesday and the range of quotations remained at the
levels of the day previous. Wednesday's market
was a dull affair; transactions were light in volume
and rates continued unchanged. Delays in cable
transmission caused some hesitancy in dealings on
Thursday and cable transfers declined to 4 76;
demand bills- were also a trifle lower and receded to
4 75%@4 75 13-16; sixty days, however, showed no
change. On Friday the market ruled quiet and a
shade easier. Closing quotations were 4 733@
4 739/i for sixty days, 4 75%@4 75% for demand
and 4 76 7-16@4 763/2 for cable transfers. Commercial sight bills finished at 4 75%@4 75%, sixty
5 ,ninety days at 4 71•@4 713,
2@4 72%
days at 4 723/
documents for payment (sixty days) at 4 71%@4 72
and seven-day grain bills at 4 74%@4 74%. Cotton
3
and grain for payment closed at 4 75%@4 75%.
were
or
import
export
for
either
gold
of
No shipments
reported during the week. On Wednesday a shipment of $2,000,000 in silver was arranged for Calcutta, India. This brings the exports of the white
metal on this movement up to $19,000,000.
The Continental exchanges have experienced a
quiet and comparatively unventful week, operators
evincing a disposition to await the outcome of the
peace settlements before entering into extensive new
commitments. As a result, dealings were more or
less routine in character and variations in rates
without importance. Francs ruled easier and closed
at a slight net decline for the week. This was
something of a disappointment to exchange traders
who have been confidently predicting further advances, as also was the failure of the authorities to
substantially raise the level of Italian exchange.
Lire remained at the rates previously current, while
rubles continue to occupy a purely nominal position.
It is reported that there has been some demand for
German marks and Austrian kronen, presumably
in 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 exchange bankers has been formed, which will be
known as :the Association of Foreign Exchange
Dealers, for the promotion of closer co-operation
among members in all exchange matters. Meetings
will be held once a month. The official London
2 (unchanged).
check rate on Paris closed at 25.973/
In New York sight bills on the French centre finished
at 5.459, against 5.45; cables at 5.45, against
5.443/2, commercial sight at 5.46%, against 5.45%,
and commercial sixty days at 5.553, 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 5.163 for checks
and 5.15 for cables.
In the neutral exchanges a pronounced rally has
a generally firmer
developed in Swiss francs
Nov. 23 1918.]
THE CHRONICLE
1947
tendency in Scandinavian rates. Pesetas were
THE DISARMING OF GERMANY.
also higher, while guilders ruled steady, though withIn compliance with the terms of the armistice,
out essential change. The explanation most widely
accepted for this movement was that the more or there has been occurring this week perhaps the most
less serious political disturbances and labor uprisings remarkable surrender in the whole of military and
reported throughout Europe and especially at neutral naval history. We describe this delivery to the
centres would tend to delay the speedy return to Allied commanders of Germany's military arms and
warships as surrender, although it is not technically
normal peace conditions.
Amsterdam
closed
%
,
at
413
on
such
a step and is not so described in the armistice.
sight
Bankers'
against 41%; cables at 423, against 42; commercial Nevertheless, it is now quite evident that the giving
sight at 41 11-16, against 41 11-16, and commercial up by the German army of 5,000 guns, 25,000 masixty days at 41 5-16, against 41 5-16 a, week ago. chine guns and 1,700 airplanes, and by the German
Swiss exchange finished at 4 98 for bankers' sight fleet of all its submarines and 74 warships of the
bills and 4 96 for cables. This compares with 5 03 various classes, will have the military and moral
and 5 01 the preceding week. Copenhagen checks effect of full capitulation.
The army and navy personnel will not be techclosed at 26.50 and cables at 26.80, against 26.60
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 equipchecks 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 expiraSpanish 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
period, to resume fighting and continue the war.
20.05.
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
navy after Cervera's surrender in 1898.
12 15-32, while for Peru it is still 50.125@50.375c.
We do not believe that the annals of history
Far Eastern rates are as follows: Hong Kong,
78@783, against 75%@76; Shanghai, 122@1223,, present any such episode as has been witnessed this
2; Yokohama, 543'@543/2, against week in the advance of the Allied armies to the
against 122@1223/
54%@54.65; Manila, 503@503/ (unchanged); Sin- Rhine, their unopposed occupation of Alsace-Lor/
2@ raine (which is still in form a German province), the
gapore, 563.@563/ (unchanged); Bombay, 361
36% (unchanged); and Calcutta (cables), 36Wi@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, in 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 terminaTheir 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 comReserve 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
Into
' Out of
Week ending Nov. 22.
Na Change in
Banks.
Banks.
Bank 110 dings.
the army which overran and devastated Belgium in
$9,636,000
Banks' interior movement
$3,084,000 Gain $6,552,000
40,140,000 118,170,000 Loss 78,024,000 defiance of treaty, four years ago, w:11 certainly
Sub-Treas. & Fed. Res. operations
$49,782,000 $121.254.000 Less 571 479 ono exist in equal and perhaps even greater measure in
Total
• 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.
Banks of—
warfare with a recklessness and cruelty unocean
Total.
Silver. I
Gold.
Gold.
Total.
known
in the previous experience of mankind.
£
I
£
I 75,170,519 55,856,322
England.- 75,170,519
55,856,322
ignominious ending to both the land and the
This
149,270,000
12,664,000
131,773,960 9,920,000 141,693,960
Frances— 136,606,000
Germany - 127,500,950 2,708,060 130,209,010120,195,200 6,062,000 126,257,200
campaigns
of Germany was reasonably certain
sea
142,025,000
129,650
12,375,000
000
129,650,000
Russia
12,375,000142,025,000
Aus-Ilun c 11,008,000 2,289,000, 13,297,000 11,378,000 2,400,000 13,778,000
Spain --- 88,229,000 25,945,000114,174,000 78,227,000 28,542,000106,869,000 to be accompanied by some revelations, new to the
Italy
37,413,000 3,100,000 40,513,000 33,343,000 2,600,000 35,943,000
600,000 59,135,000 56,985,000
Netherl'ds 58,535,000
607,400 57,592,400 world outside of Germany, regarding the real condi600,000 15,980,000 15,380,000
Nat.Bel.h 15,380,000
600,000 15,980,000
15,218,000 14,011,000
Swart'land 15,218,000
14,011,000 tion of things in that country's armaments. Re15,186,00 11,919,000
Sweden--- 15,186,000
11,919,000
130,000 10,455,000 10,584,000
Denmark _ 10,325,000
158,000 10,742,000 garding the army, we have not yet had explicit
6,744,000 6,751,000
Norway- - 6,744,000
6,751,000
facts. The statement of "Vorwaerts" at Berlin
11111PrOB
Tot.week_ 726,965,469 60,411,060 787,376,529 676,053,482 63,364,400739,417,882
Prev.week 726,205,213 60,407,060 786.612,273 675,741.779 63.545,400739,287,170 this week, that up to Oct. 31 no less than 1,580,000
a Gold 11)Idings of the Bank of France this year are exc1u21vi35of £81,484,340
German soldiers had been killed in the war, and that
held abroad.
tru,* No figures reported since October 29 1917.11 "
• c Figures for 1018 those given by "British Board of Trade JeurnariforlDee. 7 the fate of 260,000 more was unknown, speaks for
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals.
itself, but it is not an unexpected disclosure. The
t; 1914 in both years.
194S
THE CHRONICLE
[VOL. 1U7.
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 facts. Perhaps after all, and contrary to expectaAmerica, was fully recognized before.
tion, we shall find that the "inside history" of the
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 armathe result of such policies as "mass attacks"; the ments; for there are many evidences—notwithstandreason, 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, unor his generals, or both; whether the "Ludendorff der all the accompanying circumstances, would be
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 REQUIREKaiser and the High Command. Much mystery
MENTS AFTER THE WAR.
has surrounded the virtual displacement of HindenWe have supped with the horrors of war so long
burg by Ludendorff as Chief of Staff since the drive
the prospect of peace brings chiefly a sense of
that
began, and we have been lately informed from official
and that so grateful and so extensive that
relief,
Berlin that Ludendorff himself confessed, after the
attention
will be largely monopolized by it.
public
check at the Marne last June, that the German camnothing is more certain than that the harvest
But
paign was doomed.
war has sown for us will have
Doubtless the facts will emerge in time. As re- of the seeds that the
Recklessness, extravagance and
reaped.
be
to
gards the German navy, Captain Persius, the welladministration may have
known naval critic of the Berlin "Tageblatt," has even corruption in financial
consequences, which,
the
inevitable,
but
been
already come into the open with certain remarkable
war was in progress because
while
the
regarded
little
disclosures regarding the German fleet. From the
of the awakened
first, he declares, the navy has been grossly mis- outweighed by the splendid results
one end of winning the war,
the
directed
to
energies
managed. It is not only that in 1917, as against 83
faced when conditions are suddenly
new submarines constructed 66 were destroyed, and will have to be
changed by peace.
completely
and
that whereas in October of last year Germany had
Nothing has been more noteworthy or less an146 undersea boats, last February she had only
by the outside world than the response
ticipated
136, and last June no more than 113. Aside from
the
American people made to the confidence
which
the light these figures throw on the terrible penalty
Government from time to time had to.
their
which
exacted from the crews engaged in this unlawful
them.
Those who rmember the draft
in
place
warfare, these results might perhaps be called the
Civil War, with the necessary resort to,
of
the
riots
fortunes of war.
purchased substitutes,
It bears no doubt on von Tirpitz's insistent pre- bounties and the acceptance of
and matter-of-course
universal
amazed
at
the
were
diction that his "submarine blockade" would "bring
accepted first one,
whole
country
which
the
in
way
England to her knees," on Hindenburg's assurance
exacting
conscription.
more
second,
and
far
that "Germany can accept all the consequences and then a
winter made
Commissioner
last
the
British
When
which an unrestricted U-boat campaign might bring."
was within
that
England
Washington
known
in
it
But Captain Persius goes further, showing the actual
starvation
and
that unabsolute
four
weeks
of
helplessness of the German battle fleet. As early
unconditional surinvolve
her
would
relieved
less
as the beginning of 1916, twenty-three battleships
render, and there was panic in Washington among
and one new cruiser had been disarmed to provide
the statement, and Mr. Hoover
material for land warfare. At the beginning of those who received
practically to cease using
country
the
appealed
to
• 1918, all the warships built between 1897 and 1906
the
exact facts of the emerthough
beef,
and
wheat
by von Tirpitz had been destroyed. As to the
was so immediate
response
told,
the
not
gency
were
battle of Jutland, which the Kaiser has repeatedly
within three weeks the stream
that
complete
so
and
and boastfully referred to as a great German naval
supplies in adequate and permanent sufficiency
victory, Persius now declares that, but for good of
poured into England.*
was
leadership in the German fleet's withdrawal and for
that and the tremendous success of the
After
the misty weather, whereby the fire of the English
Liberty Loans, and the hundreds of
successive
_ships was made relatively ineffective, "the destruc-;
millions
given
to the Red Cross and the Y. M.C. A.,
tion of the whole German navy would have resulted."
As it was, every man acquainted with the facts knew * Reporting the figures on wheat and flour conservation the Food
states:
that "the Skagerrak battle must be the only general Administration
"Last spring when we had only 20,000,000 bushels of wheat for export
naval engagement of the war." This series of dis- above our normal requirements, the American people made sacrifices by
that enabled us to send 110,000,000 additional bushels of wheat
.closures. has at least an exceedingly interesting saving
besides the normal exportable surplus.
of 13,000,000 barrels of flour.
bearing on the recurrent complaint, from 1915 to "Of this the housewife alone saved a totalpounds
of flour for every man,
or a saving equivalent to approximately 24
the conclusion of the war, that the British fleet was woman and child.in_the.,United States."
Nov. 23-1918.1
THE CHRONICLE
the peace of the first motorless Sunday in response
to a 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 confident prayer.
The American people can surely be trusted. The
war has done much for them. They have found
themselves. The melting pot has not only fused
the mass, accomplishing what generations could
hardly have done; it has also burned up a good deal
of dross and standardized elements of permanent
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 understanding, 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
that has been gained in the long struggle and slow
development of civilization and the destruction, as
well, of the means of life. The Bolsheviki and the
proletariat turn upon one another, not because they
are savages, but because they are starving. The
Russian people are awaking to the fact that in the
cataclysm which has fallen upon them the industry
of the country has been stopped and the machinery
of it has been destroyed. There is no food, and no
wealth, and no order, and no source to which they
can look for the one or the other. Under these
•
conditions men fall back into savagery.
The Central,Powers are upheaved not simply
because the war has gone against them, but because
military defeat has created conditions in which, as
sometimes with a human body that has suffered
sudden injury, the germs of evil hidden in the system
find their opportunity and disaster ensues. The
easy adoption of unsound economic principles,
thoughtless public and private extravagance, indifference to corruption in high places, feeble protest
against profiteering, sentimentality put in the place
of knowledge in dealing with the problems of labor
and poverty, impatience of criticism and timely
discussion, adoption at face value of socialistic
teachings, and that kind of belief in the people
which is really the "cult of incompetence," have
their innings in war times. The results come later.
In due time "nature sends in her bill"; so does the
human nature which is equally the creature of God
and is charged with the task of bringing in the kingdom of righteousness and truth on earth.
With the end of the war we shall settle down to
the normal life in which values will once more be
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
1949
the beautiful," those things which in their nature
and use show the hand of God and pertain to His
service, will regain their supremacy. We shall not
be able to hide ourselves behind our individual
comfort or prosperity. There will be much -industrial and economic confusion; food for a time may
be scarce and high; labor will be greatly disturbed,
many 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
the men and women of another class who throng
departmental offices and in their incompetence sit
around doing nothing but draw their pay because
no one has the time either to teach them or to turn
them out, will have to face new standards both of
morality and of efficiency. We shall have to carry
the load of enormous taxation and for a time at
least the habit of excessive administrative extravagance, and in all probability an unprecedented host
of public officials.
But there is an American spirit which can be
counted upon to face the task. The highly competent 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 receiving, 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 Government left her private position and took public
service at one-third the pay, and has been promoted
from position to position with no thought of compensation and no desire but of increased usefulness,
are but chance instances of which there are sure to
be many. The unselfish and brilliant service of
the leading .men who have so freely given their
service to the country in the hour of need all must
recognize. Many of them are of the much reviled
capitalist class, but they are patriots and true
Americans. The war has brought to birth and to
light the same spirit in multitudes of men and wome,
of every class.
With faint disparagement it has been said "The
British Empire has been built up by character
rather than by intelligence." In both America
finds herself summoned to compete. We turned
the scale in the fighting; we must do still more in
the rebuilding.
OUR NATIONAL BALANCE SHEET AS A
RESULT OF THE WAR.
We have finished the "Great Undertaking."
Let us put it this way for sake of our present consideration. We have really only arrived at the
beginning of perpetual and universal peace. We are
at the threshold only of a world made safe for democracy. For, having disposed of centralized power
named autocracy, we have, it would now seem,
yet to overcome the power of decentralization, if we
can use such a contradictory term, as witnessed in
Socialism and anarchy. But our future accomplishments will, for the most part, be by example, persuasion and agreement. We are ready to relinquish
the use of Force; for, in essentials, we regard our
cause as won.
It is wisdom then to take a balance sheet of our
national finances, to foot up our losses and gains,
1950
THE CHRONICLE
[VOL. 107.
and to provide for the future. Incidentaily, 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 distinguishin 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 maforms 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,"
our expanded and expansive trade sails the seven do not become per se the object of penalization—and
seas, will not American-made goods find favor? they will now measurably cease, with the necessity
And to a nation, a people, hitherto theoretically, of reconstruction. Taking all things into consideraas 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 conservawill not accrue to the collective people,the nation,but tism and (let us not forget the useful word) "conserto portions of our people, in an individual 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.
stated in the balance sheet, we have (so far as our
Let us consider the proposition direct. The
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 "aggredollars, 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 readjustselves. 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 tiventy-five or forty billions, it is
curred an enormous debt. Surely, it will "cripple a collossal sum, why should we try to pay a proporus" 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 tax-
Nov. 23 1918.]
THE CHRONICLE
1951
ation bear as lightly on the readjustment period as is production and trade. Certain European States
consistent with moral obligation and business formerly among our best customers, as nations and
peoples, will buy no more for war, and are not able
revival?
to buy as formerly for peace. It is plain they must
RECONSTRUCTION AND RESUMPTION— buy on credit, if at all—but credit under new condiRELEASE 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 attenIt 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
But business is not free to resume because of the Australia. The world disorders of a world war of
"control" exercised by Government.
more than four years' duration cannot be removed
There is good sense in the plea for a gradual re- in a month or a year. All nations and peoples are
lease of business from the control 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 resaying 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 manuindustry 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
may be more orderly.
to the calls of trade. 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 thefl laws of all the
It may, as indicated, never go back to exactly the nations will not of themselves wipe out the consame 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 Nawill 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 peoIt 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 amthey can do little for themselves or for others in bitious and enlightened as we follow the sun in its
1952
THE CHRONICLE
[VoL. 107.
is worse in that the war emergency ceased with the
war itself. Such action is without a shred of just
cause,even if having a technical warrant of authority,
and the excuses offered for it are so flimsy as to suggest an ulterior purpose which the country would
disapprove and rebuke if it were openly stated.
The head of the Commercial Cable Company declares—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,
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 cuttingacross of private rights ordinarily respected, are
passed over in a time of emergency; cargo may be
jettisoned to save a ship, and a prophet was once
cast overboard into the Mediterranean for the same
reason. Sometimes a good end may justify bad
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 comCABLE LINES.
parison; therefore, in the time through which we
on
public
have been passing, anything and everything which
The President's proclamation, made
reasonably to promise to aid success had to
marine
of
over
seemed
the
taking
Tuesday, announcing
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 consional 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 ausion 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
therebut bowed to it. But now the emergency
outset,
the
necessity,
At
defense."
or
security
national
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
remaining
of
be
can
authorize seizure of private property in any
event
terms
human
any
as sure as
unbroken by any formal resumption of hostilities. circumstances; it merely says, in the Fifth AmendThe 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 affirmance 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 exproclamation, 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 Constituif it were a matter which could properly come tion, put in the novel form of rental, is to be pracbefore 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 p-oviso 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
comment upon this as well as an additional warnleast in every sense but the merely technical.
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 that it must be deemed a wanton exercise of to take its case into the Court of Claims." If any
a questionable authority; seizure of the cables now basis of authority for such trampling across private
course, even if, as with Walt Whitman, we come
to our own western shores and regard the "circle,"
of progress, "almost circled." These European
States that have been the centre of this awful conflict, 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 resume 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 control 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,
cannot abrogate, though we may seemingly defy
them and interrupt them, laws ordained in the
constitution of things, made for man's benefit
and working for his good, when, and only when, he
obeys their divine edicts.
Nov. 23 1918.]
THE CHRONICLE
1953
rights (as in ordinary times everybody would surely but seek aid from all 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 NEED OF ECONOMY IN GOVERNMENT USE
OF PAPER.
and his rights of property and person are alike in
war and in peace. Is the country ready for this
On Wednesday the city of Rochester had the novel
question? Or, on 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 genIf this proclaimed seizure of the cables was not eral circulation of the journals of the great cities.
the immediate start of the movement in Congress to The trouble in Rochester was of the same nature as
resume the powers of that body as a 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 predistinctly encouraging is the resolution unanimously vailed everywhere, with a single exception: "pubadopted "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
venture 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 pubpositive 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 busigated function. It has notoriously gone far toward ness and by injunctions (couched almost in the imbecoming 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 responsibility laid
As a case in point, the Chicago "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 someperceive 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 overwell 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 imperFaithful 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 purcease suspecting a personal opposition where none pose of drawing knowledge and.les§ons that may be
exists or has existed; that he will not merely welcome turned to use hereafter. But, this having been
THE CHRONICLE
1954
said, the war is over, 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 unsparingly as to anybody's personal interest or convenience. We are a wasteful people, but our Government—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 difficulties in shutting down on contracts, although it is
obviously less wasteful to make some comperthatory
allowances to contractors in some cases than to continue diverting to needless ;war products raw material 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
once. This done, the paper supply for useful purposes can be greatly and quickly improved.
[voLd07.
bars in exchange for gold coin or gold certificates without
a license from the Federal Reserve Board or an order of the
Secretary of the Treasury, depending upon the circumstances of the case.
NEW REGULATIONS GOVERNING EXPORTATION OF
MANUFACTURES CONTAINING GOLD.
Under date of Nov. 16 the War Trade Board announced
new regulations governing the exportation of all manufactures containing gold. Beginning that date, exporters of
such manufactures are required to make application for licenses, which will be granted for exportation to all destinations, if the applicant shall file with the Board an agreement 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 manufactures containing gold of bullion value of more than 5%
of the value of the commodity made by him during the preceding three months, and all importations of gold from any foreign 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 agreeand PiSCUSSI.01XS
ment for import, when the bullion value of the gold contained
ftrvent
in the commodity to be exported shall not excede 5% of the
value, or when it is destined to Cuba, the West Indies, MexCONTINUED OFFERING OF BRITISH TREASURY
ico, Central or South America. The following is the text
BILLS.
of the new ruling as issued by the Board:
The usual offering of ninety-day British Treasury bills was
(1) On and after Nov. 16 1918 applicants for licenses to export any manudisthe
on
Co.
&
Morgan
P.
J.
by
week
disposed of this
factures containing gold will be required to make their application on
The
bills
6%.
Form X, as heretofore, and attach thereto, duly executed and filled in,
count basis recently prevailing, namely,
Supplemental Information Sheet X-29 (a now form), together with any
19.
Nov.
dated
are
other supplemental information sheets required for shipment to particular
itents
NEW CREDITS TO GREAT BRITAIN, BELGIUM AND
ITALY.
Besides extending a credit of $7,000,000 to the CzechoSlovak National Council, mentioned below, 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;
a 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; Rumania, $6,666,666; Liberia, $5,000,000; Czecho-Slovaks,
$7,000,000.
CREDIT OF $7,000,000EXTENDED BY UNITED STATES
TO CZECHO-SLOVAKS.
lovak
A credit of $7,000,000 was extended to the Czecho-S
National Council by the Treasury Department at Washingamong the
ton on Nov. 16, making a tenth debtor nation
loan,
Allies to the United States. The Czecho-Slovak
of the new
t
Presiden
,
Masaryk
G.
Thomas
through
arranged
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
and Slovaks
a time when real independence for the Czechs
away.
far
very
seemed
rule
ungarian
Austro-H
under
REMOVAL OF RESTRICTIONS ON GOLD AND SILVER
FOR DOMESTIC USE.
that the restrictions heretofore imposed
ement
Announc
for industrial puron the domestic uses of gold and silver
B. M. Baruch,
by
made
was
ed
terminat
been
had
poses
Nov. 18. As a
on
Board
s
Industrie
War
Chairman of the
restrictions Verne
result of the removal of the Government
York Assay Office,
M. Bovie, Superintendent of the New
g Nov. 19 the reis said to have announced that beginnin
trade and other
for
gold
of
issuance
the
against
s
striction
Office was
Assay
the
that
and
removed
be
purposes would
order isprepared to sell gold as heretofore. Under the
early in
Baker
T.
Raymond
Mint
the
of
Director
sued by
1047)
page
14,
Sept.
of
issue
our
in
September (referred to
San Francisco and
and
Denver
hia,
Philadelp
at
mints
the
n to issue gold
the Assay Office at Now York were forbidde
countries, as Form X-101, Form X-102. &c.
(2) Licenses wnen import agreement,is given.—Licenses may be granted
for the exportation of manufactures containing gold to all destinations, if
the applicant shall file with the War Trade Board an agreement (Form
X-215) to the effect that the applicant will import into the United States
gold equivalent to the bullion value of the gold contained in the commodities
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 containing gold, under this section, shall file with the War Trade Board, Washington, D.C., a report in writing (Form X-217) of all exportations of manufactures containing gold of bullion value more than 5% of the value of the
commodity, made by him during the preceding thee° months and all importations of gold from any foreign country made by him during such period,
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 be
granted for the exportation of manufactures containing gold without such
agreement for import required by Section (2) in the following cases:
(a) When the bullion value of the gold contained in the commodity to
be exported shall not exceed 5% of the total value of such commodity; or
(b) When the destination is Cuba, the West Indies, Mexico. Central
America, or South America, and the bullion value of the gold contained in
the commodity to be exported exceeds 5% but does not exceed 45% of
the whole value of such commodity, but the gold bullion value in the aggregate shipments by any exporter during a period of three months shall not
exceed 33 1-3% of the whole value of the total shipments by such exporter
during such period. On Jan. 16 1919, and at the end of every three months
period thereafter, each exporter in the United States who shall export
manufactures containing gold under this section shall file with'the War
all
Trade Board, Washington, D. C., a report in writing (Form-216) of
exportations; or
(c) When the exporter is within the class set forth in paragraph (b) preceding and the applicant files with his application an affidavit by the manof
ufacturer stating that the commodity was manufactured or in process
X-215) to
manufacture prior to Sept. 15 1918, neither the agreement (Form
need
(b)
paragraph
said
in
to
import nor the report (Form X-216) referred
be made.
es containing gold
(4) In filling out reports of exportations of manufactur
gold
(Forms X-216 and X-217), exportations of commodities containing
should not
commodity
the
of
value
of bullion value not exceeding 5% of the
be reported.
(5) All applications for licenses to export manufactures of gold which also
only
contain platinum, iridium, rhodium, or palladium will be considered
when the regulations governing the exportation of the latter named metals
are also complied with.
upon
(6) Copies of the various forms described above may be obtained
of the
application to the War Trade Board, Washington, D. C., or to any
branch offices.
A LONDON EXPLANATION OF THE RISE IN THE
GERMAN MARK IN OCTOBER.
In its "Monthly Review of the Money Market" the
London County Westminster and Parr's Bank, Ltd., make
a special point of the recent rise in the value of the German
mark and Austrian crown. The "Review," which is dated
Oct. 31, opens with a reference to the rise in value of the
pound sterling. It says:
of war, the
The continued successes of the Allied armies in all theatres
successful capture
retreat of the German troops on the western front, the
events,
these
of Aleppo, the excellent news from the Italian front—all
ngary, an
combined with a request for a separate peace from Austria-Hu
conditions in which
armistice from Germany, and the precarious internal
result on the
the Central Powers find themselves, has had the expected
value of the pound sterling in neutral countries.
to see a
surprised
be
not
we
should
In our last review we stated that
of the pound sterling coinvery decided upward movement in the value
Nov. 23 1918.]
THE CHRONICLE
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,
very considerably in favor of this country.
and quotations improved ,
President Wilson's frank reply of Oct. 14 was apparently construed abroad
as possibly lengthening peace negotiations, and the rates for sterling exchange 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
Par. Sept. 30. Oct. 30. during Oct.
Pound SterlingE1=
-Kr.
18.16
16.44
17.72
7.78%
Denmark
12.10 10.11
11.23
11.07%
Holland
£1=---Kr. 18.16 15.90
17.35
9.129'
Norway
£1=-_-Kr. 18.16 14.60
16.60
13.69
Sweden
£1=---Fr. 25.22 21.90
*23.73
8.35 o
Switzerland
.£1=Pts.25.22 21.38
23.45
9.68%
Spain
* October 29.
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.
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:
Sept.
Oct. Apprecia'n
German
Par.
30.
30. During Oct.
Mark-Kr. 88.88
Marks 100=60.25 . 55.50
10.44 0
Denmark
-F1. 59.26
32.05
Marks 100,-34.50
7.64 0
Holland
Marks 100=Kr. 88.88
50.25
7.96%
54.25
Norway
Marks 100=:-Kr. 88.88
45.00
Sweden
51.00
13.33%
Marks 100=Fr.123.45
Switzerland
67.75
*75.75
11.80
No quotation
Spain
* Oct. 29.
•
A great deal of comment and discussion has been caused by reason of the
currencies
of
Germany
and
the
in
Austria;
rise
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 considered 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 prospects. 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 neatral 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 entered into contracts with Germany for the delivery of German merchandise
when peace is declared, and having bought in German currency, and possibly 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
must also be borne in mind that 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
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 fluctuations, 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 German 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.
Switzerland.
Fr. 67.75=100 MarkalMarks 32.32=£1
32.71=£1
Kr. 50.25=100 MarksiMarks
Fr. 21.90==.£1 sterling'
Kr. 16.44=E1 eterllngj
Norway.
Holland.
Kr. 50.25=100 MarksWarks 31.64=-£1 Fl, 32.05=100 Marksl Marks 31.54=£1
Fl. 10.11=£1 sterlingf
Kr. 15.90£1 sterling'
Sweden.
Kr. 45.00=100 Marksl Marks 32.44-=£1
,
---£1 sterling f
Kr. 14.60
October 30
Denmark.
Switzerland.
31.92=£1
*Fr.75.75=100 MarkalMarks 31.32-=.£1
MarkelMarks
Kr. 55.50=100
Fr. 23.73=.£1 sterlingf
Kr. 17.721 sterling'
Norway.
Holland.
Kr. 54.25=100 AlarksiMarks 31.98=-£1 Fl. 34.50=-100 MarksiMarks 32.55=.£1
FL 11.23=.C1 sterlingf
Kr. 17.35=£1 etcrlIngf
Sweden.
Kr. 51.00=100 Marksl Marks 32.54=.£1
* October 29
Kr. 16.60=-£1 storlingf
1955
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 depreciation 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:
Price
Jul •
Countries
Securities.
27 '14.
Denmark_3 (Amort.) 1897__ 75
"
99
4% Loan, 1912
"
3% Gold,1894
72
Holland_ _3%
7834
Norway_..3
o
77
I4
89
3
%
"
4%
99
Spain_ _ _ _4 cr•
86
Sweden _ _. %,1880
93
"
39', 1888
7334
"
75
3%. 1894
334 9", 1900
8234
"
84
4-33'%
Switzerland .. _ _3%% Swiss.Fed.Rs
90
Price
Ju4i
30 18.
77-79
97-99
69-71
86-88
67-79
77-79
85-87
129-133
114-116
71-73
76-78
82-84
81-85
Price
Sept.
30 '18.
73-75
91-93
67-69
79-81
65-67
76-78
84-86
103-108
106-108
65-67
70-73
75-77
76-78
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
65-08
92-97
83-87
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 91-99
LOAN OF 15,000,000 PESOS BY URUGUAY TO ALLIES.
The following advices from Montevideo, Uruguay, to the
daily press were received under date of Nov.18:
Tne Senate Finance Committee held a conference to-day with the Minister of Finance with the object of expediting the approval of a new loan
to the Allies of 15,000,000 pesos gold. The British Minister has informed
the Uruguayan Government that Great Britain is most anxious that this
credit be extended despite the termination of hostilities.
EXTENSION OF CHINA LOAN 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 dispatch 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 completed.
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 Govermnent 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 circulation 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 announced every ten days.
The organization of the Currency Bureau consists of nine articles. It
belohgs to the direct control of the Premier, and supervises the currency
system covering the whole country. It will have one Controller, one
President, and one adviser. The office of Controller will 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 financial 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 Banks, Trust Companies and Sayings 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 financial 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, representing respectively the State bankF, trust companies and savings banks.
The executive body of the Council is a committee composed of one from
1956
THE CHRONICLE
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 country are furnished 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 embarrassment which might accrue were it attempting to represent all classes of
financial institutions.
Every State chartered institution will be advised by this office, in advance, 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 ccnnection it is hoped that by close co-operation with the Federal
Reserve Board legislation will be secured which will permit all State banks
(the characttr of whose business makes them eligible) to become members
of the Federal Reserve syAem.
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 or 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
conveniently consummaced?
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 benefit of your advice anJ 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 locality, an advantage over others, but rather to assist as far as possible in the
constructive development of our banking laws to the .nd 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 appropriate committee of Congress with the information It should have in order
to reach a proper conclusion, and this orrice 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 at this time, Indicating your attitude toward
this movement, will be greatly appreciated and we assure you that it will
be the endeavor of this office to merit your co-operation through the
quality of its service.
E. G. McWILLIAM, Assistant to the President.
•
November 13 1918.
[VoL. 107.
the entire Dominion. The influenza epidemic was a most severe adverse
factor. The conclusion of the armistice and the ensuing celebration interfered with the campaign to some extent, but were on the whole, I think,
rather helpful than otherwise. Notwithstanding all drawbacks 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 for 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 following table gives the approximate totals for the
various Provinces, with the Province of Ontario leading
with an estimated total of $329,679,000,representing $131 60
per capita:
Canada
Ontario
Toronto
Other Provinces—
British Columbia
Alberta
Saskatchewan
Manitoba
$676,057,867 Montreal (city and Isl.) $143,433,050
329,679,000 Quebec (outside Mont32.000.000
real)
144,946,100
16,500.000
New Brunswick
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
43,639,1100
In the number of sub(cribers this loan is said to have been
the most widely distributed of any loan floated.
CANADA REMOVES RESTRICTIONS ON NEW
MUNICIPAL SECURITY ISSUES.
On Nov. 19 it was announced at Ottawa that war-time
restrictions had been rescinded on the issue of securities of
provincial governments, municipalities, commissions and
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 financial 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 being necessary. The Minister, it is pointed out, regards
it as no longer necessary that war-time restriction should be
placed on the borrowings of these public bodies.
The restrictions still stand in so far as the issue of securities and stocks of corporations are concerned. But
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. Mc- also be removed at an early date.
William says:
Enclosed you will find copy of a letter which has been mailed to each
FRANCE APPROPRIATES $680,000,000 FOR TRANSIState bank, trust company and savings bank in the United States, explainBanking
State
TION TO A STATE OF PEACE.
of
Council
States
the
United
of
purposes
and
plans
the
ing
Associations.
Paris Nov. 21 stated that the Council of
from
Dispatches
We especially desire the co-operation of the State chartered institutions
three decrees to facilitate passing
and
Council
approved
had
the
to
Ministers
delegates
electing
in your State. first In the matter of
second in financing the Council.
war to a state of peace. The decrees proof
a
state
from
1. The Council is composed of three from each State. representing revide for taking inventories of establishments doing war
spectively the State banks, trust companies and savings banks. It is
and
earnestly desired, therefore, that at the earliest possible moment repre- work, prescribe regulations for the transition period
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 and a savings
of peace contracts. The Council authorized
banker who will represent those institutions of your State at the next substituting
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
in the communes and provinces for publio
a
year
$100,000,000
of the State chartered institutions In each State. For the first
budget of $50.000 has been established, which upon the above basis is works, 820,000,000 for use during the period of unemployapproximately $2 25 per million of resources of State institutions, or
ment and $400,000 for labor exchanges.
for your State, which amount, we trust, your Association may see
The cablegram also said that the Parliamentary Comits way clear to appropriate for this purpose.
is the member of our Execu- merce Committee had that day heard a preliminary outline
Mr.
tive Committee from your district, and, if he has not already done so.
by Senator Jules Siegfried of the general principles of France's
undoubtedly will communicate with you in the near future. In the meanunanimously
time, will you be good enough to take steps toward securing action upon economic program. The committee adopted
that "the most favored
the above matters by the executive body of your Association?
belief
the
expressing
resolution
a
We are preparing to render a real service to the State institutions or
clause in the matter of tariffs should not be included
each State. If our service is to be of that practical value which we antici- nation"
pate, we must have the hearty co-operation of those institutions in your in future commercial conventions.
Association. May we count upon you?
CANADA'S SECOND VICTORY LOAN A SUCCESS.
Figures revised to 11 a. m. Nov. 19 give the total subscriptions 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 financial 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 FUNDS AT
MONTREAL.
In advices from Montreal on Nov. 15 "Financial America"
referred to a disposition on the part of Montreal representatives 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:
The recently increased marginal requirements of New York stock market
branch offices here have added to the difficulties of the exchange problem.
according to the head 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
York
securities which in part have been accepted as stock collateral in Now
Nov. 23 1918.1
THE CHRONICLE
1957
but there is said to be a limit to which this process may proceed as brokers it due to any special cause in the allotment of its loans, the Committee of
desire to avoid getting tied up too tightly in that connection.
the New York Stock Exchange will be very glad to have that firm appear
The situation is said to have come to the pass that some local branches before it and explain the facts, and if the facts justify a modification it
are requiring that additional margins be furnished in New York funds in will be granted.
place of Montreal funds.
The committee representing the Association of Stock
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 Exchange Firms is composed of:
hovering around 2% premium for a long time and in transmitting considerSol Wexler, Vice-President of the Association of Stock Exchange Firms,
able sums to New York for margins the local offices have been assuming and of the firm of J. S. Bache & Co.; James L. Laidiaw of Laidlaw & Co.;
considerable loss.
John H. Holden of Babcock, Rushton & Co.; Albert McClave. President
Now shat the margins have been increased to a considerable extent the of the Association of Stock Exchange Firms and of the firm of McClave
the problem has been increased to the point where, as stated, some offices & Co.
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 'CAPITALISSUES COMMITTEE TO CONTINUE SUPERwhere this had been done. He admitted, however, that the matter was
VISION OF SECURITY ISSUES.
giving him cause for a good deal of careful thought and some anxiety.
It was announced this week that it has been agreed by
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 Secretary of the Treasury McAdoo and members of the
York funds thus ge.ting the benefit of the prevailing premium which Capital Issues Committee that the latter should
continue
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 indefinitely its function of supervising proposed issues of
the firm to a proportionate disadvantage. "Would this party," he asked, stocks and bonds for capital purposes, in order to facilitate
"have been satisfied to accept New York funds if they haa happened to be preparation for future
war loans. The matter was discussed
at a discount in place of a premium?" "Not much," he added.
RECONSTRUCTION UNDER WAY IN ITALY.
Italy has embarked on a definite reconstruction program
and nearly three and a half billion lire have been appropriated to carry it out, according to an official dispatch
from Rome, received at Washington on the 20th. Measures
have been adopted to. permit all war factories to resume
peace production immediately. One billion eight hundred
million lire has been designated for railway reconstruction,
one billion for public works and drainage of harbors, five
hundred million for other works of public utility and one
hundred million to cope with the situation created by the
large numbers of unemployed.
• The dispatch also quoted Food Commissioner Crispi as
saying that because of the addition of nearly 5,000,000 people to Italy's population by reason of the Austrian evacuation, further restrictions on food rations would be necessary. The large stock of food supplies accumulated will be
insufficient, Commissioner Crispi believes, in view of this
addition to the population, along with the feeding of about
900,000 Austrian prisoners in Italy and the numbers of
Austrians that are surrendering daily as the armies of occupation complete their task.
FURTHER SHIPMENT OF SILVER TO INDIA—
MELTING OF SILVER ,DOLLARS.
A further shipment of silver, amounting to about $2,000,000, was made by the New York Assay Office on the 20th.
Like the one of the 6th inst., for $3,000,000, it was consigned 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 Treasury 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
and for trade. A Treasury report on the 21st showed that
the fund of 490,000,000 silver dollars in the vaults six months
ago has shrunk to $338,368,000. As fast as the dollars have
been melted down, silver certificates, based on the coin,
were withdrawn from circulation and their place has boon
taken largely by now $1 and $2 Federal Reserve notes.
In the last month the melting has gone on at the rate of
$4,000,000 a week. The silver has been shipped across the
continent to Pacific ports secretly from time to time in
heavily guarded express trains.
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
Advisory Council was held in Washington the New York
"Times" said:
The verdict was that, in view of the fact that the financing of the Government would require from $8.000.000.000 to $10,000,000,000 in 1919 to
clean up war obligations, there should be a controlling restriction on the use
of credit, gradually relaxing as the need for the employment of our soldiers
returning from overseas and the requirements for the transfer of war
workers to peace-time industries developed.
The opinion was expressed that capital should be released in the first
instance to those industries that represented essential peace-time needs;
that preference should be given to those improvements that had to do
with public health and public safety; for the installing of systems that
would give better police and fire protection; for the building of needed
highways, and for irrigation and drainage improvements. The putting
up of monumental buildings, it was thought, should be discouraged for the
present.
With the exception of San Francisco and Dallas, Texas,
the Chairman of every Federal Reserve Bank was present
and in addition prominent bankers from all over the country
were present at the meeting, these including J. P. Morgan
of New York, J. B. Forgan of Chicago and A. A.Jackson of
Philadelphia. Press dispatches from Washington on Nov.
20, in referring to the decision of Secretary McAdoo and
members of the Capital Issues Committee, that supervision
be continued, following the meeting on that date, said in
part:
Despite th decision to continue the actiyity of the Capital Issues Committee in an 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
power, 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 business interests has cooled
Others suggest that the functions of the committee be taken over by a
Treasury agency, to wnich the President might delegate his power, conferred 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 the amounts
of bonds thus taken in and these reports, it is reit, might act as a restraining influence.
Members of the Capital Issues Committee, although expressing themselves as individually anxious to relinquish theb* dudes, agreed to take
up questions of relaxing their past strict regulations to permit the floating
of bonds for public improvements by States, counties ani municipalities,
and to facilitate the construction of buildings in regions where materials
and labor are available without detracting from more essential Government 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 formulate. will be set forth 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 investment 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 year with thousands of men and women giving their time
to the movement without compensation. Many of these workers now
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.
MONEY RESTRICTIONS ON STOCK EXCHANGE
LOANS TO CONTINUE.
In stating that the present restrictions on Stock Exchange
loans are to be continued, for the present, the Committee
(named on Oct. 30 by the Association of Stock Exchange MR. McADOO RESIGNS AS SECRETARY OF TREASURY
Firms to take up with the committee appointed by tho Stock
AND DIRECTOR-GENERAL OF RAILLOADS.
Exchange various questions arising from the restrictions of
Recent rumors that Secretary of the Treasury William G.
the so-called Money Committee)says under date of Nov. 15: McAdoo was to resign were confirmed yesterday. The
The Committee has had a conference with the Stock Exchange Com- Secretary's note of resignation was dated Nov. 14, and in
mittee and we are more than pleased to announce that this delicate question
has been handled by the Stock Exchange Committee in a most satisfactory brief explained that the strain of his official duties during
manner.
six years had endangered his health, which required rest for
A number of the firms have made inquiries of us as to whether there is recuperation.
any possible chance of removal of the restrictions placed on loans. We
He also explained that the cost of living in Washington was
desire t take this opportanity to state that at the present the restrict on
will remain. If, however, any firm thinks that an injustice has been done so great and the salary of a Cabinet officer so moderate. that
•
I
I
1958
•
Wm,. 107.
THE CHRONICLE
he had been forced to draw upon his private fortune for his
expenses.
He therefore asked to be relieved of his duties as Secretary
of the Treasury as soon as the President could appoint his
successor, and to be relieved of his duties as Director-General
of Railroads on Jan. 1 or earlier.
President Wilson replied with an appreciative letter accepting the Secretary's resignation as requested.
FIFTH LIBERTY LOAN TO BE OF SHORT MATURITY—
BANKERS' VIEWS AS TO SHORT MATURITIES.
According to an announcement of Secretary of the Treasury 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 Secretary's statement in the matter said:
In answer to inquiries as to future bond issues by the Government,
Secretary McAdoo said that, though it was not yet possible to estimate
when or what 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
country would be best served by the issue of bonds of short maturities, and
that that would be the policy of the Treasury.
FINAL FIGURES FOR FOURTH LIBERTY LOAN.
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,
or 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 were 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, 86,989,047,000; War Savings stamps, 79,000,000. The following are the approximate final figures of
subscriptions to the Fourth Liberty Loan:
Quota.
Subscribed.
Per Ct.
$500,000,000 $632,221,850 126.44
352,688,200 125.95
280,000,000
500,000,000
598,763,650 119.75
702.059,800 117.00
600,000,000
126,000,000
145,944,450 115.82
241,628,300 115.06
210,000,000
459,000.000 114.17
402,000,000
260,000,000
296,388,550 113.99
1,800,000,000 2,044,778,600 113.59
217,885,200 113.48
192,000.000
294,649,450 113.32
260,000,000
969.209,000 111.40
870,000,000
District—
Boston
Richmond
Philadelphia
Cleveland
Dallas
Minneapolis
San Francisco
St. Louis
New York
Atlanta
Kansas City
Chicago
Total
$6,000,000,000 $6,954,875,200
33,829,850
Short term bonds, Treasury officials feel, would be bought United States Treasury
Total
$6,989,047,000
116.48
more readily than those of longer maturity. Previous
Liberty Loans range between 10 and 30 years. Existing
$2,044,928,600 RAISED IN NEW YORK FEDERAL REwar obligations mature as follows:
SERVE DISTRICT FOR FOURTH LIBERTY LOAN.
First Liberty Loan. $2,000,000.000. redeemable at the option of the
Treasury after 1932, and payable not later than 1947.
Announcement was made on Nov. 16 that the total subSecond Liberty Loan, $3,808,766,150, redeemable after 1927, payable
scription for the Fourth Liberty Loan in the Second Federal
In 1942.
Third Liberty Loan, $4,176,516,850, redeemable and payable without Reserve District was $2,044,928,600. The quota was $1,option in 1928.
800,000,000, so the oversubscription amounted to $244,928,Fourth Liberty Loan, $6,989.047,000, redeemable after 1933, payable
600, a sum which will be increased as the result of compiling
In 1938.
of late reports that are yet to come in. The total subscripWar Savings, $879,330.000, up to the present payable in 1923.
It is pointed out that with this program of maturity, the Treasury, by tion for Greater New York was $1,482,078,650. The quota
exercising its option, can call in the nation's war debt for redemption in
was $1,334,082,400; the oversubscription, $147,996,250.
installments every five years until 1947.
The total subscription for Manhattan was $1,353,449,550.
It is pointed out that with this program of maturity, the The quota was $1,236,605,800 and the oversubscription
Treasury, by exercising its option, can call in the nation's $116,843,750.
war debt for redemption in installments every five years
The Second Federal Reserve District includes all of New
until 1947.
York State, the twelve northern counties of New Jersey and
With regard to the approval voiced by New York bankers Fairfield County, Connecticut. This district is divided into
generally of Secretary McAdoo's plan for short-term bonds, a Metropolitan District, made up of Manhattan, the Bronx
the New York "Evening Post" of Nov. 20 said:
and Brooklyn, and eight sub-districts. Queens and RichThe announcement of William G. McAdoo, Secretary of the Treasury,
published this morning, that "it was entirely clear that the moment had mond are in Sub-district 8, but totals of subscriptions for
come when the interests of the Government and the country would be best those boroughs are included in the total given above for
served by the Issue of bonds of short maturities, and that that would be the Greater New York.
policy of the Treasury," confirmed the view long entertained by leading
The total subscription officially reported to the Federal
New York bankers as to what should be the character of the next Government loan. Emphasis was laid to-day on the act that a short-term issue Reserve Bank for the Second Federal Reserve District of
should prove reassuring to the holders of the older Liberty bonds, since $2,044,928,600 is equal to 114% of the quota. The percentthey would have the knowledge that there would be no further depression
age of the quota subscribed in the corresponding period of
of bond prices through the sale of long-dated issues.
All objections to the flotation of short-term bonds have been removed the Third Liberty Loan was 124%. The following are the
with the ending of the war, according to a banker who is a member of one totals for New York City:
Liberty Loan sub-committees. Until now,
of the
uncertainty as to whether
the war would he 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 some 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 liminess basis," was a statement commonly made by investment bankers. It was pointed out, however, that this would not necessarily require an Increase in the interest
rate, since other attractions might be offered. A rate of 43 % was suggested, 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 intensive drive will be required. In fact, it was intimated that tentative preparations have already been made for such a drive, though it was admitted that
these might be abandoned later. Moreover a drive and a continuous offering might be combined, as in England.
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 jadgment, 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 York "Tribune" of Nov. 21, Mr.
Hine pointed out that inasmuch as it is likely that the American 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 security that will be sold not through patriotism alone, but
through its intrinsic merit as well.
Manhattan
Brooklyn
Queens
Bronx
Richmond
New York City
Total
% of
Subscriptions. Quota.
Quota.
$1,236,605,800 $1,353,449,550 109
100,469,650 127
79,233,800
17,331,900 184.
9.434,700
5,751,800 867..
6,634,200
5,075,750 233%
2,173,900
$1,334,082,400 $1,482,078,650 111%
The totals by sub-districts are as follows:
No. 1 (Buffalo)
No. 2 (Rochester)
No. 3 (Syracuse and Utica)
No. 4 (Binghamton)
No.5(Albany)
No.6(Long Island outside N.Y.0)
No. 7 (Northern New Jersey)
No. 8 (Fairfield County, Conn.;
Westchester and Rockland Counties, N. Y.)
Total outside
Total for District
Quota.
$87,253,400
42,214,800
58,143,600
18,900,000
69,382,000
10,841,400
143,850,000
35,332,400
$465,917,600
Total.
$93,322,600
44,509,300
62,240,300
21,512,900
76.116,150
18,982,950
194,453,150
10
105
107
114
109
175
135
51,712,600 146%.
$562,849,950 120%
$1,800,000,000 $2,044,928,600 114%
NEW YORK FEDERAL RESERVE BANK ON FOURTH
LIBERTY LOAN SUBSCRIPTIONS.
In a statement given to the press on Nov.18,the New York
Federal Reserve Bank in stating that the total amount of
subscriptions to the Fourth Liberty'Loan in District No. 2
was $2,044,928,600, added that the total might be still further increased when the final report is made. The subscriptions paid in full amounted to $1,422,001,550, leaving a
balance of approximately 8621,000,000 to be paid at the
designated later dates. Concerning the installment payments due this week, the bank said:
On Thursday Nov. 21 partial payment will be due, amounting to approximately $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 indebtedness 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 maturity $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 Republican leaders of the Senate and House on the 18th, and
was decided upon for the two-fold purpose of enabling members 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
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 was 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 Committee 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 limitation next March 4. For length, bulk of appropriations for
the war, and the number and importance of legislative measures passed, the session which closed on Thursday was regarded by leaders as unprecedented. Appropriations passed
aggregated $36,298,000,000, making the total for this Congress more than $55,000,000,000, of which $19,412,000,000
was appropriated at the first—an extra—session, at which
war was declared on Germany.
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 ,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 committee tentatively reversed its previous decision to include
individuals and co-partnerships in the same class as corporations 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 recomrhendations 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 Chairman Simmons and experts of the Treasury Department
might devote the day to consideraing amendments made
necessary by Secretary McAdoo's recommendations. On
the 21st inst. Chairman Simmons presented to the Committee
an outline of the proposals with regard to the measure; in
this he urged:
1. Reform the bill so as to raise for the fiscal year 1919 $6,000.000,000,
and for the fiscal year 1910 34,000.000,000, 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 mtes in
the House bill, with the exception of the 6% differential upon the'undistributed earnings of corporations. The elimination of this 6% dif erentiai,
together with other changes made by the Senate with reference to amortization, depletion, &c., would reduce the revenue to the Government from
these sources to approximately 35,000,000,000 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 representing 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 31,000,000 000 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. ItetAn the other excise, special, and miscellaneous
taxes provided in the bill as amended in the Senate, which are. 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
sources of taxation of this character, included either in the House or 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 calendar year 1918, whereas in the case of the other taxes the increase will
apply chiefly to transactions taking place during the calendar year 1919.
or since the termination of war conditions.
5. That for the year 1920 the reduction of $2,000.000,000 be accomplished 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.
In a statement issued on Nov. 15 with regard to Mr.
McAdoo's conference with the committee on 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 reduction 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 taxation 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
revenue 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.
War revenue plans suggested by Chairman Simmons encountered considerable opposition from Republicans of the
Senate'yesterday. Fear was expressed that this financial
program would not meet the requirements of the Government. 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
materialize and further that these reductions wi:1 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 now appears, may be
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 conditions.
When Secretary McAdoo agreed to the bill providing only $6.000.000.000
for the next fiscal year, he added the proviso, eliminating the excess profits taxes but increasing individual income taxes in 1920. 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 authorizations made with such lavish hand in the furtherance of the war
program. At least $2,000,000,000 it is said should be obtained by this
means. On the other hand, many 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
war 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
RETIRING OF WAR DEBT.
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,
presented in response to a request-by the New York "Times,"
appeared in the Nov. 15 issue of that paper. Mr. Schiff's
views bore on the suggestion that a sinking fund of 5% be
established to retire the war debt. Noting that in this way
the debt would be canceled in twenty years, he pointed out
that this would mean that the majorpart of the burden would
fall on the present generation. Expressing the belief that
it would neither be wise nor necessary to hasten the process
in so short a period, Mr. Schiff rightly says "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 hat will be new conditions." What Mr. Schift
proposes is the establishment "in due time" of a very moderate sinking fund,"not to be 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 bear." The following are his views as printed in
the "Times":
[VOL. 107.
PRESIDENT WILSON TO GO TO FRANCE TO PARTICIPATE IN PEACE CONFERENCE.
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
statement given out at the White House on Nov. 18:
The President expects to sail for France immediately after the opening
of the regular session of Congress, for the purpose of taking part in the discussion 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
of the formal peace conference, but his presence at the outset is necessary
in order to obviate the manifest disadvantages of discussion by cable in
determining the greater outlines of the final treaty, about which he must
necessarily be consulted. He will, of course, be accompanied by delegates
who will sit as the representatives of the United States throughout the
conference. The names of the delegates will be presently announced.
The President will address Congress at the opening of his
regular session on Dec. 2, and it is thought probable that he
will leave the United States on Dec. 3 or 4. In visiting
Europe the President will establish two precedents. He will
be the first Chief Executive of the United States to participate in a Peace Conference for the settling of issues growing
out of a war in which this country participated, and he will
be the first President to leave North America during his term
of office. In reaching his decision to attend the Peace Conference President Wilson is understood to have been largely
influenced by representations from Premiers Lloyd George
of England and Clemenceau of France and other statesmen
of the Entente countries. The principles and terms of settlements enunciated by the President have been accepted by
both the associated nations and the Central Powers as the
basis upon wh;ch peace is to be re-established and it is understood that it is for the working out of the application of those
principles that his presence is so earnestly desired by the
Allied statesmen.
No statement can be made at this time, which by force of circumstances
may not likely need revision. The country has many expenditures to meet
before the actual outlay resultant from the war may be considered in a comprehensive fashion, and for this reason it is difficult to suggest a complete
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 indebtedness 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 respect to future loans.
which may not yet be calculated, it is necessary that one treat in rather general terms of the probable net war debt which the United States will have
SENATOR REED IN OPPOSITION TO PEACE LEAGUE
when the details of peace are completed.
PLAN.
Assuming that the issue' of, $10,000,000.000 additional Government
bonds proves necessary for the liquidation of the war and for further adSpeaking
before
the
Senate
on Nov. 21 in opposition to the
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 League of Nations and an International Court proposed in
program for retiring the various issues is put into operation. FLairing President Wilson's principles of peace. Senator Reed of
upon a final total of the Allied indebtedness to us as from $7,000,000,000
Missouri declared that any arrangement that would cause
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 the United States to be embroiled in European troubles was
retired through taxation.
"the most monstrous doctrine over proposed in this country."
The suggestion that has already been variously made for the establishGeorge Washington's advice against "entangling alliances"
ment of a sinking fund of 5% of outstanding war bonds appears to me to
involve too heavy a burden upon Industry and the incon.es of the people, at was read by Senator Reed, who declared that. the United
least during the first few years after peace comes. I believe that some sort States became the foremost nation in wealth, man power
of sinking fund should be instituted. There is no reason why this should
eventually net be done, although a sinking fund for so vast an amount of and education because of adherence to "the teachings of
bonds must be handfed in a way which would not increase taxation unduly the creator of this republic." "Now," he continued, "it
in the years when the nation is readjusting itself to peace conditions.
is proposed that we renounce our ancient policy and become
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,- entangled in every broil in Europe of the present or that
000.000.000. In view of the fact, however, that the ordinary expenditure may happen hereafter. That is the most monstrous doctrine
of the Government before the war was about $1.000,000.000 per year, and
every proposed in this republic." In declaring also an
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 international court to be dangerous Senator Reed pointed
.use of the taxing power of the Goverr.m.nt, and In this Iles danger of out that for it to be effective it must have a force able to
adversely affecting business. It must be remeinoe.'ed that in addition
conquer any single nation in the world or any combination
to the usual Government expenditures there will be the interest on the
bonds, amounting in the earlier years to approximately $800,000,000 per of nations not in the league. "This army of the court," he
year, and besides this the as yet unknown factor of insurance payments declared, "would be able to conquer the United States,"
for soldiers and their families needs to be conside ed.
who would create an army that can conquer
To retie the full war debt in twenty years woulti mean that the major adding "a man
part of the burden Irould fall on the present generation. I do not believe the United States is a greater traitor than Benedict Arnoid."
It would re either wise or necessary to hasten tie pro •ess in so short a per- The following dealing with the Senator's remarks is taken
iod. Industry' needs an interval of moderate taxation in order to prepare
appearing in the New York
Itself for Jeaelopment and future uncertainties: the people should have a from the account of his speech
breathing spell in which to readjust their business interests to what will be "Tribune" of yesterday:
new conditions.
"It is proposed." said Senator Reed, "that every time there is a quarrel
I would suggest that a sinking fund, perhaps a Very moderate sinking in Europe the United States must draw her sword and summon our boys
fund,'be established in due time. not to ne large at least for several years from the farms and workshops to pour out their blood In wars, the causes
after borrowing for war and after• war purposes conies to an end, always and reasons and settlements of which do not affect us one jot or one tittle.
taking into account that Industry must not be affected by the requisite Senators, it is a monstrous doctrine that America must bind herself to
'taxation beyond a degree whim it could hear. Later it might be entirely enter every European quarrel."
•feasli.le to increase the size of the sinking fund.
Mr. Reed then went back Into European history, touching particularly
Oceasionally one hears a suggestion that the borrowings by the Allied on the struggles o'the smaller nations, and then sketched the possibilities
Governments from the. United States be canceled by popular acclaim. of wars between some of the nations emerging now, as a result of the war,
Fears have been expressed also that those Governments will not be able to into independence. He asked who would vote to go to war to settle one
pay off their obligations to the United States oecause of their great domestic of these quarrels.
dents. It appears to me that the European nations to woofs we have
"I dare any man here to say that he would submit the Monroe Doctrine
made advances would not listen to a proposal for the elimination of their to a tribunal of European kings," said Mr. Reed,"or to a tribunal composed
obligations, and, further: there is no reason wo;/ cloy s .ould not be in a of European nations. What is meant by this league of nations? It is.a
position to meet the interest and ultimately retire the principal of this dreamer's dream.
indehtedness as they recover In time from the effects of the war. Russia
."Pen years from now we may find our closest friend to-day an ally of Gerwill probably be slum er to recover than the others, and perhaps also Bel- many. Does that sound impossible? I want to say to the Senate that
gium, and to tnis willing consideration. I am sure, wiil be given by the there are many questions on which the nations of Europe would naturally
American Government and people.
be united by their common interests against the United St.itete."
France is likely to come out of the war period in a position to recover
He then pointed to the division of Africa, In recent years, between the
rapidly. despite the fact that the coontry has suffered so greatly. The European nations. particularly Great Britain. France. Germany and
presence of the American army on French soli, necessitating the purchase of Portugal. He pointed to the desires of Germany and England to expand
Vast amounts of supplies and materials of French. manufacturers, as well in South America. Fie declared that Germany would be rehabilitated in
as the direct daily 'expenditures of our soldiers, has brougnt a stimulus a few years. that many of the present animo.sitite.s would soon pass, and
to that country which should prove of great value In her work of rehabili- common interest might unite the European nations against the United
tation.. There also remains to take into account the large indemnities States.
which will lisely be imposed upon the Central Powers under the peace
"Does any one for a moment suppose that England would yield her
•
treaties.
mighty fleet?" he inquired, discussing both the league of natIona and the
F 0\v-ever. while it may even now be of advantage to open discussion freedom of the sets. "If she should consent to do so, any moderately
shout the important question how to provide for die payment of our war powertul nation could crush her In a few months by starvation. If she
debt, it would be premature to come.to any conclusions as to this at a time did not yield her fleet, and the league of nations became a fact. England
when we shall likely Still have to do considerable borrowing.
would dominate the world.
Nov. 23 1918.
THE CHRONICLE
"Merely t3 think of the possibilities of the league of nations would startle
any one with its impossibility."
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
among nations militates against such a plan is one of the
arguments in favor of it. The freedom and democracy accorded to small nations of Europe would be worthless,
he declared, unless some agency, such as the League of Nations, is created to protect them. Senator Phelan in replying 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.
1961
in serving mankind. God has indeed been gracious. We have cause for
such 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
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 mercy
and 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 of
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 one hundred and fortythird.
WOODROW WILSON.
By the President:
ROBERT LANSING, Secretary of State.
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
to interest in American export trade, according to information obtained at the district office of the Bureau of Foreign
THANKSGIVING PROCLAMATION OF GOVERNOR
and Domestic Commerce, 734 Customhouse. This active
WHITMAN OF NEW YORK.
branch of the United States Government is now being called
upon for a wide range of data concerning foreign markets
Governor Charles S. Whitman of New York is his Thanksfor American goods by manufacturers whose war orders giving Day proclamation, issued on Nov. 18, said:
Never have the American people had more cause than now for rejoicing
have prevented them from meeting the demands of the
for the expression of pro'ound gratitude and Thanksgiving to Him who
average foreign customer and who will soon be free to re- or
doeth all things well.
turn to their normal export business. An announcement
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
issued by the New York office says:
The number of firms who are.planning serious selling campaigns abroad 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
is steadily increasing, and the local office of the Bureau of Foreign and
sons have been worthy of the proudest traditions of the Republic.
Domestic Commerce is constantly in consultation with such houses. It is
For victory, for peace, and for blessings unnumbered, let us give thanks
estimated that the number of requests for assistance has doubled during
to Almighty God.
the past month. Although it will probably be six months or more before
Now, therefore, I, Charles S. Whitman, Governor of this State, do prothere is a material improvement in the shipping situation, the Government
Thanksgiving Day, and direct that
is facilitating in every possible way the conduct of our foreign commerce, claim the 28th day of November 1918,
and success in selling American goods abroad is going to depend largely it be observed in accordance with the time-honored custom throughout the
State of New York.
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 A. BARTON HEPBURN ON CANCELLATION OF WAR
and Domestic Commerce. It is planned to make the New York office
CONTRACTS.
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 inIn an article on the "Cancellation of Government Concreasing the Bureaus' organization at home and abroad.
tracts" A. Barton Hepburn, Chairman of the Advisory
Our competitors in foreign markets have always made scientific accuracy
a primary consideration, while, in the past, many American exporters Board of the Chase National Bank of this city, points out
have been too prone to depend upon guess-work and too willing to take that the Government should at once provide the necessary
unnecessary chances. It is the Bureau's aim to place our export trade
machinery for fairly and speedily adjusting all claims as
on a sound and scientific basis by collecting the most accurate and complete
information about foreign markets that can possible be secured. Additi- soon as it cancels any of the war contracts. While cononal commercial attaches are being appointed to cover certain countries ceding that "with the war over the continued making of
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 products, except upon the basis of peace requirements,
fields, and millions of dollars worth of business will come to the United would be altogether wrong," Mr. Hepburn points out,
States as a result.
however, that "the canceling Of these contracts deprives
The import and export statistics of the United States, which are compiled
by the Bureau of Foreign and Domestic Commerce, will be revised and the corporations, at least temporarily, of a market.' The
extended, according to a plan now being carried out. More than 1,500 seeking of new markets in the avenues of peace will, he says,
new items will be added to the export classification, and the number of take time and capital, "and hence the Government should
import items shown will be materially increased.
An important phase of the Bureau's work is the collection of samples settle for such cancellations immediately in order that these
of goods sold in different parts of the world. These articles are exhibited concerns may have the use of all their resources to meet the
in the New York office at 734 Customhouse. The merchandise on display
conditions which the cancellationof these contracts will preincludes cotton goods, wearing apparel, electrical material, musical instruments, jewelry, boots and shoes, leather, canned goods, and harilware. cipitate, and find markets based upon the requirements of
Through an examination of the various items shown, exporters may obtain the world at peace. Otherwise a commercial debacle will
complete information regarding the linos in which they have to compote
ensue." Mr. Hepburn's views are set forth in the Nowith foreign shippers in the world's markets.
vember issue of the "Chase" the official organ published
the bank, from which we quote as follows:
PRESIDENT WILSON'S PROCLAMATION DESIGNA7'- byThe
Government has already careeled a number of contracts for vesING NOVEMBER 28 AS DAY OF THANKSsels, 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
GIVING AND PRAYER.
the Government will cancel all contracts as soon as may be, except
In his proclamation designating next Thursday, Nov. 28, ended,
for such material as may be needed for the Army and Navy on a peace
as a day of thanksgiving and prayer, President Wilson basis. This they have a right to do by a reservation in their contracts,
they ought to do in the interests of the whole country; but it should
calls attention to the fact that "we have special and moving and this in
a way to protect; those business interests which the Government
be done
cause" this year "to be grateful and to rejoice." "Complete has virtually commandeered and controlled, and for whose products they
victory," says the President,"has brought us not peace alone, have been in many cases the oniy customer, and in many more cases the
principal customer. In the interests of labor, in the interests of commerce.
but the confident promise of a new day as well, in which In
the interests of the general welfare, everything should be done to facilijustice shall replace force and jealous intrigue among the tate a readjustment upon a peace basis without loss, at lease without avoidnations." While rendering thanks, the President likewise able loss, to the various parties concerned. Each business will require
Its capital, all its resources, in order to seek new customers and find
counseled that Divine guidance also be sought in the under- all
new channels for its product, and nothing would be more fatal than protaking of our new and greater duties and.for the strengthen- tracted delay on the part of the Government in maldng a settlement with
ing of "the ties of friendship and mutual respect upon which these various interests in accordance with the terms of their contracts.
In studying this problem, I recall an instance that came under my nowe must assist to build the new structure of peace and good Hee with reference to a Government contract in connection with the Civil
will among the nations." The following is the proclamation 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
in full:
Bank each had a loan of an amount approximating
made to a
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
and thanksgiving to Almighty God for His 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
of war. It has come as a great triumph of Right. Complete victory has
brought us, not peace alone, but the confident promise of a now 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
marrod or stained by any purpose of selfish aggression. In a righteous
cause they have won immortal glory and have nobly served their nation
$300,039
shipbuilder by the name of Secor. As collateral to the loan there was assigned to these banks a contract between the said Secor and Gideon Welles.
Lincoln's Secretary of the Navy, for the construction of ironclad warships. This contract was made in 1864 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 were laid and the work was progressing and some
payments had been made by the Government, upon certificates of its inspectors as to the amount of work done, in accordance with the terms of
said contract.
The Civil War ended in 1865, when these vesiels were about twothirds completed. When the war closed the Government sold many
completed armored vessels, wanted no more vessels, and Congress neg-
1962
THE CHRONICLE
lected to make appropriation for the completion of these ships, nozwithstanding 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 these 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
Committee. • Year after year the appropriation failed until the vessels
rotted on the ways. There were ascertained amounts due upon these contracts, certified by Government inspectors. An individual or corporation
could have been sued and forced to pay, but the Government could not be
sued. Secor spent all he had and all he could borrow in the effort to complete 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.same 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% interest, thirty years after they should have been paid, the added interest
swelling these two claims to about $1,100,000. These'banks were paid
long after Secor had tyrned to dust, with his claim utterly refused because
of the continued neglect of Congress.
Individual Congressmen are honest and respond to the obligations
which law and custom estatlfsh, but as a collective body, a feeling of
individual irresponsibility permits them to neglect a manifest duty.
These loans, when I came across them, had run over twenty-three
years without payment of either' 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 charged off. The banks demurred and asked if the Comptroller
ef the Currency took the position that the undisputed claim of an ascertained amount, evidenced by written contract of the United States
Government, was rot good collateral—that a loan thus secured must
be charged out of the bank's assets. Of cousrso, it was not a bankable
asset and should not have been included in the bank's resources, although
it Was subsequently paid.
. Our Government has many contracts at the present time with very
many corporations, involving hundreds of millions of dollars and embracing all lines cf roods needful in supporting an army and navy and
the various activities he'dent to the prosecution of the war. In anticipation of peace, the Government wisely reserved the right to cancel contracts
by making certain compensator:, adjustments, by paying money to offset
the unavoidable losses which must result from the sudden stopping of
the Government's activities, lel•v'e,s concerns without'customers and in
possession of large amounts of e:c. s, ,not perhaps available for the demands 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 concerns may have the use of all of their resources to meet the conditions
which the cancellation* of these contracts will precipitate, and find markets based upon the requirements of .the world at peace. Otherwise a
commercial debacle will ensue. We pro 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 employed, 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 necessary machinery for fairly and speedily adjusting all claims as scion as it
cancels any of the war contracts: Of course, the cancellaaon of contracts- will necessarily.
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 market for all of their raw materiarunhampered and freely as they did before
the war.
[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 but 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 consumption;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
that by the availability of Java sugars to Europe we could
begin to relax more restraints on sugar pending some change
in Europeans policies. The Official Bulletin gave his remarks in part as follows:
We have now to considere a new world situation in food. We have to
frankly survey Europe—Europe of which a 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 helpless 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
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 depended upon the Ncirth American Continent for the margins of food
that maintain their strength against the common enemy. 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 before the next harvest arrives the entire world's food supply should be
accessible. On the other hand, the cessation of hostilities will create
an enormously increasei demand for food and we must be deeply concerned
p
th
ea
rittyth
. e starving millions who have been liberated from the German yoke
shall have such supplies as will enable them to return to health and drosAll these considerations must change our domestic food policies and open
to us as a nation an obligation and an opportunity of service.
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
our 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 countries can furnish between now and next harvest and how much is necessary
to the importing countries in which we have a vital interest, in order to
maintain health and public order in the world.
Table of Estimates.
We have computed the export countries' supplies on the basis of the
avoidance of waste and we have assumed for the importing countries
UNITED WAR WORK CAMPAIGN EXTENDED—CON- siringent war consumptions, with additions such as we consider will preserve health ani order. In these circumstances we make the world's balance
TRIBUTIONS BY NATIONAL BANKS.
sheet in the different great groups of commodities approximately as follows
The campaign in this city for the United War Work fund, until next harvest:
Wheat and rye.—Sufficient supplies with economy in consumption.
which opened on Nov. 11 and was to have closed on Monday
High protein feeds (for dairy animals).—A shortgago of about 3,000,000
last, the 18th, has been twice extended during the week; tons.
Other feeds.—Sufficient supplies with economy in consumption.
the time was first extended last Monday until Wednesday,
Beans, peas, and rice.—Sufficient supplies with economy in consumption.
While next Monday has since been fixed as the date for the
Pork products, dairy products, vegetable oils.—A shortgage of about
termination of the drive. Last night New York still lacked 3,000,000,000 pounds.
Beef.—Sufficient supplies to load all refrigerating ships' capacity.
over $3,000,000 of its quota of $35,000,000. For the counSugar.—Sufficient supplies for our normal consumption if other nations
try as a whole a minimum of $170,500,000 is sought.
retain their present short rations. A shortgage if they increase their
With regard to the question of national banks contribut- rations.
Coffee.—A surplus.
ing toward the fund, Dr. John R. Mott, Director-General of
Tonnage from United States.
•
the campaign,has received from Comptroller of the Currency
Of all these foods, except possiuly protein feuds, we have a sufficiency for
John Skelton Williams the following advices:
our own people and in many of them large surpluses. Of the world total
John R. Mott, Director-General United War Work Campaign, 347 Madison to produce the above results, we are estimating North America will furnish
rather more than 60%. and that the United States, including West Indies,
Avenue, New York:
In reply to your inquiry I regret to advise you that the joint resolution will be in position to furnish a total of about 20,(.00,C00 tons of food of
empowering the boards of directors on behalf of national banks to make all kinds for export against our pro-European war exports of, say, 6,000,000
subscriptions to the United War Work Campaign, welch has passed the tons.
Senate, has not been reported upon by the House committee for lack of a
Wheat and Rye.
quorum. It is hoped this resolution may become a law shortly. MeanIn the matter of wheat and rye, the large supplies that have accumulated
while, there is no reason why national banks desiring to do so should not
in the Argentine, Australia, and other inaccessible markets appear to us
inake conditional subscriptions to the fund, such subscriptions to become
to supplement the stores of clear wheat broad for the world. It will, howeffective only when the bill becomes a law.
ever, require a continued high percentage of milling, with continuous econ •
JOHN SKELTON WILLAIAMS,
omy in consumption and the elimination of waste. Hero directly arises a
Comptroller of the Currency.
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
H. C. HOOVER OUTLINES DEMANDS ON UNITED is a priceless blessing, for, while bread comprises but 25% of our national
diet, the food of Europe is from 50 to 60% sheer broad. The large harvest
STATES TO MEET FOOD PROBLEMS ABROAD.
that we have here this year is to a large degree the result of the guaranteed
The call for further sacrifices on the part of the American price, and we may rightly be proud that our production and conservation
people to fulfill the nation's obligation and opportunity to policies have provided the necessary margins to the world of its daily
aid the war sufferers in Europe by helping to provide sus- bread.
The shortage in protein feeds directly contributes to the world's shortage
tenance until the next harvest, was pointed out by U. S. in the supply of fats. If we examine the position of tho dairy products,
4
Nov. 23 1918.]
THE CHRONICLE
the pork products, and the vegetable oils, we find that in every item there
is a shortage in the needed supplies for the whole world, although we are
estimating with economy the export possibilities of the United States in
all these products at over 4,00,000.000 pounds, of which from 3,000,0(;0,000 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.
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
Argentine and the United States are sufficient to load these ships. There
will be 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.
Price of Sugar.
The Food 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
assure a price of 9 cents a pound wholesale for sugar during the next 12
months. 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
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 summarized:
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
can by the availability of Java sugars to Europe begin at once to relax
more restraints on sugar pending some change in European policies.
1963
hood of an early lowering of food prices, the possibility of
the continuance of the present high prices being looked for
for perhaps three years. The Chicago "Tribune" of Nov.14
in a special article gave the following account of Mr. Armour's opinion:
J. Ogden Armour can see no prospect 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
corporations he controls, feeds more people than any other man. It is
his belief that the humanitarian impulse which prompted the country in
entering and prosecuring the war must impel it to defend the peoples of
• Europe against famine and pestilence, and that the task entails the continued 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 democratize 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 oppression. We have the will and the means to feed these stricken peoples
and no doubt it will be done.
"Eventually there-must be some decrease in food prices as conditions return to normal. But with the task of feeding our own army abroad for
a year or more and the added burden of supplying a large civilian population, 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 foodstuff's for the same humane reasons that it financed the
war. This country has taken great material benefit out pi' the war despite
its costs, and it will not hesitate to shareOts 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.
Future of the Admintstration.
I now come to the question of the future of the Food Administration as
an 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. FURTHER INCREASE IN SUGAR ALLOWANCE—ORDER
It has proved of vital importance under the economic currents and psycholAFFECTING CURTAILMENT OF SOFT DRINK
ogy of war. I do not consider it as of such usefulness in the economic
PRODUCTION RESCINDED.
currents and psychology of peace.
The law has well justified Itself under war conditions. The investigaThe sugar allowance will be increased, beginning Dec. 1,
tions of our economic division clearly demonstrate that during the first from three pounds per person a month to four pounds.
year of the Food Administration farm prices steadily increased by 15 to 20%
on various computations, while wholesale prices decreased from 3 to 10%, Announcement of this was made on Nov. 14, following the
according to the basis of calculation. Thus middlemen's costs and profits issuance a day or two before of the statement which we give
were greatly reduced. This was due to the large suppression of profiteerherewith, making known the increase in the sugar allowance
ing and speculation, and to the more orderly trade practices introduced
in the Louisiana cane section:
under the law.
In the beet-sugar producing States and in the cane-sugar producing
It is my desire that we should all recognize that we have passed a great
armistice;
that
of Louisiana, where there is sufficient sugar available, the monthly
the
we
of
territory
signing
the
of
must
path
milestone in
get upon the
peace; that therefore we should begin at once to relax the regulation and per capita allowance of sugar for household use will be increased from
control measures of the Food Administration at every point where they do 3 to 4 pounds, effective Dec. 1. Public eating places in these sections will
not open a possibility of profiteering and speculation. This we can not to granted 4 pounds of sugar instead of 3, as at present, for every 90 meals
and will not permit, so far as our abilities extend until the last day that we served. This increase is granted because of the lack of cargo space for
overseas shipment, together with the insufficient storage facilities in this
have authority under the law.
While the expiration of the Lever law can be faced without anxiety country. The monthly allowance was increased throughout the nation on
the other functions of Food Administration must continue. Some or- Nov. 1 from 2 to 3 pounds, per capita per month, in accordance with the
ganization must be continued or some organization must be set up to guide Food Administration's promise to relieve the sugar allowance at the earliest
our distribution of food abroad, if it shall reach the most deserving and the opportunity.
•
most necessitous.
The increase in the sugar rations from two to three pounds
Someone must co-ordinate the internal transportation of these large
person per month was noted in these columns Nov. 2,
per
we
if
distribution
are
domestic
to
not
exports with our
entangle our domestic
supplies and are to have effective handling in our ports. Someone must page 1713. The Federal Food Board in New York, in anco-operate with the Shipping Board in the provisions of overseas tonnage. nouncing on Nov. 15 the new sugar rationing which would
Someone must organize our own needed imports of sugar, coffee, and vege
force on the 1st of the coming month, said:
table oils. Someone must stimulate and guide our people in their desire to go into
Beginning on Dec. 1, the sugar allowance for household consumption
help in this war against famine. It Is in these directions that the future
per month, and sugar certificates will be
of some kind of food administration lies. An organization is now called will be four pounds per person
enable them to supply their trade on this new
upon to fight against famine. Fortunately, I believe this new war on issued to all retail grocers to
to take care of any possible
privation finds its own peace at next harvest. What the constitution of basis. There is plenty of sugar on hand
thi. organization is to be, mast be developed with thought and care. In demand.
In reporting that ice cream manufacturers, confectioners
any event the Government must have the continued service and help of
you who are tried and experienced.
and bakers have been given a sugar allotment of 50% over
Asks Continued Support.
what had already been granted them, which, it added,
I am desirous that in all those enlarged activities I should have the con- pretty nearly restored their sugar allowances to a normal
tinued service and support of you gentlemen who have contriouted so
basis, the "Journal of Commerce" on Nov. 15 quoted the
much to solve our war proolems.
I am also leaving for Europe for a conference over another situation new ruling as follows:
equally enlarged. From our findings there must arise details in organizaThe signing of the armistice further improves the world situation in
tion to meet a much wider situation. There must be a feeding of the people sugar, and, therefore, enables us to give all industries in Classes A (confectne
German
from
yoke. That feeding must be tioners, ice cream manufacturers, bottlers, &c.) and D (bakers) an addiwho have been liberated
organized, and in order that we may get effective and prompt action from tional allotment of 50% of the monthly average basis as shown by Items
the United States, the War Department has yesterday undertaken, as our 17, 18 and 19, Statement A, from Dec. 1 on.
suggestion, to largely divert their military tonnage to the transportation of
This is an addition to November-December allotments given these
food and the enlargement of the quartermaster's stores in Europe that we industries in our telegram Oct. 15. Please issue these additional certifimay have them immediately available.
cates for the month of December at once, grandng manufacturers the
It will be months until formal peace; in the meantime the organization privilege of using this sugar in addition to their November and December
must remain intact if we are to serve the high purposes that I have out- allotments. No change in Class B.
lined. And after that we can decide our courses upon the basis of our
Classes 0 and E, covering consumers and public eating-houses, where
national duty.
sugar is available in plentiful supply, you may issue certificates on basis
of four pounds per capita consumption, or four pounds for ninety meals.
Dec. 1.
MR. ARMOUR SEES LIKELIHOOD OF HIGH FOOD beginning
War industries regulation governing all soft drink and carbonic gas
PRICES FOR THREE YEARS.
manufacturers is rescinded.
A statement of B. M. Baruch, of the War Industries
Because of the European demands on the United States
for food,there is,according to J. Ogden Armour, no likeli- Board, appearing in the "Official Bulletin" of Nov. 14,
•
1964
THE CHRONICLE
pointed out that while the order affecting the production
of soft drinks and mineral waters had been resinded, this
rescinding order did not affect the regulations governing the
use of sugar by manufacturers of soft drinks.
The War Industries Board announces that by reason of the signing of
the armistice, relieving to a great extent the necessity for saving man
power, transportation, &c.,.the order recently put into effect curtailing
the production of soft drinks and mineral waters has been rescinded.
This does not rescind the Food Administration's regulations governing
the use of sugar by soft-drink manufacturers.
The Priorities Division of the War Industries Board announced Sept. 26
the following curtailment order:
Soft drinks and mineral waters.—Effective Nov. 1, the production of
non-alcoholic beverages (other than near beers which have been prohibited
after Dec. 1), including the manufacture of fruit juices, water, concentrated extracts, syrups, and carbonic acid gas, curtailed on the basis of
50% per annum based on the production for the calendar year of 1917;
that is, no month's production shall exceed 50% of the production of the
corresponding month of the previous year. Grape juice, cider and loganberry juice products of this year's harvest may be produced, but the restriction must apply to the year of 1919.
[VOL. 107.
the War Trade Board had gone in "hindering the export
of cotton." Senator Smith demanded the immediate raising
of the embargo on cotton exports if no necessity existed for a
restriction of shipments.
Senator H. Smith is reported to have told the Senate on
Nov. 21 that cotton interests in the South were suffering
by reason of market speculation. He is further reported
as saying that cotton growers, had largo orders from Europe
for cotton but could not ship their product because of export
restrictions. Immediate suspension of these restrictions,
he said, should be made in order that the market might feel
the good effect of the spot demand. Letters produced by
Senator Smith from cotton interests in the South suggested
that the Shipping Board release tonnage to carry the staple
to Europe.
DISCONTINUANCE OF COTTON PURCHASES FOR
ARMY.
MAXIMUM COTTON GOODS PRICES CONTINUED.
In making known that there was little likelihood of the
Maximum price limits on cotton goods are to remain
unchanged until Jan. 1, according to an announcement Government making any further purchases of cotton goods
made by the Price Fixing Committee of the War Industries for army needs, the War Service Committee of the National
Council of American Cotton Manufacturers, in a letter
Board on Nov. 15 which says:
Subject to the President's approval, the Price Fixing Committee of the published in the New 'York "Commercial" of Nov. 18, said:
War Industries Board makes the following announcement at a meeting
The War Service Committee has learned from the War Department that
of the Price Fixing Committee with the cotton manufacturers Nov. 8-9 in all probability there will be little, if
any, more buying of cotton goods
1918 no agreement was reached for a revision of the existing schedule of for army purposes. It is desirable to decrease
as rapidy as possible the
maximum prices on cotton goods.
economic waste caused by the production of goods suited only for war.
In the absence of the agreement on new prices the present maximum
To accomplish this result, the War Department will co-operate with the
I imits on cotton goods are left unchanged by the Price Fixing Committee industry in facilitating the return,of machinery
to production of commercial
until Jan. 1 1919, except for certain revisions hereinafter referred to. In maLerials. Such matters should he taken up with
the Procurement Secmaking this arrangement the Price Fixing Committee took into considera- tion, Cotton Goods Branch, Clothing
and Equipage D.vlsion,
tion the special d;fficulty which arises at the present time in determining
Iu printing the above, the "Commercial" said:
fair prices on cotton goods. The price of raw cotton is fluctuating and uncertain. The d.fferentials for the numerous separate classes of cotton
The cotton goods trade understands officially it is the intention of the
goods vary greatly„and cannot be brought into reasonable conformity with Government to deal reasonably with the
manufacturers and other sellers
each other except after prolonged levestigation. In view of these circum- of cotton goods in connection with
contracts for work under way or about
stances the Committee finds itself unable to fix new maximum prices at to be started.
the present time.
Reports reached New York Saturday from mills in New England and the
In sanctioning the maintenance of the existing schedule for
limited South that those factors had telegrams from the Government notifying
period, the Committee wishes it to be understood that the prices enumer- them to hold up goods ready for shipment and to discontinue
looming fabated in that schedule are not indorsed as just and reasonable, but only as rics occupying the machinery. Letters explaining details
are to follow
maximum prices, not to be exceeded under any conditions during the concluded the message.
period stated. It is not recommended by any implication that these
These letters are anxiously expected, for the manufacturers don't know
prices must now be paid by the Government, by the Allies or by the public. yet where they stand, so they cannot plan for the future. But
serious
It is agreed on the recommendation of the manufacturers that certain complicacions are feared for, it is known that the Government
will not
errors in the yarn schedule be corrected and that differentials be investi- knowingly cause the mill men and other dealers to suffer
financially; besides
gated, an:. if any of them are found out of line with basic prices be revised dislocation of labor is a thing the war boards will try to
avoid.
to more fairly conform to the general profit return on other cotton goods. All
Trading in all descriptions of cotton goods has been at a standstill since
sales made after Nov. 16 shall be subject and shall conform to any revisions the signing of the armistice. As a matter of fact, business was
negligible
made under this paragraph.
for several weeks before that eventful day, information from factory centres and Eastern city markets indicates. As last week drew to a close and
It became definitely known that the maximum values determined last
REMOVAL OF COTTON EXPORT RESTRICTIONS.
summer would be continued until Doc. 31, a tendency developed on the
part
of holders of materials, especially some second hand dealers, to let
The removal of the restrictions on the exportation of raw
their possessions at aught discounts. A greater movement in this
cotton to Great Britain, France, Italy, Belgium and Japan go
direction Is expected this week, for it is generally conceded, despite the
was announced on Nov. 21 by the War Trades Board and 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
the Committee on Cotton Distribution. The order becomes
and
middle
next month will be more than the merchandise will be
effective Dec. 2. Exportation restrictions for Spain, where.. worththeafter theof
holidays.
bythe quantity exportable was limited and allotted among
the various shippers, have also been withdrawn, effective
Nov. 22. Applications hereafter will be considered with a
view to granting licenses freely. Regulations which required 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 withdrawn, effective Nov. 22.
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 conference 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. Because of the fact that India's cotton
crop this year was 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 Representatives 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 countries desiring to import American cotton have indicated a
readiness to supply the tonnage necessary for its movement
overseas, and now that restrictions as to shipments to most
countries have been removed they expect the movement to
increase rapidly.
On Nov. 18 a resolution was introduced in the Senate
by Senator Smith of Georgia inquiring the extent to which
COTTON TEXTILE MERCHANTS' DISAPPROVAL OF
UNJUST CANCELLATIONS BY MERCHANTS.
With regard to action taken this week by the Association
of Cotton Textile Merchants of New York in condemnation
of unjust cancellation, the New York "Times" of Nov. 20
printed the following:
So numerous have been attempts on the part of certain merchants to
cancel contract 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 Merchants of New York connemning 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 II. Borden of M. C. D.
Borden & Sons, and recommendations on the matter under consideration
were made by a committee consisting of S. F. Thibben, Chairman; J.
Harper Poor, Gerrish H. Milliken, William 0. 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 difference 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
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
seems quite clear that if all the merchants take this attitude, the problem
speedily will correct itself. The merchant who allows an unjust cancellation 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 lass 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
cecline during the life of the contract. It was further assorted that this
convenient and easy way of regarding a plain contract obligation frequently
leads to the attempted cancellation of contracts by purchasers during a
declinitial market.
Nov. 23 19184
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
short selling on the New York and New Orleans Cotton Exchanges. On Nov. 18 it was announced that the fluctuations in cotton futures had again been extended by the Liverpool body to 100 points. Announcement was also made
on the 18th at the Cotton Exchange that advices had been
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 markets would be permitted, but that no new transactions
between American and Liverpool markets would be permitted
that contemplate initial selling on this side.
1965
and mittens manufactured from offal of leather out of Government contract
work to be included in maximum sample numbers.
9. 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 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 following 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:
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 300
301 to 350__,
351 to 400
401 or more
To Be Reduced for Spring and Fall
Seasons, 1919.
10% ( 18 samples or less).
15% ( 34 samples or less).
20% ( 48 samples or less).
25% ( 60 samples or less).
333%( 67 samples or less).
40% ( 90 samples or Is).
40% (120 samples or less).
45% (138 samples or less).
50% (150 samples or less).
50% (175 samples or lees).
50% (200 samples or less).
55%.
RESTRICTIONS IN MANUFACTURE OF LEATHER
GLOVES.
11. Auto handwear.—The term "auto handwear" is used in its trade
A conservation program for manufacturers of heavy leather
sense and includes only those types of handwear as are sold exclusively for
gloves and mittens was announced by the War Industries motor driving.
All such handwear to be marked on sample ticket "auto."
Board through its Chairman, B. M. Baruch, the latter Each manufacturer to reduce his sample numbers of auto handwear 75%,
part of October. Under the new schedule the types and and in no case should the number of samples exceed 55. However, manufacturers of auto handwear may retain five sample numbers in cases where
styles are reduced from 10 to 55%. Colors are to be re- the above percentage of reduction would reduce them below this
number.
stricted to black, dark brown, yellow, khaki, natural, and Note paragraph 8 for definition of "sample numbers."
12. Length of cuffs.—In all auto handwear the length of cuffs should not
smoke; all decorations are to be eliminated and silking and exceed
the maximum length of 6 inches.
embroidering is authorized only on driving gloves. On Oct.
13. Boxes.—All gloves and mittens to be packed as follows: (a) Boxes
10 the War Industries Board announced that manufacturers to conform in dimensions to the largest size they contain. All boxes to
be completely filled with merchandize only. (b) The minimum quantity
of light leather gloves and mittens had been instructed, to
be one dozen pairs to a box, except in cases where they are too large and
beginning with the 1919 spring season, to eliminate many 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
restrict
number
of
styles,
the
colors and limit the length
blocks, and dividing cardboards to be eliminated. (d) All fly sheets to
of the gloves to 12Y2 inches. Manufacturers of light leather be
eliminated. (e) All gloves and mittens that are sold by either the
leather gloves have been called upon to restrict their output manufacturer or wholesaler to the retailer at $6 50 or less per dozen are
not
to be packed in boxes. (I) Side bands to be used only when necessary
to the following colors in the various classes of leather: All
to preserve the merchandize from injury. (g) Telescope boxes to be
gloves cut from dipped grain leather to be restricted to black, eliminated
in so far as pos.sible.
dark tan, gray and khaki; gloves cut from brushed leather
The following is the announcement concerning the conto be restricted to black, white, tan and gray; gloves cut from servation program in the case of manufacturers of light
mocha leather to be restricted to gray and beaver; gloves cut leather gloves and mittens:
from suede or flesher leather to be restricted to gray, beaver
Manufacturers of light leather gloves and mittens will go on a conserand khaki. The following is the announcement regarding vation program to prevent the unnecessary use of material and capital in
the restrictions in the manufacture of heavy leather gloves: the industry. Many styles are to be eliminated, colors will be restricted,
Types and styles of heavy leather gloves and combination heavy leather and the length of gloves limited.
The schedule has been worked out by the conservation division of the
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- War Industries Board with representatives of the manufacturers, and is
duced 75% by a conservation program effective for the 1919 season, worked for all gloves and mistens or combination gloves or mittens made of light
out by the Conservation Division of tho War Industries Board with repre- 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
sentatives of the industry.
The Conservation Division insists it is essential that styles involving the the 1919 spring and fall seasons.
Manufacturers, however, may cut gloves to correct stock or to fill
unnecessary use of material and capital be avoided. The division is
putting into effect in various industries plans for saving essential materials orders now booked. It is understood that no orders should be taken conand equipment, for simplifying manufacturing operations, and for reducing trary to the provision of the schedule except to use up materials already on
the amount of capital tied up in manufacturers', wholesalers', and retailers' 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
stocks.
Besides reducing styles and types in leather gloves colors have been that so far as possible manufacturers will adjust at once their business to
length
of
cuff
shades;
of
auto
hand wear to 6 inches and of the new schedule.
restricted to six
Schedule for Makers.
other heavy leather gloves to 7.inches as the maximum; all decorations
The schedule follows:
eliminated; and silking and embroidering authorized only on driving
manufacturer
to restrict his output to the following colors
Colors.—Each
gloves. Plans for packing gloves are given, the purpose being to save
in the various classes of leather:
paper and board.
(a) All gloves cut from dipped-grain leather, commonly known as
The Conservation Division announced also that the conservation program
for light leather gloves and mittens, submitted to the industry Oct. 5, is capes or nappas, to be restricted to black, dark tan, gray and khaki.
(b) All gloves cut from brushed leather, commonly known as glace, to
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 be restricted to black, white, tan and gray.
(c) All gloves cut from mocha leather to be restricted to gray and
light leather glove schedule or the heavy loather glove schedule Is to be
determined wholly by the character of leather used, that Is, whether it be beaver.
(d) All gloves cut from suede or fleshier leather to be restricted to gray.
light dross leather or heavy work leather.
beaver, and khaki.
Schedule for Manufacturers.
(e) All gloves cut from so-called doeskin or chamois leather to be reFollowing is the complete schedule for manufacturers of heavy leather
stricted to white and natural.
and combination heavy leather gloves and mittens:
•
(f) All gloves cut from deerskin to be restricted to gray and khaki.
apply
recommendations
to
all
gloves and mittens made of heavy
1. These
Length of gloves.—Tho maximum length of gloves not to exceed 123
leather and other materials in which more than 25% of the material used
inches, measured from tip of middle finger to centre of top on back of glove.
Is heavy leather, unless otherwise specifically provided for.
Style numbors.—Any change in construction, material, quality, or grade
2. This schedule for conservation is to apply to all gloves and mittens
spring
and
fall
seasons
the
of
manufactured for
1919. Manufacturers, to be construed as constituting a new style number, except that when deerhowever, may cut gloves to correct stock or to fill orders now booked, it akin is used four grades may be used in each style number. Colors are not
being understood that no orders should be taken contrary to the provisions to be interpreted as creating an additional style number. Job lots or
in this schedule except to use up materials already on hand,finished or in special-sale lots, consistffig of sample lines, mended goods, lots that are
present process of manufacture. It is expected, of course, that in so far broken as to size or color, discontinued lines, or seconds from regular lines
as sossibls manufacturers will at once adjust their business to this schedule. that are sold by the manufacturer in balk at a sacrifice price, aro not to be
3. Classification of the manufacture of any leather glove and Mitten, considered as a style number or as part of a manufactured line.
Each manufacturer to restrict his output to the following maximum numas to whether it be placed under the light-leather glove schedule or the
heavy-loather glove schedule, is to be determined wholly by the character ber of style numbers:
(a) In dipped-grain leather, either domestic or imported, not more than
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- 15 in all and not more than 10 from either class of leather.
(b)
In mocha leather, not more than eight.
tens to the following colors: Black, dark brown, yellow, khaki, natural,
(c) In suede and fleshier leather, not more than 16 in all and not more than
and smoke.
5. Length of cuffs.—In either gloves, gauntlets, or mitten gauntlets the 10 from either class of leather.
(d) In brush or glace leather, not more than four.
length of cuff should not exceed the maximum length of 7 inches.
(e) In doeskin or chamois, not more than two.
Iss 6. Bilking and onibroidering.—All Bilking and embroidering or imitation
(f) In deerskin, not more than eight, subject to qualification under capeliminated
to
be
on
embroidering
all
gloves
and mittens except
silking and
tion "Style numbers."
on driving gloves.
Women's Glorcs and Mittens.
7. Decorations.—Ali decorations to be eliminated on all gloves and
mittens.
(g) In dipped-grain leather, either domestic or imported, not more than
numbers.—The
term
"sample
number" is used in the follow- 15 in all and not more than 10 from either class of leather.
8. Sample
(II) In mocha leather, not more than eight.
ing paragraphs in its trade sense; that Is, any change in cut, construction,
material, quality, grade, sewing, color (see paragraph 4), lining, wristing,
(I) In suede and fleshier leather, not more than 12 In all and not more than
fastsster, &c., constitutes a now or different sample number. All gloves 8 in either class of leather.
1966
THE CHRONICLE
(j) In brush or glace leather, not more than six.
(k) In doeskin or chamois, not more than six.
(1) In deerskin, not more than six subject to qualification under caption
•.'Style numbers".
Boys', Misses' and Children's Gloves 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.
OrSide 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.
(s) All fly sheets to be eliminated.
[VoL. 107.
not affect those purchasing 100 lbs. or less, the Fuel Administration said:
Retail coal dealers in New York City will not "pass on" this advance
to 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 a hundred pounds when delivered at their
homes by a peddler.
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 Fuel Administration that they may advance 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 administrator.
An investigation of the anthracite coal situation in New
York, Pennsylvania and the New England States was ordered on Nov.20 by the Senate Committee on Manufactures
on receipt of information that a serious shortage existed in
those States. The investigation will be conducted by a
sub-committee consisting of Senators Reed of Missouri,
Vardaman of Mississippi, Jones of New Mexico, Lodge of
HIGH PRICES FOR INFLUENZA DRUGS.
Massachusetts
and Kenyon of Iowa.
The following is taken from the "Wall Street Journal"
of Nov. 1:
The epidemic still rules the drug markets and prices are mounting. From SAVING BY ANTHRACITE CONSUMERS THROUGH
some parts of the country come reports of profiteering by retailers, parUSE OF PEA AND BUCKWHEAT COAL.
ticularly in camphor, asafoetida, anti-pyrine, codeine and rhinitis. UnThe following concerning the saving of 70 cents to $1 32
doubtedly in some of the smaller cities where the ratio of cases is very high
and the amount of drugs small the retailers have advanced their prices per ton which can be effected by anthracite consumers by
unduly, but in the larger cities the advance in drugs has merely followed
buying pea and buckwheat coal in connection with the
the law of supply and demand.
Japanese refined camphor is quoted as high as $4 a pound, an advance domestic sizes comes to us this week from the Anthracite
of nearly $2 in the last month. Offerings are getting lighter as the price Committee in Philadelphia:
advances and
the Government is a big taker wherever it is offered in bulk.
One way for the householder to save on fuel bills is to use buckwheat
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 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
Is selling at $5 a pound, an advance of $1 a pound in the last week. Camphor oil is selling for 25 cents a pound with smaller stocks reported. Co- fair trial, this size, below pea, has invariably given satisfaction.
When Dr. Garfield added $1 05 per ton at the mines on coal cost to
deine alkaloid has been advanced 50 cents an ounce to $10 65 an ounce
cover the increase in anthracite wages, this increase was placed, necesand sulphate $8 50 an ounce in 100 ounce lots.
sarily,
on what are called the domestic sizes. The steam sizes of anthracite
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 are no higher than before. Here is where the householder can save money.
The mine price.for steam anthracite are quoted as follows: Buckwheat
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 No. 1, $3 40; rice, $2 90; barley, $2 65; screenings, $1 50. With the
freight
of $1 70 per ton added to buckwheat, the cost to the local dealer is
and medicines including iron, quinine, strychnine, cod liver oil. &c.
$5 10 if shipped from the big companies. The independents, or smalier
On the 11th inst. the same paper said:
producers, are allowed a differential of 75 cents more per ton at the mine.
The peace talk hit the drug market during the last week, resulting in Dealers can get buckwheat in full supply, even though it is not possible
active selling of herbs, leaves, and seeds, large stocks of which many drug now to fill at once all orders for domestic anthracite.
dealers have accumulated. They are apparently afrail of disposing of
Under the new scale of prices, the costs to the dealer of the domestic
them at current prices.
anthracite sizes delivered in Philadelphia are as follows: Broken, $7 85;
While the influenza epidemic waned, and there was less demand for egg, $7 75; stove, $8; chestnut, $8 10; pea, $6 50. These prices are for
drugs utilized in combating it, stocks had become so depleted that even white ash.
the present demand, well above normal, was sufficient to keep prices up
If the consumer gets either e;g or pea—both nut and stove sizes are
to the recent high levels, so that small price changes were reported for scarce—the ordering of' one ton each of egg and buckwheat sizes, or one
aspirin, antipyrine, acethenetidin, asafetida, and quinine.
ton each of pea and buckwheat, would cost the consumer the above prices
Thymol crystals and sodium bicarbonate advanced, owing to smaller plus the $2 50 per ton allowed the dealer by the Fuel Administration,
production; and mercury dropped $2 50 a falask.
as follows:
Camphor, which was the centre of attention in the drug market during
Egg and buckwheat, $17 85 for the two tens.
the epidemic, ruled firm during the week at the highest prices obtained,
Pea and buckwheat, $16 60 for the two tons.
$4 a pound. There are limited supplies available. The spread of the epiThis averages $8 93 and $8 30 per ton, against $10 25 for egg and $9 for
demic to Scandinavia, where it is still increasing, caused the Norwegian pea, with 75 cents more added to the consumer if the retailer deals with
Legation at Washington to induce the State Department to arrange for the independents.
the immediate shipment of 600 kilos of camphor to Norway.
A mixture of egg and buckwheat thus saves money for the furnace in
Menthol declined a little and was quoted at 25 cents a pound.
the cellar, while a mixture of pea and buckwheat saves money for the
Demand for opium derivatives kept the market strong, with gum quoted kitchen range.
$22 60 a pound in cases, powdered $24 50, and granular $25 50.
INCREASED PRICES FOR ANTHRACITE COAL.
New prices on anthracite coal to absorb the recent increase 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
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:
White ash grade—Broken, $5 95©$6 70; egg, $5 850$6 60; stove,
$6 10036 85; nut, $6 20036 95; pea, $4 80()$5 55.
Red ash grade—Broken. $6 15026 90; egg, $5 450$6 20; stove, $6 800
$7 05; pea, $4 90035 65.
Lykens Valley grade—Broken, $6 40(07 15; egg, 36 300$7 05; stove,
$6 70@$7 45; nut, $6 700$7 45; pea, $5 15C)$5 90.
Existing prices were continued on sizes where no changes are announced.
They are: Buckwheat, $3 40(444 15; rice, $2 90; barley, $2 65, and screenings, $1 50.
Following announcement of the above, the New York
State Fuel Administration on Nov.8 announced an increase
of 95 cents a ton to consumers of domestic sizes of anthracite
effective Nov. 1. In stating that the increased price would
STORAGE RESTRICTIONS ON BITUMINOUS COAL
REMOVED.
It was announced yesterday (Nov. 22) that all storage restrictions 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 discontinued provided for the accumulations by the consumers in
preferential classes defined by the War Industries Board of
reserve stocks of bituminous coal in accordance with their
location in relation to various mine fields and their classification on the preference schedule. Locations far removed
from mine fields, the Fuel Administration announced, have
been found to be "well stocked" with coal.
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.
Transportationlokfood and workers to the other side of the
Nov. 23 1918.]
THE CHRONICLE
ocean now is imperative and the domestic situation is such
that there can be no falling off in the deliveries of both essentials.
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 Administration henceforth will be gradually to eliminate restrictive orders and to
carry on necessary voluntary conservation through educational means.
In pursuance of this policy, orders were issued to-day setting aside the
lightless night order except where State Administrators, because of conditions 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 necessity for conservation, will carry it forward without the ever-present reminder these orders supply.
1967
under 26 cents a pound. This led to the circulation of rumors that the
big producers were offering metal under the fixed price.
There is little or no copper to be obtained under 26 cents a pound. Some
time ago producers were informed by the Government that they were at
liberty to dispose of their product as fillOWS: 60% to consumers having
Government 4323ers and 40% to all other consumers. But this effected
no change in prices.
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.
In an item on the 14th inst. (just 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 him
will not sell a pound of metal to Germany except for cash.
Supplementing the above, a statement issued by Mercer company
England, Belgium and France have formed syndicates to regulate the
P. Moseley, Chief of Fuel Conservation for New York State, distribution and sale of copper needed by their respective countries, but
these syndicates will not start to operate until the situation as regards future
said:
prices, &c., is clarified. At the present time these commissions are gatherThe abatement of this order does not mean a change in the situation ing data in
respect to production and the probable trend of prices. Prorespecting the supply of domestic sizes anthracite. These lights are gen- ducers are not expected to
interprose any objection to joint purchases
erated by bituminous coal. Domestic anthracite is scarce and need for for export.
continued conservation on the part of the public is most emphatic.
Readjusting the copper industry to a peace basis will, authorities emphasize, be a big problem. But no cancellations are expected. Until
some definite news comes from Washington, business in all probability
CONTINUANCE OF GOVERNMENT CONTROL,OF COP- will be very light. It is pointed out that miners are being paid on the basis
of 28% to 29 cents a pound for the metal, despite the fact that the price
PER PRICES AND ALLOCATIONS.
am been fixed at 26 cents a pound until Jan. I next.
Following last week's conference between representatives
It is agreed that an enormous demand for the metal is in prospect, but
of the steel industry and members of the War Industries When this demand will be filled depends on the attitude of the Government.
Restrictions might be imposed that would preclude the selling of metal
Board to consider matters incident to the change from war on
an open-handed scale for some time to come.
to peace conditions, a conference of copper interests and
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
preserve existing levels of prices and wages. It was 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 continued in October with the approval of President Wilson
until Jan. 1 next. With regard to the conference of Nov. 15
and its conclusions the War Industries Board made the following announcement on the 16th:
RESIGNATION OF JOHN P. WHITE FROM U. i. FUEL
ADMINISTRATION.
John P. White has resigned as Joint Director of the Bureau
of Labor of the Federal Fuel Administration. Announcement 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
Administration on labor affairs. It is further said that few
disputes involving miners remain to be adjusted, and Mr.
White asked to be relieved so that he could give his attention
to his private interests.
Bernard M. Baruch, Chairman of the War Industries Board, conferred
yesterday with a committee of the copper industry of America. The
mooting 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 & Hocla 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
FRANK P. WALSH RESIGNS AS CHAIRMAN OF
Thursday.
NATIONAL WAR LABOR BOARD.
General industrial conditions to which the use of copper is intimately
related were reviewed at tho meeting. The discussion was particularly
The resignation of Frank P. Walsh from the National
directed to the immediate situation that America and the rest of the world
is facing. The same spirit of co-operation that characterized the capper War Labor Board was tendered to President Wilson on
producers throughout the war in the supply of the metal to America and Nov. 19. Mr. Walsh, who has served as Joint Chairman
the Allies was present.
Taft, in submitting his resignation, exThe meeting brought out the following points which are to remain ef- with William H.
fective until Jan. 1, and then to be subject to renewal or revision as already plained that professional engagements, many assumed prior
agreed upon:
to the war, made it imperative that he return to his law
(a) The present rate of production is to be maintained in the mines,smelters and refineries, cohtinuous employment being thus insured during the practice at the earliest possible moment. His letter to
first period of the transition from a war to a peace bas13.
President Wilson follows:
(b) The present level of prices of the metal and the existing wage scale
Dear Mr. President—I hereby resign as Joint Chairman of the National
preserved.
to
be
labor
are
of
War Labor Board.
(c) The War Industries Board, or such other Governmental agency as
Professional engagements, many assumed prior to the creation of the
may be designated, is to continuo regulation of prices and allocation of Board, make it imperative that I should return to my practice at the earliest
the material.
possible moment. Of course, I could have no thought of resigning, small
One of the Allied Governments within the last twenty-four hours has re- as my actual service may have been, during the hostilities.
quested information on delivery of 200,000 tons of the commodity, which
Your 'confidence in me and many acts of kindness during my service
was accepted as a sign that the European demand would not only be large, on the Board I appreciate beyond expression, although my respect and
but immediate. Another point given consideration was the prospective admiration for you personally, as well as my devotion to all of the things
requirements for civilian consumption, due to the curtailment of the pro- which you represent, could not have been enhanced.
ductivity of many American industries for the last eighteen months beWith my warm regard and sincere wish for a safe journey, and the
cause of the needs of the war program, which have created a demand that winning of the world to your splendid ideals, I am
in
stabilizing
factor
conditions generally.
should prove a
Faithfully yours,
The civilian demands in Europe and elsewhere, held in check for more
FRANK P. WALSH.
than four years, would work to the same end, it was thought,since America
passed
and
sent
to the Secretary of
The
Board
last
week
produces approximately 75% of the world's copper supply. The reconstruction work in the belligerent countries was another point of discussion Labor and to President Wilson a resolution under the sigas well as the demand that Germany and her former Allies will have to nature of Chairman Taft and Vice-Chairman Black Harmon
satisfy when she is again rehabilitated and has re-established her commer- asking that members be relieved from their duties with the
cial relations with the rest of the world.
Board at the earliest possible moment.
In referring to the continuance of Government control of
allocation,
"Financial America" of Nov. 16
copper prices and
NO MAXIMUM QUICKSILVER PRICES.
had the following to say concerning foreign requirements
Maximum
prices on quicksilver will not be fixed by the
metal:
the
for
France is in the market for 400,000,000 pounds of copper. It is expected War Industries Board, it was announced on Nov. 22, but
that inquiries for 1919 export delivery Will continue to pour into the big agreements now existing between quicksilver producers and
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 the Board will not be affected.
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 I
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 holders of oil lands, the New York "Times" of yesterday in a
special copyright cable from Mexico City Nov. 21 said:
1968
THE CHRONICLE
A new oil law, which will be presented to Congress, will modify the present
laws on that subject, to which American holders of oil lands have 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 denouncabte, 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 established under the classificalton 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 contracts the taxes fixed by the decree of July 31. This provision will terminate upon the expiration of the lease contracts which may not be modified
or renewed, even though the power of the contracting parties to do so may
be stipulated in them.
Upon the expiration of a contract, an exploker, during the three months
following, may obtain title in his favor to the claim upon the payment of a
title tax. Claims covered in this article are to be subject to the regulations
71,
on exploitation which govern claims to titles of petroleum lands.
Article 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 denounced by various lessees, title is to be issued to that lessee holding the
tAl.'ai a>aii
contract at the latest date.
•
It is provided In Article 4 that In justifying rights to all 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 theissuance of the new law may obtain titles in their favor to the underlying oil claims by the payment of the title tax, upon furnishing proof within a period of three months from the issue of the law of having the authorization 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 provisions contained in the decree of Aug. 8 of this year are valid.
WORK ON U. S. PUBLIC BUILDINGS ORDERED RESUMED BY SECRETARY McADOO.
Secretary of the Treasury McAdoo on Nov. 16 issued instructions to the 'Supervising Architect of the Treasury
Department to invite bids for construction work on post
offices and other public buildings and extensions authorized
by Congress, thereby rescinding orders of last December
suspending all work on public buildings on account of the
war conditions. Secretary McAdoo's announcement of
the 16th says:
In December last, owing to the pressure of war conditions and the consequent necessity of concentrating the industrial power of the nation on
the manufacture of war material. I deemed it essential to direct the supervising architect of the Treasury Department to discontinue all construction
work on public buildings except such as was absolutelyL necessarY;andito
refrain from inviting bids for new work.
Ait't
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 industrial 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 hies for the construction 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 necessity for such a building has been greatly increased by reason of the need
of adequately safeguarding the large Mass of valuable records and documents relating to the war.
The resumption of construction work by the Government will contribute 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
needs of the country.
LIMITATION OF WAR EMERGENCY MEASURES.
A summary 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 furnished by Senator Martin, Democratic leader, on Nov. 13:
The expansion of fighting forces will end of course,
Senator Martin pointed out, with the proclamation of peace;
the collateral agencies he noted are limited as follows:
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 months 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.
Allen 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.
401,
Minerals Stimulating —A.4 wye, .06 arwaihis rot,
[VoL. 107.
Senator Martin also pointed out that appropriations and
increased personnel for aircraft wore limited to "the present
emergency," and that authority of the President under the
emergency shipping fund created June 15 1917, ends six
months after the proclamation of peace.
ALL BUILDING RESTRICTIONS REMOVED.
Announcement that all remaining restlictions on non-war
construction throughout the United States had been removed 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 required. Notice of the removal of the restrictions was telegraphed to the chairmen of the State Councils of Defense
by D. R. McLennan, Chief of the Non-War Construction
Section of the War Industries Board.
COMMITTEES OF NATIONAL CIVIC FEDERATION
TO CONSIDER AFTER-WAR PROBLEMS.
The Reconstruction Committee, organized by the National Civic Federation, has been called by V. Event Macy,
President of the Federation, to meet at 1 Madison avenue,
New York, on Monday, Dec. 2 to consider .the following
questions:
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 wore necessary under emergency condiaons, 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
and progressive reconstruction program, the National Civic
Federation, on March 16 1918, provided for the appointment of a committee of representative men and women connected with labor, agriculture, manufacturing, commerce,
banking, economics, the church, the bar, &c., to make a
study of the subject, so far as it relates to the problems
with which the National Civic Federation is especially
equipped to deal. The call for the meeting says:
We are now face to face with the demobilization of our huge army and
the transformation of our induszies from a war basis to a peace basis.
These questions, as well as 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 prac3cal so-called "labor
and capital" questions and it is these which it is expecting to study. The
results of its constructive 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 bids an official commission ready to deal with
all reconstruction problems.
The League for 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 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 seok to destroy the principle of nationalism, and it is
probable that as soon as the restriccive war laws are removed, these forces
*will become bolder in that attempt. This raises the question as to which,
if any, of the emergency espionage laws shall be retained at the conclusion
of peace.
The anarc.histic 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
hindrance. The world has had enough of war and slaughter, and certainly wilt not be inclined to welcome any further war, whether an International one or a war between classes.
Just as the League for National Unity urged the bringing about of fraternal co-operation in time of war, so will it aim to do in the era of peace.
It hopes to see developed the same principles in all those countries which,
through more 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.
The Next of Kin Division of the League for National Unity,
of which Wheeler P. Bloodgood, of Wisconsin, is Chairman,
will meet at 1 Madison avenue, on Dee. 3, to consider
vital questions connected with the work of the Division.
One relates to an inquiry into the character of the educational program proposed for our soldiers during their retention 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 promoted by revolutionary Socialists and Bolsheviki?"
Nov. 231918.]
THE CHRONICLE
REGULATIONS GOVERNING THE APPLICATION FOR
ISSUANCE OF EXPORT LICENSES.
On Nov.8 the War Trade Board announced that the regulations previously prescribed as to the signing of applications 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.
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
Board says:
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 now registrants enrolled Sept. 12.
With regard to plans for demobilization, this statement
referred to above, issued by General March, said:
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
follows:
First—The demobilization of the development battalions throughout the
In order to facilitate the work of filing applications for export licenses, country. They arc 71 in number and embrace in strength 98,199 men.
Second—The demobilization of conscientious objectors who are not servthe 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 ing sentences.
Third—The spruce production division.
consignor.or of some person to whom the consignor has delegated the duty
Fourth—Central training schools for officers with certain modifications.
of signing applications.
Fifth—The United States Guards, who comprised something like 135,00Q
Shippers will .fre neld responsible, as heretofore, for all statements made
upon applications and for full compliance with all rules and regulations on paper.
Sixth—Railway troops.
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
Seventh—Depot brigades.
Eighth—Replacement camps.
under this license the person to whom the same is issued warrants the correctness and truthfulness (1) of all answers made and statements conNinth—Combat divisions.
We have in the United States now something like 1,700,000 men, and to
tained in the application filed with said Board for this license, and (2) of
all information given in response to any further requirements of said muster out a force of that kind of course will take some time. Each man
Board in connection therewitn, which application and information are by has to be examined physically, his final accounts made and a copy of his
reference made parts hereof."
medical record transferred to the War Risk Insurance Bureau so that the
mm may get compensation they are entitled to under the Act, which must
be properly safeguarded. Great masses of blank forms have been prepared in advance, and they are being shipped to the various camps for use
DEMOBILIZATION PLANS.
as these orders go into effect.
The orders that have already been issued affect some 200,000 men. I exDemobilization of America's vast army of nearly four pect
to muster them out in two weeks. When the machine is in full opermillion men is already under way, and within a few days ation we expect to release 30,000 men a day.
In
handling this problem of demobilization one of the features which had
200,000 men now in camp in this country will have been sent
be considered was the subsequent retaining of men for the Regular
home, and thereafter the demobilization will continue at to
Army, or what will be the Regular Army when Congress passes laws reorthe rate of 30,000 men a day, according to plans announced ganizing that army. When the war broke out there were only a limited
by General Peyton C. March on Nov. 16. There are about 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.
1,700,000 men in camps in the United States now, General So we
have offered these men who came in for the period of the war the
March said. In a general order issued to the army on tho option of re-enlisting if they care to.
We
have
offered an immediate honorable discharge with a furlough of one
16th, Secretary of War Baker said in part:
month upon re-enlistment and we propose to go before Congress and ask
The signing of the military armistice enables us to suspend the intensive Congress to give every man who has been honorably discharged one month's
military preparation in which the country was engaged. It does not, pay, whatever his grade is, as a bonus. These men who re-enlist
will not
however,signify the formal end of the war, and it will therefore be necessary lose their bonus.
for us to keep under arms a substantial army until we are certain just what
Under present laws every man who is dissliarged from the army is enthe military needs of the country will be.
titled to wear his uniform for a period of three months. That is a very
The men in service in the United States will be demobilized as rapidly necessary thing, because the releasing to civil life of
3,000,000 or 4,000.000
as is consistent with the needs of the Government, and the War Depart- men makes it impossible to clothe in civilian clothes so
great a number.
ment is working with the other agencies of the Government toward a rapid So there will be a period of readjustment during which they will
be wearing
re-establislunent of normal business conditions and the restoration of the their uniforms.
soldiers to their homes and occupations.
The officers are listed in this way: Officers who want to apply for comThe suspension of draft calls and release of all men called 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
who had not actually entrained for camp wore almost the will be offered
commissions in the Reserve Corps. The rest of them
be
first work of the War Department when the armistice was discharged. In this connection I also issued orders to all the staffwill
corps
that
the
discharge
of
officers
and
men
must
keep
pace
with the cutting down
signed. A preliminary order was issued by Secretary Baker
of work, and they have
directed to submit lists of officers and men
at 10:50 a. m. on Nov. 11. Subsequently, by order of from time to time as theybeen
can be spared for discharge.
At the same time as these orders were given for the troops at home, I
President Wilson, Provost Marshal-General Crowder issued
Gen. Pershing directing him to return to the United States on troop
an order to all local draft boards directing the cancellation cat)led
transports all men who are casuals or
sick and wounded who
of all outstanding army draft calls, stopping the movement are able to be moved; and these men convalescents,
will come in a steady flow across the
Atlantic
before
under
orders
the
larger
men
252,000
number come back as units.
to entrain within five days,
of
We propose when the divisions come back from France to have them
and setting aside all November calls for over 300,000 men.
mustered out in the vicinity of their homes. The men from New England
In transmitting the President's order to the local boards, 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
Gen. Crowder announced that registrants whose induction own
soldiers. This scheme calls for the clearing out of the camps at home,
orders were canceled or who were discharged after their and I will leave in each one of these
camps a unit of the Regular Army,
entrainment for camps would revert to the status existing which will police it and take care of it and make it ready for the troops as
they
come
back
from France.
at the time the original order was issued, this to include
With reference to casualties the American expeditionary force,
I cabled
resumption of the order and serial number. It also was Oen. Pershing directing him toinreport
in plain English and not in code, 30
specifically announced that nothing in the cancellation of ILS to save time, the name of every man killed, wounded or missing
up to
the time of the armistice not hitherto reported. I have had an
answer
the calls should operate to relieve from the consequences of this
morning saying he would expedite it in every way.
his acts any registrant who theretofore had become delinThe relation of demobilization plans to industrial readjustquent 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:
registrants in the 18-year and 37-45 year groups. In his
With the signing of the armistice the War Department is faced with
an
order to Gen. Crowder Secretary Baker expressed his con- Intricate problem and great responsibilities. The industries of the country,
which have responded whole-heartodly 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
times of peace. The first and primary consideration in getting
and difficult task. Mr. Baker said:
back to
this normal basis Is to make this readjustment with as little
PE In entering upon what seems in view of the mighty events of the day. as possible, and with a continuous employment of labor. inconvenience
to be the final work of this character to be done by the selective service
system, I extend to the members of that system my personal congratulations upon their truly great achievements of the last year and a half, achievements 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 of the last year and a half."
It is also essential that the production of material for war, which
means
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.
1970
THE CHRONICLE
rvoL. 107
lems of helping to bring the nations back to a peace basis, a just and lasting
peace. 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 not 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
the full benefit of their sacrifices. We saw that in Michigan in the recent
election. It is this sinister influence that must be combated. After
Germany's great victory in 1871 the military party fastened militarism
on
that nation; and that same militarism, like a Frankenstein, turned and
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 ruined the very nation which created it, and to which it had given a false
any would be granted, as it tended to break up units, and furthermore, feeling of security for a time. We must see to it that our nation does not
would create an inequality of conditions. The same thing would apply fall into the same error.
The greatest security, the real preparedness, of a nation is in the ability
to individual requests, which are coming in by the thousands.
"The thing that we must do," said Mr. Baker. "is to demobilize the men 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 rt the front
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 to put the pep into the action there and the men at home to put the pep
Into
making munitions for them, and men with plants and ability to turn
without filling the country with unemployed men. The War Department
is working in close co-operation with the Department of Labor and the the plants quickly to making up-to-date machinery and produce whatever
wi.s
wanted in the rapid development of our war needs. We were preWar Industries Board."
"If an individual had an opportunity to return to his employment, would pared with skill and ability instead of antiquated machinery. The
Germans,
believed to be the best "prepared" nation in the world, had
an individual instance be considered?" Mr. Baker was asked.
"An individual instance, if it comes in a class that was to be discharged enough antiquated stuff to get them licked.
With
the nation at war, my object was to help get out in everything
as a class, would be granted, but no priorities and no furloughs will be
called for by the Government, and with the war ended my object Is to help
granted," he said.
find profitable work for every returned soldier, no matter what his condition, and our experience has shown that practically all can be profitably
MEMORIAL TREES FOR FALLEN SOLDIERS
employed.
NO SPECIAL RELEASES FROM ARMY LIKELY, SAYS
SECRETARY BAKER.
Dispatches from Washington report that many requests
are 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 New York "Sun" on Nov. 15 said:
ADVOCATED.
Governors of all States in the Union have been asked to
eo-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
through which a motor highway passes, plant "victory" °airs or "victory
elms" for her soldiers who have died in battle. The motor has played a
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 bit?* part in the victory. Our wood stocks
must be replenished. With each State co-operating with the highway
authorities, a living lesson could be taught the coming generations as to
the beauties and value of forestry.
AMERICAN SOLDIERS, IN ARMISTICE ORDERS,
FORBIDDEN TO FRATERNIZE WITH FOE.
Rigid maintenance of discipline and no 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 runners 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 termination 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 dist:II:One 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.
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 Republican 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
course 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
Wilson's efforts to bring about a just peace. On this point
he said:
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
a righteous war to a glorious success, and he is now facing the great prob-
SUPREME COURT DENIES APPEAL OF MOONEY, CONVICTED 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
and since then organized labor has been insistent in demanding a review. Several retrials have been granted the labor
leader but all resulted in sustaining the original court sentence. Charges were made that certain witnesses for the
State had been found to have perjured themselves. Hundreds 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 ease at the time when Russia, following 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 Sail 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
ferment a general strike as a protest against Mooney's execution. On the 20th the Seattle Metal Trades Council sent
a telegram to the American Federation of Labor at Washington urging the calling of a general nation-wide strike.
The Federation was also requested to ask British and Canadian labor leaders to take similar action. Unions in the
shipyards district of Alameda and Oakland wore said to be
balloting on the Mooney strike proposal.
EMERGENCY POWER BILL TO BE DROPPED.
The so-called Emergency Power Bill at one time urged
by the Administration as a necessary measure for supplementing the power supply in districts where war work was
concentrated, will probably be dropped, according to Washington 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.
AIRPLANE TELEPHONE IN USE BY AMERICAN
FIGHTERS.
According to John D. Ryan, Director of Airplane Production, 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. Clarence C. Culver, U. S. A., and has been developed to the
point where, it is said, the sound of the human voice is transmitted 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:
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 squadro a flying in the air and watched them manoeuvre accordingly. 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.
1971
white slavery. That's why they indicted us and that's why they mad*
peace so quickly.
"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
can 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 nay
happen in this country in the next year or two. We have the same conditions 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
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 on the Russian model."
PROHIBITION AMENDMENT TO NATIONAL FOOD
STIMULATION ACT BECOMES A LAW.
Without a roll-call the United States Senate on 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 1 1919 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 President's approval of the measure on Nov. 21 the bill became
The display of the red flag in our thoroughfares seems to be emblematic a law.
Men
;e
and
an
unbridled
insignia for law hating and anarchy. For the
of
This measure was previously passed by the United States
preservation of public order, peace and the welfare of the community.
only the American flag or the insignia of some foreign Government recog- Senate on Aug.29 and referred to in these columns on Sept.7,
nized by the Government of the United States should be displayed.
while on Sept. 23 the House of Representatives adopted the
We are passing through the most important and critical period of our history. Reportsfrom abroad picture the horrors and outrages of unrestrained measure by a vote of 171 to 34. A slight addition, that of
mobs, and even the great neutral nations in Europe are facing dangers of allowing wines to be imported until May 1 1919, was the
social upheaval. In this ritical time every loyal American citizen must only change made. This amendment
had been suggested
exercise forbearance and patience and aid the authorities to deal justly and
fairly with every problem of Government. Whenever new ideas are sug- through the State Department by the Governments of
gested they must be considered calmly, and if adopted should be put into France, Italy, Portugal and Spain, which complained that
effect through the established methods of law and order.
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
assemblages held by the Socialists, anarchists, pacifists, I. W. W., and with the added matter printed in black-face type, follows:
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 demonstrations. The order of the Mayor read:
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, &c., of a seditious
character . . . or other manifestations that aro calculated to cause or
promote disorder or hostility toward the United States Government must
'
be prohibited.
Local Socialist organizations have announced their intention to contest the Mayor's order, especially that part
referring to public meetings.
That, after June 30 1919, until the conclusion of the present war, and
thereafter until the termination of demobilization, 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
efficiency in the production of arms, munitions, 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 thereafter 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 thereafter 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 distribution of wine for sacramental, medicinal or other than beverage uses.
After the approval of this Act no distilled malt, vinous or other intoxicating liquors shall be imported into the United States during the continuance of the pre:ent war and period of demobilization, except wines,
which may be imported until May 1 1919; provided that this provision 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 cm eation of such zones is necessary to and advisable in the
proper prosecution of the war, and that he is hereby authorized and empowered 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.
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 and
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 "Marseillaise" 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 fesponsible for the check of the Bolshevist movement in
that part of Russia.
Victor Berger was introduced to the crowd of 8,000 to
The bill was signed by President Wilson at exactly one
10,000 persons as a man who could qualify,asI:a/good,Socialist, "because he can show his indictments." As quoted minute to 5 o'clock Nov. 21, just a few minutes before
in special dispatches to the New York "Times", Borger said adjournment. Some persons contend that had he waited
five minutes longer the measure would have failed, since
in part:
"I can show four indictments. I as not indicted because I had com- it could not be signed after adjournment. On the other
mitted any crime. We were indicted because we stood for socialism—
hand, however, it is urged that this has reference only to
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 cases where the life of Congress itself expires and not to the
to the world. They object to socialism because ittwould do awayatwith termination of a session.
•
1972
THE CHRONICLE
CONTROL OF CABLES TAKEN OVER BY
GOVERNMENT.
The issuance of a proclamation by President Wilson on
Nov. 2 placing all marine cables under control of the Postmaster-General became known on the '16th inst. The
acti,pn of the Government in assuming control of the cables
at this time has developed more or less conjecture as to its
reason; Clarence H. Mackay, President of the Postal Telegraph Commercial Cable Companies in expressing himself
at a loss to understand what prompted the action, had
the following to say on the 16th:
I cannot understand why the Government takes over the cables as a
war measure, notwithstanding the war being now practically ended.
The cable companies have rendered splendid service ever since the outbreak 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
tn fact that tne Navy Department has censored all cable messages since
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 I
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 111918.
"Hon. Albert S. Burleson, Postmaster-General, Washington, D. C.:
"Mg Dear Mr. Burleson: In view of the fact that an armistice with Germany has now been signed and a treaty of peace will probably be agreed
upon quickly, I take the liberty of suggesting that the telegraph lines bo
returned to the two telegraph companies at once, as authorized by the
President's proclamation, which states that you shall be at liberty to relinquish 'in whole or in part to the owners thereof . . . any telegraph . . . system or any part thereof.'
"Such action on your part would save the Government a groat 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 from 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 Conunerce 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 decrease 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 Government continuing to bear these losses inasmuch as it can stop them immediately, by returning the hues 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 I 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 lines 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 loss 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 the 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 more
favorable to the Government than you have granted to the Western Union.
Apparently war compensation is based upon war profits, and we are entitled to the same treatment as the Western Union in this respect.
"I am, yours, respectfully,
CLARENCE H. MACKAY. President."
iVoL. 107.
and will continue during this period of readjustment." Ho
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 suspension of all outgoing cable service by the Western Union,
because of congestion of messages, was announced by that
company. By the 18th full service was resumed. We
quote her€with Postmaster-General Burleson's statement
of the 19th as 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 distance 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 destination to destination. The effectiveness of the servic.e is dependent upon
the extent of the common control of circuits, which should be to the furthest 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 systems has its independent cable system.
The Mackay Company, originally a cable system, finding that tho 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, although there were large cable facilities working in connection with it belonging to other companies, yet for its own interest was forced into constructing and otherwise obtaining effectual control of the trans-Atlantic
cable companies which had heretofore been independent, but 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 continuity were concerned and their operation In this way was made as effective as it would be throu;h 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 an
to-day, and.will continue during the period of readjustment. The alsolute necessity of uninterrupted, continuous communication should be apparent 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 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.
• There are many other reasons for taaing 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.
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 lino systems
are theoretically in the hands of the Postmaster-General, but practically
they are operated by the two telegraph companies exactly the same as they
were before the Postmaster-General took them over. Mr. Burleson fails
to 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 telegraph companies because the Western Union land line system, being deprived of its cable connection, turned over the business to the Commercial
Cable Co.. or its patrons did so, which is the same thing.
Ever 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
or 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
of those Governments has also been in force for over four years.
There is not a quarter of the need of close control of the cable systems
now or during the period of readjustment as 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 lino of business, and his reasoning is not convincing.
He is all wrong.
Mr. Burleson says he has other reasons. I fear that the chief one is
Incipient Government ownership.
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
On the 19th inst. Postmaster-General Burleson issued say in protest to the taking over of control of the cables by
Government:
a statement relative to the action of the Government in the
The proposed action of the Government to take over the cable lines is intaking over control of the cables in which he said "there comprehensible to me. The very vastness of the proposition is staggering.
never was a time in the history of this war . . . which For illustration, we have a cable 10,000 miles long from San Francisco te
and Japan and Manila. What in the World could the Government
called for such a ()lose control of the cable system as to-day China
do with that?
Nov. 23 1918.]
THE CHRONICLE
The Central & Soutn American Cable Co. has cables from New York
through the Panama Canal and away down the west shore of South America, and across the mountains to the Argentine Republic. It is a tremendous system. What in the world can the Government do with that, and
why does it want it?
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
are merely leased to the Western Union, and who knows but that serious
complications might not arise in the future in connection with these foreign
owned cables?
All 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 reverberation 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 nas 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 taldng
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.
The President's proclamation, made public in the "Official
Bulletin" of Nov. 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 constitutional 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 authorized 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
United States to recover such further sum as, added to said 75%, will make
up such amount as will be just compensation therefor,in the manner provided 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 deenod 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, under 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 laws 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 operation of such marine cable systems hereby by me undertaken shall be exercised 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 determine, through the owners, managers, boards of directors, receivers, officers, 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 companies, 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 duo 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 midnignt on the 2d day of Novmober 1918, all
marine cable systems included in this order and proclamation shall conclusively be deemed within the possession and control and under the supervision of said Postmaster-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 She President, in the District of Columbia, this 2d day of November in the year of Our Lord one thousand nine hundred and eighteen,
and of the independence of the United States the one hundred and fortythird,
WOODROW WILSON.
By the Presidimt:
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 announeement of the issuance of the proclamation:
1973
When asked to-day why newspapers had not been notified of the appearance of the proclamation the Committee on Public Information explained
that usually when proclamations dealing with a certain subject were handed
by time 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 explaining in plain language the effect of the often technical proclamation.
In tho case of the cable control, it appears, no such request was made.
The Committee on Public Information appeared to believe that it was incumbent 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 two
weeks old, anyway." He seemed to consider that sufficient excuse for
the lack of publicity.
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
Cuban, making a total of sixteen cables with a total length of approximately 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 ,:rans-Atlantic 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 Postal-Telegraph and Commercial Cable Co.
The Commercial Pacific Cable Co. owns and operates the single transPacific line affected by the order. This cable runs from San Francisco
to the Philippine Islands, Japan and China, via Honolulu, Midway Island.
Guam, Manila, Shanghai, and from Guam to Bonin Island. Japan.
The Central and South American Telegraph Company's system is taken
over 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.
The following order, making effective Government possession and control of the marine cable systems was issued
by Postmaster-General Burleson on 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 systems 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 operation In the ordinary course of business through regular channels. Regular dividends heretofore declared and maturing interest on bonds, debentures 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 officer, 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 hign standard, but improved wherever possible. It is
the purpose to co-ordinate and unify these services so that they may be
operated 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. II. MACKAY OVER COMPENSATION 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 use 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:
November 4 1918.
Hon. Albert S. Burleson, 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 regard 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 Telephone Co.
or to the Western Union. The compensation to them is based on their
earnings for the last year, and, in fact, the Western Union compensation
is in 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 telegraph business, but the first month in which the Government had control
of our lines, we earned about $320,000 for the Government. Hence, on
your committee's basis, the Government would pay us $150,000 and keep
$170.000. This, of course, is absurd.
There has been an intimation that the Postal Company is making too
much money, but the conclusive answer to that is that telegraph rates in
1974
THE CHRONICLE
the United States are lower than 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 whatsoveer for many years, and, in
(act, 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 prolonged 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 283-s 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 81 25 each before the
war are now worth from $3 to 84 each, if we could dismantle and sell them,
while poles that now cost us from 83 to 84 will be worth only about 81 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 personal property, which fluctuates rapidly in value. The physical value
to-day will tilt 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 ri;ht, and should be considered 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 property there would have been undoubtedly the same profit this year,and that
Is the basis of the contrensation 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 that value consists
of permanent terminals and right of way. Congress based their compensation entirely on earning power, and we can see no reason why the same rule
should not be applied to us.
If by careful management we have made a substantial profit on our land
line system, in spite of the fierce competition, we are entiaed to that profit.
As stated above, this applies particularly to perishable properties. such as
telegraph lir es. A single heavy snowstorm may carry down thousands of
miles. Including lines not over a year old, and that has happened. Telegraph lines are very perishable, and any claim that their usable value is
merely, say, 6% of the physical value is unsuppot%ed by the history of
telegraph lines or any other class of perishable property.
But above all stands the fact, as stated previously, that the compensation to the Western Union Telegraph Company is based on their 1917 earnings, and to asit my company to take lass would, to put it mildly, be an injustice,and I am quite sure that you intend that the same fair treatment
shall be accorded to all.
Yours respectfully,
0. H. MACKAY, President.
(Vol.. 107.
of the Central & South American Cable Co., so as to give the State Department a rapid service to South America. Only a few days ago, when the
State Department requested a special cable across the Atlantic, so that it
could be in instantaneous communication with the American representatives at Paris, It applied to the Postal Telegraph-Commercial Cables for
this facility, something which had never been done before. The Postal
Telegraph-Commercial Cables promptly set aside one of their trans-Atlantic cables for that purpose and furnsihed a through circuit from Washington 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 before in the history of cable communication,it is said, has a circuit
of such importance been arranged. It gives the Government the exclusive
use of a continuous telegraph and cable line from the Mite Department,
Washington, to the American Embassy in Paris. In the event of an interruption 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. from the State Department in Washington 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,
Paris, a OW distance of unbroken telegraphic continuity of 3,992 miles.
The preparation 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
systems as one beginning Dec. 1 was made known on Nov.20
in the issuance of the following order:
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. 11918, all telegraph offices
t-hail accept for transmission all classes of messages now accepted by any
one of them at the prescribed tariff rates.
It is stated that so far as the plans of the Federal Telegraph 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 would be the duty of the telegraph company to turn over the telegram to the company whose line
could transmit the dispatch. But it is not contemplatedl
that there shall be a physical merger of the two companies
to the extent of the complete absorption of the Posta
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 will 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 two companies being pooled and telenumerous 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 wirels 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 availcomplicated 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 certificate 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 exthey 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 Washearnings and some more. Mr. Burleson denies this, but we have absolutely ington. On Dec. 1 telegraph messages would 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
pay stations would be installed in each branch. Other exthe Postmaster-General to pay his losses on the Western Union lines.
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 two weeks with pay and those in service
Western Union refused. Only a few months ago, at the request of the
State Department, we strung a special wire on short notice to make up a one year,one week. Extension of long-distance telephone
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.]
THE CHRONICLE
Postmaster-General. Companies without long-distance con- I
nections have been invited to make applications in writing.
REDUCTION IN RATES ON NIGHT MESSAGES.
A reduction in telegraph rates on night messages, effective Jan. 1 next, was ordered by Postmaster-General Burleson 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 additiona'
word 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 sent at night and
on night letters are not affected by the order.
On Nov. 19 Charles G. Marshall of the Ohio Public Utilities Commission, and Joseph B. Eastman of the Massachusetts Public Service Commission, were named by PostmasterGeneral Burleson as additional members of the Committee
on Standardization of Telegraph Rates. A similar committee for the telephone service was enlarged by the appointment of Paul P. Haynes of the Indiana Public Service Commission and Noah W. Simpson of the Missouri Public Service Commission as additional members.
HOTELS AND APARTMENT HOUSES PROHIBITA
FROM OVERCHARGING FOR TELEPHONE CALLS.
Under an order issued by Postmaster-General Burleson
on Nov. 19, hotels, apartment houses, clubs, &c., are prohibited 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. The Postmaster's order says:
On and after Dec. 1 1918 hotels, apartment houses, clubs and similar
institutions shall no.; charge any guest, tenant, or member for telephone
messages an amount in excess of that charged 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.
REMOVAL OF RESTRICTIONS AFFECTING EXTENSIONS OF TELEPHONES.
On Nov. 21 Postmaster-General Burleson removed the
restrictions in his order of Aug. 15 1918, relative to the
limiting by telephone companies of extensions and betterments to imperative and unavoidable work to meet war
requirements. Owing to cessation of hostilities, these
restrictions are deemed unnecessary.
--•
SEIZURE OF CABLES CONDEMNED BY NEW YORK
WORLD.
In a 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
of the cable lines for the Government. It takes oeedsion
at the same time to advert to Mr. Burleson's order extending his authority over the land lines, saying: "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." 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 extraordinary powers conferred upon the Administration for war
purposes exclusively." We print the article herewith in
full:
Not Another Step Backward.
It is not strange that surprise amounting to resentment as well as amazement 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, hostilities were at their height, and few ventured to hope that the war could
be ended in less than a year. In letters addressed at that time to Chairman 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 generally 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.
1975
Something has been said in support of the theory that control by the
Government of the cables during the sitting of the Peace 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 appearance of a definite plan for the enforcement of Government ownership.
In our opinion, the approach of peace could hardly be signalized more
emphatically, aside from demobilization, than by the abandonment as
speenily as possible of the extraordinary powers conferred upon the Administration 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, inducting Senator Lewis of Illinois, not re-elected, who
now sponsors a Govermr ent-ownership proposition, way as well understand that snap judgment is not to be taken in relation to matters of such
vital importance.
In transportation and communication, at present completely in the hands
of Government, millions of men and women are employed and Pillions
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 woule dictate nominations and elections.
Sufficient unto war are the evils of war. We did not draw the sword, or
surrender some of our liberties, or submit to dictatorial methods, or accept rationing and taxation, or yield to the monopolization of our industries
with the ides 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
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
of a resumption of hostilities.
SAMUEL GOMPERS WARNS THAT LABOR UNIONS
WILL FIGHT WAGE REDUCTIONS.
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,
that any proposed general reduction in wages or lengthening
of working hours which might be attempted after the war
would be fought by organized labor. A statement to this
effect, issued by Mr. Gompers on the closing day of the conference, Nov. 16, grew out of a declaration by William H.
Barr, President of the National Founders' Association
(referred to in these columns last week, page 1885), to the
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
New York "Tribune" quotes Mr. Gompers as saying in
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 elevi tion of the great masses of the working people
of the world. And among these are the people who believe that the principles 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 master's of the political and industrial
world have not lost their hope to maintain domination over the people. It
Is the old 13ourbons of the whole world. Among this latter class we find
some employers of labor in the United States, particularly the National
Manufacturers' Association and the association of employers called the National Founders' Association.
Inasmuch as this conference has unanimously declared in favor of the
fundamental principles of right and justice and freedom for 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 policy of employers in
every crisis, industrial, economical, financial, to try to force down wages
and lengthen the hours of labor as their remedy for the miscryof the people,
until in 1907 the American Federation of Labor declared to the employers of
America that they would resist every attempt to reduce wages of the working 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 a ho will not understand— there :re some people
who do not understand—all that was meant by the willini flea . of the people
of the democracies to fight and make the sacrifices in orLer 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 supported this world
struggle. The American labor movement went to the fullest lengths in
support of the struavie, and we knew what was involved. And the Barra,
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 government has been destroyed.
1976
TIIE CHRONICLE
Wm— 107.
Just this one word more. The American labor movement will co-operate with all other agencies to help in this reconstruction time. Our movement is not to destroy but to construct, and all may just as well understand
now as at 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.
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:
It is quite apparent that Mr. Gompers has misinterpreted both the spirit ratification of their organization. President Gompers is said
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
this time to enter into any wage controversy they are quite mistaken. On and essence of the program agreed upon by the London Interthe contrary, the present time is one when all possible constructive energy Allied Labor Congress. The resolution was printed as folshould be utilized for co-operation and not for strife. Perhaps the country
lows in the New York "Tribune" of Nov. 15:
can maintain its industries and secure its share of world trade on an eight-
hour day basis. If so, well 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
on 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
manufacturing emergencies.
It seems best to treat the question of working hours as one of the problems to be solved in accordance with peace conditions and in a sensible
business like fashion.
If our manufacturers can maintain their industries and furnish employment 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 countries, and if it cannot be sold at the present high wage level it must, nevertheless, be sold, and a reduction in wages automatically creating a decreased cost of living is preferable to unemployment.
My understanding of the attitude of manufacturers is that they are approaching the present industrial situation with the high purpose of maintaining 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 manufacturers.
Unquestionably the manufacturer is more deeply concerned in working
out the groat common industrial problems than arc those individuals and
organizations whose principal efforts are confined to vituperation and
reduction of output.
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 critical consideration be given those principles that make for an enduring peace
and create equality of opportunities for the peoples of all nations; and
IVhereas, 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.
TherPfore, be it resolved, That we declare that the following essential
fundamental principles must underly the peace as wed 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 therefore peace in relations between nations. No political or economic restrictions meant simply to benefit some nations and to cripple or embarrass
others; no reprisals based on vindictive purpose, desire or deliberate dosiren° injure, but to right manifest wrongs; recognition of rights of small
nations and of the principle that no people must be forced under a sovereignty under which it does not wish to live, no territorial changes or adjustments 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 fundamental to the best interests of all nations and of vital importance to wage
earners:
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 press
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 or 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 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
wages in industries making war supplies, is one of those in
Washington who thinks the price of labor along with other
The new federation will have its headquarters in Washprices will have to come down. Senator Reed is quoted by ington.
the "Times" as saying:
I do not desire to enter any discussion with Mr. Compere as to what he ATTITUDE OF AMERICAN FEDERATION OF LABOR
said in his speech, but my opinion on this question is as follows:
TOWARD INDUSTRIAL WORKERS OF THE WORLD.
The purchasing price of the dollar throughout the world has greatly
An effort on the part of Mexican delegates to the Pandepreciated. This is principally due to the enormous inflation of the world's
circulating medium. Accordingly, there has been an apparent increase American Labor Conference at Laredo, Tex., on Nov. 15
in values all along the line, but this increase is more apparent than real, to have adopted a resolution aiming
at the release from
because while there was more money paid it was actually not as available,
dollar for dollar, as it was before the war began. It must be apparent to prison of Industrial Workers of the World brought about an
every thoughtful man that a return to normal currency conditions will mean attack on that organization by American labor leaders, who
a contraction in prices. This, of course, will affect the price paid for labor defeated
the plan by amending the resolution. The New
In common with prices paid for other commodities.
One economic fact that seems to be overlooked is that enormously high York "Times" in an account of tho debate had the followwages do not mean that conditions of the laborer will thereby be improved. ing to say in part:
Wages, after all, are measured by what they will buy. As everything
Following Mr. Alpine (Third Vice-President of the American Federation
has to be produced principally by labor, if labor is paid enormously high of Labor), Mr. Gompers spoke. Ile described the victory of the Allies
wages, the price of everything is enormously increased, and the laborer as essential to civilization, to the welfare of the workers in all countries,
finds himself in the end but little better off than he would have been under and as insuring the future of democracy throughout the world.
normal conditions. The fact is that prices of all kinds are relative, and the
We could not tolerate any agency which sought to interfere with our
thing labor ought to ask for is fair treatment; that is, that labor shall have work for this holy war," said Mr. Gompers. "The American Feda fair division. Labor has a right to ask this, and every other element eration of Labor has always sought to aid any movement whether within
of the community has the same right. In fact, speaking broadly and elimi- or without its ranks, that made for the upbuilding of the workers or
nating the small percentage of idlers, all people in the United States are the advancement of humanity. But we could not aid men who would
engaged in useful occupations; they are laborers. Each has a right to destroy the only real organized labor movement in America and who
expect a fair opportunity to gain a livelihood.
would wreck our nation itself. We believe in democracy among the
In the readjustment necessary in getting from a war to a peace basis all people in an orderly republican form of Government; and when justice
classes of people should endeavor to do their part in a patriotic way. No is not mooted out and equality does not rule under our Government, we
particular class should undertake to gain an advantage from the war. This supersede that Government through the use of the ballot. That is the only
has not been a war of any class. It has been a war of the American people. way for orderly Government to succeed, and that is the way it must be
The victory is the victory of the American people, and no particular class dcne in all nations; you must follow it and not pattern after the Bolshevik',
of our people has done more than the other classes. In getting back to a who destroy freedom.
peace basis there should be no agitation, no attempt to stir up strife, no
"The triumph of America and her allies in this war has been received with
effort to gain advantage. We should exercise as high a patriotism in re- rejoicing by the lovers of liberty throughout the world; oven the workers
mobilizing for business of peace as we did in mobilizing for business of war. of German and Austria are glad. The now republics of Germany and
Austria and their workers will have the cordial support of the American
of Labor with every movement designed for the world's welfare."
PRINCIPLES LAID DOWN BY PAN-AMERICAN LABOR Federation
Mr. Gompers recited the efforts of the American Federation of Labor for
FEDERATION FOR PLACE CONFERENCE.
the overthrow of the Diaz Government, its support of the Madero revolution, and its insisting upon sanctuary in this country for industrial refugees
Permanent organization of the Pan-American Federation from
Mexico.
"OM
of Labor was effected at the international labor conference
William Green, Secretary of the United Mine Workers and Chairman of
resolutions
the
committee,
recited
the facts of the Haywood trial and bitterly
in Laredo, Tex., last week. The formation of the new orHaywood as an ingrate and traitor, both to labor and his counganization occurred on Nov. 16; Samuel Gompers was denounced
try. He asserted that the minors had spent half a million dollars to free
elected as its first President, to serve until the next meeting, IIaywood, Moyer and Pettibone.
Luis N. Morones, Secretary-Treasurer of the Mexican Federation of
which is to be held in July 1919 at Panama. John Murray
Labor, after asserting the joy felt by the workers of Latin America at the
was elected English-speaking Secretary of the organization triumph of the cause of the Allies, told of the efforts made
by the 1. W. W.
and Canuto Vargas of New Mexico was chosen as Spanish- and the Bolshevist forces in Mexico.
"We
deliberately
provoked
discussion,"
this
said Mr. Moronos. "We
speaking Secretary. A lengthy debate on the resolution
wanted to know if it were true, as the I. W. W. propagandists have bees
submitted by President Gompers outlining labor's conditions telling us, that the American Federation of Labor is arbitrary. We
Nov. 23 1918.
THE CIIRONICLE
wanted to know whether the United States is an enemy of real liberty for
labor. Some,. including myself, who have been in your country know
better, but wo wished all our colleagues to be convinced. There Is no
sympathy among the majority of our workers for the I. W. W. and 1301shevism, and we thank Mr. Gompers for his warning against them."
Then came the climax. Charles E. Moyer, gray, bent and lined, arose,
and In a broken voice denounced his former associates.
• "My name 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.
I know that every word which has been told you of the American Federation
of Labor aiding workingmen is true. My organization was not then a
member of the Federation, but it poured out its money for our defense.
"Pettibone is dead. On his deathbed ho 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. Chairman Walsh said the Board went no 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
went 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
instead of the $6 for which they had struck and are now to
have the $6 in full. Chairman Walsh declared that investigations by the Board showed that $34 80 a week was necessary at present to support a family in health and reasonable
comfort.
"Any wage less than this is penalizing the workers' family
for the benefit of his employer," said he.
The award is made in the case of the Association of Employing Printers against Franklin Union 23 of the International Printing Pressmen and Assistants Union. It is
retroactive to Oct. 1 and is to continue until peace is declared, but either side may reopen the case May 1 for such
readjustment as conditions then may make necessary.
WAGE INCREASES ON ELECTRIC RAIL WA YS.
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 recommended 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 & Suburban Railway, Syracuse, N. Y.; the Lewiston, Augusta
and Waterville Railway, the Cumberland County Power &
Light Company, Portland, Me.; the East St. Louis, Columbia & Waterloo Railway, the Auburn & Syracuse Electric
Railroad, the Cincinnati Traction Company and the Deliver
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 interurban lines were fixed at from 41 to 45 cents an 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'limits of back pay duo employees.
The award in the case of the Detroit United Railway Company affected only car inspectors, controller men, pitmen
and pitmen helpers, who get a flat increase of 20% or more
in order to bring tho 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 431t0148 cents an
1977
-hour and provided proportionate increases for other employees.
Motormen and conductors of the Denver Tramway Company got wage rates of from 43 to 48 cents an hour.
AMERICAN ELECTRIC RAILWAY ASSOCIATION PROPOSES COMMITTEE TO STUDY ELECTRIC
RAILWAY PROBLEMS.
At a conference of the American Electric Railway Association in New York on Nov. 1 a resolution reciting the conditions 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
of reconstruction, was introduced by P. H. Gadsden, President 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 rai:ways of the country.
Mr. Pardee with regard thereto says:
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 inability 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
was 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 executive 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.
The resolution submitted by Mr. Gadsden and adopted
at the convention in reciting the conditions confronting the
electric railways set out, among other things, that "as a
consequence of the rapidly mounting costs of operation and
the steadily declining not income, the financial standing of
the electric railways 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."
was resolved by the Association that "in the light of the
experience of the industry during the war the entire subject
of the relationship between electric railway companies and
the public should have, now and during the reconstruction
period following the war, the most earnest consideration
of representatives of both the public and the companies."
The following is the resolution in full:
The whole structure of the franchise relationship between electric railways 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 alarming 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 demand 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
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 ono that we find this complete breakdown under war conditions.
Industry generally was never so prosperous, notwithstanding the increase in the cost of labor and material. The public utilities, and especially
tile electric railways, present practically the only exception to this rule of
prosperity. They,on the contrary, are steadily being destroyed by the war.
A tabulation of 388 electric railways, representing over 63% of the electric 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 or 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 over $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 railways has been seriously affected, and it is no longer possible to attract
now capital for the efficient operation of the properties in the interest
of the public.
These facts lehd 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 sufficiently 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 has become obvious to the community that it is on the brink of destruction before its MSC has been sufficiently made out to justify an in.creaIse
in its rate.
1978
THE CHRONICLE
[VOL. 107.
The declaration of war found the electric railways thoroughly unpre- of the country to strike on Nov. 14, unless the Director-General makes a
pared for the problems thrust upon them. Without in any way lessening decision before that date on the request of the telegraphers for increased
our efforts to win the war by supplying this essential service to the public, wages.
I cannot believe that genuinely patriotic men will listen for a moment
it woald seem to be the part of wisdom for us to take up for serious conto advice from anyone to strike against the Government of the United
sideration the problems of peace.
Of all the problems of readjustment which this nation will have to meet States. All employees of the railroads are now in the service of the Govand solve after the war, none will be nforaserious or more difficult than that ernment and never in the history of the United States have its employees
of the electric railway industry. In the light of our experience as empha- struck against their Government. It is impossible for the Directors
sized by war conditions, it is manifest that to insure the efficient operation General to render a decision on the telegraphers' claims on or before Nov.
of the electric railways of the country after the war there must be a re- 14. The case is under consideration and will be decided at the earliest
casting of the entire basis of the relationship existing between the electric 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 continuourailways and the communities they serve.
In many cases electric railway franchises, which had come to be con- flow of supplies to our soldiers and sailors in France as it was while the war
sidered as valuable assets, in the light of recent experience have been proved was actually raging.
I earnestly request each patriotic employee to remember his duty to his
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" Government and to remain at his post and await with confidence the action
plans recently adopted in Boston, Chicago and Cincinnati.
of the Director-General which will be taken at the earliest possible moIn the past the sole interest of the community has been thought to be ment. In this hour of glorious triumph for world's democracy let us
in the service rendered, but with a broader conception of the underlying not fail to do our part by standing to our posts as our soldiers and sailors
problems involved there is a growing tendency to recognize a community have so gallantly stood to theirs.
of interest in the problems of profit and loss, as having a direct and immeDespite this appeal it was reported on the 13th inst. that
diate bearing upon the rate of fare.
Now, therefore, be it resolved by the American Electric Railway Asso- more than 15,000 telegraphers employed on 19 Southeastern
ciation:
railroads would walk out the next morning unless the de1. 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 mands for increased wages were met by the Railroad Adrelationship between electric railway companies and the public should have, ministration before that time. Announcement of this was
now and during the reconstruction period following the war, the most made by 0. D. Gorman, Chairman of the General Comearnest consideration of the representatives of both the public and the
mittee of the Order of Railway Telegraphers of the Southcompanies.
2. That, among other things, a radical revision of electric railway local eastern District. The strike was, however, avoided by
franchises should be made, if the industry is to continue to render efficient a statement by Director-General McAdoo informing General
• service to the public.
3. That a committee be appointed by the President of the Association, Chairman Gorman that he would shortly announce an
whose duty it shall be to make a study of reconstruction problems, particu- award for the keymen based upon the recommendations
larly those relating to local franchises, and report their recommendations
of the Railway Administration Board of Adjustment.
at an early date.
WAGE INCREASES FOR RAILROAD TELEGRAPHERS—
STRIKE AGITATION.
An advance of 13 cents an hour above the rate prevailing
on Jan. 1 has been granted by the Railroad Administration
to telegraph operators on all railroads under Federal control. 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 $30,000,000
a year, applies to between 60,000 and 70,000 employees,
including telegraphers, telephone operators, agent telegraphers, agent-telephoners, towermen, lever men, tower
and train directors, block operators, and staff men. It
does not apply to telephone switchboard operators. A separate wage order is to be issued, applying to railroad agents
who are not telegraphers. The following is the announcement made on the 16th inst. by the Railroad Administration regarding the advance in telegraphers' wages:
Washington, Nov. 16 1918.
Director-General McAdoo to-day announced his 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 involves increases approximately $30,000100 per annum.
All rates of wages paid vs of Jan. 1 1918, prior to the application of General 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 boon 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 (Ices not apply to cases where individuals are paid $30 per
month or less for special service which only takes a portion of their time
from outside employment or business, and in the case of employees who
are paid upon a commission basis or upon a combination of salary and commission, not including express or outside commissions, the Board of Railroad 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 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 working 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
PROCLAMATION PLACING AMERICAN RAILWAY
EXPRESS UNDER CONTROL OF DIRECTORGENERAL OF RAILROADS.
A proclamation taking under Federal control the American
Railway Express Company and placing it under the jurisdiction of Director-General of Railroads W. G. McAdoo was
issued by President Wilson on Nov. 16. It became effective
at, noon Monday,. Nov. 18. It is stated that this action
serves to clarify the express situation, which heretofore has
been based on the understanding that the express combination operated privately as the agent of the Director-General.
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 proclamation 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 tile express business over
numerous 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 company 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 tho entire transportation
system of the American Railway Express Co.
Now, therefore, I, Woodrow Wilson,.President of the United States, under and by virtue of the powers vested in use 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 system of transportation called the American Railway Express Co. and all of
its appurtenances and property of every kind or nature, directly or indirectly, 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 of
transportation systems while under Federal control, for the just compensation 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 Juno, 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 provide, the board of directors, officers and employees of said company shall
continuo the operation thereof In the usual and ordinary course under such
contract.
Nov. 23 1918.]
THE CHRONICLE
From 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 or notice.
In witness whereof I have hereunto set my 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 tho 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
named 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 Broadway, New York. Luther M. Walter, Assistant Director,
Public Service and Accounting, United States Railroad Administration, becomes one of general counsel. The lawyers
who will serve with Mr. Root are John G. Milburn, New
York; John S. Miller, Chicago; Forney Johnston, Birmingham, Ala., and Hugh L. Bond, Baltimore. The Chairman
of the executive committee, S. Davies Warfield, and President of the Association,in announcing the Advisory Counsel,
made the following statement:
This action by the committee is the result of meetings heretofore hold 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 reasonable 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
own or are interested in their securities, as it is also to shippers, the traveling public and to the country.
The methods employed by the Railroad Administration up to this time
may be contended to have been necessary for the purposes of war. What
is done from 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 thne." 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 permanent Government control and operation under such plans as the present
Railroad Administration may desire and as the forerunner of Government
ownership.
The Congress made no provision in the Act for any such use of them, on
the contrary, it specifically provided for their return.
There is first to be decided the time of such return of tho railroads.
The twenty-one months was not allowed by the Congress for their exploitation. It was given in order that their affairs might bo 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
to repay. 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 and provided that they should
be, this cannot be carried out under methods which are destructive of the
very facilities which have been built up by the expenditure of millions of
dollars for the promotion of enterprise and convenience of business and the
public. The most potent factor in our reconstruction for upbuilding and
extending 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 purpose and to the end the Congress intended, that they shall be returned as
it prescribed; 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
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 lawyers mentioned.
The questions involved aro 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 reproants Vi Vie 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 Commission to prevent interference by State Commissions with
the inter-State rate structure. Mr. Walter becomes general
counsel together with Samuel Unterrnyer, 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 as a
coalition, and the Marquis of Lansdowne, Lord Curzon,
Arthur Balfour, Boner 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 dissensions within the Government and of the dissatisfaction
of the Unionists, who had quietly intimated that, war or
no war, if necessary they would use every endeavor to force
the Government to go before the people. The Northcliffe
press, at the time still zealous for Lloyd George, was declaring 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 been constantly dependent for
support upon the Liberal majority in the House of Commons, the "Old Gang," as opponents call the Asquith faction, 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 which 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:
The war has revealed the defects of the old system, and we will be wise
to take note of and remedy them. We cannot return to the old conditions.
If Parliament rises to the level of its great opportunities then the empire
and the throne will be firmly established on the only solid basis—that of a
contented and happy people.
The old Parliament has served its use, and there is no time to lose, as
somebody must 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
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. This is due not to poverty
but to neglecz.
The health of the people must be the special concern of the State. What
we have done tpward feeding ourselves in the past is like feeding a hungry
giant with a 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
later of reconstruction.
Never. before were British political conditions as chaotic as they are
to-day. The war 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 tweaty-one.
This added 6,000,000 females and 2.000,0(1 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 toe present House of Commons expired three
Years ago, and it has extended its own tenure of office from term to terns
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 during the great war.
As the new voters will be entitled to take part in choosing the government, 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
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 lit is the "leader who won the war" to aZtract 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 ou;, it means a split in
the Liberal Party, which will have to decide whether the Lloyd Georgians
•••
1980
THE CHRONICLE
[VoL. 107.
or the Asquithians control it. How many candidates the Labor Party
The speech referred to was the one in which the British
will nominate and how many votes it will muster is an uncertain element.
Premier
pleaded for a peace based on justice, without venSo far as Ireland is concerned, the election probably means the almost
total disappearance of the old Nazionalist Party of Redmond and Dillon geance, and endorsed the President's conception of a League
from 'Westminster. The Sein Feiners are expected to sweep Southern of Nations. Extracts from the speech were given in these
Ireland, but the members elected by the Sin Fein always refuse to take their
columns last week on page 1894.
seats.
In thanking the President for his congratulations, the
In addition to trying to hold together his Conservative and Liberal supporters, Mr. Lloyd George is trying to reconcile the Asquith faction. Mr. British Premier, in a message sent on the 19th, said:
Asquith could have had a high seat in the present Cabinet if he would have
My heartiest thanks for your cordial, kindly message. I am certain the
accepted it. Thera were two obstacles, however, home rule and protec- Ideals of our two countries regarding inprnational reconstruction are
tion. One of these the Conservatives will not have, and the other is ob- fundamentally the same. I feel sure that at the peace conference
we shall
jected to by the Liberals.
be able to co-operate fruitfully to promote the reign of peace, with liberty
Mr. Lloyd George addressed a large group of Liberal members from both and true democracy throughout the world.
houses of Parliament on Tuesday. Andrew Bonar Law, Chancellor of the
Exchequer, also presented the coalition program at a meeting of Conservatives. This program is said to include "safeguarding" agriculture and
HIGH SEAS FLEET SURRENDERBD—
essential manufactures, imperial preference, and home rule without coer- GERMAN
don of the six counties of Ulster. Mr. Lloyd George's speech before the
STRIPPED TO BUILD SUBMARINES, SAYS
Liberals advocated a League of Nations and emphasized the needs of
CAPT. PERSIUS.
national unity. He begged the Liberals noi to sulk. Limited protection
and half-way home rule do not satisfy the stalwarts of either party. The
That the German high seas fleet had been stripped to get
greatest asset of Mr. Lloyd George is his personal popularity.
The general elections appointed for Dec. 14 -will be 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 of. 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 are due to the
Representation of the People Act of 1918. 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,
whore 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 °lase of the present Parliament.
BRITISH PREMIER FAVORS 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' associations and. trades unions of the principal industries of the
country, declared that the Government wished to have
their assistance and advice as to the course 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, ho 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 independent tribunal.
A Consultative Committee was appointed by the employers 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 bo
dealt with immediately.
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 Penh's, 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 tho Berlin "Tageblatt" an article containing revelations
regarding the German fleet, Captain Persius says the hope thrt the German fleet would be able in a second Skagerrak battle to boat 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 •
says, while Great Britain had more than double that. and thanks to the
mistakes of von Tirpitz, the German material was quite inferior to the British. In the Skagerrak battle, ho 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 lighterarmed German ships. As it was, the losses of the German fleet wore enormous, and on Juno 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
several members of the Reichstag made an earnest appeal to the army command—not to the naval staff—with the result that an 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 number of the battleships and take the metal. In this manner, at the beginning of 1916, twenty-three battleships had been disarmed, as well as one
newly built cruiser.
At the beginning of this year Captain Persil's 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 millions, had been destroyed, and the U-boats that had been constructed had
proved unable to fight against British warships.
Admiral von Capone 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 lame 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 or 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 "Incapacitated." Submarine crows, 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 hooked upon the submarine warfare as political stupidity.
Captain Persius tells of the mutiny that broke out at the beginning of this
month, when the German new was ordered out for attack. Had the seamen obeyed, the writer remarts, innumerable lives would have been lost,
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
a 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 lino and three French warships. The Allied armada was
in two long columns. This announcement was made officially by the Admiralty in the afternoon:
E PRESIDENT WILSON CONGRATULATES LLOYD
The Commander-in-Chief of the (rand Fleet has reported that at 9:30
GEORGE ON HIS SPEECH OUTLINING
o'clock this morning he met the first and main installment of the German
PEACE VIEWS.
high sons fleet, which is surrendering for internment.
President' Wilson- has sentfa message to Premier L171
It was understood that the German warships surrendered to
George of Great Britain, coneratulatinglhim on his speech Admiral Beatty on Nov. 21 .were 9 battleships, 5 battle
Of,Nov. 12, outlining his viewslon: peace. As, given out at cruisers, 7 cruisers and 50 destroyers, leaving to be surLondon on Nov. 17, the message read:
rendered two battleships which are under repair. The folMay I express my sincere admiration of the admirable temper and
lowing battleships, battle cruisers and light cruisers wore
purpose of your address of the 12th, just reproduced in part in our papers?
IS is delightful to be made aware of such community of thought and counsel given in a telegram from Berlin received in Amsterdam as
In approaching the high and difficult.task now awaiting us.
those surrendered to the Allies:
Nov. 23 1918.1
BATTLESHIPS.
Kaiser
24,113 tons Markgraf
Kaiserin
24,113 " Grosser Kurfuerst
Koenig Allyrt
24,113 " Bayern
Kronpriez Wilhelm
25,000 " Koenig
Prinzregont Luitpold_ _ _ _24,113 " Friedrich der Grosse
BATTLE CRUISERS.
Hinder burg
27,000 " 1Moitke
Derflinger
28,000 " Von der Tann
Seydlitz
25,000 "
LIGHT CRUISERS.
Bremen
4,000 tons Koeln
Brummer
4,000 " Dresden
Frankfurt
5,400 " Emden
THE CHRONICLE
25,293 tons
25,293 "
28,000 "
25,293 "
24,113 "
23,000 tons
18,800 "
Uncertain
5,400 tons
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, King George
sent concratulations to the people o the Empire and expressed 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 convulsol 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 contributed 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 sacrifice, 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.
Germany, our most formidable enemy, who planned the war to gain
supremacy of the world, full of pride in her armed strength, and of contempt for the small British army of that day, has now been forced to acknowledge 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, an 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
Mons, where your predecessors of 1914 shed the first British blood. Between that date and this you have traversed a long and weary road. Defeat has more than once stared you in tho 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 tho day.
Others of you have fought in more distant fields, in the mountains and
plains of Italy. in rugged Balkan ranges, under tho burning sun of Palestine,
Mesopotamia, and Africa, amid the snows of Russia and Siberia, and by
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
blessings of freedom and peace.
This was the message to the air forces:
Our far-flung squadrons have flown over home waters and foreign seas,
the 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 tho deserts
of Arabia, Sinai, 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.
In his message on the work of the naval forces the King
says:
Never in its history has the Royal Navy done greater things or bettor
sustained its old glories and the chivalry of the sea. With full and grateful
hearts the peoples of the British Empire salute the white, rod, and blue
ensigns and these 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
111 ARSH Al, 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 Distinguished Service Medal. The presentation was made with
impressive serviced 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
upon those who have rendered distinguished service to our country. Presi-
1981
dent Wilscn has directed me to present to you the first of these medals,in the
name of the United States Government and the American 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.
General Pershing then pinned the medal on Marshal
Foch's breast and the two stood with their hands clasped as
the trumpets sounded once more. In accepting the decoration, Marshal Foch said:
I will wear this medal with pleasure and pride. In days of triumph, as
well as in dark and critical hours, I shall never forget that 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.
An important part is due 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 is 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 ceaseless energy and indomitable courage of the men. Nor 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 words "la Meuse" can be borne with merited pride upon
the standards of the American Army. I will keep in my heart the recollection of those groat hours, often very difficult, but now crowned with
glory, during which we fought together for liberty, justice and civilization.
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 congratulation 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 to 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 premise
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.
WOODROW WILSON.
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 transfer 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
on 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 troops
about to occupy German territory:
To the French Armies: During long months you have fought. History
will record the tenacity and fierce energy displayed during these four years
by our country, which had to vanquish in order not to die.
To-morrow, in order bettor 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 conunission of vielences which, under the spur of your resentment, may seem to you legitimate.
You are to teruain under discipline and to show respect to persons and
property. 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 success 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 affection, 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.
Vive Is France.
(Signed) PETAIN.
A short summary of Gen. Petain's order, as contained in
early cablegrams, was 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
been 831 vessels of an 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
69,000 tons were damaged by German submarines. The
loss of life in these disasters is given as 1,120.
1982
THE CHRONICLE
GERMANY RENEWS APPEAL FOR FOOD—SUGGESTS
SENDING COMMISSION TO AMERICA,
AND WANTS HOOVER TO HELP.
The German Government on Nov. 15 renewed its appeal
for a 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. Self's appeal sent on the 15th, as
forwarded from London, read as follows:
[VoL. 107.
The Government of the United States also desires to call the attention
of the German Government to tne fact that these communications should
be presented through established diplomatic channels rather thart• by
direct radio communication.
The attitude of the American authorities toward the persistent appeals of the German Government for food is said
to'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 famine, 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
almost hysterical appeals of the German Provisional Government for supplies of food 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
conference. Such appeals as those which have been sent
by wireless by Dr. Solf to Secretary Lansing were said to be
quite unnecessary and not likely to ,have any beneficial results.
To 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 .1
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 IIahgue or some other place plenipotentiaries.
GERMAN WOMEN APPEAL TO MRS. WILSON AND
JANE ADDA MS FOR MITIGATION OF ARMISTICE.
In addition to the appeals sent out by the German
Government for the modification of the armistice 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
In a further cable from London,received here on the 16th, of the armistice be modified to prevent "unspeakable disthe following additional sections of Dr. Self's appeal were aster." The appeal to Mrs. Wilson, signed by Gertrud
cited:
Baeumer and Alice Salomon for the National Council of
American delegates.could discuss with the plenitopentiaries of the GerWomen of Germany, was sent out from Germany by wireman people the details of how the magnanimous help of America could
save, in time, our Fatherland from the worst. Perhaps the matter could less and received at the military intelligence radio station
be pit in the tried hands of Mr. Hoover, who has rendered such great at Haulton, Me. It was made public by the War Departservices in Belgium.
• The acceptance of- the oppressive armistice conditions, the necessity of ment on Nov. 14 as follows:
Berlin, November 12 1918.
To Mrs. Woodrow Wilson, White House, Washington, D. C.:
Madame—According to the terms of the armistice Germany has to surrender a very large part of the rolling stock of her railways. At the same
time she has to feed the troops of her former enemies in the occupied provinces of Germany.
The German women and children have been starving for years. They
The second appeal by the German Foreign Minister, will die from hunger by the millions if the terms of the armistice are not
asking for permission to send a commission to the United changed. 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 occuStates was quoted as follows:
armies if we cannot get large amounts of food from overseas.
London, Nov. 16.—The following wireless dispatch from Dr. Solt, the pying
The women and children all the world over have been the innocent sufGerman Minister of Foreign Affairs, addressed to Secretary of State Lanferers
of
this terrible war, but nowhere more than in Germany. Let it be
sing, was picked up hero to-day:
through, you madame,to implore our sisters in the United States of America,
"The return of the troops from the West gives rise to the fear that within
who are mothers like ourselves, to ask their Government and the Allied
a very short time Berlin and other large German towns will be cut off
Governments to change the terms of the armistice, so that the long sufferfrom supplies of food from the interior. We therefore repeat, with the
ing of the women and children of Germany may not end in unspeakable
greatest anxiety our request of yesterday that you should not hesitate a
disaster.
moment in convening a conference at The Hague, as proposed by us to
For the National Council of Women of Germany.
which our representatives could travel in the next few days.
(Signed) GERTR UD BAEUMER.
"Further, we urgently request that permission of the President of the
ALICE SALOMON.
United States be given, so that a German commission may leave immediThe message to Miss Addams,forwarded through the same
ately for America and personally lay before the Government there the conditions existing here and to assure steps being taken for the purchase of 'channels, was signed by Anita Augsburg, a German woman
most necessary foodstuffs.
prominent in welfare work for women and children, with
"We cherish the confident hope that the humanitarian feeling of the
American people will not frustrate the possibility of saving thousands of whom Miss Addams, it is said, became acquainted in 1915
women and children from death by starvation."
•while in Europe with the Ford peace expedition. It read:
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.
No direct reply has been made by the American Government to either of these 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 certain 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:
I should be gratified if you would be good enough to convey the following
communication to the Secretary of Foreign Affairs of the German Government:
The Government of the United States has received the radio messages
addressed to the President of the United States by the German Government, relative to relief from certain requirements imposed in the armistice
with the Ottoman Government and the armistice with the German Government.
The communications which have been received will be forthwith communicated 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 or to matters in which all the associated Governments are interested, should be sent to all the Governments
and not addressed alone to the President or the Government of the United
States.
Poe, 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
regarding terms of demobilization, blockade, wagons,locomotives. We are
all free voters of a free republic now, greeting you heartily.
(Signed) ANITA AUGSBURG.
FURTHER APPEALS BY GERMANY FOR MODIFICATION OF ARMISTICE.
Extensive changes in the terms of the armistice were asked
for 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 conditions of the armistice concerning the left bank of the Rhine.
The message was addressed to the Governments of the
United States, Great Britain, Franco 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 peaceful development of Germany," Dr. Solf asked the modification 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 permission for free navigation by way of Rotterdam and the
Nov. 23 1918.]
THE CHRONICLE
coast for the provisioning of Germany; the continuation of
industrial pursuits on the left bank of the Rhine for the use
of the remainder of Germany, and free railway traffic in
occupied territory.
The old frontier of the empire, including Luxemburg, Dr.
Solf suggeited, 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 might become 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
countries lacked the necessary powers.
A London dispatch on Nov. 16 announced the receipt of
a German wireless stating that Foreign Secretary Solf had
sent to 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
the conclusion of a universal armistice." The German
Foreign Secretary added that German hospitals and asylums
for the blind and orphans, the orphan asylums caring principally for Armenian children, would be compelled to close,
"thus causing new suffering among the Christian population." 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 an article above)requested the German
Government to address future communications referring to
the armistice terms to all the Governments interested, and
not to President Wilson and the American Government
alone.
German Catholics are appealing to Pope Benedict against
the heavy burdens of the armistice conditions, according to
a wireless dispatch received at London on the 16th from
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:
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 $2,450,000,
in addition to a capital of $2,550,000 and total resources of
$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 mother link to the cha:n
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 dir3ctors, 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. The new Cuban bank expects
to commence operations on or before Jan. 1 1919. The
Mercantile Bank of the Americas was organized during
the second half of 1915. In the short time since its inception 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 New York Trust Co., 26 Broad St., this city, announces the opening of its new Fifth Avenue-office, corner
Fifth Ave. and 57th St., to-day, under the management of
Charles E. Haydock, Vice-President. The mansion has a
The demand for the surrender of railway material, which is indispensable long social history. Mary Mason Jones inherited the propprevents
us
from
carrying
out the traffic necessary for victualling
to us,
the people, who for four years have been starving. *Food supplies for the erty in 1869 from her father, who bought it in 1798 and built
enemy troops of occupation cannot be procured. We therefore urgently a row of houses on 58th St. Mrs. Paran Stevens, a leader
beg your Holiness in the name of humanity and the principles of religion in Knickerbocker society, lived here for several years and
and love to intervene with the Allies for the right of our people to live.
The German delegates who signed the armistice also issued then Mrs. Herman Oelrichs made the residence her home for
twenty years until the New York Trust Co. leased it for an
a formal protest against the terms imposed upon Germany,
uptown branch. The late Collis P. Huntington's home is
this protest, sent to the French Government, and made
situated
on the southeast corner and Mrs. Cornelius Vander-public at Paris on Nov. 12, reading:
The German Government will naturally make every effort to aid in the bilt's mansion is on the opposite northwest corner. The
carrying out of the obligations imposed upon it. Its plenipotentiaries interior of the banking room on the first floor has been prerecognize that on certain points a conciliatory spirit has been shown toward serv.ed intact, the appointments have been panelled in oak
their suggestions. They can, consequently, consider the observations
which they submitted on Nov. 9, referring to conditions of the armistiee, to correspond with the rooms as they originally existed as a
and the reply they received on Nov. 10 as forming an integral part of the private home. A grand staircase winds upwards to the seccomplete convention.
ond floor, where the trust and bookkeeping departments are
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- located. The consultation rooms for meetings and the
pensable means of transport threatens to provoke a state of affairs which, private use of customers are on the third floor.
without the German Government and people being at fault, may render
the execution of the conditions of the armistice impossible. The plenipotentiaries 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 adversaries 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' ASSOCIATION TO BE HELD DEC. 9, 10 AND 11.
The new dates set for the annual convention of the Investment 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.
A 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 wore sold.
Low. High. Close.
Shares. BANK—New York.
500 Commerce, Nat. Dank of___ 2073i 20754 207%
Last previous sale.
Nov. 1918— 195
Clinton T. Miller has been appointed Assistant Comptroller, 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 Anaconda Copper Mining Co. when Mr. Ryan became Chairman 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 A. Pugsley, President of the Westchester
County National Bank of Peekskill, N. Y., has been elected
1984
THE CHRONICLE
a director of the Metropolitan Trust Company of New York.
As 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 commemorated at the memorable banquet held at Ottawa, Canada.
•
Arthur E. Fitch, Cashier of the National Union Bank of
Boston, was instantly killed at West Medford Station on
the Boston & Maine RR. on Nov. 19. Mr. Fitch gave his
life in a vain attempt to save a woman who had attempted
to cross the tracks after the gates were down.
[VOL. 107.
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 0. 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,
having amended its charter and code of regulations, will
hereafter be known as the Cosmopolitan Bank & Trust Co.
The change in name became effective Nov. 15. Edward F.
Romer is President of the institution, while John H. Meiners
is Secretary and Treasurer.
Charles E. Nott, heretofore Assistant Secretary of the
New England Trust Co. of Boston and for many years conThe Comptroller of the Currency has approved an increase
nected with that institution, was recently elected Secretary of $500,000 in the capital of tho 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.
.
Samuel D. Jordan, a Vice-President of the Bank of North
Flank J. Guse has been elected Cashier of the Washington
America of Philadelphia, on Nov. 19 celebrated the fiftyTrust
Co. of Spokane. He has been with the company for
sixth anniversary of his connection with that institution, he
having entered the service of the bank as a boy on the above 12 years. W. H. Miller has been elected Assistant Cashier.
He was Cashier of State Bank of Connell, Wash., until his
date in 1862.
recent resignation.
The West Philadelphia Title & Trust Co. of Philadelphia
Information has been received from London by William
has re-elected its retiring directors with the exception of
J. Henry Jahke, who declined a renomination and who has Baxter, Agent in New York City for the Chartered Bank
of India, Australia and China to the effect that the Directors
been succeeded on the board by Jay Lee Hall.
have applied to the Treasury to increase the capital of the
A special meeting of the stockholders of the Corn Exchange bank from £1,200,000 to £2,000,000 by the issue of 40,000
National Bank of Philadelphia is to be held on Dec. 17 to now shares of £20 each, fully paid. The issue price of the
take action upon the proposed increasing of the capital stock now shares will be £40 and the stockholders are entitled to
of the institution from $1,000,000 to $2,000,000. It has subscribe in the proportion of two now shares for every three
been recommended by the directors that the stock be in- old shares now held. The present quotation for the old
creased and be offered at $200 a share, $100 for capital and shares is £84.
$100 for surplus.
J. S. Mitchell, of J. S. Mitchell & Co., of Sherbrooke, has
We referred in these columns Nov.9 to the contest which been elected a director of The Canadian Bank of Commerce
had arisen to prevent the sale of the Drovers & Mechanics (head office, Toronto). Mr. Mitchell also replaces the late
National Bank of Baltimore to tre National Exchange Bank William Farwell, D.C.L., of Sherbrooke, as Chairman of
of that city. The stockholders of the Drovers & Mechanics the local committee of the bank at Sherbrooke.
have been advised, under date of Nov. 19, that it was found
that the sentinemt of the shareholders was overwhelmingly
The Sterling Bank of Canada (head office Toronto)
against the consolidation and the deal was declared off. recently added to its board W. A. Matheson, of Winnipeg.
Paul A. Seeger has resigned as President of the Drovers & Mr. Matheson is General Manager for Western Canada and
Mechanics, while several of his friends have withdrawn from a director of the Lake of the Woods Milling Co., Ltd., Presithe board. Robert D. Hopkins, heretofore Vice-President, dent of the Sunset Manufacturing Co., Ltd., Vice-President
has been elected President of the bank. Heyward E.Boyce, and director of the Monarch Life Assurance Co., director
also a Vice-President, will continue in that capacity. No of the Standard Trusts Co., director of the Royal Canadian
further immediate changes in the official staff are contem- Securities Co., Ltd., member of the executive committee of
plated. Fred G. Boyce Jr., Vice-President of the Mercan- the Board of Grain Supervisors and member of the council
tile Trust & Deposit Co., and Harry N. Baetjer, of the well- Winnipeg Grain Exchange.
known 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.
THE ENGLISH GOLD AND SILVER MARKETS.
November 19 1918.
To the Stockholders of the Drovers & Mechanics National Bank:
We reprint the following from the weekly circular of
I wish to advise you that at a meeting of the directors of this bank held
date of
to-day at which the ful board was present the following resolution was Samuel Montagu & Co. of London, written under
October 31 1918:
unanimously adopted:
GOLD.
Whereas more than a majority of the stockholders of this bank have
The Bank of England gold reserve against its note issue shows an inexpressed their opposition to the proposed consolidation,of this bank with
crease of £482,905 as compared with last week's return. The first interim
the National Exchange Bank and
Whereas it is considered that further discussion of the subject will be report of the Currency Commission, amongst such matter of extreme incontrary to the best interests of the bank, now therefore be it
terest with regard to gold, contains the following paragraphs:
Resolved: that this board do not submit the matter of said consolidation
"(1) While the obligation to pay both Bank of England notes and curto a formal vote of the stockholders of the bank, but that it advise the rency notes in gold on demand should be maintained, it is not necessary
National Exchange Bank of the opposition to the plan from its stock- or desirable that there should be any early resumption of the internal
holders and formally release it from its offer to acquire the stock of this circulation of gold coin.
bank, and that the stockholders of this bank be advised of the action
"(2) While the import of gold should be free from all restrictions, it is
taken at this meeting, and that the proposed plan of consolidation is convenient that the Bank of England should have cognizance of all gold
withdrawn; and be it further
exports, and we recommend that the export of gold coin and bullion should
Resolved: that the Safe Deposit 14 Trust Co. be released from the agree- be subject to the condition that such coin and bullion has been obtained
ment entered Into on the first day of November 1918 relative to the de- from the Bank for the purpose. The Bank should be under obligation to
posit of said stock, and that said company be advised of the action taken supply gold for export in exchange for its notes.
at this meeting and that the stock deposited with it, under the terms of • "(3) In view of the withdrawal of gold from circulation, we recommend
said agreement, should be returned to the depositors thereof, or held that the gold reserves of the country should be held by one central institusubjest to their further instructions.
tion, and that all banks should transfer any gold now hold by them to the
Your bank will, therefore, continuo as an independent institution and Bank of England."
I trust we will continue to have your full support and co-operation. AssurA recommendation Is put forward that an amount of gold, not less than
ing you of my appreciation of your loyalty, I am
£150,000,000 in value, should ho accumulated as a reserve against the note
Yours very truly
issue. The amount now held as a reserve by the Bank of England against
ROBERT D. HOPKINS,
its note issue is .C73,118,790, and a further sum of £28,500,000 is held as a
President.
reserve against Treasury currency notes, making together £101,618,790.
InfadditionitolthisAtherojka_substantial amount in the possession of other
THE CHRONICLE
Nov. 231918.]
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. No fresh movement has taken place in the Shanghai exchange.
INDIAN CURRENCY RETURNS.
Oct. 7.
Oct. 15.
Oct. 22.
In Lacs of Rupees134.70
Notes in circulation
134,39
135,73
Reserve in silver coin and bullion (within
28.21
27.93
and without India)
29,25
20.35
20,37
Gold coin and bullion in India
20,37
12
12
Gold coin and bullion out of India
12
The stock in Shanghai on the 19th inst. consisted of about 26,600.000
compared
with
about 27,700,000 ounces
ounces in sycoe and 311.800.000. as
Quotations for bar silver
in sycoo and $12.100.000 on the 12th inst.
per ounce standard:
ca.sh_4934d. Oct. 31
Oct. 25
cash_493id.
" 49A d. Average
Oct. 26
" 49.5d.
" 4954d. Bank rate
5%
Oct. 28
" 4934d. Bar gold per ounce standard_77s. 9d.
Oct. 29
" 495id. I
Oct. 30
No quotation fixed for forward de 'very.
The quotation to-day for cash delivery is the same as thatfixed a week ago.
1985
By Messrs. Millett, Roe & Hagen, Boston:
Shares. Stocks.
per sh. Shares. Stocks.
36 Hamilton Woolen
1 Lowell Gas Light
92
16114
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 Merrimac Chemical, $50 each- 9754
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
3,702 Montgomery Shoshone Coned
Mining
$2 lot
8 Amer. P‘pe & Recur., pref
60
15 Harwood Electric, pref
60
4 Phil. Bourse, corn.. $50 each.. 654
4 Empire Title & T $25 pald 15
3 Continental Pass. Ry
1087
4
100 Trenton Potteries. pref
45
250 Trenton Potteries, corn
554
144 North Coast Power, pref._
534
3 Girard Nat. Bank
344
10 Penn. Nat. Bank
270
10 Mutual Trust
35
1 Phila. Trust
750
22 Provident Life & Trust.. 421-427
6 Real Estate T. I. & T
32534
1 Fire Assn. of Phil., $50 par_306
1 John B. Stetson. corn
30234
1 Pa. Acad. of Fine Arts
2554
6 UnItel Gas & Elec.. 1st pref.. 4054
Bonds.
Per ant1.
$2,000 North Pa. RR. gen. 3-3s.
1953
7934
$4,400 Trenton Potteries funding
certificates
40
$8,000 North Coast Power gen. lien
& inc. 68.1941
25
$1,000 Indianapolis North. Trite.
1st 5s, 1932
5554
$5,000 Ft. Wayne & W. V. Trac.
cons. 5s, 1934. Sept. 1917
coupon on
29
S5.200 Det. Tol. & Iron. RR. adj.
5s, 1954
16
$5,000 Mexican Govt. series B 4s
1954, June 1914 coupons on
5534
$2,000 U. S. Public Service let 6e
t927
SO
National Banks.-The following information regarding
ENGLISH FINANCIAL MARKETS-PER CABLE.
national banks is from the office of the Comptroller of the
The daily closing quotations for securities. &c., at London, Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
as reported by cable, have been as follows the past week:
For organization of national
Nov. 16. Nov. 18. Nov. 10. Nov. 20. Nov. 21. Nov. 22.
bouton,
Tues,
Moo.
Sat.
Wed. 7 burs.
Week eidi ,g Nor. 22.
Fri.
d. 4834
4834
Silver, per oz
4834
4834
4834
4834
Holiday 5954
5954
5934
Consds. 254 per cents
6054
6034
"
94
94
9454
British, 5 per cents
9434
9454
"
995(
British. 454 per cents
9934
99
9934
9934
62.90
62.90
French Rentes (in Paris)...fr.
62.00
62.90
French War Loan (In
fr.
87.70
87.75
Paris)
87.75
87.75
The price o:silver in New York on the same days has been:
silver in N.Y.. per os_-_cts.101H 10134 10134 1015.4 10134 10134
banks:
The Citizens National Bank of Toluca, Ill
The National Bank of Johnston, So. Caro
apital.
$50.000
50,000
Total
$100.000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Monticello. Utah
$25.000
For conversion of State banks:
The First National Bank of Saltville, Va. (conversion of the
Saltville Bank, Inc..)
25.000
Total
$50.000
INCREASES OF CAPITAL APPROVED.
increase.
The Winters National Bank of Dayton, Ohio. capital increased
from $500,000 to $1 ,000.000
$500.000
'I'he Coffeen National Bank, Coffeen, Iii., capital increased from
$25,000 to $35.000
10.000
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.-The shipments
of anthracite coal for the month of October 1918, as reported
to the Anthracite Bureau of Information at Philadelphia,
Total
$610.000
Pa., amounted to 6,286,366 tons, being a decline of 824,584
CHARTERS RE-EXTENDED.
the
October
movement
tons from
1917. The average
of
The Little Falls National Bank, Little Falls, N. Y.. charter re-extended
daily shipments during October of this year were 30,540 tons until close of business on Nov. 17 1938.
behind those for the same month last year. "This decrease,"
says 'the Bureau's report, "can be attributed to the recent
Canadian Bank Clearings.-The clear'ngs for
week
epidemic of influenza which passed over the region and ending Nov. 14 at Canadian cities, in comparison the
with the
resulted not only in the loss of a great deal of time, but a same week in 1917, show an increase in tha aggregate
of
loss of life in a great many instances. When everything is 4.6%.
considered, the output for the month of October is commendable and a credit to the anthracite industry." The shipWeek eutilo November 16.
Clearings atments for the coal year (beginning April 1) to date aggrec. or
gate 46,909.757 tons, comparing with 46.780,815 tons for
1918.
1917. I Dec.
1916.
1915.
the corresponding period last year, a gain of 128.942 tons.
Canada$
I
Below we give the shipments by the various carriers for Montreal
100.735,665 75,740.530 +33.0 89.902.101 62.618.195
59.957.760 54.446.102 +6.4 65.085.045 43.361.176
the month of October 1918 and 1917 and for the respective Toronto
Winnipeg
66.368.820 76.762.587 -13.4 62.455.338 54.764.847
coal years to Nov. 1:
Vancouver
9.960.867 9.842.944 +1.3 6,821.982 5.922.418
-October- 7 Mos.. Coat Yr., Oct.31
1918.
Road1917.
1918.
1917.
Philadelphia & Reading
tons-1.115.340 1.425.215 9.111.369 8.988,139
1,216,391 1,311.896 8.910,518 8,685.842
Lehigh Valley
Centr ii R dIroad of New Jersey
601,180 604.295 4.175.925 4.141.140
Pet iv/ ire 1. tck manna & ‘Vestern____ 982,966 1,151.661
7,0i 1,510 7,368.299
739.495 813,429 5,514,54.4 5,284,571
Delaware St Hurls in
393.885 430,642 3.280.441 3.300.307
Pennsylvania
731.894 793.226 5,319.347 5.349.365
Erie
165,205 179.40:3
New York Ontario & Western
1.210.231 1.197,413
340.210 396.113 2.352.812 2,445,739
Lehigh & New England
6.244.366 7.110.950 46.909.757 44.780.815
Total
Commerc tat audilliscettaneous Aenis
Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange were rAcently sold
at auction in Now York, Boston and Philaielphia:
By Messrs. Adrian H. Mul or & Sons, New York:
Per ce d. Shares. Storks.
Shares. Stocks.
Per cent.
30 Berrian Construction
20 Intercomn Submarine En-I
1
gincerIng Inc., pref..--)352 lot 6254 Purvea Re ilty
234
40 Int. 8.10. Eng. Inc., corn..J421.4 Stillwell Bull ling
1
340.4 Purly Re ilty Corp
no pit
3
415 First Mtge. Guarantee
100 10th & 23r1 Street Ferry_ -AR lot
75
301 The Parklyn Corp wation___ 3
50 Col Knick. Trust Ileneficial
sh.
per
200
An les Elec. Corp.. com_811,000 lot
certt. 25% pal I.-.811%
545 Guantanamo Sugar. $50
303 Witterlite Power Engineering
$129 lot
each
Inc., N. Y., no try
$50 per eh.
2,099 Kensington Gull Mines,
750 Unitel Gas & Elec. Corp.
$70 lot
c inv. Corn.
$10 each
500. per sh.
500 Nat'l Bank of Commerce...20734
400 Caroo-Hydrogen of Amer..
100 Interborough Rapid Transit.111
pref., with bonus of 25%
$4 per sh.
312 Federal Utilities. Inc.,com_376 lot
In common
2-254
222 New York Railways
$15 lot Ponds.
50 Col inial Lan I
Per cent.
100 John V. Cockcroft. Inc.. pf_377 lot $1,000 Oregon Elec. Ry. 1st 5s,
1933
50 John V. Cockcroft. Inc..
7334
$27 lot
common, no par
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
2 Nation ml Union Bank
19134
252 X
4 Mereh tuts National Bank
110
60 Hamilton Mfg
5 York Mfg- ex-div
13344
1 Bled itv Hart. Carpet, pref._ 8314
7854
4 Merrimack Mfg.. pref
154
1 Pacific Mills
75
. 5 Merrimack Mtg., corn
153
11 Tremont & Stiff ilk Mills
1354
3 1M:tSS. Cotton Mills
11034
• 9 Hamilton Mfg
142
3 Everett Mills
163
16 Naunike ist Ai e un Cotton
1 Great Falls Mfg
18334.
Shares. Stocks.
$ per sh.
10 Lyman Mills
136
25 Draper Corp irittion___11754-11734
2 Waltham Watch. prof
7754
10 Merrimac Che nic ml. $50 each- 9754
100 Duluth Ells in Elec., com
3034
152 Wisconsin Edison
32
70 GuanIduato Pow.& Elec.. pref 20
4 Essex Co., ex-div.. $50 no,ch
18034
5 Hood Rubber. pref
100
5 Cambri Ice Gas Light
15074
5 Puget 8 ion! Tr. I. & P., pref 4834
50 Shaft Pierre Sh ,e, pref.S.500 per lot
16 North Boston Ltg. Props.,
pt. 8234,
25 Lawrence Gas
11034
Ottawa
Quebec
Halifax
C ilg iry
Hamilton
S. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
port William
New Westminster
Me licine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
6.287.435
5,448.087
3.200.000
6.854.894
4.107.075
2.186.033
1.692.891
2.547.194
3.029.116
4,538.246
823.311
620.500
1.891.315
2.193.507
1.078.290
687,744
429.265
499,858
822,631
805.885
633,936
5.411,021
4,692.144
3.137.708
9.954,642
5.055,604
2.139.865
1.758,878
2,344.526
3.785.903
4.797.486
952.702
1.146.692
2.482.453
1,753.046
842.568
820,296
370.833
660.317
673.442
686.274
588,650
285.37.5.177 270.847.213
+16.2
+16.1
+2.0
-31.1
-18.7
+2.2
-3.8
+8.7
-19.9
-5.4
-13.5
-45.9
-23.6
+25.1
+28.0
-in 2
+15.7
-28.9
+22.1
+173
+7.6
5.375.545
4.751.327
2.362.968
7.157.833
4,770.803
1.829.736
1.389.160
2,003.322
2.431.915
4,001.143
716.238
981.050
2.206,868
1,503.906
833.212
568.972
274.451
7215.051
533.132
594,687
529.402
4.624.205
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
245.405
451.431
490.374
+4.6 269.005,187 202.799.808
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
‘tch. Topeka & Santa Fe. corn. (quer.)
Bostol dc Atha y (guar.)
Canadian Pacific, common (quer.)
Chmpeake & Ohio
Chest us 11W (guar.)
Cleveland & Pittsburgh guar (quar.)._
Special guaranteed (quer)
Cripple Creek Cent., pref (qu .)(No.52)
t Delaware & fludso, Co.(guar)
FillInols Central (guar )
Maine Central. preferred (guar.)
New York Philadelphia & Norfolk
iri It .* We-nem Common (quer.)
North Pennsylvania (quer.)
Pennsylvania (guar.)._ _
Phila. (lerma 'town & Norristown (guar.)
Pittsburgh Bessemer & Lake Erie. pref.
Pittsburgh & West Virginia. pref too ).
Pittsb. Youngst. & Ash.. pref. (quar.)...
Rea ling Company. fist pref (onar.)..
Southern Pacific (quar.)(No. 49)
A iiithern Ii illwav. preferred
Union Pacific, common (quer.)
Street & Electric Railways.
Baton Rowe Elec. Co., commol (No. 7)
Preferred (Mo. 15)
Per
Cent
Whe,
Payabk
Books Closed.
Data Indust*.
114 Dec. 2 Holders of ree. Oct. 31e
234 Dec. 31 Hollers of rec. Nov. 30a
2(4 Dee. 31 Hollers of ree. Nov. 30a
*2
Dec. 31 'Hollers of rec. Dec. 6
O75c. Dec. 4 'Nov. 21 to Dec. 3
8754c Dec. 2 Hollers of rec. Nov. 9a
50e. Dec. 2 Fiol iers of ree Nov. 9a
1
Dec. I Hid lera of ree. Nov. 1.5a
Dec. 20 *Hot hers of rec. Nov. 27r
I54 Dec. 2 Hol lera of rec Nov 61
154 Dec. 2 Hollers of rec Nov 1Sa
Nov. 30 Hollers of ree Nov. 15a
$3
134 Dec 10 Holders of rec. Nov. 30a
$1
Nov. 25 Nov. 15 to Nov. 19
75e. Nov. 30 Holders of rec. Nov 10
711.35 Dec. 4 'Nov. 21 to Dec. 3
$1.50 Dec. 2 Holders of rec. Nov. 15
154 Nov. 30 Hol !ern of ree Nov 154
134 Dec. 2 Hollers of rec. Nov.204
50e Dec. 12 Holders of rec Nov 26a
154 Jan. 2 Hollers of rec. Nov. 30a
254 Nov. 30 Hollers of ree Nov. 184
254 Jan. 2 Hollers of rec. Dec. 2a
4
3
Dec. 2 Hollers of rec. Nov.20a
Dee. 2 Hollers of rec. Nov. 20m
1986
Name of Company.
Street & E.ec. Rys.-Concluded.
Central Arkanstui Ry.& Lt., pref (qu.)Cities Service, eon). & pref. (monthly)
Common (payable in common stock) _
Cities Service, cons. a,4 pref. (monthly)Common (payable iv COMMA stock)__
Citizens' Traction, Pittsburgh
Detroit United Ry.(quar.) (No. 58)
Eastera WISCOnti v Elec. Co., pref.(gu.)-Incliagapolis Street By
Norfolk Railway & Light
Northern 0 lo Elec. Corp., pref.(quar.)
North. Texas Elec. Co.,corn.(qu.)(‘Vo.37)
Rochester Ry. de Light, pref. (gear.)
Preferred, Series B (guar.)
San Joaquin L. & P., pt. (qu.)(No. 16)
Was/ti ,gto .(D.C.)Ry.& El.,com.&pf.(qu)
West Penn Rys.,pref.(qu.)(No.6)
WestPennTr.doW.Pow.. Pf.(gu.) (No. 16)
Wisconsin-Mian. L. (.4 Power, pref. (qu.)
(voL. 107.
THE CIIRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Whin
Per
Celt. Payable.
Books Closed.
Days Inclusive.
Miscellaneous-(Concluded).
Kings County Elec. Lt. Se Power (quint.) 2
Dec. 2 Holders of rec. Nov.20e
Lake of the Woods Milling, corn.(quar.) 3
Dec. 2 Holders of tee. Nov. 23
Preferred (quar.)
1% Dec. 2 Holders of rec. Nov. 23
Lanaton Monotype Machine (quar.)-_ 134 Nov. 30 Holders of rec. Nov. 20a
Lehigh Coal & Navigation (quint.)
$1
Nov 30 Holders of rec. Oct. 31a
Liggett & Myers Tobacco, corn. (quint.) 3
Dec. 2 Holders of rec. Nov. 15a
Lindsay Light, common (quint.)
50e Nov. 30 Holders of rec Nov. la
Preferred (gear.)
174c Nov. 30 Holders of rec. Nov. la
Mahoning Investment (quar.)
3
Dec. 2 Holders of rec. Nov. 21
Manati Sugar. common (quar.)
24 Doe. 2 Holders of rec. Nov. 15
Manhattan Shirt, common (quint.)
1
Dee. 2 Holders of rec. Nov. 20a
Corn.(extra pay. in 44% L.L.bonds) 2m Dec. 2 Holders of rec. Nov. 20a
Map!e Leaf Milli g, Ltd., corn., special_ _ 10a Dec. 10 Holders of rec. Nov. 25
Maryland Coal of West Va
be. Dec. 2 Nov. 21 to Dec. 1
Extra
10c. Dec. 2 Nov. 21 to Dec. 1
Dec 1 Nov 16 to Dec. 1
Massachusetts Gas Cos.. preferred
2
May Dept. Stores, common (quint)..... 134 Nov. 30 Holders of rec. Nov. 20a
Merge mater Li,otype (guar.) (No. 92)... 214 Dec. 31 Hullers of rec. Dec 4a
Michigan Drop Forge, cam. (monthly)....
15c Dec. 1 Hol iers of rec. N w. 15
Michigan Sugar, COMMO3 (guar.)
20c. Dec. 1 Hollers of rec Nov. 16
Miscellaneous.
Middle States Oil Corp.(ma thly)
1
Dec. 1 Hollers of rec. Nov. 24
Acme Tea, first preferred (quar.)
*1% Dec. 1 *Holders of rec. Nov. 21
Moline Plow, first preferred (quar.)____
1% Dec. 1 Holders of rec. Nov. 16a
Ajax Rubber, I c.(guar.)
$1.50 Dec. 15 Holders of rec. Nov. 30a
Second preferred (quint.)
14 Dec. 1 Holders of roc. Nov. 16a
Alaska Packers' Association (quar.)--- 2
Nov. 9 Holders of rec. Oct. 31a Mo treat Collo s, Ltd., common (guar.)_ _
1
Dec. 15 Holders of rec. Nov. 30a
American Beet Sugar, pref. (quar.) _ _
114 Dec. 31 Holders of rec. Dec. 14a
Preferred (guar.)
1% Dec. 15 Holders of rec. Nov. 30a
National Acme (guar.)
75c Nov. 30 Hollers of rec Nov. 15a
American Cotton 011, eommon (quar.)_
1
Dec. 2 Nov. 15 to Dec. 5
Preferred
3
Dec. 2 Nov. 15 to Dec. 5
National Biscuit, corn. (quint.)(No.82). 1% .Jan. 15 Holders of rec. Dec. 30a
American Express (quar.)
1% Nov. 30 Holders of rec. Nov. 16a
14 Jan. 2 Holders of rec Nov. 30a
Preferred (guar.) (No. 83)
American Woe & Leather, preferred__
134 Jan. 2 Holders of rec. Dec. 14e Nat. Cloak dr Suit, pref.(quint.)(No.18) 1% Dec. 2 Holders of rec. Nov.22a
Amer. Internat. Corp., corn. & pref.(qu.) 90c Dec. 31 Holders of rec. Dec. 16
Nat. Enamel. & Stpg., con (guar I.__
114 Nov 29 Holders of tee. Nov. Oa
American Laundry Mach., common _ _
14 Dee. 5 Nov. 26 to Dee. 5a Nat. Enamel & Stamping, pref. (guar.)._
1% Dec. 31 Hollers of rec. Dec lie
American Linseed, preferred (quar.)
1%1 Jan. 2 Holders of rec. Dec. 16a National Glue, corn. dc pref. (quint)..... 2
Jan. 1 Holders of rec. Dec. 18a
American Attatigrapn (guar.)
2
Dec. 1 Nov.21 to Dec. 1
2
National Grocer, common (quar.)
Dec. 31 Dec. 21 to Jan. 1
Extra (payable in Liberty Loan bonds)_ _
Si
Dec. 1 Nov. 21 to Dec. 1
Preferred
3
Dec. 31 Dee. 21 to Jan. 1
Amer.Poser & Light, corn.(qu.)(No.24) 1
Dee. 2 Holders of rec. Nov.22a National Lead,common (mar.)
14 1)ec. 31 Holders of rec. Dec. 13
American Radiator. common (quar.)..... 3
Dec. 31 Dec. 22 to Dec. 31
National Lead. preferred (quint.)
1% Dec. 14 Hollers of rec Nov 22
American Sewer Pipe (guar.)
A Dec. 20 Deo. 10 to Dec 20
1% Jan. 2 Holders of rec. Dee. 9
National Sugar Refining (quint.)
Amer. Smelting & Kefg., coin.(quer.)_ - 14 Dec. 16 Nov. 28 to Dec. 5
Natio at Surety (gear.)
3
Jan. 2 Hollers of rec. Dec. 20a
Preferred (guar.)
50e Dec. 16 Holders of rec. Nov. 30a
National Transit (gear)
134 Dec 2 Nov. 14 to Nov.22
Amer.Sugar Refining,corn.& pref.(qu.) 134 Jan. 2 Holders of rec. Dee. 2a
50c. 1)ec. 16 Hollers of rec. Nov 30a
Extra
Common (extra)
% Jan. 2 Holders of rec. Dec. 2a Nebraska Power, preferred (guar.)
1% Dec. 1 Hollers of rec. Nov.20
Amer.Sumatra Tob.,corn.(in com.stk.) 15! Dec. 7 Holders of rec. Dec. 30 New Niquero 3,par, cant. &
(guar ) 34 Dec. 2 Holders of rec. Nov. 25a
American 'I elepho,.e & Telegraph (guar.)_
114 Nov. 27 Hollers of tee. Nov. 12
2
Jan. 15 Holders of rec. Dec. 20a New River Co., pref.(quar.)(No. t9).
American TOWICA10, 00111111On (quar.)--- 50 Dec. 2 Holders of rec. Nov. 15a NewYork Air Brake (guar.)(No.64)_ _ 5
Dec. 20 Hollers of rec. Dec. 2
Anaconda Copper Mining (quar.)
Dee. 2 Holders of rec. Nov.22a
$2 Nov. 25 Holders of rec. Oct. lfla N. Y. de Quee.is Elec. L. & Pow,pf(qu) 1
Associated Dry Goods, first pref.(quar.) 114 Nov.30 Holders of rec. Nov. 9a Niles-Bement-Pond. common quar __
3
Dee. 20 Holders of rec. Dec. 2a
Second preferred (guar.)
lee Nov. 30 Holders of rec. Nov. 9a Ogilvie Flour Mills, Ltd., pref.(quar.).. 154 Dec. 2 Holders of rec. Nov.20
$1.25 Dee. 1 Holders of rec. Nov. 15a
Atlantic Refining (quar.)
5
Dec 15 Nov.21 to Dec. 14
Ohio Cities Gas, common (quer.)
(guar.)
COM1740,4
*124c Jan. 3 *Holders of rec. Dec. 20
Atlas Posner,
2
Dec 10 Dec. 1 to Dec. 9
Oklahoma Prod. & ReIg• (Mar.)
COMMA (extra)
Dec. 10 Dec. 1 to Dec. 9
Pabst Brewing, Preferred (quar.)
3
134 Dec. 14 Dec. 7 to Dee. 15
Bethlehem Steel, common (quar.)
50c. Dec. 16 Holders of rec. Dec. 2a
2% Jan. 2 Holders of roc Dec 16a Pacific Mail SS' , common
Common 15 (quar.)
Dec. 16 Hollers of rec. Dec. 2a
24 Jan. 2 Holders of tee Dec 16a
Common (extra)
$1
Cum. cony. pref. (quar.)
2
Jan. 2 Holders of rec Dee. 16a Pennsylva,
ia Mahan,.common
Nov. 30 *Hollers of rec. Nov. 25,
Non-curn. preferred (quar.)
43.75c Dec. 14 Holders of rec. Nov. 23
134 Jan. 2 Holders of rec Dee. 16a Philade.iphia F:lectric (guar.)
Borden's Conde .aid Milk, pref. (guar _
1% Dec. 14 Holders of rec. Nov. 30a Pittsburgh Brewing,common (quar.)
50c. Dec. 14 Holders of rec. Nov.30a
Brier Hill Steel, common (quar.)
Preferred (guar.)
dNov30 dHollers of rec. Nov.20a
14 Jan. 2 Dee. 21 to Jan. 1
Common (extra)
Pittsburgh Rolls Corp.,common
Jan. 1 Dec. 21 to Jan. 1
34 Jan. 2 Dec. 21 to Jan. 1
Preferred (quar.)
Pittsburgh Steel, pref.(quar.)
134 Jan. 2 Dec. 21 to Jan. 1
134 Dec. 1 Holders of rec. Nov. 15a
Deo. 5 Holders of rec. Nov. 15a
Brown Shoe, common (quar.)
14 Dee. 1 Holders of rec. Nov.20
Porto Rican-American Tobacco (quar.).. 3g
Buckeye Pipe Line (quar.)
Dec. 4 Holders of rec. Nov. 13a
Pressed Steel Car, corn. (qu.)(No. 33). 2
$2 Dec. 14 Holders of rec. Nov. 23
1% Nov. 26 Holders of rec. Nov. ba
Calumet dc Arizona Mining (mar)
*52
Dec. 23 *Holders of rec. Dec. 7
Preferred (guar.) (No. 79)
Calumet de Heda Mi ,ing (gear.)
415 Dec. 31 *Holders of rec. Dec. 7
Quaker Oats. preferred (guar.)
1% Nov. 30 Holders of tee Nov. la
Cambria Steel (par.)
75c. Deo. 14 Holders of rec. Nov. 30a Republic Iron & Steel,Corn.(qu.)(No.9). 14 Yeb. 1 Holders of rec. Jan. 15a
Extra
75c. Dee. 14 Holders of rec. Nov. 30a
Preferred (guar.) (No. 61)
Jan. 2 Hollers of rec. Dec. 14a
Century Steel
500. Dee. 20 Dec. 10 to Dee. 20
35c
Dec. 1 Holders of rec. Nov.20
St. Joseph Lead (quint.)
Doe. 2 Holders of rec. Nov. 22a Savage Arms Corp., corn.(quar.)
Cerro de Pasco Copper (quar.)(No. 12) $1
Deo. 15 Holders of rec. Nov. 300
Extra
25c Dec. 2 Holders of tee. Nov. 22a
First preferred (quint.)
154 Dec. 15 Hollers of rec. Nov. 30
Cleteland-Akron Bag, common (gear)..... 1)4 Dec. 30 Dee. 22 to Jan. 1
1% Dec. 15 Holders of rec. Nov. 30
Second preferred (quint.)
Common (extra)
4% Dec 30 Dec. 22 to Jan. 1
Solar Refining
Dec. 20 Dec. 1 to Dee. 20
5
5
Colorado Power, common (gear.)
Dec 20 Dec. 1 to Dec. 20
14 Jan. 15 Holders of rec Dec. 31a
Extra
Common (extra, pay. in L. L. bonds)._
5
Dec. 2 !folders of roc Nov. 15
3.4 1 Dec. 20 Holders of rec. Nov. 30a Southern Pipe Line (guar.)
Preferred (guar.)
134 Dec. le Holders of rec. Nov. 30a South Porto Rico Sugar,common (guar.)_ _
5g
Dec. 31 Holders of rec. Dee. 14
Connecticut Ricer Power, preferred
2
3
Dec. 1 Holders of rec. Nov. 30a
Dec. 31 Holders of rec. Dee. 14
Preferred (gear)
Consolidated Arizo,a Smelting (gear.)__
5c. Dec. 17 Holders of rec. Nov.30a Southwestern Power & Light, pref.(mar.) 1% Dec. 2 Hollers of rec. Nov. 22a
2
Consolidated Gas (quar.)
Nov. 30 Holders of rec. Nov. 19a
154 Dec. 16 Holders of reo. Nov. 7a Standard Milling, corn. (qu.) (No. 8)
Continental Oil (quar.)
3
Dec 16 Nov. 26 to Dec. 16
14 Nov. 30 Holders of rec. Nov. 19a
Preferred (quint.) (No. 36)
$2
Standard Motor Construction
Dec. 2 Holders of rec. Oct. 7
Conti e tat Refi I g, common (monthly). plOc. Dec. 10 Holders of rec. Nov 30
Cogger Range Co.(quar.)
$1.50 Dec. 14 Holders of rec. Nov. 20a Ste, dard Oil Cloth, Inc., corn. (gear.)..... 1
Jan. 1 Holders of rec. Dec. 15a
1
Jan. 1 Holders of rec. Dee. 15a
Cosden & Co., preferred (quar.)
Common (extra)
*834c. Dec. 1 *Holders of rec. Nov. 15
1% Jan. 1 Holders of rec. Dec. 15a
Crescent Pipe Line (guar.)
75c. Dec 16 Nov. 24 to Dec. 16
Preferred A & B (guar.)
Cressoa Co,s. God Met. de Mill (m'thly)
10c Dec. 10 Holders of rec. Nov.30
24 Dee. 16 Holders of rec. Nov. 15
Standard Oil (Calif.) (quar.)(No. 40)
Crex Carpet
3
Dec. 14 Holders of rec. Nov. 31m Standard Oil (Indiana) (quint.)
3
Nov. 30 Nov. 5 to Nov.30
Crucible steel, pref. (guar. No, 65) _.
Extra
Nov. 30 Nov. 5 to Nov.39
134 Dec. 20 Holders of rec. Dec. 6
Cuban-American Sugar, common (guar.). 24 Jan. 2 Holders of rec. Dec. 14a Standard 011 (Kansas) (quint.)
Dec. 14 Dec. 1 to Dee. 15
3
Preferred (guar.)
Dec. 14 Dec. 1 to Dee. 15
1% Jan. 2 Hollers of rec. Dec. 14a
3
Extra
ea
Cumberland Pipe Line
Jan. 2 *Holaers of rec. Dec. 14
6
Dec. 16 Holders of rec Nov.30
Ste: dard Oil (Ke lucky) (guar.)
10
Dec. 20 Nov. 21 to Dec. 20
25c Dec. 30 Holders of rec. Dec. 10
Standard 011(Nebraska)
Davis-Daly Copper Co.(No. 2)
Dec. 16 Holders of tee. Nov. 20
Deere & Co., pref. (quar.)
1% Dec. 10 Holders of rec. Nov. 15a Standard 011 of New Jersey (quint.).... 5
3
Dec. 16 Hoidens of rec. Nov. 22a
Diamond a4,.tch (guar.)
2
Dec. 16 Holders of rec. Nov. 30' Standard Oil of N Y.(quilt.)
3
Jan. 1 Nov.:40 to Dee. 18
Dominion Ito & Steel, pref. (guar.)._ _ _
Standard Oil (Ohio) (quar.)
154 Jan. 1 Holders of rec. Dec. 14
1
Jan. 1 Nov."0 to Dec. 18
Dami ion Steel Corp.,corn (qu)(No.49) 1% Jan. 1 Holders of rec. Dec. 5
Extra
Eastern Steel, common (quar.)
2
Dee. 10 Holders of rec. Nov. 5
Standard Sanitary
corn. (extra)
2% Jan. 15 Holders of rec. Jan. 2
1% Dec. 1 Hol lers of rec. Nov. 15a
1st and 2d preferred (quar.)
(gear.)
Steel Products, preferred
Mfg.,
134 Dec. 16 Holders of rec Dec. 2
Eastman Kodak,common (quar.)
1
Dec. 2 Holders of rec. Nov. 20a
24 Jan. 2 Holders of rec. Nov. 30
Studebaker Corp., common (guar.).- _ _
Common (extra)
1% Dec. 2 Holders of rec. Nov. 20a
Preferred (quar.)
7% Jan 2 Holders of rec Nov. 30
214 Dec. 31 Hollers of rec. Dee. 2
Preferred (guar.)
14 Jan. 2 Holders of rec Nov 30
Texas Company (quar.)
Elk Horn Coal Corp.,common
$1
Dec. 11 Holders of rec. Dec. 2a Tobacco Products, corn. (pay. in corn. stk.) *10! Jan. 15 *Holders of rec. Jan. 2
Preferred
*1% Jan. 2 *Holders of rec. Dec. 21
$1.50 Dec. 11 Holders of rec. Dec. 2a
Preferred (guar.)
Fairba ks, Morse & Co., pref. (guar )__ _
1)4 Dec. 1 Nov. 21 to Dec. 1
Todd Shipyards Corp. (guar.) (No. 10).. $1.75 Dec. 20 'Hollers of rec. Dec. 6
Federal Mining & Smelting, pref.(quar.) 134 Dec. 15 Holders of rec. Nov. 25a Underwood Typewriter,common (quint.) 14 Jan. 1 Holders of rec. Dec. 14a
_
Federal Utilities. Inc.. pref. (ouar.)
14 Dec. 2 Holders of rec. Nov. 15
Common (extra)
5
Jan. 1 Holders of rec. Dec. 14a
Fulton Motor Truck,pf.(acct.accum dies.) 111-3/v Jan. 10 Holders of rec. Nov. 18
1% Jan. 1 Holders of rec. Dee. 14a
Preferred (quar.)
General Asphalt. pref, (quar.) No .46_
14 Dec. 2 Holders of rec. Nov. 14a
Via Bag & Paper Corp. (qu )(No. 9).. 14 Dec. 16 Holders of rec. Dec. 6
General Chemical, common (quar.)____ 2
Dee. 2 Holders of rec. Nov.20o United Cigar Stores of Amer., pref.(qu.) 134 Dec. 16 Holders of rec. Nov. 29a
Common (extra)
United Drug, 2d pref. (quar ) I \o. ii.. 14 Dec. 2 Holders of tee. Nov. 15
*214 Feb. 1 *Holders of rec. Dec. 31
Preferred (guar.)
*14 Jan. 2 *Holders of rec. Dec. 18
United Dyewood, common (quint.)
1% Jan. 2 Hollers of rec. Dee. 14a
General Cigar Inc • pref. (quar.)
lei Dec. 2 Holders of re.) Nov. 254
1% Jan. 2 Hollers of rec. Dec. 14a
Preferred (quar.)
4.1
General Electric (quar.)
Jan. 15 Holders of rec. Dec. 7a
Dec. 16 *Holder, of rec. Dec. 2
2
United Paper Board, common
Extra (payable in stock)
2e
Jan. 15 Holders of rec. Dec. 7a
Preferred (guar.)
Jan. 15 *Holders of rec. Jan. 1
Gillette Safety Razor (quar.)
Nov. 30 Holders of tee Nov. 1
United Profit Sharing
$2
114c Dec. 2 Hollers 11f rec. Nov. lie
Extra
14e Dec. 2 Holders of ree. Nov. lie
Nov.30 Holders of too. Nov. 1
Extra
$1
Globe 011 (monthly)
*I% Dee. 25 *Holders Of rec. Deo. 13
1 A c. Dee. 10 Holders of rec. Nov.25
U.S. Gypsum, preferred (quit.)
Goodrich (B. F.) Co., common (quar.). 1
Dee. 16 Madera of rec. Dec. 2
Feb. 15 Holders of rec. Feb. 5a U. S. I dustrial Alcohol, corn. (guar.)._ 4
Preferred (quar.)
134 Dee. 30 Nov. 30 to Dec. 2
134 Jan. 2 Holders of rec Dec 20a U.S. Steel Corp., corn.(quar.)
Goodyear Tire & Rubber,common (mar.). 3
2
Dee. 30 Nov. 30 to Dee. 2
Dec. 1 Holders of rec. Nov. 20a
Common (extra)
Great Northern Iron Use Properties
$2
Dec. 17 Holders of rec. Nov.30a
1% Nov.29 Nov. 5 to Nov. 6
P
d (quar.)
Great Northern Paper
114 Dec. 2 Holders of rec. Nov. 25a VI
6
Deo. 5 Nov 16 to Dee. 5
In'a Iron, Coal & Coke
,
Great Western Sugar, common (extra)._ *10m Jan. 2
Wabasso Cotton Co. (guar.)
134 Jan. 2 Hollers of rec. Dec. 13
Greene Centime Copper (quar.)
3
2
Dec. 2 Widen; of rec. Nov. 20a
Nov. 25 Hollers of rec Nov. 8. iValtham Watch, preferred
*$4
Gulf States Steel, common (guar.)
Was/ti ,gton Oil (anneal)
1)00. 31 *Holders of rec. Nov. 30
2% Jan. 2 Holders of rec. Dec. 16a
First preferred (guar.)
4
Dec. 31 Dec. 21 to Jan. 1
134 Jan. 2 Holders of rec. Dec. 16a Western Grocer, common
Second preferred (year.)
3
114 Jan
2 Holders fn rec Dec. 16a
Preferred
Dec. 31 Dec. 21 to Jan. 1
Harbison-Walker Refrac., corn. (quar.) 14 Dec. 2 Holders of rec. Nov. 21a
Dee. 2 Holders of rec. Nov. 15
White(J.G.)&Co.,Inc., pf.(qua (No.62)
Preferred (guar.)
14 Jan. 20 Holders of rec. Jan. 10a White(J.G.)Eng.Corp.. Pt.(qu.)(No.23) 1% Dec. 2 Holders of rec. Nov. 15
Hart,Schaffner & Marx,Inc.,corn.(cps,) 1
Nov. 30 Holders of rec. Nov. 20.. White(J.0.)Mgt.Corp., pf.(Qu.) (No.23) 154 Dee. 2 tillers of rec. Nov. 15
Hartman Corporation (quar.)
Dec. 31 Holders of rec. Dee. 144
$1
lei Dee. 2 Holders of tee. Nov. 20,
White Motor (quar.)
Haskell & Barker Car (gear.)
*$1
Jan. 2 *Holders of rec. Dec. 16
Woods Ma, ufacturi ig, ColliniOn (guar.)._ 4,1% Dec. 2 *Holders of rec. Nov.28
•5
Heywood Bros. & Wakefield Co ,common
Dec. 2 'till lets of rec. Nov. 26
4
Dec. 2 Holders of rec. Nov. 22
Common (bonus)
Homestake Mining (monthly) (No.531)
Dec. 1 Holders of rec. Nov. Ile
2
500. Nov.25 Holders of rec. Nov.20o
Woolworth (F. %V.) Co.,common (qu )Illinois Pipe Line
*6
Dec. 31 *Holders of rec. Nov. 30
Woolworth (F. W.) Co., pref. (guar.)._ 4.154 Jan. 2 •11,4,1ere of rec. Dec. 10
Imperial Oil, Ltd
Nov. 30 Nov. 29 to Nov. 30
$3
Indian Refi .1,g, common (guar.)
*3
Dec. 16 *Holders of rec. Dec. 2
• From unofficial sources. a Transfer books not closed for this divtdend. b Less
Preferred (mar.)
.1% Dec. 16 *Holders of rec. Dec. 2
British income tax. cI Correction. e Payable In stock, I Payable in common
Inland Steel (quint.)
2
Dec. 2 Holders of rec. Nov. 11
oak.
g Payable In scrip. h On account of accumulated dividends. i Payable In
International Cotton Mills, corn.(quar.) $1 Nov. 30 Holders of rec. Nov.
erty Loan bonds. I Red Cross dividend. es Payable in U. S. Liberty Loan
Preferred (quar.)
14 Nov. 30 Holders of rec. Nov.
bowls. n Payable in Canallan Govt. Victory Loan bowls t Declared BubInternat. Harvester. pref.(qu.)(No. I). lei Dec. 2 Holders of rec. Nov.
o the approval of Director-General of Railroads. r The New York Stock ExInternational Nickel, common (quay.).. $1 Dec. 2 Holders of rec. Nov.
ec has ruled that stock will not be quoted ex-diviaenti on this date and not until
Kerr Lake Mines, Ltd. (quar.)(No. 5)_
25c. Dee. 16 Holders of rec. Dee :it
er
notice. a Ex-dividend on this date. I Declared 7%, payable in quarterly
it
Keystone Tire&Rub.,com.(in corn. stk.) 115
Dee. 1 Holders of rm. Nov
It
Ins..alments of 134% each on Jan. 2, April 1, July 1 and Oct 1 1919 to holders a
reeced on Dee. 16 1918, March 15 June 18 and Sept. 15 1919, respectively.
IN Nov. 30 Holders of rec. Nov. 15a
A Dec. 1 Holders of rec. Nov. 1.5a
fee Dec. 1 Holders of rec. Nov 1 -.0
A Feb. 1 Holders of rec. Jan. 15a
fl
Feb. 1 Holders of rec. Jan. 15a
$1.50 On dem Holders of rec. Nov. 16
Dee. 1 Holders of rec. Nov. 15a
2
1% Dec. 2 Holders of rec. Nov. 20a
*3
Jan. 1 *Holders of rec. Dec. 21
75c. Dec. 1 Holders of rec. Nov. 15a
134 Dec. 2 Holders of rec. Nov. 20a
Dec. 2 Holders of rec. Nov. 22a
2
14 Dec. 2 Holders of rec. Nov. 22a
13( Dec. 2 Holders of rec. Nov. 22a
114 Dec. 1 Holders of rec. Nov. 30
14 Dec. 1 Nov. 16 to Nov. 18
14 Dec. 16 Holders of rec. Dec. 2
14 Dec. 16 Holders of rec. Dec. 2
14 Dec. 2 Holders of rec. Nov. 200
Nov. 23 1918.]
THE CHRONICLE
1987
1 Member Banks of the Vs lara1 Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board4ivity,the principal items of the resources and liabilities of the Member Banks. Definitions of toe different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the
.`Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS NOVEMBER 8 1918.
Substantial, withdrawals of Government deposits and somewhat smaller increases in other demand deposits, also reduction in some volume of the
bank holdings of United States securities, are indicated by the weekly statement of conditions on Nov.8 of 751 member banks in leading cities.
Treasury certificates on hand show a decline of about 12.3 millions, indicating that the bulk of the 754 million certificate issue due on Nov. 7 had
been delivered by subscribing banks in payment for Liberty bonds. At the central reserve cities the increase in the certificate holdings is apparently
due to a large extent to investrrent by these banks in the most recent issue of 4/
1 2 % tax certificates. U. S. bonds other than circulat,on bonds show a
reduction of 62.9 millions, of which 23.3 millions represents the decrease in the holdings of the central reserve city banks. Loans s'ecured by U. S.
war obligations fell off 43.7 millions at all reporting banks, and 50.6 millions at the banks in the central reserve cities. All other loans and investments
notwithstanding
a
gain
millions,
decline
28.4
of
of
show a
about 46 millions in this item reported by the Greater New York banks. The ratio of U. S.
war securities and loans supported by such securities to total loans and investments declined from 22.2 to 21.6 per cent for all reporting banks, and from
23.6 to 23 per cent for the banks in the central reserve cities.
millions
239.4
withdrawal
or Government deposits, 70.9 millions representing withdrawals from central reserve city
of
The week witnessed the net
banks. These withdrawals are accompanied by an increase of 173.5 millions in net demand deposits of all reporting banks, and of 88.5 millions in the
net deposits of the central reserve city banks. Time deposits declined 18.7 millions. Reserve 'balahces with the Federal Reserve banks increased 92.8
millions, and cash in vault 10.2 millions.
For all reporting banks the ratio of deposits to investments, because of the relatively larger decrease in investments, rose from 78.9 to 79.2%. For
the central resell e city banks this ratio shows an increase from 85 to 85.4%. The ratio of combined cash and reserve balances to depositsinct
. UP
14 to 15% for all reporting banks and from 15.2 to 16% for the central reserve city banks. "Excess reserves" of all reporting banks went
from 67.2 to 141.2 millions. For the banks in the central reserve cities an increase of this item from 48.9 to 78.9 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00) omitted
Boston. New York.
Member Banks.
Clevelanct.ilttchrWa. Atlanta.
Chicago. 1St. Louts.13finneayiKan.Cuy Dallas. !San Fran
Total.
101 1
32
35
73
53
45
751
$
$
,
$
I$
$
$
1
$
$
U.S. bonds to secure oirculat'n 14,402,0
18,906,0 17,655,0, 6,369,0 13,710,0 18,177,01 34,505,0
268,077,0
Other U. S. bonds. including
23,824,0 372,408,0 69,823,0 106,434,0 49.169,0 39,012,0 132,096.0 34,716,01 10,021,0 27.070,0 22,699,01 31,756,0
Liberty bonds
919,058,0
82,877,0 398,070,0 47,015,0 62,104.0 31,105,0 36,176,0
U. S. certifs. of indebtedness
86,482,0 26,537,0 11,781,0 31.952.0 11,948,0 61,197,0
887,253.0
121,103,0 820,799,0 128,330,0 211.370,0 104,527,0 90,683,0 237.484.0 78,908.0 28.171,0 72.732,0 52,824,0
Total U. S. securities
127,458,0 2,074,388,0
Loans sec. by U. S. bonds. do_ 114,494,0 622,334,0 164,169.0 81,039,0 37.479,0 21.041,0
97,910,0 22.058,0 8,873,0 8,927,0 7.329.0 13.659,0 1,199,322,0
All other loans & investments_ 785,405,0 4,242,441,0 627,317.01977,578,0 391.814,0 317,480.0 1,433,273.0 381,881,0 268,589,0 462,976,0 189,639,0 550,906,0
Reserve with Fed. Res. Bank.. 72,353,0 644,000,0 74,608,01 88,886,0 34,404,0 29,362.0 148,903,0 34,617,0 23.798,0 48.038.0 16,317,0 52,569,0 10,629,305.0
1,267,855,0
25,887,0
vault
Cash in
131,759,0 21,637,01 33,049,0 20,137,0 16,499.0
60,152,0 12,317,0 9,534,0 16,724,0 12,761,0 22,277,0
382,733,0
689,529,0 4,463,905,0 625,570,0 745,716,0 311,677,0 213,739.0 1,067,776,0 257,204,0 213.685,0 368,904.0
Net demand deposits
418,819,0 9,528,020,0
98,598,0 259,480,0 16,359,0,223,004,0 58,537,0 92,531,0 376,548.0 73,585,0 46,287.0 58,490.0 151.496,0
Time deposits
25,209,0
122,265.0
1,450,895,0
deposits
140,258,0 480,154,0 101,495,01 87,453,0 34,458,0 26,001,0
Government
69,705,0 31,758.0 9,331.0 29,878,0 15.330,0 21,253,0 1,047.074,0
Number of reporting banks..__
44
104
5381
85
45
$
1
$
50,311,0 11,492,0 42,832.0, 24,253,0 15,465,0
I
Osta for ',Inks In each Central Reserve city, hanks In all other Reserve cities and other repo,
t1nd hanks.
New York.
Two ciphers (00) omitted.
Number of reporting banks__
(LB. bonds to secure ciroularn
Nov. 8.
Nov. 1.
70
$
34,879,0
70
$
36,518,0
Chicago. Si, Louis. Total Central it.,, Cities.
Other Reserve Cities.
Nov. 8.
Nov. 8.
Nov. 8.
44
14
$
$
1,119,0 10,555,0
Nov. 8.
128
$
48,553.0
Nov. 1.
128
$
48,193,0
453
$
171,205.0
Nov. 1.
s
453
Country Banks.
Nov. 8.
$
170
Nov. 1.
a
170
171,119,0 48,319.0 48,334,0
Total.
Nov. 8.
$
751
268,077,0
Nov. 1.
a
751
267,646.0
Other U. S. bonds, including
314.306,0 326,121,0 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
Liberty bonds
981.960,0
U.S. certifs. of indebtedness.... 380.882.0 347,423,0 34,312.0 21,043,0 436,237,0 401.455,0 388,169,0 420,975,0 64.847.0 74,174,0 887,253,0
899,604,0
Total U. S. securities
732,067.0 710,062,0 116,583,0 57,525,0 904,175,0 897,343,0 969,168.0 1.039,107.0 200,045.0 212,740,0 2,074,388,0 2,149,210.0
Loans see. by U. S. bonds, ace. 572,935,0 622,535,0 77,252,0 16,723,0 666,910.0 717,495,0 456,874,0 448,147,0 75,538.0 77.414,0 1,199,322,0
1,243.057,0
All other loans & Investments- 3,904,503.0 3,858,505,0 882,501,0 '275,428,0 5,062,430.0 5,032,367,0 4,695.151,0 4,791,066.0 873.724,0
10629305,0 10,657,690,0
Reserve with Fed. Res. Bank_ 617,222.0 582,450,0 104.694,0 28,337,0 748,253,0 707,375,0 459,008,0 412,098,0 60,594,0 834,257,0
117,737,0 110,551,0 35,753,0 6.757,0 160,247,0 150,598,0 180,482.0 181.978.0 42,004,0 55.583,0 1.267,855.0 1,175,056,0
Cash in vault
39.950,0 382,733,0
372,526,0
4,153.870,0 4,067.003,0 726,477,0 182.281,0 5,062,628,0 4,974,173,0 3,775,380.0 3.694,246.0 690,012.0 696,099,0
Net demand deposits
208,353.0 209,144,0 141,027,0 53,519,0 402,899,0 393,276,0 845,144,0 876,355.0 202,852,0 199,945,0 9,528,020,0 9.351.518,0
Time deposits
1,450,895.0
1,469,576,0
Government deposits
434,298,0 462,902,0 54,193,0 26,293,0 514,784,0 585,650,0 458,472,0 610,916,0 73,818.0 89,899,0 1,047,074,0
1.286,465,0
Ratio of combined reserve and
24.4
25.0
cash to total net deposits...
17.9
18.3
23.0
23.6
20.5
21.0
19.8
21.5
21.6
22.2
The Federal Reserve Banks.-Following is the weekly 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
gains In Government
deposits, accompanied by a larger decline in members reserve deposits, are indicated in the Federal Reserve Board'sconsiderable
weekly bank statement issued as
• at close of business on Nov. 15 1918.
Investments.-Ileidings of war paper, I. e., discounted bills secured by U. S. 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
bills on hand decreased
about 41 millions, while holdings of bills Purchased in open market went up 3.4 millions and of Government
short-term securities 1.5 millions. Total
earning assets increased about 5.4 millions for the week.
Deposits.-Government deposits show considerable increases In the four Eastern banks, with a total gain for the week of 86.1 millions.
Almost corresponding decreases at these banks are shown in members' reserve deposits, the total decline for the waek 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
percentage
shows a slight rise from 49.8 to 49.9%•
Note Circulation.-Federal Reserve Agents report the issue during the week of 18.1 millions net of notes. The banks show an actual circulation
of
notes,
an increase of 4.3 millions for the week, besides aggregate liabilities, of 72.9 millions,
2,562.5 millions of Federal Reserve
as against 68.9 millions
• the week before, on Federal Reserve bank notes in circulation.
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 capital or
surplus by
members of the system. Increases under this head are shown by all the banks 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 regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement issued by the bank subdivides some
certain items that are included
under a more general classification in the statement prepared at Washington.
"Other deposit.s. dm.," as of Nov. 15, consisted of "Foreign
Government deposits," $94,789,027: "Non-member banks deposits," $7,587,833,Thus.
and "Due to War Finance Corporation," 0,675,693.
COMBINED RESOURCES AND LIABILITI198 OF THE FEDERAL RESERVE BANKS AT THE CLOSE Or BURINBRR Nov. 15 1918
Nov. 15 1918. Nov.8 1918. Nov.1 1918. Oa.25 1018. Oct. 18 1918. Oct. 10 1918. oa. 4
1918. Sept. 27 1918 Nov.161917.
RESOURCES.
Gold In vault and in transit
Gold settlement fund-F. It. Board_ _
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver,(to
$
375,527,000
433,885,000
5,829,000
$
386,437,000
435,452,000
5,829,000
$
383,833,000
449.248.000
5,829.000
$
376,679.000
415,676.000
5.829.000
$
382.160,000
416.413.000
5.829.000
$
372.922.000
448.720.000
5,829.000
$
373.255,000
419,665.000
5,829.000
$
370.220,000
437.319,000
5,829.000
$
526,792.000
363.710,000
52,500.000
815,241.000 827,718,000 838.910.000 708,184,000 804.402.000 827,471,000 798,749,000 813.368.000
943.002,000
1,166,579,000 1,145,640.000 1,149.859,000 1,184.998.000 1373,521.000 1.157.000.000 1.181.485.000
1.161.731.000 629.906.000
74.957,000
73,233,000
63.460,000
61.950,000
57,390,000
46.765.000
45.200.000
45,714.000
11.420,000
2,056,777,000 2,046,591.000 2,052,229,000 2,045,132.000 2,035.313.000 2,031.236,000 2,025,434,000 2,020,813;000
1,584,328,000
53,039,000
54,248,000
53,4511,000
53,037,000
52.372.000
52,122.000
51.937.000
52.525,000
51,363.000
2,109,818,000 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
Total reserves
Bills discounted: Secured by Govern1,358,532,000 1.316.967,000 1,252,904,000 1,092,417,000 1,262,757.000 1,304.383.000 1.251,787,000
ment war obligations
} 487-850,000
439,276,000 480,271,000 493,043,000 453,747.000 425.799,000 450.086,000 453.248,000 1,221,533,000
All other
491.897.000
377.877,000 374,522,000 377,072.000 398,623.000 370.136.000 338.620,000 311,990,000 288.391,000
Bills bought in open market
193,869,000
2,175,685,000 2,171,760,000 2,123,019,001)1,044,787,000 2,058,692,000 2.093,089.000 2.017.023.000
Total bills on hand
2,001,821.000
681.719,000
securities_
29,478,000
long-term
Government
U.S.
29,479,000
29,472.000
28,251.000
28,205,000
28,214.04)0
28.289,000
28,545.000
54.002,000
93,449,000
U.S. Government short-term securities
91,956,000
88,750,000 322,060,000
67,738,000
66,193.000
56,514,000
50,098,000 187,904,000
28,000
All other earning assess
28,000
35.000
24,000
188,000
197.000
202,000
102,000
1,273,000
2,298,640,000 2,293,223,000 2,241,276,000 2,295,122,000 2,154,832,000 2,187,684.000
Total earning assets
2,102,028,000 2.080,566,000 U4,898,006
Uncollected items (deduet from gross
717,785,000 687,468,000 684.315.000 556.023.000 803.517.000 723.430,000 704,04'6.000 649,448,000
deposits)
446,382,000
4,008,000
6% redemp.fund sea.F. R.beak motes
3,924,000
3,703.000
3.692.000
3,425,000
3.177.000
2,679,000
2,447,000
537,000
18,169,000
AU otker resources
18,790,000
17,075,000
16,879.000
13,757.000
13.485.000
13.262,000
12,858,000
3,734,000
6.148.418.000
6101
91A
nill
II
nmn
1
t
a
nnn
it n-rn TOet nnn c no, .11dt nnn c nil VII nnel I Qe41 eon twin I city Ariz nan II A•11 Aoki. AAA
Total resoetreee
•lactase. ammo Miser* 6001611 IMAM Item die ken II doe se seam feetetaa rummy. Imuli
1988
Wm,. 107.
THE CHRONICLE
Nov. 15 1918. Nov.8 1918. Nov. 1 1918. Oct. 25 1918. Oct. 18 1918. Oct. 10 1918. Oct. 4 1918. Sept. 27 1918. Nov. 16 1917.
LIABILITIES.
3
Capital paid in
79,824,000
78.956.000
78.802.000
79.360,000
79,190,000
79.057.000
78.903.000
66,691,000
79.903.000
Surplus
1,134,000
1,134.000
1,134,000
1 134.000
1,134,000
1,134.000
1.134.000
1,134,000
Government deposits
78,218,000 179,868,000 230.889,000 197.359.000 191.623.000 218.887,000
246,401,000 160,256,000 249,397,000
Due to members-reserve account.-- 1,449,949,000 1,545,996,000 1,442.493,000 1,683.499,000 1.506,727.000 1.508.334,000 1,496,815,000 1,535.490.000 1.480,498,000
240,437,000
Collection items
573.727,000 527,796.000 543.975,000 702,107,0Q° 585.090.000 514,110.000 512,227,000 485.059.000
21,925,000
Other deposits, incl. for. Gov't credits. 113.385,000 114,941,000 111,827.000 117,001,000 112.634.000 108,256,000 103,907,000 104.385,000
I
Totalgross deposits
2,383.462,000 2,348,989,000 2,347,692,000 2,580,825,000 2.384.319.000 2.361,589.000 2,310,308,000 2.316,557,000 1.961.747.000
F. R. notes in actual circulation
2,562,517,000 2,558,196,000 2,515,504,000 2,507,912.000 2.502.488.000 2.478.378,000 2,431,004,000 2,349,326.000 972.585,000
35.819.000
8.009,000
F.R. bank notes in circulation, net liab
68,864,000
63.338.000
58,859.000
55.666.000
52.031,000
72,930,000
40,305.000
39.040.000
3.383.000
All other liabilities
48,472,000
47,237,000
45,086,000
42,865.000
40.552.000
37,732,000
35.857.000
Total liabilities
5,148,418,000 5,104,244,000 5,052,114,000 5,270,785.000 5.063,216.000 5.011,134.000 4,899,386.000 4,817,495.000 3,012,406,000
48.8%
Gold reserve against net deposit Ilab
51.2%
71.4%
51.4%
50.6%
50.9%
50.8%
49.7%
51.7%
Gold res. agst. F. R. notes in act. circ'n
50.5%
51.4%
78.6%
50.9%
50.2%
49.8%
50.7%
49.6%
50.0%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined._ _
50.2%
75.3%
51.3%
50.6%
50.1%
50.3%
50.6%
50.9%
50.8%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined_
51.5%
51.6%
65.8%
50.6%
49.6%
51.1%
50.4%
49.9%.
49.8%
Ratio of gold reserves to F. R. notes in
actual circulation, after setting aside
60.9%
35% against net deposit liabilities
62.3%
61.3%
59.4%
63.4%
60.6%
59.6%
59.6%
Distributioa bg Masten:1es$
$
$
$
$
S
$
$
1-15 (lays bills discounted and bought- 1,353,310,000 1.354.320,000 1,336,423,000 1,198,861.000 1,343.320.000 1.425.804.000 1,353,365,000 1,323.052.000 373.281.000
14.300.000
1-15 (lays U. S. Govt. short-term secs18,481,000
15,701,000
15,688,000 250.906,000
11.402.0(10
10.750.000
9,153,000
1-15 days municipal warrants
10,000 !
8,000
7.000
2.000
31.000
31,000
2.000
33.000
7,000
16-30 days bills discounted and bought- 168,765,000 176,019,000 188,642,0001 221,020,000 249.254.000, 203,960.000 175.342,000 192,41E000
68,475,000
16-30 days U.S. Govt.short-term secs_
137.0001
5,412,000
10,000
101,000
117.000
6.022,000;
1,420.000
• 73.000
16-30 days municipal warrants
7.000
509,000
2,000
31.000
5.000I
31-60 days bills discounted and bought- 301.760,000 304,615,000 291,511,000 279,786,000
265,599,000, 273.091,000 264,546,000 302,709.000 113,067,000
31-60 (lays U.S. Govt.short-term secs..
9,132,000
10,684,000
617.000
161,000
42.000
707.000
4,841,000
467.000
3180 days municipal %%Tyrants
15,000
5.000
7,000
98,000
15.000
7.000
7,000
9,000
9.000
61-90 days bills discounted and bought 334,095.000 319,973.000 284,735.000 232.891.000 188.485.0001 174.622,000 193,457.000 171,434.000, 121,757.000
61-90 days U.S. Govt.short-term secs2,194,000
3,557,000
8,109.0110
8,676,000
8,851.000
8,104.000
5,692.000
869.000
61-90 days municipal warrants
11,000
147.000
10,000
10.000
5.000
11.000
I 1.00°1
16.833.000
21.708,000
Over 90 days bills diseted and bought12.034.0001
15,612.000
17,755,000
12,229.000
12.?1.2.0001
5,139,000
25,313,000
Over 90 days U.S.Govt.short-term secs.
63,569,000
61,913,000
64,199,000
62,319,000
41.300.0001 41.220.000
35,408,000
34.652.000
10,000
511,000
Over 90 days municipal warrants
10.000
10.000
6,000
6.000
10,000
Federal Reserve Notes-Issued to the banks
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 1,038.620.000
Held by banks
66.035,000
199,295,000 18.5,490,000 195.176,000 189,178,000 164.536.000 144.961.000 152,414,000 144.879.000
In circulation
2462.517,000 2.558,196.000 2,515,504,000 2.507.912.000 2.502.488.000 2,478.378.000 2,431,004,000 2.349.326.000 972,585.000
Fed. Res. Notes (Agents Accounts)Received from the Comptroller
3,62'),140.000 3,609,760,000 3.561,280.000 3,525,460.000 3,4'18,640.000 3.414.220.000 3,364.480.000 3,286.140.000 1,145.700.000
Returned to the Comptroller
1.484,000
I 580.183,000 572.078,000 562,931,000 560.860,000 557.446.000 555.671,000 550.217.000 546.315.000
Amount chargeable to Agent
In hands of Agent
13,048,957,000 3.037.682,000 2,998,349.000 2,964,600,000 2.931.194.000 2.858.549.0002.814,263,000 2,739.825.000 1.257,095.000
287,145,000 293,996.0001 287.669,000 267.510.000 264.170.000 235.210,000 230,845,000 245.620.000 218.475,000
Issued to Federal Reserve banks
How SecuredBy gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
2.761.012.000 2,743,686,000,2,710.680,000 2,697,090.000 2,667,024,000 2.623.339,000 2,583,418.000 2.494.20.5.000 1,038.620,000
208 239 000 214,239.0001
210.176,000 198,176,0001 200,176.000 207.176.000 201.239.1)00
1
208.167.0001 "
- I
1,595.233.000 1,598,046.000/1,560,821.01)0 1,512,092.000 1.493.503,000 1,460.339.000 1,401,933,000 1.332.474.000,
78.053,100
77.477,000 113,060.000
73.363.000
78,586,000
81.776,000
78.609.000
78,352.000
878,051,000 863,878,000 867,907,000 899,213,000 894.229.000 871.356.000 860,186.000 874.129.000
2.761.812.000 2,743,686,000 2.710,680,000 2.697.090.000 2.087,024.000 2.623,339.000 2.583,418.000 2.494.205,000 1.038.620.000
Total
-) 01-i 92-7 non 2 In 592.000 1.942.433.000 I 699 364 non
,
o 9 non in.).nno I .0o1
Eligible paper delivered to F R Agent 2.120.296.000 2,116,Ti8.0
a Net amount due to other Federal Reserve banks. 6 This item includes foreign Government credits. t Revimed figures.
W1
,M1(1
243,030,000
408,714,000
31,843,000
355.033,000
1'1,41
,NT of
RESOITECES end LI ARILITIES or EACH of
Two ciphers (00) omitted.
Boston
New York
%NM.: kit CLOSE of Rilsuslft-o- NOV. IS .415
(amie. St Lone. (iinneap Kan. City Unita. ono Fru,
--$
$
-1
$
6,278,0 7,515.0 24,683.0 2.111,0 8,325,0
165,0 8,115,0 10,581,0
9,941,0 15.615,0 111,489.0 29,236,0 27,691,0 18.938.0 12,823,0 36,748,0
233,0
204,0
175.0
816,0
233,0
291,0
204.0
321.0
Philadel. Cleveland Richm'et. Atlanta
s
$
RESOURCES.
Gold coin and certifs. In vault- 3,779,0
Gold settlement fund
41,187,0
Gold with foreign agencies
408,0
$
$
277.615,0
118,0 26.242,0
36.818.0 46,078.0 47,321,0
2,011.0
408,0
525,0
Total gold held by banks
Gold with Federal Res. Agents
Gold redemption fund
I
s
s
s
lova.
---4
375,527,0
433,885,0
5.829,0
Total gold reserves
Legal-tender notes, silver, dre
118,523,0
2.663,0
316,444,0 46.604.0 74,088.0 16.423.0 23,305.0 136.988.0 31.580,0 36,249,0 19.394,0 21.142.0 47,650,0' 815,241,0
282,983,0 80,314.0 151,484.0 60.089,0 44,924,0 197.842.0 46.173,0 57.772,0 47,981,0 24,102,0 106,037.0 1,166,579,0
24,992,0 7,700,0 1.212.0 5.958,0 4,541.0 11,108,0 3,338,0 3.560,0 3,794,0 2.155,0
328.0, 74,957,0
I
624,419.0 134,618,0 226.784.0 82,470.0 72,770.0 345,938.0 81,091,0 97,581,0 71,169,0 47,399,0 154,015.012,056,777,0
207,0 1,346.0 2,105,0
46.0
109,0 1,039.0,
43,211.0
074,0
437,0
677,0
225.0
53.039.0
Total reserves
Bills discounted:Secured by Govt
war obligations
All other
Bills bought in open market
121,186,0
667,630,0 135,592,0 227.221,0 83,147,0 72,977,0 347,284,0 83.196,0 97,627,0 71,278,0 48,438,0 154,240,012,109,816,0
134,813.0
11,472,0
11,941,0
580.548,0 147,006,0 77,002.0 71,093,0 45.508.0 143,363,0 52,234,0 11,908,0 31,057,0 13.887,0 50.113,0 1,358,532,0
94,444.0 10.992,0 17.903.0 19.047.0 36,538,0 81,640,0 29,289,0 25,019,0 49.740,0 28.768.0 34.424,01 439.276,0
166,938.0 33.262,0 57,934.0 9.661,0 13,039,0 32,145,0 3,102,0 4.558.0 8.212,0 2.910,0 34.175,0 377,877,0
158.226,0
1,759,0
4,416,0
841,930.0 191,260,0 152.839,0 99,801,0 95,085,0 257,148,0 84.625.0 41,485.0 89,009,0 45.565.0 118.712.012,175,685,0
29,478,0
520,0 4.509.0 1.153,0
126,0 8,867,0 4,003.0 3,461.0
1,399.0 1,359.0 1,088,0 1.234,0
93,449,0
37,027,0 6,318,0 12,425.0 2,785,0 3,972.0 10.612,0 5,070,0 2,905:0 2,996,0 1,902.01 3,021,0
28,0
28,0
Total earning assets
164,401.0
Uncollected items(deducted from
gross deposits)
62,061,0
880,356.0198,937.0 166.352,0 103,820,0 99,605,0 272,269.0 90,848,0 44.516,0 100,872,0 51,470.0 125,194,0 2.298,640,0
Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets
6% redemption fund against Federal Reserve bank notes
All other resources
45,374,0
66.878,0
6.271,0
RESERVP.
the 12 PP,12Kf4 AL
431,182,000
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
1.179,0
4,522.0
175.0
1,523,0
275,0
2,611,0
298.0
521,0
186:0
1,741,0
156.0
866,0
540,0
1.785.0
88,0
202,0
241,0
652,0
442,0
1,119,0
221,0
807.01
207.0
1.520.0
717,785,0
4,008.0
18,169,0
349,346,0 1,699,983,0 405,718,0 446,049.0 215.637,0 213,314,0 708,559,0 239,876,0 157,974,0 243,291,0 123,639,0 315,032,0 5,148,418,0
Total resources
LIABILITIES.
Capital paid In
6,599,0
75,0
Surplus
Government deposits
45.372,0
Due to members-Reserve acet- 87.509.0
Collecti-n items
49,724,0
0th.deposits incl. for Gov't cred.
79,903.0
20,725,0 7,398.0 8,881,0 4,044,0 3,174.0 11.091,0 3,785,0 2,911,0 3,632,0 3,123,0 4,540,0
1,134,0
116,0
40,0
2111.0
38,0
649.0
48.756.0 26.726,0 24,892,0 13,922.0 24,033,0 7.198,0 17458,0 7,430,0 17,849,0 8.347,0 4.418.0 240,401.0
599,319.0 74.816.0 113352,0 50,789.0 38,259.0 209,632.0 51,615,0 46,0.57,0 65,407,0 32,337,0 81,057,01,449,949,0
159,385.0 64,436,0 42,060.0 41,329,0 26,432.0 63.442.0 49.003,0 11,334,0 33,408.0 14,065.0 19.109,0 573.727,0
20,0 3,479.01 113.385,0
108.053,0
36.0
17,0 1.546.0
217.0
15,0
2,0
Total gross deposits
182,605.0
F. R notes in actual circulation. 152,980.0
F. II. bank notes in cIrc'n-Net_
3,514.0
3,573,0
All other liabilities
915.513,0 16.5.978,0 180.140.0 106.040.0 88.741.0 281.818.0 118.293.0 64,836,0 116,666,0 54.769.0 108,063,02,383,462,0
723.355.0 225.022.0 248.204.0 132.122.0 116.910.0 396,231.0 111,636,0 87,131.0, 111,653,0 61,063.0 196,210.0 2.562.517,0
21.615,0 4.557.0 5.475.0 1,162,0 2.878.0 12.866,0 4.292,0 1,580,0 8,479,0 3,149.0 3.363,01
72.930,0
18.126,0 2.763.0 3,349,0 2,153,0 1,571,0 6,337,0 1.870.0 1,478.01 2,861,0 1,535.0, 2.856.0
48,472,0
Total liabilities
•Difference between
0.1(1 0.1,1 n 1 non (10,
2 n An, 110 n .1.14: 1.110
eel
amounts 'bus trine
n 'MX 1117
4101 ‘1111, 4/11.141.1111.1nr t.,
rs l'itstitNur (IF PEOEK11 RKSESVE 1(1gNITS
Two ciphers (00) omitted.
Boston
New York
Phliadel Cleveland
A
q .1.2 RiAn 71.10 Kftn n'oqn Oin /A 1 ft/ 11,1 n O.1.2 nal n 10.7
t•flef,1 UtoNefve 04111.1.
I V.+,
1.1.
,s 11PP P
I..
RtcAtn'd. Allard°
5,000,0
9,878.0
52,000.0
101,053,0
167,931,0
Total
Amount of eligible paper deliv158,203,0
ered to F. R Agent
167.931,0
F. R. notes outstanding
14,951,0
F. R. notes held by banks
It!
V
R notes In actual eircula'n 151.980,0
i
1. Vs IN
Dallas San Fran
-- ----
Chicago. St. Louts .11mnedo Kan City
--
$
s
$
$
S
$
4
S
4
$
Reserve notesReceived from Comptroller__ 229,020,0 1,189,440,0 309.780,0 300.400,0 182,580,0 183.610,0 497.060,0 149.800,0 112,480,0 150,700.0
43,589,0 259,843,0 54,718.0 28,074,0 32.142,0 24.060,0 38,844.0 22,925.0 17,402.0 23.082,0
Returned to Comptroller
I
185,431.0 929,597.0 255.062.0 272,326.0 150,438.0 159,580,0 458.216,0 126,875.0 95,078.0 127,618.0
Chargeable to F. R. Agent
17,500,0 104.800,0 21,900,0 12,820,0 8,500,0 39,350,0 40,240.0 9,085.0, 6,750,0 8,420,0
In hands of F. R. Agent
167,931,0
n qi m Win n,1,14 110 n
• Overdraft.
Accoursrrs liT Cl(Ng op 141141-4Kss NOV. 15 .91.
Federal
Issued to F. R. Bank
Held by F R. Agent•Goirl coin and certificates
Gnlil redemption fund
Gild Sett. Fit., F. R. Board
Eligible paper. pain. req'd
agel
'1611
,
,
1
V•
824,797.0 233,162,0 259,506,0 141,938.0 120,230,0 417,976,0 117,790.0
I
I
I
1
20.750,0
1 2.503,0
158.740,0
14.243,0 12.79:1,0 12.731,0 2.089,0' 2,251,0 1.518,0 2,542,0
110.000,0 67,521,0 118,000.0 58.000,0 40.170,0 196.324,0 43,631,0
541,814,0 152.848.0 108,022.0 81.819.0 75.306,0 220,134,0 71.617,0
Total
9
$
4
99,920,0 224.320.0 3.629.140,0
19.745,0 15.759.0 580.183,0
80,175.0 208,561.0 3,048.957,0
287.145,0
17,780.0
88,328,0 119,198,0 62.395.0 208.561,02.761,812,0
210,176.0
I 10.081.0
13.102,0
78.352,0
2,870,0 2,621,0 3,337,0 11,476.0
41,800.0 45.360,0 10.684,0 04.561,0 878.051.0
30.553,0 71.217,0 38,29:1,0 102,524.0 1.595,233,0
824.797,0 233,162,0 259.506,0 141,9:18,0 120.230,0 417,976.0 117,790.0 88,328,0 119,198,0 62.395,0 208.561.0 2.761.812,0
841,930,0 177,074,0 151.18.5.0 98,491.0 82,421.0 257.118,0 74,874.0 38,178,0 89,009.0 45,565.0 106,218.0 2.120.296,0
824,797.0 233.162,0 259,501.0 141,938,0 120,230.0 417.978,0 117.790,0 88.328,0 119,198,0 62,395,0 208.5)51.02.761.812,0
101.442.0 8.140.0 11.302,0 9,816.0 3.320.0 2,1,745.0 6.151,0 1,197.0 7,545.0 1,332.0 12.351,0 199.295,0
723.3.55 0 125.011.0 21'1.104.0 111.121.0 111.910.0 391.211.0 111;033 0 87.131.0 111.6.53.0 61.061,0 19)5,'1 9 9 2.511,517,0
1989
THE CHRONICLE
Nov. 23 19181
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending Nov. 16. The figures for the sep
(irate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Nov. 16 1918.
{
Members of Federal
Reserve Bank.
Bank of NY. N BA _
Bank of Manhat Co.
Merchants' National_
Mech & Metals Nat_
Bank of America__
National City
Chemical National..
Atlantic National _
Nat Butch & Drovers
American Each Nat_
Nat Bank of Comm_ _
Pacific
Chat & Phenix Nat_
Hanover National___
Citizens' National__ _
Metropolitan
Corn Exchange
Importera & Trod Nat
National Park
East River National _
Second National_ _ _ _
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Each.
Commonwealth
Lincoln
Garfield National.._
Fifth National
Seaboard National__
Liberty National_ _ _
Coal & Iron National
Union Exchange Nat.
Brooklyn Trust Co__
Bankers Trust Co_ _ _
S Mtge & Trust Co
Guaranty Trust Co_ _
Fidelity Trust Co _ _ _
Columbia Trust Co__
Peoples Trust Co_ __ _
New York Trust Co_
Franklin Trust Co___
Lincoln Trust CO.....
Metropolitan Trust..
Nassau Nat, Irklyn_
Irving Trust Co
Farmers Loan rtz Tr__
Silver.
National
Bank
and
Federal
Reserve
Notes.
Average.
Average.
Net
Profits.
Loans,
Discounts,
Nat. Banks Aug. 311 Investments,
dye.
State Banks Sept. 10
Trust Co's Sept. 101
Capital. I
Average.
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
3,00(1,000 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
79,500
250.000
1,000.000 4,011,100
10.000.000 31,189,000
4,500.000 5,828,000
361.900
1,000,000
637,400
1.000,000
10.000,000 14,591,000
200.000 2,275,300
200,000
880,400
400,000
840,300
1,000.000 2,000.600
1,000.000
1,389,000
250,000
406.800
1,000.000 3,724,800
3.000,000 4,281,700
974,700
1,000,000
1,000,000 1,292,200
1,500,000 2,368.200
11.250,000 15,822,600
2,000,000 4,592,400
25,000,000 27,084,600
1,291,800
1,000,000
5,000.000 6,895,400
1,335,900
1,000,000
3,000.000 10,665,300
1.000,000 1,145.900
1,000,00(1
590,600
2,000,000 4,402,300
1,000,000
1,174.800
1.500,000 1,060,900
5,000,000 11,436,800
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
29,9:32,000
102,693,000
37,876,000
188,573,000
3,177.000
19,139,000
346,735,000
105,590,000
11,261,000
6,748.000
333,100,000
19,427,000
5,662,000
6,748,0(10
14,970,000
12,387,000
7,684,000
50,645,000
73,519.000
14,432,000
14,153,000
39,042,000
268,921,000
64,056,000
469,624,000
11,099,0(10
82,163,000
28,0:38,000
100,460,000
29,404,000
20,296,000
53,190,000
16,557,000
44,450,000
126,872,000
Legal
Tenders.
Gold.
Average.
Average.
3
83.000
26,000
303,000
299,000
76,000
70.000
8,435.000
200.000
275,000
169,00
8,235.000 3,055,000
288,000
139,000
88.000
102.000
57,000
11,000
162,000
605,000
218,000
216.000
355,000
44,000
524,000
461,000
210,000
4,157,000
32,000
112,000
550,000
155.000
1,053,00(1
176,000
70,000
316.000
386,000
53,000
3.000
154.000
21,000
81,000
623,000
10,000
1,073,000
461,000
28,000
58,000
33,000
14,000
2.600,000 3,479.000
54,000
161,000
54.000
51,000
40,000
28,000
130,0(10
328,000
5,000
2,000
21,000
37,000
342,000
262,000
169,000
6,000
45,000
12,000
58,000
70,000
31,000
132,000
130,000
34,000
77,000
1,778.000
119,000
90,000
41,000
2:3,000
47,000
89,000
55.000
55,000
9,000
78,000
47,000
17,000
18,000
69,000
34,000
10:3.000
92,000
125,0(10
3,748,000
19,000
97,000
447,000
259,000
1,383,000
333,000
776,000
388,000
196.000
62,000
652,000
595,000
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
244,000
163,000
129,000
163,000
18,000
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
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Average.
Average.
$
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
1,307,000 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 5,2211,000'
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
512,000 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
118,000
900,000
165,000 1,034.000
662,000 2,095.000
179,000 1,669,000
824,000
181,000
395,000 6,369.000
561,000 10,798,000
508.000 1,464.000
262,000 1,707,000
530,000 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
164,000 8.194,000
214,000
1,963.00(1
309,000 1,751,000
574.000 4.422,000
134,000 1.180,000
2,030,000 4,429,000
287,000 15.399,000
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, actual
Totals, actual
Totals, actual
Totals, actual
conditl on
conditl on
conditl on
conditl on
State Banks.
Greenwich
Bowery
N Y Produce Each_ _
State
Totals, ayes for wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Totals, avge for wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual
4,653,190,000 :35,808,000
4,608,942,000 35,714,000
4,583,744,000 :35,502,000
4,628,553,000 35,532,000
Not Mem hers of Fed eral Reserve Bank
500.000 1,474.500
15,161,000
590,000
250,000
819,300
4,948,000
277,000
1,000,000 1,152,200
20,054,000
550,000
2,000.000
495,200
32,528,000 1,504,000
3,750,000
3,941,200
1,101.000
284.000
1,894.000
2,266.000
202,000 1,219.000
20,000
26:3,000
445,000
431,000
425,000 1,002,000
Average.
Average.
32,521,000
49,952.000
21,319.000
162.027.000
25,507,000
592,577,000
61,069.000
13,596,000
2.613.000
87,762,000
305,432.000
14,651,000
79,134,000
137,626,000
31,226,000
28,559,000
106.502,000
24,929,000
158,447,000
3,764.000
14,777,000
148,854,000
98,801,000
9,858,000
4,890,000
308.745,000
17,308.000
5,627,000
6,804,000
14.857,000
10,299,000
6,036,000
45,588,000
68,191,000
11,998,000
12,783,000
23,256,000
208,100,000
45,020,000
378,916,000
8,315,000
64,168,000
22,227,000
46,773,000
14,004,000
12,083,000
32,409,000
9,301,000
34.690,000
108,058,000
1,723,000
11,600,000 1,445,000
4,765.000
438.000
529,000
143,000
295,000
5,913,000 4,920.000
4,914,000
60,000
7,541,000 2,193.000
150.000
230,000
966,000
51,000
3,981,000 4,882.000
10.000
650.000
1,651,000 8,328.0(10
613.000 1,000,000
240.000
197.000
25,000
10,668,000 1,100,000
100,000
31,000
162,000
140.000
1,738.000
425,000
475,000
4.881,000
14,499,000
3,658.000
22,363,000
451,000
9,450,000
1,460,000
4.004,000
1,772,000
1,674,000
1,174,000
619.000
1,006.000
10,275,000
174,000
48.000
34.000
14,766,000
4,733,000
20,785,000
32,756,000
5,000
5.545.000
256.000
73,040,000
51.000
368.000
234.000
801.000
293,000
73,826,000
73.204,000
71.913.000
70,995.000
54.000
52,000
52.000
45,000
Not Mem hers of Fed eral Reserve Bank
5,000.000 11.871.000
39,902.000
95,000
4,000,000 5,199,600
24,112,000
198,000
117,000
183,000
231,000
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
300,000 1,065,000
3.199.000 1.356.000
33,988,000
1,021.000
35.203,000
33.445,000
33.951.000
33,521,000
1,039,000
923,000
923.000
923,000
293,000
Grand ag'gate. actual condition
Comparison prey wk_
condition
condition
condition
condition
293,000
312,000
293.000 ' 30:3,000
547,000
300,000
55(3.000
307,000
50,000
49,000
5,405.000
5,684.000
4.964.000
4,947,000
63,501,000
64,161.000
63,476,000
64,485,000
210,000
395.000
240.000
70.000
800.000
411.000
396.000
3,703.293,000 152,935,000 35,615.000
3.667.756,000 150,010,000 35.824.000
3.593,689,000 149,477,000 36.098.000
3,691.807.000 147,811,00036,048,000
3,120,000
2,957,000
2,806,0(10
2,952,000
64,014,000
760.000
277,000 1,807,000
15,221.000 3.687.000
1,103.000
1,093,000
1,068.000
1,217,000
73,291,000 2,921,000 1,374,000 1,078,000 2,989.000
73,237,000
7:3.097,000
77,152,000
77,297,000
conditl on Nov. 16
conditl on Nov. 9
conditl on Nov. 2
conditl on Oct. 26
ag'gate, actual
ag'gate. actual
ag'gate, actual
ag'gate, actual
Average.
1.285,000
1,356.000
1,146,000
1.174,000
Nov. 16
Nov. 9
Nov. 2
Oct. 26
994,000 3,565.000
324,000
314,000 1,029.000 3.0:3:3,000
697,000 3,087.000
314.000
706.000 3.705.000
290,000
- Grand aggregato,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 prey wk_
+27,098,000 -83,000 +907.000 +900,000 +2869000,+22058000
Grand
Grand
Grand
Grand
National
Bank
Circulation.
3,731,949,000 150,308,000 35,634,000
1:3,233.000 20,665,000 36,786.000 514,061,000
13,450,000 20,362,000 37.648.000 547.841,000
12.561.000,18.698,000 33,687,000 525.944.0310
12,371,00020,360,00(1 38,268.000 617.098 000
154.000
33.000
550.000
637,000
Net
Time
Deposits.
2,936.000
2,941,000
3,009.000
3,010.000
conditl on
condlt1 on
comfit! on
condlti on
Trust Companies.
Title Guar dv Trust_ _
Lawyers Title & Tr__
Nov. 16
Nov. 9
Nov. 2
Oct. 26
Net
Demand
Deposits.
1,107,000
1.168.000
1.015.000
1.692.000
1.612.000 03.838,977,000 151.383.000 35,634.000
+438,0001 +82,240.000 +613,0001 -238.000
Nov. 16-__ 4.789,928,000 39,037,000 14,830.000 22,092,000 40,900,000 523,031,000 1,475,000 b3,812.322.000 154.028,000 35,615.000
+43,728,000 +89.0001-279.000 +323,000 -734,0001-33,527,000 +73,000 +37,917,000 A-3,043.0001 A-209.000
Nov. 9___ 4.746,200,000 38,948,000 15.109,000 21.769.000 41.634,000556.558.000
Nov. 2___ 4,724.372,000 39.058,000,14.007.000 20.080.000 37.190.0310 533.995.000
Oct. 26--- 4,770,335,000 39,098,000,13,852,000j21,873,000 41,926,000 625.750.000
Oct. 19___ 4,665,899,000 38.952,000113.798.000121.340,000140,441.000527.008,000
1.402.000
1,816.0310
1.985.000
1,005,000
3.774.405,000 150.985.000 35,824.000
3,699.553.000 150.452.00036.098.000
3,796,383,000 148.779,0001,36.048.000
3,836,763,000 145,248,000135,908,000
a U. S. deposits deducted, $341,018,000. b U. S. deposits deducted, $338,724,000. c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages,
Cash
Reserve
in Vault.
Members Federal
Reserve Bank..
State banks
Trust companies.
Total
Total
Total
Total
Nov .16_
Nov. 9_
Nov. 2.
Oct. 26_
Reserve
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviouslVeek
$
$
$
558,274,000 558,274,000 489,662,610 68,611.390 +11.724.630
a
8,362.000 5,545,000 13,907,000 13.147.200
759,800
-98,320
1,958,000 3,199.000 5,157,000 5,098,200
-301,500
58,800
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc or Dec.
from
PretiousWeek
514,061,000 514,061,000 486,016.140 28,044,860-38,487.560
b
560.320
-293.960
8.444.000 5,405.000 13,849.000 13,288,680
+252,300
1,923,000 3.565.000 5,488,000 5.280,450 • 207,550
10,320.000 567,018,000 577,338,000 507.908,010 69.429.990 +11.321,810 10,367,000 521.031.000 513.398.000 504.585.270 28,812.730 -38,129 220
10.280,000 544,960.000 555.240,000 497,131,820 58.108.180 +5.672,110 10,286.000 556.558,000 566.844.000 499.502.050 67,341.950 13.160.820
10.243.000 532,912.000 543,155,000 490.718.930 52.436,070 -21.006,500 9.887.000 533.995.000 543.882.000 489,700.870 54,181,130 -79.596.580
10,542,000 569,211,000 579,753,000 31,123,650 506,310,430 +73,442,570 10,212,000 625,750,000 635,962,000 502,184.290 133,777,710 +104134550
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Nov. 16, 54,588,050; Nov. 9, $4,493,850: Nov. 2. $4,421,130: Oct. 20, $4,383,150.
b This Is the reserve required on net lemand deposits In the ease of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deDosita, which was as follows: Nov. 16, $1,509,240; 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 the 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, which is no longer counted fifi reserve for members of the Federal Reserve Bank, was as followf0
Nov. 16, $106,492,000; Nov. 9, $107,174,000; Nov. 2, $100,448,000; Oct. 26, $106,537,000.
1990
[vol.. 107.
THE CIIRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
Nov. 16.
previous week.
Loans and Investments
$729,411,000 Dec.69,036,400
8,499,700 Dee.
Specie
355,700
Currency and bank notes
15,028,400 Dec.
10,200
Deposits with the F. R. Bank of New York
56,320,100 Dec.
401.200
Total deposits
779,752,300 Dee. 18,722,200
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City,exchanges and U.S. deposits 676,369,900 Inc. 2,174,700
123,738,600 Dec. 3,195,500
Reserve on deposits
Percentage of reserve, 20.6%.
RESERVE.
Stale Banks- -Trust Companies-$15,359,200 12.11%
$64,487,000 13.63%
Cash in vaults
13,855,400 10.93%
30,037,000 6.35%
Deposits in banks and trust cos..
Total
$29,214,600 23.04%
$94,524,000
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Nov. 16
1918.
Week
EndedJuly 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept.14
Sept.21
Sept 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Loans
Demand
a ,d
Investments Deposits.
Specie.
$
5.089.497.1 4.308.018.7
5.058.802.7 4.239.295,8
5.137.068.5 4,295.324,2
5.231.510.0 4.297.646,1
5.281.063,9 4.317.718,7
5,230.921.4 4.314,490.2
5.173,081.5 4.406.150,0
5.249.106.5 4.475,183,9
5.233.177.2 4,418.249,8
5.294.283,6 4,427,043.3
5.296.960.1 4,450,212,9
5.373.198,8 4,537,675,4
5.413.086.8 4.435.747,6
5,3 6.267,9 1 487 7.,6 5
5.457.805.1 4.520.463.6
5.499.400.2 4,364.815,8
5,471,164.4 4.430,932.2
5.489,226,0 4,515,316,9
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
69.970.7
69.765.2
70,376.0
71,255,2
139,692,6
68.979,4
69,440,7
Legal
Tenders.
$
3
87,138,5 163,146,5 563.383,2
87,536,0 162.573,7 561.439.9
88,453,1 162,490.7 578.552.0
87.040,8 160,390.0 557.064.2
90.0583 162.708,1 549,748.1
86.569,3 158.979.5 551.742.5
86.335,2 158,198,3,554.574,4
87,712.1 158,412,2 583.554.8
88.345,3 159.383.9 554.898,2
96.532,8 167.004.9571.118,2
94,623,1 165,439,1 5,17,573.3
91,434,6 161,405.3 587,014.3
85,254.7 155.019.9 574,142.4
92,445,9 162,821,8 580,295,1
94,750,5 166,005,7 619.305,3
85,425,1 155,117,7 585.223,6
89,755.9 158,735,3 591,280.8
91,559,5 161,000,2 610,910,4
* Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of 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 requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Nov. 16
1918.
1Differences from
previous week.
Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
19.98%
Total Reserve in
Cash in Depositanks.
Vault.
Differences from
previous week.
$
99,050,0001
Capital as of Sept. 10
24,300,000
166.698,000
Surplus as of Sept. 10
43,041,800
Loans and investm'ts 480,497,800 Dec. 6.481,700 1,969,525,000 Dec. 26,889,500
564,400
140,500
13,021,700 Dec.
Specie
9,441,700 Inc.
Currency & bk. notes
17,851,200 Dec.
36,100
26,397,300 Inc.
651,700
Deposits with the F.
It. Bank of N. Y. 43,854,900 Inc. 2,673,000 192,691,800 Inc. 4,719,100
582,260,900 Dec. 11,991.400 1,944,824,400 Dec.42,662,000
Deposits
99,046,400 Inc. 2,165,100 277,158,200 Dec. 1,528,800
Reserve on deposits.
0.3%
18.2 Dec.
21.9 Dec.
P. C. reserve to dep.
0.3%
BOSTON CLEARING HOUSE MEMBERS.
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Trust Companies.
State Banks.
Week ended Nov. 16.
Nov. 16
1918.
Changes from
previous week.
Circulation
4,738,000 Dec.
Loans, disels & investments_ 569,900,000 Dec.
Individual deposits. inel.U.S. 506,633,000 Dec.
116,028,000 Dec.
Due to banks
13,515,000 Dec.
Time deposits
Exchanges for Clear. House_ 16,299,000 Inc.
78,989,000 Inc.
Due from other banks
Cash in bank & in F. R. Bank 57,557,000 Dec.
Reserve excess in bank and
4,414,000 Dec.
Federal Reserve Bank
Nov. 9
1918.
Nov. 2
1918.
$
8,000 4.746.000 4,758,000
5,412,000 575,312,000 580.961.000
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 76,109,000 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
statement for the 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."
Week ending Nov. 16 1918.
Nov. 9
1918.
Nov. 2
1918.
631,475,0
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
20.140.0
$31,475,0
84.000.0
760,209,0
23,578,0
127,012,0
151,996,0
447,746.0
4,792,0
603,534,0
124,133,0
40.866,0
2,757.0
17,397,0
67,020,0
45,803.0
21.217.0
Two ciphers (00) omitted.
Membersof
F.R.System
Capital
Surplus and profits
Loans, disc•te & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual- deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash in vault*
Total reserve & cash heldReserve required
roc A. nnah In annIlt
L,If.d...
$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
Trust
Cos.
Total.
$3,000,0
7,498,0
25,699,0
392,0
11,000,0
432,0
14,992,0
26,424,0
46,870,0
17,764,0
64,634,0
45,257,0
10 977 0
2,062,0
786,0
2.848,0
2,253,0
595.0
$31,475,0
84,780,0
743.046,0
23,343,0
120,027,0
153,683,0
461,998,0
4,603,0
620,284,0
60,169,0
46,870,0
2,062,0
18,550,0
67,482,0
47,510,0
10.072.0
•Cash in vault is not counted as reserve for Federal Reserve bank members.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Veek ending Nov. 16 1918.
I
Net
Capital. 1 Profits.
Loans,
Discounts,
Nat. banks Aug. 311 Investments.
&c.
State banksSePt• 10/
Trust cos. Sept. 10
•
Gold.
Legal
Tenders.
Silver,
National
Bank
rit Federal
Reserve
Notes.
Reserve
with
Legal
Deposilanes.
Additional
Deposits
with Legal
DeposiVoles.
Net
Demand
Deposits.
Nei
Time
Deposits.
Nationa
Bank
Circuitslion.
Average. Average. Average. Average. Average. Average.
Members of
Average.
3
$
$
$
$
$
3
$
Federal Reserve Bank.
$
177,000
118,000 1,115,000
22,000
14,000
12,000
lattery Park Nat. Bunk._ _ .
400,000
599,800 11,512,000
471,000 1,335,000 1,637,000
30-1,000
18,000
houtntila Bank
1,000,000
632.500 13,728,000
225,000
636,000
110,000
97,000
6,000
6,000
195,900 4,305,000
few Netherland Bank__ ..._
21)0.000
480,000
4,000
3,000
VV. Et. Grave & Co.'s bank _ ...
500.000
755.100 4,207,000
466,000
880,000
248,000
45,000
1,000
'orkville Bank.. .
594.400 8,076,000
200.000
496,000
628,000
75,000
89,000
19,000
7,000
'Irir Nat. Bank. Brooklyn..
641,700 8,291,000
300.000
851,000
550,000
49,000
121,000
23,000
1,000
;at City Bank. Brooklyn
300.000
583.400 6,564,000
862.000 1,931,000
273,000
136,000
68,000
81,000
'ire Nat. Bank. Jersey Clty
400.000 1,334.600 9,763,000
333,000
760,000
153,000
54,000
765,100 4,675,000
40,000
4.000
II[tuition Co. Nat., Jersey City
250,000
Average.
Average. Average.
$
$
$
6,933,000
85,000
193,000
354,000
11,595,000
4,126,000
89,000
2.447.000
570,000
4,605,000 3,625,000
6,037,000
469,000
285,000
5,300.000
431,000
119,000
0,808,000
386,000
3,811,000
569,000
194,000
728,000 1,59,000 6,825,000 6,249,000
51,662,000 6,102,000 1,177,000
Total
3,550,000 6.14C,500 71,181,000
170,000
205.000
•
State Banks.
Not Members of the
Federal Reseree Bank.
iauk of Washington Heights
580.200 2,444,000
100,000
4,ionial- Bank
500.000 1,081,800 10,429,000
180,700 5,822,000
aternationni Rank
500.000
200,000
562,700 7,793,000
ilium' Bank . _ . _. __ .....
fechanice• Bank, Brooklyn. 1,600.000
874.500 23,578,000
215,900 4,649,000
forth rIlde Bank. Brooklyn..
200,000
70.000
200,000
151,000
1,000
100,000
9,000
370,000
14,000
102,000
801,000
12,000
3,100.000 3,495,800 54,715,000
531,000
799,000 1,245,000 2,295,000 3,768,000 1,863,000
65,063,000 1,075,000
7,923,000
7.982,000
315,000
14,000
17,000
20,000
14,000
79,000
101,000
183,000
270,000
242,000
258,000
5,421,000 1,224,000
4,547,000 3.311,000
329,000
37,000
93,000
284,000
512,000
258,000
9,968,000 4,535,000
Total.
Trust Companies.
Not Members of the
Federal Reserve Bank.
fam on Trust Co.,Brooklyn
nnirs' Tr Co . Bayonne
teo,
Total _
rand aggregate.
mriparlson previous week
/mess re9erve
rand aggregate Nov. 9..
.
rand aggregate Nov. Z.__
rand aggregate Oct. 26....
Grand aggregate Oct. 1e.__
500.000 1,028,500
364.500
200,000
700,000 1,393,000 15,905,000
7,350,000 11,035,300 141,801,000
-723,000
$776,580 decrease
7.350.000 11,035,300 142,524.000
7,350,000,11.035.300 147,072,000
7 250 'ye/111.035.300 147.623,000
7.250.non 11.035;100 145.900.000
a U.S.deposits deducted,$9,436,000.
28,000
412,000
59,000
116,000
512,000
118,000
135,000
178,000
671,000
315,000
315,000
410,000
922,000
274,000
891,000 1,493,000
232,000
227,000
420,000
9,000
237,000
655,000
542,000
2,260,000
11,181,000
5,233,000
7,401,000
24,880,000
4,108,000
445,000
272,000
39,000
319,000
1,030,000 1,011,000 2,066,000 4,148,000 11,105,000 8,370,000 a116,693,000 11,802,000 1,177,000
-6,000 -292,000 -834,000 +2,068,000 +47,000 -14,000
+3,000 -144,000 -66,000
1.027,000 1.185,000 2.132,000 4.154.000 11.397.000 9,204,000 114.625,000 11.755,000 1.191,000
1.631.000 1.277.000 2.129.000 3,981.000 11,482.000 8,387.000 113,397.000 11,761.000 1.199.000
11,5145 000 ..._
1.770,000 1,521.000 2,124.000 4,190.000 11.447.0(8) 11,926.000117.757,900
. ._
1.198•000
_
nnn
1.ort.00n
s not'
Nov. 23 1918.]
auIters" Oazttit.
Wall Street, Friday Night, Nov. 22 1918.
The Money Market and Financial Situation.—A review of the security markets and general business in Wall
Street for the week must be lafgely 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 as to 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 centred 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 soon to convene at Versailles, the recent
taking over of the cable lines by the Post Office Department and Secretary Daniels's amazing proposition to continue naval construction according to the war program.
These matters have evoked universal interest, a good deal
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's (Friday's) actual rates for sterling exchange were 4 73%0
4 73% for sixty days, 4 75%04 /5% for cheques and 4 76 7-1604 763
for cables. Commercial on banks, sight, 4 75%04 75%; sixty days,
4 72©4 72%; ninety days, 4 71©4 71 4,, and documents for payment
(sixty days), 4 71%04 72. Cotton for payment 4 75%04 75%, and
3 •
grain for payment, 4 75%04 75%
To-day's (Friday's) actual rates for Paris bankers' francs were 5 51%0
for short. German bankers' marks
463
©5
long
for
46%
4
5 51
and 5
were not quoted. Amsterdam bankers' guilders were 41 5-16041 3-16
for long and 4111-16 for short.
Exchange at Paris on London, 25.97% fr.; week's range, 25.97% fr.
high and 25.974 fr. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Cheques.
Cables.
Sterling Actual—
4 733
4 76 9-16
High for the week
47
4
4 73j4
75
4 76 7-16
6%
Low for the week
Paris Bankers' Francs—
5 44
5 44%
5 49V
High for the week
545
545%
55134
Low for the week
Amsterdam Bankers' Guilders—
41%
41 5-16
423i
High for the week
40 13-16
415i
414
Low for the week
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 150
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 relatively 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 gf the week are Pennsylvania
2s, Lehigh t. r. 6s, Rock Island ref. 4s, Burlington
g. m. 43/
joint 4s and Steels. On the other hand, Atch. gen. 4s, Am.
Tel. & Tel. con. 6s, St. Paul ref. 4%s, Erie "D" 4s, Inter.
R. T. 1st ref. 5s, Inter.-Met. 43/2s, Mo. Pac. gen. 4s and
So. Pao. cony. 5s have declined a point or more.
In addition to the above, the active list mentioned includes
Ches. & Ohio, New York Cent., Rubber, Union Pacific
and Southern Pacific issues.
United States Bonds.—Sales of Government bonds at
4,$1,000 4s reg.
the Board include $1,000 4s coup. at 1063
at 105%, Liberty Loan 3%s at 99.86 to 99.98, L. L. 1st 4s
at
4s
2d
L.
96.
to
96.40, L. L. 1st 4%s at
at 96.30 to 96.70, L.
98.40 to 98.70, L. L. 2d 43s at 97.70 to 98, L. L. 3d 43s
4th
L.
L.
43s
at
and
98.
For to-day's prices
at 97.70 to 98
of all the different issues and for week's range see third page
following.
Railroad and Miscellaneous Stocks.—Trading in the
stock market has been abridged this week by restriction
imposed by the Money Committee of the Stock Exchange
and perhaps by other matters. Prices have fluctuated
rather widely day by day, with the prevailing tendency
downward. To-day's market was not only the most detive
of the week but it also yielded most easily to whatever adverse influences were brought to bear upon it. Reading
dropped over 2 points, New York Central 2 and Bait. &
Ohio, Canadian Pacific, Great Northern and Union Pacific
each lost, a point or more.
Of the industrial stocks Studebaker declined over 6 points
4 lower than last week. Inter. Merto-day and closes 93
can. Marine preferred has covered a range of nearly 10
points and shows a net loss of 83. on Government interference with the proposed sale to British interests. Royal
Dutch is 13 points lower than last week and 43 lower than
a month ago. Mex. Pot. has covered a range of 163/ and
is 6 points lower than our last quotations. Other eh nges,
especially in the railway group, have been within a much
narrower range.
1991
THE CHRONICLE
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:
STOCKS.
Week ending Nov. 22.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
100
200 65 Nov 21 6534 Nov 18 48
Sept 80
Adams Express
Jan
Nov 101
Nov 22 101
Nov 22 101
3101
Allegh & West gu _ _100
Nov
21 I 94 Nov 18 95 Nov 18 7754 Sept 9554 Nov
American Express _100
S's 4454 Nov 21 4554 Nov 18 41
Sept 4554 Nov
Am Malt 1st pf ctfs den_
Amer Smelters Securities
311 93 Nov 21 95 Nov 16 89
May 96
Pref Series A
Nov
Jan 103 June
100 8834 Nov 22 8834 Nov 22 81
Am Sumat Toltec, p1.100
55 134 Nov 20 234 Nov 16 1
Mar 254 Nov
Assets Realization - _ _10
100 800 6834 Nov '20 6954 Nov 21 54
Apr 71
Associated 011
Oct
Jan 255 Nov
Batopilas Mining__ _ _20 4,100 134 Nov 22 2 Nov 16 1
300 92 Nov 22 9334 Nov 18 78
Aug 934 Nov
Bklyn Union Gas.... 100
11 95 Nov 22 95 Nov 22 95
Jan 98
Brown Shoe, pref_ _ _100
Apr
41 t 8 Nov 21 9 Nov 21 655 Jan 1654 June
Brunswick Terminal_100
100 1854 Nov 16 1834 Nov 16 754 May 1834 Nov
100
Butterick
100 6854 Nov 20 6834 Nov 2 6354 Jan 71
Calumet & Arizona_ _ _10
May
100 9055 Nov 21 9054 Nov 21 73
100
Jan 9055 Nov
Case (J I), pref
Nov 4154 Apr
Central Foundry_ _ _ _100 1,800 18 Nov 21 20 Nov 19 18
Nov 53
200 35 Nov 21 35 Nov 21 33
100
Preferred
Apr
100220 Nov 16220 Nov 16 202
Ap 220
Cent RR of N J_ _ _100
Oct
400 39 Nov 16 4054 Nov 21 30
Oct 4034 Nov
Cert-Teed Prod....no par
200 10 Nov 21 10 Nov 21 7
Apr 11
Chicago & Alton_ _ _ _100
Nov
21 60 Nov 16 62 Nov 19 45
Jan 65
Cluett,Peabody&Co_100
Nov
Jan 105
100 105 Nov 22 105 Nov 22 95
100
Nov
Preferred
2 101 Nov 22 101 Nov 22 101
Nov 101
Colo Fuel & I, pref _ _100 .
Nov
400 105 Nov 16 1054 Nov 22 99
July 106
Continen Can, pref._100
Oct
3
Feb 57
Continental Insur_ _ _ _25
Nov
5534 Nov 19 57 Nov 21 44
200 95 Nov 22 95 Nov 22 90 Jun • 96
Deere & Co, pref. _ .. _100
Feb
12 120 Nov 18 120 Nov 18 98
Jan 109
100
Detroit Edison
Oct
100 354 Nov 22 334 Nov 22 234 Feb 454 Oct
Duluth S S & Atl_ _ _ _100
Jan 3134 Nov
Elk Horn Coal
50 500 3034 Nov 18 3134 Nov 22 22
100 loq Nov 16 104 Nov 16 955 Ap 15
Federal Min & Smelt.100
Oct
Jan 4454 Oct
Preferred
100 1,000 414 Nov 21 4234 Nov 18 27
100 38 Nov 22 38 Nov 22 26
Jan 43 June
Fisher Body Corp.no par
300 91 Nov 18 9154 Nov 16 7034 Jan 9234 Nov
100
Prefarei
300x168 Nov2216851 Nov 21 165
General Chemical_ _ _100
Jan 185
Aug
Nov 19 994 Jun' 1033( Jan
14 101 Nov 19 101
100
Preferred
Jan 58 June
General Cigar, Inc_ _100 600 44 Nov 16 444 Nov 21 34
Mar 10 May
100 9 Nov 22 9 Nov 22 8
Gulf Mob & Nor ctfs.100
100 95 Nov 22 95 Nov 22 68
June 95
Homestake Mining_ _100
Nov
Int Harvest(new), p1100
100114 Nov 18114 Nov 18 107
Oct 114
Nov
200 94 Nov 22 94 Nov 22 88
Jewel Tea, pref
Apr 9734 Jan
100
210102 Nov 22106 Nov 18 87
Kings Co Eiec L & P_100
Aug 104
Nov
100 106 Nov 16 106 Nov 19 10434 Nov 106
Kresge(88) Co,pref 1
Nov
July 90
100 8555 Nov 18 8534 Nov 18 82
Laclede Gas
100
Mar
100 18954 Nov 16 18934 Nov 16 16434 Aug 19534 Feb
Liggett & Myers_ _ _ _100
Lorillard (1')
100 156 Nov 18 156 Nov 18 14454 Aug 200
100
Mar
10102 Nov 21 102 Nov 21 94
Mar 10354 Nov
Manhattan (Elev)Ry100
Marlin-Rock v t c.no par
200 80 Nov 22 82 Nov 22 75
Oct 87
Sept
Jan 63
May Dept Stores__ _ _100
411 6134 Nov 21 6134 Nov 22 47
Nov
20 911.4 Nov 18 9134 Nov 18 803.4 Feb 95 June
Michigan Central_ _ _100
Minn St P & S S M_100
100 9434 Nov 20 9434 Nov 20 8055 Jan 9754 Nov
Nov 62
Leased line ctfs__ _100
100 62 Nov 22 62 Nov 22 62
Nov
National Acme
May
50 200 3034 Nov 18 3054 Nov 18 2634 Jan 33
900 10755 Nov 22 1093.4 Nov 21 90
Aug 1093.4 Nov
National 131scult_ _ _ _100
Nat Rys Mex 2d pref 100 400 84 Nov 22 934 Nov 18 455 May 1034 Nov
N 0Tex & Mex v t c..100 1,600 324 Nov 21 34 Nov,16 17
Apr 35
Nov
N Y Chic & St Louls_100 2,400 284 Nov 16 34 Nov 19 1334 Oct 2734 Nov
100 65 Nov 16 65 Nov 16 55
July 65
First preferred _ _._1
Nov
300 2034 Nov 22 214 Nov 18 184 Jan 27 May
New York Dock_ _100
Nov 7034 Aug
Owens Bottle-Mach_25 1,200 57 Nov 22 604 Nov 16 55
Peoria & Eastern_ _100 200 534 Nov 22 6 Nov 19 44 Apr 64 Nov
Apr 98
Pittsh Steel, pref_ _ _ _100
Jan
100 914 Nov 21 914 Nov 21 90
St L-S Fran, pref A_ _100
Ap 3334 Nov
100 30 Nov 20 30 Nov 20 21
Jan 8034 May
Savage Arms Corp_ _100
200 60 Nov 20 60 Nov 20 53
So Porto Rico Sugar 100
Sept 162
Jan
100140 Nov 20140. Nov 20 120
Standard Mill, pref_ _100
Jan
50 84 Nov 19 84 Nov 19 80 June 89
Stutz Motor Car-no par 4,200 4434 Nov 20 4834 Nov 16 37
Oct 4834 Nov
Third Avenue Ry_ _1
5,600 144 Nov 22 1934 Nov 19 1454 Nov 214 Jan
Tol St L & W trust-rect
400 554 Nov 22 54 Nov 22 4 June 734 Aug
Transit° & Wms_no par 7,200 3755 Nov 21 403.4 Nov 19i 3634 Oct 42
May
Apr 111% Nov
100 110 Nov 20110 Nov 20 100
100
Underwood
United Drug
100 78 Nov 18 76 Nov 18 69 June 7634 Nov
100
Nov
Nov 181 77 Juner2
2d preferred
100 81 Nov 18 81
100
Mar 26
U S Realty & Impt_ _100
100 20 Nov 21 20 Nov 21 8
Wells, Fargo Express 100 400 75 Nov 16 754 Nov 20 634 Sept 83% Jan
boa
Outside Market.—The "curb" market was unsettled
this week, though a heavy tone marked the trading for the
most part. Business was of only fair volume and price
changes with few exceptions narrow. The feature was the
exceptional heavy trading in Keystone Tire & Rubber corn.
and advance in price—from 19 to 261R—though to-day it
yielded to 243' and closed at 24%. U. S. Steamship was
another more than ordinarily active issue and recorded an
advance of over a point to 6% with the final figure to-day
63. Attention was also directed to the commencement of
traditig in General Motors 6% deb. stock "w. i.", which
% but reacted to 80. Aetna
advanced from 793 to 833
Explosives was down to its lowest, weakening from 7 to M.
Burns Bros. Ice corn. lost 5 points to 42, but recovered subsequently to 453'. Curtiss Aeropl. & M. corn., which has
been inactive for a week or more, on a few transactions sold
down to 17, a new low record, and a loss of 3 points from the
last preceding transaction. Wright-Martin Aire. corn.'
5
dropped from 5% to 4%.
Submarine Boat after an early
advance from 133/i to 143 fell to 13, while Lake Torpedo
Boat sold at 23., a new low point, and at 2% finally. Lima
Locomotive corn. declined from 45 to 433/a and sold finally
at 44. United Motors sold up early in the week from 343'
to 353g, later dropping to 3332, the close to-day being at
5
33%.
Oil stocks were quiet and generally lower. In
Standard Oil shares, Standard Oil (Calif.) lost about 8
points to 232, recovering to 235. Standard Oil of N. J.
sank from 617 to 613. Standard Oil of N. Y. moved down
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
down to 135 and finished to-day at 135 2. Oklahoma Prod.
& Refg. gained about a point to 103, but reacted and closed
to-day at 9%. Sinclair Gulf Corp. declined from 22% to
209. The bond department was active with a good businoss in American Tobacco serial 7s,all issues,at firm prices.
The new Liggett & Myers Tobacco 6% notes were traded in,
for the first time "w. i." up from 98% to 99% and down
finally to 989.
A complete record of "curb" market transactions for the
week will be found on page 2000.
1992
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
TWO PAGES
For record of sales during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CILVT.
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday I
Nov. 21
Friday
Nov. 22
Salesfor
the
Week
Shares
per share
per share
per share $ per Share $ per share $ per share
96
9614 9518 9512 95
0518 9434 95
9413 94131 9334 94
4,500
89 .88
89
92
00
90
8912 8912 .88
90
8812 8812
550
10312 10712 107 107 • 109 109 .104 108 .10313 103
106 106
1,200
5834 5.334 5814 59
5878 5758 58
58
5758 58
5633 5712 5,800
61
.
62
63
62 .61
6212 61
60
61
5812 80
60
1,725
42
4214 4112 4214 4013 4112 40
4012 3812 4012 38
3914 9,350
1845 16458 16312 165
164 164
16258 163
18312 16414 16238 16314 6,000
5934 80
5913 80
5958 5934 5958 5978 5912 5958 5813 694 4,200
91
10
*934 1018 *934 1018 *934 1014
10
918
834 878 1,100
*2712 30
*2812 29
29
29
28
*2713 28
28
28
28
1,000
4913 4912 4834 4913 4834 4912 4812 4852 4818 4812 4734 49
4,500
83
8312 8213 8313 83
8412 8212 8314 8213 8258 8012 8214 8,600
10412 10118 *104 10412 104 104
10312 10312 *103 104
103 103
1,100
*13112 13712 .131 13112 .131 134 .12912 13112 .130 137 .131 137
2812 2914 2734 2834 2734 2812 2712 28
27
2734 2613 2712 22,400
8312 8412 82
8312 8212 83
83
82
8234 83
82
82
4,300
.713 73
6834 71
70
69
69
7012 70,3 6938 70
6958 2,700
.38
40 .37
*37
40
40 .37
40 •37
40
37
37
100
.70
75 .70
75 .70
75 .70
75 .70
75
6978 70
200
2612 2612 .26
27 .25
2712 .25
2612 .244 26
2612 .25
100
•53
54 .53
*51
64 .53
5812 .50
58
5314 .52
54
*4312 48
434 4312 .43
4142
48
46 .42
46 .42
100
46
11418 11418 .114 116 .11418 11812 11418 11418 11414 11412 11412 11478
600
•180 190 .180 190 .18312 190 .18312 186 .18312 190
180 18312
400
634
*5
634
6
7
6
558 58
6
7
*512 713 1,000
•10
1112 .1012 1112 *1012 12
1112 12
113 1138 3,200
1112 12
2018 2034 20
2014 1912 2014 19'2 1934 1958 •1978 1858 20
22,500
3314 3313 3234 33% 3258 33
3258 3234 3214 3258 3114 3232 4,600
25
2514 2334 2412 24
*2314
24
24
24
24
23
24
1,000
10112 10134 10018 10112 997g 10012 9978 100
9958 10014 9858 9958 8,500
3314 3334 3278 34
33
3314 337
34
3334 19,560
33
338 335
104 10412 101 104 .104 105 .102 104 *102 10312 10218 10218
700
*834 9
878 878
858 94
834 9
858 834
778 812 6,000
3612 3612 3612 37
38
36 .3512 37 .3412 3612 33
34
600
22
22
21
2112 2058 2078 2012 2058 .2012 2114 2012 2078 2,500
5712 5712 5714 5714 5713 58
_
.56
5934 .58
58
500
•11
1178 11
11
.11
111 '11
1134 *11
100
1178 •11
1134
4120
24 .20
24
*20
*20
24
25 .20
*20
25
24
62
8214 62
6214 82
8214 6178 6214 8134 624 6073 611z 6,800
•120 125 .119 120
11878 1187 .117 120
120 120 .11813 124
200
14
1412 14
14 .1314 1412 1334 14
.1312 1414 13
1312 2,200
658 638 .632 612
612 612
614 614 *6
534 6
614
3,000
1313
1312 13
1312
13
*1212 1312 1212 1212
13
13 .1212
800
2858 29
2758 2812 277 2834 2734 28
2652 2778 26,800
2758 28
*59
60
5834 59
58
5858 59 .
5812 577 5773 1,700
58
53
81
8114 8018 8034 8018 8034 80
8014 798 8013 78
9.700
80
•3834 3912 3858 3914 3858 39
3778 3814 3733 3838 3'718 3734 10,000
2234 2234 2212 2212 22
22
22 .
23 .22
2234
500
10978 10978 •10812 110 *109 111
10812 109l4 10858 10858 iai 2
10812 1,900
100 10058 984 9934 98
08
9758 084 0634 9778 9,500
9914 97
4872 49
4812 4918 4814 4834 48
4814 48
4813 47% 48% 6,400
1718 1738 1714 1712 17
1814 1812 18
1814 1734 18
3,800
17
63
63
6312 6312
300
47
47
4812 16- 4778 4934
1,400
3634 8712 36
3712 3834 3714 3734 3678 3734 3614 37
3714 10,000
*7812 7912 7914 7912 7912 7958 794 794 79
79
79
79
•1,300
8858 9014 88
8878 8818 8958 88
8914 86
8834 88
89,4 37,900
•38
39 .38
3812 3812 3712 38
300
•39
40 .3914 40
3834 39
3834
700
-air3 3813
•15
16
1578 1633 1412 1512 1458 383415 .1434 1434 144 1434 4,200
*194 22 .20
25 .21
*21
4121
26
25
21
22
21
100
•39
41
39
39 .38
*3814 39
41
38
1334
38
39
200
*10
1012 10
10
101 103s 101 1014 .1014 1012 297
138
4 2
10
218 2,000
*2212 24
2238 223s *2214 2312
.2214 2234
400
104 10614 10234 10414 10314 10434 103- 1-64-4 10313 10412 103 10513 140,505
3134 3214 3118 3134 31
32
3012 31
3035 31
297 304 37,100
7312 7312 x6934 7012 7018 7018 70
7014 70
71)
6934 6934 1,800
2578 2578 2514 2512 2412 25
24
23
2412
24
3,100
1049
51
.47
•48
51
63 .49
61
.48
52
132 13434 13214 13278 13214 13314 13178 13234 13258 13312 13112 13313 16,900
754 7512 *75
75
78
7434 75
75
7412 7412 7312 7412 1,000
5914 10
*914 10
.914 10
*94 10
100
914 914
1914 10
•17
18
*17
IS
1678 1678 1612 1812
17 .1612 18
17
300
978 1018
1014 1014 10
978 1018
1014 10
10
934 10
4,900
40
40
391 3958 39
3912 383 39
3834 3834 3858 39
4,000
*2412 2512 .24
2512 2412 2412 12413 2412 .2412 25
24
24
250
15
15
147 15
1414 1434 1414 1414 1418 1438 1334 14
5,000
•28
31
*27
*27
31
*27
31
*27
31
31
*22
23
22
22
22
22 .21
22
22
27 ;21- 23
600
6212 6212 6212 6234 6214 6214 .62
63
8212 8212 82
6212
700
•1118 1114 11
11
1034 1078 1012 1034 1014 1012
934 1014 2,700
•23
24 .21
24 .22
24 •23
24 .21
24
20
20
100
.35
39
*35
*35
*35
39
38
39
.35
38
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range sines Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
IMAM.
Railroads
Par $ per share. $ per share
$ per share I per share
Atoll Topeka & Santa Pa 10081 Mar23 9914 Nov12
75 Dec 107,2 Jan
Do prof
80 Jan30 92'2 Nov12
100
75 Dec 10012 Feb
Atlantic Coast Line RR-100
8938 Apr22 109 Nov20 z7978 Dec 119
Jan
Baltimore & Ohio
49 Jan24 62 Nov12
100
3814 Dec 85 Jan
Do prof
53 Apr26 6413 Nov13
100
4814 Dec 7678 Jan
Brooklyn Rapid Transit. 100
36 June26 4814 Jan 2
36 Dec 82
Jan
Canadian Pacific
100 135 Mar25 174% Oct14 128 Dec 18732 Mar
Chesapeake & Ohio
100
42 Nov 6534 Jan
4933 Jan15 6238 Nov12
Chicago Great Western._100
6 Apr 9 11 Nov12
8 Dec 1418 Jan
Do pref
1812 Apr 9 32 Nov12
100
174 Deo 4134 Jan
Chicago Mllw & St Paul_100
3714 Apr22 5414 Sept 7
35 Nov 92 Jan
Do prat
100
6614 Aprll 8633 Nov12
6212 Dec 12512 Jan
Chicago & Northwestern..100
8912 Mar25 107 Nov 9
85 Dec 12414 Jan
Do pref
100 126 July18 137 Jan29 13712 Dec 1724 Feb
Chic Rock lid & Pao temp ctfs.
Apr22 3212 Nov12
18
16 Dec 3812 June
5634 Jan15 88 Nov12
44 Dec 8414 Apr
7% Preferred temp ctfs_ _
6% preferred temp Mts._
Jan15 75 Nov12
46
Apr
3534 Dec 71
Cleo Cln Chic & St Louls-100
26 Feb21 40 Nov 8
Jan
24 Nov 61
Do pref
100
8134 Oct 80 Jan
6834 May 7 70 N w22
Colorado & Southern
100
18 Apr22 2712 Nov12
Jan
18 Nov 30
Do 1st pref
47 Apr 3 55 Nov 4
100
447k Nov 574 Jan
Do 2d prof.
40 Apr 4 47 0(323
100
41 Sept 46 Mar
Delaware & Hudson
100 10012 Aprll 11934 Nov12
87 Nov 15172 Jan
Delaware Lack & Western. 50 160 Apr17 185 Sept 4 1674 Dee, 238 Mar
Denver & Rio Grande.
D
214 Jan 4
7 Nov21
5 Dec 17 Jan
97 Dec 41
Do prof
100
Jan
5 Apr23 1358 Jan 2
Erie
100
14 Apr17 238 Nov12, 134 Dec 3434 Jan
Do 1st pref
2318 Jan18 3612 Nov12! 1834 Dec 4914 Jan
100
Do 2d pref
100
184 Jan25 2714 Nov12; 1515 Dec 3934 Jan
Great Northern pref
86 Jan15 10612 Nov12
794 Dec 11814 Jan
Iron Ore properties-No par
2518 Jan15 3412 Nov14
223 Nov 381* Mar
Illinois Central
92 Jan 7 10312 Nov12
8534 Dec 10658 Jan
Interboro Cons Corp. No par
912 Jan 3'
614 Sept20
534 Dec 1718 Jan
Do prof
29 Sept16 4712 Jan 3
100
394 Dec 7214 Jan
Kansas City Southern_. 100
151 Apr17 2414 Nov12
1312 Nov 257 Jan
Do pref
46 , Jan 6 5912 Nov12' 40 Nov 584 Jan
100
714 Oct10 2
Lake Erie & Western
1% N
ooevt2
1
,
12
3
100
84 Nov 25% Jan
Do prof
23 Oct 5334 Jan
Apr23
18
100
Lehigh
(151s Nov12
6038 Dec 7912 Jan
Louisville
Valley5
& NashvIlle
100
10
5 j
n15 12434 Nov12 103 Dec 13334 Jan
0 15
Jan2
712 Apr17 1578 Nov12
Minneap & St L (new)-100
678 Dec 3214 Jan
Missouri Kansas & Texas.100
638 Nov12
438 Jan 5
Jan
34 Dec 11
Do pref
100
812 Jan29 1312 Nov12
7 Nov 2012 Jan
Missouri Pacific tr otfs-100
Jan
20 Jan15 3133 Nov12
1978 Nov 34
Do prof tr Ms
41 Jan15 82 Nov 9
Jan
100
3712 Dec 81
New York Central
6712 Jan15 8458 Nov12
100
6212 Dec 10333 Jan
N Y N H & Hartford
27 Aprll 457 May29
100
214 Sept 527 Jan
N Y Ontario & Western-100
1814 Jan22 243s Nov 9
17 Nov 2914 Jan
orfoik & Western
100 102 Jan24 11214 Nov12
9258 Dec 13858 Jan
Northern Pacific
81% Jan24 105 Nov12
100
75 Dec 11014 Jan
187
Pennsylvania
s
018
ne27
y1 5
3:4
2 Jmua
49
50
4014 Dec 573 Jan
Nov12Nov12
Pere Marquette v t a ___-100
12 Dec 3634 Jan
Do prior prof v t o_.100
524 Apr 3 64 Nov 9
45 Nov 734 Jan
Do prof v t a
30 Apr'5 50 Nov18
100
87 Oct 67 June
Pittsburgh & West Va...-100
2258 Jan 2 40% Nov14
1834 Dec 3534 June
Do prat
Jan10 82 Nov14
61
100
53% Apr 68 Jan
Reading
ao 7018 Jan15 9614 Oct23 6018 Nov 10414 Jan
Do 1st pref
35 Jan12 39 May15
50
34 Nov 45 Jan
Do 2d pref
5
35 Mar30 40 July 6
337s Dec 4512 Jan
St Louis-San Fran tr otfs_100
932 Apr 3 17 Nov12
12 Dec 265* June
St Louis Southwestern.....100
19 Oct 2 26 Nov12
22 Dec 32 Jan
Do pref
28 Oct 2 4012 Jan 3
100
34 Dec 53 Jan
Seaboard Air Line
100
7 Apr17 12 Nov12
714 Dec 18 Jan
100
Do prat
1518 Apr19 2514 Nov12
1678 Dec 394 Jan
Southern Pacific Co
100
804 Jan24 110 Nov 7
7534 Dec 984 Mar
Southern Railway
20% Apr30 3473 Nov12
100
2113 Dec 3358 Jan
Do pref
100
57 Jan21 7514 Nov12
5158 May 704 Jan
Texas & Pacific
100 ' 14 May 4 2718 Nov 8
1133 Nov
1934 Jan
Twin City Rapid Transit_ 100
39% June13 65,4 Jan31
62 Dec 96 Jan
Union Pacific
100 10934 Jan15 13712 Oct19 10114 Dec 1494 Jan
69 Jan 3 7634 Nov12
100
Do prof
69% Dec 85 Jan
United Railways Invest..100
434 Jan15 12 June27
414 Dec 115* Jan
Do
1012 Apr 9 20 May 7
pre
100
1114 Dec 2334 Jan
Wabash
100
7 Apr26 1134 July 8
7 Nov
1534 Jan
Do prof A
37 Aug 2 4412 Jan 2
100
3814 Dec 68 Jan
2014 Jan15 2612 June28
Do pref B
100
18 Dec 304 Jan
Western Maryland (new)..100
1234 Oct 8 1734 Feb15
12 Dec 23 Apr
nv
24
e1
234 JNuo
22
9 3
2
10
3 Jan22
2
100
Do 2d pre(
20 Dec 41 Mar
Western Pacific)
104 Dec 184 May
100
Do preferred...
48 Jan 3 64 June27
100
3512 Dec 48 July
Wheeling & Lake E RY-100
8 Apr22 1234 Nov12
713 Dec 2272 Jan
1712 Apr17 26 Nov12
preferred
Do
100
1658 Nov 5058 Jan
Wisconsin Central
100
33 Dec 5414 Jan
34 May 2 3934 Oct22
Industrial & Miscellaneous
24
25
2514 2512 2558 2514 2534 2534 2634 2434 2814 8,100 Advance Rumely
24
Jan19 6
26
23
11)
74s N,o,v2
1
100
11
713 Nov 184 Jan
61
6212 611s 62
62
6213 6118 6214 5914 6132 4,300
257s Jan 9
8278 62
19 Oct374 Jan
Do prof
100
- 63
63
6273 63
63
63 .6234 65
400 Ajax RubberIne
49 Jan 2 6614 Nov 8
4518 Dec 80 Jan
50
• 4
414
418
4
412
4
334 4
334 418 10,700 Alaska Gold Mines
41s
4
826
1
Nuintv
51
3%
2j
114 Apr27
1 Dec 1112 Jan
232 212
214 232
214 214
232 232
214 2%
118 Apr 1
214 10,700 Alaska Juneau Gold Min'g_110
2
0
818 Mar
134 Dec
2818 2812 2812 2812 2752 2812 27
2718 2812 2634 4,100 Allis-Chalmers Mfg v t o..100
2712 27
1734 Jan15 37 May24
15 Dec 325* May
82 .80
82
83 .8012 83
.80
'
84
8134 8134
7214 Jan 4 8612 May24
.80
824
500
66 Dec 887s Mar
Do preferred v t el.__ _100
*100 10134 •100 10112 100 100
100 100
100 100
100 10012 1,000 Amer Agricultural Chem.-100
72 Dec 954 May
78 Jan 2 106 Oct 17
.97 100 .
97
97 100 .0712 102
8918 Jan17 101 Aug27
97
97 .97 100
97
200
91 Dec 1034 Jan
Do pre
.
6334 6514 633 6312 *6112 6312 59'11 6112 5914 6034 59
6014 3,500 American Beet Sugar
Feb27
100
83 Dec 1024 Feb
58 Nov 2 84
*80
90 •80
90 .80
*80
90
90
.80
90
Do pref.
100 x82 Sept13 9112 May 8
784 Dec 98 Jan
461s 4673 4512 46
4513 4814 4414 4512 448 458 4312 4458 14,600 American Can
100
294 Nov 53 May
3458 Jan15 5034 May17
9812 9612 9652 9858 *98
9713 *9634 97
.
97
98
200
8914 Jan23 9712 Nov 8
100
Do pre
87 Dec 1114 June
8478 84781 8412 8514 8318 8538 8312 8418 83'4 84
8318 7,700 American Car di Foundry 100
81
6814 Jan14 8833 8ept27
57 Feb 8038 June
110 , 110
108 108
400
Do prof
100 106 Jan 3 11112 Sept30 100 Nov 11833 May
4114 4114 4114 4114 401 -411-ii" 117- 41 41 40 4012 1,300 American
4
26 Jan16 4434 Oct 18
100
21 Dec 5012 Jan
Cotton 01
.8212 92
*8212 90 *824 90 *8212 90 *8212 9212 .8212 9214
78 Mayl. 85 Nov 6
100
80 Dec 10113 Jan
Do prof.
15
15
1414 1458 1438 143
1434 1434 *1438 15
1478 15% 4,200 American Hide az Leather 100
1172 Jan10 2218 Sept 4
10 Feb 1714 Mar
'7434 75,4 73
75
75
74
7334 7414 *73
7612 7852 8012 7,000
A
guetill:
50 Jan 2 9
100
64,
4
178 :
4314 Dec 75 Jan
Do prof
42
42
4234 43
41
4178 42 .40
43
41
41
42
1 Aug
2,000 American Ice
100
114 Jen 2
8% July 18.
.55
57.
55
5512 5612 5618 *5434 5614 .5434 56
55
55
3834 Janie
400
preferred
100
36 Dec 55 July
Do
56
65
55
5534 .5514 56
55
5518 54,14 5518 5414 5412 3,100 Amer International Corp_100
51(2 Sept13 601* Oct 14
46 Oct 6234 Aug
40
40% .39
4112 4014 4014 40
4014 3978 4012 3934 40
27 Jan 7 43 Aug 10
5,200 American Linseed
100
1534 Feb 294 Aug
8212 8112 8112 82
82
85
2112
112 6
2 .8112 8212
6
84
82
8213 82
100
8014 Jan 7 834 Nov14
1,300
Do. pref
48 Feb 75 Nov
.
65
6614 643.1 65
6434 85
65
65
6312 64
2,050 American Locmotive ....„100
534 Jan15 71% May16
4858 Dee 8233 Jan
*100 103
10014 10014 *100 103
*9934 103 .100 103
200
10012 10012
100 395 Jan 4 102 Nov 1
Do prof
93 Dec 10671 Jan
*414 5
44 412
413 412
4% 434
434 434
4% 4%
700 American Malting
238 Sept28 1313 Feb 6
100
814 Dec 1934 Mar
*45
50
44
*46
45
45
50 .
50
50
40
50 .
200
58
39 Sopt25 584 Feb 6
100
50 Dec 7112 July
Do 1st pro'.
▪
_ 142
142
142 .____ 142 *___ 142
142
90 Feb21 144 May14
American Shipbuilding...100
88 Nov 93 Nov
8734 8914 87
8818 8718 8838 8658 8773 8514 8734 8334 804 83,850 Amer Smelting & Refining.100
8758 Dec 11234 June
73 May28 9434 Oct 18
*108 110
108 108 .10734 10834 10814 10814 106 103
106 10613
800
Do prof
100 103 Sept25 11014 Nov12 3991s Nov 1174 Jan
9034 9212 9072 92
93
915 95
9312 91
9414
93% 18,800 Amer Steel Foundries....100
5018 Dec 75 June
58 Jan15 95 Nov19
11178 11178 111 111 .111 113
111% 11118 11112
9211
113
1713
2 11012 11118 1,900 American Sugar Refining-100
894 Nov 12638 June
98 Ja1116 116 MaY15
.110 115 •110 115 .110 115 .111 115 .111 115 •111 115
Do pref
100 10814 Mar23 1131* May 8 106 Dec 1214 Jan
10714 10812 10532 107
104 10612 104 10714 10412 106
10312 1044 15,100 Am Sumatra Tobacco....100
30 May 624 Doc
6034 Jan 5 145 May24
10412 10512 10512 10534 10414 105
105% 106
10414 10134 10234 10433 10,200 Amer Telephone & 1eleg_100
9534 Dec 1284 Jan
9058 Aug 5 10914 Feb I
*185 195
190 190 .185 195
19234 19234 192% 19278 •188 193
300 American Tobacco
100 14012 Jan 5 19513 Nov12 123 Dec 220 Mar
98 .974 100 .98 100 .98 100 .
98
9712 100
9978' 99%
300
89 Dec 10934 Jan
9218 Sept14 997 Nov22
Do prof (new)
100
•50
52
50
51
5012 5138 5038 51 .
4913 5012 4914 50
441 Jan15 60,8 May24
4,200 Am Woolen of Mass
3715 Feb 5834 June
100
9534 9534 9514 953 .9434 9534 .9434 9534 9478 9173 95% 9538
600
87 Nov 100 June
Do prof
92 Jan 4 96 Nov 9
100
31
31
*31
.3012 35 .3013 36
35
31
30% 31
32
1,000 Am Writing Paper pref-100
17 Nov 5412 Mar
2014 AprIl 3938 Aug28
1338 13% •1312 15 .1312 15
•1312 15
1312 1313 •13
1278 Jan18 213s July 3
15
1012 Dec 4158 Jan
400 Am Zinc Lead & 8
25
.46
49 .4612 48,2 .4813 48,2 .
4613 4812 *4612 4812 .4612 4812
3912 Dec 724 Jan
Jan 2 5314 July 1
41
Do prof
25
6812 69% - 6814 69,8 6812 6934 6734 88% 67
6834 6518 6714 71,700 Anaconda Copper Mining 50 88818 Jan18 27414001 18
5118 Nov 87 May
103 1044 108 10912 10812 110
108 110
10612 1094 106 107
9744 Jan 5 12014 Feb18
7,100 AU Gulf & W I SS Line_ _100
8733 Sept 1214 Jan
6652 66% 6618 67,8 67
6714 8713 67% 67
6714 67
6712 1,500
58 Jan 5 8733 Nov20
Do prof
100
54 Feb 68 Jan
8112 781 80,4 7958 8058 78% 80% 794 8114 78% 8114 100,600 Baldwin Locomotive Wks 100
79
584 Jan15 10134 May18 .43 Feb 784 July
*10334 10412 102 102
93 Dec 1024 Jan
100
93 Jan 2 104 Oct21
Do pref
100
10314 10314 .103 10412 103- 1-03 - '103 10412 *10214 1O34 1013 01Jan
Jan 4 109 Oct18
4
82 Dec 138
85
500 Barrett Co (The)
100
83% 644 (33
63,4
6412 6534 6352 6352 1,200 Bethlehem Steel Corp
8814 Dec 515 Jan
6014 Nov13 96 MaYle
100
6252 64
6158 63,4 627 8334 6258 632 6252 6632 6234 6533 74,500
5934 Nov12 04 MaY16 36612 Dec 158 June
Do Mass B common_100
10472 10478 10514 106
10514 105% 10412 105
96% Jan15 10672 Apr29
10412 1,750
93 Dec 10113 Oat
Do cum cony 8% prof....
"2234 23 2312 2312 2312 26 2434 25% 2412 2434 10414
Jan21 2812 Sept 5
241, 13,000 Booth Fisheries _ -No par
24
21
.1 15Id and asked whoa, no sales on this day. $ Ex-rights.
Less than 100 shared a Ex-div. and rights. x Ex-dividend. 0 Before payment of first installment.
New York Stock Record-Concluded-Page 2
1993
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW MLR PRICES-PER SHARE. NOT PER CENT.
11••••
Saturday
Nov. 16.
Monday I Tuesday
Nov. 19.
Nov. 18.
Wednesday
Nov. 20.
Thursday
Nov. 21
Friday
Nov. 22
Salafor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest.
:r share S per share
Industrial&Misc.(Con.) Par
$ per sbare $ per share $ per share $ per share 16 p,
1507 151
600 Burns Bros...100
151 151
148 14814
*148 150
149 149 *145 152
9
912
852 914
834 9
858 87
87g
87
*852 914 6,200 Butte Copper & Zinc v t c_..5
23
2114 22
2212 2212 227 227
2014 2114 1,900 Butte & Superior Mining..10
223 2272 *22
*4714 48
4752 4832 1,500 California Packing.__ _No par
47% 48 I 477 4772 4753 4734 *4713 477
214 2012 2114 2,300 California Petroleum
2212 2234 2152 2232 21
2134 21
100
2152 *21
1,200
Do pref.
100
65
8434 6434 6414 65
65
66
6534 6534 *6312 6534 *63
6238 6213 64
6,100 Central Leather
100
6152 6214 6114 6214 6138 6212 *61/3 6212 62
Do
pref.
100
*106 108 *105 103 *101 106 *106 103 *104 103 *103 106
ar
377 z35
38
3534 2,450 Cerro de Pasco Cop_
38
3713 377
3734 377g 373 3773 37
103 10312 102 103
2,000 Chandler Motor Car-----100
102 105
103 103
102 104 i 104 106
25
22
20
2213 207 2172 21
2012 16,050 Chile Copper
2112 2012 201g 2012 21
8,500 Chino Copper
5
404 41
41
39
4114 404 407
3933 404 394 3973 38
1,520 Colorado Fuel & Iron.- 100
39
39
3834 3834 38
40
40
40
39
39
3913 *39
39
38
3332 38
100
3914 391
394 3913 394 398 39
3814 2,900 Columbia Gas &Elm
101 10112 101 10112 9812 1004 3,200 Consolidated Gas( N Y) 100
1015 1018 100 10114 *1004 102
500 Continental Can. Inc.
100
*7114 7412 *72
71
72
*7012 74
70
74
74 .70
70
4914 5058 4312 491
4734 4933 61,800 Corn Products Refining...100
43
4873 4712 4312 4734 493
Do pref.
100
10134 10134 10134 10212 *102 10312 *10172 10312 *1014 103 *102 10312 1,900
5614 54
57
41,720 Crucible Steel of America_100
56
5614 58
5732 5513 5634 5534 5714 55
*89
91
90
90
*89
600
Do pref.
100
9012 9013 90
91
91
91
91
3052 3112 11,200 Cuba Cane Sugar____No Par
3213 32% 32
324 3114 3218 3112 3113 3112 32
2,200
Do pref.
81
81
100
8072 81
8012 8034 8012 8012 8012 804 *8014 81
4832 49
4712 4812 47
474 48
48
4412 4612 22,300 Distillers' Securities Corp 100
4758 49
1312 1312 1334 1334 14
14
14
2,900 Dome Mines, Ltd
14
1334 14
10
144 14
3014 3012 3012 3014 3014 3014 30
2972 2912 2934 3,800 Gaston W & W Ino..-No par
3014 29
*15334 155
152 15214 14912 15112 3,600 General Electric
151 152
100
15252 15334 152 153
125 12834 12512 127
1,300 General Motors Corp
100
122 12712 123 12712 124 12512 125 129
85
837 84
Do
pret
100
85
8312 8312 2,200
8472 85
84
8434 8352 84
57
56
3,000 Goodrich Co (B F)
100
55
56
56
56
56
56
57
56
5733 55
Do pref.
*10212 108 *10212 103 *10212 108 *10213 108 *10213 103 *10213 108
100
1,700 Granby Cons M S & P._..100
*81
81
80
83
81
7734 80
81
82
82
814 81
4,900 Greene Cananea Copper-100
5214 5212 5234 53
52
5234 5012 5134 494 5014 4312 50
1,100 Gulf States Steel tr ctf3_100
70
6612 6714 68
6713 6834 *66
71
6814 6812 *67
68
47
47
4612 4714 4714 4314 4,700 Haskell & Barker Car. No par
*46
47
*46
47
*48
47
5213 53
32,200 Inspiration Cons Copper_20
4914 5138 4314 50
52
5234 5212 534 50
52
15
15
*14
1513 1014 1414 2,500 Internat Agricul Corp.---100
16
1138 1514 *14
1512 *14
100
*5612 53
Do prof.
44
5772 58
5613 5733 *5413 58
*5612 53
5412 2,700
*11412 117 .112 117 *113 116 *112 11512 1127 115
900 Intern Harvester (new)...100
112 .115
2714 2872 2713 2852 2758 2834 27
2734 25
2732 25
2534 34,400 Let Mercantile Marine-100
112 11472 113 117
11414 11738 109 1127 10534 11213 10832 10432 369,000
Do prof
100
3212 3234 3213 3232 3232 3212 324 3234 323 3212 32
3212 8,300 International Nickel (The)25
3112 3213 3134 324 324 324 31
3212 4,100 International Paper.
33
3313 324 33
100
64
Do stamped pre
*63
6313 *62
6313 6312 84
6434 63
100
63 I 6312 6312 1,100
58
6014 6012 624 6212 6313 61
57
53
57
57
6212 11,600 Kelly-Springfield Tire...._25
3858 3918 3812 3813 3812 3913 3734 3313 37
3312 3533 387 26,900 Kennecott Copper-_ _No par
724 7213 7212 7218 7212 727s *724 73
73
7314 7312 7334 1,300 Lackawanna Steel
100
2134 22
21.34 2134 2172 224 22 . 2314 2213 2234 21
2314 7,600 Lee Rubber & Tire._.No par
38
3812 38
3772 3813 374 3714 3734 3734 *36
38
800 Loose-Wiles Biscuit tr 001_100
33
92
92
*91
95
*91
*91
95
95 1 *91
*91
92
100
100
Do 2d pref.
95
*77
78
*75
78
77
77
100
200 Mackay Companies
*75
79
*74
*77
79
78
*64
6412 *64
64
64
64
64
*6313 65
65
64
100
64
500
Do pref_
3614 28
2973 2613 2834 26,800 Maxwell Motor, Inc
37
100
3614 384 3634 37
3734 29
6614 67
5234 51 1 5214 5312 11,300
6572 66
6612 664 5213 657
Do 1st pref.
100
28
2213 2752 2058 2134 1933 2078 8,200
2814 *2714 2813 28
28
100
Do 2d pref.
16534 170
102 166
100
15514 16413 15212 15933 15634 165 , 161 16614 137,000 Mexican petroleum
*101 107 1'101 107 ' 10112 10112
100
Do pref._._100
27
27
2634 27
2614 204 2514 26
27
27
267 27
5,600 Miami Copper_
5
4312 4438 434 4434 433 4414 14,700 Midvale Steel 6, Ordnanee_50
4313 44
43
4312 4332 44
80 .7634 77 I 7513 7512 75
*74
75
75
73
700 Montana Power
78
75
100
•10212
*10314 ___ *10312 -- -- *10312 ____I*10312 -- -. *1031:
Do pref_______ _100
143 1432 1413 1452 1314 144 1314 1352 1313 1334 1312 1352 .
-5-,556 Nat Conduit & Cable No par
44
4412 4333 4333 43
*44
45
*43
45
44
44
4352
800 Nat Enam'g & Stamp'g _100
*85
92
88
92
88 , *87
*84
92
*85
92
*85
92
100
Do pref
100
62
81
62 ' 6112 6112 1,300 National Lead
6134 *61
6113 81
100
61
63
*61
*10413 103 *101 103 I 105 105 *104 108 *105 108 *104 108
100
Do pref
100
*1913 20
1933 1934 1833 1933 184 1812 6,600 Nevada Con3o1 Copper..._5
1934 20 I 1972 20
105 107 *105 107
10212 103
105 105
102 10212 *101 107
1,300 New York Air Brake.- 50
57
57 I *55
59 ' 57
*56
60
5012 5612 57
57
5712
500 North American Co .._.100
42
4234 4212 4273. 42
4352 441s 4338 4352 4212 43
43
19,100 Ohio Cities Gag (The).- 25
77
. 733 752
713 712 2,300 Ontario Sliver Mining. __100
734 734
734 734
734 33
734 *712
*3112
34
3312 *31
*31
33
33 I 334 3313 3234 33
800 Pacific Mall 1355
6434 6512 85
66
6613 6534 6513 6613 6478 66
6534 6632 9,100 Pan-Am Pet & Trans.__ _50
*116 119
113 11413 114 114 *110 114
114 114
115 115
100
1,000
Do pref.
56
567k 5514 5534 5312 55
57
58
5812 5313 53
53
3,600 People's G L & C (C1110.-100
3314 327 33
327 3272 *31
33
3312 3312 3314 3313 33
1,500 Philadelphia Co (Pittabl-50
4412 4514 43
4434 4614 4413 45
45
4612 4413 46
._No par
Car4414 24,120 Pierce-Arrow.
•102 10332 *102 10152 *102 10352 103 103 *10234 10314 102 102
200
Do pref.__.100
1714 174 1714 1672 17
25
1713 17
7,500 Pierce 03 C trporation
1733 1734 174 1712 17
47
47
47
48
48
48
47
47
48
48
45
4614 3,300 Pittsburgh Coal of Pa....100
8152 82
*8172 83
*81
83
83
8114 8114 *8112 83
83
400
Do prof.
100
*63
65
6112
*63
*6313
65
6434 6434 61
64
63
100
63
400 Pressed Steel Car
*96 102
*96 102
*97 102
100 100
*96 102
*97 102
100
100
Do pref.
93
*91
- *9013
100 Public Sere Corp of N 3_100
- *9013 --- - *9013 ____ 93
12614 12334 *126 129
*128
*901212913 *128 12912 12834 12934 128 128
1,000 Pullman Company.
103
6714 6714 6958 69
6612 67
100
6958 6813 69
7,700 Railway Steel Staring
*6513 6712 66
102 102 *10012 105 '3101 104
*102__102 102 *10012 103
Do prof __ .._ ...._._-.100
300
2313 -2
.
4
2314 2418 2332 2334 234 2312 2234 2313 2152 2234 12,700 Ray Consolidated Copper.10
77
78
78
7812 7634 78
100
7712 7832 76t2 77'2 7734 78
12,100 Republic Iron & Steel
9934 9934 9934
100
400
Do prat
*9914 9934 *994 9934 9934 9934 9914 9914 *99
10134 101
102 10312 102 105
104 110
111 112
110 112
3,400 Royal Dutch Co ctfs dep -..
1012
9
10
1114 10
10
934 1113
934 101
100
9
94 9,500 Saxon Motor Car Corp
162 162
•160 165
16214 16214 162 162 *161 165
161 161
400 Sears. Roebuck & Co....._100
16
1512 157
164 *15
16
*15
16
1512 1533 2,300 Shattuck Ariz Cooper.-_10
16
16
354 36
3512 3533 3513 357
3513 341: 354 36
35
3512 7,500 Sinclair Oil & Reg __No par
4753 4753 4713 4712 4714 48
48
48
4714 4734 *4714 49
1,000 Sloss-Sheffield Steel & Iron100
6672 6352 6512 x6012 6332 6012 6134 5614 6058 103,500 Studebaker Corp (Tha)_ -100
6312 6613 64
z99
99
100 100
*9214 100
100
100 100
*94 100
*9214 100
Do pref.
900
38
*36
3412 4.35
37
3913 *3513 3913 361z 3612 *35
100 Superior Steel Corp'n____100
*35
*95 100
*95 100
*95 100
*95 100
100
*95 100
*95 100
Do let prat
*1614
16
1513 1573 15
157 16
16
16
16
16
2,400 Term Copp & C tr ctfs_No per
151
18613 18912 18612 18813 6,300 Texas Company (The)._ -100
184 18634 18413 187
18514 187
186 188
7614 774 7513 7632 7614 7833 7734 8012 7814 804 7714 7834 63,100 Tobacco Products Corp_ _WO
98
98
*95 100
*98 100
_100
*95
: *93 100
0934
100
Do pref
991
*95
75
7514 7512 754 *7312 7612 *7312 7612
*7212 75
*7312 75
500 Union Bag & Paper Corp.100
3912 397
391 3972 39
3912 408 3913 401s 3913 40
3932 7,100 United Alloy Steel....No par
10212 10312 101% 10213 102 10278 10234 10314 102 10532 10312 10534 19,700 United Cigar Stores.---100
Do prof...100
*105 120 *1051: 120 *106 120 *106 120 *103 120 *106 120
14212 14213 14313 144
100
143 143 *140 14514 1421: 143
700 United Fruit_
*143 145
*14
15
15
1412 114 14
MO
1414 1414 *14
14
300 U S Ca.3t 1 Pipe & Fdy
*14
15
*42
4613 *42
4612
4612 *42
100
464 *42
4613 41113 *42
100
Do pref.
4613
26,600 U S Industrial Alcohol..101)
10014 10112 9913 10112 10214 10518 10212 10334 10214 10433 10173 103
96
9412 9412 *92
*93
100
96
95
95
*92
Do prof....100
.92
7014 7072 -1-16F2 -71 - 68
7013 72
7012 8,950 United States Rubber....._100
7114 7234 704 71
10512 10513 10538 10512
100
Do 1st preferred
300
•10513 1074 *105 108 *104 108 *1018 108
48
48
49
4712 48
50
4613 47
1,000 US Smelting Ref & M
*4813 49
4813 4812 49
*46
47
43
47
46
50
200
Do pref.
47 .46
*46
47
*46
10012 1014 997 1017s 10072 10212 -655s 102 540,380 United States Steel Corp_100
9934 10132 9834 101
11134
11134
11014
11112
11114
Do prof
100
11012 11012 2,414
11134 1114 1114 11113 111
8212 7814 81
10
30,000 Utah Copper
7533 79
844 8534 831z 844 8213 8458 80
154 1413 15
1112 1413 14
*15
1412
800 Utah Securities v t o
100
1534 *1434 16
*15
14
55
55
55
57
5113 5612 3,500 Virginia-Carolina Chem. 100
5512 56
5714 5714 *56
53
100
prof
Do
•110 114 *110 114 .110 114 *110 115 *110 11213 *1101z 112
*60
63
63
60
60
100
*60
200 Virginia Iron C & 0
63
*60
65
*60
90
91
92
8912 00I
;
12
5,000 Western Union Telegraph 100
2
iTa 19;3
87'a
9213 9212 9113 9214 *90
4313 43% 43% 4 34 43 2 7,600 Westinghouse Elise & Mfg_50
444 4413 4352 4334 434 4414 •
*60
70
*60
70 '80
70
*55
50
70
*60
Do 1st preferred
70
*62
70
*62
4612 *45
46
*45
47
1,300 White Motor.
50
46
4672 464 464 4612 464 46
2514 2614 2434 2553 61,400 Willys-Overland (The)__ 25
2613 274 257 27
2614 2712 26
27
88
88
8732 88
894
88
100
88
2,000
Do pref (new)
88
867 8672 864 88
6814 6912 7034 7213 7113 73
70
69
13,800 Wilson & Co. Ina, v t e
70
6934 7213 69
100
100
12234 1224 121 12134 *120 123
Woolworth (F W)
12014 12014
*120 124 *120 124
100
Do prof.
*113 120 *113 120 *113 120 *113 120 *113 120 *113 120
53
5314 *52
53
5114 52
4191 Worthington P & M v 1 0.100
*54
53
*53
56
453
53
I
*89
91
Do prof A
91
*89
100
91
*88
*89
91
91
*89
91
.89
*RR
I 1.1
tict
*33
RR
156
164
R311 47
no
Ms
255 '3.
, ',.' .8
4/
*67
4001
*83 d and aiked prioes. co sales on th13 day. I Lea that 100 shares. 3 Ex-rIghte. a Es-div.and rights
PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Highest.
per share. $ per share.
108 Feb 5 16113 Oct 26
852 Nov18 127 July10
1612Jan 2 3312 May14
361k Jan 3 49 Nov12
12 Jan 7 2472 Nov 9
36 Jan 5 68 Oct 18
6012 Nov 7 73-58 Feb 27
1024 Mar14 103 Nov12
294 Mar 8 39 Nov12
6814Jan 2 10332 Nov12
144 Apr 4 24 Oct 18
3632 June10 4714 May16
3434 Jan 29 544 May24
2834 Mar25 417Oct 17
823 July15 10532 Nov12
6512 Oct 7 95 Feb 19
2972Jan 15 5012 Nov16
z901 Jan 7 103 Oct 3
52 Jan 12 7472 May16
88 Jan 31 9134 June 4
274 Apr 10 34 Nov12
7812 Mar25 83 Feb 18
x33 Jan 2 6434 May24
6 June19 15 Nov 1
2534 Oct 11 39 Feb 13
I2734Jan 7 158120ct 18
100i Jan 15 164 Aug21
7532 Oct 10 88 Feb 1
38 Jan 2 5972 Oct 18
98 Jan 10 10334 Nov12
74 Jan 25 86 Oct 23
384Jan 17 5814 Nov 6
63 Oct 30 1114 Apr 25
34 Jan 5 4914 July30
4211Jan 15 58120ct 18
10 Jan 8 19 June20
38 Jan 5 65 June18
104 Oct 14 121 Nov12
21 Jan 15 33 Oct 16
8332Jan 2 12512 Nov 6
27 Jan 15 35 Nov 7
241:Jan 15 4513 May15
58 Jan 22 6512 Jan 3
41 Apr 2 6312 Nov21
29 Mar25 4114 Nov12
70 Nov13 9132 Maytti
12 Apr 2 234 Nov20
171:Jan 8 42 Oct 19
53 Feb 15 92 Nov16
7134 June 118 7813 Feb 28
57 Jan 4 85 May23
2312Jan 15 4213 Nov12
51 Apr 24 697 Nov 8
19 May27 3232 Nov 9
79 Jan 5 191 Oct 19
87 Jan 15 10134 Nov12
254 Nov22 33.8 Jan 31
4213 Nov12 81 May1.4
64 June25 814 Nov13
95 Ma-19 1014 July26
134 Nov19 21-' July 5
374 Jan 7 5412 May20
83 Nov21 9913 Feb 20
43143an 7 64140ct 19
9933 Mar 2 10512 May18
1714 Mar25 2172 May16
9934 Nov 4 139 May22
37.2 Aug16 5712 N )v22
354 Mar25 18 Oct 18
414Jaa 22 13 June17
2313 Jan 21 3514 Nov 7
6314 Oct 30 72's Oct 28
86 Jan 8 12413 Oct 28
3932Jan 2 61 Nov 6
21 Apr 12 3514 Oct 29
34 Jan 16 5134 Nov12
89* Jan 28 103 Nov20
15 Sept13 191$ Oct 18
42 Jan 15 5334 Feb 28
7934Jan 2; 84 Feb 19
567s May28 73 Aug13
93 Apr 27 100 Aug 5
85 Oct 2 1094 Mar 5
1004 Jan 7 13214 Nov12
454 Jan 7 7134 Sept28
95 Jan 2 1024 Aug 29
2152 Nov22 2614 May16
:7232Jan 15 98 May16
9252Jan 2 1024 Sept 17
704 Mar23 145 Oct 18
4114 Aug22 18 Nov13
13334 June 8 169 Oct 14
1453 Oct 9 1814 Feb 19
254 Apr 11 39 Feb 6
39 Jan 24 7114 May24
7 Apr 24 727 Nov 8
33;
801:July 3 100 Nov 9
341e Mar25 4532 May 3
100 Sept27
95 Feb 18
1278Jan 2 21 July 6
13613Jan 7 203 Oct 18
4813 Mar25 8013 Nov20
x8714 Mar19 101 Nov 9
65 Jan 24 80 May 13
36% Oct 30 444 May10
8334 Mar28 1053 Nov22
10114Jan 5 110 July18
11614Jan 16 148 Oct 19
11% Apr 6 19 May 7
41 Mar26 478g Feb
97 Nov 4 137 May24
94 Oct 11 99 Mar21
51 Jan 15 7532 Nov12
x95 Jan 15 103 Nov12
324 Apr 12 504 Oct 19
42% Apr 12 4672 Nov13
8613 Mar25 11013 Aug 28
108 M a^25 11234 Oct 23
7534 Nov22 93 Oct 19
11 Sept18 1634 Nov12
3334Jan 2 804 N tv 8
98 Jan 16 111 Nov 9
50 Jan 5 7313 July27
774 Aug 2 95% Ate' 15
:Jan 17 4713 May16
381
59 Jan 11 644 Feb 20
3634Jan 2 49 Nov 9
15': Jan 15 30 Nov12
7
4514
5la
j
Jan
an 3
2 8914 Nov19
73 Nov22
110 Mar25 128120ct 21
111 Oct 2 115 Sept 9
34 Jan 4 69 Aug 28
4
70
1%
4 Apporv26
,n 15
4 0
135
,5432 Feb
PER SHARE
Range for Previous
Year 1917
Lowest
Highest.
$ per share
per stars
1
4 Apr
89 Jan 125/
-14 Dec12
521
/
4 Jan
1
4 Aug
33% Nov 42/
10/
1
4 Dec 3018 Jan
1
4 Jan
294 Nov 62/
55 Dec 1011s June
97 Dec 11578 Jan
25 Dec 41 Feb
58 Nov 104% Mar
1114 Nov 27% Mar
354 Nov 63% Mar
2934 Nov 58 June
2552 Nov 4772 Apr
764 Dec 134% Jan
78 Nov 1034 June
18 Feb 3714 July
884 Nov 112% Jan
4534 Dec 9172 July
83 Dec 117% Jan
2472 Nov 55/
1
4 Jan
7472 Dec 9418 Jan
1
4 Oct
Ilse May 44/
84 Nov 24% Jan
28 Feb 4118 Aug
118 Dec 17134 Jan
7412 Nov lots Jan
7234 Dec 93 Jan
32/
1
4 Dec 61/
1
4 Jan
s91% Dec 112 Jan
65 Nov 92% Jan
34 Nov 47 Jan
77 Nov 137 Jan
27% Nov 40 June
38 Nov gsiz June
7% Nov 2178 May
261
/
4 Nov 6018 Ally
-- Mar
1718 Dec
6258 Feb 10612 Oct
2418 Dec 47% Mar
1812 Nov 4958 Jan
77is June
5014 Nov
3672 Dec 6418 Jan
28 Nov 5018 May
88 Nov 10378 June
1032 Nov 30 Jan
124 Nov 27% Jan
55 Jan 64 Jan
70 Nov 8934 Feb
574 Dee 6718 Jan
194 Nov 61% Jan
49 Dec 74% Jan
13 Nov 40 Jan
67 Dec ivils Jan
8472 Nov 9778 June
25 Nov 43/
1
4 Apr
394 Dec 67% June
x5S34 Dec 10914 Jan
954 Dec 1174 Mar
1313 Dec 39 June
24 Feb 4634 Oct
9012 May 99% July
3772 Dec 6314 Mar
Jan
99 Dec 114
16 Nov
2632 June
98 Nov 156 Mar
39 Dec 72% Mar
3172 Oct 14378 Apr
7% Sept
352 Nov
18 Feb 3018 June
87
35
2413
25
88
Nov 98 Jan
Dec 1061
/
4 Jan
Dec 42 Jan
Dec 41% June
Nov 98% Aug
3713 Dec
541; Sept
74 Dec 90 Aug
49 Dec 83/
1
4 Jan
x90 Nov s107 Jan
99 Dec 131
Jan
1064 Dec 16712 Jan
3614 Nov 58 June
Jan
884 Dec 101
1
4 Apr
19% Nov 32/
60 Feb 9418 June
89 Dec 105% May
1
4 Nov
59 May 73/
472 Nov 68
Jan
1234 Dec 238/
1
4 Jan
15 Dec 29% Mar
2514 Dec 59% Mar
334 Nov 74% Mar
3352 Nov 110/8 Jan
85 Nov 10858 Jan
304 Nov 51% June
96 Dec 10218 July
11 Nov
1918 June
Jan
114% Dec 243
4213 Dec 8058 Aug
:86 Dec 105 Mar
Jan
5932 Dec 112
34% Dec 49% June
814 Nov 12778 Aug
9814 Dec 120% Mar
x105 Dec 154% Jan
10 Nov 24% June
42 Dec 63
Jan
984 Nov 171% June
88 Nov 106 June
45 Dec 67 Aug
91 Dec 114% Jan
40 Dec 67% Jan
43% Nov 521
/
4 Jan
7913 Dec 13658 May
/
4 Jan
10234 Dec 1211
704 Dec 118% May
912 Dec 24% Jan
28 Nov 46 May
97 Dec 11214 Jan
48 Feb 77 Mar
:76 Dec 99% Jan
33% Dec 56 May
5214 Dec 70% Jan
33% Nov 52% Jan
15 Nov 38% Jan
89 Nov 100 Mar
42 Nov 8414 Mar
99% Dec 151
Jan
113 Dec 126% Jan
234 Feb 37% June
88 Nov 971
/
4 June
Sn Mae 43 Jane
0 Par $10 per share. ri Par $103 per share.
x
1994
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ending Nov 22.
rg
41
Price
Friday
Nov. 22.
Ask Low
High No. Low
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 22.
Price
Priday
Nov. 22.
Week's
Range or
Last Sale
31
Range
Since
Jan. 1
Bid
Ask Low
High No. Low Iligs
Chesapeake & Ohio(Coa)1992 MS 8134 Sale 8134
86
85
General gold 414s
11 72
1992
80,4 Mar'17 -Registered
S
8214 44 -13512 8511
20-year convertible 449_ -1930 FA 8134 Sale 8112
96.60 Salo 96.33 95 70 231 91.00 98.50
90%
8 76
914 144
30-year cony secured 53-1940 A0 88 Sale 88
8
75
96.00 Salo 90.03 90.40 1773 13410 100.00
Big Sandy 1st Is
Sale 75
1944 3D 75
75
75
Coal River Ry let gu 1s-1945 J 13 63 --- 8512 No IS -9634 Feb '10
98.42 Sale 98.4) 98.70, 508 93.81 90.00
.Craig Valley 1st g 59
1910 J J
Potts Creek Br 1st 4s........1916 J
J
7612
-gilt
97.93 Sale 97.71 98.0018365 93.10 98.11
'
s
,
8
7
6
1'
4 jar'
& A Div tot con g 48-19.39
2 -id- -fel:
J
78
71 Oct '17 -97.90 Sale 97.70 98 OJ 15311 94 70 911.111
2d consol gold 43
1989
J 70
77 ---- 88 1 Sept'18
98 Sale 98.03 98 00 13550 98.00 98.10
Greenbrier Ry lot gu g 18 1940 MN
---99
98 ---- 984 Aug'18 -- 97
Warm Springs V 1st g 5s-1911
S ....-- 9212 11314 Fee '15
9S72 Aug'18 -- 974 937s
98
Chic & Alton RR ref g 3s__1919 AG 581s 62
53
Oct'18
50 -Li105% Sale 10538
42
42
4334 16 3514 4712
Railway let lien 33es
1950 J J 41
10538
1 195 107
1 105 107
10634
106 10014 101334
Chicago Burlington & Quincy98
98 -- 'J8 June 18 ---- 94
1922 FA 99:4 101
99 s July 18 ---I 97% 99%
Denver Div 4s
98 ____ 99 July'18 -- 974 99
78
9 Bile
78
8,iz 73
2 7112 7812
Illinois Div 33es
1919 J J 8
83
14 80
85 ---- 8512 Oct'18
Illinois Div 45
1949 J
85
8512
881s
85 _-__ 89 Sept'18
Iowa Div sinking fund 58_1919 AG 99 99% 981 Oct'18
85 89
9934
98
--__ 100 Feb 15..-. .
Sinking fund 4s
1919 AG 9812 9938 9812 Nov'18'
97 9934
-Joint bonds. See Great North.
937
3 897, 9534
Nebraska Extension 4s.....1927
Forel7n Government.
N 9214 Sale 9214
91 Mar'18 ---- 91
8
993
4
4 723
7 9412 9934
Amer Foreign Secur be
1927 MN
Registered
1919 F A 9912 Sale 994
91
-883-4 -873-4 87
9612 1903 8814 07
Anglo-French 5-yr 5s Ester loan_ A 0 96 Sale 96
General 45
1958 M
78
89
8914
8
30
7
14
2 25
30
Argentine Internal Si of 1909_ _ MS 89 -- 89
73
Chic & E III ref & imp 4s g 1955 J J 30 Sale 30
51
10114
10014
Sale
28
N 10014
30
29 Nav'18
Bordeaux (City of) 3-yr fie_ _1919
30
U S Mtg & Tr Co etre of dep84 102
22
7112
7112 15 5312 72
Chinese (flukuang I(y)153 of 1911 J D 880 72
1934 AG 100 ..-- 100 Oct '18 -- 98 101
1st consol gold (is
9512 Sept'18 -- 9012 100
Cuba-External debt 58 of 1904. M S
72
General consol 1st 58
1937 MN 63 8412 72 Au5'18
72
9212
934 Oct '18 --- go', 914
704 _---1 75% Oct '18 -Ester dt Si of 1914 ear A._1949 F A ---U Mtg & Tr Co etre of de9en
757s
82 84 Apr '18 -- 80
e4
External loan 43es
74% 75
1949 F A 80
Guar Tr Co ate of dep
75 I i i 75
75
9778 97
Dominion of Canada g bs__ _1921 A 0 97
Porch money let coal 53_1942 FA 50 -- 9744 Feb '13 -- _988 30 93,4 99
27,
Sale
9612
97
A 0 9612
Do
9072 9712
do
---- --- 32 Mar'17 --Chic & Ind C Ry let 50___1936
881 8872 99
983
6414 Sale 64
Do
Chicago Great West let 48..1959
...1931 A 0 9734 Sale 9712
do
05 I 05 54 -6'_ 10338 Sale 103
104 1012 94 10412
1014 _- 101 Oct '18 ---- 98 101
French Repub 5s secured loan_
Chic Ind & Loulev-Ref 68_1947
81 ____ 10012 A.a' '17
90% 9038
9033
-A 2
Japanese Govt-E loan 446_1925 1 8712
8012 9212
Refunding gold be
1947
---05 -- 844 Apr '17 --9212 Nov'18 -- 834 9278
Second series 44e
Refunding 4e Series C____1947
1925 J J t 8712 90
8712
--- _-_- 70 'V- '16....
8812 12, 77
Do do "German stamp". _
90
Ind & Louisv let go 40-1956
7812 -- 9612 Jo '17,---Chic Ind & Sou 50-yr 4s__ _1956
Sterlingloan 45
1931 J J Z 7438 ---- 7434
7434
73% 76
75 -- 97% Dee '16I _Lyons (City of) 3-yr He
1919 M N, 10014 Sale 100
10112 4/1 84 10212
Chic L S & East let 41.4*... _1969
10114 48 44 103
Marseilles (City of) 3-yr 6(3_1919 M NI 10014 Sale 1004
Chicago Milwaukee & St Paul7912 Sale 7912
40 62
J't 61 ---- 62
Oct'18
80
Mexico--Exter loan £ be of 1899
16 70% 82%
Oen'i gold 4s Series A____e1989
-- - - __-- 9238 Fe!, '16 -.50 Nov'18
Gold debt 48 of 1904
Registered
1954 J D 54
81989
40 50
86 Sale 86
Paris (City of) 5-year 63_-__1921 A 0 985 Sale 9812
86 I 27 761k 88's
Permanent 48
994 i5e 81% 994
1925
7/12 Sale 77
M S 8112 817* 81 Nov'18
Tokyo City 5e loan of 1912
Gen & ref Ser A 448.-02014 A
794 56 6434 81
--r- 68 824
8912 90 I 89
Cl K of Gt Brit Jz Ireland94
Oen ref cony Bar B So.. a2014
74
994 171 9514 9912
6614 7734 66 Nov'
6-year 54% notes
9118
2 ---8
Oen'
. gold 314t Her B.. .e1989
8-I ee
1919 M N 99 Sale 9838
.
69.
8
87
1 14
343 91% 9812
Sale 978
98
le 87
81 14
6-year 54% notes
884 171 7712 00.2
General 41.45 Series C._ _e1989
1921 M N 98
Sale
10218 901 971, 105
Convertible 54% notes_ _1919 F A 10112 Sale 1014
25-year debenture 4s
1934
81 I
2 667, 81
.These are prices on the basis of 851og
8412 Sale 8412
Convertible 44e
1932
8638 35 7114 89
9838 _-- 97
Chic & L Sup Div g 5e
1921
Jan'18 ....--I 97
97
98 ___ 92 oct 'lie __. 92
State and City Securities.
Chic & Mo Riv Div 58_1920
94
981e Sale 9818
1004 Sale 99
9838 38 Eas, 98%
N Y City-4,Corp stock 1960 1)3
Chic dr P W 1st g be
1921
1001s1
3' 9512 1004
S 981s 9834 9814
984
78
A4.1 t Corporate stock_.__1964
1 8778 9812
80
7814 Nov'18 -. 7412 80
C Yet & Puget Sd let gu 48.1949 .1
9912 -- 9712 Aug'18 --- 974 9912
61(5 Corporate stock.. _1066 A 0 9818 9834 93 Oct '18-- 8774 9614
Dubuque Div let s f Se
1920
10238 i() 102% 102%
---- 10412 1014 Sept.'17 --43es Corporate stock July1967 --_ 10238 1027 10238
Fargo & Sou assure g 6e_1924 1
10233
--- 103'4 98 Jan '18 ---- 98
4 0.3,4 103%
448 Corporate stock..... 1965 J D 1023 10234 102
La Crease & D 1st be
1919
98
44 93 10314
---- 100 98 Nov'18 ---- 95 100
S 1024 Sale 102
1027
44e Corporate stock._..1963
1921
Wis & Minn Div g be
93
09 -- 977k May'Is --. ints 8778
4 85
4% Corporate stock
N 9334
- - 93
Wis Valley Div 1st 65_1920
1959
9314
821e
____ 85 jowls
93
2 85
N 9312 9334 93
4% Corporate stock
Mew & Nor let ext 448_1934
1958
93
85
86
N 9312 94
7612 __- 8114 Feb '18 --- 8114 8114
4% Corporate stock
9138 Nov'18
9138
Cons extended 44e____1934 .1
1957
45
4% Corporate stock rag. 1956
N 023.... 89% Oct '181.- 45
894 .... 89 Sept'18 -- 89
904
Chic & Nor West Ex 48 1886-1920
89
N 10238 10238 10234 Nov'18 ---- 93% 103
New 44e
8638 _ __ 85(2 Aug'18 ---- totti 8512
1957
1880-1920
Registered
10212
4 9312 10333
44% Corporate irrock_1957
N 10238 103 102
73
75
74
General gold 348
1987
74
1 5712 74
34% Corporate stock..-1954
N 831.... 85 Nov'18
*71 --- 71 Oct '18 ---- 71
85
74
Registered
p1987
7
.,,1
N Y State-is
99
99 July'18
S 98
87 88 87
1961
General 4e
1987
99
99
874 19 ere 08
Canal Improvement 41....1961
9812 July'18
J 98 101
815* 8312 817a 00'18 ---- 7954 8212
Stamped 413
9414 9812
1987
.1 98 ---- 9715 Oct '13
Canal Improvement 4e_ __1962
102 -- 101 Sept'18
9715 9812
General be stamped
1987
991, 103
1 98 ---- 974 Oct '18
Canal Improvement 4s___1960
_- 9414 971s
1024 --.. 104 May 18
Sinking fund Si
1879-1929 A
104 104
Canal Improvement 44s..1964
J 107 ---- 10612 Oct '18 -- -- 105 1084
1879-1929 A
Registered
J 98 --- 10412 June'18 - --- 10112 10412
Canal Improvement 4ees_1965
-9
07
-7 - 1120:I ... 19
Sinking fund 54
8
9
,
9
4:: 141
1879-1929 A
1'1),
i:18
68
3 O41 94l
S 107 --- 10612 Oct '18 -- 10412 10712
Highway Improv't 448_1963
1879-1929 A
Registered
06
96
Highway Improv't 4148_1965
100's June'18 -- 1004 1014
9638 98
Debenture be
1921 A
i.alt. May 18
95
9612
.I
•
.
78's 74 Dee '17 --_Virginia funded debt 2-38_1031
100 Jan '18
Registered
1921 A
100 100
__ 6012 67
Si deferred Brown Bros ate_ _.
97 -_ 921s Oct '18 -- 924 9,7
70 Oct '18 ---- 44 -if
.
Sinking fund deb Si
1933,m
97 __-- 97 Nov'18 -- 944 91
Registered
1933 m
Railroad.
Dee Plaines Val lot gu 43.4s '47 mi
63 64 Nov'18
Ann Arbor 1st R 48
10
77
6:4 ---Free* Elk & Mo V let 64_1933 A
h1995 Q J 59
51
06
6434
-- -. 10
1131/4ToIv'118
8---_ _ 101 109
Atchison Topeka & Santa Fe60 -_ 88
Man GB&NW let 34e-1941 .1
Jan'17 -62 79
88
Gen g 4s
1995 A 0 87 Sale 8614
Milw & S List gu 314s-1941 J
90
Registered
*--::: 1.51-5* ii";(711-; Aug'18 -- -.. ---- -98- Dig;
1995 A 0 --_- 8612 8012 Apr '18 ---- 794 80
Mil L S & West let g 66_1921 m
Adjustment gold 411
82 Nov'18 --- 7134 82
7834 79%
98 102
hI995 Nov
Ext & imp e f gold be.-1929 F
91312 Nov'18 ---- 93
98
Registered
1024 _- 111e, Dec 15 h1995 Nov ------ 73,2 June'18 --- 7312 7312
Ashland Div 1st g 613._ _1925 m
8 70
804
81
Stamped
8212
101 ____ 1021. Ma '18 -h1995 M N 797 82
Mich Div 1st gold Os.-1924 j
1021,
Cony gold 49
72 Oct '18
8014 8912 76 Oct '18 _- 73
D 754 85
7112 87
1055
Mil Spar & N W lot gu 48.1947 yd
Ms
9434
964
Cony 4s issue of 1010
2 82 964
92
D 9438 98
94 10234 9812 Nov'18
1960
St L Peo & N W 1st gu 58_1948 j
9812
914 Nov'18
East Okla Div 1st g 48-1928 111 8 9014 90
9112 9112
Chicago Rock Isi & PaoRocky Mtn Div 1st 46_1965
79 June'18 -- 79
J
82 Sale' 8112
79
82
Re(Way general gold 46-1988 j
34 72
8_414
Trans Con Short L let 4s 1958 J J 8234 ---- 83 Nov'18
77
80
74% 83
Regletered
1988j
71% May'18 - -- 7132 3131
S 8512 90 8438
Cal-Arts lit & ref 44e' A"1962
8512 11' 79
7538 Sale 75
Refunding gold 4e
8:12
1934 A
6212 8014
8 Fe Pres St Pb let g St.. 1942 M S 93 100
9934 July 17 -1932 .0
804 Aug
20-year debenture 5e
7
)
11 8 ---83 66
8018
Atl Coast L 1st gold 49........h1952 M S 86 8914 89
7112 73
8914
4 -ff.
72
.
861-4
1 az
R I Ark & Louis let 446 1934 in
7
73
Gen unified 44es
9478 98
1964 J D 8514 Sale 85
8612 39 74
98 Feb '18 ---- 96 96
8914
Burl C R de N 1st g 158-.1934 A
Ala Mid let gu gold be.. 1928 M N 9882.... 9812 Nov'18 ----I 95% 9812
------- 9
CRIF&NW let gu 58-1921 A
117
34 Jmuan::117
4
Bruns A W let gis gold 48_1938 J J 80 89
95 --- 97 May'le -- 95' 100
78 Oct '18
78
78
Choc Okla & G gen g 58.41919 j
Charles & Say let gold 76.1936 J J *11014
- 129% Aug '15 --I
1952 m
Consol gold be
--, 93 .
9,1
L & N coil gold 44
-ed. 69
8038 44 -6914 -814
01952 M N 794 Sale 7934
Keok & Des Moines 1st be 1923 A
03
iv
133
0 57
Say F & W let gold 58_ _1931 A 0 107 .-- 115 July'17
71
Sale 71
72
St Paul & K C Sh L 1st 448'41 F
72
15 go
let gold 15e
1934 A 0 9312 ____ 105 July 15
10612
_1930
j
(3s_
cone
111
&
0
Chlo
St
P
112
Nov'18 ---- 102 112
-- Bait & Ohio prior 34e
9214 13, 8512 9234
1925 J .1 9112 Sale 91
794 _-: 88 Sepe18 ....... 8112 88
Cone (is reduced to 3548_1930 .1
Registered
9012 Sept'17
h1925 Q J
I- 95
1930 pet
Debenture 5s
97 I 93 Nov'18
854 93
lit 50-year gold 44
85
84 7313 87
h1948 A 0 8412 Sale 84
10048118 Noy'16 ----North Wisconsin 1st (3s___1930
Registered
h1948
9234 Mar'17 - ..1 ---- -J -- 86
9912 i130.3-8 loo
St P & S City let g 6s____1919 A
-.2 "WC, NC
100
10-yr cony 44es
1933
8614 67. 7534 88
8614 Sale 8438
1 ____ 90 Mas'18 ---- 95
Superior Short L let 5s g.e1930 m
95
Refund et gen 58 Series A-1995 j- 13 908 Sale 907
9112 49 75% 9214
01% 70
Chic T Ii et So East let 59_1960 j
58 July'18 -- 58
58
Pitte June let gold Se.......1922 J J 9714 -_ 112 Jan •12
1
10314 104 105 July'18 -- 103 105
Chic & West Ind gen g 6s-q1932 Q
Piano& M Div let g 34s 1925 M N 804 8814 86 Nov'18
1952 J
6612 63 6712
Consol 50-year 48
6834 11 624 70
PLE&W Va Sys ref 46..1941 M N 804 Sale 801s
804
5 72
80
83
-- 00 NI ay'17 --Cin H & D 2d gold 449_ _1937 J
Southw Div let gold 346_1925 J .1 8712 Sale 8712
88
9 80 8812
.--- --- 83 Nfar'll -.C Find de Ft W let gu4e g 1923 jet
Cent Ohio R let g 4jes._1930 M S 853.4
_ 100 Apr 17 _72 -138
Day & Mich 1st cone 4jes 1931 .1
,_.a1-17e8 722
879 Nov
7
'
3
18 .
79 -fiCl Lor & W con let g 58_1933 A 0 927k ____ 934 Aug'18 ---- -Ere -66
.1;
Clay Cm Ch & St L gen 4s 1993 .1
14 n
74%
Monon River let gu g 50-1919 F A __
10114 Nov'18
80
1931 J
29-year deb 43es
82
4 6514 8312
Ohio River RR let g 58_1936 J D 951_._. 9914 Oct '17
_1993 .1
85
General 5e Series 13
90 1 8614 Aug'18 -- 80
8614
General gold 58
1937 A 0 89 --- 88 Mas'18
69 .._ 837, Mar'17 ---Cairo Div let gold 4s____ 1939
58 -;isPitts Clev & Tol let g 6e 1922 A 0 99 ___ 991s Nev'is..- 994 994
65
Cm W & M Div let g 4e__1991 J
83
63 Oct '18 ---- -91- -6
'
3'Buffalo R & P gen g 15e
1937 M S 9912 107
997s June'18 -- 99
75 Sale 75
9972
St L Div let cell tr g
75
5 63
75
Consol 44es
1957 M N 8712 _-_- 9912 Oa, '17 ---- . .
744 ..-- 7313 June'17 ---Spr & Col Div let g 49.-1940 m
All & West 1st g 4s gu
1998 A 0 7634
97 Nov'16
63 _-_- e4 Nov'16 -W W Val 1)1v let g 4e____1940 J
.- Clear & Mah let gu g 511_1943 J J 88 __ 1031s Feb '16 --9912 101
C I St L & C consol 64-1920 m
99 Sept'18 ---- 09
99
Roth & Pitts let gold 66_1921 V A *10134 ___ 101 May'18 ---- 101 103
82
*1935 Q
.
1st gold 4s
90 87 Deo '17 _ _ __
Conseil lit g Se
1922 J D *10112
10038 Sept'18
Registered
*1936 Q
8912 10312
- - -_Canada Sou cons gu A be_ _ _1962 A 0 90 99
98
99
16 85 100
-9438
- -...---.: 10
n'
Y.115
7 -_-----Cin S & Cl cons 1st g 158_1923 .1
82
8:: raa
Car Clinch & Ohio 1st 30-yr Is'38 J. D 80 83 821s
84
111 84
106 ___- 1074 Apr '17H...CCC&I gen cone g 6e__1934 j
81
-_ - Central of Ga let gold 5s.._p1945 F A 100
_ 9914 Sept'18
7112 -- 94 July'03 -Ind B & W lot pref 4s___1910 A
944 9914
Consol gold 118
1945 M N 93 -Sale 93
9438 23 35 9138
0 Ind & W let prof 58.-d1938 Q
Chatt Div pur money g 4s 1951 J D 724 80 7234 Nav'18
Ei5s iti's (i(11 Nov'18 ---- 40 .62
.
Peoria dr East 1st cons 48-1940 A
7234 7214
Mao & Nor Div 1st g 56..1946 J J 861a ---- 90 May'18 --- 90 90
19
22
Income 45
1990 Apr
17 Oct '18 ---- 12
17
Mid Ga & Atl Div be
1947 J J 8538 ____ 9738 Jane 17 -- I
Cleve Short L let gu 448_1901 A 0
90
834
Mobile Div 1st g 5o
1946
J 875* - 8412 Aug'18
843
-E-II
9879
3
1'2'
S
Nonvt.
888,377:8:
'1731-_:..
Colorado & Sou let g 4s_.--1929 F A
-- 9234 91
Vest BRA Dot Ga coil g 55_1937 M N 8434.... 8712
8712
5 83
Sale
8712
Refund & Ext 41.4i
42 66
1935 131 N
8234
Cent of N J gen gold 5s....1987 J J
12 08 10812 Nov'18
100 10812
9934 1001s 97 Sept'953
Ft W & Den C let g 68_1921 j
96
984
Registered
------100 Sept'18
h1987 Q
100 104
Conn & Pao Rive 1st g 4s___1943 A 0
Am Dock & Imp gu 5s___1921 J J s9812 Sale 9812
2 97% 9)13
J
94 Feb '1665
Cuba RR let 50-year be g_1952
984
Leh & Bud Riv gen gu be '20 J
--- 100 Apr •I8
Del Lack & Western100 100
1
N Y & Long Br gen g 4e_ _1941 M S
93 10013 .1 in '13
7518
00'18._ 71
Morris & Die let go 34e-2000 .1 D 73 ---- 71
Cent Vermont let gu g 44 ....e1920 Q F _-_- 80 66 Sept'18 di
6714
102
N Y Lack & W let 61s
10 100 10212
10213 J 10)78 ---- 102
Mesa & 0 fund & impt 51 __1929
J 9114 Sale 9114
in
94
Construction
9114
5.1
•
4
1923 F A 9518 991s 96 Oct '18 --- 95
98
let cowl gold be
1939
N 100,2 Sale 1004
10012
9 911s 10012
Term & Irnprovt 4s.--1923 N N 894 9618 9211 00'18 --- 9212 9334
Registered
1939 N N *97 --_- 1014 Jan'17
Warren let ref gu g 348_2000 F A
-_-11024 Feb '08
Bid
U. S. Government.
D
U 8 34e Liberty Loan_1932-47
US 4s converted from let LibD
erty Loan
1932-47
U 8 4s 2d Liberty Loan. 1927-12 MN
U S 43es converted from let
D
1932-47
Liberty Loan
U S 43(e converted from 2d
Liberty Loan
192742 lii N
U S 441s 3d Liberty Loan...192s MS
U S 4s 4th Liberty Loan_1938 AO
U S 2s consol regletered-619311 CI 1
U S 2s consol coupon
d1930 Q J
U S 4s registered
1925 Q F
U S 4s coupon
1925 Q F
U 8 Pan Canal 10-30-yr 28.3c19313 Q F
U 8 Pan Canal 10-30-yr 2s reg '38 Q
U S Panama Canal 3s g____1961 QM
Registered
1951 QM
U 8 PhiliPelne Island 411_1914-34 Q F
•
Range
:Since
Jan. 1
Week's
Range or
Lam Sale
99.90 Sale 99.88
High
99.98 3615 97.20 102.50
Jai;
181
1
*No price Friday;latest MS week. a Due Jen. 4 DusApril. e
Due MO% 0 Due June. h Due July. k Due Aug. o Due Oet. p Due Nov. e Due Dec. a Option sale.
Nov. 23 1918.)
!BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 22.
New York Bond Record—Continued—Page 2
t v.,
t.`
Price
Nos. 22
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 22.
Bid
Ask Low
High No Low High
Delaware & Hudson9312
9:112
5 9314 94
1st lien equip g 414s
9118
1922 J
J
1st dr ref 45
Sall 86
1943• N 87
8712 29 79
88,
8
20-year cony Is
9 8512 9812
9612
97
1935 AO 9612 97
Alb & Susq cony 3 tis
1916 AO 7612 7712 7712 Nov'18
71
771x
ReOM & Saratoga 1st 7s 1921• N 102 ___- 10338 Sept'18
10112 10338
Denver & Rio Grande-7412 Sale 7312
1st eons g 4s
7518 41! 6012 77
1936 J
Congo! gold 414s
7978 8012 7978 Nov'18
68
80
1936 J
8178 90 Nov'18 ---- 70
Improvement gold 5s
82
90
1928 J
6112 Sale 61
let & refunding 94
62
9, 4314 63
1955 F
8734 Nov'16
92
82
Rio Or June 1st go g 55.-1939 J
6114 Ap.•'11
_
Rio Or Sou let gold 4s
*40 1940 J
39 July'17
Guaranteed
1940 J
-if- 7334 73
Rio Or West 1st gold 4s 1939 J
74
11
.
5. 74
6334 6112 Nov'18
53
Mtge & coil trust 4s A 1949 A
- 50
6112
82 Dec '16
Get & Mack—let lien g 4s 1995 J
75
67
-__
Gold Is
7512 July'16 -89
1995 J
a.38 - 84 8338 8312 i
Dot My Ton Ter Tun 414s 1961 M
gi- 34
Dul Missabe & Nor gen 58_1941 J
9634 June'18
13338
9634 9712
95
Dul &Iron Range 1st 5s937 A
10-14 10034 Nov'18
- 90 10034
Registered
1937 A
- - 10512 Mar'03-------Dul Sou Shore & AU g 94_ 1937
80 ---- 87 Nlar'18 ----, 82
87
Elgin Joliet dr East 1st g 5s 1941 M
99 -- 99
99
99
7 90
Erie let consol gold 7s
10113 Sale 101
1920 M
10114
8, 100 101 14
N Y & Erie 1st ext g 4s
8012 -- 7812 Oct '18 ----' 78
1947 M
7818
____l
2d ext gold Is
9615 _-__ 0018 June'18
1919 M
9618 9618
3d ext gold 4s
90 -- 9312 Jan'13 ---- 9312 95
1923 M
.
9912
4th ext gold Is
9613
---July'17
1920 A
5th ext gold 4s
81 ---- 9434 Nov'15
1928 J
NY LE& W 1st fd 78-1920 M
- 10038 July'18 4!
ie-r53
;
737
Sale
737
8
3
Erie 1st eons g 4s prior_ 1996 J
77
16 65. 79
Registered
1996 .1
-- 81 Dee '16 — - :ts 4912 6412
Sale 60
60
1st consol gen lien g 46_1996 J
62
73 June'16 - - -- --Registered
1096 J
84
81
8138
l'enn coil trust gold 45.._1951 F
8138
1 7514 8134
5412 56
50-year cony Is Ser A 1953 A
55
56
1 1 42
58
5478 51
54
do Series II
57
1953 A
33 4212 59
Gen cony 4s Series D......1953 A
5734 Sale 5734
60
82 4812 62
92 Nov'18 ---- 82
Chic & Erie 1st gold 5s
9(1 100
1982 rd
93
Cloy & Mahon VaIl g 58_1938 J
1067s Jan'17
86 Erie & Jersey let s f 6s
101 10134
- 102 Nov'18 ---- 98 102
1955 J
Genesee River 1st s f 6s
87 102
97 Oct '18 ---- 96
1957
08
Long Dock consol g 6s_ _1935 A
105
11012 Nov'17
C081 & RR 1st cur gu Os. 1922 M
90 ---- 103
Jan'18 ---- 103 103
Dock dr Impt 1st ext 55
85 ---- 10212 July'17 ---1943 J
8512 _
N Y & Green I. gu g 5s
_ 85
1946 M
Jan'18 --- 85
85
N Y Susq & W 1st ref 5s 1937 J
80 78 Nov'18 ---- 74 81
70
2d gold 430
10014 1)ec'06
1937 F
General gold Is
60 June'18 ---- 60
99
97
1940 F
61
Terminal 1st gold 5s
86 ---- 108
1943 M
Jan'17
Mid of NJ 1st ext 5s_
86 -- 108
1940 A
Jan'17
Wilk & East 1st gu g Is. _1942 J
67 ---- 67
Oct'18 -- 62
67
Ev & Ind 1st cons go g Os_ _1926 J
2312 Jan'17
97 Nov'18 ---- 97
Evansv dr T II 1st cons 68_1921 J
-6f 100
97
1st general gold Is
8518 June'17
73
65
1942 A
108 Nov'11
Mt Vernon 1st gold (is__ A923 A
Still Co Branch 1st g Is. _1930 A
- 95 June'12
Florida E Coast 1st 4).s...1959 J
1 81
8212
8212 87
8212
8212
Fort St U D Co 1st R 4 Sis 1941 J
92
Aug'10
-Ft Worth & Rio (Jr 1st g 4s_1928 J
5612 Oct'17
Oftly Holm & Hen 1st Is.
3512 June'16
St
1933 A
Great Nor C B & Q coil 4s 1921 J
9514 Sale 9518
9512 55;
-66.1;
Registered
6414 Nov'18 ---- 9134 9414
111921 Q
1st & ref 43is Series A _1961 J
92
9212 92 Nov'18 --- - 85
92
Registered
96 3lite.'16
1961 J
St Paul M & Man 4s
-841-2 -66- 8911 Apr'18
1933 J
8618 8912
1st consol g 6s
108 -- 111 Nov'18
1933 J
106 111
Registered
10314 ---- 118
1033 J
Apr'17
Reduced to gold 414s_1933 J
9314 10314 9112 Nov'18 ---- 9114 95
Registered
8534 09 10212 May'16
1933 J
Mont ext 1st gold 48
8831 90,2 8834
19:17 .1
2
89,4 —55 -811Registered
8412
_ 9512 Nlar'16
1937 J
Pacific ext guar 4s E
*81
1940 J
_ 8512 Nov'15
E Minn Nor Div let g 4s 1943 A
83
85
80 Nov 18 ---- 80
80
Minn Union 1st g Os
1922 J
10018 -- 10014 may.18 ___ 10014 141014
Mont C 1st go R es
1937 J
10738 ___- 103 Nov'18 --- 104,
8 108
RegLstered
13614 Nlay'06
1937 J
___.
1st guar gold Is
1937 J
98 -- _ _ 95 Sept'18 ---- 9238 9.)
WIII & S 1st gold 5s 19:18 J
10934 Aug '16 ---Green Bay & %V deb ctfs "A"____ Feb
91- 7014 13934 Deo '16 ---Debenture etfs
814 10
Feb
8 Oct '18 --7
918
Gulf & S I Ist ref & t g 5s_b1952 J
7812 817s 8178 Nov'18 -- -- 75
83
Hocking Val 1st cons g 414s 1999 J
84
8518 85
J
85
2 74
86
Registered
1999 J
_ 7312 June'181---- 7312 7312
Col & It V latest g 413
751a -- 7312 Oct'18
1948 AO
731s 7812
Col & Tol 1st ext Is
1955
7418 A
75
Feb'18 --'712 '5
Houston Belt & Term Isebs_1937 J
82
95
9018 Apr'171 ----Illinois Central 1st gold 4s 1951
8918
_ 8818 Nov'18 ---- 87
95
Registered.
1951 J
69
92 Sept'17
93
let gold 310
1951 J
7114 90
7534 Oct'18
7511 f
Registered
1951 J
693g ____ 84 Nov'15
Extended 1st gold 3 36s__ _1951 A
71 -- 80 June'17 -Registered
1351 A
6914 ------- 1st gold 3s sterling
1951 M
80 Juiy-'05
-------Registered
1951 M
Collateral trust gold 4s
1952 A
8118 8634 7912 0- -_-_-_-- 721s 19,2
ct'18
Registered
1952 A
7515
_ 9538 Sept'12 ---1st refunding 40
1955 M
86 -Sale 85
8612
5' -if38 -iiiPurchased lines 314s
1952 J
72
75
71 Nfay'18 _— 70
71
L N 0 & Texas gold 4.s._.1953'M
77
72 N0418
8112 8014
1.0 8 —_- 7118 82
Registered
1953 M
7412 77
72
72
Cairo Bridge gold 4s
1950 J
78 ___ _ 78
78
2 78
78
Litchfield Div 1st gold 36_1951
_ 79
Fele14
Louie,
/ Div tit Term g 330 1953 J
70 --_ _
-_6
..i_,-8 ii
.
.
i1-2
Registered
1953 J
7312 N
-- 8
A(
)
uvgl.8
27
-- --- --Middle Div re* Is
1921 F A 9538 --__ 102 June'16 -----Omaha Div 1st gold 3s_ 1951 F A
5812 __ 5814 Sept'18 ---- 5814 5814
St Louis Div & Term g 36_1951 J
60
62 Oct '18 ---- 62
66
62
Gold 330
1951 J
6612 8312 8
60
518 JO
0.0
ct.:18 ___- 63
654
3
Registered
1951 J
6438
Springf Div 1st g 3101951 J
-- - - 805g Nov'16 — -Western lines 1st g 4s------351 F A
76
- 75
Oct'18
'g - -i9-Registered
1951 F A
92 Nov'10 - —
Belley & Car 1st 65
1923 J
11712 Nlay'10 -Carb & Shaw 1st gold 46..1932 M
7212
- 90
Jan'17 -Chic St L & N 0 gold 5s 1951
95% Oct'18 -- 9178 -53 Registered
1951 J
90
Oct'18 -- 90
90
Gold 330
6333 ____ 6512 July'18 --- 6512 6512
1951 J
Registered
1951 J
Joint let ref Is Series A_1963 J
94
94
90
5' 8518 96
Memph Div 1st g 4s
1951 J
70113 - _ 701s 0c9t'518
7018 7018
Registered
1951 J
65 Nov'17
St Louis Sou 1st git g 4s 1931. NI
89 Feb '18
80
80
Ind III & Iowa 1st g 4s
7918 98 89 Apr'17 ----'
1950 J
Int & Great Nor 1st g 6s
95
1919 NI
9512 94 Nov'18 ---- 90
94
James Frank & Clear 1st 4s_1959 J
77
90
8212 Jtine'17
__ _
_
Kansas City Sou let gold 3s_1950 A
6318 70
61 Nov'18
53
64
Registered
1950 A 0 --__ -- 78
Oct'09
Ref & impt Os
8412 Sale 8414
Apr 1950 J
8638 23 733i 9112
Kansas City Term 1st 48_1960
81
8138 8112
•J
8212 23 7118 8312
Lake Erie dr West 1st g 5s.._1937 J
90
88
83 Nov'18
92
78
2d gold Is
_-__ 80
1941 J
805 Feb '17
North Ohio 1st guar g5 s-1915 A 0 __ 80
8038 Oct '19 ___F, -iicii -g638
Leh Val NY 1st go g 43is_1940 J
92
46
92
Oct'll841
92
913
Registered
1910 J
841s 93
89
-----------_
Lehigh Val (Pa) cons g 48_2003 M
80
99
815s Nov'18
7418 8178
General cons 41-4s
8918 9112 8914 Nov'18
2003 M
85
9012
----
----
• No price Friday: latest bid and asked this week. a Due Jan. b Due Feb
1995
Price
Friday
Nov. 22
Week's
Range or
Last Said
9,
31
a
g;
'
Range
Since
Jan. 1
Bid
Ask Low
High No, Low High
Leh V Term Ry 1st go g 5&_1941 AO 10212 10712 100
Oct'18 ----11 96 102
Registered
100 113 Mar'17
1941 AO
Leh Val RR 10yr coil 6s__til 928
*idi; SAC 10218
10212 123 0734
- 10374
Leh Val Coal Co 1st gu g 58_1933 J • J
0012 101 100 Nov'18 -- - 9614 101
Registered
J J ---- - — - 11,5
Oct'13
1st int reduced to 4s
1933 J J
79,4 ---Leh & N Y 1st guar g 4s
1945 NI S 72 ____ -id- July-'1-3 -_-_-_ -_ -ici" -i(iRegistered
1945 MS
Long Isld 1st cons gold 58..3;1931 Q J -6i1-4 _-_-_-_- -6.5-- ocT•15'r __ (1
.
1st consol gold 45
38 ____ 9414 June'16 -----------1;1931 Q J
___ -General gold 48
7612 7912 7912 Nov'18 ____ . 713* 7912
1938 J D
Ferry gold 434s
_8_8_14
1922 MS
98
85 Sepe18 __-- ' 85
85
Gold 45
ID
9914 Oct'06 _--- ____
Unified gold 4s
11994392 MS 78
89
7113 Aug'18 ____ 71 --7118
Debenture gold 5s
ID
7718 88
97
Jan'18 __ — 97
07
20-year p m deb 5s
193
37
4 MN
7812
78,2 7934 78
7 70
7812
Guar refunding gold 45
95
4 3N
ao
1949 MS 71 _8_0_ _ 8
_ _ i __ _7_2_1
nv:1
18
1 __
!__
84_ _
Registered
MS ---N Y 11 de NI B 1st eon g 58_19
94
39
5 A0 95 ___- 1034 Apr '18 -----------N Y&RB 1st gold 5s
93
9212 Apr '13 ____ . 9212 9212
1927 NI S 95
Nor Sh B 1st con g gu 58_01932 Q J
8618 931z 101) Aug'16 __- ___- --Louisiana & Ark 1st g 58
1927 NI S S712 9312 90 Aug'18 __-_ 8714 90
Louisville & Nash,
/ gen 6s 1930 ID 103 115 Ill
Oct'18 _--- 109 111
Gold 58
1937 MN 10034 10934 100 3S3v'18 -- - 93 100
Unified gold 48
J
89 I 52 81
1940 J
8818 Sale 8818
90
Regtstered
1940 J J 83,z ---- 96's Jan'17 ____ ____
Collateral trust gold Is...1931 NI N
9318 99
9312
9312
3 93
99
E II & N'ash 1st g 6s
0812
0
1919 J O 18
100 6 Aug'D•k---- 10018 1001g
L Cm & Lex gold 433s..1931 NI N
9512 87 At, 15 __-_ , 87
87
N 0&
1st gold 68
100 Sept'18 ____ 100 101
1930 J J 104
2d gold Os
10418 Feb 'lb ____ -------1930 J J 9912
Paducah dr Mom Div 48_1946 F A
791g
St Louis Div 1st gold (Is. _1921 M
1001 89 19
03'2 A0
Pr
et:118
2 -_-_-_-_!
2d gold 35
571g July 18:..__i in
1980 M
51,8
56
71: i°
5f
8'
Ist
Atl Knox & Cin Div 4s
1955 M
80,8 -8
-5
-0-2 83
83
3 74
83
Atl Knox & Nor let g 5s 1946 J
9378 ____ 95 Nov'18 ----I 95
951s
Bender Bdge 1st a f g (is 1931 M
10138 10312 10312 Sept'18 ----I 102 10312
Kentucky Central gold 4s_1987 J
8078 78 Nov'18 ---1 73
79
78
Lex & East 1st 50-yr 59 gu 1965,A
9255 101 1 9312 Nov'18 ----' 90
96
L&N&M&M lst g 410 1945IM
383
Sale 88
88 I 31 8313 88
L et N-South NI Joint 4s 1952 1.1
82
6714 Sept'18 ----; 674 6812
Registered
111952LQ
95
Feb'05 _-__'
N Fla & S let gu g 50
A -56s;
95
Aug'13 ----1 -sii" -6.E34
N & C Bdge gen gu g 4145_ 119
93
47F
5!J
9778 Nlay'16 ---8314
Pensac dr Atl let gu g 6s__1921 F A 10114 ioi- 10112 July'18 ---- loi.1-2 f6i'1;
S & N Ala cons gu g 58-1936
A
93 100
99
Apr'18 ---- 99
99
Gen cons gu 50-year 58_1983,A 0 8614 9413 9313 Jan '18 ---- 9312 9312
L & Jeff Bdge Co gu g 4s___1945I M
60 July'18 ---- 60
6614
60
Manila RR—Sou lines 4s___19313;M
---Mex Internet 1st cons g 4s__1977 NI S
77 Mar'10 --Stamped guaranteed
1977 NI S ____
75 Nov'10 __-Midland Term—lst s f g 58_1925
D 80
9112 June'171-Minneapolis & St Louis1st gold 7s
_ 101 J uly•181_ --- 101 :
1027 ID 10118
104
:
0;6
4
::
,_
1"
Pacific Ext 1st gold 8s
1-151. 10:3 Oct '160-1921 AO
1st consol gold 5s
1)34 MN
80
77
7812
1st Sr refunding gold 45
4 MS 53
Sale 52 N"
19
349
;3181--2
-8
- 41
5312
Ref & ext 50-yr 5s Ser A 1962 Q
5_0_14
5_2
40_
6
5014 Nov'18.
2_
2 4_0_
Des M & Ft D 1st gu 4s 1935
Iowa Central lot gold 53._1938 .1
-82 - -8612 78
Oct'18'---- -753-4 -81,-z
Refunding gold 4s
4338 51
4912
5012
9 4012 52
M St P dr SS M cong4sint go_ 193
958
1J
M I 8814 8812 8833
89
20 80
90
1st Chic Term s f 4s
1941 NI N
68 ---- 92 J tn '17
---- ---SS
& A 1st g 4s intgu_'26• I 9218 951z 8518 Nov'17
---_ -Mississippi Central 1st 5s
•
J
--__
90
95
1949
Dec'16
---_ ---Missouri Kansas & Texas1st gold 4s
7314 7533 7214
1990 ID
7234
I 8018 73
2d gold 4s
FA
3412 36
g1990
37 Nov'18
28
37
1st ext gold 56
41
32 Sept'18
27
1944 MN
32
32
4434 44
1st & refunding 4s
2,004 MS 43
46
44
10 40
Trust CO certfs of dep ___
381z 472 42 May'18,---- 41
42
Gen sinking fund 4148_1936
-5 3212 3412 32
Oct'18
2514 34
St Louis Div let ref it 4g_ _2001 AO
30
40 Nov'16
5% secured notes "ext"_'16
3712 ---30
----1---Dail dr Waco lot gu g Os 1940 MN
70 ____ 6912 Ap-'17
Kan City & Pee 1st g 45 1990 FA
60 _
60
Oct'18
-?Ai 60
Mo K & E 1st gu g 5s
1942 AO 3314 02
53 Nov'18 - 53
36
M K dr Okla 1st guar 58_1942
N
62
71 12 87
62
Oct'181---- 60
M K & T of T 1st gu g 58_1942 NI S 55
1341e 55
55
58
3 49
Sher Sh & So 1st gu g 5.9._1942 J O 55
60
51
Dec'16
Texas dr Okla 1st gu g 5s 1943 NI S 3012 50
301s Nov'18
-56 - 40
Missouri Pacific (reorg Co)
8834 Sale 8834
151 & refunding Is Ser A 1965 FA
89
10 79
5934
1st & refunding Is Ser Ba_1923 FA
9412 13 de 9418
98121 12 8978 9512
1st & refunding 58 Ser C.,.192t3
9312 9412 91
A
94 j
3 8514 94
General 4s
6414
6534 233 5518 6714
9918 18
Missouri Pac 1st eons g Os..1920 M
00
31e 10
60
1
M
100
3 98 100
40-year gold loan 4s
1945 M
58
Oct'18
58
58
3d 7s extended at 4%....1938 NI
82 Ale '17:—.
Botalv St L & S let 55 gu_1951 F A _ _- ---- 100 Feb '13 ---Cent Br U P 1st g 45
1948
8 9712 Dec'13:_—
63 -143Pac R of Mo 1st ext g 45..1938 F A
81 ---- 81
Oct'18
7812 81
2d extended gold 5s
1933 J
85 -- -_ 10034 A pr'13
St Lir M & S gen con g 50_1931 A
-.
661
;-9614
_r_
Gen con stamp gu g Is..1931 A
10
92
6- J
Noly
v:14
8
Unified & ref gold 4s___1929 J
8114 Sale 8114
11 72't
8278
Registered
1929 J
807s Oce171---Ttiv & G Div 1st g 4s
1933 M
7614 -Sale 7618
76341
5 -661;
66 -if.Verdi V I & W 1st g 5s
1926 M
86
78 Sept'15I--- —__ -Mob & Ohio new gold 6s_ ...1927 J
10238 ____ 10112 Sept'18!-- 101 10212
1st ext gold 65
95 May'18 _--- 92
111927 Q
95
95
General gold 4s
71
1938
71
80
71
6 65
71 1
Montgomery Div 1st g 5s_1947
A 90
95
93 July'17
__
St Louis Div 58
1927
84
87
90 Aug'17
-St L & Cairo guar g 4s_
1911 J
7612
85 10
Ntushv Chatt & St L 1st Is, 1928 AG 9912 80012
70
8 N
')oe.1
vt'11 ---____ 9
75
818 10781
Jasper Branch 1st g es
1923• J
10414 13
1014
0
Nat Rys of Mex pr lien 4%0_1957 J
J _9
3_3(1_11f
a
Guaranteed general 4s_ 1977 A0
35 A.qr '10 ---50
Nat of Nfox prior lien 4 iti 1926 J J
25
9678 Feb'13
-1st conscl 45
1951 A 0 21
70
6
21
3 Aug'18 ---- 21
21
New Orleans Term 1st 4s
1951 J
67
68
N 0 Tex & Mexico 1st Os._.1925 J
9712 Bile 9712
9712
9
7 9
77
60
012
2
Non-cum income 5s A
1935 A 0 56
5612 5712 Nov'18 ----I 40
5712
New York Central RR—
Cony deb Os
1335 M N 10114 Sale 101
1013*1 162 9112 10312
Consol Is Series A
1998 F A
75014 7912 7938
8212
79'2 16 69
Ref & imp 434s "A"
"013 A 0 8512 8612 86
8738
873* 34 77
New York Cent & Hud Illy—
Mortuage 31is
7518 77
1997 J
75 Nov'18
75
6'9
Registered
1997 J
70 ____ 6638 Aug '18 ---- 6638 7114
Debenture gold 4s
1931 M
86
8318 88
1 7434 8938
88
Registered
1938 M
79 Nov'18 ____ 79
79
Lake Shore coil g 334s,.._1998 F A 681.4 71
6312
6312
1 61
88'2
Registered
1998 F A 0614 ---- 6612 Oct'18
61
13612
Mich Cent coil gold 314s 1998 F A 6918
63
Oct'18
6212 64
Registered
1998 F A
6212 6918 75 Mar'17
---Battle Cr & Stur 1st gu Is.1989J
Beech Creek 1st go g 48..1936 J
854 —.._ -661sApr '17
Registered
1936 J
9534 No,'16
_-_2d guar gold 5s
1936 J
23-6rs8 92 104 Ma)'16
--_- ---Registered
19361 J
---- ---Beech Cr Ext 1st g 33.0_019511 A 0
---Cart & Ad 1st gu g 4s
1981,J
7078 ---- 89 m;v-i;
Gouv & Oswe 1st gu g 5s 1942 J
____
Mob & Mal 1st gu g
7912
72
7.538
Oct'18
73* 2
NJ June It guar 1st 4s
1933IF A 63 _
8912 Feb '16
N Y & Harlem g 3 tis
2090;M
7214 _--- 80 Mav'17
N Y & Northern 1st g 58_19231A 0 934 --_- 951s June'18
-ET; -65-5;
Due June.
11 Due July.
n Duo Sept, •Due Oct. s Option sale.
New York Bond Record-Continued-Page 3
1996
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 22.
9-n
b
Price
Friday
Woo. 22
Week's
Range or
Last Sale
4:5.1
c%
Range
Since
Jan. 1
High No. Low High
Ask bow
Bid
N Y Cent es El It RR (Con.)7412
N Y& Pu 1st cons gu g 4s_1993 A 0 763s ---- 7413 Mar'18 ____ 7218
Pine Creek reg guar Os_ __1932 J D 10112 ---- 113 MaY'15 ---- - -.- - - -Oct
18
9514
-9638
9814
-0
A
963$
_h1922
5s_
ext
R %V &0 con 1st
7434 __-- 83 Nov'18 ____ 6714 83
Rutland 1st con g 4)is.._1941 J J
1 60 63
6034
Og & L Cham let gu 458_1948 J J 6034 ---- 6034
-- 70 Jan '18 .._ 70 '7()
55
J
J
Rut Canada 1st gu g 49_1949
St Law? & Adir 1st g 5s___1996 J J 8258 _ _ 101 Noy'1131.,___ ---- -103 Nov'16I...--1996 A 0
2d gold Os
-iii" -1:14 Utica & Ilik Rlv gu g 49_1922 J J 9138 _ _ 94 Apr '181.--6 70
757s
74 I
1997 J D 74 Sale 71
Lake Shore gold 3As
71
733s
Nov'18,---8
703
67
D
J
1997
Registered
9138 11 82 9214
1923 M S 8814 9138 8778
Debenture gold 4$
5 8134 9218
88 1
88
1931 M N 8813 90
25-year gold 4s
_ _ _-_ _
1
8 Nov'17-__
83,
1931 M N - - - Registere,1
___ -__ _
1933 J .1 - - - Ka A & G R 1st gu C 5s
10 112 De-e-ii'-----_-1931 J J 9034
Mahon CI RR 1st 5s
--- --_May'17
103
102
Pitts & L Erie 2d g 5s___a1928 A 0
13018 Jan '09 --- - --- -Pitts McK & Y 1st gu 6s 1932 J J 10278
---- _
---....----_
12314
Nlar'12
-___
10218
J
J
1931
2d guaranteed 69
9912 Aug '17
1931 M S 8814
Michigan Central 59
9312 -i 92 -681-2
1931 Q M ---- ---- 9312
Registered
75
74.8 Aug '18 -- - 74i
1940J J 801s.
4s
87 Feb '14 ..-_
1940 J J
Registered
90 June'08 __- :::: ::::
JLAS 1st gold 3%8_1951 M S
1952 NI N 7234 ____ 7978 July'17 ---1st gold 3148
4 86
1929 A 0 8518 ---- 85 Nov'18 --__ -f2320-year debenture 4s
8712 29 '7512 8'712
A 0 85's Sale 8518
48_1937
g
1st
&
L
St
Chic
Y
N
--__
85
Nov'17
1937 A 0 78 ......
Registered
6 -tit.- -i-ii.-2
7313
7278 7312
1931 M N 70
Debenture 45
8253 10 7118 8238
2361 J J 817s 8214 8258
West Shore 1st 4s guar
2361 J J
Registered
_7_82! _8_2_ _ 17
..0_ _
018
)12 Jan7
2 _7_9_ _ -8
9114 --1-1
'
N Y C Lines (43 tr 58_1918-22 M N
9838 July'17 ---- __ _18_ _66 _
102
Equip trust 410_1919-1925 J J
2 77
90
N Y Connect 1st gu 4)-49 A_ _1953 F A 8813 9) 90
NYNHA Hartford60 Olt '18 ----1 80 60
1917 M S 6018 -Non-cony deben 48
55
55
Noo-cony deben 3148._ 1947 P.1 S 5512 __ . 55 8apt'18 ----' 50
82 •
3
5814
4
Non-cony deben 3148.._1951 A 0 5634 Sale 561
3
63
6
2
52
63
63
60
1955 J
Non-cony deben 45
11 55 (U.
60
1956 M 14 5912 Sale 5J12
Non-cony deben 45
19I 51[8 60
5514 8,1e 5514
57
1956 J .1
Cony debenture 3148
11 82 95
95
1918 J J 95 Sale 9/
Cony debenture es
Oet '17.... _--- ----Cons Ry non-cony 48.___1930 F A --__ --__ 50
9112
1,1.
'12...,,
---- --J
J
Non-cony deben
Non-cony deben 4s____1955 I J _.. 60 60 July'18 --- 60 60
Non-cony deben 4s____1955 A 0 ---- ---- ---- -•----- ---- ---J J
Non-cony deben
- :::: -ii- A-u-gliTi -_-_-_-_ -4'6" -riiHarlem R-Pt Ches 1st 4s_1951 M N _ii
_ 7918 Dec '17 . --B& N Y Air Line 1st 4s__1955 F A ,._ _
:-.66
5 -fly
66
- -13:)
.
55111 69
Cent New Eng 1st gu 48_1961 J
---- - - - Hartford St Ry 1st 4s___1930 M S ___ ---_-17tNii
i
10612
------..._
90
N
NI
HousaVania R cons g 50-1937
87 July'14 ---- ---- ---Naugatuck RR 1st 4s____1954 1W N
N Y Proy & Boston 48_1942 A 0 80 ... 83 Aug '13 ---2
17 -ii-- -6E165
63
Sale
6312
NYW'ches&B lstser I41451948 J J
--_- ---Boston Terminal 1st 4s___1939 A 0 __ _-__
_00
I
J
5s____1945
cone
New England
id- Sepi'li ....-.....- -_-_-_: ::::
1945 J J 79t4 ____ -Consul 45
Providence Secur deb 4s 1957 1W N ---- ---- 57 8pr 10
--- ---J
J
53_1922
Proy A Springfield 1st
---- ---3 :::: --- 8
-98931 Feb '14
------ Providence Term tat 4s...._19511 M S ---- --W & Con East 1st 44s...1913 J J -- - - ---5
2
tii1-"
71
71
71
70
NYO&W ref 1st g 48_ _41992 M
9212 June 12 -Registered 15,000 onli_g1992 NI S ---- ---- 60
ma. 18 ---- -6
-a6(7105
1955 1 D
General 4s
6358
6812 15 60
Norfolk Sou 1st & ref A 58_1961 F A (1318 6') 6738
81 8 Ione 18 -- 8118 8412
1941 hl N 85 96
Non & Sou let gold 58
l08
i
51.4
15
1
o.6,
:0
--__
'18
Oct
10813
2
171
11114
10413
A
111
68-1931
West
gen
gold
&
Norf
Improvement & era g 6a .1934 F A 10538 ___ 122 Nov'18 ---2
10634
New River fet gold 68_1932 A 0 107 ____ 10634
8812
8 79
8812
N & W Ry 1st cons g 48-1996 A 0 8812 Sale 8812
93-3 Dec '16 -1998 A 0
Registered
4 lif
8412
-2
:g_411..
:
.
DWI 1st lien & gen g 45.1944 J J 8412 ____ 8412
123 8 May'17 ---1932 J D
10-25 year cony 48
117,4 NI ty'17 --1932 NI S
10-20-year cony 48
10-25-year cony 410_1938 NI 5 10432 .___ 110418 Sept'18 --- 10312 15512
8312 Nov'18 -- 76
854
8518 93
J
Pocatt C A C Joint
103 Sepr'16 ---C C & T 1st guar gold 58_1922 J J 9534
2 -fi" -8080
81) Sale 80
Selo VANE 1st gu g 4s 1989 NI N
Northern Pacific prior lien
8912
8738 96 79
railway & land grant g 48_1997 Q I 8638 Sue 86
7914 Oct '18 --- 7834 80
85
1997 Q
Registered
6318 48 5653 804
a2017 q F 6212 5 de 6212
General lien gold 3s
58
53 Oct '18 -- 58
a2017 Q F _ _ 59
Registered
20173 J 9913 ...- 90 Nty'18 -- 8278 90
Ref& Imp 41isser A
75
St Paul-Duluth Div g 48_1996 J 0 75t8 ___ 71 Aug '18 ---- 74
103
.103
.
10_3
3%.
,
St P & N P gso gold Os___1923 F A 1110
10 04 Sept'17 ----3
1 1.13
-9
..C1 31
:
Registered certificates..1923 Q A
..t '16 ---- -- ---St Paul & Duluth 1st 581_1931 F F 94 ____ 107
7718
--7718
Nov'18
7718
J
7238
1964
1st consol gold 4s
____
...........
3612 -., 161.Wash Cent 1st gold 4s____1943 Q M 6118 85
J 10614 10934 107 Nov'181.-- 10634 10838
Nor Pac Term Co 1st g 6s 1933
7
.
1
.
1
,
7
:
5
i
311 :
6
8i
_6
..
.4.
1...4)8!)
Oregon-Wash let & ref 4a___1961 J J
90
81 Nov'18 --- 82
90
85
Pacific Coast Co let g Os..•.j940 J D ..7:::
S95lie
107081132
J
J
1955
440
f
a
1st
Paducah & Ills
. 93 3 July'18 -Pennsylvania FtR let g 413_1923 1W N 9514
1919 NI S 973s 100 100 Aug '18 --- 100 100
Consol gold 56
9718
111
Q
1919
Registered
88 - July'18
88 8-8 1913 M N 9014
Consol gold 48
92's
92
8
92
1918 1W N 90.4 92
Consol gold 46
:
211
9278 99
1960 F A 01)1k l())14 9914 Nov'18 .._ 83
Consol 414s
9334 84 8578 9818
1965 1 D 9338 S de 93
General 410
8712
1942 M S 8612 8878 8712 Nov'18 -- 85
Alteg Vat gen guar g 4s
D It RR& B'ge lst gu 4s g.1936 F A 8138 .-_- 8411 Sept'16 -__
-- - -"
Phil* Bait & W 1st g 413_1943 NI N 8618 ___ 94 Aug'17 -- ---- Babes Bay & SOU 1st g 58.1924 J J ------ 102 Jai) '93 ---- ---- - - - --- --80
Sunbury & Lewis 1st g 48_1936 J
---U N J RR & Can gen 46..1944 M S 8438 .__ -67- Dec '17
Pennsylvania Co9618 9858
8
:18
}
Nuois
14 j
7,
,8
1921 J J 9714 9814 ?
Guar 1st gold 414.3
9534 9712
1921 J J 9514
RegIstered
17
Feb
87
-___
763$
S
M
A_19:17
reg
Guar 3i4s coll trust
78.8 ____ 78 July'18
-f6- -iiOuar 3149 coil trust ser B_1941 F A
7478 ____ 3114 July'17
____ -1912 J
Guar 314s trust Ws C
7578 _ _ _ _ 3734 Dee '16
Guar 314s trust etre D.__1941 J
821s July'18
823$ 84
Guar 15-25-year gold 4a 1931 A 0 8312 91
84,
84
40-year guar Is ctfs Ser E_1952 M N 8318 ._ 84 Jiine'18
___ ____
1912 NI N 8013 8734 86 Oct 17
Cln Leb & Nor gu Is g
CIA Mar 1st gu g 414s___1935 M N 8613 __ 9614 May'17
4
-ifii.; -6j3CI P gen gu 4148 ser A.1912 J J 9518 ---- '1834 May'18
104 Dee '15
1942 A 0 8938
Series B
'12
---Int reduced to 3140_1942 A 0 8812 -- 1614 Feb '12---____ ___ _
1948M N 8258 ---- 908 Oct
Series C 3149
---- ---1950 F A 8038 ____ 8818 Feb '17
Series D 310
---- ---Erie & Pitta gu g 314a B 1910 J I 73 ---- 88 Apr '17
73
__
90.8 July 12
19403
Series C
81
81
84 __ 81 Aug '18
Or R & I ex 1st 411 g 4541-1911
t;408
78 '78
5103
SI
1 0
8212
,8
7
M
.
..1913
Is.
gu
1st
Ohio Connect
'17---- -Pitts VA Ash let cons 56_1927 IN NI 9538
9334 Apr
Tol Vit V &0 gu 4148 A 1031 J II 853s 95
---- --1933J 1; 8558 .___ 92 Deo '17 ...........&rim B 414s
---- ---1942 M S 78 ____ 8,18 Sept'17
Series C 4s.
95
955 9112 95
P C C At St L gu 410 A1940,A 0 9318 95
Oct'18
9112 93
1942A 0 9338 100 93
Belles B guar
-..... _-__
99 June'17
1942M N 9358 94
Series C guar
91
88
8
903
Sept'18
N
93
M
8914
_1915
Series 4s guar
9012
87
Series E 3Sis guar 8°1(1_1949 F Al 89's _-- 9018 Sept'18
91
91
8914 93 91 Sept'18
Series F guar 45 gold...1953 .1
1
.
BONDS
- N. Y. STOCK EXCHANGE
Week ending Nov. 22,
[VoL. 107.
Price
Friday
Nov. 22
Week's
Range or
Last Sale
Range
Since
Jan, 1
High No, Lou, High
Ask Low
Bid
PC C & St L (Con.)1957 M N 8914 9612 92 Nov'18 ____ ' 8878 92
Series G 48 guar
1 93 95
95
Series I cons gu 41.4s._.1963 F A 0338..__ 95
CSI LA P 1st cons g 5s-1932 A 0 100 ---- 9312 Oct'18 ..--, 967tt 10012
:.,117
-1:1;
ine)'
7,
.. ....6
-5
1 :i
-1 ii-a_3_4
7.4 Jp
00
19
Peoria 32 Pekin (In 1st 6s g1921 Q F
,___
-- - - --_ 87 Mar'16
NI
2d g1.1 414s
N 89 Sale 89
1
26
95
619
Pere NI crquette 1st. Ser A 58_1
12 4
9'8
72
8
71
0 6
18
212 7
79
74
71
93012
1956
1st Series B Is
-1 45 50 45 Oct 'Li -__ 44 50
97
Philippine Ity 1st 30-yr sf 4s 13
99
Jan'18 _-__ 99
1940 A 0 9334 -___ 99
Pitts Sh A L E 1st g 5s
_1943 J J 90
1st consol g ild 5s
1997 J J 89 -S de 89
Reading Co gen gold 48
1997 J J 851s 8912 8112 June'141....__ 8112 8118
Registerel
2 8114 88
8734I
1951 A 0 87 Sale 87
Jersey Central coll g 4s
1951 J .1
Atlantic City guar 4s g
St Jos & Green Is' 1st g 4s 1947 J J 717 73ji Aug'18 -_-•, (ii- -diSt Louis & San Fran (reorg Co)
6612 91 5512 6718
1950.3 J 6-134 Sale 64
Prior lien Ser A Is
58
2
76
60 8
8 0
75
6
78
8041
1950 J J 8078 Sale 8038
Prior lien Ser B 5s
Corn adjust Ser A 6s____h1955 A 0 74 Sale 74
55
59 44
52
50 Sale 50
h1900 Oct
Income Series A Os
10038 Sept'18 -- 10013 10114
St Louis & San Fran gen 68_1931 J J
13 ____ 91
,
9712
97 N )3
9473 98
General gold 58
j --- ---- 78 May'16 ........1 _ _-_ ---J.1
1j
936
St I.& S RR cons g 4s 199
2
.190 Mity'll __I _66
.3_4 i62
1947 A 0
Southw Div 1st g 5s
8 107414 10134 N ty'18 ____.
K C Ft S & M cons g 69_1928 M N 160-177
92
_
eil8
N
77
74
7512
0
481938,A
g
ref
Ity
NI
Ft
&
S
KC
8515 Art2'13
__ 8518 8518
KC&M 11 & 11 1st gu 58_1929 A 0 87
6 9378 77
7112
7578 74
St I. S W 1st g 4s bon-I cUs.._1989IM N 74 ___5012 57
___
14
57
Nov'
5714
65
J
J
ctts_p1989
bond
Incoine
25 g Is
5
70
7 6
1 52
7341 20
65
8
19321.1 D 6712 Sale 6712
Consol gull 48
1st terminal 32 unifying 58.1952 J J 63 Sale 63
112
8
9
6
---i
.
_
,
,
i
65
_
__
Jan'14
65,
_--D
58.19-17.3
g
Gray's Pt Ter lit go
S A & A Pass 1st gu g 45
19431)
812
50
5 2 .__5_' 100
5412 10
100 Juni8i'11-5
_
19191 J
SP&NPIstskfig5s
7118
1950,A 0 ..'ii 86 67 Jitly'li ____ 67
Seib tan! Air Line g 45
7514 14 6814 7514
1950 A 0 7514 Sale 74
G )1 I its stamped
o1949 F A
Adjustment 5s
7112 19
11
52
6
9:
54
6 5
e 6
18
912 8
52
81117
134 6661
49
1950A 0 6
Rerun ling 48
75
79
75 M tr'13 ____ 73
AM 'Win 30-yr 1st g 49_819331 M S 74
Dal3 -_- '75
21.3 .... 76
7.
.
77
1949 J J .
Caro Cent 1st con g 4s
9914 June'17 __ ____ ---J
Fla Cent & Pen 1st g
Doi•'15
1st lanl grant ext g 5_ 19301 J 03 _._.10l
6.0
21-22 -9
i1.0
9
I
Na,,tiv,.:118
8 _......... -5
1943 I J 9212 ____ 95 j
Cons )1 g 411 5s
Ga & Ala fly 1st con 58._o1945 J J 9034 _ _ 9012
91
Ga Car & No 1st gu g 5s 1929 J J 93 ___ 91 June'll4 ___ 94
9114 June'13 ____ 9114 914
Seaboard & Roan 1st 5.3-1926 J J 95 96
Southern Pacific Co70..82.
4.
79
Sale
79
D
J
.k1949
coil)
Pac
it
e
e
re
(eC
st
l8-118
e
90 Feb'1
-971.
k19.19 J D --- 78
8612 :WI ig12 gi
4 Sale 8514
S 851g1929
20-year cony 48
10534 691 11618 10914
Sale 10278
1931 J D 103
20-year cony 5s
86
85 1 19 '75
Cent Pao 1st ref gu g 4s.._1919 F A 8412 Sale 8413
____ __ ..-8712
Sep.'161
---___
A
F
1949
Registeret
88
5 85
81312
NI irt goar gold 314s_k1929 J D 8612 8634 8612
96
78 N ty'1 i......; '71
Through St L 1st gu 48-1954 A 0 7512 73
__
---100
Oct'18__I
90.2
101
P.1
N
58_19:31
G II & S -1 NI & P 1st
97
9034 .13.1'14 __I 9034 9634
25 exten 54 guar
95 Nmeli __I 95
95
111
1j
34
92
19
Gila VGA N 1st gu g 5.s_1
91
8512
July1 18'
8512 8512
9918
N
Huns E & W T 1st g 58._1933,M
set '16
05 100
---_ --1933 M N 91
1st guar Ss red
9512 10.112 .
--1937 J I 91
H & T C 1st g 5.5 int gu
3 97
v'14 _..___ ---93
-H
Gen gold 45 Int guar..1921 A 0
1093 Niv'15
Waco & N W dly 1st g 68'30 M N
_.9__
93 Nty'li
-ii ii
-i"
A & NT W let git g 58
__ 100,4 Ott 17 _____ _f_ _-- J 0i3_4
13 i
9113
Louisiana West 1st 6s...-119
10458 100 Apr is ____ 100 100
Morgan'a I.a & T 1st 68_1920 J J .
_ 10218 Oct 17
9312 _
No of Cal guar g 5s
.1
7 JA 0
28
Ore & Cat 151- guar g 5s-194
4 _6.. ,0
2'8
7124 sve'phviag :::::,' .:
!_38
96
.3 ..-8 ..6...6-1--i
9
So Pac of Cal-Ou g5s.__1937 NI N 90
9313 Aug '17
-So Pac Coast let gii Is 8..1937 J J 9012 03
2
2 7114 81178 2'
San Fran Term! 1st 48_1950 A 0 7818 ____ 77
94 Nov'18 ____ .
--78 85
Tex & N 0 con gold 58-1913
4
843
8514
117
85
753Sale
8
4
861J
So Par RR 1st ref 4s..,,..19551
9712 40 8678 100
9612 Sale 96
Southern-lit cons g 53..-1991 J
-...
'161991 J J --- - 10312 10014 Aug
Registered.
71
ili
ii
56Develop & gen Is Ser A...1956 A 0 7012 Sale 70
90
82
5
67
10 1 8
....
Mob A Ohio coil tr g 48_1938 NI S
-- 92 July'18Julv7'11182
-7
514 -7
72
Merit Div litt g 414s-5s-1396 J J 9
4
73
18 9
47
678
7653 74
5 8
1)1 1
7
St Louis div 1st g Is.. _1951 J J 72
Ala Gt Sou 1st coal A Ss...1943 J D 93 __ _ 93
J
J
All & Char' L 1st A 4%019-14
93
D
8 ::::
18
8 8
11
14 8
'
44
411 (
82
95
)reit
9
1944 J J 85'895 151-11st 30-years Ser B
70 Oct '18 ___ 70
7014
1948 J J
Atl & Deny let g Is.
75
118 1..31.0
,).-.1i.7.._.
0_ 8
.
-....1 ___ ____
......-.: .8
2d .
1
A 0
48 3
9949
Atl & '(ad 1st g attar 48_1
9912 96 ma'''.
-el- -66E T VA Ar Os Div g 58_1930 J .11 93
9118
2 9114 9713
9418
95 100
1958 M
Cons ist gold 5s
91
99
9218
92!s Noy'181..... 86
E Tenn reorg lien g 56-1938 IN
63
IS.. _. 51
3i
1916 A 0 52 _.... Si
Gs Midland 1st 38
10014 __ 10012 10013
9 100 10012
Gal'aeRylstg6a
J 10013 ___ 100 Oct 'NH... 9814 10114
22i
925 J 3
Ohio 1st g 68_1
Knoxv
9112 95 9112 Oct 18 -I 9112 9.11g
prior lien
68
-.-. 7212 68 Jan '18 ...... (18
J
945 j
M1b
& ljaignepgroloid n g 58-11915
lortg
3 .,4
75
1a.rt),412
.9
9058 !O
.
95
!
.
.
4 .......... 95
0
A
strnpd_1927
deb
5s
Rich & Dan
Rich & Meek lit gu 441_1918 NI N
9813 N )v'IS -_ -ti678 -iiirll
So Car & Ga 1st g 54.__1919 M N 981,1 99
Virginia Mid Ser D 4-53_1921 M 8 9512 ---- 10213 June'll ....
-6i- -fti1926 IN 8 93 kt --- 9.1 Apr i s
Series E. Sti
1926 IN S 9158 ____ 10413 1).., le
SeriesF 54
93 - -iii
1936 M N
General &
8158 8158
3'SNolpyr:1818
91%
112 _9
_8_ 8
97
Vs & So'w'n 1st gu 58_2003 J J 8
5
7018
701s
.
1
14_67 _72
.
70
82
0
A
53_1958
1st cons 50-year
93 8 Mar i .
W 0 & W 1st cy 8)149...A924 F A -- 92
9534 %I ir,
Spokane Internal 1st g 5e...1955 J I _--- 87
-5538 -gi9912 86 Jiliv'18
Term Asa) of St L let g 4 48.1992 A 0 87
90
05
91 N )v'18
1894-1944 F A 8918 95
1st cons gold 5s
8214
61
7512 Oct '13
77
80
Gen refund s g
9912 9513 Jai), 17
3
A 0
31
950
81 1. M Bridge Ter gu g 583
J D -(16"
Texas & Pao 1st gold
5
178 Sopr118
62
9
49
8
2
9
32000 Mar 46
20 gold income 5.5
6.13-4 -8
.
6
4
4.6
_8_3
4siii
-8
1f 93
36 M oY i •
La Div B L 1st g Os
.._ _10613 '4 'ii)
3
F A
31 i
930
W Mln W & N W Istgu 50119
93
Tol A Ohio Cent 1st gu 50_1935 J J 95 -66- 90.2 Oct '18 ___ 90
9213 100 .1.),, . - .....
1935 A 0 87
Western Div 1st g 5a
93 Sept'18Sept'18......1_
, -iii" 93
Oct'18
74
81
General gold Os.
8012 6718
6712 69
78
D
AO
i
5
0
3
99
9
1
48
g
gu
1st
Kan &
3 8918 90
90
1927 J I 90 Silo 891s
25 20-year Ss
52 %qv .7 ....I
50
35
Tel PAW 1st gold 4a
84
6718 ---J ---- 8312 84 Nov'IS -.1 ---J i
73
15
92
19
Tol St L W pr lien g 3148_1
5618
5 45
55
5613 55
A O 53
1950'FA
50-year gold Is
..6
-..
181
8 ...- _-48....1
8 8 NA1u.14
1814 1185
---- 32
Coil trust 4s g Ser A
..91_7
.
Trust co ctfs
depoelt1
...........-661,3
Tor Ham A Buff 1st g 46.../11946
85 Oct 'IS __
95
Ulster A Del 1st cons g U...1928 J D
') SAe.pr17.
58
) 8
717
8
1952 A 0
1st refunding g Is
42 84 - -13i91
1947 J J
Union Pacific let g 48
86
512 Oct.'18 ... 83
o 89
-A_I118 ..18
99
1947 J J 8
Registered_
893 10 8234 8918
1927 J J 8912 Ode 8913
20-year cony 48
87 I 31) 7518 8718
g2008 M S 81312 Site 8814
1st & refunding 41.
138
413
78
05
0 10
3s 18
97
85
10114
10114 Sale 10314
'rem-) sec,ire I 13s July......1923
Ore RR & Nay cons 48_1946 J D 85 S de 85
104
9978
11
10214
101
103
A
10114
68___1922,F
Ore Short 1.Ine 1st g
Oct'18 ....... 9418 9712
06
1946IJ I 95 98
3 8CI78 0012
8618
1929IJ D 8618 Sale 8618
d4
5es
1811crorfuing
431a
'17 --- _ _-Dee
Utah A Nor gold 5a___19261J J 91 . ..98
89
82 89 89 Feb '18 ---- 89
let extended 4s
80 Jan '14 ____ 80 80
5F A
i
.53J
Vandalia cons g 4s Ser A.-191
4 _
,
8018 8018
1957 M N 7913 ---- 8018 lorle
Con iols 4s Series 13
35 ciiii-p•tir
it 'ii 444 1934 .1
&
Vie-a
Dec. 8 Option sale.
* No price Fri-lay; latest bid and asked. a 0515 Jam. 0 Due Feb. • Due June. 11 one July. k Due Aug. 0 Due Oct. p Due Nov. (Due
New York Bond Record-Concluded--Page 4
Nov. 23 1918.]
Price
Friday'
Nov. 22
BONDS
N. Y.STOIC EXCFIANGE
Week ending Nov. 22 .
41
Week's
Range or
Last Sale
2. AI
Range
Since
Jan. 1
High Na Low Moll
Ask Low
Bid
32 8414 9613
96
de 9314
Virginian let be series A_. 1962 M N 9312
9738
S
9614
96
tie
9714 17 90
N
M
1939
Wabash lot gold 50
9 80
8912
8912 8912
4
1
89/
1939 F A 85
2d gold 5a
90 Aug • Is - .., 90 90
1939J J
Debenture series B
96 11)014
1921 M 13 6614 ---- 98 Niv•18
let lien equips fd g 5s
65
____165
11
Sept'
65
1954 J J 96 - -_
let lien 50 yr g term 40
994 Sept'17
Det & Ch Est let g 56-.1941 J .1 874 102
80 Aug '12 -_I
Des Moisten Div let g 4s 1939 J J ....- 77
- 73 75 A,' 'Li--1941A 0
Om Div let g 314e
.76- 8114 Jan '17 -1941,M
Tot & Ch Div let g 4a
76 Oet '17 --Wash Termi let gu 342s....._1945 F A 781
1945 F A 84 ..-... 82 Aug '18 ---- -E- 82
let 40-yr guar Is
7 5718 72
7012
69
6953
4
613
0
A
1952
4s
g
West Maryland let
99
90
9714 ---- 99 Jan 'Is
West N VA Pa 1st g 53-1937 J
70
1943 A 0 ---- 854 60 Aug'18 --- 60
Gen gold 15.
-;
45
---Oct
34
--Nov
'17._..I
p1943
Income 5is
83 I 35 79/4 90
Western Pee let ser A 513_1946 M 8 87 Sale 86
93
Oct'18 --- 90
Wheeling A I. E lot a 5a____1928 A 0 94 96 03
Wheel Div let gold 5s____1928 J J ---- 96 100 Fei• '17 -Exten A impt gold 5s____1930 F A -- 9814 9958 Mar'17
6() Sept•14 ..- 60 60
Refunding I t4e series A__1966 M S 63 72
1919 M S e918 ____ 63 Nov'18 -- 5512 63
RR let eoneol is
734 82
72 Nov'18 --- 6714 72
Winston-Salem S 33 let 45_1960
23 6914 81
81
81
8078
Whi Cent 50-yr let gen 48_1919 J J 78
7712
Sup & Dul div & term 1st 4s 36 M N 70'z.... 76 Mso'13 --- 72
Street Railway
Brooklyn Rapid Tran g 5a__1945 A 0
let refund cony gold 4s___2002 J
1918 J 1
6-year secured notes 5s
Ctrs 3-yr see 7%n sic. op A1921 J
3-yr 7% secured notes_n1921 Bk Cty
cons 54..1014 1941 J
Bk Q Co & S v. tot g 58_1941 M
Bklyn Q Co & 81 let 5e..-1941 2
F A
Bklyn Un El let g
l95011 F A
Stamped guar 1-54
Kings County E let g 4s_19491F A
1949 F A
Stamped guar 4s
Nassau nee goar gold 40 1951 J
1927 F A
Chicago Rye let 5s
Conn Ry A I. let A ref g 44131951 1
1951 J
Stamped spiar 4'4e
Det United let cone g 448_1932 J
Ft Smith Lt & Tr let g 5s.._1936 M 8
Bud & Manhat Si ser A._1957 F A
1957 _Adjust ineorne be
1932 F
N Y & Jersey Isi 5s
Interboro-Metrop coil 446_1956 A 0
Interboro Rap Fran let 5s_ .1966 2
Manhat Ry (N Y) cons g 48.1990 A
1990 A 0
Stamped tax-exenlet
Manila Elec Ity & Lt e f 5s-195.3 M 8
Metropolitan Street RySway & 7th AY let c g 51L1943 J D
Col A 9th Av let gu g 5s 1993 M S
Lex Av & P F last gu g 56_1993 M
Met W El (Chic) let g 4s_ .1938 F A
Ry Lt cons g 5s 1926 F A
5111w
Refunding A esters 4 4s-1931
Minneap St let cons g 5s___1919 2
Montreal Tram let & ref 56.1941 J
Lt ten 4 49 1935 J J
New Onl ity
NY Munielp ay 1st f be A 1966 J 2
19-12 J J
N Y Rya let Ft E & ref 4s
nI942 AO
30-year ad) Inc fis
N Y State Rye let cone 448_1962 MN
Portland Fly Let A ref 5e____1930 MN
Portld fly Lt P let ref 54_1942 FA
Portland Gen Elm let 59_1935 J J
et Jos Ry L HAP let g 5a__1937 MN
• St Paul City Cab cons g 58_1937 J J
1960 J J
Third Ave let ref 44
Ad)income Sc.a1960 A0
1937 J J
Third Ave Ry let g ba
Tr -City Ry & 1.1 lot a f 50_1923 AO
Hndergr of London 4 4s____1933 1
Income 6e1948
las_1926 111 171
United itys Inv 5s
United Rya Sit. let g 4s___1934 J J
St Louis Transit gu 5e..1924 A0
United Rita San Fr e f 45_1927 A0
Un'on Tr (N Yle ertfi dep.
Equ t Tr(N Y) Inter ctfs__ _
Vs ay & Pow let & ref 5a 1934
";
Gas and Electric Light
Atlanta 0 L Co let 5s____1947
Bklyn Un Gas let cone g 58.1945 111
Cincin Gas & Rice IstAref ass 1956 A
1927
Columbia (7 E let 53
Columbus Gas let gold 56_1932 J
Conaol Gas etniv deb fia___1920 Q
Cons Oen El.& P of Balt S-yr 50'21 M
1923 J
Detroit City Gas gold 5a
Detroit Edison Let coil tr 58_1933 J
h1910 M
ser A
let & ref
Eq OLNY let cons g 56-1932 M
Gas & Elec Berg Co e g 5e-1949
Havana Elec content g &L.-1952 F
Hudson Co Gas let g 5e____1949 M
Han City (Mo) Gas let g 541_1022 A
Kings Co El A P g 5e-__1937 A
1997 A
Purchase money 6s
1925 51
Convertible deb its
Ed El Ill 111wlet eon g 46.1939
Lao Gas I. of St L let g bs_e1919 Q
1934 A
Ref and ext let g 5ii
Milwaukee (lee I. let la-1927 l'A
1948 J
Newark Con Gas g .56
NYGE 1, li & P g 5e-1948 2
1949 F
Purchase money 4s
Ed Rice 111 1st cones 58_1995 J
NY&C) El LAP let con g 5(1_1930 F
Pacific)0 A El Co-Cal 0& ECorp unifying A ref 58-1937 M
Pacific 0 & E get! ref 56_1942 J
PILO Pow A la Let A ref 20-yr
5s International Series-1930 F
5s....1949 M
Pat & Passaic 0 &
NOP GM C let cone g 65_1943 A
1947 M
Refunding gold 5.3
Oh0-LA Coke let gu gf3e 1937 J
Con Co of Ch let to g 581934 J
Ind Nat Gan A Oil 30-yr 581936 M
g 5s-1947 M
Mu Fuel Gas 1st
Philadelphia Co cony 5s......1919 F
1922 M
Cony deben gold 53
Stand Gas A El cony a f 611_1926 J
Syracuse Lighting Let g bs_1951
Syracuse Light & Power 58_1954 J
9M
..Trenton 0 A El 1st is 58194
& P let g 50_1932 M
Unlen‘Elee
Refunding & exteeeion 5E1_1933 M
United Fuel Gam lei e f 6s_1936 J
Utah Power A Li let 5s_ _1944 F
Utica Elee LA P Ist g 5s__ _1950
J
s. _
Utica Oita & Ft, ref 51957
I
Weetelse.te,Tie era /
1
7 7978 88
83
85 90 83
--- 7178 65 Sept•18 -- 85 69
-9534 974 96 Sept 18 ___ 9214 9312
---- ----1 9614 Aug '13 -_- 96 97
9578 105 9434 9658
95 Sale' 95
89
---- 92 1 8912 Oct '18-_- 83912
-...... 80 89 \4.i.'12..- ---- ---9912 101 M10'
13
1 -ji- -)17.1-2
88121--8514 8713 81312
2 7813 8614
8641
8634 Sale 8634
'(
70 N w'18!
724
7234 78 July'17..... ........
554 ---65 Nov'18 ---- EEl
78
61
5 8013 88
83
9313 8712 83
877a -- 8713 Nor13 -- 8512 8712
874 - - 8614 Oct '18 -. 85
804
78
4 68 80
76 fi 76
- -84 Jan '14 --125 -487
-aii
67
6214
;-6934
1914 Sale 1914
214 114 1434 25
8473 100
87 Oct 'la-1 87 90
55 Sale 55
58
23 48
5853
Sale 81
81
822 263 774 85
7812 834 8118 Nov 1 i --_-' 7314 8118
82 8212 8053
834
5 74,
8 8412
80 80 July't 8 --- 80
75
80
-8;1;
86 88
80 Oct '18
1 1
-----------95 M st •17 .--....- 85
___
80 Sept'17 --_.
85
---11----_
---- 30 M .r'14
98 --- 10012 June'17
2
81
---July'13
8112
-- -81.1.2 -81,2
9912 ---- 9834 A ag'17
9712 July'17 ___ --- ----- 96
---- 7478 74 Aug'17 ---- ::::-. ::::
-- --- 93 May,
48
Sale 48
5218 --5i "iti- 54
2112 153 1734 2434
1834 Sale 1334
70
6434 Nov'18 ----. 63
6234 65
8812 Nov•16 -99
80
____
67 Aug '18 .-- -El; -ii----- 9012 Feb '17
-----------81 ---- 95 Jill '17._
--_
---_ 10212 Mar12 ---- -__ -58 Sale 56
5314 30 5212 59
35 dale 35
38-2 146 2712 3873
97 104
90 Aug '18 -- 90 95
93 --- 9212 Oct '18 -- 91
96
76 ---- 76 Mar'18 ---- 76
80
62 ----- 56 Aug '18 ---- 56 60
66 69
66 Oct '18- 58
66
52
al July'14- 5012 55,4
--_- 57
50 Jun.017.-25
35
25 May'18 ---- -25-25 2612
25 Sale 2434
6 22
25
25
35
22 Sept IS ...... 22
27
8018 ---- 77 Oct '18 -- 77
80,s
I)
N
0
9314 --_- 103 Sept.'15
944 ---- 91
9118 13 85 "ffg
90
91
90 June'18
9913 90,8
1 75
82 Sale 82
82
82
- 97 Feb '15 ..--105 Sale 105
105
31 99 103
9514 Oct '18... 9112 9514
it 9334 9638
9512
Ely Snie 9512
90 Sept.'18 -- 8978 98
93 --- 914 Oct '18 ---- 9112 92.2
94 Feb '18 -- 94
94
100 Feb '13
id"'fa; 9218 Nov'17
95
9613 Dec '17 ---8814 -. 9078 Dec'16 ---- ---904 -- 90 Dee '17 -100 ---- 97 Aug '18
4
97 -E195 ---- 110 June'17
- 78 Nov'18.... 73
78
99 1110
78-- 99
99
1 9714 99
92 97
91 12 Oct '18 -- 8873 9433
8714 ---- 8412 Oct '18 -- 844 861a
_ 10112 Apr '17
96 97 9618
97 -2 "ie "HI;
764 Sale 7612
7612
5 68
761s
100 ---- 9478 Sept'18
9472 9478
9613 Aug '17 ----_
J
F
N
J
J
D
A
N
0
0
0
J
F
0
N
D
D
A
A
_ _ 94 Nov'18
8712 Sale
- 8712
95348712
14
A
S
0
S
J
J
N
N
A
N
D
13
J
S
N
J
A
I)
- 92 95 Jan '17
103) July'17 -10318
10073 Nov'18 -85 Sale 85
85
2
....-- 9518 96 Sept'17 ---- 100 Apr '17 -89 Mar'17
------- 80 94 July'17 -9613 9812 9914 Not'15
92 Sale 914
92
43
90 Nov'18 -.83 --- _ 9712 Mae'17 -71
7518 70
1
70
9838 Oct '17 ----- 90
9214 Sept'17
10158 Nov'18 -88
98l 92 Aug '18 -90 Sale 8912
90
3
---- 101 June'17
96 +es •17
--- 91
13,5
97 105 M •-•17
*No price Friday;latest bld and asked.
8634 94
20 71332 88
a Due Jaa. 4 Due ADM
2
-E17112 86
78
90
70
92
91
70
_
9114 9712
80
90
BONDS
N Y. SToci, EXCHANGE
Week Ending Nov. 22
Price
Friday
Nov. 22
15.3
"a.
Miscellaneous
1948 iS
Adams Ex coil tr g 4s
1925 iS
Alaska Gold M deb 68 A
1926 iS
Cony deb 138 series B
1920
Am 88 of W Vs 181 5ti
Armour A Co let real eat 44s 39
1926 A
Booth Fisheries deb of 6e
Braden Cop M coil tr a 16s 1931 F
1952 A
Bush ierminal let 4s
1955
Consol 5s
1960 A
Bides fts guar tax ex
Chic C & Conn Ryes 1 56- 11127 A
Chic Uu Stat'u 1.t gu 44a A 19043
Chile Copper 10 yr cony 7s. 1923 iS
Fleets(p trt pat I) cony Si err A
Coll tr & C01117 Si err A__ 1932 A
Computing-Tab-Flees f 65-1941 j
Graraby Cons M S & P con tIe A '2/4 im
1928 m
Stamped
Great Palls Pow 1st at 50-- 1910
Int Nieman Marine a f 68--- 19311A
1943.3
Montana Power lit 58 A
Morris & Co lets f 4 tas____ 193913
Mtge Bond (N Y)1sser 2-- 191931A
1932 .1
10-20-yr Se series3
1951
N Y Dock 50-yr 1st g
Niagara Falls Power let ba 1932
a 1932
Ref & gen 6a
Mae Lock A 0 Pow let 5s.. 1954
Nor States Power 25 yr 50 A 1911 A
Ontario Power N F let 5e-__ 1943
__ 1915 pd
Ontario Transrulmsion
j
&...Pan-Am •et&I'rlst cons/63'19-'27
Pub Serv Corp N J gee 54.- 1 15,11A
Tennessee Cop let cony 68_1925'M
Wrists Water Power 1st 5s..193913
Wilson & Co let 25-yr 81 68_1941 A
Manufacturing & Industrial
1928 1 A
Am Ag Chem 1st c 58
1921 F
Cony deben 56
Am Cot Oil debenture 5.1._ _1431 m
Am Hide A L let at g 613__1919 m
Ain Sm & Et 1st 30-yr 5e ser A d'471._
Am Thread let coil tr 4s_.1919
1944 A
Am robacco 40 year g Os
1951
Gold 4e
Am Writ Paper lets I 5a___191.4
Baldvr Loco Works let 58_1940 m
Cent Foundry let s 1 6a____1931 F
Cent Leather 20-year g 58_1925 A
Consul Tobacco g 4s
1951 F
Corn Prod itef s 1 g 511
19311W
1934/4
let 25-year a 1 Se
Distil Sea Cor nowt let g 5s_ 1927-A
E I du Pout Powder 4
_1934 I
General Baking tat 22.3r
48_65_19'6 J
Gen Electric deb g 331EL
1942 F
1952 M
Debenture Its
1935
Ingersoll-Rand let be
Int Agricul Corp 1st 20-yr 56 1932 M
Int Paper cony s 1 g Si,
1935
let & ref a f cony 51 ser A1947 _
Liggett & Myers Tobac 73_1914 AOs
1951 F
1944 A
Lorsilard Co (P) 78
5e
1351 F
Mexican Petrol Ltd con Os A 1921 A
let lien A ref 6s series C..1921 A
Nat Ream & Stpg let 53-.1929 1
Nat Starch 20-yr deb 5a
1930 .1
1952 M
National Tube let bs
N Y Mr Brake let cony 68_192s M
Pierce 0.1 5-year cony 6s.41920
10-year cony deb 13s......_h1924
Sinclair 011 A Refining1st a f 7s 1920 warrants attach
do without warrants attach
1930 M
Standard Milling Ian 5a
The Texas Co cony deb 68_1931
Union Bag & Paper 1st 53_1930 J
Stamped
1930 J
Union 011 Co of Cal 1st 53..1931 J
U 8 Realty & 1 cony deb it 5s 1921 3
•U 8 Rubber 10-yr col tr 65_1918 J
1947 J
lat & ref 58 series A
U 8 Smelt Ref & M cony 63_1926
V-Car Chem let 15-yr 54
1923 J
Cony deb es
el4124 A
West Electric let 5a Dec....1922J
Coal, iron & Steel
Beth Steel let ext a f 50
1926
19421W
lat & ref 5a guar A
20-yr p m & imp f 58_1938 J
Buff & Suse Iron a f 5s.--.1932
01926 M
Debenture 5.
Cahabu C M Co let gu 66_1922 J
1943F
Col 8' & I Co gen s f 5s
Col Indus let & coil bs gu 1'234 F
Cons Coal of Md Iststref 5a 1950 J
Elk Horn Coal cony 6s___ 1925 .1
Or RI, Coal A C let g 69...h1919 A
III Steel deb 44s
1940 A
1952 M
Indiana Steel 1st 5a
Jeff & Clear CA 12d 5e___1926 J
1923 A
Lackaw Steel let g 5s
1950 M
let cons be series A
Midvale Steel A 0cony s f 501936 M
Pleasant Val Coal let a f bs-1W28 J
recall Con Collier let a f 5e.1957 J
Repub I & 8 10-30-yr Sea 1_1940 A
St L Rock Mt & P 5estmpd.1955 J
Tenn Coal I & RR gee 56_1951 J
U 13 Steel Corp-lcoup___d19113 M
a f 10-60-yr Ess reg -___d1963 M
Utah Fuel let sf58
1931 M
Victor Fuel lets f Sc
1953 J
Va Iron Coal A Coke let g be 1949 M
Telegraph & Telephone
Am Telep & Tel coil tr 4a...1929
1936
Convertible 4s
20-yr convertible 4 4a____193.3
1946
30-yr temp coil tr 5s
Sub reels full isi corn 86 1925
Cent Dist Tel let 30-yr 59_1943
Commercial Cable let g 4s 2397
2397
Registered
1937
Cumb T & T let & gen be
Keystone Telephone let 58_1935
Mich State Teleph let 58_1924
N V & NJ Telephone 5a g_ _1920
N Y Telep let A gee if 445.1939
1937
Pacific Tel & Tel lat 5.3
South Bell Tel A T 1st at 513.1941
West Union coll tr cur 5e _1938 J
and real est g 44s ____1950 M
Mut Ull Tel gu ext tie ____1941,al
Northwest Tel gu 449 g -1934 J
1997
Bid
64
33
3914
13
A
0
0
A
A
0
Week's
Range Or
Last Sale
4 II
2
s II
Range
Since
Jan.!
High No., Low
.4 sk'Low
' 60
75 1 63 Oct '18
3558 11 18
Site 33
6 18
3212
:35 1 32
High
6634
39
36
8712133 8112 89
87
90
' 90
90 Feb '18
96 I 10 8978 96
96
83
79
8218 Nov'18
5 , 7518 86
8553
8558
85
1 74
85
85 I
58 Mai'18
58
58
8334 Bile 8834
904 45 85
91
112 1124 11212 113 1 10 10238 11812
13 Je 8614
87
874 110 '73- 8912
8712
Bile 87
87
872 14 77
82 Bile 82
82
1 78113 85
100 10712 100 Nav'18 --_ 91 100
103 102
97 Sent 18 ---- 91
97
9314 96 I 93 Sept'18 ---- 9012 94
9)12 Sale 93's
1027s 531 90 10434
92 Bale 9112
92
42 8512 9214
81
81
8778 81 Nov 18 -_ '75
83 Apr '14 -__
_ - 94 June'16
67
87 Sepe18 _-__ 65
63 70
1 9012 9813
96 I
9112 96
91
9913
99 100 2 99 Nov'14 ____
_
--__ 9314 894 Gel '17
3
99- -9119)1s ---- 9112 NwIS ____ -83
8613 ---- 8634 vet '188518 8712
84 Jun .17
....-- 95
103 I 92 105 1194
--- 103
2 Bale 8312
83183'2 15 7312 86
05
91
9413 Nov'13 ---11 88
9511
(034 9034
4 95 I 904 Aug '18 __
/
901
9312 9814
98
9918 22 9078 100
87
Sale
---96 9112
80 82 8
83
85 8
8112 8514
I
2 9213 1004
9712
0 9712 Sale 9712
37 904 106
102
A 102 Sae 1)2
8512 8912 89
897s
2 80
89
100
5 9814 101
S, 100 S de 100
9234 Sale 1124
93
411 8478 9534
994
1 9678 994
31 9914 ..-. 994
117 --__ 117 N3y'13 ----I 117 11713
744
A' 7518 80 i 7114 Oct '18 ---11 71
85 Sale 8412
90
36' 79
88
3 9778 10124
99341
214
99
84 1 8
11 100
74:
99
82 I
5 80 844
A
96 87.1e 96
93
-,,.
8714
41---8
r'8118
A ....- 8012 81 Maii
ttai 100 1 9953 Sept'l8
9714 997
;
9913 -__ _1 9912
994
9912 10 95
8812 Sale 8812
881s
8812 84 75
75
100 104 Mey'17
13
80
13 82 _-_- 80 Nov'18 ---- 75
1 6614 74
73 I
A 634 73 I 73
10113 102 10013 Nov'18
9134 1004
96 Nov'18..... 96
96
76 Sale 75
12 6813 7712
76
95 I 1)4 Oct '18
934 99
J 94
I
91%
2 Bile fir
1711iiii4 Zi lU73 117
95
2 88
92 I
A 9114 Sale 9114
107 115
1104 112 112 Nov'13
92
17 8312 93
A 9114 9112 9133
106 175 165 NorlS --- 10534 18112
130 175 175 Oct '18 -- 106 151
95
98
13 90 9512 98 May'18
9312 _
94 Aug 'Is
9114 9214
---- 51514 944 Nov'18 --__ 93 9712
5 97 100
99 100 9834
934
100 8de 100
1002 51 9534 10112
8918 Sale 8878
8912 104, 83 9012
1
1
99 Sale' 99
9912 129 86
9912
9518 Site 95
9514 15 8414 951
4
/
9314
9612 98 June'18 _ 84
90
10014 SLAW 100
10078 55 9612 1014
89
9078 88 Oct '18 ----I 8678 88
87
94
8.1 Aug '18
83 83
93 94 I 90 Oct '18 ___' 90
90
6334 6'378 6512
4 45 68
6734
9 17s 10018 100 Nov'18 --__ 100 101
8512 Sale 8514
8714 178 76
:
881
9912 11 9218 9934
A 9912 100 I 9912
_- 96 Nov'18 .--- 90
9714
10014 10 9414 10034
0 100 10012 130
9478 98
9713 9734 97 Nov'18
j
N
j
D
8
O
A
O
D
o
°
N
D
O
8
$
I
J
O
1
j
N
N
J
91
95
99
95141 12 92
90 8978
9312
9012
9 86
Sale 8,512
8612 44 7813 874
90 May'18 ---- 90 90
96
9112 8614 July'18'---- 85 864
___ 1 )1 Dec '14
_
gf 91i 86 Nov'18 ---- -83-8676
7 73 76
7512 Bale 7512
9014 95 2 87 Aug'18 ---- 83 96
95 ___ 95 Aug '18 ---- 95 . 96
94
........94 Feb '18 --94
8f31
sa
7
86
6
812
81 : 97
4 92
9638
9 4 Sale 964
95's
94I Sale 9112
9412 49 9414 -9612
86 8de 86
8712 16 86 964
894 Sale 8918
91
11 8012 92
76a ._..I............
8712 9012 8638 Oct '18 ---- 854 bus
95
9518
5 9214 931
1•514 96
4
/
3 9
80
912
612 81 Nov'18
80
-I 80 81
96 Nov'18
9212 9712
9934 Sale
100
226 06 100,
4
88 Nov'18..96 99%
9
87
- 70 80 Dec'16
8512 8912 86 Etept•18 -8386
944
89
8512
90
88
7772 88
.I 86 Sal) 86
8712
8 ---- 90 86 Nov'18 __!.V.1 81114 86 9058 11 82 921a
904 92 I 9034
9714
95'2 130 86
I) 9412 9434 9113
19.334, 614 9334 105
D 102 Sale 102
1-- 984 9912
1 98
9812 9914 Mao'1,
1
81
73 /a... •17
8 6811
J .........(3534 Jan'18----- j1512 85 95
J 9318 9(112 934
951
98 Apr '18 --A _-_- 96
401
91
1851 " N 90 .._.91
N 95 100 I 97 Aug '18'____ 97 98
92
9134' 52 84
N 9112 Sale 91
9612
96'21 32 87
J 9612 Bile 9612
97
1 86
97 I
9542 97
J 93
9012 Oct '18-.... 8713 934
J
9358
92 I
5 80 9212
N 91
Sale 91
0112 Sept•171 ____
N
J .........94 Nov•16
Due May. g Due June. h Due July. k Due Aug. s Due Oet. p Due Nov.(Due Dec. a Option sale.
1998
BOSTON STOCK EXCHANGE-Stock Recordse.=D:age
SHARE PRICES-NOT PER CENTUAl PRICES.
Saturday
Nov. 16.
Monday
Nov. 18. I
Tuesday , Wednesday
Nov. 19. ' Nov. 20.
Thursday
Nov. 21
Friday
Nov. 22
Salesfor
the
Week
Shares
Range Since Jan. 1.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest,
[VOL. 107.
Range for Presfeiu
Year 1917
Lowest
Railroads
21 Boston & Albany
100 1224 Apr17 146 Nov22 120 Dec
145 145
*145 147 *145 149 *145 149 *14512 149 *148 147
27 Dec
100 37 Jan 2 80 Nov12
1,255 Boston Elevated
754 754 7518 76
76
75
76
76
7512 76 I 7514 76
7013 Dec
100 80 Julyll 104 Nov20
90 Boston & Lowell
102 102
*10012 102 *100 103
101 103 1 102 104 *102 105
15 Dec
100 19 Jan23 40 Sept 9
443 Boston & Maine
3312 35
3312 3312 3312 3312 3234 3313 3234 3314 331g 3312
Boston & Providence
*168
100 150 Apr15 170 Aug 9 150 Dec
Last Sale 169 Nov'18
*168 ____ *163 ___ *163 ___
3 June 5
2 Jan26
2 July
Boston Suburban Eleo__no par
Last Sale 3
June'18
3
Do pref
Last Sale 1.112 July'18
.14
9 June
no par 1014 Mar I 15 Jttne17
30
*14
30
30
*14
30 I .14
Sale 413 Nov'16
Boston & Wore Eleo_ no par
Last S
no par 25 JulyI9 3014 Nov19
20 Do pref
30 Aug
;56- -iE- wiii- -ii- 3014 304 _-__ -3-5-1-4 *-- 304 30 30
1
ap7
r31103 148 Nov
Chic Juno fly de U S Y--100 138 July 2 138
4712
5 vi% :
Last Sale 138 Sept'18
138 *____ 138 *__ 138 *__ 138
Do pref
8312 Dec
.90 100 .85 100 .85 100 1 *85 100
Last Sale
Nov'18
100 8212 Apr18
*105 120
100 104 Feb19 125 Nov18 10213 Nov
120 125
125 125 .120 125 *120 130 ---------73 Connecticut River
100 53 Jan22 65 Jan 3
44 Dec
6312 6413 6413 6412
188 Fitchburg pref
.61
62
61
6112 6112 6212 6234 63
Georgia fly & Elea stampd 100 106 Sept19 11614 Jan 9 116 Dec
Last Sale 109 Oct'18
.106 ____ *106 __ .106
Do pref
*10683 June
*70
74
Last Sale 7C114 Oct'18
--- *70
*70 -74 74
*70
100 70 Oct 3 81 Feb25
74
100 774 Junel8 88 Nov19
11 Maine Central
78 Dec
*8712 ___ _-_- -88
*8712 90
87
*87 ---- 87
83
212 212
134 Sept 6
*212 272
2
214
*213 278 •213 3
1 Dec
350 Vla,ss Electric Cos
100
-ii- -1-3- 13 13 13 13 1214 124 12 12 12 1218 1,479 Do pref stamped
812 Jan22
100
6 Dec
3834 3934 3813 39
855 N Y N 11 & Hartford
3313 3734 3838 3738 33
100 27 Feb25 46 May29
38
2134 Sept
3313 39
.94
95
94
94
92
121 Northern New Hampshire_100 84 Oct 7 95 Nov14
92
94
92
*90
94
*90
95
9013 Oct
*110 _-_- 112 112 *112 ____ *112 114 .112 114_-_- _--1101(1 Colony
100 £8813June14 112 Nov13
85 Dec
*2214 24 .2258 24
*22
2214 2212
24
*2214 24
100 20 Jan 2 25 Jan 8
48 Rutland, pref
1613 Dec
*95 100
*95 101 .95 100 .95 103
Last Sale 95---No-v
Vermont & Massachusetts_100 80 Aug 6 90 Oct 4
'
- it-3
83 Dee
4912 4912 *4712 4912 4912 4912 49
4912 494 491
4 491
24 West End Street
50 37 Feb20 50 July 5
34 Dec
*57
60
59
59
Do prof
53
59
*57
59
60 - --------2550
59
47 Jan16 62 Apr 1 z45 Dec
Miscellaneous
10234 10234 10112 10178 101 101
100. 101
291 Amer Agrloul Chemical
10078 101
0
18
6
5:23:y
0coatv1
:05
8
100 101
100 7813 Jan 2 1.15
73 Dec
9712 9812 97
213 Do prof
98
98
98
100 8858 Jan 2
934 974 9712 97
9613 9734
88 Dec
.40 July 1
•.85
213 Mar 2
1
Last Sale .85 Nov'18
Amer Pneumatic Service_ 25
*.80
*.80
1
1
*.35
1
1 Dec
4
1558
Mar
4
Sale
5
Do prof
Last
Sept30
Nov'18
71a Dec
514
50
512 *5
54 *5
512 *5
*5
112 11213 111 11134 *11114 112
216 Amer Sugar Refining
100 99 Jan 2
90 Nov
11113 1114 11014' 11212 11014 11112
al,
*113 114
11212 113l460
113 113 i 113 113
113 114 *112 114
Do pref
100 107 June 4 114 Nov14 105 Dec
106 10634 10134 10.578' 105 10578 10113 1064 10114 10173 103 10114 1,915 Amer Telep & Teleg
96 Dec
100 9014 Aug 5 10918 Oct 9
*50
51
20 American Woolen of Mass.100 454 Jan 8 6058 May24
51
*50
*5012 5114 5114 5114 *50
51
384 Nov
494 4958 .
954 96
9514 93
233 Do pref
9412 95
9512 95
9513 9512 95
100 90 Jan 3 9634 Mar12 £8714 Deo
95
*
- 90
88
88 *_ 8912 *8512 89
60 Dec
85
85
151 Amoskem Manufacturing__ 604 Jan 2 92 Nov 8
851
'
-o 'i5
76 Jan 7 82 June 5
---- -81
81
.80
*79
81
81
110 Do pref
80
75 Dee
80
15 -1i
- - 17
17
815 Art aletal Construe Inc___ 10 11 Feb21 18 July 8
1712 *1512 17
18
18
1713 ii -ii6 Dec
+107 110 *10313 110 *103 109 *10813 110
Last Sale 11018Nov'18
All Gulf & WI85 Llnes_100 98 Jan15 12014 Feb16
88 Sept
.66
67
66
66
17
67
7;2
4s
lov
67
y20
1
65 Do pref
100 5812 Jan17 6
67
5512 Feb
6714 *67 ---- *---- 67
2234 23
23
2458 26
2414 2434 2334 2414 6,455 Booth Fisheries
2313 2313 26
no par 21 Jan25 284 Sept 5
1358 1334 1358 11
1378 1414, z1312 134 1313 1358 1312 1358 1,601 Century Steel of Amer Inc.. 10 1014 May18 1413 Aug19
1334 134 *1314 134 1314 134; *1314 1334 1314 1312 _-_- _-_200 Cuban Port Cement
10 12 Jan29
9 Doe
5
5
.5
513'
4 Jan31
185 East Boston Land
5
512 *5
5
*5
512
478 5
534 May15
34 Dec
10
180 180
182 182
227 Edison Electric Ilium..._.100 134 June21 186 Nov21 13318 Dec
186 186
185 186
135 185 I 185 185
62
6414 6218 6314 62
4,373 Fairbanks Co.
6113 62
6312 6214 6314 6214 63
25 2712 June27
--_- _--- 15313 1534 *152 153 *15013 15112 151 151
57
13
144 II
NL
v19
123 General Electric
152 152
6 11834 Dec
100 128 Jan16 16
31
3114 31
3218 31
50 27 Aug29 35 Aug30
3238 314 3212 314 3178 31313 3114 7,014 Go-ton-Pew Fisheries
412 Oct 10
515 Internat Port Cement-- 10
4 Dec
7
7
613 7
--_- -7
7
1
7
7
7
22
712°
Neotv2
22
13
4
*22 ___ *2212 ____
Do prof
22
22
22
•193
22
10 Dec
50 12 Apr23 22
Mar18
318 Aug23
280 Island Oil& Trans Corp- 10
312 312 -312 --312
3511 352
34 353
312 334
*313 334
*92__ 93
__ .92 ___ 93
93
26 McElwain(W 11) 1st pref-100 88 Sept30 93 Nov13
93
924 Dec
+92
89 -89
71 Dec
155 Massachusetts Gas Cos.......100 27714 Jan15 9114 Nov13
-1-3/ *lig89.
88
8813 89
88
87
89 -89
6818 6818 6814 6314 6813 6812 *6812 70
95 Do pref
63 Dec
6813 69
69
100 62 Junel7 71 Nov 4
69
145 145 *140 14478 14434 14434 *142 14412 142 14224Mergenthaler Linotype
100 107 Junell 147 Nov14 110 Dec
*8812 ___. *8312 _-_- *8813 _--_ *884 -_Last Sale 90 Nov'18New Eng Cotton Yarn
35 Jan
100 88 Jan15 95 Oct29
Last Site 9213 Aug'17
60 Jan
Do pref
100
.98
99 '.
--8212 July30 1001-2 Oct 10
-. -6.
-ili- -ii- 9512 97
6.- 98
98
95
123 New England Telephone..1096
93 Dec
.60
64 .60 65
*60
Last S218 60
61
*60
Nova Scotia Steel & C____100 56 July 5 69 Jan 2 £59 Nov
63
Oat'18
*12834 130 *12
1.2934 .12813 12934 *_-__ 130
128 129
15 Pullman Company
_-_- __...100 102 Jan 7 130 Nov13 107 Dec
*__
4834 ---- ---43 48
*46
4712 .46
4713 --------109 Punta Allegro Sugar
29 Dec
50 29 Jan 3 50 Oct 26
1212 13
*1214 -13 - 13
13
13
13
12
13
13
13
201 Reece Button-Hole
Jan29
10 11
10 Dec
3514 364 3613 3838 384 3912 3834 4113 3912 4114 394 4014 16,801 Stewart Mfg Corpn
27 Oct 23
Nov20
128 131
12412 12812 127 129
12614 128
127 12314 1244 12714 4,739 Swift & Co
31ji Muce 16
100 102 Aug30 16
°
7 116 Nov
5112 52 .52 ____ *52
+52 ___ *52
30 Torrington
40 Nov
25 45 Jan29 524 Aug 7
145 14512 144 141
14312 1-4-4-3142 143
4 143 144
143- 145 Nov12 £105 Dec
503 United Fruit
100 11513 Jan17 14813 m
4412 45
444 4113 4458 45
1,490 United Shoe Mach Corp_ 25 3813 July 9 4813
4418 4434 444 444 44
45
3713 Dec
*26
2612 26
2618 *26
2618 2614 26
264 26
26
26
330 Do pref
25 Oct
25 2434 Aug 0
100 10113 99 10014 10014 10134 994 10178 10078 1024 9934 10178 4,537 U 8 Steel Corporation--100 87 Mar25 12
18
6:3
2M
AL
Y2
28
7953 Dec
•11112 112
11114 11114 11112 11112 112 112 *11012 111
___- ___35 Do prof
100 108 Ma:15 113 Oct 22 10354 Dec
84 834
5 Jan 2
9 Nov 8
8
853 812
818 1,910 Ventura Consol 011 Fields- 5
84 84
84 84
4/
1
4 Dec
814 853
Mining
•
•.70 .99 ..75 .99 ..70 .90 ..75
Last Sale 1
1
Nov'18
Adventure Con
134 Jan25
12June27
Oct
2'
1
71
*79
80
79
June13 86 Nov12
79
81
81
79
81 .79
80
78
7812 •
197 Ahmeek
25
70 Dec
*4
138 Apr25
4
4
4
4
4
538 Nov 6'
378 4
414
4
378 34
535 Alaska Gold
10
1 Dec
O.30 .40 *.25 .50 *.30 .55 ..30 .50 4..30 .50
.15 Julyll
.45 May13
300 kigotnab Mining
.30 .30
25
14 Sept
.
48
49 I *48
48
48
49
*48
48
49
49
48
49
30 &Boum'
45 Dec
25 £47 June14 51 Feb27
1314 1378 *1358 1434 1378 1378 1338 134
125 Amer Zino, Lead & Smelt_ 25 124 Mar23 2114 July 3
1334 13341 .1334 ____
11 Dec
Last Sale 50
.46 __ -.
Do pref
Oct'18
25 41 Jan 2 54 July 6
40 Nov
1414 144 134 1458 1,660 Arizona Commercial
818 Nov
-ii78 ii- •'113 15
5 11 Jan 5 1614 Aug24
..35 .60 *.35 .50 ..35 .50 ..35 .50 *.45 .50
.20 Oct 21
.48 Nov22
00 Butte-Balaklava Copper._ 10
.25 Dec
.48.
*22
2312 *22
2218 *22
2312 22
2313 *21
-__
125 Butte & Sup Cop (Ltd)_.... 10 17 Mar25 33 May14
1258 Dec
2212 --- ----68
68 I 68
684 6834 68
69
6814 69
6814 68
68
503 Calumet & Arizona
55 Dec
10 624 Jan15 7313 May16
.457 465
460 460 .460 470
460 460
450 455
455 460
63 Calumet & Ueda
25 427 Feb28 465 May27 411 Dec
*1212 134 .1212 1313 1313 134 *1212 1313 *1212 1312 13
13
45 Centennial
11 Dec
25 1014Juna7 1413 Feb19
49
49
48
4113g 4678
4914 z47
49
4812 47
885 Copper Range Co
494 49
3914 Dec
25 4358 Mar25 5113 Nov12
.278 3
113 Apr10
*278 3
3 Sept30
.24 3
100 Daly-West
3
*278 3
3
.278 3
113 Apr
20
5
518
5
5
64 Mar 8
478 Nov12
518
314 Nov
5
518 1,310 Davis-Daly Copper
5
10
54 54
54 54
1138 114 1114 114 ' 114 1114 11
Mar25 12 Nav12
1114 11
1,360 East Butte Copper Min
1114 1012 11
814 Dec
10
3
5
5
458 434
June2I
410 Franklin
438 433
6 Feb1.8
25
412 44
4 Dec
453 458 *413 434
*80
83
82
81
*80
*80
83 .80
290 Granby Consolidated
7934 794 7934 7934
66 Dec
100 734Juno14 84 Oct 24
*5213 53
*5212 5312 *5134 5212 *5012 5112
Last Sate 434 Nov'18
Greene Cananea
100 39 Jan17 5734 Nov 7
35 Nov
*7
8
518.1une21 104 Jan 2
.7
8
758 753 *7
8
25 Hancock Consolidated..... 25
.7
8
8
*7
7 Dec
+.60 .80 ..60 .90 '
.40 July23
1
.80 .80
0.60 .90 ..60 .95 ..60 .90
Jan 3
100 Indiana Mining
25
54 Dec
*50
5134 5012 51
51
51
*50
4913 50
51
51
.50
155 Island Creek Coal
1 4913 Nov22 70 May15
52 Nov
814 82
*82
83
83
*82
83
83
83
53 Do prat
814 8173 *82
1 7913 Oct 1 84 Feb18
80 Nov
*26
27
*2613 27
2612 2612 2614 27
325 Isle Royale Copper
2614 2614 2613 27
20 Dee
25 1913 Jan14 29 July 3
5 Jan 2
*54 6
5% 5% *534 6
.534 6
50 Kerr Lake
612 Oct 13
57s 57s
5
5% 5%
44 Apr
1
1 *_
.80 &anti
1
145 Keweenaw Copper
1
1
1
1
4 114
*11
25
154 May15
114 June
*578 6
*54 6
578 578 *513 578 'i 8
5 Mar25
50 Lake Copper Co
578 578
834 May14
25
5 Oct
*234 3
234 3
2 Jan 2
*213 3
24 234 *212 234
3
3
115 La Salle Copper
314 Mar 5
25
14 Dec
Last Sale 414 Oct'18
*334 44 .34 44 *334 44 *334 414
Mason Valley Mine
5
6 Feb1.3
34 Sopt20
418 Nov
*434 5
*434 5
5
5
*434 5
434 434
5
334 SeptI7
310 Mass Consul
5
7 Jan 2
25
5 Nov
3
334
314 1,440 Mayflower-Old Colony___ 25 .65 Mar26
318 353
314
3
34
412 Nov 4
3
3'Xs
3
3
1 Nov
4.334
412
4
4
.40 June28
313 34 *34 34
414 Oct 29
25
234 24
334 334
155 Michigan
138 Aug
.
57
58
57
5712 57
57
57
57
57
57
56
5614
211 Molawak
25 z5313 Oct 11 6613 May16
57 Dec
•1913 20
20
20
20
204 204 20
*1814 1914 *18
29 Nevada Consolidated
5 1813 Jan30 2013 May14
16 Nov
1834
.2
214
2
2
2
2
114 Aug29
*2
24 .2
218
2
2
1,255 New Arcadian Copper
213 July 1
25
113 Dec
13
+10
13 .10
12
10
10
*10
12
*10
1012
100 New Idria Quicksilver
5 10 Nov20 1714 Mar 7
10 Nov
*12
15
*12
15
*12
Last Sale 12 Aug'18
15
*12
15
100 12 Aug29 20 Jan 2
22 Jan
New River Company
*66
70
*66
Last Sale 66 Nov'18
70
*66
70 .66
70
Do prof
100 65 Aug29 80 Jan31
65 Dec
858 858
834 834 *858 834
812 834
853 853
84 834
300 NipIssing Mince
978 April
5 8*X. Janll
654 July
*13
1313 13
1338 1318 1314 1314 1334 13
13
13
15 13 Nov15 1738 May16
1314 1,092 North Butte
1154 Oct
..50 ..75 *.50 .90 ..50 .90 ..60 .90 .75 .75
.25 Feb14
*.50 .90
100 North Lake25
,95 Mar19
.30 Nov
-.Last Sate 14 Nov'18
14 *1
113 *1
*1
114
14 .1
011bway Mining
25
112 Mar30
.98 Dec
12 June21
*41
4113 40
4012 41
40
41
41
41
41
.394 40
177 Old Dominion Co
33 Nov
25 39 May28 454 Jan 3
*56
58
*5614 59
57
57
*56
59
25 4612Jiinell 65 Jan 9
*56
59
85 Osceola
5613 5613
534 Dec
.1514 16
1513 1513 1533 1538 *15
16 .15
35 Pond Creek Coal
16
16
*15
10 1538 Nov 8 204 Feb20
10 Nov
.
67
69
68
68
68
68
*63
60 Nov
70
25 65 Sept30 78 May15
68
68
*68
70
36 Quincy
*2358 2414 *2314 24
2334 2334 *23
*2214 2310Ray Consolidated Copper_ 10 2134 Mar22 2534 May23
24
20 Nov
.
46
47
*46
47
*46
47
45
47
48
48
-ia" -46.1-3 176 St Mary's Mineral Land._ 25 46 Oct 4 57 Jan 2 48 Dec
*.45 .60
.51 .51
.50 .50
.40 Nov21
650 Santa Fe Gold & Copper
.50 .50
114 Fob21
.40 .45 *.40 .50
.58 Dec
10
334 334
313 334
312 358 _--- ......358 334
*334 4
534 Jan 2
360 Shannon
II
3 AprIO
515 Oct
*114 134
138 138 .113 2
150 South Lake
*112 2
113 112
.89 Dec
2 Jan 3
25
13 Sept30
..11 .13 *.11 .13
.13 .13 *.12 .13 *.12 .13 -;.-1-2 -:ii
.11 Jan23
200 South Utah M & S
.20 Jan 8
5
.10 Dec
7
7
*74 8
8
812
8
878
8
4 Feb19
503 Superior
8
8
8
25
878 Nov20
314 Dec
37s 34
378 4
313 334
313 313
338 313 2,265 Superior & Boston Copper_ 10
312 312
358 Dec
434 Sopt27
114 Aug13
312 352
3t2 312
312 312
314 314
314 3i4
314 34
213 Sept23
960 Trinity
413 Feb13
25
3 Nov
..90
1
'
0.90
1
.90 .95 *.85 .95
.82 .88
.75 Nov22 1% Aug20
.75 .84 7,610 Tuolumne Copper
1 May
.49
494 4812 49
48
4812 *4734 4813 48
48
Apr13 50120ct 18
46
48
730,U 8 Smelt Refill & Min
404 Dec
50 36
47
47
47
47
4513 474 4613 47
1821 Do pref
46
48
4614 4614
4313 Nov
50 42 July24 4712 Nov 8
31/(4 313
338 418
3% 4
314 378
312 358
114 May31
338 358 27,845 Utah-Apex Mining
418 Nov18
5
178 Mar
945 Utah Consolidated
834 June25 12 Jan 16
94 914
9
91g 912
9
834 94
912 913
9
5
9
94 Dee
2
2
2
2
2;(4 24
24 213
1
214 212
153 June 5 31
4 Apr 8
218 Dec
24 2(4 11,030 Utah Metal & Tunnel
*234 314 *212 3
*2
3
238 258
212 234 *24 234
218 Aug26
470 Victoria
3 Jan 3
25
2 Oct
.75
1
.75 .99
.75
1
.75 .85
.50 .85
.75 .95 2,454 Winona
2 Oct
2 Jan 3
25
12 Nov21
*2112 22
22
22
22
22
22
22 .2113 22
400 Wolverine
214 2113
25 21 Oet 19 36 Jan 3
31 Dec
+.60 .75 ..60 .75I_..60 .75 *.60 .75
.40 May19 1;4 Mar 7
25
IWyandott
.15 Aug
_ Last Rile 112 Sept'18'
*Bid and asked prices. a Es-dividend and rights. a Assessment paid. S Es-stock dividend. h Ex-rights. g Ex-dividend
to Half-paid.
"ii" lil -1-5- YE"
1
Highest
175 Jan
79 Jan
133 Mar
45 Mar
213 Jan
3 July
30 July
38 -Feb
150 Jan
108 Jan
140 Mar
784 Mar
133 Jan
924 Jan
10018 Mar
638 June
3114 July
5254 Jan
105 Apr
135 Jan
8415 Feb
110 Jan
5612 Mar
74 Jan
9454 May
1034 Jan
238 Jan
14 Mar
12614 June
12112 Jan
12814 Jan
58 June
10014 June
75 July
9712 Jan
1434 Dec
12113 Jan
66 Jan
204 June
Jan
10
226 Jan
17014 Jan
1813 Jan
3312 Jan
102 Jan
1004 Mar
81 Mar
169 Jan
95 Mar
924 Aug
12413 Mar
112 Jan
166l4 Jan
46 Jan
16 Mar
1627$ Apr
68 June
15515 Jan
58/
1
4 Jan
3012 Mar
135 May
Jan
121
875 Jan
414 Jan
108 Jan
1118 Jan
114 Jan
70 Mar
4114 Jan
73 Jan
1514 June
214 Jan
52 Jan
8514 Jan
590 Feb
2714 Jan
68 Jan
3 Jan
7/
1
4 Jan
16 Jan
9 Mar
92 Jan
4613 Jan
2013 Jan
4 Mar
7612June
94 Apr
Jan
36
6 Aug
434 Jan
18 Jan
5 Jan
838 Aug
1513 Jan
3 May
54 Mar
98 Jan
264 Mar
5 Jan
174 Apr
30 Mar
92/
1
4 Mar
958 Sept
24/
1
4 Mar
234 Jan
278 Jan
6754 Mar
95 Mar
2854 June
9415 Feb
3218 Apr
8954 Mar
2 Jan
19 Jan
614 Jan
.31 Jan
165$ Mar
814 Jan
818 July
2!,{. Jan
6754 Jan
524 Jan
378 Sept
2115 Feb
658 Jan
6 Jan
51s Jan
534 Mar
24 Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Low. High. Shares.
Stocks-(Cond.)- Par. Price.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Nov. 16 to Nov. 22, both inclusive:
Bonds-
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Par. Price. Low. High. Week.
99.54 99.70
S Lib Loan 3145_1932-47
95.64 95.84
1st Lib Loan 45..1932-47
95.64 96.10
2d Lib Loan 4s__1927-42
98.60 98.70
1st Lib L'n 4%s_1932-47
97.54 98.04
2d Lib L'n 4%5_1927-42
97.54 98.00
3d Lib Loan 41.4s_ _1928
97.74 98.04
4th Lib Loan 4%s_ _1938
100% 100%
Am Agric Chem 5s___1924
86% 87%
Am Tel & Tel colt 45._1929
1925 102% 102% 103%
Convertible 65
87% 87%
Atch Top & S Fe 45-1995
83%
80
Atl G & W I SS L 5s -_1959 80
94% 94%
Chic Jct & U S Y 5s-1940
95% 95%
Nor-C B & Q 45.-1921
92
92
1929 92
Mass Gas 4345
75
75
75
Miss River Power 55
93
94%
N E Telephone U.__ _1932
Pond Creek Coal 65.._1923 94% 94% 05%
88
88
Punta Alegre Sugar 65.1931
1944 97% 97
97%
Swift & Co 1st 55
93
93
Ventura 011 cony 7s 1922 93
91% 92
Western Tel & Tel 58_1932
$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
Range since Jan. 1.
Low.
High.
95.52 Jan
93 June
92.84June
93.64 July
93.04 July
94.54 Aug
97.54 Nov
9214 May
77% Aug
94% Sept
80
Oct
74% Sept
87% Apr
92
Mar
Sept
85
67% Jan
84% Aug
90
Apr
77
May
90% Sept
80
Jan
82% June
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
101% Nov
87% Nov
104% Nov
87% Nov
83% Nov
94% Nov
95% Nov
Nov
92
Nov
75
94% Nov
9531 Nov
Nov
88
97% Nov
94% Nov
92
Nov
Chicago Stock Exchange.-The complete record of
transactions at the 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.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator pfd 100
Amer Shipbuilding__..100
Armour & Co, prof
Booth FisheriesCommon, new.._(no par)
100
Preferred
Chic C'y & C Ry pt sh corn
Preferred
• Chicago Elev Ry pref
Chic Pneumatic Tool_ _100
Chic Rys part ctf "1"
Chic Rys part at "2"
Chic Rys part ctf "3"
Chic Rys part elf "4"
Chicago Title & Trust_100
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100
100
Deere & Co, pref
100
Diamond Match
100
Hartman Corp
Hart Shaf & Marx,com100
100
Illinois Brick
Libby (W
10
Lindsay Light
Mid West Utilities prof 100
_100
National Carbon, pref.
Peoples' Gas L & Coke_100
Pub Serv of No Ill corn 100
Quaker Oats Co, pref__100
Sears-Roebuck corn._ _ -100
Shaw W W common.._100
Stew-War Speed com..100
100
Swift & Co
Swift Int'l
Union Carbide & C(I° par)
United Paper 13'd com_100
100
Preferred
Ward, Mont & Co pref.
100
Wilson & Co,corn
100
Preferred
105
103
24%
77
1
14
66
185
11714
129
96
115
64%
2315
15
53%
98
162
75%
75
125
46%
66%
24%
7214
116 116
101 105%
102% 103%
23% 26%
78%
77
1
1
13% 15
22
22
66
66%
40
42
9% 11
2
2
%
%
185 185
117 118
129 132
95% 97
115 115%
54% 54%
67
69
64
64%
23
25
14% 15
60
60
115% 115%
5314 58
95
95
98
99
162 164
70
75%
75
77%
123 130
43
50
61% 69
22
24
63
63
108 108%
72%
69
98
98
Range since Jan. 1.
Low.
High.
15 128% • Aug 136
Jan
190 87
Jan 144% May
580 96% Sept 104
Nov
5,687
240
460
1,115
100
145
45
55
100
125
22
220
2,240
200
65
50
105
100
15,433
145
10
20
180
30
204
275
140
1,720
10,982
45,587
13,433
750
29
27
1,095
40
18% Jan
76
Nov
31 Aug
12
June
12 June
47% Jan
40
Nov
8
Jan
1% July
% Nov
112
Sept
100 June
107% Jan
92 June
102
Jan
45
Oct
53
Jan
45
Oct
18% Oct
14% Nov
40
Sept
107
Mar
40% Apr
70 June
92% Aug
133 June
53% Jan
47
Jan
102
Aug
32
Oct
47% Apr
14% Feb
58% June
100
Aug
46
Jan
91% Oct
Sept
Feb
Juno
Nov
Nov
Apr
Mar
June
Oct
Mar
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Oct
Jan
Jan
Nov
Nov
Nov
Jan
las% Nov
75% Nov
Nov
82
146
Apr
Nov
50
69
Nov
26
Oct
81
May
110
Feb
72% Nov
9914 Mar
28
86
2%
18%
22
71%
60
16
214
1%
185
118%
13'3
98
115%
60
69
67
26
28
65
115%
61
95
100
BondsBooth Fisheries s I 65_1926
Chic City & Con Rys 55'27
Chicago Teleph 5a.._1923
Commonw-Edison 58_1943
Cudahy Pack 1st M 561946
Liberty Loan 3315.1932-47
Lib Loan 2d 4%s
Lib Loan 3d 414s
Lib Loan 4th 4%s
Mot W Side El ext g 451938
1945
Ogden Gas 55
Pub fiery Co 1st ref g 55'56
South Side El 4%s_ _ _1924
Swift & Co 1st g 55._ _1911
54%
9014
52
96%
97%
91%
99.60
97.50
97.60
97.70
56%
85%
87
79%
97
00%
1,000 88
Apr 90% Oct
55
10,000 52
Jan 62% Aug
96% 20,000 92% June 96% Nov
97% 7,000 87% Sept 98
Nov
91%
1,000 90
Mar 91% Nov
99.80 1,050 94
Aug 101.22 Sept
97.50 1,700 93.76 Sept 98.10May
97.76 1,200 94.20 Aug 07.76 Nov
98
550 97.70 Nov 98
Nov
60
3,000 45
Apr 60
Nov
85% 2,000 75 June 86
Nov
88
3,000 78
Nov
Oct 91
79% 5,000 78
Sept
Oct 91
97% 8,000 90
Sept 97% 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
of par value.
Stocks-
Friday
Sales
Last Week's Range for
ofPrices. I 1Veek.
Sale.
Low. High.I Shares.
Par. Price.
47% 47%
Amer Rolling Mill, com-25
15% 15%
100
.Amer Sewer Pipe
73% 82
Am Wind Glass Mach_100 80
75% 80%
100 80
lb:Preferred
Columbia Gas & Elec_ _100 3814 3814 38%
90
91
Crucible Steel, pref._ 100 91
Farmers Dep Nat Bank- see not e below.
Itarb-Walk lteirac, pf-100 99% 99% 99%
2% 2%
Indep Brewing, corn.. _50
814
50
Preferred
106%
106%
com100
La Belle Iron Wks,
114% 114%
100
Preferred
164 168%
100
Lone Star Gas
49
50
50 50
Mfrs Light & Heat
5% 514
Nat Fireproofing, cons_ 50
12
12%
50 12
Preferred
1 la% 15% 16%
Ohio Fuel 011
43%
25 43% 43
Ohio Fuel Supply
28%
Oklahoma Natural Gas_25 28% 23
3% 4
Pittsb Brewing,coin_ _ _ -50
7% 9%
714
50
Preferred
45
49%
Pittsburgh Coal, corn_ _100 45
1999
THE CHRONICLE
Nov. 23 1918.1
200
180
2,990
665
25
20
Range since Jan. 1.
Low.
43
Aug
12% Jan
40
Jan
73
Oct
28% Jan
89
Mar
50 99
795
114
434
00
30 106
40 114%
100 95
220 46%
25
3
125
7
160 13%
325 x4014
560 23
755
20
5
480 45
Sept
Jan
Sept
Mar
Sept
Jan
Sept
Jan
June
Sept
Sept
July
Mar
Sept
Jan
High.
55
1514
82
96%
41%
92
Apr
Jan
Nov
Jan
Nov
May
102%
3%
9%
115
119%
197
53
5%
13%
16%
46%
31%
4%
13
5814
Feb
Aug
Jan
Feb
Mar
Aug
Jan
Aug
Aug
Nov
Juno
Aug
Aug
Jan
Feb
Range since Jan. 1.
Low.
High.
Feb
1
6c Nov
6e
13c 47,600
Pittsb-Jerome Copper__ A
90
Jan 48c Max
Plush & Mt Shasta Cop__1 300
30c 32c
5,600 210
Nov
8
7,512
534 Jan
Pittsburgh Oil & Gas--100
6% 8
Nov
175 107
Sept 120
Pittsb Plate Glass, com.100 120
120 120
84
114 Jan
14 Nov
525
Riverside East Oil, corn..5
%
7e Aug 16c Feb
San Toy Mining
8c
90
8,100
1
9c
May
134 134
10 132% Oct 151
Union Natural Gas__ __100
Aug
75 8714 Mar 116
US Steel Corp, coin_ 100
101 101%
Oct 97% May
440 90
West'house Air Brake..50
9214 94
Jan 47 May
830 39
West'house Elea & M1g_50 42% 42% 44%
Scrip.
10 95.97 Oct 98.06 Nov
Amer Wind Glass Mach
97.7897.78
Bonds.
Jan
Apr 40
$1,000 34
Indep Brewing Gs_ ___1955 37
37
37
Aug
Jan 54
Pittsb Brewing 6s.,___1949
53% 53% 2,000 50
Note.-Omitted last week-10 shares Farmers & 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.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par• Price. Low. High. Shares.
100
Baltimore Tube
80
80
Consol Gas, E L & P__100 107% 10631 107%
Consolidation Coal___ _100
82% 84
7% 7%
5
Cosden & Co
5
3% 3%
Preferred
35
Davison Chemical__no par 35
353.4
Elkhorn Coal Corpn_ __ _50 3131 3014 3131
50
44% 44%
Preferred
Houston 011 pf tr ctfs_ _100 7214 7231 72%
71
71
Mer & Miners Trans_ _100
71% 7131
Mer & Min Trans V T_100
16
Mt V-Wood Mills v t r_100
16%
Preferred v t r
100 7134 7134 735%
50 7514 75
Northern Central
7534
Pennsylv Water & Pow.100 7934 7814 80
50
20% 22
United Ry & Elec
50
28% 28%
Wash Bait & Annap_
37% 3754
Preferred
50
3%
5
Wayland Oil& Gas
334 3%
10
187
822
366
45
265
683
20
56
56
26
30
40
34
129
1,735
50
50
555
Range since Jan. 1.
Low.
7234
94
82%
534
334
30
22%
39%
64
56
62%
14%
68
69
60
17%
24
3554
3
High.
May
Oct 87
Jan 107% Nov
Jan
Nov 106
814 Jan
Sept
414 Nov
Jan
Jan 393.4 Aug
Jan 3114 Nov
Nov
Mar 45
Apr 80% June
Jan
Jan 92
Mar
Aug 90
June 1731 Sept
July
Jan 76
Aug 7534 Nov
Nov
Jan 80
June 2434 Feb
Jan 3134 Sept
June 4114 Jar
Apr
3% Jan
Bonds.
Atl Coast L RR cony 4s'39
Bait Flee stamped 55_1947
Chicago Ry 1st 5s_ _ _ _1927
Consolidated Gas 55_1939
1954
General 4%s
Cons G,EL & P5% notes
6% notes
Congo'Coal ref 58._ __1950
1923
Convertible 68
Cosden de Co ser A 68_1932
1932
Series B 65
Elkhorn Coal Corp 6s_1925
Fairmont Coal 55._ _ _1931
Fla Cent& Pen extended 65
G-B-S Brew stmpd 45_1951
Kirby Lumb Contr 65_1923
Mary'd Elec Ry 1st 5s 1931
Milw El Itv & Lt 4%5.1931
Monon Vail Trac is._1942
Penn Water & Pow 55_1910
United Ry & Elec 4s_ _1949
Funding 5s small_ _ _1936
6% notes
Alr..-1. rs-1. o_ •.....“
M 1(141
•
83% 83% $47,000
93% 933.4 2,000
8814 4,000
88
2,000
9914 99% 993.4
89% 9,000
89
16,000
97
9734
1,000
9834 9884
9031 9031 1,000
10014 10034 1,000
36,000
84% 85
84
84
8534 37,000
5,000
98
97
93% 93% 5,000
1,000
100% 10014
2,000
22
22
98% 98% 983.4 5,000
2,000
92
92
1,000
8314 83% 8334
3,000
84
84
3,000
88% 89
17,000
78% 7834 79
400
81
80
6,100
96
96
0K
ce
c
1,
17
AM
.•175
7314 July 8334
90 June 95
8134 Oct 8854
97% Oct 100
8314 Nov 8934
90 June 98
94
Sept 99
81
Jan 9034
98% July 10314
77 June 853.4
78 June 8534
9314 Aug 98%
91
Apr 9334
9914 Nov 10014
20 May 22
95% Apr 99
87% Jan 92
82
Aug 86
Sept 85
80
84
Mar 8914
Sept 79
71
7334 Aug 8234
91% June 96
RO
,
.1 Ln R5“
Nov
Nov
Nov
Apr
Nov
Nov
Nov
Nov
Jan
Oct
Nov
Jan
Feb
Nov
Nov
Nov
Feb
Feb
Feb
Nov
Nov
Feb
Feb
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 Dar value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Low. High. Shares.
Par. Price.
19
19
10
Alliance Insurance
74% 75
100
American Gas
73
71
American Rys, pref._ _100 71
79% 80%
Ballwin Locomotive_ _100
Buff & Snag Corp- •
56
56
100 56
Preferred v t c
53
55
Elec Storage Battery..100 53
33
34%
100 33
General Asphalt
71
71
100 71
Preferred
26
26
Insurance Co of N A -10
24
25
100
G Brill Co
12
11
Keystone Telephone_ _50
Lake Superior Corp...100 1514 16% 17%
74
70
50 70
Lehigh Navigation
50 6134 60% 6214
Lehigh Valley
52
52
50
Minehill & S H
86%
85
50
Pennsyl Salt Mfg
4914
50 43
48
Pennsylvania
Philadelphia Co (Pitts)Prof (cumulative 6%)50 3534 35% 36%
25 x25% 25% 26%
Phila Elec of Pa
Phila Rap Tram v t rcts_50 2614 26% 27%
72
72
Philadelphia Traction..50 72
2
2
Railways Co General.:_ _10
50 8654 86% 89%
Reading
3
314
3
Tono-Belmont Devel____1
3
314
314
1
Tonopah Mining
40
4014
50 40
Union Traction
190
190
100
of
NJ
United Cos
50 7014 70% 73%
United Gas Impt
100 99% 99 101%
U S Steel Corp
8% 8%
Warwick Iron & Steel_ _10
75
75
Westmoreland Coal__ _50
88
9214
Wm Cramp At Sons__ .._100 89
Bonds99.92 99.92
US Lib L 1st 3%5_1932-47
97.50 97.50
1st Lib L 45_1932-47
95.60 97.84
_ _1927-42
2d L1b L
97.80 97.90
1928
3d Lib L 4%5
98
98
1938
4th Lib L 4318
84
85
Amer Gas & Elec 55_ _2007
8514 86
2007
small
do
99% 99%
Baldwin Locom 1st is 1940
73
73%
Elec & Poop tr ctfs 43_1945
73% 73%
1945
small
do
10334 103%
Equit Ilium Gas L 55_1928
40
40
Inter-State RVR coil 4s 1943
62
7
13
500
30
1,310
101
187
126
27
122
1,550
Range since Jan. 1.
Low.
811
49
133
1,943
46
48
14%
47
24
18
7
12
6114
55
49%
80
43%
54
8,078
992
119
40
585
2,401
705
1,299
1
855
6,583
200
61
1,966
29
24
23%
x6514
2
71
1 5-16
234
36%
182%
x62%
86%
7%
69
74
ao
High.
19
Jan lag Jan
Jan
50
Aug 89
Feb
Oct 80
58
58% Jan 100% May
56
57
37
74%
27%
27
12
21%
7614
65%
52
86%
50%
Nov
Oct
Oct
Nov
July
July
Nov
July
Nov
Nov
Nov
Nov
Nov
Mar 3714
June 27%
Mar 30
Sept 72
43.4
Sept
Jan 95%
3%
Sept
July
4
Aug 42%
Aug 195
Oct 77%
Mar 116%
8%
Apr
Mar 76
Jan 9514
Nov
Nov
Jan
Nov
Jan
Oct
Mar
Jan
Jan
Feb
Nov
Aug
Mar
Jan
June
Jan
Mar
May
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Nov
Oct
June
$2,000 97
Jan 102.40 Aug
100 93 June 97.90 Jan
5,100 92.80June 97.84 Nov
16,500 94.30 Sept 98.52May
Nov
53,100 97.50 Nov 98
3,000 76% Sept 85% Nov
Nov
400 77% Mar 86
May
5,000 98% Sept 101
Sept 73% May
10,000 67
Oct 74 ?Jan
1,100 65
1,000 101% May 103% Nov
July 42
Jan
2,000 36
THE CHRONICLE
2000
Saes
Week's Range for
Last
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Friday
Bont18-(Concl.)
89% 89%
Keystone Telep 1st 58.1935
5355 56
Lake Superior Corp 58 1924
Lehigh Valley 68 ctfs_1928 10255 102% 102%
91%
Gen cons ti 4%8____2003 9134 91
100% 100%
Lehigh Val Coal 1st Es 1933
40
40
Natl Properties 4-68..1946 40
Philadelphia Co cons & coil
85
85
trust 5s stampsI_..1951
Phila Electric 1st 58._1966 94% 94% 94%
9554 9555
small
1966
do
89% 90
1997
Reading gen 4s
100 100
Spanish-Amer Iron 68_1927
United Rys Invest 58_1926 66% 6654 6734
Range since Jan. 1.
High.
Low.
2,000
22,500
39,000
4,000
2,000
1,000
8754 Oct 90
47% Jan 5954
9755 Sept 10355
Oct 9154
85
99% Sept 101
30
Aug 40
Jan
Aug
Nov
Feb
May
Jan
3,000
28,000
900
18,000
1,000
14,000
73
89%
93
805(
99
54
Apr 8555
Sept 96
July 97
Sept 91
July 101
Apr 67%
Nov
Jan
May
Nov
Feb
Nov
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
eek ending
Nov. 22 1918.
State, Man
& Foreign
Bonds.
0. B.
Bonds
310,3001 $29,133,500
529,3421 50,182,700
446,088 42,330,800
529,800 49,860,000
550,590 50,854,500
649,140 57,873,750
$1,135,000 $1,176,000 $3,651,000
1,954,000 1,265,000 6,709,000
1,427,000,
986,000 6.574,000
1,955,0001
990,000 7,737,000
1,345,000
870,000 7,387,000
1,779,000 1.428,000 10,377,000
3,015,260 $280,235,250
89,595,000 36,715,000 $42,435,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad.
&c.,
Bonds.
Stocks.
Shares. I Par Value
Week ending Nov. 22.
auks al
New York Stock
Rzcluinge
1918.
1917
I
Jan. 1 to Nov. 22.
I
I
1
1918
1917
70,782,292
128,636.2791
3,188,324
3,015,260
Stocks-No.shares___
$280,235,250 5298,604,400 $12,023,407,915 $15,749,957,030
Par value
$19,7001
$117,600
Bank shares, par
Bonds.
I
Government bonds_ _ _ $42,435,000 314,432,000 $1,080,107,000! $220,241,750
273,119,500
244,030,000
4,385,500
6,715,000
State,mun.,&c.,bonds
432,198,000
301,547,000
6,811,000
9,595,0001
RR.& misc. bonds...
I
$58,745,000 $25,628,500 $1,625,684,000
Total bonds
$925,559,250
DAILY TRANSACTIONS AT THE BOSTON. 'PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia.
Boston.
Week ending
Nov. 22 1918.
Share.. Bond Sales
Shares
Bona Sales
Shares 'Bond Sales
Saturday
Monday
Tuesday
Welnesday
Thursday
Friday
16,534
24,120
20,967
27,755
23,456
26,779
527,700
116,200
30,700
69,000
32,050
17,000
2,332
6,182
7,378
7,472
3,843
5,634
$22,000
44,000
24,300
54,9001
66,600
25,0001
Total
139,611
$292,650
32,841
$236,800
1,040 5118,000
1,4361
16,300
23,100
1,010
5511
30,000
6261
17,900
15,000
815
5,478
$220,300
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 regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the tran4actions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
&lies
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Nov. 22.
Stocks-
Aetna Explos_r_-.(no par)
631
65.4
Brit-Am Tob ord bear_ _Ll 2255 22
Burns Bros Ice corn r _100 4554 42
Car Ltg & Power_r
25
255
154
Cities Service corn r..--100 300
295
Preferred r
8155
100
Columbiaville Woolen r 10 1194 1155
Cramp(Wm)S & E B.r100
90
17
Curtiss Aero & M,com-(t)
Emerson Phonograph.. _5
255
Gen Motors 6% deb stk wi 80
79
10
Hupp Motor Car
43-4
494
Intercontinental Rubb_100
123-4
Keyst Tire & Rub.com_10 2494 19
Lake Torpedo Boat_ r_ _10
235
Lima Locomot corn r._100 44
4354
454
Marvin! Wirel Tel of Am..5
5
N Y Transportation_ _10
1434
355
255
North Am Pulp & Pap (t)
Penn Seaboar I Steel_ (.)
3454
Poulsen Wireless_r____100
7
Relc Equipment r ...--10 1234
1151
Smith Motor Truck r.. _10
55
855
Stand Mot Constr_r_ _10
5
Steel Alloys Corp_ r
734
634
Submar Boat 0 irp v t c_(t) 13
13
United Motors r..(no par) 3355 3354
Unit Zinc Smelt..(no par)
55
TT A T loht .T.'Mont renrn • IA
it.‘
Range since Jan. 1.
Low.
High.
7
9,900
64 Nov
1651
2234 12,600 14% Apr 2355
47
1,500 1851 June 63-1
194 Oct
7,100
334
23.4
Feb 30i
300
- 366 200
82
250 6834 Jan 82
1155 1,600 1055 Sept 12
9155
450 80 June 913-4
18
500 17
Nov 42
800
23-4
1
455
Aug
8355 3,100 79
Nov 8355
5
3,680
23-4 Jan
554
1351
225
8
Aug 154
2654 67,500 1155 Oct 2654
400
254 Nov
6
294
45
400 33
Oct 503.4
594 8,500
234 July
534
1455
100 1334 Aug 20
2
A,•
44
334 6,100
4255
720 343.4 Nov 5655
7
200
7
Nov
1534
1255 2,055 1034 July
1354
51
9,200
34 Nov
234
854
400
834 Oct 1334
735
1,200
5 June
751
143
4 7,300 11
Nov
2034
3555 15,500 1934 Jan 3555
% 1,000
55 Nov
2
16.,
1&c
1 0nnn
1
May
Nov
Nov
Mar
Oct
Nov
Oct
Nov
June
Jan
Nov
Nov
Oct
Nov
May
May
Nov
July
Aug
June
May
Oct
Apr
June
Nov
May
Nov
Feb
Stocks-
•
Frutay
Last Week's Range Sales I
Sale.
ofPrices.
for
Price. Low. High. Week.
[VOL. 107.
Range since Jan. 1.
Low.
High.
7% May
10
535 6% $22.300
U S Steamship
3% Nov
834
4
Nov
3% 4
19,500
255 Oct
5
3%
Wayne Coal
434 Nov
43-4
4% 5% 18,600
1134 May
Wright-Martin Aire r__(t)
Rights3,700 1254 Oct 1734 Nov
1555 1434 16
Texas Co-r
Former Standard Oil
Subsidiaries.
17
18
Aniclo-Amer 011.r
.£1
2,500 115( Feb 18% Oct.
1734
Nov 470
Nov
100
470 -470
1 470
Colonial 011..r
97 92
Sept 145
Jam
106 109
G lena-Sig Oil, corn- r.100 106
Sept 192
Jan
35 138
167 169
111.n As Pipe Line_r____100
Apr
Sept 99
80 00
96
97
50
Indiana Pipe Line_r_
Jan
191 290
Sept 365
25 320
320 327
Ohio 011_r
Oct
Oct 48
44% 4755 3,305 26
25
Penn-Mex Fuel r
Nov
370 210 June 249
232 240
Standard Oil (Calif) Jr...100 235
Nov
70 490
Sept 635
613 617
Standard 011 of N J.r. _100
Sept 302
Nov
284 300
265 248
Standard 01101 N Y.r_100 290
Oct
Sept 420
80 317
384 385
100
Vacuum 011
Other Oil Stocks.
100 5-16 May 11-16 Jan
7-16 7-16
1
Alien OIL.r
Aug 1 3-16 Jan
3-16 5-16 15,000
1
Bartlett t.)11 & Gas r
51
555 Sept
84 Feb
754
g 755 24,300
Cosden & Co etinution r 13
June
1% July
1
50
Crystal Oil & Refining_r_l
15e
1% •
754 Oct
800
535 July
Elk Basin Petroleum r. _5
6%
6% 6%
30 Sept
5-16 Jan
1
6c 100 248,200
Co
Esmeralda Oil r
4
Feb
2% 4,300
134 Aug
2
5
255
Federal 011 r
Jan
255 Sept
5
10
355 3% 13,900
Glenrook Oil r
3%
1,500 3935 Jan 86% June
74
77
Houston Oil corn r.......1110 74
154. Nov
% 11-16 1,100
Imperial Con Oil t. r____1
54 Jnoe
15A Oct
1455 15%
7,800 12% Feb
Internal Petrol _ r
1
159-4
Jan
355 3% 19,500
5% Mar
355
Island 011 & Trans
in 23
200 1754 Mar 29% June
22% 2251
Merritt Oil Corp_ r
Jan
2(1 Nov
Metropolitan Petroleuni25 111-16 155 1 13-16 12,500
Apr
1.24 Jan
200 870
1.08 1.08
Midwest Oil common r_ I
Mar 1:3•1
Nov
6,650 97
Midwest Refining_r____50 13554 135 138
7,200 420 Sept 89c Feb
51c 56c
Northwestern Oil, coni.r.1 510
104 Oct
64 Apr
Oklahoma Prod & Ref-5
955 1055 49,000
9%
154 Sept
11% Mar
100
2
2
Okroulgee Prod & Ref_ 5
Jun
180 220 15,000 1Se Nov 40c
220
Omar 011 & Gas corn ...A
July 82
Nov
2,200 56
6655 73
Royal Dutch Co new_r.
Sept
1055
May
1,000
6
751
754
Relining
r
Sapulpa
5
734
Oct3.4
3-4 Scpt
Security Prod & Ref
5
%
94 4,300
%
Sept
1% Mar
% 11-16 10,000
Sequoyah Oil & Ref
1
94
Jan 21
Oct
20% 2234 3,100 15
Sinclair Gulf Corp r ..(t)
Nov
42
43
20 26 June 43
Sinclair 011 warrants
2% Mar
51 Sept
1
2
Stanton al.s•
155 234 57,700
155 May
3-16 Nov
Texana Oil & Ref_r
1
%
94 2,200
251 Feb
% Aug
13-16 13-16 6,000
United Western 011, new_r
1% Sept
64 Mar
255
victoria
101
254 2% 3,070
r
3% Feb
Feb
300
3
354 3%
Wayland Oil& Gas, com_5
Mining 'irtwk.i.
40c 42c 16,700
5-16 Apr 700 May
Alaska-Brit Col Metals_ 1
2,900 34o July 8-ic Nov
America Mines r
870 88o
1 87c
13o Feb
40
50 27,500
3c July
1 455c
Atlanta Mines
55 Sept
135 20,400
Big Ledge Copper
1
14 Mar
5
154
Co
Apr
40
30
40
1,000
Jan
Booth r
1
463 51c 52,000 300 Sept 96c Mar
&MOD & Montana Dev_ _5 51c
Jan
390 43c 26,780 350 Nov 56e
Caledonia Mining
1 40c
g 0--113 31,000
N. Nov
155 Mar
Calumet & Jerome Cop_r 1
55
2%
1,100
2
24 Nov
Canada Copper Co Ltd 5 2 1-16
134 Au.
46o 48c 22,000 370 Aug 48c Nov
Candelaria Sliver.r
1 480
1
70
Cash Boy
6c 7550 14,800
3c
Oct 190 Feb
cerhst Silver M & 151_r I
135 July
1
151 3,800 420 • Jun
13-4
1
1
530
I
Nov
255 Jan
Coco River Mining_r_ _1
23
/.
1 Nov
Consol A.1zona
_5
13-4 1 13-16 1% 3,700 1 5-16 Felt
4% Aug
534 6% 41,000
655
May
Conan' Copper Mines_ _ _ _5
44 Mar
5% 53A 10,200
6
Cresson Cons Gold M&M 1
534
Nov
55 Oct
24 July
Denbleh Mines_ r
9411-10 7,400
1
134
800
7-16 July 1 5-16 Nov
Dundee-Arizona Copper 1
% Feb
154
155 4,700
2% June
154
Eureka Croesus Min r...1
155 Sept
251
1,550
255 Jan
First National Copper_..5
251
21c 220
2,200
17e Oct
7-16 Jan
Goldfield Consolidated _10 22o
2550 3c
134cJune
5,000
50 Feb
Goldfield Merger.r
1
4c
2%cSept ific
40
8,000
Feb
Great Bend _r
1
555 555 6,655
Heela Mining
25c
554
234 Jan *6% Nov
55
g 9-16 2,800 5-16 Apr 11-16 Jan
100
Iron Blossom_r
400 480 16,600 40.: Nov oflo
Jan
.1 42c
Jim Butler.r
8c July 24c
10550 1055c 1,000
Jan
Jumbo Extension
1
40
40
1340 Oct
3,000
90 Feb
Kewanus r
1
Jun
11-16 Apr
1,000 25c
La Rose Conan! Mines ...5
54
14
25c 25c
1,800
55 May
1
Magma Chief.r
34 Apr
30
May 42
32% 3,800 27
Jan
Magma Copper
5 30
40
4o
255e Nov
8%cMar
1,000
Marsh Mining_r
1
355 355 2,950
355 Aug
64 Jan
Mese n Valley
5
334
470 50c
4,000 33c Nov 60c
Jan
McKinley-Darragh-Sav__1 49a
Jsu
156e
330 430 47,000 25c
Apr
Mother Lode.r
1
350
11
1254
900 11
Nov 143-4 Jan
N Y St Hond Rosario__ _10 12
330 390 31,100 31c
Oct
350
14 Mar
1
Nixon Nevada
455 4% 22,200
2
Jan
6
July
Onouttago Mini-s r
1
434
355 4
354 Jan
4% Jan
355
4,300,
Ray Hercules MtnIng_r_ 5
Jan 54c May
320 340 11,400 270
Rochester Mines
1 330
90 100
70 Sept 180
Jan
5,500
1
San Toy Mining
13% 14g
2,200
755 Jan 154 Nov
Seneca Copp Corp (no par)
750
55 12,000 600 Sept
g Nov
Silver Canon
1
54 Mar
1
Aug
Silver Flame Silver
% 3,400
%
7-16 7-16 2,500 7-32 Apr,
Sliver King of Arlzona_..1
34 June
40
40
1,000
2%c Oct;
70 Feb
Silver Pick Cons r
1
$4, Octl
% Apr
Standard Silver-Lead __I 7-16
94 7-16 5,600
14c
16o 31,100 lie Aug
55 Jan
Stewart
1 160
110 lie
1,000
7o
Jan 160 Apr
Success Mining
1
8c 130 34,500
130 Nov
Superstition Mining
1
130 Nov
355 355
1% Sept
3% Mar
Tonopah-Belmont Dev ri
600
1
Nov
155
155 5,270
Tonopeh Extension
1% Jan
1
1%
33-16 354
500
255 Sept
4
Jan
Tonopah Mining
1
500
55 Sept
14 Mar
1
Toolumne Copper
%
%
4% 4%
1,860
3
July
54 Feb
434
United Eastern MinIng...1
6o
8o
60
8,500
Oct 600 Mar
U B Lead & Zinc I
70
350 370 23,500
40 May 52c Nov
Ward Mb o & Milling -.I 37c
1 43c
3755o 43o
10,900 37550 Nov
430 Nov
Wasapika
80o 820
5,000 73c
Oct 82c Nov
Washington Gold Qoartz..1 81c
134 1 5-16 8,500 1350
134
Jan
1% June
West End Conaoildated 5
15o
190 36,300 lie Oct
20c Sept
180
Western Utah Eaten f r...1
2o
20
2,000
1550 Nov 180 Feb
2c
White Caps Extension.10c
150 17o 25,400 85-50 Sept
g Jan
White Cape Mining...10o 1(34
100
90
be 12,000
4a Sept 14c
Jan
1
Wiloert Mining
Bond4Oct
Amer Tobacco serial 7s el° 10094 1003-4100% $131,000 1004 Oct 101
100,000 99% Oct 101 ,1 4 Oct
1920 1003-4 10054 101
Serial 7s_r
100% 101% 8:3,000 9954 Oct 101% Nov
1921 101
Serial 7s_r
1922 10154 10151 10255 285,000 99% Oct 103% Oct
Serial 78 r
Nov
1923 101% 101% 10255 167,000 991-4 Oct 103
Serial 7s r
Aug
1919 1009-4 1003-410094 15,000 98% July 101
Beth Steel Ser 78 r
1,000 98
July 10055 Nov
100% 10054
1921
Serial 7s r
100 100% 65,000 9634 July 10055 Oct
1923
Ser'al 7s_ r
Canada (Dorn of) 58..1919 9854 9855 98% 772,000 94% Jan 98% Nov
60,000 115
Nov 125
115 125
Nov
Consol Copper 7s_r
104 194% 150,000 1014 June INS% Aug
Federal Farm Loan 5s
7,000 98% Jan 101% May
100 1005-5
Gen Else 6% notes...1920
6,000 99
Jan 100% Apr
100 100
1019
6% notes
Interboro R T 7s._ _1921 9855 9754 9834 375,000 97% Nov 99% Nov
KanCityTermilv ris w I '23 9955 99% 10055 245,000 99% Nov 100% Nov
Nov
Liggett&Myers Tob 6s1921 9894 9855 9954 550,000 98% Nov
Oct
72 138,000 38
Mar 22
67
1 71
Russian Govt. tItle r_.191,
Apr 73
Nov
69
71
59,500 32
1921
554e r
S Robber 7s_r
10094 10054 10034 76,000 9954 Nov 101% Nov
West'house El & Mfgno% 99% 99%
2.000 98% May 10034 Nov
1 year a% nataa
3-
No par value. I Listed as a prospect 1 Listed on the Stock
• Odd lots.
Exehange this week, where additional transactions will be found. o New stook;
r Unlisted. a Ex-eash and stock dividends. w When Issued. z Ex-dividetig,
y Ex-rights. s Ex-stock dividend.
Nov. 23 1918.1
2001
THE CHRONICLE
f'
CURRENT NOTICE
-In our advertising pages to-day, the Guaranty Trust Co. of this city
is offering for private investment $7,000,000 City of Philadelphia 4 %
bonds, duo Nov. 1 1998, 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. Now 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
Interest.
-R. M. Grant & Co. of this city have purchased and are offering to
% and 5%
Investors, to yield 4.50%, $490,000 City of Dos Moines
bonds, due serially Nov. 1 1923 to 1938. The bonus are exempt from all
savings
and
postal
deposits,
Federal income taxes, are eligible to secure
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 & Myers Tobacco Co. 3-year 6%
gold notes due Dec. 11921, at 98 and interest, yielding about 6(%. All
the particulars'appear in the advertisement published on another page.
-Imbrle & 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 & Childress
at 10 Wall Street, this city, will in the future be carried on by W. C.
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 following tat- le 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 Nov. 1'18- -Money in Circulation
in U. S. afield in Treas. Not'. 11918. Nov. 1 1917.
$
Gold coin (including bullion
3,079,784,766 303,339,350 b945,885,712 1,021,616,341
in Treasury)
724,716,139 1,220,881,009
Gold certificates
75.940,258
81,329,800
429,846,930 30,972,885
dollars....
Standard silver
315,732,826 476,449,471
Sliver certificates
3,874.531 231,129,075 207,884,124
235,004,206
Subsidiary. silver
1,920,791
1.811,419
Treasury notes of 18907,493,225 339,187,791 339,974,034
346,881,016
Unite I States notes
805,745,710
2,531,940,647
32,590,498
-c2.705.737,855
notesFe lend Reserve
70,636,421
12,911,105
1,010,839
Federal Reserve bank notes 71,647,260
721,471,138 20,040.397 701,430,741 701,605,505
National bank notes
7.590,173.171 399,321,725 5,943.801,171 4,924,928.348
a 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
banks and special depositaries to the credit of the Treasurer of the United States,
amounting to $1,827,371,512 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 $141,200,710 Federal Reserve notes, a total of $1,247,050,275,
against $801,517,840 on Nov. 1 1917.
Total
and Trust Companies
Now York City Banks
now dollars per share.
All prices
Bid. Ask. I Trust Co's. Bid. Ask,
Banks.
Banks-N.Y. Bid. Ask.
250 280 I New York. I
Americas-. 495 510 !Lincoln
Amer Exch..- 220 230 Manhattan'. 165 175 !Bankers Trust 440 450
170 180 Mech & Met- 305 315 'Central Union 410 417
Atlantic
Battery Park- 190 200 !Merchants- 123 130 Columbia... 310 315
95
Metropolitan' 170 175 Commercial- 88
.
.._ 400
Bowery 5
290 300
375 400 Empire
Bronx Bono*. 125 175 Mutual *
200 215 Equitable Tr 363 368
Bronx Nat- 160 170 :New Neth*
FarmL & Tr_ 382 387
____ New York Co 130
Bryant Park* 150
205 215
Fidelity
25 New York- 425
Butch & Drov 20
Fulton
325 355
135
390 410 Pacific•
Chase
380
525
Tr_
385
Guaranty
Park
510
245
Chat & Phen- 235
135 145
Hudson
Chelsea Etch* 115 125 Prod Exclis_ 200
210 225 Irving Trust. 5See Irving
Chemical.- 395 405 Public
I Nat Bank
215 225 Seaboard- - - 450 470
Citizens
97
400 425 LawTit & Tr 90
445 455 Second
City
125
Lincoln
98 105
135
Trust
Sherman
225
215
Iron
Coal &
108
Mercantile Tr
State *
400
Colonial*
115 130
& Deposit_ 200
Columbia._ 155 165 23d Ware
145 155 Metropolitan. 330
Union Etch
2071s
Commerce_
M utual(West500
•Comnfl Ex*. 390 410 UnitedStates* 275
cheater) _ _ _ 105 125
Wash 11 tieCommonWestch Ave- 160 f''ff" N Y Life Ins
wealth *- 195
& Trust _ _ 870 890
_ 290 310
Continental*. 100 107 Yorkville
N Y Trust... 595 610
Corn Exch.._ 325 335
Brooklyn.
Scandinavian 280 300
Cosmop'tans_ 85 100
Coney Island* 140 155 Title Cu & Tr 260
•Cuba(Bk of). 175
116"
260 270 Transatlantic
25 !First
East River_ _ _ 20
145
US Mtg & Tr 405 415
Fifth A venue*11800 2200 !Flatbush
150 165 United States 890 910
215 230 ,Greenpoint
Fifth
110 120 Westchester.. 130 140
Hillside *
900
First
110
Brooklyn.
170 185 Homestead
• Garfield
62 Brooklyn Tr. 500 515
Mechanics'
200
Gotham
220 235
Franklin
100
90
Montauk'...
340
Greenwich's._ 330
265 275
200 207 Hamilton..
Nassau
685
Hanover
_- National City 133 138 Kings County 620 650
Harriman__ 240
160 165
200
175
Manufacturers
SideImp & Traci__ 510 520 1North
280
141
People's
1People's
:Irving (trust
70
80
Co--Queens
275
certificates) 270
395 410
Liberty
• Banks marked with a (9 are State banks. t Sale at auction or at Stock
Exchange this week. I Includes one-third share Irving Trust Co. I New stock.
2 Ex-rights.
New York City Realty and Surety Companies
Alliance R'Ity
Amer Surety_
Bond & M G.
Casualty Co_
City Investing
Preferred__
All prices now dollars per share.
I Bid. Ask. I
Bid. Ask. 1,
_ _ _ ..! Realty Assoc
65 '• Lawyers Mtge 95
55
(Brooklyn).
90
85 Mtge Bond__ 85
58
205 215 Nat Surety__ 210 215 U 8 Casuaity..
U S Title Guar
75 iN Y Title &
_
West & 13ron%
-1-4 - 19
Mortgage..I 60
Title & M G
67
60
Bid. Ask.
70
80
175 190
-- 60
150
170
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "L"
I
RR. Equipasents--PerCt.Basis.1
Standard 011 Stocks Per Share
Par, Bid. Ask.
Anglo-American Oil new. LI.! 17 1712 Baltimore & Ohio 4%s_ . 6.10' 5.70
100 990 1010 Buff Rock & Pitts5urgh 4%8 6.15, 5.65
Atlantic Refining
6.15 5.55
100 450 1475
Equipment 4s
Borne-Scrymser Co
6.35 5.95
50 *393 96 Canadian Pacific 4s
Buckeye Pipe Line Co
_100 300 325 Caro Clinchfield & Ohio 5s.. 6.75 5-00
Chesebrough Mfg new...
6.25 5.75
100 10 40 Central of Georgia 5s
Colonial Oil
6.25 5.75
100z450 475
Equipment 434s
Continental 011
7.00 6.25
Crescent Pipe Line Co... 50 *36 39 Chicago & Alton 4s
Cumberland Pipe Line_ _ _100 165 170 Chicago & Eastern III 5Xs
7-50 5-50
7. 6.50
Equipment 4s
Eureka Pipe Line Co-_ _100 180 190
6.5 6.00
Galena-Signal 011 corn...100 105 110 Chic Ind & Louisv 4;is
6.00 5.55
Preferred old
100 115 130 Chic St Louis & N 0 5s
6.00 5.25
Preferred new
103 108 Chicago & N W 4 As
6.9 .6.00
loo, 160 165 Chicago R I & Pac 4%s
Illinois Pipe Line
6.5 6.00
Indiana Pipe Line Co
MY *98 98 Colorado & Southern 5s_
6.4 6 00
International Petroleum_ .£1 *1514 1534 Erie 58
6.40 6,00
Equipment 4;is
National Transit Co__ -12.50 *16 17
6.4 6.00
New York Transit Co__ _100 180 190 I Equipment 48
6.2 5.75
Northern Pipe Line Co_ _100 110 115 Hocking Valley 4s
6.2. 5.75
25 *320 325 I Equipment 5s
Ohio Oil Co
6.00 5.25'
25 *45 47 Illinois Central as
Penn-Mex Fuel Co
6.01 5.25
100 560 570 I Equipment 434s
Prairie Oil & Gas
03 288 293 Kanawha & Michigan 41.4s.. 6.51 6.00
11
Prairie Pipe Line
6. 6.25
340 360 Louisville & Nashville 5s
1
Solar Refining
6.15 5.75
Southern Pipe Line Co...100 180 185 Michigan Central 58
1001 280 285 Minn St P & S M
6.00 5.50
South Penn 011
2.25 6:50
50
Southwest Pa Pipe Lines.lOOj 100 105 Missouri Kansas & Texas 5s_ 7
Standard 011 (Caiifornla).l0O1 234 238 Missouri Pacific 5s
6.50 6.00
Standard 011 (Indiana).-l00 715 725 Mobile & Ohio 5s
6.50 6.00
Standard 011 (Kansas)._ _100 535 550 I Equipment 434s
610 5-70
Standard Oil (Kentucky) 100 340 360 New York Central Lines 5s
6.10 5.70
Standard 011 (Nebraska).100 450 405 I Equipment 4s
6.50600
Standard 01101 New Jer.100 593 603 N Y Ontario & West Bis
25
.00 5.25
6.00
Standard 01101 New Y'k.1.00z288 292 Norfolk & Western 43.s..
1001 465 485 I Equipment 45
Standard Oil (Ohio)
5.75 5.25
1001 100 105 Pennsylvania RR 4 As
Swan & Flinch
5.75 5.25
Union Tank Line Co.-.1001 107 109 I Equipment 4s
1001 380 388 St Louis Iron Mt & Sou 5s_ _ 7.25 6.25
Vacuum 011
1 .40 45 St Louis & San Francisco 5s_ 7.25 6.25
Washington 011
7.00 6.25
Seaboard Air Line 5s
7.00 8.25
I Equipment 4
50 6
6..25
8
.75
5.00
Southern Pacific Co 4548
Ordnance Stocks-Per Share.
Aetna Explosives pref...1001 50 5.5 Southern Railway 44s
6.50 6.00
5 Toledo & Ohio Central 4s
American & British MIg.10
2
1001 20 35
Preferred
Tobacco Stocks-Per SI, are.
.1001 162 187
Atlas Powder common_ Pa Bid. Ask.
1001 86 90
Preferred
98 103
1001 110 112 American Cigar common_iS
Babcock & Wilcox
lii 83 93
Preferred
350
Bliss(E W)Co common*300
Preferred
.65 75 Amer Machine & Fdry 104 60 80
190 205 British-Amer Tobac ord._Z1 *22 24
Canada Fdys& Forgings-1
Ll *2212 24
Ordinary, bearer
100
Carbon Steel common-..100 _
100 190 210
1st preferred
100 93 98 Conley Foil
60 90
100 68 70 Johnson Tin Full & Met_10
2d preferred
MacAndrews & Forbes_.100 170 190
Colt's Patent Fire Arms
Preferred
101. 90 100
25*
Mtg
50
Reynolds(R J) Tobacco_106 360 400
duPont(E I) de Nemours
100 270 290
B common stock
100 262 267
& Co common
Preferred
100 106 110
100 8812 8912
Debenture stock
94 98
A dividend scrip
100 80 90
Eastern Steel
B dividend scrip
94 98
Empire Steel & Iron corn_100 25 40
100 120 150
73 Young (J 5) Co
100
Preferred
Preferred
100 95 105
Hercules Powder corn...100 210 220
1
105 109
Preferred
Short-Term Notes-Per ',Yen&
Niles-Bement-Pond corn-100 117 121
95 98 Amer Cot Oil 551919_ _M&S 9833 99
1
Preferred
7% notes Sept 1919
1001410034
Penn Seaboard Steel (no par) .46 50
1
290 310 Amer Tel & Tel 6s 1919_ F&A 99751001s
Phelps-Dodge Corp
Scovill Manufacturing-..1''370 400 Balto & Ohio 5s 1919_ _J&J 9914 9913
50 *20 30 Canadian Pac Os 1924.M&S 2 99731003s
Thomas Iron
Winchester Repeat Arms.1I 700 800 iDel & Hudson 5s 1920__F&A 9814 9954
A-0 96 9624
50 55 Erie RR 5s 1919
1
Woodward Iron
85 95 Fed Sugar Rfg 5s 1920_ _J&J 951 97
Preferred
General Elec (is 1920_ _ _ _J&J 100 1003*
6% notes (2-yr) 1919.J&I 100 10014
Great North 5s 1920.._M&S 98 0838
Public Utilities
Amer Gas & Elec corn-- 50 *104 106 Hocking Val Os Feb '19 M&N
50 *44 47 K C Term Ry 4 yis 1921_J&J 1111 - Ws;
Preferred
9973100
5s Nov 15 1923_ _M&N 1
Amer Lt & Tree corn_ _ _ _100 238 40
100 101 103 Laclede Gas Lt 581919_ F&A 9812 9012
Preferred
9834 983*
Amer Power & Lt corn_ _ _100 60 64 Lig fettliMyeraTob6e21J&I
1
75 78 N Y Cent 5s 1919__M&S 15 1)9 9914
Preferred
Amer Public Utilities cornill 10 20 Penn Co 4As 1921__J&D 15 __ ........
100 39 42 Pub Ser Corp NJ 5s '19.M&S 941 98
Preferred
Rem Arms U M C 58'19F&A 98 99
Carol nu Pow&Lik,ht corn 100 32
Southern Ry 58 1919_M&5 2 9878 (Mg
10
90
Preferred
Cities Service Co corn_ _ _100 297 iiici Utah Sec Corp 6a'22.M&S 15 851 87
100 82 8212 W'house El & M 6s'19_ F&A 99781001g
Preferred
991.4 993*
Winches RepArms7s'19.Id&
Colorado Power corn_ _ _ _100 29 31
Industrial
100 94 98
Preferred
and Miscellaneous
Com'w'th Pow Ry & Lt_ _100 23 2412
1.5 205 210
100 50 53 American Brass
Preferred
Elec Bond & Share pref._100 d92 95 American Chicle corn....100 49 51
100 67 72
Preferred
Federal Light & Traction.100 10 12
100 140 145
100 40 45 American Hardware
Preferred
Great West Pow 5s 1946_J&J 83 87 Amer Typefounders com_106 38 43
lii 83
Preferred
Mississippi Riv Pow com_100 13 15
100 42 47 Borden's Cond Milk corn_ 100 96 99
Preferred
Preferred
100 97 100
First Mtge 5s 1951_ -J&J 721 75
100 135 140
North'n States Pow com..100 62 65 ,Cellulold Company
100 87 89 'Columbia Graphoph Mfg (4), .90 93
Preferred
100 85 90
Preferred
North Texas Elec Co corn 100 63 68
(8)1 *34 35
100 70 75 Freeport Texas Co
Preferred
3
1
100
Pacific Gas & Elec corn..100 39 41 Havana Tobacco Co
5
2
100
Preferred
100 84 86
1st preferred
I /38 45
1922-J-0
1
June
5s
g
1st
15
100
12
Puget SO Tr L & P corn..
100 4312 48 Intercontlnen Rubb com-100 121 1312
Preferred
100 180
Republic Ry & Light_ _ _ _100 17 19 Internet Banking Co
.
100, 52 W
100 58 60 International Salt
Preferred
A-0 71 73
1st gold 58 1951
South Calif Edison corn..100 79 82
100 95 98 International Silver pret.100 75
P1 eferred
Standard Gas & El (Del)_ 50 .10 12 Lehigh Valley Coal Sales_ 50 .88 92
50 *33 35 Otis Elevator common_ _ _100, 55
Preferred
100 82 -6-6.Preferred
Tennessee Ry L & P corn_100
314 4
1
100 17 19 Remington TypewriterPreferred
100 31 32
Common
7
5
United Gas & Elec Corp_100
100 108 112
1st preferred
100 38 40
1st preferred
100 101 102
2d preferred
7 10
100
20 preferred
United Lt & Rya corn....100 40 42 Royal Baking Pow corn..100 123 130
Preferred
100 85 89 I
100 74 76
1st preferred
100 195 200
Western Power common_100 14 16 Singer Manufacturing
100 900 925
100 60 63 Texas Pac Coal & Oil
Preferred
I
'Per share. b Basis. d Purchaser also pays accrued dividend. e New stock.
Flat price. n Nominal. z Ex-dividend. y Ex-rights. ( t)Without par value.
2002
[VOL. 107.
THE CHRONICLE
ailtoimei gutellignte.
butstutent an
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page
Latest Gross Earnings.
Jan. 1 to Latest Date.
•
Latest Gross Earnings.
ROADS.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Alabama & Vicksb_ September 232,346 189.675 1,750,866 1,490,673
Ann Arbor
1st wk Nov
83,978
65,210 2,935,871 2,687,183
Atch Topeka & S Fe September 15354828 11829768 118135608 103092933
Gulf Colo & S Fe September 1,938,130 1,568,386 14,028.420 12,402,873
Panhandle & S Fe September
501,970 590,245 4,382,663 5,114.405
Atlanta Birm & Atl September
465,998 322,751 3.309,679 2,862,727
Atlanta & West Pt.. September 251,877 163,374 1,790.341 1,252.113
Atlantic City
September 466.542 375.100 3.152,813 2,613,392
Atlantic Coast Line September 4,778.366 3,409,914 41,393,761 32.028,586
Atlantic & St Lawr_:June
197,384 122,364
986,133
926,429
Baltimore & Ohio September 18816993 12681071 125042 185 98,641.568
B & 0 Ch Ter RR September
160.144 171.040 1,359,295 1,506.166
Bangor & Aroostook September 456,917 344.602 3.494,758 3,306.606
Bellefonte Central_ October •
66.727
7,958
6.232
72,995
Belt Ry of Chicago.. September
332,985 342.529 2.937,748 2,906,285
Bessemer & L Erie_ September 1,638.357 1,321.417 9,935,697 9,264,306
Bingham & Garfield September
316,483 293,977 2,598,556 2,383.098
Birmingham South_ September
851,109
87.113
93,316 1,136,924
Boston & Maine
September 7,155.550 5,239.744 51,981,266 44,106,954
Buff Roch & Pittsb 2d wk Nov 352,956 336,593 16,101,692 13,239,563
Buffalo & Susq RR_ ,September
190,537 148.496 1,695,503 1,293.273
Canadian Nor Syst_12d 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 & Ohio September
488.133 335,485 3.453,23. 3,012.534
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
597,364 468,8771 4,602,209 4,103,935
Central Vermont_ _;September
529.769 416.5211 3.788,751 3,321,104
Charleston & W Car September 282,023 203.261' 2,074,629 1,667,288
Ches & Ohio Lines-September 7,339,545 4,722.017 51,900,335 39.931,740
Chicago & Alton....,September 2,501,247 1,837,796 17,735,341 15,259.337
Chic Burl & QuIncy'September 14017205 10295234, 104032713 90,231,048
Ch Det & C 0 Trk_1.1nly
748.485
163,436 122.2071 800,805
Chicago & 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 & Louisv.. September 1,043.760 805,406, 7,904,621 6,767,002
Chicago Junction_ September
280,116 268,295' 2.464,418 2,420.585
Chic Milw & St P__ September 13392216 10382216 94,372,315 83,361.129
Chic & North West September 13344959 10062306 91,427,091 79,494,458
Chic Peoria & St L.. September
180.564 197,074 1,636,831 1,593.751
Chic R I & Pacific.... September 9,758.725 7,469,876 72,620.187 62,259,984
Chic R I & Gulf- September
392.032 317,161 3,257,297 2,738,445
Chic St P M & Om- September 2,406.687 2,030,652 17,739,387 15.599,804
Chic Perre H & S E September 525.206 332,843 3,631.106 2,742.054
Cin Ind & Western._ September
306,478 217,228 2,333,978 1.997,149
Coal & Coke
September
147.808 112,558 1,061,414
970,919
Colorado Midland._ September
991,011
9.464 194,829
Colo & South RR__ 2d wk Nov 254,280 244,620 10,818,919 9,441,889
Ft W & Den City September
728,311 558,589 5,548,258 4,559,701
111111Trin & Brazos VatSeptember
836.335
706,185
107.961
97,556
Colo & Wyoming....iSeptember
905.691
95,548
836,603
84,615
Crip Crk & Col Spgs•September
710,050
860.518
74.151
95,436
Cuba Railroad_..._September
875,550 690,125 10,064,834 5,559.898
Delaware & Hudson September 3,768.930 2,733.263 26,082,585 22,398,163
Del Lack & West..-'September 6,540,659 4,926,045 49,736.310 42,701,467
Deny & Rio Grande September 3,227,953 2,585,69322.289,450 20,619.525
Denver & Salt Lake September 217,568 194,451 1,592,4991,359,623
Detroit & Mackinac 2d wk Nov
38,822
25,387 1,373,304 1,166,925
Detroit Tol & Iront,September
397.455 274,025 2,409,858 2,233,135
Det & Tol Shore L. September
177,370 127,083 1.446,4611,379,788
Dul St Iron Range__ September 1,250,257 1,028,756 7,311,282 5,452.401
Dul Missabe & Nor September 3,402.822 2,377,746 16,730.438 11,311,302
Dul So Shore & Atl _ 2 dwk Nov
86.940
83,053, 4,206,271 3,769,248
Duluth Winn & Pee September
126,056 150.015; 1,267,889 1,595.931
East St Louis Conn September
776.626
86,412
836,675
113,351
Elgin Joliet & Ea,st_1September 2,005,231 1,306,639 14,238,426 11,890,099
El Paso & So West-1September 1.282.268 1.005,591 11,127,134 10,305.853
'September 8,096,844 6,181,141 61.953,959 52.322.967
ErieChicago & Erie September
944.702 689.347 7,587.908 6,455,152
Florida East Coast.. September
508.426 440,338 6,722,306 6,305,286
Fonda Johns & Glov,September
843,017
805.950
116.327
95,622
Ft Smith & Western September
762,887
113.972
97.807
924,660
Galveston Wharf September
790,491
862,710
72,879
98,941
Georgia Railroad.... September
775,185 411,982 4,722,132 2,817,621
Grand Trunk Pac 3d wk Oct 210,515 180,873 4,835,073 4,595,997
Grand Trunk Syst_ 2d wk Nov 1,471,654 959,136 61.223,341 51,889,262
Grand Trunk By 3d wk Oct 1,297,051 988,961,48,358,370 41,727,738
Grand Trk West.. September 1,706.655 1,341,045: 9,378,764 8.300.630
Det0 H & Milw_ July
265,944 274.888' 1,759,411 2,015,444
Great North System September 10967707 8,382.073 68,566,616 64.759,847
Gulf Mobile & Nor_ September
224,519 218,140 1,771,375 1,713,142
Gulf & Ship Island.. September
226,242 234,9951 1,974,730 1.665,768
Hocking Valley..__ - September 1.490,827 1,022,798 9,823,592 7,924.149
Illinois Central_
September 10802501 7,525,564 79,224,556 64.2:12,608
Internet & Gt Nor- September 1,354.736 1,158.776 9.804,122 8,722.511
Kan City Mex & Or September
879,713
979,641
174,320
97,852
KG Mex & 0 of Tex1September
946,328
887.957
115,348 101,516
Kansas City South- September 1,418.203 1,135,796 10,980,045 9,090.471
Texark & Ft Sin.. September
886,382
810,353
96.028
86.650
Kansas City Term_ September
918,586
836,764
113,616
91,304
Lehigh & Find Itiv_ September
191,754 196,486 1.713,074 1.716.889
Lehigh & 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 & Salt L September 1,380,407 1,008.777 10,577,281 9,351,412
Louisiana & Arkan_ September
127.078 147,084 1,254,337 1,137,844
Louisiana By St Nay September 268,860 242,028 2,253,573 1,729,302
Louisville & Nasky_ September 9,991,340 6,434,755 73,368,542 55.678,848
Lou Bend & St L__ September 289,276 203,767 2,049,989 1.639,407
Maine Central
September 1,646,584 1,263,366 12,127,842 10,592.948
Midland Valley____ September 326,525 251,319 2,520,767 2.115,115
Mineral Range____ 2d wk Nov
20,577
22,700 1,000,725 1,055,271
Minneap & St Louis September 1,255,858 1,042,067 8,737,277 8,069.273
Minn St P & S S M.. September 3,978,417 3,135,822 24,289,863 25,456,001
Mississippi Central_ September
982,709
633.632
134,6841 108.119
Missouri Kan & Tex September 3.205.949 2.240.357 23.513.232 18.867.665
Week or
Month.
Current 1Previous
Year,
Year.
Jan 1 to Latest Date.
Current
Year.
Previous
Year.
11
1
$
Mo K&T By of Tex September 1,931,359 1,439.720 14,225,824 11,076,647
Mo & North Arkan_ September
96,8741 130,000 1.060,868 1,064,222
Mo Okla & Gulf__ September
171.284 143,991 1,360.088 1,390.409
Missouri Pacific___ September 8.453.365 6,510,903 64.787,367 57.489,019
Monongahela
September
288,9971 191,754 2,250,902 1,607,285
Monongahela Conn September
241,1981 109,715 1,787,160 1.361,926
Nashv Chatt & St L September 2,215,2331.342,238 15,653,628 10,957,623
325,488
Nevada-Cal-Oregon 1st wk Nov
244,375
7,453
6.0941
Nevada Northern__ September
265.871 219,627 1,985,887 1,819,548
Newburt St Sou Sh_ September
742,894
999.140
90.850
156,934
New On Great Nor September
199,544 185.915 1,653.322 1,412,566
New On & Nor East September
665.186 450,804 4,820.489 3,513,212
N 0 Texas & Mex__ September
150.817 111,055 1.464.053 1,005,939
Beaum S L & W.September
709,589
127,006
82,254 1.075,633
St L Browns & M September
485,480 295,618 3.199,829 2.879,462
New York Central_ September 30506322 21342154 210620888 176648597
Hid Harbor & B.. September
536,466 423.774 4.060.328 3,941,871
Lake Erie & W.._ September
832,140 660.072 6,757,312
Michigan Central September 6,003,477 4,516.101 48.923,701 38,405,593
Cleve 00 & St L September 7,503.023 4,763,036 51,822.062 38,817,403
Cincinnati North September
256,7411 239.8:35 1,981.440 1,801,414
Pitts & Lake Erie September 3,456.082 2,243.369 24,116.754 18,903,514
Tol & Ohio Cent_ 1September
871,4251 842.915 7,186.934 5,875,014
1Canewha & Mich September
629,7141 337,014 4.293.447 2,666.353
N Y Chic 8c St Louis September 2,230,058 1,488.383 15,633,914 12,657,904
NYNH& Hartf_ September 10007110 7,894.171 75.702,148 63,939,269
N Y Ont & Western September 1,025,943 804,570 8,419.533, 6,985,915
N Y Susq & West.... September
344.020 276.702 3,084.357i 2,665,843
Norfolk & Western_ September 7.925,743 5,719,694 59,236,485 48,365,495
Norfolk Southern.._ September
518.804 416,759 4.152,072 3,995,285
Northern Pacific___ September 10343044 7,342,480 70,645.843 64,682,895
806,604
Minn & Internat.. September
62,604
77:1,371
63,919
Northwest'n Pacific September
560,187 465,451 4,292.644 3,583,364
1.393,762
Pacific Coast Co__ September
454.395 475.855
Pennsylvania RR__ September 37110221 26301482 263290512 217048345
966,482
Bait Ches & Atl_ September
182.670 154,809 1,039,684
Cumberland Vail September
626.856 435.922 4.111.278 3,633,104
Long Island
September 2,301,729 1,910.499 17,044.260 12,838,720
Mary'd Del & Va September
778.166
751.992
133,132 110,232
N Y Phila & Norf September
767.971 513,236 5,399.046 4,120.343
W Jersey & Seash September 1,195,871 903.491 8,172.355 6,815,935
Pennsylvania Co_ _ _ September 9,336,261 7,190,353 67,006,847 58,587,503
Grand Rap & Ind September
719.230 610,994 5.324,173 4,935,644
Pitts C C & St L.. September 8,396.660 6,166,836 63.253.227 54,824,756
Peoria & Pekin Un_ September
941,688
913,934
113.334 101.310
September 2,815,651 1,989,293 20.439.932 17,392,295
Pere Marquette
Pittsb & Shawtnut_ September
130,912
94.636 1,027.88:3
855.928
Pittsb Shaw & Nor_ September
90,471 100,863
972,395
925,066
Pittsb & West Va.... September
167,630 162,755 1.411.657
Port Reading
September 257.996 156,632 1,821.761 1,442,712
Quincy Om & Kan()September
639,787
80,551
99,386
793,767
Reading CoPhila & Read RR September 7,568,743 5,534,439 59,579,365 4.2.643,555
Rich Fred & Potom September
830.613 394,557 4,958,407 3,562,115
Wash Southern September
418,412 224.394 2,71.6,923 1,839,600
September
Rutland
485,786 414,328 3,434.028 3,257.553
St Jos & Grand Isl. September
223,212 184,219 1,967,971 1,726,289
St Louis-San Fran_ September 7,251,930 5,200.882 50,714.78741,916.462
691,381
Ft W & Rio Or.... September
847.043
112,365 107,201
849,989
St L-S F of Texas September
90.863 1,038.040
102,041
St Louis S W Syst_ 1st wk Nov 368,000 363,000 16,485,767 14,327,813
St L Southwest... September 1,061,289 952,085 9,582,230 8.292.003
St L S W of Texas September
515,514 535,377 5,012,394 3,941,225
San Ant & Ar Pass_ September
487,633 434,113 3.087.345 2,927,911
Seaboard Air Line September 3,971,222 2,492,373 28,604.483 21,939,978
111.022
83.880 1,161.813
919.805
South Buffalo
September
Southern Pacific
September 14583 550 1164353i 111293855 94,966,809
Arizona & East September
403,030 280,715 3.333,836 3.228,649
Galv Hous & S A September 2,058,877 1,807.943 15.668,501 14,388.058
Hous & Tex Cent September
913.585 772,907 6,726,306 5,611,145
Hous E & W Tex_ September
207,133 160,781 1.525,613 1,335.770
Louisiana West__ September
402,276 313,379 3,235,334 2,528.133
Morgans La & Tex September
732,758 584.347 6.034,737 4,794,403
Texas & New Orl,September
634,497 577,500 5,505.921 4,615.493
Southern By Syst__ISeptember 13394715 8.130,032 93.110.470 64,707,807
Ala Great South_ September
971.361 619,087 6,720.937 5,137,530
• On N 0& Tex P.. September 1,376,931 1,136,137 11,195.975 9,726,175
New Orb & Nor E September
665,186 450.804 4.820,489
Mobile & Ohio... _ September 1,383.658 1,192.176 10.917.410 10.178,517
Georgia Sou & Fla September
316,991 265,643 2,600.015 2,070,746
South By in Miss September
145,679 115.804 1.013.057
890,158
Spokane Internat'l_ September
93.714 100,760
745,237
692.632
Spok Portl & Seattle September
769,685 593,428 6,102,301 5,015,181
Staten Island It T__ September
202,198 140,474 1,401,613 1,157,479
Tenn Ala & Georzia 1st wk Nov
2,361
1,794
116.476
105,306
Tennessee Central.. September
292.088 162,557 2,216,978 1,321,071
Term Assn of St L.. September
366.687 293,397 2,828,705 2,868,272
St L Mer Brdg T_ September
332.426 316,004 2,687.351 2,327,833
Texas & Pacific..... 2d wk Nov 571,529 488,323 22,616,673 19,029,444
Toledo Peor & West September
952,072
177,831 108,604 1,192,109
Toledo St L & West September
790,015 642,045 6,034,531 5.235,402
Ulster & Delaware_ August
12(1.189 139.563
679.694
695,679
September 10527836 7,204,241 69.858,763 54.346,186
Union Pacific
Oregon Short L._ September 3,283,077 2,741,863 24.617.878 22,287,153
Ore-Wash ItR&N September 2,589,779 1,917.154 19.274,864 15,956,266
Union RR (Pa)....._ September
823,772 533,653' 5,133,946 4,350,104
September
Utah
132,882
1,023,264
Vicks Shrev & Pac_ September
254,059 195,168 1,871,225 1,493,400
September 1,180,591 818,610 8,679,749 7,750,505
Virginian RR
Wabash RR
September 4,550,247 -1,541,712 34,351.331 29,721,580
Western Maryland.. September 1,455,299 1,205,513 11,009,406 9,938,958
Western Pacific.....September 1,036,991 985.519 8.348.466 7,256,096
Western By of Ala_ September
303,932 161,695 1,816,041 1,200,209
Wheel & Lake Erie.. September 1,434,044 1.076.312 9,992,774 8,025.716
Wich Falls & N W.. September
110,043
83,371
763.279
751.300
Yazoo & Miss Vail. September 2,109.072 1,571.416 15,933.644 12,712.817
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
Current
Year.
Previous
Year.
week Aug (14 roads)___ 9,306.598 7,916.611
week Sept (16 roads)____ 7.102,544 5.908.578
week Sept (15 roads)____ 6,484,655 5,564,164
week Sept (14 roads)____ 7,230,476 6,251,935
week Sept (13 roads)____ 9,735,164 8,158,016
week Oct i10 roads)____ 7.172,415 5,656.143
week Oct 15 roads)____ 7,762,172 6,931,491
week Oct 15 roads).____ 7.6)34,060 6,809,000
week Oct 16 rolds)____ 11,833.602 10.309.702
week Nov (16 roads)____ 7,581,166 6,615,360
week Nov (12 roads)____ 7.109,658 6,774.612
Increase or
Decrease.
+1.389.987 17.56
+1.193.986 20.21
+920,491 16.54
+979,541 15.65
+1.577,149 19.33
+1.516.272 26.81
+830.641 11.94
+355,060 12.04
+1,523.900 14.78
+965,806 14.59
+335.046 4.95
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or ,
Decrease. I %
Mileage.
Cur. Yr. Prey. Yr.
$
$
Novereber_212.407 241.621 360.062.052 326.757.147 +33.304.905 10.19
December - _247,988 247,265 343.875.052 317.836,336 +26.038.666 8.18
January
240.046 239.865 282.394,665 294.002,791 -11.608.126 3.95
February.... 230.336 223.835 362.761,238 312.276.68I +50.484.357 16.22
March
238.891 237,483 285.776.203 260.627.752 +25.148.451' 9.65
April
233.734 232.255 369.409,895 319.274.931 +50.134.914 15.70
May
230,355 229.892 374.237 097 342.146.096 +32.091.001 9.38
June
220,303 219.294 363,165.526 323,163.161 +40.002,412 12.38
July
231,700 230,570 3,684.
346.022.857 +117661315 3440
230,743 230.015 493,269,356 362.509,561 +13.5759 795 37.45
August
September.._232.188 232,378 487,140,781 357,772,850 +129367.931 36.16
Nov. 23 1918.1
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.
Second Week of November.
1918.
I
1917.
Increase. Decrease.
Buffalo Rochester & Pittsburgh
336,593
352,956
1,065,900 1,039,800
Canadian Northern
Canadian Pacific
3,247.000 3,575,000
244,620
Colorado & Southern
254,280
Detroit & Mackinac
25,387
38,822
83,053
Duluth South Shore & Atlantic..
86,940
Grand Trunk of Canada
1.471.654
959,136
Grand Trunk Western
Detroit Or Hay & Milw
Canada Atlantic
22.700
20,577
Mineral Range
571,529
Texas & Pacific
488,323
Total (12 roads)
Net increase (4.95%)
7,109,658 6,774,612
16,363
26.100
328,000
9,660
13,435
3,887
512,518
2,123
83,206
665,169
335,046
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.
1918.
1917.
Increase. Decrease.
Previously reported (10 roads)_ 6,985.416 6,044,530
Ann Arbor
83,978
65,210
Detroit & Mackinac
36,774
22,646
Duluth South Shore & Atlantic..
80,735
87,396
Mineral Range
20.169
25,125
Nevada-California-Oregon
6,094
7,453
St Louis Southwestern
368,000
363,000
940,886
18,768
14,128
Total (16 roads)
Net increase (14.59%)
978.782
965,806
7,581,166 6,615,360
6,661
4,956
1,359
5,000
12,976
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
—Gross Earnings— —NetEarnings—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
E.
Grand Trk Ry of Can__Sept 1,304,100
917,000
197,000
252,550
Jan 1 to Sept 30
9,118,600 7,821,350
974,550 1,695,300
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings. de Taxes.
Surplus.
3
$
Bellefonte Central Oct '18
7.958
def82
128
210
'17
6.232
def217
def46,1
247
10 mos '18
72,995
10.878
8,778
2,100
'17
66,727
5.313
2,570
2,843
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
$
$
Cuba Railroad—
180,153
875,550
Sept '18
12,582
192,735
100,1)04
85,831
690,125
'17
75,897
1,377
77,274
93,880 det10,612
831,656
3 mos'18 2,988,679
30,057
888,313
320,070
548,243
'17 2.273,714
581,810
3,901
585,711
281,897
303,814
Roads.
EXPRESS COMPANIES.
—Month of June— —Jan. 1 to June 301918.
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
Name of Road
or Company.
2003
Latest Gross Earnings.
Week or
Month.
Bangor Ry & Electric September
Baton Rouge Elec Ry August
Blackstone V G & EL August
Brazilian Trac, L & P September
Brock & Plym St Ry_ August
Bklyn Rap Tran Syst May
Cape Breton Elec Co August
Cent Miss V El Prop_ July
Chattanooga Ry & Lt September
Cities Service Co..___ October
Cleve Painesv & East August
gColumbia Gas & EL October
Columbus(Ga) El Co August
Colum (0) Ry P &L._ September
Com'w'th P. Ry & Lt September
Connecticut PowerCo August
Consum Pow (Mich)_ September
Cumb Co(Me)P & L September
Dayton Pow & Light September
g Detroit Edison..___ October
gDetroit United Lines September
Duluth-Superior Trac October
East St Louis & Sub.. September
Eastern Texas Elec__ July
g El Paso Electric Co August
Pall River Gas Works August
a Federal Lt & Trac.. August
Ft Worth Pow & Lt.. September
Galv-Hous Elec Co__ August
Grand Rapids Ry Co September
Great West Pow Syst October
Harrisburg Railways September
Havana El Ry,L & P September
Honolulu It T & Land September
Houghton Co El Co.. August
Houghton Co Tr Co_ August
b Hud & Manhat RR September
Illinois Traction_ ___ September
Interboro Rapid Tran September
Jacksonville Trac Co. August
Keokuk Electric Co_ August
Key West Electric Co August
Lake Shore Elec Ry_ August
Lewist Aug & Watery September
Long Island Electric_ May
Louisville Railway__ September
M anhat lidge 3c Line May
M ilw El Ry & Lt Co.. September
Milw Lt lit & Tr Co_ September
Montreal L, H & P.._ October
Nashville Ry & Light September
Newp N&IiRy.G&E September
Nevada-Cal Si Corp.. September
N Y & Long Island__ May
N Y & North Shore__ May
N Y & Queens Co___ May
New York Railways.. May
New England Power_ September
Northampton Trac__ July
Northern Ohio Elec__ September
North Texas Electric August
Ocean Electric (L IL May
Pacific Gas & Electric September
Pacific Power & Lt__ September
g Paducah Tr & Lt Co August
Pensacola Electric Co August
Phila Rapid Transit.. October
Phila & Western____ September
Portland Gas & Coke September
Port(Ore)Ry,L&PCo. September
Porto Rico Railways_ September
g Puget Sd Tr, L & P August
gRepublic Ry & Light September
Iticemonct Lt & RR_ May
St L Rocky Mt Pac September
Santiago El Lt & Tr.. August
Savannah Electric Co August
Second Avenue (Roe) May
Southern Boulevard May
Southern Cal Edison.. September
Staten Isl Midland__ May
Tampa Electric Co.... August
Tenn Ry.Lt & P Co.. September
Texas Power & Lt Co September
Third Avenue Ry___ May
DDSB&BRE_May
424StM&StNA Ry May
Union RyCo(NYC) May
Yonkers Railroad.. May
City Inter Ry May
N
Belt Line Ry Corp.. May
Third Avenue System July
Twin City Rap Tran_ September
Virginia fly & Power_ October
Wash Bait & Annap_ September
Westehewer Electric.. May
October
York Railways
Youngstown & Ohio_ September
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
83,952 80,836
685,717
647,057
23.413 18.122
171,235
150.814
197.612 158.136 1,529.918 1.267.446
f9081000 f7925000 1'77730,000 f68430,000
12,290 15,509
73.105
85.683
2761.039 2607.401 12,466.574 12.201.995
44,716 39.683
323.175
292,145
28.981 26.196
190,036
173.802
173.242 72,342 1,347.673
935,307
1784,000 1659.665 18.652,716 15,807,394
52.035 56.717
365,885
356.811
856,709 835,614 9,353,690 8,718.356
91.723 92,681
781.557
689,872
331;983 349.881 3.122.090 1,924,029
1920,908 1695.725 15,916,364 14,141.271
86.563 72.222
626.688
556.468
569.829 491.699 1,679,618 4.141,415
299.726 281,195 2,416,267 2.321.650
201,457 148,534 1.683,764 1.311.889
1268,289 1129,437 11.063.958 9,827,671
1710,423 1484.328 14.103.983 13.139,162
125,099 139,148 1,395,844 1,319.119
-395.033 320,857 3,050.932 2.697,391
105.879 84.332
644.000
542.399
99,022 105.941
829,224
8.50,818
58,294 50.180
458.782
370.006
283.088 230,227 2.289,886 1.798.732
110.208 89.685
254.354 183.598 1,743.374 1,298.706
113,480 114,773
957,615
982.676
391.756 336,667 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
527.494
523.803
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
686.129
19.131
F10,330
21.111
88,297
345.246 302,040 2,764,357 2.389.871
12.417
10.542
57.575
50.817
734.456 637.050 6.475.939 5.744.520
288.831 202.283 2,174.068 1.640.503
970,106 905,216 5,297,130 4,822.709
271,642 210.085 2,091.799 1,811.617
213,092 129.811 1.578,948
939.102
185.742 172,806 1,667 636 1,508.506
40.928 36,654
166.154
159,837
13.618 14.525
54.141
60.9M
83.921 97.584
354.846
490,349
1017.842 1045.802 4,679.714 5.042.054
338.160 215,462 2.500,482 1,869,358
21.578 19.059
130.577
122.831
659,934 560,563 5,412.121 4.804.703
224.382 210.459 2.036.848 1.465.566
11.854
10.134
36.896
34.856
1965.610 1696.828 16402.154 14.677.224
167.678 155.206
26.280 23,299
204,534
198.993
48.779 34.399
319.921
226.042
2462.189 2602,141 26,056,022 24,592,268
58,366 53,376
173.504 119.021
672,791 501.149 5.660.876 4,381.385
92.216 73.920
799.165
691.960
1000.340 586.369 6.608.432 5.136.058
443.863 426.250 4,151.145 3,469.834
39.705 36.881
563,598
167.111
433.086 331,960 3,917.457 2,821.102
57.839 51,185
440.507
369,565
103.477 86.570
756.682
616.608
77 890 69.222
312,004
313.010
18.639 18.841'
83.010
86.764
815.183 712,529 6,015.679 5.972,705
25.600 29.128
104.205
122.195
89,567 79.321
693,673
672.895
557.768 410.940
326.820 231,569
330.733 350.327 1.593.223 1.705.118
40.461
37.730
189,439
180.225
149.763 150.474
658.863
715.193
237.919 250.676 1,047.046 1,165.959
72.069 72.489
323.046
315.513
60.725 64.502
307.661
280.371
54.282 60.290
250.417
287.556
888.579 983.315 3,907.722 4.187.820
826.759 849.507 7,299.514 7.732.106
594,948 609,622 6,539,811 5,405,430
323.66.5 179,669 2.105,150
943,843
50.632 44.870
217.326
204.99*
80,583 92,737
863,497
888,983
40,657 33,797
261,807
314,517
Revenue from transport'n_ 3,483,424 3.313,291 21,837.083 18,205,149
Opor. other than transport'n 304,643
334.535 1,712,812 1,907,511
Total operating revenues_ 3,788,067 3,647,826 23,549,895 20,112,660
4,140,086 3.470,733 24,516,170 19,241,976
Operating expenses
Net operating revenue _ _def360,019
177,093 def966,275
873,684
7,093
Uncollectible rov,from trans.
1,751
19,032
13.130
49,077
Express taxes
47,265
280,447
270,004
loss416,189
Operating income
128,077df1,265,754
587,550
—Month of June— —Jan. 1 to June 301918.
1917.
1918,
1917.
Northern Express Co.—
$
$
S
352,039
Total from transportation..__
369,528 1,700,881 1,666,191
Express privileges—Dr
203,554
197,491
999,134
907,643
Revenue from transport'n_
148,485
172,038
701,747
758,548
4,980
Opor. other than transport'n
5,363
25,266
25,207
Total operating revenues.. 153,465
177,401
727,013
783,755
Operating expenses
122,682
a New covers only the lines east of York Beach, Me.; in the first four
118,157
687,991
622,959
•
months of 1917 covered also the lines west of York Beach, Me. b Repre30,783
Net operating revenue..___
sents income from all sources. c These figures are for consolidated com59,244
39,022
160,796
Uncollectible rev:from trans.
131
265 pany. f Earnings given in milreis. g Includes constituent companies.
30.000
Express taxes
6,0gg
74,1
1
36,000
Electric Railway and Other Public Utility Net Earn652
O rating income
pe loss35,222
50,205
124,531
—Month of June— —Jan. 1 to June 30- ings.—The following table gives the returns of ELECTRIC
1918.
1917.
1918.
1917.
railway and other public utility gross and net earnings with
$
Western Express Co.—
$ .
$
$
182,583
Total from transportation__
177,215
899,471
819,082 charges and surplus reported this week:
90,451
Express privileges—Dr
84,577
433,057
401,917
—Gross Earnings—.—Net Earnings—
Current
Pr
Current
Previous
92,132
Revenue from transport'n.
92,638
466,414
417,165
Companies.
Year.
Year.
Year.
Year,
4,370
Oper. other than transport'n.
4,412
22,713
22,686
Telephone_b__Sept
Chicago
1,789,946
1,786,930
97,050
96,502
240.222
352,827
Total operating revenues_
489,127
439,851
Jan 1 to Sept 30
16.570.597 16,109.356 3,903,286 3.790,134
87,282
Operating expenses
70,739
446,616
384,981
Cleveland Telephone_b_Sept 316,330
250,962
15.503
30,264
9,220
Net operating revenue....
26,311
Jan 1 to Sept 30
2,530,935 2.316,750
76.630
377,920
42,511
54,870
239
Uncollectible rev.from trans.
15
485
62 Michigan State Telep_b.Sept 689.875
666,014
2.918
137,376
665
Express taxes
1,831
9,428
11.714
Jan 1 to Sept 30
6,190,620 5,976.397
844,991
535,027
New Eng Power Co_a__Sept 338,160
215,462
74,670
24.517
8,316
Operating income
24.465
32,598
43,094
Jan 1 to Sept 30
2,500,482 1,869,358
861,425
840,002
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or 1Current Previous
Month.
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Adirondack ElPow Co September 159,124 137.693 1,326,099 1,185,664
Alabama Power Co__ September 274,022 195,767 2,158,579 1,509,119
Amer Power & Lt Co September 1249.284 942.377
Atlantic Shore Ry___ September
13,690 18,378
135,344
195,788
Aurora Elgin & Chic.. August
212,237 217.103 1,391.769 1.435,993
a Not earnings here given are after the deduction of taxes.
b Not earnings here given are before the deduction of taxes.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
$
$
Oct '18 1,784,000 1,726,987
Cities Service Co
60,345 1,666,642
'17 1.659,665 1,630.010
225 1,629,795
12 mos '18 22,097,814 21,621,087
160,761 21,460,326
'17 18,706,604 18,369.353
2,934 18,366,369
Columbia Gas & El Oct 'IS
856,709
386.530
357.754 z197.087
'17
835,61
369.564
352,157
z182,655
10 mos '18 9,353,690 4,647,650 3,571,087 z2,715,254
'17 8,718,356 4,367,202 3,503,201 x2,484,619
THE CHRONICLE
2004
Gross
Earnings.
Net alter
Tares.
356,515
Oct '18 1,268,289
300,190
'17 1,120.437
10 mos '18 11,033,958 2,833,765
17 9,827,671 2,912,518
6,810
125,099
Duluth-Sup Tract Oct '18
32,039
139,148
'17
251,514
10 mos '18 1,39.5,814
385,910
'17 1,319,119
245,400
391,756
Great West Power Oct '18
211,929
336,667
'17
12 mos '18 4,453,463 2,706,232
'17 3,957,738 2,515,915
527,537
970,108
Oct '18
Montreal Power
495.116
935,216
'17
6 mos '18 5,297,130 2,757,791
'17 4,822,710 2,612,012
78,319
948,376
Sept '18
N Y Railways
277,530
'17 1,018,291
333,520
3 mos '18 2,781,133
914,983
'17 3,285,292
681,479
Phlla Rapid Tran Oct '18 2,462.189
'17 2,602,141 1,087,331
4 mos '18 10,642.530 3,665,648
'17 9,805,800 4.157,211
z After allowing for other income received.
Net
Gross
Earnings. Earnings.
Detroit Edison Co
20,931
63,637
Honolulu R T & L Sept '18
2).957
62,793
'17
209,251
523,803
9 mos '18
242,571
527,494
'17
117,5)2
283.235
Niagara Lockport Oct '18
70,5)0
183,039
'17
& Ontario Pow
10 mos '18 2.538,370 1,075.992
812,197
17 1,831,020
123.278
591.918
Oct '18
Virginia Ry
272.973
630.622
'17
Power Co
857,201
4 mos '18 2,935,613
'17 2.338,616 1.074,151
28,952
80,533
Oct '18
York Railways
49,217
92,737
'17
411,553
982,587
11 mos '18
495,401
951.747
'17
it After allowing for other income received.
Fixed Charges.
Balance,
Surplus.
228,257
128,258
213,435
83,735
1,095,263 1,770,502
836,602 2,059,826
14,693 zdef6,068
z18,928
14,949
148.086 z123,590
146,530 z253,343
137,095 x111,591
x73,980
139,215
1,660,478 x1,032,592
1,681,217 x877,225
442,238
83,268
412,358
82,757
493,936 2,253,884
493,327 2,113,685
217,012 zdef94.049
220,818 x110,821
651,65 zdef137,283
635,839 x400,494
820,404 def138,925
276,442
810,889
393,717
3,271,931
911,386
3,245.825
Fixed Chgs.
eo Taxes.
Balance,
Surplus.
16,915
13.019
28.230
3,727
114.833 x115,941
43.773 z209.047
81.509
37.703
28,03144,798
818,578
291,895
608,143
221,593
172,420x def3D,421
156,126 x126.961
702,011 x211,319
630.167 z483,393
3,291
25.681
23,177
23,010
79,093
337.480
144,240
351,161
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 9. The next will appear in that of Nov. 30.
Third Avenue Railway Co., New York.
(Report for Fiscal Year ending June 30 1918.)
President S. W.Huff, New York, Oct. 8, wrote in subst.:
Consolidated Statements.-the Third Avenue Railway Co. and its subsidiary corporations are treated In this report as a system and the statements are coasalidated statements, with inter-company items eliminated,'
Results.- Me strike: of two years ago and the competition of sub .vay and
elevated extensions have so abaormally distorted operating figures as to
make a comparison with the previous year of little value. While sub say
and elevated competition and other causes have so reduced operating
revenues as to put them practically on a par with the year 1913, the increased cost of !abet* and material has increased operating expenses for the
year 1918 approximately $1,000,000 abavo those for the year 1913. This
In spite of every economy that it has b..eri poss,ble to effect during the year
1918, and it is a clear Illustration of the increased cost of street railway
operation under the present abaormal conditions.
For the first six months of the fiscal year ended June 30 1918. It was
found that there had been earned abave operating expenses, taxes and interest on underlying b5nds $191,386. To preserve the company's credit In
the face of constantly decreasing earnings combined with large and continued increases In the cost of operation, it was deemed necessary and
advisable to set this amount aside to secure the proper, safe and adequate
maintenance, equipment and operation of the road. For the last six months
ended June 30 1918 there was earned abeve 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 aforesaid purposes. See footnote to income account b.low.
Wh le 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 imposs.ble 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
b.iilding up of the undeveloped territory through which many of the lines
of this system operate. War conditions, however, have almost entirely
stopped building and the system has been forced to suffer not only the
1,,ss of receipts due to this competition, but also due to the lack of that
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 material, 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 be found that are unprofitable and might properly be abandoned.
Such lines include lines in the older developed portions or the city, chiefly
storage battery lines, that have lost travel by reason of shifting of business
.conditions, discontinuance of ferries and other connecting transportation:
(b) lines lying In undeveloped territory that, from one cause or another, has
failed to develop,as was originally anticipated. The abandonment of some
of these and the removal or the physical property Is under consideration.
k Maintenance and Depreciation.-At the time the company was reorganized, the P. S. Commission imposed the Condition that 20% of the gross
receipts must be set aside for maintenance and depreciation.. 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 have to spend more than 20% during the coming
year in order properly to maintain the property.
Increased Pare.-Regardless of economies that have been made or can
-be made, it Is not possible with the present 5-cont 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. S. Commission for permission to charge 2 cents for transfers.
of Appeals' decision in the
This aplication failed by reason of the Court
o increase fares
Rochester case holding that the Com,nLsetn, •
agreements appear to
%Jur
franchise
vi.
agrc
franchise
of
violation
In
make a general charge for transfers Impossible under this decision and
• specific charges for transfers seemed inadvisable.
I 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 railed of passage. Later app11• cations were made to the Board of Estimate of N. Y. City, also other
rvoL. 107.
for
municipalities for a suspension of franchise provisions limiting fares are
the period of the war and one year thereafter. These applications
now pending and a fair consideration and just decision in the matter will
result in an increased fare. (See a subsequent page.-Ed.)
discharged
Dry Dock East Broadway & Battery RR.-Its receiver was
Dry Dock Co.
during the fiscal year, and the following securities of the
interest
were issued: (1) Series B 4% bonds, $528,000; (2) Series C bonds,
at the rate of
as earned until Jan. 1 1926 not exceeding 6%; after that date
(V.
$1,300,200
earned,
if
2%,
exceeding
not
interest
4% with additional
106, p. 715: V. 107, p. 1192).
bonds have been
All of the Series B bonds and one-half of the Series 0 company'sclai
ms
issued to Third Avenue Railway Co. in settlement of thatbeen issued to the
and the remaining one-half of the Series C bonds have
Indebtedness.
of
certificates
Co.'s
Dock
Dry
the
of
holders
future of this
Outlook.-With the right to charge an equitable fare, the
generally, along
system would be very encouraging. The downtown linesare
holding their
development,
building
of
prospect
small
which there is
have not
own well against competition, while some of the uptownislines
a marked evisuffered as great a loss of receipts as was feared, and there
elevated
and
subway
to
travel
short-haul
a
of
dence of the development
building in this
lines which should develop rapidly upon the resumption of difficulties,
the
maintenance
present
Considering
territory.
undeveloped
are loyal and
property is in good physical condition. The employees
for
united in the company's service, two notable efforts by the organizers
with us two
the Amalgamated Association, who violated their agreement
failed.
having
years ago, to reorganize our motormen and conductors,
CONSOL. INCOME AND PROFIT AND LOSS STATEMENT FOR THE
YEARS ENDING JUNE 30.
1914-15.
1915-16.
1917-18. *1916-17.
Operating Revenue$9,866,695 $8,701,328 $10,837.076 $10,565,028
Transportation
95,250
80.000
71,349
126,500
Advertising
16.471
18,386
19.927
20,429
Rent of equipment
73,441
73,210
51,588
72,124
Rent of tracks & termls
84.711
85.802
93.664
107,456
Rent of bidgs.& oth.prop
50,959
41,895
34,793
41,786
Sale of power
Total oper. revenue_ _$10,234,989 $8,972,649 $11,136,370 $10,885,859
Operating Expenses$925,974
$998,770 $1,090.701
Maint. of way & struc $1,186,997
678.574
591,550
709.637
860,333
Maint. of equipment
562.959
294,271
225.962
accruals_
Depreciation
779.459
731,598
781,085
940,255
Power supply
2,914,525
3,047,828 2,726,243 2,923.777
Operation of cars
602,798
659,197
862.805
830.974
Injuries to pers. & prop_
511.890
509.101
983,338
468,532
General & misc. expense
$6.976.179
$6,808,194
$7,287,840
Total oper. expense $7,334,919
Net operating revenue_ - $2,900,070 $1,684.808 $4,328.176 $3.909,680
731.035
848,122
794,450
836.098
Taxes
$890,358 $3,480,054 $3,178.645
$2,063,972
Operating income
81,128
157,870
164,925
158,847
Interest revenue
(-2,,,, 1 n"gni°
$2,222,819 $1,055,283 $3,637,924 $3,259,773
Deductions$548.080
$548,080
$548,080
Inter,'e,.ist mtge. bonds $548.080
798.800
856.272
879,620
879,620
1st ref. mtge. bonds
1,126.800
1,126,890
1,126,800
xAdJust. M.inc. bonds 1,126,800
9.304
6.197
4,665
2,550
Notes payable
14,466
14,415
13,022
13,737
Traces & terminal priv_
15,561
13.953
10,521
10.747
Misc.rent reductions
Amortization of debt,
8.615
18,049
18.447
18,874
discount and expense_
30.000
33,480
3:3,480
33,480
Sin'ting fund accruals
14,105
29.606
42,975
45,434
Miscellaneous
$2,679,322 32.677,610 $2,646,812 $2.565.730
Total deductions
$694,043
$991,073
xNet income for period def.$456,503df$1,622,326
* This period ineludes, and the figures reflect, the strike In 1916. in the
Is included
xNote.-Interest on adjustment mortgage income bonds
An initial dividend of 1 t(% on the adjustab we at. the full rate of 5%
Dec. 31 1912.
ment bends was paid April .1 1913 for the 6 mos. endingincl.
April 1917,
Regular semi-annual dive. of 23i% each were paid to and
In Oct. 1917 paid 1 yi %; in April and Oct. 1918. nil. V. 107, p. 1194.
ALANCE SHEET JUNE 30.
8.
191B
1917.
1918.
1917.
$
$
Liabilities$1
$
Assets16,590,000
stock.16.590.000
Ry.
Ave.
3d
Railroads & equip.61,137,408 82,329,779
537,600
Controlled cos__ __ 516,600
Special deposits100.482 Funded debt (bile.):
Sinking funds_ 107.447
84,100 3d Ave. Ry Co_40,526,500149 526,500
84,100
Comp. of N.Y C
88,329 Controllei cos_ 6,628,361 7,079,000
88,000
State In(i.Comm
200 000
2,104 Liberty bond debt 360,078
3,348
200,000
regr.conting. 2,022,498 2,043,961 Notes payable
456,591
254,726 Accounts payable_ 276,768
Investment fund_ 254,389
89.168
91,980
200,000 Empl.wages&dep..
Liberty bonds_ __ 402,200
638,799
Int. mat. & unpd_ 639,499
Bklyn & Nor. Riv.
671,846
78,1105
Interest accrued_
25,000
RR. cap. stock..
605,766
840.390 Taxes accrue-i.... 640,603
681,132
Cash
638,799 Int. on ad1. M.bds 1,408,500
Cash for mat.I. 639,499
doer.
for
Res.
224,221
adj.,
383.018
Acela receivable_
conting., sinking
621,134
Mater' & supp_ 743,414
10,720,273 11,385,776
funds,&c
152,111
26,211
Constr.ln process_
951,354
502,668
Surplus
Unexplre 1 Insuree
26,958
89,766
prem. & rents
disdebt
Unamort.
count & expense 1,251,328 1,270.202
55,104
38,675
Miscellaneous_
87.980.434 88,032,400
87,980 414 88,932.400 Total
Total
x Includes 1st M.5% bonds, $5,000,000: 1st refunding mtge. 4% bonds,
V. 107. p. 1921.
5%
$22,536,000.bonds,
$21,990,500; adjustment mtge.
Brown Shoe Company, Inc.
(Report for Fiscal Year ending Oct. 311918.)
The annual report, published Nov. 15 1918, says in subst.
Plants.-The nine large and modern plants owned and operated by the
company have been maintained at a maximum of efficiency. Four of these
plants are located In St. Louis. Mo., and each one in Moberly, Mo., Brookfield. Mo.. Dixon. UI.. Murphysboro, Ill., and Litchfield, Ill., occuping
an aggregate or more than 18 acres of floor space, and are completely
equipped with every modern appliance In shoemaking machinery. manuDuring the year there has been charged as part of the expenses of and
facturing $81,152 for repairs and renewals, and the entire cot of dies
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.
providCapital Stock.-To comply with the requirements of the charter,
the year,
ing for the retirement or the pref. stock, there has been, during
canceled
retired an additional $100,000 of prof. stock [at cost of *94.3401 and[Original
same, thereby reducing the amount outstanding to $3,500,000.
amount was $4.000,000.1
Federal Taxes.-Reserve (of $500.0001 has been set aside, based on Information available, regarding Federal taxes, which, we believe, will be amply
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
shipment.
Profit Sharing.-Our profit sharing plan, under which all executives,
receive a
managers, superintendents, foremen and their chief assistants,
year, and has
percentage of the profits, has been continued during the in
served as a stimulus in Inspiring the best efforts of these men the common
Interest.
Outlook for 1919.-Wo start the now fiscal year with a ve^,- large volume
U. S. Governof orders booked for winter arid early spring shipment. The
ment will still require a small percentage or 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. of the Board.
[The report Is signed by George Warren Brown, Chairman
and John A.Bush.President.)
Nov. 23 1918.]
THE CHRONICLE
INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1914-15.
1915-16.
1916-17.
1917-18.
$30,825,715 $21,882,016 $15,913,373 $10,764,328
Net sales
$553,726
$2,414,088 $1,719,762
Net profit
146,642
Interest
130,636
172,334
229,680
$1,838,385
Depreciation
Repairs, patterns, &c.,
36,126
105,848
79,671
Federal income, war and
410,000
500,000
exc. profits tax. (est.)
273,000
264,250
248,955
244,470
Preferred divs.(7%) ..
360,000
360,000
Common.divids.(6%)_ _
sr.$733,915 sr$1,059,605 sr$1,203,507 def$32,678
BALANCE SHEET OCT. 31.
1917.
1918.
1917.
1918.
$
Liabilities$
$
Assets$
Preferred stock.. _ 3,500,000 3,600,000
Real est., 1)1(igs.,
Common stock-- 6,000,000 6,000,000
mach'y, equip..
b1,460,098 1,409,717 Notes payable.... 5,657,500 4,450,000
arc
703,554
Trade names, &c. 4,966,365 4,966,365 Accounts payable- 1,380,499
17,561
29,545
y90,081 Accrued accounts_
112,397
Securities
Res. for Fed. inc.,
280,739
Liberty bonds_ _
prof.
exc.
&
war
380,815
355,900
Cash
410,000
taxes (est.)_ _ _ _ 600,000
Accts. receivable.c5,578,986 4,383,641
7,813,795 0,631,318 Special reserves_.. 900,000 z800,000
Inventories
x2,568,310 1,928,735
47,911 Surplus
67,575
Prepaid exp.,Sco.._
Bal., sur, or del
2005
Pittsburg Brewing Co.
(Report for Fiscal Year ending Oct. 30 1918.)
President C.H.Ridall on Nov.13 1918 wrote in substance:
The gross earnings for the year amounted to $2,666,425. After allowing
for the payment of dividends, deductions for depreciation, doubtful accounts, 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.
1915-16.
1914-15.
1916-17.
1917-18.
Oct. 31 Years798,175
600,869
849,200
702,554
Sales (barrels)
$8,845,932 $7,663,428 $6,555,829 $4,744,864
Total net sales
6,011,396
5,437,498 4,312,228 3,380,921
Operating cost ofsales
$2,834,536 $2,225,930 $2,243,601 $1,363,943
Gross earnings
397,947
460,559
459,785
400,735
General office expenses_
Net earnings
Other income
$2,433,801 $1,765,371 $1,78015
194,237
215,577
232,625
$965,996
175,456
Total
$2,666,426 $1,980,948 $1,978,052 $1,141,452
20,635,854 17,909,849
20,635,854 17,909,849 Total
Total
Deductb After deducting $949,695, depreciation and $20,000, mortgage en- Interest
$333,140
$319,140
$319,140
$319,140
the
in
respectively
$40,000
and
$714,082
cumbrance assumed, against
.
125,0
Estimated State taxes
22,7781
00
previous year. c Includes prepaid purchases $86,309 against $185,152 Res. for Fed. taxes
488,840J
1839.
p.
107,
311017.-V.
Oct.
Preferred dividends_(83.5 %)518,501 (9)549,009(8%)533,757(1U)106,750
x After deducting $94,340 for redemption of $100,000 pref. stock. Common dividends_ _(1M %)89,434
(M)29,811
stock, $500,000, Depreciation, &c
z Includes special reserve account of redemption of pref.
463,742
687,796
728,958
753,087
to
due
arise
of
may
war
which
$400,000.
contingencies
and special reserve for
$933,443
Total deductions......_ $2,177,586 $1,722,107 $1,540,693
Tidewater Oil Co.(of N. J.), N. Y. City, and Subsidiaries Balance,surplus
$437,359
$208,009
$474,646
$258,841
Note.-In June 1918, after an intermission of over 334 years, dividends
(Report for Nine Months ending Sept. 30 1918.)
of 1% being paid June 15 and 1%
were resumed on the common stock,
[Including Tide Water Oil Co. and Subsidiaries.]
on Sept. 14.
BALANCE SHEET OCT. 31.
1918.
1917.
Nine Months1917.
1918.
1917.
1918.
Total volume of business done by the Tide Water
Liabilitie.s$
Assets$
Oil Co. and its subsidiaries, as represented by
Plant and equip...17,836,539 17,986,802 Preferred stock.. _ _ 6,100,100 6,100,100
their combined gross sales and earnings, exclustran3actions_
_
_
$21,011,672
_$30,420,574
368,397 Common stock___ 5,962,250 5,962,250
625,545
Cash
ive of inter-company sales and
Investments
*2,544,865 1,034,922 Bonds (see text)....5,319,000 5,319,000
Total expenses incident to operations, including
33,353
38,725
repairs, maintenance, pensions, royalties, adNotes receivable... 1,203,911 1,821,932 Sundry accounts....
140,327
691,150 Accr. taxes (eat.).. 535,000
ministration, &c.; provisions for taxes, insurance
Accts. receivable_ 329,383
106,380
Accrued bond int_ 106,380
and all other charges, exclusive of depreciation_ _x17,241,704 12,167,834 Brewery and office
5,802,943 5,328,297
815,779 Surplus
906,513
inventories
$13,178,870 $8,843,838 Sinking fund
270,727
417,641
Net earnings from operations
1,427,319
2,620,203
Depreciation charged off
2,627,540 (See note.)
23,864,397 22,989,708
Total
Total
Provision for Federal taxes
23,864,397 22,989,708
$7,931,127' $7,416,519
* Includes as of Oct. 31 1918 mortgages receivable, $121,650; real estate
77,854 (other than plant), $506,776; stocks and bonds, $427,335; Liberty bonds,
272,447
$984,631; U. S. Treasury ctfs., $500,000, and War Savings stamps, $4,473.
$8,203,574 $7,494,373
Note.-Unsold stocks and bonds in treasury: $181,000 bonds, 7,998
Total income
shares of pref. stock (par $50), or $399,900, and 10,755 shares of common
Deduct-Proportion of income belonging to minorstock
(par $50), or $537,750.-V. 107, p. 1924.
558,823
357,070
ity interests in subsidiary companies
Net income
Income from investments
Tide Water 011 Co. stockholders' proportion
Dividends paid in cash (14%-see text)
$7,846,505 $6,935,550
4,465,940 4,465,691
Balance, surplus, for period
Previous surplus carried forward
$3,380,565 $2,469,859
12,917,001 13,023,617
Independent Brewing Co. of Pittsburgh.
(Reportfor Fiscal Year ending Sept. 30 1918.)
Breweries.-(a)'Allegheny County: Duquesne, American, Lutz First
National and Hill Top at Pittsburgh, Pa.; Chartiers Valle) at Carneje,Pa.,
at Braddock, Pa., and Homestead at Homestead, Pa. (b) Beaver
Home
$16,297,566 $15,493,476
Total
Butler at Butler,
2,900,000 County: A.1derton at Beaver Fall.s, Pa. (c) Butler County:
Dividend of 10% paid (in stock) Feb. 1917
Pa. (d) Washington County: Charleroi at Charleroi, Pa., and Globe at MoPa.; New
Monessen.
at
Monessen
County:
Westnioreland
(e)
Pa.
nongahela,
$16,297,566 $12,593,476
Total profit and loss surplus
Kensington at New Kensington, Pa., and Loyalhanna at Latrobe, Pa.
(as
separately
they
shown
1917
in
above);
are
taxes
Federal
1918,
x In
RESULTS OF OPERATIONS.
are included in expenses.
Sept. 30'18. Oct. 20 '17. Oct. 14 '16. Oct. 16 '15.
Years endingThe dividends, 34,465,940 for the 9 months in 1918, include: March, Sales (barrels)
525,488
668,428
658.424
516,847
5%.
Sept.,
4%;
Juno,
5%;
Total sales
$6,488,735 $5,212,603 $4,733,858 $4,086,333
98,452
140,662
140.162
134,581
CONSOLIDATED BALANCE SHEET (INCLUDING SUBSIDIARIES). Miscell. income, &c
Sept.30'18. Sept.30'17.
Sept.30'18.Sept.30'17.
$4,184,785
$4,874,520
$5,352,765
$6,623,316
(all
Income
sources)....
Liabilities$
Assets3,234.487
3,556,234
Prop's & equip't_x33,698,473 29,849,470 Capital stock .. _ _31,900,000 31,900,000 Cost of produc. & oper_ _ 5,326,053 4,279,121
255,858 Subsidiaries' int.... 190,350
Other investments 1,541,771
$95-0,298
$1,318,286
$1,073,644
$1,297,263
sales
on
Profit
for
Reserve
fire
5,279,941
Short-term secur's
Disbursements1,975,452 2,536,053 losses
444,809
414,932
Cash
$270,000
$270,000
$252,770
$247,500
Interest on bonds
Minority interest
Tax reserve fund.. 1,957,851
315,000
315,000
315,000
315,000
in sub. cos
1,953,631 1,993,200 Pref. dividends (7 0 --Liberty bonds.._ _ _ 1,205,840
1,594,950 Common dividend (2;i %)112,500 (13)67,500
Accts. dr notes rec. 4,130,015 2,735,646 Dividend payable_
1,568
2,017
1,380
.
460
cos..
Int.
constit.
on
bds.
Accounts
18,990
payable..
109,325
1,861,315
1,158,651
expenses..
Prepaid
262.744
434,478
419,764
538,052
Crude oil & prod'ts 7,374,956 7,246,735 Accrued taxes _ _ .... 2,757,688 1,142,010 Depreciation, &c
Materials & supp_ 3,336,783 2,134,387 Burp.(see above)_16,297,566 12,593,476
$832,532
$1.213,512 $1,073,644 $1.021,046
Tot.al disbursed
740,139
53,892
Deferred items_ _ _
None
$297,240
$117,7e5
$83,751
Balance, surplus
55,405,359 50,797,219
55,405,359 50.797.219 Total
Total
BALANCE SHEET.
x Includes on Sept. 30 1918 refining and gasoline plants, $12,153,216,•
Sept. 30'18. 0(1.20'17.
Sept.30'18. Oct. 20'17.
pipe lines, $11,158,655; oil producing properties, $17,653,849; railroad and
Liabilities$
Assets-lighterage properties, $818,074; timber properties, $314,523; less reserve for Real estate, Ace-12,318,981 12,641,069 Common stock._ 4,500,000 4,500,000
depreciation, $8,399,843.-V. 107, p. 796.
217,613 Preferred stock- _ 4,500,000 4,500,000
585,600
Cash
831,711 1,116,444 BondsBills receivable
(Julius) Kayser & Co. (Glove Mfrs.), New York.
561,633 Indep. Brew.Co.. 4,500,000 4,500,000
Accts. receivable_ 440,259
23,000
218,050 Constituent cos..
*244,800
Securities at par
(Report for Fiscal Year ending Aug. 311918.)
213,812
29,988
71,670 Accounts payable..
76,936
Unexp.,&c.,insur.
86,262
119,729
451,459 Bond int., &c...... _
Materials, &c........ 549,741
INCOME ACCOUNT.
359,298 Undivided profits.. 1,864,444 1,780,694
Bond sinking fund 432,668
Years Ending- 8 Mos. to
Cal. Year
Aug.31 '18. Aug.31'17. Aug.31 '16.
Hf15.
15,480,695 15,637,236
15,480,695 15,637,236 Total
Total
$1.906,197 $1,467,657 $1,444,7
Profits (after deprec.)__
84
Deduct: Federal income.$1',585,631
. Co. bonds held by company and $105,800 In.
* Includes $139,000 I. B
$175,000
and excess prof. taxes
in miscellaneous stocks.-V. 107, p. 1841.
150,000
150,000
100,000
Redemp. of pref. stock..
150,000 vestments
4,906
254,138
Special reserve account_
American Rolling Mill Co.
39,299
Miscellaneous
20,808
6,092
(7%)134,047 (7)141,394 (423)104,606 (7)169,990
First pref. dive
(Report for Fiscal Year ending June 30 1918.)
(7%)15,342 (7)48,650(4 2-3)32,433 (7)48,650
Second pref. divs
Common dividends-(8% %)564,900(73i)450,000 (3)180,000 (6)360,000
Pres. George M. Verity, Nov. 1 1918, said in substance:
Operations.-In Oct. 1917 our capacity had been practically sold for the
Total deductions....__ $869,195 $1,004,343
$437,847
$988,870
year. By Dec. 1 the Government had effected a regulation of prices,
entire
$716,436
$901,854
$1,029,810
Balance, surplus
$455,977 and was
beginning to demand a much greater percentage of our production.
BALANCE SHEET AUGUST 31.
Weather conditions during the winter were withour precedent. This fact,
1917.
1918.
together with unusual car shortage and insufficient coal supply, created
1018.
1917.
Liabilities-conditions which affected production and shipping very materially. Almost
Assets$
$
Lana, bidgs., &c_x2,548,653 2,129,095 let pref. mtock___ 1,912,900 1,951,600 impossible conditions existed during Jan., -Feb. and March, and we were
58,350 2d pref. stock....__ 115,000
695,000 unable to resume normal shipments until June. During the last half of
Other real estate..
Common stock _ _ _ 6,580,000 6,000,000 the year the Government was rapidly working up to a point where it was
Patents, trade5,644,000 5,664,000 Sur. appl. in reeither consuming or controlling the steel production of the country.
marks, Sto
299,073 demp. of pr. stk. 1,100,000
At the time of issuing this report your company is applying not less
050,000
Other investments 275,000
Mtges. payable..
Materials and sup9,500 than 98% of its production to business considered "essential" by the
Government, and all prices are regulated.
6,020,733 4,627,194 Pay-rolls & mdse.
plies
accounts
In spite of unfavorable conditions existing during the winter months, the
1,766,725
Marketable stocks
463,462
64,518 Other accts. pay'le
114,518
and bonds
59,770
36,758 net returns from the business for the year are the largest in our history.
Divs, accrued on
They no doubt represent a peak in net profit per ton of product made and
Customers', &c.,
pref. stock
accounts receiv11,829
15,439 sold. However when Federal taxes'are deducted, it brings surplus earny2,523,093 1,739,785 Reserve for change
ings down to within what can be done in peace times. Your company's
able
in prices
500,000
Other accounts
500,000 production capacity has now been so largely increased from surplus that its
89,806 Rea. for Fed. inc.
292,121
receivable
earning possibilities will always be substantialy greater than heretofore.
266,800 & exc. prof. tax.. 750,000
214,599
Sales Billed.-During the fiscal year ended June 30 1915 these aggregated
Cash
175,000
52,284 Special res. sect_ 500,000
73,190
Deferred charges..
500,000 $6,500,000; for year 1915-16, $13,262.000; for 1916-17, $22,710,000; and
Profit and loss._ 4,410,583 3,694,147 for 1917-18, $33,515,000. This represents an increase in sales of more than
•
400% in three years.
17,706,807 14.990,905 Total
This large increase in volume of business is not entirely due to the ab17,706,807 14,990,905
Total
normal conditions brought on by the war, but is largely due to the natural
$896,313
reserve
for
deducting
rapid growth of your business, which was made possible by the very
but
y
After
depreciation.
After
x
deducting
largo increase in our manufacturing facilities.
reserve for cash discount.-V. 107, p. 185.
2006
THE CHRONICLE
Outlook.-Current shipments are running at about the same rate as last
year, while the average price prevailing is considerably lower. It is, therefore, apparent that while profits will still be large as compared to normal
times, they will be considerably reduced during the current year.
• Blast Furnace, &c.-Our blast furnace and mining operations are running
smoothly, 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 prirne products, miscellaneous and by-products, has been: For fiscal year 1914-15, 119.332 tons;
year 1915-16, 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 oral taxes now contemplated
leave your company in position to support current cash dividend disbursements. There is, however; every necessity for conserving cash resources
after dividend requirements have been provided.
Annual Meeting.-At the annual meeting Sept. 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 & Steel Co.)
1917-18.
1916-17.
1915-16.
1914-15.
Sales billed during year_$33,515,000 $22,710,000 $13.262.000 $6.500.000
Tons shipped
304,721
458,208
224.144
119,332
Operating profit
Not
$6,816,400 $4,223.989 $1,376,112
Chge.for maint.,rep.,&c. reported.
1,770,205
950,877
521.627
Chge.for re,s., depr.,&c_ $1,060,571
1,096,608
171,600
159,975
Net profits
Int., divs., rents, &c
$7,845.527 $3.949,587 $3,101.513
• 6,748
1.925
40.174
$694.510
58,860
Net income
$7,852,274 $3.951.512 $3.141,687
Cash dividends
$1,754,476 $1,103,275
$597,214
Stock dividends
441,075
(5)319.965
Int. paid and accrued_
318,133
58,851
177,483
Excess profits taxA. R. M. Co. 1916-17
798,185
C. I. & S. 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
263,8,61
Profit-sharing distrib'n_
403,694J
$753,370
$524,402
Total deductions____ $6,339,313 $1,162,126 $1,762.242
Balance,surplus
$1,512.961 $2,789,386 $1,379,445
BALANCE SHEET JUNE 30.
1918.
1917.
1918.
AssetsLiabilitiesReal est.. bldgs..
Preferred stock__ 1.300,000
machinery, &c_18,272,810 16,282,840 Common stock_ 9.441.075
Pat'ts, pat. rights,
G:)1(1 notes(6%)._ 1,166,500
licenses. &c
a675,000 Notes payable__ 3,680,000
Investmenle-Accounts on books 1,922,846
E.S. W.Farms. 151,939
151,939 Materls In transit 804,490
Improved
176,035
165,603 Accrued pay-rolls. 207,328
Unimproved
123,561
121,686 Reserve for taxes_ 909,456
Stock in other cos_b1,723,150 1,239,500 Accrued dividends 302,727
Cash
822,109
939,795 Res. for renewals,
Notes & accts. rec. 5,568,542 3,597,209
replace'ts. &c_ 3,680,392
Inventories
2,806.890 2,337,719 Miscell. reserves_ 1,052,548
Material & supp 6,322,349 4,544,819 Special reserve for
Marketable scour_ 653.112
189,398
guar. of pref.div 119,035
Pref. div. guar'tee 119,035
96,000 Surplus
12,175,635
Deferred charges_
22,498
19,066
$729.052
$24,318
Total
36,762,031 30,360,574
Total
154,650
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 $7,157,872.
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 $564,506
were made. Eighty cities and communities are now served by your subsidiaries.
Demand for Service-New Funds.-Due to the extreme general scarcity
of money, the demand for additional service is now exceeding the supply of
available funds. The growth of the company during the year 1918 will
depend entirely on the support given the company by its present stockholders. Profitable extensions are demanded on all sides. Stockholders,
therefore, are invited to make further investments in the securities of the co.
SUMMARY OF OPERATIONS.
1917.
1916.
1915.
1914.
$1.302,704 $714,203 $566,590 $550.330
$930,697 $473,751 $361,996 $352,868
32,910
5,790
5.790
5.790
Gross earnings
Operating expenses. taxes, &c
Int. on outst'g bonds of sub. cos
Balance. surplus
$339.097 $234.662 $198,804 $191,672
Int. on funded debt C.G.& E.Corp. $118,836 $88.630 $79.540 $64,525
The company has paid since its organization consecutive quarterly dividends on its common and preferred stocks at the rate of 2% per annum and
6% per annum, respectively.
BALANCE SHEET DECEMBER 31.
AssetsLiab lilties-1917.
1916.
1917.
1916.
Stocks and nonds
Common stoek__$1,966.200 $1,506,600
owned
$6,697,368 $4,378,725 Prof. stk.,6% cum. 1,220,200
772,000
Accts. receivable_ • 319,239
255.617 First lien 5s
1,913.200 1,772.600
13111s receivable
55,679
67,979 Coll, trust notes 1,101,000
Cash in banks....
29.184
56,273 Accts. & bills pay_ 122,724
82,524
DeLpur.mon.notes 101.823
Surplus
673,343
624,869
Total
67.101,490 64,758.593
Total
$7,101,490 $1,756,593
(See sale of notes on a subsequent page of this issue and in V. 105, P.
1312, 1423.-V. 106, p. 610.1
50,000
1917.
1,300,000
9.000,000
1,172,000
4,599,152
470,765
3,059,985
96,000
10,662,672
36,762,031 30,360,574
a Owned and controlled through ownership of the capital stock of the
International Metal Products Co. (patent holding company).
b Includes mining operations and coke ovens.-V. 107. p. 1921.
New England Cotton Yarn 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.
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.]
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
to be paid.
BALANCE SHEET SEPTEMBER 30.
1918.
AssetsLiabilities-1917.
1918.
1917.
Merchandise
$681,871 Preferre I stock
$63,700
Common stock...53.005,000 3,285,900
Notes & accounts
$1,247,937 $1,762.557 Bonde I debt
receivable
See text
385,000
1,075,472
734,155 Notes payable
Cash
1,717,500 1,902.500
-InvestmentsAccounts payable_
7.722
111,740
Stocks & bonds_x3,627,900 4,191,785 Reserve for insur1 378,980
378,980
800,000 do depreciationl
Liberty bonds 1,275,860
Profit and loss
2,117,967 2,045,549
Total
[VoL. 107.
United States Finishing Co.
(Report for Fiscal Year ending June 30 1918.)
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 8112,5001, 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 congestion 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 inventory account has increased $317,954, and accounts receivable. $359.145.
In 1914 our inventory stood at $429,925. In 1918 we showed an investment in inventory which represents all supplies of dyestuffs, chemicals,
coal, &c., of $1,033,721, 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 represents approximately the following additional expenditures:
Coal
•
$450,000 Shootings
$260.000
Prussiate of soda
110.000 Acetate of chrome
130.000
Chlorate of soda
40.000 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, show 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 Spring 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, c*c.-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 installation 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.
Of necessity we have held up all improvements in new construction,
except 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 material and labor.
Dividends.-Four regular quarterly dividends on the pref. stock were
paid, and in addition, two dividends of 1 V4 % each were paid July 1 and
Nov. 1 1917, on account of postponed dividends. (The accumulated dividends have thus been reduced to 24%%. Preferred dividends of 14%
quarterly were resumed In April 1917 and we have charged against the
Income of the year 1916-17, as shown below, the regular 1U % payments
made in April and July 1917 and the extra 1%% paid July 1 1917, in all
5 %. Against the earnings of the year 1917 there have been charged four
quarterly disbursements of 1U,% along with the extra 1%4
paid Nov. 1
1917. The company does not show these decluctions.-Ed.1
$7,227,169 $8,173,369 Total
$7,227,169 $8.173.369
RESULTS U. S. FINISHING CO. FOR YEARS ENDING JUNE 30.
x Investments(stocks and bonds) for the two years, compare as follows:
1917-18.
1916-17.
1915-16.
1914-15.
Sanford Spin. Co.: Sept. '18. Sept.'17.
Sept.'18. Sept.'17.
Yards finished
Not stated. Not stated. Not stated. 197,160,100
• Common
$500,000 $500,003 Nobska Sinning
Gross receipts
$8.349,074 $6,450,96.
5 $5,204,665 $4,046,051
500,000 Co., pref
Preferred
452,900
$100,000 $100,000 Cost of produc., maint.
Globe Yarn Co.:
Vacuum Funs. Co.
21,000
21,000
and general expense
0,021,565
5,160.151
4,053,371
3.492.498
Common
500.000
500,000 Danielson Cotton
Preferre 1
500,000
500,000 Co., earn
197,900
197,900
Net earnings
$1,327.509 $1,290,813 $1,151.294
$553,553
Cohannet Co.:
Rotel' Mill bowls
• 2,500
Other income
152,118
404,039
23,298
89.927
Common
500,000
500.000 New Be iford Spin500,000
Preferred
500.000 Co. bonds
253,600
268,400 'Total earnings
$1.479,627 31,694,853 31,174,592
$643,480
100,003
Old Colony Cot.Co 100,000
Interest on bonus
c131,173
$132,425
$135,976
$138,125
Fairhav.Mills,pref
207.485 Total of above.$3,627,900 $1,191,785 Interest on debentures_
40,208
94,271
104,083
Newmark.M.,pref.
300,000 Lib. bds.(addl)._11,275,860
800,000 Taxes
186,470
89,787
Depreciation
138,353
x After deducting $95.000 for the remaining Cotton Yarn Co. bonds x Preferred divs_ ___(SU 7o)262,500(51i)157,500
which have been secured by deposit of Liberty Loan 334s.
Note.-As to the change of the name of the company to "New England
x Balance, surplus... $899,484 $1,180,933
$805,992
$401.272
Investment Co.," see a subsequent page.-V. 777, p. 1842.
Note.-Barrow, Wade, Guthrie & Co., chartered accountants, say: mIshe
earnings for the year amounted to $1,161,985 (before deducting preferred
dividends), after full depreciation has been taken into account, and after
Continental Gas & Electric Corporation.
charging off the balance of the debenture expense, but no provision has as
(Report for the Fiscal Year Ending Dec. 31 1917.)
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
President C. S. Eaton in January last wrote in substance: included
in other income."
Results.-The gross business done was nearly twice that of the preceding
a Includes depreciation in 1916-17 and 1917-18.
year; none of this gain is due to war demand.. Net earnings, while proc Includes $36,173 interest on the U. S. Finishing Co. 1st Mtge. 5s (less
portionately reduced by extraordinary increases in cost of materials, were in sinking fund), $82,500 interest in U. S. Finishing Co. Consol. Mtge. 5s
larger than for any corresponding period. The gain in gross indicates: and $12,500 interest on Sterling Dyeing & Finishing Co. 1st Mtge. 5s.
first, a large increase in the number of properties; second, a large increase
x Inserted by Editor-see text.
In the demand for electric light, power and heat in the territory served by
The company is also making annual .payments of $50,000 to the cumulayour company. The high average price for all farm products has meant tive sluicing fund for tho 1st Mtge. bonds, to which was also added in
many houses wired for electric lights, electric irons, electric stoves-and a 1917-18:interest on sinking fund bonds 351.327,securities matured $10,000
higher standard of living once attained becomes a habit.
and interest on cash and securities in sinking fund, $4,801. Duxing the
In proportion to the business done, the operating costs were increased year $33.000 1st Mtge. bonds were redeemed for $32,985 and 381,855. was
by $150,000 during the year compared with the average cost of the four applied by the trustee to purchase of municipal and other securities, Inpreceding years.
creasing the net holding of such securities on June 30 1918 to $172,795.
Rates.-No advances were made in rates to consumers, but steps have Additional amount on deposit with tile trustees from sale of Passaic prop'ready been taken to advance rates of the subsidiary cos. about 20%.
erty and Pawtucket lands. $142,742.
THE CHRONICLE•
Nov. 23 1918.1
BALANCE SHEET JUNE 30.
1918.
1917.
1918.
Mobfifties$
AssetsCommon stock__ 2,350,000
Real est.,b1dgs.,&e.
loss depreciation 6,094,933 5,922,154 Preferred stock_ _ _ 3,000,000
523,030 Bonds outstand'g_z2,607,000
Copper rollers__ 520,302
4.1 Accounts payable.. 294,539
Sterling Impt.stk.
Taxes and paySilver Spring Land
rolls
100,313
10,000
Corp. stock....__
750,000 Accrued bond,&e.,
Queen D. Co. stk.. 750,000
65,175
9,387 Interest
Liberty Loan acct. 208,364
769,700 Liberty bond acct_ 118,719
1,087,744
Inventories
337,573 Pref. div. payable
266,562
Cash
105,000
July 1
613,327
972,472
Book debts
1,887,966
51,887 Surplus
74,056
Prepaid insur.„ &e.
314,630
y392,254
Sinking fund
Sterling Impt. Co.
166,592
(no liquid asset)
SiIv. Spr. Ld..Corp 152,027
2007
1917.
GENERAL INVESTMENT NEWS
2,350,000
3,000,000
2,040,000
202,817
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways Co.-No Common Dividend.-
63,843
66,000
105,000
1,030,710
No action on the common dividend was taken by the directors. Rix
months ago the American Railways Co. passed its common dividend, which
had been at the rate of 2% semi-annually.-V. 106, p. 2343.
Atlantic Quebec & Western Ry.-No Interest.-
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 and July 1 1818.
of the First Mtge. 5% debenture bonds.-V. 105, p. 1616.
Baltimore & Sparrows Point RR.-Sale.--
See Philadelphia Baltimore & Washington RR. below.
Barcelona Traction, Light & Power Co., Ltd.-Statua.
10,528,713 9,458,370
10,528,713 9,458,370 Total
• Referring to the proposition outlined last week (p. 1918), the bondholdcommittee in circular of Sept. 21 says in substance:
ers'
$1.
book
value,
$250,000;
*Par value,
The financial arrangements adopted by the bondholders in 1915 (V. 100,
y Includes in 1918 $249,512 cash and securities in sinking fund, and p. 1751. 1830, 1917) were based upon a report by Dr. H. F. Parshall, in
$142,742 cash on deposit with trustee from sale of Passaic property and which he showed the necessity for the immediate completion of the great
certain Pawtucket land.
dam and power house at Talarn, the construction of a second transmission
the extension of the distribution system.
z Includes in 1918 U. S. Finishing Co. let Mtge. 5s, 8707,000 (after line, and
The continuance of the war caused unavoidable delays and greatly indeducting $1.013,000 in sinking fund), Consol. Mtge. 5s, 61.650,000, and
creased the cost of shipping and the price of all materials, with the result
Sterling Dyeing & Finishing Co. bonds, $250,000.
that the completion of the works was delayed and the estimated cost inThe liaollities of the Queen Dyeing Co. as of June 30 1918 include creased.
Practically the whole of these works have been completed, how$750.000 common stock (all owned by the U. S. Finishing Co.), $500,000 ever, excepting part of the distribution system. The surplus earnings bepayaccrued
accounts
payable
and
pref. stock, $750.000 bonds. 372.631
1 1915 and Dec. 311917,and the proceeds of the sale of £1.000.July
tween
rolls, bond interest payable July 1, $18,750, and preferred dividend, $8,750. 000 Prior Lien
"A" bonds were applied towards meeting the cost of such
Liberty Lonn. $18,030, and taxes accrued, $9,887. The total sarpius construction, which during this period amounted to /1,773,000. [During
June 30 1918 was $156,085.-V. 105. p. 2092.
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
Western Canada Flour Mills Co., Ltd.
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
(Annual Statement for the Year ending Aug. 311918.)
this extension has not encroached upon the funds provided for the electric
works under the 1915 plan.]
President A. Kelly, Oct. 23 1918, wrote in substance:
The works referred to above, as completed, have proved satisfactory in
During the year a concrete storage warehouse was erected at Toronto, operation, and resulted in a steady advance in earnings, as indicated by the
which now provides the necessary facilities for the coinpaay's local business. following figures: •
large
to
due
1916.
1915.
You will note a decided decrease in inventories which was
1917.
1914.
(All pesetas.)
wheat shipments .or overseas consumption. This necessitated closing ail Gross earnings
15.466.208 16,804.223 20,225.827 22.966.847
the mills for a considerable period prior,to the end of the company's fiscal Operating expenses
8,381.735 7.202.840 6,661.218 6.758.841
year. Supplies in Canada were thereby materially reduced and could not
be replenished until the new crop was available. Advantage was, however.
7.084.473 9,601,383 13,564.609 16.208.005
Net earnings
taken of this idle period to, in a measure, overhaul the plants which arc
Dr. Parshall relied upon the steam plant in Barcelona contributing 40.now in a satisiactory state of efficiency.
annual cost of generation of £90.000 as a
an
at
annum
k.w.h, per
The crop this year, while below the average in quantity, Is of exception- 000,000
supplemental supply to meet the peak loads. At that time coal of suitable
ally good quality. The price has been fixed for the crop year, and pro- quality could be obtained for 35 to 40 pesetas per ton, but since then the
vided production can be kept up the company should be able to continue cost of coal has increased enormously, and is now between 300 and 400
to operate with favorable results to the shareholders.
pesetas per ton.
The augmentation of the hydro-electric supply, therefore, became an
INCOME ACCOUNT FOR YEARS ENDING AUGUST 31.
economic necessity, and as the peak loads in 1916 approximated to the
1914-15. capacity of the existing hydro-electric installation, the management decided
1915-16.
1916-17.
1917-18.
$340.062 that it.was essential to push forward the construction of another power
$376,261
$418,023
Net profits after reserves_ -3543,844
93,5C0 Installation.
93,500
01,664
87.890
Bond interest
(10%)x229.702 (8)169,976 (8)169,976 (8)169,976
.
Dividends
It will be remembered that of the £2.000.000 Prior Lien "A" bonds authorized in 1915 £1,000.000 was to be used, with the surplus revenue, to
$112,785 meet the cost of completing the works then under construction, In accord$112,785
$156,383
$226,252
Balance, surplus
ance with Dr. Parshall's report. and the remaining £1,000,000 was to be
x In 191e-18 the regular 8% dividend was paid with a 2% bonus.
used for carrying out further extensions when the necessity arose.
Accordingly the funds for a new hydro-electric development at Camarasa,
BALANCE SHEET AUGUST 31.
which is situated some thirty kilometres below the Tremp installation, are
1918.
1917.
being provided through the sale of these bonds. £260.000 were sold In
1918.
1917.
AndsCapital stock....52,340,100 $2,124,700 1917 and subsequently, and early in the present year a further 10.000,000
Real estate, bldgs..
849,492 pesetas (approximately £400,000) were sold on satisfactory terms to a
equipment, &c.$2,616,655 52,629,634 First M.6% bonds 814,243
Spanish syndicate. Sufficient funds have thus been provided to carry On
First & Refunding
653,987
inv..
1,111,074
other
Share &
655,130 the work into 1919. and the committee feel confident that under the ar625,684
6% bonds
Patls, trade-mks.
43,454
45,704 rangements now contemplated the further funds which will be required for
183,067 Bond interest_ _
1
and good will..
93,604
42,494 completing the works will be made available as needed.
724,640 Dividends accrued
Accts. & bills ma_ 871.801
The entry of the United States into the war has necessarily added very
509,085 1,576,257 Accounts and bills
Inventories
Payable
a887,960 1,233,252 greatly to the difficulty of getting supplies from that country, but as orCanada's Vie.Loan 250,000
ders
for the machinery were placed there over a year ago, it is hoped that
27,837
235,699
Profit
and
loss,
Cash
844,651 It will arrive In Spain in time to enable the plant to be brought into opera69,164
858,434
surplus
Deferred charges_
tion towards the end of 1919.
Meanwhile, the shortage and high price of coal have much increased the
$5,663,479 $5,795,423 Total
55.663,479 $5,795,423
Total
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.
a Including two years estimated war taxes.
The proceeds from the sale of the Prior Lien "A' bonds will not provide
Indirect liabilities In 1;418, customers' paper under discount, $494,687.
the cost of these works as well as the cost of the Camarasa development,
against $2,351.489 In 1917; guarantee Brackman-Ker MI.ling Co., Ltd., for
and
therefore some contribution will have to be made out of revenue.
$545,771 in 1917.
Moreover, without the benefit of the Camarasa installation there is no asHead office, Toronto; Mills: doderlch, Ont., Brandon, Man., Winnipeg, surance
that the full interest will be earned. The directors, therefore,
South
and
Edmonton,
1843.
Alta.,
Alta.
-V.
p.
107,
Man., Calgary,
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
Westfield Manufacturing Co.
as the holders in Great Britain and Canada, have been consulted regarding
the situation.
(Report for Fiscal Year ending Aug. 31 1918.)
The plan embodied in the conditional agreement involves further sacrion the part of the bondholders, but will, it is believed, place the comPres. Wilbur C. Walker, Aug.311918, wrote in substance: fice
upon a solid financial foundation for the future.
pany
The net profits for the year, after payment of interest on bonds and
committee: E. R. Peacock, A. E. Baker, Robert Flem[Bondholders'
deducting all general, selling and other expenses, all ordinary repairs to ing, H. Malcolm Hubbard, Gilbert Johnstone, H. C. Levis and C. D.
ample
allowance for depreciation and taxes, were Seligman. 3,London Wall Buildings, B.C.2. See V. 107,p. 1836. 1918.)
buildings, equipment and
$231,483 net[contrasting with $202,757 in 1916-17 and $175.375 in 1915-16.]
The entry of our country into the war has made necessary an almost
Bay State Street Ry.-Fare Litigation, &c.complete revision in our manufacturing facilities, requiring large expendiJudge Morton in the United States District Court at Boston on Nov. 20
tures for additions to buildings and special equipment.
to interfere with the intention of Receiver Donham to discontinue
declined
dividends
of
quarterly
14% on the pref. stock have been mainRegular
routes which failed to pay operating expenses. The Court set
tained, quarterly dividends of 1 % on the corn, stock have been regularly certain
to other lines.
paid, and during the fiscal year $54,000 of the company's 6% debenture Dec. 4 for a hearing on the receiver's petition relating
Receiver has filed in the United States District Court at Boston
bonds were retired. The company has no notes payable, nor any paper a The
the Massachusetts
of
constitutionality
the
attacks
he
petition in which
outstanding bearing its endorsement. Accounts payable represent miscel- statutes
permitting a street railway to grant half fares to school children.
laneous current bills not yet duo.
Permission is asked to discontinue such fares.-V. 107. P. 1918. 1836.
COMBINED INCOME ACCOUNT FOR YEARS ENDED AUG. 31.
Boston Elevated Ry.-President.-1917-18.
1915-16.
1916-17.
J. Henry Neal has been elected President to succeed Matthew
$3,030,882 $1,560,380 $1,417,201 C.Vice-Pres.
Sales (net)
Brush resigned.-V.107, p. 1579. 1836.
2,180,195
1,067,238
1,103,878
Cost of sales
Total
Gross profit on sales
Operating expenses and depreciation
$850,687
595,052
$456,502
232,530
$349,963
161,670
Net income
Miscellaneous income
3255.635
1,626
$223.972
2,260
$188,293
11,890
Gross income
Interest on bonds and notes
Preferred dividends (7%)
Common dividends
$257.262
$200.183
$226.232
$25.779
$24,808
$23.475
28.000
28,000
28.000
(6%)48,000 (6%)48,000 (131)12,000
$155,483
$135,374
$126,757
BALANCE SHEET AUGUST 31.
1917.
1918.
Liabilities1918.
1917.
Preferred stock___ $403,000 $400,000
$965,844 $890,007 Common stock._
800,000
800,000
15,000 Serial deben. gold
50,600
50,489
157.052
bonds,6%
331,000
385,000
29:3,165 Accounts payable_ 178,624
310,796
102,678
796,369 Accrued Interest_
907,380
4,9651,
15,877
7,317 A ccr.tax..roy.,&c_
5.604
44,9661
15,524
Deposits on orders
4,696
5,661
19,524 Res've for dorm ,
81,469
taxes, die
211,880
Surplus
281,186
436,668
Balance. surplus
AssetsLand,b1dgs.,mach.,
equipment, dmU.S. Lib. bonds_
Cash
Notes & accts. reo.
Materials dt HuppPrepald charges...
Organization exp.
Suspense account_
$2,412,800 $2,071,871
Total
-V. 107. P. 1749.
Total
$2,412,800 $2,071,871
Boston & Maine RR.-Favorable Outlook for Reorganization.-The formal plan of reorganization and merger, issued
as of Nov. 1, was cited at much length in last week's "Chronicle," P. 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 ho Reorganization Managers.
The "Boston News Bureau" on Nov. 20 said:
and of five
It is understood that directors of the Boston & Maine RR.
the
reorganizaout of the seven principal leased lines have voted to approve
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 & Maine
system approve the plan and wish to expedite its acceptance. It is expected that the various meetings of shareholders will be held next month.
No sign of important opposition 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 & Maine situation. This case has gone up to the U. S. Supreme
Court. If the decision is adverse to the Boston & Maine the Federal
2008
THE CHRONICLE
[Vol,. 107.
Government will lend the road enough to pay the judgment. But if adFlorida East Coast RR.-Federal Manager.verse to the Hampden, as the Boston & Maine interests confidently expect
J. P. Beckwith, General Manager, has been appointed Federal Manager.
it will be, then there is an end of the matter. In fact, so confident are the -V.
107, p. 1003, 396.
Boston & Maine people in the outcome of this litigation that they would
not listen to a compromise although the Railroad Administration was
Georgia Ry. & Power Co.-Sixth Generating Unit at
disposed to agree to such a disposition of the suit.
Falls, Ga., Hydra-Electric Plant.•
Reorganization.-The plan would result in the following; Tallulah
The installation of a sixth 10,000 k.w. unit in the Tallulah
y Constituent
Miles -Debt Outstandinga Stock
Interest de
Propertiesof Track. Funded. Unfund.
Outstanding. Guar. Dies
Boston & Maine Railroad 3,315 $103,167,060 None $38,817,900 1st pf. $4,414,593
(Companies to be
3,149,800 pref.
.
merged)
39,505,100 corn.
J
Entire Stock OwnedNashua & Acton RR
23
Vermont Valley RR
45 $1,500,000
$67,500
357,000
Sullivan County RR
49
14,280
Montpeller&WellsRiverRR 55
Barre & Chelsea RR
28
Mt. Washington Ry
3
Falls, Ga.,
plant will increase the capacity of the station by 20% when the reservoir
is completed and will be ready for operation as soon as the new reservoir
above Lake Mathis is ready and filled. Work is being rushed on this
new reservoir. ("EngineeringRecord.")-Compare V. 106,p. 1569; V. 107,
p. 1482, 1384.
Grand Trunk Ry.-Attachment Obtained by Contractor on
Partly Constructed Line to Providence.See Southern New England RR.-V. 107, p. 1747.
Hampden RR. Corp.-Status under Plan.See Boston & Maine RR. above and V. 107, p. 1919.
Totals
203
Leased or Otherwise Controred
Vermont & Mass. RR
191
Troy & Bennington RR_ _ _
6
Nashua & Lowell RR
50
Stony Brook RR
23
Wilton RR
21
Peterborough RR
12
Horn Pond Branch
1
Northern RR
108
Concord & Claremont RR.. 84
Peterb. & Hillb.•RR
20
Conn. Sr Pass. Rivers RR_ 160
Massawippi Valley RR_ _ _ _ 46
New Boston RR
6
Concord de Portsmouth RR 54
Suncook Valley RR
19
Pemigewasset Valley ER..
30
Franklin & Tilton RR
8
York Harbor Se Beach RR_ 13
Totals
$1,857,000 None
$772,000 _ _ _ _
$81,780
$218,600
15,080
72,000
21,000
20,400
14,076
The employees and the company have come to an agreement to aribitrate
their differences with Henry
Endicott, Executive Manager of the State
Public Safety Committee, and
B.in consequence thereof the cars have been
put back into service as usual. The strike commenced Nov. 8.-V. 107,
p. 1384, 291.
184,104
25,000
See New York Rys. and Rapid Transit in N. Y. below.-V.107, p. 1919.
1,800,000
300,000
60.000
350,000
278,640
503,400
184,000
18,000
2,400
24,500
8,359
30,204
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
Barhite 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 pay 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 rehabilitation of the property."-V. 107, p. 603.
500,000
1,900,000 __
33,000
$3,172,000 None $11,431,140
$837,723
Totals, entire steam sys_4,370 $108,196,060 None $92,903,940
Street Railways OwnedPortsmouth Electric branch 19
Concord & Manch. El. hr.. 31
$5,334,096
-Grand totals
4,420 $108,196,060 None $92,903,940
Do before reorganization 4,420 88,317,000 $19,879,060 92,903,990
$5,334.096
8,055,509
852
Holyoke (Mass.) Street Ry.-Strike Ended.-
$3,193,000
150,800
800,000
300,000
240,000
351,900
2,000
3,068,400
Interborough Rapid Transit Co., N. Y.-Fares.Ithaca(N. Y.) Traction Corporation.-Fare Increase.-
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.
x Excluding amounts owned by B. Sc M.or subsidiary companies.
y Excluding Newport & Richford (33.22 miles of track), not opertaed in Beaton
Digest of Letter from President E. P. Swinney, Nov. 13 1918.
de Maine System, but leased to Montreal & Atlantic Ry. for a rental covering all
Organization.-Incorporated in 1906 under laws of Missouri as a railroad
fixed charges. Also excluding St. Johnsbury & Lake Champlain RR.(112.08 miles
company
with powers to own and operate a union passenger station and
of track), a majority of whose capital stock is owned by the Boston de Lowell RR.,
but which is operated separately from the Boston & Maine System. The Boston freight and passenger terminals in and about Kansas City. All its $2,200& Maine RR. guarantees $1,328,000 St. Johnsbury & Lake Champlain First Mtge 000 outstanding capital stock has been fully paid in cash at par and is
5% bonds. This contingent liability is not included in the above table. Also held by or for the benefit of the 12 railroad companies named below. Its
excluding the right to use 4.3 miles of Old Colony RR. track and excluding joint charter is for 999 years. These terminal facilities have been constructed
trackage rights over other railroads aggregating 47.55 miles of track. Compare by the united action of all the 12 trunk lines entering the city, none of
which has any other passenger station here.
plan In V. 107, p. 1018.
Funded Debt of the Company Held by Public upon Completion of the Present
Brazil Ry.-Data Regarding Brazilian Railways.Refunding Operation.
The "Railway Review" in its issue for Nov. 16 publishes several pages First Mtge.4% gold bonds due Jan. 1 1960 (closed, $50,000,000
of authoritative information recently compiled by the Bureau of Foreign
authorized and issued)
633,092,000
& Domestic Commerce referring to the railways of Brazil. The article covers Five-year 434% gold notes, due July 1 1921 (secured by $3,125,many points of interest and mentions numerous lines.-V.107, p.801. 290.
000 1st M.4% gold bonds, not included above)
2,500,000
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
Brockton & Plymouth Street Ry.-Operations.Purchase
Money
Mtge.
5%
notes,
due
May
1
1922
and Nov. 12
Officers of this compnay have agreed to keep the road in operation until
1922, aggregating
1,115,753
Dec. 23 instead of Nov. 23 as originally announced. It is understood that
if an agreement can be reached it is probable
The proceeds of these notes will be used to retire $9,625,000 notes, ma10-c that the line will continue
veatiopnsi1
8n9d
8efinitely. It is believed a
nt fare will be required.- 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 Mortgage 4% gold bonds, due Jan. 1 1960, the bonds thus being pledged at
Canadian Northern Ry.-New Directors.approximately 71%.
The board of directors has been completed by the election as the Nova
Security of Pledged Bonds.-These bonds are secured by an absolute first
Scotia appointee, of Col. Thomas Cantley, Chairman of the Nova Scotia mortgage on all the property, rights and franchises of the Kansas City
Steel & Coal Co., and for New Brunswick of A. P. Barnhill, K. 0.- Terminal By. Co. (except property costing approximately $1,115,000rand
for which the above-described purchase-money notes were given), and are
V. 107, p. 1919, 1836.
further secured by assignment to the mortgage trustee of agreements beCentral Vermont Ry.-Attachment Obtained by Contractor tween the company, the trustee and all the 12 railroad companies entering
Kansas City (V. 107, p. 1920).
on Partly Constructed Line to Providence.Under the above agreements, each of these 12 proprietor companies
• See Southern New England RR.-V. 107, p. 1666.
covenants unconditionally to pay an amount equal to one-twelfth of the
principal of all outstanding First mortgage bonds when due, and an amount
Chicago Elevated Rys.-Six-Cent Fares Authorized.equal to one-twelfth of the interest thereon, and one-twelfth of all taxes
Patrons of the elevated railways of Chicago on Nov. 20 were notified payable by the Terminal Co., ten days before such interest and taxes bethat the company had been authorized by the Illinois P. U. Commission come due, and agrees also to pay its share of the total expenses of operation
to charge a 6-cent fare until Dec. 311919. It is stated that the increase and maintenance of the terminals, proportionate to the use thereof. If
will add $1,200,000 a year to the company's revenue. An increase to a one or more of the proprietor companies should default in its obligations
under these agreements, the remaining companies or company must make
7-cent fare had been asked.-V. 106, p. 821.
up all deficiencies ratably and the defaulting company or companies may
be excluded from the use of the terminals.
Chicago Rock Island & Pacific Ry.--Receiver,
Walter C. Noyes has filed a final administration account as receiver of
Existing Properties Owned by the Terminal Company.
the railroad company to which position he was appointed on Jan. 18 1915
(a) Union passenger station, centrally located between Wyandotte and
in litigation instituted by the Central Trust Co. of New York, as trustee. Main streets and 21st and 24th streets, covering with train sheds and
Judge Julius M. Mayer in the U. S. District Court Nov.22 made an order tracks about 51 acres, containing 18 parallel through tracks with space for
approving the accounting and directing that the receiver be discharged.
8 more, a total of 26 tracks accommodating 52 trains simultaneously.
See Consolidated Indiana Coal Co. under "Industrials" below.-V.
(b) Main line about 6.61 miles in length, with from 4 to 8 tracks, through
107, p. 1919. 1384.
the heart of the city from east to west, affording entrance to the station
from both directions.
Cincinnati Findlay & Fort Wayne RR.-Sold.(c) Double track line about 2.36 miles in length, extending from a juncThis property was bid in at foreclosure sale on Nov. 18 by the bondhold- tion with the westerly end of the above main line to a junction with the
ers' committee, F. N. B. Close, Chairman, for $200,000, the upset price. Chicago Burlington & Quincy RR. at the Missouri River.
.Operations ceased some time ago and the property is being dismantled.(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
V. 107, P. 1669.
the city.
Claremont (N. H.) Ry. & Lighting Co.-Receivership. (e) Two double,track elevated linos (now practically completed), agA press dispatch from N. H. on Nov. 15 says: "Russell Jarvis, a paper gregating about 6.72 miles and extending from the westerly end of the main
manufacturer, has been appointed Receiver, for the Claremont Electric line through Kansas City, Kansas.
(j) Surface tracks in Kansas City, Kansas, reaching the stock yards,
Ry. Beginning Saturday morning, it was announced, the road would be
operated by a committee of local manufacturers who offered to buy the packing houses and other industries, and connecting with various railroads
outstanding bonds of the company, amounting to $150,000, at 50 cents td the West.
Forms a complete belt line for the use of all the railroads entering the
on the dollar. Mr. Jarvis will serve for the present as manager.
"The road gave notice some weeks ago that it would discontinue business city, and reaching several hundred important industries. The terminal
but was prevented from doing so by injunction proceedings and the applica- facilities include industrial tracks, local freight stations, passenger, freight
tion for a receivership. It is six miles long, running between Claremont and switching yards, round houses and shops, as well as the Union PassenJunction, Claremont and West Claremont. It was built fifteen years ago ger Station.
Territory Served.-The growth and importance of Kansas City as a busiand never has paid dividends. Of late it has defaulted interest on its
ness centre are well known, it being one of the world's greatest granaries
bonds."
The Eastern Power & Light Corp owns $144,300 of the company's and live stock markets. The combined population of Kansas City, Mo.,
stock. See pages 109 and 110 in "Electric Railway" Section.-V. 107, 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.
fo• 180.
Bank clearings have increased from $2,635,000,000 in 1910 to $7,662,000,Delaware & Hudson Co.-Usual Dividend Contingent on 000 in 1917, and have shown a continuous increase from year to year.See also V. 107, p. 1920.
Receipt of Funds from U. S. Government.
-
The directors, repeating their action of three months ago, have declared
a 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
pay the same and payable at a later date when, as and if said sum shall
be received." On the N. Y. Stock Exchange the stock will not be milted
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 By. 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. 12/37, 1192.
Lehigh & Hudson River RR.-Vice-President.-
George D. Dixon succeeds J. J. Beattie as Vico-Pres. and John W.
Sanford has been appointed Secretary and Treasurer.-V. 106, p. 2649.
Lehigh Valley RR.-Black Tom Decision.-
, The Court of Errors and Appeals at Trenton, N. J. on Nov.,18 handed
down a decision upholding the judgment of $23,687 obtained by the New
Jersey Fidelity & Plate Glass Insurance Co. against the railroad, the
action resulting from the Mack Tom explosion of July 30 1916. The
suit is one of a considerable number of similar cases now pending lathe
courts.-V. 107, p. 1920, 1837.
Mexican Central Ry.-Obituary.President Albert A. Robinson died Nov. 7.-V. 89, p. 919.
Nov. 23 1918.1
THE CHRONICLE
Monongahela Valley Traction Co.—Syndicate Profit.—
On Nov. 13 checks were distributed to the bankers who participated in
the syndicate which .placed the $5,500,000 General Mtge. 7% bonds of
1918. due July 1 1923. The syndicate was headed by the Fidelity Trust
Co. of Baltimore and the National City Co. of N. Y. See V. 107, p. 1004,
1287.
New York 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 Nov. 18, announced that the city had no intention of granting
such applications as an increase over the present 5-cent fare "would inure
to the benefit of the transit companies and not to the City of New York.'
The action by the Board of Estimate on Nov. 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,
p. 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.—
See Philadelphia Baltimore & Washington RR. below.—V. 107, P• 1837.
Peoria & Pekin Union Ry.—Delay in Payment of Coupons Believed to Be Temporary.—
The Central Trust Co. was not provided with the cash necessary to pay
the coupons due Nov. 1 on this company's First Mortgage Os, Second Mtge.
43s and debenture 5s. A letter from the company states that it is endeavoring to hasten the payment by the Federal RR. Administration of the
mqpey needed to meet this interest. The property is being operated by
the United States Government.—V. 107, P. 1004.
2009
Pittsburgh Railways.—Interest Payments, &c.—The Federal Court at Pittsburgh on Nov. 15 authorized the payment
of the following fixed charges, aggregating $234,116, and constituting a large part of the charges due this month:
$90.750
Rental Citizens' Traction Co
66
Rental Pittsburgh & Birmingham Passenger Railway Co
5,000
Interest Title & Trust Co
17,000
5% gold car trust bonds
18,525
Interest Millvale Etna & Sharpsburg Street Railways Co
37,500
Interest Pittsburgh Birmingham Traction Co
61,125
Interest Pittsburgh Charleroi Street Railways Co
Interest West Braddock Bridge Co
The payments were ordered subject to the terms and limitations of the
opinion handed down by the Court Sept. 7 disposing of the petition of the
'
Consolidated Traction Co.
Judges C. P. Orr and W. H. S. Thompson also declared their intention
to appoint a master to systematize the payment of fixed charges (bond interest, 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 the 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 & Trust Co.
for the payment of the First Mortgage bonds of the Ben Avon & 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.
Public Service Corporation of N. J.—Sub.-Co. Stock.—
Philadelphia Baltimore & Washington RR.—Purchase.
See Public Service Gas Co. under "Industrials" below.—V. 107,P. 1920.
• Philadelphia Germantown & Norristown RR.—Further Deduction in Dividends on Account of Federal Taxes.—
Announcement is made that travel on 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. S. Commission. 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.
The stockholders will vote Dec. 3 on purchasing the franchise and assets
of the Baltimore & Sparrows Point RR. All of the stock of the Baltimore
& Sparrows Point RR. is owned by the Philadelphia Baltimore & Washington RR. and practically all of the stock of the latter is owned by the
Pennsylvania RR.—V.106, p. 2441.
The company has declared a quarterly dividend of $1 35 per share, payable Dec.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 & Reading By., 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 for 1917.
"If the pending suit be decided in favor of the lessor, stockholders of the
Philadelphia Germantown & 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 responsible 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 victory, however, in three of the thirteen suits started, judgment being entered in its favor. All the cases it is understood will be appealed to the State Supreme Court.
Rapid Transit in New York.—Passenger Travel.—
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 'Pi t CO. ^n Nov. 19 put on the new schedule
last
of trains in conformity with the order of the P. S. Commission issued Side
August which called for the 2-minute schedule of the East and West
-minute
3
a
and
hours,
rush
ening
m
and
morning
express trains in the
schedule for local trains.
The 1'. S. Commission ha transmitted to the Board of Estimate four
reproposed agreements with the Degnon Contracting Co., whereby thehas,
mauling work on the four contracts that the contracting company
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.—
See Phila. Germantown & Norristown RR.Above.—V. 107, p. 1102,1005.
Richmond Fredericksburg & Potomac RR.—Fed. Mgr.
W.D. Duke, General Manager, has been appointed Federal Manager.—
V. 107, p. 1005, 697.
San Francisco-Oakland Term.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
p.
system of this company's subsidiary, the Oakland Transit Co.(V. 100,
the voters next April.
Companies for Which the Transit Company Must Pay the Federal Taxes, 1752), with a view to putting the matter before
1288.
Philadelphia Traction Co. Germantown Passenger Railway Co. 13th —V. 107, p. 1748,
& 15th Streets Passenger Railway Co., Philadelphia City Passenger'RailSchuylkill Ry., Girardville, Pa.—Plan.— foreclosure sale
way Co., Union Traction Co., Ridge Avenue Passenger Railway Co.,
The organization plan was cited last week, p. 1920. No
Frankford & Southwark Philadelphia City Passenger Railway, Fairmount is
The plan has been assented to by a large majority of
Park & Haddington Passenger Railway Co., Citizens' Passenger Railway thecontemplated.
holders of outstanding bonds of the consolidated issue, but it has not
Co. and the Hestonville Mantua & Fairmount Passenger Railroad Co.
yet been declared operative.—V. 107, p. 1920.
Companies That Must Assume Liability for Their Federal Taxes.
Southern New England RR.—Attachment.—
Continental Passenger Railway Co. of Philadelphia, Philadelphia &
An attachment for $2,000,000 in a special precept was filed on Nov. 18
Darby RR.Co.and Green & Coates Streets Phila. Passenger Railway Co.
with
the Registry of Deeds at Springfield. Mass., by John Marsch of ChiThe "Philadelphia Ledger" of Nov. 21 had the f Alowing•
cago, Ill., against the Southern New England Mt. The writ is returnable
. An appeal from the rulings will be taken to the State Supreme Court,and in the U. S. District Court at Boston, where the case is now pending on
Ellis Ames Ballard, Chief Counsel for the Transit Company,stated yester- the docket. Marsch, a contractor, seeks payment he claims due him for
day that an effort would immediately be made to have the cases advanced constructing the Palmer-to-Providence line.
on the list so that argument could be heard when the Supreme Court meets • This partly-built line was projected by the Grand Trunk Ry. interests
here in January and an early decision obtained.
to connect their controlled road, the Central Vermont Ry., with tidewater
Mr. Ballard explained the financial aspect of the litigation in this state- at Providence, R. I. See V. 106, p. 2758, and Central ,Vermont Ry.,
1141 4 4
ment: "The cases in which the Court of Common Pleas No. 3 has ordered V. 103, p. 2078.—V. 102, p. 1718.
judgment to be entered for the plaintiffs against the Philadelphia Rapid
Stockton Terminal & Eastern RR.—Sold,—
Transit Company in the suits by the various lessor companies to recover
Income and excess profits taxes, which the Philadelphia Rapid Transit Co.
This property was _purchased at foreclosure sale on or about Nov. 12
refused to pay for its lessor lines, aggregate $365,845. The three cases in for $65,000 by E. F. Davis, President of the First National Bank of Oakwhich judgment was entered in favor of the defendant, the Philadelphia dale and a director of the Stockton & Linden RR. The sale was made by
Rapid Transit Co., involved claims aggregating $11,451. In two cases direction of F. J. Dietrich, as Commissioner in the foreclosure proceedings,
In which the amount involved was $26,1;90, the plaintiffs have not filed brought by the Mercantile Trust Co. of San Francisco, as trustee for the
any claim to recover taxes paid by them.
bondholders, who were given judgment against the corporation for sums
In the principal opinion of Judge Ferguson filed in the case of the Ridge aggregating $191,000.—V. 103, p. 1688.
Avenue Passenger Railway Co., and referred to in twelve other decisions,
Third Avenue Ry., N. Y.—Report, Fares, &c.—
the Court says in part:
"The covenant which binds the defendant, the Philadelphia Rapid TranSee annual report upon a preceding page, New York Railways above,
sit Co., and which is invoked to require it to pay the taxes imposed by the and Yorkers By. below. Also see caption Rapid Transit of New York.—
Federal Government, . . . requires the defendant to 'pay all taxes, V. 107, p. 1921, 1194.
charges and assessments now or hereafter lawfully imposed upon Ridge
Toledo St. Louis & Western RR.—Equipment Dispute.
Avenue (the plaintiff), or for which Ridge Avenue would otherwise be
earnings or . . . profits.'
Director-General McAdoo recently ordered Receiver Walter L. Gross
liable or chargeable on account of its .
..
the covenant was executed the to purchase 1,250 freight cars at a cost of $3,572,250. Stockholders pro"At the time the lease which contained
Federal tat laws above referred to were not in existence. The covenant tested the order, and on Nov. 19 the receiver filed a brief in the Federal
to
provided, however, for the payment of all taxes thereafter lawfully im- Court at Toledo calling in question the right of the Director-General
conposed, and the question to be determined is whether or not such taxes are order such acquisition at the expense of the property. The receiver
revolving
the
from
made
be
covenant.
should
equipment
the
the
of
for
within the meaning
tends that payment
"We think the case is ruled by the North Pennsylvania RR.Co. vs. Phila- fund at the Director-General's disposal, under the Congressional Act.
delphia & Reading Ry. Co., 249 Pa., 326. In that case the covenant pro- Hearing was set for Nov. 25. (Compare Act in V. 106. p. 1091, 1193.
all
taxes
upon
of
the
yearly
payments which the 142, 35; V. 105, p. 2509.)—V. 107, p. 1838, 1102.
vided for the payment
lessee was obligated to pay the lessor as rent. It was held that the lessee
the
amount
pay
to
United National Utilities Co.—Dividend Deferred.—
as
assessed
tax under the
obliged
income
was
case
in the
The directors have taken no action on the cumulative preferred stock
Act of Congress of Oct. 3 1913. In that case the tax was not imposed on
dividend which derives its income from stock of the National Properties
the 'yearly payments'or 'rent, as such, but was laid upon the not income.
"L'he distinction between a tax laid upon the premises or business, or re- Co. Action was also deferred last May.—V. 105, p. 1310.
ceipts, thereof, is very clearly pointed out by the present Chief Justice in
Yonkers (N. Y.) RR.—Zone System Denied.—
Catawissa RR. Co. vs. Philadelphia & Reading By. Co. 255 Pa., 269.
The Yonkers Board of Aldermen have denied this company, a subsidiary
"We are of the opinion, therefore, that judgment should be entered for
systems, by which
of the Third Avenue Ry., the right to establish zone
the plaintiff for the full amount of its claim, with interest."
another beyond the city line,
Judge McMichael filed an opinion in the case of the Union Traction Co., two zones would be created in the city and 1103.
p.
107,
seven
in
possible.—V.
other
writ.ings. After reciting the making a 15-cent fare
and referred to this decision
covenant regarding the taxes and ordering judgment for the leased line,
the opinion concludes:
"The covenant by clear language agrees that the Rapid Transit Co. shall
INDUSTRIAL AND MISCELLANEOUS.
pay any taxes now or hereafter lawfully imposed upon Union. It being
conceded that the United States taxes are lawfully imposed upon Uhion,
Car & Foundry Co.—Business, &c.—The
American
the first clause of the covenant clearly assumes the payment of all taxes
following facts have been officially approved for the
lawfully imposed upon Union." (Cites former ruling.)
be
hold
to
liable for the tax, Judge Fer- "Chronicle."
In the case of the three companies
guson filed three short opinions. The covenants in these leases vary someOperations.—The volume and quality of the company's work, whether
what, but the Court rules in all that the transit company, the lessee, is not
of shells, artillery limbers and caissons, or in the producbound to pay the war tax. The Court rules that its judgment comes within in the manufacture
of its normal lines of domestic output,freight and passenger cars, have
the decision made in the case of the Catawissa RR. Co. vs. the Phila- tion
6Z4
of Government officials.
commendation
the
won
Pa.,
255
1101.
Co.,
1573,
By.
269.—V. 107, p.
delphia & Reading
at
Since its new fiscal year. last May, the company has been producing
or $300,000,000 per anthe rate of more than $25,000,000 gross a month,
Pittsburgh & Lake Erie RR.—Officer.—
is a logical expectation.
work
munition
and
artillery
of
Suspension
num.
made
Assistant to the Pres.—V. 107, p. 647
w. F. Brunner has been
2010
THE CHRONICLE
[VoL. 107.
•M•
But even if the company were to stop its war production entirely it would
have on hand a very satisfactory volume of car orders.
In fact the company has recently taken two export orders tbat involve
a 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 of export
business is a highly encouraging sign. It shows how acute is the shortage
of rolling stock in many parts of the world. It is a harbinger of continued
large business of this nature. Up to this year the conipany 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 9100,000,000 by a comfortable sum. The company went into
artillery and shell production at the Government's request. It will stop
when the Government so orders. But it is exceedingly fortunate that its
readjustment to a peace basis is so buttressed by a large volume of the regular lines of production that the transition period promises to be very easy.
Peace Stalus.—A great proportion of the company's war profits has gone
to the Government in taxes. Cutting off war produetion, therefore, means.
In a broad way, not so much smaller earnings for stockholders as smaller
excess profits payments. ("Wall Street Journal.")—V. 107, p. 1839. 907.
American Linseed Company.—Preferred Div.—
The directors have declared a dividend of 7%, payable i3% Jan. 2
to holders of record Dec. 16; 1 X% April 1 1919 to holders of record
Mar. 15
1919; P4% July 1 1919 to holders of record June 16 1919; and 1%%
Oct. 1 1919 to holders of record Sept. 15 1919.—V. 107, p.1921.
American Malting Co.—Applies to List.—
This company has applied to the New York Stock Exchange to list $105,000 additional cumulative 6% preferred stock on official notice of issuance
In exchange for second preferred stock, and $133,700 additional common
stock on official notice of issuance in exchange for the third preferred stock.
—V.107, p. 1921.
American Metal Co.—Adjournment.—
The meeting of stockholders scheduled for November 22 for the purpose
of voting on the dissolution of the company has been adjourned to Nov. 29.
—V. 107, p. 1670. 1483.
—A-triFfEiriley. Express Co.—Con
- trol —of Oper.—Rates.
Under a Presidential order issued Nov. 16 for the purpose of further coordinating 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 Government 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.
Rates on all express lines under Federal control have again been raised,
this time effective Jan. 1. The increases, which range from 10 to 17 cents
per 100 lbs.. are expected to produce approximately $24,000,000 additional
revenue annually. It is expected that the Director-General will take steps
to increase the wages of express company employees.
Window Glass Co., Pennsylvania Window Glass Co. and the Kane Glass
Co. for infringement of patents covering the manufacture of window glass
cylinders by machinery.
Pittsburgh "Gazette" Nov. 14 says: "Simultaneously with the filing
of the opinion additional suits were filed against the Consolidated Window
Glass Co., Pittsburgh Glass Co., Walter A. Jones, the Pittsburgh Window
Glass Co. and the Smothport Glass Co. The new suits contain similar
allegations to those filed in the suits entered in 1914. There are also a
number of similar suits pending in the court.
"It is the opinion of the attorneys concerned in the case that appeals
will be filed shortly to take the case to a higher court. In the event that
the higher courts sustain the action of the lower court it is said that practically every plant in the United States making window glass cylinders by
machinery will either have to stop manufacture or pay royalties to the
American Window Glass Machine Co. and the American Window Glass
Co."—V. 107, p. 1921.
American Writing Paper Co.—Progress of Refunding.—
Temporary certificates for $2,450,000 of the 911,000.000 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 V. 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 development at Great Falls, Mont.—V. 107. p. 1839.
Andrew Jergens Co., Cincinnati.—Notes Approved.—
On Nov. 13 Beazeit & Chatfield 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 quarterly 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.—V. 107, p. 1289.
Atlas Powder Co.—Extra Dividend on Common.—
The directors have declared an extra dividend of 3% on -the common
along with the regular quarterly dividend of 2%, both payable Dec. 10 to
holders of record Nov. 30. This amount was paid in June and Sept. last.
—V. 107, p. 804.
Baldwin Locomotive Works.—Contract Situation.—
It has been rumored in Philadelphia that COMO Gov. contracts which
Agreement.—
A press dispatch from Washington stated that this company and Director_ have been placed with this company have been held up, but any confirmaGeneral McAdoo have concluded a now agreement by which the company, tion is entirely lacking. It is understood, however, that even though these
now under management of the Railroad Administration, will receive contracts or a great part thereof are canceled, there will be plenty of busi49X %. of all express operating revenues, and the railroads 50 %. It is ness for the next year or two because of the general shortage of locomotives.
—V. 107, p. 504.
the same proportion as under the old contract.—V. 107, p. 1580, 1194..
Barber Steamship Lines, Inc., N. Y.—Stock.—
American Sumatra Tobacco Co.—Stock Div. 15%.—
This company, incorporated at Albany on Oct. 23 1918 as successor of
As foreshadowed in the "Chronicle" of Nov. 9, the company last week the
shipping firm of Barber & Co., 17 Battery Place, N. Y.,filed on Nov. 18
declared a stock dividend of 15% on the common stock payable Doc. 7 a
certificate increasing their capital stock from $1,000,000 to 92,500,000.
to holders of record Dec. 3, in connection with the right to subscribe for a President
E. J. Barber has stated that the increase is made with a view to
further 25% of new common at par. By clerical slip this dividend was developments
in after-the-war shipping. The "Journal of Commerce"
referred to in last week's issue as 50%. Compare V. 107, p. 1670, 1839, says that the company
is now an entirely American concern, the British
1921.
ships of the firm having been lost during the war.
Apply to List.—
Beaver Co., Ltd.—Pref. Stock Offering.—Imbrie & Co.
are offering at 8732, yielding 8%,$795,500 7% cumulative
pref.
stock; authorized, $2,500,000; issued or about to be
--American Thread Co., N7Y.—Refunding of $6,000,6-66
1st Mtge. 4s, Due Jan. 1 1919—New 1st Mtge. 10-Year 6% issued, $795,500. The bankers report:
The company is now earning at the rate of six times its dividend requireBonds Oversubscribed.—In order to refund the $6,000,000 ments.
The dividends are also guaranteed by the Beaver Co. of Buffalo,
1st M. 4s due Jan. 11919, it has been arranged to make a whose common stock, ranking juntor to this
in point of distribution, is
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 170
With peace conditions, estimated from orders already booked, the earnings
Gold Bonds, dated Dec. 1 1918 and due Dec. 1 1928. The will show a very substantial increase.
The industry has ben established for a number of years and has shown
National City Co. of N. Y. on Wednesday opened and a consistent
growth of about 30% each year. Beaver board is
immediately closed subscription bo3ks for $4,500,000 of the standard healthy
of quality in this staple commodity.
The company has recently installed a new unit at Thorold for the making
these bonds at 101 and int., to yield about 5%%,the entire
a single-ply wall board which will double the output of all the Beaver
block having been oversubscribed. The balance,$1,500,000, of
Board Co.'s plants. The Thorold company is controlled by the Beaver
Co., Ltd., which owns all its common stock. Further data another week.
had been sold privately in advance. (See adv. pages).
Interest payable J. & D 1, without deduction of any Federal normal
Brooklyn Union Gas Co.—Sub-Co. Decision.—
income taxes now or hereafter deductible at the source
This company has applied to the New York Stock Exchange to list
$1.022,085 additional common stock.—V. 107, p. 1921. 1839.
teisabee
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, &c.—Incorporated in New Jersey March 10 1898 as an
amalgamation of business existing for many years previous to that date.
Has shown continuous development and to-day is one of the most important
manufacturers of thread in the U. S. Manufactures sewing, crochet, knitting, mending and other cottons, and engages in the allied businesses of
cotton spinning, doubling, twisting, dyeing, bleaching,• poliseing, spool
making, &c.
The company's plants and property are located in Willimantic, Stonington and Griswold, Conn.; Holyoke and Fall River, Mass.; and Lakeview
and Milo, Me.
Capitalization.—Those 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 ton 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 of the property to
be in excess of $318.000,000. In addition, the net current assets as of that
date amounted to 910,307,944.
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, $2,018,495;() 11 mos. ended Feb. 28 1917, $3,703,172: (c) 13 mos.
ended March 31 1918,95,727,668. This last amount is equal to approsimately 16 times the maximum annual interest charges on this issue, while
the average net profits for the last three years were in excess of 10ji times
the maximum annual interest charges on this issue.—V. 107, IL 176.
AmericanWater Works & Elec. Co., N. Y.—Earnings.
The Appellate Division of the Supreme Court on Nov. 16 sustained an
order by Justice McAvoy refusing the application of the city of New York
for a writ prohibiting the P. S. Commission from re-opening the question
of rates to be charged by the Newtown Gas Co., a subsidiary of this company.—V. 107. p. 1921.
Burlington (Ia.) Gas Lighting Co.—Rate Increase.—
Pei
This company has increased its rates for gas from $110 to $1 25
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
Charles McKnight, R. S. Baldwin, D. R. Wilson, C. F. Blue Jr., J. Ramsey Speer, A. L. Humphrey and W. D. Uptegraph have been elected directors.
Government Orders.—Pres. McKnight on Nov. 19 said:
Large corporations have gone to great expense in building new plants
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. Y.—Earnings.—
Results, 9 Mos. end. Sept. 30, 6 Mos. end. June 30 1918. & Cal. Yr. 1917.
9 Mos. '18. 6 Mos. '18. Cal. Yr.'17.
Total net earnings, after taxes, &c_ _ _
$656,756
9488,988 $2,180,971
Other income
6,743 deb.80,277
22,941
Total income
9663,499
5408.711 92,203,912
Sinking fund and depreciation
9214,240
$118,355
$286,290
Provision for Federal taxes
44,858
37,220
558,563
Interest on bonds and bond discount'
89,784(
53,2341
130,619
Interest on loans and bills payable__ f
• 7321
Balance, surplus
9314,617
$199,170 $1,228,441
—V. 107, p. 908.
Results for Three Months ending Sept. 30.
Gross Earnings—
1918.
1917.
1916.
1915.
Water-works property- _ $1,383,322 $1,219,936 $1,144,400 $1,022,366
West Penn Trac. prop__ 2,606,008
1,990,322
1,598,945
1,273,638
Central & South American Telegraph Co.—GovernTotal gross
$3,989,330 $3,210,258 $2,743,345 $2,296,004
Income Account of American Water Works & Electric Co., Exclusive of ment Takes Over Marine Cables.—
Earnings of the West Penn Traction Properties.
See preceding pages of this issue.
1918.
1917.
1916.
1915.
Rights Obtained for Argentine and Brazilian Lines.—
Net earnings
$336,151
$376,595
$400,153
$327,665
The company, it is announced, has obtained new concessions as follows:
Interest charges
206,391
203,028
199,804
195,975 (1) From the Argentine
and Uruguayan Governments, the rights to lay,
operate and maintain lines and cables connecting the Argentine Republic
Net income
$129,760
$173,567
9200,349
$131,690 with Montevideo and Uruguay.
The new line, including some 70 miles of
—V. 107. p. 1477.
cable, is expected to be completed within nine months. (2) From the
American Window Glass Machine Co.—Decision.— Brazilian Government the right to establish cable communications between
Rio de Janeiro and Cuba. touching at places in Northern Brazil and possiJudge W. H. S. Thomson in the Federal Court at Pittsburgh on Nov. 13 bly
the West Indies. The company has already two cables connecting
handed down a decision in favor of this company and its ally, the American
Window Glass Co. in the suit brought June 1914 against the Consolidated New York with Guantanamo, Cuba, thence to Colon, Panama.—V. 107
p. 1839. 1289.
Century Steel Co.—Dividend of 3
The directors have declared a dividend Of 35c. per share (3%%)on the
$700,000 outstanding capital stock (par $10), payable Dec. 1 to holders
of record Nov. 20. A like amount was paid in Sept. last and an Initial
dividend of 25c. was paid June 1.—V. 107. D. 805.
Chesebrough Mfg. Co., N. Y.—Dividend Omitted.—
•
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 50 cents per share extra.
The directors explain that in view of the abnormal conditions now preprevailing the management deem it wise to conserve cash. In some quarters 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.
D. 805.
Cities Service Co.—Earnings.—
Results for October and Year ending
Gross earnings
Expenses
Oct. 31.
1918-12 Mos.-1917.
1918—October-1917.
$1,784,000 $1,659,665 $22,097.814 $18,706,604
337,251
29,646
476,727
57,013
$1,726,987 $1,630,019 $21,621,087 $18,369,353
Net earnings
2,984
225
160,761
60,345
Interest on debentures_
3,604,834
4,019,574
337,024
326,936
Preferred dividends_ _ _ _
Balance, surplus
—V. 107. p. 1671.
2011
THE CHRONICLE
Ijov. 231918.]
$1,329,618 $1,302,858 $17,440,752 $14,761,535
Colorado Power Co.—Extra Dividend.—
An extra dividend of % of 1% 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 1%%, payable Jan. 15 to holders of record
has also been declared,
Dec. 31. The quarterly pref. dividend of 13.1
payable Dec. 16 to holders of record Nov. 30.—V. 107, p. 1289, 607.
Consolidated Indiana CoahCo.—Redemption.—
All the outstanding First Mtge. 30-year sinking fund 5% gold bonds
dated 1905 have been called for redemption on Dec. 1 at 110 and interest
at the Guaranty Trust Co. of New York.—V. 105, p. 822.
Continental Gas & Electric Corporation, Cleveland,
0.—Sale of Notes—Annual Report.—Hobert 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.
This issue, due Sept. 1 1920 (but callable at 1003 and int.). is part of a
total of $1,200,000, the 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 lien on practically tho 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 & Electric Corporation, serving, without competition; the city of Brandon, Manitoba. The
total population served is 145,000.
Authorized. Outstg.
Capitalization November 1918—
$5,000,000 a$1.913,200
5% bonds due 1927
2,000,000 b1,200,000
Collateral Trust 6% notes duo Sept. 1 1920
5,000,000
1,241.800
6% preferred stock
5.000,000
1,971,900
Common stock
a In addition, $1,600,000 5% bonds deposited to secure the issue of
81,200.000 6% 3-year Collateral Trust notes. and holders have the option
of exchanging their notes for the bonds at 93% 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 the company have been valued on the basis of replacement
cost, using prices prevailing 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 of
the physical properties.
Increases in rates to subsidiaries amounting to about 20% have 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 page.]
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.;0. S. Eaton (President),
and George W. York, members Otis & Co., bankers, Cleveland; Burton A.
Howe, member Howe, Snow, Corrigan & Bertles, bankers, Grand Rapids,
Mich. (See "Financial Reports" above.)—V. 106, p. 610.
•
Continental Refining Co.—Scrip Dividend.—
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 oar into common stock on any date prior to maturity
at the option of tho holder. If carried to maturity the scrip will b redeemed
by the company with interest at the rate of 7% per annum."—V. 107.
p. 1671, 908.
Curtiss Aeroplane & Motor Corp.—Cancellations.—
This comminy, 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.—
See Ohio State Telephone Co. below.—V. 107, p. 1749.
Distillers' Securities Co.—Sub. Co. Plants Sold.—
D. IC. Weiskopf, representing the Republic Distributing Co. of Cincinnati. on Nov. 18 purchased as a whole for $205.000 nineteen distilling
plants owned by the Kentucky Distilleries & Warehouse Co. (V. 107. P.
1672), a 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 and
trade-marks.
The four distillery plants of Julius Kessler & Co. were sold for $36,100.
—V. 107, p. 1671, 1484.
Dominion Steel Corp., Ltd.—Common Div. Increased.—
A quarterly dividend of I%% has been declared on the common stock,
payable Jan. 1 to holders of record Dec. 5. A dividend of 13,
4% was Paid
In the 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 54% First Mortgage 30-year bonds, due 1946, to reimburse
its treasury for expenditures on capital account from Jan. 1917 to June
30 1918. The bonds are to be sold for not less than 92%% plus interest,
or pledged as collateral security for the payment of $1.250.000 of 5-year
notes authorized by the Commission last August.—V. 107, p. 1484, 805.
It is provided in the privilege to subscribe for the new issues that.the subscriber must take both issues and cannot subscribe separately for either
the common or the preferred. Richardson, Hill & Co., Boston, however,
will pay 80 for the preferred to those who wish only the common.
Stock Authorized—Amounts Outstanding Before and After Above Transaction,
Total Auth. Par.
Before.
After.
First preferred 8% cumulative_ __ _$1,000,000 $100 $1,000,000 81.000.000
Second preferred,8%
2,000,000 100 1.473,500 1,605.280
25 1,317,800 1,502.292
Common
1,500,000
Total
$4,500,000 ---- $3,791,300 $4.107.572
Secretary J. R. Peters, N. Y., writes: The new money is needed for working 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.
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 based
on the House Revenue bill, comparing "With final 1917 net of $806.000."
Compare full description of company in V. 106, p. 2563.—Y. 107, p. 1388.
505.
Fairbanks, Morse & Co.—New Officer.—
The directors have elected three new Vice-Presidents on account of expanding business: R. H. Morse, in general charge of purchasing; 0. 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-Pros.
and was elected Vice-Pres. and Treas. H. J. Fuller was re-elected VicePros.
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 F'armingdale,
Long Island, has an output of 3,000,capacity 7,500, trucks per ann. Capital
stock authorized, $5,000,000 common and 32,500,000 8% cumulative
preferred; outstarding Nov. 21 1918, $3,270,000 common, par $10, and
$500,000 preferred, par $10. Pres., W.F. Melhuish Jr.; V.-Pres.& Treas..
James S. Kuhn; Sec., W.F. Melhuish.
General Chemical Co.—No Stock Dividend.—
The directors yesterday declared (1) the regular quarterly dividend of
154% to be paid Jan. 2 to pref. stockholders of record Dec. 18;(2) an extra
dividend of 2S% on the common stock, payable in cash on Feb. 1 1919 to
common stockholders of record Dec. 31.
It was deemed advisable in the interest of stockholders that the practice
of declaring stock dividends should be suspended in view of the present
construction of the Federal Income Tax Law. Last year at this time there
was declared an extra dividend of 6% upon the common stock, payable in
common stock at par, as well as a special dividend of 2%% 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 tte consummation ofthe plan lookingto the
merger with this company of the United Motors Co. has been delayed some
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 shares.
A financial daily says:
Owing to the fact,that the company agreed to issue no more preferred
stock, it is restrained frem issuing to United Motors sLarel.olders the
833,000,000 additional preferred required by tne terms accepted by the
stockholders of both companies so oral weeks ago.
In an effort to overcome this difficulty it is reported that the General
Motors Corporation will call a srecial meeting oi shareholders to authorize
a new 6% debenture stock which United Motors stotlaolders would
accept. If such authori7ation 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.
Price R(duction, &c.—New
The Chevrolet Co., subsidiary of the General Motors organization has
reduced its 4-cylinder "990" machine $100 to $735, ard, it is belleN eel, 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 57th St. from its srbsid'ary. the Chevrolet Motor
Co., at a price understood to have been $1.700,000. The rropertv w'll
be occupied by the company and its subsidiaries as general °Meas.—V.1107.
p. 1749, 1581.
General Petroleum Co.—Pipe Line.—
This company is building an 8-inch pipe line to connect its Vernon refinery with the Montebello oil fields. At Vernen the new lire will connect
with the existing line extending to tidewater.—V. 107, p. 1C97.
Granby Ccnsol. Mining, Smelting & Pow. Co., Ltd.—
Total.
Atmox. Grand Forks. Total,
Conper Output (lbs.)—
1918.
1.932,870
October
26.657,806
Ten months
—V. 107. p. 1582. 1478.
1918.
616.604
7,047,854
1917.
1918.
3,259.974
2.549,474
33,705,660 32.959.899
Great Northern Iron Ore Properties.—Div. Increased.
The trustees have declared a dividend of $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
I $I $1 $I $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.
Greta Western Sugar Co., Denver.—Extra Dividend.—
An extra dividend of $10 per share has been declared on the common
stock payable in 4h % Liberty bonds on Jan. 2.—V. 107, p. 12E0, 185.
Gulf States Steel Co.—Earnings—Dividerd—List.—
The directors have declared the usual quarterly dividend of 24% on the
common stock, payable Jan. 2 to holders of record Dec. 16.
Sept. Aug. 10 Mos.'18 10 Mos.'17
Oct.
Net earnings
$35.024 $33.768 $72,240 $1,777,834 $3,480,367
For explanation as to decrease in earnings see V. 107, p. 1290.
This company has applied to the New York Stock Exchange to list extended stock trust certificates for $11,119,375 common stock;trust extended
to Dec. 1 1921, and extended stock trust certificates for 82,000.000 first
preferred stock; trust extended to Dec. 1 1921.—V. 107. p. 1290. 9C8.
Hawaiian Commercial & Sugar Co.—Extra Dividend.—
Am extra dividend of 50 cents (2%) per share has been declared on the
810,000,000 outstanding capital stock (par 825). 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 aggregated $4..50.—V. 107. p. 1582.
Hoster-Columbus Associated Breweries Co., Columbus, 0.—Status under Prohibition.—An official circular
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.
Your directors will decide within a few months whether to recommend
liquidation and surrender of the corporate charter, or to continue the corporate 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
Practibility of the latter course will obviously be affected by the disposition
Nov. 25 (a) the right to subscribe for new 8% pref. stock (2d preferred) at of the bondholders to make tender to the company of their holdings, in
$100 per share and to common stock at par ($25) for each share to the extent response to the company's request. After May 1919 the company, as
of 10% of their holdings; (b) a 4% stock dividend on the common stock, far as can now be seen, will have no earnings with which to pay interest
or one share for every 25 held. The dividend and the right to subscribe to on Its bonds.
The company's statement as of Oct. 1 1918 shows (1) Assets: fixed—
the now 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 land, buildings, equipment. $2.103,869 securities—other than bonds'of
the company, $17,184 inventory—malt. hops, &c., cooperage. sundry
underwritten.
Fairbanks Company, New York.—Common Stockholders to Receive 4% Stock Dividend and Right to Subscribe at Par
for 10% New Common and also 10% of 8% 2(1 Pref.—
The directors have voted to give the common stockholders of record
2012
THE CHRONICLE
receivables—(less
reserves)—accounts
aac
,car
ertalosf. customers.
44
$577Zabl
desie
$2i9,827 cash,
$97,569.
(2) Liabilities—bonds issued, $1,826,400 payables, $35,231 accrued,
$29,442 reserve for packages, $158,618.
At reorganization 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 item, of
course, is below replacement value and above wrecking value. Of bonds
issued, there are $1,355,200 par amount, outstanding exclusive of bonds
held for the sinking fund and those in the company's treasury. (See
Pabst Brewing Co. below.)—V. 101, p. 1192, 451.
Illinois Pipe Line Co.—Dividend Reduced.—
The directors have declared a dividend of 6% on the $20,000,000 outstanding capital stock payable Dec. 31. This compares with 8% paid in
June 1918 and 10% in Dec. 1917.—V. 107, p. 1104.
Indiana Power & Water Co.—Guar. Notes Offered.—
[VOL. 107.
New York, at 98 and int., to yield about 63
4%, and was
immediately far oversubscribed. Notes dated Dec. 1 1918.
Digest of Letter from V.-Pres. C. W. Toms, New York, Nov. 16 1918.
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.
Principal brands manufactured: (a) Cigarettes—Fatima, Piedmont and
Chesterfield. (b) Plug Tobacco—Star, Horse Shoe, Drummond Natural
Leaf, Tinsley's Natural Leaf and Every Day Smoke. (c) Smoking Tobacco—Velvet and Duke's Mixture. (d) Fine cut chewing tobacco—Sterling, Hiawatha, Sweet Burley and Sweet Cuba. (e) Scrap tobacco—Red
Man and Buckshoe. (f) Twist tobacco—Granger and Picnic. (g) Little
cigars—Recruits. (h) High-grade Turkish cigarettes—Condax and Vafiadis.
Description of Notes.—Authorized issue, $20,000,000, to mature Dec. 1
1921; interest from Dec. 1 1918, payable June 1 and Dec. 1. Denomination $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 redeemable 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 101M 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 & 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. S. Government obligations, or (b) 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.
The 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. S.
Government obligations and reserves (including tax accruals), all as defined in the trust agreement.
Purpose of Issue.—This issue will provide funds to reduce present current indebtedness. This financing, necessitated partly by the increased
cost of leaf tobacco, and partly by an actual increase in the amount of inventory carried, will place the company in an advantageous position for
purchases of leaf tobacco and enable it to meet readily the increased demand for its products.
On Sept. 30 1918 the company's quick assets (inter-company items excluded) exceeded $69,700,000, and its current liabilities aggregated about
$21,200,000.
Net Income Available for Bond Interest for Past Six Calendar Years.
Year—
Net Inc.
Bond Int.
Net Inc.
Bond Int.
Year—
$8,383,566 $1,794,511
1912
$8,998,547 $1,829,361 1916
9,150,183 1,786,463
8,279,966 1,820,235 1917
1913
1914
7,202,139 1,810,965 Average 6 yrs..$8,436,219 $1,807,362
8,602,912 1,802,636
1915
The six-year average balance, $6,628,857, after deduction of bond interest, was equal to more than 53i times the annual interest requirements
for 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 $21,496,400 common stock, which, at present quoted prices, indicate an equity
of about $60,000,000 over and above the notes.-11. 107, p. 1923.
Chandler, Wilber & Co., Inc., Boston, are recommending for investment
at 993.5 and int. this company's 234-year 7% Collateral Trust gold notes,
dated Jan. 1 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 973 until July 1 1918 and at a price for the bonds increasing 34 of 1% each six months thereafter. Company pays normal
Federal income tax of 2%.
Data from Letter of President H. L. Clarke of Chicago.
[Letter addressed to King, Hoagland & Co. and Union Trust Co.,
both of Chicago.]
Organization.—An Indiana 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 coalfields.
Capitalization.
Capital stock
$500,000
First Mtgo. 6% bands (including $819,800 bonds deposited as
collateral security of the 236-year notes now issued)
1,845,500
-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 are twice the
First Mtge. interest charges, including bonds proposed to be issued. The
company must also have the approval of the bankers and the Continental
& Commercial Trust & Savings Bank, Chicago, corporate trustee.
Earnings for Years Ending—
Mar.31 '17. Sept. 30 '18.
Gross earnings
$473,100
$281,955
Net earnings, after oper. exp. & taxes
240,154
98,773
Properties.—Has electric-light and power plants at Vincennes, Bicknell,
Worthington, Bloomfield, Einora, Odon, Dugger, Petersburg and several
other small commu_iities and water works supplying Worthington and
Bloomfield. Is connecting those 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 Chicago, which is successfully operating similar properties. There is a subMcAlester Gas & Coke Co.—Earnings.—
stantial equity over and above the funded debt. See also V. 106, p.90,
Years ending April 30—
1918
1917. Increase.
•
1581, 2761; V. 107, p. 1749.
Gross
$172,176 $83,374 $88,802
43,455
Net
82,836
39,381
International Agricultural Corp.—Sale of Minority
Bankers interested report:
Shares.—
Formerly supplied artificial gas to the cities of McAlester and North
Notice is given that A. Mitchell Palmer, Alien Property Custodian, will McAlester and more recently distributed natural gas as agent of Choctaw
offer for sale to the highest bidder, at public sale, on the floor of the New Natural Gas Co. Has now acquired that company and "therefore owns,
York Stock Exchange, on Jan. 17 1919, 19,443 shares of the common stock, controls and distributes all the gas found in merchantable quantities within
par $100, and 27,943 shares of the preferred stock, par $100.—V. 107, p. 30 miles of McAlester."—V. 99, p. 1370.
1484, 1476.
Mackay Companies.—Government Takes Over Marine
International Mercantile Marine Co.—Sale Held Up.— Cables as of Nov. 2 and Will Operate All Land Lines as One
Following a meeting of the directors on Nov. 18, it became System, Effective Dec. 1.—
known that the long pending negotiations for the sale by
See preceding pages of this issue.
the company of the ships it controls through British subLand Line Compensation—Co. Protests—PhysicalValuation.
On preceding pages will be found President Mackay's letter to Postsidiaries had been held up by Federal authority. Pres.
Burleson protesting against the Government's basing the
master-General
Franklin gave out the following:
compensation for the use of the company's Postal (land) properties on any
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 negotiations 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.
such valuation as $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 fact:that 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,
International Nickel Co.—Power Development.—
therefore, keeps $180,000. This $180,000 goes to pay the Western Union
A press report states that work is to start immediately on the power de- compensation. And this is America? But courts and public opinion still
velopment for this company, costing $2,000,000, at Turbine, Ont.—V. exist and we believe such high-handed Boishevikism will be properly
107, p. 805, 499.
rebuked.
Jones Brothers Tea Co., Inc.—Sales.Increase.
1918—Oct.-1917.
Decreased 1918-10 Mos.-1917.
$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.
On Nov. 20 Mr. Mackay explained, the company's position in part as follows:
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 explaining 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
Kansas Natural Gas Co.—Rates Increased.—
law to own or operate telegraph lines. Under the statutes they must be
Judge Wilbur Booth in the U. S. District Court at Minneapolis, Minn., owned or operated by corporations.
on Nov. 13 issued an order increasing the rate for gas from 60c. to 80c.
We have the certificate of Messrs. Barrow, Wade, Guthrie & Co.,
per 1,000 cubic feet. The change affects the rate in Topeka, Kansas City, chartered accountants, of New York and London, that our profit for the
Kan. and Kansas City, Mo., and other cities in the central and northern year 1917 was $4,269,547. The Post Office Committee knows that these
parts
'
of Kansas.—V. 107, p. 407.
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.
- Kelso Smokeless Coal Co.—Redemption.—
their full 1917 earnings and some more.
Nine ($4,500) First Mortgage 20-year 6% gold bonds have been drawn
We shall take the matter at once into the Court of Claims, although
for redemption Jan. 1 1919 at 1023,6 and interest at the Commercial Trust this probably means long delay.
Co., of Philadelphia.—V. 103, p. 1985.
Mr. Burleson in a statement issued on Nov. 20 said: 'T
The Postal Telegraph-Cable Co. is composed of a number of component
(Julius) Kessler & Co.—Sale of Plants.—
companies, each of which makes returns under oath to the Inter-State CbmSee Distillers' Securities Co. above.—
merce Commission on the regular prescribed form. The records show that
Kentucky Distilleries & Warehouse Co.—Sale of Plants. 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
See Distilleries Securities Co. above.—V. 107. P. 1672, 1388.
to $6,647,472. The gross revenues of these companies, as reported to
the Inter-State Commerce Commission, were, for that year, $12,096,586;
(S. S.) Kresge & Co.—October Sales.and the net income, after deducting the operating expenses and taxes, was
1918—Oct.-1917
Increase. 1918-10 Mos.-19l7.
Increase. reported to be $332,343; while on the sworn questionnaire furnished to the
$2,971,471 $2,631,271
$340,200 I $27,538,334 $22,613,278 $4,925,056 Department, the Postal Telegraph-Cable Co. stated their net operating in—V. 107, p. 1750, 1104.
come 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 comLawrence Mfg. Co., Boston.—Extra Dividend.-ponent companies charged $2,197,900 for depreciation. In the informaAn extra dividend of 2% has been declared along with the regular semi- tion furnished to the Department, the charge for depreciation during that
annual dividend of 3%, both payable Dec. 2 to holders of record Nov. 1. period was placed at $427,863.
In the report of these component companies to the Inter-State Commerce
—V. 106, p. 2233.
Commission for 1917, the gross revenues are reported to be $12,855,420
the net income to be $117,204. In the questionnaire furnished to the
• Liggett 14 Myers Tobacco Co.-820,000,000 Three-Year and
Department by the Postal Telegraph-Cable Co. the net income for 1917 of
6% Gold Notes Oversubscribed.—An issue of $20,000,000 the
land lines is stated to be $4,485,593. The depreciation charge made in
was $2,350,Three-Year 6% Gold notes was offered Nov. 18 by the the report to the Inter-State Commerce Commission for 1917for
the same
while in the information furnished to .the Department
National City Co. and the Guaranty Trust Co., both of 200,
period the depreciation charge was placed at $448.975.
•
Nov. 23 1918]
THE CHRONICLE
Explaining this apparent discrepancy, Mr. Mackay on
Oct. 28 wrote:
2013
Of the First Mortgage bonds which were underwritten by Chicago bankers, $300,000 recently matured and were retired on Nov. 15, leaving outstanding $2,700,000 First Mortgage bonds. Compare V. 106, p. 2653.
The explanation is simple. It is that our Postal Telegraph system for
Midvale Steel & Ordnance Co.—Peace Status.—
a great many years has been organized on the plan of the Mackay CompanThe Philadelphia "News Bureau" says in substance: "There have been
ies, financing the little local companies by furnishing the money for all
cancelations of orders by the Government with the Eddystone rifle
no
reconstruction of their telegraph linos, and for the annual interest of $800.The plant has sufficient orders to operate for the next six or eight
000 a year, which has to be paid by the land line system, and also furnish- plant.
said the plant may run all of next year. Its entire
ing money for the construction of new lines in new territory and additional months, and it was taken
by the United States Government.
rifle
is being
output
wires in old territory. In return the Mackay Companies by contract with
Concerning cancellations one interested is quoted as saying "There have
these various local companies receives a large proportion of the through
been cancelations of contracts, but they are largely confined to contracts
tolls.
work has not yet started. Where work is
This arrangement is a matter of convenience and has grown up from the let recently, and onI which
believe the Government will move very carefully."
necessity of having these local companies, in order to comply with the actually under way,
1290.
—V.
1842,
p.
107,
ordinances,
granting
and
of
local
condemnation
State statutes relative to
&c.—a necessity which arose in the very beginning of the Postal system. in
Miller Rubber Co., Akron, O.—Pref. Stock Offered.—
the early eighties.
The whole of this compensation now claimed would have appeared in the Otis & Co., Cleveland, have recently been placing $2,000,000
reports of the Inter-State Commerce Commission, which reports began of a new 8% cum. 2d pref. stock, par $100_
about two years ago, if the Mackay Companies were subject to the InterHas been in successful operation for 25 years. Incorporated in Ohio in
State Commerce Act, but not being subject to that Act (they being only
and
an unincorporated trusteeship), the Mackay Companies were not asked Nov. 1907. Besides automobile tires, &c. specializes, in druggists'
articles, which comprise about 46% of its business; the leading
surgeons'
not
did
hence
and
so,
properly
and
report,
a
make
by the Commission to
manufacturer of surgeons' gloves.
make any.
Issued.
Authorized_ Par.
(No Bonded Debt)—
New Wireless Invention Intended to Eliminate Static Inter- 1stCapitalization
pf. (a.&d.) stk.,7% cum.(call. 115 & divs.) $7,500,000 $100 $3,000,000
2d pref. (a. & d.) stock,8% cum. (callable 105
ference.—
2,000,000
3,000.000
to 115 and dividends)
See Marconi Wireless Telegraph Co. below. V. 107 p. 806, 506.
10,000,000 100 4,172,600
Common stock
of
expansion
to
due
loans
bank
retire
Co.—Production.—
will
shares
This issue of 2d pref.
Magma Copper
The October output amounted to 949,455 lbs., comparing with 779,102 inventories resulting from the war; the total net assets will then aggregate
102,
V.
(Compare
$5,270,000.
assets
quick
about
net
and
$10,000,000
1196.
1582,
lbs..in October 1917.—V. 107, p.
p. 1901; V. 104, p. 867; V. 99, p. 202.)
Marconi Wireless Telegraph Co. of America.—New
1917.
1918.
1916.
1914.
1915.
SalesInvention.—
8,854,845
5,001,631
12,158,530
to
mos.
2,796,332
Sept.
.
30_2,1
9
54,821
It was•announced on Nov. 18 that Roy A. Weagant, Chief Engineer of
Calendar year____2,574,930 3,704,754 6,675,184 11,357,561
the company, had perfected an invention which eliminates the interference
x 319,297 x 452.790 y 720,156 831,271estz1400000
caused by "static electricity" from wireless telegraphy, thereby removing Net earnings
possible the carrying on of wireless service at all times from towers even
x Years ending Sept. 30. y 15 months ending Dee. 31. z Estimated
as low as 25 or 30 feet.
cal. year 1918, subject to Federal taxes not definitely
The Prbsident of the Western Union Telegraph Co. claims to know all earnings for the
but against which a reserve of $200,000 has been made in
about the invention, and while admitting that the device "will do something determinable,
the balance sheet. For the 8 mos. to Aug. 31 1918,subject to like reduction
toward eliminating static under certain conditions," is incredulous that it for Federal taxes, the net earnings were $999,071.—V. 106. p. 825.
is a "cure-all" for such difficulties. E. J. McNally, Vice-President of the
Marconi Company however, asserts that "Mr. Carlton knows nothing
Municipal Gas Co., Albany.—Decision Reversed.—
about the now device and is therefore incompetent to judge its value."—
The Appellate Division of the Supreme Court at Albany on Nov. 18
V. 107, p. 408.
handed down a decision reversing the decision of Justice G. D. B. Hasbrouck, which granted a temporary injunction permitting the company to
Maryland Coal Co. of Md.—New Director.—
-V. 107,
increase its charges for gas from $1 to $1 30 per 1,000 cubic feet.
See Maryland Coal Co. of West Va. below.—V. 99, p. 123.
p. 1104, 1196.
roo
Maryland Coal Co.W.Va.—Extra Dividend—Director,Etc.
A dividend of 1% and 1% extra has been declared, both payable Dec. 2
0 extra.
to holders of record Nov. 21. In Feb. paid a dividend of 1% and 27
Joseph E. McGowan, Sec. & Trras. has been elected a director both of
of Md., to succeed the late Howard
this company and Maryland Coal Co.'
S. Dickson—V. 106, p. 302.
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—autoCopper output for October amounted to 1.080,200 lbs., which compares
matic screw and auxiliary machinery and screw machine products. With
with 1,469,631 lbs. produced in October 1917.—V. 107, p. 1582, 1196.
respect to the former we have been on record that our after-the-war foreign
business will be above the average for three or more years. Presumably
Massachusetts Electric Cos.—Sub. Co. Fares.—
the home machinery orders will taper off somewhat, but the sum total of
See Bay State Street Rys. above.—V. 107, p. 1920, 1004.
foreign and domestic will not have been materially altered.
In the product division our output of parts for use on automobiles was
Maxwell Motor Co.—No Dividend on First Pref. Stock.—
formerly quite large. For some months this has'ceased to be more than.a
The directors have omitted the declaration of the usual divi- negligible factor, notwithstanding which October has the distinction of
the best month for product sales in the company's history.
dend on the first preferred stock, due at this time, covering being
If and when war ends orders for screw machine products cease, we look
the final quarter of 1918. The company since 1915 has paid for an immediate and voluminous demand for automobile parts to cover
for repairs as well as new machines. The nature of our
at the annual rate of 7% on this issue, and also in 1915 paid requirements
product department equipment is such that we can bridge the transition
an extra dividend of 153% in warrants. The directors have from
war to peace work practically over night.
war business we have made no plant extension with the exception
issued the following statement referring to the passing of this ofFor
an inconsequential temporary frame building. The Colt plant where
dividend:
we have over five acres under one roof was planned and contracted for
The war work in which the company has been engaged, and which is occu- prior to our entering the war. An addition to our Stanton plant now
pying more than 80% of its capacity, has necessitated the carrying of a lytlilding is for account of larger work and more crane capacity and is in no
manner related to war demands. Also, the materials consumed by us in
substantial inventory of war materials with its corresponding obligations.
Now that the war is approaching an end, a substantial modification or manufacturing are practically all standard and whether peace or war
revision of existing war orders is anticipated which will necessitate a liquida- conditions prevail there should be little or no shrinkage on inventories
tion by the company of its present inventory and a conversion of its manu- account.
The probable resumption of building on a larger scale and an anticipated
facturing facilities from a war basis to a peace basis. How soon this liquidation and conversion can be effected cannot be foreseen or determined until activity on the part of the railroads in the purchase of equipment should
the policy of the Government is more definitely established and announced. both prove of direct benefit to us.—V. 107, p. 1842, 700.
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
National Brick Co. of Laprairie, Ltd.—Plan.—
cash resources of the company should be conserved to meet unknown conThe committee named below has asked the denosit of the company's
tingencies and, the dividends of the first preferred stock being cumulative securities with the National Trust Co., Ltd., of Toronto, as depositary,
that the interests of the company will be better served and the interests of with a view to reorganization. A circular says in substance:
its first preferred stockholders as to the dividends equally protected, by
It is proposed that a new company to be called the "Laprairie & Delson
discontinuing the issue of scrip'which imposes from the company an obli- Wick Co., Ltd.," or some other suitable name, be organized with power to
gation to pay the same on a fixed date, when the conditions which will then issue the securities shown below in order to acquire the assets of the Naexist cannot now be foreseen.—V. 107, p. 1832, 1388.
tional Brick Co. of Laprairie, Ltd.
The holders of the bonds of the National Brick Co. 32,319,100 outstandMeadow River Lumber Co.—Bonds Called.—
ing, with interest from April 1915 to date unpaid, but represented by the
Twenty ($20,000) First Mtge. 6% gold bonds, due June 1 1922 (Nos. scrip below mentioned] to be given in exchange for their bonds an equal
381-400, incl.), and 10 310,000) bonds (Nos. 401-410, incl.), due Dec. 1 amount of 6% Income Mortgage bonds of the new compa y; interest on
1922, heve been called for payment Dec. 1 at 100% and int. at Citizens same to be cumulative, and payable when earned; but the company to be
Trust Co., Clarion, Pa.—V. 106, p. 2233.
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,
Mergenthaler Linotype Co., N. Y.—Earnings.—
or any portion of them, to be redeemable at par and int. at any interest date.
1916-17,
1917-18.
The holders of the scrip 3450,936 Feb. 28 1918] to be given in exchange
Sept. 30 Years—
1915-16.
1914-15.
$1.343,545 $1,883,159 $1,898,200 $1,467,015 for the same 7% cumulative preferred shares, equal in amount to their
Total net profits
1,280,000
1,600,000
Dividends (about)
1,279,990
1,663 997 holdings of scrip increased by the interest accrued on their present bonds
(125%)
(10%)
Dividend rate
(10%)
(0%) 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
Bal. sur. or deficit- --sor.$63,545sur.$283,159sur.$618,210 def.$196,982
$100 of the common stock to be given to the bondholders and scripholders
—V. '
106, P. 713,
of said National Brick Co. for every $300 par value of their bonds, scrip
Mexican Telegraph Co.—Govt. Takes Over Marine Cables. and accrued interest.
The holders of the 32,000.000] common shares of the said National
See preceding pages of this issue.—V. 107, p. 1290.
Brick Co. to receive for every four shares [of 8100 each] one share in the
new company. If this proposed reorganization cannot be carried out by
Michigan Smelting & Refining Co., Detroit, Mich.— the
mutual consent of all parties, or if litigation should become necessary
Balance Sheet as of Dec. 31 1917—Business, Officers, &c.—
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 anAssets—
such action, then they shall be free
$279,081 Capital stock paid in
$1,500,000 nexed, or any two of them, warrants
Cash in bank
to modify or even eliminate the amount of common stock proposed to be
1,293 Surplus and undivided
Cash on hand
National Brick Co.
said
of
stockholders
common
the
to
given
90,609
profit
value_
actual
1,202,249
reel°,
Notes
The new company will then have an issue of about:
921.442 Accounts payable
332,945
Mdse.,finished & unfin'd_
$2,319,000 out of an auth. $3.000,000 6% 30-year Income Mortgage bonds.
Accts, receivable, act. val. 1,279,468 Borrowed money from in531,000 out of an auth. $1.000,000 7% cumulative preferred stock.
16,543
dividuals
68,723
Trucks and auto
1,450,000 out of an authorized $2.000,000 of common stock.
119,115 All other liabilities
6,719
Machinery and fixtures__
The balance of the authorized bonds and stock to be available for the
327,709
Real estate
acquiring of other property, or for sale, to increase the working capital.
50,575
Other invest.,stock & bds.
No dividends to be paid on the common stock until the bond issue shall
Total each side
25,000
$3,110,636
Life insurance (endowm't)
have been reduced to $2,000,000 by purchase, or redeemed in cash and canmanufacturers
of
lead pipe, solder, babbit celed
Products.—The company,
and no dividend thereafter be paid on the common stock unless a
metal, smelters and refiners of scrap metals and promos into ingots for further amount of the bonds equal to, or exceeding the amount of such
commercial uses. Annual production, 80,000,000 pounds.
dividend,
shall have boon purchased or redeemed in the period to which
• Dividends.—The pref. stock is 7% cumulative and pays dividends quar- said dividend shall apply.
terly. The common stock pays regular annual 10% dividends, and for the
committee: A. A. Ayer,•R. M. Ballantyne and H. It.
Reorganization
addition
to
the
in
paid
has
regular
dividend largo extra Trenholme (bondholders' representatives on the board of directors), and
past several years
dividends. In 1916 a stock dividend of 100% was paid, and in 1917 extra T. B. Macaulay.
cash dividends were paid amounting to 27%%.
[J. N. Greenshields, K.C.. of Montreal, a director and formerly PresiOfficers and Directors.—Jos, Sillman. Pres. & Gen. Mgr; Chas. 0. Patch, dent of the company, announced on Nov. 5 that because of his disapproval
V.-Pres. & Treas.; Chas. B. Bohn, V.-Pros.; Henry Levitt, Sec. Direc- of the plan he had taken legal proceedings to bring about the liquidation of
Butzel,
M.
Detroit,
Leo
and
foregoing
Mich.
tors, the
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
Mid-Co. Petroleum Co., Tulsa, Okla.—Earn., etc.— for insurance, taxes, general expenses and plant renewals.]
The hearing of the application for an order authorizing liquidation has
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 been postponed to Nov. 27. It has been suggested that possibly a compromise plan may be under consideration.—V. 103, p. 1215.
at the rate of over $5,500,000 per annum.
Mason Valley Copper Co.—Production.—
2014
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 payable Dec. 16 to all holders of record Nov. 30. A like amount was paid
in June last.—V. 107, p. 2455. 2233.
Nevada Consolidated Copper Co.—Earnings.-3 Mos. end. Sept. 30— —9 Mos. end. Sept. 301918.
1917.
1918.
1917.
Gross production (lbs.)_ 18,643,216 20,217,673 57,586,289 59,887,350
Net earnings
$890,293 $1,755,179 $8,391,881 $8,088,094
Dividends
1,499,593
2,299,376
5,048,643 6,298,290
Contrib. Amer. Red Cr_
30,000
Balance
def.$639,300 der.$544,197 df$1.656,762sr$1,789,804
In circular of Nov. 9 Pres. D. C. Jackling says in brief:
[VOL. 107.
least $5,819,217:(b) for the long-distance lines covered as a first lien by the
U. S. bonds, a present value of at least $4,769,433.
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 311918, 351.608. The gross operating revenue
of the properties for the fiscal year ending July 1 1914 was $2,855,491:
for the fiscal year ending June 30 1918. $4,063,520. Since the consolidation in 1914 the company has expended $4,937,402 for additions and improvements, exclusive of the cost of now properties acquired.
•
Earnings for Year Ending June 30 1918.
Operating revenues
$4,063,519 Int. on underlying bonds_ $401.233
437,014
Total net (after taxes)
_31.,702,738 Depreciation
$864,491
_-deductions
Balance, after aforesaid
—V. 107, p. 1924, 1750.
Osage Manufacturing Co.—Redemption.—
For the quarter ending Sept. 30 1918 the production of copper amounted
Ten First Mtge. 6% 10-year gold bonds, dated 1909, have been drawn
to 18.643,216 lbs., as compared with 21,507,909 lbs. for the preceding
quarter. The production for July 1918 was 5,073,519 lbs.; for Aug. 1918 for redemptIon for account of the sinking fund on Dec. 1, at 1023 and
6,670.415 lbs.; for September 1918 6,899,282 lbs.; average monthly pro- interest, at the Virginia Trust Co., Richmond, Va.—V. 99, p. 1533.
duction 6,214.405 lbs., against 7,169,305 lbs. for the preceding quarter.
During the quarter 1,003,898 dry tons of Nevada Consolidated ore averOwens Bottle-Machine Co.? Toledo, 0.—Earnings.—
aging 1.50% copper were milled, as compared with 1,067,212 dry tons
V.-Pres. and Treasurer J. C. Blair writes as follows:
averaging 1.54% copper for the previous quarter.
The cost of copper produced, including Steptoe plant depreciation and all
As our fiscal year has been changed to Dec. 31, our next report will
charges, and ;without credit for gold, silver or miscellaneous earnings, was cover a 15 months' period. Nowever, for your information we wish to
20.70 cts. per pound, as compared with 17.72 Os. for the previous quarter. advise that our earnings for the Owens and subsidiary companies, for the
This cost shows approximately the increase which it was estimated would 12 months ended Sept. 30 1918, were $4,631,906, less taxes of $1,425.000
result from the increased ore bullion and merchandise freights under Gov- or net for the Ovens and controlled companies of $3,206,936.
ernmental tariffs, plus additional refining rates and charges paid to cover
We paid dividends during the past twelve months of 7% on the preferred
the actual Increased cost of treatment and delivery of refined copper, and and 20% on the common stock or a total of $2,438,820. Compare V.,105,
also a wage increase of 50 cts. per day to all employees of mine, mill and p. 2181. 2541.—V. 107, p. 807.
smelter which was granted and made effective July 1 1918.
Miscellaneous income,including that of gold and silver, amounted to 2.05
Pabst Brewing Co.—Prohibition Amendment.—
cts. per pound of copper produced for the third quarter, as compared
President Wilson on Nov. 21 signed the Emergency Agricultural Approwith 2.61 cts. per pound of copper for the second quarter. The costs priation
which provided for national prohibition from next July until
for the quarter include $296,105 set aside to cover accrual of county, the armybill,
is demobilized.
State and Federal taxes.
Under
the
Act
the amendment will affect only the manufacture of wine,
The earnings for the quarter are based on a copper price of 23.43 cts.
the brewing or beer must cease Dec. 1 1918. Under the amendment the
per pound for the copper produced during the quarter. All unsold copper for
manufacture of wine will cease May 1 1919 and should brewing of beer be
in transit and in plant inventories is carried at usual price, 13% cts. per lb. allowed
to continue after Dec. 1, it would also be stopped after May 1
The aceomnanying profit and loss statement will slow a deficit in earned
surplus of $639.300 for the quarter. This after the Sept. 30 dividend distri- under the new law.—V. 107, p. 1197, 408.
bution of 75 cts. per share, the inclusion in operating costs for the quarter of
Pacific Mail Steamship Co.—Extra Dividend.—
$179,920 to cover depreciation of plant'and equipment, and a contriAn extra dividend of $1 a share (20%) has been declared, in addition to
bution of $30,000 to the American Red Cross War Fund.
the
semi-annual dividend of 50c. (10%), both payable Dec. 16 to holders
[The balance sheet of Sept. 30 1918 snows total assets of $31,895,046.
including $16,127.851 of current assets, as follows: Materials, $2,673,537; of record Dec. 2. A like amount was paid in June last. In June 1917
accounts collectible, $1,979,009; deferred accounts, $91,317; metals at re- 50c. per share was paid without extras, and in Dec. 1917 50c. and $2 50
tinery and in transit, $3,596,490; metals at Steptoe, $3,033,300; marketable extra. The stock is $1,500,000, pr $5 a share.—V. 107. P. 909, 807.
securities. $1.960.575; case and cash items, $2,793.622. Offsets: Capital
Packard Motor Car Car.—Peace
stock, $9,997,285; surplus, $7,071,850; refining and delivery charges (not
A press dispatch states that this company began moving on to a peace
due). $1,542,154; accrued taxes, $632,424; accounts payable (not due),
$1,102,954; deferred accounts, $24,615; earned surplus, $11,523,764. basis two days before the armistico was signed, when the manufacturing
department of the company was authorized to resume the manufacture
—V. 107, p. 1842, 13891
AG
..
of motor cars.—V. 107, p. 1746, 1672.
New England Cotton Yarn Co.—A nnual Report—New
Paraffine Companies, Inc., San Francisco.—ConvertName and Broader Rights—Financial Status.—
ible Collateral Trust Gold Notes Offered.—Leroy T. Royne &
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- Co. and Girvin & Millet., San Francisco, are offering jointly
vestment Co., which will have a modern and broader charter. Tne annual at par and int. $500,000 7% Convertible Collateral Trust
meetings will hereafter be held the third Tuesday in January, the first
in 1920. The annual report is cited under "Reports" above. The Boston gold notes dated Dec. 1 1918 and due eerially 1919 to 1924.
"News Bureau" of Nov. 20 contained a rather full statement regarding A circular shows:
the enterprise.—V. 107, P. 1842, 1672.
Interest payable J. & D. Normal Federal income tax up to 4% paid
Name.—g1
by the company. Anglo-California Trust Co., San Francisco, trustee.
New England Investment Co.—New
Callable,
all or part, on any int. date at 101 and interest. Maturities
P See New England Cotton Yarn Co
$50,000 semi-annually, Dec. 11010 to June 11924, both incl. These notes,
secured as below stated, are convertible at the holder's option at maturity
New York Shipbuilding Co.—Peace Conditions.—
into the 1st M.6% bonds on a basis of par for the notes and 6%% income
MEM •••••
The close of the war will bring no abatement in activities at the shipbuilding plant at Camden, N. J. The company has contracts on hand to
p the plant operating at full capacity on Government vessels, as well as
merchant ships for a few years to come. The now yard now being completed 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. Thirteen vessels and 18 torpedo boats are now on the ways. Two transports
also are being constructed.—("Iron Age.")—V. 107, p. 507, 499.
Niagara Falls Power Co.—Application Filed for
. Authority 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. 11916. and stating that the money to be secured and the property 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 64.000,000 and the money required in excess of the proceeds of the
bonds will be 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
1st 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 Telephone 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 Dec. 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 & Co.
In N. Y. or in Cleveland at office of mortgage trustee, viz., for Cuyahoga
bonds at Citizens' Savings & Trust Co., for U. S.Issue at Cleveland Tr. Co.
Digest of Letter from President Charles Y. McVey, Oct, 25 1918.
Government Control, &c.—This extension has the express approval of the
Postmaster-General of the United States, which is in control of the properties 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 liens on properties acquired by the Ohio State Telephone Co. under the merger of 1914,
and all additions and improvements made thereto. They and other underlying bonds are followed by $4,981,000 of Consol. & Refunding Mtge.
bonds, $6,617,425 of preferred stock and $5,205,475 of common stock of
the Ohio State Telephone Co.. which has assumed the payment of the principal 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 approval of the Public Utilities Commission of Ohio, which has also approved
this extension. It is owner not wily 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
cities. Its total stations aggregate over 150,000 in number.
Also owns long-distance system including: (a) 34,818 miles of toll lino
wire owned and operated; (b) 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, Missouri, West Virginia, Kentucky, Pennsylvania and New York.
a, Recent appraisals show: (1) For the.local telephone properties in Clevelanciacaavered as a first lien by the Cuyahoga bonds, a present value of at
basis for the bonds; price to be determined upon the actual length of
time the bonds have to run.
Authorized. Public holds
Capital Statement—
Preferred stock, 7% cumulative
$5.000.000 $4,907,636
Common stock (shares have no par value)
94,000 sh. 89,339 ah.
750.000
1st M.6s (remaining $750.000 pledged for note issue) 1,500.000
7% Convertible Collateral Trust notes (this issue).._
500.000
500,000
Net Earnings to Aug. 31 as Certified by Price, Waterhouse & Co.. After Paying
All Expenses, Depreciation Charges and Bond Interest
Cal. Yr. '16.
Cal. Yr.'17.
8 Mos. 1918.
Net earnings after bond int_ _$1,031,151
$1,403,614
$909,193
Interest on notes
26,250
Officers and Directors.—Robert S. Moore, President (Pres. Moore Shipbuilding Co.); R.S. Shainwald, V.-Pres. and Gen. Mgr.; S. C. Irving, Treas.
Directors: A. F. Morrison, W. I. Brobeck, Wellington Gregg Jr., C. E.
Green [of San Francisco], Peter C.Brown and R. W.Pirldham, Los Angeles.
Digest of Letter from V.-Pres. R. S. Shainwald, San Fran., Nov. 6.
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 acquired, and on all future improN err ents. These prorerties 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 business for more than 30 years:
Organized.
Annual Capacity.
Paraffine Paint Co., mfg. roofings, bldg. papers and paints; owns and operates an asphalt 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_lc01 26,500 tons paper board
do
Southern Board & Paper Mills, Vernon, Cal_1912 18,000
do
do
do
Northern Bd. & Paper Mills, Sumner, Wash-1913 8,000
Economy Paper Co., large plant in Los Angeles 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
installed at Tacoma, Wash.)
1886 16,000 tons paper board
Crescent Boxboard Co., plant at Port An- new) 4,500 tons sulphite
geles, Wash, to be in operation Jan. 1919
110,000 tons paper board
The Paraffine Paint Co.'s products have been exported for nearly 30
years past to Australia and Now 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.
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 thereof to be
made 40% forthwith and the residue when called'by the board. The
President was also authorized to have such issue or any part thereof underwritten, 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 $2,500,000 to the 2d pref. stock, the additional stock to be issued hereafter from time to time, the 2d pref. stockholders to have a prior right to subscribe to same at par pro rata.
Incorporated in Maine in June 1916 and has undertaken the development of some 80,000 acres of oil and gas leases in Province of Vera Cruz.
THE CHRONICLE
Nov. 23 1918.]
Mexico. Control owned by James B. Duke, the President, and associates.
The new capital will be used in the construction of pipe line and terminal
facilities at Port Lobos. If the foregoing proposition is adopted the authorized capital stock will include: Common stock, $12,500,000 first pref.
8% cumulative. $2.500,000 2d pref. 10% cum. (with right to participate
equally with common shares in any further dividends), $5,000,000. 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 originally intended for gas but which can be used for oil. The company has
hree producing wells. John Z. Middleton,Sec.,511 Fifth.Ave., N.Y.City.
Procter & Gamble Co.—Complaint.—
The Federal Trade Commission has issued a formal complaint against
this company and the Procter & 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.
2015
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.
Stromberg Carburetor Co.—Earnings.—
Press reports state the net earnings for the 9 months ended Sept. 30
amounted to 8431,533, compared with $318,819 for the 12 months of 1917.
—V. 107, p. 910. 602.
Swift & Co.—Report of Distribution Denied.—
President L. Swift is quoted as saying that the company contemplates
no further distributiqn in the near future, and that the report of the segregation of the New England Dressed Beef & Wool Co. is without foundation.
—V. 107, p. 1583. 1198.
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
Public Service Gas Co., N. j.—New Stock.—
carrying on its books a reserve of $1,140,000 against this settlement.
Rcf(rr'ng to the authorization given by the New Jersey P. U. Commis- [The contract was made by the former management of the company. The
sion for this cempany to issue $1,400.000 of its capital stock, we are advised Russian Government made certain advances for facilities with which to
that inasmuch as all the shares are owned by the Public Service Corp. with turn out the required product, but difficulties arose and litigation followed.]
the exception of 8 directors' shares, there were no circulars issued covering —V. 107, p. 1389.
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.
Tobacco Products Corp.—Stock Div.—New Stock.— •
A stock dividend of 10% has been declared on the common stock, payPullman Co., Chicago.—Orders,
able (subject to the approval of the Capital Issues Committee) Jan. 15 to
At the annual meeting of the stockholders recently held, Clive Runnells holders of record Jan. 2, along with the regular quarterly dividend of 13(%
has been made a director. Pres. John L. Runnells, in speaking of the com- on the preferred, payable Jan. 2 to holders of record Dec. 21.
•
pany's bus'ness status, stated that contracts on hand amounted to over
The stockholders will vote Dec. 10 on increasing the common capital
$40,000.000, very largely composed of Government orders for cars and stock from $16,090,000 to $20,000,000 in connection with the stock cuv.
ammunition. A statement published in the "Iron Age" says that the
The following is pronounced substantially correct:
Pullman Co. has stopped its war activities.
Net earnings in October before allowance for war taxes, was better than
Sleeping Car Fares.—
$440.000. Earnings in Oct. 1917 on same basis were $157.000, an increa.se
Press dispatches from Washington state that the abolishment of the ex- of 182%. On basis of ten months' results the company is expected to show
tra half cent per mile in sleeping car fares on lines under Government con- a net minimum for full year 1918, before war taxes, of $3.700,000. Net
trol is being considered by the RR. Administration.—V. 107, p. 1925, 1673. a year ago was $2,000,000. This means an increase of 85% for the 12
months.—V. 107. P. 1673, 1583.
Punta Alegre Sugar Co.—Earnings.—
Years ending May 31-1918.
1917.
Union Bag & Paper Co.—Earnings.—
Net earnings, after all taxes and expenses
$763,975 $869,812
Results for 3 Months and 9 Months ending Oct. 31.
Balance,surplus
700,666
269.587
1918-9 Mos.-1917.
1918-3 Mos.-1917.
$816,877 $837,286 $2,391,297 $2.545.455
Total profit and loss surplus
$823,997 $123,332 Net earnings
201.213
53.188
59,848
174,654
Depreciation
—V. 106, p. 2762.
53,158
154.251
174,304
51,108
Bond interest
Rapid City (Mich.) Gas & Heating Co.—Successor.—
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.
Rapid City (Mich.) Gas Light Co.—New Company.—
See Rapid City Gas & Heating Co. above.—V. 106, p. 2234.
Republic Distributing Co.—Distillery Purchases.—
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 "Shell" Transport & Trading Co., Ltd.,
has asked the London Stock Exchange to grant an official quotation to
2.671,070 additional ordinary shares of £1 each,fully paid, making the total
so 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
proceedsfrom $112,551 of its Series"C"6% bonds hitherto authorized, to finance capital expenditures made during Sept. last.—V. 107, P. 1485, 1102.
Saxon Motor Co. Corporation.—Status.-
0. A. Pfeffer who is managing the company in the interest of the creditors
confirms the following data: "The corporation on Oct. 31 owed creditors
a little were than $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-year extension on
notes they took for their claims." Compare V. 107, P. 508.
•
South Porto Rico Sugar Co.—Scrip Dividend.—
A regular quarterly dividend of 5% in 3-year 7% scrip, due Dec. 311921.
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.
1016, 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, p. 1925, 1389.
Standard Oil Co. of Kansas.—Extra Dividend,—
An extra dividend of $,3 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.
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 quarter.—V. 107. p. 808.
United Fruit Co.—Report Delayed.—
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 to the
inability to compute war taxes, &c.—V. 107, p. 1925.
United Motors Corporation.—Merger. Held Up.—
See 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.ayable
Dec. 16 to holders of record Dec. 2. The regular quarterly of 1% on the
preferred was also declared payable Jan. 15 to holders of record°Jan. 1.
of 1% was paid on the common stock Dec.15 1917,
An initial dividend of
but none since then.
H. II. Bodman and L. B. Boyd were elected directors to succeed Carl
Adams and George M. Bodman. The other retiring directors were reelected.—V. 107. p. 692, 612.
United States Steel Corp.—Remarks of Chairman Elbert
H. Gary .as to Trade Outlook and Peace Problems, &c.—
See page 1884 In last week's issue.—V. 107, p. 1925, 1751, 1745.
United States Telephone Co.—Bond Extension.—
See Ohio State Telephone Co. above.—V. 107, p. 1751.
Wabasso Cotton Co., Ltd., Three Rivers, Que.—
A dividend of 1%% has been declare for the September quarter. placing
the stock on a 67 basis. An initial dividend of 2%% was paid In July,
representing two dividends. 1X % 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 Staticinterference.—
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 may 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 stockholders' meeting
to be held Dec. 4 to vote on increasing the authorized capital stock, President J. Peterson as of Nov. 14 writes:
Due 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
Stewart-Warner Speedometer Corp.—Quar. Statement. stockholders
for the purpose of authorizing an increase In the capital stock
Income and Surplus Account for the Nine Months ending Sept. 30 1918.
the company.
of
infg.,
after
all
income
selling
and
and
admin.
provisions
exp., incl.
Profits
of directors contemplate offering early in the ensuing year,
board
The
for discounts and losses on customers' accounts, deprec'n on plant and for subscription
and sale, not exceeding 12,000 shares of stock of the par
equip., &c., b3fore providing for Federal income tax and excess profits tax: value of $1,200,000.
Mar.
31,
$227,582;
3
mos.
ending
to
June 30, $716,For 3 mos.
continues
good and the company is In a healthy and satisfacBusiness
$1,583,156
728; 3 mos. to Sept. 3Ci, $638,846; total 9 months
Deduct—Provision for Federal income tax
x94,800 tory condition.—V. 107. p. 1843, 1292.
450,000
Dividends
Standard Oil Co. of Ohio.—Extra Dividend.—
The usual extra dividend of $1 has been declared, along with the quarterly of $3, both payable Jan. 1 to holders of record Nov. 29.—V. 106,
p. 2234, 1466.
Balance for period
Balance of surplus at Dec. 31 1917
Unappropriated surplus at Sept. 30 1918
$1,038,356
5,456,215
$6,494,572
x No provision is made in this statement for war excess profits tax.
Balance Sheet September 30,
1917.
1917.
1918.
1918.
$
Liabilities—
$
$
$.
Assets-Common stock. 10,000,000 10,000,000
bldge.,
a Real est.,
700,000
mach. & equip_ 2,879,811 2,873,705 Notes payable
Accounts payable,
Patls,trade inks.,
Stc
9,134,806 9,134,806
220,492
272,839
&ii
Accrue:I taxes, &c
104.021
150,599
198,293
Investments
6,494,572 5,585,831
Invent.(at cost)._ 3,059,926 2,997,028 Surplus
1,347,298
Accts. recoil,., &c_ 1,220,847
294,006
400,623
Cash
109,920
65,629
Prepaid insur.,&o
16,865,663 16,756,763
r Total
—V, 107, p• 1925.
Total
16,865,663 16,756,763
Winchester Repeating Arms Co., New Haven,Conn.—
Opposition to Proposed Recapitalization Plan.—
A stockholders' committee, said to represent about 25% of the $1,099,000 stock, is seeking modification of the plan of recapitalization on
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.
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 dividend of 2% was paid, making a total of 7% for the year 1917.—V. 100, A•
1143.
Wright-Martin Aircraft Corporation.—Operations.—
The corporation has notified its employees that there will be no stoppage
ar
of work at its plants, although in accordance with orders from the
I)epartment, all overtime, Sunday and Saturday afternoon work has been
done away with. See annual report in last week's issue.—V. 107. p. 1917.
2016
THE CHRONICLE
Atte tbounmernai Tunes<
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
already begun. Many things mark the gratifying change
from four years of war to the welcome return to the conditions of peace. Naturally, however, there is some concern in the world of business as to how the transition may
affect prices. Much is said of deflation to follow inflation.
Nevertheless, the country, it is believed, faces a period of
great activity in many lines in making up for lost time.
Deferred civilian trade, in other words, is expected to be
large. Construction long deferred is likely to be on a big
scale. Building long restrained will revive. Export embargoes on cotton exports have been removed, except to
recent enemy nations and northern neutrals. This will
no doubt mean a big impetus to the outward movement of
-cotton as soon as enough ocean tonnage can be had. The
retail trade here and elsewhere is better with cooler weather
and the passing of the influenza epidemic. There are to
be no more "lightless nights" here. It is to be hoped, too,
that steps will be taken to prevent coalless days and nights
this winter such as made last winter disagreeably memorable.
Regulations limiting the amount of bituminous coal to be
stored by consumers were lifted to-day by Fuel Administrator Garfield in conformity with the cancellation by the
War Industries Board of its preference list. An industry
or domestic consumer may now store all the bituminous
desired. Meanwhile the uncertainty as to future prices
of merchandise undoubtedly hurts business for the time
being. Buyers hope for lower prices. They are, therefore,
for the moment buying only from hand to mouth. Still,
it is believed, that this phase is but temporary. Industries
are now turning from war to peace production and trade
under peace is expected, as already .intimated, to be
large.
Failures are still few.
Speculation is small.
Both the Shipping Board and the Secretary of Commerce
are being petitioned by merchants and manufacturers to
make some tonnage available for exports, so American exporters may enter the markets of the wbrld on even terms
with the manufacturers of other countries. Lack of tonnage here, while Japan, Great Britain, Norway and Spain
furnish bottoms to their exporters, will result, the exporters
contend, in handicapping American manufacturers to an
extent that will be difficult to overcome when vessels finally
are made available. Washington advices state that American-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
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 retained to aid in feeding Europe. Negotiations, it seems, are
now 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
to feed Germany, endorsed by the Allies, will allow Germany, 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.
The Allies and the United States will assist in the arrangement 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 anthracite, bituminous operators are concerned about the probability 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 326,46l,000 tons during the sail- e period of
1917, an increase of about 13%. With war plants running
night and day, this enormous stock of soft ceal 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 Septemter 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%. During the month from Sept. 15 to Oct. 15, these five cuts declined 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:
[vol.,. 107.
Cornmeal,119%;lard,115%;bacon,108%;flour, 103%,and
pork chops, 102%. The nation goes dry on July 1 1919 Until the army is disbanded. An important announcement is
that all building is now free, the remaining restrictions having 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 mean much to real estate
interests throughout the country. Cancellation of war contracts involving more than $1,336,000,000 since the signing
of the armistice is announced by Secretary Baker. One of
the signsofreturning peace is that the War Industrie: Board
has lifted the ban on the use of gold for artistic and other
purposes. Jewelers until now could use only 50% of the
amount formerly used by them.
LARD stronger; prime Western,27.55@27.65c.;refined for
the Continent, 29.25c.; South American, 29.40c.; Brazil, in
kegs, 30.40c. Futures have been • irregular, declining at
times. The arrivals of hogs have been very large. In fact,
on the 19th inst. they wen 212,000, of which 76,000 were at
Chicago. At times, too, reactions in grain has had an
eftect. Moreover, the cash demand has not been brisk; far
from it. Yet it is said that packers have contracted for
their entire output during the next forty days. And hog
prices have stood up well in the face of big receipts. After
all, Europe will want immense quantities of food products
of all sorts, including meats. This fact is not lost sight of.
It has largely offset the big hog movement though this is a,
decidedly interesting development. A Cincinnati dispatch
said that. with the hog pens of the local stockyards built to
accommodate 15,000 hogs now holding 22,000, an embargo
has been placed on further receipts. The congested condition is brought about, according to stockyard men, by the
price-fixing methods of the Government, which divided
hogs into two lots, one weighing below 130 pounds and the
other above 130 pounds. Leading packers want hogs above
180, according to experts, while fresh-meat dealers will not
buy those between 130 and 150 pounds on account of the
high price, but wait and buy those below 130 pound,
which are cheaper. Accordingly there has been a steady
accumulation of hogs between 130 and 150 pounds, with few
buyers for this class, and it was decided that an emabargo
on receipts of hogs was the only possible way out of the
difficulty until some other method of price-fismg could be
arranged with the Government. A Buffalo dispatch says
that an embargo has been declared on the shipment of hogs
to all stockyards east of the Missouri River, except under
individual car permits, according to information received at
the East Buffalo stockyards.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
November dellvery_cts.27.10
27.12
27.00
27.05
26.80
26.65
December delivery_..26.40
20.50
26.30
26.35
26.25
25.95
PORK firmer; mess, $45.50@. 6.50; clear, $45@$53;
$52@$53. Beef products strong; mess, $35@$36;
packet, $37@$37; family, $4O@$41; extra India mess,
$6210$63. No 1 canned roast beef. $4.25; No. 2, $8.25.
Cut meats firm; pickled hams, 10 to 24 lbs., 31%@323
/
sc.;
pickled bellies, 35@36c. To-day pork closed at $42 for
Nov., an advance of $2 for the week. Butter, creamery,
extras, 64 M @65c. Cheese, flats, 30@33 . 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 Washington. 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 the 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,
or 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
Brazilian coffee into the United States." The Board of
Managers of the Now 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, 90. Porto Rican sugar
has latterly sold for November shipment at 6.0550. c.i.f.
New Cuban sugar crop operations are about to begin. Old
crop sugar remaining will be rapidly shipped. Grinding
of the now 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 harvesting the Western beet crop in this country. It is now
estimated at 6,549,000 tons. Refined is in moderate demand. Restrictions are gradually being removed by the
Food Administration. Chewing gum manufacturers will
be allowed 50% additional sugar (luring December.
•
2017
THE CHRONICLE
Nov. 23 1918.1
OILS-Linseed steady at $1.60 for raw, carloads prompt
delivery, 5 barrel lots, $1.63@$1.65. Lard prime edible,
3 ©17c.;
/
$2.30@$2.35. Qocoanut, Ceylon, barrels, 167
Cochin, barrels, 18@18Mc. Soya bean, 18 ©18 Mc. Corn
oil, crude wood, 173
%@18c. Olive, $4.25. Cod, domestic, $1.45@$1.50. Spirits of turpentine, 87@87Mc.; common to good strained rosin, $16.50@l$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, 24Mc.; to consumers, 26Me.; gas machine, 413/20. 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 some success. Development work is being pushed. Kentucky is producing
on a scale that attracts attention.
$2 38'Illinois, above 3(1
Pennsylvania dark $4 00 South Lima
-$2 42
degrees
2 28
2 77 Indiana
Cabel
2 42'Kansas aria Okla1 40 Princeton
Crichton
2 25
2 85 Somerset,32 deg__ 260 I homa
Corning
1 25 Caddo, La., light_ 2 25
2 58 Ragland..
Wooster
1 55
heavy
La.,
Caddo,
25
2
Electra
25
2
Thrall
2 78
2 25 Canada
2 25 Moran
$trawn
1 45
2 33 Healdton
2 15 , Plymouth
De Soto
2 25
Henrietta
2 38 I
North Lima
Mon. I Tues. I Wed.
Sat.
6,388
Galveston
Texas City
Port Arthur, &c_
New Orleans_ _
10,922
Mobile
403
Pensacola
Jacksonville _ _ _ _
3,866
Savannah
Brunswick
433
Charleston
500
Wilmington _ _ _ _
1.867
Norfolk
N'port News, &c
123
New York
Boston
75
Baltimore
Philadelphia ___
Fri.
Thurs.
.6,407
3,157
8,670
436
8,56 10,192
702
245
9,575
100
3,213
4,647
5,378
4,223
617
_
1-,984
549
339
1,750
733
254
1,726
745
140
1,721
93
119
5,382 10,236
175
_
Total.
2,400 33,070
916
741
589
589
5,474 53,089
169 2,055
867 • 867
2,921 23,888
2,500 2,500
796 3,873
266 1,499
870 9,888
856
856
123
301
14
Totals this week 24,217 20,447' 26,022 25,4851 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.
Receipts to
Nov. 22.
1917.
Stock.
This !Since Aug: This Since Aug'
Week. I 11918. I Week. i 1 1917. I 1918. I
1917.
33,970 680,744 58,702 860,272 319,377 277.303
Galveston
TOBACCO.-Prices have been firm and supplies actually Texas
9,388
11,575
16.935
916
20,459 2,859
City
5,492
available are moderate. In some cases they are said to be Port Arthur
5.089
2781
is
&c_
6,826
589
true,
Pass,
is
it
,
.
Aransas
leaf
domestic
really small. The demand for
New Orleans__ _ _ 53,089 474,121 47,687 553,438 389.426 254,903
26,193
15,488
5
183
1:5
55
not especially brisk, indeed, on the whole, it is moderate or Mobile
45,843 3,490
2,055
firm.
are
4,640
prices
however,
less,
Pensacola
the
at best only fair. None
11,590
9,500
21.750
8,777 1,500
867
Jacksonville
firm.
also
and
demand
Foreign is in steady
23,888 406,687 45.879 570,902 279,602 259.295
Savannah
23,000
16,000
81,000
5,000
37,300
2,500
combiBrunswick
big
a
COPPER remains at 26c., but it is said that
53.085
56,061
69,320 12,245 117,266
3,873
Charleston
47,177
44,260
51,726
nation, consisting of England, France. Italy and Belgium, Wilmington
42,940 3,565
1,499
68,463
84,425
127,874
9,789
100,356
Yet
9.888
countries.
for
these
Norfolk
has been formed to bay copper
1,881
156
2,557
856
News, &c_
there were rumors at one time that some manufacturers N'port
82,988 139,796 104,201
2,522 3,468
123
New York
8,810
11,317
36,733
12,347 4,482
301
Boston
were at least selling to others at as low as 25Yi cents and Baltimore
24,754
11,590
51,452
7,878 3,216
even lower. Also producers, it is stated, are to combine Philadelphia
8,609
13,590
2,961
under the provisions of the Webb Act to control and regulate
134,414 1,923,307 202,316 2.644,097 1,412,712 1,165,976
Totals
trade, promote exports and block foreign rivalry. One
European inquiry, it is said, is for 400,000,000 pounds.
that comparison may be Made with o her years,
In
order
Copper will tem= at 26e. until Jan. 1 in order to favor maxi- we give below the totals at leading ports for six seasons:
mum production, prevent labor disturbances in the mines
1914. I 1913.
1915.
1916.
and pave the way for placing the full resources of this Gov- Receipts at- 1918. I 1917.
ernment behind any steps needed for the rehabilitation of Galveston _ _ _ 33,970 58,702 79,385 64,010 175,216' 146,538
reStates
the
and
United
the
of
industries
35.887
11,373
12,868
23,801
the non-war
3,137
1,505
,&c
TexasCity,
80,914
61,722
42,220
45,496
53,089, 47,687
Orleans_
building of Europe. There were unconfirmed rumors of New.
11,945
4,834
1,439
3,513
3,490
2,055'
Mobile
Lead
at
quiet
Tin
723@73c.
24c.
as
46,987
47,013
16,728
sales at as low
33,411
45,879
_
23,888
Savannah
5.500
5,000
New
1,000
spot
8.60c.
later
York;
4,500
8.40c.,
5,000
_
_
Spelter
_
2,500:
Brunswick
quiet at 8.05c.
17,224
19.070
4,502
10,295
3,873, 12.245
Charleston,&c
14,252
and firm but quiet.
5.922
4,924
1,720
3,565
1,499
Wilmington.._
26,371
16,867
17,417
23,443
9,789
9,888
PIG IRON is quiet pending contract adjustments. There Norfolk
3,516
11,216
1,602
2,841
156
856
N'port N.,&c.
32,815
4,232
5,238
11,677
have been a few cancellations in the case of mills doing All others.. _ _ 1.291' 12,666
Government business. But in any case the furnaces are Total this wk. 134,414 202,316 240,082 171,948 360,439 423,795
well sold ahead for some time to come. Therefore, no large
outside business would in any case be done for a time. Since Aug. 1.. 1,933,307 2,644.097 3,644,263 2,903,394 2,690,158 5.545,070
Everybody is naturally awaiting future developments with
exports for the week ending this evening reach a total
no small interest. As the case stands there is less business of The
40,642 bales, of which 32,211 were to Great Britain,
than there was before the armistice was signed. Naturally 6,954
to France and 1,477 to the rest of the Continent
pig iron producers are opposing cancellation on the part of Exports for the week and since Aug. 1 1918 are as follows:
the Government, without compensation. But very many
look for lower prices during the coming year. With the
From Aug. 1 1918 to Nov. 22 1918.
1Veek ending Nov. 22 1918.
Exported toExported towar over there will be a less stringent demand,it is supposed.
Exports
think
hand,
for
to
that
several years
Many, on the other
Great
Great
fromTota.
Britain. France. Other. Tote. Britain. France. Other.
come there is bound to be a good domestic demand both for
iron and steel regardless of a temporary slowing down of Galveston.... 23,005
- 95,18 , 328,973
23,005 233,790
15,800
15,811
business during the transition from a war to a peace basis.
Texas City..
130
131
Nogales
STEEL mills are very ready to take private business, Pt.
13,026 145,703 78,066 37,99 261,762
6,954
6,072
NewOrlea
conof
Government
18,644
18,644
with an eye to expected cancellations
Mobile
4,750
4,750
tracts. It is said that only 43% of the structural steel ca- Pensacola
51,146 47,000 43,92 i 142,072
pacity was contracted for last month. The October orders Savannah
11,196
11,196
Brunswick
5,646
5,64r
for structural steel were 77,000 tons, as against 108,000 tons Wilmington
11,612
31
11,581
Norfolk
in September. Structural steel makers,it is well known,have New
.
202,021
83,53
24,728
93,759
3,134
3,134
York_
21,519
4,801
16,718
been almost entirely dependent on Government orders for Boston
11,450
11,450
Baltimore
business, as materials were not to be obtained for civilian. Philaclera
6,402
411
6,002
62,403
62,40
1,477 1,477
orders. There has been some cessation of work on Govern- PacificPo
ment orders until the Federal authorities can decide just what
Total__ 32,211 6,954 1,477 40,642 604,739 154,626 345,01 1,104,380
they want and what they do not want. The rescinding of the
5,499 86,082 121,987 973,466 266,750 416,214 1,656,430
old schedule of priorities, apart from those on merchant ships, Total 1917.. 30,406
70.739 7.472 51.062 129.2731.124.577 352.017 773.064 2.249.658
railroad and naval material, clears the way at once for a Total 1916_
large amount of business. Of course it gives the market a
In addition to above exports, our te egrams to-night also
more normal appearance. Also there have been a good give us the following amounts of cotton on shipboard, not
the
And
civilian
.
question
is whether
many cancellations
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.
business.
the
cancellaGovernment
Naturally
the loss of
On Shipboard, Not Cleared fortions have been, largely of shell steel, wire, rails, and car materials. The talk is that about 300,000 tons of rails, 40,000
Leaving
Other CoastGetGreat
ears and 1,500 locomotives ordered for American forces in Nov. 22 at- Britain.1Frant.e. many. Contl. wise.'I Total. Stock.
that
But
wanted.
believe
very
be
many
now
France will not
30,500 12,500 72,349 247.028
Galveston _ _ _ _ 29,349
9,000 5,000 29,000 360.426
the United States is in for a big period of construction and re- New Orleans*- 7,000 8,000
3,000 4,000 7,000 272,602
word.),
now
time
Savannah
lost
other
making
up
for
in
construction, or
53,561
2,500 2,500
Charleston
19,173
, 7,020
that peace has returned and civilian trade will gradually, Mobile
7,020
83,825
600
600
orders.
Norfolk
supplant military
121.796
I
18,000
3,000
9.000 6,000
COTTON
Friday Night, Nov. 22 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
134,414 bales, against 145,643 bales last week and 134,013
bales the previous week, making the total receipts since
Aug. 1 1918 1,923,307 bales, against 2,644,097 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 720,790 bales.
New York*_
Other ports*_ _
7,000
Total 1918__ 59.369 14.000
Total 1917.... 93.963 15.668
Total 1916_- 89.662 31.306
*Estimated.
3,000
' 10,000
107,832
48,500 24,600 146.469 1,266,243
44.819 16.625 171.075 994.901
51.996 20,700 193,664 1,288,482
Speculation in cotton for future delivery has been within
restricted limits as the embargo on short selling has continued
at New York, New Orleans and Liverpool. This has made
for great irregularity of prices at times with occasional
sharp reactions. But latterly it has been another story.
Prices for a time advanced sharply. The dominant factor
2018
THE CHRONICLE
Vol,. 107.
of late has been talk of increased exports. The allotment For the convenience of the
reader we also add columns which
to Great Britain in December has been increased 85,000 show at a glance how the maeket
for spot and futures closed
bales. This will make a total for that month of 235,000 on same days.
bales. This be it remembered is for Great Britain alone.
How soon business with the Continent will be revived to
Spot
Futures
SALES.
something like its old pre-war proportions remains to be
Market
Market
Closed.
Closed.
Spot. Contract Total.
seen. But the Continent, like England, is bare of cotton.
It has every incentive to .et its mills going as quickly as Saturday___ Quiet. 15 pts. dec__ Steady
Monday ___ Quiet, 115 pts. dec. Barely steady
possible in order to recover lost markets. French ter- Tuesday
Quiet, 35 pts. dec.. Steady
_
ritory is now clear of invading armies. It is naturally Wednesday_
85 pts. adv__ Steady
__ Quiet. 95 pts. adv.._ Steady
believed that the French mills will resume work as soon Thursday
Friday
Quiet. 30 pts. adv.. Steady
as possible.
How soon those of the Central Powers
will be able to get cotton is as yet more or less
problematical. But in time possibly in the fore part of 1919
FUTURES.-The highest, lowest and closing price at
Germany may begin to draw supplies. from this country.
Meanwhile Japan's textile industries are rapidly growing New York tor the past week have been as follows:
and Japan will want a good deal of cotton from this country.
Saturday, Monday, Tuesday, Wed'day, Thursd'u, Friday,
Some of its leading interests, it is understood, have for some
Nov. 16. Nov. 18. Nov. 19. Nov. 20. Nov. 21. Nov. 22. Week.
time past favored the "long" side of the market. The exports in December and January from the United States are NovemberRange
expected to show an increase that will clearly mark the beCI )sing.... 28.70 -27.55 -27.15 -28.04 -29.00
ginning of the return to pre-war conditions in the world's DecemberRange
28.501.70 27.50-/01 27.05-.96 27.25-.05 28.20-.00 28.75-.42 27.05-170
cotton commerce generally. The October consumption of
Chsing
28.65 -27.50-.55 27.10-.20 27.99-.05 28.95-.00 28.73-.75--raw cotton by American mills was very small, it is true, but Ja uaryRange
27.95-100 26.85-145 26.40-.35 26.65-.31 27.45-.35 28.05-.74 26.40400
as everybody knows, this was due largely to the influenza
CI ming
28.00-.15 26.85-.95 26.50-.55 27.25-.31 28.25-.30 28.05-.10--epidemic, and it is believed to be reasonably certain that the February
Range
November figures will make a better showing and those
ChsIng
27.85 -26.65 -26.20 -26.95 -27.93 -27.55 ---of December something still better. Mean'while the March
27.55-.45 26.50110 26.02-.98 26.30-.95 26.98-87 27.46-.17 26.02-110
Range
ginning has fallen off sharply. This, to be sure, was
CI asing
27.75-.88 26.50-.60 26.05-.10 26.80-.95 27.78-82 27.40-.43--due largely to the epidemic and rains at the April
Range
South during the first half of November, so that the total
Cbsing
27.55 -26.35 -25.92 -26.65 -27.65 -27.12 ---from Oct. 31 to Nov. 13 was the lowest on record for that May
period i. e., 902,106 bales. against 1,385,937 for a like
27.45-.25 26.25-J75 25.80-.73 20.05-.75 26.75-.60 27.07-.92 25.80-J75
Range
27.45-.60 26.25-.30 25.82-.87 26.55-.75 27.55-.60 27.07-.13--period last year, 991,110 in 1916, 1,392,389 in 1915 and JuClosing
e1,841,328 in 1914. This makes the total of 8.681,005
Range
27.50
27.50 Closing__ 27.30 -26.20 -25.62 -26.40 -27.33 -26.83 ---bales, against 8,571,115 up to the same time last year, July
9,615,003 in 1916, 8,771,275 in 1915 and 11.668.240 in
27.20-.00 26.20-J50 25.62-.48 25.90-.40 26.60-.37 27.27-.60 25.62-J50
Range
27.20-.25 26.15-.20 25.62-.65 26.35-.50 27.28-.33 26.78-85--1914. And although this decrease is attributable, as AuCI ming
IlL1lalready stated, in part to accidental and temporary causes
Range
25.50 ----26.83 ----25.50-183
C1 ming
26.80 -25.65 -25.12 -25.85 -26.80-.85 26.30 ---the fact remains that we have had four short crops in sucSep'embercession and are now facing a returr to peace conditions
Range
26.00-.45 24.75-.00 24.90-.10
14.75-145
Chsing____ 26.20 -25.05 -24.52 -25.25 -26.20 -25.70 ---and a larger civilian consumption especially as the armies
Octoberwill be sent home as speedily as possible. Liverpool has
24.34-.50 23.95-.10 24.55-.6525.30-.60 23.95-160
Range
on on ._9.4 95 -23 fin- SO 24 20. 25 25.15 - 2365-71 --been a good buyer here and its prices have frequently
ignored reactions in New York. The limit of fluctuations 129o. 1280. .1270. 123o. 1250.
in Liverpool in one, day has been restored to 100
English points or 200 in American money, the same as at
THE VISIBLE SUPPLY OF COTTON to-night, as made
New York. On the other hand, however, conditions of up by cable and telegraph, is as follows. Foreign stocks. as
trading here now are, of course, largely artifical. Short well as the afloat, are this week's returns, and consequently
sellingis not permitted. This excludes possible support from all foreign figures are brought down to Thursday evening.
time to time such as the short interest always affords. And But to make the total the complete figures for to-night
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.
exports will immediately and decidedly increase. Northern
Nov. 221918.
1917.
1916.
1915.
at Liverpool
bales_ 228.000 482.000 672.000 885.000
neutrals are still under the embargo and also enemy coun- Stock
Stock at London
16,000
21.000
30.000
67.000
tries. Moreover, many believe that a large percentage of Stock at Manchester
48,000
64.000
77.000
79,000
the available supply of ocean tonnage will be monopolized
Total Great Britain
292,000 567,000 779.000 1,031.000
in conveying food to Europe for some time to come. They Stock at Hamburg
*1.000
*1.000
Stock at Bremen
*11)01)
*1.000
believe that the increase in exports will be far more gradual Stock
74.000 172.000 196.000 256.000
at Ilavre
than many people seem to expect. Meanwhile stocks at Stock at Marseilles
1,000
5.000
6.000
3.000
Stock at Barcelona
32.000
56.000
27.000
62.000
the South are large. The cotton goods business is not so Stock
at Genoa
21,000
21,000 212.000 171.000
good as it was. There is naturally a fear of cancellations Stock at Trieste
*1.000
*1.000
of Governntent orders. The Secretary of War announces
Continental stocks
Total
128,000
254,000
444.000
495,000
cancellations of various war orders presumably not cotton
Total European stocks
420,000 821,000 1.223.000 1,526.000
goods, amounting to the vast sum of $1,336,000,000, and
cotton afloat for Europe_
6.000
37.000
34.000
43.000
this is taken as a hint that before long thpre may be cancella- India
Amer. cotton afloat for Europe
172,000 166.000 612.805
tions of orders given out to the cotton mills. The trade Egypt.Brazil.&c.,afloat for Eur'pe 46.000 61,000 7:3,000 375.717
62.000
Stock in Alexandria, Egypt
291.000 243,000 202.000 230.000
faces a period of transition. Many think that prices are Stock
in Bombay. India
*570,000 *480.000 300.000 417.000
altogether too high. They believe that in the natural course Stock In U. S. ports
1,412.712 1,165.976 1.482.146 1.430.490
in U. S. interior towns
1,326.677 1,106,162 1,274.398 1.327.340
of things present prices which they considered traceable in Stock
13.026
17.013
23.800
13.193
part to war inflation must be deflated. In other words, U.S.exports to-day
Total visible supply
4,257,415 4,099,151 5.225.149 5.424.740
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
Americanearly but later on falling sharply as the demand from shorts Liverpool stock
bales. 109.000 368,000 543.000 663.000
Manchester
22.000
513,000
63.000
69.000
fell off and selling of Southern hedges increased. Also Wall Continental ftock
stock
*112,000 *218.000 *346.000 *407.000
Street, New Orleans and Japanese interests sold and the American afloat for Europe
172,000 166,000 612.805 375,717
1,412,712 1,165.976 1,482.146 1.430.490
technical position had weakened. Shorts had been driven U. S. port stocks
U. S. Interior stocks
1,326.677 1,108,162 1,274,398 1.327.340
out. Quite a "long" interest had accumulated. Prices had U.
S. exports to-day
13.02'
17,013
23,800
13,193
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. In the end
East Indian, Brazil, &c.prices declined and they are generally lower for the week, LIverpool stock
119,000 114.000 129.000 222.000
London stock
16.000
21.000
30.000
67.000
although January closed unchanged. Spot cotton ended at Manchester
stock
26,000
6.000
14.000
10.000
30.50c. for middling, a rise for the week of 45 points.
Continental stock
*16.000 *36.000 *98.000 *88.000
India afloat for Europe
6,000
37,000
34.000
43.000
The official quotation for middling upland cotton in the Egypt.
Brazil. &c.. afloat
46,000
61.000
73.000
62.000
New York market each day for the pitst week 111,3 been:
291,000 . 243.000 202.000 230.000
Stock in Alexandria. Egypt
Nov. 16 to Nov. 22Middling uplands
Sat. Mon. Tues, Wed. Thurs. Fri.
29.90 28.75 28.40 29.25 30.20 30.54
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
1917
1916
1915
1914
1913
1912
1911
30.50
30.10
20.30
11.75
7.75
13.50
12.60
9.45
1910_c
1909
1908
1907
1906
1905
1904
1903
14.85
14.85
9.55
11.20
11.00
11.65
9.90
11.30
1902_c
1901
1900
1699
1898
1897
1896
1895
8.50
8.00
10.25
7.56
5.44
5.81
7.62
8.50
1694_c
1893
1892
1891
1890
1889
1888
1887
5.81
8.00
9.62
8.12
9.44
10.25
10.00
10.38
Stock In Bombay. India
Total East India, &c
Total American
*570,000 *480,000
300.000
417.000
1.090,000 998.000 860.000 1.390.000
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
Middling upland. Liverpool
20.60d. 22.164. 11.904.
7.28d.
Middling upland, New York.... 39.50c.
30.05c. 20.45c.
12.30c.
Egypt, good brown. Li verpool_ _ _ 31.054. 33.554. 22.604. 10.204.
Peruvian. rough good. Liverpool_ 33.I3d. 30.004. 16.004. 11.00d.
Broach,fine, Liverpool
19.48d. 21.204. 11.304.
6.904.
Tinnevelly, good, Liverpool
19.73d. 21.388. 11.42d.
7.02d.
*Estimated.
Continental imports for past week have been 27,000 bales.
The above figures for 1918 show an increase over last, week
MARKET AND SALES AT NEW YORK.
of 86,928 bales, a gain of 158,264 hales over 1917, a decrease
The total sales of cotton on the spot. each day during the of967,734 bales from 1916 and a loss of 1,167,325 bales from
week at New York are indicated in the following statement. 1915.
2019
THE CHRONICLE
Nov. 23 1918.]
Amarillo, Tex.-There has been no rain during the week.
AT THE INTERIOR TOWNS the movement-that is,
has ranged from 20 to 68, averaging 44. 414
the receipts for the week and since Aug. 1, the shipmentd for The thermometer
Brownsville, Tex.-Rain has fallen lightly on one day during
the week and the stocks to-night, and the same items for the
has been eight hundredths of
corresponding period of the previous year-is set out in the week, and the precipitation 63,
highest 82 and lowest 44.
an inch. Average thermometer
detail below.
Dallas, Tex.-We have had no rain the past week. The
Movemeit to Nov. 23 1917.
thermometer has averaged 54, the highest being 70 and the
Moverne it to Nov. 22 1918.
lowest 38.
Stocks
I
Receipts.
Shif; Stocks
Receipts.
Towns.
Palestine, Tex.-There has been rain on one day during
me is. Nor.
Nor.
23.
Week.
I
I
Season.
Week.
Week. Season. j Week.. 22.
the week, the rainfall being one inch and twelve hundredths.
56.
145 2,686 The thermometer has ranged from 40 to 72, averaging
3,178,
89
2,323
3,563,
50
Ala., Eufaula--We have had rain on one day during
Tex.
471 23,587 2,438,1 38,146; 2,255, 18.815
47,4811
Antonio,
San
Montg nnery - 1,401
862 17,613 2,070: 28,993; 1,5971 6,333
39,330,
1,806
Selina
week, the precipitation reaching thirty hundredths of an
21,0671 1,801 7,997 1,6961 23,9671 1,899, 17,728 the
Ark., Helena.._ 2,120
68,315 5,351 31,798 13,3531 94,260 8,5311 41,155 inch. Average thermometer 56, highest 74, lowest 38. Mil
Little R ,ck _ 5,623
70,5131 3,000, 49,951
47,669 3,500 34,388 9,000
Pine MAL _ 4,500
New Orleans, La.-We have had rain on one day of the
3031 2,306
3161 11,325;
6 4,295
8,558
279
Ga., Albany._ _
of an
61,169 1,975 37,180 8,718, 65,203; 4,100 32,497 past week, the rainfall being fifty-nine hundredths
3,940
Athens
76,770 8,861 23,434 18,278 122,554 11,870 41,388 inch. The thermometer has averaged 66.
7,021
Atlanta
133,394
7,451 210,8011 4,203 144,911 19,528 286,982 12,570
Augusta
Shreveport, La.-We have had rain on two days of the
635; 20,493, 1,725 13,794
37,605 1,120 23,200
Columbus_ _ - 1,925
89,894' 4,462 29,816 8,438; 89,474, 4,918 22,328 past week, the rainfall being two inches and twenty-five
5,722
Mae )11
24,2311 2,630 12,107 3,469, 25,3071 1,810 10,951
1,895
Rome
59, ranging
72,326 2,318 43,421 10,299 116,032, 9,3771 41,807 hundredths. The thermometer has averaged
5,611
La.,Shrevep
7071 3,441 from 41 to 76."
6.0071
8311
576 4,529
12,698
903
Miss.,C Aumbus
60,5971 4,906 38,106 7,000, 75,229, 3,000 49,783
Clarks late. _ 6,107
Vicksburg, Miss.-There has been rain during the week
70,155 5,700, 42,014 6,000, 71,810, 3,000 33,790
Greenw )eci_ _ 6,000
953' 11,308 to the extent of two inches and forty-eight hundredths. The
3221 13,550 1,9511 17,3081
21,835
Merl Han _ _ _ _ 1,446
500, 12,662 2,500, 33,790, 1,500 12,150
24,7171
1,506
Natchez
71, averaging 55.
905 5.989 thermometer has ranged from 41 to
14,853 1,060 9,023 1,3851 10,7341
1,778
Vicksourg_
19,221 1,000 14,409 2,329, 23.912 2,9371 11,950
Mobile, Ala.-The week's rainfall has been one inch and
City_ _ 1,500
Yaz
Mo.,St. Lluis. 13,901 144,966 13,864 19,807 58,660 404,909 58,922 6,711
hundredths, on four days. Average thermome499 7,396 1,800: 15,162 1,0001 3,513 eighty-nine
13,4911
N.C.,Genshoro 1,828
256 ter 62, highest 77, lowest 48.
450,
3,8271
4651
217
150
3,4471
114
Raleigh
48,926 4,376 14,700 1,8521 40,421 1,2011 17,435
0.. Mein!)ad_ 4,276
Selma, Ala.-We have had rain on three days the past
1,600, 21,150', 1,100, 12.000
Okla., Animone
hundredths.
20,781 1,274 10,715 2,800, 25,915' 1,000 10,062 week, the rainfall being one inch and thirty-four
Chickasha _ 1,893
936 7,652 The thermometer has averaged 54, the highest being 70 and
610 3,792 2,0321 19,4161
18,175
989
Hug)
6,801
1,200
16,955
500 7,000 1,500
19,5871
_ 1,000
Oki
•
41,5571' 4,316 11,988 the lowest 33.
30,930 2,000 23,008 3,89'1
S.C.,Greenville 3,200
632 4,427
8,198,
200 9,075
982
11,127
1,000
Greenw )11. _
Savannah, Ga.-There has been rain on one day of the
Tenn.,Memphis 42,881 313,741 29,360271,711 64,134 409,6431 41,587202,337
of an inch.
952 week, to the extent of thirty-seven hundredths
1,200
56
_1
284
Nashville_ •
18,383 1,775 2,745 The thermometer has averaged 61, ranging from 46 to 79. sl
4001 1,298 2,156
6.061
700
Tex.. Abilene_ _
17,141 2,087 2,192
709
400, 5,363
15,7721
600
Brenham
Charleston, S. C.-There has been rain on two days during
9511 7,195 2,131
30,183 1,863 8.245
21;519,
1,459
Clarksville_
73,043 3,004 18.816 the week, to the extent of eighteen hundredths of an inch.
41,3321 1,900, 12,795 4,462
2,500
Dall is
35,6712,172 8.821
930' 5,302 3,172
16,0371
Honey Grove_ 1,121
thermometer 45, maximum 77, mean 61.
52,00) 874,551 29,651 344,022 77,3801,081,735 60,793 205,651 Minimum
Houston
44,114 4,805 12,590
49,192 4,089, 9,672 5,846
Charlotte, N. C.-We have had rain to the extent of one
4,461
Paris
700, 2,927 1.1511 20,676 1,884 1,344 inch and fifty-six hundredths. The thermometer has
800 22,038
San Antonio
to 75.
Total. 41 Owns201.3092.704,611 143,48 11121177 357.1073.5114,511 215.809 11OR 115 averaged 56,ranging from 36
week's rainfall has been one inch.
-The
Tenn.
Memphis,
inhave
stocks
the
that
show
interior
totals
above
The
hundredths on three days. Average thercreased during the week 59,825 hales and are to-night 218,515 and twenty-five
66, lowest 40.
highest
53,
mometer
at
receipts
The
year.
time
same
last
the
at
than
bales more
we have also received by. telestatement
follo-wing
The
week
same
the
less
than
bales
153,798
been
have
all towns
the rivers at the points named
of
height
the
showing
graph,
.
last year.
given:
dates
the
of
m.
a.
8
at
AND
OVERLAND MOVEMENT FOR THE WEEK
Nov. 22 1918. Nov. 23 1917
Feet.
Feel.
SINCE AUG. 1.-We give below a statement showing the
4.2
5.8
of
gauge_
zero
Above
Orleans
New
made
5.8
8.7
overland movement for the week and since Aug. 1, as
Above zero of gauge..
Memphis
7.7
15.3
Above zero of gauge..
up from telegraphic reports Friday night. Tho results for Nashville
*6.7
15.6
of
gauge_
zero
Above
Shreveport
follo-ws:
as
9.0
do week and since Aug. 1 in the last two years are
16.9
gauge..
zero
of
Above
Vicksburg
1917
1918
Nov. 22.
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments-
Week.
Since
Aug. 1.
13,864 b138,854
19,267 149,482
1.343
5,628
2,958
47,504
27,141
2,680
5,812
68.719
10,761 159.249
56,715
Overland to N. Y., Boston, &c__..
Between interior towns
Inland, &c., from South
596,577
424
22.747
1,598
4,623
19,461
86,661
Week.
Since
Aug. 1.
a56,922 a407,471
28,005 151,448
2.365
1,016
27,370
4,982
16,516
922
7,529 127,243
12.916 199,980
113,222
935,423
11,166 174,134
34.475
4,180
a27,773 a213,794
* Below.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below a-e the closing quotations of middling
cotton at Southern and other principal cottoh markets for
each day of the week:
Week ending
Nov. 22.
Galveston
New Orleans
Mobile
422,403
43.,119
128.869
6.645
deducted
Total to be
Savannah
70,103 513,020 Charleston
50,070 467,708
Leaving total net overland*
• Wilmington
Norfolk
* Including movement by rail to Canada. a Revised.
Baltimore
b 24,362 bales added as correction since Aug. 1.
Philadelphia
The foregoing shows the week's net overland movement Augwd.a.
70,103 bales for the week last Memphis
has boon 50,070 bales, against
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago ot 46,312 bales.
Dallas
Houston
Little Rock
1917 1918-Since
Since
In Sight and Spinners'
Aug 1.
Week.
Week.
Aug. 1.
Takings.
131,414 1,923,307 202,316 2,644.097
Receipts at ports to Nov. 22
513,020
70,103
50,070
467,708
Net overland to Nov. 22
South. consumption to Nov. 22_a 67,000 1,332.000 80,000 1,413,000
251,481 3,723,015 352.419 4,570.117
Total marketed
753,220
91,298
59.825
630,061
Interior stocks in excess
443.717
Came into sight during week__-311,309
5,323.337
4.353.076
Total in sight Nov. 22
712,289 114,120
North. spinn's' takings to Nov.22 87.615
a These figures are consumption; takings not available.
868.477
Week-
1916-Nov. 24
1915-Nov. 26
1914-Nov. 27
Bales.
Since Aug. 1-
449,537 1916-Nov.24
317,858 1915-Nov. 26
531,316 1914-Nov.27
Bales.
6,627,359
5,270,600
5,047.063
WEATHER REPORTS BY TELEGRAPH.-Our reports 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 ten- perature 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 the lowest 32.
30.25
29.75
28.00
29.50
__
28.00
27.75
99.00
30.15
28.38
30.50
30.00
30.50
30.00
29.75
28.00
29.50
30.00
29.75
28.00
29.50
30.50
29.75
28.00
29.50
30.50
29.75
28.38
29.50
58701)
27.20
28.00
29.00
29.00
27.12
30.50
29.05
29.00
30.50
27.25
28.00
28.65
26.81
30.00
28.45
28.75
30.50
2
-7/5
27.00
28.00
29.50
27.31
30.00
28.45
29.50
30.50
27.75
28.00
30.45
28.62
30.00
29.35
30.50
30.58
29.25
30.75
28.62
30.00
29.25
30.50
30.50
30.00
29.75
28.00
29.50
Has
NEW ORLEANS CONTRACT MARKET.
Saturday. Monday, Tuesday.I Wed'day. Thursd'y. Friday.
Nov. 16. Nov. 18. Nov. 19. Nov. 20. Nov. 21.
November
December
January
March
May
July .
October
Tone-
Spot
Options
Movement into sight in previous years:
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
28.20 -26.20 -26.25 -'27.29 -28.45 -28.05 27.70-.75 26.35 -26.25 -127.29-.32 28.45 -28.05-.15
27.40 -26.35 -25.85-.90 26.72-.80 27.70-.73 27.40-.44
27.25-.35 26.00-.03 25.54-.55 26.30-.35 27.20-.23 26.80-.88
27.25-.35 25.75 -2.5.40-.45 26.12 -27.04 -26.60-.68
27.05-.10 25.55-.60 25.20-.30 26.05 -26.84-.90 26.40-.50
24.75-.85 24.25-.35 23.00-.10 23.75-.85 24.54-.64 24.10 Steady Steady Steady
Quiet
Steady
Quiet
Steady Irregular Steady Steady Steady Steady
WAGE INCREASE ASKED BY FALL RIVER COTTON 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 Manufacturers' Committee asked that operatives go on at present
rate of wages, which is the highest in the history of manufacturing hero. Attention, furthermore, was called to the
facts that deliveries on all Government contracts have been
ordered suspended and that there had been some cancellations by both Government agents and by civilian buyers.
The delegates will report back and another conference
will probably be held.
2020
THE CHRONICLE
[VOL. 107:
WORLD'S SUPPLY AND TAKINGS OF 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
since Aug. 1 for the last two seasons, from all sources from
1918.
1917.
which statistics are obtainable; also the takings, or amounts
834 lbs. Shirt- Cot'n
•8% its. Shirt- Cot'n
gone out of sight, for the like period.
32s Cop
ings, Common Mid.
32s Cop
ings, Common
Twist.
Cotton Takings.
Week and Season.
1918.
Week.
I
1017.
Season.
Sept d.
Week. I Season.
Visible supply Nov. 15
4,170.4871
3,931,618'
Visible supply Aug. 1
1 3,027,450
2,814,776
American in sight to Nov. 22__ 311,309 4,353,076 443,717 5,323,337
Bombay receipts to Nov. 21___ b10,0001 325,000
28,000
241,000
Other India ship'ts to Nov. 21
12,000
1,000
32,000
Alexandria receipts to Nov. 20_ b30,000, 259,000
37,000
300,000
Other supply to Nov. 20*
b3,0001
85,000
2,000
37,000
Total supply
Deduct-
Visible supply Nov. 22
Total takings to Nov. 22a
Of which American
Of which other
4,524,796 8,061,5264,443,335 8,748,113
4,257,415 4,257,415 4,099,151 4,099,151
267,381; 3,804,111
237,381, 3,135,111
30,000
669,000
344,184 4,648,962
292,1841 3,741,962
• 52,000
907,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a 'rhis total embraces the total estimated consumption by Southern mills,
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.
27
Oct
4
11
18
25
Nov
1
8
15
22
to finest.
d.
a. d.
Upl's
Twist.
s. d. d.
d.
5534 0 5634 30 3 038 1034 23.23 2534
5534
55
5434
54
0
0
0
(4
5734 30 3 38 1034 23.43 2634
57 30 0 038 6 22.02 27
56 30 0 038 6 22.10 27
5534 30 0 038 6 21.63 28%
52
0 5534
5134 0 54
50
0 53
48
50,
21 3 0537 9
29 3 037 9
28 9 (07 3
21.26 30
21.21 3034
19.98 32
28 3 @36 9
20.60 34X
to finest. .
Upt's
5. S .01.
s. d. d.
0 26% 14 0 018 034 18.82
0 28
2854
29
30
14 3
14 6
15 0
15 0
018 6
@181034
019 0
019 1%
19.37
20.07
20.52
20.42
0
0
0
0
15(3 @199
151034 .20 134
16 6 0201034
17 0 @226
21.27
21.55
22.10
22.16
32
3236
35
3631
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 shipmen
have been suspended for an extended period, but will be r
sumed shortly.
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks,&e., at that port:
Nov. 1.
Nov. 8.
Nov. 15. Nov. 22.
Sales of the week
7,000
4,000
2,000
3,000
Of which speculators took_
Of which exporters took
Sales, American
2.000
2,000
1,000
2,000
Actual export
Forwarded
52,000
50,000
40,000
58,000
Total stock
183,000 221,000 244,000 228,000
Of which American
99,000 109,000 126,000 109.000
Total imports of the week
41,000
91,000
70,000
41,000
Of which American
33,000
74,000
60,000
27,000
225,000 201,000 169,000
-Counting Round as Half Bales
- Amount afloat
Of which American
210.000 156.000 122.000
1918.
1917.
1916.
Alabama
620,617
378,677
451,507
The
of
Liverpool
tone
the
market for spots and futures
Arizona
13,226
5,873
2,478
Arkansas
629,993
664,096
926,985 each day of the past week and the daily closing prices of
California
25,013
17,394
14,707 spot cotton have been as follows:
Florida
19,527
39,906
43,749
Georgia
1,626,944
1,581,897
1,480,631
Louisiana
409,378
495,076
394,646
Spot.
Saturday. Monday.
Tuesday. Wednesday. Thursday.
Friday,
Mississippi
787,650
620.100
651,488
Missouri
33,429
30,187
47,075 Market, 1
North Carolina
527,384
378,214
479,243
12:15 i
Dull.
Dull.
Dull.
Dull.
Dull.
Oklahoma
435.307
700,636
681.873
P.M. t
South Carolina
1,099,329
923,175
740,694
Tennessee
189,644
120,395
276,598 Mld.Uprds
20.70
20.73
20.41
20.32
20.60
Texas
2,250,980
2,698,838
3,298,186 Good Mid.
Virginia
10,468
9,081
19,973
Uplands- HOLI21.33
21.36
21.04
20.95
21.23
All other States
2,110
2,836
3,904
DAY.
Sales
1,000
1,000
1,000
1,000
1,000
United States
8,681,005
8,571,115
9,615,003
Futures. (
Irreg. at
Quiet at Quiet at 4 Quite 24,
1
The 1918 figures are subject to slight corrections when checked against
Market
{
I
Buyers
13033
508 pts. pts. dec. to 34 pts.Adv.
the individual returns of the ginners being transmitted by mall..
at maxi1
pts, dec.
decline. 2 pts. adv.
The number of round bales included this year is 127,812, contrasted opened
} mum
with 157,719 bales in 1917 and 168,575 bales in 1916.
Market,
I
prices.
1
Steady at Quiet at
1
Quiet at
The number of Sea Island bales included this year is 24,145, against
Steady
4
130pts. dec. 4020 pts. 3011 pts. 52693 Ine•
t
68,229 bales in 1917 and 92,909 bales in 1916.
to 2pts.adv advance,
P. M. 1
The distribution of Sea Island cotton in 1918 by States is: Florida,
decline.
adv.
.
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.,s1
The prices of futures at Liverpool for each day are given
• CENSUS BUREAU'S REPORT ON COTTON GINNING.-The Division of Manufactures in the Census
Bureau completed and issued on Nov. 21 its report on the
amount of cotton 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:
I
below.
PORTO RICO COTTON
CROP.-The production of
cotton (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
last five seasons as secured from official sources:
1917-18. 1916-17. 1915-16. 1914-15. 1913-14
ExportedTo New York
To Great Britain and Continent _
Total crop
Total weight, pounds
Average weight per bale
Bales.
388
Bales.
507
Bales.
859
46
Bales.
769
27
Bales.
537
273
Sat.
Mon.
Tues.
Nov. 16
to
Nov. 22.
New Contracts
November- -__
December ____
January
February
March
1234 1234 1231
d.
d.
IIOLIDAY
4
1231
4
Wed.
1234
4
Thurs.
1234
4
Fri.
1234i 4
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
20.6320.6320.64 20.6520.7620.69 20.6920.6220.96121.20
19.90 19.00 19.75 19.77 19.97 19.97 19.96 19.86 20.220.48
19.18 19.18 18.9 18.92 19.10 19.04 19.1 18.90 19.33119.61
18.5 18.50 18.2 18.20 18.36 18.30 18.3 18.27 18.6818.94
17.56 17.56 17.30 17.29 17.50 17.49 17.62 17.41 17.98118.33
388
507
905
796
810.
138,523 181,338 353,101 306,073 305,076
357.02
376.64
384.5
357.65
391.3
BREADSTUFFS
BOMBAY COTTON MOVEMENT.-The receipts of
Friday Night, Nov. 22 1918.
India cotton at Bombay for the week ending Oct. 31 and for
Flour has been in better demand from the Government
the season from Aug. 1 for three years have been as follows: for export to Europe. Export purchases on the 16th instant
were 1,415,500 lbs. Prices are advancing. The Govern1918.
1917.
1916.
ment paid $9 95 to $10 75 basis of Baltimore. • The GovernObd. 31
ment purchases together with those recently made make a
Receipts atSince
Since
Since
Week. Aug. 1. Week. Aug. 1. Week.lAug. 1.
total of about 3,000,000 bbls. This has given the market a
Bombay
10,000 282,000 0,0001 187,000 28,000 177,000 totally different aspect. The whole situation is stronger.
Some are even predicting that prices will sooner or later go
ALEXANDRIA RECEIPTS AND SHIPMENTS OF back to the level existing early in the season. That remains
COTTON.-The following are the receipts and shipments for to be seen. What is certain is that holders are decidedly
the week ending Oct. 30 and for the corresponding week more confident. Mill offerings have fallen off. Some mills
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
Alexandria, Egypt,
1918.
1917.
1915.
Oc. 30.
largely reduced by the Government purchases. Rye flour
has also been with light offerings and a better demand.
Receipts (cantars)This week
233.665
What will be done with rye flour and corn flour remains to
227,397
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
now as substitutes. The Food Administration Grain CorSince t
Since
Since
Exports (bales)Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. poration is making plans for the purchase of substitutes
which do not find a ready sale by the millers, dealers or
To Liverpool
56,752
____ 34,166 5,865 53.383 bakers, if acquired before Nov. 12. Export sales of flour
To Manchester, Stc
8,154 28,570
____ 10,249 9,607 31,536
To Continent and India_ 3,715 29,529
965 24,302 1,795 16,603 to the Government made on Tuesday's bids, aggregated
To America
11,702 11,792,
3,393 9,001 1,218,000 barrels, at prices ranging from 10 to 10.75 with a
1
Total exports
23.661 126,643
965 68,717 20.660 110,523 trend towards the higher price. This makes about 4,000,000
barrels taken by the Government in the last ten days.
Note.-A cantor is 99 lbs. Egyptian bales weigh about 750 bls.
Wheat trade has an interesting future. For the Governstatement
shows that the receipts for the week ending ment will buy heavily, it is believed, in feeding
The
Europe. It
233,665
were
Oct. 30
canters and the foreign shipments is estimated that a population in Europe of some
380,000,were 23,661 bales.
••4 000 people will have to be fed for a certain period by the
nations
exporting
of
the
world.
Argentina of course will
MANCHESTER MARKET.-Our report received by do some of this work. But
large supplies of foodstuffs will
cable to-night from Manchester states that the market is have to be obtained from
this
country. The visible supply
quiet and easier for both yarns and cloth. We give prices in this country last week increased
8,740,000 bushels, and it
Nov. 23 1918.]
is now 136,809,000 bushels, against only 19,564,000 a year
ago. 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 continue, 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 favorable for the growth condition,only a very fev.i localities reporting too dry or too wet,the drought condition in the Southwest
having been entirely eliminated. The average reports show
better 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 marketable farm surplus of wheat that has been sold by farmers is reported as follows: Ohio 89, Indiana 85. Illinois 92, Missouri 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., 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. 6d. to Italy and
from Australia nominal values put forward are 110s. to
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 necessary artificial manures for them. The situation as regards
supplies is considered fairly satisfactory. In France plowing 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 occupation will eventually result in large areas of arable land being available for cropping. In Spain beneficial rains have
occurred recently and it is believed that when seeding is finished 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 authorities have power to requisition it. In the United Kingdom 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 offine weather is needed so thatfarmers may proceed 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. Buenos Aires wheat closed under
pressure of increased offerings and there is less activity in
the,demand from foreign sources. Tonnage supply is slowly
increasing and it is believed there will be more freight room
available in the near future.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues,
cts_237% 2374 2374
No. 2 red
2404 2404 2104
No. 1 spring
2021
THE CHRONICLE
NEW YORK.
Wed. Thurs. Fri.
237% 2374 237%
2404 2404 2404
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 prechtde the possibility 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 OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
•
cts_1535( 1563( 161% 1633( 1683( 161531
No. 3 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
November delivery in elevator(new
contract)
cts_1264 130
131
129
13214 130
December delivery in elevator(new •
125% 12834 13034 1294 1293( 127
contract)
Oats also advanced with reports of an excellent export
demand. The European needs are believed to be very
large. In fact they are considered to be so large that Euroan buying in American markets will be restricted only
y the supply of ocean tonnage. Exporters have been
buying at the West of late for Lake shipment. Country
offerings have been comparatively small. Apparently
erroneous 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
filo
grain
trade
on
some
effect
generally.
The percentage of marketable farm surplus sold by farmers
is xitimated 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. Moreover, 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 estimation 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 higher for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_814-82 81
85 844 84
Standards
8314-84
No. 2 white
82 - 83 84% 85% 85
844 84-844
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
November delivery in elevator(new
cts_ 733( 75
76
754 754 75
contract)
December delivery in elevator (new
744 733i
72% 7334 744 74
contract)
The following are closing quotations:
Spring
FLOUR.
$10 75 S11 00 Tapioca flour
nom.
10 60 llontiny
$385@4 4214
10 35
10 60 Yellow granulated
21
10 7i
9 75 Barley goods-Portage barley: $4
8 50
Corn goods, all sacks 1041 lb.s.
No. 1_
6 00
Nos. 2. 3 and 4
$3 65© 4 35
5 25
White
Nos. 2-0 and 3-0
6 0006 15
Corn flour
3 750 4 00
Winter
Kansas
Rye flour_
No. 4-0
6 25
Rice flour, spot and
nom.
Oats goods-Carload,spot deto arrive
10 10
Barley flour (to arrive)..$7 42057 50
livery
GRAIN.
OatsWheat
Standard
$23714
84
No. 2 red
No. 2 white
841Z
2 40%
No. 1 spring
No. 3 white
83g
No. 4 white
Corn83
1 70% BarleyNo. 2 mixed
Feeding
1 73%
1 10 ®1 15
No. 2 yellow
Malting
1 68%
1 166211 25
No. 3 yellow
RyeArgentine
No. 2
177
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three year. have been:
Indian corn has again advanced. It is a curious commentary on the prevalent notion for many months that peace Receipts at- Flour.
Corn.
Oats.
Wheat.
Barley.
Rye.
would bring lower prices", that the actual cessation of hostilbbls.194%lbs bush.60 lbs. tisk 56 !Ds. bush 32 ihs.hush.48lbs.hush.5albs.
ities has caused a substantial advance. And many believe Chicago
521.000
179.000
127.000 1.288.000 1,753.000 2,339.000
1.775.000
127.000
726.000
748.000
190.000
that. the rise is not yet over by any means. Certainly Minneapolis _
2,918.000
1.000
91.000
365.000
756.000
Europe will have to have large quantities of foodstuffs from Duluth
81.000
80.000
379,000
117.000
23,000
12,000
Milwaukee __
184.000
26.000
181.000
this country as well as from other exporting nations. There Toledo
48.000
63.000
60,000
Detroit
is no longer any talk -about the elimination of substitutes Cleveland
No Replrt
-_
3.00e
for wheat flour as militating against corn prices because the St. Louis._. 47,000 467.000 430,000 660.000
del
641.000'
155.000
34.000
60.000
2,000
Peoria
world's requirements of corn will in any case be large. Kansas
245.' I
545.000
217.000
5.000
City_
838.111
364.000
Cash markets have advanced. It is true that Argentina Omaha
288.000
288.000
330.000
64,000
and neutral countries, according to current reports, will be Indianapolis.
,
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
387.000 7.371.000 2,824.000 6.994.000 2.192.000
570.000
wk.1917
population outside of Germany in dire need of food. Many Same
8.350.000 3.354.000 6,621.000 3.575.000
833.000
believe that Europe will need every bushel that we can spare. Same wk.1918 451.000
They believe that the sales to Europte will be measured only Since A ug.1- 5.563.000248.086.000 73.715.000 122.429.00023.562.00013.187.000
1918
by the supply of ocean tonnage. Stress is laid on the fact
5.124.000 94.119.000 36.383.000 129.511.00038.823.00011.901.000
1917
1016
6.179 000174.623.001a 53.467.000123.751.00042.752.000.11.683.000
that the price of wheat is fixed at $2 20 for the entire season
and that the price of hoe is also being maintained by the
The exports from the several seaboard ports for the week
Federal authorities. 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 suite
Corn.
Flour.
Oats.
Rye. Barley, Peat.
Wheat.
Exports Ironsof the fact that primary receipts are running ahead of those
Bushels Bushels. Barrels. Bushels. Bushels. Bushels Bushels.
last year the visible supply fell off somewhat last week.
113,472
966.614 123.989 130.231 418.778
York
On the other hand, the market has at times been more or New
65.000
Boston
161,968
61.818
less nervous. The technical position has been weakened Baltimore
600 698.000 •
somewhat. That is to say, a good deal of the short interest Newport News...
has been eliminated. The "long" account has shown a
113.472
1,193.682 123.989 136,231 1,238.596
Total week
790.238 321.808 46.333 883.735 470.078 114.575
tendency to increase noticeably. Also, farmers having got Wank 1017
2022
TIIE CHRONICLE
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
and Since
Week
July 1 toNor. 16
Since
July,1
I
I
Wheat.
Week
Nov. 16
Corn.
Since
July 1 .
Week
Nov. 16
Since
July 1
Bdrrels. Barrels. I Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 93,452 10,017,966
906,153 10,017,968
1,591,499
Continent
42,779 17,625,990
287,429 17,625,990 123,989
702,085
So.et Cent. Amer
3,220
West Indies
19,735
Brit. No.A m.Cols
Other Countries_
2,220
Total
Total 1917
136.23127,643.958 1,193,582 27.643,956
46,333 2,135,860
790,236 29,664,615
123,989 2.319,359
321.808 6.860,311
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 16 1918 follow:
Receipts al-
Flour.
Wheat.
Corn.
Barrels.
Bushels.
Bushels.
New York_ _ _
166.000
391,000
55,001
Philadelphia.
43,000
98.000
12, II
Baltimore _
79,000
139,000
26,000
N'port News_
6.000
New Orleans.
80,000
59,000
31,001
Montreal_ __ _
24.000 2,716,000
Boston
41,000
70.000
Oats.
Barley.
Rye.
Bushels.
Bushels. Bushels.
376,000
38,0 1
106.000
376,000
5,000
117.000
2,001
115.000
698,000
65,000
482,001
153.000
1,000
74,000
1,000
2,000
Tot. week '18
439.000 3.473,000
124,001 2,188,00
194,0(10
229,000
Since Jan.1'18.15,197,000 73.650,000 19,102.00 90.544,000 8.745.000 6,627.000
Week 1917_ _ _
468,000 5.006,000
238.0001 2,254,000
281.000
452,000
Since Jan.1'17 18.869.000 181.891.000 47.835.0001133.878.00 16.091 non 12.5R7.000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
• The world's shipments of wheat and corn for the week
ending Nov. 16 1918 and since July 1 1918 and 1917, as
Issued by Bromhall, are shown in the following:
Corn.
Wheat.
Exports.
(21917.
1918
Week
.Yos. 16.
Since
July 1.
Since
July 1.
1918.
Week
Nov. 16.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer' 4,558,000 85,678,000 113,679,000
36.00
Russia _
Danube _
Argentina ..
336.000 51,920,000 5,308.00
278.00
Aus .113
840.
14,916,000 22.548.00
India
340.00
5,104.000 8.568.000
190,0
0th.countrt.
1,234.000
825.
220,00
Total
6.264,000 158.852,0(1 150,928.00(1
534.001
a1917.
Si ce
July 1.
•
Si .ce
July 1.
Bushels.
Bushels.
5,264,000 12,327,000
9,726,000
6,410.000
1,315.00
1.513,000
16.305,00
20.250,000
• North America.-The Canadian Government has officially pi*, hibited the
Issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revise.l.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheal.
United
ICI #gdorn. Continent.
Corn.
Total.
United
Kiagdom. Continent.
Bushels
Bushels.
Bushels.
Bushels.
Nov. 16 1918... Not avail ,2121e
Nov. 91918.... Not avail Ole
Nov.10 1917._ Not avail Able
Nov 18 1918._
38.488.000
Total.
Bushels.
Bushels.
23,324.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 16 1918 was as follows:
GRAIN STOCKS.
Wheal.
Corn.
Barley
Oats.
Rye.
bush.
bush.
bush.
bush.
bush
1,995.000
94,000 1,230.000 1,878.000
77.000
951.000
2.000
375.000
2,396,000
35.000
388,000 308.000
5,000
39.000
3,246.000
702.000 638.000
94.000
408,000
5.541,000
4.8.000
925.000
3,011,000
7.000
12,341,000
951.000 2,0130.000 555.00(1
190.000
360.0(10 1,481.000
8,192.000
1.309,000
66.000 1.219.000
18.000
15,000
23,000
132,000
289.000
58,000
21,508,000 1,718.000 6,689,000 558.000 1,437,000
25:3.000
3.992.000
44,000 1,021.000 275.000 1.003.000
20,287.000
217.000 429.000 424.000
22,761.000
112.000 1,610.000 1,224.000 716,000
3.860.000
273.000
161.000
27.000
15,573.000
377,000 2,4:32.000 739,000
558.04)0
100.000
264.000
525.000
261.000
55.000
5,011,000
394.000 1.152.000
65.000 119,000
4.155,000
1,453,000 916,000 299,000
387.000
'
Total Nov. 16 191)3
136.809.000 4.152.000 22,660.00010.749.000 4,744.000
128.095.000 4,(60.000 21.61:3.000 8.04)7.000 4,393,000
Total Nov. 9 1918
19.564.000 1.244.000 18,5:13.000 3.614.000 3.587.000
Total Nov. 17 1917
Total Nov. 18 1916
64.064.000 1.368.000 47,790.000 1.969,000 4.405.000
Note.-Itonded grain not Includel above: Oats. Duluth, 3.000 bushels: total,
3,000. against 317.000 bushels in 1917; and barley, Duluth, 77,000 bushels: total
77,000, against, 462.000 in 1917.
CanadianMontreal
2.702,000
178.000 1.514.000
10.000 310,000
Ft. William & Pt. Arthur. 14.893,000
2.373.000
7.984.000
Other Canadian
424.000
United States-.
New York
Boston
PhlimielPilla
I3altlin,,re
Newport News
New OrleAus
Galveston
Buffalo
afloat
"
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Total Nov. 16 1918
Total Nov. 9 19l8
Total Nov. 17 1917
Total Nov. 18 1916
SummaryAmerican
Canadian
136.809.000 4,152,000 22,660,000 10749.000 4.744.000
25.579,000
176.000 4.311.000
10.000 310.000
Total Nov. 16 1918
Total Nov. 9 1918
Total Nov. 17 1917
Total Nov. 18 1916
162.388.000 4.328.000 26.971.0041 10759.000 5.054.000
148,917.000 4,425,000 26.122.000 8.023.000 4.545.000
38,342.000 1.266.04)0 24,388.000 3.6:12.000 3.88:1.000
87,214,000 1,590,000 63,991,000 1,970,000 4,641,000
25.579.000
20,882.000
18.778.000
23,150,000
176.000 4.311.000
65.000 4.509.000
22.000 5,855,000
222,000 16,201,000
10.000
16.000
18.000
1.000
310.000
152.000
296.000
236,000
[VoL. 107.
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 readjust 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 buyers are not seeking goods to any marked extent, neither is
there any particular anxiety on the part of manufacturers
to sell. There are just as many uncertainties confronting
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 tlfe other hand claim
that it will be impossible to grant the increase which is resulting 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
to indicate that Government control and price
fixing would be entirely discontinued alto 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, retailers are preparing for increased business, and many
fabrics placed on sale are comparatively cheap when considering present replenishing costs. More activity is developing in export markets. Inquiries are increasing and
merchants are preparing for a heavy business. The War
Service Coin, announced during the week that restrictions regarding 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 Corn. of theiNational 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 surrounding the situation are removed, and merchants are able to
arrive at what they consider a safe working basis, that
trade will he active. Heavy goods have been offered more
freely, many of the goods having been made for Government use, orders for which had been cancelled.
Gingham
manufacturers have been notified that they can sell fabrics
and
it
has
for any delivery they desire,
been announced that
there are no longer any goods classified as non-essentials.
WOOLEN GOODS.-In view of the favorable international developments, markets for woolens and worsteds
are developing a more normal appearance. Further allotments 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
available for this
purpose. Manufacturers of dress goods are reported to
preparing to produce new lines to stimulate demand.
the men's wear division of the markgt, 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 contracts for uniforms and other goods.
FOREIGN DRY GOODS.-While there has not been
sufficient time for the ending of the war to affect markets
fdr linens to any material extent the feeling as regards the
future is very optimistic. More fabrics will likely
available for civilian use as the result of decreased taking
by the British Government for military purposes. Therefore predictions are for larger imports. The raw material
situation, however, will be dominating factor for some
time to come. Flax is in poor supply, and there is no telling 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. Domestic substitutes are still being pushed, but when linens
come more plentiful and prices decline from present high
levels, buyers no doubt will revert to these as they are more
lasting and consequently cheaper in the long run. Burlaps have continued dull with light weights selling below
the Government fixed price. Light weights are
13.40o. and heavy weights at the official price of 16.50o.
taken
be
be
In
be
be-
quoted
at
THE CHRONICLE
Nov. 23 1918.1
cf.tate awl 0.7)itg prpartintut
NEWS ITEMS.
California (State of).-Probable Amendment Results as
Shown by Latest Returns.-Single tax, the dentistry measure,
the proposal to let absent voters mail a ballot, exemption of
cemeteries from taxation, the State budget board, the Carnahan stockholders' liability amendment, both the tax levy
limitation amendments and the proposal to give the Legislature 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.
The measure relating to the deposit of public moneys, the
usury law, the county government proposal, the University
of California amendment, the enlargement of the Appellate
courts, the borough government measure and workmen's
compensation, among others, appear to have carried. Full
text of these amendments appear in V. 107, p. 1760.
The count on the amendments, showing in each case the
number of precincts complete out of the 6,191 in the State,
is as follows:
Amendment
Number.
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
Precincts.
Reported.
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
5.161
3,681
5,820
3,706
3,601
3.591
Yes.
222,509
161.142
151,966
124,986
125,106
46,029
118,565
151,718
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
No.
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
Florida (State of).-Dry Amendment Adopted-Legislature to Convene.-On Nov. 15 Governor Catts issued a proclamation convening the Legislature in extraordinary session
Nov.25 for a period of twenty days, to enact a law whit.h will
prohibit the bringing into Florida of intoxicating liquors
after Jan. 11919, when the recently adopted amendment to
the State Constitution goes into effect.-V. 107, p. 821.
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,
who assails the validity of the election at which the bonds
were voted by an overwhelming majority, the real issue
involved is said to be the legal determination of the status
of City Commissioner Kellaher, who is resisting the seating
of Dr. T. L. Perkins, who was elected in the same election
the dock bonds were approved, as successor to Mr. Kellaher.
The vote was 31,883"for"to 7601 "against."
BOND CALLS AND REDEMPTIONS.
Helena, Mont.-Bond Call.-Martin Doty, City Treasurer, will redeem on Jan. 1 1919 judgment funding coupon
bonds Nos. 749 to 859, both inclusive. The bonds will be
paid for at par and interest, including Dec. 311918.
Spokane, Wash.-Bond Call.-The following special
improvement bonds have been called at the City Treasurer's
office:
TO BE PAID DEC. 1 1918.
Bonds Called up to
Bonds Called up to
Name and
Name and
District No.
and including.
and including.
District No.
Grade.
Pave.
29 Lindeke Street, 737
19
Bernard St.,942
89
114 Monroe Street, 458
Second Ward, 1
96
139 Madison Street. 511
Sprague Avenue. 273
27
Sherman St., 710
186 Montgomery Avenue, 528
Stevens St., 1044
9 Marietta Avenue. 738
10
6
Washington Street,666
100 Madison Street. 1108
!Myrtle Street, 1107
8
Grade.
67
Addison Street, 502
32 Perry Street, 673
27 Scott Street. 779
7
Cleveland Avenue, 831
10 22d Avenue, 878
21
Dalton Avenue,717
Walk.
111
Eleventh Avenue, 494
5 Sharp Avenue, 1134
2
Elm Street, 506
18 I
Water Main.
Euclid Avenue, 885
7
138 Ninth Avenue, W79
Fifth Ward, 1
40 34th Avenue, W80
8
15th Avenue, 473
21
Sewer.
Fifth Avenue, 734
12
21 Highland Boulevard. 900
Freya Street, 7555 Mallon Avenue, 1130
3
Fifth Avenue, 1042
14
25 , 20th Avenue. 895
Gordon Avenue. 527
27 I 20th Avenue, 1099
5
La Crosse Avenue, 510
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AKRON,Summit County, Ohio.-BONDS APPROVED.-The Capital
Issues Committee has approved the following issues of bonds, it is reported:
$195,000 6% trunk sewer bonds. Date Oct. 1 1918. Due $39.000 yearly
from 1920 to 1924 inclusive.
47,000 fire-system-signal and hose bonds.
ALCORN COUNTY (P. 0. Corinth), Miss.-BOND OFFERING.
Proposals will be received until 2 p. m. Dec. 3 by W. C. Sweat. County
Attorney. for 130.000 6% serial court-house bonds
ALLENDALE, Bergen County, N. J.--NO BIDS RECEIVED.-No
bids were received for the 15.000 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 plivate 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. 13. 176I-were award( d to the Battery Park Bank of Asheville at 100.33 for 5hs. Other bidder were:
Intel est.
Amount.
16%
$66.105 25
65.102 42
5% %
Seasongood & Mayer. Cincinnati
64.692 00
5h%
64.051 21
5 ki %
63.110 10
5%
64.038 00
Baker, Watts & Co.. Baltimore
5%%
Atlanta
Co..
_6%
65.050 00
.1. H. Hilsman &
Battery Park Bank, Asheville
*64,71000
5 %
64.823 68
hh%
E. H. Rollins & Sons. Boston
Pruddens & Company. Tolt do
64.359 00
5lxi%
64.485 12
R. M. Grant & Co.. New York
65.650 00
The Hanchett Bond Co., Chicago
64.367 00
12. An aniendment to the Constitution of Louisiana authorizing_ cor'5)4%
6%
too
late
received
for
consideration:
Following
bids
formed
or
to
be
porations
formed under the laws of this State for the purBraun. Toledo, Ohio
65.582 08
pose of constructing and operating canals for Irrigation and navigation, as Stacy &
64.089 60
{6%
5Y2%
well as plants for the generation and distribution of hydro-electric power, The Tillotson & Wolcott Co.. Cleveland
64.179 20
55••2%
64.166 00
5542%
to utilize the waters of navigable streams of this State, under such regu- Sidney, Spitzer & Co., Toledo
Chicago
6%
64.756 00
lations as may be prescribed by the State Board of Engineers for such John Nuveen & Co.,
This bid was submitted in addition to the bid upon which they were
purposes: as well as to use the deserted beds of former navigable streams awarded
the bonds.
1
that may remain the property of t m State as reservoirs in connection with
ASHLAND, Ashland County, Ohio.-BONDS AUTHORIZED.-On
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 Nov. 5 an ordinance was passed by the City Council authorizing the issuof $4,000 6% storm-sewer bonds. Denom. $500. Date Dec. 1 1918.
corporations availing themselves of the authority so granted, their property ance
Int. M. & S. Due $500 each six months from Mar. 1 1921 to Sept. 1
and plants shall become the property of the State, to be operated by it for 1924. inclusive.
public revenue in such manner as the Legislature shall direct: and providing
ASTORIA, Clats,p County, Ore.-DESCRIPTIO.V OF BONDS.
that none or these provisions shall be construed to apply to canals in exist- The
$200.000 5% street-impt. bonds recently voted (V. 107. p. 1761) are
ence on or prior to July 1 1918.
in denom. of $1.000 and are dated Oct. 1 1918.1nt. A. & 0. Due Oct. 1
A summary of the fourteen amendments voted upon is given in V. 107. 1958. subject to call after 10 years. E. G. Gearhart, Secretary of Sanitary
and Reclamation Commission.
p. 1115.
ATHENS, Athens County, Ohio.-BOND SALE.-An issue of $1,700
Minnesota (State of).-Dry Amendment Defeated.-Combonds offered on Oct. 25 was awarded on that day to Stacy & Braun
plete official returns announced Nov. 15 by Secretary of 6%
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
State Julius A. Schinahl, show that the proposed dry amend- March
l 1924.
-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 Orleans "Times-Picayune" of Nov. 18, it appears that all the
amendments proposed, except Amendment Number 12,
passed. The vote in practically every instance was decisive. The provisions of the proposed defeated amendment,which lost by a vote of 13,326"for" to 26,193"against"
7.-as follows:
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, required 190,302,so it lost by the margin of 756.-V. 107,p.918.
ATTLEBORO, Bristol County, Mass.-BOND SALE.-On Nov. 19
E. Ii. Rollins SE Sons of Boston were awarded, according to reports. $22.500
railway bonds at 101.076. Date Oct. 1 1918. Due yearly from
4
1919 to 1928 inclusive.
•
BEAUFORT TOWNSHIP, Carteret County, No. Caro.-BOND
OFFERING.-Sealed bids will be received until 10 a. m. Dec. 2 by J. P.
Morris, Clerk Board 01 County Commissioners (P.O. Beaufort). for $10.000
5li% 20-year road bonds. Int. semi-ann. Cert. check for 5% required
Portland, Ore.-Suit Filed to Enjoin Issuance of Dock
BENTON COUNTY(P.O. Foley), Minn.-BOND SALE.-On Nov. 14
Bonds.-P. J. Hanley, a Portland taxpayer, has filed suit
the $16.028 90 (not $15.000 as first reported) 57, ditch bonds-V. 107.
against City Auditor Funk and other city officials to enjoin p. 1855-were awarded to Kalman. Matteson & Wood of St. Paul at par.
Denotns. 11.000 and $500. Date Nov. 1 1918. Int. M. & N. Due
the issuance of $5,000,000 dock bonds voted Nov. 5. On yearly
from 1919 to 1928 Inclusive.
2024
THE CHRONICLE
BREWSTER, Stark County, Ohio.-BOND OFFERING.-Sealed
bids will be received until 12 m. Dec. 10 by L. S. Lash, Village Clerk, for
$1.500 6% sewage-disposal-plant bonds. Denom. $500. Date Oct. 1
1918. Int. semi-ann. Due $500 1922. $500 1924 and $500 1926. Cert.
check for $100, payable to the Village Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award.
BRIDGEPORT, Belmont County, Ohio.-BONDS PROPOSED.-It is
reported that the city contemplates issuing $9,000 fire-apparatus bonds.
BRONSON, Bourbon County, Kan.-BOND SALE.-Thls city last
month sold an issue of $15,000 5% 2-17-year serial electric-light bonds at
par to the State of Kansas. Date July 1 1918.
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.
BUTLER COUNTY SCHOOL DISTRICT NO. 31, Kan.-BOND
SALE.-33,880 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 State Highway
bonds. It is further stated that the bonds are on sale.
CAMBRIA COUNTY (P. 0. Edensburg), Pa.-BOND OFFERING.
Sealed bids will be received until 12 m. Dec. 11 by Ilerman T. Jones.
County Comptroller, for $500,000 414% coupon county-court-house bonds.
Denom. $1,000. Date Oct. 1 1918. Prin. and semi-ann. int. (A. & 0.)
payable at the County Treas. office. Due yearly on Oct. 1 as follows:
$1,000. 1919 and 1920 $15,000, 1921 to 1924 incl. 317,000. 1925 and 1926
318.000. 1927 $19.000, 1928 320,000. 1929 321.000, 1930 322.000. 1931
323.000. 1932 325.000, 1933 and 1934 326.000. 1935 328.000. 1936
329,000, 1937 330,000, 1938 $31:000. 1939 333.000. 1910, 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.
[VoL. 107.
or on any State bank in the city of Detroit for 2% required. The bonds,
which have been approved by the Capital Issues Committee, can only be
delivered at the office of the City Treasurer, and accrued interest will
be charged on delivery.
DORMONT (P. 0. Pittsburgh), Allegheny County, Pa.-BOND
OFFERING.-Sealed bids will be received until 8 p. m. Dec. 6 by C. D.
Doming, Borough Clerk, for $70,000 434% t
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 CORPORATION, Ind.-BOND SALF1.-On July 25 the National City Co. of Chicago
was awarded $150.000 5,
7o school bonds at 100.05. Denom. $1.000. Date
July 25 1918. Int. J. & J. Duo yearly on July 25 from 1924 to 1933, incl.
ELYRIA, Lorain County, Ohio.-BONDS DISAPPROVED.-The
Capital Issues Committee, it is stated, has failed to approve the $700,000
water-works bonds mentioned in V. 107, p. 1936. Officials were told to
mak application in about three months, it Is further stated.
ERIE, Erie County, Pa.-BOND OFFERING.-According to reports
proposals will be received until 10:30 a. m. by T. Ilanlon, 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
the $25,000 6% 1-15-year serial coupon (with privilege of registration)
public-improvement bonds dated Sept. 15 1918-V. 107, p. 1761-were
awarded to Durfee, Niles & Co. of Toledo for $25,656 80 (102.627) and
Interest. Other bidders were:
EIanchett Bond Co., Chic_$25.162 50 Stacy & Braun, Toledo_ __$25.070 00
Prudden & Co., Toledo__ 25,150 00 Spitzer, Rorick & Co..
Tillotson & Wolcott Co..
Toledo
24. 80 00
Toledo
25.127 50
A bid of $25,045. less $627 for preparation of bonds, was also received
from W. L. Slayton & Co., Toledo.
GRAYSON COUNTY (P. 0. Sherman), Tex.-BONDS VOTED.
At a recent election the proposition to issue 350.000 road bonds
mentioned in V. 107, p. 822 was favorably voted, it Is stated.
GREELEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
CARBON COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Boyd), (P. 0. Greeley), Delaware County, Iowa.-DESCRIPTION OF BONDS.
-The
$12,000 (not $15.000 as first reported) 5% bonds recently awarded
Mont.-BOND OFFERING.-Reports state .1. C. Lochridge, District
Clerk, will receive b:ds until Nov. 29 for $1.800 6% 5-20-year school-bldg. to Geo. M. Bechtel & 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.& N.
and furnishing bonds.
Due Mar. 11936.
CHEYENNE COUNTY SCHOOL DISTRICT NO. 77, Kan.-BOND
HAMILTON, Butler County, Ohlo.-BOND OFFERING.-Sealed
SALE.-31.700 6% school house bonds were taken by the State of Kan-.as
at par during October. Date Sept. 1 1918. Due yearly on Jan. 1 from bids will be received until 12 m. Dec. 10 by Ernst E. Erb, City Auditor,
for the following two issues of 10-year assessment bonds, aggregating
1921 to 1927 inclusive.
355.361 20:
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.
CINCINNATI, Ohio.-BONDS AUTHORTZED.-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. 0. West
Point), Miss.-PURCHASER OF BONDS.-The $15,000 6% 15-year
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
Point.
CLEVELAND, Cuyahoga County, Ohio.-BONDS DEFEATEDBOND ELECTION.-According to local papers, the proposition to issue
32,500.000 bonds-V. 107, p. 527-was defeated at the general election
Nov. 5. The question of issuing these bonds will be submitted again at
an election to be held Dec. 12.
COAL GROVE, 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
Industrial Commission.
$52,442 60 5% sanitary sewer bonds. Date Sept. 11918.
2,918 6041.4% sanitary sewer impt. bonds. Date Oct. I 1918.
Prin. and seml-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.
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. 0. Beaufort), for $3,000
51.4% 20-year road bonds. Int. semi-ann. Certified check for 5%
required.
HILLSBORO, Hill County, Tex.-BOND ELECTION.-The City
Council has authorized, it is stated, Oat a special election be hnll Dec.10
to vote on a proposition to issue $40.000 5% 40-year water-works-extending bonds.
HOBOKEN, Hudson County, N. J.-BOND OFFERING.-Sealed bids
will be received until 10 a. m. Dec. 3 by Daniel A. Haggerty, City Clerk,
COMANCHE COUNTY COMMON SCHOOL DISTRICT NO. 33, for
an
of 507 gold coupon (with privilege of registration) refunding
Tex.-BONDS REGISTERED.-On Nov. 12 the State Comptroller regis- bonds, Issue
not exceeding $127,377 52. Denom. 127 for 31.000 and
1 for
tered an issue of $2,000 5% 5-20-yr. school bonds of this d.strict.
$377 52. Date Dec. 1 1918. Prin. and semi-ann. int. (J. & D.) payable
at the
Treasurer's office. Due yearly on Dec. 1 as follows: 36.000
COSHOCTON CITY SCHOOL DISTRICT (P. 0. Coshocton), 1919 toCity
1930.
incl.
$6.377
52
1931.
and $7,000 1932 to 1938, incl. CertiCoshocton County, Ohio.-BOND OFFER'NG.-Proposals will be fied check on an incorporated bank or
trust company for 2% of the amount
received by T.
Wheeler, Clerk Bd. of Ed., until 12 m. Nov.30 for $18.000 of bonds bid for, payable to the "City of
Hoboken,' required. The bonds,
% school-impt. bonds. Attn. Sec. 7629, Gen. Code. Denom. $500. which have been
approved by the Capital Issues Committee, will be preDate Dec. 1 1918. Prin. and semi-ann. int. (M. & S.) payable at the pared under the sup(rvision of the U. S. Mtge.
Commercial Nat. Bank of Coshocton. Due $1.000 each six months from which will certify as to the genuineness of the & Trust Co. of N w York,
signatures of the city officials
Mar. 1 1920 to Sept. 1 1926 and $500 each six months from Mar. 1 1927 and the seal impressed thereon.
bidders will be furnished with
to Sept. 1 1930 incl. Cert. check for 5% of the bonds bid for, payable the opinion of Hawkins, DelafieldSuccessful
&
Longfellows
of New York, that the
to the District Treasurer. required. Bonds to be delivered and paid for bonds are binding and legal obligations of the city.
within 5 days from time of award. Purchaser to pay accrued interest.
NOTES AUTHORIZED.-An ordinance has been adopted by the Board
Bidders must satisfy themselves as to the legality of this issue beforesubof City Commissioners, providing for the issuance of 3125.000
mitting bids.
51.4%
•
promissory notes. Denom.$25.000. Date Oct. 22 1918. Due June 11919.
COTTER SPECIAL SCHOOL DISTRICT NO. 60, Baxter County,
HOWE, Le Fiore County, Okla.-BOND OFFERING.-Sealed bids
Ark.-BOND SALE.-The Hanchett Bond Co. of Chicago has purchased
an Issue of 310.000 6% school-addition bonds. Denom. $500. Date will be received until Dec. 2 by E. S. McClain. Town President. for the
June 1 1918. Prin. and semi-ann. in (M & S.) payable at the Standard 35.000 6% coupon electric-light bonds mentioned in V. 107. p. 1855.
Trust & Savings Bank of Chicago. Due $500 yearly on Sept. 1 from 1925 Denom. $500. Date Nov. 1 1918. Int. semi-ann.(M.& N.), payable at
the Fiscal Agency of the State of Oklahoma in New York City. Due
to 1944 incl. These bonds are exempt from Federal income tax.
Nov. 11938. Certified chock for 2% required. Assessed value, $222,425.
Total value of all property, estimated
3825.000 Total tax rate (per $1.000), $0 60.
Assessed valuation for taxation
275,000
Total bonded debt
14.000
HUMBOLDT, Allen County, Kans.-BOND SALE.-An Issue of
Population. estimated
1.500 $10,000 41.4% 2-5-year (opt.) public-utility gas bonds, dated
Feb. 1
has been awarded to local investors at par. Denom.$500. Int. F. &1918,
A.
CROOKSTON, Polk County, Minn.-BOND SALE.-On Nov. 16
the Harris Trust & Savings Bank of Chicago was awarded at 101.34
JAOKSON, Hinds County, Miss.-BOND ELECTION.-An election
$15.000 5% refunding bonds. Denom. $500. Date Dec. 1 1918. Int. will be held sometime during January to vote on a proposition to Issue
J. & D. Due Dec. 1 1933. A bid of $15,150 was also received from the $20,000 bonds.
Minneapolis Trust Co. of Minneapolis.
JASPER COUNTY (P. 0. Newton), Iowa.-BOND SALE.-We have
CUSHING, Payne County, Okla.-I30ND SALE.-The $150.000 just learned that on Jan. 30 last Geo. M. Bechtel & Co.
of Davenport
water-supply bonds recently voted-V. 107. p. 1855-have been sold.
were awarded 362,000 5% funding bonds for $62,055, equal to
100.088.
Denom. $1.000. Date Feb. 1 1918, Int. M. & N. Due $5,000 yearly
DAYTON, Montgomery County, Ohlo.-BONDS DEFEATED.
- beginning May 1 1923.
The proposition to is-sue $285,000 general bonds-V. 107, p. 1304-was
BOND SALE.-On Sept. 13 the above company was also awarded $47,defeated Nov. 5, it is reported.
000 5% funding bonds for $47,648, equal to 101.378. Denom. $1.000.
DEFIANCE SCHOOL DISTRICT (P. 0. Defiance), Defiance Date Sept. 1 1918. Int. M. & N. Duo $7,000
yearly beginning May I
County, Ohio.-BONDS VOTED.-According to reports, a proposition 1934.
to issue $30.000 school bonds was favorably voted at a recent election.
JEFFERSON AND MADISON COUNTIES JOINT SCHOOL DISDES MOINES, Polk County, Iowa.-BOND SALE.-R. M. Grant & TRICT NOS. 16 AND 31, Mont.-BOND .SALE.-On Nov.
$3,000
Co. of New York have the present month been awarded $490.000 414 and 607 school bonds were awarded to Wells-Dickey Co. for $3,100.14equal
to
5% tax-free coupon funding bonds at 100.714+. Denom. $1.000. Date 103.33.
Nov. 1 1918. Prin. and semi-ann. int. (M. & N.) payable at the City
JEROME, Yavapai County, Ariz.-BOND OFFERING.-Sealed bids
Treasurer's office or at the office of R. M. Grant & Co. of N. Y. Due as
shown below: The legality of the bonds has been approved by Theodore will be received until 7 p. m. Nov. 30 ((late changed from Nov. I5-V. 107.
Chapman of Chicago. Total bonded debt (including this issue) $3.939,494. p. 1686) by A. E. Weidman, Town Clerk, for $100.000 514% fire-impt.
Valuation for purposes of taxation 1918. $153,093,825. Population 1910 bonds. Denom. $11,000 Date Nov. 15 1918. Int. J. & J. Due 1938.
subject to call one-tenth part every two years after date of issue.
(U. S. Census). 86,368; 1918 (est.) 110,000.
Maturities.
JOHNSON COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Buffalo),
434% Bonds.
5% Bonds.
Wyo.-NO BIDS RECEIVED.-No bids were received for the $2,000 607'
5% Bonds.
$15,000.___Nov. 1 1923 $30.000____Nov. 11929 $40.000____Nov. 1 1934 school bonds offered on Oct. 7-V. 107. p. 1301. We are further
15.000Nov. 1 1924 35,000 _Nov. 1 1930 40.000__Nov. 1 1935 that arrangements have been made by patrons of the district to advised
take the
15.000____Nov. 1 1925 40,000____Nov. 1 1931 40.000__ __Nov. 1 1936 bonds over.
15.000__Nov. 1 1926 40.000____Nov. 1 1932 40.000____Nov. 1 1937
15.000____Nov. 11027 40,000____Nov. 1 1933 55.000....._Nov. 1 1938
KANSAS CITY, Jackson County, Mo.-BOND OFFERING.-Pro15,000___ _Nov. I 1928
posals will be received until 10 n. m. Nov 23 by Ed. F. Orear. City Comp-.
$600,000 507 coupon Union Station Approaches bonds Denom.
troller.
DETROIT, Mich.-BOND OFFERING.-Proposals will be received $1.000.forDate
July 1 1915.
payable at the office of City Treaautra
until 11 a. m. Nov. 25 by George Engel, City Controller, for the $988.700 or at Chase National Bank,Interest
New York City, at option of holder. Due
(with
434% 30-year tax-free coupon
privilege of registration) public sewer July 1 1935. The legality of the bonds will
be approved by Dillon, Thombonds (offered without success on Nov. 11-V. 107. p. 1761). Denoms. son & Clay, of New 'York City, whose opinion
a duplicate thereof, as to
988 for $1.000 and 7 for $100. Date Aug. 15 1918. Principal and semi- the legality will be delivered to purchaser ororpurchasers
of said bonds.
annual Interest payable at the office of the City Treasurer, or at the cur- Bids must be made on blank form furnished
by city and be accompanied
rent official bank in the City of New York, at the option of the holder. by a certified check on a solvent hank
or
trust
company
In
Kansas City.
check
Certified
or a deposit on any national bank In the United States for 2% of the amount of bonds bid for, payable
to the above Comptroller.
_Nov. 23 1918.1
THE CEIRONICLE
Bonds will be delivered at 10 a. m. Nov. 30 1918 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
$197,154 90 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 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 City
Treasurer, required. Bonds will be delivered when paid for at the office
of the City Treasurer.
2025
payable to the City Treasurer. required. Bonds to be delivered and paid
for within ten days from time of award. Purchaser to pay accrued interest.
NORFOLK, Norfolk County, Va.-BONDS AUTHORIZED.-On
Nov. 12 the City Council passed an ordinance authorizing the issuance of
$70,000 waterworks improvement bonds.
NORTH ARLINGTON SCHOOL DISTRICT (P. 0. North Arlington), 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 exceeding 626,000. Denom. $1.000. Date Oct. 11 1918. Principal and
semi-annual interest (A. & 0.) payable at the First National Bank of
KENTAWKA DRAINAGE DISTRICT, Neshoba County, Miss.- Lyndhurst. Due $1,000 yearly on Oct. 11 from 1919 to 1944,inclusive.
BOND SALE.-The Friedman-D'Oench Bond Co., of St. Louis, has Certified check on an incorporated bank or trust company for,2% of the
purchased and is now offering to investors at a price to yield 514% an issue amount of bonds bid for, payable to the "Custodian of School Moneys of
of $95,000 6% tax-free bonds. Date Aug. 1 1918. Interest payable at the School District of the Borough of North Arlington.' required. The
the National Bank of Commerce, St. Louis. Total debt of this district, successful bidder will be furnished with the opinion of Hawkins, Delafield
this issue only. Assessed valuation of taxable property for 1917. $496,670. & Longfellow, attorneys of New York City, that the bonds are binding
and legal obligations of the said School District.
Real value (estimated), $1,950.000.
•
LA SALLE COUNTY (P. 0. Cotulla), Tex.-BOND ELECTION
PROPOSED.-An election, will be held in the near future, it is stated, to
vote on the question of issuing $300,000 road bonds.
OREGON (State of).-BONDS APPROVED.-It is reported that the
applicationo
the
ne Highway otigemssai4t:alfoIrnsimrission
issue
been approved by
bonds
Committee.
LE FLORE COUNTY (P. 0. Greenwood). Miss.-NO BIDS RECEIVED.-No bids were received for the $99,000 5% road bonds offered
on Oct. 7 (V. 107. P. 1209)•
OSBORNE COUNTY SCHOOL DISTRICT NO. 38, Kans.-BOND
SALE.-This district in October put out $1.000 5% 1-5-year serial schoolhouse bonds. They went to the State of Kansas at par. Date Sept. 1 1918.
PADUCAH,McCracken County, Ky.-DESCRIPTION OF BONDS.
LIVE OAK COUNTY ROAD DISTRICT NO. 6, Texas.-BONDS
REGISTERED.-310,000 5% road bonds were registered with the State The $70.000 57. refunding bonds, recently awarded to the City National
Bank of Paducah at 100.75 (not 100.735 as first reported-V.107,,p. 1937)
Comptroller on Oct. 4.
are in denom. of $1,000 and are dated Dec. 1 1918. Int. J. & U. Due
LIVE OAK COUNTY ROAD DISTRICT NO. 6, Texas.-BONDS Dec.1 1948,
REGISTERED.-Special advices to us report that this district has registered with the State Comptroller an issue of $50,000 5% road bonds.
PALO PINTO COUNTY COMMON SCHOOL DISTRICT NO. 1,
They are due $2.000 yearly.
Tex.-BONDS REGISTERED.-This district registered with the State
Comptroller on Nov. 14 $1,800 5% 1-20-year school bonds.
LOCKPORT, Niagara County, N. Y.-BOND SALE.-On Oct. 29
John Irwin, of Lockport, was awarded at par $6,218 37 5% local improvePARK COUNTY (P.O. Livingston), Mont.-BONDS VOTED.-By
ment bonds. Denom. $1,554 59. Date Oct.-22 1918. Interest annual. vote
of 1,373 to 477 the proposition to issue $50.000 15-20-year (opt.)
Due yearly from 1919 to 1922 inclusive.
bridge bonds, at not exceeding 6% interest, carried at the election held
Nov.
5.-V. 107. p. 1401.
LOS ANGELES, Calif.-NO BOND ELECTION.-We are advised that
reports stating that this city contemplated the holding of an election to
PASCAGOULA, Jackson County, Miss.-BOND SALE.-The
vote on a proposition to issue $4,500,000 harbor-improvement bonds- $115,000
6% paving and sewer bonds, recently voted (V. 107. p. 1937).
-V. 107, p. 1762-are erroneous.
have been awarded to Powell, Gerard & Co.. of Chicago at par and interest.
Denom.
Date Dec. 1 1918. Interest semi-annual. Due yearly
$1,000.
LUCAS COUNTY (P. 0. Toledo), Ohlo.-BONDS PROPOSED.
- from 1919 to 1938, inclusive.
Local papers are agitating the issuance of $250,000 Soldiers' & Sailors'
Memorial Building bonds voted some years ago.
PHILADELPHIA, Pa.-BOND SALE.-On Nov. 18 the $7,000,000
30-year tax-free coupon and registered bonds dated Nov. 1 1918McLENNAN COUNTY (P. 0. Waco), Tex.-BOND ELECTION PRO- 434%
V.
107, p. 1762-were awarded to the Guaranty Trust*Co. of N. Y. at
POSED.-Waco papers state that a committee is urging the County Com- 102.858,
a basis of 4.33%. The following is a list of the bids:
missioners' Court to call an election to vote on a proposition to issue bonds
Ames at
Amosat
to take care of the detention home for unfortunates.
Bid.
Bid For.
Bid For.
Bid.
Penn National Bank_ 100,000 101.6569
$2,000 103
MANHATTAN BEACH (P. 0. San Francisco), San Francisco Charles Broome
County, Cal.-BONDS PROPOSED.-It is reported that pleasure-pier Guar.Tr.Co.of N.Y_7,000,000 102.858 Corn Exch. Nat. Bk. 250,000 101.50
Wm. Salmon & Co...7,000,000 102.853 Corn Exch. Nat. Bk_ 250,000 101.25
completion bonds are contemplated.
Wm.A Read & Co__17,000,000 102.827 W. W. Sower
10.000 101
Kuhn,
Loeb dc Co..- J
Corn Exch.Nat.Bank 250,000 101
MANSFIELD, Richland County, Ohio.-BOND SALE.-The three
Charles Swab
1,000 101
issues of 5% 1-5-year sanitary sower bonds, aggregating $10,250 offered Penna. Co., trustee__ 100,000 102.50
Butcher, Sherrerd &
on Sept. 30-V. 107 p. 1024-have been awarded to the Richland Sav- Henry W.Bartol____ 37,500 102.50
Hansel'
5,000 101
ings Bank of Mansfield at 100.60. Denom. $500. Date Sept. 1 1918. A. B. Leach & Co-_'100,000 102.375
A. B. Leach & Co..,... 100,000 102.25
Lydia A. Kirby
3.000 100.50
Interest M. & S.
Harris Forbes & Co_.7,000,000 102.1982 Corn Exch.Nat.Bank 250,000 100.50
25,000 100.30
MANTECA, San Joaquin County, Cal.-RATE OF INTEREST.-It Penn National Bank_ 100,000 102.1627 Howard Rehrer
500 100.2$
Is reported that the rate of interest on the $42,000 sower-line bonds recently A. B. Leach & Co.- 100,000 102.125 Jos. N. Brady
Wm.H. Newlin
W.J. Wolf, M.D--1.000 102
8,000 100
voted-V. 107. p. 1855-is 5%.
W. Judson Spankle
5,000 102
C. C. Coigne
100 100
L. F. Full
300 100
MARSHFIELD, Webster County, Mo.-BONDS VOTED -The propo- A B. Leach & Co___ 300,000 102
200 100
sition submitted to the voters at the election held Nov.8(V. 107, p. 1762) A. B. Leach & Co_ _ _ 200.000 101.875 Albert F. Hess
providing for the issuance of $15,000 municipal lighting plant bonds, was Penn National Bank_ 100,000 101.8255 CentralTr.&Say.Co. 180,000 100
Drexel & Co
17,000,000 101.79
Bank of North Amer_ 50.000 100
favorably voted. It is reported.
Brown Bros.& Co J
Geo. M.Clarke Jr..__
5.000 100
Central Nat. 11,nk__ 200,000 100
MIDDLETON, Butler County, Ohio.-BONDS AUTHORIZED.-An A. B. Leach & Co_ _ 200,000 101.75
People's Trust 0.._ - 25,000 100
ordinance has been passed by the City Commission authorizing the issuance Seasongood. Haas -&
MacDonald
15.000 101.68
of $5,000 534% city's portion bonds. Denom. $500. Date Jan. 1 1919.
Int. semi-ann. payable at the National Park Bank, N. Y. Duo $500 yrly.
POMPTON LAKES, Passaic County, N. J.-BONDS APPROVED.on Jan. 1 from 1919 to 1928 inclusive.
The Board of Public Utility Commissioners yesterday approved of the
MIFFIN TOWNSHIP SCHOOL DISTRICT (P. 0. Homestead), issuance of $56,000 bonds for alterations to the local light, heat and power
Allegheny County, Pa.-BONDS VOTED.-An issue of $90,000 school plant.
bonds has been voted, it is reported.
PORT OF PORTLAND(P.O. Portland), Multnomah County, Ore.
VOTED.-On Nov. 5 a proposition to issue $5,000,000 harbor
MILFORD VILLAGE SCHOOL DISTRICT (P. 0. Milford). Cler- -BONDS
bonds carried by a vote of 31,833 "for" to 7,601 "against."
development
mont and Hamilton Counties, Ohio.-BONDS AUTHORIZED.Recently an issue of $12,000 6% 5-29-year serial refunding school bonds
Norfolk County, Mass.-BOND SALE.-On Nov. 18
QUINCY,
was authorized. Denom.$500. Date Dec. 11918. Semi-annual interest
434% coupon improvement bonds were awarded, it Is stated, to
payable at the office of the Clerk and Treasurer of the Board of Education. $199,500
Merrill. Oldham & Co., of Boston, at 100.279. Date Sept. 11918. PrinMILLER COUNTY LEVEE DISTRICT NO. 2, Ark.-BONDS OF- cipal and semi-annual interest (M. & S.) payable at the Old Colony Trust
FERED BY BANKERS-U. II. Walker & Co. and the William R. Comp- Co. of Boston. Due yearly on Sept. 1 as follows: $41,500 1919. 641,000
ton Investment Co. both of St. Louis, are offering to investors at a price 1920 and $39,000 1921 to 1923. inclusive.
to yield 5.50%. an tis ue
of $100,000 6% tax-free coupon bonds. Denom.
Financial Statement Nov. 7 1918.
$1,000. Date Aug. 11918. Principal and semi-annual interest (J. & D.)
$42,778,517
payable at the St. Louis Union Bank, St. Louis. Due yearly on June 1 Net valuation for year 1915
Net valuation for year 1916
57.255,122
from 1919 to 1938.
Net valuation for year 1917
49,310,775
MISSION, Hidalgo County, Tex.-WARRANT SALE.-Recently
Gross net valuation for three years
$149.344,414
J. L. Arlitt of Austin purchased $25,000 77. public improvement
49.781,471
rants dated Oct. 3 1918 and maturing yearly from 1921 to 1953, incl.war- Average valuation
2147
1.244.536
MITCHELL, Davidson County, So. Dak.-BOND SALE.-On Total debt incurred and outstanding_ _ _ _$1,771,200
Nov. 15 the $100,000 10-20-yr. (opt.) coupon or registered water-works Debts authorized but not yet incurred_ - 239.500
32.010,700
bonds-V. 107. p. 1762-were awarded to the Mitchell Trust Co. of
Less debts outside debt limitMitchell at 100.678 for 5s. Other bidders were:
Park
$12,000
Premium.
Discount.
Street improvement
34,600
The Nat. City Co., Chicago__ __Still Minn. Ln.& Tr. Co., Minneap- $485
Refun
@FedFRASER