The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
^S4
,
tAuTWO
SECTIONS
SECTION
ONE
omitmrtHl |
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
DANA COMPANY, NEW YORK.
COPYRIGHTED IN 19X7 BY WILLIAM B.
VOL. 105.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1B79, ATTHE POST OFPICE AT NEW YORK, NEW
YORK, UNDER THE
FARMERS'
LOAN & TRUST
tflmmtial
HARVEY FISK & SONS
THE
NATIONAL
Exchange, Cable Transfers,
Travelers' Letters of Credit
The
Company Is
a
OF
new
BANK
york
V
legal depositary for
paid Into Court, and is author¬
moneys
LIBERTY
62 Cedar St.
NEW YORK
Foreign
3, 1879.
NO. 2735.
manual
COMPANY
City Section
ACT Of MARCH
NEW YORK, NOVEMBER 24 1917.
Jftnanctal
THE
Railway Section
BROADWAY and CEDAR ST
UNITED STATES BONDS
NEW YORK CITY BONDS
ized to act
as Executor, Administrator,
Guardian, Receiver, and In all
Trustee,
other
fiduciary capacities.
Acts
as
Trustee under Mortgages made
AND
OTHER CHOICE
Capital
INVESTMENT SECURITIES
*3.000,000.00
...
Surplus & Profits
4,000,000.00
by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks
as
and Bonds.
Receives deposits upon Certificates of
Deposit,
or
Interest
on
The National
bond
and
Will act
as
Agent In the transaction of
approved financial business.
Banks and
also for moneys
of New York.
Street, Corner William
NEW YORK
w
Depositary for Legal Reserves of State
»
Pine
>
Organized, 1856
mortgage.
'
any
Harris, Forbes & Co
of New York
Manages Real Estate and lends money
on
Park Bank
subject to check, and allows
dally balances.
Capital
Surplus & Undivided Profits
Deposits (SepL 11, 1917)
$5,000,000 00
17,000,000 00
174,000,000 00
-
-
-
-
-
27 Austin
Friars, LONDON, E.
HARRIS,
FORBES & CO.,
of the City
Fiscal Agent for States,
RICHARD DELAFIELD
Counties and
Act
Cities.
Vice-Presidents
fiscal agents for munici¬
and corporations and
as
palities
JOHN C. VAN CLEAP
deal
WILLIAM O. JONES
MAURICE H.
GEORGE H. KRETZ
SYLVESTER W.LABROT
pal, railroad and public utility
GILBERT G. THORNE
16-22 WILLIAM STREET
475 FIFTH AVENUE
EWER
in
BONDS
Cashier
ERNEST
NEW YORK
Government,
FOR
List
PARIS
munici¬
INVESTMENT
V. CONNOLLY
on
Assistant Cashiers
LONDON
Inc.
BOSTON
President
"
w.
WILLIAM A. MAIN
FRED'K O.
FOXCROFT
J. EDWIN PROVINE
BYRON
Cable Address SABA, NEW YORK
WILLIAM E. DOUGLAS
HENRY L. SPARKS
Application
P. ROBBINS
PERCY J. EBBOTT
Established
1874.
*
Edward B. Smith &Co
John L. Williams & Sons
Established
1892
BANKERS
Corner 8th and
Main
BANKERS
Streets
Established 1810
•
RICHMOND, VA.
Members New
Baltimore Correspondents:
~
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
NATIONAL
Fifth Avenue
Capital, $1,000,000
of the
New York
Street
City of New York
POOR, President.
Capital
-
-
•
-
•
-
$6,000,000
-
-
-
$9,000,000
-
-
$187,000,000
The Chase National Bank
of the
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
RALPH T. THORN, Asst. Cashier.
W.
Philadelphia
1411 Chestnut Street, Philadelphia
30 Pine
Surplus, $1,000,000
HORACE F. POOR, Vice-President.
JOHN
and
Building
Corner Fifth Ave. and 23rd St., New York.
BTJEL W.
National Bank
BANK
York
Stock Exchanges
The Mechanics and Metals
PEDDIE,
Asst.
Surplus and Profits
$10,000,000
Capital
Cashier.
Deposits Sept. 11,1917
Foreign Exchange Department
THE
City of New York
-
Surplus and Profits (Earned)
-
12,623,000
-
302,027,000
Deposits, (Sept 11th 1917)
-
OFFICERS
A. BARTON HEPBURN.
AMERICAN EXCHANGE
ALBERT H. WIGGIN,
NATIONAL BANK
SAMUEL H. MILLER,
Chairman
President
Vice-President
EDWARD R. TINKER,
Vice-President
CARL J. SCHMIDLAPP, Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED O. ANDREWS,
Cashier
NEW YORK
CHARLES G. SLADE,
EDWIN A.
Resources
Asst.
Asst.
Asst.
Asst.
LEE,
WILLIAM E. PURDY,
CHARLES D. SMITH,
$130,000,000
over
WILLIAM P.,HOLLY.
Francis Ralston Welsh,
First National Bank
GEO. H.
BAYLOR,
M. HADDEN HOWELL,
S. FRED TELLEEN,
ROBERT I. BARR,
SEWALL S. SHAW,
BONDS
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
DIRECTORS
Philadelphia, Pa.
OF RAILROAD, GAS AND
ELECTRIC
NO.
1
LIGHT AND POWER COMPANIES
109-111
SOUTH FOURTH STREET
Charles
John J. Mitchell
CHARTER
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggtn
Henry B. Endicott
Edward T. Nichol
Newcomb Carlton
Frederick H. Ecker
Guy
E.
James
ACCOUNTS
http://fraser.stlouisfed.org/
/
Federal Reserve Bank of St. Louis
i
INVITED
PHILADELPHIA
Tripp
N. Hill
Daniel O.
Frank
Jackling
A.Sayles
Samuel
Edward
Euge
e
M.
Schwab
H.
Miller
R. Tinker
V. R. Thayer
THE
II
[VOL. 105.
CHRONICLE
intrnttment Hotufe* ana ©catoerg of jforeign ©xtfwttge
MORGAN & CO
J. P.
Maitland, Coppell & Co.
of Broad
Wall Street, Corner
52 WILLIAM STREET
NEW YORK
DBEXEL
NEW YORK
PHILADELPHIA
CO.,
&
Streets
Corner of 5th and Chestnut
GRENFELL&COTLONDON
MORGAN,
No. 22 Old Broad Street
Orders executed for all
Investment
Securities.
Act
as agents of Corporations and negotiate and
Issue Loans.
Bllle of Exchange,
Telegraphic
Letters of Credit
J. & W.
Seligman & Co.
Transfers,
N° 1 William Street
on
MOEOAnThAEJES
CoT,
&
PAEIS
Union of London
31 Boulevard Haussmann
available in al
for Travelers,
parts of the
world.
And Its Branches.
TRAVELERS'
BOSTON
NEW YORK
59 Wall Street
43 EXCHANGE PLACE.
Philadelphia, Boston and Baltimore
New York,
(Alex.Br own ASons) Connected by
Belmont & Co.
August
Stock Exchanges
Members N.Y., Phila. A Boston
Members
New
York
sold
on
bought
and
Bankers,
of
Banks,
received
33 Pine Street, New York
Messrs. ROTHSCHILD
favorable terms.
Cer¬
for Travelers
tificates of Deposit.
Available
Foreign
Exchange,
Domestic and
Foreign Collections, Cable Trans¬
fers.
Travelers' Letters of Credit.
Investment Securities
ISSUE LETTERS OF CREDIT
Individuals
Firms and
on
Redmond Ada
of the
London. Paris and Vienna.
™~"
porations,
Exchange.
Correspondents
Cor*
Securities
Commission.
Accounts
NEW YORK.
Stock
private wires
Agents and
Investment
CREDIT
OP
throughout the United States
Co.
&
Brothers
PHILA.
LETTERS
'
Available
Brown
NEW YORK
Agents for the Bank of Australasia.
Cable Transfers.
Circular Letters
'
Banco Nacional de Mexico,
Credits.
Foreign Exchange, Commercial
Limited,
Messrs. Mallet Freres & Cie. Paris.
Commission.
Securities bought and sold on
Smiths Bank.
London.
&
in
all
Members
parts of
world.
the
New York Stock
Draw bills of Exchange and make Telegraphlo
Transfers to EUROPE, Cuba; and the
other West Indies, Mexico and California,
Execute
orders
for
the
and
purchase
Bonds and
Commercial Letters of Credit for the
sale
Buy and sell Securities
of
Commission and act
Stocks.
Agents
financing of exports and imports.
BROWN, SHIPLEY & CO., LONDON
Lawrence Tu
Co.
rn u re
Exchange
as
on
Fiscal
Corporations
for
Correspondents of
London & South Western Bk., Ltd., London
64-66 Wall Street,
James G. Wallace
Grenville Kane
Jordaan & Cie, Paris
Russo-Asiatic Bank,
New York
T. Suffern Taller
Hong Kong
Investment securities bought and sold on com¬
mission.
Travelers'
credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections In and
issue drafts and cable transfers on above countries.
London
Bankers:—London
Bank, Limited.
TAILER&CD
Paris Bankers:—Banque
Joint
Stock
Francaise—Heine
Graham, Parsons & Co.
& Co.
BANKERS
10 Pine Street, New York
435
Investment Securities
Chestnut Street
PHILADELPHIA
HEIDELBACH, ICKELHEIMER & CO,
37 William Street.
Government
MEMBERS
-
•
i
Winslow, Lanier & Co
NEW
STOCK
Y.
EXCHANGE.
Execute orders for purchase
.•••».
59 CEDAR
N.
STREET
Railways,
and sale of
Stocks and Bonds.
of
Foreign Exchange Bought and Sold.
available in all parts
Municipal
Railroads,
Gas
and
Bonds
Electric
Electric
Light and Power Companies
established
value.
Cable Address, "Graco," Philadelphia.
Issue Commercial and Travelers' Credits
YORK
and
of
Securities
of the world.
BANKERS.
IDteposits
Received
Allowed
on
Bought
Subject
to
Sold
BOISSEVAIN
Schulz & Ruckgaber
Interest
Securities
Deposits,
and
Draft,
27 Pine
Street,
•
■
■
■
New York
•
&
CO.
24 BROAD STREET, NEW YORK
w
Members of the New York Stock Exchange.
on
;
Commission.
foreign Exchange, Letters of Credit
/
Members New York Stock Exchange
INVESTMENT SECURITIES
COMMERCIAL
Execute orders for purchases and sales
of stocks and bonds.
Foreign Exchange bought and s<j>ld.
commercial
Issue
available
in
credits
in
China,
Dollars
FOREIGN
DEPARTMENT
EXCHANGE
MESSRS. PIERSON
*
& CO.
(Successors toAdolphBoissevain &Co.)
Amsterdam, Holland.
Japan
and East Indies.
Kean, Taylor & Co.
BERTRAM, GRISCOM & CO.
York
New
Investment Securities
INVESTMENT SECURITIES
Produce
•-
"<
Exchange Bank
Land Title Building,
Broadway, Corner BEAVER ST.
® Nassau Street
105 So. La Salle Sto
NEW YORK
CHICAGO
Capital
.
NEW YORK.
$1,000,000
.
•
•
40 Wall Streel
PHILADELPHIA.
Surplus and Undivided Profits 1,000,000
Foreign
Transfers.
Exchange
bought
sold.
and
Cable
Commercial and Travelers' Letters of
Credit available in all parts of the
world.
ACCOUNTS INVITED.
John Munroe & Co.
NEW YORK
ALDRED & CO.
BOSTON
H. AMY
&
CO.
24
Letters of Credit for Tiavelers
Members N.
Commercial Credits.
Tarelgn Exchange
Y.
Stock Exchange
44 AND 46 WALL
Fiscal Agents for
Tvansact
New York
ST.,
Cable Transfers.
MUNROF. & CO.. Paris
Exchange Place
a
General
Investment
Exchange Business
and
Stock
Public Utility and Hydro-Electfte
Companies
Nov. 24 1917.]
THE CHRONICLE
in
Snbeatment anb Jfinantfal Hon
Wm. A. Read & Co. Millett, r0e& Hag eh
Lee.Higginson&Co.
\
INVESTMENT SECURITIES
Investment Securities
BOSTON
New York
Chicago
MEMBERS
NASSAU AND CEDAR STREETS
HIGGINSON
80
&
NEW YORK STOCK
BOSTON
NEW YORK
COe
Lombard Street
CHICAGO
PHILADELPHIA
LONDON, E. C,
EXCHANGE
STOCK EXCHANGE
BOSTON
LONDON
52 WILLIAM
CONGRESS ST
lb
ST.
NEW YORK
Hornblower & Weeks
42
CHICAGO
Company
BOSTON
Investment Securities
Investment
v.
Goldman, Sachs & Co,
MEMBERS
YORK, BOSTON
BOSTON
The National City
NEW YORK
BROADWAY, NEW YORK
NEW
■
National
:
*,
Securities
■
.
■
.
r
.' i
■,
City Bank Building
AND
New York
CHICAGO STOCK EXCHANGES
Direct wires to all principal markets
Members of New York & Chicago Stock Exchanges
Boston
Chicago
Detroit
Providence
Established
Portland
Robinson & Co.
1888
U. S. Government Bonds
Frazier
Investment
&
Gh.
Securities
INCORPORATED
26
35 Pine St
Franklin Bank Bids
NEW YORK
Exchange Place
New Yoe&
PHILADELPHIA
Members New York Stock Exchange
185 Devonshire St
Broad and Sansom Streets,
BOSTON
PHILADELPHIA
15 Broad Street,
Investment Securities
Chandler & Company
211 E. German Street,
New York.
Baltimore.
Government Loans, Municipal
and
Railroad
Securities
Bonbright & Company
Incorporated
High Grade Industrials
HALSEY, STUART & CO.
Incorporated—Successors to
N. W.
HALSEY
&
CO.
25 Nassau
CHICAGO
Street, New York
CHICAGO
NEW
YORK
BOSTON
DETROIT
ST.
PHILADELPHIA
CHICAGO
LONDON
PHILADELPHIA
BOSTON
PARIS
DETROIT
MILWAUKEE
LOUIS
Government, Municipal, Railroad
and Public Utility Bonds.
Fiscal Agents for
W. C. Langley & Co.
Cities and Corporations.
PUBLIC UTILITY SECURITIES
Investments
115
Broadway, New York City
SIMON borg & CO •»
Members of New
CcHMlDTALL ATTN
KB<S&
York Stock Exchange
No. 46 Cedar Street
-
-
New York
Members of the
New York Stock Exchange
111
Hemphill, White-
Broadway
New York
Members
New ycrV Stock Exchange
37 Wall Street
Fidelity BIdg.
New York
t.
holtz &
INVESTMENT SECURITIES
Chamberlain
'
h.
HIGH-GRADE
co.
Buffalo
Investment Securities
MUNICIPAL AND RAILROAD
BONDS
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
BONDS
HARPER
& TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall Street, New York
jTituntfal
Jffttatttfol
Jfinatuial
finance
we
»
[VOL. 105.
THEICHRONICLE
IT
ESTABROOK & CO.
Electric
Light, Power and Street
Railway
Enterprises with records
earnings
Members New York and Boston
chase
Stock Exchanges
established
of
&
INVESTMENT SECURITIES
BONDS
we offer
Bankers
Investment
and
Correspondence Solicited
BOSTON
-
24 Broad Street,
Securities
Utility
Public
Proven
15 State Street,
Dealers
NEW YORK
BALTIMORE
HARTFORD
company
>
BOSTON
19 CONGRESS ST.
SPRINGFIELD
ELECTRIC BOND & SHARE CO(Plid-Up Capital and Surplus,
$21,000,000)
Ervin a Company
Our Recent
BROADWAY. NEW YORK
71
Stock
Philadelphia Stock Exchange
BONDS
BONDS FOR INVESTMENT
Peace Stocks
treats of twelve
NEW YORK
PHILADELPHIA
35
possibilities and should continue
New York
show
to
Established I860
INVESTMENT
;
'
Members N. Y. and Phila. Stock Exchanges
Booklet
oil
request.
.
..
i..
N. Y. Stock Exchange
N. Y. Cotton Exchange
PHILADELPHIA
Broad Street,
20
61 Broadway,
NEW YORK
New York
Branch Office—25 West 33d Street.
letter
companies
C. I. HUDSON & CO.
•
1
1
R. C. Megargel &
Co.
'
\
No.
Members New
the
Chicago Board of Trade
1512 Chestnut St..
WIDE
market
and
independent
sent on request.
on
at
v ^
Members N. Y. Coffee & Sugar Exchange
N. Y. Produce Exchange
»
:
war.
A. A. Housman & Co.
BANKERS
INTEREST IN OIL
on
earnings
the
Circular D-50 mailed
Correspondents
WORLD
of
"
h. f. bach man & co.
REMICK, HODGES & CO,
IS
large
termination
& Co.
Congress St., Boston
Industrial stocks
which offer attractive investment
501 Trinity Bldg..
121 Drexel Bldg.,
Telephone Rector 3061
R. L. Day
on
Exchange
MUNICIPAL AND RAILROAD
For Conservative Investment
Circular
Member
York
New
66
'
•
'
•
BROADWAY, NEW YORK
New York. Philadelphia
Chicago Stock Exchangee
Members
York Stock Exchange
Municipal Bonds
and
EXEMPT FROM FEDERAL INCOME TAX
TELEPHONE RECTOR 7401
27 Pine
New York
St.,
Miscellaneous
Telephone John 1800
I
Eligible to Secure Postal
Securities
Savings Deposits
in all Markets
PRIVATE WIRES
TO
PRINCIPAL
CITIES
William D.(bmpton(b.
Municipal Bonds
parkinson & burr
0*«r
a
Quarter Century in this business
14 Wall Street
BOSTON
NEW YORK
.
20
Broad Street
PHONE RECTOR 9140—CABLE
New York
-
ADDRESS "RRIERTKERT"
List C gives current
BONDS
offerings
H. D. Walbridge & Co.
14 Wall Street,
Baker,Aylirtg &Young
New York
A.
O.
Slaughter & Co.
U0 WEST MONROE STREET
CHICAGO, ILL.
[New York Stock Exchange,
| New York Cotton Exchange,
| New York Coffee Exchange,
I New York Produce Exchange,
Members! Chicago Stock Exchange,
| Chicago Board of Trade.
I Minn. Chamber of Commerce,
I St. Louis Merchants' Exchange,
[Winnipeg Grain Exchange.
Public Utility Securities
BOSTON
PHILADELPHIA
Cincinnati
Pittsburgh
Chicago
Municipal Railroads
Corporation Bonds
53 State Street
7 Wall Street
New York
St. Louis
Members of the New York and
Boston Stock Exchanges
Municipal and
nnkinc
Corporation
SPRINGFIELD, MASS.
BONDS
CHICAGO
John Burnham & Co.
ESTABLISHED 1865.
New York
Chicago
SHAPKER, WALLER & CO.
IM SOUTH LA SALLE STREET
CHICAGO
&.d%JCu$eu£Co
6 Nassau St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
Underlying Railroad Bonds
COLLINS & COMPANY
A. G.
Becker &
Co.
(INCORPORATED)
Incorporated
BANKERS AND
BROKERS
and
Tax-exempt Guaranteed & Preferred
Railroad &
COMMERCIAL
PAPER
187 So. La Salle Street.
Telegraph Co. Stocks
N. E. Cor. La Salle and
Adams Sts., Chicago
CHICAGO
Nov. 24 1917.]
THE
CHRONICLE
Canadian
BANK OF MONTREAL
Canadian
CAPITAL
Government and Municipal
ASSETS
to
-
$16,000,000
-
-
-
-
$386,806,887
-
General Manager
.
TORONTO
OFFICE.
PAID-UP CAPITAL
REST
815,000,000
$18,500,000
PraaidentiSir Edmund
Walker,C.V.O..LL.D.JD CX.
General Manager: Sir John Alrd. '
Assistant General Manager: H. V. F. Jonas.
New York
Office, 16 Exchange Place
F. B. FRANCIS,
J. A. C.KEMP,
C. J.
WALL STREET
1
} Agents
STEPHENSON,/
R.Y. HEBDEN, 1
W. A. BOG,
) Agents
A. T. SMlYH,
J
6%
commerce
HEAD
NEW YORK AGENCY
yield from
64
5%
-
Head Office—Montreal
SIR VINCENT MEREDITH, Bart., President.
Sir Frederick Williams-Taylor,
ing Canadian Government and
to
up
16,000,000
Bonds
We invite correspondence regard¬
paid
bank
canadian
of
REST,
TOTAL
Municipal Bonds
the
(Established 1817)
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
Buy and Sell Sterling and Continental Exchange
Wood, Gundy & Co.
14 Wall
Toronto
St., New York
Montreal
London
Buy and Sell Sterling and Continental Ex¬
change
and
Cable
Transfers, i Collections
made at all points.
available in all parts of the world.
Travelers' Cheques and Letters of Credit issued;
and Cable Transfers; Issue Commercial and Trav¬
elers* Credits, available In any part of the world;
issue drafts on and make collections at all points In
the Dominion of Canada and Newfoundland.
London Offices, 47 Threadneedle
9 Waterloo
Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON
St., E. C.
Place, Pall Mall, S. W.
British North America
C. P. R.
Building,
New York Agency opened 1843
Paid-up
Reserve
-£1,000,000 Sterling
£620,000 Sterling
Capital
Fund-
Head Office:
5 Gracechurch Street, London, E, 0.
New York Office: 52 Wall Street,
W.
Government
T.
1
OLIVER
Agents
P.O.HARRISON f
Buy and Sell Sterling and Continental Exchange
Cable
and
Transfers.
Commercial
Grant
and
Travelers' Credits and Cheques, available in any
and
High Grade
Municipal and School
of
part
O.
England,
of
Scotland,
Bank,
Limited.
THE BANK OF NOVA SCOTIA
(Incorporated 1832)
PAID-UP CAPITAL
RESERVE FUND
Incorporated by Royal Charter In 1840
Toronto, Ont.
Canadian
Bank
Bank
Established In 1838
Corporation Bonds
EL
The Bank of
«.
Municipal and
Street,
The
Lloyd's
Canadian Government,
Lombard
The
G. C. CASSELS, Manager.
R. C. Matthews & Co.
OFFICE—2
BANKERS IN GREAT BRITAIN.
of the world.
Drafts on and make
Issue
12,000,006
110,000,006
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
190 branches throughout Canada,
Newfoundland,
Cuba, Jamaica, Porto Rico, and in Boston. Chi*
cago and New York.
Commercial and Travelers'
Credits issued, available in all parts of the world.
Bills on Canada or West Indian
negotiated
points favorablj
collected
or
United States.
by
our
branches
in
the
Correspondence solicited.
New York Agency, 52 Wall Street,
H, F. Patterson, Agent.
Collections in all parts of Canada.
Agents for Banco de Londres y Mexico,
Mexico City and Branches
86.500.00C
TOTAL ASSETS OVER—
Correspondents (London Joint Stock Bank.Ltf
In Great Britain
(Royal Bank of Scotland.
BONDS
We invite correspondence
C.
MEREDITH & CO.,
High Grade
LIMITED
Municipal and School Bonds
to yield from
THB
ROYAL BANK OF CANADA
Bond Brokers and Financial Agents
Established
5% to 6%
BOARD OF DIRECTORS,
Credit -Canada,
LIMITEE
O. Meredith, President
O. R. Hosmer.D. C. Macarow,
A.
Baumgarten,
.
J.J. Reed,
179 St. James St.
Head Office
C. B. Gordon, Vice-Pres.
Wm. McMaster,
Bartlett McLennan,
H. B. MacDougall,
A.E.Holt.
CANADA
J. M. Mackie, Manager
Branches throughout the DOMINION OF CAN¬
A. P. B. Williams, Sec.
46 Threadneedle St.
112 St. James St.
Greenshields
&
Company
MONTREAL
LONDON, E.C.
all
NEWFOUNDLAND; In HAVANA and
principal points in CUBA, PORTO RICO,
DOMINICAN REPUBLIC, COSTA RICA and
VENEZUELA.
Also
In
ANTIGUA.
BAHA¬
MAS, BARBADOS, DOMINICA, GRENADA.
JAMAICA, ST. KITTS, TRINIDAD, BRITISH
HONDURAS and BRITISH GUIANA.
LONDON OFFICE—Bank Buildings.
Princes Street, E. O.
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
.Montreal
SIR HERBERT 8. HOLT,
E. L. PEASE.
President
Vice-Pres. 8c Man. Director
O. E. NEILL. Gen. Manager
ADA and
MONTREAL,
1869
Capital Paid Up
812,911,700
Reserve Funds—— 814,324,000
Total Assets
8300.000.000
R. A,
Daly &
Co.
New Yerk Agency—Cor. William Sc. Cedar Sti
F. T. WALKER, O. E. MACKENZIE and
Our
dian
Monthly
Review
Conditions sent
of Cana¬
on
MONTREAL
'37 St. John Street,
R. L.' ELLIS, Agents.
CANADIAN
request
GOVERNMENT, MUNICIPAL
CANADIAN
AND CORPORATION BONDS
CANADIAN
Bank of Nova Scotia
SECURITIES
Building
TORONTO, ONT.
Municipal and Public UtilityBonds
Government, Municipal
&
jyiESBlTT, THOMSOKI
11
6 COMPANY, LIMITED
g22
ST. JAMES
MERCANTILE
If
ST, MONTREAL
8 LD, M AMI LTON.
TRUST
Corporation
Canadian
Lists
on
reouest
Government, Municipal
and Corporation Bonds
A. E.AMES A CO.
74
auctioneers
Broadway, NEW YORK
Toronto
Montreal
DoMimoTf Securities
Adrian H. M uller & Son
CORPORATION- LIMITED
YORjQMTO. /AOriTREAJL.LOMJDOM.ErtQ
»
Canadian Securities
AUCTIONEERS
w. graham browne &CQ
Office, No. 55 WILLIAM STREET
Corner
Pine
222 St. James Street
Street
Regular Weekly Sales
Canadian Securities
STOCKS and BONDS
EVERY WEDNESDAY
Exchange Sales Rooms
14-16 Vesey
Street
Correspondence Solicited
Kemerer, Matthes & Co.
B. W.
Members Phila. Stock Exchange.
50 Broad Street,
At the
MONTREAL
Inquiries Solicited
OF!
Toronto',
Hamilton.
Direct
New York
London,
Private
Buffalo,
Wires
SOUTHERN
Phila.
Strassburger
INVESTMENT SECURITIES
MONTGOMERY,
ALA.
THE
VI
[VOL. 105.
CHRONICLE
Jorttgn
AUSTRALIA &
NEW ZEALAND
LONDON CITY & MIDLAND
THE
BANK LIMITED
bank of
Head
wales
new south
(.ESTABLISHED
1817.)
Paid up
Capital
LIMITED
Office
HEAD
5, THREADNEEDLE STREET,
LONDON, E. C. 2
14,000,000
Reserve Fund.
($5=£1>
and
Deposits
J. RUSSELL
Manager
FRENCH, General
337 BRANCHES and AGENCIES in the Aus¬
tralian States, New Zealand, Fiji, Papua (New
Subscribed Capital
$124,479,960
Paid-up Capital
$25,933,325
Reserve Fund
STREET
GEORGE
SYDNEY
General
HART
H.
L.
-
29, THREADNEEDLE
STREET, E. C.
Bills of
E.
Incorporated 1880
Established 1837
$258,539,070
$134,687,720 BARCLAY &
Exchange
The Capital has been
Paid-up Capital £2,000,000\
Reserve Fund
—
To£3,980,000
.£4,000,000
£1,980,000/gether
Reserve Liability of Proprietors
Capital
Total
and
increased
..£6,000,000
Issued
In
NEW SOUTH WALKS, 19 in QUEENSLAND,
14 in SOUTH AUSTRALIA, 22 In WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
$2,029,360
-
$1,705,000
54, Lombard St., London, E. Cc
Nominal
Capital
£13,500,000
Capital Subscribed
By reason of the Belfast Bank purchase.
Paid
£12,679,440
Up Capital.
£4,594,443
Reserve Fund
The Bank has 41 Branches In VICTORIA, 39
£2,200,000
TMs Bank has Branches In all Urn Camps where
American
IN
BRANCHES
800
Troops ire sladnned to England.
ZEALAND,
Head
COMPANY
HEAD OFFICE
'
-
And the Reserve Fund
£7,980,000
Reserves
R. HOARE
LIMITED
Capital—»
and
(Country)
Secretary H.
ME UNION BANK OF AUSTRALIA Limited
Authorized
Managers
(Town and Foreign)
THOMAS
$1,005,994,265
Deposits
Reserves
Current Accounts,
1916——
£55,231,863
31,
LINDSAY ERIC SMITH, Deputy Governor
H.
of
London Office
Head Office
December
SIR FELIX SCHUSTER, Bart., Governor
$21,705,000
Guinea), and London.
The
Bank
transacts
every
description
Australian Banking Business.
Wool and other Produce Credits arranged.
Sterling.
£25,000,000
£22,934,100
£3,554,785
£1,150,000
Capital
Capital —
Paid Up Capital
Subscribed
$52,949,800
1917...$287,130,048
Aggregate Assets 31st Mar.
OFFICE
ST., LONDON, ENGLAND
Authorized
3
8, FINCH LANE, LONDON. E. C.
19,474,900
—
2 PRINCES
Foreign Branch Office
$19,474,900|
1
Reserve Fund
Reserve Liability of Proprietors.
THE
UNION OF LONDON & SMITHS BANK
GREAT
BRITAIN
FOREIGN EXCHANGE DEPARTMENT
Office
:
71 CORNHILL, LONDON, E C.
Sir EDWARD
H.
HOLDEN. Bart., Chairman.
54, Lombard Street, London, E. C.
Manager—A.C.Willis,
MANAGER
Assistant Manager—W. J. Essame.
lie CAPITAL & COUNTIES BANK
Established 1834
LTD.
Head Office: 39 Threadneedle
London, England.
Street,
LONDON
COUNTY
-
WESTMINSTER BANK
LIMITED
Subscribed
(5 dollars equal £1)
Capital
;
Head Office MILAN
Paid-up Capital
Paid-up Capital
£14,000,000,
Business transacted.
FOREIGN EXCHANGE DEPARTMENT
$11,640,000
E. Cc
- *
West End Agency and London Office of the
Italian State Railways, 12 Waterloo Place,,
£3,500,000
-
$31,200,000
—
Funds......
London Office, 1 OLD BROAD STREET,
Manager : E. Consolo.
111 700.000 Shares of £20 each.
This Bank has upwards of 500 Offices in England,
Wales and Channel Islands.
W. O. Stevenso®
-
BANCA COMMERCIALE ITALIANS
Reserve
$8,750,000
$4,000,000
-
&
Subscribed Capital—
$43,760,000
[Deposit & Current Acts., 30-6-16.$241,722,285
^aid-up Capital
*1*serve Fund
-
Regent St., S. W.
Every kind of Banking
THE
Reserve
Cities.
Letters of
payable throughout the
Mail and Telegraphic Transfers.
Aporoved
Freight Bills purchased.
Commercial
Credits established available anywhere, against
cwual shipping documents.
Shipowners' Freight
I&amittances and Disbursements to all parts.
-
Correspondents to the Italian Treasury.
£4,000,000
-
-
-
Issues Currency Drafts on all
BRANCHES
Credit and Circular Notes
HEAD OFFICE
World.
The Bank acts as Agent for American Banks and
Trust Companies and Invites Correspondence.
Western
ILafbers,
Cremona, Ferrara, Florence, Genoa, Ivrea, Lecce,
Lecco, Leghorn, Lucca, Messina, Naples, No vara,
BARCELONA BRANCH: Paseo de Gracia 8&10
FOREIGN BILLS COLLECTED
Cable Address: "Elmfield
Codes:
Lothbury, London, E. C. 2.
41,
Calle de Alcala 43
MADRID BRANCH:
PARIS
London."
Oneglia, Padua, Palermo, Parma, Perugia, Pescara, Piacenza, Pisa, Prato, Reggio Emilia. Rome,
Salerno, Saluzzo, Sant. Agnello, Sampier-d* Arena,
Sassari, Savona, Schio, Sestri Ponente, Syracuse.
Termini Imerese, Trapani, Turin, Udine, Venice
Verona, Vicenza.
.
Union, Peterson's International
London
County & Westminster Bank
(Paris) Limited
I
ERNESTO TORNQUIST
ITALY:
IN
Acireale, Alessandria, Ancona, Bari, Bergamo,
Biella, Bologna, Brescia, Busto Arsizio, Cagliari,
Caltanissetta, Canelli, Carrara, Catania, Corno*
CO., Lda.
L'AMERIQUE
y
22, Place Vendome
,
Agents in London for
BANQUE FRANCAISE ET ITALIENNE POUR
Buenos Ayres, Rio de
DU
CUD,
Janeiro, San Paulo, Santos,
Tripoli.
&c. Societa Commerciale d'Oriente.
BUENOS AIRES
The Union Discount Co.
Established 1830
in
establishment
Oldest business
of London, Limited
the
BANKING
'
iv
.
Capital fully paid
up
and Reserves
£2,500,209
Authorized
Subscribed-'
Paid-Up
Fund
$5=£1
NOTICE
General Financial, Banking
and
HEREBY
GIVEN
allowed
Call
3 to 7
STRAITS
SET-
St
money
The
4
Per
Cent.
The
Notice, 4^4 Per Cent.
Days'
Company discounts approved bank and
acceptances, receives money on de¬
mercantile
^
CHRISTOPHER
R.
NUGENT. Manager.
Anglo-South American
Bank, Ltd.
GUATEMALA,
Central America
The
argentina"
National
Discount
LEU and CO.'S
35
BANK,
LIMITED
ZURICH
Founded 1755.
•
-
-
LONDON.
uruguay
E.
C.
Cable Address—Natdls, London.
$21,166,620
Paid-up Capital
c.—„
2,250,000
CAPITAL & RESERVES
4,233.325
-JL—
Reserve Fund
£6,040,785 @ $5
per
£=$30,203,925
($5=£1 STERLING.)
46,000,000
:VERY DESCRIPTION of BANKING BUSI¬
NESS TRANSACTED.
Exchange negotiated and collected.
Drafts and Letters of Credit issued.
Telegraphic Transfers effected,
ooking and Travel Department.
-
Subscribed Capital—
(Switzerland)
C"lfit.*LP."Fun5".n.d}---Fr*-
CORNHILL
chile
france: Paris
spain: Madrid. Bilbao. Barcelona
Company, Limited
of
CHINA, JAPAN, PHILIPPINES,
TLEMENTS. INDIA.
the
that
for
Cable Address: "Clermont"
Is
15,000.000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
COLLECT BILLS PAYABLE IN
NEGOTIATE OR
WADE GARDNER. Agent. 34 Wall
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
BANKERS
,
At
At
Clermont & Co.
STERLING.
INTEREST
$33,500,000
811ver__ 18,500.000/
Reserve Liabilities of Proprietors
irunajjjj
deposit are as follows:
on
Commercial Business
IS
OF
RATES
$10,000,000
8,500,000
4,250,000
4,000,000
—
815,000.000
FnnrtfIn Gold—$15,000,0001
Raaervs
Reserve
Telegraphic Address, Udlsco, London.
Capital
Capital
Capital
Reserve
COBPOBATION
Paid-up Capital (Hong Kong Currency)
39 CORNHILL.
River Plate
Hong Kong & Shanghai
NOTICE
IS
HEREBY
GIVEN
that
the
RATES
OF
INTEREST
allowed for
money
At Call 4 Per Cent Per Annum.
Head office, old broad street.
LONDON. E. C
At 3 to 7
NEW YORK (Agency). 60 WALL STREET
on
deposit are
or
as
follows
:
14 Days' Notloe, 4*4 Per Cent.
Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised
from
time
specially
to
time
agreed
and for fixed
periods
upon
terms.
Loans granted on approved
negotiable securities,
PHILIP HAROLD WADE. Manager.
Every
description
of
Banking; and
Exchange business
Nov. 24
1917.]
THE
CHRONICLE
Jfoteign
,
Jforeigtt
$
gianfeens & jBrofecrs ontsttie
CHICAGO
SPERLING
CO.
&
Basildon House, Moorgate St.
Banque Nationale De Credit
London, E. C.
Capital
FISCAL AGENTS FOR
---frs. 150,000,000
Reserve Fund
Public Utility
"
—
Warren Gorrell & Co.
35,500,000
and
Hydro-Electric Companies
HEAD
INVESTMENT SECURITIES
OFFICE
Boulevard des Italiens
16,
NEW YORK AGENTS
208 South U Salle Street
PARIS
SPERLING & CO., INC.,
CHICAGO
120 BROADWAY.
BRANCHES
Comptoir National d'Escompte de Paris
Capital fully paid up——Frs. 200.000.000
Rocrve Fund
Frs.
42,000,000
HEAD OFFICE: 14
London
RUE BERQERE. PARIS
Office: Kins
William
of
the
BANKING
French
AND
Colonial
EXCHANGE
at:
Lyons,
Angers,
leans,
Rouen,
louse,
and
Marseilles,
Dijon, Nantes,
Saint-Etienne,
140
others
in
the
Or¬
Tou¬
chief
centres of France.
GREE«baumsoNS
E. C.
Street,
Branches at Manchester and Liverpool
Nearly 800 Branches in France, Spain, Tunis,
Egypt. Madagascar. India and Australia.
.Agents
Havre,
GENERAL BANKING BUSINESS
Banks.
AND TRUST COMPANY
Southeast Corner La Salle and Madison Sts<>
business
of
AND
CHICAGO
description transacted. DEPOSIT
ACCOUNTS. DOCUMENTARY
OURRENT
Capital and Surplus,
CREDITS. 8HIP'S DISBURSEMENTS AND
COLLECTION OF FREIGHTS in all parts ol
5J£%
the world.
WILLIAMS DEACON'S BANK, LTD.
BANK of BRITISH WEST AFRICA, LIMITED
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)
MEMBERS
THE
OF
Authorized Capital
Subscribed Capital
Paid Up Capital
Reserve Fund
the
London Office
towns in West Africa,
Canary Islands and Morocco, and Is prepared to
transact eVery description of Banking Business
with those
principal
places.
New York Agency, 6 Wall Street
20,
Birchin
(West
End
and
incorporated
are
Societa Bancaria
v
and
,
Societa
Italiana
Special Letters of Credit Branch,
Piazza di Spagna—Rome
BRANCHES at: Genoa, Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arsizio.
Catania,
Florence,
Ancona,
Biella,
Como,
Monza. Sanremo, Verona and 50 others in the
CENTRES
INVESTMENT SECURITIES
Office,
E.C. 3
Cockspur St.
2
other
113
THE
Lombard St.
Offices,
S.W.
ITALY.
OF
PARIS OFFICE, 2 Rue Le Peletier
London Clearing Agents: The London & South¬
western Bank, Ltd., 168, Fenchurch Street.
1)
T.l.nKnn.JAUtOmatlC 64157
including:
description of British and
Banking transacted.
Foreign
International Banking Corporation
-
-
Surplus & Undivided Profits
Swiss Ban k Corporation
Basle, Zurich, St. Gall, Geneva,
LONDON OFFICE, 43
West End Branch
Capital paid
Surplus,
up,
Frs.82,000,000
.
....
THE
AMERICAN
Frs.27,750,000
MILITARY
AND
NAVAL
FORCES.
15 Gracechurch
Capital
EVERY
Street, London
Paid
£1,500,000.
Reserve Fund
Branches
in
India,
Settlements,
Federated
and Mauritius.
up
£562,500.
£600,000.
Ceylon,
Malay States,
Straits
Chine,,
KIND
;
OF
York
BANKING
OFFICE.
LONDON. E. C.
£1,548,525 or
$7,742,625
About Two Hundred
and Fifty Branches and
Agencies throughout South Africa.
W*
H. MACINTYRE, Agent
Vork
68 Wall St.. New
Also
representing The Bank of New South
Australasia.
Wales with branches throughout
or
collected.
LYONNAIS
Fes.250,000,000
--Fes.170,000,000
Central Office, 19
Boul. des Italiens, Paris.
St., E.C.3.
Office, 4 Cockspur St.,S.W1
390 branches in France, Algeria and Tunis, and
also at Alexandria, Barcelona,
Brussels, Cairo,
Constantinople, Geneva, Jerusalem, Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia.
Correspondents in Lisbon and Oporto:
London Office, 40 Lombard
London, E. C.
Credit Franco-Portugals
NATIONAL BANK OF INDIA Limited
Bankers to the Government in
British East
Africa and Uganda.
Head Office : 26, Bishopsgate. London, E. C.
Branches in India, Burma, Ceylon, British East
Uganda
and
at
Aden
and
Zanzibar.
NATIONAL BANK of EGYPT
Head Office—Cairo.
Established under Egyptian
with the exclusive
Subscribed
Capital
Capital
Law June, 1898,
right to issue Notes payable at
sight to bearer.
£2,000,000
£1,000,000
£1,200,000
STANDARD BANK OF SOUTH AFRICA, Ltd.
Fund
£2,000,000 or $10,000,000
Total Resources—£35,066,998 or $175,834,990
Bills on Australasia
Remittances cabled.
in Australia and elsewhere.
negotiated
London West End
Agency—22 William Street
Reserve Fund
HEAD
Drafts
payable
on
demand,
and
Letters
Credit are Issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
Head Office, Lyons.
16, BISHOPSGATE, LONDON, E. G.
Paid-up
Reserve
Capital
-£2,000,000
Reserve Fund and Undivided Profits 1,940,000
Reserve Liability of Proprietors
2,009,000
1836)
The Bank conducts every description of banking
and exchange business.
Paid-up Capital—
Sydney Ltd
1834.
Pald-Up
Reserve fund
Office
Cash and Bills Department:
51, Threadneedle St.,
Africa,
Burma,
The Commercial Banking Co. of
Capital (fully paid)
FACILITY
Head
New
Office
Jfoteign
CREDIT
COLONIAL BANK
Colombia
Head
CHICAGO
London OfTice: 18. Birchin Lane. Lombard St. E.O
OFFERS
The Mercantile Bank of India Ltd.
Film Stocks
Lothbury, E.C. 2
$4,598,000
Santo Domingo
San Francisco
Bank Stocks
89 SO. LA SALLE ST.
Established
Settlements
Panama
Japan
Philippine Islands
Public Utilities
Sugar Stocks
Incorporated In New South Wales.
Straits
London
Gompang
-11 Regent Street.
Waterloo Place. S. W. 1
$3,250,000
Branches in:
China
Paul H. Davis &
Lausanne
(Established by Royal Charter
India
7QGQ
Motor Stocks
65 WALL STREET, NEW YORK CITY
—
TeIephone»|j|ftrrjson
High Grade Unlisted Stocks and Bonds
Special facilities offered to MEMBERS OF
"The Only American Bank in the Orient"
Capital--
ROOKERY
CHICAGO
Industrials
Provinciale
Central Management and Head Office: ROME
**
Sanford F, Harris A Co.
.
tne
Lires 115 millions
Piad-up Capital-"
90
Deposits and Current Ac¬
counts (31st Dec. 1916)-"
685
"
Cash in hand and with the
Bank (31st Dec. 1916)—
"
49
"
CHIEF
Lane,
,
the
Subscribed Capital
20
A State Bank.
CLEARINQ
Italiana
Credito
di
6%
Individuate
Write for Bond Circular C 25.
Bolton, Blackburn, Chesterfield, Chorley, Pres¬
Rotherham, Sheffield, Stockport
Every
which
and
ton, Rochdale,
and Wigan.
Banca Italiana Di Sconto
with
LONDON
Mbsley Street, Manchester
The Bank has Branches in Liverpool, Manches¬
all
Trustees
Manchester Office
$5 equal £1.
ter and
Estates,
Oldest Banking House in Chicago.
Total Assets 31st December, 1916, £27,822,949
$10,000,000
7,000,000
2,800,000
1,100,000
-
Suitable for
HOUSE.
Head office 17-18
Leadenhall Street,
LONDON, E. C.
1771-1836
Founded
$2,000,000
CHICAGO FIRST MORTGAGES
Capital, fully
Reserve Fund
paid
£3,000,000
..-£1,881,860
LONDON AGENCY
6 AND 7 KING WILLIAM ST- LONDON. EX.
PATROLEUM BANKING & TRUST CO. S. A.
Apartado
(P.
O.
Box)
No.
468—Tamplco.
CREDIT SUISSE
Tamps, Mexico.
Established 1856
Members of the American BankerA
Capital & Reserves francs, 100,000,000
Head Office:
Association.
Often every Banking Facility.
Payments
collections made on ail parts of Mexico:
In
both Mexican gold and
New York Exchange.
and
Zurich, Switzerland
Branches at Basle, Geneva, St. Gall, Lucern
Glaris, Lugano, Frauenfeld*
ALL
BANKING
BUSINESS
[VOL. 105.
CHRONICLE
THE
Till
c.:_:
J&anktt* attb brokers outefoe JJeto gorfc
ST.
LOUIS
ST.
PROVIDENCE
LOUIS
G. V. HALLIDAY
&
STRANAHAN
COMPANY
COMPANY
&
Specialists in
Bonds and Stocks of
A. G. EDWARDS & SONS
Public Service Companies
ST. LOUIS CORPORATION
Wall Street
38
New York
STOCKS
Providence
Boston
Worcester
Augusta, Maine
New Haven
In St. Louis at 412'Olivet Street
Specialists
BODELL
ST. LOUIS BANK STOCKS
SECURITIES
SB
314 N.
St.
of the
Broadway
1X1
Provld.nc*
Congress St.,
Boston
York
Now
Broedwoy,
CO.
&
Wsyboasst St.,
If
Louis, Missouri
Bonds, Preferred Stocks and Local
CENTRAL WEST
Securities
J. Herndon Smith
W.
Charle*
Moore
William H. Burg
Richardson
SMITH, MOORE & CO.
11
Investment Bonds
Clark
&
Established 1898
Exchange Street, Providence, R. 1.
ST. LOUIS SECURITIES
ST. LOUIS.
109 OLIVE ST..
MO.
MARK C. STEINBERG & CO.
Dealers in
Bonds, Stocks and Local Securities
DETROIT. MICH.
Members New York Stock
Exchange
Members St. Louis Stock Exchange
300
KEANE,
Broadway
ST. LOUIS
&
CO. R. S. MOORE & COMPANY
MUNICIPAL BONDS
Dime Bank
Stix
HIGBIE
INVESTMENT SECURITIES
DETROIT
Bids.
Specialists
Co.
&
Stocks
10
BROKERS
MOTTU
Member* St. Louis Stock Exchange
Public
Companies.
NORFOLK, VA.
INVESTMENT
Bonds
in
of
and
Service-
Local Securities
Woyboosot St.
Providenco, R.
CO.
&
MINNEAPOLIS
Olive
•Oft
St..
Established 1892
ST. LOUIS. lfO.
.
NORFOLK. VA.
NEW YORK
90 Broadway
MILWAUKEE
WELLS-DICKEY CO.
MINNEAPOLIS, MINN.
EDGAR, RiCKER &.
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin City
INVESTMENTS
CO.
Rapid Transit Co. 5% Bonds.
WISCONSIN CORPORATION
Minneapolis National Bank Stocks.
ATLANTA
ISSUES
WELLS BLDQ..
We
MILWAUKEE
GA.
PITTSBURGH
offer
CINCINNATI
R. R. & BNKG.
FIELD, RICHARDS & CO.
Guaranteed Stock
We Recommend the*Purchase.of
Merritt Oil
Corporation
Robinson
Bonds("unicipf.1
(Corporation
-
Humphrey - Wardlaw Co.
ATLANTA
Cincinnati
Cleveland
Detroit
GEORGIA
Chicago
York
New
Bought—Sold—Quoted
ALABAMA
CITIES SERVICE
ROBERTS
Common and Preferred
HALL
A
CALDWELL & GARBER
(New York Stock Exchange
Chicago Board
G0DDARD, HUNTER"& CO.
307
Fourth
Ave.,
Pittsburgh, Pa.
and
BROKERS
Court 4806.
New
York,
Pittsburgh and
Stocks and
We
Chicago
Bonds:
Invite Inquiries In all
Birmingham
Alabama
Otto Marx & Co.
INVESTMENT
CINCINNATI
Ward-Darley-Lupoid Company
Bank
Building
-
OHIO
-
IX%
Due Aug. 1
BONDS
1925
'
Price
Dealers in
Southern Investment
.
(Now part of Seattle.)
FUNDING
Birmingham, Ala.
National
-
SECURITIES
BALLARD, WASH.
$25,000
BANKERS
Pittsburgh Securities
First
of Trade
Cincinnati Stock Exchange
BANKERS
application.
Weil, Roth & Co.
Securities
CINCINNATI
New
PITTSBURGH, PA.
on
York
Chicago
BUFFALO
Pittsburgh Securities
a
Specialty
JOHN
CHILDS, KAY & WOODS
Action
Bank
Bldg.
PITTSBURGH, PA.
YORK
STOCK EXCHANGE
PITTSBURGH
STOCK
We
5s
Buffalo
and
Western
Specialize in
THOMPSON-CONNELSV.
and
New
York
AUGUSTA
JOHN W. DICKEY
AUGUSTA, GA.
DUQUESNE BOND CORPORATION
223 Fourth
Avenue,
'
PITTSBURGH
IN
Cincinnati Securities
CINCINNATI
Securities
COKE CO.
Stock
FRIEDLANDER
OHIO
SPECIALISTS IN
EXCHANGE
CHICAGO BOARD OP TRADE
EDGAR
DEALER
Government, Municipal
and Corporation Bonds
Member*
NEW
T. STEELE
BUFFALO, N. Y
Southern Securities
Establishd
1886.
BALTIMORE
Westheimer &
Company
BALTIMORE
CINCINNATI
Members of the
New
York
Stock
Exchange "
Cincinnati
Stock
Exchange
Chicago Board of Trade.
Nov. 24 1917.]
GRAND
THE
n
CHRONICLE
LOS ANGELES
RAPIDS
The Preferred Stocks
Pacific
of the
Coast
and Other
CORPORATIONS
Utah Gas & Coke Company
61
having substantial assets
regular quarterly dividends*
and
..
Direct Private Wire New York to San Francises
of MUNICIPALITIES AND
Company
are
E. F. HUTTON & COo
Members:
BONDS
Wisconsin-Minnesota Light & Power
They
Securities
NEW YORK STOCK EXCHANGE
American Public Utilities Company,
pay
FRANCISCO
SAN
-
earning
Principal Cities
Broadway, New York
• Los
Angeles
San Francisco
power
safe, profitable Investments*
Oakland
Pasadena
•
Managed by
.
Kslsey, Brewer & Co.
Engineers
Grand
Operators
WILLIAM R. STAATS CO.
BOND DEPARTMENT
343 Powell St.
LOS ANGELES
SAN FRANCISCO
CHICAGO
„
Quotations and Information furnished CO
PASADENA
Rapids, Michigan
San FrancSicou
Pacific Coast Securities
PHILADELPHIA
A CO.
F. M. BROWN
Wm. G.
Hopper & Co.
TORRANCE, MARSHALL & CO.
DEALERS IN
STOCK & BOND BROKERS
Municipal and Corporation
California
18 SOUTH THIRD STREET
;
.
.
•
'
:
■
Securities
BONDS
••••
^
■
.
.
Philadelphia, Pa.
W. Q.
CALIFORNIA
H. S. Hopper,
Hopper
Member Phlla.
LOS ANGELES,
KANSAS
CITY, MO.
We Specialise in California
3Municipal
and Corporation
Paolflo
1858.
PERRIN, DRAKE &, RILEY
LOS ANGELES
INVESTMENT BROKERS
Members
San Francisco
San Francisco Stock and
410 Montgomery St.
Bond Exchange
Bonds
Nat. Bank Bldg.,
KANSAS CITY
R.H.M0ULT0N & COMPANY
J.
R. SUTHERLIN & CO.
CALIFORNIA MUNICIPALS
MUNICIPAL BONDS
YIELDING
8 TO
Descriptive Circular
Commerce
Title Insurance Building,
8%
& CO.
BARTH
J.
INVESTMENT SECURITIES
LOS ANGELES
Direct Wire to
Hersog & Glazier
on request
S4 Broad St., New
A.
KANSAS CITY, MO.
Bldg.,
>■
SUTRO & CO.
Municipal and Corporation
1st
.
Coast Securities
Established
BONDS
Securities
.
California
Purnlshed eu
Information
Quotations and
PRESCOTT & SNIDER
Investment
■'
'
■
800 San some Street, Corner
SAN FRANCISCO, CALIFORNIA
Member Phita. Stock Ex
Stock Ex.
■
■:
-
E.
L EWIS
MUNICIPAL AND CORPORATION
York
Members of the
482 CALIFORNIA ST,
8. V. Stock & Bond Ex.
SAN FRANCISCO
BONDS
CLEVELAND
of the
PACIFIC COAST
OTIS & COMPANY
Security Bldg.,
LOS ANGELES, CAL.
Pacific Coast Securities
INVESTMENT BANKERS
Second
MAX I. KOSHLAND
Floor, Cuyahoga Bldg.
Cleveland, Ohio
SAINT
PAUL
Member
Ban Francisco Stock and Bond Exchange
Branch Offices; Oolumboa, Ohio; Akron, Ohio
Youngstown. Ohio; Denver. Colo.;Colorado
Springs. Colo.; Casper, Wyom.
F. E. MAG RAW
MUNICIPAL AND
Mills Building
SAN
CORPORATION
FRANCISCO
BONDS
■embers
of New York, Chicago
Columbus
and Cleveland Stock Exchanges and
Chicago Board of Trade
Commercial
Paper
Local Securities of the Twin Cities
Globe Building
CHAPMAN DE WOLFE CO.
ST. PAUL, MINN.
861-863 Montgomery Street,
LOUISVILLE
SAN
FRANCISCO, CALIF.
MACON
Stocks and Bonds
John W. & D. S. Green
Rochester Railway 1st & Sd Mtge. 6s
Buffalo Railway 1st Consol 6s
Buffalo Crosstown 6s
Louisville Henderson & St. Louis 1st 8s
International Railway 5s
Louisville Lighting 1st 6s
LOUISVILLE
W.
DAVIS
M.
COMPANY
Southern Municipal Bonds
MACON
-
v
-
GEORGIA
INDIANAPOLIS
PORTLAND, MAINK
Wanted—Wichita Water Co. 8s
Hi M. PAYS0N &
Members New York stock Exchange
BREED, ELLIOTT & HARRISON
CINCINNATI
INDIANAPOLIS
CHICAGO
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
MORRIS BROTHERS
PHILADELPHIA
Portland, Mala
28 Exchange St.,
Eastern
Great
Lumber Securities
First Mortgage 0% Bonds offered with
bonus
of Capital Stock.
Information
upon
request.
&
84 EXCHANGE ST.,
OTTO
F.
HAUEISEN
Established
PACIFIC COAST SECURITIES A SPECIALTY
Fletcher
Trust
Building,
SMALL
PORTLAND, MAINK
& CO.
Habipenf
1002
Specialists in Local Securities
411
Paper Co.
To Those Interested In Pulp, Paper and
BEYER
Municipal and Corporation
BONDS
CO.
Investment Bankers
Investment Securities
PORTLAND
Exchange
due 1931
INVESTMENTS
PORTLAND, ORE.
all Pariffti
Member San Francisco Stock & Bond
Guaranteed Stocks
604 West Main Street. LOUISVILLE. KY.
on
Coast Securities
AND
KY.
Henning Chambers & Co.
Quotations
Information and
Indianapolis
F.
WM.
KRAFT
lawyer.
HALL & COMPANY
Specializing In Examination of
INVESTMENT
Local and
Pacific
BONDS
Coast Securities
NEWTON TODD
Local
Securities and
Indiana Corporation Bonds & Stocks
LEWIS
BUILDING,
PORTLAND,
OREGON
Fletcher Amer. Bank Bldg., INDIANAPOLIS
Municipal and Corporation Bonds
617-610
111
HARRIS
TRUST
BUILi^NO
WEST MONROE STREff ^
CHICAGO, ILL.
THE
X
[VOL. 105.
CHRONICLE
Current Pont) 3ngmrie«
F.
WANTED
J.LISMAN & CO.
Members
New York and Chicago
Atl. Shore Line Ry. Cons.
Stock Exchanges
Chattanooga Union Station 4^s
Chic.
Guanaj. Red.& Mines Co. 6s
Indianapolis & Louisv. 6s, 5s and 4s
Haverstraw Water Co. 5s
N.Y. & N. J. Wat.Co.4s & 5s
Cleveland Terminal & Valley 4s
Duluth Rainy Lake & Winnipeg 5s
Houston & Tex. Cent.—Waco & N. W. Div. 6s
WE DEAL IN
5s
Astoria, Ore., Water 5s & 6s
Butte Water Co. 5s
BROADWAY, NEW YORK
61
Kentucky & Indiana Term. RR. 4^s
Brandon Mills Co. Stock
Brookside Mills Co. Stock
Lanett Cotton Mills Co.
Stock
Mfg. Co. Stock
Warren & Jamest. St.Ry.lst 5s
West Point
Pine Bluff & Western 5s
Providence Securities 4s
Bridge 7s
St. Louis
63 Wall Street
27 State Street
& Pittsburgh 4s
New York
Boston
Wisconsin Central Refunging 4s,
AND ALL
INCORPORATED
Buffalo 4s
Toronto Hamilton &
West Virginia
H. C. SPILLER &CO.
Louis Division 4s
{Southern Railway—St.
1959
RAILROAD AND STEAMSHIP SECURITIES
Robt. Glendlnnlng & Co.
Securities
Investment
Railroad Equipment
Bonds
WOOD, STRUTHERS & CO.
Street
5 Nassau
MEMBERS
Maturing 1919-1930
New York Stock Exchange
NEW YORK
Philadelphia Stock Exchange
To Yield
5.50%-6.50%
List of offerings on
Pittsburgh Stock Exchange
application.
400 Chestnut Street,
Underlying
PHILADELPHIA
COMPANY
FREEMAN &
Railroad
CAR TRUST SECURITIES
34 Pin© Street
REPUBLIC
Bonds
OF
CUBA
5% Gold Bonds of 1904
5% External Loan of 1914
Gold Bonds, due 1949
NEW YORK
West Shore 4s
Norfolk & Southern 1st 5s
WANTED
Union Pacific 4s
C. M. & S t. P.
Members
of New
&
CO.
NEW YORK
Exchange
York 8tock
Short Term Notes
underlying bonds
Bonds of Companies located
Railway Equipment Bonds
Pittsburgh District.
Foreign Government Issues
Hartshorne
Battelle
&
BULL & ELDREDGE
INVESTMENT SECURITIES
Cc.
]R. B. Hutchinson
BROS.
120 BROADWAY,
Northern Pacific 3s
Offerings of First Mortgage
in the
SUTRO
Mem ben of the New York Stock Exchange
NEW YORK
25 BROAD STREET
PITTSBURGH, PA.
Tel. 032 Cort.
31 Nassau Street. N. Y.
Celluloid Co.
New Jersey
6%
MUNICIPAL BONDS
Municipal Bonds
Descriptive List
Royal Bkg. Powder Pref.
Santa Cecilia Sugar
TOBEY
Hickory, N. C.
Lincoln
Attractive Prices
on
CLINTON
Fla.
COMPANY
RIPPEL &
J. S,
N. C.
St. Petersburg,
.
.
Co., Okla.
Madison Co.,
STREET
& KIRK
Members New York Stock Exchange
25
Broad
Street
.
.
.
NEW YORK
NEWARK, N. J
STOCKS AND BONDS
Application.
Com. & Pref
Request
on
bought and sold for cash,
or
conservative terms.
carried on
Inactive and unlisted securities.
MICHIGAN SECURITIES
Bought, Sold and Quoted
Inquiries Solicited
Inquiries Invited.
Seasongood & Mayer
FINCH
TARBELL
&
120 BROADWAY.
-
-
-
NEW YORK
Municipal, Drainage, School
or
Road District Bonds
absolutely first-class securities and usually yield
interest return
than
can
be
secured
obligations of communities
Write
us
for
more
are
attractive
through the purchase of the
nearer
the big financial centers.
descriptive circular of high-grade Southern Bonds.
BOND
HIBERNIA
a
Mo. Kansas & Oklahoma 5s, 1942
Long Island 5% Debentures, 1937
Oregon-Wash. RR. & Nav. 4s, 1961
Chic. & East. 111. 4s, 1955
Wheeling & Lake Erie Ext. & Imp. 5s, '30
Denver & Salt Lake 5% Equipts.
Minn. & St. Louis. Pacific Ext. 6s, 1921
St. Louis Rocky Mtn. & Pac. Stock
Hudson Companies Preferred
ORLEANS
CO.
WOLFF & STANLEY
Tsl. 2860
Resource*
Bld'g, DETROIT
DEPARTMENT
BANK & TRUST
NEW
Main Floor-Penobscot
New Orleans-Great Northern 5s, 1955
Louisiana & Arkansas 1st 5s, 1927
Mo. Kan. & Tex. of Texas 5s, 1942
SOUTHERN BONDS
Southern
JOEL ST0CKARD & CO.
Members New York Stock Exchange.
CINCINNATI, O.
over
28 Million
27 William
or
6557 Broad
St., New York
Nov. 24 1917.]
THE
CHRONICLE
xt
Current ?@oni> inquiries
Bleecker St.& Fulton
Fer'y Com.
Morgans La. & Texas
6s
Indian Refining Com.& Pref.
Paragon Refining
American Cities 5s & 6s
New Orleans Ry. & Lt.
4J^s
J. S. Bache Si Co.
NEW YORK
1400
Buffalo
Rochester
Montreal
Broad
/
Baltimore
Syracuse
Albany
Norfolk Ry. & Light 1st
5s, 1949
Norf. & Ports. Trac. Co. 1st
5s, 1936
Cosden & Company Bonds
COSDEN & COMPANY
Tank Car
Equipment 5s
Due
.
Middendorf, Williams & Company
Incorporated
1919-1920.
"
'.'
>i'..
Price
to
Underly. RR. & Pub. Utility Bonds
yield
of 6%.
return
a
INVESTMENT SECURITIES
814
BANKERS
CHESTNUT ST.. PHILADELPHIA
If embers
of New
York and
Philadelphia Stock
Exchanges.
Municipal,
Utility
Bonds
Industrial
for
Security
Issues
Coal
Y.
9c
Evansville & Terre Haute Bonds
Missouri Pacific 5s, 1923
Missouri Pacific 5s, 1926
Missouri Pacific 6s, 1920
Wheeling & Lake Erie Prior Lien Pfd.
Western Maryland 1st Pfd.
Kirby Lumber
Denver & Salt Lake 5s
Negotiated
Co.
NEWBORG & CO.
New
60
York
Stock
Telephone, 4390 Rector
WIRE
TO
ST.
LOUIS
Kansas
City Ry. 5J^s, 1918
Tri-City Ry. & Lt. Co. 5s, 1923
BURGESS, LANG
Building
WILLIAM C. ORTON
Specialist Reorganization Securities
25
BroadSt., New York
Tel. 7160-1-2.S Broad
Corp. Securities
J. HARMANUS FISHER & SONS
(Established 1874.)
T SOUTH ST.
BALTIMORE.
Members Baltimore Stock Exchange
S. N.BOND &CO.
MD.
Columbus Street Ry. First 5s, 1932
Syracuse Gas Co. First 6s, 1946
East Ohio Gas Co. First 6s, 1939
Commercial Paper
Municipal Bonds
111
Broadway
60 State
RIGGS A McLANE
Omaha & C. B. St. Ry. 5s, 1928
Searc
Exchanges
Penn. Water & Power Co. Securities
Exchange
BROADWAY, N. Y.
PB1VATE
Stock
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal
Members
Baltimore
CLEVELAND
Chicago & East. 111. Stocks and Bonds
BANKERS
Members N.
5s
and
Conservative
W. W. LANAHAN & CO.
Texas & Pacific
4s
-_4s
Lakewood, O., School District
Investment.
Entire
4
Omaha, Neb__*
BOSTON and
Railroad,
Public
4^s
C. E. DENISON & CO.
BALTIMORE, MD.
Bioren & CO,
Federal Tax Free
Cleveland, Ohio.
Spokane, Wash
Duluth, Minn__
W. P. Baker,
New York
Street, Boston
Manager Bond Dept.
32 South Street
& CO.
BALTIMORE, MD.
Adami
Exp. Bldg..
NEW YORK
BOSTON
WANTED
Ft.
Wayne & Wab. Vail. Tr. 6s, 1934
Penna. Coal & Coke Ser. "A"v6b, 1932
Bklyn. Union Gas Co. 1st 5s, 1945
Buff. Roch. & Pitts. Eq. 4s-4J^s, var.
Detroit Edison Co. 1st 5s, 1933
Lima Findlay & Toledo RR.
6s, 1925
SAMUEL K. PHILLIPS&CO. New Amsterdam Gas Co. 5s, 1943
Mortgage Bond Co.
Westchester Ins. Rts.
Lincoln Trust Co.
Central Trust Co.
Bank of New York
FRANK J. M.
71
Broadway
427
Chestnut
Street
PHILADELPHIA
DILLON
NEW YORK. N. Y.
Tel. 648 Rector
STANDARD
Summary
Japanese Government Bonds
All Issues
O
Standard OH
9 & 11 Wall
&
Lehigh Valley Coal Sales
Scrip
Members
New
York Stock
81 Broadway
to
Issues
FORSHAY
■
>
Wm.
Investors
L
H. PFORZHEIIVIER
4, CO.
Central RR. of New Jersey 5s, Coup. & Reg.
New York Central 33^s, Registered
Tramways 2-year 6s, 1919
Chinese Government 6s, 1919
Detroit Terminal & Tunnel
jimis
Exchange
Detroit
Atlanta & Charlotte
Victor American Fuel 6s
Peoria Gas & Electric 5s, 1923
Missouri Kans. & Tex. Issues
Coke 6s
Rauscher & Childress
New York
Tel. 5834 Hanover
4^s
Seaboard Air Line 6s
SAM'L
<4 Wall St.
United
Western N. Y. & Penna. 4s & 5s
New Mexico Railway & Coal 6s
Coal &
4H>s
Mobile & Ohio, All Issues
New York & Erie Extd. 5s
New York
Rumely 6s
Beech Creek
Broadway, N. Y.
request
Tel. Rector 3880
CARL
Private Wire to Philadelphia
Advance
Carnegie Ewen
on
Phones 4860-1-2-3-4 Broad 25 BROAD ST.. N.Y.
Montreal
laszph WXtilkzr
Gas, El. Lt. & Pow. 5s, 1948
100
St., New York
Stock &
N. Y.
Will be mailed
on
Offerings Wanted
5s, '44-45
N. Y. & West. Lt. Go. Deb. 5s, 1954
Weekly
ZlMMERMANN
N. Y. & East Riv. Gas Co.
"PhocM
s3s0-1-2-3
Broad
GOLDSCHMIDT
25 Broad StfMt
[VOL. 105
THE CHRONICLE
Current JEkmb 5nqu(r(eK
Utah Fuel 5s
Grand River Coal & Coke 6s
WANTED
Indianapolis Water Co. 6s
International Silver Preferred
City Water Chattanooga 6s
Equipments maturing 1 to 3 years
St. Joseph
Water Co. 5s (Mo.)
Guanajuato Reduc. & Mines 6s
Consolidated Water Co. Utica 5s
New
Louchheim, Minton & Co.
Members New York and
Orleans Great Nor. Ry. 5s
Gray & Davis Com. & Pfd.
Denver Union Wat. Co. Com.
Philadelphia Stock Exchangee
& Pfd
Invest. & Secur., Pfd.
New Eng.
T1 BROADWAY, NEW YORK
Phon. TWO Rector
Print* WIru to
Philadelphia and Boston
HOTCHKIN & CO.
Berdell 53rothers
PubUcRtiKtg Stturttkfif
63
SECURITIES
fcrofttupanJ&SL
111
Incorporated
TERM
SHORT
State St.,
84 Pine
Curtis & Sanger
Knickerbocker Ice Co.
1st
Members
New York, Boston and Chicago
Stock Exchanges
United Light & Railways Co.
49
Stocks
Common and Preferred
5s, 1941
WALL STREET
Chicago
New York
Boston
Collateral 5s, due 1932
BABCOCK, RUSHTON&CO.
Members New York & Chicago
6% Notes, due 1918
Columbia Gas & Elec* Deb. 5s
6% Notes, due 1920
1st 5s
International Salt
Santa Cecelia Sugar
Glover
6s
DUNHAM & CO.
Investment Securities
Buy
43
Mich. United Ry. 6s, 1936
7 Wall St.
New York
&
845 Fourth A?e..
United Lead 5s
Print* Phonai to Philadelphia Ac Boston
Stock Exchangee
Home Ins. Bldg.
Chicago
Havana Tobacco 5s
6% Debentures, due 1926
We will
Boston, Mass.
St., New York, N. 7.
Exchange Place, 'Phone 4501-2-3 Hanover.
MacGregor
PITTSBURGH. PA.
Amer. Wat. Wks. & Elec. 5s, 1934
United Coal Corporation
Stocks
McKeesport Tin Plate 5s, 1930
Kennet & Wil. Elec. Ry.
Philadelphia & Eastern Elec. Ry. 6s
Hattiesburg Tract. 5s, 1920
Russian Government 6 H®,
1926
West Chester
Burling. Ry. & Lt. 5s, 1932
Russian Government 5
1921
Cumberland Co. Pr. &^Lt. 6s, 1942
Russian Government 6Hs, 1919
Palmer Union Oil 6s
Twin Falls North Side L.
Public
Short
Utility
ALFRED R. RISSE CO.
Bonds
NEW YORK CITY
16 WALL STREET,
Securities
Term
Phone. Hanover 4516
_
fOSEPH &1VIENER
MEMBERS NEW YORK!
& W. 6s
& W. 6s
River L. & W. 6s
Superior Cal. Farm Lands 6s
Emmett Irrigation 6s
Biju Irrigation 6s
Twin Falls Oakley L.
Twin
Options in Russian Roubles
Specialists In
5s
p
Falls Salmon
FRANK P. WARD, is Broad St.. N. Y.
Bankruptcy and Reorganization Bonds
STEEL, JONES & CO.
rSTOCK EXCHANGE
1
Telephone:27I5-9BROADi
25 BROAD ST-N.Y. >
Lafayette Building, First Floor
prepared a circular'showing comparative Earnings of Public
Utilities compiled from latest re¬
ports.
Copy
on
Members of Philadelphia
Request.
office
15 Exchange Place
NEW YORK
and
Issues Underwritten
Tel. 20 Montgomery
We
the
specialize
in
securities
of
Mississippi Valley and the
South.
Jersey City, N. J.
negotiates large loans,
Central N. 7. Gas & Elec. 1st 5s, 1941
discounts the sale of securities for
Automobile
Bonds
Municipal and Corporation
OUTWATER & WELLS
B. N. ROSENBAUM & CO. INC.
Investment
Securities
New York City
'Phone, Rector 7126
120 Broadway
This
Stock Exchange
New Jersey
J. A. CLARK &CO.
80 WALL STREET
High Grade
PHILADELPHIA, PA.
We have
accessory,
Industrial
-
Realty Projects.
American Gas & Elec. Deb. 6s,
American Pow. & Lt. Deb. 6s,
2014
2016
Dubuque Iowa Elec. Co. 1st 5s, 1925
E. Chic. & Ind. Harb. Water 5s, 1927
W. H. Goadby & Co.
Members New Yorlc Stock Exchange
NO. 74 BKOADWJLT
BOND
DEPARTMENT
Mississippi Valley Trust Co.
ST.
NASON
L.
H.
LOUIS
& CO.,
BOSTON
85 Devonshire St.
NBW TORI
F.M. Chadbourne& Co.
Birmingham Terminal
4s,
1957
Big Four, St. Louis 4s and Cairo 4s
Central RR. & Banking of Ga.
6s, 1937
Clearfield Bituminous Coal 1st 4s, 1940
Investment Securities
Investment
Ch. Mil. & St. P., LaCrosse & Dav. 5s, '19
Genessee & Wyoming 5s, 1929
III. Cent. Railroad Securities 4s, 1952
Securities
786 Broad
Newark, N. J.
St.
111. Cent. Kankakee & S. W. 5s, 1921
Mobile & Ohio 1st 6s, 1927
N. Y. N. H. & Hartford 4s, 1955 & 1956
Louisv.
Gas & El.
Notes & Bonds
Minn.
St. Ry. 5s, 1919 & 1928
Okla. 5s, 1942
Denver & Salt Lake 1st 5s, 1943
Mo.
Dick, Gregory & Co.
25 Broad St.
NEW YORK
36 Pearl St.
Kansas &
Caro.
Clinch.
Cuban
& Ohio 1st 5s,
Govt. 43^s,
MILLER
A
Members New York and
HARTFORD
120 B'way
San Fran. & San Joaquin Vail. 5s. 1940
South Pacific Coast 4s, 1937
Victor American Fuel 6s, 1945
Wise. Cent., Marshfield & S. E. 4s, 1951
1938
BAKER, CARRUTHERS & PELL
5s, 6s
COMPANY
Phila. Stock Exchanges
'Phone 8900 Rector
South Carolina & Georgia 5s, 1919
New York
Bonds—Bank Stocks—Standard Oil Stocks
15 Broad Street
New York
Phones 5161 to 5169 Hanover
Nov. 24 1917.]
Kin
THE CHRONICLE
^Financial
yfnatitfal
BONDS
TIMBER
Byllesby
Utility Publicity
■
A
6s
Black Warrior Mill Co
Brookings Timber & Lumber Co.
Brown
An Investor in
securities
first
any
about
obtain
always
may
hand
desired
Byllesby Utility
properties
6s
__6s
Goodyear Redwood Co__
the
Grayson-McLeod Lumber Co
6s
Ozan-Graysonia Lumber Co
re¬
thorough
most
6s
analysis.
We Have
Descriptive
6s
Delta Land & Timber Co
back
Complete annual and special
enable
6s
Cache Creek Timber Co__
at
of the investment.
ports
6s
C. & O. Lumber Co_
and all information
the
_~6s
:
Corporation
illustrated
and
an
Active
Market for All Timber Bonds
literCorrespondence Invited
ture upon request.
Ask for Circular CC-2
H. M. Byllesby & Company
332 So.
Michigan Ave., CHICAGO
INCORPORATED
1220
Trinity BIdg.,
So.
220
Salle
La
Timber
New York
and
Lumber
Exclusively
Securities
Chicago
St.,
BlmoisTrost&Smin^sBaiiK
CHICAGO
Capita), Surplus and Undivided Profits
Has
Pays Interest on Time
STONE& WEBSTER
Deposits, Current and Reserve
utiHty developments.
Transacts
change.
hand at all times a variety of ex-
cellent securities.
a
Buys and sells
Government, Municipal and
Deals In Foreign Ex-
Accounts.
FINANCE public
on
$16,400,000
-
-
Corporation Bonds*
General Trust Business.
BUY AND SELL securities.
DESIGN steam power stations,
electric
hydro¬
industrial
plants,
plants
and
1,1
Metropolitan
buildings.
TOT
'
CONSTRUCT either from our own de¬
neers or
OF THE CITY OF NEW YORK
architects.
on
public utiHty properties,
Purchasers
Financiers
proposed extensions or new projects.
Contractors
Engineers
!
| MANAGE raUway, light, power and gas
companies.
Managers
Operators
and Industrial
Properties
of Public Utility
NSW YORK
J
Trust Company
signs or from designs of other engi¬
REPORT
I
Citstaeera
lines, city and interurban railways,
gas
0.
ws
developments, transmission
' BOSTON
offers
a
complete banking
service of the highest order
to business
clients and
cor¬
respondent financial Insti¬
tutions.
CHICAGO
REPORTS—VALUATIONS—ESTIMATES
43 EXCHANGE
PLACE, NEW YORK
GEO. C. VAN TUYL, Jr.,
President
BEVERLY CHEW,
Vice-President
CHICAGO
LONDON
EDWIN F. ROREBECK,
2d Vice-President
J. F.
Should
General
Engineering &
Management Corporation
Business Men
Ml BROADWAY .NEW YORK.
Buy Stocks
A large
of
selling lower than they did in the panic
Electric
of 1907.
Ice
An urgent warning, anticipating
this de¬
cline in the Stock Market, which has been
going on throughout the year, was placed
in the hands of our clients on January
and
Ws
are
offer
lic
the
understand
long
swings
of the
Market and can readily help you to sub¬
stantial
profits,
the proper time
purchases.
thru
correctly advising
„
Light, Power, Water, Gas«
Street Railway Properties,
prepared
Entire
Utility
Bonds
and
2, 1917.
We
H. B. THORNE,
4th Vice-President
BERTRAM CRUGER,
Treasurer
Expert Operators and Engineers
number of good securities are now
Valuations,
at
time*
of
Issue*
GEO. N. HARTMANN,
Secretary
60 Wall Street
to
Pub¬
Member of Federal
Pint
Mortgage
Preferred Stocks.
Reports
and
McNAMARA,
2d Vice-President
Reserve
System
General
Engineering.
for you to make your next
Write for free particulars.
Address Dept. F. C. 19 of the
Babson Statistical Organization
WELLESLEY HILLS.
MASS.
Largest Organization of Its Character
in the World.
iHtoing engineers
Alex. O. Humphrey*
Alten 8. Mi les
HUMPHREYS&MILLER, Inc
H. M, CHANCE
A CO.
Mining Engineers and Geologists
ENGINEERS
COAL AND MINERAL PROPERTIES
Power—Light—Gas
16S BROADWAY
NEW YOSM
Examined,
Drexel BIdg.
Managed, Appraised
PHILADELPHIA
CHRONICLE
THE
[VOL. 105.
financial
ATLANTIC MUTUAL INSURANCE COMPANY
IS IT NOT
New York, January 25th, 1917.
The Trustees, in conformity toith the Charter of the Company, submit the following statement of Us affairs on the
31sl of December, 1916.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1916, to the 31st December, 1916——...—$8,087,174.02
Premiums on Policies not marked off 1st January, 1916—...............———
903,703.66
SOUND POLICY
for
Total
Premiums
paid during the
year
„
r
_
——
Such
550,385.62
$322,138.57
586,832,63 $
a
you
can
908,971.10
act
advertisements, etc.——
———.....
$2,451,185.77
tory
taxes,
stationery,
740,899.72
It
tends
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART,
ANTON A.
"TANTON FLOYD-JONES,
APA.8. FRANKLIN.
IERT L, GRIGGS
Estate
367,185.00
Premium Notes—................
Bills Receivable
Cash in hands of European Bankers
OF
collection
the
to
of
inter¬
rents,
NEW
Eighty
YORK
Broadway
Capital and Surplus $8,600,000
and Losses Unset¬
tled in process of Adjustment
$
Premiums on Unterminated Risks
of
8.900.000.00
Profits
and
3,632,239.0#
1,135,785.48
Interest
Unpaid
266,399.25
106,624.24
174,943.90
Return Premiums Unpaid
Taxes
Unpaid
Premiums
nated Risks
Claims not Settled,
on
of
Baby Bonds
373,669.04
including Com¬
pensation, etc
Certificates
Liberty Loan
Termi¬
158,309.94
Profits
Ordered
Re¬
deemed, Withheld for Unpaid Pre¬
75,000.00
866,035.06
1.068,547.73
miums...
Income Tax Withheld at the Source..
Account
Certificates of Profits Outstanding...
We
22,557,84
1,210.29
5,899.75
Suspense
Loan
7,668,850.00
market
$100 denominations.
206,311.98
2,808,785.77
136,000.00
At the close of business yester¬
$17,458,990.74
day
we were buying $50 3^s to
net the seller, including interest,
$13,546.488.68
Thus leaving a balance of....
—.—$3,912,502 06
Accrued Interest on the 31st day of December, 1916, amounted to
$49 286*30
Bents due and accrued on the 31st day of December. 1916, amounted to...
.........
$25,933*03
Re-Insurance due or accrued, in companies authorized In New York, on the 31st
day fof
December, 1916, amounted to
j
$ 245.472 80
Koto: The Insurance Department has estimated the value of the Real Estate on Staten Island
...
—...
$49.79,
.......
We
.
.i.
the lit ot these increased valuations the balance would be
,
Head Office: 71, LOMBARD
Capital Subscribed
'•
=*
$136,521,000
-
•'
Reserve Fund
25,043,360
•
up
are
John Muir & To.
v
^
SPECIALISTS
IN
Odd Lots
Main
Office, 61 Broadway, N. Y.
New York, N. Y.
£1.)
net
buying also the $50
Liberty 4% bonds of
1942.
At the close yesterday
we
were
paying for the $50
bonds
$48.33,
and
for
the
$100sJL$96.66.
ST., LONDON,EC. 3
i($5
to
and $100
.——$6,285,864.09
LLOYDS BANK LIMITED.
3jis
and $100
$99.57.
:l
In excess of the Book Value given above, at
$
63.700 00
Yin Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
....$1,988,969.90
Capital paid
continuing to make
for Liberty
3%% bonds in $50 and
are
ready
a
losses under policies payable
......
and
remittance
Real
COMPANY
WILLIAM A. STREET,
GEORGE E. TURNURE,
GEORGE C. VAN TUYL, J».
RICHARD H. WILLIAMS.
Re-insurance
2.000,000.00
—.
Real Estate cor. Wall Street, William
Street and Exchange Place
Real Estate on Staten Island (hela
under provisions of Chapter 481,
Laws of 1887)
to pay
of
and
Property
UNION TRUST
SLOANE.
STERN,
LOUIS
RAVEN, Chairman of the Board.
Certificates
1,773,550.00
8,588,575.20
Special Deposits In Banks and Trust
_ln foreign countries...
at¬
LIABILITIES.
Companies and Banks...—....—
Stocks and Bonds of Railroads..—..
Other Securities
Cash in Bank....—...............
Loans ..........................
especially
management
_
Estimated Losses
670,000.00
$
•took and Warranto of the City of
New York and
Stocks of Trust
Companies
descrip¬
ROBINSON.
WILLIAM
POST,
PRATT,
DALLAS B.PRATT,
—
every
Write for our booklet
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
Bonds
of
"Management of Your Estate."
RAVEN,
SAMUEL SLOAN,
CHARLES M.
ASSETS
Waited States and State of New York
Deposi¬
est and dividends.
JUSTUS RUPERTI
WILLIAM JAY S'JHIEFFELIKa
JAMES H.
A. A.
the
Personal
and
Legal
JOHN J. RIKER,
DOUGLAS
WALTER WOOD PARSONS.
CHARLES A. PEABODY.
~
or
a
Company
to
TRUSTEES,
ANSON W. HARD,
SAMUEL T. HUBBARD,
LEWIS CASS LED YARD,
WILLIAM H. LEFFERT8,
CHARLES D. LEVERICH,
GEORGE H. MACY.
NICHOLAS F, PALMER,
is
for funds
This
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be
paid to the
ialders thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1911 will be redeemed and paid to the holders
thereof, op
their legal representatives, on and after Tuesday the sixth of February next, from
which date ail
■Merest thereon will cease.
The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent, la declared on the earned
premiums of the Company for the year endinf
81st December, 1916, which are entitled to participate in dividend, for which, upon application, certificate*
Win se Issued on and after Tuesday the first of May next.
By order of the Board,
G
STANTON FLO YD-JONES, Secretary.
EDMTTND L. BAYLIES,
JOHN N. BEACH,
NICHOLAS BIDDLE,
Receiver
tion.
1
„
wish,
Executor, .Adminis¬
as
Trustee.
$1,389,298.73
jaMnsuraace Premiums and Returns of 'Premiums
fwpenses, including compensation of officers and clerks,
if you
Guardian,
$
:
can
while
money
your
alive, but,
are
only
not
company
after
look
trator,
•;S:
Trust
a
Company?
$3,360,156.87 '
——
Less- Salvages
Re-insurances
•
•
bank¬
your
--—$7,855,092.25
,
!-■'
do
to
ing business with
interest on the Investments of the Company received during the year $337,271.78
Interest on Deposits In Banks and Trust Companies, etc..———
103,475.76
Rent received less Taxes and Expenses
109,638.08 $
-basses
you
——$8,990,877.68
Premiums marked off from 1st January, 1916. to 31st December, 1916
Brooklyn, N.
Newark, N.J.
<
Bridgeport,
Y.
Conn.
New Haven, Conn.
18,000,000
Deposits, &c. (Oct, 1917)
312,168,920
Members N. Y. Stock Exchange
795,206,310
Advances, &c.
*
do.
WANTED
.
THIS BANK HAS NEARLY 900 OFFICES IN ENGLAND & WALES.
Colonial and Foreign Department: 17, CORNHILL, LONDON,
|E.C. 3.
The Agency of Foreign & Colonial Banks is undertaken.
FRENCH
LLOYDS BANK
AUXILIARY:
(FRANCE) & NATIONAL PROVINCIAL BANK (FRANCE) LIMITED.
Financial
J For the
Reviews
years
1900
1915
GEO.
B,
TRUST COMPANY
EDWARDS
Acts
BROKER
Tribune Building, NEW YORK, N. Y.
FOR SALE.—Timber, Coal, Iron, Ranch and
other properties.
Confidential
Negotiations,
Investigations,
Settlements, Purchases of Property.
Halted
States,
Wast
Indies.
Canada,
Mexico.
as
Executor,
Trustee, Agent,
Will pay $1.00 per
Copy
Custodian.
Pays Interest
on
Deposit
WILLIAMjB. DANA COMPANY
J3"^138 Front St.,«New York
i
Nov. 24 1917.)
THE
xv
CHRONICLE
jflnantfal
^financial
REPORT OF THE CONDITION
OF THE
UNITED STATES TRUST CO.
NEW YORK
OF
at the close of business on the 14th day
I
of November,
I
1917:
RESOURCES.
Public
securities,
$2,484,979 00
securities
8,673,697 60
Private
Real estate owned
Loans
and
discounts
collateral
Loans,
secured
•' '
39,769,885 50
—
12,004,102 34
by collateral..
Due from approved reserve depositaries,
less amount of offsets
This Bank derives its
8,949,924 75
Specie (gold certificates)
5,000,000 00
Other assets, viz.:
close of business
books at
on
$81,647,395 09
LIABILITIES.
Capital stock
Surplus:
$2,000,000 00
Undivided profits.....
savings
York
.$3,196,669 04
administrator,
guardian, receiver, trus¬
ecutor,
committee
or
DIRECTORS
W. Emlen Roosevelt
10,602,514 28
positary
Robert Walton Goelet
subject
to
check
24,584,939 89
Time
deposits,
cates and other
payment
certifi¬
deposits,
of which
cannot
legally
quired
within
be
re¬
thirty
Securities Corporation General
16,418,270 99
days
Other certificates of de¬
4,374,598 52
posit
Due
trust
companies,.
Extend total deposits
Other liabilities, viz.:
Reserves
for
taxes,
35 Pine St.,
63,968,195 53
$118,500 00
books at close of busi-
•'
'
-
Deals and invests in
859,123 16
Participates in security underwritings
$81,647,395 09
Finances
HUDSON TRUST COMPANY
39th St. & Broadway,
Condensed
of the
J.
K.
TRIMBLE, Vice-President
WILLIAMS JR., Treasurer
W. J.
DEVINE, Secretary
the
City
and
CALDWELL HARDY, Norfolk, Va.
of
State
York
780,406.25
1,179,679.75
Sundry stocks and bonds
Loans and bills purchased
2,696,928.64
4,000.00
93,000.00
30,081.25
2,189,525.13
Furniture and fixtures
Bonds and mortgages (first)
Accrued interest receivable
on
—
hand and in banks
Total—
—
.$7,219,221.02
'
LIABILITIES
Capital
Surplus and undivided profits
Reserved for taxes, etc
Accrued interest payable
Dividends
DIRECTORS
$245,600.00
...
of
F. W. ROEBLING
ALEXANDER J. HEMPHILL, New York
F. W. BACON,
HOWARD A. LOEB,
FERGUS
-
....
Total
J. G.
Philadelphia
K. TRIMBLE,
WHITE, New York
M.
CHANDLER, Philadelphia
F.
REID, Norfolk, Va.
T.
CHANDLER, Philadelphia
PARMELY
GEO. W. ROBERTSON, Shamokln, Pa.
J.
Jr., Trenton, N. J.
Philadelphia
P.
New York
S. Z. MITCHELL
W.
HERRICK,
Cleveland,
O.
Philadelphia
$500,000.00
660,535.49
1,703.47
10,821.04
276.00
6,045,885.02
unpaid
Deposits
(
ROBERTSON, Vice-President
RESOURCES.
bonds (Liberty-
New
Cash
H.
1917.
BACON, Vice-President
Government
Loan)
Bonds
.
W.
G. W.
Statement
15TH,
M.
F.
N. Y.
public service enterprises
CHANDLER, President
P.
Beginning of Business
NOVEMBER
S.
public service securities
22,170 11
counts...
U.
$5,021,875.00
718,453 05
above date
Estimated unearned dis¬
As
Issued
;
$10,000,000.00
Accrued interest entered
ness on
New York
Authorized Capital
A
ex-
penaes, &c
Bank Building, Philadelphia
Franklin
2,869,705 61
banks and bankers
on
Ridley Watts
Herbert K. Twitchell
Percy H. Johnston
1,921,497 20
a pledge of assets
Not preferred, as follows:
Deposits
Charles Cheney
Arthur Iselin
Frederic A. Juilliard
Frederic W. Stevens
de¬
Other deposits secured by
the
James L. Parson, Asst. Cashier
J. G. Schmelzel, Asst. Cashier
John B. Dodd, Asst. Cashier
Samuel T. Jones, Asst. Cashier
H. M. Rogers, Mgr. Foreign Dept.
Percy H. Johnston, Vice-President
Francis Halpin, Vice-President
I. B. Hopper, Vice-President
Edward H. Smith, Cashier
Other deposits due as ex¬
tee,
i
i
Correspondence Solicited
State
banks
I
Successful Business
a
from the old New York Chemical
H. K. Twitchell, President
follows:
as
New
Due
on
name
paid on balances of Banks, Time
Deposits and Special and Reserve Accounts.
2,820,076 40
14,820,076 40
Deposits:
Preferred,
,
Interest
$12,000,000 00
Surplus fund
■
h
#
506,579 00
above date
on
I
fork
"
Manufacturing Company which, in 1824, on the strength of
its sound business principles, obtained a charter to do a general
banking business.
V
The same conservative policies which at that time attracted
a wide clientele of the biggest business interests to the Chemical
Bank are responsible to-day for our reputation as a commercial
banking institution of the highest character.
.
interest entered
Accrued
'
"
A Bank Founded
bills purchased
and
'
'
Capital, Surplus and Undivided Profits, $11,000,000
by other
z
discounts
not secured
of Hpui
1,195,000 00
3,063,227 00
Mortgages owned..
I
(Etjpmtral National Sank
Stock and bond investments, via.:
Weekly List
$7,219,221.02
'
of
OFFICERS
:'0-'
•
FRANK V. BALDWIN, President
Current
HENRY C. STRAHMANN, Vice-President
JOHN QERKEN,
.
Bond Offerings
Vice-President
RICHARD A. PURDY.
V.-Pres. & Sec'y
JOHN J. BRODERICK Jr..
Treasurer
will be mailed upon request
INCORPORATED 1870
A. B, Leach & Co.
GERMAN-AMERICAN
BANK
Investment Seourities
BROAD STREET & EXCHANGE PLACE
62 Cedar
NEW YORK
Condensed
Statement Nov. 14,
Loans and Discounts
Bonds and other Securities
Real
-
3,696,187 02
1,325,764 40
516,059 82
$11,743,400 68
-
Reserved for Taxes, Expenses, <kc_
Deposits
$750,000 00
885,893 24
307,660 30
9,799,847 14
——
$11,743,400 68
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer
OFFICERS
TAG
M. SOHAFER
D. SOHNAKENBERG
J.
F.
FREDERIOHS
F. H. HORNBY
ALBERT
SAMUEL
BOSTON
BUFFALO
BALTIMORE
1,342,381 10
28,647 05
Estate
Capital
Surplus and Undivided Profits
105 So. La Salle St., Chicago
St., New York
PHILADELPHIA
$4,834,361 29
Exchanges for Clearing House
Due from Banks
Cash
1917.
President
Vice-President
.Vice-President
Cashier
Asst. Cashier
Agent.
Girard
Trust
Company
PHILADELPHIA
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Interest allowed
en
deposits.
E.
B.
Morris, President.
[Vol. 10S.
THE CHRONICLE
XVI
jfimnti&l
tffnantial
OF
REPORT
CONDITION
THE
OF
THE BANK OF AMERICA
at the close of business on the 14th day of
November,
1917:
RESOURCES.
Stock and bond investments, viz.:
$2,348,113 00
Public securities, market value
REPORT OF THE
CONDITION
OF THE
Private securities,
market value.
3,035,145 00
900,000 00
Real estate owned
Loans and discounts secured by bond and
deed,
mortgage,
collateral
MERCANTILE
Loans
other real estate
or
7,500 00
secured
discounts
and
by
other
14,703,249 65
collateral
Deposit Company
not secured
Overdrafts
Due
115 BROADWAY, NEW YORK
purchased
and bills
by collateral
discounts,
Loans,
Trust &
7,831,607 55
*
138 85
„
from
trust
banks and
companies,
1,195,751 41
bankeia
846,886 93
Specie
at the close of
business
the fourteenth day of Nov., 1917
on
Other currency authorized by the laws
the United States
of
567,360 00
Cash Items, viz.:
Exchanges and checks
for next day's clear-
LIABILITIES
RESOURCES
Capital stock
bond investments,
viz.;
Surplus
15,879,150 59
market values:
on
Surplus fund
$1,825,314.47), market value $1,823,090 22
$500,000 00
Undivided profits
New
535,253 85
157,125 00
$158,956.25), market value..
Reserved for
discounts and
bills
purchased, not secured by
Loam,
collateral
Federal
and
Bank
on
other
interest payable....
7,161 97
37,802 49
Accrued interest not entered on books
at close of business on above date.
.
45,600 00
-
$53,142,536 95
Total
/-Of::';
!
.LIABILITIES.
Capital stock
■
4,'.-,
$1,500,000 00
....
Surplus on market values:
approved
hand
per
expenses,
Net unearned interest entered
Surplus fund-.
1,062,186 59
depositaries........
reserve
Cash
150,000 00
contra)
Other assets, viz.:
24,695 45
Accrued
Reserve
liabilities,
3,120 68
...
taxes,
&c
3,027,512 65
—
—
from
Due
7,483,482 60
Certified checks
2,923,781 02
collateral
by
Total deposits
discount* secured
5,632,033 97
York
Customers' liability on acceptances (see
35,253 85
Private securities (book value
Loans and
Other cash Items..
Due from The Federal Reserve Bank of
(book value
Public securities
$1,000,000 00
-
..$15,685,359 53
193,79106
ings
Stock and
6,572,540 16
15,184 80
Accrued Interest Receivable..
$6,000,000 00
572,540 16
Undivided profits
82,636 76
,»
Deposits:
Preferred, as follows:
TOTAL
$9,091,517 04
TOTAL
$9,091,517 04
Due
York
New
savings
Other
State
banks
$4,106,599 03
by a pledge ol assets.
Not preferred, as follows:
Deposits
subject
to
check
250,000 00
19,087,642 70
Demand
-
certificates of
deposit
«
28 58
i
Cashier's
checks
out¬
29,455 02
standing
Certified
checks
10,930,929 44
625 00
Unpaid dividends
Due
The Fifth Avenue Bank
corner
trust
companies,
date
authorized by commercial let¬
ters of credit
or
Reserves for taxes
Accrued
interest
entered
close
$12,277,452
•
1,000
Other Securities
-J
3,481,350
Banking house and lot
552,066
Gold and gold certificates
1,230,122
Silver..
82,295
Legal tenders and other bills..
3,522,915
Exchanges for Clearing House
and other cash items
766,029
Due from banks.
902,553
Demand loans
1,635,500
United States bond
•
business
$100,000 00
2,331,776 70
Cashier's checks...
Reserved for taxes and contin¬
Total
of P.
H.
B.
H.
390,233 95
BANK OF THE METROPOLIS
31 UNION
56
68
00
NEW
of
VOLKENBURGH,
$3,400,000.00
NOVEMBER
MARLING,
Ely & Co., 21 Liberty St.
of Horace S.
THEO. HETZLER, President
FANCHER, Vice-President
ROLLAND
of
HENRY
R. ICKELHEIMER, of Heidelbach, Ickelheimer & Co., 49 Wall St.
T.
HOWARD C. SMITH, of Hathaway, Smith,"
G. MONROE,
Monroe, Paris & Co., 452 Fifth Ave.
FRANK
St.
41st
S.
MANVILLE, President H.
FRISSELL
THEO.
of
-
OFFICERS
W.
Johns'Manville Co., Madnson Avenue and
Folds & Co., 45 Wall St.
the
STEPHEN
BAKER,
President
Vice-President
GEORGE McNEIR,
EDWARD C. EVANS,
EDWIN
Board
1917
14,
Capital - - - $l,000,00(h00
Surplus and Profits 2,400,000.00
Deposits
19,000,000.00
Total Resources
22,400,000.00
Bliss, Fabyan & Co., 32 Thomas St.
ALFRED E.
PORTER,
Morgan & Co.
A.
SQUARE
YORK
Capital, Surplus & Undivided Profits
$24,451,286 41
CORNELIUS N. BLISS, Jr.,
Chairman
49,568 50
....$53,143,536 95
21,605,801 46
23,474 30
gencies
VanVolkenburgh & Co., 17 Battery PI.
of J. P.
23,650 00
._
DIRECTORS
WILLIAM
at
on
—
Capital
Surplus and earnings
Deposits
61
00
67
60
50
79
00
FRISSELL, Chairman of the Board
THOMAS S. VAN
not
books
on
of
above date..;
$24,451,286 41
S.
$25,918 50
LIABILITIES
RESOURCES
150,000 00
Other liabilities, viz.:
44th Street
(Latest Report to Banking Department.)
A.
44,870,428 29
Acceptances of drafts payable at a future
At the Close of Business Nov. 14, 1917.
Discounts and time loans
10,465,148 52
banks and bankers..
Total deposits
OF NEW YORK
530 Fifth Avenue
.
deposits secured
S.
Vice-President
LAFFEY.
Cashier
HERBERT G. KIMBALL, Asst.Cashier
HETZLER
DIRECTORS
President
B. H. FANCHER
WM. G.
Vice-Prest.
Charles H. Tenney
Edward C. Evans
George McNeir
ERNEST FOLEY
Asst. Cashier
Charles L. Tiffany
Charles Scribner
GASTON
Cashier
WM. C. MURPHY
Asst. Cashier
William Schramm
Harold H. Hackett
Arthur L. Lesher
Stephen Baker
•
Samuel Sloan
Stanley T. Cozzens
Michael Frledsam
John C. Moore
»
SAFE DEPOSIT VAULTS
MELLON
NATIONAL
BANK
PITTSBURGH
Jfor g>ale
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 11. 1917
RESOURCES
Loans, Bonds and Investment Securities
Overdrafts
U. S. Z%% Certificates of Indebtedness
Cash
$100,375,863 41
48 92
...
_
Due from Banks
25 ACRES
8,000,000 00
4,654,372 57
19,864,435 11
Finest Hunting and Trout Fishing
lands in fee simple, including fire clay,
coal,
$132,894,720 01
^
.
LIABILITIES
,
Capital
i
Surplus and Undivided Profits
Reserved for
Depreciation, &c
Circulating Notes
Deposits
I..
.... ...
$6,000,000
4,087,115
987,148
4,940,200
116,880,255
/
and
York
New
52
roads;
a
78
00
71
no
few
low
etc.
On
Susquehanna
Pennsylvania Railroad
Lock Haven, Pa.
00
$132,894,720 01
.
iron,
River
near
for
to
houses
all
or
J.
Thru trains
Buffalo.
inhabitants;
near
part.
W.
Many
some
station.
old
timber;
Price
Apply to
BEECHER,
Pottsville,
Pa.
Nov. 241917.]
xvu
THE CHRONICLE
Jfinancial
$350,000
Devoe &
Raynolds Co., Inc.
First Mortgage
Serial 6% Bonds
(Safeguarded under the Straus Plan)
maturities
NOVEMBER 1st, 1918
NOVEMBER 1st, 1919
NOVEMBER 1st, 1920
NOVEMBER 1st, 1921
NOVEMBER 1st, 1922
$17,500
17,500
17,500
17,500
17,500
Dated November 1st,
$4,691,800.
t
than eight times greates
$312,718, more than 15 times greatest interest charge, more
$1,084,803 08, more than
Company's plants in Brooklyn, New York, appraised at
of bonds.
times amount
Issuing corporation must maintain net quick assets
QUICK ASSETS:
Federal Income
United States, with highest credit rating
and varnish manufacturing corporations in the
The bonds are a closed first mortgage on the
three
Mortgagor covenants to pay the Normal
Denominations $1,000 and $500.
principal charges taken together.
interest and serial
PLANTS:
1923
1924
1925
1926
1927
1st,
1st,
1st,
1st,
1st,
;
Average net earnings for past five years,
EARNINGS:
NOVEMBER
NOVEMBER
NOVEMBER
NOVEMBER
NOVEMBER
Exempt from personal property taxes in New York State.
One of the oldest and largest paint
stock,
Capital
$17,500.
17,500
17,500
17,500
192,500
Interest coupons due May 1st and November 1st.
1917.
Tax.
BORROWER:
.
Maturing.
Amount.
Maturing
Amount.
of at least 150% of all outstanding indebtedness, including these bonds.
in equal monthly installments, thus assuring prompt payment
"■> * .
MONTHLY SINKING FUND:
Principal and interest payable to the trustee
to bondholders on due dates.
We have
purchased these bonds with
our own
recommend them as a thoroughly
funds, after careful investigation, and
safeguarded investment.
Price, Par and Accrued Interest
(Call
.
Write for Circular No. L-716)
or
';v SWSTRAUS&CQ.
■
Incorporated 1905
Established 1882
CHICAGO
35 years
without loss to
union
pacif¥raIlroad
The
Quarterly
Stock
company
the
Stock, and an extra
per share
on
Company have
this
of
IMbttien&s
PENSACOLA ELECTRIC COMPANY
Companies Under
Pensacola,
Dividend of $2.00
ividend of Fifty cents
8er share on the Common
Common
investor
XHbfbenti*
JBibfoentaf
regular
any
this
PREFERRED
Stone & Webster Management
day
been
declared, payable on Wednesday,
January 2, 1918, to Stockholders of record at
12 Noon, on Saturday, December 1, 1917.
Stockholders who have not already done so are
Y.
919 First National Bank
120
Broadway,
-
Swift
New York
State of Connecticut.
PREFERRED
Fidelity Trust Co., Trustee,
Hartford, Connecticut.
Nov. 24, 1917.
•?
The
Electric Company
1920
Bridgewater
First Mortgage 5s,
Dividend No. 127
paid
on
January
1st,
1918,
International Trust Co., Trustee,
to stockholders of
F. S. HAYWARD, Secretary.
Old
Colony
Trust
Gold
Bonds.
terms on December 1, 1917, at
of the Company in New
be paid In
pany,
Eastern
Texas
Three-Year
Edison
MILNE,
6% Coupon Notes, 1918
Street
Co.,
Trust
Electric
Trustee,
Illuminating
of Brockton
First Mortgage 5s,
Com¬
Trustee,
Old
quarterly dividend of One and ThreeQuarters Per Cent (1% %) on the Preferred Stock
has been declared, payable January 2nd, 1918, to
stockholders of record at the close of business
December 15th, 1917.
A regular
Tampa
Electric
Trust
Co.,
Trustee,
COMMON STOCK DIVIDEND NO. 21.
and One-Quarter Per Cent
(1 M°/o) on the Common Stock has been declared
payable January 2nd, 1918, to stockholders of
record, entitled to share in such dividend, at the
close of business December 15th, 1917.
Checks
will be mailed.
WALTER DUTTON, Treasurer.
Trust
Co.,
Trustee,
Boston.
Agents.
FAIRBANKS, MORSE & CO.
PREFERRED STOCK DIVIDEND.
quarterly dividend of one and one-half per
(1A%) has been declared by the Board of
this Company,
1917, to stock¬
holders of record at the close of business on
November 22nd, 1917.
The transfer books of the Company will close
at five o'clock p. m. on November 22nd, 1917,
and will re-open at ten o'clock in the forenoon of
A
cent
Directors on the Preferred Stock of
and will be payable December 1st,
December 1st, 1917.
F. M. BOUGHEY, Secretary.
Chicago, Illinois, November 19th, 1917.
CONSOLIDATED
A dividend of One
Company
5s, 1933
First Mortgage
American
33.
STONE & WEBSTER,
Boston.
Colony
DIVIDEND NO.
quarterly dividend of $1.00 per share has
been declared on the common capital stock4 of
Northern
Texas
Electric
Company,
payable
December 1, 1917, to Stockholders of recordAat
the close of business November 22, 1917.
A
Transfer
Puget Sound Power Company
First Mortgage 5s, 1933
Treasurer.
THE MONTANA
POWER COMPANY.
PREFERRED STOCK DIVIDEND NO. 21.
Fort Worth, Texas.
COMMON
& Trust Co.,
Boston.
42 Broadway, New York.
NORTHERN TEXAS ELECTRIC COMPANY
1930
Boston Safe Deposit
York or in Boston, will
16 Wall Street.
D.
Electric Company
Boston.
the office or agency
New York at the Bankers Trust Com¬
G.
Trustee,
pany
from these bonds, payable by their
Coupons
Co.,
Trust
Boston.
Telegraph Co.
Thirty-Year Five Per Cent Collateral
Agents.
Brockton &
State
American Telephone &
Transfer
Plymouth Street Ry. Co.
First Mortgage 4^s, 1920
19.
STONE & WEBSTER,
($2.00) per share
Company, will be
record December 10, 1917, as shown on the books
of the Company.
On account of annual meeting transfer books
will be closed from Dec. 10, 1917, to Jan. 10, 1918.
inclusive.
DIVIDEND NO.
quarterly dividend of $1.50 per share has
declared on the preferred capital stock of
The Connecticut Power Company, payable De¬
cember 1, 1917, to Stockholders of record at the
close of business November 23, 1917.
A
been
Boston.
Dividend of TWO DOLLARS
on the capital stock of Swift &
Agents.
COMPANY
THE CONNECTICUT POWER
T% Berkshire Power Company
First Mortgage 5s, 1934
& Company
the close of
Transfer
Bldg., Chicago
-
The
Union Stock Yards, Chicago,
$3.00 per share has
business
S. CROSBY, Treasurer.
FREDERIC V.
A semi-annual dividend of
been declared on the preferred capital stock of
Pensacola Electric Company, payable December
STONE &. WEBSTER,
'
165 Broadway, New York, N.
Florida.
DIVIDEND NO. 20.
1, 1917, to Stockholders of record at
November 22,
1917.
147 Milk Street, Boston
urgently requested to file dividend mailing orders
with the undersigned from whom blank forms
may be had upon application.
November 8, 1917.
KANSAS CIT
DAYTON
MINNEAPOLIS
SAN FRANCISCO
DETROIT
PHILADELPHIA
,
NEW YORK
BROADWAY,
150
INTERSTATE-CALLAHAN
MINING COMPANY.
61 Broadway, New York City.
of Directors of the Consolidated
Interstate-Callahan Mining
Company has this
The
Board
day declared a quarterly dividend of fifty cents
(50c.) per share, payable January 2, 1918, to
on December 20, 1917.
B. BEATY, Secretary.
19 1917.
&
stockholders of record
JULIAN
New York, Nov.
AMERICAN POWER & LIGHT CO.
71 Broadway, New York.
\
COMMON STOCK DIVIDEND NO. 20.
The
(1%)
Power
regular quarterly dividend of
on
&
the Common
Light
one per
cent
Stock of the American
Company
has
been
declared,
olders
Eayable of record at the 1917, of business Novem¬
December 1, close to common stockber
24,1917.
M. H. ARNING, Treasurer.
THE
XTin
CHRONICLE
[Vol. 105.
Jfinantial
MUNICIPAL BOND EXEMPT FROM ALL FEDERAL
DIRECT OBLIGATION
A
(NORMAL AND SURTAXES) TO
INCOME TAXES
YIELD 5%
$600,000
CITY
OF MOBILE
ALABAMA
DLOG%5
BONDS
Dated November
1; 1917
Due November
1, 1947
Principal and semi-annual interest, May 1st and Nov. 1st, payable in New York City.
with
bonds
Coupon
ELIGIBLE TO
privilege
SECURE
of
registration.
Si,000.
Denomination
POSTAL SAVINGS
DEPOSITS AT
90%
FINANCIAL STATEMENT
Assessed
Valuation
1916-1917
Bonded
Total
..$3,592,500
.
Bonds
Water
$35,911,654
...
Debt
..
Net Debt_
790,000
2,805,500
.______
Population 1910 (U. S. Census)
1917 (Estimated) .j__
51,521
"
......60,000
These bonds, in addition to being a direct and general obligation of the entire city, payable from taxes
levied upon all of the taxable property, are by city ordinance secured by a first lien upon the net earnings
of the wharf and terminal properties which further ensures the prompt payment of principal and interest.
This ordinance provides for the establishment and maintenance
of
a
cumulative
sinking fund sufficient
to
retire the loan at maturity.
'
price
M.
R.
31
100
GRANT & CO
Nassau
St., New York
BOSTON
CHICAGO
We have for sale at the
ATLANTIC COAST LINE
Consol.
market
4s,
REPUBLIC
ATCHISON TOPEKA & SANTA FE General 4s, 1995
NORFOLK & WESTERN Consol 4s,
1996
NEW YORK CONNECTING First 4Y2s, 1953
CANADA SOUTHERN
Consol
IRON
PREFERRED
1952
&
STEEL
At
COFFIN & COMPANY
44 Pine
57.
open.
1962
DULUTH MISSABE & NORTHERN First 6s, 1922
Tel. 6100 John
NO.
At a meeting of the Executive Committee of
Republic Iron & Steel Company, held No¬
vember 16th, 1917, the regular quarterly dividend
of 134 %
on the
Preferred stock was declared,
payable January 2nd,
1918, to stockholders of
record
December
15th,
1917.
Books
remain
the
COMMON DIVIDEND
5s,
COMPANY.
DIVIDEND
NO.
5.
meeting of the Executive Committe
Republic Iron & Steel Company, held
November 16th,
1917, a dividend of 134% on
the Common stock was declared, payable Feb¬
ruary 1st, 1918, to stockholders of record January
15th, 1918.
Books remain open.
R. JONES, JR., Secretary.
of
a
the
St., NEW YORK
CANADIAN
THE
PACIFIC
RAILWAY
Dividend 86.
At
CO.
«J>-
meeting of the Directors held to-day the
usual quarterly dividend of Two and One-Half
©ibfoettbs
UNION
A
&^PAPER
BAG
quarterly
dividend of
©ibftienbs
CORPORATION.
one
one-half per
and
cent upon the stock of this
declared, payable
on
corporation has been
December 15tb, 1917, to
the holders of record of the stock of this
corpo-
rat|en at the close of business
This quarterly
dividend|of
on
DeC. 5th 1917.
and one-half per
will be paid also
one
?enAdM%) this day declared
to the
persons to whom stock of this
ehall be issued of record
on
ment
to
respect
be
of
on
stock
December
15th, 1917, in
theretofore issued; and upon
on
in
issuance
and
made
or
respect of stock Issued thereafter,
before December 31st, 1917.
JriviYei?ds declared hereafter
to
*
will be paid only
the holders of record of the stock of this cor¬
poration, and not to the holders of the Preferred
and Common
Stocks of The Union
Company (the
Bag & Paper
old company).
The books for the transfer of
the Preferred and
Common Stocks of The Union
Bag & Paper
oil3™Pany (the old company) have
to be
oi,Av!
*
tt^«
Decem-
Prom that date no transfers
^ibe ma(je except upon the books
Paper Corporation (the consoliinto the
named corporation.
1
<?°rPpration), and after conversion
of said last
stock
may
on
1917.
^
be presented
stocks of the old
company,
for conversion to the
Empire
Cit^ Company. No. 120 Broadway, New York
TT-rvinn
Union
dated
XT
f<£ the transfer of the
&
Bag
Paper Corporation (the
corporation) will remain open as
xr
i
CHAS.B. SANDERS,
New York, Nov. 21st, 1917.
ber 12,1917.
Checks for the
\
stock
of
consoli¬
usual.
Secretary.
I
*
on
the
Common Stock
for the quarter
September, last, being at the rate of
per annum from revenue and
Three Per Cent per annum from special income
account, was declared, payable 31st December,
next, to shareholders of record at 1 P. M.,tlst
Per
Cent
December next.
p*
ERNEST ALEXANDER, Secretary.
Montreal, November 12, 1917.
payment of the dividend will
be mailed.
Transfer books will not be closed.
MERGENTHALER
WALTER J. VREELAND, Asst. Secretary.
New York, November 21,
New
LINOTYPE
CO.
York,,November 20, 1917.
Dividend
1917.
88.
A regular quarterly dividend of 2H
per cent,
an
extra dividend of 2)4
per cent, on tho
capital stock of the Mergenthaler Linotype Com¬
pany will be paid on December
31, 1917, to the
stockholders of record as they appear at the close
and
THE CUBAN-AMERICAN SUGAR COMPANY
A quarterly dividend of one and three-quarters
cent (l%%) was declared this day on the
outstanding
Preferred
Capital
Stock
payable
January
2,
1918,
to
stockholders
of record
December 12, 1917.
Checks for the payment of the dividend will
per
be
of business
on
Books will not
December 5,
be closed.
JOS.
T.
1917.
The Transfer
MACKEY, Treasurer.
mailed.
Transfer books will not be closed.
WALTER J. VREELAND, Asst. Secretary.
New York, NovemDer 21, 1917.
been ordered
cloud at the close of business
nf
THE CUBAN-AMERICAN SUGAR COMPANY
A quarterly dividend of two and one-half per
(2 Vi%) was declared this day on the out¬
standing Common Capital Stock payable Janu¬
ary 2, 1918, to stockholders of record Decem¬
cent
December
1917, and prior to January 1st, 1918, in
exchange for the Preferred and Common Stocks
or lbe Union
Bag & Paper Company, such pay¬
Cent
ended 30th
Seven
corporation
and after
5th,
Per
a
TO THE HOLDERS OF PREFERRED STOCK
OF
THE PITTSBURGH & WEST VIRGINIA
RAILWAY CO.
CRUCIBLE STEEL COMPANY OF AMERICA
Pittsburgh, Pa., November 5. 1917.
DIVIDEND
61.
»~4
will be mailed.
GEO.
Pittsburgh,
Pa., November 1st, 1917.
At a regular meeting of the Board of Directors
of The Pittsburgh & West Virginia Railway Com¬
pany held at the office of the Company, No.
120 Broadway, New York City, on the first
day
of November, 1917, a dividend of one and one-half
(1H%) per cent was declared on the Preferred
Stock or the Company for the quarter ended
September 30th, 1917, payable December 1st,
1917, to stockholders of record November 5th,
1917.
F. J. BRUNNER, Secretary.
NO.
A dividend of one and three-quarters per cent
(IX%) has been declared on the Preferred Stock
of this Company, payable December 20, 1917, t#
stockholders of record December 6,1917.
Checks
A.
TURVILLE,
Vice-President.
PENNSYLVANIA-KENTUCKY
OIL
AND
GASOLINE REFINING CORP.
Wheeling, W. Va., November 20, 1917.
At a meeting of the Directors of the above-
„
named company, held on November 20,
1917. the
regular quarterly dividend of FOUR PER CENT
was
declared to stockholders of record December
15, 1917, payable January 2. 1918.
C. M. WATSON, Treasurer.
Nov. 24 1917.]
THE
XII
CHRONICLE
•
Jftnatttial
$10,000,000
GENERAL
ELECTRIC
COMPANY
TWO-YEAR 6% GOLD NOTES
Due December 1,
Interest
1919
,
payable June 1 and December
'
1
Coupon Notes in denominations of $1,000, $5,000 and $10,000,
registerable
WE OFFER THE ABOVE
AT
as
to
principal
NOTES FOR SUBSCRIPTION
98M AND INTEREST YIELDING ABOUT
6.65
Subscription books will be opened at
24th, and will be closed at
The amount due
on
noon
the
PER CENT.
offices, at 10 o'clock A. M., Saturday, November
our
same
day,
or
earlier in
notes allotted and the date of
our
discretion.
payment will be given in the notices of
allotment.
The
right is reserved to reject
smaller amount than
a
any
and all applications, and also, in
event,^toaward
any
applied for.
J. P. MORGAN & CO.
LEE, HIGGINSON & CO.
Dated November 23, 1917.
\
Bibftenfc*
Southwestern
Power
Preferred
The
Stock
&
Light
Co.
Dividend.
regular
quarterly dividend of one and
three-quarters.per cent. (1K%) on the Preferred
Stock of Southwestern Power & Light Company
has been declared, payable December 1, 1917, to
stockholders
November
of
23,
record
at
the
close
of
Empire ©rust
busines
(Eitntpmtg
1917.
M.
H.
ARNING, Treasurer.
Announces that it has
NATIONAL LEAD COMPANY.
Ill Broadway, New York.
A quarterly dividend of one per cent has been
declared on the Common Stock of this Company,
payable December 31, 1917, to stockholders of
record December 7, 1917.
FRED. R. FORTMEYER, Treasurer.
on
Federal War Tax
sale
Stamps
8®anteb
WANTED—Representation
in
its Tax
at
Philadel¬
phia and vicinity of first class Bond House.
Much
experience,, including
tation
years
in
of
Philadelphia
one
York City.-
Commercial
for
the
six
represen¬
120
consecutive
Stamp Department.
BROADWAY, NEW YORK
of the best bond houses in New
Address, "Representative," care
&
Financial Chronicle,
P. O.
This
Agent of the State of
Company is the Fiscal
Box 3, Wall St. Station. N. Y. City.
New York for the sale of Stock Transfer Tax
I
State
sls
or
.
,
•
..
.
Stamps
'
Federal Tax Stamps will be sent by return
mail, insured, upon receipt of New York bank draft.
STERN & SILVERMAN
INCORPORATED
THE FAR EASTERN
PHILADELPHIA
LUDWIG
Translating and Advertising Bureau
We translate and handle
ELECTRIC RAILWAYS
Catalogues, newspaper
form letters, post¬
and business correspondences In
both America and China.
Inquiries from Ameri¬
ENGINEERING
CRANE
& Co.
and magazine advertisements,
ers,
FINANCING
&
Successor* to T. W. Stephens
can
trade
names
business
109
men
are
Investment Securities
cordially invited.
Waverly Place,
New York
61
Broadway
New York
THE
XX
[Vol. 105.
CHRONICLE
Jffaaiutal
35
Pine Street
Franklin
Bank Bldg.
PHILADELPHIA
NEW YORK
185
Devonshire Street
BOSTON
Government Loans
Municipal and Railroad Securities
High Grade Industrials
IV
flmmtrcial «■
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
VOL. 105
SATURDAY, NOVEMBER 24 1917
Inc.
1917.
Terms of Subscription—Payable la Advaace
.
.$10 00
6 00
One Year.
ito Six Months
13
7
£2
£1
European Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)...
Canadian Subscription (including postage)
00
50
14s.
lis.
$11 50
Terms of
Transient matter per
railway and Industeial
Standing Business Cards
20 00
60 00
87 00
22 00
^ Two Months (8 times)
Six Months
7896.
B. DANA
COMPANY, Publishers,
morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See.
Addresses ol all, Office of the Company.
every
Saturday
the corresponding week last year.
327,825
+12.8
544,294,141
425,265,031
129,971,316
+ 34.8
62,528,375
23,742,992
12,991,268
11,439,647
4,700,000
11,169,145
2,028,181
4,111,850
2,894,083
2,254,571
1,838,028
1,240,710
901,831
900,000
67,771,322
28,853,086
22,999,578
11,095,021
19,015,103
4,625,862,
6,297,730
4,700,815
2,881,584
3,826,767
2,280,421
1,174,154
1,932,000
1,130,394
555,000
788,995
96,404,768
30,054,000
22,925,499
18,121,134
7,528,207
12,669,093
2,748,429
5,233,763
3,195,241
2,120,275
3,135,724
2,160,200
1,242,441
1,248,348
889,709
540,738
068,696
Total Pacific..
274,652,898
Kansas City....
Minneapolis
231,349,352
42,013,307
1 110,337
Dayton
Evansvijle
Springfield,
Ill-
Lexington
Youngstown
..
Rockford
Canton
Quincy
Springfield Ohio
...
Danville
Lima
Per
ending Nov.
1917.
24.
1916.
Cent.
...
...
Owensboro
Tot MId.West.
._
Angeles*:-..
Seattle..—
Portland
Spokane
New
York
$2,943,650,646
Boston
Kansas
City
St. Louis
San
Francisco—
;
Pittsburgh
Detroit..
New
Orleans..
—18.2
$3,598,374,467
395,571,915
260,017,477
202,610,053
111,637,815
112,075,414
68,007,448
73,697,936
46,956,199
39,583,029
45,067,092
313,221,299
243,273,496
195,787,431
142,634,423
108,792,595
76,829,873
47,996,771
39,767,301
58,676,947
Philadelphia
+6.1
Salt Lake City—
Tacoma
+20.5
Oakland.
+20.1
+75.4
+27.3
Sacramento
+ 60.0
Stockton
San
Diego
Fresno
+4.2
+2.2
Pasadena..
+0.5
North
+30.2
San Jose
Yakima..
Reno
—
Long Beach
Eleven cities, 5 days.
Other cities, 5 days
Total all
$4,590,148,990
876,248,923
-
—7.3
675,488,947
$5,629,088,392
1,066,057,559
—2.9
+ 0.9
Omaha
—.
$6,542,327,760
$6,695,145,951
—2.3
Denver
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
all
cases
Saturday, and hence In the above the last day of the week has to be in
estimated, as we go to press Friday night.
Detailed figures for the week ending November
17 follow:
St.
Joseph
Des Moines
Sioux City
Wichita
Topeka
Lincoln
Cedar Rapids.
Inc.
1917.
1916.
1914.
1915.
Dec.
3,710,128,002 4,039,807,207
Philadelphia
Pittsburgh.:
413,513,046
84,948.358
Baltimore
52,622,568
23,255.222
Buffalo...
7.080,341
AlbanyWashington
Scranton
13,823,564
9.303,846
4,097,278
Syracuse
4,500,000
Rochester
...
Reading........
Wilmington.....
Wllkes-Barre
Wheeling.
Trenton
.
York
2,958.756
3,675,618
2,353,629
4,287,854
3,171,992
1,611,124
2,214,430
1,435,233
1,536,394
1,122,400
—8.2 3,075,301,411 1,402,845,262
318,101,451
+ 30.0
73,822,548
48,878,519
19,471,156
5,948,720
10,024,206
7,609,483
+ 15.1
3,515,364
3,867,070
2,795,473
+ 16.6
3,103,972
2,189,503
3,509,653
+ 18.4
+20.6
218,995,300
55.306,766
39,299,352
15,316,300
0,328,417
8,458,158
5,774,811
3,048,562
3,034,085
2,053,211
2,754,278
2,111,021
2,741,206
2,210,210
1,011,954
1,181,196
728,196
1,059,129
+ 8.2
838,600
082,807
—12.1
560,590
1,926,351
554,833
+34.9
1,750,366
402,800
+ 7.7
+ 19.4
+ 19.0
+ 37.9
+22.3
'
2,372,319
1,110,342
+16.4
+ 5.8
+ 7,5
+22.2
+33.7
+36.1
Chester
Altoona
Lancaster
Montclair
Total Middle.
+30.2
2,599,221
614,065
Greensburg
Blnghamton
1,708,748
728,609
1,273,030
1,037,300
600.000
...
4,351.352,941 4 ,554,039,324
+ 97.0
+ 10.8
.
277,309,318
Holyoke
857,904
980,167
977,165
744,924
—12.3
Bangor..—.
+31.7
063,813
462,750
324,825,902
+31.0
254.898.018
Providence
Hartford
New Haven
Springfield
...
Worcester
Fall
New
River
Bedford...
Lowell
Tot. New Eng.
_
425.607,754'
13.419,600
10,022,950
5,418,255
3,452,651
2,931,619
4,792,329
2,183,623
2,039,946
1,533,452
+ 34.9
+ 7.9
218.281.849
10,820,500
—3.0
7,040,230
3,855,115
3,575,701
2,525,000
3,375,708
1,581,371
1,709,154
994,827
+4.3
+ 34.9
+ 7.4
—6.5
+50.7
+23.8
+ 18.4
1,118,960
843,133
—3.6
+20.1
—5.7
—12.4
—15.8
+23.4
+ 9.4
—3.3
1-276 360
+2.0
2 965.000
+ 64.1
+61.6
717,697
2,173 235
1,029 129J
—38.7
1 900 000
—3.0
1.082,054
+20.1
860,197
1 142,771
+ 12.6
+20.4
865 865
1 079,680
774,705
905,577
880,360
+ 31.1
+26.1
614 659
739 414
+ 13.7
451 403
925,000
+3.2
826,971
487.470
+20.1
+40.2
417,427
498,721
—6.9
050,000
1,235,154
716,341
94,252
+ 6.3
+25.9
+20.9
+47.4
+ 54.8
+ 68.3
+ 10.8
+47.1
+35.5
+22.0
+ 5.3
—5.5
+ 54.8
+27.1
'
500,000
.
20,170,386
11,589,967,
11,700,000
3,724,738
10,190,903
2,007,203
3,587,536
2,515,198
1,849,293
1,604,628
1,161,889
706,323
791,878
420,089
298,264
+2.6
332,803
+ 18.0
496,631
602,840
210,898,265
+30.2
144,060,121
130,482,577
129,025,499
40,124,446
30,027,388
21,427,175
17,883,425
11,258,225
11,731,474
+79.3
96,326,649
35,170,489
22.589,182
18,665,515
13,721,228
13,192,246
8,631,922
5,478,271
3,694,977
4,354,070
1,770,260
2,429,939
1,451,289
1,983,161
2,906,005
858,354
462,123
73,608,024
34,054,619
17,714,702
12,849,738
11,098,882
9,274*880
8,567,920
4,649,793
2,906,897
8,756,565
1,534,410
2,101,762
1,222,534
1,002,033
2,281,730
702,804
400,925
842,989
231,281
798,797
1,408,071
1,487,010
'
46,480,330
34,396,707
11,431,116
6,516,293
7,082.900
4,367,358
2,991,183
2,630.006
1,671,078
1,569,150
1,685,530
1,749,932
2,044,243
Richmond
887,493
959,038
613,157
658,045
628,100
608,018
1,221,305
391,257
146,429,773
7,216,200
4,251,097
3,319,255
2,642,072
2,073,072
2,591.344
1,192,752
1.157,932
746,161
749,372
625,605
172,994,635
Billings
—
—
Tot.Oth.We8t.
St.
Louis
—
New Orleans
Louisville
Houston
Galveston?
Memphis
Fort Worth..—.
—
...
Norfolk
Birmingham
Augusta
+30.4
—20.3
+ 31.9
+32.8
+65.2
+ 50.1
+66.2
+48.6
+78.7
+71.4
+ 5.3
—11.7
+ 17.3
410.063
+43.3
357,971
1,192,000
2,119,000
2,342,862
1,135,672
+18.7
1,500,000
2,241,262
2,667.210
1,721,677
+51.6
398,842
266,145
1,094.013
2,154,039
1,648,417
938,143
442,071,987
300,435,608
+ 47.1
240,091.909
195,145.898
189,723,401
55,921,830
22,702.005
18,600,000
6,500,000
21,000,000
18,763,790
49,893,104
142,659,427
44,530,037
19,998,277
16,993,175
+33.0
99,819,855
+25.6
74,705,018
19,253.531
7,309,528
—11.1
17,253,233
13,102,774
20,915,749
34,342,396
9,430.194
11,074,862
6,963,218
3,029,042
3,214,424
3,300.000
2,122,504
5,231,166
4,157.604
3,655,075
+21.7
23,289.327
18,301,601
13,497,417
5,710,491
10,683.670
11,657,087
69.462,021
Atlanta
Savannah
Nashville
—15.1
590.411
WaterlooHelena
6,928,304
5,222,118
5,750,000
2,193,665
3,142;245
1,952,367
1,759,840
2,454.356
1,200,200
719,307
+4.7
+ 50.5
425,000
Hastings
Aberdeen.
jfete.—Tor Canadian elearings see "Commercial and Miscellaneous News."
Colorado Springs
Pueblo
,
158,692,107
—4.5 3,450,236,579 1,692.109.612
374,002,763
14,473,300
9,720,101
5,653,441
4,656,101
3,150,000
4,481,990
3,290,990
2,525,164
1,815.833
Boston..
3,016,200
2,583,112
Fremont
$
%
New York
—
Fargo
or
'
Portland
...
Davenport
Week ending November 17.
Clearings at—
Erie
18,201,959
'24,386,010
8,969,245
15,475,835
9,200,000
8,626,820
8,652,075
3,426,719
4,070,359
3,488,323
;
Duluth
at noon on
31,925,000
47,000.000
St. Paul
Total all cities for week
1,150,000
553,948
370,957
163,742
673,211
3,687,072
+ 5.0
+30.9
+29.7
$5,466,897,913
1,075,429,847
cities, 5 days
All cities, 1 day
$4,053,509,445
840,548
955.000
585.000
910,986
Lansing
Los
Week
.
Wayne....
San'Francisco.
Clearings—Returns by Telegraph.
8,618,933
3,368,708
3,790,082
2,856,909
2,147,667
1,083,396
779,807,505
5,420,143
3,385,251
3,418,579
1,704.278
1,701,600
6,231 000
1,207,697
3,851,291
2,046,827
2,200,000
1,300,000
1,280,775
1,300 000
1 187,785
Adrian..
by telegraph, &o,, Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $0,542,327,760, against $6,948,352,260 last week and $6,095,145,951
up
8,241,300
—7.0
879,703,043
Grand Rapids...
Ann Arbor.
CLEARING HOUSE RETURNS.
+ 18.3
299,624
11,479,400
11,209,040
3,300.000
Jacksonville, 111-
Jfi The following table, made
+ 10.4
358,680,137
32,794,950
39,798,698
37,456,298
19,354,425
10,137,067
+30.8
+36.4
Columbus
Jackson
Published
+ 14.0
916.532
243,238
16,358,000
Decatur.
Front, Pine and Depeystcr Sf.» New York*
496,969,971
20,250,550
69,850,253
64,820,857
26,875,579
14,058,962
9,704,900
12,052,461
3,500,000
6,184,003
4,022,723
2,769,113
1,658,624
1,822.134
5 127,000
735,999
3 993,325
1 350,784
—8.6
62,499,630
32,275,869
Indianapolis
South Bend
e4ondon Office—Edwards & Smith, 1" Drapers' Gardens, £. G.
1914.
+ 12.4
Milwaukee
Mansfield
(13 times)
(26 times)
TwelveMonths (52 times)............
Three Months
1915.
%
492,704
405.909
125,124
420,488
Detroit...
Akron
$4 20
or
Dec.
293,328,273
22,882,490
21,380.151
26,180,590
16,800,315
8,092,506
0,079,900
6,691,042
3,055,609
2,975,387
2,000,286
1,171,731
1,055,364
1,240,117
1,598.000
035,846
1,181,642
848.559
1,513,275
772,990
688,542
663,230
/ 609,880
477,109
427,607
570,447
378,099
479,739
680,000
267,320
271,349
52,657
302,469
91,438,995
Fort
lines)..
space (14 agate
Chicago Office—39 South La Salle Street, Telephone Majestic
WILLIAM
566,374,934
42,253,320
Bloomington—..
(3 times yearly)
Electric Railway (3 times yearly)
bankers' convention (yearly)
1916.
$
Cleveland
Peoria ...;
Advertising—Per Inch Space
inch
Chlcago
Cincinnati
Toledo..—.
Subscription includes following Supplements—
State and City (semi-annually)
NO. 2735
Clearings at-
PUBLISHED WEEKLYi
Bank and quotation (monthly)
Railway Earnings (monthly)
City Section
Week, ending November 17.
3P« (Pfettitfo.
.
Railway Section
—
Jacksonville
Knoxvllle
Little Rock
Chattanooga
14,973,645
15,625,261
8,492,946
4,437,070
6,090.074
6,101,993
3,156.654
7,300.000
5,760.673
3,706,217
+25.8
+ 5.8
+
9.0
+ 13.6
+ 15.7
+43.2
+ 85.4
+ 73.1
+ 58.7
+41.1
+22.0
+40.5
+58.4
+ 54.0
+48.3
+39.0
+38.7
Macon
2,668,718
+4.2
+8.1
6,334,148 + 107.1
7,524,487 —04.0
Austin
5,000.000
3,000,000
Charleston
Mobile..—
Oklahoma
Vicksburg
Jackson
Muskogee
Tulsa
Dallas
Total Southern
Total all
1,461,066
13,124,117
034,996
1,000.040
5,139,812
7,882,591
21.937,635
574,903,637
1,351,008
+60.7
+43.2
443,400
+40.5
712,418
2,060,651 + 149.4
+ 70.6
4,623,528
+28.0
17,138,358
417,377,883
6,948,352.260 6,587,384,487
Outside N. Y. 3,238.224,258 2,547,577,280
+ 37.7
+
15,473,658
21,157,370
6,375,174
7,789,076
5,001,300
2,997,631
2,349,095
2,935,127
2,090,435
3,169.058
3,035,236
2,257,938
920,155
3,308,000
4,361,691
1,848,351
319,130
509.085
1,403,375
2,443,700
271,604.511
812,930
11.273.292
9,187,311
4,669.272
8,502.996
10,439.268
0,320,820
14,098,075
4,396,288
6,721,223
4,122.255
2,611,338
1,915,719
2,616.992
1,742,202
2,562.651
1.997.880
1,795,154
1,000.000
3,043,678
3,701,208
2.553,305
263,777
385,810
1,116,059
1,438,852
202,432,970
-6.5,4.905.215,279 2,818.430.723
+27.1' 1.829,913.868' 1.415.585.46 \
THE
2026
A
number of
new
"State and City Section,"
our
subscribers should receive a copy
As previously announced, this Supplement
issued in parts, Part One containing the New
who
paper
it.
is
subscribers
is issued to-day, and all readers of the
revised to date,
of
July 30, 30%
SECTION.
CITY
STATE AND
now
are
England, Central and Middle States, being issued
at the end of May, and Part Two embracing the
of the
rest
fact
of the
that
the growth and
with
municipalities of the United States the de¬
additional
for
mand
The change is due to
multiplication
November).
Saturday" in
the
being issued to-day (the last
country,
has become too heavy
space
satisfy within the limits of a single number.
to
As
able to extend the
result of the change we were
a
of munici¬
palities in Part One by 38 pages, and are to-day
adding 48 in Part Two, making altogether 86 new
pages devoted to the presentation of statistics of
devoted
space
these
detailed statements
to
[Vol. 105.
CHRONICLE
municipalities.
Aug. 15 and 30%
on
at
were
whole amount when
scription.
Not
words, in the
in the present instance.
so
cation
cash
the counter and
The
immediately received their
regulations prescribed by the
in
not
amounts
bonds
or
no
could not do
payments
on
completed without the slightest friction in the
were
market should not be allowed to
money
Call loans
noticed.
time
the
in
the Second Liberty Loan subscriptions
last
ruled
week
week
on
with
contrast
the
above
4J4%, the
situation
the
at
for
range
This is quite
of
time
Experience with reference to full payment in the
matter of this Second
that in the
least
the
Loan last June and
July, when
call
money
on
10%.
the
case
Liberty Loan has been just like
of the First
Liberty Loan—that is,
preponderance of the subscribers,
amount
as
is
magnitude—and it is the biggest piece of financing
ever
undertaken
carried
been
credit upon
our
Government—should have
through with such
constitutes
ness
by
an
and smooth¬
achievement that reflects great
all concerned, and most of all
Secretary of the Treasury.
It is
indeed, of which the latter
The affair
ease
was
an
upon
the
achievement,
well feel
may
proud.
superbly managed throughout.
when
appear
we say
'
The
To what extent
once.
exercised will
that in the New York Federal
Reserve District where the
allotment to subscribers
$1,163,475,200, the payments
was
far
as
have elected to
concerned,
right of prepayment has been
up
to last Friday
night had been $745,353,000 and this week have been
further increased to $949,239,980.
In other words,
80% of the entire proceeds of the subscription
over
have
already been received in this Reserve District.
Possibly the extent of the prepayment in the other
Federal Reserve districts has not been
the New York
„
Government financial transaction of such
a
the
in connection with the First Liberty
Stock Exchange spurted up as high as
That
un¬
the Stock Exchange at no
having been 3M@4J^%.
initial payments
pass
until
so
November 15.
_
last week
on
payment in excess of 2%
Accordingly those desirous of
accepted.
completing their
accom¬
by payment in full, but that
subscriptions
would be
$1,000 might be
payment of 2% of the amount of
a
applied for
all other
of
excess
panied either by
complete their payment at
extraordinarily large payments
Secret
tary of the Treasury provided that subscriptions for
i
The fact that the
pay¬
appli¬
except by very small subscribers who paid
over
bonds.
at
V
In other
of the Second Liberty Loan
case
the
pay
originally tendering their sub¬
ment in full could not be made at the time of
the great
FINANCIAL SITUATION.
Aug. 30), and
on
liberty at that time to
very
District, but
large, nevertheless.
we may
actually received
account of the
have been
ments
the
turning
over
have
we
in
was
Nov. 21 the Government
$2,009,000,000
of
cash
$3,808,766,150 bonds allotted.
New York District
as
be certain it
Proof of the statement is
found in the fact that up to
had
great
as
close to
already
seen
on
In the
total
pay¬
$1,000,000,000, and yet
to the Government of this vast
sum
has been effected without the least monetary tremor.
How has this been
accomplished?
The
has
process
aggregate of the subscriptions, it will be remembered,
been
reached, $4,617,532,300.
offering was only
$3,000,000,000, but the Secretary of the Treasury
Treasury has re-deposited the proceeds of the bond
had announced,
companies that had qualified for the
purpose.
perhaps it would
to
The
when making the offering, that in
the event the applications exceeded that
the
of
oversubscription
would
be
figure, 50%
accepted.
Ac¬
a
very
simple
The
one.
Secretary
sales with the national and State
he
allowed
the
be
accurate
more
money
banks
of
and
the
trust
Or
that
say
representing the bonds to
cordingly, the allotment aggregated $3,808,766,150.
Subscriptions had been invited up to and including
he
Oct. 27, and the terms of payment
preventing monetary dislocation during the period
required that 2%
should be paid at the time of application and
18% on
Nov. 15, when also payments in full might be made
by those
ments
so
are
inclined.
due
The remainder of the install¬
40% Dec. 15 and 40%
on
Jan. 15
(1918).
concern
attached to the payments in
the
a
subscribers
very
considerable proportion of
would
want
to
payment at the first opportunity.
to
full,
experience with the First Liberty Loan had
made it clear that
all
such
Second
resorted
conclude
their
And in respect
opportunity of making full payment, this
Liberty Loan differed in one essential respect
from the
First
to
other
devices
well
In addition,
adapted
for
while the Government will have control of the funds.
The
the
inference
Federal
cepted
these
Chief
since
stay in the banks and trust companies.
as
seems
Reserve
that
existence
banking system must be
explaining the
ease
are
Federal Reserve
They
are
banks
ac¬
being
through, and statements to that effect
frequently met with.
of
and facility with which
huge transactions have been and
carried
The
natural
nevertheless in
are
performing
are
error.
an
im¬
portant function at this juncture, but the freedom
from
monetary
mendous
to be
disturbance in face
of these tre¬
payments in favor of the Government is
explained entirely by the circumstance that the
Liberty Loan. In the case of this
latter loan, subscriptions were received
up to and
including June 15, and it was provided, as on the
loan to stand to its credit with the mercantile banks
present occasion, that 2% of the amount subscribed
the
must
be
(the
remaining
paid in cash with 18%
payments
more
.being
on
due
June 28
20%
on
Treasury Department allowed the proceeds of the
from
which the
money
would have been drawn if
Secretary of the Treasury had required that the
money
be actually paid
money
remains
as
over.
In other words,* the
Government deposits with these
Nor. 24
1917.]
THE
CHRONICLE
mercantile banks.
That is true not
the proceeds of the
Liberty bond payments, but also
as
regards
sales
of
Last
of
Treasury
payments
initial
June
Liberty Loan (which
and
of
July,
account
on
were
certificates
very
of
carried
with
the
in
main
rates
Reserve
of
cause
time
figures
Clearing House returns and look
mag¬
ernment
occasion.
proved
that
on
repeated
that to
take
This
money
Reserve banks
was
ing than to
Treasury
take
vaults.
coincident
mistake
spurt
not
was
Experience then
from the mercantile
custody of the Federal
operation hardly less disturb¬
the
The
and lock, it
payments last June
money
up
in.
were
large income tax receipts by the
and doubtless on that, account a
adjustment
between
that
with
Government,
perfect
an
deposits
and
upward
the present occasion.
banks and transfer it to the
banks
banks,
on
the
of
S.
U.
receipts
as
Treasury and the mercantile
rendered
was
and
payments
correspondingly
Perhaps also the Secretary
difficult.
more
then still influenced
was
by the views prevalent in certain quarters that it
doesn't matter
their
if the mercantile banks do lose
even
cash
reserve
Federal Reserve
long
so
as
they lose it to the
banks, since they
the mercantile banks will appear
First
much smaller
the
and
the
at
Government
large
extra
Federal
the
was
in
<
of the
nitude than those of the present month), the Sec¬
retary
How perfect was the adjustment on this occasion
the financial relations between the Government
regards
as
•
the
indebtedness.
the
only
3027
get it back
can
Oct.
available
to
deposits
13
these
448,000.
Take
anyone.
with
the
weekly
the
at the item of Gov¬
mercantile
Government
from certain
deposits
On
banks.
$173,-
were
On Nov. 10, four weeks later, they stood
at
$560,136,000.
no
less
than
LastJ Saturday the amount
$952,156,000.
Here
was
was
addition
an
in
a
single week—the week when the Liberty Loan
subscription payments had to be made—of almost
$400,000,000, bringing the grand aggregate of de¬
posits
close to
million
1,000
dollars.
The
Secre¬
tary of the Treasury had gigantic operations to deal
with
in
and
he
proved equal to the occasion, acting
heroic
an
posits
and
manner
with
commensurate
making Government de¬
the need.
It will not
notice that at $952,156,000 Government
deposits with the Clearing House institutions were
actually in excess of the payments made to the
escape
Federal Reserve Bank of New York
on the
Liberty
subscriptions, which the * following Monday,
as we have
already seen, were reported $949,239,980, though as a matter of fact the Secretary had
Loan
to
provide also for the large amounts
received
previously
Treasury certificates of in¬
of
account
on
again (so the theory runs) by putting their things in
pawn and borrowing from these Federal Reserve
debtedness, only
banks.
used in substitution for the
has
The
now
that
fallacy embodied in that idea however
been pretty
well exploded, and it is recognized
Government
operations
which
deprive
mercantile banks of their money reserves
these
reserves
credits
a menace;
deposits made with
must be
as
in
cash
vault
or
as
balances with the Reserve bank) are now,
or
before,
as
carried
are
the
(whether
furthermore that Government
view to restoring the equilibrium
a
placed with these mercantile banks and not
with the Federal Reserve banks.
the Secretary of the Treasury has
this occasion
undeviatingly followed the plan of
on
leaving
Government
banks,and,
from
consequence,there has been freedom
as a
ruction
deposits with the mercantile
in
the
money
market,
It is rather
interesting to observe the successive steps in the
Treasury policy in dealing with large payments to
the Government.
come
tax
A year ago
last June when the in¬
receipts first began to
at this centre close to
Government
Government
deposits
income
tax
the
payments
On
amounts.
Federal
ported at
June
now
ernment
he
in-goes
undertook
Government
were
to
of such
carry
more
a
when Gov¬
year,
enormous
proportions,
considerable amount
accumulations
Federal Reserve banks.
no
Clearing House banks.
deposits
as
with
That arrangement
satisfactory than the other.
proved
The present
month, with Government accumulations
again
of
up
becomes
through the mercantile banks, when it
necessary
drafts upon
the
for
the
Government
money reserve
to
make
of these mercantile
banks, readjustment is to be effected in only
way,
one
namely by restoring to the mercanti'e banks
what Government
and that to
operations have taken from them,
employ the Federal Reserve banks
medium for that purpose operates
the process
of adjustment.* '
as a
merely to prolong
deposits
York
less than $227,882,000.
in
were
re¬
On the other
on
as
Government deposits with the New York
Bank
reduced from
were
It
thus becomes
$227,882,000 to
entirely clear
why
monetary friction last June and July and
with
immensely larger Liberty Loan
deposits
were
not
pay¬
allowed
to
It remains to add that all through recent months
the
Secretary of the Treasury has been carrying
large extra special Government deposits with the
mercantile
banks.
Until
the
middle
of
November
these deposits represented mainly receipts on account
The
on
New
in the Federal Reserve Bank.
of
is carried
of
pile
principle that since the
of the country
Bank
Government
huge proportions, he put his faith entirely in the
commerce
16
of such extraordinary
Government
ments:
of
the
These
Government deposits of only $128,067,000; the next week, this was increased to $325,-
none
York
answer.
evening of Nov.
June 23 reported
was
July of the present
the
were
22
Reserve
no
there
New
Saturday's Federal Re¬
hand, the New York Clearing House institutions
heavily reducing the
the
Reserve
June, when the initial payment on account of
Liberty Loan had to be made, and when the
$31,924,000.
of
on
the
were
Federal
the First
accumulate in Government vaults with the effect of
In June and
Last
the
only $4,951,000; and at the end of the previous
week $7,301,000.
Contrast with this the situation
076,000
reserves
dollars, what
with
were
Reserve
holdings and. the surplus
billion
Bank statement furnishes the
considerable
money
a
deposits
Bank of New York?
serve
dimensions, the Secretary allowed large amounts to
assume
same.
With Government deposits in the mercantile banks
last
At all events,
a part of which was employed as
Liberty Loan payments, that is, were
offsets to the
the
large issues of certificates of indebtedness.
daily Treasury statements show the
these
deposits.
From
these
daily
extent of
statements
we
have
compiled the following table, setting out in
parallel columns the deposits with the Federal Re¬
serve
banks.
banks
and
In the
the
deposits with the mercantile
figures above,
we
dealing with
Clearing House
were
the results alone of the New York
banks and the Federal Reserve Bank of New
York.
In this tabulation
we
show the total of the
deposits
for the whole twelve Federal Reserve banks in
the
THE
2028
United States,
and also the deposits in
cantile banks of the country
all the
mer¬
combined.
deposits of New York banks by about $125,000,000.
These funds will no doubt be used by the Reserve
Deposits in Special Depositaries
in
Account
Federal
Reserve
Total !
Loan
Deposits.
of Indebtedness
Government
Deposits.
With
the
43,633,625
45,611,457
116,345,542
132.009.751 881,544,382
179,038,166 802,363,382
3...
56,211,242 780,133,894
1
...
2
4
110,388,202
115,730,820
116,348,287
116,615,358
117,350,602
117,644,840
774,574,159
766,081,786
762,477,786
761,660,286
759,170,286
759,170,286
97,605,546
6...
99,289,863
7
104,953,495
8
102,720,597
9... 106.531.752
10...
35,258,185
...
11
SUN DAY
■v
...
5...
925,178,007
847,974,839
896,479,436
.
884,962,361
881,812,606
878,826,073
878,275,644
876,520,888
876,815,126
SUN DAY
posi¬
getting on
Thursday as low as 2^%
It is not clear why the
Secretary of the Treasury should want to transfer the
proceeds of the sale of certificates of indebtedness to
call loan rates quickly dropped,
860,196,971
101,138,675
766,434,557
81,687,271
757,848,789
84,356,503
749,265,498
85,251,212
741,278,364
95,472,078
553,294,655 1 ,173,204,521
759,058,286
684,747,286
673,492,286
664,014,286
645,806,286
619,909,866
38,654,312
13...
73,778,271
14
54,573,558
15...
43,886,033
16... 176,818,432
17
21,248,458
...
...
SUN DAY
18
...
766,017,442 1 ,385,927,308
619,909,866
998,119,001 1 ,618,028,867
619,909,866
614,080,866 1,219,908,792 ,833,989,658
334,748,401 1,459,518,673 ,794,267,074
88,834,943
60,402,908
21
100,819,699
22...
95,881,593
19...
20...
...
on. Nov
16, the day following
the date when the payments on
account of the Second
It thus appears
that
Liberty Loan subscriptions had to be made, deposits
banks reached their
in the twelve Federal Reserve
maximum at
to
$176,818,432, only to fall the next day
On the other hand, special deposits
throughout the
$21,248,458
with the mercantile banks were large
month and
17 reached $1,173,204,521, while
Nov
on
by Nov. 21 they had increased to $1,833,989,658.
This latter sum was made up of $1,219,908,792 of
Liberty Loan deposits and $614,080,866 of deposits
representing
on
Nov
even
of certificates of indebtedness;
Liberty Loan deposits alone went
sales
22 the
higher, aggregating $1,459,518,673.
It was a
on the part of the Secretary of the Treasury
bold act
to
the Federal Reserve
Banks, making it necessary for
these latter to resort to
special endeavors to get the
But, in any event,
funds back into trade channels.
the
Secretary is deserving of
unqualified praise for
having carried through the enormous
transactions
...
12...
.
to the mercantile
money
banks, correspondingly improving their reserve
tion,
Nov.
of the
return
Govern¬
Department."
Treasury
the
of
behalf
on
.
Special
Certificates of
Banks.
ments
Liberty
of
making advances to the foreign
in
Bank
Deposits
[Vol. 105.
CHRONICLE
let
Government deposits run up to
1}billion
Liberty Loan payments without caus¬
involved in the
ing
a
ripple
the surface of monetary affairs.
on
Cotton in the New York
market, already ruling
extremely high, has this week made a further ad¬
presumably under the
vance,
stimulus of the signal
victory of the British in Northern France,
the
re¬
arrangement for the shipment of 200,000
bales to Great Britain in December, the comparative
ported
the
of
smallness
ginning
figures
announced
on
Wednesday/and other factors of a favoring nature,
the
price
the day mentioned reaching the highest
on
point (30.40c.
since
per
lb. for middling uplands) touched
Furthermore, going back a full
Sept. 17 1869.
periods (except during our
century we find but short
Civil
War), when the current quotation has been ex¬
ceeded
At times in 1817
closely approached.
or even
upland cotton ruled as high as 35j^c. and in 1818
the
quotation reached 34J^c., but thereafter down to
Dec.
1862 the
price level
much lower than now,
During the
was
quite generally very
sinking to 5 cents at times.
period conditions, of course, were
war
exceptional, hence quotations above 50c. were not
surprising,
nor
for that matter was the extreme high
reached in August
quickly drop¬
cordingly mqnetary ease was maintained.
As to the corresponding figures ,for last June and ped and by the early spring of 1867 middling up¬
lands had fallen below 30c., passing above that
July the record is incomplete, inasmuch as no daily
Treasury statements were issued between June 30 level, however, for short periods in 1868 and. 1869.
But since Sept. 1869 down to the current week, 30c.
and July 23.
On June 30, however, Government
Indeed, for
deposits in the Federal Reserve banks were reported per lb. has been an unknown figure.
at
was
what the situation required and ac¬
$305,743,526, and even on July 23 were reported
record
figure of $189 per lb.
1864.
dollars but it
Subsequent to that date prices
time the value of the
most of the
staple has been
Con¬
the United
841,218, of which $560,662,218. represented Liberty States, but accentuated by the difficulty of getting
Loan deposits, and $154,179,000 deposits made on supplies, owing to the U-boat menace and high freight
rates, Liverpool prices have advanced very materially
account of sales of certificates of indebtedness.
at
Special Government deposits with
$203,710,633.
the mercantile banks
June 30 aggregated $714,-
on
The mischievous effect of
large Government depos¬
its with the Federal Reserve banks
trated the present
week.
was
again illus¬
On Wednesday the call loan
and in 1894 was down close to 5c.
under 12c.,
currently with the price movement in
exception of
and with the
the current
the
is
market
a
few days in October 1865,
quotation for middling uplands in that
highest
since January
1865.
The
is in striking contrast with that at
nervousness
developed.
This was due to the fact the time the European War began when, underconditions, cotton was being absolutely
that on Tuesday subscribers to the issue of certifi¬ chaotic
cates of indebtedness made at the close of October sacrificed at the South and the country was being
rate at the Stock
were
their
asked
Exchange got
up
to 5J^%, and much
by the Federal Reserve Bank to "convert
book
credits,"
present situation
appealed to to buy a bale to save
Building
"Times," into cash by sending to the Federal Reserve
Bank their checks for the
rary goes on
to
say:
the Reserve Bank
trust
"This
proceeds.
was
Our contempo¬
done, and immediately
redeposited with the banks and
companies about two-thirds of the funds thus
transferred.
It is estimated that of the $685,000,-
000 of the certificates
sold, the New York district
took about $350,000,000; and it is
assumed that
yes¬
terday's shifting of funds reduced the Government
the planter.
according to the New York
in
States
heretofore
to
hamper
for several
fact at
no
construction operations in the United
1917, reflecting more clearly than
the various influences that have tended
Oct.
check activity in this important industry
a marked diminution.
In
time since we began the compilation of
or
months, show
up so
small
With continued
pros¬
the data have the October returns
a
total
perity
a
as
in the current year.
footed
feature of the times, and expansion
of business
Nov. 24
facilities
a
1917.]
THE
natural
concomitant,
tion work is somewhat of
a
CHRONICLE
decline in construc¬
anomaly, but the with¬
an
2029
Canadian returns at hand for the month
in
number
drawal of many thousands of mechanics from their
better
usual avocations to make up
and,
evidence of
the fighting body to
than
outcome
they indicate
in
few
are
somewhat
a
do not furnish
1916,
any
activity in operations.
abroad,and the employment of hosts of others in
go
erecting quarters for the embryo soldiers, has brought
about
shortage of labor that has been keenly felt
building lines. Add to this the shortage of mate¬
in
while
a
The
of the British Admiralty issued
report
Wednesday
was
on
after the
disagreeable surprise
a
reports from various quarters that the sub¬
many
rial, in part due also to the needs of the Government,
marine situation had been forced under control.
and its
showed that 17 British merchantmen had been
is
high cost withal, and the present situation
quite
has
fully explained.
been the
Indicating how general
falling off in building operations,
note that at
only
one or
the
was
there
country
the late
York,
two of the larger cities of
display of activity in
any
month, and at such leading centres
Chicago,
Kansas
City,
St.
we
Louis,
Cleveland,
Philadelphia,
Pittsburgh,
New
as
Boston,.
Milwaukee,
by mines
ber
The
only 1 vessel of that size and 5 smaller
ones.
destruction
report
the greatest
represents
The
since the week of Oct. 28,when 18 were lost.
the total is much less than
the
instance
Columbus,
num¬
1,600 tons.
present
Minneapolis, St. Paul, Los Angeles, Seattle, Port¬
Hartford,
than
more
previous week's report, it will be recalled, included
land, Ore.,
Salt Lake City,
submarines last week, 10 of the
or
being vessels of
It
sunk
campaign.
The weekly
19.2
was
Still
during the early part of
for October for
average
vessels, in September
for
19.5,
Toledo, New Haven, Akron, Bridgeport and Roches¬
June, July and August 22.2 and for March, April
ter, the decreases recorded
and
heavy in amount.
are very
May 29.8.
there still
Thus
•
seems
Actually only 22 out of 151 cities exhibit increases,
and those
®
some
couragement for the optimistic attitude
Lloyd George in the House of Commons
generally unimportant.
Our returns for October
of
the current year from
the 151 cities referred to furnish
total of contem¬
a
day.
The Premier said that
the submarine.
"We
to
United
five of them—five of these pests
States
of
only $42,242,911
or
$42,769,992
(50.3%) less than for the month of 1916 and 27
millions,
39%, under the aggregate for the like
or
period in 1915.
issued
were
marked
in
Greater
contraction
ture of but
and
The operations for which permits
New
covering
show
a
very
projected expendi¬
a
$4,441,783, against $14,413,510 in 1916
$10,672,677 in 1915, all boroughs sharing in the
decrease
and
extent.
For the country
estimated
totals
Manhattan
outlay
only
falls
and
New
England
for
(22
cities in
33
the
last
reports
1916,
of 3% millions.
million
a
Atlantic
the
West
total shows
more
is reported,
cities the dimi¬
1917 to date
cities included
151
it does,
compila¬
our
an
in
unfavorable
aggregate under
an
reported for the period for
some
years
The figures for the whole country for the ten
past.
852
33
outlay is virtually 2 millions.
covering the identical
months
of
the
last
four
years
are
616% millions,
millions, 680 millions and 754 millions,
tively.
Greater
New
York's
operations
millions fall below those of 1916
respec¬
91%
at
by almost 101 mil¬
lions and for the outside cities the contrast is between
525
millions
returns
from
and
650
by sections
1916
have
million dollars in New
Middle section
millions
in
millions.
discloses
been
the
Analysis
fact
Middle
of
that
the
losses
general, reaching nearly
15
England, 27 millions in the
(New York City excluded),
the
out in elaborate
its full
cables that
,
of the anti-submarine
merely of
devices but
new
detail, but which has not yet reached
development.
disposition
a
George's
in
At/ Washington there
official
conclusions
circles
rather
as
obtaining
confidential
over
enthusiastic.
means
concerning
information
efforts of the Allies to combat the submarine
declared
early in the week that it
to
that "we have
say
was
of
the
menace
not quite
further fear of
no
West, 3% mill
ons
do.
I
can
the
who
has
Another of
not
the efforts to
an
submarines
more
destroyed in the last few months than in
previous year."
over
by
that it is true that
say
have been
interviewer
our
heretofore
the
overcome
Govermnent
been
menace
optimistic
is quoted
saying that he is "now of the
as
opinion that by next spring the Allied naval forces
would
have
in hand."
and two French
and
the
German
the
One French
fishing vessels
losses
Italian
steamer
sunk
torpedo
and
wer.e
another
and
new
a
economic
tile
bases
and
of
British
German
were
sunk last week,
steamer
to
large
one
damaged by
into
German barred
zone
has been
"which have become
on
a
navigation."
subsequent
light naval forces
on
We print the
page.
Saturday engaged
light cruisers off Heligoland.
The German
warships fled through Heligoland Bight and
pursued
where
within
to
they
fleet
came
r57
battle
on
the
light cruisers
thirty miles
of
were
Heligoland,
under the protection of the German
and
ove
a
Berlin
port.
military respects important hos¬
Atlantic
announcement
well
than 1,600 tons
confined
established around the Azores,
in
situation
more
afterwards towed
that
announces
submarine
ship of
was
mine
fields.
One
of
the
German
observed to be in flames and the
Pacific Coast, some 18 millions at "Other Western"
machinery of another seemed to be damaged.
points and 4 millions at the South.
German
seems
Lloyd
regard
to
One American official who is said to have
correct
Re¬
cor-
plan of campaign which has been worked
a
shrink-" officials
a
aggregate
an
monthly statement also makes
totals
of
group
dollars under last year
as
York "Times"
success
warfare is the result not
also of
of the sea."
the special London
submarines; but it is true that Germany has not
*
and for 15 municipalities in
in approximate
constantly growing
glad
destroyed
we
accomplished with her U-boats what she set out to
At the South
showing,- exhibiting,
the
division
respndent of the New
am
(not
Middle
For the calendar year
tion
6
ferring to the foregoing,
the
Saturday
on
fear of
$8,343,772 is 3% millions
and in the "Other Western" group of
nution
aggregate
an
and the amount
year ago,
the Pacific Coast section the
than
in
$70,599,393
aggregate of $14,322,036, against
an
$31,161,533 in
arranged
by nearly 22 millions.
Middle
at
The
year.-
cities reports
a
conspicuous
contracts
against
cities)
including this city)
below
the
1915
million dollars less than
most'
exclusive of this city the
under
below
the
to
$37,801,128,
1916
age
York
that
Mon¬
on
no
its track and I
are on
plated outlay for building construction work in the
tell the House
he had
now
en¬
of David
mine-sweeper
was
sunk.
One
The British light
without losses and with
returned
forces
the
but little
ships and slight casualties among
material damage to
prelude,
artillery
the
through
defended his
Monday in the House of Commons
Lloyd George, according to schedule,
Paris
ise
speech
on
firstfappeared to prom¬
ministerial crisis into a conceded triumph.
able to turn what at
was
a severe
Former Premier
made
criticism of the
It also
war.
behalf of the Opposition
on
Mr. Asquith's speech was mainly
plan for Allied pontrol of the
intended as a vindication for the
the Premier.
upon
a
Asquith
comparatively unexpectedly and quiet attach
a
new
was
for which the speaker
Government,
Asquith
particular share of responsibility.
had each had his
apologize for what
Lloyd George did not retract or
had been
freely condemned as his "Paris indis¬
so
cretions."
re¬
himself and the present Premier
that he
marked
drive
The
Quentin.
utilized to pave
personnel.
and
[Vol. 105.
CHRONICLE
THE
2030
however,
did,
He
Paris observations
of his
some
excuse
the ground that it was neces¬
on
the
begun without the usual
was
large number of tanks being
a
way
for the cavalry and infantry
The
entanglements.
wire
of
mass
Germans began sending up myriads of
surprised
fled
signal rockets calling for assistance and then
disorder, leaving all kinds of equipment behind,
and in most cases did not even take time as is usual
in
to
evacuated.
increased.
region of Cambrai the wedge was driven in
apply the torch to the villages they
As time
In the
more
progressed the extent of the victory
than six and
a
half miles, numerous towns
and
villages falling into the hands of the British. At
last accounts the British were engaged in surround¬
wood directly east of Cambrai,
region, including Cam¬
ing the Bourlon
which dominates the entire
brai
was
Wednesday night, though the Ger¬
counter attack on Thursday regained it.
captured
in
mans
a
village of Fontaine Notre Dame
The
itself.
on
In addition to the losses in killed and
Germans
are
wounded, the
said to have lost about 10,000 men
in
to stir the people out of their|apathy|and
drastic methods under grave conditions.
His
adopt
Paris
prisoners.
speech, he said, was not an impulse; it had
been
reported to be within three miles of Cambrai, which
sary
delivered
with his
deliberation and consultation
only after
The Premier reaffirmed that
(cabinet.
own
was
criticism he had directed against the past
in
not directed
England
against
staff
any
or any
He had merely
other country.
or any
commander
used, he said, illustrations where lack of co-ordina¬
the Allies had brought disaster without
tion among
blame being attached to any commander or
any
said, he continued, that this was
It had been
staff.
attempt on the part of the civilians to
an
with the soldiers.
been
and
But
inter-Allied Council had
an
suggested by Field Marshal LordfKitchener,
in June 1917 a scheme for a central authority
brought forward at
was
meeting of the chiefs of
a
staffs at which Great Britain,
represented.
He
pointment of
a
he
interfere
France and Italy
utterly opposed to the
was
gauge
would have
ap¬
It would not work,
generalissimo.
So far
said, and would produce friction.
could
were
as
he
American public opinion, America
preferred a council with executive au¬
important railway centre
an
well
as
now
are
a
as
large
depot for munitions.
Meanwhile, following
by lack of co-ordination and
the Allies had suffered
that any
is
Marshal Haig's troops
Field
brai district, the
up
the victory in the Cam¬
British advanced their line slightly
in Flanders southeast of
King George pro¬
Ypres.
Lieu tenant-General
moted
direct
who had
Byng,
General
recognition of his distinguished services.
The
charge of the Cambrai attack, to the rank of
in
French south of St.
activity, raiding
Quentin also have shown some
enemy
positions at several points.
Heavy fighting was reported in the Italian theatre
between the Brenta and Piave rivers, where the
break
armies of the Teutonic allies are striving to
through the hill
country to
Hand-to-hand encounters
and in them the Italians
West of the upper
own.
the enemy
are
the Venetian plains.
of frequent occurrence
seemingly
are
holding their
reaches of the piave, where
is endeavoring to reach the valley leading
claims the capture
into Venetia the Berlin War Office
of Monte Fontana and Monte
But ac¬
Spinaccia.
cording to the Rome War Office, except on the
former
thority. But there were reasons why he thought it. position, where a few advanced Italian lines were
undesirable to set up a council withJfull executive reached, the enemy everywhere has been repulsed.
authority unless the Allies
to it
The
British
Western
of the
v
the
an
war
war
absolutely driven
achieved
of the most brilliant
one
on
bombardment
against the great Hindenburg defense
which the German Commander had de¬
territory
smashed.
first
In
beyond,
The attack
there
was
begun,
was
was
virtually
such
a
and the
line
surprise that at
concerted resistance.
no
fact, the absence of active work of the German
artillery
suggested
had such
complete confidence in the strength of the
that
line at the particular
the
German
denuded their position of
was over a
from the
the
front of
authorities
point of attack that they had
large
guns
and of troops
in order to aid in the invasion of Italy.
more
than
The attack
thirty miles, extending
Scarpe River east of Arras to St. Quentin,
offensive
centralizing
apparently
on
the im¬
portant railway juncture of Cambrai, lying to the
east of the old line
Affairs in Russia appear to
the
successes
pended to hold the British from inroads into the
open
Along the Piave southward to the Adriatic no
portant engagement had taken
victory in the battle of
preliminary
Without
Marne.
upon
'week
this
have
front
since the French
offensive
line,
were
by the failure of the present scheme.
midway between Arras and St.
Kerensky
worse.
seems
im¬
place.
have
gone
from bad to
to have been lost sight
of
altogether and the Bolsheviki who are in charge have
ordered overtures to Germany for an armistice and
at
the
same
time have ordered a reduction
Russian army.
in the
The pretense is that the armistice
but this of course would
shall include all belligerents,
considered
be
not
by
the
Nikolai Lenine and Ensign N.
Allied
der-in-Chief of the New People's
War, have issued a
navy
Commissaries of
proclamation to the army and
Dukhonin, Com¬
announcing that General
mander-in-Chief
of the
Russian armies,
ordered to offer an armistice to
and hostile.
was
Governments.
Krylenko, Comman¬
has been
all nations, Allied
General Dukhonin refused to obey and
for diso¬
which is
unheard-of sufferings to all the working
thereupon deposed "from his functions
beying the Government and for conduct
bringing
on
He has been
Com¬
mander-in-Chief arrives to take command.
Ensign
masses
and
especially to the armies."
ordered to continue his duties until the new
Nov.
241917.]
THE
Krylenko has been appointed the
in-Chief.
to allow
The
proclamation
It says that they must guard them
all in order that
them.
The
must
observe
lynch law cannot be used against
proclamation
the
urged
frontal positions
the progress
the soldiers
peace
pourparlers and
com¬
Only the Council
right to sign
final
a
agree¬
armistice.
an
London not
cheerfulness, however, does not
buying of
any
ened
to have taken
seem
advance in quotations
particular
group
rails, to quote
whenever
of stocks.
of
nor
There
was
one
correspondent, "hard¬
buyers appeared," though they did
not | appear very
actively.
New South Wales
was
an
This
improvement in funds of the Allied countries,
some
and home
The announcement of
considered somewhat
discouraging for other
curities, in view of the high rate of interest.
ranges
its
a
5%% loan of £3,000,000 at 99M
South Wales is the
se¬
New
only Australian State which
ar¬
financing directly, the plan followed
own
Spanish America,
tre is scarcer,
the banks to
The
British
bills
outstanding.
penditures
was
The
pre¬
floated in May
last at
5J^%, the total being £3,000,000, offered at
98, with maturities of ten or five years after date.
seemed to
loan carries
maturity.
more
a
higher rate and
The
advance
than offset the rather
of the increased
news
on
a
vances
£48,368,000
disconcerting
mortality of the British ship¬
bills
ury
of
£2,000,000,
ceipts from all
with £103,300,000
compares
total,
of
sum
week
Treasury bills
sales
of
£12,246,000,
temporary
advances
amounted
to
were
against
from
German-born member,
a
respecting the Committee's
refusal to re-elect him to
membership last March.
The decision in effect
that the Committee had
any reason
was
the
re-election
without giving
for its refusal. There has been
mand for the
new
war
a
better de¬
loan, resulting from the
definite character of the
more
campaign organized to dis¬
with
Further
books
Committee, and the main feature of his plan is
investors to buy bonds week by week.
£3,500,000.
£2,113,000 last week.
The Treas¬
compares
details
regarding the
which
be
to
are
French loan,
new
opened
Monday,
on
Nov. 26 (and close Dec. 16) have become available.
The announcement
a
member
made
was
of the Painleve
limited
bonds and
well
as
by M. Klotz, who
was
Ministry, and who has
Cabinet.
new
10,000,000,000
$2,000,000,000).
francs
The. French
The issue
(nominally,
National
Defense
debentures, also the 33^s "amortizeable,"
other
as
obligations, will be accepted in
payment, to certain specific percentages, compared
with
cash.
The
rate
applications above
after the issue.
of
The
allotments
francs
300
will
for
be
cash
any
announced
price is fixed at 68.60 for 100
francs, which makes it yield about 5.83%.
loan is free of any tax
new
It
induce
against
as
The
England
Exchequer bonds issued during the
were
for
constitute
vice
of
£21,783,000 in the preceding week.
tribute the bonds.
to
Bank
balance amounts to £20,380,000, and
Sir Robert
This campaign is now in charge of
Kindersley, Chairman of the War Ser¬
the
certificates
£10,498,000.
the
£12,000,000,
no
to
legal action brought against it by
against
issued to
£65,651,000
savings
war
position in the
Exchange Committee has been
were
£900,000, against £900,000, and other debts
incurred
ury
Re¬
Of this
ago.
£10,659,000,
£59,163,000, against
preceding;
total
£7,000,000.
week
a
contributed
revenues
£9,660,000 last week.
the
against
totaled £107,380,000, which
sources
retained his
full power to refuse
ex¬
£41,988,000
£57,421,000, against £51,696,000, and
were
advances
is
well in hand.
a
The week's
(against
and other
predictions made by various British officials that the
successful in
total £1,006,633,000,
now
situation
The London Stock
week
the
items, was $108,783,000, comparing
£102,837,000 last week.
Repayments of Treas¬
with
longer
Cambrai
ping from mines and submarines after the confident
was
for
statement
These
were
week; there
new
Treasury
against £1,004,988,000 last week.
through the Commonwealth Government.
ceding New South Wales issue
for
the part of
on
ending Nov. 17 recorded another increase in Treasury
by the other States being to issue loans in London
Hence the
owing to preparations
help finance the big interest payments
due next month.
There
period
London, by the
Ltd.,
Money at the British cen¬
10), while the total out¬
flow, including repayments of Treasury bills, ad¬
unnaturally has been cheered by the
practical form of
of
purchase of its shares.
for the week ending Nov.
brilliant victory of Sir Douglas Haig's troops.
the
Bank
Regiments
of these they must inform the
of Commissaries has the
2031
Ltd., has acquired virtual control of the Commercial
must elect immediately pleni¬
missaries by all possible means.
ment for
that
strongest discipline.
potentiaries to begin formal
on
Commander-
the soldiers not
urges
revolutionary generals to destroy the great
work of peace.
on
new
CHRONICLE
will, in accordance with
a
period of 25
a
vote of the
The
years.
Chambers,
legal tender similar to the 5% rentes for
payment of
will be
for
excess
negotiable
duties
profits.
or war
The bonds
Sir Robert hopes by this plan to raise the
the Bourse, the bill authorizing
it having provided "a negotiation fund which en¬
to between
ables
weekly sales
£20,000,000 and £30,000,000 per week.
The amount of the
new
war
bonds sold up to last
the
subscriber to
when he needs
Saturday is £104,721,000, though last week's actual
the
receipts by the British Treasury
chased in the
were
only £12,173,-
000, against £13,061,000 the week preceding.
British
Government
has
The
requisitioned The British
same
celed.
on
realize
ready cash."
M.
Klotz
has
explained
exchange
paying £61 for each 100-florin
successfully issued with
business.
be
The London
new
City & Midland is reported to
making arrangements to extend its business in
Spain and Portugal.
The Anglo-Persian Oil Co., in
which the British Government holds 2,000,000
shares,
an
initial dividend of 6% for the year
ending Mar. 31.
Private advices received from Lon¬
has declared
don
state
that
the
Anglo-South American Bank
time
one
the issue
the
But
an
issue
tune
the
of
a
Minister
loan
should
and
the
nation
ings
for
at
war
can¬
4% type of
loans had been
5% nominal yield.
At
the
be
was
finally
decided
time
present
reserved
for
would be asked to
the
pur¬
considering seriously
containing the lottery feature.
Government
would
a
at
why the French
Government this time decided upon a
bond, since the previous two
purposes,
serve
redemptions since the scrip
open market will be immediately
Royal Dutch Petroleum Co. for
British banks continue to reach out for
holdings easily
time for
owned shares of the
share.
his
This fund will
reconstitution
the
that
be
time
contribute its
of
such
inoppor¬
when
sav¬
industry, trade,
agriculture, transportation, and,in fact, of the whole
THE
2032
CHRONICLE
[Vol. 105
life of the unfortunate and still invaded Provinces.
amount of currency
The Minister had in
528,
by
mind, too, the consolidating,
of this third
means
loan,
war
floating debt, which is
amount of
portion of the
a
is
by
way
of Amsterdam state that
to the
been submitted
bill has
a
Imperial German Reichstag
authorizing the Chancellor to dispose of
move¬
week,
as
the Bank has discontinued such reports.
We append a
BANK
tabular statement of comparisons:
ENGLAND'S
OF
*
The
1915.
1914.
1913.
Nov. 2i.
Nov. 25.
Nov. 26.
£
£
£
42,472,000
36,919,590
33,301,750
35,314,865
42,175,000
55,580,473
52,148,990
18,691,374
9,749,254
84,649,258 156,462,997
40,724,468
expenses.
bill, it is stated, has been scheduled for dis¬
cussion in the
restoration
Reichstag
of
on
A bill for the
Nov. 29.
mercantile
German
the
marine
has
passed its second reading in the Reichstag, having
undergone
in
ship
few changes since it
very
July.
The bill
introduced
was
money grants to
graduated from 80% down to 20% of
owners
the peace
direct
proposes
value of the particular ship, based
on
promptness with which the vessel is placed in
mission.
be
of
reconstruction
the
an
Circulation
shipping.
deposits
Other deposits
.122,596,000 105,417,900
Govern't securities.
58,735,00 0
42,187,582
26,285,717
11,184,993
Other securities
91,958,000
98,634,422
98,116,125 111,315,710
29,591,342
Res've notes & coin.
31,833,000
37,938,443
37,605,297
55,358,067
27,456,243
Coin and bullion...
55,856,322
56,408,033
52,457,047
72,222,932
37,422,608
23.56%
27.48%
31.60%
54.38%
6%
5%
5%
5%
weekly
statement
Proportion of
to
reserve
19.32%
Bank rate
.
5%
The
The
Bank
announced
francs.
of
France
This
brings
precious metal
francs
the
on
ground that the shipbuilders must have time
abroad,
francs in
its
gain
the
in gold of 563,100
Bank's
with
compares
held in vault and
the
The
4,835,192,720 francs the previous
is
Government,
the
of the seriousness of the
aware
Committee
financial
new
burden, but it is argued that direct grants without
provision for repayment would alone be satis¬
any
factory.
It is feared that the immediate
of the final passage
similar
demands
consequence
of the bill would be
from
other
industries.
Government argues that the position of
quite peculiar, that its restoration
necessity and that without
whole German
is
of the
But
the
shipping is
absolute
an
mercantile marine the
a
people will be unable to
the consequences
flood of
a
from
recover
was
000
francs.
continue
Berlin,
bank
rates
be
to
leading European centres
quoted at 5%
in
London,
Paris,
Vienna,
Italy and Copenhagen; '5J^% in
Portugal and Norway; 6% in Petrograd and Sweden,
and
43^% in Switzerland, Holland and Spain.
4:%% for sixty days
days.
Money
on
call in
quoted at 4%, against
and 4%%
London is
3%%
gained 2,245,000 francs.
22,414,455,420
francs
been
able
This
showed
an
reserve
the
was
19.32%,
loss the week preceding.
a
increased
as
23.56% last
£49,000.
re¬
have-
°
Note
as
circulation is
against
t
now
15,952,396,405
and 14,278,423,685 francs in 1915.
by the French Bank in that
until
war
Dec.
was
the
corresponding
nllow:
:
BANK
OF
\
England
dates
Comparisons of
in
and
France!.
—Status
;
as
of
—
Nov. 22 1917.
Francs.
Francs.
Total
Bills
Francs.
563,100
3,294,288,761
3,957,016,577
2,037,108,484
1,079,072,906
563,100
5,331,397,245
5,036,089,484
248,517,373
316,257,954
680,832,905
601,978,408
295,830,695
1,143,323,928
1,359,809,612
571,669,073
68,610,000 22,414,455,420
15,952,396,405
14,278,423,685
_.._r.__..Inc.
Dec.
1,434,000.
discounted...Dec. 16,478.000
Advances.
Nov. 25 1915.
No change
......
Silver
''
Nov. 23 1916.
Francs.
Inc.
1915
COMPARATIVE STATEMENT.
for Week.
In
week ago
a
1916
/
FRANCE'S
Gold Holdings—
Abroad
after the
year,
24th.
the various items with the statement of
and
....Inc.
2,245,000
Treasury deposits..Inc.-19,597,000
reserve
Public
year.
The total
£137,000, there having been
£114,000; al¬
to liabilities declined
compared with 19.48%
a
deposits
week
were
ago
and
reduced
Other deposits, however, showed the sub¬
increase
of
securities advanced
ties) registered
an
needle Street's
General deposits...Inc.
89,375,000
4,835,192,720
4,835,192,720
361,538,539
52,626,363
86,219,659
42,842,486
2,800,326,574
1,852,499,697
2,671,180,905
Germany
of
as
of Nov. 15, the
Bank
changes:
Total coin and bullion increased 6,403,000
shows
the
following
marks; gold increased 121,000 marks; Treasury notes
declined 16,453,000
marks; notes of other banks
ex¬
panded 934,000 marks; bills discounted showed the
large increase
of
173,092,000 marks; advances
in¬
£14,000.
6,564,000 marks; other securities increased 42,893,000
(other securi¬
Loans
expansion of £1,855,000.
compares
now
Thread-
marks;
stand at £55,-
marks.
with £56,408,033 in 1916
year.
Reserves total
£31,833,000,^ against £37,938,443 last
£37,605,297 in 1915.
Loans aggregate
A year ago
was
the total
year
and
£91,958,000.
£98,634,422 and in 1915
The Bank reports,
weekly statement, issued
creased
£52,457,047 the previous
£98,116,125.
In its
Imperial
£2,085,000, while Government
holdings of gold
856,322, which
and
No
as we
Bank. of
increase in notes in circulation of
stantial
68,-
89,375,000
ending July 30 1914 the amount
Note circulation...Inc.
of
deposits
increase in its gold item of £250,979, which
with
though the proportion of
to
far
so
and is
market
open
.
statement
francs,
year ago
week
outbreak of
In
for ninety
ago.
of
ascertain,
week's
compares
an
European centres,
to
a
In the
changed
scarcer
week
a
ports have been received by cable
rates at other
expanded
was
general
Changes
London the private bank rate has not been
from
all of which
6,683,184,785 francs, that being the last statement
war.
at
circulation
and
year,,
holdings decreased 1,434,-
francs.
Bills discounted were reduced 16,478,000
francs, .although Treasury deposits showed an expansion of 19,597,000 francs and the Bank's advances
issued
Official
Silver
Note
francs,
were
1,079,072,906 francs abroad; and
held in vault.
610,000
the
5,036,089,484
1916, of which 3,957,016,577 francs
plans and to conclude contracts with
shipyards.
of
in vault and 2,037,108,484
are
and
to make all their
says,
holdings
to 5,331,397,245 francs, of which
up
3,294,288,761 francs
of legislation
in
additional
an
Committee's report to the Reichstag states that the
urgency
18,895,068
.
liabilities
Government insisted upon
the
£
28,416,365
the
unknown amount
German
c;--
•
com¬
It is expected that the Empire will shortly
pledged to the expenditure of
for
Nov. 21.
Public
STATEMENT.
COMPARATIVE
1916.
Nov. 22.
1917.
extraordinary
for
marks
15,000,000,000
Our special correspondent
£28,500,000.
of the Bank for the Bank
inasmuch
credit of
a
The
week.
longer able to give details of the gold
no
ment into and out
Advices
£170,672,-
as
last
gold held for the redemption of such notes
remains at
close to 22,000,000;
now
francs.
notes outstanding
£169,704,338
against
as
as
of Nov. 17, the
700,000
notes
marks;
in
investments
circulation
Deposits registered
were
decreased
a
reduced
40,492,000
substantial advance,
namely 196,817,000 marks, while other liabilities
expanded 44,580,000 marks.
hand
pares
now
were
The Bank's gold
stands at 2,403,904,000 marks.
This
on
com¬
with 2,516,757,000 marks in 1916 and 2,433,year before.
Loans and discounts
202,000 marks the
aggregate
10,924,306,000 marks,
as
against 8,244,-
1
Nov. 24
1917.]
580,000 marks
in
1915.
the
THE
a
year ago
Circulation is
and 4,336,420,000 marks
10,359,774,000 marks.
corresponding date in 1916 it
marks and in 1915 5,832,940,000
At
7,178,680,000
was
marks.
5%
4%%.
played
some
rate
Stock
on
5%%.
as
degree of
the demapd loan
nervousness,
Exchange transactions reaching
Yesterday, however, there
was
high
as
frac¬
a
tional decline in the rates for fixed maturities, and
little attempt
very
made indeed to do extensive
was
business. The early nervousness followed,
day in requiring
the
Tues¬
4% the renewal basis.
Fixed maturities had
I
ing rates
5%%; 5%@5%% for ninety days and four months;
to the Reserve
same
Bank
at
again redeposited the greater part of the funds
In part, the
companies.
also the result of reports
was
organized
as an aux¬
iliary to the Liberty Loan Committee during the
campaign for the
having
its
of the 4%
distribution
has not
really dissolved.
conditions
require
control
to
the
so,
Nov.
the
any
paid.
called
together at
situation
The
money
arise.
At
however,
there
moment
may
be
really serious
a
is
a
the
did not continue
throughout
having,
the
banks) and
some
Thursday
on
depended
for
Reserve Bank
indebtedness
loans of moment
2 %%.
at
upon
of
The
arranged
were
on.
the
with
Treasury
to handle its funds
there
may
be
deposit with
the banks with
care
tions that
has
is
range
been
slight
a
5%@5%%
now
sixty to ninety days' endorsed bills receivable
and six months'
The
inquiry
limited
now
last week.
with trading still further
light,
by light offerings.
and bankers' acceptances
Banks'
Some business is
trifle easier.
but
against
as
well known
so
5%@5%%
against
was
character,
not
names
5^2@6%,
require
of choice
names
5%@5%%, while
a
quoted
were
.
paper
ruled quiet but
being put through,
large individual transactions were reported.
no
Detailed
rates
follow:
Spot
Delivery
Delivery
Ninety
within
Days.
30 Days.
3%@3H
Ineligible bills.,..-..-.
3%>@334
3H@3H
3% bid
3%©3%
3 34 @334
4
43£@4
434@3ji£
534 bid
—.
changes in rates
5®4
knowledge
our
Prevailing rates for various classes
goes.
of paper at
bid
announced this week by
were
of the Federal Reserve banks, as far as
any
the
Thirty
Days.
3%@3%
Eligible bills of member banks—
Eligible bills of non-member banks
No
Sixty
Days.
matter of fact
week, (the Federal
certificates
3%%.
hardening in rates and the
stated, redeposited the proceeds of the
as
Treasury
money
at
mercantile
nothing
for the Committee to. do, and as
early strength in call
For
that
now
Liberty Loan has
time should
the
attempts
or
situation
the
Commitee,
any
be learned
can
further meetings
general
been
as
It is not considered that
installment of
15
far
dissolved.
been
had
work,
bonds,
quiet and restricted
was
sixty day fun'ds
Last year
3@3%%, with ninety days, four, five and six
months
that the
Aside from the Government's
operations, trading
in volume.
Committee
Clos¬
slightly easier tone.
a
against 5%%, and 5%% for five and six months,
trust
Bank, causing temporary tenseness until the Reserve
The Bankers'
2%@
was
range
5%% for sixty days, against 5
are
against 5%@5%%.
completed
Friday's
3%% and 3%% the ruling rate.
financial
committee of bankers which
after
companies
and
represented by the
was
Thursday
touching 5%%, call loans dropped to 2%%, with
indebtedness issued at the close of October to pay over
nervousness
to 4%%.
up
relaxation in the slight flurry and,
a
the amount
with the banks and trust
some
not changed from 5%,
was
Treasury certificates of
banks
which had subscribed for the
on
ruling rate
although the low moved
apparently,
from the action of the Federal Reserve Bank
Wednesday the maximum was ad¬
On
The
witnessed
5%,
to
up
still the highest, while the low
was
5%%—the highest rate in quite
to
time.
moved
renewals
Tuesday
which, however,
was
banking situation early in the week dis¬
the high, the low 3%% and 4%% for re¬
was
newals.
vanced
The local
2033
CHRONICLE
the different Reserve banks are shown in
following:
anticipate the December payments
in order
tion
of
will
to avoid any
the
sudden shock.
war revenue
Tuesday has announced
ury
due
issue of 4% Treas¬
a new
which is the final day for the
RESERVE
FEDERAL
BANKS.
8
3
§
0
t:
OF
£
DISCOUNTS
AND LOANS
Boston.
a
£
«v
i
0
1
Clev and. Richmond.
1
5
1
£
Chicago.
3
1
§
3
1 i
S
53.,
Q
Member Banks, Coll. Loans
1 to 15 days' maturity
334 3
3
334 334
4
4
334
3 34
*3
334
334
334
334
334
3
3 34
334
334
334 334 3341
Discounts—
1 to 15
June 25 1918,
OF
CLASSES
law, Secretary McAdoo
certificates of indebtedness of indefinite amounts
on
RATES
DISCOUNT
In anticipa¬
large returns next June from income
taxes under the
on
and skill and to make prepara¬
days* maturity
334
payment of income taxes;
This is in line with the
16 to 30
"
"
4
4
4
4
4
4
4
4
4
434
4
4
31 to 60
"
"
4
4
4
4
4
4
4
4
4
4
4
61 to 90
"
'*
4
4
4
434
4
434
434 4
4341
434
434
434
434
5
434
5
5
5
Agricultural and
policy adopted for facilitating liberty loan financing
and
the
redemption of the certificates
June 25
on
will tend to counteract the flow of money
into the
Treasury, thus preventing unsettlement of financial
conditions.
The
seven-months
issue is the longest of any
the
days.
The
certificates
ones
will
Payment must be made
but
before
not
Nov.
issue appear on a
actual money
30.
subsequent
in
of
the
An indication of
conditions is the offering of the Gen¬
eral Electric two-year
6% notes by bankers at 98%.
Allowing for commissions to the bankers, the funds
are
costing the
company
31 to 60
covered
a
compares
money
range
4
334
334 334
334 334
334 4
"
5
5
534
334 334 334 334 334
4
33?
4
334
334
334
334
4
4
334
;4J
5
334 334 334 33i
334' 334 334 334
*
Commodity Paper—
1 to 90 days'
maturity-....
4
—
334
4
6
334 .334
334' 434 14
—
m
334
Note.—Rate for bankers' acceptances, 2>4%to434%. For notes, drafts and*bllls
of exchange Issued or drawn for the purpose of buying or carrying bonds, notes or
certificates of Indebtedness of the U. S., and secured thereby, having a maturity
at time of discount of not more than 90 days, 334%.
♦
Rate of 2% to 4% on member banks* 1-day
the loan operations of the Government.'
a3 34%, 15
b For
collateral notes In connection with
days and under; 4%, 16 to 60 days; 434%, 61 to 90 days.
commodity paper running longer than 15 days the rate is 4%.
The
and
sterling exchanges remain without
do
been
not
merit extended
additional
no
further
small
rates in detail, loans
this week of 2J^@5%%,
on
call
which
On Monday
is
of
the
previous metal will
confined very
largely to cable
for which
the recent rate
still
arbitrary
basis
market
is
purely
an
for
some
America in the not remote
transfers
the
feature
There have
completed
arrangements
amounts
Business
new
comment.
though it is expected that
exports of gold,
be forwarded to South
fully 7%.
with 3%@4%% last week.
434
334
334
4
'
"
"
61 to 90
futue.
Referring to
5
4
L—
1 to 30 days' maturity
allotment,
details
Further
page.
issued
$10,000 and
upon
5
j....
91 days to 6 months maturity
Trade Acceptances—
new
having been
be
denominations of $500, $1,000, $5,000,
$100,000.
the
certificates yet authorized,
maturity of most of the earlier
ninety
of
term
Live-Stock Paper—
for
of 4 76 7-16 is
business.
.arbitrary
one
is
That
the
suggested
plainly in the absence of
important developments
to the concededly
response
the Western front.
on
No
arrangements for the export of gold were re¬
new
Dealing with day-to-day rates, sterling exchange
Saturday, in comparison with Firday
ago, were not changed from 4 7515@
quotations
on
week
a
for demand, 4 76 7-16
for cable transfers
71@4 71for sixty days.
featured
lness
shade
4 75
the
fractional
advance
at
Demand
Tuesday,
on
ruling at 4 75 3-16 all day; sixty days, however, and
cable
sixty days at 5 8034> against 5 82 on
continued
transfers
Haig's troops
in fact,
on
4 71 @4
at
IV/i
and
On Wednesday the sterling
7-16, respectively.
market failed To reflect the
victory of Field Marshal
the Western front, demand having,
again receded to 4 7517J^@4 75 3-16, while
cable transfers
55, respectively.
ished at 13.00,
which
compares
exchanges
perfunctory nature of quotations prevail¬
consequent
liberal
the
upon
granting
by this Government to Great Britain.
ing
Thursday showed
of
Trad¬
increase in activity and
no
the
day's rates
for
nite trend either way.
ing
Market operators
is not
commitments for the moment,
new
IV/i for sixty days.
as
4 75173^@4 75 3-16
On Friday the market ruled
quiet but steady and still without charge.
quotations
were
(2^4 75 3-16
for
demand
Commercial
transfers.
Closing
4 71@4 71^ forsixty days, 4 -7517J4
and
for
4 76 7-16
cable
Swiss
ruled
exchange
change.
fairly
well
declines.
sustained,
Guilders, however,
4
68% @4 68 34,
documents
for
(sixty
payment
days) at 4 7034@4 7034> anc* seven-day grain bills
Further
for payment
74%@4 75.
sensational
Continental
cable reports
declines
in
Italian
exchange
exchanges.
On
Tuesday,
despite
against
43 13-16,
Swiss
least, definitely checked the onrush of the in¬
week
a
sixty days
This compares
at
week.
against 35
quotation of
Sweden Closed at 3834>
on
Norway finished at 34,
on
Spanish pesetas
Friday of last week.
on
closed at 23.68,
a
with 4 40 and
Copenhagen checks finished at
ago.
3334 against 35, checks
The
compared with 23.45 the final
as
week
ago.
New
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $315,000 net in cash
as a
result of the
movements
receipts from the interior have
on
points from the quotation ruling
a
Wednesday
few1 weeks
ago,
operations, which together occasioned
a
loss of
$151,845,000, The combined result of the flow of
money
into and out of. the New York banks for the
week appears to
a
drop of about
Adding the Sub-Treasury and Federal Re¬
634,000.
serve
declining to 8 78 for checks, while
reached—a
aggregated
$5,949,000, while the shipments have reached $5,-
a
was
cur¬
for the week ending Nov. 23.
rency
vading armies, the quotation for lire broke sharply,
low level of 8 91
4434
43 15-16,
at
exchange finished at 4 37 for bankers' sight
against 43, and checks
follows.
as
new
Amster¬
the preceding
43 13-16
and 4 34 for cables.
4 37
sight
commercial
and
against.
15-16,
on
cables at
against 44;
44 15-16; commercial
that the Italian troops had achieved
degree of victory and having for the time being
some
were
Bankers' sight
44,
were
small net
irregular, as also
Their-
grain
Cotton and
constituted the feature of the week's operations in
the
at
slight net
but
exchange
showing
though
against
75, sixty days at 4 70^g@4 7034, ninety days at
closed at 4
with
firm,
Scandinavian
of
Rates
sight finished at 4 74
4
73%@4 74.
which
surprising in view of the momentous events
taking place at the various theatres of war.
now
43
evinc¬
are
strong disposition to refrain from entering into
a
extensive
demand, 4 76 7-16 for cable transfers and 4 71@
still given
were
little business is
very
passing, and the tone has been steady without defi¬
finished
as
credits
99
neutral
the
In
dam
dealings
at
7'77.:
Spanish pesetas.
pegged
were
ing for sterling bills, resulting from the cessation in
4
with 12.75 the week
from 5 14 for checks.
were
trated the
at
the
ago
Rubles fin¬
Greek exchange has not been changed
previous.
heretofore at 4 76 7-16
on
A week
and 8
was
sixty days at 4 71@4 71this clearly illus¬
"and
4
Lire closed at 8 95 for bankers'
8 56
close
and
against 5 7634?
5 74J4
at
Friday of last week.
a
remained
transfers
cable
was
4 7517J^@
at
sixty days at 4 71@4 71}^.
further
a
bills
demand
although
3-16,
showed
day's dealings; the tone
with
firmer,
4 76 7-16 and
4 76
sight
commercial
On Monday dul¬
4 75 3-16
and 4
commercial
sight bills and 8 94 for cables.
ported.
of
[Vol. 105.
CHRONICLE
THE
2034
It
have been
should
be
loss of $151,530,000,
a
however, that
understood,
good part of this loss represents transfers to the Fed¬
eral
and
Reserve Bank
loss in
therefore will not count
as
a
reserves.
-
with
ness
a
further
was
due
drop
largely to
of market support,
Friday to 8 99.
The weak¬
.
exchange
"week,
news
cised
a
francs
ending Nov.
Banks' interior
coupled with the fact that several
appeared
on
Sub-Treasury
a;
23.
movement!-.------
and
Federal
a
Net Change in
Batik
Batiks.
■
55.634,000 Gain
55,949,000
Holdings.
$315,000
Reserve
the
the St.
a
success
of the great
Quentin-Cambrai line
stimulative influence
responded by
on
French
exchange and
consider¬
a
disconcerting nature, the quotation did not
12.00, while the high for the week
All transactions in German and Austrian
was
go
13.00.
exchange,
necessity, continue to be suspended and quota¬
tions in reiehsmarks and kronen
are
not
available.
The unofficial
sterling check rate on Paris closed at
27.23J^, against 27.35 a week ago. In New York
sight bills on the French centre finished at 5 73%,
against, 5 75^; .cables
at
5 7154
186,219,000 Loss 151,845,000
5191.853,000 Loss$151,530.000
in the
following table indicatesThe amount of bullion
principal European banks:
Nov.
against
5 7434;
22
1917.
23
Nov.
1916.
Banks of
Gold.
England- ;
France
Silver.
Total.
£
propipt advance to 5 7334 for
Russian rubles showed some irregular¬
ity, but although report#Prom that quarter continue
below
The
exer¬
able period.
a
34,374,000
-
heavy sellers
scene as
of the unparalleled
on
operations
Toward the close of the
Rome.
sight bills—the highest point touched in
of
Week
almost complete absence
an
Out of
B
.
on
British drive
of
■
540.323.000
London banks
of
on
£
£
55,856,322
131,773,900
Germany. 120,195,200
Russia
129,650,000
Aus-Hun c 51,578,000
Spain
78,227,000
Italy..... 33,343,000
a.
Gold.
Silver.
£
.
£
55,856,322 56,408,033
141,693,960 158,280,663
6,062,450 126,257,650 125,837,600
9,920,600
12,375,000 142,025,000 155,670,000
812,400 126,650,000
10,980.000 166,650,000
12,140,000
47,898,000
37,082,000
40,154,000
48,637,000
29,641,000
3,072,000
544,300
lS,380,000
600,000
15,980,000
56,985,000
15,380,000
Swltz'land
14,011,000
14,011,000
11,410,200
Sweden
11,919,000
11,919,000
10,742,000
9,885,000
8,340,000
6,751,000
6,114,000
Denmark.
10,584,000
Norway..
"158,666
6,751,000
Tot.week- 716,253,482
Prev .week 715,742,529
a
held
73,104,850 789.358,332 732,520,496
73,205,750
Gold holdings of the
170,930,983
51,578,000
Nat.Bel.h
..
£
66,408,033
127650",320
63,718,000
12,140,000
28,642,000 106,869,000
2,600,000 35,943,000
607,400 57,592,400
600,000 15,980,000
Netherl'ds
Total.
788,948,2791 731,743,544
63,718,000
77,539,000
49,181,300
11,410,200
"
168",666
9,885,000
8,508,000
6,114,000
70,608,020 803,128,516
70,440,53® 802,184,074
Bank of France this year are exclusive of £81,484,340
abroad.
*
The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad.
On the
latest reported date the amount so
c
July 30 1914 In both years,
held
was
£230,860,000.
h Aug. 6 1914 in both years.
'
»
*
Nov. 24
points, and this has been a very
numerous
RUSSIA
During the
ing
rapidly from the Italian defense of Venice and
so
northern
of
has passed—with attention shift¬
Italy to Sir Julian Byng's brilliant attack
on
the Cambrai front, and with
Germans
the
developments at the battle front alternating
these
political collisions in the various parliaments—
the situation of Russia has remained inscrutable.
with
familiar
anarchy oc¬
curred in the face of a disbanding army.
Factional
Civil war has been an equally familiar outcome. But
the sequel which is absolutely unavoidable—espe¬
cially when absence of a strong government is
accompanied by general strikes of laborers on the
basis of impossible demands—is such collapse of
result
extraordinary phase into which
very
the European war
DERELICT.
POLITICAL
A
AS
2035
ctONICLE
THE
1917.]
the
history when governmental
in
producing and transportation systems as pres¬
ently reduces
a
great part, even of a fertile
and pros¬
famine. To this
Nothing that comes from that quarter seems to
indicate what is to come next.
Some of the so-called there is usually added, as it has been added in
governmental actions have a flavor of the purely Russia on this occasion, the chaotic influence of a
grotesque, yet they occur in a tragic situation with depreciated and fluctuating paper currency.
It may be said that these are the very evils through
immense ultimate possibilities.
The
self-appointed dictators at Petrograd in¬ which anarchy works out its own cure; that the time
struct the commanding general to "offer an armistice
presently arrives when a people's instinct of indi¬
vidual self-preservation will unite them in a demand
to all nations, allied and hostile"—whatever, that
may mean.
The general refuses; he is declared to for restoration of strong and sane government.
It was the
be deposed, and a young naval ensign is appointed There is much historical truth in this.
country, to the verge of
perous
A proclamation next
the command.
to
soldiers to watch the
so
that they "cannot
justice," and to elect their own
imminent
evade
generals
orders the
economic
consequences
of
career
of the Terrorist regime in
which
France
revolutionary
Bolsheviki of
the
put
that
an
end to the
day, and which,
formally peace; pour¬ moreover, averted the danger that other nations
parlers." Were it not for the extreme gravity of might imitate France in her experiment at over¬
the issues involved, this would be close to political night reconstruction of society.
This fact gives little clue as to what kind of per¬
opera-bouffe.
The situation in Russia, as it stands, seems in¬ manent
governmental system will follow. But
"plenipotentiaries
to
begin
only two positive conclusions: that
deed to admit of
is
there
at
much
this
least
Russia, for the time being, is distinctly out of the
the conditions which have
sequel of
present conditions is to be, the State is falling to
pieces through absence of any responsible Govern¬
result of the attempt to
and that, whatever the actual longer
war,
During the
whatsoever.
ment
four
or
five days
prior to last Monday—in which period, except for
random conjecture and rumor from the Scandi¬
navian border, no news
—it
for
being fought out between the
Socialist faction of the Bolsheviki and the
supremacy
extreme
whatever came from Russia
generally imagined that a struggle
rather
was
was
Government
Provisional
whichever party were to
of
Kerensky,
and
that
win would be, for good or
ill, the ruling power in Russia.
The veil has been at least partly lifted from the
scene,
and what the outside world has learned is
at this moment apparently has no
Russia
that
Lenine and Trotzky, with their
hold a precarious
tenure of power in Petrograd and Moscow. Kerensky
appears either to have taken to flight personally
or else to be supported by a mere handful of asso¬
government at all.
Maximalist associates,
so-called
ciates.
up
Various
districts
of the interior have
set
provisional governments of their own, and some¬
else a popular general with Cossack troops
where
at his back
To
is asserting independent
authority.
the most casual observer it has been
evident
that any or
all of these aspects of the situation may
be reversed
with great suddenness;' indeed, except
for the evidence of the
ascendancy of the Bolsh viki
in
Petrograd,
character
as
none
to
of the dispatches has been of such
inspire belief that it was fully describ¬
For that matter, however, the
ing the situation.
general disintegration of government over so vast
an area as that of Russia is an event which would
hardly admit of description at the moment, except
from the
of
a
narrow
viewpoint and limited perspective
single locality.
But manifestly, it is a situation
which cannot last indefinitely.
Breakdown
in
of government will
sometimes result
predatory exploits by lawless bodies of men at
reassurance—that
embody outright Socialism
deterring
government will go very far towards
other people from trying the experiment,
whether during or after the war.
And the proba¬
any -
bility of such tendencies^has
been|one of the most-
disquieting elements in the whole jworld's outlook.
Much has been made in currentjjdiscussion of the
probability that Russia, under its existing govern¬
conditions, would conclude a separate and
mental
with Germany. There have been
day or two, that Germany
was endeavoring to get
whatever advantage might
accrue"
from
such
overtures.
But
the reports
from neutral markets that the Kaiser had refused
in advance to deal in any way with the Bolsheviki
leaders
were
entirely
convincing. The Hohenzollerns would certainly be handling edge-tools in
such an experiment.
It would, in the first place,
be opening formal negotiations with a pretended
government which had not only dethroned an auto¬
crat, but had declared war on alljother autocrats,
and which had announced its purpose of inciting
ignoble
peace
reports, during the past
sedition
among
among
his
the
soldiers.
Kaiser's subjects and mutiny
It would also mean
public
recognition by the German Foreign Office of a gov¬
ernment
which has proclaimed its intention to ne¬
gotiate with nobody in Germany except
men's
organizations like those which have
workingcaptured
Petrograd.
•
in
of
developed^in Russia as a
It
would
surely
need
no
profound
sagacity to understand that the
diplomatic
entering on such
negotiations would absolutely shake the security of
the German Government at home.
And beyond
of action would fatally
prejudice Germany with any other Russian political
party which should hereafter gain control.
That
Germany will continue intriguing, with a view to
preventing reunion of the Russian factions and
thereby keeping the country in a state of military
supineness, is entirely probable.
Whether Lenine,
even
this,
such
a
course
2036
who
THE
entitles himself Premier of Russia, was or
now
not in German pay, may
was
tainty.
CHRONICLE
The
Kerensky
lieved that he
politician
of
secrets, and
personage
a
character
very
evidently
be¬
thing to hire
one
sell
to
uncer¬
his
a
country's
of the world's rulers.
The
downfall
Government
various
feeling
Kerensky
received
On
comments.
his Provisional
and
by thoughtful
the
whole,
to have been that it
seems
outcome of
since
of
was
with
men
prevalent
the
the inevitable
was
situation which had become
a
impossible
Kerensky himself began temporizing with the
anarchist
This
factions, and separated himself from the
leaders who believed that only
military force could
was
for
the
We
be
are
For
courses.
order
and
through the
use
of
restoration
of this expedient by
popular general, either before
ing constitutional elections.
too little of the
public
patriotic
a
after the
or
But
of
know
we
com¬
temper of the army itself, for
diction to have any
better basis than
yet
as
pre¬
of
the
THE
of
has
"At the present moment the
for
an
be
increased,
and
practically the
brotherhoods
the
are
it is rather significant that at
same:
not
journal by
correspondents
time
the four
large railroad
demanding increases in
are
railroads and
demands
to his
railroadsfarejasking
are
threatening
This,
concurrence
increase
while
is
less
place
for
time with
usual,
yet
does not
is only
seem
a
be
coincidence,
the
evening
any
guide,
warranted
by
"precedent."
Looking back only eight months,
for
rate
that both obtain
see
to
a
The correspond¬
the past or to get
any support from
positively set
threat;
request for
a
of
a
general strike
March
17
was
interruption
no
conditions "we
of the President
he
as
deter¬
may
interest."
personal endurance has its limit under strain.
railway executives
tasks.
They
duty and
are
laboring with tremendous
the trustees of the record
are
roads,
other.
up
public
the
owners
hand, and of a great public
indispensable public service on the
on
an
one
They
are beginning to receive some holdingof their hands by the direct and indirect owners
whom
they represent, but the people
sensibly moving to stand by them.
are
men
worn
and wearied.
substantially
in
behalf
on
arise, unreservedly
now
protection, and for disposition
mine is necessary in the
Now
respects
as
remark, that "if precedent is
wishes,"
crisis
any
as
war
interests in the hands
our
now,
the President will endeavor to
their
be tolerated under
Washington, might have borne
clearly "rather significant."
ent's next
can
to
accompanying
the
further, and inasmuch
go
seem
almost any date in the last few
years,
the wage demand and its
Monday by the
on
been denied
press
of the most careful of the
without
on
Mediation, reiterating,
by and should rest
sent
now
sent
was
them
one
in
of
strike if their
a
complied with."
wages
of
ready, should
are
to
of the
increase in rates, so that their revenues
may
note
a
Board
never
All
TEMPORIZING DANGERO US.
go
by anybody, anywhere) and
adding that in the midst of war the roads are pre¬
a guess.
TOILS OF LABOR-
will
roads, "our belief in and general acceptance
.the principle of mediation" (a principle which
The
THE RAILROADS IN
that there will
more,
the roads
of the
pared to
chance
for the time being.
once
Chairman of the War Board of the roads to the head
of service
the
assured,
now
interruption; and if the country expected anything
else it would not be placidly pursuing its
regular
possibly restore the semblance of political stability.
still
whatever the threateners
course mean
strike, that
no
equivalent
a
be persuaded to accept
can
surrender,
check signed in blank;
"whatever your' Committee deems
words
necessary" of
There
is
unconditional
an
financially to thefissue of
different thing to welcome that
equal footing at the council-table
an
on
matter of
a
government
But it is
was.
low
be
[Vol. 105.
leave them
comes
no
as
up a
goes
whole are not
The executives
All criticism should pass
upon
the conditions which
alternative but to surernder
they surrendered in March.
suggestion that the Government
extend financial aid to the
Pennsylvania
as a
so
far
roads, and Mr. Rea of the
as
to intimate that this w
counsel of
desperation might be seriously considered;
members of a newly-formed business association
some
here
promptly took this
cheon,
one
up as a
part of talk at
a
lun¬
guest saying that he would desire to act
affirmatively
upon
it without
debating it.
even
The
idea, is not wholly new, for in May last Senator Hoke
Smith suggested that it would be well to
expend
millions
100
of
public
money
in
the
purchase
of
postponed 48 hours, and then postponed indefinitely
(in passing, note the "indefinitely" for its unconscious
freight
prophesy) because Mr. Wilson hastily sent mediators
hither on the night
before; the mediation was of the
would be like stimulants in being followed by depres¬
sion and a call for a fresh
dose; it would not be cura¬
familiar kind, and the
railway executives
to
yield,
just been
as
a
were urged
patriotic duty, the situation having
made still
more
acute
by the deliberate
sinking of three American ships. The conference
extended over
Sunday, and then the executives
yielded, in a note of two sentences, the first concur¬
ring "in the conviction that neither at home nor
abroad should there be either fear
efficient operation
will be
hampered
or
of the railways
impaired."
or
hope that the
of the country
The other sentence
and
cars
Government
tive.
aid
general .equipment.
might act
as
direct
stimulant, but it
a
What the roads need is not
Any
loans, but income;
lender who will treat them otherwise than
upon
strict rules of financing, but a return of conditions
not
a
that will enable them to finance themselves and to
borrow in the open
borrowers.
market
on
terms
even
with other
Moreover, the idea is evasive and in¬
direct; whatever the Government might do in the
of sharing the roads' burdens would have to be
way
added
to
the
taxation.
general burden of industry through
higher rates would be carried
The cost of
that "therefore"
(and here note the weight and
meaning of the word) "you are authorized to assure
along to the
the nation that there will be
for such assurance we
better borne and
was
strike; and as a basis
hereby authorize the Commit¬
no
tee of the Council of
National Defense to grant to
the
employees who are aboqt
adjustment your Committee deems
tee the
to
strike whatever
necessary
to
guaran¬
uninterrupted and efficient operation of the
railways as an indispensable arm of national de¬
fense."
creased
consumer, so far as not offset by in¬
efficiency in transportation, and could be
better
distributed
being put into the general public
But Mr.
that
a
Rea
frankly disclaimed
Government loan would
thus
any
serve
in
of
stringencyjdn conditions.
raising rates to match
net
by
implication
ljeu of rate
advances; such advances would be needed
increased
than
expenses.
expenses
to
meet
Anything short
and keep
a
safe
income^is^mere temporizing; yet the prospect
Nov. 24
that
granting
refused
THE
1917.]
increase which the Commission
now an
six months
premature less than
as
be followed
by requests for
more
3037
CHRONICLE
ago may¬
advances prompted
the
people live, why should not
that,
if
refuse
they
hiring?
For
movements the
might be "the intention of the railroads to make the
arises;
sky the limit,"
in
a
question which might
more appro¬
hre
will
there
that
assured
be
amicable
an
settlement, both sides having agreed to do
President says,
that it is
may
tions
impress
period."
not
the brotherhood leaders
upon
patriotism and self-sacrifice during the
Undoubtedly the
ism and self-sacrifice
are
the
item)
as
one news
generally thought in Washington that there
the need for
the part
on
favor patriot¬
men
of others, and they
wanting in declarations of
who order others to desert what is
men
and
might be declared in form
a purpose
application of
At
be "some small increases of wages, but that the
President will
war
also (in the words of
penalty of treason remains, if need
service, why should there be
priately be addressed to the employees.
We
to
as
fact
to stand
military
a
shrinking from the
any
penalties?
severe
least, it is again made manifest that all arbitra¬
all
and
ployees
arrangements by which railway em¬
continue
selfish
and
their voluntary
who openly obstruct military
persons
Commissioner McChord to ask flippantly whether it
be taken for
men
continue
to
to
made in
their demands,
get
disregard of
consequences,
temporizing
are
procrastinating; the contest placated to-day is
merely set forward to another day.
has undertaken to
much
The country
regulate all business, and it cannot
longer defer the wrestle with organized labor,
however dreadful that wrestle may appear.
behind the Government and the country, but a ques¬
tion of their
own
The
is in their view
wages
by itself.
/..
■
■
question
which
Supreme Court has declared the
of Con¬
power
inevitably results from its authority to protect
inter-State
commerce,"
for the
mentioned
distant, is that
and
proposition
one
now
coming session, only nine days
compulsory settlement of railway
a
THE 'EFFECTIVE
WAY
disputes shall be enacted.
the
But
will be
men
indifferent to the form of treatment of their
succes¬
The
just
few pounds have not availed in all instances.
a
The Food Administration has
"ought not" to
consumer
cents
their
right to
increase, and considering only
some
what shall be the amount.
Last
March, while they
the Adamson law and
on
been
fooled
-with
declaring that they had
long enough and would wait
no
longer, Mr. Lee of the trainmen said that if the
country goes into the
"the
war
know that,
men
as
material and that there will be
raw
weather is
of
awraiting the decision
were
winter, and
The
blame is
at
passed
facing
there must be
so,
compel them.
it exists
a
in reserve existed then,
bill already prepared to
power
There is
now.
If
in the Government to
power
If that
of their so-called
sure
choice remained to them.
a
an
we
scarcity,
must learn to live
getting
are
uninterrupted ascent of prices.
slow
military service/ and they
So
we
regulate
exercising that.
bringing
or
well
wages as
taking to operate the roads
service,
in such service
now.
brought back to the question of authority
are
and of the firmness for
board to
are
as
rates,
as an arm
them
Creating
a
under¬
or
of the military
under
governmental
burning
learn.
to
It is not
before
up
but
our eyes,
War turns abundance into
accelerates
enormously
it
because
food and other substance, at
our
little
a
to "government" to
cry goes up
authoijze the President to proclaim railway employees sumption and reduces production, yet
in
less.
or
orders, the
to another, and some
we
We
The lesson is held
us.
are
ton
a
fill
preliminary taste, of scarcity, after
a
pleasant, and the
help
one
that
us
temperature.
therefore
a
inability to
from
on
begin to tell
lower
a
Cool
without their winter
are
having only
some
retailer, declares
advisers
plentiful
a
stocks arrive.
new
cellars
many
supply of coal,
taste, perhaps
they must make
ex¬
daily bringing-us to the usual beginning
patriotic citizens, they must stick to their posts;"
eight-hour day while
public that
than 8 to 10
pound; but the refiners interpose, the
a
supply in December when
taking for granted
pay more
planation that they have had to shut down for lack
of the
in the past:
begun, to cast stern
looks towards the retailers and to tell the
the
store win¬
many
thirty days, and entreaties to furnish
sive'demands, expecting that arbitration and media¬
as
WASTE
REDUCE
sign "no sugar" has been in
dows in the last
tion will continue
..
TO
BY FIRE.
to provide for compulsory arbitration, "a power
gress
*
a
■
con-
go
we
on
even a more
rapid rate, apd although the prevention campaign is
pushed
Probably
fire
of
earnestly than
more
progress
made, the
is
enemy
an
Oct.
does
not
awake.
incendiary caused the elevator
and
13,
and considerable
ever
country
enemy
an
incendiary almost
ownership—either of these would leave the questibn
certainly set the million-dollar fire at Kansas City,
of wages as one
a
evading
off
a
one
it,
itill
to be met; there is
although it
little further.
The real
unusual
possibility
measures
of
to
being
obliged
operate
to
he
says,and with evident sincerity.
no
escape
apparently
familiar
enacted
because
into
they
were
any
contemplate,
seems
measures
without
addressed
to
fear,
the
subject of regulating trade and business.
To labor
on
on
tion, .and
page
with the usual
half-column,
to
Since it must have
without which the
men
war
to
operate the rail¬
cannot be
won nor can
public atten¬
one
of the most im¬
hunt for
on an
war
matter and
inside
page
gave
only
a
bare
where the reader had
it, to the wanton destruction of
some
10,000 bushels of grain.
for the
latter it has taken them and will continue to take
to attract little
the next day
on
The sub-Treasury
men
/
portant morning journals of this city filled its front
Id,
ways,
time in the day
example of this lack of proportion
an
followed, for
seem
paid than facing the toils and dangers of the battle¬
them.
a
full."
,
accounts of fires
railroads is less hazardous and better
that the country needs
"the cattle
43,000 head, the largest
record, and the fire started at
field; but
now
told,
we are
were
Discussing this subject on the very morning of the
Brooklyn fire, the "Chronicle" remarked that
But there
statute
later, where,
take
from his contemplating it; unusual
been
days
when the pens were
already been contemplated without shrinking
have
few
receipts the day before
authority.
the railways" is the
last which Mr. Wilson would wish to
have
of
put
question has become
of the existence—and the exercise—of
"The
and
no way
still be possibly
can
and
has
here has
always
against burglary and riot;
is
now an
been
extra stock of
effectually
every
guarded
safe-deposit vault
carefully made safe, for gold is called "the
ious"
metal
and
securities
are
prec¬
preciousJtoJthei r
owners; now
in
and
scarcity, expressing itself in high prices
of materials, is
threatened disappearance
a
materials and food
perhaps ready to teach us that
out of
apathy and heedlessness have grown
This
business
panic such
be
the country has never known
as
precipitated; the granting of credits would
would be
halted,
misleading abundance, out of failure to perceive
that fire works an absolute destruction, and out of
our
collect debts would
desire to
the
be
clamor for some form of
substituted protection, and property owners all over
the land would begin to examine their premises and
general, there would be
precious even than gold.
more
are
[Vol. 105.
CHRONICLE
THE
2038
a
The sudden
try to reduce their fire hazards.
neces¬
take the risk sity for self-insurance would set self-preservation
and make good to the loser.
Distribution of loss is actively at work. This imaginary touchstone reveals
the fundamental fact that everybody is relying upon
not restoration, but because we have not yet been
made to feel the loss we go on throwing away at least insurance and taking practically no trouble about
the clanger otherwise; thus is shown the point of
a half-million per day, as an average, by fires which
approach for any genuine reform.
could be prevented.
Express this in wheat, in other
A few modern high-cost office buildings could
food stocks, in ships, in clothing, and it might
survive the crucial test of setting the contents of a
attract attention; expressed in the familiar form of
dollar-loss and as "covered" by insurance, it has room on fire, closing the room, and leaving it to
slight effect upon public apathy.
Yet it is a con¬ itself; other than these, our buildings are in effect
dition which has become unendurable, and therefore stoves, subject to destruction by the burning of their
contents, the wooden wall adding to the fire but the
a remedy must be found and applied.
"
In cities,
The figures which show that insurance is not a brick one just as effectually destroyed.
habit of looking to insurance to
our
.
profitable business should be familiar, and
the
be
floor
repeated;
that
fact
need not
sufficient testimony is the observed
a
has
demand
exceeded supply, yet
long
capital persistently avoids this wide-open field, and
:
judges shrewdly in
capital
ance
one-half the rate on
On the other hand, it is indisputable
high and are a very considerable
rates
are
burden.
As
State
trust and
always, the law has been appealed to.
legislatures assumed insurance to be a
attempted to lower rates by anti-compact statutes,
arguing£that if underwriters
together competition
This
failed, the later
sort
some
of
not allowed to get
were
them would put rates
among
the old
was
theory; perceiving that it
come
uniform rate schedule under that scheme.
together (instead of staying apart)
Because it has not yet
to be
tax
upon
raised; that underwriters
are
mass
one
only
a
class
and that the fire waste is what
assessors,
the
Does the thermometer
heavy.
temperature. unpleasantly low or high?
Nearly all statutory effort, to this day, has been
expended in the
wrong
direction.
force premium rates down,
waste down.
tive
protective devices, and also to use protec¬
self-interest, the property
up
A
It has aimed,to
instead of trying to put
purblind statute might conceivably
order all the railroads to reduce their
charges, by
heedless
all
throw
a
the
roads
upon
the country,
stage worse than the present.
A
statutory order to cut insurance rates would either
end in
of
the companies to suspend
insuring property
one
and
a
upon
would
only
hold rates from
the State, producing in
condition far
way
worse
than the present.
to reduce the cost of insurance
is to reduce the fire waste;
whole
or
breaking them all, thus throwing the business
that field also
The
operations
do this, and nothing could
declining, to the great benefit of the
handling
of
fires, his flues, his shingle roofs, his hundred
of so-called "accidental" fires.
As to
large structures, there are two devices of com¬
manding
glass,
wire
value:
The former is window
heated
coarse
a
from
automatic
glass in whose substance is
wire network; the wire
burning through,
bined effect is to
holds the
so
that the
com¬
keep fire from penetrating a build¬
the value of this
the window;
through
ing
the
,
glass from dropping out, and the glass holds
wire
the
and
/
was
Baltimore in 1904. The other
system of water pipes crossing ceilings,
signally shown in
device is
a
carrying at regular intervals what is called a "head;"
this head is
link under
valve, held closed by a metal,
water
a
tension, this link being made of a very
easily fusible compound;
room,
conflagration begins
of
water
on
the nearest "head," and a
Each
descends.
of
these
figured to protect about 80 square feet,
areas
as a
its little heat waves rise to the
ceiling, melt the link
rain
a
small fire, and when the small fire starts in a
sprinklered
cause
reckless
that his electric wiring is safe, to look
causes
in
case
see
the
and
smoking
matches, to
very
thereby making
will begin to clean
owner
rubbish and stop its further accumulation, to stop
progressive steps; the immovable arithmetic would
that
properly reaches his
the appeal
When
care.
imbedded
makes the tax rate
make
to install
form
tax rate must be proportioned to the
dawned
the
upon
always strive to please) that insurance is
of
quickly correct the worst habits of occupancy,
sprinkler.
dawned
dangerous
district of
entirely practicable
except quite gradually; but it is
of
legislators (who
the people, it has not
sum
mercantile
congested"
floor
from
most
burning construction in this country by slow-burning,
other
writers to
the
impracticable to replace the present quick-
It is
after his
compel under¬
to
large unbroken
openings
being
two
"the
in
attempts to regulate rates by
and
these
are
Manhattan.
action
one
State
upon some
of tax; that a
factors
vertical
and
areas
floor,
to
;
down.
to
hardly
earns
Liberty bonds.
that
doing, inasmuch as fire insur¬
so
constructional faults
worst
protected
so
heads is
and the
should overlap somewhat; the
composition of the link also varies somewhat with
distance between floor and ceiling, the intent
the
being that it shall melt and open at a safe small
point above the usual temperature.
be
The pipes
can
entirely concealed, and the heads can be made
installation
keep the
By carrying the appeal to the final tribunal of apparatus in order and the water pressure always
self-interest, while not ceasing the appeal to ethical "on," this is a fireman always on the spot with hose
public, underwriters included.
to set about
and
How
are
we
doing it ?
and
exercised
that all the
their
contract
companies
right
with
some
in hand and
patriotic considerations.
Imagine
inoffensive to the eye.
of
simultaneously
cancellation, a'
the
case
may
flow may
a
With
periodical
watchman to
a proper
attention
to
give the alarm,
so
that
have attention and a continuous water
be prevented.
Nov. 24
THE
1917.]
To take the most recent
•
a
where there was,
able
example, if there had been
sprinkler plant in the Brooklyn storehouses
proper
instead,
absence of
an
would
unable to do, and
prevented the destruction of a great
have
city
were
quantity of food material.
It
not there, because
was
the owners' self-interest had not been
to
as
any reason¬
precautions, it would have done instantly what
all the firemen of the
cause
it to be put
appealed to
so
there.
Upon this point of self-interest, it is clearly for the
public
(and it should also be for the private
concern
of each owner) that property
concern
tion of business ,jj[theJproposition
cannot afford
any."
be saved from
presented is: "We
we will not have
tenable reason why this should
to have
Is there
any
fire, and
a
not be the attitude of all persons,
and why the State
should not do the utmost to make it such ?
If it
be said that the effect
carrying
larger
a
insurance
would be to induce
for
compensate
to
a
possible clipping, that would be for the underwriters
to
■
.
3039
CHRONICLE
to,
see
their side, and it would involve an
upon
increased outlay, so that prevention might seem
cheaper.
will
We
not
quite
are
aware
palatable
seem
at
the
that this prescription
first;
most. effective
destruction; and while the theory of insurance is that,
remedies do not.
only indemnity for actual loss should, be covered it
begin, there will be insurance committees in each
ought to be true in
loser suffers
his insurance.
But the
against risk, for
involves
the
instance that the insured
every
branch,
despite
to offer
injury, in
some
manner,
some
is able to weigh risk
owner
approved sprinkler plant always
an
consideration in insurance rates,
some
general proposition is that this saving
(and also
sometimes be
for the work by installments, using the
made to pay
In
for the plant in from two to eight
pay
arrangements
moreover,
insurance
the rate
on
the amount of insurance required by
on
prudence) will
years;
and
savings for that
can
underwriters
purpose.
We
where
order to
cost of
the
install
sprinklers
upheld in
firemen.
Railroads
court of
have
affirmed
once
who burned trash
his
on
liability of
A law also took
a
neighbor's
effect in
sylvania, in 1915, providing that if design
an owner causes a
farmer
a
land, in heedless disregard
wind, and thus caused the loss of
barn and house.
of
for
liable
held
been
by locomotive sparks, and the highest
Illinois
compel
Penn¬
neglect
or
fire, in cities of the second class,
offer and stand for
first.
One session may not
present the
and
understand
CANADIAN
PROBLEMS
Canadian
than half over,
more
from
secured
daily
the
bill to
war
but
could
we
make
certain percentage
to the "exposure" hazard
take
beginning.
a
premises;
that
Enact
payable to the
a
months after
passage,
A
that
arrange
The "exposure" hazard which would
still have full coverage as to every owner,
the losses to each upon
very
owner
fire starts.
might have knowledge and have time to
accordingly.
a
change should be given, by having the
law take effect say six
all
nor
occupant of the premises where
notice of the
own
of the face value of the insurance
shall neither be collectible
or
for his
care
his
own
and also
premises, would be
greatly reduced by reducing the number; of
self-preservation.
Such a
fires through the action of
There
other
are some
buildings
owners
provided
ingenuity and outlay
of
these
of industrial plants, and of
well, who not only
as
insurance but have
number
installations.
in
can
the
every
carry some
precaution which
supply; probably the total
country
is
considerable,
although relatively trifling against the overwhelming
insurance and think it
slide as they
To these wiser men, mindful of the interrup¬
majority' who rely
upon
cheaper and less trouble to let things
may.
up
to
campaign
the
before
is
the country is rapidly
prepar¬
draft
and
thereby increase
our
Undoubt-1
than $1,100,000.
should reach
week; that it
a
$300,000,000 is the belief of the President of the
Pacific
Canadian
culation
of
war
Railway.
In
any
event the cir¬
will be continued without
money
country's farming and industrial
liberally with Great Britain's orders.
By the close of 1917 Canada will have spent on
account
$735,000,000.,
over
of
Some
this
represents credits granted to Great Britain, but the
home
authorities,
to Canada for
lent,
that
so
on
war
the other hand, have advanced
purposes
the
000,000 for the
represented
of
a
almost their full equiva-'
accounts
Parliament authorized
a
war
balanced.
about
ending March 31 1918.
year
initial
next
1915 and
appropriation of $50,000,000;
war
year,
This
stiff ascent from the appropriation
amount laid out for 1917 and
of
are
expenditure of $500,-
$250,000,000 in 1916, $100,000,000 in
the
is founded
on
The
the first three months
the assumption that
400,000 troops shall be under arms continually, and,
without
counting other
expenses
than the upkeep of
Canadian forces, will reach $415,000,000
by the end;
of March 1918.
With the prospect
law, however, need not prevent empowering city
authorities to compel sprinkler
WAR.
Victory Loan edging
more
within
overtopped
war
not yet ready to
CONNECTION
IN
edly the Government's goal of $150,000,000 will be
mild, yet it does
principle.
and make each person
than
ing to put into the field 100,000 additional soldiers
fine of 10%.
limit insurance coverage
THE
receipts
of
$120,000,000
plus
are
more
can
Ottawa, Can., Nov. 23.<
the
With
.
abatement and the
people in this country
be able to do
saving effect.
WITH
interests fed
Now
It
begin to study
its intrinsic justice, and its
it,
city, besides the usual penalty
very
rates,
according to custom
idea,|but the people
for the cost of extinguishment
This is
not
a measure
guilty of
a
reduce
to
burdensomely high.
expectation,gone which people will not like at
if he is
affirm the
usual,
clear-headed and sturdy legislator to
he shall be liable to the
arson,
them
are
a
an
made liable for the
was
as
to
of
extinguishment and for injuries incurred by
fires caused
of the
was
corporation which had disobeyed
a
a
soon
bills, all aiming to somehow restrict
and
not ready for this
are
here, yet the idea of responsibility
case
require
and
premises where-a fire starts is held responsible for
injury caused to others.
of
which, beyondjquestion,
will
legislative sessions
usual, and they will begin, also
as
a mess
certain protective and
cities of Europe the owner or occupant
some
In the
and
ever
an
of
a
full year's fighting ahead,
increasing cost of
our
military establish¬
ments, including pensions for more than 30,000 men,
or
their
hope to
at
the
charge
dependents, this country cannot reasonably
escape a
total national debt of $1,500,000,000
end of 1918.
of
quite
This will involve
$90,000,000
a
year,
an
an
which, independent of the retirement of
of the
war
interest
amount
any
part
debt, will introduce problems of Federal
financing impossible to solve without introducing
new
taxing principles.
The tariff is already loaded
THE
3040
point where neither public sentiment nor the
existence of the nation can bear fresh
to the
economic
and business profits taxes
limitations in
this sparsely-settled
obvious
have
land.
newly-developed
It
exclusively to private investors.
gone
from
Canadian
of
pressure
people
undergoing the
now
are
election campaign wherein the old-
an
time
badinage of politics has given place to a relent¬
less
struggle
Reports from the
of ideas.
prairie
provinces and British Columbia seem to promise an
The
Uniom
gone
Laurier, all of the latter being in
On¬
bitterly anti-conscription province.
tario, which has the largest Federal representation of
countries until 1918.
Although these large sums have been placed to the credit of the Allies,
being made only at intervals and are
the Allies'financial needs until further credits are
withdrawals against the credits are
intended to provide for
established at the beginning of the new year.
Treasury officials made it clear, however, that if any emergency arose
in the prosecution of the war, further and
and
devotedly toward conscription
as
Union Government
a
the denial of all
Quebec does towards
as
obligations, moral
war
New Brunswick and Nova Scotia
to
won
Liberal
with
Government
the Union
idea
otherwise.
or
being slowly
are
by influential
campaigners who have thrown in their lot
the
Conservatives.
win-the-war
Meantime the
TREASURY BILLS.
INGS OF BRITISH
J. P. Morgan & Co., after a
lapse of
weeks, have
some
weekly offerings of ninety-day British Treasury
resumed their
bills, having during the past week placed upon the market
block of $15,000,000) which,
a
fully taken
it is understood, has been
This week's offering
up.
sold
was
discount
on a
basis of 6%,
which is Ai of 1% higher than that upon which
of the previous offerings were sold.
When the Morgan
any
began offering the Treasury bills in August, it was
limited
to
that
the
October the reason
wish to
with the
On
do
week would be
The weekly
discontinued during the middle of
were
given at the time being that the firm did
anything that might interfere in
way
any
operation of the second Liberty Loan campaign.
Wednesday of this week (Nov. 21) the first block of
$15,000,000 sold
P.
one
any
time would not exceed $150,000,000.
any one
offerings of the bills
not
offerings in
$15,000,000, and that the total outstanding at
on
Morgan & Co.
Aug. 21 matured, and
It is said that
a
paid by J.
was
similar amount
or some¬
thing less will fall due practically at weekly intervals until
the notes
already issued (now considerably
over
$100,000,-
FINANCIAL
BORROWv
growing isolation of French-speaking
many
BONAR
exemptions to 200 conscripts.
The city of Toronto
alone has sent 20,000 more recruits than the whole of
INGS.
The accounts of
a
Exchequer Bonar
regarding
papers
ENGLAND'S
'
V
eligibles, at the rate of 6,000
young
ON
LAW
military service boards in issuing wholesale
exemptions to
in support of the Allies.
000) have been paid off.
Quebec has not been reduced by the action of
French
heavy credits in the meantime
J. P. MORGAN & COMPANY RESUME WEEKLY OFFER¬
,
province, leans
any
it was explained, is due to the grant¬
ing of credits Of unusually large amounts to Great Britain, France and
other members of the Allies several weeks ago, calculated to finance those
announced
a
officials declared to-day.
for this postponement,
reason
Government.
Quebec,
United States Government between now and the
will not be made by the
firm
ist and twelve to
city, which said:
first of the coming year, Treasury
overwhelming sympathy for the newly-formed Union
Eight acclamations have
dispatch
a
(Nov. 23) to the "Financial
Extension of further credits of any considerable amount to the Allies
Ottawa;Can., Nov. 23.
The
contained in
year, was
would be forthcoming from the United States
CAMPAIGN.
ELECTION
CANADIAN
THE
new
Washington yesterday
America" of this
is far from
im¬
probable, as discussion now goes at Ottawa, that the
Government may be obliged for a long time to come
to utilize its widespread
controllership of grain
growing, mining, meat packing, &c., to extract
from these undertakings profits that hitherto have
and
until the first of the
The income
imposts.
[Vol. 105.
CHRONICLE
speech of the British Chancellor of the
Law, made at Manchester
finance
war
.
received here.
Nov.
on
8
this week available from English
are
The Chancellor explained the
reasons
Franch-Canada, and the distortion of the Conscrip¬
for the issue of Treasury bonds as a method of continuous
tion law administration
borrowing for
naturally feeds the fires of
English-speaking Canada's resentment.
Borden and his national cabinet
cational
The disfranchisement of
voting
scores
of thousands
dangerous
a
while arousing only approval
the remainder
of
the
to
the
Union
Government
being
as
gilded cabal of the
a
"profiteers," and promising the soldiers "conscrip¬
tion of wealth" and other
be returned.
Some
soothers, should Laurier
uncertainty surrounds the agri¬
cultural vote in Ontario and New Brunswick.
farmers Mve profited
financially by the
fighting
men
war
and
only to
a
The Conscription law does not favor farm¬
above any other part of the economic
machine,
and this has invited
lively protest.
ers
Each
day
only
consolidates
Quebec's
into,
go
which made it desirable to try another method.
I knew that it
experiment.
was an
instead
am
All of
us
have
more or
money
less the habit
possible to
this method of borrowing is continuous does militate
It is quite obvious, too, that it Is almost im¬
enthusiasm, such as
arouse
which makes the
the advantages of this other
to try
method
a
had at the beginning of this
year,
We recognize all that, but
easy.
are so great
that I think it
was
right
it.
In the first place, a loan—the
for.
we
obtaining of money so
larger it is the
more
this is true—dislocates
considerable time the general financial life of the country.
dition, if
a
loan is to be successful, as the last was, it
means not
In ad¬
merely that
people give what they have at- the moment, but they mortgage their future
savings and borrow from the banks.
Obviously, it would be far better if,
instead of this mortgaging in advance, everyone week by week would lend
what they are able to afford.
This method ought to succeed.
The
money
is there.
The deposits in the
banks have risen already to the same amount practically
stood at the time the last loan was issued.
two
way
things
necessary.
are
The first is that
everyone
position to help should say to himself: "To what extent
expenditure
so
who is in
a
I cut down my
And
everyone
in the bank should say to himself: "It is better for the
State that I should lend direct rather than
These
can
to be able to lend part to the State?"
as
who has deposits
at which they
If the money is to be got in this
through the bank."
Treasury bonds would not be profitable to the banks,
for patriotic
reasons, and
but the
also because they knew
that the financial stability of the institutions for which they were respon¬
sible depended upon
the credit of the nation
as a
whole, and if thae failed
everything failed.
the
NO
FURTHER
The bonds
extent of something
English-Canadians.
like 2 % and the money invested in them would not be
tied up so that in an emergency
CREDITS
TO
ALLIES
FIRST OF NEW
in
I
of not doing to-day what we know we can equally well do to-morrow; and
banks approved of them
creates a sympa¬
thetic bond between the Unionist Government and
am sure
which is necessary to carry on the war.
anti-war
feeling and by virtue of that fact
important
beyond their
trying the experiment of endeavoring to get week by week the
as a
minor
more
even
loan would have been successful, but there were reasons which I will not
to the country
class have contributed
degree.
The
population nothing is
In the autumn they thought of raising another loan, and I
hope.
against Immediate help.
new
Chancellor
The
At the beginning of this year a loan was floated which
trenches
in full-page layouts representing the
ability.
beyond the Government's expectation and
the knowledge that
newspapers
their
Of all the activities of the .civilian
than the financial.
succeeded
electorate.
being inserted in the London (Eng.)
of
extent
Cunning appeals to the Canadian soldiers in the
are
appeal for all to lend to the
earnest
an
added:
a
dispose effectively of
group,
indifference in
or
edu¬
political possibilities of "war weari¬
of alien voters will
anti-war
an
country
campaign that by its intensity fully takes
account of the
ness."
Sir Robert
waging
are
instead of raising another large
war purposes
loan, and made
UNTIL
^
Entente countries
except in
by
Government,
to the
during the past few weeks, would not,
an emergency,
that all should
I
large advances which it has made;
profitable to the depositors to the
it could not be used.
grounds of self-interest that he made his appeal.
AFTER
YEAR.
The announcement that the United States
view of the
were
extend further credits to the, Allies
am
a
from
was not on
needed
was
that a determined and concerted effort is being made
small section to frighten depositors, and particularly small investors,
lending to the State.
They
say
it is not safe.
Nothing could be
more
These Government loans, both as regards principal and interest,
behind them
country.
on
was
recognize their duty.
sorry to say
absurd.
have
But it
All that
the
whole
of the
taxes, actual and potential,
of the
That being so, the Government has, at all times, the first call
all the income and
all the property of
every
citizen.
Nov. 24 1917.]
It
is,
therefore,
THE
obvious that,
the
as
includes
greater
securities, which comprise all others, must be safer than
But it is said there is
what nonsense!
the
CHRONICLE
less,
these
any other
total
security.
danger that this debt will be repudiated.
a
Again,
I have heard
3041
The last New South Wales issue
being £3.000,000 offered
after date.
good deal of talk about the conscription
of wealth—some
people know what they mean and some don't—but I have
a
a
at
floated in May last at 5H%, the
was
98 with maturities of ten
It will be observed that the
loan carries
new
or
five
years
higher rate and
a
longer period for maturity.
heard anyone talk of the
conscription of one kind of wealth and the
leaving of other kinds of wealth alone.
Whatever Government there may
never
be in
HUNGARY'S WAR COST.
this country—Coalition,
Liberal, Conservative or Socialist—it will
discriminate against that form of wealth which is given to aid the
country in her hour of need.
With the presentation in the
the budget for
never
Hungarian Lower House of
1917-1918,
PURCHASE
OF
BRITISH
NOTES
BY
Premier Wekerle, according to
press dispatches from Budapest on Nov.
21, stated that the/
war
expenditure up to the present was 16,000,000,000 kroner/
NORWEGIAN
BANKING INSTITUTIONS.
The New York "Tribune" of Nov. 20 is
of which amount
following relative to the purchase here of British
Norwegian banking institutions:
notes
by
Norwegian banking institutions have in the past few days bought consid¬
erable amounts
of United
notes in this market.
Interest
authority for the
Kingdom of Great Britain and Ireland 5H%
One bank alone is said to have taken
investment approximately $1,000,000 of thes'e notes, which
as a
run
short-term
from
to
one
on
12,000,000,000 kroner was covered by loans.
debt, he added, was 1,030,000,000
the whole State
kroner yearly.
The Premier is said to have estimated the
receipts at 3.468,900,000 kroner, and the expenditures at
3,442,670,000, thus leaving
a
surplus of 26,230,000 kroner.
He expressed confidence that the
would
of the country
resources
the soundness of the
secure
budget.
three years.
Bankers to whose attention this development was
brought yesterday at¬
tached
not fear
one
;
being drawn into the
ported of late.
PART
OF
Norway, it
THIRD
pointed out, is strongly pro-Ally.
was
FRENCH
WAR
LOAN
TO
BE
Louis Klotz, French Minister oL
(Nov.
SOLD
Nov. 11 that the
on
British
Chancellor of the Exchequer, A. Bonar Law, had
agreed to the emission of part of the third French war loan
in London, through the Bank of England.
The issuance of the following statement
Financial
Commission
the U.
for
S.
"Journal
of
the
concerning
third
loan
was
of
20th
Loan,
which
is
published
published
in
in
France.
special
dispatch
from
"
indemnity for
a
period
of five years, which has been
agreed upon by the United States Government
and the Entente powers, will give China
the use of about $200,000,000 for
Governmental and war uses.
The relief afforded by this arrangement is
expected to
remove
sity for obtaining a foreign loan for China
concerning
have been conducted for several months.
STATE OF
which
GUANAJUATO, MEXICO, GIVES
the
neces¬
discussiohs
The
French
Financial
Commission in the United States desires to point out that the French Gov¬
ernment has had no part in the published
appeals."
'
.
VOTE
TO
WOMEN.
As announced
in the American press for the third
issued
now
following
/
reported in the
The Official Bureau of French Information communicates the
following:
Several appeals have been
the
The postponement of the payment of the Boxer
inst.:
the
pointed
by the French
appeals
French
Commerce"
23)
Washington:'.
Finance, with his return
from London is said to have announced
INDEMNITY.
Concerning the postponement of the payment of the
Chinese Boxer indemnity, the New York "Times"
yesterday
THROUGH BANK OF ENGLAND.
Victory
POSTPONEMENT OF PAYMENT OF BOXER
political significance to the purchases, pointing out that it in¬
thing, that important Norwegian interests apparently do
war on the side of Germany, as has been re¬
some
dicated, for
newly adopted
by the official Mexican News Bureau, the
constitution
Mexico, permits
time
that
on
women
of
the
State
of
Guanajuato,
of that State to vote for the first
all
municipal matters, the only restriction being
they must be of good character.
The announcement
follows:
FRENCH GOVERNMENT MOVES TO PREVENT
HOARDING OF SILVER.
The
decision
of
the
French
Government
certain types of silver coins "to put a stop to
is paralyzing trade" was announced in
press
Paris
on
Nov.
"Matin."'
dispatches
circular
Nov. 22 issued
on
demonetizing bill.
intrinsic
value of
The circular points out that
the silver in the coins in question is
only 67% of the nominal value of the coins,
present high price of silver.
As
an
in¬
to
even
history of Mexico
ters upon women,
character.
Such elections are to be. held
shortly and the male portion of the popula¬
tion is awaiting the outcome with
great interest.
•the newly adopted
national constitution does not prohibit
new
coins vanishing virtually as
issued.
The hoarding craze is especially prevalent in the
provinces, where the
distrust of all paper money lingers among the
people, due to the memory
of the ruin caused
by the depreciation of the assignats of the French Revo¬
One result is that the Government is obliged to
buy metal abroad
lution.
at
a
high price for
coinage.
new
woman
suf¬
frage, but by implication permits it.
No test has as yet been made in a
national election, but the State of
Guanajuato has set the example of grant¬
ing the privilege in local affairs.
will
It is believed that the
example thus set
shortly be followed in other States, such
which has shown itself very advanced in this
as
Yucatan, for example,
as well as in other
respects,
the first women's congresses ever convened in the
Republic having been
held in the capital, Merida.
at the
example of this,hoarding, the instance is cited of 15,000,000 nickel
by the mint to replace the copper sous, which were greatly
disappearing from circulation, all of the
permitted to vote,
The newly adopted con¬
suffrage in all municipal mat¬
the only restriction being that they must be of
reputable
SCARCITY OF ONE-CENT PIECES CAUSES
ISSUANCE
coins struck
soon as
women are
the State of Guanajuato enjoying this
privilege.
stitution of that State confers the
privilege of
the
to
announcing the Government's intention
troduce the
the
to demonetize
state:
It is stated that the French Minister
a
,
hoarding which
dispatches from
22, which credited the information
These
For the first time in the
,
,
OF SCRIP.
Owing to
growing scarcity of small coins, the Treasury
Department at Washington is urging banks to assist in
keeping subsidiary coins in circulation.
The scarcity of
one-cent
revenue
To force out the hidden money, Finance Minister Klotz will
shortly in¬
troduce a bill demonetizing all silver coins bearing the
age
very short time
a
pieces, it
appears,
has become acute since the
tax bill went into effect
on
the 1st inst.
war
This short¬
of
effigy of Napoleon, a
being given the holders to get rid of them.
With the metal
thus brought in, it is estimated,
the mint will have enough for
year's
a
issue.
.
___
INCREASE IN DUTCH WAR CREDITS.
According to
dispatch from Amsterdam, printed in the
a
New York "Tribune" of Nov. 14, a
increasing the extraordinary
000,000 has been submitted
Dutch Parliament.
for air
supplementary estimate
credit
for 1917 by
$64,-
to the second Chamber of the
It
includes, it is said, nearly $1,200,000
service, $11,600,000 for artillery and nearly $7,600,-
000 "for the
ciple
war
as on
improvement of
the
our positions on the same prin¬
fronts, where operations long have as¬
war
sumed the form of
war
a
of
positions, and
siderable depth prepared for defence."
which has taken action of this sort; on the 19th inst. it de¬
cided to put out scrip in the form of a check
good for
cent if
presented
Clearing
a
con¬
,
A
special
London
issuing
on
a
cable
Nov.
to
22
the
"Journal
announces
of
The
WALES.
Commerce"
from
that New South Wales is
£3,000,000 loan at 993^ repayable in 1935 or, at
option, in 1925, bearing interest at 5%%.
dispatch adds:
This
Is
the
only
Australian
than
which
arranges
Its
own
financing
directly, the plan followed by the other States being to issue loans here
through the Commonwealth Government.
one
bank in the1
from
Scranton,
with regard to the matter:
plan is to have the scrip printed either in book form
or
on
sheets.
None of it will be used
more
once.
News of the action to issue scrip to relieve the situation
caused by the penny shortage is said to have
on
prompted the
Nov. 20 to make immediate efforts
shipped eastward from the Denver
Treasury Department
San
Francisco
pieces
mints.
It
was
stated
that
5,000,000
"
were on
continue through December to accommodate
ping demands in the East.
5
holiday shop¬
It is said that within the six
weeks ended Nov. 15, 62,000,000 new pennies and
new
age
State
Dispatches
any
their way to Chicago to relieve the
Middle West, and that the movement of small coins would
the Government's
The
Association.
Each bank will djstribute it to customers.
one-cent
SOUTH
before July 1 1918 at
under date of Nov. 20, say
and
NEW LOAN ISSUE BY NEW
House
on or
to have more small coins
at
zones
in pennies is said to have resulted in the determination
clearing houses in several Eastern and Middle Western
cities to issue paper scrip to be circulated
locally instead of
pennies.
The Scran ton (Pa.) Clearing House is one of those
ants
nickels
were
put into circulation.
15,000,000
The persistent short¬
of these coins makes officials suspect that retail merch¬
are hoarding "change" for the
holidays.
*
THE
204:2
An
appeal to children all over
the country to stop hoarding
for rediscounts.
savings certificates was issued by Raymond T.
Baker, Director of the United States Mint, on the 16th inst.
Mr. Baker in his appeal said:
The time has come for the passing of the penny bank.
These receptacles,
which are to be found in half the homes of America, will be made superfluous
by the issuance by the Government beginning Dec. 2 of war-savings cer¬
tificates, war-savings stamps, and thrift stamps.
Investment in them
buying
war
It would
It
reprehensible
but a truer method of accomplishing thrift and at the same time aiding the
United States Government has been provided through the issuance of war
savings certificates and war savings stamps.
The small coins formerly
hidden away in toy banks may be put into these obligations of the United
States.
A handful of small coins permitted to remain in a slotted box
yields no more at the end of a period when it is hidden away.
A handful
of coins put into certificates or stamps brings tlie owner interest in the
The saving
of small coins
is a thrifty habit by no means
compounded quarterly.
amount of 4%,
maximum
should be shaken out of the toy banks
the present stringency of this form of money.
Enough small coins
to relieve
financing.
of the country
Reserve banks should be merely
The rediscount privilege was put
however, that
of profit, for
profits sake.
made to banks
banks to take care of their customers by
time when bank deposits were running off.
Also loans
to carry Government bonds or buy them for customers is
legitimate Use
of banks' functions.
banking bill to enable
in the
borrowing at
a
There should be no abuse
MARKET
EASE LOCAL MONEY
POOL ESTABLISHED TO
CEASES ACTIVE WORK.
so-called "money pool" established
Announcement that the
Oct. 1 had for the time
in this city on
being ceased to actively
participate in the local money market was made on
19th inst.
But that does not mean that it has been
Rather does it mean
the
dis¬
that for the time being its
operations have ceased since there is no occasion for their
continuance.
Under the arrangements perfected last month
a
fund of $200,000,000 was
pledged and made immediately
market during the
available for maintaining an easy money
Liberty Loan campaign.
The fund was in charge of a
of bankers headed by Benjaifrin Strong
local
Jr.,
committee
The New York
"Tribune" states that it is understood that the pool, during
its1 brief existence, put out $135,000,000 in loans in this
the E'ederal Reserve Bank.
Governor of
market.
RATES REpOMMENDED BY AD¬
COUNCIL OF FEDERAL RESERVE BOARD,
of this
'
privilege.
solved.
urged.
is especially
coin
The increased
other means.
Reserve
But it will be impossible
enlarged extension of credit due
for obvious reasons.
That must follow
intended,
not
was
as means
raise the discount rate made by
good thing to
a
prevent inflation.
used
demand for these small coins is obvious.
The United States mints are working twenty-four hours a day and Sundays
in an effort to supply the demand.
For this reason the co-operation ox
the American people in releasing from private hoards all possible minor
many
be
to Government
into the European war has enhanced
the need for increased quantities 6f almost every known commodity.
The
penny is no exception.
The United States Government is in need of all
the pennies, nickels, dimes and other subsidiary coins that can be drawn
into circulation.
Millions of dollars in these minor coins are new idle in
toy banks, coin savers, and other small receptacles used chiefly by children
to aid in accumulating savings.
The War Revenue Act has brought a tremendously increased need for
small coins, especially pennies.
Taxes, designed to help win the war,"
must be collected in small amounts, frequently made up of odd cents, on
all sorts of amusements, methods of communication and travel, and by
quoted to the following effect
paper:
banks to member banks
the United States
The entrance of
Vice-President of the National Bank of
Fenton,
same
England
■;
Republic, Chicago, was
in the
begin at 25 cents.
may
T.
W.
the
to
accustomed to go to the Bank of
high-grade institutions been
had
their pennies into circulation by
banks and to put
in toy
[Vol. 105.
CHRONICLE
.
HIGHER DISCOUNT
VISORY
be made in the
discount rates of Federal Reserve banks, with special prefer¬
ence
for commercial paper secured by Liberty bonds or
Treasury certificates of indebtedness was made by the
Advisory Council of the Federal Reserve Board at the con¬
clusion of its quarterly conference with the Board on the
20th inst. • It is stated that action on the recommendation
will probably be taken by the Board within two weeks.
The
A
press
dispatches from Washington in
reporting this state:
under the easy money conditions
indicated by the Liberty Loan payments last week something should be
done to discourage inflation, promote sound business conditions and pre¬
pare for a healthy absorption of future Government issues of securities.
Easy absorption of the second Liberty Loan issue was reported by the
bankers.
They said that even the movement of about 51,000.000,000
into Federal Reserve banks last week from the 18% installment payment,
caused almost imperceptible disturbance of business and financial con¬
ditions, inasmuch as the money was redistributed by the aid of the Reserve
members believe that
Board
Most
system.
The country was reported
within the past two
Board present at the conference were
of the First National Bank
of Norwood
National Bank of Greenville, S. C.; Charles A. Lyerly, Presi¬
dent of the First National Bank of Chattanooga, Tenn.;
James B. Forgan, Chairman of the Board of the First
National Bank of Chicago; F. O. Watts, President of the
Third National Bank of St. Louis;M J. R. Mitchell, President
Capital National Bank of St. Paul; EL F. Swinney,
President of the First National Bank of Kansas City; and
Herbert Fleishhacker,
President of the Anglo and LondonFrancisco. ' The only member
Paris National Bank of San
T.J. Record, President of the
of the Council absent was
City
National Bank of Paris, Texas.
took action
resolutions were
unanimously adopted by the Board of Trustees:
Resolved.
That the report of the
1.
13 1917 be accepted
2.
and of the appeal
Executive Committee dated Nov.
and approved and its
recommendations adopted.
financial requirements of the present war
That in view of the vast
of the President of the
United States, it is the judgment
the name of this
application should at once be made in
of the Board that
membership in the Federal Reserve
Company for
Bank of New York.
the recommendation
contained in the following
The action of the Trustees was on
of the Executive
Committee
as
report:
Nov. 13 1917.
To the Board
of Trustees:
regular meeting of the Board
of Trustees of the United States
following resolutions were
York, held Nov. 1 1917, the
Trust Co. of New
unanimously adopted:
as
a
Federal Reserve Bank of New York
depositary of the funds
be designated
of this corporation, and that it
continue as
until the further order of this Board."
"Resolved, That the Executive Committee be requested to
such depositary
Board on
report to this
Federal Reserve Bank
finances during
Cincinnati; J. W. Norwood, President
of the
whose entrance to the
Co.,
end in Nov. 20, when the folio wring
to this
of Boston; J. P.
Morgan, New York; L. L. Rue, President of the Philadelphia
National Bank; W. S. Rowe, President of the First National
Trust
system is referred to above,
"Resolved, That the
Daniel C. Wing
Bank of
States
United
The
Federal Reserve
three weeks.
The members of the
JOINS
THE FEDERAL
.At the
•
improvement in the labor shortage
especially marked
or
■
generally as in healthy economic condition r with
TRUST CO. OF NEW YORK
RESERVE SYSTEM.
STATES
UNITED
recommendation that a general increase
the present war."
The selection of the
was,
on
of
our
Federal Reserve Bank as a depositary
of our funds
day, communicated to the State Superintendent of
deposit with the reserve bank of this district of such portion
the
same
The
Banks.
consider and
the subject of the relation of this Company to the
system and to the administration of the national
gold reserve as is not
needed in the transaction of our business has
thus become possible.
The
resolution of the Board, namely, the relation
Reserve Bank system and to the adminis¬
national finances during the present war, has been carefully
subject of the second
of this Company
tration of the
considered
to the Federal
by the Executive
Committee.
Since war was declared last
April this Company has constantly sought to co-operate with the Govern¬
ment in meeting the financial needs of the nation.
We have subscribed
actively solicited
to and
We have also
ness
put out by the
effort
made
subscriptions for the two issues of Liberty
subscribed to every issue of temporary
bonds.
certificates of indebted¬
Government, and have participated in the general
during the last few months to stabilize money
borrowing. In all this we have
in this city
conditions and to
facilitate Government
tradition of the Company in time of war and of other
Board permits the deposit with
the New York Reserve Bank of the bulk of our gold reserve.
The question
now presented is whether We shall go one step further and become a formal
simply fulfilled the
national stress.
CHICAGO BANK
considerable
is
There
circles concerning an
ties
of
OFFICIALS ON ABUSE OF
REDISCOUNTS.
.
Federal
the
Journal" of
discussion
a
banking
dispatch from Chicago, quoted
Merchants' Loan & Trust
E. D. Hulbert. President of the
Co., Chicago,
I have
saying:
as
impressed with the amount of
been
rediscounts
Federal
the
at
Reserve
Reserve banks
bank's customers.
borrowing in the form of
and that of borrowing
Bank's rate
shou|d be freely used in floating Gov¬
ernment loans and to take care of borrowers at a
be difficult to obtain.
two sets
to
go
But it was not expected
of rates would be unduly availed of.
unchecked would
Reserve
banks.
It would do
don discount
■
mean
time when money may
that the spread between
To permit such a course
to exhaust the lending
power
of Federal
,
ho harm for member banks to consider the practice of Lon¬
banks before the war.
well as an independently co-operating, part of the federated
the country.
While this question was already in all our
the President of the United States issued a statement setting forth
and complete, as
Chicago
in
alleged abuse of the discounting facili¬
Reserve banks.
The "Wall Street
yesterday, in
The recent action of our
Hardly once in a quarter of a century
banking forces of
minds,
financial needs of the country and urging all State banks
in the fulfillment of what he described as their solemn
the Federal Reserve system.
During this Company's
entire corporate existence we have steadfastly adhered, in theory and in
practice, to what we believed to be the fundamental distinction between a
trust company and a bank.
This distinction has heretofore rendered direct
membership in the admirable Federal Reserve system neither necessary
nor helpful to us.
Our designated depositary banks have fully represented
us in that system,
and our business being strictly confined to that of a
trust company as distinguished from the general banking business, we have
heretofore considered only our own interest in determining the question
of membership in the system.
The situation is now, however, radically
changed.
The appeal of President Wilson and the urgent money needs
of the country make it the duty of every financial institution to come
forward with all the moral, as well as financial, aid it can lawfully furnish.
Whether the facilities afforded by membership in the Reserve bank are
the prospective
and trust companies
obligation, to join
Nov. 24
useful to
us
or
1917.]
THE
not, whether the conditions of membership would, having
in view the restricted character of
pecuniary loss to
business, in fact result in
our
slight
a
not—such considerations are in our opinion of
us or
no
weight whatever in view of the vital importance to the country under
existing conditions of omitting
either
by the furnishing
of
which can, either directly or morally,
no act
the
or
resources
exhibition of
spirit of
a
hearty co-operation, tend to strengthen the financial system of the nation.
For these
the Executive Committee recommends, as promoting
reasons
the highest interests of the Company, an early application for admission
to
membership in the Federal Reserve Bank of New York.
feels confident that the
the Committee
step
business of the Company will not be
essential
In taking this
for
modified.
W.
As authorized by
and elsewhere have
intention of
their
Secretary of the Treasury in payment of income and excess profits taxes
when payable at or before maturity of
SYSTEM.
be
City
joining the Federal Reserve system,
or
reported
applications for membership had been approved.
Co. of this
city, at a
meeting on Nov. 20 voted to apply for membership, as noted
in the preceding article.
The Scandinavian Trust Co.
announced
admission
its
similar announcement
a
the
was
the system
Nov. 20
on
Ill
Chicago, which has
the
undivided profits of $3,605,867,
reported
gross
and which
on a
recent date
President A. W.
the banks' action, stated that it
deposits of $31,666,123.
Harris, in commenting
on
clusion
of
the
papers:
'
withdraw from the system
upon
the
con¬
•
war.
He
said,
according to
an
army,
Reserve, but
we
UNITED
officers of the
The
war.
Federal Reserve Bank have stated
they wished all the larger State banks to join the system in order to
make it strong enough
the system purely on
bank,
we
to withstand
any emergency
this account, because,
and
as we are
we
have joined
not a commercial
cannot take very much advantage of the privilege of rediscounting
commercial paper.
We agree
if
in such
a
strong position that it
in
war some
The Secretary of the
will be able to successfully handle any
of the banks will do the same, we may
June 25
16 the Federal Reserve Board announced
that
applications for membership of the Kaspar State Bank
Chicago, the Union Bank of Jackson, Mich., and the La¬
Savings Bank of Lapeer, Mich.-, were also approved by
the Federal Reserve Board.
On Nov. 22 the stockholders
of the German-American Bank of Baltimore voted in favor
of the institution's
day
it
joining the Reserve system, and
on
the Commercial Bank of Baltimore announced
had taken steps to
the
through
OFFERING
OF
that
that
TREASURY
OF
CERTIFICATES
in view of avoiding concentration of tax
payments on one date, Secretary of the Treasury McAdoo
on Nov. 20 announced that he would receive through the
payable with
principal
eral
taken
Nov. 30, and maturing
by him to
The Secretary's action was
prepare
the
way
of
on
the first step
for the great volume of
York
upon
allotment on and after Nov. 30
at par
with
their customers
up
qualified depositaries will be permitted to make
when
so
issuing Treasury certificates in advance of a loan.
In this
the redemption of the certificates on June 25 will tend
the big flow of money into the Treasury
prevent the unsettling of financial conditions.
months term of the new issue is the longest of
The
any
and
seven
certifi¬
having been for ninety
Secretary McAdoo in announcing the new offering
yet put out, most of the others
Under the authority of the War Loan Act
for purposes
approved Sept. 24 1917, and
therein indicated, and as a means of avoiding concentration
date, the Secretary of the Treasury through the
Federal Reserve banks will receive subscriptions at par and accrued interest
$500, $1,000, $5,000,
Department, Washington ,|D. C., or optional with holders, at the Federal
banks.
.
.
"
They shall be exempt]both£as to principal and interest from all
now
or
taxation
hereafter':imposedJby£the United States, any State or any of the
Possessions of the United States or by any local taxing authority, except:
(а)
Estate
or
inheritance taxes; and
and
excess,
profits and war profits taxes now or hereafter imposed by the
States
associations
or
income or profits of individuals,
the
upon
partnerships,
corporations.
certificates authorized
in said Act, the principal of which does not exceed in the aggregate $5,000,
owned by any individual, partnership, association or corporation, shall be
exempt from the taxes provided for in Clause "b" above.
The Secretary also announces that as authorized by Section 1010 of War
Revenue Act approved Oct. 3 1917, collectors of internal revenue wil
receive certificates of this issue at par and accrued interest under rules and
However, the interestj.on an amount of bonds and
regulations to be prescribed or approved by
in
the Secretary of the Treasury
payable at or before
will not be accepted in
payment of income and excess profits taxes when
maturity
of
these certificates
certificates; but
payment of or on account of bond
subscriptions.
for same, this bank will issue its in¬
After allotment and upon payment
terim certificates if necessary,
pending delivery of definitive certificates.
Respectfully,
STRONG, Governor.
1917.
'
Figures recently made public show that up to Oct. 23 the
Treasury Department allotted to the twelve Federal Reserve
banks for distribution among subscribers nine issues of cer¬
tificates of indebtedness, totalling $2,503,402,000:
24 another issue was
Date
were
allotted.
A
of issue.
,
1—April 25
-
-----
-
-
7—Sept. 17
8—Sept. 26
9—Oct.
-
18
|
-
of the dates and
Date of Maturity.
June 30
--July 17
.--.July .30
July
-
6—Aug. 28
summary
issues is furnished in the following:
2—May 10
3—May 23
Nov.
Nov.
Dec.
---Dec.
Nov.
200,000,000
15
30
15
15
22
300,000,000
250,000,000
300,000,000
400,000,000
385,197,000
$2,503,402,000
24
Dec. 15
11—Nov. 30
June 25
In the
Amount.
$268,205,000
200.000.000
200,000,000
30
Total
10—Oct.
On Oct.
offered and subscriptions aggregating
685,296,000
(?)
following table are shown the several amounts and
of the grand total allotted to each Federal
under^thelfirst nine issues. These figures are
the percentages
issued the following statement:
of tax payments on one
notified by Federal Reserve banks.-
They will be payable with accrued interest at maturity at the Treasury
9
days.
or
$10,000 and $100,000, payable to bearer.
5—Aug.
cates
themi for themselves
to an amount for which each shall have qualified in
of existing deposits
Loan financing of
to counteract
Any
adjustmentlof accrued interest in payment for certificates
an
of this issue allotted, but
excess
1917.
outstanding will be accepted
payment by book credit for certificates allotted to
8
way
from date
is reserved to reject any sub¬
U.S. Treasury certificates of indebtedness now
4—June
with the policy adopted for Liberty
annum
subscriptions at any time without notice.
New
receipts under the War Revenue Act, and is in accord¬
ance
per
be received by the Fed¬
Payment for certificates allotted must be made to the Federal Reserve
Bank
$685,298,000
1918.
and
scription and to allot less than the amount of certificates applied for, and
amounts of the different
interest, at 4% from
par
Reserve Bank of New York and allotments will be made in the order
Treasury certificates of indebtedness of indefinite amount,
bearing
at
maturity;
at
that subscriptions are received, but the right
Federal Reserve Banks subscriptions to a new offering of
June 25
subscriptions
limited amount of United States
BENJ.
INDEBTEDNESS—REDEMPTION OF OLD NOTES.
With the purpose
banks
a
1918, bearing interest at the rate of 4%
issue,
November 21
NEW
Reserve
Federal
end.
same
therein indicated and as a means of
purposes
In accordance with the above, subscriptions will
United
peer
Treasury, under authority of Act of Congress ap¬
(б) Graduated additional income taxes commonly known as surtaxes,
Sayings & Trust Co. of Cleveland, the Citizens
Trust & Savings Bank of Columbus, the Farmers Banking
Co. of Prairie Depot, Ohio, and the Ilillsboro (Ohio) Bank
& Savings Co., had been admitted to the system.
On Nov.
19 the
OF
Due June 25 1918
Treasury certificates of indebtedness, dated Nov. 30 1917 and maturing
,
the Citizens
of
YORK
CERTIFICATES
4%
1917
30
accrued interest from Nov. 30 1917 for
find that we can afford to continue
membership after the war.
On Nov.
receive
Reserve
However, while this bank is "enlistingfor the.war," and hopes a great many
our
NEW
averting concentration of tax payments on one date, announces that he
will
of the State banks may decide to withdraw from the
they find it incompatible with the best interests of their business.
case
OF
The certificates will be issued in denominations of
financing the country will be called on to do.
After the
TREASURY
November
proved Sept. 24 1917, for
\
with the officers of the Federal Reserve system in believing
Nov. 21
INDEBTEDNESS.
majority of the larger State banks will join the system it will place it
a
BANK
on
'
.
RESERVE
STATES
Dated
on
feel
institution should do all in its power to help the Government
finance the
that
Chicago
will the joining
nor
bank make any great difference with the Federal
that this
following circular letter:
to close tho
One man's enlistment does not make
one
the
offering of certificates,
new
Offering of
of
institution might
of existing deposits when so notified
inviting subscriptions to the
FEDERAL
prompted wholly by patriotic motives, and that the
was
for
to the amount
the Federal Reserve Bank of New York sent out
made by the. Germania'Bank
capital of $2,000,000, surplus and
a
by credit for certificates
their customers up
Reserve bank.
and
system was the Harris Trust & Savings Bank of
or
Qualified de¬
definitive certificates.
be permitted to make payment
which each shall have qualified in excess
by Federal
Reserve banks will issue
payment Federal
upon
interim receipts pending delivery of
largest bank to report its intention of joining the Federal
Reserve
and
Among the out-of-town institutions probably
Noy. 22.
on
to
allotment
allotted to them for themselves
The
These certificates will
certificates.
accepted in payment of or on account of bond subscriptions.
positaries will
York
New
during the past week, announced their
directors of the United States Trust
will receive certificates of this issue at
revenue
and accrued interest under rules and regulations to be prescribed by the
SHELDON, President.
institutions in
banking
Section 1010 of the War Revenue Act approved Oct. 3
1917, collectors of internal
Committee,
MEMBERS OF FEDERAL RESERVE
more
from Nov. 30 1917.
applied for and to close the subscriptions at any time without notice.
After
Several
payable
of indebtedness
certificates
Treasury
Certificates will
be issued in denominations of $500, $1,000, $5,000, $10,000 and $100,000.
Payment must be made upon allotment, but not before Nov. 30.
Any
Treasury certificates of indebtedness now outstanding will be accepted in
payment at par with adjustment of accrued interest.
Allotments will be
made in the order that subscriptions are received.
The right is reserved
to reject any subscription and to allot less than the amount of certificates
not
NEW
of
amount
Subscriptions will be received at Federal Reserve banks.
par
EDWARD
limited
a
June 25 1918, with interest at the rate of 4% per annum
character of the
changed nor its corporate traditions
For the Executive
2043
CHRONICLE
Reserve bank
interesting
as
showing the part in Government financing
which the different
sections of the country
are
playing:
43657———CPRCAhihectilivhlacamndagteoanolp.d*h-ia
Amounts
9—Min eapolis
Federal
———— —
2—New York
—
6.64
1,384.922,000
55.33
118,932,000
4.75
569,635
214,942,000
—
— — — -
Pieces.
850
$28,481,750
33.704,600
337,046
100
1.69
25,897
500
12,948,500
39,557,000
1.58
117,319
1,000
117,319,000
———
198,149,000
7.92
5,254
5,000
26,270,000
73,417,000
2.93
7,767
10,000
77,670,000
——
38,866,000
1.55
-
—
—
2.64
66,161.000
— -- — -
50,355,000
——
4.37
Between Saturday noon, Nov. 17, and Monday noon, Nov.
ing deliveries
100.0
—32,503,402,000
made by registered
were
19, the follow¬
mail and over the counter:
'•
:
.
296,393,850
1,062,918
2.01
109,450,000
—
12—San Francisco
—
Amounts.
Denominations.
8.59
—
—
-
10—Kansas City-——.——-
Total--
delivered 4% bonds as
follows:
42.250.000
-
-
8—St. Louis—
11—Dallas-.
Bonds Delivered.
Against these subscriptions there have been
3166,401,000
—
—
—
of Total.
[Vol. 105.
Per cent
Allotted.
Reserve Bank—
1—Boston
CHRONICLE
THE
2044
Amount.
•'
Saturday
--Number of shipments, 286----
Sunday
-Number of shipments, 343.
Monday——Over the counter,
125-
25,450,750
—
The Federal Reserve Bank of New York'on Tuesday
this week
of
(Nov. 20) asked the New York banks who sub¬
■
.
scribed to the issue of Treasury
offered
Oct. 24 to turn
on
over
the cash
certificates of Indebtedness, which were offered in an unlimited amount,
asked yesterday by the Federal Reserve Bank to convert
were
This
their book
their check for the proceeds.
done, and immediately the Reserve Bank redeposited with the
was
$237,342,550
Grand total.
—
59,051,300
—
_
—
—-$296,393,850
—
—
To accomplish these results it was necessary for the
officers and the em¬
ployees of the Bond Issue Division, of which Messrs. Sailer, Jones and
The New York banks subscribing to the last issue of United States Treas¬
credits into cash by sending to the Federal Bank
Y„';, -VY"'v'-' T;;.KA:;
..
represented by the
regarding the Rederal Reserve Bank's action:
ury
A/v;-
191,656,100
Previously delivered against cash sales————
The "Times" of Nov. 21 said
to the Reserve Bank.
same
certificates of indebtedness
\
$20,235,700
—
banks and trust companies about two-thirds of the funds thus
transferred.
St. John
are in charge, to put in
practically three days of continuous service.
Thursday the Accounting and Receiving Departments of that division
On
worked
throughout the whole night; all other departments worked until
2:30
a. m.
On Friday all departments worked until 3 a. m.
On Saturday
Delivery Department worked all night and all other departments until 2
m.; and on
a-
Sunday ali departments worked all night.
It is estimated that of the $685,000,000 of the certificates sold, the New
York district took about $350,000,000; and it is assumed that yesterday's
shifting of funds reduced the Government's deposits of New York banks
by about $125,000,000.
Bank
In
These funds will
ALLOTMENT OF SECOND LIBERTY LOAN BONDS IN
doubt be used by the Reserve
no
NEW
making advances to. the foreign Governments on behalf of the
The
$300,000,000 issue of 4% Treasury certificates of
indebtedness which
tion
Nov.
the
22.
Federal
the
at
Reserve
Oct.
on
banks
lic
as
18,were
on
the
announced
total
as
Federal Reserve Bulletin for November
$300,000,000, the
placed the total of
certificates allotted under The issue at $385,197,000.
The
Nov. 22 that it had redeemed $130,400,000 of the $385,-
197,000 which fell
The New
due.
subscriptions to the issue
but
was
York
Reserve Bank's
were
Department at Washington has determined that of the
$1,550,453,500 subscribed for bonds of the Second Liberty Loan in the
lotments of bonds would be made to the extent only of 50%
scriptions
LIBERTY
The
reached
on
Nov. 15
RECEIPTS
the second
IN
Dist. No.
since
brought
the
000.
As
$085,577,907
only
total
yesterday
of
up
the
2
scription accepted by the Government
was
PAYMENTS ON
NEW
A
total
SECOND
YORK
of
the Second
on
RESERVE
was
reported
Nov. 19
on
amount
to
BONDS IN
the
Federal
having been paid
Liberty Loan purchases in this district.
as
The amount of the
subscriptions to the second offering in
the New York Reserve District was
1,550,453,500, but the
allotment was only $1,163,475,200.
The remarkable fact
disclosed by the figures is that
$881,919,866 of the latter
has been paid in
full, where
only 20% was required to. be
tha»t is, 2% at the time of subscription and 18%
paid in
15.
Future payments
are
amount
issued
- -- -——
—
5807.858,486
- —
15,010,080
______
Cash sales
59,051,300
__
______
$881,919,866
20% Payments Received.
f^
"V
Individuals
——-
n,
.
.
___
67,320,114
,
By *ook credit
$949,239,980
the" following "forms":"
$687.741,746
By treasury certificates..
By cash—
—
Nov.
_____
be
made
Federal. Reserve
19
the
on
120
at
Broadway,
instead of
50
Bank
of
New York
announces
that
beginning
1917, all holders of 3>£% interim certificates and bonds of the
First Liberty Loan of 1917 desiring to convert them into 4% bonds, should
bonds
present siich
120
Broadway,
certificates
or
at
the
Bond
Exchange
Room 547, instead of at 50 Wall
No further conversions will
be made at 50 Wall
Street,
Department,
as
Street.
heretofore.
„
Date When the Converted 4% Bonds Will Be Ready for Delivery.
All
holders
of
receipts for bonds and interim certificates already de¬
posited for conversion should present such receipts at the
mentioned
on
and after
Dec, 5
1917.
No conversion 4%
DECLINE IN
PRICE
above
room
bonds will be
*
ready for delivery until that date.
OF LIBERTY
EXCHANGE AND REPORTED
LOAN
4s
ON
INQUIRY.
The sharp decline during the week in the quotations on the
Stock
Exchange of the Liberty Loan bonds has been
features
in the
that
have
attracted
considerable
one
of
attention.
price of the bonds, is the lowest level which has been
After selling at par and higher,
reached.
dropped below
21st
to
par on
the bonds first
Newspaper reports
Exchange had begun
a
on
on
the
Conduct of the
general investigation
dealings by its members in Liberty Loan 4s which took
place
on
Nov.
Saturday, Nov. 10, Monday, Npv. 12, and Tuesday,
so far as we can learn, are without confirmation.
13,
The reports
issued
107,526!234
information
$949,239,980
Nov. 10.
the effect that the Committee
153,972,000
_
the 17th inst., in
applications for conversions of 3K% first Liberty Loan
bonds should
of
3,683,892
1 otal payments received.
The above payments were made in
on
following notice made known that beginning
New York Stock
_$63,636,222
_____
CONVERSION
YORK OFFICES FOR
Zy2% LIBERTY BONDS.
The decline suffered this week, while not the first witnessed
Payments Received in Full.
1!>a-^kS"i
Individuals
1,015,500
$1,163,475,200
The New York Federal Reserve Bank
the
the
the 19th inst.:
on
38,697,050
$1,550,453,500
OF
of
in receiving payments for
subscriptions to the Second Liberty
Loan and in
making deliveries of the bonds against such
was
762,9c 17,300
44,424,200
———
business done by the Federal Reserve Bank of New York
payments
29,81 19,650
1,095,189,600
1
REMOVAL OF NEW
40% each Dec. 15 and Jan.
The following statement indicating the
^
32,907,250
1,015,500
Total
.
Nov. 15.
—
—
Wall Street.
DISTRICT.
by
105,493,150
—
Bronx
19th
LOAN
15.958,550
—121,571,150
—
———
The
$949,239,980
Reserve Bank of New York
in
LIBERTY
FEDERAL
15,362,250
55,017,450
——
sub¬
due, the large
now
16,005,800
62,553,800
—
—
Brooklyn
Liberty
including the first 2% payments,
$2,009,000,000.
27,889,050
44,474,950
16,184.800
—
Manhattan
payments made demonstrate that many thousands of sub¬
scribers paid in full.
Total receipts from the second
Loan,
Allotment.
$66,730,300
51,275,250
——
6
$1,650,000,-
to
of the total
33,496,150
—
4
7
$3,808,766,150
of the sub¬
subscriptions,
total
$75,830,000
T_.
8
Liberty Loan bond issue
The
Subscription.
1
SECOND
pay¬
$3,000,000,000.
Reserve District appear in the following table:
turned in
Nov. 21, and additional receipts
on
above
The amounts of the bond allotments, together with those
LOAN PAYMENT.
on
$1,205,000,000
loan
It will be remembered, were in excess of $4,600,000,000.
Liberty Loan instalment.
Treasury Department's receipts from the 18%
ment due
the
to
subscriptions to the loan in the several subdivisions of the Second Federal
5
DEPARTMENT'S
This is in line with its
announcement, made before the opening of the recent campaign; that al¬
3'
last week in payment of the second
TREASURY
Liberty Loan Committee of this district
New York district it will accept $1,163,475,200.
greater than $130,400,000,
considerable amount of the certificates
a
follows by the
The Treasury
New York Reserve Bank announced at the close of business
on
made pub¬
were
Nov. 17:
Thursday,
on
Although the Treasury Department in offering
certificates
FEDERAL RESERVE DISTRICT.
in the Federal Reserve District of New York
subscrip¬
offered to the public for
were
by the Secretary of the Treasury
redeemed
YORK
Figures of allotments of the Second Liberty Loan bonds
Treasury Department.
a
stated that the Secretary of the Exchange had
letter requesting all members to furnish detailed
as
to their transactions in
the^dates named.
Liberty Loan 4s
on
On the 10th inst., when the 4% bond
Nov. 24
1917.]
THE
2045
CHRONICLE
first fell
Mrs.
Ora
the
act of
justice to those who
below par, large dealings occurred at 99.98; on
following Monday they went as low as 99.96, while on
Tuesday they further declined to 99.80.
They have since
sold
low
as
Stock
97, and closed yesterday at 97.58.
as
As the
Exchange had apparently promised the Liberty Loan
Committee that
bonds
no
not
immediately available
delivery would be sold, it is understood that, with
merely to ascertaining whether
a
for
view
not the members had lived
or
to the agreement to deal only in bonds for immediate
up
irregularities.
confession
that that amount should go
M.
towards decreasing his shortage.
Earle, Vice-President
Life
in
arrived
General Counsel
and
this
city
Moines to confer, it is
bonds
and officials of the local Reserve Bank in
to whom
paid for the
they sold bonds, together with the prices
mine
same.
ELMER
DWIGGINS
INDICTED
FOR
LIBERTY
BOND
said, with the U. S. District Attorney
just how far the life insurance
for the acts of
of the
14 from Des
Nov.
on
report of the names of the parties from whom they bought
or
his
owing him from the Bankers' Life and that he was willing
Bankers
a
full
He declared he had commissions of about $40,000
shortage.
bonds
the dates mentioned haVe been asked to make
dispatches from Mont¬
press
operation in the New York stock market accounted for his
J.
on
likely to los8 through Dwiggins's
are
According to
Nov. 15, Dwiggins, after his arrest, made a
to the Federal authorities.
He said that
gomery on
delivery certain brokers who figured in the dealing in the 4%
,
Dwiggins, who revealed his whereabouts as an
effort to deter¬
an
company may
be liable
Dwiggins, in collecting subscriptions for the
Liberty Loan.
IRREGULARITIES.
Elmer
by
Insurance
Company of Des Moine^,
Grand Jury in this city
a
charing fraudulent
Nov. 21.
on
contained
arrested)
was
arrested
in Montgomery,
charge
same
Ala., by Federal agents
An
involuntary petition in bankruptcy
him
on
Nov.
lawyer,
N.
in
this
representing
Dwiggins
counts.
seven
which
on
was
Nov.
on
filed against
was
city by Archibald M. Palmer,
several
creditors.
Judge
a
Augustus
Hand appointed Francis W. Kohlman receiver in bank¬
for Dwiggins and fixed his bond at $1,000.
ruptcy
fact
all
that
revealed
was
with
well
not
was
The
Dwiggins's transactions
Nov. 13 when it became known that Federal
on
agents had taken
charge of Dwiggins's offices and
Dwiggins, it
then said,
was
had
been
not
papers.
since the
seen
previous Saturday, when he left his offces while the-postoffice
authorities
been
New
investigating
were
York
of
agent
the
his
affairs.
Life
Bankers
Insurance
Company of Des Moines since last February and
Government
the
as
Liberty
tions
announced
installment
an
proposition, it is said,
clubs
payment
soon
first
engraved
another
with
of
grew
bonds
the
one
of the
under
up
the
this
on
picture of the
a
Benjamin
Statue
partial
many
small
A
of
card,
the
for
than
$1,000 worth and
only
upon
who subscribed for bonds through him, and they
—that is
apart
Small
were
Dwiggins.
be
to
punched
It
the subscriber
as
noted
was
made at
and that the
the card, each
squares on
the
dated
one
paid
his
a
the card that the payment
on
Life office,
Bankers
by-laws of the Club, termed the "purpose and
object of the Liberty Loan, Extension Club,"
were
Elmer
Dwiggins is
said
Dwiggins, General
have
to
Manager.
Agency
bought about $350,000 of bonds of the first
Liberty Loan and considerably
more
purchases of bonds
National
and
York
New
City Banks.
Nov.
on
It
mitted
of
the
following statement in
the matter:
f,he
matter
of
the
Bank of
New
York
dealings of Elmer Dwiggins of the Bankers Life
165
the following statement
make
apprehensions which
the officers of,the
Broadway,
caused
have, been
may
by
Federal
Reserve
to correct certain
the various
mis¬
publications
"After
several
inquiries
Committee
under
the
had
by the staff of the Liberty
received
been
concerning the activities conducted
caused
some
laying
the
Further
by
investigations
matter
before
Investigation
several
by
Mr.
Dwiggins
nameeof the so-called "Liberty Loan Extension Club"
at the
the Federal Reserve flank
offices of the Bankers Life Insurance Company.
was
employees
of
to
Mr.
made,
be
Knox,
made by
the
a
Federal
Reserve
direction of the United States Attorney's office.
investigations
Dwiggins
Mr.
resulted
which
Assistant
United
I'ost Office
disappeared.
the United States Attorney's office, and
in
bank's
the
States
Attorney.
under
During the
^Federal
general
the
course
of these
Reserve Bank,
the I'ost Office Inspectors
all
are
co-operating to conserve the assets for the benefit of the members of t he
so-called
"Liberty Loan
Extension Club" and
are
also conducting further
inquiries to ascertain the responsibility in the matter o f the Bankers Life
Insurance
Company.
The representatives of the Insurance company are
"it should also be noted that Mr. Dwiggins
Federal
to
solicit subscriptions
Reserve Bank of New
for
York
or
Liberty
was not
either requested
Loan bonds
by
either
are,
it
of
is
said,
Dwiggins's
$81,000.
or
by the Liberty Loan Committee of
Liberty Loan defalcations
The
arrest
of
Dwiggins at
Montgomery, Ala., on Nov. 13 was brought about through
the
assistance
given the Federal authorities by
stamps
additional cent for
1918.
of
Thrift
their face value of
Agents of the second class, who will be per¬
will
maturity value in excess
stamps with a
be
required
Liberty bonds
deposit
to
or
of war
savings stamps obtained for sale, plus the aggregate face
value
all
of
thrift
Most chain
obtained.
stamps
railroad companies and
stores,
big associations will fall in the second
class, and small stores and agents acting independently will
be
All agents must be authorized
placed in the first class.
by the Secretary of the Treasury,
postoffices, banks
application through
upon
State and local war savings'committees
or
being organized.
now
The
war
the date of
surrender value
the cash
table showing
following
of each
savings certificate stamp, prior to Jan. I 1923,
maturity, has boon issued by Mr. McAdoo:
1918.
1920.
1921.
1922.
$1.24
$1.36
$4.48
$4.60
4.13
January.
1919.
$4.12
Month—
4.25
—
4.37
4.49
4 61
.4..48
4.50
4.62
4.27
4.39
4.51
4 63
4.28
February
4.40
4.52
4.64
4.26
4.15
April
.
"
May
June.
4
17
4.29
4.41
4.53
4.65
July
4.18
•4.30
4.42
4.54
4.66
4.31
4.43
4.55
4.67
A UKU«t
September
4.20
4.32
4.44
4.56
4.68
October
4.21
4.33
4.15
4.57
4.69
4.22
4.34
4.4.6
4.58
4.35
4.47
4.59
Thrift stamps
they
may
his wife,
4.70
,
4.71
will not be redeemable, in cash, except as
be exchanged for
war
savings stamps and then
converted into money.
The
of thousands of war savings societies
organization
systematic thrift in the purchase of thrift and
savings stamps is one of the plans in the Government's
to encourage
war
it is stated,
charter from the
Secretary of the Treasury.
The societies are to be organized
in factories, offices, stores, schools, clubs, churches, and
savings campaign.
form
may
such
neighborhood
ters
are
to
persons,
or more
a
State directors are to name county
directors,, to whom the applications for char¬
be
Secretary will
Ten
society and obtain
a
groups.
and other local
made.
When
designated
be
the
as
is granted
charter
an
official
be expected
will
the
distributor of
buy from
savings * stamps,
Members
him each wetk
pay-day at least the quantity of stamps
or
to
for which he has subscribed.
Distinctive badges representing a Liberty torch are to be
by the United States Mint;
other
new
members,
each
a
of whom
savings certificate, will be given
Thrift."
amount
to agents at
the
this district."
The
an
month
succeeding
made
expected to arrive in this city tomorrow."
authorized
each
Inpseetor, accompanied
Bank,
The
of the
current value
savings stamp and
war
handle
to
$1,000,
war
that have been made in the newspapers:
Loan
on
certificates of indebtedness to the aggregate amount
•
In
Insurance Company.
may
obtain them
that most of his
The Federal Reserve Bank of
issued
13
and who must pay
those who
may
of the
payment
25 cents each.
made through the Irving National
were
more
November
of the second issue.
stated in the daily papers of Nov, 13
was
signed
and
stamps always will be sold
was
165 Broadway,
at
not
time,
one
of
savings cer¬
than $1,000 of
war
during Dec. 1917 and Jan. 1918, they must pay
during
stamp
week
dollar to
holdings,
$4.12 for each
in doing so became members of the "Liberty Loan Extension
Club."
sale of
of
classes
two
hold more
assignment.
Agents of the first class may obtain supplies, such as stamps,
certificates, and thrift cards, from the various agencies
given to
was
hold
may
cash
well-
latter's
who
Secretary
by
the 21st inst;,
on
certificates at
their
made
announcement
an
McAdoo
tificates—those
stamps/ for
and
Liberty,
heading,
as a
His
Governmental
plan.
Franklin, " with
saying "Save and have,"
every one
he himself devised.
plan
simply
was
which
selling
of
known
as
the
of
to
Treasury
agents will be designated for the
Loan he began to handle Liberty Loan subscrip¬
under
plan
flotation
the
According
the
had
He
SAVINGS
ISSUANCE OF WAR
FOR
CERTIFICATES—REWARD BADGES.
The indictment
15.
16
indicted
was
of the mails in connection with his
use
handling of Liberty Loan bonds (the
he
CAMPAIGN
Dwiggins, New York representative of the Bank¬
Life
ers
One
a
member securing ten
has acquired a war
badge marked "Soldier of
getting twenty-five members will be given
a
"Captain of Thrift;" for fifty new
members, "Major of Thrift;" one hundred new members,
badge ranking him
"Colonel of
as
Thrift," and two hundred
eral of Thrift."
new
members, "Gen¬
2046
THE
CHRONICLE
[Vol. 105.
Must Cash
POSTMASTER-GENERAL'S ORDER GOVERNING SALES
12.
OF WAR SAVINGS AND THRIFT STAMPS.
An order
regulating the sales of
funds
stamps and thrift stamps, issued under date of Nov. 14 by
;.-Vh;V'v
Office
13.
like amount of cash.
a
If surplus postal
interim receipt shall be given to the owner, and
or
a
bank draft therefor.
Postmasters at accounting offices shall cash war savings certificates
surplus postal funds and shall remit them to their designated deposi¬
tory postmaster for postal funds in lieu of a like amount of cash.
funds
the
Postmaster-General,
Washington, November 14 1917.
available
not
are
interim receipt
an
shall
If such
be given to the
depository postmaster for postal funds who shall return cash
draft therefor.
amended by the addition of the
are
14;
Section 34114:
as
Sec. 341H.
an
owner,
and the certificate shall be sent by official registered mail to the designated
of
The Postal Laws and Regulations
following
available,
ing postmaster, who shall return cash
with
ORDER NO. 878.
.)■
not
are
the certificate shall be sent by official registered mail to the central account¬
Postmaster-General Burleson, was published in the Govern¬
ment's daily publication/4The Official Bulletin," on Nov. 20
We reprint the same herewith:
V
surplus postal funds, and shall remit them to the central
accounting postmaster in lieu of
savings certificate
war
Certificates.
Postmasters at district money order offices shall cash war savings
certificates with
or
a
bank
.
.
.
Depository postmasters shall deposit all war savings certificates paid
from surplus postal funds, including those remitted to them by accounting
The Secretary of the Treasury Is authorized to borrow from
time to time, on the credit of the United States, for the purposes of this
in their local
postmasters,
United
funds, to the credit of the postal
States depositories
revenues,
in lieu of
for surplus postal
like amount of cash.
a
Act and to meet public expenditures authorized by law, such sum or sums
In his judgment may be necessary, and to issue therefor, at such price or
as
prices
and upon such terms
saving
be
and conditions
certificates of the United States
discounted
manner
in
he
as
issued shall
advance at
such
prescribe.
may
be payable
rate
Y:
.
on
or
at such time,
rates
Each
■>
he
as
determine,
may
and
computed in such
savings certificate
war
conditions
not exceeding five
from the
years
The amount of
the Secretary of the Treasury may prescribe.
as
savings certificates sold to any
war
one person
.
16.
at any one
Sales.; '
Postmaster-General
(Division of Stamps)
savings stamp and thrift stamp sales.
The Secretary of the Treasury will appoint two classes of agents for
the sale of war savings certificate stamps and thrift stamps to the public;
first, agents of the first class, authorized to obtain and hold at any time
not to
.
the Third Assistant
to
account of their war
an
on
Promptly at the close of each month all accounting postmasters shall
render
so
date of its issue, and may be redeemable before maturity, upon such terms
and
Reports
15.
war
which interest to maturity may
exceed $1,000
of
savings stamps (maturity value); secondly,
war
agents of the second class, authorized to obtain and hold in excess of $1,000
time shall not exceed $100, and it shall not be lawful for any one person
of such
at any
agents of the first class, for sale to the public, war savings certificate stamps
one
time to hold
exceeding $1,000.
savings certificates to
war
tions and upon such terms and conditions
cause to be
an
aggregate amount
The Secretary of the Treasury may, under such regula¬
as
he may
Issued, stamps to evidence payments for
prescribe, issue,
or on account
or
of such
certificates (Sec. 6, Act of Sept. 24 1917.)
Service
2.
Without Extra
.
'
advertising, selling and delivering
.
services
as
may
pensation.
be necessary, desirable
(Sec. 9,
Act
of Sept.
24
practicable, without extra
or
ment for such stamps at the
authorized to sell to
are
$1,000 (maturity value) upon
monthly sale price thereof.
Postmasters
pay¬
may
sell thrift stamps in any desired quantity to such
agents.
Postmasters, rural carriers, city carriers, and all other employees of
the postal service shall make every possible effort to promote the sale of
war savings certificate
stamps and thrift stamps, and to this end shall
war savings certificates of the United States
provided for in this
Act, the Postmaster-General, under such regulations as he may prescribe,
shall require, at the request of the
Secretary of the Treasury, the employees
of the Post Office Department and of the Postal Service to
perform such
.
Postmasters
in any amount desired not in excess of
17.
Compensation.
In connection with the,operations of
stamps (maturity value).
1917.)
.
com¬
.
'
bring the same to the attention of the public, explaining the plan under
which the stamps are issued and sold and
emphasizing
not
a means
Government.
18.
be
Stamps known as United States war savings certificate stamps and
United States Government "thrift stamps, furnished
by the Secretary of
the Treasury under authority of the Act referred to in the
as
?
Detailed instructions to carry out the purposes
shall
issued
of this regulation
by the officers of the department having charge of the
respective branches
3.
their advantages
only of saving but also of rendering patriotic? assistance to the
of the postal
service
concerned.
as
preceding para¬
graphs, shall be Issued by the Third Assistant Postmaster-General, Division
Stamps, to postmasters at all accounting post offices.
Postmasters at
DIRECTORS APPOINTED
SA VINGS
of
central
accounting
offices
shall
supply
such
stamps
to
district money order offices accounting to such central
accounting offices.
Central accounting postmasters shall allow to district
money order post¬
masters
fixed credit for
a
savings certificate stamps and thrift stamps.
war
Postmasters at non-money order offices shall obtain such
stamps, as sold,
from their respective central
accounting offices.
Rural and city carriers
shall sell the stamps and shall be
supplied by postmasters
4.
Each purchaser of
without cost
war
United States
a
stamps shall be affixed.
value unless
The
name
one
or
fixed credit.
savings certificate stamps shall be furnished
war
The
more
on
war
savings certificate to which such certificate
certificate is not transferable and, has
no
savings certificate stamps is affixed thereto.
and address of the
shall be placed on each war savings
owner
certificate by the postmaster at the time it is issued.
5. War savings certificate stamps shall be sold at the
the
on
prices and under
savings certificate, i. e., during
December 1917 and January 1918 the price shall be $4 12
each, and shall
be increased
one cent
war
each month thereafter during the calendar
year
Sale of Thrift
1918.
Stamps.
.
6.
Thrift stamps bearing no interest shall be sold for 25 cents each.
The
purchaser of thrift stamps shall be furnished without cost a. thrift card to
which such stamps shall
name
and
address
be affixed.
of the
postmaster at the time of issue.
when
a
be
placed
war
a
on
are
value.
no
The
the card by the
Thrift stamps shall not
16 thrift stamps, representing a total of
$4,
card, they may, with
for
The card itself has
purchaser shall
ber of prominent business
be cashed, but
affixed to
a
thrift
cash payment of from 12 to 23 cents, be exchanged
savings certificate stamp.
•
the
coming sale of
the
district and State directors in
as
savings certificates.
war
directors, of which there
are
;;
a num¬
and financiers from several
men
parts of the country to act
The district
six, will have charge of pushing
campaign in practically two Federal Reserve districts
each, while the State directors will handle the sale of the
certificates in their respective States.
Allen,
Frederick Winthrop
member of the banking firm of Lee, Higginson &
a
Co. and
..
the terms and conditions shown
SALE OF WAR
Secretary of the Treasury McAdoo has appointed
at
postmasters
TO HANDLE
CERTIFICA TES.
former Vice-President of the Mechanics & Metals
a
National Bank of New York,
certificates
Morrow,
will take charge of the savings
campaign in Greater New York, while Dwight
member of the firm of J. P. Morgan & Co., will
a
have
charge of the campaign in the State of New Jersey.
Secretary McAdoo has also appointed Otto Marx, of this
city,
the
district director.
a
certificates
directors
1G.
A
were
in
He will have charge of the sale of
eleven
States.
in conference at
issued
statement
The
appointed
newly
Washington
on
Nov. 15 and
by the Treasury Department
on
Nov. 15 said:
7.
War savings certificates may be
registered at any post office of the
first, second or third class.
Unless registered, the United States will not
be liable for payment if made to
a
person other than the lawful owner.
8. District money order
postmasters shall remit to their central account¬
ing postmasters the entire proceeds of sales of war
savings certificate stamps
Organization work for the war-savings campaign,
which begins Dec. 2,
officially to-day, when district and State directors opened a two-day
started
meet ing
the
here for the
purpose
of conferring with
Secretary
McAdoo and
War-Sayings Committee, which consists of Frank A. Vanderlip, New
and thrift
York, Chairman, and
the month the
Chicago; Henry Ford, Detroit; Eugene Meyer Jr., New York, and Charles
stamps promptly at the close of each month, or whenever during
same amount to $25.
Thrift stamps exchanged for war
savings stamps shall be remitted in lieu of a like amount of cash.
The
central
accounting postmaster shall furnish
new
supplies of stamps to the
district postmaster to the amount of the
remittance, unless
are
not
9.
new
supplies
needed.
15$
Accounting postmasters shall
remit
to
their
designated
of
cash.
The
depository
which shall be
a
shall
issue
a
certificate
of
savings
stamps
amount
deposit
!
postmasters shall deposit daily the entire cash
proceeds
savings certificate stamps and thrift stamps, including funds
remitted to them by
accounting postmasters, in local active United States
depositories to the credit of the Treasurer of the
United States for "Post
will
be
issued
war
savings stamp account."
therefor.
Depository
thrift
stamps exchanged
registered mail to the
for
war
Certificates of deposit
postmasters shall send monthly all
savings
certificate
stamps
by
official
Secretary of the Treasury, Division of Loans
Currency, Washington, D. C., who will issue
receipts therefor.
11. War savings
certificates, if not registered, are payable at
order
post
office, and
on
Jan.
1
1923,
Washington; but if registered, they
are
at
the
and
any money
director
State except
have two.
Delano,
will
one
have
charge
of
approximately
State director will be in
two
charge of every
New York, Pennsylvania and California, each of which will
The District of Columbia also will have
a
director.
The list of district directors, their home cities and the States under their
follows: Colonel
control
rado, Kansas,
Fred W. Fleming,
Kansas City; Arkansas, Colo¬
Missouri, Nebraska, New Mexico,
Oklahoma, Texas and
Wyoming.* Otto Marx, Birmingham; Alabama, Florida, Georgia, Louisi¬
Maryland, Mississippi, North Carolina, South Carolina, Tennessee,
ana,
B. Riley, Chicago;
E. C.
Bradley, San Francisco;
North Dakota,
South Dakota and Wisconsin.
Rhode Island and Vermont.
Kentucky,
The State directors
appointed thus far
head Wright, Little Rock;
Goebel,
Kansas
M.
Oklahoma,
City;
Burgess,
Asa Ramsey,
Oklahoma
Alabama,
special receipt
Post¬
writing before making payment. Afa
Mount
F.
H.
P.
Crawford
Festus J.
Omaha; New Mexico,
iel J. Callahan, Washington;
D.
are as
follows: Arkansas, Moore-
Colorado. John Evans, Denver; Kansas, P. W.
Missouri,
the post office
Dr.
New Jersey, New
J. D. Lyon, Pittsburgh; Delaware,
Ohio, Pennsylvania and West Virginia.
Departmentjin
a
J. F. Harris, New York;
Connecticut, Maine, Massachusetts, New Hampshire,
York,
H.
Illinois, Indiana, Iowa, Michigan, Minnesota, Montana,
Treasury
form which will be
provided for the purpose.
masters shall require ten days' notice in
on a
district
payable only at
disability
signed
Each
starts.
Ward
where registered and to the
person in whose name registered.
They may,
however, be paid before that date at the
amounts specified in the redemp¬
tion table printed on the
back of the certificate.
Upon payment tbe
certificate shall be surrendered and
the receipt printed thereon shall be
dated and signed by the owner
in the presence of the postmaster or his
authorized representative.
In case of death or
must be
A.
Boston.
Virginia and the District of Columbia.
war
Office Department
Frederic
Arizona, California, Idaho, Nevada, Oregon, Utah and Washington.
Depository
of sales of
Chicago;
appointed when the list finally is completed before the campaign
,
Deposits of Proceeds.
10.
Bass,
Fifty-eight directors, six Federal district and fifty-two State, will have,
been
month,
voucher to the monthly account of the
accounting post¬
'
master.
postmaster
George
Federal Reserve districts and
depository
postmaster for postal funds the entire
proceeds of sales of war
certificate stamps and thrift
stamps promptly at the close of each
or whenever
during the month the same amount to $100.
Thrift
exchanged for war savings stamps shall be remitted in lieu of a like
L. Baine,
Mrs.
Johnson,
City;
Wade,
Hallet
Texas,
Louis;
St.
Reynolds,
Nebraska,
Louis Lipsitz,
Birmingham; District
Vegas;
Las
Dallas;
of Columbia,
Dan¬
Georgia, Asa G. Candler, Atlanta; Louisiana,
Saunders, New Orleans; Maryland, Colonel Robert B. Crain,
Victoria: Mississippi, Walker Broach, Meridian; North Carolina,
Fries,
Winston-Salem;
South Carolina, R.
G.
Rhett,
Charleston;
Tennessee, T. R. Preston, Chattanooga; Virginia, Thomas B. McAdams,
Richmond;. California
(southern section),
G.
A.
Davidson,
San
Diego;
Idaho, James H. Hawley, Boise; Nevada, Fred J. White, Reno; Oregon,
C.
S.
Jackson, Portland; Washington,
Martin
Daniel
Kelleher,
Seattle;
Illinois,
A.lRyerson,|Chicago; Indiana, J. D.iOliver, South Bend; Iowa,
Nov. 24
1917.]
THE
3047
CHRONICLE
of credit
Des Moines; Michigan, Frank W. Hubbard, Detroit;
Minnesota, A. R. Rogers, Minneapolis; Montana, H. W. Turner, Butte;
Wisconsin, J. H. Puelidher, Milwaukee; Connecticut, Howell Cheney,
ceptance is the best existing or possible method for the treatment
South Manchester; Maine, Herbert J. Brown, Portland; Massachusetts,
Robert F. Herrick, Boston; New Jersey, Dwight Morrow, Edgewood;
their requirements,
New
York, Frederick Winthrop Allen, New York City, city proper, and
William J. Tully, New York, up-State; Rhode Island, Theodore F. Green,
ceptance form and give acceptances freely to cover their own obligations.
In this way they
will secure the financial advantage of economy in operation
Providence;
Delaware,
and of the best
preferential rediscount rate in existence, and also will se¬
Louisville;
cure
Homer A. Miller,
Henry
Ohio,
P.
Vermont,
Scott,
H.
P.
Frederick
Wilmington;
Wolfe,
Kentucky,
are
Montpelier;
B.
James
Columbus; Pennsylvania
Francis Burke; and West Virginia,
State directors
Howland,
A.
Brown,
(western section),
James
If these
corporations desire to
benefit
tbe
the highest efficiency in financing
secure
and to secure the greatest possible measure of co-opera¬
Government, they will carry their receivables in trade ac¬
tion from the
liberality toward private commercial
the maximum
of
necessities which the Government had
contemplated in the creation of its
Federal Reserve system.
R. L. Huntington,
to be chosen for
obligations arising from the sale of merchandise.
Wyoming, Florida, Arizona, Utah,
North Dakota, New Hampshire and the eastern section of Pennsylvania
and the northern section of California.
On Nov,
JAMES
16 the directors adopted a
State conventions to get
their work under
convention will be held in New
New
Jersey
follow in
plan for
rapid succession between that date and the
State publicity
cials will be named at these conventions to
help
carry
on
campaign.
White House.
on
Nov. 16 at the
Secretary McAdoo presented the directors
the President-in the East Room.
Rowe,
Moyle and
Leffingwei!
Assistant Secretaries
and Frank A. Vanderlip,
Chairman of the War Savings Committee, also were present.
In
One
induced
by-products
out of
come
can
learn something about saving out of
I
war;
the
a
war,
haves, not known that there
was
finding out that there may be if
we are now
limit to
any
we are not
our
One of the most interesting things
about to spend.
resources;
we
to me about the recent
made
comparatively small, remarkably small considering
Five to
have
may
some very
our
That is
I
and
assistance at this time and doing things
as
I feel rather diffident
I
five months there we have had
am
a
a
not sure whether there has not been
good many conferences, read
lot of thinking and talking
and. that is my sole excuse for speaking to you.
popu¬
Last July two of
several talks with Mr. Basil P. Blackett,
address you this evening and who was for some time Secre¬
who is going to
charge in Great Britain,
tary of the "Committee that had that matter in
a
good many results have followed.
one
The shortest way to reach a
is
interesting
state the
to
have
board
a
problem.
point is to Start at it.
In other words, it
As I.understand it the question is:-
capital during the war?
And, if so, what shall be the character of that
far as possible,
the competition
money
market of other issues with the Government Issues.
must prevent, so
we
The second one is that we
is self evident.
the Government for the two things, and there are only two, that money
of trade acceptances in
undertaken this week by
buy, services of people, and things, articles—just those two*
can
Your President has very ably
the cry of "business as
Trade
the
The latter is
a
newly formed
men
pointed out that the business of the United
and that war is an unusual business, and that
States is war,
the New York Credit Men's Association and the American
Acceptance Council.
nized that
point very soon after we entered the war, and we have escaped
the retardation that England went
Board of the Irving National Bank of this city, is Chairman.
slogan accepted by all parties was "Business as
on
the Council with Mr. Pierson
are
R. H. Treman,
Deputy Governor of the New York Federal Reserve Bank,
Vice-chairman; J. H. Tregoe, Secretary-Treasurer of the
Association
National
W. W. Orr,
of
Credit Men,
Secretary,
Association
of Credit
Men, is Assistant Secre¬
Various phases of the trade acceptance and its
taken up at
at
meetings
on
Thursday evening Nov.
of the American
as
a
inst., just after the ruling of the Federal Reserve Board
renewals of 90-day notes of industrial corporations
of
over
a
announced, Mr. Pierson, as Chair¬
the American Trade Acceptance Council, in speak¬
period of two years
man
on
have got
we
a
ing of the possibilities for extending financial aid to business
to changed great many situations.
necessity to repeat illustrations of that kind.
porations are confronted.
We realize, too, that in an emergency of this
naturally, would look hopefully towards, possibilities
of Assistance from the Federal Reserve system.
kind these corporations
use
of the trade acceptance.
It would seem, too, that this
of the
acceptance method of handling credit obligations and the desira¬
bility of getting their accounts receivable.fand^accounts payable
upon an
as
well,
acceptance basis as soon as possible.
It would hardly
it be reasonable to suppose that the Board would favor a new plan which
of the
war
upon
which it has expended so much tlme>nd.effort, and which, at present,
it is endeavoring by every
reasonable
means to
throughout tbe business of the country.
have introduced generally
ItJMbelieved that the trade
ac¬
There is no
It is axiomatic that the
the
same
character
prosecution of the war must fall
must be stimulated as they never
I have said that the first direct reason
issues is to
have been stimulated before.
for having the control of capital
I want to read a
These are
Mr. Henry Hayes did most of the work
prevent competition in the money markets.
few figures which show what that competition amounts to.
the best that
we
could get hold of.
them.
They show that for the years 1914, 1915, 1916 and nine months of 1917
there
and
were
publicly Issued for corporate financing of industrials, utilities
railroads—$1,300,000,000 in 1914: $1,579,000,000 in 1915; $1,864,-
000,000 in 1916, and $1,400,000,000 in nine months of 1917, and that in¬
cluding the permanent loans Of the States, counties and municipalities,
and of Canadian loans in this country, and
are very
for
loans of the United States pos¬
small, the aggregate financing for those years was
1914;
$2,336,000,000
1916, and for nine months of this year
include the temporary
for
1915;
$2,560,000,000
$1,983,000,000.
for
That does not
financing of municipalities and States.
This is an
through
illustration of the amount of money that is being invested annually
public offerings.
control
over
reduce
these
Of course the amounts financed through private offer¬
such
It is evident that
a
direct
financing established by some priority board would
amounts
of savings for
very
materially and thereby equivalent amounts
investment In Government bonds.*?
the other question, that is the indirect benefit of releasing
hundreds of thousands of men, of obtaining goods, billions
With respect to
proposed to cover a situation already so satisfactorily covered by the trade-' 'the
acceptance method, for which the Boardjitself is directly responsible and
a man
They have all got to be put on a priority basis and the
ings would increase that very considerably.
be expected that the FederallReserve Board would favor
plan which in effect caused them to exercise greater liberality toward
rediscount than Is provided for in their trade acceptance plan.
Nor would
a
If
by the wayside, and the businesses that do contribute to the prosecution
$1,987,000,000
general
excellent time to call the attention of thesefcorporations to the merit
To illustrate:
transportation, both by land and water, or with respect to fuel or with
businesses that do not contribute to the
extending financial assistance to the commerce of the country is to be found
an
hard
board with respect to issues of capital that we have with respect
sessions, which
in the
so
In doing this
industries must be changed rapidly and radically;
our
It would seem, however, that the best possibilities of this system toward
is
that.
cannot control the situation unless we have
we
of priority
.
Of course we all appreciate the fact that the activities of the "war, natur¬
We must go at it
good machinist in making "parts of aeroplanes and so forth.
preparing
ally, have seriously increased the financing problem with which large cor¬
it with what I heard de¬
good machinist in making paste board boxes to hold candy, he will be a
character of
was
through the trade acceptance, said:
frenzy."
that there is nothing else for us to think about but
respect to food.
On the 12th
the
pause
great business and that we must
a
whole and every part of it, and we must do
Woolworth
Thursday and Friday.
a year,
They did not
the pursuit of the art of war, and we must do it for the nation
of peace to
scribed the other day as an "Intelligent
to
on
Usual."
change the business of the United States from being the pursuit of the arts
Council in the offices of the Merchants' Association in the
Building
through when, for almost
to-day is fought thousands of miles away from the
war
That it is itself nothing but
firing lines.
But
Trade Acceptance
that
to find out
is
use were
meetings held by the New York Credit Men's
Association at "the Hotel Astor
and
and
Assistant Secretary and Assistant Treasurer of
the National
tary.
22
is
therefore
usual" cannot be recognized as valid. Fortunately,
out of public office, recog¬
of affairs in this country both in and
organization of which Lewis E. Pierson, Chairman of the
Serving
in the
That, I think,
must prevent throughout the
country as a whole the competition by private firms and companies with
ATION 90-DAY RENEWALS.
use
we
The first reason why we should have one is the direct and simple
that
SON ON RULING OF RESERVE BOARD ON C0RP0R-
was
Shall
body with authority to supervise and control the issue
or
reason
the
your
supervise and control issues of capital, whether bonds, notes or stocks.
And from that meeting and from
body?
A movement to promote
good
a
that subject,
Higginson & Co., and I sat down to see if we could work out some plan to
But
of
place of the open-book account
on
members, Henry Hayes of Stone & Webster, and James Sheldon, of Lee,
an extraor¬
CONFERENCES ON TRADE ACCEPTANCES—L. E. PIER-
up
Howevor, it is war time and you have
Your President has stated that the discussion and
deal of literature and done
important as this.
our
sug¬
good deal outside of New York, but I do know that for the past four
or
warmly appreciate the number of volunteers of capacity and experience
are
a
a reso¬
consideration of the problem of concservation of capital has centred around
were
and I want to say that I for
result of
benighted lawyer by profession but have gotten mixed
am a poor
the Reserve Bank of New York.
the matter of preventing waste and managing some kind of accumulation
who
as a
talk to this audience on matters connected with finance
to stand for anything.
It is the matter of small savings, the detailed thought of
you;
outline
an
the Government authorities and report to
with the financial institutions.
we
now
fortunate results.
the "Conserva¬
study the question and confer with other organiza¬
at attempting to
the thing that you are undertaking is more intensive and in a sense more
that will fall to
on
the Board of Governors of the Association:
loans that
before these loans
one-tenth, I believe, of the population of the country.
coming to
It will be recalled that
tions and with
it has swelled to the millions—to almost
now
dinary circumstance and it
from day to day,
Capital in War Time."
lution providing for the appointment of a Committee of
careful.
The number of investors in securities
important still.
of
gestion made by Mr. Curtis the Association adopted
We
are
that
was
by the remarks of James F. Curtis, Secretary of
of Mr. Curtis's remarks last Saturday and print below the
as
I suppose
invested.
and
Association
Investment Bankers'
York,
have been floated is the extraordinarily large number of persons who have
lation and its wealth,
interesting discussions at last week's
most
the
We furnished
a
was
tlie
ON
TIME.
tion
can
it will be worth the cost of the
war,
have several times overwasted more than
many
country
BANK
RESERVE
THE
Mr. President and Members of the Association;
I suppose not
but if this
the literal cost of it in money and resources.
mean
OF
the Federal Reserve Bank of New
receiving the directors the President said:
I want to thank you for what you are undertaking.
fortunate
of
sessions of
address in full.
President Wilson received the directors
to
open¬
and other offi¬
men
CURTIS
F.
CONSERVATION OF CAPITAL IN WAR
The first
way.
England, New York and
Nov. 26, and others in different States will
on
ing of the campaign.
the
series of
a
services of
of dollars worth of
and
are
goods, which are now being used for private purposes
not necessary
for the conduct of the war, we can, I think, very
easily turn to the experience of Great Britain and there find the
of the
problem.
solution
In January
except as they
cepted
view of your
The Chancellor of the
mittee
have got to do more than
we
Since the
England.
feel when
those
we see
Fifth Avenue
changed somewhat.
Lord
Aldwyn has died and Lord Cunliffe has become chairman.
They soon
established the rule that no application would be considered by them
began operations its personnel has
said that
last time, perhaps, into something
In the midst of our last great war. Lincoln
freedom and to demo¬
resolutions.
dedicated to the cause of human
were
we
that.
the village street, for the
or
than adopting
more
favorably unless it belonged.to one of two classes,
diers.
And the
Gradually there
roads, &c.
is true of lighting plants, new
same
has been
of that committee and the Treasury the
got under the control
This was ac¬
the part of the London
Stock Exchange, already mentioned, and subsequently by all the other
Exchanges coming into the agreement and by all the private bankers and
banking houses coming in, and, of course, the Joint Stock banks.
So that
they had a situation where everybody in the banking business was commit¬
question of new money being put out in any form.
whole
complished at first by the voluntary agreement on
ted
by
voluntary co-operative plan
a
Realm Act, which gave the Ministers of the Crown
Defense of the
the
law because it was put into effect under
the effect of
rather, but it had
effect of
struction
pounds without the assent of the Ministry
who
Qf
were
goods that would
go
Basil
ahead and put on the roof and put temporary
contractor that he could go
the sides and hold the balance of the work untii after the
on
became finally
that
And
established custom; they didthesame
an
municipal build¬
ing (county hall) itself being erected by the London County Council has
been treated that very way; it now stands about half way completed.
"
thing with
think
the experience there shows
what we can do here by voluntary
Of course in England
there exists a situation that is far
co-operation.
easier
this character of expenditure, is a State's Rights
of the forty-eight for
one
We have forty-eight States and every
it is here.
handle than
to
Even the new
great many new buildings.
a
what it needs its money
So that it will be
want to have it.
they
for, and
difficult to control municipal and State financing except on the basis of
very
If the Government could get the Gov¬
committed to a co-operative plan, the thing could
co-operation with the executives.
of all
ernors
the
States
I doubt very much if you would ever get through Congress
be worked, but
could
Repeated
that,
far
so
The
law could be
a
So
'
by co-operation.
Now. with respect to the railroads, public
i think
applies to the cities.
of course,
same,
the municipal side goes, I think there is no question that it
as
be done
must
utilities and othpr corporations,
think it would be a very unfortunate way
Government board, but I
to go at the
To my mind, if this Association and the New York
situation.
Exchange and
Exchange and
Chicago Stock
the
Exchanges,
Boston and all the other large Stock
and
agreed
with
Commission
the
and the A. B. A. all
under the general supervision of the Secretary of
appointed
Treasury,
Philadelphia
the
Treasury Board or Commission or with some Board or
some
that
issues
no
be brought out or dealt in by their
would
members without the assent of the board, the thing could be done and done
promptly
very
easily
and
Among the
circulation
that
the fellow who wants
friction" perhaps is a little too smooth.
million dollars, like the Safety
a
particularly good illustration,
soldiers, but there
are
useful
that
the
war
because of
If
had
we
a
are
you
include
would
to go into details
ought, of
You
may
have
to
in
notes
was
seen
the
which the
n >t
desirable
but
should
this situai ion.
get it.
as
investments
They
were
the view that
the
for
in
a
good
was
as
a
war
to sit
or
do. and
be in
t
a
that
down and advise
is
one
with
Now I hesitate
with
we
but
Reserve Board
ninety-day
Reserve banks.
You
That
was
way had to
difficult to
very
one
powers
in unison
sub-commit fee
accom¬
can
as
or you
depositors in banks.
to confiscate the money of
CHICAGO BOARD OF
that ha«
an
publicly
to what
do
they should
this public body ought to
you
bur
1 think this Associ¬
opportunity to take the lead in this
marketed
but that
in
membership that
United
could control it
Slates.
can
I
control
do
not
if you exercised your
My suggestion would be that this Association appoint
to go
into this question and
see
TRADE DIRECTORS AND
TO LIMIT
GOVERNMENT OFFICIALS AGREE
SPECULATION IN GRAIN.
Dispatches from Chicago
on
Nov. 20 stated that it had
authoritative
been learned from
that the directors
sources
Chicago Board of Trade had agreed with the Federal
of the
place in effect a limitation
may trade in during
a single
day, and a limit upon the breadth of fluctuation
which grain prices may take, either "up or-down," in a single
office
General's
Attorney
to
the amount of grain
upon
trader
"Herald"
Chicago
The
day.
a
of Nov.
regarding the
21
reported action of the Board of Trade directors said:
"bulls" and "bears" on the Chicago Board of Trade
The days of the big
ended until the war comes to an end.
are
Directors of the
Board,
it is learned authoritatively,
the Attorney General's office to pass
big operator starts a drive either "up or
a
The placing of a
placing of
a
down" in the grain market:
limitation upon the amount of grain a trader may trade
in during a single day.
The
have agreed with
the following drastic* rules the moment
»
limit upon the breadth of fluctuation which grain prices
take, either up or down, in a single day.
may
rules
Both
may
by the directors under the
passed
he
broad authority
membership, which authorized
expedient.
authoritatively that the Board of Trade will not be closed,
given it some time ago by the Board of Trade
action which may appear necessary as a wartime
any
It
can
has
be said
The
hinted.
been
Food
Administration
believes
that in order to
Board must be kept
any speculative evils
provide an open market for grain duririg the war the
going
and
which
may
the
experts
in the past, and in the future the small trader
10,000 to 25.000 bushels—will be the factor to be
with
above
trading accounts of 500,000 to 1,000,000 bushels
of grain, as has been common
man
to cure
formal passage, of the rules indicated
without
even
has been the elimination of
—the
of directors
board
obtain without any action being taken by the Government.
The effect,
death
with.
That the Government is
not
there is
endeavoring to determine whether
illegal speculation on the Chicago Board of
Trade for the purpose
of influencing the prices in corn and
clearly shown last week, when on Nov
three La Salle Street traders—Samuel Mincer,
Jamps
oats
15
futures,
was
Scoville—were called into the office
A. Rankin and John H.
of
Assistant Attorney-General Robert W. Childs
to explain their participation in" the reported
Special
and
asked
indulged in by a few members of the .board during the
One of the Naders called before the As¬
last few months
sistant
that
Attorney-General, Samuel Mincer, afterwards said
interview with Mr. Childs was cordial.
He is
his
whether they
agree
quoted
I
having said:
as
do not know
He said he did
what he told the others, but he
not
might guess at
talked very fair to me.
intend to dictate what I must do and I inferred that i
I asked him what he considered large
I told him that 1 had broken no
what he meant.
trading, bur he gave no
definite answer.
law, and did not intend to.
traders had been interviewed
the
After
by Mr. Childs,
was
not
get this plan through.
the
be
agree
do this
what
what
shall
would
But there
those hankers
a
do control it
think all
renewals.
can
great question, because you gentlemen have
Issues
I
to olTer advice to this Association,
ation above all others is
say you
In fact, the Government has no power
wholly without foundation.
are
of that character
paper
have two-year financing
seven
illustration of exactly
p(hiiIon to do if
a
which Indicate that this
Of course, these rumors
being circulated for an evil purpose.
is
one
in the
been
Trade Board
Reserve Board.
being financed in that
necessity;
series of 9(i-day notes
a
pro-German influences, is
is obvious on its face, but I have
received letters from several parts of the country
as
public body taking hold of
situation where it
public body with authority to say.
this,
well
laying before
am
War
renewable
Federal
of some
that it would not b<« good in times of peace to
plished by
no
by
of corporations
The corporations that were
possibly
through
to confiscate the money on deposit
I
the
hy the. Federal
recent statement
a
financing
Board expressed
as
Their banks brought out a scheme which looked goud to them, and
which
and
speculations in corn and oats futures which are said to have
represented, and also the Federal
incident alone Indicates the necessity
have the money.
"absurd
as
I shall not attempt
because
think
Now
mind, of
my
agencies
governmental
of this sort,
I
perhaps—and
allowed to get that money.
would be a board, to
various
scheme
a
be
to
course,
respect
with
on
general'proposition,
a
hy
used
razors are
course
representing the large industries of the country.
men
probably
proposes
course
us say,
This is perhaps
getting money—with difficulty,
co-operative plan there
which
rumors
absurd and vicious rumors which are being put into
days,
The absurdity of the statement
rumor
lot of other companies making things that are not
a
the question Is whether they ought to be
character
Of
Razor Co. let
"will not be happy until he gets it." but ought he to get it?
in
many
these
the Government
banks.
or
The phrase "without
a
these
characterizing
statement
a!s it has been done in
without friction, just
England.
not
deposits in banks has caused
money on
vicious:"
as
Stock
RE¬
Secretary of the Treasury McAdoo to issue the following
passed under the war powers of Congress that would
prohibit the issuing of any stocks, bonds or notes without the approval of
some
OF
DEPOSITS,
to the effect that the Government pro¬
rumors
posed to confiscate
and I also doubt whether it would be constitutional if you
through.'
it
get
DENUNCIATION
PORTS CONCERNING CONFISCATION OF
|aw requiring the States to submit their proposed financing to a Gov¬
a
ernment board,
■...
McADOO'S
SECRETARY
knows
They know what they need their money for, and every city
State.
actions and in our lives, to that
great cause to-day.
P. Blackett told me
be put on, and the committee agreed with the
roof of the building was to
I
we
same
with the various contractors
to make separate contracts
half way through a building, and Mr.
sheathing
And I believe, gentle¬
he meant what he said—dedicated.
must dedicate ourselves in our
men,
went so
into the
where construction work had about reached the point where the
cases
war.
They
of Munitions.
far in that in order to release the labor and the
as
He was speaking to the you's and me's
dedicated
men were
with respect to making
powers
construction,
Those
of that day, and
regulations which had the
law—they put into effect, I say. a regulation that no new con¬
work might be undertaken if it was to cost more than five hundred
broad
very
not to put out any new money
a law—it was a regulation,
They had
without the assent of the Treasury.
»
not speaking to the sol¬
cratic government, and when he said that he was
absolutely essential to put in some new money in
either(l) where it appeared
order to prevent a very
serious loss of previously expended capital, or (2) where it had the favorable
recommendation of the proper Government department, the Minister of
Munitions, the Admiralty, Board of Trade, or whatever it might be.
This committee, acting for the Chancellor of the Exchequer from January
1915 to June 1917 passed upon 15,000 applications.
They included applications from municipalities, even the smaller vil¬
lages; the town clerks had to come to London and lay their proposals be¬
fore the Treasury before they could get any local money to put down a
new sewer, let us say?
If a new sewer was needed to go to ammunitions fac¬
tory they got the money, if it was not. they got along with the old sewer
everybody here took off
Loan campaigns last June. But
We have got to translate the emotion
khaki clad young fellows going down Broadway or
we
1896 to 1902. and a member of the com¬
Lord Cunliffe, Governor of the Bank of
was
committee
action because I think we have all got to take off
problems. Of course we know that
his coat last month and in the two Liberty
Lord St. Aldwyn, who had been
The first chairman of that committee was
Chancellor of the Exchequer from
Association.
coats on these
our
confer with the Secretary of the Treasury
That could be easily arranged if it were the
officials.
I suggest taking this
advise him with
the applications submitted for the issuance of new securities.
Exchequer appointed a committee of five who were to
respect to
other appropriate
or
That was ac¬
approved by the British Treasury.
were
condition of operating the Exchange.
as a
committee with authority to
a
issues were to be dealt in on the Exchange
of that exchange was that no new
and elsewhere) and possibly appoint
merely of conferences in New York
One of the conditions of the reopening
July.
expressed here (which are informal, and the result
the views that I have
reopened after being
1915 the London Stock Exchange was
closed since the previous
[Vol. 105.
CHRONICLE
THE
2048
a
with
John
President of the Chicago Board of
R. Mauff, Acting
Trade in
lowing
the absence of
Joseph P. Griffin, issued
the fol¬
statement:
The Board of Trade or the
City of Chicago has never permitted the use of
detrimental to the welfare of the producers
With the beginning of hostilities
abroad greater responsibilities had to be assumed, and the officers have in
every conceivable way co-operated with President Wilson
and the Food
its machinery for any
or consumers,
in other words,
Administration
foodstuffs,
so
purpose
in
their
the public.
efforts
to handle the complications surrounding
that our machinery
would be productive of only good and
Nov. 24 1917.]
THE
beneficial results, and could in
hance
or
depress values,
no
in any
CHRONICLE
hinder the movement, unduly
way
en¬
way
give aid and comfort to the enemy.
Our members have met this wonderful
useless
spirit of the times whole-heartedly,
and with liberal
or
patriotism, making large contributions to all
causes
any collateral interest in the successful conduct of the war, as
untary restrictions in operations, and have
well
having
vol¬
as
large aggregate of stars in
a
to
here
us
arrange for
2049
the
in
We
east.
cannot
secure
and
cars
cannot
we
shipments.
Announcement
made
was
Refiners' Committee
Nov. 12 that the American
on
supervising the distribution of the
was
9,000 tons of sugar it had purchased,
service flag.
Its course is to persevere, and any violation of these
ethics of trade have been isolated
cases, through ignorance of the law and
a
not done with any
wrong
at which the sugar was
basis of 8.8 cents
on a
our
intent
desire to defy or frustrate the able policy
or
of President Wilson and his Food Administration.
U. S. FOOD ADMINISTRATOR PLACES BAN ON COMBIN AT ION
SALES.
FOOD
Food Administrator Hoover
Nov. 17 issued
on
nation sales,"
order di¬
an
requiring customers to make other purchases
in order to obtain
made,
certain
however, and
customers in
meal.
corn
a
commodity.
that
purchasing
permits
One exception
was
It is stated that the Food Administration had
sugar
pound for it.
a
tributed, but
Nov. 4 that
tomers
The
cus¬
purchased from $1 to $2 50 worth of other groceries.
following is the order issued by the Food Administrator
prices of Louisiana
Nov. 17:
on
On
and
this
forbidden, with the
The
sale
of
one
all
date
or
combination sales of food commodities
are
exception stated below.
one
purchaser shall buy
food
more
one
commodities,
condition that the
upon
other food commodities from the seller,
more
or
Combination sales frequently result in the sale of
particular purchaser would ordinarily buy,
mined to be
a
and
are
therefore
deter¬
pound of sugar with two of
wheat-conservation measure,
as a
corn
meal.
one
No other combination will be per¬
will any other ratio than that here stated be allowed.
dealer shall not sell either the sugar
yielding him
ticular
or
have
The
deaier
is
its
price
a
required
not
par¬
sugar
were
Louisiana
sugar
SUGAR
kettle
section of the country was given on Nov. 21 through the
seizure by George M. Rolph, head of the Sugar Division of
the Food
formed
Administration, of
of the
part
large quantity of
a
that
of
sales
price, sent the following telegram to the
new
licensed sugar
manufacturers of Louisiana
f.o.b. New
which
sugar
dethroned,
was
and which had been stored since then in the warehouses of
W. R. Grace & Co. of this
it is said, amounts to
more
be distributed to retailers
Sugar Committee.
in
commandeered,
sugar
than 35,000,000 tons.
begun,
harvest
Assurances of relief has also been given
in the announcement
and
pounds of Western beet siigar is
The sug&r
and in
or
Mr.
the
way
washed planation,
1917
Orleans,
of license, and
or raw sugar
subject
clarified, second, third and open
$7.25
per
100 pounds, less 2
supply is expected in
a
a
ge
1,250,000
you
unreasonable, and unfair profit.
time
entirely out
put off
are
few hours
or
in
HOOVER,
Nov.
on
announced that
7
stated that 3,000 tons had
next
he
immediate relief for the
mean
gave assurance
that whatever supplies
received in the future would be distributed
to
benefit
the
equitably
greatest number of people.
On the
.
day, Nov. 8, James H. Post, Chairman of the American
Refiners'
of
already been released, and that
supply would not
average consumer,
as
sugar
Committee, stated that 9,000 and not 12,000 tons
had been released from storage for immediate
distribution.
Nine
raw
and the Planters' Committee agreed to use its best efforts to
sugar,
for refiners contracts for raw sugar on that basis.
secure
at an average
margin of not to exceed $1.30 per 100 pounds, or $7.65 net.
Under this arrangement a
have sold at an average
of raw
of sugar
Committee for
12,000 tons that
have
immediate
been
purchased by the American
distribution.
This is
a
,
complete deliveries either in the eastern or western territory on the basis
to
price, but no new business should be takeh in any terri¬
Approximately 700 tons
will probably be sold above the present market price.
past Buffalo, but it will go
much sugar.
You
may
as
as
far South
about the situation.
There may be a few
This is
as
I
it.
will
not
This is
There will not be
now as
it has been in
shall
be
made
in
accordance with this determination
Administration.
,
of the
.
,
direct from the producers to
up
the Louisiana situation definitely.
the buyer should be on this basis.
Sales
In case the
is purchased by a dealer or jobber at $7.25 New Orleans basis, his
sugar
sealing price to manufacturers or retailers shall not exceed the base price
plus the usual freight added to destination, plus the profit charged by sugar
jobbers in the territory in which sold, in no case to exceed 25 cents per
The action of the Food Administration did not meet with
favor
the
among
can
see
little hope for
I do not believe that there is
condition of the rail carriers would make
who claimed
Louisiana Manufacturers,
hard hit by the decree, and a call was issued by
American Cane Growers Association for a general meeting
they
were
the St. Charles Hotel, New Orleans the next day, Nov. 5.
at
The
meeting
was
attended by John N. Parker, Food Admin¬
made it plain that Mr. Hoover's
istrator for Louisiana, who
carried
favor.
would
sugar
factory violating the order, he said, would have its
license
out
or
revoked and would be closed up.
position
of
Any
Mr. Parker's
and impartial enforcement of Mr,
based on the following telegram which
complete
order,
was
received
had
he
be
without fear
order
from
Federal
the
Food
Administrator.
Washington, D. C., Nov. 3, 1917.
Parker, Food Administrator, New Orleans:
In view of the acceptance
and recommendation of six thirty-five
whole committee, it appears to me no
complaint
can
raws by
be well founded
as
figure, and, consequently, seven twenty-five, less
If any attempt is made by middleman
he will be prosecuted vigor¬
two per
cent, for plantation sugars.
to take
advantage of planters' price in resale,
ously.
This appears to me only method of securing justice to all producers
and consumers, and, relieving you
one
hundred fifty telegrams to
reading
as
follows:
of further worry, I
am
sending about
licensed sugar manufacturers in Louisiana
"Under powers conferred by Section Five, Food Control
Act, I have determined that any sale of nineteen seventeen
tation, clarified, second, thirds, or open kettle sugars,
of
seven
washed plan¬
at price in excess
dollars and twenty-five cents per hundred pounds,
less two per
cent, f. o. b. New Orleans, or raw sugar in excess of six dollars and thirty-
yet.
carloads, but even if there
It
time to feel confident
no
Conservation must be the rule
Regarding the Western beet crop,
.from that section.
as we can manage
well stress this point.
We are not on the safe side
am
The 9,000 tons which
purchased will be distributed here in the East.
enough to relieve the present shortage.
I
I will say, however, that it
has been purchased form the neutral buyers at cost.
the past.
given over
were
of the American Red Cross and for shipment to Newfoundland.
unable to give the exact figure for the sale.
go
Any contract made on Nov. 3 or
tory at over $7.25 for these sugars.
thereafter
to the fairness of this
not
profit largely in excess of the profit earned under
part of the
were
purchased for distribution.
been
a
actually entered into prior to Nov. 2, and all sellers are hereby authorized
tons
have
prevailing
now
The Food Administration will not insist on any modification of contracts
a
This sugar
unusual conditions
conditions.
normal
announced as released yesterday by Mr. Rolph.
making the announcement Mr. Rolph pointed out
that 3,000 tons had already been released.
To be exact, there were 9,700
use
to the
margin of 75 cents for these sugars over the value of
a
will result in
sugar
margin of from ^ to H cent a pound over the selling
Owing
sugar.
it is believed that
raw
fair price for Louisiana sugars has been estab¬
Under normal conditions clarified and washed plantation sugars
lished.
You will recall that in
for the
The refineries
buying this sugar must sell it under their agreement with the Government
Hoover's
Mr. Post said:
thousand tons
Refiners'
agreed upon between the Food Administration and
representatives of the Louisiana plantars that $6.35 was a fair price for
12,000 tons of
held in part here would be released through the regular
refining channels for household use in the East. Mr. Rolph
so
by the Food Administration
100 pounds.
Rolph
sugar
were
b.,
Any
to the penalties of the act.
This, it is hoped, will clear
very
two.
while this
o.
follows:
Some time ago it was
Food
some
grocery stores are
per cent,
in excess of $6.30 per 100 pounds, f.
HERBERT
of contracted sales
aver
Fiast.
chain stores customers
many
by the word that
day
on
that
situation in this city has been for
nearly all of the small
acute;
of sugar,
harvest
cane
than two weeks in advance of the
more
season,
It will
through the American Refiners'
dispatches, from Cuba which said that the
had
a
The
^
.
sales made after November 2 at a greater price will be cause for revocation
price
city.
.
conferred by section 5, food control act, I have determined
kettle sugars, at a price in excess of
supplies purchased here for the
war
Russian Government before Czar Nicholas
the
The Food Administration in making
sugars.
the
known
read in part as
shortage in this
sugar
as
Food Administrator.
SITUATION.
the
hundred
per
by fixing $7.25
upset price of washed plantation clarified seconds, thirds or
A further statement issued
THE
escape
The Administration
sales of sugar and corn meal, but may do so at his discretion.
Promise of speedy relief from
price in
said, and
delay if they hoped to
combination
make
to
planters'
was
original announcement of $6.35
raw
trade
yet taken out licenses
not
without
on
the part of the
on
the
of
advantage
will give manufacturers an unjust,
the corn meal at
profit greater than he has normally enjoyed upon the
a
commodity.
followed
Under powers
Exception: Pending further notice and
The
so
1917.
10
the dealer may sell sugar in combination with corn meal at the rate of
nor
warned
open
foodstuffs than
more
wasteful practice within the meaning of Section 4 of the Food
administration Act of Aug.
mitted,
who
pounds for
is regarded as a combination sale within the meaning of this ruling.
the
Any atttempt
vigorously prosecuted, it
manufacturers
do
by the Food Administration
prosecution under the food control law.
after
than 100
more
restrictions had been placed
sugar.
take
to
to
made
was
severe
middleman
unless
sugar
Jersey and parts of Pennsyl¬
About 200,000 bags will be dis¬
"
Announcement
on
than
being made in
are
dealer will be allowed
one
no
basis
a
pay more
bags. /
resales would be
refusing to sell
The allotments
the states of New York and New
received many complaints that some retailers in New York
were
equitable
on as
possible and is advising the public not to
and other
large cities
it is stated,
vania and Connecticut.
all retailers to require
to buy twice the weight in
sugar
is
as
93^ cents
recting retail dealers to stop the practice of making "combi¬
sugar
various wholesalers,
to
same figure
purchased before the present
The Refiners' Committee is allotting the
shortage.
I
.
The release price, it is understood, is the
pound.
a
were a
any
any
relief
surplus in the West.
surplus, the congested
additional sugar out there
five cents per
turer
an
hundred pounds, f.
o.
b. New Orleans, will give manufac¬
unjust, unreasonable and unfair profit.
Any sale
made
after
November second at greater price will be cause for revocation of license
and
subject you to penalties of the act."
I^am also wiring
sugar manu
and whose names I am ab le to
facturers who have not taken out license,
be made immediately, or proceedings
get, that application for license must
follows:
adopted the
following resolution pledging their support in relieving the
augar situation but asking for a modification of the price
growers
In coils, or cut to lengths 4 ft. to
Under 0.20 Carbon.
HOOVER.
cane
finished strip steel the schedule is as
$3 50; for hot-rolled
will be taken against them.
The
[Vol. 105.
CHRONICLE
THE
2050
16 ft., including
that accrue in cutting.
shorter pieces
after hearing Mr. Parker
6 -171. &
6 Hs-in.
10-in.
15*A-in-
15. -in.
Slit-
Pick¬
& Wider
ling.
ing.
lOA-dn.
Narrow'r
Width—
fixing order.
Whereas, at a meeting of cane growers
administrator
from Herbert Hoover, federal food
which he stated that under and by virtue of the authority
said assembly a telegram
in
Louisiana,
and read to
and sugar producers of
for Louisiana, appeared
John M. Parker, food administrator
vested in him
price of S6.35 per 100
he had fixed a
under the laws of the United States,
96-degree test sugar, and §7.25,
less two per cent f. o. b. New Orleans, for what is commonly known as
yellow clarified sugar, and we learn from some of the refiners present
that they are in possession of a telegram to the effect that the price of
granulated sugars in this market should be $7.80, less two per cent, after
November 2, and Mr. Parker, as food administrator, called on the sugar
planters present to comply with the order.
Now, therefore, we, as American citizens desirous of upholding our laws
and supporting the Food Administration in all things considered fair and
pounds for what is commonly knotyn as
just by them:
Be it resolved, That we conform to
the orders of the Food Administrator,
That the price of $6.35 for
the following:
and while doing so we assert
96-degree test sugars is acceptable, that being the price agreed upon
food administrator and the committee which went to Washington.
But with reference to
yellow clarified sugars, such sugars are
tured for direct consumption,
are
sugars;
Gage 12 & heavier
standard granulated
that such sugars are almost equal, pound for
standard granulatedSsugars, and as to whether
should buy them in preference to the granulated
of taste, although intrinsically they are worth about as much
matter
article of food as granulated sugar,
and while they do, under the
.25
.30
.50
.25
.35
.40
-40
.40
.45
14 gage—
.20
.30
.40
15gage___»A»— V
*30
.40
.50
16 gage—»—
.50
.60
.60
*
.70
19 gage
.70
20 gage.
.80
Cutting
lengths
to
-
A..
'
--
.50
.40
—
17 gage—:
1'8 gage
w
.
'
WW
'
.J
without
W:
"
-
'
_
...
•
V-.'
-
end
WW
.60
.65
10% extra
10c. per 100 lb. extra
30c. per 100 lb. extra
pieces
Cutting to lengths 2-ft.-4-ft__
.50
.55
w.
' '
WW
.55
.55
'
i
.40
.55
''W
'
—
--
Annealing
11
'
'
15c. per 1001b. extra
_.35c. per 100 lb. extra
Half of 1% discount for cash in ten days
Quantity Extras.
Less than 2,000 lb. to 1,000 inc
Less than 1,000 lb
F.
Terms:
:
b. Pittsburgh.
o.
from date of invoice.
For
-
••
.•
light rails the base price
per
is S3.00.
;
\
100 lbs., f. o. b. maker's
mill, including 10% short lenths, down to and
including 24 ft.,
in Judge Gary's anonly to the trade, and we hence
The other quotations set out
omit them;
aix
.25
.40
.30
ouncement
a
.25
.20
whether or not people
as
.30
.10
pound, for consumption to the
Is
.20
13 gage
manufac¬
sold direct to the trade and are con¬
fined throughout the country in the same manner as
and other refined
by the
.10
Base
of interest
are
they
appear
for Nov. 22.
in full in the issue of the "Iron Age"
-
,
polariscope, test a trifle below the standard granulated, yet when manu¬
factured for sale for direct consumption at a price no greater than standard
granualted, if the consumer desires to purchase we believe no
injustice is
ditions in Louisiana, as
cost of material used by
AMERICAN IRON & STEEL INSTITUTE
We feel that with the existing con¬
to short yield of sugar per ton of cane, extreme high
the sugar producer, etc., the prices named on sugar
such an article.
done by soiling him
are
not
only unjust, unfair and unreasonable, but will give only a
minimum
and in some cases these prices may mean absolute loss..
We, therefore, earnestly request the food administrator to reconsider
of profit,
if
any,
reference to the price of yellow clarified sugar and after
believe he will find it is to the -interest of the producer
his ruling with
consideration
we
to
him in the production of such sugar, and is in no manner
encourage
unfair
same
or
unjust to the consumer to permit him to pay for such sugar the
granulated, especially as this
price as he would pay for standard
manufactured by at least 75 sugarhouses in the state of
sugar is now being
Louisiana, is shipped direct from the plantation to the consumer and the
distribution of same is
sugar
Whereas, if it is to be converted
progressing rapidly.
into 96-degree test sugar and
thereafter converted into bone black refined
in its distribution, the con¬
there will be a very considerable delay
sumer
in the meantime suffering for the want of
that commodity.
IMPORTATIONS OF
Iron & Steel Institute,
The American
on
Nov. 22, has at
United -States.
required to produce for inspection of the authorized officials
at
books and documents relating to every
time all
any
iron, chloride of tin and tin ore with which
Importing consumers must
manufacturing purposes
to any other dealer.
Importing jobbers
compelled to keep a record of all to whom
connected.
been
have
agree
to use the tin for their own
and dealers will be
Supplementing his two announcements made earlier in the
month
relative
quotations for iron and steel products,
to
Judge E. H. Gary, Chairman of the Committee
on
of the American Iron and Steel
Steel Products
Steel and
Institute,
made two additional announcements in the matter this week.
The "Iron
Age" of the 22d inst., in calling attention to Judge
The first announcement relates to
the basis of $3 per 100
lb. for sections from 25 lb. to 45 lb., instead of
the former method of quoting on a basis of gross tons.
This makes
a
price of $67 20, compared with recent quotations of $75 to $80 on tills
The price of chain is fixed at $8 per 100 lb. for %-in. and for cold
rolled strip steel
at $6 50.
In his first announcement of the
20th, Judge Gary said:
Referring to the statement of the Chairman of the Committee
and
Steel
on
Steel
Products of the American Iron and Steel Institute dated Nov. 13
1917, recommending prices for certain steel products to be adopted as
maximum prices, to take effect immediately, to apply to
of the United
States Government,
to the
war
the requirements
requirements of the Allies
and
for domestic
now
makes similar recommendations to the iron and steel industry in re¬
consumption within, the United States, the committee
spect of the prices below stated and expresses the hope that there will be
no
hesitancy in accepting this recommendation.
The
other announcement of
differentials and extras
may
tion, and that it is intended exclusively for
import tin
industrial
pur¬
in the United States. The Institute will keep a
record of all tin importations released to consumers, im¬
the
together with all data neces¬
and consumption. From
time to time reports of the amount of metal on hand will be
required from importers and dealers in order that , the infor¬
mation thus collected may be used as a basis for future
modifications in the regulations controlling importation and
distribution.
For some time, it is said, the situation in the
to indicate final disposition
sary
tin market,
faction
on
Steel and Steel
a
date, bearing
products, read
Products of. the American Iron and
a
report based on infor¬
plates and round billets for seamless tubes,
and from such report and other data available the committee has reached
to fair and reasonable differentials and extras to be
for those products and
now
The base price for
self-colored
black,
or
charged
recommends to the industry that the list of
extras and differentials below stated be
% in.
per
adopted, to take effect immediately.
common
100 Ib3. f.
steel proof coil chain,
o.
b. Pittsburgh, is $8.
For cold-rolled
strip steel the base price announced is $6 50
100 lbs. for IK-in. and wider, 0.100 in. and thicker,
hard temper, in coils, under 0.20 carbon.
Extras to be
per
added to base for size,
annealing, cutting, packing, &c.
strip steel, the base price, f. o. b.
For hot-rolled finished
Pittsburgh,
per
Steel for cold
100 lbs. is $4 50; for unfinished hot-rolled
rolling, base f,
o.
the
especially the
Now, however, it is expected that
under the con¬
British.
centrated control of the American Iron
as
mation received from representative manufacturers, covering a list of differ¬
entials and extras on sheets, tin
as
regards imports, has been causing
Importers have expressed dissatis¬
conditions under which they have been
& Steel Institute im¬
stabilized.
on
same
sub-committee
with
as
trade.
obliged to obtain tin from foreign markets,
WAR
"
•;
The Committee
especially
anxiety in the
portation of tin will be expedited and the market
f
various steel
on
Steel Institute has received from
conclusion
person
guarantee not to use it for speculative purposes or exporta¬
follows:
a
No
metal.
the
through the American Iron & Steel Institute except upon
porters, jobbers and dealers,
prices on light rails, chain and cold
rolled strip steel, and a most interesting feature is the quoting of light rails
weight.
sold
they have
poses
Gary's announcement of this week, said:
on
announced
importation of tin from
The Institute's
sub-committee on tin, composed of John Hughes, Chair¬
man; E. R. Crawford, John A. Fry, A. B. Hall and Theo¬
dore Pratt, will have charge of the control of tin imports,
and will work in conjunction with the members of the War
Trade Board.
Under the new arrangement importers will be
foreign countries into the
and not to sell it
GARY.
was
the request of the United States Govern¬
they
ANNOUNCED BY JUDGE
QUOTATIONS
'
it
ment, undertaken the control of the
transaction in pig
NEW STEEL
TO CONTROL
TIN.
b. Pittsburgh per 100 lbs.
•
The
TRADE
BOARD
TIGHTENS
EMBARGO
ON
TIN PLATE EXPORTS.
War Trade Board, under a ruling announced on
Nov. 11, has
tightened the licensing regulations on the ex¬
portation of tin plate, in an effort to insure that
after leaving
plate will not be used other than to con¬
the military or vital needs of the nations at war
this country the
tribute to
against Germany.
The order issued on the 11th specifies
where it is proved
the production
or transportation of foodstuffs for the United States and her
allies," and that no license shall be granted except to those
who present satisfactory evidence that they have purchased
the plate from a manufacturer on order from a purchaser
abroad.
This rule applies to pending applications, as well
that
preference will be given in those cases
that the
as
goods will be used "to contribute to
to future ones.
statement:
The War Trade Board issued the following
.
Mot. 24
1917.]
THE
CHRONICLE
The War Trade Board,
upon the recommendation of its Bureau of Im¬
ports and of the committee
additional rulings
the conservation of tin plate, has made two
on
affecting the exportation of tin plate, which
below in paragraphs (3)
set forth
are
(1)
That
for any other purpose than as food containers,
PRESIDENTS
That
except on satisfactory
to application for license to export tin
as
plate to be used
(3)
with Germany and her allies.
war
That
V
Germany and her allies.
with
war
goods will be used in such
a
way
transportation of foodstuffs for the
as
use
to
war
or
licenses for the exportation of tin
no
plate will be granted,
except to the manufacturers of the plate, or to others who, either at the
time of making application or before shipment but'of the country, present
satisfactory evidence that they have purchased the plate from
turer
firm order from
on
well
as
to future
as
Arizona,
Russia,
Italy,
a
purchaser abroad.
manufac¬
a
This rule applies to pending
Adjustment Commission, of which
Wilson is Chairman
and
in settling strikes in the copper mines
amicably adjusting the labor dispute in
the Warren district of Arizona.
that it had
The Commission also
an¬
appointed Judge Ernest W. Lewis of
Phoenix to go to Jerome,
Arizona, and put into effect
an
agreement similar to that entered into in the Warren district,
the Globe-Miami district, and the Clifton-Morenei-MetcalL
district
of
Arizona.
Commission
The
has
San
to
gone
Francisco to take up the labor conditions along the Pacific
Coast.
In announcing the settlement of the strike in the
Warren
applications.
COMMISSION
Nov. 7 reported to the President that it had
on
been successful in
that the
with Germany
and her allies.
That
which has been engaged
nounces
contribute to the production
of the nations at
ADJUSTMENT
Secretary of Labor William B.
Preference will
be given to those cases in which satisfactory evidence is
presented
(4)
other than France,
seas
ARIZONA.
of
than tin plate) containing tin, except on satisfactory evidence that the
goods
will be used in such a way as to contribute to the military and other vital
needs of the nations at
LABOR
The President's Labor
licenses will be granted for the exportation of articles (other
no
Black
as
food containers, preference will be given to those cases in which
satisfactory
evidence is presented that the food to be packed will be for the use of the
nations at
and
SETTLES COPPER STRIKE IN WARREN DISTRICT,
evidence that the plate will be used in such a way as to contribute to the
military needs of the nations at war with Germany and her allies.
(2)
prohibited to be'exported to foreign countries in Europe and
were
Mediterranean
Spain and Portugal.
licenses will be granted for the exportation of tin plate for
no
the
on
and (4), respectively, in the following list of such
rulings, which is complete to date, and includes in paragraphs (1) and (2)
the rulings promulgated on Oct. 24 1917.
use
of which
2051
district, the Commission sent the following telegram
the President:
to
The President's Mediation Commission found very different conditions In
CANADIAN GOVERNMENTS CONTROL OF PACKING
visited.
HOUSES AND COLD STORAGE PLA NTS.
all
over
plan to estab¬
packing houses, in the Dominion
announced at Ottawa
Nov. 15.
on
The action taken
Food Controller provides for a control of the
packers and the appropriation by the Government of all
profits in
7% and
of 15%.
excess
One-half of all profits in
excess
of
In carrying out the
as
announced by
the Prime Minister shortly after its formation, it has been decided to estab¬
lish effective control
The control of
1.
strike called
over
as
profit of
than 2% of his total
more
If the 2 % on annual turnover exceeds 7% of the actual capital invested
in the business, the profits shall be further restricted as follows:
Up to 7% on capital the packer
(б)
If the profits exceed 7 % and do not exceed 15 %. one half of the profits
excess
retain the profits.
may
of 7 % shall belong to the packer and one-half to the Government.
(cj All profits in
excess of
Suitable regulations
ensure
for
plan which has been in
course
of preparation
The Canadian Government's control of the
and cold storage
plants throughout Canada
packing houses
outlined by
was
men
at Ottawa on
Mr. Hanna in addressing the gathering explained
that his office
working in co-operation with the Dominion
was
and Provincial' Governments in
general production
a
paign, which would include the production of hogs
a
scale
as
The hog
could be
developed.
He continued
producer will want to know at the
assured to him
as
grower
Between him and the
as
cam¬
on as
big
is the
follows:
packer and the distributer.
It is because
we
In the cape of flour mills, we have worked out what is practically
ip the form of license.
We are adopting the
connection with wholesale fruit and vegetable men.
take in the
cided,
but
have
will give
must
us
Gov¬
plan in
Just what form it will
of packing houses and cold storage plants has not been de¬
case
it
same
mean
practical
and
effective
Government
In working this .out we want your assistance and co-operation.
the benefit of both.
Unless
our
I
control.
am sure
solution should be practical
and just to the business itself, while at the same time recognizing to the
the rights of the
such discussion
your
in the first instance be
public?in times like these, it will fail.
as you
may
have to-day, to appoint
a
We ask
a
you,
full
after
small committee of
number who will keep in touch with what is being done
Following Mr. Hanna's address,
by,and before whom all grievances
presented.
denied, the griveance committee
In case redress be needed and
appeal to the United States Adminis¬
may
tration appointed for the purpose of supervising the operations
of the Com¬
Claims of discrimination against union members have been particularly
Such discriminations
are
hereafter
prohibited, and
the enforcement of the prohibition is vested in the United States
There is thus assured the effective
means
on
the subject.
committee representing
tbe packing house industry was appointed to co-operate with
the Food Controller.
The produce men indicated their
settled under
the impartial
Resort to
supervision of Federal authority.
the strike, at least for the period of the war, is therefore unnecessary
abandoned by the men.
difficulties.
President's Commission could not make provisions for
The
the future
production without inquiring into the Bisbee deportations of July 12
copper
the
and
events
that
The result of such
preceded and followed them.
inquiry will shortly be embodied in
a
report to President Wilson as to
proceeding to San Francisco.
PHILADELPHIA WOOL AND TEXTILE ASSOCIATION
WANTS GOVERNMENT TO FIX PRICE OF WOOL.
The request
that
a
committee, to be appointed by the
Philadelphia Wool and Textile Association, be permitted to
submit to the Government
and wool textiles may be
a
plan whereby the values of wool
fixed,
was
contained in
a
resolution
President Wilson's attention
brought in the following communication
adopted by the Association.
resolution
to the
was
(printed in the Philadelphia "Ledger" of Nov. 16), addressed
by Charles J. Webb of the cotton and yarn firm
to him
Charles J. Webb & Co., and Chairman
Committee
on
Washington, D. C.:
The President, Executive Mansion,
Your
lieves
of the Association's
Price Control:
Excellency—The
that the time has
Philadelphia
come
when
Wool and Textile Association be¬
every
individual connected with the
industry should work toward helping the Government, sinking
a
ON IRON
most
AND
meeting held to-day of the committee to consider the
question of
that
a
adopted:
stable value for wool for 1918 is of the ut¬
importance; and second,
"Be it further resolved, that
STEEL EXPORTS.
Announcement of the
A more
on
tightening by Canada of its embargo
Nov. 21 in the following statement:
complete embargo
established by
a
on
No. 2138 B.
kingdom, British possessions and
plan, which
protectorates:
Pig iron, steel ingots, billets, blooms, bars and slabs, iron and steel plates,
iron and steel
plates and iron and steel fabricated for structural work and shipbu Id ng,
committee ap¬
believe will be for the best interests of all concerned,
early date."
Yours
respectfully,
CHARLES J. WEBB,
In
all
on
Price Control.
reply to tbe above, the following advices from"J. P.
Tumulty,
President Wilson's Secretary,;
were
received£by
Mr. Webb:
The President directs me to acknowledge
and steel fabricated for structural work and shipbuilding.
pig iron,
we
Chairman Committee
The following articles are placed under
embargo lists have included hematite
a
respectfully ask that this committee be given a hearing by the proper Gov¬
ernment officials at a very
iron and steel shapes (comprising beams, channels, angles, tees and zees),
Earlier
respectfully ask that
whereby the values of wool and wool textiles may be fixed, and we also
the exportation of iron and steel products is
prohibition of exportation to all destinations abroad other than the United
ron
concrete
Canadian Order in Council of Nov. 15, published at Cus¬
toms Memorandum
we
pointed by this association be permitted to submit to the Government a
iron and steel exports was made by the U.S. Department
of Commerce
individual
profits and interests.
"Be it resolved, first,
on
find¬
ings of facts and recommendations thereon.
price control of wool and textiles, the following resolutions were
EXTENDS EMBARGO
and
There is thus every basis for assurance that the
production of this district will continue without interruption be¬
of labor
cause
At
willingness similarly to co-operate.
CANADA
Adminis¬
by which all questions
dispute between the companies and the men can be promptly and justly
right to know that the charge for packing and
and cold storage men, that you are here to-day.
you
each mine entirely selected by the men,
Both he
this question under consideration now, particularly as affecting the packers
ernment control
equal weight.
plan of settlement accepted by the com¬
outset that there is
very
distributing is in relation to the cost of these services.
a
panies which provides for the establishment of grievance committees in
The Commission is now
his fair share of the price paid by the consumer.
consumer
and the consumer have the
a
adjudication before
final disinterested tribunal in whose fairness both sides would have
copper
gathering of packers and produce
Oct. 31.
their continuance during
machinery by which grieveances of the employees
The Commission has directed
in
W.J. Hanna, the Canadian Food Controller, at a representa¬
tive
assure
in the other camps, the strike came to
as
confidence and before whom each side would have
trator.
time, and announced at Winnipeg on the 22d of October.
some
operations, but to
Here,
was no
insistent in this district.
a
pro¬
therefore, which confronted the President's Mediation Com¬
not to secure
head because there
of this
the carrying out
policy.
The above is fulfillment of
affected the
deportations of 1,186 men
mission's settlement in the entire district.
15% shall belong to the Government.
shall be made to
was
of the
Here the
resumption.
;
The task,
must
(а)
in
July 12.
the period of the war.
annual turnover, that is, his total sales during any one year.
2.
secure
duction in the district, was broken by the Bisbee
on
some
follows:—
a
substnatial shutdown
a
needed to
was
June 26, which to an increasing measure
could find adjustment through an orderly process of
all packing houses in Canada.
profits shall be
No packer shall be entitled to
on
the Commission found the
The strikes in the Globe-Miami and the Clifton-
Federal intervention
mines.
mission
policy of the Union Government,
.
satisfactory.
Morenci-Metcalf districts had resulted in
to 15% will also be taken by the Government.
up
An official announcement said:
normal output of about 17,000,000
So far as the immediate output of copper goes,
situation
by the
a
pounds.
were
profits of the
that prevailed in other camps it
This district contains the great mines and smelters of the Copper
Queen and Calumet and Arizona, with
Tlie details of the Canadian Government's
lish control
the Warren copper district from those
and
to
say
National
receipt of
your
letter of Nov. 15
that he is bringing it to the attention of the Committee of
Defense.
*
'
'
■
[Vol. 105.
CHRONICLE
THE
2052
is causing the Government to concern
Realization of these conditions
WAGE ADJUSTMENT BOARD ANNOUNCES FINDINGS
available
STRIKE-
IN PACIFIC COAST SHIPYARD
which
is chairman, and which had been
Everit Macy
V.
engaged in adjusting the differences between the employers
and
employees in the Pacific Coast shipbuilding plants, on
Nov. 4
The
published its findings and recommendations.
Board at the
time announced uniform minimum wage
same
scales which grant an
increase of from 10 to 30% over the
The Board in its
old scale.
findings in the dispute declares
that
employees' "discrimination, interfering with the defense
the nation in time of war, against so-called 'unfair' mate¬
of
rials
would
new
schedule
wage
employers
brings to
intolerable."
be
and
end
an
Sept. 15 when
on
This
unions
Nov.
on
disputes
wage
covering the
agreement
on
The
4.
agreement
the Coast which began
strike, which has been referred to in these columns
heretofore, tied
than 125 plants in the San Francisco
up more
and
Puget Sound districts and halted work on millions of
dollars of Governmect contracts.
It lasted about two weeks,
when the
men
returned to work under
a
temporary agreement
arranged between the unions and the employers by Govern¬
scale
The
mediators.
ment
rates
announced
Nov.
on
4
retroactive, going back in the Puget Sound district to
are
The scale became effective Nov. 12 and back pay
Aug. 1.
must be
scale, uniform for the Pacific Coast,
Journeymen,
fitters,
The minimum
paid within two weeks of that date..
boilermakers,
fitters;
ship
blacksmiths,
moulders,
machinists,
fixed
was
angle
pressmen,
anglesmit-hs,
and
frame
setters,
in
Heaters,
foundry
carpenters, furnace men and punch and shear men.
$4.50.
serve
as
urges
a
supplement to the trade unions when they are
Discrimination
The Board also urges that
Against
Material.—Whatever
Unfair
reasons
be
may
"unfair" material in
time of peace, to permit such discrimination to
of the nation in time of
and
sense
would
war
interfere with the defense
be intolerable.
We trust to the -mod
patriotism of the employees to refrain from such practices when
opposed to the interests of the Government.
Factors
scale
Considered
in
Wages.—In arriving at a fair wage
Determining
have had two ends
we
in
view—equalizing wage rates in the three
shipbuilding centres and adjusting
the higher cost of living result¬
wages to
ing from the war.
The enticing of workers from
to another has had
a
establishment of
uniform
a
plant to another and from one city
one
demoralizing effect
on
The
the production of ships.
wage scale for the
San
Francisco, Columbia
River and Puget Sound districts will have a steadying influence.
fore, since the cost of living in these districts is substantially th
There¬
same, we
have decided upon a uniform scale for all of them.
In order to preserve the standards of living in
took
we
basis the rates
as a
which
on
existence before the war
employers and employees had united
shown by the agreements in effect June 1 1916.
as
crease in the cost of
To determine the in¬
living from that time until October 1
only of the evidence presented at
we
and
municipal reports.
The
wages
made use not
hearings in the three cities, but also
our
of all other available material and investigation, including
Federal, State
fixed represent the wages current in
the three cities, increased to conform to the ascertained increase in the
cost
of living.
■
believe
ernment
living.
to
that
the
On
taken
public
protect,
other
the
of
the
to
as
hand,
national
increased
believe
to
increase
of the
of
living.
that
beyond
by
a
we
As
a
national board,
we
to
higher
establishing
of living would,
point
workers
believe, in¬
stead of improving the national labor situation, cause even greater
view
Gov¬
should
advantage
wages
Attracting
Pacific Coast
expense
of the
intention
American standards of
possible,
not
cost
justified by the
are
be
do
we
the
approves
may
emergency
industries
shipbuilding
than
opinion
far
so
ganization than already exists.
Patternmakers, $6.50.
the Department of Labor the
upon
Employment Service in California, Oregon and
Federal
urged in defense of discrimination against so-called
wages
.
The
training of skilled workers in the different crafts.
the
$6.
supply
required.
are
co-operation with agents of the Government plans for the more rapid
corresponding
Sheet metal workers, coppersmiths and flange turners,
they
In view of the certainty of a greatly
unable themselves to supply skilled craftsmen.
$5.25
day.
as
representatives of organized labor and the employers concerned work out
be
per
crafts
them.
on
of the
Washington to
the
increasing
and
In San Francisco and Seattle, and
to us indicates that some of the unions are already
demand, the Board
riveters, chippers and caulkers, acetylene workers and electrical workers,
Painters and plate hangers, $5.
redistributing
of
different
the
extension
We
pipe
problem
increased
follows:
as
in
unable to meet demands
general strike of iron workers was called.
a
workers
evidence presented
by representatives of the
signed
was
the
An
the
supply of skilled workers.
additional
Shipping Board's Wage Adjustment Commission of
with
less extent in Portland, employers look to the trade unions to
to a
30%.
RAISES WAGE SCALE 10 TO
The
itself seriously
disor¬
feel bound to
task nationally and arrive at decisions that will tend to increase
our
Plainer men, counter sinkers, drillers and reamers and holders, $4.20.
the production of ships and other essential commodities not merely in one
Machinists specialists, $4.
•
locality,
Rivet heaters, $3.15, and laborers. $3.25.
Helpers
are
divided in two classes
Machinists,
fitters,
pipe
sheet
as
metal
ship
workers,
electrical
fitters,
hook tenders,
flange
yards where wooden ships are being constructed the minimum rate
$6. and laborers and helpers, $3.25.
The agreement as to
cisco
district
working conditions in the San Fran¬
provides for the establishment of the three-
exist
year
signing/ and during its life there
are
to be
Working
The
from the date of
strikes oh the
no
part 6f the employees nor lockouts on the part of the em¬
ployers.
and
a
Purpose
war
of
Board.—The
program
of the Government.
shipbuilding industry
as
Shipbuilding
Labor
Adjustment
Its supreme object is to hasten the carrying out of
board.
shipbuilding
in the
event, it must be
the
of
to us is as follows;
minimum
First—The
of
of
rates
wages
the shipyards covered
employees in
to
be
tive part
paid the different
by this decision shall be
forth in the schedule appended hereto (exhibit
A), which is made
a
classes
as
set
substan¬
of this award.
rates
are
be retroactive
to
for
employees in the ship¬
yards of San Francisco Bay district from Sept. 22, for those in the shipyards
Sept. 5, and for those in the yards of
district from Aug. 1.
Third—The shipyard owners shall pay to employees who were employed
by them during the interval from the dates specified above for the respec¬
tive districts and the dates when the new rates fixed by this award are put
into effect,
back pay for all the time they worked in such interval equal to
the difference between their wages calculated at the new rates and the wages
this decision is to take effect.
Fourth—Rates of wages
issued
by the Wage Adjustment, Board in
explanation and elaboration of its findings:
truly
any
they actually received, such back pay to be paid within two weeks after
following, according to the San Francisco "Chronicle."
statement
Origin
In
Decision of Board as to Issues in Dispute.—Our decision in regard to the
the Puget Sound
one
Board is
to
ex¬
by agreemeiits between the employers and employees.
agreement is to be in effect for
the
upon
aminer of each district.
Of the Columbia River district from
a
counted
de¬
conditions in the Puget Sound district are to be determined
is
be
which may hereafter arise with respect to wages of employees
or
Second—These
After Feb. 1 double time will be allowed.
The
will
specifically named in the attached schedule.
issues presented
shift plan, with a 5% premium for men working on the night
shifts.
employees
borne in mind that any such differences not covered by this report and
for caulkers if fixed at $6.50' shipwrights, joiners, boat builders and millmen,
and
cision are subject to prompt adjustment through the medium
plate hangers,
fire and machine helpers and casting cleaners. $3.90.
In
now
not
coppersmiths, slab,
of employers
Co-operation
adjust in proportion to the scale hereby fixed all differences, if any, which
follows:
workers, moulders, helpers. $3.60.
Blacksmiths,
but in the whole country.
are
Employers and employees
enlisted in their country's service just
the soldiers at the front.
With all possible earnestness
we
as
rates fixed
are
in
no
now
being
wise altered
or
paid
in
excess
of
the
minimum
affected by the establishment of these
rates.
working conditions
Fifth—The
in the shipyards of the San Francisco
Bay district shall be those agreed to by the representatives of employers
and
employees in said district, as appended hereto (exhibit B), which agree¬
made a substantive part of this award.
>
:
ment Is
wish to
.
Sixth-—The working conditions in the shipyards of the Columbia River
impress upon them their obligation to merge their individual interests in
district shall
the
of supplying the ships which the country requires.
the terms of exhibit C, heretofore appended, which is made a substantive
Without their loyal co-operation
part hereof, and all existing craft conditions not changed by same exhibit
C shall remain unchanged unless modified by agreement of the parties
common
purpose
With their help
our
we
shall win the
war.
democratic institutions ..will go down to merited defeat.
Obligation of Employers and Employees to Co-Operate.—The owners of the
shipyards are, during the duration of the war, merely the agents of the
on
Government.
that rate of
be those heretofore established by the parties according to
is
Practically the whole shipbuilding industry of the country
being carried
on
benefit of the Government.
for the
employees in the shipyards must realize that the
relation to each other.
They
are now
war
Employers and
has changed their
working together for the
preserva¬
tion of their common country.
The
Government is insistent
approved by this Board; provided, that double time shall be paid for work
holidays and on Saturday afternoon in June, July and August, and
payment for work in excess of an eight-hour day shall be fixed
by mutual agreement or failing agreement by the examiner for the Columbia
River district.
Seventh—The working conditions in the shipyards of the Puget Sound
'district shall be determined by collective agreement of the employers and
that the
ships it requires must be built,
employees in the shipyards of said district, subject to the approval of the
and built promptly.
It is equally insistent that standards of living must
be preserved.
Employees may thus join with hearty accord in the efforts
Board.
of employers to parry out the
shipbuilding program and rely on the good
faith of the Government and of this Board to see to it that
any grievance
Bay, Columbia River and Puget Sound districts which w^re involved in
disputes with their employees during September or October 1917*
Ninth—In accordance with the understanding reached by all parties
that they may have is
promptly considered and fairly adjusted.
Rapid Expansion of Shipbuilding Industry Called for.—The national
Eighth—This decision shall apply to all shipyards of the San Francisco
pro¬
throughout ccast districts, no change shall be made in any existing craft
requires an increase in the output of ships from the 750.000 tons
turned out in 1916 to 6,000,000 tons in 1918.
This necessitates the intror
duction wherever possible of the two and even three-shift
shall have been agreed upon between employer and employee, subject to
gram
systems.
mediate steps to
bring about this change must be taken by shipyard
Im¬
owners.
It will involve not
only the enlargement of the labor force, but provision
of adequate lighting facilities and
safety devices to protect employees from
the special hazards connected with
night work.
At a rough estimate the
men.
To
meet
the
more men must be
pressing
employed.
needs
of
This will
the
Government
mean a
at
least
demand for at least
30,000 skilled mechanics in addition to those already employed,
that can only be satisfied by
a
demand
drawing mechanics to the shipyards from less
essential industries and by training men who have not
yet the required
the approval of this
Tenth—This
Nov.
12
Board.
decision shall
be
put into effect
on
or
before Monday,
1917.
Spirit of Good-will by Both Sides.—In conclusion, we wish to record our
appreciation of the co-operative spirit displayed by both employers and
shipyards of the Pacific Coast already employ
50,000
75,000
conditions, nor shall any new craft conditions be established until the same
employees, as shown by the action of the employees in all three cities in
returning to work while awaiting our decision.
We wish to
express our
special indebtedness for valuable assistance and advice of Gavin McNab
of San Francisco; to
James A. Franklin, President International Brother¬
hood of Boilermakers, Iron
Shipbuilders and Helpers of America; to James
Wilson, President International Association of Machinists;
Milton Snell-
ings, President International Union of Steam and Operating Engineers;
Nov. 24 1917.]
and
James
V.
Ryan,
THE
Amalgamated
organizer
Metal
Sheet
CHRONICLE
Workers,
The employees
International Alliance.
basis of
The memorandum to which this Board
the selection of
working
settlement of disputes which cannot be settled by the employees and em¬
Corporation.
decision of the examiner
from the
Appeal
taken by either side to the Board.
Henry McBride of Seattle, and
Richard
In
W.
Sound district ex-Governor
ment reached
examiner of the Columbia River district
as
Montague of Portland.
case,
effort to compel the labor
unions to
administrative order
by- inviting union representatives to discuss the details of the agree¬
outset
ment submitted
ing under
a
prices of coal
by the employers during the recent strike, but which has
been held in abeyance in the brief
period in which the
non-union
material by
the United
the strike negotiations,
union
workers
hand.e the products of
the point during the war,
but without effect; and when it was suggested
The
might be obliged to step in and take over the shipbuilding plants, J. M
McGuire, of the Machinists' Union,
Why should it?
no terrors
in Mr.
The unions control the politics of California; they know
Gompers they have
a
a
force
on
the increased cost of
period
pay
the contract will remain in effect
contract now before Fuel Administrator
wage
if approved, will supersede
a sup¬
on
April 28), which in turn
(re¬
sup¬
four-year contract signed in May 1916, and re¬
May 6 1916, page 1668.
a
ferred to in the "Chronicle" of
double
for
pay
over¬
minimum wage scale approximately 50% higher than the scale in
S. D.
Sept. 15, and thirty days' notice of the termination of the agree¬
ment—were all subordinate to the
The
plemented
for them; and
powerful friend at court.
The other demands of the men—an eight-hour day,
time,
new
ferred to in these columns
for the unions
that the Government must have ships and is prepared to pay
cover
plemental contract increasing wages made last April
the coast, at once declared that that would be quite the proper thing to do.
Clearly, the threat of Government control had
that this contract swill become
to
until March 31 1920 in case the war is not
war, or
Garfield for ratification,
of the influential labor leaders of
one
sufficient
Government
terminated before that date.
failure of the present negotiations, the Government
a
States
during the period of the
and Mr. Berres urged the union representatives to waive
that, in the event of
condition that the
on
advanced, read:
Subject to the foregoing provision,
shops
open
shall be granted only
are
following the order granting such increased price.
absolutely refused to accept any agreement under
be required to
would
Both Mr. Macy
on
and miners in stipulating that the proposed
production, and will not take effect until the first day of the
The union representatives, during
union men.
stated in these columns
as
effective only on condition that tne selling price of coal shall be advanced by
point in the agreement was the provision regarding the handling of "unfair'
or
an
entered into between the anthra¬
And it is further understood and agreed
have been work
men
It appeared at once that the sticking
temporary agreement.
ton,
a
The agreement
increase in wages
the heart of the questions at issue at the
In the latter
increasing the price of bituminous coal
at the mines 45 cents
Nov. 3.
cite operators
Chairman Macy went straight to
coal
respects to the agree¬
many
the Fuel Administrator's recommendation, signed
an
patch said:
will¬
granted by Dr. Garfield, and President Wilson, acting
upon
The dis¬
are
to the increase in
recently in the bituminous fields.
on
to certain terms,
agree
threatened Government control of the shipyards.
agrees
number of increases in prices for coal at the mine
a
were
discussing the findings of the Wage Adjustment Board,
special dispatch to the New York "Evening Post"
Nov. 4 stated that the Government mediators had, in
a
which both the miners and operators
it is said, similar in
are,
th^
who are
eight-hour basis.
on an
prices,
We hereby appoint as examiner of the Puget
on
ten-hour shift, shall be paid the same increase an hou
or
ing to accept if Dr. Garfield
be
may
of stripping contractors, paid by the day, working
nine-hour
The terms,
ployers immediately concerned or by the district officer of the Emergency
Fleet
a
for each hour worked that is provided for outside company men
district to act for the Board in the
examiner in each
an
its existence provides for
owes
3053
question of the recognition of the unions.
principal contentions of the employers,
the other hand,
on
were not
the propriety of higher wages or the impossibility of paying them, but the
Warriner, Chairman of the anthracite coal operators'
general committee, in a statement issued at Philadelphia on
Nov. 19 declared that the wage advance agreed upon between
and miners is justified by the high living costs.
prices, will also ,he
necessity of control of shop policy by the employers if war contracts were
the operators
to be
The extra cost to be added to the coal
filled, and the impossible situation which would be created if every
contract for materials or mnaufactured
parts must first be laid before the
Labor Council, representing the unions, in order that the latter might de¬
termine whether
said, "enable the producing companies to expand their pro¬
His statement read in part as follows, according
duction."
not "unfair" firms were involved.
or
Most
WAGE INCREASE—GARFIELD ASKED TO
RAISE HARD
An advance in the wages
COAL
at
Washington
15 to 44%
Nov. 20 by
on
The agreement was
made
Administrator Garfield authorize
coal
an
on
was
agreed
upon
increase in
the,
upon
condition that Fuel
wages.
Immediately
after agreeing
advance, the operators and miners'
wage
sentatives called
on
the
wage
increase into effect.
Dr. Gar¬
decision.
a
On Nov. 20 he invited the anthratite coal operators
in the
Pennsylvania field to submit facts and figures to substantiate
their claim that the Government should advance the price
of hard coal.
ter
This the operators
did, and Dr. Garfield, af¬
do
unless the present
so
It is
a
condition, not
investigating into the costs of production, will
announce
It is estimated that the
about 45 cents
a
proposed
the miners about $40,000,000
wage
advances agreed
Contract hand
wage
and
upon are as
and actually increased this year, partly
The wage
but largely by the intro¬
possible to increase output.
increases agreed upon, subject to the condition
shall be adddd to the price
wages,'54 to 64 cents for
Consideration miners shall be
men
production and are as follows: On daily
and 30 cents for boys and 15% increase in
the contract rates to miners.
Such increases, taking the
region throughout, figure out about 45 cents a
marketable coal, including the steam sizes.
ment now before
such additional cost
Costs differ in different mines, according to
It is
production.
annually.
physical and other conditions.
the large wage cost as to about one-quarter
It will a little more than meet it as to the balance.
impossible to make different prices on the same commodity.
The
as to the lower cost operations will be to stimulate them to larger
That will help meet the great present
production.
advance of 25%
FOR
PRICES
MAXIMUM
BY-PRODUCT
paid an advance of 25% on their earnings.
ings.
by-product coke were fixed by Fuel Ad¬
on Nov. 20 as follows: $6 per ton of
ministrator Garfield
their
on
twelve-hour
cross
shift and firemen shall be
day for each day worked.
All other outside
com¬
day for each day worked.
Inside engineers
an
a
who received SI 54 or more a day shall be paid an advance of
pany men
a
day shall
advance of 25% on their earnings.
paid an advance of SI
90 cents
a
and pumpmen working a twelve-hour cross shift shall be
advance of $1 10 per day for each day worked.
company men
All other inside
who received SI 54 or more per day shall be paid
an
advance
of SI per day for each day worked.
All employees
Monthly
men
advance
an
for their
per
of sixty cents per day for each day worked.
day for each day worked equivalent to that provided
respective occupations under paragraphs "F" and "G."
10
a
day, $1
a
day, 90 cents
a
day and 60 cents
a
established under the agreement of May 5 1916.
Any proportionate part-
day to be paid a proportionate part of the advances herein provided.
It is
expected that the prices fixed by the Fuel Administrator,
which are said to be liberal to producers, will have this
effect,
while
insuring
of coke.
consumers
a
fair and reasonable price to the
The maximum price of
metallurgical
gas
coke sold
is fixed at the price estab¬
for industrial
or
corresponding grade of by-product coke.
Administrator's
uel
order
use
fixing by-product
coke
The
prices
reads:
price of coke shall be understood as the price per ton of 2,000 lbs.,
The
day
provided above, are to be applied to a day, whether eight hours or more, as
a
tration, it is said, desires to encourage as far as possible the
production of both beehive and by-product coke.
coming under the agreement of May 5 1916 shall receive
The advances of SI
by the Fuel Administrator on" Nov. 9 and was
The Fuel Adminis¬
referred to in these columns last week.
lished for the
paid by the day who received less than $1 54 per day shall
be paid an advance
of selected foundry
by-product; and $6 50 per ton for by-produ6t coke
one-inch size.
The scale of prices for beehive coke was
announced
Day machine miners' laborers who received not less than $2 72
paid
2,000 lbs. of by-product coke; $7 per ton
coke
over
advance of 25%
COKE
FIXED BY FUEL ADMINISTRATOR.
Basic prices for
be paid an
earnings.
Outside engineers working a
demand, which is for
coal.
The
Contract miners' laborers shall be paid ad advance of 30% on their earn¬
be paid an
approval,
is to be added to present selling prices.
The 45 cents a ton will not meet
of the
Under the agree¬
Dr. Harry A. Garfield, Fuel Administrator, for
increase will add
pay
Consideration miners' laborers shall be paid an
that the cost
for anthracite, are essential to enable the pro¬
their gross earnings.
on
of
theory, which the anthracite industry now faces.
ducing companies to expand their
follows:
machine miners shall
increase shall be given.
a
kept up
duction of machinery wherever
prices and will give
additional
been
through steadier work by the men in the region,
more
ton to anthracite coal
has
Production
effect
his decision in the matter.
high
The normal number of men employed by the
ton- on all
investigation before rendering
an
further wage advance, as now agreed upon, is fair
by the conditions surrounding labor, which must meet
anthracite industry
was
175,000.
It has been drawn down to 150,000 now.
The men are
going away to other industries offering higher wages, and will continue to
field took the matter under advisement and announced that
he would make
So is the demand for
We know that it is necessary to hold labor in the anthractie
living costs.
region.
repre¬
Dr. Garfield and asked him to grant the
readjustment in the prices for coal at the mouth of the mine
necessary to carry
We believe the present
and justified
increase iu anthracite
prices, which would enable the coal operators to meet the
proposed
coal, either anthracite or bituminous, to meet current
labor, and it is making for higher wages.
committee of Pennsylvania
a
essential to the
At present
fuel supply in this country.
The demand for coal is everywhere urgent.
needs.
operators and representatives of the United Mine Workers
of America.
conduct of the war, is an adequate
of the anthracite coal miners of
Pennsylvania ranging from
important to the public interest at this time, and
there is not sufficient
*,
PRICES.
*
"Sun":
to the New York
ANTHRACITE MINERS AND OPERATORS AGREE ON
f.
o.
A1J
b.
cars
at the plant where
the coke is manufactured.
the maximum prices mentioned herein shall apply to car lots sold
to consumers
or
to dealers for wagon delivery;
any
commissions paid to
selling agencies, or margins allowed to jobbers
In all
hereby.
coke producer
charge for such handling and delivery may be
subject to approval of the State Fuel Adminis¬
by dealers, a reasonable
or
made; such charge shall be
INDUSTRIES—AUTOMOBILE PRODUCTION
AFFECTED.
trator.
coke produced in New England,
coke, f. o. b. cars at
point of production, shall be the sum of the base price for the grade, and
the freight rate from the competing beehive coke district which takes the
lowest freiorht to the point where such by-product coke Is produced.
The
base prices are as follows: Bun of ovens,
$6; selected foundry, $7; and
prices for each grade of by-product
crushed
one-inch size, $6 50.
over
The maximum price of gas
Gas coke:
by the United States Fuel
by-product
maximum price of gas coke sold for household purposes shall
established by the United States Fuel Administration for
of coke produced in
Administrator for the corresponding grade
The
ovens.
be
the
price
anthracite
in
coal
the
same
locality.
19 and will remaiin in effect
This order becomes effective at 7 a. m. Nov.
until Jan.
1
1918,
until superseded by further, order.
or
FEDERAL ARBITRATION BOARD
IN
metallur¬
coke sold for industrial or
gical use shall be fixed at the price established
ANNOUNCES AWARD
STRIKE.
appointed by the Federal Govern¬
strike of the marine workers
The Arbitration Board
ment to settle the threatened
of the Port of New York,
ferences
lasting
after conducting hearings and con¬
award
two weeks, announced its
over
on
composed of Captain William
B. Baker, U. S. A., representing the Shipping Board; Ethelbert Stewart, representing the Department of Labor, and
George R. Putnam, representing the Department of Com¬
merce, was created on Oct. 23 in an eleventh-hour attempt
The Board, which is
Nov. 17.
to avert the marine workers'
strike, scheduled for Nov. 1,
which, if carried into effect, would have seriously interrupted
the transport
service of the United States at this port, now
working night and dayiin|rushing food and war supplies
to
award
of
Nov. 17, is not
Inasmuch, however,
controversy.
announced
Board,
the^"Arbitration
on
effective until ratified by each side of the
as
each side in the dis¬
abide by its
findings, it is believed that the award will settle the differ¬
pute agreed,* when the Board was created, to
ences
between tho boat
time to
creases
award, which recommends wage in¬
The
come.
of
from
10
and their employees for some
owners
to
20%, affects about
thousand
seven
employedfaround New York harbor as captains, mates,
pilots, deckhands and engineers, &e., and is retroactive as
men
of
Nov.
The
1.
Board
in announcing
its findings, after
reciting the agreements by which the boat
owners
effect
on
made
was
willT be
hearings and the award, announced its decision as
wagefscalejas follows:
about
is
equipped,
Ten,
and
a
single cylinder^diameter of the engine with which the boat
as
follows:
register of all industries which might be available for the
manufacture of war materials of any sort, and for the first
provide the Government with a source of informa¬
needs may be filled to the best ad¬
time will
tion
to where its war
as
It
vantage.
was
further stated that the Council of National
no arbitrary classification of industries
Defense would make
as
and
necessary
unnecessary,
Licensed mates
or
Licensed deck mates
the handling or
First
on
on
a
month
tugs doing transport work, $100 a month
passenger
and excursion vessels, not engaged in
navigationXof the boat, $90
a
month and board.
deckhands, twolcrewlboats, $65 a month and board.
other than first
one
such
two-crewtboats,'i$60
month and board.
a
When there is
employeelduringla period of twenty-four hours, $65
unfair
basis
same
Up to ten andjincludinglfifteen, $115
a
month
a
as
for captain
month and board;
as
follows,
over fifteen
including eighteen,|$125 aimonth and board; twenty and over, $135
month and board.
Assistant
It became known
Railway War Borard, of which Fairfax
Nov. 15 that the
Harrison
is
turned
had
Chairman,
authorities at Washington a
which
commodities,
prosecution of the
.transportation
over
more
to
the
Federal
than five hundred
considered non-essential
are
war
list of
for the
and with the recommendation that
the country's railroads be denied to
over
period of the war.
The list of commodities
non-essential was hot made public.
The list,
them for the
classed
as
it is said, was
officers
made
the
at
by
up
a
committee of railroad traffic
request of Robert
Lovett,
S.
Director of
Priority of Transportation of the War Industries Board
In a statement issued on Nov.
15, Chairman Harrison
'
said:
Both the public and
it probably
-
the management of the railroads must courageously
trying
this win¬
conditions which will develop
will become impossible for the carriers to handle all the
traffic which the public can
offer.
The course of developments
is forcing those responsible for the
railways'
provide
which * they have been
almost be here when it will be necessary to dis¬
transportation for all the classes of commodities
The time may
moving.
that
those
essential and
not.
are
a
month than engineer
the
on
same
f
Night engineer—Whenjin charge and doing the same class of work
as
is
required of the daysman, the|paytshall be the same as that of the day en¬
gineer.
Oilers—$65
month
a
andlboard.
'
.
Firemen—Where two orimorelare employed, $60 a month and board.
Where
there
hours, $65
Cooks
a
on
is
only
one
month and
a
craft
such employee during a period
board; cooks
twenty-four hours, $65
Floatmen—$60
a
a
of twenty-four
board*
employing[more than
month and
on
one
deckhand^njtwenty-four hours—
craft employing but
one
deckhand in
month and board.
or
subsistence is not furnished
employees,$$18£aImonth shall be allowed in lieu thereof.
The
circumstances
the
bile
supply for
having
ago
issued
a
Deck depart¬
a
month; deck¬
mu¬
to unusual proportions, Judge Lovett,.
the
Government,
thus forbidding
the delivery
of chrome steel for the manufacture of automobiles.
of
issuance
announced
the
order, it is
said, which
was
The
not publicly* -
by Judge1 Lovett, caused considerable embar¬
manufacturers, and on Nov. 2
rassment to the automobile
a
conference
was
held in Washington between members
tomobile
Chamber
manufacturing
the
When
automobile
the
of
concerns,
Commerce
and
large
automobile
at which the proposed curtailment
manufacturing industry
automobile
of
and representatives of the Au¬
the War Industries Board,
manufacturers
was
became
discussed.
aware
of
immediately protested against
being carried into effect, contending that they were not
Judge
Lovett's order they
consulted
$70
trade generally.
order that all such steel should be reserved for
an
of
use
its
Ferryboats atjminimumiwagejscale, all without board.
Captains orjpilots, $160 a month; wheelsmen, $80
grown
automobile
steel for the manufacture of
priority director of. the War Industries Board several weeks
of the above
hands,
the
and
manufacturers,
length of day governediby^theJFederal law.
One day off each week with
all employees.^One full week's vacation with pay granted to each
ment
surrounding the curtailment of the
use
The demand for chrome
pay to
employeesjwhopiavelbeen in the employ of one company one
year or more.
Carfarelby^employers when boats are to change crews at
other than a
designated^point.
such as the proposed
in manufacturing automobiles, and by
resultant uneasiness and consternation felt by automo¬
steel
of
month and board.
Working conditions—Where maintenance
the above
in
Government agency,
a
Manufacturing Resources, was forcibly shown
of
Bureau
the
engineer—Ten^dollars less
class of boat.
or
notified in advance of the order, and, as a re¬
sult, they found their business in danger of paralysis.
The protest
of the automobile men caused the suspension
of the execution of
the order, and the conference held on
month.
Engine department—Engineers, $150 a month;
required to havejIUnited States marine engineer's license, $85 a
month; oilers, notjrequiredito have United States engineer's
license, $80
oilers,
month; firemen,|$80 a^month.
Tidewateriboats.fthat is,[coal boats, grain boats
There is hereby established
for
that
public sentiment might be thus fostered against the
trade, and might jeopardize its credit. •
nitions
Engineer—Rateslgraduatedjon the
a
are averse
industry be listed officially as non-essential an
should any
the
Deckhands
and board.
$60
said,
acterizing curtailed industries as non-essential, fearing
The need for
pilotslrequired to navigate the boat, $125
Licensed mates
and board.
a
Officials of the
to char¬
terials, coal and transportation facilities.
Council of National Defense, it is
month andjboard.
and
but would let the question
by the available supply of raw ma¬
curtailment be decided
including eighteen, $135iaJmonth and board; twenty and over, $145
and board.
but
re¬
non-essential, and in procuring a conversion of
factories wherever possible into plants manufacturing war
commodities.
The new bureau, it is said, will maintain a
as
tinguish in railway transportation between things that are
v
and includinglfifteen, $125 a month and board; over fifteen
up to
articles
gradual curtailment in the production of
a
operation to anticipate that probably they will become unable to
Captains—The minimum^rates of pay of captains shall be based upon
the equivalent
proposed board
the manufacturers in bringing
co-operate with
to
ter
minimum
Gifford, Director of
16 by W. S.
Nov.
face the fact that under the
a
a new
Council, who stated that the duty of the
the
employees bound themselves to submit their differences to
to
nation's
bureau, the Bureau of
Manufacturing Resources, which is to be created by the
Council
of
National
Defense.
Announcement to
this
of
purpose
it and not to take any hostile
after the
the
disturbing
radically
business, is the
and their
action against each other until
plan whereby such a step can be
a
without
accomplished
on
Europe.
The
as
and the formulation of
garded
WORKERS'
MARINE
YORK
NEW
■
the Government of industries regarded
non-essential for the successful prosecution of the war,
The curtailment by
By-product coke: Except for by-product
he maximum
OF NON-ESSENTIAL
CURTAILMENT
GOVERNMENT
deliveries are made, either by the
where wagon
cases
shall be paid by the vep-
prices established
dors, and shall not be added to the
[Vol. 105.
CHRONICLE
THE
2054
captains.
a
Nov. 2
was
tion from
arranged with
a
view to ascertaining the situa¬
the standopint of the
motor car manufacturers
and to discuss the curtailment that will be necessary in the
or
open-deck
scows.
minimum monthly rate of $70, without board,
' >
manufacture of the so-called pleasure cars and the extent
to which it will be advisable to convert
automobile plants
Nov. 24
into
THE
1917.]
factories
for
commodities.
war
Inasmuch
CHRONICLE
Judge
as
Lovett's order would have cut off immediately the supply
of chrome steel and thus
the
automobile
conference
to
Nov. 2
on
begin with
pleasure
the
as a
substitute, it is said,
increase this figure until
and gradually to
cars,
is
It
40%.
order to present
pleasure
proposed,
reduction of 15% in the manufacture of
a
reduction
industry
embarrassment throughout
cause
industry the automobile interests at the
further suggestedthat, in
was
disastrous consequences to the automobile
the result of the reduction in the production of
as
the Government should place orders for shells
cars,
of small and medium calibre with those factories
for
the
work
expenditure of time
fitted
be
could
which
or
is
no
intention
automobile
raw
the part
on
of the Government to cripple the
industry in the United States, but that certain
dustries
It
war.
also the purpose of the War In¬
was
Board, he is quoted
plants and
facilities
plants and
duction of
of
of the large manufacturing
many
necessarily interfere with the pro¬
would
this
cars J
pleasure
having said, to utilize the
as
cutting down the production of this type of
car
necessary
to follow the ex¬
ample of England, where the building of pleasure ears is
prohibited during the period of the
appoint
to
thousands
the
committee
a
in
of leaders
also decided to
was
the automobile world
co-operate with the War Industries Board in adjusting
the automobile
industry to
This
requirements.
war
com¬
mittee, the Automobile Industries Committee, held its first
its Chairman A. W.
as
manufacturers.
The
Nov. 13.
on
The Committee has
Copland, representing the accessories
other members are John R.
Lee,
the
Chalmers
Motor
the Committee
Industries
Board
were
was
Board
Automobile
the
representing
Accompanied
by
Ford,
Henry
in conference with members of the War
Chairman
and
informed of the serious situation confronting, the
the
and
ernment
necessity to
munition
manufacture.
tomobile
men
demands
as
It
told
were
is
conserve
further
Gov¬
chrome steel for
stated
that
frankly
men
that
the
au¬
planes and ships, must be supplied before the othef*branches
of
trade
considered.
were
War
The
Industries
Board
that the automobile industry would not
stated, however,
mankind
destroyed, but thaj the great organization would be
turned to
convention
of its industrial
plants.
on
quickly be brought to
labor is fully
as
demands
We
of
branches of labor
some
National
Defense
industrial
that
to the war should continue for
on
Nov. 15 said that Henry
and
labor
conditions
the duration of the
strictions
of production
realize
that
and punished as such.
there must
be
absolutely
co-operation between
loyal
the latter
special dispatch to the New York "Times"
said:
unsullied
uninfluenced
and
that the mutual pledges of
of industries must be
by personal
selfish consideration;
gains and
representatives of the workingmen and directors
kept inviolate until a righteous peace is re-established
the earth.
on
NATIONAL FOUNDERS'
THE
the outbreak of the war,
to
1913 and the
stating that during the
early part of 1914 there
the Govern¬
shipping equipment "at any price I can get."
considering in the present emer¬
result, Mr. Ford probably will be called upon to manufacture
certain small parts of engines and boilers which are
essential to the shipping
When he left Mr. Hurley he stated that he was waiting word
an
he said,
like
came
a
he continued
as
Immediately thereafter
and
the
as
industrial conditions.'*
follows:
we were
confronted with
a
multiplicity of strikes,
progressed and the requirements for our Allies increased,
war
of the situation to force the closed
This
boycotts.
condition
shop, when possible, by means of strikes
continued
with
increasing
America entered the war.
GOVERNMENT'S EIGHT-HOUR
WASTE
of
disapproval
indicated
effort to
of
"the growing tendency
an
IN
And
figurehead was selected to draw to himself all the vapor
a
of enthusiasm which the American Federation of Labor could manufacture,
under
cover
international unions,
the
of which
industry.
American
attacked
Fortunately,
the
acting like submarines,
public
waste,
Barr, President of the National Founders'
Association, at the annual meeting of the Association held
at
the Hotel Astor
members,
are
on
Nov.
The
14.
Association, whose
comprising iron, steel and brass manufacturers,,
said to employ over 500,000 men in "open shops," took
occasion
President
during
its
convention
to
address
Wilson in which it unanimously
a
message
to
pledged to the
country "the unswerving loyalty of its members and the re¬
sources
of its industrial plants," but set out that the
of the manufacturers to
be
some
efforts
aid in the winning of the war would
the present autocratic demands of
branches of labor for purely selfish advantage are dis¬
powerless "unless
is
beginning
to
understand that such action is consistent and true to union ethics
The real situation is
a
serious one, which is
apparently not at all
compre¬
hended; if we realized that since our own declaration of war there have
strikes, and if we understood all conditions accom¬
been called nearly 2,000
panying these demands, we would know.that our Government, after only
is sanctifying an industrial status of disastrous
six months of hostilities,
Socialism similar to that from which England
emerged only with
a supreme
effort after two years.
examples of academic industrial theories re¬
the unfortunate
Among
acting on manufacturers may be mentioned an
Secretary of War arid the American Federation of
months
Navy
ago,
applied
as
agreement between the
Labor entered into some
agreement afterward approved by the Secretary of the
an
shipbuilding and other naval
to
construction.
This
agreement in substance,
being that any manufacturer accepting certain
contracts should be
governed by union hours, wages and conditions
nominally in existence In his particular locality.
at the time
addition,
an
Adjustment Commission was appointed to deal
with
questions arising from any demand for a change of conditions during
progress
the
The obvious intention of the clever labor leaders,
of the work.
V
is unnecessary...
is
so
clear that com¬
-
-
But this is not all.
The Steel Corporation, under capable management,
has increased wages
time and again, hours have been readjusted and con¬
beyond thought of complaint, and there exists no possible
ditions improved
Very recently adroit
for'forcing the unionization of the industry.
intimidation or deceit, enlisted the co-operation of rank¬
of inserting a unionization clause in con¬
This was simply another deliberate effort
ing Federal officers to the extent
tracts with steel
at
corporations.
treachery to the Government; an attempted embarrassment to the in¬
dustry
and
a
skilfully
conceived plan which ultimately
forcing every manufacturer to accept the entire labor
We
contemplates
union program.
recognize that national emergency measures are now necessary, and
desirous, in so far as
possible, of refraining from questioning their
Nevertheless, it
is our patriotic duty to dissent sharply
of, existing unfortunate policies which seem
Under'that head I disapprove the growing tendency
waste, indicated by the Government in its drastic continuance of
effort to impose the
eight-hour day.
Some conditions of labor make the
eight-hour day advisable, but by far the greater number of occupations
do not need such restriction.'
Why, then, this Federal insistence of re¬
duction in working hours when every nerve
our
impose the eight-hour day," figured in the address
H.
Accordingly
make concessions to the Government.
convention was held in Washington behind closed doors and a program
adopted.
toward
by the Government in its drastic continuance of
of William
,
fraught with disaster.
expression
toward
.
from, and urge a modification
DAY.
A discussion of the demands of labor and
volume until
"
Certain adroit labor leaders were at first fearful that national necessities
would compel them to
are
ALLEGES
The
leaders, notwithstanding greatly increased wages, took advantage
union
advisability.
ASSOCIATION
year
industrial
was grave
thunderclap, "and there followed
almost instantaneous reversal of
In part
to do whatever the Government asked him to do.
FOUNDERS'
prior
depression, with hundreds of thousands out of work.
union leaders, by
offer to turn his entire industry over to
He said that profit was the last thing he was
problem.
ASSOCIATION.
Mr. Barr in his address referred to the labor situation
■.
:
a
be
employer and employee until this war is won; that patriotism must
excuse
As
existing prior
change existing conditions,
attempting to
and
should be regarded as treason
ment
gency.
as
Any actiop to the
war.
tives and the Government officials, had offered to turn his
entire plant over to the Government on any terms
ment for the manufacture of
advantage
whether of industry shirking its duty or labor interposing re¬
contrary,
We
for purely selfish
•
•
unqualifiedly in accord with the declaration of the Council of
are
and their success in hoodwinking Federal authority,
an
realization
the boys in the trenches to the limit without
will back
Ford, at the meeting between the automobile representa¬
Mr. Ford made
a
disturbing to the welfare of
and complete support of their employees the manufacturers
dissipated.
are
In
Dispatches from Washington
A
equipment of
employees throughout the
is the autocracy of government.
as
country
our
proper
the platform that the processes
thought of emolument,.but they will be powerless unless the present auto¬
war work.
would make.
unanimously
assembled,
efficiency requisite for the
and navy, we stand squarely
With full
of
war
be
annual
various industries of the nation may
Government's
the
the manufacture of munitions, areo-
regards
in
of the fact that autocracy of
Hurley of the Shipping
At the conference the automobile
Nov. 15.
on
Co.,
Commerce.
of
C.
composed of nearly six hundred
of labor shall not be interfered with, and trust
,a
representing the Ford Motor Co., and Hugh Chalmers, of
Chamber
Washington, D.
Association,
operating iron and steel foundries, and employing scores of
workmen,
resources
and
meeting in Washington
of
To gain that measure of
our army
war,
war.
the 2nd inst. it
on
Founders'
pledges to you and our country the unswerving loyalty of its members and
to about
It would not be surprising
added, if it should become
At the conference
Wilson
President
to
This might result, he continued,
one-tenth of the present output.
he
addressed
message
White House,
The National
materials must be consumed for the production of the
essentials of
in
conference
the
The President,
cratic
money.
or
with the automobile men,
W. S. Gifford, Director of the Council of National Defense
in an interview with the newspaper men, stated that there
Following
The
follows:
as
manufacturers
equipped
without great
up
sipated."
read
2055
fighting men?
Do they
Does the Chief
Can the farmer, with¬
battle at the front on an eight-hour schedule?
Executive encompass
out whose
should be strained to support
.
all his duties in eight hours?
support the war cannot
by reducing his workday to
be won, Increase the products of the soil
eight hours?
In wartime, particularly, the
eight-hour day is a luxury which must yield to the demands of national
necessity.
The conservation and development of America's manufacturing
facilities must be equal to the
One of the newer
demands of
war.
problems confronting individuals who are opposed to
organizations having Governmental powers, without Federal impartiality,
is
presented in the United States Public Service Reserve, a division of the
Department of Labor, substantially held in the grasp of union represen¬
tatives.
The purpose
for emergency
of the Resorve is to register all
persons
available
service by having the individual sign an application
taining his address and answers to a variety of occupational questions.
The literature of this
the casual applicant
his industrial
con¬
1
enrollment bureau has.been skilfully prepared, and
will not realize that in the
status in an
answers
filed he has recorded
atmosphere surcharged with unionism.
This
2056
THE
statement needs no explanation if one recalls that the present
of Labor has practically stated
to assist union
both
an
Secretary
created
was
In event then of
union shop requiring mechanics to complete a Govern¬
and applications are made to the bureau, where will pref¬
a
tion of Labor had ordered the
follows
as
tatives in the Public Service Reserve, why not urge the creation of a non¬
partisan, absolutely impartial committee, divorced from the Department
of Labor and free from antagonisms,
who
could handle
equitably for all concerned and effect
able and mobile to
enroll¬
necessary
a reserve
of the
some
structions to the Boston
sent so late that
ing held this afternoon.
1
other
or some
be obeyed when it is received in due form.
FEDERAL
WAR
WAR.
to whether it, too, will voluntarily co-operate.
as
the
subject
sought by the bank, which states
are
that "matters of this character have
a
direct bearing on all
banking and business transactions, which convinces
the opinions of representative bankers and business
not
only appropriate at this time, but will also
purpose."
In
soliciting
consideration
"Voluntary Co-operation," the bank
of
says:
that
us
men are
useful
serve a
the
subject
of
of the
goes
cost
a
Treasury Department
traversing the
American steamers and
on
car¬
had been reduced from 5 to 4%,
war zone
insurance rates made by
Secretary McAdoo within the last two months, the rate
having been lowered in October from 6k§ to 5%,
In a
statement
explaining his action yesterday Secretary McAdoo
said:
The
reduction is made because of the corresponding decrease in the
new
risks.
The
ships of
British
statement
of
shipping losses last week
than 1,600 tons sunk compared with
more
R.
HOWE
T.
OF
NEW
YORK
CHOSEN
showed
ten
the week before.
one
Even the total of ten, however, is lower than the records of
some
weeks ago.
MEMBER
OF
AIRCRAFT BOARD.
wage cost, since the element of labor represents an average major item of
cost in the creation of
account of the reduction
on
B
profiteering by labor.
production is obviously dependent upon established
of
Washington that
This is the second reduction in cargo
The relation of labor to prices is the economic problem of the hour.
There should be neither profiteering by capital nor
Minimum
AGAIN
ships torpedoed and sunk by German submraines d ring
the past few weeks the rate of the War Risk Insurance Bureau
Government, the American Exchange National Bank of this
city refers to the like responsibility of labor, and puts the
on
RATE
K'
.
in
share in voluntarily adjusting its views to meet those of the
Views
LOWERED.
Secretary of the Treasury McAdoo yesterday (Nov. 23)
announced at
folder in which it points out that capital has done its
question
INSURANCE
RISK
;■
now
t
CO-OPERATING IN
.
a
were
We expect that the order to return to work will
inevitably follow the present persistent
LABOR'S RESPONSIBILITY IN VOLUNTARILY
In
Some of the messages
degree.
some
opportunity, to the steady, loyal, dependable workmen
shops.
general presidents did not forward their in¬
locals until to-day.
they undoubtedly did not reach Boston prior to the meet¬
effort of the Reserve staff to suggest temporary change of occupation with¬
In your
An
force both avail¬
Every effort should therefore be made through this plan
to check the added unrest which will
out definite
to return to work.
men
by Vice-President John Duncan at Buffalo:
We find that
substitute for the existing distribution of labor by union represen¬
ment most
[Vol. 105.
informal meeting at Buffalo on the 14th of the general presi¬
dents on the Boston situation resulted in an explanation
be given?
erence
As
a
the solution of their problems.
in
men
and
open
ment contract,
that his Governmental position
CHRONICLE
Announcement
tional
finished product.
made at
was
Washington
Nov.' 19 that
on
Richard F. Howe of New York, a director of the Interna¬
Harvester
Corporation, had been appointed
of
one
Is it possible to fix the price of raw material, as Is
being done, and leave
unfixed the factor of labor, which transmutes it into the finished
the civilian members of the Aircraft Board of the Council of
and avoid
National Defense, of which
product
commercial cataclysm ?
a
There is
an
impending need not only for
activities, but there exists
an
tarily
labor
that does not contribute
war,
and by increas¬
(wher¬
service may be needed) be secured by
voluntary co-operation, or Fed¬
eral direction?
WILLARD
SUCCEEDS FRANK A.
SCOTT AS
CHAIRMAN OF WAR INDUSTRIES BOARD.
President Wilson
for food production?
men
cffective mobilization of industrial man-power for service
an
DANIEL
significantly to the tax levy volun¬
its working basis for the period of the
rearrange
ing industrial production release
Will
Coffin is Chairman.
like and
a
compelling occasion for intensified
activity in ai I branches of food production.
Will
Howard
intensification of industrial
President of
Nov.
on
19
appointed Daniel Willard,
the Baltimore & Ohio Railroad and Chairman
ever
of
the
Advisory Commission of the Council of National
.
If the ultimate terms of
our war
financing must be what
will buy
money
rather than money itself, is it not fundamental that there shall be
of either capital or labor but that the same measure of
no
priority
expediency shall be
applied to all alike?
Defense,
Chairman
Willard
signed
succeeds
of
Capital has thus far done its share in voluntarily adjusting its views to
Willard,
FEDERATION
OF
LABOR
AND
STRIKES ON
quickly volunteered
time he has
In
building trade section of the American
Labor affecting Government work in
ship¬
building, munitions and other
war
enterprises,, figured in
deliberations of the Federation at Buffalo last week.
Fol¬
sent to President Wilson by the Building
Trades Council of the Federation
asking for a two hours'
a message
discuss
the
strike
volving the question of the
Baker
is
Trades
said
have
to
Department in
situation
at
Quincy (in¬
shop) Secretary of War
open
advised
the
Federation's Building
telegram that unless the trouble
the Government would be com¬
a
adjusted at once,
pelled to act.
After an all night conference on the 13th
John Donlin, President of the
Building Trade Department,
telegraphed President Wilson that strikes on Government
was
work had been
discontinued, his
message
reading
as
follows:
At a joint
meedng of presidents of building trades organizations affil¬
iated to the Federation of
Labor, held in this city to-day, the following
was
adopted:
a
of the
Building Trades Department shall
meeting of the general presidents of the several
building trades in
building trades department, said meet¬
connection with the officials of the
ing to be held in Washington, at the earliest
opportunity, for the pur¬
pose of conferring with the proper Government officials, and, if necessary
the President of the United
wrongs
of
righted
the
and
workes
full justice
ernment work shall be
to work
of
States,
to the
Government
afforded.
In
the
discontinued and
end
that the grievances and
construction
operations
meantime, all strikes
men
shall
on
be
Gov¬
withdrawn shall be returned
pending investigation and adjustment.
JOHN DONLIN,
President Building Trades
Department American Federation of Labor.
In his
answer
to
me very
much, and I hope that
will convey
my sincere thanks and appreciation
with you in the
patriotic action of which you
you
give
strikes of
Boston, Chelsea
open
me
to those associated
information.
the Federation's orders, it
union mechanics
You
on
was
has
are
Government
work
eliminated," according to
of the joint councils of
the
at Boston
in
a
vote
After the
the 14th.
building trades' unions, taken
meeting a statement was
issued denying a report that officers
of the American Federa¬
patriotic
Since
men
that
,
familiarized
himself,
board, and likewise has
dustry and the
reputation,
to
a
administration.
war
and his selection
was
He is
an
made in
his
upon
who already
executive of well-established
the
interest
efficiency and usefulness of the War Industries Board.
enter
one
large extent, with the task ahead of the
general knowledge of the relations between in¬
a
of
the continued
Mr.
Willard will
duties immediately.
new
The War Industries
leadership, has
Board, of which Mr. Willard
practical
control
of
all
assumes
purchases for the
American Army and a large percentage of the materials for
the
Navy, and
was created last July by the Council of Na¬
Defense, with the approval of the President.
The
tional
Board acts
of the
as
a
clearing house for the
Government, determines the
of meeting them,
the best
including the creation
by the
to
Palmer
or
of
war,
and
Chairman
of
means
war
industry needs
most effective methods
increasing production
extension of industries demanded
services
emergency
Government
the requirements of the various
considers
Willard
its
price factors.
members
are
In ad¬
Lieut .-Col.
E.
Pierce, representing the Army; Rear Admiral
Fletcher, representing the Navy; Hugh Frayne,
representing labor; Bernard M. Baruch, Robert S. Lovett,
Frank F.
and Robert S.
Brookings.
Dispatches from Washington yesterday (Nov, 23) said
that Mr. Willard had resigned as ex-officio member of the
Railroads War Board in order to devote himself to the War
Industries Board.
STATE
AND
RIGID
LABOR
DEPARTMENTS
CONTROL
INTO
stated,
and Water town would be continued
"until
shop conditions
on
among the
Government.
appointing Mr. Willard to the Chairmanship of the War Industries
may be sure that there will be all
possible co-operation at this end.
that
was
unselfishly devoted his energies to the work of the Council
the above President Wilson said:
Your telegram of
yesterday has cheered
Notwithstanding
re¬
In announcing the
Board the President brings to its activities the services of
dition
Resolced, That the President
call
Mr.
who
part:
Mr. Willard
war
their services to the
of National Defense.
GOVERNMENT PLANTS.
The strikes in the
to
Board.
Cleveland,
Secretary of War Baker is¬
statement which said in
a
With the outbreak of the
conference
of
.
who
lowing
Industries
Scott
Oct. 25 because of ill health.
on
appointment of Mr.
sued
Will labor do likewise?
of
War
A.
,
meet those of the Government.
Federation
the
Frank
OVER
UNITED
Secretary of State Lansing
rigid control is
now
exercised
on
PERSONS
TO
EXERCISE
COMING
STATES.
Nov. 14 announced that
over
a
all persons entering the
United States, in order to prevent, as far
agents and
persons
into the country,
as possible, enemy
inimical to the United States from coming
and that to make this control effective
a
joint order had been issued by the Secretary of State and
Secretary of Labor requiring passportsland^certain inform-
Nov. 24 1917.]
THE
CHRONICLE
ation from aliens who propose to come to the United States
enemy
from
took effect
foreign countries.
Secretary Lansing issued the follow¬
ing statement in the matter:
A
rigid control is
States.
exercised
now
all persons coming to the United
over
This has been found necessary in
order to prevent,
as
far
as pos¬
this countty.
to
To make
this
control
effective,
joint order has been issued by the
a
Secretaries of State and of Labor requiring passports and certain inform¬
ation from aliens who propose to come
countries.
to the United States from foreign
bear
American consular officer in the country from which the bearer starts
valid
Passports
passport.
the country from which he sails for this
Passports
not required from persons, whether American or alien, who
are
leave Canada, Newfoundland, or Bermuda for the United States.
Americans coming toi the United States from Mexico are required to have
their passports
verified by the American consul stationed in the district
from which they leave for this country.
Aliens must have their passports
viseed by the American consular officer stationed in that part of the coun¬
which they start for the United
from
States.
rangements are being made for persons on the
If
which
to
Special temporary
ar¬
he
owes
allegiance, his passport must be visaed by a diplomatic
consular officer of his own country before being presented for vise to an
or
American
consular officer.
the alien who desires to come to the United States, he is required to make
formal declaration before an American consul in
he begins his journey which states
of
which
he is
a
citizen,
together with the
included
21
over
in
the
name,
name
their full
names,
of the country
sons
If wife
or
over
16
and
daughters
He is
the names of other countries in which he has resided,
which he has visited in the last five years.
If he
and
has
objects of his residences in this country must also be included in the
declaration.
The
of the
name
steamship, the port from which it sails, and
the date of its sailing must also be stated.
tion to declare
whenever
his
on
In addition, his Ls required to
journey and in the United.States.
Pull information
as to
the object of his proposed visit to the United States, together with proofs
of that object, the place and
of his proposed
sojourn
Consular officers
the
also required
are
provisions of the
address where he intends to live, and the period
required in the declaration.
are
Immigration Act, which prohibits the entrance
new
into the United States of certain classes of persons so that those who
be liable to exclusion
and
vance
and
be saved
on
would
arrival may be informed of that possibility in ad¬
the unnecessary
from
journey and the inconvenience
Consular officers
hardships that would follow their exclusion.
are not,
however, authorized to refuse to vise passports of prospective immigrants
unless
thete
other
are
reasons
to
justify such
refusal other than their
a
liability to exclusion under the Immigration Act.
lation of the
The
scrutinized
and the recent report on
Trade
BY
tablish
In
Commerce
Since the
has
THE
PRESIDENT OF
Government
for
as
trade
to es¬
reports.
yesterday the Department of
of the
that
eliminated Germany from world trade, the United States
Department officials point
abnormal restrictive factors.
the future
prosperity of the country will depend in part on Ger¬
many's loss of good-will in practically all foreign" markets and in part upon
American ability to maintain our
not
make
the
mistake
underestimating
the
of
new
American business must
prestige.
seeing only one side of this situation and
German capacity
foreign
for
regaining favor in markets in
In order to
trade
which German
trade,
moves
understand
not
imitation of,
ernment aid at every turn,
years
nor
the
thus
issued the bulletin
on
on
German
the German
theories
formidable organization that with Gov¬
up
in Germany during the last
It
was
to
meet
the de¬
Foreign and Domestic Com¬
The
preparations of his
own.
plans to get out a supplementary bulletin on German
States
by
teen
ENEMY ALIENS—PRESIDENTS PROCLAMATION.
regulations
the President embodying in general
regulations shortly to be issued by the De¬
are
to be more stringent than those
now
duct
explosions on ships and at munitions plants, which,
it is believed by the Federal officials, were the result of
a
by joint resolution
the United States
Revised
or
between the United
war
or
invasion
any
is
hereby
Statutes,
as
Government,
or
or
and
the president makes
natives, citizens, denizens,
shall
alien enemies.
be
observed
become
on
liable;
so
the
the
be
sub¬
be within the
United States, and not
restrained,
secured,
The President is authorized, in any such
by his proclamation thereof,
to
who
or
Government, being males of the age of four¬
upwards, who
as
States and any
predatory Incursion Is
or
threatended against the teritory of fcbe United
nation
or
other public act, to direct the con¬
United States toward the aliens
part of the
and degree of the restraint
manner
they shall be subject, and in what
cases
of those who,
to provide for the removal
permitted, and
to which
and upon what security their resi¬
being permitted to reside within the United States, refuse or neglect to
in the premises and
By
any
other regulations which are found
for the public safety.
Sections 4068, 4069,
and 4070, of the Revised Statutes,
further provision is made relative to alien enemies; and
Whereas, By
proclamation, dated April 6 1917. I declared and estab¬
a
lished certain regulations prescribing the conduct of alien
enemies:
therefore, 1, Woodrow Wilson, President of the United States of
Now.
America, pursuant to the authority vested in me, hereby declare and es¬
tablish
the
following
additional
regulations,
declared
and established
ditional
and
and
supplemental
by said proclamation of April 6
supplemental regulations
I
find
to
those
1917, which ad¬
in
necessary
the
premises
one
hundred
and for the public safety:
An alien enemy shall not approach or be
13.
found within
hundred yards of any
yaids of any canal; nor within one
five
hundred
fishing;
adjacent
within
terminal,
other
terminal,
distance
the
14.
between
any
two
of such
wharves, piers, or
less
than eight
shall not approach or be found
hundred
for the public safety and the protection of transportatibn, to ex¬
depot, yard,
or
vicinity of any warehouse, elevator, or rail¬
terminal which is not located within any prohibited
designated by this proclamation or the proclamation of April 6 1917,
then
of
facility
transfer
or
yards of such shore line.
Whenever the Attorney-General of the United States deems it to be
one
clude alien enemies from the
road
storage,
along the shore line connecting them, is
measured
hundred and eighty yards, an alion enemy
within
vessel or vessels of over
in foreign or .domestic trade other
hundied yards of any warehouse, shed, ele¬
one
or
wharf, pier, or
operated in connection with any such wharf, pier, or dock;
or
wherever
and
docks,
tons gross engaged
(500)
nor
railroad
vator,
alien enemy shall not
an
such
any
warehouse,
approach or be found within such; distance
elevator,
depot,
yard, or
terminal as
may
be
specified by the Attorney Generai.by regulation duly made and declared
by him; and the Attorney-General is hereby authorized to fix, by regula¬
tions to be made and declared from time to time, tbe are$
such
surrounding any
warehouse'", elevator, depot, yard, or terminal from, which he deems
it necessary, for the public safety
and the protection of transportation, to
exclude alien enemies.
15.
An alien enemy shall not;
bay, river,
the United
States
or
or
any
except on public ferries, be found on any
other waters within
three miles of the shore line of
its territorial possessions; said shore line for the pur¬
this proclamation being hereby
waters of the
connected with the high seas
defined as the line of seacoast and
United States and its territoral possessions
and navigable by oceangoing vessels;
nor on
of the Great Lakes, their connecting waters or harbors, within the
boundaries of the United
16.
17.
8tates.
No alien enemy shall
airship,
or
An
flying
ascend into the air in any aeroplane, balloon,
machine.
alien enemy shall
not enter or be found within the District of
Columbia.
18.
An alien enemy
shall not enter or be found within the Panama Canal
Zone.
in
effect, and were made necessary by the succession of fires
and
upon
Section 4,067 of the
declared
foreign
and
years
event,
proclamation by
partment of Justice governing the conduct of enemy aliens
in the United States, was made public on Nov. 19.
The
new
thrust
actually naturalized, shall be liable to be apprehended,
ocean,
additional informa¬
GOVERNMENT TAKES FURTHER STEPS TO RESTRAIN
new
been
Government,
or
the shores of all
the
have resolved,
them,
provided by
is
any
and removed
pose of
terms
has
jects of the hostile nation
preparations for the commercial future about the first of the
and further supplements as rapidly as Important
tion is received.
A
in
between the United States and the Imperial German
war
perpetrated, attempted,
area
"German Foreign Trade Organization."
manufacturer is making afterwar
trade and
STATES OF AMERICA.
UNITED
THE
PROCLAMATION.
vested
Whenever there is
Red-
unprecedented demand for it is taken as an indication that the American
year,
It
foreign nation
necessary,
public, Secretary
but familiarity with
has been-built
to dominate the world's markets.
The Bureau now
war.
follows:
energy,
prospered.
once
made
mand lor such information that the Bureau of
merce
period of the
House of Representatives bearing date of April 6 1917,
which
Whereas,
will address Itself to
the significance of the information
of foreign trade and the artful and
twenty
which it
that will from time to time be
field counsels
business
ap¬
formally declared;"
„
application, and craft with
the task of
authority
Senate and
Government
improved its position in foreign markets in spite of tne shipping shor¬
other
proclamation
The penalty for vio¬
dock used directly or by means of lighters by any
says:
war
The
Whereas, The Congress of the United States, In the exercise of the con¬
stitutional
than
tage and
out
said to be in such great demand
made public
statement
a
the subject of "German Foreign
sales record
new
a
Attorney-
regulations to be issued under the proclamation
A
Commerce,
Organization", by Chauncey D. Snow, which touched
this point, is
on
being
are
carefully by experts in the Bureau of Foreign
and Domestic Commerce, of the Department of
or
The
about other establishments
zones
advisable.
it
depart therefrom; and to establish
(PREPARATIONS.
war
Zone.
They
airships,
signed onNov. 16, and issued three days later, Nov. 19:
Whereas,
preparations for trade after the
bay,
ocean,
following is the text of the President's proclamation
necessary
German
prohibited
deems
will be internment for the
not
:
he
dence shall
FEDERAL SCRUTINY OF GERMAN TRADE
f
Canal
public proclamation of the event, all
prospective immigrants of
to inform
"any
this
in
shall not,
enemy
on
States, the Philippines and Alaska.
furnish references with addresses jof persons both in the country from which
he starts
supple¬
a
nationals
alien
fly in aeroplanes, balloons,
Panama
the
enter
"that the state of
United States, the dates, addresses
previously resided in the
to
The alien must give
mother, and furnish th.6 place, address and date of his last residence.
also required to state
also forbidden to
are
and
German
an
as
with Germany and
within the United States.
other waters"
or
issued
war
public ferries, be found
on
river,
children
dates of birth must
places, and
However,
required to bear separate declarations.
are
except
the place and date of his birth, must state the citizenship of his father and
or
state of
a
provides further that,
country,
subject, the number and date of his passport,
or
declaration.
the
his full
the country from which
of the office which issued it.
name
the alien,
accompany
be
proclamation,
declaring
one
plies to all male German nationals in continental United
,
In order that the United States Government may have a full history of
a
President's
The
ment to the
General is given additional authority under the proclama¬
Mexican border.
alien starts for the United States from a country which is not that
an
are
restricting the movements of
country.
try
docks, railroad terminals or storage houses,
prohibited from residing in the District of Colum¬
waterfronts,
bia.
to
required to
are
in the district wherein they abide, and are
required to notify the police if they intend to change
their place of residence, or to leave the city temporarily.
They are forbidden to approach within one hundred yards of
and
every
aliens
enemy
representatives of the Federal
or
further
American citizen
also requires
an
a
immediately, all
Government
of Americans must be verified by
The Department of State
for the United States, as well as in
Under the President's proclamation, which
plots.
register with the police
sible, enemy agents and persons inimical to the United States from securing
admission
2057
19
All
alien enemies are hereby required to register at such times and
places and in such manner as may be fixed by the Attorney-General of the
United States and the Attorney-General is hereby authorized and directed
to
provide,
as
speedily as may be practicable, for registration of aii alien
enemies and for
issuance of registration cards to alien enemies and to make
THE
2058
he may deem necessary for effect¬
enemies and all other persons are hereby
requested to comply with such rules and regulations; and the AttorneyGeneral in carrying out such registration is hereby authorized to utilize
such agents, agencies, officers, and departments of the United States and
of the several States, Territories, dependencies, and municipalities thereof
and of the District of Columbia as he may select for the purpose, and all
such agents, agencies, officers, and departments are hereby granted full
authority for all acts done by them in the execution of this regulation when
and declare such rules
the Attorney-General. After the date fixed by
registration, an alien enemy shall not be
found within the limits of the United States, its Territories of possessions,
without having his registration card on his person.
20. An alien enemy shall not change his place of abode or occupation or
otherwise travel or move from place to place without full compliance with
acting by the direction of
Attorney-General for such
to which he removes, or to
of the United States may,
such regulation as the Attorney-General
from time to time, make and declare; and the
Attorney-General is hereby
authorized to make and declare, from time to time, such regulations con
cerning the movements of alien enemies as he may deem necessary in the
premises and for the public safety, and to provide in such regulations for
monthly, weekly, or other periodical report by alien enemies to Federal,
State, or local authorities; and all alien enemies shall report at the times
and places and to the authorities specified in such regulations.
,
This proclamation and the regulations herein contained shall extend and
apply to all land and water, continental or insular, in any way within
the
*
jurisdiction of the United States.
In witness whereof, I have
the
hereunto set my hand and
caused the seal of
Further, any failure to observe the above re¬
requirements will render the alien enemy liable to summary
strictions
or
arrest and internment.
The department suggests
Columbia, this sixteenth day of November, in the
Thousand Nine Hundred and Seventeen, and of
Independence of the United States the One Hundred and Forty-second.
■
WOODROW WILSON.
the President:
/
Done in the District of
of Our Lord One
year
the
.
By
other regulations of
Further, the Marshal should inform
'(Seal.)
general tightening of the reins on the
There has been a
which
Wire Company at
East River, this city, on Nov, 11, causing
damage of $1,500,000.
The fire, which is
enemies in this city since the fire
movements of alien
the plant of the Washburn
destroyed
118th Street,
estimated
an
Germans, destroyed the
believed to have been the work of
and a two-story
large five story building, of the company
addition.
Austrians
were
said, only
had
one
The
water-front.
>
number of Germans and
employed in the plant, of whom, it was
that
developed
It
a
permitting him to work near the
and the suspicion surrounding its
a pass
fire,
United States Marshal
origin, resulted in the issuance by
order revoking all permits allowing un¬
Germans to live in waterfront sections.
McCarthy of
naturalized
an
Nov. 19
United
the
aliens from approaching within 100 feet
and other places of military importance
when United States soldiers, acting under
enemy
of the waterfront
came on
States
for or support their dependents.
any way to care
two hundred Germans
issued to alien enemies to work or reside
previously existing under regulation No. 4 of the
within forbidden areas
President's proclamation of
immediately loaded
Island, where they were
war.
were
The prisoners
found there,.
into barges and taken to Ellis
interned for the duration of the
"
Under
United
regulations issued
States
At
by
on
Nov. 20 by Maurice Splain,
Columbia, all
the District of
Marshal for
were
required to leave the Capitol the next
including those
day, while other unnaturalized Germans,
employed in the Governmental Departments and residents
of
Washington since before April 6, the day on which the
United States declared
night of Dec.
every
the
German
war
Germany, have until mid¬
on
Before leaving the Capitol
15 to depart.
required to give full information as to
was
place where he expected to
and
go,
a
report will be
made to the authorities of the localities where he is destined.
Each
the
German
United States
residence.
»
The
Marshal of
following
Columbia, issued
suance
ordered to report immediately to
are
the exclusion of
tions for
of
also
was
to
on
district
the
of his coming
the regulations and instruc¬
enemy
aliens from the District
Nov. 20 by Marshal Splain in
pur-
Nov. 16
Minnesota, a
read from President Wilson in which the Chief
gathering representing every county in
Executive of the nation stated that it is to
west that the
to
back of
resolution being adopted in which it pledged its
a
as the message
The President's message
service,"
support in "deeds, sacrifices and
from President Wilson suggested.
the
to
gathering follows:v
shall not
The enforcement of this proclamation
has been delegated to the Attorney-
General, and the following instructions are issued under such delegation:
The Department of Justice has
permitted alien enemies who
were
re¬
siding in the District of Columbia prior to April 6 1917, a period of grace,
extending until midnight of Dec. 15, in which to remove from the District
of Columbia.
No other alien enemy shall be found within the
after Nov. 21 1917.
or
be
enforced
District
on
This regulation and the instructions umder it will
without exception,
and an alien enemy violating it renders
himself liable to summary arrest
and detention.
The following instructions are made regarding the
removal of alien
ene¬
of
and the temple of a new faith.
a new race
The time has come when that home must
be protected and that faith af¬
Sacrifice and service must come from every
firmed in deeds.
(a) Every alien enemy residing in the district must, before he removes
therefrom,
fill out and
swear
to, in duplicate,
a
supplemental
nished by the department, giving correct details as to
The Marshal will then transmit one copy of this
paper fur¬
his future movements.
supplemental
paper to the
department and the other copy to the Marshal of the district to which the
alien enemy plans to remove.
,
,
*
class, every
creed, every section.
This is
farmers' war, or a manufacturers' war, or a labor¬
profession, every party, every race, every
not
a
bankers' war, or a
straightout American, whether our
We are to-day a nation in arms, and
fight, farm, mine and manufacture, conserve food and fuel, save
ing man's war—it is a war for every
flag be his by birth or by adoption.
must
we
and spend to
It is to
which shall
the one common purpose.
the great
critical days,
see
this struggle through to a
ters of Germany rue
^
before in
determination
decision that shall make the mas¬
and challenged
the day they unmasked their purpose
Republic.
our
;
Northwest that the nation looks, as once
for that steadiness of purpose and firmness of
'
PRESIDENT WILSON'S
' ;
■
:
APPRECIATION OF WORK OF
FOUR MINUTE MEN.
The Four-Minute Men, a
body of 15,000 volunteer speak¬
speeches
who make four-minute
ers
on
matters of national
motion picture theatres
throughout the country, have received from President
Wilson a letter expressing his appreciation of the patriotic
service they are performing.
The President in his letter,
importance before audiences
made
public
on
of
the 18th inst., says:
Fifteen Thousand Four
Minute Men of the United States:
real interest in the vigorous and
May I not express my very
intelligent
organization is doing in connection with the Committee on Pub¬
Information.
It is surely a matter worthy of sincere appreciation that
work your
lic
a
body of
thoughtful citizens, with the hearty co-operation of the managers
picture theatres, are engaged in the presentation and discussion
of moving
of the purposes
and measures of these critical days.
their worst or at their best in any great
Men and nations are at
struggle..
fires of passion and unreason, or it may
Inspire the highest action and noblest sacrifice, a nation of free men.
Upon you, Four-Minute Men, who are charged with a special duty and
enjoy a special privilege in the command of your audiences, will rest in a
considerable degree the task of arousing and informing the. great body of
The
spoken word may light the
the record of these days is completed we shall read
deeds of army and navy the story of the unity, the
spirit of sacrifice, the unceasing labors, the high courage of the men and
women at home, who held unbroken the inner lines.
My best wishes and continuing interest are with you in your work as
part of the Reserve Officers' Corps in a nation thrice armed, because
through your efforts it knows better the justice of its cause and the value
our
people, so that when
page
for page with the
of what it
defends.
Cordially and sincerely yours,
WOODROW WILSON.
-
Concerning the Four Minute
'
Official Bulletin" of Nov.
19
Men and their purpose, the
says
in part:
Public Informa¬
15,000 volunteer speakers. Its
purpose is to present to the American people messages from their Govern
ment, the topics being selected in Washington.
The facts for the devel¬
opment of each subject are carefully prepared at the national headquarters.
Donald Ryerson of Chicago, Vice-President of Ryerson Sons, now a
Lieutenant in the Navy, conceived the idea from which the organization
has been developed.
When in response to the call to the colors he laid
aside direction of the work, William McCormick Clair, another Chicagoan,
The Division of Four
tion is a
Minute Men of the Committee on
Governmental agency consisting of
became director.
In its infancy
mies from the district:
"
"
than your gathering to express the
loyalty of the great Northwest.
If it were possible I should gladly be
with you.
You have come together as representatives of that Western
empire in which the sons of all sections of America and of the stocks of
ail the nations of Europe have made the prairie and the forest the home
Nothing could be more significant
proclamation in regard to alien
enemy
challenged our
The gathering affirmed its purpose to stand
the Government in its prosecution of the war against
/
"An alien
of Germany rue
Republic."
.
enter or be found within the District of Columbia."
and
this struggle through
they unmasked their purpose and
Acting under the authority conferred upon him by Regulation No. 4,067,
enemies, Section 13 of which reads as follows:
the great North¬
nation looks "for that steadiness of purpose
decision that shall make the masters
a
the day
the President's proclamation:
the President has issued a supplementary
NORTHWEST
TO
loyalty demonstration held at St. Paul on
a
a
message was
aliens who have been residing at Washington since
April 6 last,
MESSAGE
LOYALTY GATHERING.
To the
enemy
April 6 1917.
WILSON'S
PRESIDENT
Hoboken, N. J., and arrested about
who
issuance 6f this proclamation au¬
It must further be understood that the
tomatically revokes any permits
saloons and boarding
Marshal, raided
houses in River Street,
were
proclamation
first results of the President's
One of. the
prohibiting
these persons that if they should be
United States Government will not undertake In
arrested summarily the
Germany,
Acting Secretary of State.
V
necessity of their understand¬
the President, and of the
ing and obeying the same.
FRANK L. POLK,
.
that the Marshal for the District of Columbia
the District by this regulation of the
inform the alien enemies excluded from
firmness of determination which shall see
affixed.
to be
States
United
that of his deputy nearest to him,
his arrival therein.
upon
:
any
the Marshal's office of the district
immediately
(b) Every alien enemy must report to
and regulations as
ing such registration; and all alien
the
[Vol. 105.
CHRONICLE
the organization
working as a purely
consisted simply of a small group of men,
official recognition under an
voluntary body without
inspiration to impress every
American with the fact that he has a part to
the success of the war. The Committee on Public
the possibHities of reaching the public through
these verbal messages, carried into every community, gave official sanc¬
tion to the activities of the Four Minute Men.
perform in promoting
Information, recognizing
Nov. 24
carriers under
the
OTTO H. KAHN TO DEVOTE
INCOME TO WAR NEEDS.
Paul
Speaking at the loyalty gathering in St.
on
toward
tended to devote his income
Nov. 17,
he in¬
lock,
After I have
deducted the expenses for running my household, all the surplus will go to
charities, the Red Cross and for war work.
I am deeply appreciative of the great privilege of American citizenship
and I will serve my adopted country with all I have, even unto death.
quoted
Mr. Kahn is also
is
not a
Jewish
war
the New York
No
The
determined to do everything within
are
in
the interruption
represent would
be
more
patriotic co-operation, and would undoubtedly
relief fund, dwelt upon
conclusion.
W.S.STONE,
.
Grand Chief Engineer of
W.
'
■
G.
Firemen and Enginemen.
LEE,
President of Brotherhood of Railroad
needs of the Government and to the needs of
It is, in my opinion,
distinctly unpatriotic for those who have what they require to seek at such
a time as this to amass additional wealth when thousands of young men are
sacrifice for the ideals of America and when other
and little children, are dying of starva¬
Brotherhood of Locomotive Engineers.
S. CARTER,
President Brotherhood of Locomotive
personal fortune for the period of the
American at this time is to devote his whole
1
.
'
,
in the spirit of
co-operate with the Govern¬
patriotic
just, equitable, as well as
ment to the utmost extent in arriving at a
W.
thousands, many old men, women
discuss and consider any
than willing to
which presented itself, doing so
solution of the difficulty
Trainmen.
A. B. GARRETSON,
made to suffer through the war.
offering their lives in
if a situation should arise
of transportation, the men whom
position to give the assurance that,
a
which would threaten
thought and effort to the
those who have been
and desire in this matter, we
Being fully conversant with their attitude
are
"Times" quoting him as follows:
duty of every
would be any interrup¬
with the great body
the bounds of reason
during the conduct of war
occur
railway transportation, and they, in common
people,
should seek to increase his
man
war.
all possible in the success¬
they fully realize that the most serious
to avoid such interruption.
we
of Americans to devote their whole thought and
efforts to the needs of the Government and war sufferers,
Amer¬
comprise the railway brotherhoods are thorough
who
thing that could
Nov. 18, in
the duty
the
upon
following is the statement issued by the brotherhood
prosecution of the war, and
of the
into definite being less than thirty
speaking in behalf of the
first,
They want to co-operate in every way that is at
ful
the Germany which brought on this
Schiff, of Kuhn, Loeb & Co., on
depend,
will
compelled to purchase.
years ago.
Jacob H.
the demands will not be presented
developments
of a dead¬
negotiations agreed to at to-day's meeting at the White
further
men
tion of
terrible conflict started
added:
standards of living, and in con¬
sequence of this realize that standards of pay that were established in
1912 and 1913 are inadequate to meet present-day prices for commodities,
and for that reason are demanding an increase in present rates that will
meet half at least of the increase in cost of those things which they are
to
He declared that
was
Washington, D. C., Nov. 22.
The
the "Pioneer Press," Mr. Kahn told his
audience that the Germany of to-day is not the Germany of
old.
Future
It
assured, could not be.
icans, therefore they believe in American
credence nor tolerance.
According
consideration."
disposition of the new demands, and second, in event
upon
The
would like to paint it.
rich man's war as some
transportation tie-up
a
heads:
Wealth
is paying for a great portion of the burden and will continue to do so.
We
are willing to pay but we want you to know that we are willing.
The insinuation that "big business" influenced this country to enter the
war is an insult to the President and Congress, a libel on American citizen¬
ship, and a malicious perversion or ignorant misconception of the facts.
Those who continue to circulate that insinuation lay themselves open to
just suspicion of their motives and should receive henceforth neither
This
of
cause
House.
follows:
as
1.
December
until
carriers'
legitimate profits during the war.
I will continue to make
other
reached before the first of the year, as
him
President
virtual agreement with the
a
or
issue in the wage negotiations, it was
A definite
saying:
as
strike
a
until after full discussion and
needs during the
war
The St. Paul "Pioneer Press" quotes
present conflict.
to avoid
Kuhn, Loeb & Co., declared that
Otto H. Kahn, of
2059
CHRONICLE
THE
1917.]
'
President Order of Railway Conductors.
•
.
President Wilson's statement read:
addition
In
statement
the
to
out by the heads
given
of the railway
VALLEY
AND CHESAPEAKE & OHIO
GRANTED PRIORITY IN COAL
Administrator
Fuel
Garfield
on
statement
the Lehigh Valley and Chesapeake &
insure them adequate supplies for
war transportation purposes.
The "Official Bulletin, "the
Government daily newspaper, on Nov. 20, regarding the
Lehigh Valley Railroad
Co. and the Chesapeake & Ohio Railroad and the lines it .operates have
been issued by the United States Fuel Administration.
The orders will
remedy existing difficulties encountered by these railroads in securing coal
Orders insuring an
transportation.
their
for
adequate supply of coal to the
equitably among the mines the burden of furnishing
Both orders become effective Nov. 19 1917.
the Chesapeake & Ohio lines is directed to all bitumi¬
operations.
The order affecting
The demands of the railroads
proportion that their, output
Mines now under contract
to supply the railroads with coal will be required to supply their quota
at their contract prices.
Other mines along the roads which have no
contracts with the carriers will be required to furnish a pro rata of the re¬
quirements which are not met by the contract mines.
Mines not under
contract to the road will be required to supply their share at the prices
coal producers located on
nous
will
be filed pro rata
bears to the total
those lines.
by the mines, in the
requirements of the roads.
Government.
fixed by the
The railroads will be required to
tration each week a
for the next week's
file with the United States Fuel Adminis¬
schedule of the tonnage which must be requisitioned
supply.
The requisition order will be given priority
all contracts of producers
over
for the delivery of their output.
mines furnishing coal under
contract which are not located on its own lines.
These mines are ordered
to give priority to the demands of the Lehigh Valley Railroad, even over
requisition for coal to supply the railroads upon which they are located.
The Lehigh
Valley Railroad Co. is supplied by
CONFERENCE WITH PRESIDENT WILSON ON TRAIN¬
MEN'S
DEMAND AND
STAYING OF STRIKE:
met has
on
on
the railroads for increased
apparently been stayed.
not
wages are
Following the conference
Thursday between President Wilson and the heads of
brotherhoods representing the trainmen
the four
ment
was
issued by
which they set. out
the
brotherhood
that "if
a
a
state¬
representatives
in
situation should arise which
would threaten the interruption of transportation, the men
whom
we
represent would be more than willing to discuss
and consider any solution of the
itself."
difficulty which presented
A statement by President Wilson,
which
was
like¬
given out following the conference, contained the in¬
formation that the men "would be willing in case any criti¬
wise
cal
situation of
the controversy
if
that
any
On the 19th inst.
trainmen's demands they
he
the railroads
had
crisis should arise as a result of the
would place their interests in the
hands of President Wilson for
as
and Vice-Chairman
were
decided
protection and such disposi¬
might deem necessary to prevent any
interruption
This action of the rail¬
roads was expected to clear up any misunderstanding which
the brotherhoods might have regarding the attitude of the
roads.
The brotherhoods, it is understood, through their
of
transportation during the war.
leaders, had refused prior to Thursday's conference to sub¬
mit the matter to arbitration, but had agreed not to force
their demands pending
the
on
the results of the outcome of the con¬
The belief was expressed
President Wilson.
with
ference
that
19th
some
would result from the
form
continuing
of
arbitration
President's conference and succeed¬
For their part, the railroads are said to
might ask for some form of control
ing negotiations.
have indica ted that they
regulate coal
Cham¬
bers, who has been President Wilson's representative in
preliminary conferences with both sides, the brotherhoods,
of wages
wages
and rates similar to that in effect to
and
it is stated,
pointed out that increased wages are necessary
operating personnel of the roads against
the
of higher wages
inducements
which have
In their discussions with Judge
prices.-
maintain
the
Government
paid in other industries
Recruiting of railroad
contracts.
in the Army
contended, have
number of highly trained
regiments for service in France, enlistment
and the
operation of the draft law, it is
aided
also
railroad
in
depleting
men.,
of
Committee
tive
the
Fairfax Harrison, Chairman of the Execu¬
the
American
Railway
Association,
the Railroads' War Board, addressed
the following letter (indicative of their attitude) to® Judge
Chambers, who conferred with various railroad executives
commonly known
in New York
19th.
on
The letter
as
the 17th and with the War Board on the
was
made public on permission from the
President:
We confirm what we
should arise to consider
proposed solution in a spirit of accommodation and of
patriotic purpose." The press dispatches from Washington
bearing on the conference stated that as a result of their
meeting with President Wilson "the^brotherhoods are left
free to formally present and urge their new demands upon
Chairman of the Federal
present at the conference.
announcement was made that
Knapp
said to you this morning in reply to your inquiry
to what will be
the attitude of the railroads with respect to the manner of
settlement of any
demands for increases in pay or changes in working con¬
as
any
maintenance and the maintenance
be willing in case any critical situ¬
arise to consider any proposed solution in a
William L. Chambers,
Judge
to
The threatened strike of the trainmen in the event .that
their demands
and that they would
Board of Mediation and. Conciliation,
tion
They will distribute
the roads'
namely, that the men
inclined to contend for anything which
spirit of accommodation and a patriotic purpose.
formal
said:
Administrator's order,
of the brotherhoods,
they did not deem necessary to their own
ation of controversy should
Ohio railroads, in order to
Fuel
heads
of the
of their families
19 granted coal
rights to
priority
conveyed by
whom they respresented were not
SUPPLIES.
Nov.
the press to
that he had got from the interview exactly the impression
the
LEHIGH
brotherhoods the President authorized the representatives of
say
tion.
ditions which during the war may
be made upon them by employees.
Speaking for all the railroads to-day, we reiterate our
acceptance of the
belief in and general
principle of arbitration.
In the midst of war we are,
farther.
As no interruption of jedfitihuous rail¬
however, prepared to go
road
operation can be tolerated under war conditions we are ready,
should
THE
2060
of the
determine is neces¬
crisis now arise, unreservedly to place our Interests in the hands
any
President for protection and for disposition as he may
in the public Interest.
sary
It
stated
was
the 19th inst. that England's
on
example of
allQwing the Board of Trade to regulate wages at intervals
of several months and at the
being given close study by the admin¬
tect the railroads was
istration.
It
possible solution of the
a
of the
problem was
pointed out in the "Tribune"
was
18th inst. that
time adjust rates to pro¬
same
suggested by Judge Chambers in
wage
statement in whieh he
a
said:,.
1
much good-paying freight.
The railroads have voluntarily given up
They
steel to make the profit they
of coal or
have to handle twenty carloads
formerly got from one carload of musical instruments, for
members
Brotherhood
the
But
Instance.
They find that they'can
suffering, too.
are
make more money at the mines or munition plants than on
the roads, and
leaving rapidly.
are
It
seems
Oral arguments in the advance rate case before the Com¬
mission
might be left as it is,
closed
were
the 19th inst. with
on
counsel for the Eastern roads that
even
statement
a
if the increase
by
now
sought is granted they will shortly ask for another advance
of
approximately 15% in class and commodity rates and 10%
on coal and coke.
This brought from Commissioner
ton
a
McChord
the
question
whether it is the intention
to
as
of the railroads "to make the
sky the limit,"
George Stuart
Patterson, of counsel for the railroads, stating in
"as cost increases rates must go up,
basis."
sound
a
Mr.
if
according
Patterson,
that
answer
to proceed
we are
the
to
to
$97,000,000, and that the rates
year
under
now
.
on
daily
stated that the relief granted earlier in the
papers,
amounted
consideration would add $58,000,000, or a total of $155, 000000.
to me that the present standard of pay
Vol. 10
CHRONICLE
But this, he said, would account for
only
little
a
more
with satisfactory results, if the Government would
than half the great rise in wages and materials, which had
to examine each month into the cost of
added
cost of
appoint- a commission
Where it is found that the
living.
living is running ahead of wages. the men might be compensated
such as is
for the additional expenses they are under by a bonus system
While
discuss this scheme at Monday's meeting, it will be left
we may
which
Mr. Patterson
hearing would be needed
a
the further
on
increases, application would be made by the eastern carriers
already in operation at many plants about the country.
for final consideration-to the meeting
$278,000,000 in the operating cost.
declared that, as
President Wilson will hold
for
permission to file
tariff.
new
Mr. Patterson said the
APPLICATION OF
HEARINGS ON
CONCLUSIONS OF
EASTERN ROADS FOR
last advance had failed
by about $120,000,000 to
increased
representatives of the roads and the brotherhoods on Nov. 22.
with the
the
suggestion that the Inter-State Commerce Commission
recommend that the Government take over the operation
stances
in
submitted
brief
a
war
the Commission
to
contained
was
on
Nov.
21
by
Clifford Thorne, Counsel for the shippers in the hearing of
railroads
the
said
have
to
increased
for
freight rates.
Thorne is
Mr.
pointed to the fact that Frank A. Vanderlip
testified that he believed
the rate increase would act only
of the additional
use
for
the
the
revenues
worse con¬
business, and that under such circum¬
they should not expect to impose additional burden
the shippers.
on
of the railroads for the duration of the
other
than
cover
Counsel
systems.
surplus added the railroads would not be in
dition
The
38
shippers maintained that by
and
HIGHER RATES.
of
expenses
Mr. Patterson
make money out
had
replied that the railroads had
of the
war,
no
desire to
but that they recognized industry
great burden to bear and believed that it should be
a
diverted rather than placed in one branch of business.
The
essential facts of the situation, as recited by Mr. Patterson,
were:
as
the railroads' trouble, and to the
of Samuel Rea, President of the Pennsylvania
poultice and not
a
statement
did
RR., that he
cure
believe
not
the roads should attempt
large bond flotations when the Government
by
was
putting out
.Mr. Thorne took occasion to allude to the purchase
loans.
Government
the
worth of
of
million
hundred
several
this with the query as to
"Why can't she buy
some cars
If
the
period,
we
these dividends, for
we
for
pre-war
railroad stock.
a
go to
the
over
The
of the
railroads for the
should be entitled to the profits over
will be substituting
a
In surplus this would
the Government of approximately
classification
in official
operation
one
during
ano
earning that would
an
was
completed
3
unwarranted.
nished
Mr.
exhaustive
anv
as
serious
had
as
increase in freight rates now is
Thorne,
the
principal
witness,
fur¬
of statistics prepared by the
array
shippers tending to show that railroad securities had not
declined
as
much
as
some
others, and that earnings of the
38 Eastern roads interested
already had exceeded by $60,-
000,000 since Jan. 1 the estimates the railroads gave of their
earnings for 1917, when the
case was
heard earlier in the
year.
an
work
a
increase in rates
hardship
abnormally
on
bad
even
in Eastern territory only would
the industry, which, they said, had been
for
the
raisers
Lassiter, who raises cattle
on
a
for
two
Ed.
years.
C.
large scale in Texas, said
the cattlemen who shipped to the Middle Western markets
would be affected
by the rates in the East, because the
packers would consider the increased transportation cost
purchasing.
in
S.H. Cowan, representing the National Livestock Shippers'
Protective
Association,
saying their situation
high cost of feed.
American
read
telegrams
from
cattlemen
serious because of the drought ahd'
One from Ike T. Pryor, President of the
was
Cattle Raisers'
calves this year
is
a
future the
4.
Inability to get
which
and
will still
cosf. of opeiation.
deferred
of
and cnaracter of labor available for
being daily intensified,
maintenance at
wilJ increase its cost, and decrease the
a
time
the highest
when
postponement of which
operating efficiency of the railroads.
capital by the issuance of stock, and the necessary
new
the credit of the cariiers.
upon
Inability to make improvements imperatively
necessities
d3tn
of to-day and the traffic of the future.
Commenting on the rise in wages, which'has already added
than $100,000,000 to the payrolls, Mr. Patterson said
more
these advances
still
were
going
the Pennsylvania Rail¬
on,
having made increases in
amounting to
wages
than $7,000,000
more
Mr. Thorne said
a
Association, said the supply of
would be 40% below normal.
Benjamin C. Marsh, Executive Secretary of the American
Committee on the High Cost of Living in attacking the
in the last month
a year.
"Additional
adding burdens
few months below
normal, it would not necessarily justify any increase in rates.
In point of
American
demands
the
to
pay
a
Lumber
their-
he
con¬
people."
Mr.
Thorne
contended
railroads and their operating
preserve
on a
sound
their credit.
attacked by lumber interests through
were
representing the Southern Hardwood Traffic
Association, and
C.
L.
Manufacturers'
railroad
Boyle, representing
Association.
situation
was
as
tured, rate increases would not be
the Commission recommend to
ment loan money to
a
the
National
Mr. Norman
bad
as
had
said
been
pic¬
remedy, and suggested
Congress that the Govern¬
the Eastern lines at 4%,
or
that Con¬
repeal thpe pooling provision of the Sherman law, in
gress
far
so
increase
to
railroads,"
with the Government in
reasonable, dividend and
Higher rates
the
the
this year were ample to maintain them
revenues
if
people
of
pace
that the surplus of the Eastern
basis,
freight rates, is essentially
an organized set of busi¬
time for
no
tinued, "are almost keeping
as
it affected railroads.
for natural ice
H. C.
Reynolds, speaking
producers, said that the increase would most
seriously affect the business in the large Pennsylvania fields
the
of
had
Mountains.
Pocono
of 5% so
crease
He declared that
the
last
in¬
handicapped the natural ice business that it
practically ceased in
some
Eastern cities, notably Phila¬
delphia.
"Times," in
The New York
18th inst.,
bearing
on
an
item in its issue of the
the hearing of the roads for increased
rates, said:
It
a
increase in
the
ask
to
men
ness
burden.
proposed increase said:
Even if the net return of the railroads should fall for
an
tax, and that this is
J. V. Norman,
Representatives of Southwestern cattle interests testified
that
by
load and train load.
car
the 17th with the introduc¬
financial condition of the railroads is not
an
operating income, accompanied
standard known should be maintained, the further
tion oL witnesses by shippers in an effort to show that the
been contended and that
which
The existence
road alone
on
net
hundred million dollars annually
territory alone.
taking of testimony in the freight rate hearing before
the Commission
in
both the supply
operating,
increase in fchi
more
above
Government bond, in effect,
mean
decline
in
decrease
weakening effect
and guarantees the dividends that were paid
war,
A
2.
5.
takes
Government
our
continuous
railroad
and
engines for American railroads," adding:
period of the
A
ing traffic, property investment and in average
dollars'
and engines for France and Russia, and followed
cars
1.
steadily Increasing basis of cost of operation, and this in the face of increas¬
was
reported to-day that the Newlands Committee bad evolved a scheme
that would mean Government control of the roads with Government finan¬
cial
support,
but
leaving the actual
operation and ownership with
the
The Newlands Committee's scheme, it is reported,
fact, the Bureau of Railway Economics reports that the operating revenues
carriers themselves.
of railroads in the Eastern District
comprehends a guarantee of earnings of the railroads at a stipulated rate,
based on the value of the property.
An ample wage would be exacted
were
only 13.5% less for the first
seven
months of this year than lor the same period last year; and 1916 was the
banner year for
tailroads.
Some of the Eastern railroads earned from
11 to 18%.
We have meatless days and wheatless days, and it would not be
priate to have some dividendless days.
for the
vogue
inapprop-
of
the
employees.
This system, if put into effect, would follow that in
in England with respect to the British railways since the beginning
war.
confirmation
In
England the scheme
of the report
was
has
worked successfully.
not obtained.
Official
fcg
Nov.
241917.]
THE CHRONICLE
Under the reported Newlands
Committee idea the Government
would,
in effect, back the railroads
with whatever finances were needed to
What, then, is the carrier's present condition?
Like any other corpora¬
or individual, or even the
Government itself, railroads suffer at
tion
carry
their operation
on
duiing the
The securities would be strengthened
war.
this
time from
by Government support.
hearing
by arranging with the commission for
case
general increase of
an
modity rates
conformity
articles
iron and steel products of about
on
with
carried
taken in other
Pittsburgh to apply for increased
similar
under
increases
class
and
rates
territory.
granted
with
not
upon
increased, roughly, by 100%
since the beginning of the war,
and, therefore, the same number of dollars
netted by a railroad can produce
only a smaller amount of improvements
than it produced in pre-war times.
It follows that in order to secure these
improvements,
or
the necessary upkeep, a much
larger amount of
That money can be obtained in two
ways only;
even
money must be procured.
com¬
by the flotation of additional securities
15% in
the
on
these earnings would
same amount
show that wholesale prices of commodities
have
the 16th inst. authorized the railroads
on
diminished
earning the
belligerent governments, which,
owing to increasing prices,
purchasing power hs heretofore, are forced to
the market larger and larger loans.
A comparison of the index
figures for the years 1914 and 1917 would
rates.
The Commission
prior to the war,
as
has
were
they
in order to produce the same
place
an
east of Buffalo and
even if
to that of all the
unspecified amount.
The action will
joined to the application of Eastern roads for 15% higher
be
that,
so
of materials or the same amount of
It is interesting in this respect to note
that their condition is parallel
labor.
a
on
dollars
buy anything like the
a
application to be made then for
Dec. 17
on
in
amount
same
increase
the fact that the dollar which
they now earn
materially in purchasing power,
very
On the 9th inst. the Western railroads
re-entered the 15%
rate
2061
I believe I
same
similar action
by
or
safe in saying that the vast
am
now-a-days old established
increase in
an
revenue.
majority of the railroads
are
which long since have sold their first
concerns
mortgage bonds and have generally given comprehensive liens on their
tangi¬
ble properties, so that, in
financing to-day, they offer as the basis for new
.
securities the general equity in the
property; that means it is their earning
that to-day constitutes the chief basis of their credit.
When net
power
On Nov. 15 the
principal
companies filed
express
an
appli¬
earnings dwindle,
cation with the Commission for
permission to increase their
to the
rates
10%.
The Adams, American, Southern andWellsFargo companies, making the application in behalf of them¬
the other 1
Moreover, it must be borne in mind that the purchasing
power of the dol¬
lar having been reduced to about
50% of its pre-war value, the interest re¬
ceived from his railroad obligations and the dividends received
from his stock
to the investor are worth only
approximately one-half as much as they were
before the war, and the return from his investments is
further reduced by
The companies assert that th6y are carrying on
greatly increased business "under the most trying conditions,"
that their facilities
are taxed far
beyond their normal
It is increasingly difficult, their application says,
obtain necessary labor, and because of the
increasing de¬
taxation, which absorbs
road pays
capacity.
to
baggage cars for movement of troops
military supplies it has been impossible to obtain ade¬
equipment.
quate
Present
the companies
rates,
"are insufficient for service under
operating
expenses
They add that they
able
or
any return
doing business at
tention
are
declare,
to
the
public, but
In support of this
The
were
deficit
$250,000.
'
$99,653,848, and receipts
July was estimated
for
are
just de¬
as
He does not and cannot
Government; or what will be the
adequate labor will be available and if so at what
is natural that such
It
an attitude of doubt affects
seriously both the
marketability and the market value of railroad securities.
But this doubt
con¬
alone
has
not
produced
factors
Important
the
play
present
shrinkage
in
their
value.
Other
part.
One is the unprecedented amount of
Government securities which has been placed
upon the market and which
must continue to be offered as long as the war la,sts.
It is natural that
Government financing undertaken upon so gigantic a scale cannot occur
than
more
to the future.
as
as to the attitude of the Inter-State
Commerce Commission: will It permit an increase in the rates
charged by the
railroads sufficient to offset these abnormal conditions?
$99,613,-
were
at
attitude toward railroad securities is,
doubt
same question as to the materials
upkeep of the railroads: will they be available and at what price?
for the
figures were-cited to show that operating expenses
principal roafls for the six months ended
June 30 1917
serious
On the other hand, he questions himself
and taxes of the four
999.
of
one
labor situation; whether
your petitioners."
"not only unable to earn a reason¬
actual loss."
factors which make for the depreciation of rail¬
price, and he naturally asks himself the
the
meet
less substantial portion of what the rail¬
more or
a
are
know what will be the requirements of the
and taxes of
for their services
an
to
revenue
These
The investor's present
scribed,
existing abnormal condi¬
tions, and do not produce sufficient
actual
him.
road securities, and it will have the further effect of
forcing railroad compan¬
ies in general to pay higher rates of interest and
higher dividends in order to
attract the investor's money.
'
..
"
mand for express and
and
Securities
higher interest charge,
this year.
and
as
earn a generaous return in
a corresponding reduction in net
earnings, which again, in
turn, operates further to destroy public confidence.
And so one destroys
and taxes during the first six, months of
expenses
when doubt arises in the public mind
or
in turn, causes
selves and other express companies, set forth that
they had
suffered a net loss of $39,848 as the result of increases in
operating
they have,
as
ability of the railroads to be permitted to
the future, the entire credit structure of the railroads
suffers.
can then be sold only on a
higher interest basis.
The
without
...
factor
has
a
affecting security
is
values both
the patriotic investor,
that
directly and indirectly.
Another
under present circumstances, justly
strong desire to make all his savings available for the direct
a
use
of
the Government, and he wishes, therefore, to
buy Government securities,
PAUL
M.
regardless of how tempting
WARBURG'S VIEWS ON NEEDS OF
RAILROADS FOR INCREASED
heretofore
We referred
railroad situation during the hearing before the Inter-State
Commerce Commission on Nov.. 16 in the
15% freight rate
case.
The remarks of both these
men, who are so well
qualified to furnish enlightenment on the subject, are deserv¬
ing of extended notice, and we hence take occasion to give a
detailed
of
account
what
they
had
say.
Warburg called attention to the fact that like
corporation
individual,
or
or even
railroads suffer at this time from
which
they
purchasing
now
earn,
amount in dollars
not
Mr.
has
that,
power, so
as
if they
other
Government itself,
the fact
diminished
even
prior to the
buy anything like the
the
Nlr.
any
to
that
the dollar,
materially in
earning the same
very
were
these earnings would
war,
of materials
same amount
or
toward railroad securities is
one
of serious doubt
future, and he added, it is natural
affects
that
such
as
to
the
attitude
an
seriously both the marketability and the market value
railroad securities.
Another important factor in
the
shrinkage in their value, he pointed out, is the unprecedented
of
amount of
the
Government securities which has been
placed on
print herewith the greater part of his
market.. We
A discussion of the subject necessarily Involves at this
time
tion not merely of the railroads, but also of the
people
the Government
as a
even
When
war,
mu6t
a
the
cause
country turns
drastic upheaval
necessarily
considera¬
individuals and
result,
in
are
still
more
closely
wovea
together in
of all—the successful
prosecution of the
from
peaceful
occupations to the
war.
business of
the entire economic structure of the
country
inasmuch as it is clear that the combined
and
strength of the nation is essential
to
victory, every project, every industry,
that contributes towards this end must be
encouraged in every possible way;
whereas, what is not necessary for the
at least, stand aside.
The railroads
common cause must,
factors in this respect, and they must
condition
clearly
for the present,
of the most necessary
be placed and maintained in such a
are
one
will best enable them to render in the most
efficient
services for which they are designed.
It is not
as
degree the
necessary to elaborate this
point; it is sufficient to consider the disastrous effect that the deterioration
of the railroads has had upon the military
efficiency of some of the European
belligerent countries.
Europe,
sell
to
flowing
since the
ever
it
is
at
back
into
whether for necessary
or
reasonable
on
1914.
in
wax
seeking
Under all
becoming increasingly difficult for
present
their securities
and
country
our
beginning of the
improvements.
As
whether to provide
terms,
for the renewal of such of their obligations as
may be
approaching maturity
matter of fact,
the sale of
securities has become practically impossible for most of them.
^
>
Inasmuch, therefore,
is practically
amount
the
as
prohibitive
of current
far
as
keep their property in at least the
the outbreak of the
at
the carriers
as
because of these
as
revenues for all
far
of the securities market
are
concerned, it is of par¬
possible, should be enabled
as
improvements that
but
also
is the
are necessary
to
condition of efficiency as obtained
same
They should have ample
war.
reasons,
that their earning power
a
present condition
importance that the railroads,
to pay out
not only
revenue,
because of the fact,
stated
as
of their credit.
measure
before,
If their credit is
sustained it will tend to eliminate at least the lack of confidence, the doubt
the part of the investor, and thus remove one
on
caps
the
upon
dence
is
financial
tantamount to
decreases
the interest
operations
consequent
has been suggested
to
use
create
or
a
confi¬
the fact that it
of the public will
the securities
open
degree sufficient to enable them adequately to
themselves
It will remain difficult enough
under
even
for the
improved conditions,
agencies of the Government for the
some way
and
it
other,
or
purpose
of granting
Without entering into the merit of such a
proposition,
it is evident that, even
immeasurably
Enhanced
of
because
that it may become necessary, in
sort of relief.
some
revenue
the proposed increase in net earnings and
Not entirely.
finance
to
or not
confidence
market to the railroads to
railroads
ofthq most serious handi¬
railroads.
the
charges which must be paid.
greater
finance themselves.
of
increase of
an
It may be asked whether
the
in that case, the task of such agencies would be
relieved
if
they
dealing
were
with companies
showing substantial net earnings.
capable
'
■
It might be asked, "Why not let the
of
■
.
railroads stop paying dividends and
these funds for the purpose of providing the moneys necessary for their
improvements?"
a
whole, for the interests of each of these elements, in¬
in normal times,
view of the common
as
in
here
circumstances,
railroads
use
remarks:*
terdependent
these
labor.
Warburg also stated that the investors' present attitude
held
investment
briefly last week to the views expressed by
Paul M. Warburg and Frank A.
Vanderlip on the existing
more
may be the securities of private corporations.
is, in addition, the endless stream of American railroad securities,
There
REVENUES.
railroads have
roads
dividend
strength
It is patent why such
no
through
suspension
records which
would
policy would be fatal.
constitutes
a
destroy
most
the
valuable
The weak
The strong rail¬
continuity
asset
in
of
that
their
the
on
of these records they
to sell some of their
more,
a
dividends which they might suspend.
such
such
have secured the advantage of being able
obligations as investments for savings banks.
Further¬
policy
a
would completely
wreck
railroad
credit
and
would
seriously affect the income and savings of the very public upon whom the
Government must now rely for its revenues and for the flotation of its
loans.
While
all
corporations,
ties. when trying to raise
some
ditions created
their
in
the security market,
of the obstacles encountered by
ment. there is
as are
industrials and railroads, and
money
dustries
as
doubt that no other class of borrowers is
even
are
municipali¬
meeting with
the general
con¬
not
as
much affected
The municipalities still have the advantage of
making
attractive
are
e.,
by the overshadowing financial operations of the Govern¬
no
the railroads.
Issues
the railroads, i.
by
freeing them from
affected
hampered in shifting to the
by
onerous
taxes,
and such
price-fixing by the Government
consumer
are
in¬
not
the additional burdens arising out
THE
2062
of changed
The railroads, however, and certain public utilities,
increased wages and increased prices for materials, are
conditions.
while forced to pay
in adjusting the rates
the information
available to me,
down about 20%
since the beginning of the war in 1914 down to the present time, while
the index price of industrial stocks has undergone but little change.
The
capitalization of all the railroads in the United States has been stated at
$8,750,000,000 of stock and about $11,000,000.000 of funded debt.
If we
should figure that the value of railroad bonds has decreased by about 10%
and that of railroad stock by about 20%, we would find that the shrinkage
in railroad values since the beginning of the war, on that basis, would
of Government agencies
dependent upon the action
which
for their services.
From all
the index price of railroad stocks has gone
they
charge
may
$2,800,000,000.
to a discussion of another side of
amount to about
This leads me
this question—the inter¬
*
Government.
est of the
Government loans to be issued from time
to time, and running into billions, is predicated upon the strength of the
general banking situation and the public's confidence in that strength.
It has been estimated that national banks, State banks, trust companies
and savings banks together own about two billion dollars of railroad se¬
curities.
In addition to that, these securities form a large percentage
of the collateral for their loans.
A drastic shrinkage in value of railroad
securities, therefore, is naturally a matter of serious concern to all of these
institutions and might materially impair their vigor and freedom of action
The successful
placing of the
Government's financial program and, if permitted
to go too far, it may throw an additional burden upon the Government.
It is my sincere conviction that one of the main objects of the Government
the successful prosecution of the war—will be considerably helped if greater
strength is given to the railroads and if greater confidence in them is in¬
co-operating with the
in
stilled into the
For reasons
public mind.
which no doubt are
apparent to your honors, it is
difficult,
views fully or in more than a very general
way; but, in conclusion, I do not hesitate to say that present financial
conditions appear to me to be such that an increase of the revenues of the
railroads seems an urgent necessity for the purpose of sustaining their
credit and efficiency, both of which are essential in aiding the Govern¬
ment and the country successfully to master the difficult tasks which are
in
public hearing, to express my
a
at
their chief concern
[Vol. 105.
CHRONICLE
this time.
Commerce
Inter-State
of the
could decide when freight rates
to
could decide when combinations might be
in rates at this time would
would bring back the confidence lacking in the mind
increases, and it also
wage
But while an increase
formed of the carriers.
be
not
of the
a
it
cure,
investor
Vanderlip said that he had shown his lack
of confidence in railroad securities by not having any personally and "by
not allowing his bank to be an investor in railroad securities as a permanent
investment."
Frank A.
"I deny that
bankers did make an assault," retorted Mr.
picked from his desk a letter and
Commission as to measures necessary to
confronting the railroads, stated that
tne situation
be done to meet the situation—either
the Government must acquire ownership or some action be
of two things must
one
taken
restore
to
securities. Granting
request, he insisted, would act only
confidence in their
the increase the roads
poultice and not affect a real cure.
In their arguments
for the increase, Mr. Vanderlip said railroad men themsalves
failed to see below the surface and view what he believed to
as a
be
"No; they
Commissioner
low
banks were bearing down on
of railroads.
earnings
principles, preventation of combinations and fixing
rates, to work smoothly together.
"Either one may be
right, but not both together," he declared.
"As
rates are regulated the railroads should have the
of
a^
long as
right to
combinations."
the 17th inst., in referring to
The New York "Times" of
what Mr.
needing
Vanderlip had to
more
than
an
say
with regard to the railroads
increase in rates, quotes him as adding:
fashioned along the
Something more; a radical change in- the system,
plan of the Federal Reserve System, with representatives of labor and the
Inter-State Commerce Commission on a central governing board, which
board could decide when
combinations could be formed and when increases
should be granted in traffic as
regulation and no combinations of railroads was
as
out
as
modified
the only remedy to the serious railroad problem
The further account of his views is set
follows in the "Times":
1
"I
Mr. Vanderlip at the
premise that there
His entire argument was based upon the
was
"I say I fear Government
ownership," he added, "unless something radical is done to convince the
a
Government ownership.
trend to
strong
said there were five ways that a railroad had of obtaining
money—the issue of bonds, disposal of junior securities, equipment notes,
None of them presented
issuing of more stocks, and by short-term notes.
possibilities at this time because of conditions abroad.
outlook
"The
is
that
the railroads
will
need
a
dollars of
billion
capital," he added, "and it is not possible to obtain this.
new
The investor is
from railroad
the judge of his investment, and he to-day is turning away
securities to industrials and other forms of investment.
confidence in railroad securities.
"I do not think that the money
sought would
We
are
rency,"
cure
other
Commerce Commission.
was
regulates
through
So long as the railroads are
Government
railroads
averages
"I
the
regulated
am
ro
or
the fundamental
consolidate
and
thereby
Inter-State
as to rates
I feel that before we
the railroads of the present sickness they will either go
of the
into the hands
plan must be changed to permit
get
advantages
of economies
and
which would accrue from combinations.
not
sure
that the railroads cannot learn something from bankers.
The railroads are in much the
same
position that bankers were years ago.
They are not thinking along national lines, but devoting themselves solely
to their own
problems.
be performed for
I want to say in
Just what
was
done in the banking world might
the railroads of the United States.
doing so that it is
a mere
I would suggest, and
suggestion, that the country be
formed into districts as under the Federal Reserve banking system.
Cur¬
the banker's rejoinder.
Mr. Vanderlip told the
Commission, in reply to a question as to whether
would be a solution, that such an applica¬
the wound."
"would be merely a poultice on
tion to the situation
"The
stand here and suggest a cure," he said.
"I would not presume to
I merely made a suggestion as to one
means of aiding the situation.
I do not believe that the railroads have
studied the situation sufficiently to suggest any cure.
But I am convinced
that something must be done to restore confidence in railroad securities..
There must be a fundamental change in this situation or the railroads are
ought to come from this body.
cure
going into Government ownership.
There is no other place for them to go.'
"Commercial" of the 17th inst. reported
ownership
member of
forth by the witness' opinion that
Vanderlip's statement that Government
coming, followed a direct question from a
was
Commission, called
the advantage of economy of com¬
through equalization, and his prediction that such
consolidation would be permitted, at least locally in some
bination
When asked as to whether he meant
repealed, Mr. Vanderlip,
parts of the country.
that the
Sherman law should be
according to the "Commercial,"
"Yes,
so
section of the
"I
said:
applies to the railroads.
Also I believe the pooling
Inter-State Commerce Commission Act should be repealed.
far as It
believe,
that one company should own every
for instance,
freight
should own them. The
changes that will free the railroads of one of the dual regulatory systems
now controlling them must come or Government ownership is sure."
in
car
the
country,
that the Government
even
HOLDEN
HALE
Upon
WAR
BUSINESS OF WINNING
ON
REQUIREMENTS OF RAILROADS.
AND
to-day is the
of the
Chicago Burlington & Quincy RR. and a member of the
Railroads' War Board, in addressing the National Industrial
Traffic League at the Waldorf-Astoria on Nov. 15, added
that "every plan or action must be measured by that stand¬
ard and be forwarded, altered or abandoned by a patriotic
appraisement of motives to that end."
In part Mr. HolDeclaring that "the business of the country
the war," Hale Holden, President
business of winning
den's further remarks were as
follows:
,
the cost they
sacrifices neces¬
experiences of our allies to guide us and know
endured in men and m~.
*v
before each was aroused to the
aether to the single business of war. "Business
giant strides made, under
the great leadership of the President, in mobiliizng the business energies
of the country are daily showing the conviction in the hearts of the people
that nothing is worth while if it interferes with the preparations for the
sary
to bring Its powers
usual" delays the
as
"business of war," and the
contribute toward them.
necessities of the whole war
enterprise—the ocean lies between us and our increasing army abroad and
that we are undertaking to bridge.
Transportation within our borders is
equally vital and important and that is the subject of immediate concern
war
or,
indeed, if it does not in some way
is one of the prime
to-night,
will be required of them. The
business of the war is growing daily larger, and this means greater traffic
to be handled.
Cold weather is at hand, with decreased efficiency of men
and power, and this, added to the growing scarcity of labor, gives much
concern to the outlook for the winter.
But I think there is no reason for
alarm, nor, indeed, for doubt, about the capacity of the railroads to meet
the needs of the country.
There are some things, however, which must
be done to accomplish this, and I base my judgment upon the faith that
that has
brought us together here
railroads
these things
know
that much more
will be done.
For the period of the war,
The cure lies much deeper than that.
which
they should have the advantage of combinations.
cure
He does not have
.
which would come from the rate increase
the situation.
the
and
subject," insisted Mr.
inform the Comptroller of the
he believed that a 15% increase
»
trying to control the railroads by two systems—one which prohibits
combinations
banks on this
,
"Well, if that is so, you ought to
The
public that railroad shares and bonds are good securities."
Mr. Vanderlip
from
letters
received
have
McChord.
Efficient transportation
"I fear Government ownership of railroads," said
outset.
"The banks
complained of small
earnings."
We have the
along broad lines, Mr. Vanderlip saw Government owner¬
existing to-day.
,
securities, but they have
have not assaulted railroad
well as in wages, might be a solution.
According to the "Times," unless the present system of
ship
the course
securities and criticising
first," retorted Mr. Vanderlip.
deny having said the
"I
then said:
i
brokers," replied Mr. Vanderlip.
McChord insisted that the witness had said in
are
of his testimony that
the
bankers?"
Co.
Bache &
"Are
the two regula¬
fundamentally wrong—the effort to force
tory
form
securities?"
Vanderlip.
Commissioner McChord
the railroads should have
Vanderlip, in submitting his views to the Inter-
State Commerce
relieve
wholesale assault upon railroad
"Why did the banks make a
asked Commissioner McChord.
the
OWNERSHIP.
/
securities."
to railroad
as
Upon cross-examination Mr.
that Mr.
AS
SUGGESTS CENTRAL BOARD
ALTERNATIVE OF GOVERNMENT RAIL0AD
VANDERLIP
A.
the investor.
Such a commission or board
could be increased and also have a say as
representatives of the public,
The New York
F.
representatives of the Government, members
Commission, representatives of labor and
the central board I would put
let lis abolish and bring to an end the
old spirit
We have in the past been too ready to pass
and actions of each other.
This is no time
to rattle old skeletons.
They ought to be put well underground, and if we
will do this I think they will stay there permanently.
The railroads are
striving earnestly and with unselfish purpose to render the service which
of
complaint and criticism.
harsh judgment on
the public
the motives
is entitled to have.
The raiiroad
plant to-day
needs more power, but for the present the out¬
plants of the country is almost wholly going to supply
Government for its railroad operations abroad and the
put of the locomotive
the
needs of the
pressing needs of our allies.
We need more cars, but because of
and our allies and the scarcity and high cost of
of the Government
the needs
labor and
been made in securing new equip¬
ment for renewals and additions as the traffic of the country needs.
If the capacity of the railroads is exceeded this offers no more reason
for now condemning them than any other industry or plant suddenly bur¬
dened by an excessive load.
It is unfair to say, as some have, that the
railroads have broken down, because the truth is that they are doing more
materials,
not as
much progress has
Nov. 24
than
before and
ever
THE
1917.]
are
to the
handling continuously and efficiently the greatest
traffic in the history of the country.
The situation is only made worse
to them.
It would
Railroad energies
be conserved
can
service for unnecessary
Already the rate of
for
annum
improvements.
Mr.
we
We must make greater use of waterways,
the present can
Has any one any questions they would like to ask Mr.
(Boston): Do I understand that the proposed powers to
to develop
the
use
was
The President:
Governors last
Locally, electric lines are handling an
•
This report was
Is there any further
vote of approval pr
discussion
Railroad
this subject?
on
and approved
We would like to have a
disapproval of this general idea.
to approve, you are not
Of course, in voting
binding the association to any definite action.
A motion is in order that the
nowadays are an open book, and the predictions made by railroad
submitted at a meeting of the Board of
night and discussed at quite great length,
by the Board of Governors for submission to the convention.
of them.
Plainly, in these times, the railroads must have more revenues.
and
the idea that this committee do all the work
they took any decided action.
In
considerable volume
Motor trucks present an admirable means for effecting
*
No. it
subject to the approval of the Board of Governors for their approval before
delivery of package freight to nearby points, and as to all of these I am
satisfied that the railroads are prepared to join in practical and reasonable
expenses
is in¬
that question?
Hallowell
Mr. Rosenthal:
be found to make the experiment.
between steam and electric lines.
measures
as
then proceed?
electric lines and motor trucks
of the country freight is interchanged in
increasing tonnage.
the recommendation,
following dialogue:
their recommendations first to the Governors and get their sanction
and forego
service
developed to accomplish this—and no
practical means can be
many parts
exceed the colossal
independently of the Board of Governors of the association, or do they make
curtailment of passenger
of the comforts and conveniences which it now has.
better time than
now
be given to this committee would allow them to act on all those questions
public, for the like purpose of better use of men and facilities, may have to
wherever
the interests of American investors
half billion dollars.
seemed possible, but, guided
patiently submit to further
some
on
a
know has taken place abroad, we may predict that the
reductions in passenger service have not yet
by action which
Rosenthal
Under these conditions, further
signs of abatement.
no
over
something over two or two and
The President:
travel of the country is heavier than it has ever been
The passenger
of
dicated by the
has been withdrawn, and this has released a great many men
before, and shows
committee to watch
The convention approved
mileage at approximately 25,000,000 miles
passenger
a
foreign government securities, investments which
sum
important work and has accomplished a considerable saving in
more
coal.
in
that this association would be doing very useful work in
seem
forming such
by not requiring them during the war to use men or materials or train
per
impossibility of promptly referring back to a meeting of the associa¬
tion any questions that may arise for final determination.
by prejudiced expressionsof that kind, and intelligent men give little heed
Unnecessary traffic must be reduced.
2063
CHRONICLE
report be approved.
'
(Upon motion duly made and seconded, the motion was unanimously
approved.)
officers to the Inter-State Commerce Commission last spring in the effort
obtain
to
has greatly
timely relief failed only in that the increased cost
THE INVESTMENT BANKERS'
likely determine the success of the efforts the railroads are
in
time will
so
earnestly putting forth to help win the war.
these things will be done because
I have faith that all of
the measure of success in this wartime
that patriot¬
service to the Government will be that we do for it everything
ism and love of
country can do.
Attention to the unsatisfactory state
railroad securities
and the
met in recent years
of
COUNCIL
Relations Commit¬
of the Investment Bankers' Association be used as the
tee
nucleus of
a
committee which will in time have similar scope
and power to the London
Foreign Bondholders' Committee
made at the session of the Investment Bankers' Associa¬
was
tion
on
14, when the report of the Foreign Relations
Nov.
Committee
The
presented.
was
Secretary
the Com¬
of
mittee, Mr. Rosenthal, in detailing the work of the com¬
mittee, said:
:
Committee had been studying the question of the
advisability of establishing in this country a committee similar to that of
the Council of the Corporation of
year a
Foreign Bondholders in London.
Last
report was submitted describing the organization, operation and work
of the London committee,
and this convention at that iime directed the
Foreign Relations Committee to continue its investigation into the advisa¬
Foreign Relations Committee has, therefore,.been in correspondence
The
similar Belgian Association for
of these associations,
Bondholders, and with
a
somewhat
the Defense of Public Bondholders.
Both
which have existed for very many years past, were
formed through large public meetings and are
resulted in the formation of the Council of Foreign Bondholders in
the
England
probably not feasible in this country, partly on account of
geographical distribution of our bondholders.
On the other hand, it
seem that a committee of this association would be more nationally
would
representative of the investment interests of the country than perhaps any
American investors now hold se¬
other committee that could be formed.
curities of England, France, Italy,
Russia, Japan, China, Mexico, Switzer¬
land, Canada, the Argentine and those of other lands, including in some
This committee, therefore, re¬
the convention that the regular Foreign Relations Committee
the municipalities of such
cases
commends to
mittee which will in time have similar scope and power to the
London For¬
eign Bondholders' Committee.
.touch with
Relations Committee would at all times keep in
the authorities at Washington,
and make clear to them the
widespread financial interest which this association represents, and which
the members of this
associatipn have in the securities of the foreign govern¬
ments that have been
sources
placed here.
By thus mobilizing the investment re¬
of the country, the influence exerted
would be tremendous.
The
committee would be in contact with and would co-operate where interests
were
mutual with the great foreign bondholders' committees of Europe (par¬
ticularly of London), would use the great moral force of this association in
protecting the American bondholder*
Should the occasion ever make it
desirable, this committee could enlist the help of the issuing houses of any
particular country's securities, as well as form special committees repre¬
senting bondholders of special countries.
If the committee is to do anything effective,
the association,
It should be given
power
by
and if this convention agrees with and adopts the fore¬
going ideas, it should authorize the committee
subject to direction by the,
Board of Governors:
behalf of the association in the newspapers;
Department or other Govern¬
1.
To speak on
2.
To consult and advise with the State
mental departments whenever such course
seems
in the opinion- of the committee
(in other words, this committee would in this way offer
necessary;
another means of welding the Government and
3.
To negotiate with the official or other
security holders together);
representatives of foreign coun¬
tries, whenever in the opinion of the committee the
investors require
4.
interests of American
it would be advisable to
do
so.
bers of the Foreign Relations
of the security holders
opinion of this committee
These sub-committees to consist of mem¬
Committee, as well as of the representatives
and of the issuing houses of the loan in question.
It is the belief of your committee that
the above-mentioned powers should
enable it to
act quickly and energetically in making effective the great moral force of
this association should occasion ever arise.
It Is our belief that unless such
be
granted to any such committee that may be formed, so as to
powers are
granted, the work outlined above would be very difficult, owing
of your committee this year represents work done over the
past two years, and unfortunately is too
voluminous to be presented in
detail at this meeting.
The first part
is the result of
railroads over
of the report, which was largely prepared by Mr. Oldham,
a
a
careful study of the operating and financial results of the
railroad securities and the difficulty which the rail-
roads have met in recent years
in their financing, and points out the neces¬
successful financing if transportation
for continued
sity
It calls attention to the unsatisfactory
series of years.
state of the market for
pace
analysis of the facts of recent
individual
cases
years,
facilities
are to
It reaches the conclusion,
with the growth of the country.
keep
that while such
factors
as
of mismanagement and the disturbance of values caused
the present difficulties, the
underlying cause and the one common to all the railroads of the
and compelling almost exclusive attention by its importance, has
by the war have had some influence in creating
essential
country,
decrease in the margin of surplus over fixed charges
the continual
been
and dividends which the railroads have been
forced to acknowledge when
seeking new money for their needs.
...
reasonable solution of this problem is not as
difficult as it would appear on account of the similarity of the operating
conditions of all the railroads of the country.
It also shows us that the de¬
gree
in
Of credit of the various roads is
financial
their
largely determined by the differences
structure.
We have divided these roads into three groups.
ling approximately 60%
generally considered
The first
group,
hand¬
of the business of the country, includes roads
conservatively capitalized, with a capitalization so
with a fixed charge as to make the
divided between stocks and securities
organization well balanced,; the second group,
handling about
roads in financial difficulties,
and for the most part in the hands of receivers; and the third, group, handling
about 15% of the business of the country, includes roads of which a large
majority has too large a proportion of the capitalization made up of securi¬
financial
17% of the business of the country, includes
ties with fixed charges.
The first group,
representing about 60% of the railroads, having a fair
earnings, after taxes, proportioned
and rentals: 40% for dividends,
|
eight-year period, the margin of surplus over dividend has been steadily
decreasing and if operating expenses continue to increase and no further
economies can be made, the result will be that this surplus will be entirely
wiped out and the payment of interest and dividends will be endangered.
In the first part of the period mentioned, the major part of the financing
of these roads was done by means of stock issues.
The roads, with few ex¬
capitalization, show a division of net
about
follows:
as
and 20 % for
40% for interest charges
surplus.
The figures show, however, that during this
than twice over. In the latter
about 20% greater, capital
expenditures had increased in substantially the same proportion, the result
being that nearly three-fourths of the surplus—that is, the 20% margin
mentioned above, which served as a protection to the investors—had dis¬
appeared, due entirely to increased operating expenses, which the manage¬
earned their fixed charges more
ceptions,
part of this period, while gross revenues
ments were unable to
were
offset by additional economy.
17% of their financial requirements were
with fixed charges.
In this period only
met by stock issues and 83% by
securities
with results rather than methods, and has
relief which is necessary in order to give
the majority of the railroads of the country opportunity once more to
obtain money from investors.
It advocates relief through increased rates
to an extent which will restore to good credit those railroads which have ob¬
served correct principles in their financial structure; but it recognizes the
fact that such an increase in rates will not solve the present problems of all
the railroads of the country, and that those which have not in the past ob¬
served correct methods in regard to capitalization or management will still
be left with the necessity of making over their management or else continue
The report
has concerned itself
attempted to show the amount of
to
such action;
To form sub-committees whenever in the
Investment
findings of the committee, said in part:
The report
countries.
of the Investment Bankers' Association be used as the nucleus of a com¬
This enlarged Foreign
the
semi-national institutions.
Conditions here differ largely and public meetings such as those that
and Belgium are
the
This study shows us that a
bility of establishing a similar committee in this country.
with the London Corporation of Foreign
of
Richard L. Morris of Kean, Taylor &
the committee, in indicating
ing at Baltimore.
from
,
Long before the entry of the United States into the present world war,
the Foreign Relations
Committee
presented at last week's annual meet¬
Co. of New York, Chairman of
OF FOREIGN BONDHOLDERS IN LONDON.
The recommendation that the Foreign
of the market for
difficulty which railroads have
in their financing, was called in the report
Securities
Railroad
the
Bankers' Association,
I.B.A. SUGGESTS COMMITTEE SIMILAR TO
SECURITIES.
RAILROAD
difficult to do—and yet the doing of them adequately and
however, not
ASSOCIATION ON
These things seem to me,
exceeded the conservative estimates then made.
experience the disadvantages
In
which incorrect methods involve.
suggesting results rather than methods, no attempts have been made
study of particular rates or the relative needs of individual
to enter into a
railroads
or
localities.
in forming an
Study has been made of the results of various roads
opinion of the subject as a whole, but only in the way of form¬
ing groups or classes to illustrate
been carried over a
the result of
believe that this
mon
to the
fundamental principles; and this study has
sufficient period of time to avoid being influenced by
particular years or of temporary conditions.
The committee
examinatipn of facts shows permanent tendencies com¬
railroads as a whole, and that these facts point a warning which
disregarded In the future conduct of the railroad business
cannot be
[Vol. 105
THE CHRONICLE
2064
of the
with efficiency and capacity
ing stagnation
country.
recognize the existence of many ques¬
While the report does not neglect to
tions in regard to the best methods
unimpaired but, if waste and loss and paralyz¬
demands for their essential serivce.
Our country's economic and
of public regulation, the committee has
able to respond constantly
be avoided, they must be
are to
to ever greater
industrial future, as well as the successful
depend in large measure on the ability or our public
thought best not to enter into this large field of discussion, but has
prosecution of the
that
utilities to continue their service, and even more on
suggested
for consideration.
problems may well be left to another year
these
be placed on
The committee believes that at this time the emphasis should
surplus
the need for larger margins of
or
fixed charges and dividends.
over
time for half measures,
time to indulge in discussion of any questions except those which are
to the life of the railroads as a whole.
The committee realizes that
The present
a
vital
condition is too serious to make it
co-operation
made as
never before in efficiency of operation in order to offset abnormal prices and
important questions of financing and rehabilitation are only being post¬
poned; looking to the time, after the war, or possibly earlier, when these
problems mast be faced, it believes that those principles must be under¬
stood and applied which will lead to success in railroad operation and fin¬
ance, when the companies are once more left to work out their own salyanumber of suggestions for the
The second part of our report contains a
railroads and bankers to consider, which, if
safety of the investment and the protection of return through adequate
earnings.
It
remains
for
the
public
welfare
suspended, these suggestions
important, but it seems to us that it is a good time to
hands the responsibility and the
met sooner
later
or
,
and
of conservation
be helpful.
functions and duties of the trustee
We believe that the question of the
regard to the two suggestions submitted in this report.
day it is
is a sound one and that to¬
doubt but that the general principle
no
popular with investors.
very
the leader of the world.
PRESIDENT
President
Wilson
in
THE WAR.
casion to
Bankers
committee at the
Association,
in
the
the King of the determination of the
assure
the war against its oppressors to
The President's message read as
take
For the people of the United
of
report
that
under
the
willful,
war,
matters now of
were
His report
The people of the
world
to
war
of
bringing the
speedy and victorious conclusion.
a
it affects
as
the devotion of industrial and financial
effort in the United States to efficient service of
ness
The sound¬
public utility securities is important, he asserted,
to the welfare of the
people
whole, and, because of the
as a
large part of the people's capital invested in them,
he
said
affects
a
total,
of
15H billions of the people's savings,
directly
the.
ability of the people to respond to
national
requirements
in taxes and loans for
war
purposes.
Mr.
Wilcox said:
war
is obvious
war
contributions of the utilities of the country are the
the most casual
consideration; but the most conspicu¬
effect in the three things most essential
secution of war. namely. Labor,
economies they
(excepting only food) for the pro¬
Cortl and Capital.
The coal consumption of our utilities, enormous as it must be
produces
energy that
in the forms of .light and heat, power and transportation, would
consume at
least twice
much coal if provided separately for each require¬
ment.
capital
war
by
for
costs
power
machinery, steel,
copper
war
industries in
and construction costs,
part of the total capital temporarily diverted
production and therefore
saving to the nation of
a
a
capital cost of
a
to
Clemenceau
plants is about one-half the
power
by the central stations costs half
or
less than half the
of production in
cost
the small plants.
The
utilities must expand, and means
processes;
mission lines,
double and
of
must be found
to meet war demands and help us win the
now.
and they must build
new
industries
and
reduce
war
to expand them,,
by cheapening all the
miles of mains and tracks and trans¬
great new central station
plants
the
and
gas
plans, and
to speed up the
production
power
treble their service after the war,
American
all
production cost of American-
made goods.
1
The
present question, is. how is capital to be provided to meet the
ever
national need for the constant expansion of
great
our
public utilities?
Fortunalely certain of the Public Service Comraissioas
are
recognizing
the necessity
for increased rates to enable utilities to pay their operating
costs, fixed charges and dividends on invested capital; in 462 rate applica¬
tions reported so far for the year
The
1917, increases
Public Service Commissions all
over
were
allowed in 401
cases.
the country are directly faced
with responsibility for
of
all
the
utilities,
transmission of
or
forced
directing the operations, management and expansion
particularly the central station generation and wide
electricity,
delay the high
sion
that they may be able to meet without loss
so
war costs, and respond
upon
them
by
their
to the
conservation
materials and capital in these times of strain
Their obligations
try.
in utilities is not
its capital
The
so
to
serious
the
owners
vital
or
as
of
on
some
war
of
coal,
structural
the resources of the coun¬
$15,000,000,000
invested
ser¬
vice they have to perform for the nation in the trying and fiercely competi¬
tive period to follow the war.
.
Our great time and labor and
machinery, the public utility systems will be
production
costs.
were never more
successful
in earnest than in their
this
conclusion
war
against
nations
our
money
saving
greatest contributor to
To meet the demands then
put
upon
them,
the
transportation and power systems must not only survive the present struggle
CLEMENCEAU.
Georges
Cabinet in
by Professor Paul Painleve), was
Nov.
on
formed
16
a
new
by-the French Chamber of Deputies on Nov. 20,
the vote
being 418 to 65.
This action followed the reading
by M. Clemenceau in the Chamber of his ministerial declara¬
tion
which
had
decided
been
upon
by the new Cabinet.
Minister
The
Justice.
of
We have accepted places in the
with
redoubled effort,
declaration
,
by Louis Nail,
The Premier's address was read in the Senate
as
was
follows:
Government in order to conduct the war
for the better application
of all our energies.
We
with the sole idea of an integral war.
We would like that the confidence which we shall ask you to give us be
before you
conscientious action, and we appeal to the
your own
exist in
historic virtues that
Never did France feel so clearly
the need to live and
French.
us
service of the human conscience
—in the resolve progressively to advance the right, both as among indi¬
viduals and as between peoples capable of establishing their liberties.
"Conquer that justice may prevail"—that is the watchword of all our
Governments since the beginning of the war.
That program, open as the
develop in the idea of force placed at the
we
shall maintain.
We have great soldiers,
trials
animated
and
renown.
by
of great traditions, under
that supreme
leaders tempered by *
devotion which gave their elders
Through them, through all of us,
the noble ambitions of peace,
the immortal native land, in
will pursue the coutse of its destinies.
constrained to throw into the battle
Those Frenchmen whom we were
thoughts turn away
We owe them
everything, without any reserve—everything for France, bleeding in her
glory; everything for the exaltation of right triumphant.,
The single, simple duty is to stand by the soldier, live, suffer, and fight
with him; renounce everything that is not of the Fatherland.
The hour
has come forms to be solely French, and with pride to declare that that
from them, that none
Their desire is that none of our
suffices for
of our acts be foreign to
their interests.
us.
blended—the claims of the front and the duty
of war.
If there must be men who
the old times, let us put them aside.
All
civilized nations are .engaged in the same battle against the modern de¬
velopment of ancient barbarity.
Against this, with all our good allies,
we are an immovable rock, a barrier that shall not be passed.
Let only fraternal solidarity, the surest foundation of the world to come,
be shown at the forefront of the alliance, at every instant and everywhere.
In the field of ideas France has suffered for everything that makes man
firm.
In her hope, drawn from the sources of the purest humanity, she
consents to suffer still for the defense of the soil of h6r great ancestors, with
Let
everything to-day be
Let every zone be the zone
in the rear.
find
in-their souls impulses of
the hope of
opening ever wider, to men as to peoples,
soul is in that.
That is what
The force of the French
well as while they
while they work as
Those
silent soldiers of the
old peasants
all the doors of life.
animates our people
fight.
workshops, deaf to evil suggestions,
those
bent over their land, those robust women at their toil, those
them aid—there are our "poilus,
who, thinking later
children who bring
on
of the great
work, may say like those of the trenches, "I was in it.
remain steadfast, we must see to it that, strip¬
With those also we must
ping ourselves for the
are charged by the public with the duty of
in these days of high costs and economic and financial
strain, the destiny of all the uti.ities, and must make provision for the
low
a
recorded
their duty to the nation, to conserve
and maintain and promote industrial efficiency.
now, even
to
succession to that headed
and industrial expan¬
labor,
Utility Commissions
visualizing
(who
have claims upon us.
large central
aggregate cost of many small units of equal capacity, and power supplied
war
United States
prosecute
M.
considerable per¬
centage of war outlays.
The
Prussian
to secure for the future, obedience to the laws of
A vote of confidence in the new French Premier,
factories is supplied by the central
our war
public utilities, and the saving ot the various
represents a substantial
disappointed
NEW FRENCH CABINET UNDER
sky.
Much of the power used
stations of
a
WOODROW WILSON.
The national necessity of continuing all odr public utility service during
the
ous
as
of
force
and respect for the rights of humanity
come
on
to
that power and
devoted
was
review of the public utility situation
a
barbaric
and
prosecution, and the problems confront¬
chief importance to the industry.
is affected by
cruel,
autocracy.
meeting of the Association in Baltimore,
ing the utilities because of the
and
States, I take this occasion to renew ex¬
pressions of deep sympathy for the sufferings which Belgium has endured
determination
chiefly to
Havre:
extending to Your Majesty greetings of friendship
pleasure in
and good will on this your fete day.
pointed out that relations of the public utility companies
to the war, the services which they can render the nation
toward its successful
Nov. 16, took oc¬
expressions of sympathy for Belgium's suf¬
renew
successful conclusion.
a
Bonbright & Company, New York, acting
chairman of the Public Service Securities Committee of the
Investment
congratulating King
cablegram
a
Albert of Belgium upon his birthday on
I
0. B. Wilcox of
KING
TO
TO PROSECUTE WAR TO END.
follows:
*
UTILITIES AND
PLEDGE
RENEWS
WILSON
OF BELGIUM
His Maiesty Albert, King of the Belgians,
PUBLIC
allotted work of
maintaining the position of the United States
United States to prosecute
funds is another important one to be considered.
The question of sinking
There is
to direct the upbuilding of
towards offsetting the war's losses by greater
of energy
ferings and to
importance, and we would be glad of an expression
of the greatest
one
of opinion in
as
submit
hope that some of the suggestions we make may
we
several States has lodged in
power
public utility machinery, so that it may adequately do its
big refunding mortgages attractive is one which must be
of making the
possible production costs for the
nation's industry, and that the public in the
their
provide assurances
to
light of wisdom and experience, that
requires the lowest
The problem
officials and bankers.
to the consideration of railroad
them
Commission
Service
Public
the
for the needed capital; to see, in the
make them more atttactive to investors.
the security of bond issues and
may not seem
of capital.
adopted, would greatly improve
At this time, when all financing is practically
is
period, and these are all functions
Investment bankers will undertake to divert the necessary part of the
national production, and so
tion.
the large expansion of
money-saving machinery against the exigent needs
and
savings of the nation to utility securities if they can give assurances for the
competing managements, progress is being
the part of former
on
labor-time-
of the post-war
a
under conditions of war operation, with hearty
at this time,
their
war.
fatherland, we one day may be loved.
To love each
must prove it.
We would like to try
ask you to aid us.
Can there be a finer program
other, it is not sufficient to say so, we
to
of
give that proof and we
government?
There have been mistakes.
there
have
been
mands justice, an
rigors
of
the
against France.
Let
We take before you, before the
engagement that justice shall be done
law.
them. Alas,
them receive
country that de¬
according to the
Let us think only of repairing
crimes also—crimes
prompt chastisement.
Nov. 24 1917.]
THE
Neither personal consideration
duty
lead
or
to
us
ready resulted
French blood.
Too
in
many
battle front in the
from
us
our
criminal attempts have al¬
shedding of
superabundance of
a
Weakness would be complicity.
We shall be without violence.
that is
political ardor will turn
nor
beyond it.
go
on our
CHRONICLE
All the accused before court-martials—
policy, the soldier in the pretorium in solidarity with the soldier
our
combat.
No
Neither treason
pacifist
more
campaigns,
semi-treason.
nor
no
German
more
War—nothing but
Our armies shall not be taken between two fires.
The country will know that it is defended and is
new
work
the way.
We have paid too
was
offered
place In
a
Clemenceau Cabinet, but declined to
accept on the ground that
in the United States was of much more
importance.
He was
offered charge of either the ammunition department or food
department.
M. Clemenceau agreed with M. Tardieu that his reasons for
declining the
honor
intrigues.
on
France forever free.
a
French High Commissioner to the United States,
the
his
well substantiated.
were
The
Cabinet represents
new
war.
Justice is
2065
publican
and
Socialists.
concentration of the Re¬
a
excluding the Conservatives,
groups,
The
Radicals predominate.
Royalists,
A committee
great a price for our liberties to cede any part of
them beyond the need of preventing divulgations and excitations from which
of Radicals and Radical Socialists
the enemy might profit.
proved of members of the party participating in the Ministry.
A censorship shall be maintained for diplomatic
and military information, as well as for those
at
home,
susceptible of disturbing
the limits of respect for opinions.
up to
peace
A press bureau will give
advice, nothing but advice, to all who solicit it.
In
time,
war
in time of peace, liberty is to be exercised under the
as
personal responsibility of the writer.
by
a
vote of 59 to 26 ap¬
The attitude of the Socialists after the
resignation of Premier
Painleve, it is stated, prevented M. Clemenceau from in¬
viting
member of that party to hold office.
any
Outside of that rule there is only
arbitrary anarchy.
It has not seemed to
stances
us
necessary to say more under the present circum¬
indicate the character of this
to
days, problems will follow problems,
realizations that the necessities
Government.
impose.
We
are
under
you to
going to enter
are
control.
your
consent
receive
to
less.
War Council
We shall ask of each
the common defense, that he give
There
is
abnegation in the
more
So let
army.
abnegation exist throughout the country.
We
shall
not
Something of
forge
greater France without putting our life into it.
a
savings is asked besides.
our
If the action that concludes
this session is favorable to us, we expect of it consecration.
In the complete success of our war loan is to be found supreme evidence
of the confidence that France
owes
to herself when she is asked for victory.
Some day, from Paris to the humblest village, shouts of acclamation will
greet our victorious standards stained with blood and tears and torn by
shells—magnificent apparation of
day of
our race,
after
our
That day, the greatest
noble dead.
other days of grandeur, it is in our power
so many
to bring forth.
M.
who had formerly served as Premier,
Cabinet at the invitation of President Poin-
new
following the resignation
care,
Of
on
Deputies by
the
new
on
Cabinet
under
Sept. 14;
on
Professor
Deputies; the Socialists,-who
a
had
questions.
The
formed
been
on
vote of confidence in the
the Chamber of
passed by
were
opposed to Alexander
Foreign Minister, had been
as
the
on
13th
inst., it had tendered its resignation
on
Oct. 22, but President Poincare at that time refused to accept
On the 13th inst., after the Government had obtained
it.
restricted but sufficient
a
dence
its
in
tempt
majority
on
the question of Confi¬
military and diplomatic policy,
made to bring
was
a
determined at¬
Malvy, but Premier'Painleve demanded
a postponement of
interpellations until Nov. 30, when the Inter-Allied Confer¬
would
be finished.
A
postponement
then made
was
question of confidence, and the Chamber, by a majority of
in which the Right joined the Cabinet's opponents,
a
(1961)
acquiesce in the Premier's demand.
ters then left the Chamber and went to the
resigned.
the
The Minis¬
Elysee Palace and
Earlier in the session Premier Painleve put before
Chamber
the
question,
"has the present Government
the confidence of the Chamber?
ments in
In his
Has it the necessary au¬
a vote of
confidence, 250
majority of 58, but about 100 members abstained
from voting. •
The
a
Painleve
which had
Ministry
resigned
on
succeeded
Sept. 7.
the
Ribot
new
War, Georges Clemenceau.
Jules
Minister of
Finance, Louis Klotz.
Minister of
and below
It
to
Lafferre.
Henry Simon.
"It is
means
It
policy
Minister of Agriculture has been attached to the Ministry of
Deputy Boret, with M. Villegrain as under secretary
would
with
grain.
A
new
and Invaded
would
He
Chairman
of
the
Senatorial
Army Appropriations, has been appointed Under Secretary
Premier
Clemenceau
has*been
appointed
with
a
Under
seat
in
the
Secretary
Cabinet.
of the
Deputy
Interior
and
Deputy Jules Cels Under Secretary of the Navy specially charged with
concerning the submarine warfare.
Captaip Andre Tardieu,
questions
circumstances
as
permitted.
Germany
,
deprecate the setting
with
interfere
.
communication
the responsibility
up
of
any
organization which would
of the General
Staffs to their Govern¬
ments, or derogate in any way from the authority and legitimate responsi¬
bility of each of the Allied staff to its
with the Premier's
Dealing
phasized that there
of the
Paris
own
people.
speech,
„
(
Asquith strongly, em¬
mention of the navy, while in many aspects
was no
the navy dominated strategical
war
Mr.
It suggested
considerations.
unity of control and meant unity of command, but he did not desire to
read any such purpose into the Premier's statement.
the
staff officer would have
advisory
a
separate
He asked whether
staff and what would
happen if his staff and the General Staff were not in agreement.
Which
would give way or decide the question ?
Sir Edward
Mr.
Carson, interrupting:
"The War Cabinet."
Asquith said that the object of the debate
was
to dispel certain
misapprehensions which had been excited, not so much by the scheme as
Referring to that speech,, he went on to say that
by the Paris speech.
while he would continue to eschew all unnecessary controversy he would
"
The Premier had selected four cases in criticism of the Allied strategy—
two,
and Rumania, in which he himself and Mr. Lloyd George
Serbia
had in their respective capacities equal responsibility, and two,
Italy, which belonged to this year.
Serbia
not the view taken
was
he asserted.
by
any
was
Russia and
Mr. Lloyd George's view regarding
military authority of weight in this
*
■
of the corrollaries
perfectly sound, and
that you might render the best service to any
end of the line by exerting the maximum effort at the other end
It
was a
sacred trust of the Allies to see that the future free¬
adequately assured.
Asquith went through the Premier's references in his Paris speech
Russia
and
Italy and asked what the Premier meant by
doubt whether
a
a
"we."
He
council at Versailles last March would have
He also asked whether it
German attack General Cadorna
a
fact
full of
con¬
not
was
was
it.
George regaled the good people of Paris," he added, "with
irrelevant rhetoric."
Mr.
&
Asquith doubted whether any Allied Council would have interfered
with the successful offensives in the West in favor of
elsewhere and
"We have
sions and
allies,
and
no reason
we
will
attractive ad¬
to be ashamed of our contribution to the
We have expanded
have placed our arsenals and
so we
more
concluded:
have kept the seas free.
Jeanneney,
,
of vital importance in war that there should
was
supplemented by the appointment of laison officers of high rank."
Senator
on
what was done and
We should welcome any scheme or arrangement which
has
to
for
profvide for more frequent communication between the general staffs,
ventures
Favre
responsibility
the shoulders of the Government of the day.
possible the machinery for concrete consultation,
and co-ordination.
Regions has been created, to which
Minister of Foreign Affairs in the Briand Cabinet,
State
war
on
the strategy.
or
Charles C. A. Jonnart,
of
of the debate
accounts
press
urgent," continued Mr. Asquith, "that the Allies develop by all
"Mr. Lloyd
under
Committee
We print under another
fidence and serenity and assured that he would triumph over
The post of
Albert
In
co-ordination
that up to the eve of the
Boret.
connected
the
was
speech of Lloyd George in its entirety,
affected the Russian situation.
Provisions,
service
bring
on
decided by a central authority; Austria and Turkey had no voice in
was
Mr.
Minister of Labor, M. Colliard.
appointed.
to
Lloyd George's utterances
dom and security of Serbia and Rumania were
Minister of
been
in order
Monday's debate
the
had the advantage that the policy of all the Governments of that alliance
ally at one
"of the line.
.
Loucheur.
general
the conflict
to
so
resources of
whereby the policy of the Government could be brought
complete
as
suggested
with
Great
on
inter-Allied Council
the enemy."
that
successful issue.
a
and
Instruction,
charged
an
will get it,
we
winning to fall
be frequent and intimate consultations among the statesmen of the Allies
Minitions,
Ministry of Blockade
on
said
to the best means
Minister of
specially
victory and
the business of the advisers of the Government to give counsel as
Minister of
Provisions
thrown into
left undone rested
was
was
to
Victor
want
give in part the
Mr. Asquith
what
Commerce, Etienne Clementel.
Minister of Colonies,
with the develop¬
The. proposition that there was only one front was
'
the
Premier's
in tho House:
Minister of Public Works, Albert Claveille.
Louis
the
result of the lack of unity.
opened by ex-Premier Asquith.
country,
Marine, Georges Leygues.
Minister of
be
to bear
head the Commons
one
Pams.
Louis
"we
creation of the council and
1
Minister of Justice, Louis Nail.
interior,
harshly
as a
creating
agreement
followed
our
page
speech this week before the House of Commons the
pressure
Ministry,
The formation of the
Minister of Foreign Affairs, Stephen Pichon.
Minister of
Italy, Serbia, &c.,
the succeeding
on
be failing in his duty if he were to pass it by.
Cabinet chosen by M. Clemenceau was completed in
twentyfour hours; it includes:
Premier and Minister of
the
criticism
Britain and I want therefore
thority to represent France at the coming Allied conference?"
192,
of
less
or
but I don't want the whole burden of
The Government had then received
to
1960, and
text
the
gave
More
referred to in
were
page
Paris speech, in which he dealt
91,
refused to
we
Council.
discussion of current scandals,
including the accusations of "L'Action Franeaise" regarding
a Royalist plot and
against former Minister of the Interior
ence
Saturday last,
either the
on a
by Lloyd George with respect
to the creation of the War Council
issue of
the
on
for discussion in the House of Commons.
came up
The remarks made in Paris
opposing element
an
against the Painleve Minitry; prior to the latter's resigna¬
tion
subject
Allies shall
Painleve
several occasions since
Painleve Government had been
Ribot
Monday last, Nov. 19, when his Paris speech
on
that date in the Chamber
Allied War Council and other
LLOYD
Inter-Allied
an
order the whole field of battle that the whole
vote of 277 to 186, after prolonged debate
a
OF
by Premier David Lloyd George
Nov. 13 of the Painleve
on
Ministry with the latter's defeat
CRITICISM
plan for the creation of
offered
was
Premier stated that
Clemenceau,
formed the
A defense of his
The
regime of restrictions after the example of
upon a
England, Italy and America, admirable in her ardor.
citizen that he take his full part in
and
ASQUITH'S
GEORGE'S PROPOSAL FOR INTER-ALLIED COUNCIL.
the
question of confidence will be continually in the balance.
We
EX-PREMIER
Days will follow
shall march in step with
we
go on
Premier Lloyd George,
divi¬
credit at the disposal of our
to the end."
in replying, said that far
more
important than
anything he had said in Paris was to decide whether greater unity of
trol was needed and whether
We
war.
our army into seventy
they
were
talking the right
con¬
course to secure
it.
THE
2066
had directed against the past was
that any criticism he
staff
any
co-ordination, and
not directed against
had suffered by lack of
He reaffirmed that the Allies
commander in this or any other country.
He had merely
lack of co-ordination among the Allies had
or any
used certain illustrations where
brought disaster, without any
blame being attached to any
commander
staff.
or
attempt on the part of the civilians to
Inter-Allied Council had been suggested
It had been said that this was an
but an
interfere with the soldiers,
authority was brought
forward at a meeting of the Chiefs
represented. He was utterly op¬
Generalissimo. It would not work, he said,
France and Italy were
Great Britain,
of a
posed to the appointment
and
scheme for a central
of 8taff, at which
Kitchener and in June 1917 a
by Field Marshal Lord
friction.
could gauge American public opinion,
would produce
America would have
preferred a council with executive authority, but there were reasons why
he thought it undesirable to set up a council with full executive authority
unless the Allies were absolutely driven to it by the,failure of the present
So far as he
:
scheme.
of the present scheme was
The first advantage
that, information at the
disposal of one of the Allied Staffs would be at the disposal of this
Council. "Nominally that was so at present, but only nominally.
Central
It was
should be permanent and
by day co-ordinating thp plans of the Gen¬
of this scheme that it
therefore an essential part
day
that the Council should sit
GEORGE'S SPEECH ON
INTER-ALLIED
WAR COUNCIL.
Premier
Asquith respecting David Lloyd George's proposal
creation of an Inter-Allied War Council and the
defense
for the
Lloyd George in the House of Commons this
full text of this week's speech made
entered by
Below we give the
week.
reported in the New York "Times" in
special cable from London on the 19th inst.
by Lloyd George, as
a
My right
honorable friend's speech
divided itself naturally into two
with a practical, and therefore most Important
question, and the other dealt with the question of the presentment of the
case.
With regard to the first he examined our proposals in a calm and
dispassionate way and I hope I shall follow his example.
I shall first deal with one or two criticisms which he offered upon the
question as to whether it is desirable to secure greater unity of control
and, if so, whether we have adopted the right method of securing that
unity.
That is far more important than anything else which has taken
The first dealt
parts.
elsewhere.
honorable friend made my task very much easier by
practically accepting the principle upon which we based our action.
He
admits there is need for greater co-operation and co-ordination.
I don't think he has denied that the mere machinery which was adopted
when he was Prime Minister and which I subsequently adopted, the ma¬
chinery of conferences and consultations between the Allies, has not proved
all that was necessary.
What he does deny—and I shall come to that later
—is that although the present machinery is inadequate, he does not accept
place in Paris or
I
am
my
glad my right
proposition that the Allies have suffered substantially in consequence.
ground I shall join issue with him later on.
think we have suffered grievously, as I explicitly said in Paris, through
On that
I
fault of any
no
That is why I
individual or any staff, but owing to defects of the system.
thought the time had come to
method of co-ordinating our
As my
make a complete change in the
position.
friend has said, the enemy had;, the advantage in
right honorable
possession of inferior lines.
That is the reason why we should do our
that advantage by co-ordinating our effort.
This is not the first time that Germany has won through the lack of co¬
the
best to overcome
In the time of Frederick the Great, in
of material and men against him, his im¬
portant success was attributable in the main to the fact that the allied
powers did not co-ordinate their efforts.
It is essential that we should
avoid the mistakes of the past, either in this campaign or elsewhere.
May I just say that any criticism which I have directed against the past
in proposing this change in our method of securing common action was not
directed against any staff or any Commander in Chief either in this or any
ordination on the part
of Allies.
spite of an overwhelming mass
Commander in Chief to look after
It is not his business to survey the whole field
It is the business of the
other country.
his own
particular front.
pperations in Europe, Asia and Africa.
It is quite as much as he can
to look after his own particular front.
I made no attack upon General
of
do
Sir Douglas Haig,
Who
was
Sir William Robertson or any other army chiefs,
this idea of co-ordination?
I see there is
it first suggested
a
honorable friend has not made himself responsible
for it, but it has been freely stated outside) that this scheme is part of a
civilian attempt to interfere with soldiers.
it?
It was Lord Kitchener in 1915, and he
proposed it in almost the very same terms in which I recommended it in
Paris.
That was in 1915, and I say that if his advice had been followed—
I admjt there were
difficulties then and that it's easier to-day—if it had
been carried out at
the time by the Allies, I say without hesitation that
we
I
should have been further
am
not criticizing
anybody.
culties and disasters
a
forward in the war by now.
utterly impossible.
Therefore, I say, an
But here again
proposed was in July of this year.
A meeting
necessity of unity of action on the Western front
inter-allied military organization, which would
for the rapid movement of troops from one theatre
by the promoting of an
study and prepare
It will be the duty
Well, In
other fronts
best method of doing it
?
these matters
My right honorable friend
We examined three alternative proposals.
The
first, put forward in responsible quarters, was the appointment of a gen¬
that suggestion.
I
was
utterly opposed to
For reasons which it would not be desirable to discuss
him.
would have the right to
suspected, or believed about the Italian front, as
much as about our own.
The Italian Government knew something about
it, but naturally Sir William Robertson would not go on pressing things
about another front beyond a certain point.
We got to the consideration
the central council is that we
the things we knew,
of them, but it was
too late.
to an end
The Italian front is important to our
front, and whatever happens there affects the operations on ours.
.
That is why we have come to the conclusion thkt the mere machinery of
liaison officers which we had, that the occasional meeting of Ministers and
Chiefs of Staffs once or twice a year, is utterly inadequate, utterly inefficient
for the purpose of securing real co-ordination, and that you must have a per¬
manent body constantly watching these things, constantly advising upon
them, and constantly reporting on them to the Government, whether
as to the French, Italian or Russian front.
'
,
With regard to the navy, I can assure my right honorable friend that
representation of the navy is not an after thought; it is essential that all in¬
formation regarding naval operations should be known to these military ad¬
visers.
That is a different thing to the establishment of a naval council
and to co-ordinating naval strategy.
A good deal can be said for that.
We are suffering from-lack of it now, anybody who knows what is happening
in the Mediterranean could tell that.
There is a great deal to be said
for a similar council dealing with naval strategy to that which is set up for
military considerations.
But that is a very different thing.
My right honorable friend asked whether the new Council would have
their own expert staff or would they be dependent on information supplied
by the individual staffs.
You cannot set up there a rival intelligence
department.
It would be utterly impracticable and thoroughly mischiev¬
ous.
We have about the best intelligence Department probably in Europe
and one of the most distinguished soldiers in the army at the head of it.
The only staff you require there is a staff necessary to co-ordinate the
information whicli comes from the various staffs.
The final decision must
remain with the Government.
That is the case now.
There will be no
That is one of the
difficulties of the old system, but it must come
are*going to insure victory.
if you
been done.
friend challenged some things I said in Paris.
Let me
the speech that I considered it carefully.
It is suggested
that I was assisted by Mr. Churchill.
That speech was written and handed
over to be interpreted
before I saw the right honorable gentleman.
I
change after this has
My honorable
say
at once about
altered a comma of it,
never
until he heard me at
also in America, was that the committee should have greater power than we
proposed to confer upon it.
Therefore the idea of America is not that we
have gone too far, but that we have not gone far enough.
There are rea¬
why I think it would be undesirable to set up
a
and he never knew what I was going to say
that particular meeting.
Naturally this has been worked up
wrong,
was
on
have
seen
If that spedch
something I said
into a web of intrigue.
I cannot plead any impulse and that it was
the moment, I
I
had considered it, and I did it for a
deliberate purpose.
Where are
and for co-ordination.
resolutions for unity
throw them straight away into.the waste paper
Jan. 28 1915.
I have seen other
Somehow or other
they all came to naught because naturally you get the disinclination of
independent bodies to merge their individualities in a sort of common
organization.
It is inevitable, and I was afraid that this would end in
You might as well
they?
Lord Kitchener tried it on
basket.
schemes by M.
Briand and my right honorable friend.
the sanie way.
We went to
I
Rapallo with a document—a
carefully prepared document.
passed by the Cabinet before I left, but I was
a beautifully drafted document
prepared by
was
afraid of this.
There
the Allies at two or
happened—simply an announcement in
the papers that at last we had found some means of co-ordination.
There had been too much of that, and I made up my mind to take the
risks, and I took them, to arouse public sentiment, not here merely, butJin
France, in Italy, and in America, to get public sentiment behind us, to
was
conferences.
three
that
see
Nothing
this document became an
It is not easy to rouse
act.
public opinion.
I may know nothing of military
know something of political strategy.
And to convince
and to get public opinion interested in a proposal and to convince them
of the desirability of it is ah essential part of political strategy.
Thatlis
why I. did it,
and
separate authority
it by the failure of the present experiment, for the
I determined to deliver a disagreeable
everybody to talk about this scheme, and they
and it has done it.
speech that would force
have talked about it.
sa
America is in, Italy is in, France is in,
public opinion is in, and that is vital.
suggestion is made that I am blaming my own
The
Britain is in,
country, but I am
not.
honorable friend instances the illustrations of Serbia, Rumania,
But France was just as responsible for them as we were,
Russia and Italy.
but no more.
for Italy or
more
It was not a pleasant thing
that they had lost 2,500 guns.
It*was
Italy was surely responsible.
for me to remind them
had captured a kilometer than to say£to
had lost 200,000 prisoners.
It was disagreeable all around,
in order to give force to the movement.
field is north, south, east and west.
Our business is tofbring
pleasant to say that we
Italy that she
but it was necessary
The
Another suggestion which found favor, not only in France, but, I observe,
General Cadorna
asked me questions about what
I am noj; sure that I can answer
The advantage of
press
here, it would be attended with the greatest difficulty.
unless we are driven to
of any
general.
I don't want to be
pressed about it.
I would rather not, because there is a great deal to be said
about that and a good deal to be said about our view about the position of
the Italian army that is much more important from the point of view of our
country, but it was a view we could not press.
We were not responsible
My right
Having argued that it is desirable to
eralissimo for the whole of the Allied forces.
There is always delicacy on the part
the Italian front it is very difficult to give answers about
without saying something which will hurt, perhaps, our ally.
With regard to
in the first instance not from politicians.
get some sort of control at the front, working in co-ordination, what is the
sons
study to it.
devote the same
general staff to criticise another
of strategy, I am glad of this opportunity of quoting the
authority of three great soldiers as proof that its initiative and suggestion
Now I come to the second point.
and not
It may be said that each general staff does that at present.
they are bound to consider not only their own front but
as well, but it is a secondary matter.
They naturally do not
•
sense
a
The result is that
Therefore, when it is suggested that there is a device on the part of civilian
came
part.
mere
to another.
to get control
is to achieve its
permanent.
,
,
of this central body to survey the whole field
strategy, but I do
Allied staffs of Great Britain, France and Italy passed
resolution urging the
- •;
essential part of this scheme, if it
object, is that it should be
After all, the Allies are taught by the diffi¬
which come through lack of common action.
The second time it was
of the chiefs of the
technical advisers drawn from
sisted by
suggestion (my right
Who was the first to suggest
all Allied countries.
Soldiers will represent
essential.
for the Italian front.
refer to the comments of former
In another item we
of all concerned are
They will be as¬
all the Allied armies, which will
help the various Governments to co-ordinate their plans.
That is the present proposal.
What are its advantages?
The first is
that the information which is at the disposal of each of the Allied States
will be at the disposal of a central council.
The second advantage of the
new council is that it will be a permanent body.
Under the old system
there was only one meeting a year between the Allied staffs.
That meeting
was held for the purpose of surveying the strategy to be pursued on thoussands of miles of front, on which millions of men were engaged.
It was
will and co-operation on the part
of which good
success
has said, and
eral Staffs for all the fronts.
TEXT OF LLOYD
[VOL. 105.
CHRONICLE
pressure on
on
the enemy from every point of the compass,
him where you can.
That
is our argument,
and that is why we want a
"council which will examine the
a
centraljcouncil—a
whole field of operations, and
advice of England and her generals to
required, and the advice of others to be given to us.
part of it, with the
it is
and inflictlhurt
,
not*merely
be*given when
'
Nov. 24
THE
1917.]
We need every brain, we need all the experience, we need
CHRONICLE
We want
of
victory, and
winning to fall
council,
so to
we
order the whole field of battle that the whole resources of the
Allies shall be thrown into the conflict, in order to bring pressure to bear
With regard to Serbia, if our troops
six weeks earlier, we should not
withdraw
a
who were sent there had been sent
have had the Balkan tragedy.
I do not
I do not say this because of what
single syllable I have said.
right honorable friend has said, but because of what his friends have
my
Really, when I see it said in certain quarters, "Hands off
been saying.
battalion
Not
a
or
gun
battlefield except
single attack has been ordered in any part of the
and there has not been a single attack
the advice of the General Staff,
on
There has not been a single
with by politicians.
moved this year except on the advice of the General Staff.
ordered.
not
for 1918 comes into
industrial
have in this
war.
I do not
ammunitions, transport, shipping, railways, supplies and men.
of guns,
The first
during this war acted against the advice of soldiers.
I laid down a program in advance of
and against it.
I was told then that I was extrava¬
in the gun program.
was
the advice of soldiers
gant and that the program would
The second time I acted against
am
a
There is no soldier
not be necessary.
to-day who will not say that I was right.
pointment of
that he is grateful that
lines, and I
There is not a soldier now who will not say
I pressed my advice in spite of the attacks in the
that I was interfering with the soldiers.
press
troops—and in spite of
has used warmer or more deep-felt
Apart from the great and matchless valor of our
everything that has been said, no man
from that,
and th0 skill in the disposition of our soldiers, what are the two most con¬
spicuous features in the great attacks in Flanders?
The first is the over¬
whelming mass of artillery and ammunition; the second is the fact that the
whole supplies are running right into the firing line by arrangements made
by my Right Honorable friend, the First Lord of the Admiralty.
I am not going here to define what the function of a politician is and
words of
both policy
These
are
a
You want
soldier, but do not make any mistake.
and strategy.
They are inextricably interwoven.
things which belong purely to the sphere of the soldier and the
He is meddling with
something which requires years of training.
There is also the sphere which
is purely political, and the soidier who meddles in that is just as mischievous
as the politician who meddles in strategy.
Every one thinks he can edit
a newspaper and become a statesman without any training or experience.
Every one says, "I could show these politicians how to do things."
I
should just like to see some of these gentlemen here for five or ten minutes.
meddles in them is mischievous.
politician who
We would show them that even
politics is an art that requires experience.
But there is a vast sphere in war
which is partly political and partly
Supplies, transport, shipping, the distribution of man power,
military.
things are political,
military, and to divide people into politicians and
diplomacy, and the morale of the people—all these
than they are
even more
soldiers in
war
What you want is the co-operation of both.
is unscientific.
The men who would try to separate them and
Let them work together.
foster disunion among
them
are
traitors to their country.
and that is why I am looking forward to
go on,
let me
utter
one
co-operation between not
mischief they are doing,
doing this in order to put us and our armies on bad terms
with France, fostering
Why, Germany is lavishing
suspicion of France.
to create suspicion,
money
Italy, Russia and America.
distrust and jealousy ,of England in France,
There is one country where they have con¬
spicuously failed to move a single peasant to anything but heartfelt
that country is France.
grati¬
sonal
we
who, for purely political or per¬
to tolerate men in this country
reasons,
hearts of
are
disseminating distrust and jealousy of France in the
Englishmen ?
I
say we
ought to stop this business.
striven to get, not merely co-opera¬
,
Since I have been in this war I have
tion
the
between
of
our
with
goodwill
friendship,
and comradeship.
make these people our friends.
I
That is the secret
success.
,
It is essential that you
poor
but
Allies,
have done my best to
should have this perfect goodwill.
France—trampled upon, with so many of her sons lost to her forever,
her richest provinces torn from her—should want anything except
fifty
years is false.
That is ail she seeks, and I hope, whatever happens to this
controversy, that at any rate they will keep their hands and tongues and
from trying to foster suspicion, jealousy
and distrust between France
It is better to tell the people what
would modify for one
on
and I have
no
anxiety that
If that had wrenched from us the
then, indeed, our hopes would be shattered.
the submarines I have no longer any
But of
We are on its track, and I am
fear.
glad to tell the House that on Saturday we
destroyed five of these pests
of the seas.
Unity is the only'sure way to
only other thing is lack of unity.
victory—a victory that will bring peace
bleeding to death.
and healing to a world which is
ON AMERICAN
TROOPS AND SHIPPING.
astonish
essential
as
lends
as
command
unusual degree
an
the creation of successful
itself
to
the
development
of
value because the training of pilots,
units and the building of airdromes are as essential
air service as the
building of airlpanes themselves.
dispatches, said that the Allies
becoming increas¬
were
what the North American continent
upon
produce and economize in the
use
be
imposed
carriage of
men
The Premier said he
of
next
were
about to
the people of the British Isles, partly in
upon
order to assist the Allies,
as
He assured
of food,
the mission that the most drastic restrictions
partly in order to leave more
regarded the tightening of the blockade
"Close co-operation between the
importance.
United States and the Powers of Western Europe can
still greater
room
and munitions to the battle fronts.
economic
pressure
bring
to bear on the Central Powers
during the war," he said.
Admiral Benson, on behalf of the
American mission
and
learning
was
many
mission, said that the
lessons from the Allies,
expressed the gratitude of its members for the manner
in which all
of information had been thrown open
sources
"The United States is heart and soul in the war,"
to them.
he
said, "and the country absolutely indorses the statement
of
President
spared, its
that
Wilson
men
and ships,
none
or
of
its
resources
Admiral Benson then gave
the conference information as
to what the United States has done and
in
would be
work, in order to win the war."
is doing, not only
training armies, in building fleets and in the manufacture
of munitions,
but in food
economy
and the construction of
aircraft.
In
It is
,
opening his speech the Prime Minister said:
of great satisfaction to my colleagues and
a source
\
myself that this
gathering of two nations, now equally educated to the common task of
defending the liberties of the world, should take place in the very room
in which the statesmen of
an
earlier and less enlightened period
committed
the blunders which had estranged them.
The Premier had in mind the
been
taken
with
meeting which occurred in
where momentous action had
conference room,
same
respect to
the American colonies nearly
Continuing, the Premier said:
150 years ago.
This conference is
a
business gathering—the
culmination of hard, pa¬
tient, unobtrusive work done between the members
various British departments.
States
can
best co-operate
with Great Britain and the other Allies.
from
learn
many
organization from the start.
mistakes which Great Britain made.
matters to-day are man power
most urgent
she, therefore,
In doing so she
Two of the
at the fronts and shipping.
the United States is a pacific Power, and
has had to, build up a war
can
of the mission and the
Its purpose is to determine how the United
The American
representatives present at the conference
Bliss, Chief of Staff; Admiral
included General Tasker H.
S.
Chief of Naval
Benson,
Nelson Perkins,
Bainbridge
Crosby,
Secretary of the Treasury, and Vance McCormick,
representing
Taylor,
Operations; Thomas
member of the Priority Board; Dr. Alonzo
the
Food
Comptroller;
Colby of the United States Shipping Board; Oscar T.
Assistant
Chairman of the War Trade Board.
of
the
mission,
was
not
Colonel E. M. House,
present.
His
Secretary,
Auchincloss, represented him.
Gordon
representatives
were
Premier Lloyd George,
Foreign Minister Balfour, Viscount Milner, George Nicoli
Barnes and Earl Curzon of Kedleston* constituting the War
Cabinet; Lord Reading and Lord Northcliffe, the Earl of
Derby, General Sir William R. Robertson and
Lieut .-Gen.
representing the army; Sir Eric Geddes and
Sir John R. Jellicoe, representing the navy; and
Jan. C. Smuts,
Major John L. Baird, Baron Rhondda, Lord Robert Cecil,
Walter Hume Long
and Dr. Christopher Addison, represent¬
ing, respectively, aviation, food, blockade, petroleum and
American troops and
pointed out by Premier
Lloyd George at the initial conference of the Ameri¬
dependence of Great Britain
an
ingly dependent
Admiral
GREAT BRITAIN
adaptable
Referring to food, the Premier, according to the Associated
Press
__________
LLOYD GEORGE ON DEPENDENCE OF
trained and
and more equable than the climate of
This is of special
The British
two things that could defeat us.
the submarine menace.
freedom of the seas,
The
the British Isles.
moment my confidence.
There were two fears,
There was
is going
necessary to
climate also
American
the creation of flying
head
and outselves.
The
The
William
.
The idea that
emancipation from this deadly menace that has threatened her for
pens
doubt that with the largest
people of the United States possess to
the air service, because it is clearer
Like Britain,
tude for what this country has done, and
Are
airmen.
the
When I see paragraphs by
word of warning.
people who write recklessly without knowing the
I think they are
We have got to
allies and allies.
merely civilians and soldiers, but between
Here
The
sea.
qualities of enterprise and daring
gratitude and admiration for them than I have—apart
what the function of
no
most highly
a
Dealing with the airplane situation, the Premier said:
of the
for the
-
the advice of soldiers was in the ap¬
civilian to reorganize the railways behind the
proud to have done it.
I have
of the world,
everybody.
could
Speeches are no substitute for shells.
I have only twice
practical effect.
resources
accomplishment of America in the matter of shipbuilding will
Never in the whole history of war in
substantial backing from politicians than they
mean a backing of speeches; I mean a backing
the easing of the
industrial population and an exceptional national gift of organization the
of this year has been the result of the advice of
this country have soldiers
The whole campaign
soldiers.
worse,
for the launching of the 6,000,000 tons of shipping promised
program
to the creation of
got more consistent and more
work,
war
British account, and added:
on
Command of the air in the battle line is almost
propositions and-1 defy any man to challenge them.
soldiers in any war have had their strategical dispo¬
I will lay down two
sitions less interfered
wholly employed in
now
Assuming that the submarine situation gets no
boat destroyer on a choppy sea.
no
was
position of the Allies depends entirely upon the dates on which the Ameri¬
they army," it makes me feel as if I crossing the Channel in a torpedo-
The first is that
question of shipping, the Premier explained that
shipping
partly for the Allies, partly
can
the enemy.
on
British
will get it, but I don't want the whole burden
Great Britain; and I want, therefore, an interallied
on
On the
all the help,
and they need it, and their need is greater than ours at the present moment.
2067
on
munitions.
____________
American shipping in the war was
David
can
War Mission and the British War
Cabinet
on
Nov. 20.
The
around
Concerning the need of troops he said:
establishment
the Azores,
by Germany of
AROUND AZORES.
a
new
barred
zone
"which have become in economic and
it even
military respects important hostile bases of Atlantic naviga¬
imperative than before that the United States should send as many
tion," was announced in Associated Press dispatches from
AmsterdamJonlNovi22,|whiehlgiveidetailslas follows:- j
The
more
GERMANY'S NEW BARRED ZONE
collapse of Russia and the recent
troops as
reversesfof Italy fmake
possible across the Atlantic as early as possible.
I am anxious
the first million men^canlbe expected inlFrance.
$£
to know how soon
Governments are en¬
memorandum, which says: "The hostile
official
referred to in our issue of June 16)
under which an exchange of stock was effected whereby
stockholders of both institutions will hold stock in each
countries to force out to sea neutral cargo space,
and to preas It into their
As hostile shipping and shipping sailing
service.
supplemented by violent measures, the German
in hostile interest are being
"establishment of
barred zone around the Azores,
a
—♦
Atlantic navileft open in the Medit¬
Government, not so much
supply of the Greek population with foodstuffs as for the transport
for the
of
and specifically the extended
points touched being a point three
miles south of the Faroe Islands, in the north 43
30
formerly paying teller,
latitude and 17 west longitude to 44 north lati¬
latitude and 37 wast longi¬
north latitude and 37 west longitude; to 30 north
longitude;. to 34 north latitude and 20 west longitude,
longitude; to 42 degrees 30 minutes north
west
tude; to 37
degrees
latitude and 26 west
It
is stated
that
also
before
period of giace" if
foreknowledge of the extension.
and they are granted "an adequate
Nov. >29,
they entered the barred areas without
Atlantic, about two-
The Azores Islands are in the North
between the United States and Europe,
thirds of the way
in
belong
Portugal.
to
An
declared
Naohrichten,"
"Neueste
the
States had "established
herself
on
many's colonial possessions.
■
WAR DINNER OF THE FIFTH AVENUE ASSOCIATION.
members
of
of this
the Fifth Avenue Association,
■•v..-;'
r.-
'■•'•■v.
Mercantile
The
interests
business
of
their annual dinner at the Waldorf-Asotria last Wednesday
night.
gathering
The
was
real
a
war
All the
dinner.
decorations, addresses and the spirit of the 360 merchants
present centred around the great world struggle.
V.
deposits
addition to
and
on
Avenue,
&
The speakers included Rev.
Vice-Chairman.
was
West
Liebert,
Gaston
Boynton,
Japanese
France; Dr. T. Iycnaga,
East
same
in charge of its office at 34th Street and Fiftn
Nehemiah
Consul-General
representative
Brigadier-General
Bureau;
Commander of the Department
of
L.
E.
of
the
of $500,000 and undivided profits
aggregate
Davis, of the American Red Cross Society.
A gold medal
year was pre¬
sented
Life
Harris Mandelbaum,
to
builder of the
awarded
was
building at the
corner
a
silver
Co. for its
the Guaranty Trust
to
Postal
new
Building, 511 Fifth Avenue; the second prize,
medal,
new
building erected during the
new
The
Co. of this city.
to Messrs.
a
Cartier & Co.,
silver medal
second
as
Street and Fifth Avenue.
ential
organization is
jewelers, 653 Fifth Avenue, and
prize to the Union Trust Co., 38th
The general
object of this influ¬
for the artistic, civic and
to work
business betterment of the Fifth Avenue district, including
Madison
and
Avenue
Avenue
Association
adjacent
has
conducted
been
spirited and practical lines designed to
size the tone and character of the
business
''
"V \*
Grant
sales
company
Shares.
preserve
public-
and empha¬
city's chief shopping and
FINANCIAL
AND
Moore &
business
on
were
Exchange.
No trust
sold.
BANKS—New York.
High. Close.
650
650
650
Oct.
100
5N.Y. County Nat. Bank
100
100
April 1917—
Last previous sale.
1917—
$50,000.
Mr. Schley was in
V..
j.',
- v;T-.
■
■
»
' ''
a
director in
many
large
in business affairs for some time.
active part
an
employ of
connected
as
year;
He
Chapinville, N. Y., Feb. 25 1845, vand after
came
to New York in 1863, entering the
the American Express Co.
He later became
with the First National Bank of this city, re¬
head of its foreign exchange department in 1880
the
enter
his seventy-second
failing health for several years and had not
working up-State
to
.
corporations, died at his home in Far Hills, N. J.,
born in
signing
♦
head of the Stock Exchange firm of
Schley,
Nov. 22.
taken
'
brokerage
under the firm
business with
Ernest Groesbeck,
He became
of Groesbeck & Schley.
name
^
the next
member of the New York Stock Exchange
year,
being admitted to membership on Jan. 13 1881.
he
entered into
and for
more
In 1885
partnership with the late John G. Moore,
than
a score
clientele
its
Mr.
of the wealthiest men of the country.
many
Schley at the time of his death was President and a
director of the Coal
and
of years their firm was one of the
the Stock Exchange, numbering among
most active firms on
Chihuahua
the
Creek Mining & Manufacturing Co.,
Mining Co.
of the board of the American
Electric
Storage
Co.
Pacific
He
was
The
also
a
member
Smelting & Refining Co., the
Battery Co.,
the Elliott-Fisher Co., the
Railway Co., and
the Republic Iron &
•
"
*
'* -1
Empire Trust Co., 120 Broadway, this city, which
is the Fiscal
Agent of the State of New York for the sale of
that it has on sale
Federal War Tax stamps.
the Government to be affixed to
other
Exchange membership
was
These stamps are required by
657'
reported
posted for transfer this week the consideration being stated
as
formerly Sales Manager for New
400
♦
A New York Stock
was
Stock Transfer Tax stamps, announces
Low.
10 Hanover National Bank
appointed General Sales
♦——
sold at auction this week
made at the Stock
were
stocks
were
was
Schley of this city, and
He had been in
Steel
NEWS.
He
V-*'.'
"
*;
B.
Northern
Fifteen shares of bank stock
no
along
Fifth
thoroughfare.
BANKING
and
The
streets.
cross
♦
■
Nov. 21
on
York State for E. H. Rollins & Sons, of Boston.
of Madison Avenue and 60th
gold medal for the best altered building went
The
of $9,091,517.
its business conservatively and
Manager of the Bond Department of the Guaranty Trust
a
Street.
resources
up
■
Harold F. Greene
was
of the East, and Dr. Robert
the State
gradually along progressive lines.
Hoyle,
for the best
Broadway,
115
Nov. 14, capital of $1,000,000 in
fuitd
surplus
a
$35,253
Willard
Vice-President of the
Dunn,
Harris A.
and
man,
'
$7,483,482 in response to
of
company's aim is to build
King, President of the Columbia Trust Co., was Chair¬
company
V':;-'-.
Deposit Co.,
city, the youngest trust company, except one, in the
Banking Department
district, held
Fifth Avenue
the
is stated, give its annual ban¬
—♦
&
Trust
city, comprising the merchants, manufacturers and promin¬
ent
the Guaranty Club of New
have cost will be devoted to the Red Cross and other war
of
The
reasons
The approximate $8,000 which this would
quet this year.
reported
and interfere with connections with Ger-.
world ship routes
'
metropolitan district has recently completed six months
of
business.
This institution, organized May 1st last,
He attempted to point
possession would threaten important German
out that such
practical patriotic
Co. of Newr York, will not, it
this
the Azores and constructed
Delgado."
fortifications at Punta
the United
that
'
relief work.
Amsterdam dispatch last
Monday said that German Vice-Admiral Kirchhosef, writing
and
chosen Assistant
were
York, comprising 1,600 employees of the Guaranty Trust
safely leave by the shortest route
Azores and the Greek barred zone may
The last preceding transaction was at $45,000.
instruments,
Dec.
1.
stocks, bonds, notes and
The company's
"Tax Stamp
Department" will send a supply of the State or Federal Tax
stamps to out of town customers
by return mail insured upon
receipt of New York bank draft.
•
Announcement
President
that
on
the
as
to
made
on
name
of the
the Irving Trust
the
result
Nov. 22 by
Frederic G. Lee,
Broadway Trust Company of this city,
Nov. 30 the
changed
taken
of
was
of
an
Broadway Trust, will be
Company.
agreement
This action
"
Assistant Treasurer,
an
Jennings
when he
Clarence Klinck,
*
For
the
neutral and Belgian relief ships now within
years ago,
Secretaries.
point."
to the starting
and thence back
made
wras
and LI P. Hosmer and I. G.
latitude and 34
minutes west longitude; to 44 north
tude and 27 degrees 45
few
retired to enter the real estate business.
outlined thus:
"enemy base in the Azores," is
"From 39 degrees north
active officer of the company up to a
north latitude in the south,
The new barred zone around the
the west.
longitude in
west
its establishment
Vice-President of the company, and chose as
Trust' Officer Jacob C. Klinck, of Brooklyn, who was an
in 1916, as a
around Western Europe, the extreme
and
Kavanagh, who has been
Roger P.
Manager of the Fifth Avenue branch since
ammunition."
The memorandum then recounts at length
zone
elected
21
Nov.
on
it has been utilized by the Venizelos
and
arms
of the joint
Metropolitan Trust Co. of this city
The directors of the
tation, and inclosing a channel to Greece hitherto
erranean, as
purpose
which had become, in
military respects, important hostile bases of
economic and
The
proportion.
same
consists of the
adds that the extension principally
memorandum
The
submarines.*'
extend the field of operation of its
finds itself obliged to
the
ownership, it is said, is to give broader scope to the financial
interests identified with both banks.
smaller nations,
under foot all rights, especially those of
which tramples
bank in
Great Britain's domination of violence,
Government in its struggle against
Trust and the Irving Na¬
the Broadway
tional Bank last Tune (and
intensification of the hunger blockade against neutral
which is keeping in port,
deavoring by the
of
stockholders
Berlin in
The exteasion of the German maritime zone is announced from
an
[Vol. 105.
CHRONICLE
THE
2068
is
made between the
Justice George
Freifeld of the Second District Municipal
Brooklyn, died suddenly in this city on Nov. 17.
Mr. Freifeld was born in this city sixty-one years ago.
He
Court of
was
a
Trust
Vice-President
and
director of
the Manufacturers
Co., and the Sumner Savings Bank of Brooklyn, and
Nov. 24
for
1917.]
THE
CHRONICLE
number of years was a member of the Board of Edu¬
a
cation.
Bank is among the prosperous of the smaller
tutions of Baltimore.
♦
and
Vice-President.
August J.
Duerr
was
appointed
in
was
that
a
gross
It has
year.
reported
capital of $300,000 and recently
with
New York
City.
is
now
Elliott
&
Co..
investment
brokers,
of
The official staff of the Bank of Buffalo
follows:
as
C.
Rhoades
McDougal
President John
Vice-President
Louis
Vice-President
Charles
T. B. F. Olsen—-Mgr. Bond Dept.
Daniels
C.
—Cashier
Olden-
L.
Robert K. Root
deposits of $2,479,930.
Asst. Cashier
D.
August
J.
Appleby.-Asst. Cashier
Duerr
rAsst. Cashier
An increase in the
of
capital of the National Produce Bank
Chicago from $300,000 to $500,000 has been approved by
the
of
Comptroller of the Currency.
New stock to the extent
$150,000 (par $100) has been distributed
by
interests.
new
ations, which
tion
E.
Secretary of the
Prior
Bank, about
on
Maurer, heretofore Cashier of the Solvay
among
are
Trust
to
&
Deposit Co.
Upon the completion of extensive alter¬
to be made in new
banking quarters leased
with the Solvay
months ago, Mr. Maurer had been iden¬
seven
move
to its new loca¬
North Clark and West Randolph streets.
The directors of the Mechanics' & Traders' State Bank of
Onondaga, of
of
becoming connected
the old
purchased
•
Bank, of Solvay, N. Y., has resigned to become Assistant
Syracuse.
and
William Schwarz is President.
by the National Produce, the bank will
Frederick
a
stockholders of the bank, while $50,000 has been
Ralph
Croy_
by
4
partment.
associated
chartered
surplus and undivided profits of $181,692,
Assistant Cashier and T. B. F. Olsen, Manager Bond De¬
Both Mr. Croy and Mr. Duerr have been with
the bank for a number of
years.
Mr. Olsen was formerly
banking insti¬
It
special Act of
Maryland Legislature in 1872, and commenced business
the
At a meeting of the directors of the Bank of
Buffalo, at
Buffalo, N. Y., on Nov. 13, Ralph Croy was elected a direc¬
tor
2069
Chicago have elected to the board Thomas J. Webb of Puhl,
Webb Co.,
Chicago.
♦-—
tified with the Trust &
Deposit Co. of Onondaga for thirteen
He will be succeeded as Cashier of the Solvay Bank
by Ernest R. Mulcock, heretofore with the Syracuse Trust
A
new
years.
Bank, opened for business in Chicago
The bank
It
organized by interests identified with the Chicago City
starts with
Co.
*
At
was
'
meeting of the directors of the Alliance Bank, of
a
Rochester, N. Y.,
Nov. 16, Thomas E. Lannin having
on
relinquish^ the office of Cashier to devote his entire time
general
to the
William
management of the bank
J.Simpson,
Assistant
Third
Vice-President,
Cashier, to Cashier.
and
as
Cashier,
Frank
Vice-President,
advanced
was
Thomas,
S.
to
a
Bank & Trust Co.
dent of the
The officers
Bank & Trust
Co., Cashier.
'
♦
opening of
tional Bank, of Boston, to succeed Francis L.
Daly, resigned.
Mr.
Daly is also Vice-President of the Old South Trust Co.,
,of Boston.
He remains as a director of the Roxbury Na¬
tional Bank.
on
Nov. 5.
at
$125,000,
The officers of the
President,
former
James
Cashier
of
<4 Germantown, Philadelphia, ratified the
proposal to increase the company's capital from $600,000
payments
in
four
on
the
new
monthly
being called for
noted
in
issue
our
of
stock (par value $100)
installments
on
Milltown
the
!■•
The
meeting held Nov. 19, the stockholders of the German-
As
of
Minneapolis; ViceO. F. Dahlstrom,
Crosby; Cashier,
T.
State
Bank of Mill town,
Wise., and Assistant Cashier, M.-E. Onstad.
?
$1,000,000.
bank, which is capitalized
President of the Calhoun State Bank, of
»—_
to
new
President, Thos. F. McGourin, heretofore
are:
■
town Trust Co.
''
banking institution, the Ex¬
a new
change Trust & Savings Bank of (South) St. Paul, took place
Co.,
Boston, has been elected President of the Roxbury Na¬
a
Harper, Vice-Presidents; Fred¬
Korthauer, Assistant Cashier of the Chicago City
The formal
♦
At
Louis Rathje, Presi¬
are:
Chicago City Bank & Trust Co., President; H. G.
Lauerman and Andrew W.
erick II.
Nov. 15.
on
capital of $200,000 and surplus of $25,000.
Assistant
James F. Morse, a director of the Dorchester Trust
of
$200,000 banking institution, the Mutual National
Sept.
are
29,
of $400,000 in the
.'i'
National Bank of
to
capital of the United States
Portland, Ore., raising it from $1,000,000
$1,500,000, has been approved by the Comptroller of
Currency.
—-*
'
♦
An increase of $500,000 in the
to be made
25%,. the final payment
capital of the National Bank of Petersburg,
Va., raising it from $200,000 to $600,000.
the
April 15 1918.
♦
,
Comptroller of the Currency has approved an increase
the
;
r
■
The Robert Morris Trust Co.
of
Philadelphia
are
♦
and the
to unite under the
Logan Trust Co.
name
of the latter in¬
stitution, stockholders of the Robert Morris Trust at
ing
on
a
meet¬
Nov. 21 having voted in favor'of the sale to the Logan
Trust of all the assets of their company except
the banking
The annual report
Montreal) for the
reveals
time the
first
fixtures.
history
the assets
of the
Trust
Co., it is said, will
$75
share
a
on
stock has
the market value of the Robert Morris
hung around $65
a
share.
No dividends have been
The business of the Robert Morris Trust
Co. is to be continued until
an
audit of the bank's assets is
made and the sale consummated, after
as a
braqch of the Logan Trust Co.
been made
as
to
This is equal to
$750,000.
the 10,000 shares of Robert Morris stock.
For the last two years
paid since 1912.
pay
acquired bank the Logan
whether
the executive staff of the
or
which it .will operate
No announcement has
not there Will be any
Logan Trust Co.
as a
changes in
result of its
consolidation with the
Trust Co.
opened its
Robert Moms Trust.
The Logafi
began business in December, 1906, and recently
new
building at 1431-1433 Chestnut Street., It
capital of $1,009,000, surplus and undivided profits of
$477,009, and on Oct. 27 reported deposits of $4,667,706.
has
a
The Robert Morris Trust Co.
It has
a
began business in April, 1907.
capital of $1,000,000, surplus and undivided profits
of $194,640, and on Oct.
27 reported deposits of $1,465,613.
year
ending Oct. 3 recently made public,
high records in all the principal accounts, and
new
which, it is said, is the
shows total assets of $403,980,236,
building at 927-929 Chestnut Street, and its furniture and
For
of the Bank of Montreal (head office,
Canadian
of
to
than
more
Henry S. Borneman has been
elected
a
director of the
the
The various accounts reflect the large
takings in connection with the
ing out
on
liquid assets
public.
75% of its liabilities to the
war
Savings accounts, running from
a
and important under¬
which the bank is carry¬
behalf of the Dominion and|
British Governments.
few dollars up to thou¬
month
The
profit and loss account shows that earnings allow a comfor¬
table margin over the dividend and bonus requirements.
They arp substantially above those of the previous year.
The net profits for the twelve months amounted to $2,477 ,969, equivalent to 15.49% on the paid-up capital.
Added
to the balance of profit and loss, this brought the total
sands, have gained at the rate of about $3,000,000 a
during the
amount
They
year.
now
aggregate $246,041,786.
available for distribution up to
dends and bonus
required $1,920,000;
$3,892,393.
war
Divi¬
tax on bank note
circulation, $160,000; subscriptions to the Patriotic Fund,
$73,500, and
reserve
for bank premises, $100,000, leavinga
balance to be earned forward into the
•
of
One
banking.
reflections in the Bank's statement is that its
amount
in the
significant
$400,000,000 mark has been passed
new year
of $1,664,893,
compared with $1,414,423 at the close of the previous year.
People's Trust Co., of Philadelphia.
*
THE ENGLISH GOLD AND
SILVER MARKETS.
Stockholders of the German-American Bank of Baltimore
at
a
meeting
name
We
on
Nov. 22 adopted
a
resolution changing the
of the institution by dropping the word German from
the title and
calling it the American Bank.
meeting the stockholders also adopted
the officers of the bank to make
in
the
Federal
Reserve
a
At the
The
Nov.
1917:
1
same
resolution requesting
application for membership
system.
Samuel
following from the weekly circular of
Montagu & Co. of London, written under date of
reprint the
German-American
GOLD.
•
The Bank of England gold reserve against its note issue shows an increase
of £582,950, as
compared with last week's return.
The Federal Reserve Board of the United States took care to
in its letter to the Federal Reserve Bank of New York
emphasize
(quoted in
our
letter
of last week) that the principle
of maintaining internal gold payments was
The letter continued
as
follows:
which may be
affect
the exportation or earmarking of gold must in no way
upon
obligations payable in
gold within the United States, whether due to domestic or foreign holders,
excepting enemy holders, the regulations affecting only gold whlchjis to
be shipped outside of the United States or to be earmarked for foreign
the
whenever required of any
in gold
payment
The "Times" correspondent in
New York, under date Oct. 30th states:
bankers has arranged with the Federa:
Washington for the shipment of limited amounts of gold
Canada from time to time as needed to correct the exchange situation.
"A delegation from Canadian
Reserve Board at
added to by sales of grain
' -:V-''■■■:
Canada has large balances here, which are being
!
bills."
SILVER.
From when it
V1
;>
quoted 55d. on the 25th Sept., until the 25th ultimo*
was
On the
3d. on Tues¬
previous move¬
mention that a
continuously, but on the 26th ultimo it rallied %d.
the price fell
following Monday it advanced a further %d. and as much as
We have no record of a
day, either up or down, but we may
day, bringing the figure to 46d.
ment of 3d. in one
fall of
2%d. took place
on
Sept. 27th.
supplies
speculatively held.
and absence of any supplies
firm market
a
The
strength of the Shanghai exchange, owing to native influences, lent some
reaction set in; the price eased off %d. and a further drop
ensued to-day, and the market is a sagging one.
of %d.
6,166,900 40
1,813,719,551 35
1,592,308 85
Public Dent—
oCtfs. of Indebted¬
redeemed.
416,962,538 85
134,048,438 36
Bonds, Int.-bear'g
and cer¬
tificates retired.
notes,
4,010 00
3,640 75
470 00,
1,630 00
One-year Treasury
notes
redeemed
(Sec.
18, F. R.
Act,
approved
Dec. 23 1913)..
Nat. bank notes &
9,842,000 00
5,057,000 00
F.R. bank notes
retired (Acts of
July 14 1890 &
Dec. 23
1913)..
2,068,115 00
2,597,545 50
9,537,885 00
13,539,285 50
i";
141,175,183 36
2,598,015 50
436,346,064 60
13,543,295 50
Total...
Excess
of total receipts over total
3,546,801,312 92 340,393,740 00
\
I
l......
disbursements558,467,884 14
Excess of total dis¬
total
a
1,807,200.000 00
480,700,000 00
482,323,392 58
bursements
indirect assistance.
Yesterday
6,166,900 40
which carried the
price to 55d. about a month previously, namely, the scarcity of
on
governments...
Total
6,519,551 35
1,592,308 85
1,623,392 58
repaid, &c.).
Purchase of obliga¬
tions of foreign
Grand total dls'ts.l,085,543,935 88 90,182,292 37
The immediate cause of the rise was the same as that
S
3
S
$
4 MOS. 1916.
4 Mos. 1917.
Oct. 1916.
Oct. 1917.
paid (less balan¬
ness
account,"
to
Special—
Pan.Canal:C hecks
ces
"It must be understood, however, that any restrictions
placed
gold.
be affected by its objection to the earmarking of
not in any way to
[Vol. 105.
CHRONICLE
THE
2070
*
over
.
.
receipts...
......
Includes accrued interest receipts,
a
86,466,612 64
106,702,272 16
27,165,709 42
...
Includes interest paid.
Indian currency returns (in lacs of rupees):
Oct. 7.
Oct. 15.
Oct. 22.
......110,13
111,34
112,86
Reserve in silver coin and bullion...........
29,50
29,76
29.14
Gold coin and bullion in India
17,63
18,17
20,31
1,53
1,93
1,93
Notes in circulation
....
____—
...
Gold out of India.
The stock in Shanghai on Oct. 27th
in sycee and.
consisted of about 25,200,000 ounces
by large
important corporations:
or
Dividends announced this week
15,100,000 dollars on Oct. 20th 1917.
Statistics for the month of October
Highest price for cash...
Lowest price for cash
are
are
'printed in italics.
......41 %d.
...
....I.
44.324d.
42%
42%
28...
1
29
-
cash
"
Railroads
Bank rate..
5%
Bar gold per ouncestandard.77s. 9d.
...
43
30.--...-.....,.—.46
31—.—
45*4
Nov. 1..
—-45H
Average ._:
44.104
Dec.
Days Inclusive.
50c. Dec.
....
Preferred (extra)
;
-----
.......
........
Atchison Topeka & Santa Fe, com. (qu.).
Atlantic Coast Line Co. {guar
Albany (quar.)
$1.50
Feb.
25c. Feb.
28 Holders of
rec.
Dec.
28 Holders of rec. Dec.
21 Holders of
rec.
Jan.
la
21 Holders of rec. Jan.1 21a
1 Holders of rec. Nov.
Dec.
1%
1
to
Dec.
$1.50 Dec. 10 Dec.
Dec.
la
21a
31 Holders of
2a
9
Nov. 30a
Boston Revere Beach & Lynn (quar.).-..
2%
1%
Jan.
Canadian Pacific, com. (quar.) (No. 86).
2%
Dec. 31 Holders of rec. Dec.
la
Chesapeake & Ohio...—.
Hill {quar.)...
"
"
—
$1.25
Ordinary (extra)
Boston &
"
"
Payable,
(Steam).
Alabama Great Southern, ordinary
Preferred
Quotations for bar silver per ounce standard:
Oct. 26.
When
Cent.
Name of Company.
4S%d.
......
—
Books Closed.
Per
appended:
....
Average price for cash..
"
future
following shows all the dividends announced for the
15,200,000 dollars, as compared with about 24,400,000 ounces
in sycee and
"
DIVIDENDS.
The
2
Dec.
31 Holders of rec. Dec.
7a
75c. Dec.
Chestnut
rec.
1 Holders of rec. Dec.
4 Nov. 21
Dec.
to
15a
3
to-day for cash delivery is 3%d. above that fixed
ago.
a
week
t
as
as follows the past
London,
Week ending Nov. 23—
Silver,
per
Sat.
British, 5 per cents..
Nov. 21. Nov.22. Nov.23.
Wed.
Thurs.
Fri.
93%
43%
43%
42 15-16 42 15-16
55%
56
56
56
93%
93%
93%.
93%
93%
99%
99%
99%
99%
59.75
59.75
59.75
59.75
59.75
87.70
87.75
87.75
87.75
87.80
12 Holders of rec. Dec.
1%
Dec.
1 Holders of rec. Nov.
24a
1%
Jan.
2 Holders of rec. Dec.
31a
(qu.)
8734c. Dec.
Special guaranteed (guar.) (qu.)
Cripple Creek Cent., com. (qu.) (No. 32).
Preferred (quar.) (No. 48)
Erie & Pittsburgh {quar.).........
r,
Hocking Valley..
....J...
New
on
85%
the
same
85%
85%
1
Dec.
87 %C. Dec.
3%
com.
Phlla. Germantown &
Oct. 1917.
Ordinary—
$
Customs
are as
4 Mos.
$
1917.
4 Mos.
$
68,738,212 7 7
50,318,414 27 35,251,991 81
5,987,904 91
1,488,686 41
20,226,866 64
4,500,649 47
186,402,366 21
25,741,352 59
137,551,492 98
50,609,270 13
13,292,534 39
25,059,279 13
90,181,132 06 60,143,268 48
Miscellaneous
323,309,709"77
244,641,519 27
277,158 50
Lib:
1,682,110 43
1,555,133 09
Dec.
1 Holders of ree. Nov. 15a
Jan.
1 Holders of rec. Dec.
Jan.
1 Dec.
13,678,586 46
_.
513,367,980 06
163,620,448 00
Certificates of indebtedness
....
$1.50
Postal Sav. bonds
Deposits
for
2,426,289,000 00
—
-718,800 00
__
906.700 00
the
purchase of One-
Treasury
Notes (Sec. 18,
F. R. Act, ap¬
proved Dec. 23
1913)
•
'
.
,
1 Holders of rec. Nov.
9,849,000 00
(Acts
f
..■1,553,553,529 46
1,321,992 50
2,516,795 00 3,115,167,220 56
Grand total rec'ts.1,644,011,820 02 63,016,582 95
3,4407159,040
76
6,823,775 00
7,730,475 00
253,927,127 36
Disbursements.
Ordinary—
Checks & warrants
paid (less balan¬
Total...
2 Holders of rec. Dec.
la
2 Holders of rec. Dec.
la
458,575,257 12 82,660,208 99 1,287,445,183 78 311,581,867 10
,
3,470,102 82
3,331,759 03
9,350,513 19
9,101,677 00
452,045,359 94 85,991,968 02 1,296,795,696 97 320,683,544 10
I
1
Nov. 29
Dec.
1%
Dec.
1
Holders of
rec.
Nov. 15a
1%
Dec.
1
Holders of
rec.
Nov. 15a
Dec.
1 Holders of
reo.
Nov. 15a
f %
%
Common and preferred
(monthly)
Common (payable in common stock)..
Holders of
Nov. 17a
rec.
1 Holders of rec. Nov. 17a
20 Dec.
9
Jan.
to
9
Holders of rec. Nov. 15a
Dec.
1
Jan.
1 Holders of rec.
Deo.
15a
f %
%
f %
Jan.
1 Holders of
Dec.
15a
Feb.
1 Holders of rec. Jan.
Feb.
1
Deo.
1 Holders of rec. Nov* 15a
1 Holders of rec,
Nov. 20a
1 Dec. 23
Jan.
Detroit United Ry. (quar.) (No. 54)
Eastern Wisconsin Elec. Co., pref. {quar.).
2
1%
Dec.
3
Jan.
Norfolk Ry. & Light...
Northern Ohio Elec. Corp.,
1
rec.
%
Common and preferred (monthly)
.....
75c. Pec.
pref. {quar.)..
rec.
Holders of
.....
Jan.
rec.
to
15a
15a
1
1 Holders of rec. Nov. 15a
1%
Dec.
1
1
Holders of
Nov. 20
rec.
Dec.
1 Holders of rec.
3
Dec.
1 Holders of rec,
,1%
Dec.
1 Holders of rec,
>1%
Dec.
1%
Deo.
15 Holders of
15 Holders of
1%
Dec.
15 Dec. 2
1%
Dec.
1%
Co.,com..{qu.){No.33)
Dec.
Nov. 22
.
,
Nov. 22a
Nov. 26a
Nov. 30
rec.
Dec.
to
1
Dec.
rec,
16
1
Holders of reC
1
Holders of reo. Nov. 20a
.
Nov. 20a
Miscellaneous.
Acme Tea, l3t pref. (quar.)
Alabama Company,
Dec.
1 Holders of rec. Nov. 19a
$1.50 Dec.
15 Holders of rec. Nov. 30a
SI
Ajax Rubber (quar.)...
—
Dec.
S3
common..
Amer. Internat. Corp., common
of
repaid,&c.).
Interest on public
dehtpaid..
2 Holders of rec. Nov. 30a
Jan.
Dec.
——
31 Holders of rec. •Dec. 20
Dec.
7
$1 50
5 Nov. 21
Deo.
4
Jan.
2 Holders of rec. Dec.
12
to
1%
Dec. 31 Holders of
rec.
Dec.
Atl. Gulf & W. I. S.S. Lines, com
Dec.
1 Nov. 16
to
Dec.
6
Dec.
1 Nov.16
to
Dec.
6
Jan.
2 Holders of rec. Nov. 30a
2
{quar.)...
1
1%
(quar.) (No. 8)
Amer. Power & Light, com. {qu.) {No. 20).
Amer. Radiator, common (quar.)
Amer. Rolling Mill, common
American Sewer Pipe {quar.)
Amer. Smelt. & Refg., common (quar.)..
Preferred (quar.)
Amer. Sugar Refin., com. (qu.) (No. 105)
Preferred (quar.) (No 104)
American Tobacco, common (quar.)
Amer. Water-Works & Elec., pref. (qu.).
Anaconda Copper Mining (quar.)..
Associated Dry Goods, 1st pref. (No. 1).
.
15 a
3
Laundry Machinery, common
Amer.
ces
Jan.
Deo.
Amer. Linseed, pref.
Total
1%
1%
Dec. 23
2,516,795 00
27a
3
American Express (quar.)
American Gas {quar.)
.
243,495,00
rec. Nov.
4
July 14 1890 &
1913)..
5
1 Holders of rec. Nov. 20a
13 Holders of
Preferred (No. 13)
±.1
Capital Tract. {Washington, D. C.) {extra).
Central Arkansas Ry. & Lt., pref. (quar.)
Preferred
ment of national
notes
50o. Deo.
Dec. 15 Holders of
{quar.)___
Amer. Beet Sugar, pref. (quar.) (No. 74).
Amer. Cotton Oil, common (quar.)
Deposits for retire¬
Fed. Res. bank
3
1 Holders of rec. Nov. 15
2
Alabama Co., 2d preferred-
bank notes and
la
Deo.
American Railways, common.
Baton Rouge Electric Co., com. (No. 6).
Allouez Mining
,
5,064,000 00
Nov.
Dec.
rec.
to
Street and Electric Railways.
Adams Express (quar.)
Year
Nov; 19
to
4 Nov. 21
50c. Jan.
(quar.) (No. 2)_.
Weat Penn Tfact. & W. P., pref. (quar.)
Wisconsin-Minnesota L.& P., pref. {qu.)
>
1,370,947,000 00
1
2
(quar.) (No. 45)...
West Penn Rys., pref.
...
103,620,448 00
.
Jan.
to
5a
15a
Nov. 26 Nov. 15
$1.50 Dec.
Dec.
Rochester Ry. <fc Light, preferred {quar.).
San Joaquin Light & Power, pref. (quar.)
Second Lib. Loan
bonds
2
5a
Nov.. 30 Holders of reo. Nov. 15a
Dec. 19 Holders of rec. Nov. 30a
S3
1%
Pensacola Electric Co., pref. {No. 20)
Loan
bonds...
14a
1 Holders of rec. Nov.
Dec.
Northern Texas Elec.
~
Public Debt—
•First
356,519 47
Nov. 15a
1 Holders of reo. Nov.
1%
Common (payable in common stock)..
Panama Canal—-
Tolls, &c
Nov. 30a
Dec.
Indianapolis Street Ry
Total
Nov. 15a
rec.
Common (payable in common Btock)..
5
60,556,720 84
Ordinary internal
revenue
rec.
Cent. Miss. Valley Elec. Prop., pref (qu.)
Cities Service, com. & pref. (monthly)..
1916.
13,647,946 24 18,901,940 79
Income tax......
oldrrs of
75c. Nov. 30 Holders of
Union Pacific, common (quar.)..
follows:
Oct. 1916.
,
1
10 Holders of
$1
Norrislown
{quar.).
Pittsburgh, Bessemer & Lake Erie, pref..
Southern Pacific Co.
October 1917 and 19i6 and for the four months of the fiscal
1917-18 and 1916-17
rec.
1%
i.
(quar.)'...
Common (extra)
Receipts—
Nov. 10a
olders of
2
Birmingham, preferred..
Yprk Philadelphia & Norfolk
Reading Company, first pref. (quar.)...
years
rec.
1
Dec.
Pitta. Youngs. & Ashtabula, pfef. (quar.)
GOVERNMENT REVENUE AND EXPENDITURES.
—The details of Government receipts and disbursements for
Holders of
1 Holders of rec. Nov. 10a
Dec. 31 Holders of rec. Dec.
Pttsb. & West Va„ pref. (quar.).
®crrarajcrcial midflXiscellaitjectts fizva
1
1%
1%
Pennsylvania (quar.)..
Pennsylvania (quar.)
*
84%
Dec.
la
1
North
days has been:
50c. Dec.
1%
la
1%
(No. 128)
Extra.
Norfolk & Western
87.80
price of silver in New York
85%
Dec.
Mobile &
.
59:75
French War Loan (inPar IS) _fr.
Sliver In N. Y., per oz...cts.
3%
Manhattan Railway (quar.)
French Rentes (In Paris)..fr.
The
3a
12 Holders of rec. Dec.
Maine Central, preferred (quar.)..
56
99%
British, 4% per cents...... 99%
3o
'2 Holders of rec. Dec.
Dec.
Illinois Central (quar.)
43H
55%
per cents..
Nov. 20
.
Mon.
oz..........._d. 43%
Consols, 2%
week:
Tues.
Nov. 17. Nov. 19
2 Holders of rec. Dec.
Jan.
.......
...
Cleveland & Pittsburgh, quar. (qu.)
daily closing quotations for securities, &c., at London,
reported by cable, have been
Jan.
Chicago & North Western, com. (quar.).
Preferred <quar.)
Cin. New Orl. & Texas Pacific, common..
Clev. Cin. Chic. & St. Louis, pref.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
1%
2
Common'{extra)...
quotation fixed for forward delivery.
The quotation
3
Preferred {quar.)
No
Dec.
1 Holders of rec. Nov. 21
90c. Dec.
31 Holders of
rec.
Dec.
Dec.
15
5
Dec.
5 Nov. 26
Jan.
1 Holders of rec. Dec.
1
Dec.
1 Holders of rec. Nov. 24
3
Dec.
f5
Feb.
1%
nl%
50c
31 Dec.
to
23
to
15a
Dec. 31
1 Holders of rec. Jan.
1
11
to
Dec. 20
15 Nov. 29
to
Dec.
6
to
Nov.
22
Dec. 20 Dec.
1%
Dec.
1H
lH
1%
Dec.
1 Nov. 15
Jan.
2 Holders of rec. Dec.
la
Jan.
2 Holders of rec. Dec.
la
5
Dec.
1
1%
Nov. 26 Holders of rec. Nov. 20a
Holders
bf
$2
Nov..26 Holders of
1%
Deo.
5
Feb.
rec.
rec.
Nov. 15a
Oct.
20a
Holders of reo. Nov. 15a
[Holders of rec. Dec. 28
Nov. 24 1917.]
THE
Per
Name
of
Miscellaneous (Cintinued).
Atlantic Refining...
When
Cent.
Company.
Payable.
3071
Books Closed.
Days
Per
Inclusive.
When
Cent.
Name of Company.
Payable.
5
Dec.
15
2
Dec.
10
to
Dec.
9
8
Powder, common (guar.)
Common (extra)_.
Baldwin Locomotive Works, preferred
Dec.
10
to
Dec.
9
Dec.
9
Nov. 20a
National Lead, common (quar.)
National Lead, preferred (quar.)
1
Dec.
31 Holders of
IK
Deo.
15 Holders of rec. Nov. 23a
3
National Surety (quar.)
National Transit (quar.)
Jan.
Jan.
1
10
Dec. 31
Dec.
Dec. 31
Nebraska Power, pref. (quar.)
New England Co., 2nd pref
IK
10
2
Jan.
2K
Jan.
2
Dec.
15
New Niquero Sugar, com. and pref...
3K
Dec.
2K
Jan.
2
Dec.
15
IK
Nov. 28 Holders of rec. Nov. 15a
Dec.
15
New River Co., pref. (No. 15)
N. Y. & Queens Elec. L. & P., pref. (qu.)
1
Dec.
3
Dec.
Jan.
50c. Dec.
__
pref. (quar.) (No. 1)..
2
BlackstoneVall.G.&E., com.(qu.)(No.21)
SI
Dec.
1
Nov. 20a
Nilee-Bement-Pont,
Preferred (No. 11)....
Borden's Condensed Milk, pref. (quar.)..
Brooklyn Union Gas (<}uar.),.
a
Brown Shoe, common (quar.)
3
Dec.
1
Nov. 20a
North American Co. (quar.)
IK
Deo.
15
IK
Jan.
IK
Dec.
$2
Dec.
15
Nov. 24
$1.50
Dec.
15
Nov. 24
50c. Dec.
15
Buckeye Pipe Line....
Extra
California Packing Corp., com. (quar.)..
Preferred (quar.)
16
Dec.
13
1
Nov. 20a
to
Nov. 30a
Nov. 30a
15
Nov. 30a
1 Holders of rec. Dec.
IK
Jan.'
2
Jan.
15 Holders of rec.
Dec. 31a
Jan.
15 Holders of rec.
Dec.
SI
Dec.
17
31a
5 Holders of rec. Nov. 23a
1 Holders of rec. Nov. 23a
Jan.
1 Holders of rec.
Jan.
2 Holders of rec. Dec.
Dec.. 14a
14a
Dec.
22 Holders of
rec.
Nov. 30a
20 Holders of
rec.
Nov. 30a
3
•
Copper Range Co. (quar.) (No. 43).....
Extra (No.. 44)
Cosden & Co., pref. (quar.)...
Crescent Pipe Line (quar.)....
Crex Carpet..
1
Pref. (on acct. accumulated dividends)
Pittsburgh Steel, pref. (quar.)
Pocahontas Logan Coal, common
Preferred
h25c.
IK
Nov. 30 Nov. 20
Dec.
IOC. Jan.
Dec.
Dec.
1M
Nov. 26 Holders of rec. Nov.
2 Holders of rec.
Dec. 20
Price Bros. & Co., Ltd. (quar.)
Pure Oil, common (quar.)
IK
Jan,
2 Dec.
Dec.
1
Nov.
rec.
Dec.
to
15 Holders of
9a
17
Nov. 21
rec.
15 Holders of rec. NOV. 21
Dec.
5 Nov. 18
Dec.
15 Nov.
Doc.
to
24
1
Dec.
to
16
15 Holders of
20 Holders of rec. Dec,
6a
2 K
Jan.
2 Holders of rec. Dec.
IK
Jan.
2 Holders of
rec.
Dec.
IK
Dec.
15 Holders of
rec.
Dec,
5
10
Nov, 30a
rec.
(quar.)'.....
IK
15 Holders of rec.
Dec.
Nov.
rec.
Dec.
Dec.
20 Holders of rec. Dec.
Republic Iron& Steel,
IK
Feb.
1
IK
Jan.
2 Holders of rec. Dec.
rec.
Nov, 15a
Shelby Irop
Nov, 30a
Smart-Woods, Ltd.,
Solar Refining.
1 Holders of rec.
Dec.
5
2 Holders of rec.
Dec.
15
2K
Jan.
15 Holders of
rec.
Jan.
2
5
Dec.
1 Holders of
rec.
Nov, 17
IK
...
First and second, pref. (quar.)
Eastman Kodak, common (extra)
Dec.
15 Holders of
rec.
Deo,
1
7K
1 Holders of rec. Oct.
Jan.
2 Holders of
rec.
Nov. 30a
IK
■i
Dec.
2K
(quar.)..
Jan.
2 Holders of
rec.
Nov. 30a
Dec.
50c.
12 Holders of rec.
31a
Dec.
2 Holders of rec.
SI.50
75C. Dec. 20 Dec.
rec.
Jan.
Dec.
Jan.
Nov. 23
.to
Nov. 30
.....'.
Extra
South Penn Oil (quar.)
South Porto Rico Sugar, common (quar.)
Preferred (quar.)__
k Standard Milling, common (quar.)
k Common (payable in common stock)
Dec
11 Holders of rec. Nov. 25a
Standard Oil (Calif.)
Dec.
15 Holders of reo. Dec.
1
S3
1
Standard OH (Indiana) (quar.)
Extra.
Preferred (quar.) (No. 32)
2
Dec.
31
IK
Dec.
5 Holders of rec. Nov. 13a
2
Dec.
1 Holders of
rec.
Nov. 21a
Standard Oil of
2K
Feb.
1 Holders of
rec.
Dec.
31
Feb.
1 Holders of rec. Dec.
31
IK
Jan.
2 Holders of rec. Dec.
19
IK
Dec.
1 Holders of rec. Nov ..23a
l
Gillette Safety Razor (No. 1)._.
Goodrich (B. F.) Co., common (quar.)..
Dec.
1 Holders of rec. •Nov. 15a
SI.75
1 Holders of rec.
Dec.
Nov. 15
1
(quar,)..
Grasselli Chemical, common (quar.)...
Common (payable in common
stock)
Preferred (quar.)_.._.>
15 Holders of rec. Feb.
5a
Jan.
2 Holders of reo. Deo.
21a
3
common
Feb.
IK
...
Dec.
1 Nov. 21
Nov.30
to
Dec. 31 Holders of
IK
P4.15 Dec. 31 Holders of
rec.
Dec.
15
rec.
Dec.
15
31 Holders of rec. Dec.
15
IK
Dec.
2K
Dec.
2
Nov. 26 Holders of rec. Nov.
2K
Jan.
2 Holders of rec. Dec.
15a
IK
Jan.
2 Holders of
rec.
Dec.-
15a
Second preferred (quar.).J
Hackensack Water, com. and pref...
IK
Jan.
2 Holders of
rec.
Dec.
15a
75c. Dec.
1
Holders of
rec.
Harbison-Walker Refrac., common (qu.)
IK
Dec.
1
Holders of
rec.
Nov. 20a
IK
Jan.
19
Holders of
rec.
Jan.
IK
Dec.
1
Holders of
rec.
Nov. 15a
1
Nov. 30 Holders of rec. Nov. 20a
Great Northern Paper
Greene Cananea Copper Co.
(quar.)....
(quar.)
__
_
Preferred
(qu.)
Homestake Mining (monthly) (No. 519).
Illinois Pipe Line
com.
65c. Nov. 26 Holders of
10
...
to
15 Dec.
1
Nov. 30 Nov. 18
25C. Dec.
com.
rec.
17 Nov. 21
Dec.
■
Extra
9a
Nov. 26a
9a
Nov. 20a
Dec.
10
to
Dec.
14
to
Nov. 29
rec.
Dec.
Dec.
31
Holders of
rec.
Dec,
15a
Dec.
31
Holders of
rec.
Dec.
15a
Dec.
1
Holders of rec. Nov. 15
Dec.
1
Holders of rec .Nov. 23
Dec.
31
Holders of rec. Dec.
Holders of rec. Nov. 19
Holders of
Nov. 30
Holders of rec. Nov. 19
Dec.
15 Holders of rec. Nov. 15
•
(quar.)
Nov. 30 Nov.
6
to
Nov. 30
3
Nov. 30
Nov.
6
to
Nov. 30
Dec.
15
Dec.
1
to
Dec.
15
6
......
Tennessee Eastern Elec., pref.
Texas Company (quar.).....
(quar.)__
Texas Gas &
Electric, preferred (quar.).
Tooke Bros., Ltd., pref. (quar.) (No, 21)_.
Tuckett Tobacco, pref. (quar.
to
Dec.
15
11
to
Dec.
19
Dec.
17
Holders of
rec
Nov. 19a
Dec.
15
Holders of rec
Nov. 23a
Jan.
Dec.
1
to
Dec.
19
Jan.
Dec.
1
to
Dec.
19
1
Extra
Studebaker Corporation, com. (quar.)..
Preferred (quar.)_____ _...
1
Deo.
3
....
15 Dec.
20
3
(quar.)..
N. J. (quar.)..
Dec.
5
______
Dec.
10
1
:..
Dec.
Holders of
rec
Nov. 20a
1M
IK
2 K
IK
Dec.
Holders of
rec
Nov. 20a
Holders of
rec
Dec.
Dec.
31
Dec.
1
Dec.
Nov. 22a
Dec.
15 Holders of
IK
IK
Jan.
15 Holders of
rec,
Dec. 31
IK
Jan,
Dec.
15a
rec,
Dec.
15a
(quar.)...
Union Bag & Paper Corporation (quar.)..
IK
Jan.
1 Holders of
1 Holders of
1 Holders of
rec.
Jan.
rec.
Dec.
15a
IK
Dec.
15 Holders of rec,
Dec.
5a
Union Carbide (quar.)._______
Union Carbide & Carbon (quar.) (No. 1)_.
2
Jan.
51
Jan.
Preferred
1 Dec.
Union Stock Yards of Omaha (quar.)..-...
Extra
.'
2
1M
Dec.
IK
Jan.
IK
Dec.
K
IK
Dec.
15 Holders of
rec.
Dec.
Jan.
15 Holders of
rec.
dDeo.31a
lUc
Dec.
Holders of
rec,
Nov. 15
IK
Dec.
Second
preferred (quar.)__
United
Paperboard, common (No.!)___
Preferred (quar.)
United Profit Sharing..........
IK
U. S. Cast Iron Iron Pipe & F., pf. (qu.)
U. S. Cast Iron Pipe, & Fdy., pref. (quar.)
United States Gypsum, pref. (quar
olK
U. S. Industrial Alcohol, oomraon..
16
Nov. 30 Nov. 21
15
1
1
14 Holdeis of rec,
1
Holders of
rec.
Nov. 10a
IK
Dec. 29 Deo.
Dec.
1
Holders of
rec.
Nov. 10a
Common (extra)
3
Deo.
Dec.
1
Holders of
rec.
Nov. 10a
Preferred
IK
Nov. 28 Nov.
Dec.
1 Holders of
rec.
Nov. 15a
Utah Metal & Tunnel (No. 3)..i...
IK
Dec.
1
Dec
2
Waltham Watch,
IK
Jan.
2 Holders of
Dec.
20a
2
IK
1 Holders of
Jan.
Dec.
20a
Lehigh Coal & Navigation (quar.)
Liggett & Myers Tobacco, com. (quar.).
31
Dec.
14
Dec.
31 Holders of rec. Dec.
14
Dec.
15 Holders of rec. Dec.
la
Dec.
15 Holders of
rec.
Dec.
la
Dec.
1
Holders of
rec.
Nov. 24
IK
Lanston Monotype Machine (quar.)
Dec.
IK
Dec.
1 Holders of rec. Nov. 24
IK
(quar.)..
IK
3K
2
.
Nov. 30 Holders of rec. Nov. 20
SI
Nov. 30 Holders of
3
Dec.
rec.
Oct.
31a
Jan.
Holders of
rec.
Dec.
20a
1 Holders of
rec.
Dec.
20a
3
Nov. 30 Holders of
reo.
Nov.
la
17
...
Lindsay Light, common (quar.)
Common (extra)
Nov.30 Holders of
rec.
Nov.
31
Nov. 30 Holders of rec.
Nov.
50c. Dec.
....
3
ManatI Sugar, common (quar.)
31
2K
Dec.
Massachusetts Gas Cos., pref
2
Jan.
IK
Dec.
Holders of rec; Dec.
la
7
Moline Plow, first preferred
(quar.)
v.
—
National Acme Co.
(quar.)
Nat. Biscuit, com. (qu.) (No. 78)
Preferred (quar.) (No. 79)
National Cloak & Suit, pref. (quar.)
National Enamel. & Stamping, pref. (qu.)
National Grocer, common
Preferred.
(quar.)
—
$4
Dec.
3
Dec.
3
Nov.
7
10 Dec.
to
to
1
to
*
Deo. 10
Holders of rec.
Deo.
20 Nov.21
10c.
Dec.
10 Holders of
Deo.
10 Holders of
rec,
Dec.
31
Nov. 20a
rec
10c.
4
.
to
1
Dec. 20
to
Dec.
21
Dec.
21
Dec.
to
la
Dec.
to
la
Dec. 31
Dec. 31
3
Dec.
31
)"&Co"jnc". j)Y.(qu")~(No.58)
IK
Dec.
1
Holders of rec,
Whlte(J.G.)Eng'g Corp.,pf.(qu.) (No.19)
White (J. G ) Manag't, pf. (qu.) (No. 19)
While Motor (quar.).....
Woolworth (F.W.)Co., com.(qu.) No.22)
Woolworth (F. W.) Co.] pref. (quar.)
Youngstown Sheet & Tube, com. (quar.)
IK
Deo.
1
Holders of rec
Nov. 15a
IK
Dec.'
1
Holders of
Nov. 15a
SI
Dec.
PTBfCTTCd
White (J
«
G
31
Nov. 15a
rec,
Holders of rec,
Dec.
17
2
Dec.
Holders of reo
Nov. 10a
IK
Jan.
Holders of rec,
Dec.
dJan.
Holders of rec,
Dec. 20a
2
10a
dJan.
Holders of rec,
Holders of rec
Dec.
Dec.
8
to
Dec.
9 i
7KC.
*
dJan.
SI
_
3
IK
Common (extra)
Preferred (quar.)
Yukon-Alaska Trust
(quar.)
Dec. 20a
Yukon Gold Co. (quar.)
Dec.
31 Dec.
8
to,
Dec.
12 1
a
Transfer books not closed for this dividend,
rection.
e
Payable in stock.
Dec. 20a
b Less British Income tax.
d Cor¬
<7 Payable Id sorlp.
i Payable In Liberty Loan bonds,
k De¬
/Payable In common stock.
.
clared 8%, payable In quarterly Installments of 1% cash and 1% In common stock
as follows: On Nov. 30 to holders of record Nov. 19; on Feb. 28 1918 to holders of
rec.
Nov. 15
1 Nov. 16
i
to
Nov. 30
2 Holders of rec. Dec.
1
Holders of
rec.
Holders of
1
10
Nov. 15a
2K
Dec.
31
Dec.
5a
Dec.
31 Holders of
rec.
Dec.
5a
Dec.
1
Holders of
rec.
Nov. 15
rec.
Dec.
1
Holders of rec. Nov. 17a
Jan.
2
Holders of
Dec.
Jan.
2 Holders of rec. Dec.
15
l
Dec.
15 Holde.s of
Dec.
5a
IK
Dec.
15 Holders of rec. Dec.
5a
record Feb. 18 1918; on May 31
1918
to
holders of record
Aug.
1918 to holders of record May 21 1918; on Aug. 31
21
1918.
^
(Canadian Govt.) bonds,
m Less five cents per share
war Income tax.
n Declared 7% payable in quarterly Installments, viz.: 1M %
as above; 1K%. April 1 1918 to holders of rec. Mar. 15 1918; 1K% July 1 1918
to holders of rec. June 15 1918 and IK % Oct. 1 1918 to holders of rec. Sept. 14 1918.
o Declared 5% payable In quarterly installments beginning with March 15
1918.
p Approximate; payable in common stock.
,
I Payable in Victory Loan
15
IK
IK
_
*
1
6
Holders of rec. Nov. 19
IK
(quar.)
(No. 21)
Preferred (quar.) (No. 21)
Montreal Cottons, common (quar.)...
-
20a
Holders of
IK
Montana Power, com. (quar.)
}
-
Oct.
29 Deo.
1
1
HoldcrB of reo,
h On account of accumulated dividends,
2K
Ertra
—
Preferred
Dec.
3a
19
Holders of rec. Nov. 24
20 Holders of rec. Dec.
Dec.
IK
Middle West Utilities, pref. (quar.)
Dec.
Mar.
1
Dec.
Maxwell Motor, 1st pref. (quar.)
(qu.).
Mergenlhaler Linotype (quar.) (No. 88)...
Oil...
Wayland Oil & Gas, common (quar.)....
Dec.
to
1
Dec.
1
common
1
3
preferred.....'
(extra)
Western Grocer, common..
Dec.
11
Dec.
Dec.
1
Dec.
110
Manhattan Shirt, com. (qu.) (No.
11)
Maple Leaf Milling, Ltd., common
Washington
30c
31
la
la
IK
......
Mahoning Investment
May Department Stores,
rec.
1 Holders of rec. Nov. 15a
Dec.
2
IK
Preferred (quar.)
Magma Copper Co. (quar.)
Holders of
rec.
2K
...
F Preferred
rec.
25c. Decr 15 Holders of rec. Nov. 26a
Dec.
1 Holders of rec. Nov. 20a
(No. 49)
(extra)
Dec.
15a
Nov. 15a
Mar. 15 Holders of rec,
Dec.
U. 8. Steel Corporation, common (quar.).
Nov. 30a
Dec.
rec,
Holders of rec,
IK
IK
Nov. 30
to
Holders of rec,
2 Holders of
IK
Kings County Elec. L. & Pow. (quar.)..
Kress (S. H.) Co., preferred (quar.)
Lackawanna Steel, common (quar.).....
Common (extra)
Laclede Gas Light, common (quar.)
Dec. 31
to
United Cigar Stores of Amer., pref. (qu.)
United Drug, common (quar.)
2
to
21
8a
2 Holdeis of rec, Dec.
to
Nov. 30 Nov. 21
Nov. 30
Inland Steel (quar.1)
Nov. 28
18a
Nov. 30
rec,
5
Underwood Typewriter, common (quar.)
Common (extra)
;
Int. Harvester of N. J., pf. (qu.) (No. 43)
Int. Harvester Corp., pf. (qu.) (No. 19).
SI
Nov 22a
Holders of rec.
Holders of rec
15 Holders, of
International Nickel, common (quar.)...
Interstate Elec. Corp., pref. (quar.) (No.
8)
Nov. 19
rec.
3
Dec.
1
15
Nov. 30
IK
DeCi
12
Nov. 30
20 Holders of rec. Dec.
rec.
Dec. 20
Holders of
Dec.
10
Dec. 20
31
1
_
87 Kc
3
.
Nov. 28
rec.
Dec.
n
IK
2 K
_
__
1 Holders of rec. Nov. 24a
to
1M
Standard Oil of N. Y. (quar.)
Standard Oii (Ohio) (quar.)_.:__
/5
.
to
1
3
Standard Oil (Nebraska)
__
1
Holders of
3
15 Holders of rec. Dec.
31 Holders of rec. Nov. 30a
Preferred (quar.)
1
Dec. 20 Dec.
6
_
Dec.
(special).
2
Dec. 20 Deo..
2
;
Jan.
Nov. 80a
15 Holders of rec. Nov. 30a
Jan.
5
)(No. 36)
__3
rec.
Dec.
Dec.
5
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (quar.)
South West Pa. Pipe Lines (quar.)z.-,».
Dec.
Holders of
Holders of rec. Nov. 30a
25
IK
...
Holders of rec. Nov. 30a
15
5
Standard Oil (Kansas)
Dec. 20
to
15
Dec.
4K
______
iquar.
15a
Deo.
7
IK
General Asphalt, perf. (quar.) (No.
42)..
General Chemical, common (quar.)
9
5
15a
IK
common
SI
Foundation Co., common (No. 1)
Common (extra)
1
la
21
Holders of rec. Jan.
la
la
15
IK
IK
(quar.)
First preferred (quar.)
Second preferred (quar.).:
Holders of
Jan.
28 Holders of rec. Feb.
rec.
(qu.) (No. 5)
1
Dec. 31a
rec.
Holders of
common
Nov. 30
15 Holders of
29 Holders of
15 Holders of
1
Jan.
Nov. 30
Nov.30
Savage Arms Corp.,
Dec.
to
to
Dec.
com.
5a
15
Nov. 16
IK
IK
12a
Dec.
Feb.
5 Holders of rec. Nov. 14a
IK
12a
IK
Jan.
6 Holders of rec. Nov. 15a
Quaker Oats, preferred (quar;)
Railway Steel-Spring, com. (quar.)......
Preferred (quari)-----(No. 57)
IK
Elk Horn Coal Corp., preferred......
Everett, Heaney & Co., Inc. (quar.) -.
Fairbanks, Morse & Co., pref. (quar.)..
Federal Mining & Smelting, pref.
(quar.)
Preferred
3
(quar.)...
common
Preferred (quar.)
St. Joseph Lead..
IK
(quar.)
Quaker Oats,
d30c
......
Dec.
Dec.
Dominion Steel Corp." (quar.)
>'preferred (quar
Nov. 15a
1
04
2
Linde Air Products, common (quar.)
Nov. 30
1M
75c. Dec.
Dominion Textile Ltd., com.
(quar.)
Eastern Steel, common (quar.)..
com.
Nov. 30
rec.
Pressed Steel Car, com. (quar.) (No. 29).
Preferred (quar.) (No. 75).
IK
(quar.)......
Milling,
JsftPreferred (quar.)
19
Porto Rico-American Tobacco
2
...
Preferred
15
Dec.
Nov. 30a
8Kc-
pref. (quar.) (No. 61)
Cuban-American Sugar, com. (quar.)__.
Preferred (guar.)....
Cudahy Packing, common (quar.)___...
Cumberland Pipe Line (annual).
Deere & Co., pref. (quar.)...
Lake of the Woods
Dec.
1
8 Mo. Jan.
...
16
No.v. 23a
to
1 Holders of
1
Nov. 17a
Nov. 23a
Crucible Steel,
Jewell Tea, pref. (quar.)
Kerr Lake Mining (quar.)
Dec.
Nov. 30a
SI.50 Dec.
,
Independent Brewing (Pittsburgh),
Preferred (quar.).
Indian Reflhing, common.......i
Preferred (quar.)..
a
1
Jan.
Jan.
1 Dec. 23
(quar.)..
to
IK
Pabst Brewing, pref. (quar.)...........
Dec. 15 Dec.
7
to
IK
Pacific Mail S3., pref. (quar.).,
Deo.
1 Holders of reo
IK
20c. Jan.
2 Holders of rec.
Pennsylvania-Kentucky Oil&Gasoline (qu.)
Jan.
2 Holders of rec.
Pennsylvania Water & Pow. (qu.) (No. 16)
IK
Philadelphia Electric (quar.)
43.75c. Dec. 15 Holders of rec.
Pittsburgh Brewing, pref. (quar.)
to
•_
87Kc. Nov. 30 Nov. 20
1 Holders of rec.
si
__________
(quar.)....
Hartman Cor poratlon (q uar.)
Hart, Schaffner <fe Marx, Inc.,
Jan.
1 Holders of rec.
17 Nov. 27
;
Jan.
to
10 Holders of rec.
Dec.
a
to
23
Dec.
3
Gulf States Steel, common
First preferred (quar.)
23
Dec.
Continental Oil (quar.)
Riibber,
Dec.
1 Dec.
Dec.
50c. Jan.
10
1
IK
15 Holders of
Goodyear Tire &
31 Holders of rec. Dec.
75c < Jan.
IK
Dec.
(quar.)
Dec.
50 c. Jan.
.....
3
IK
Preferred
....
.......
25C. Dec.
stock).
SI
...
Machine, common (guar.)...
.
1
common
Old Dominion Co. (quar.)
Owens Bottle
.
Cons. Interstate Callahan Mining (quar.)
Consolidated Gas of New York (quar.)..
Common (payable in
20 Holders of rec. Nov. 24
_
2
General Cigar, pref. (quar.)
General4 Development (quar.)
Nov. 24
rec.
Preferred
12
75c. Dec.
(quar.) (No. 8)..
common
15a
/5
$4.75 Dec.
Common (extra)
50c. Dec.
Chemical,
15a
1 Holders of rec. Jan.
7
Extra
General
15
Nov. 20a
1 Holders of rec. Nov.
15a
IK
Galena-Signal Oil, common (quar.)
Preferred (quar.)
20
Deo.
reo.
to.
Feb.
Nov. 28
Colorado Power, pref. (quar.)._l
Connecticut Power, pref. -(guar.) (No. 19)
Connecticut River Power, preferred......
Common
Dec.
reo.
Nov. 30 Holders of
SI.25 Dec. 20 Holders of
Dec.
Chesebrough Manufacturing (quar.)..
Preferred
7
2 Holders of
Dec.
SI.25
Ohio Oil (quar.)
Extra
Dec.
_
Extra....:
1 Holders of rec. Nov. 23a
20 Dec.
1 Holders of rec. Nov. 21
2
75c. Dec.
1
Dec.
24
Chandler Motor Car (quar.)
Match
Jan.
reo.
1 Holders of rec. Nov. 20
Ohio Cities Gas, common (quar.)__L_._.
Common (payable In common stock).
20
Ordinary preferred (quar.)
Diamond
(No. Cj£)
1 Holders of rec. Nov.15
15 Holders of
Jan.
Dec.
...
Extra
(qu.)
com.
15 Holders of rec. Nov. 30a
IK
NovaScotlaSt.&Coal, com.(pay.com .stk.) f20
Ogilvie Flour Mills, Ltd., pref. (quar.).,
IK-
Dec.
Case (J. I.) Thresh. Math:, pref. (guar.)..
Central Foundry, first preferred (quar.)
,
Deo.
2
Jan.
IK
;
■
2
S2
Cambria Steel (quar.)___.
L...>
2
$10
_______
Calumet & Arizona Mining (quar.).
Calumet & Hecla Mining (guar.)
Cerro de Pasco Copper
Extra
7
20a
3c. Jan.
Bethlehem Steel, common "A" (quar.)
Common, Class "B" (quar.)...
Extra
Dec.
rec.
2 Holders of rec. Dec.
3c. Jan.
3 K
Barnett Oil & Gas (quar.)
Extra
conv.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
.
Atlas
Cumulative
CHRONICLE
75c. Dec.
1
Holders of
rec.
rec.
rec.
Nov. 15 a
Dec.
IK
Jan.
15 Holders of
rec.
IK
Nov. 30 Holders of
rec.
IK
Dec.
1
IK
Dec.
3]
Dec.
1 la
IK
Dec.
31
to
Jan.
1
3
Dec. 31
to
Jan..
1
29a
Nov. 17a
Nov. 23a
Sales.—Among other securities, the following
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Francis Henshaw & Co., Boston:
Auction
not
Shares.
Stocks.
25 Arlington Mills
10 Maverick Mills, pref__._.
25 Plymouth Cordage
Percent.
S per sh. 'Bonds.
$1,000 Union Steel Co. 5s, 1952
100
^.._106K
75
182
t
59 Modern
Shares.
Per cent.
Slocks.
Pen
Per cent.
Stocks.
$.50,000 Kan. City Mex. &
12
Co..*.
813
lot
200 Gibraltar Mines 8ynd.( $1 eachl
$200,000 Nat. Rys. of
5 N.
secured
notes
Mexico 6%
$25,100
W. Houston St.
Per cent.
Bonds.
secirel
Nov.
notes,
ctfs. of deposit....
30-yr.
$200 lot
note
1st
1915
ctfs.
30
....
1951,
4s.
CHANGE OF TITLE.
Stocks.
$ per sh.
105
.......196^
4 Newma-ket Mfg...
17 Farr Alpaca
The
3'York
Stocks.
%persh.
Pass.
30 Germantown
50 Otto
Canadian Bank Clearings.—The clearings for the week
ending Nov. 15 at Canadian cities, in comparison with the
same week in
1916, show an increase in the aggregate of
0.7%.
■
$ per sh.
•
80
35
& Eye..
Elsenlohr.,...
7 United Gas & Elec., 1st pref...
..260
1 Market Si. Title & Tr., $40 pd.-110M
52
60 Mt. Holly Nat. Bank
5 Amer. Academy of Music
30
$1
$25 Giant Port. Cement com. scrip.
8 North Phlla. Trust, $50 each..;200
13%
8 American R ores, pref..
Week ending November 15.
.
Clearings at—
Per cent
Bonds.
89 People's Nat. F Ins., $25each..
20 Unite 'Fhemen's Ins., $10each.
Inc. or
$5,000 Midland Valley RR. adjust.
5s, se-ies A, 1953.......—...-.
90
Banks.—The following information regarding
national banks is from the office of the Comptroller of the
National
Montreal.
1914.
1915.
Dec,
%
$
89,902,101
64,085,045
—15.8
62,618,196
54 ,496,102
—15.0
76 ,762,587
62,455,338
+ 22.9
75 ,740,530
....
Vancouver
APPLICATION FOR CHARTER.
"
9 ,842,944
6,821,982
+44.3
Ottawa
Currency, Treasury Department:
5 .411,021
5,375,545
+ 0.7
4
4,751,327
—1.2
2,362,968
+ 32.8
43,361,176
54,764,847
5,922,418
4,624.200
3,676,291
2,077,882
Toronto
...
Winnipeg
Quebec
.
For organization of National banks:
Bank of Commerce of Independence, Kan__
100,000
of State banks:
.692,144
3 ,137,708
.....
25,000
33,305,168
6,527,230
4,443,591
3.508,665
Calgary
9 ,954,642
7,157,833
+ 39.1
5,063,047
2,008,610
3,178,637
5 ,055,604
4,770,803
1,829,736
+ 59.7
3,425.612
2,579,067
+ 17.0
1,406.635
1,412,749
1,389,160
2,003,322
2,631,915
4,001,143
716,238
+26.6
1,585.555
+ 17.0
1,823.005
2,234,390
St.
....
2 ,139,865
John.;
Victoria.
.
_
London
_.....
...
_
_
.
,758,878
2 ,344,526
3 ,785,903
4 ,797,486
1
.
....
...
Edmonton
The First National Bank of Cuba, 111.
Capital
Conversion of The Farmers State Bank of Cuba,
50,429,224
39,114*568
Hamilton
Halifax
The Allen National Bank, Allen, Okla.
Capital
$25,000
The Chowchilla National Bank, Chowchilla, Cal
Capital50,000
The First National Bank of Oilton, Okla.
Capital
25,000
For conversion
1916.
1917.
30
Canada-
The National
Bank & Trust Co. of
$400,000
$25,000
Orleans.
Capital...
Lenapah National Bank, Lenapah, Okla.
Capital
Liquidating Agent:
C, C. Elrod, Lenapah.
Absorbed by the Cherokee State Bank of Lenapah.
each.375-376
Stocks.
3 De Long Hook
100
Ry...
40 Farmers' & Mech, Nat. Bank..144
Absorbed by the Hibernia
New
% per sh.
...113
»
Mfg., ex-dlvs.—
2 Best. Atheneum, $300
Shares.
of New Orleans, La.
Liquidating
Hugh McCloskey and R. W. Wilmot,
Bank
J. J. Gannon,
New Orleans.
The
Stocks.
Shares.
Hibemia National
Committee:
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
VOLUNTARY LIQUIDATIONS.
1912 coupons on,
By Messrs. R. L. Day & Co., Boston:
Shares.
Lordsburg, Cal., to "The First National
Verne."
Bank of La
depi.—-$150 lot
of
50,000
-
$250,000
Thr First National Bank of
1943, ctfs.
5s,
$125,000 K. C. Mex. & Orient Ry.
$50,000 Mo. Kan. & Tex. Ry. 2-yr.
5%
1st
Corp., $10 lot
.$200,000
N. Y. Capital
increase
lot
of de¬
posit
$5,300 lot
1,910 No. Am. Invest., 85 each, $100 lot
$85,421 Moffat Estate Co. 6s, 6%
3 65
111 .Capital increased from
$300,000 to $500,000.
Amount
The Sandy Hill National Bank of Hudson Falls,
increased from $50,000 to $100,000.
Amount
Total
Salt Lake RR.
$98,400 Denver «fe
Y. County Nat. Bank...100
The National Produce Bank of Chicago,
-
650
National Bank
10 Hanover
Orient
due 1916— 14
$250 N.
Y. Chamber of Comm.
Bldsr. fund Incomes
18
RR. 2-yr. 6% notes,
500 Bullfrog Jumper Min., $1 eaclif
60 Yates & Porte-field Trad., pfd{
OF CAPITAL APPROVED.
INCREASES
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
[Vol. 105.
CHRONICLE
THE
2072
Regina
Brandon
952,702
+ 43.8
+ 19.9
+ 33.0
1,849,925
1,570,139
2,433,132
2.021,698
3,037,890
987.154
635,630
981.050
+ 16.8
689,699
386,178
2
,482,453
2,206,868
+ 12.5
1,854,377
1
,753,046
1,503,906
+ 16.6
1,536,966
Brantford
842,568
833,212
+ 1.1
618,205
1,162,997
933,254
505,679
Fort
William
820,296
568,972
+ 44.3
-305.046
New
Westminster......
370,833
274,451
+ 35.0
245,406
Medicine Hat
660,317
725.051
—9.0
451,431
Peterborough.....
673,442
,f 533,132
+ 26.5
490,374
Sherbrooke
686,274
594,687
+ 15.5
Kitchener
588,650
529,402
+ 11.2
Lethbridge
Total
capital
....
organizations:
Capital..
The Stockmen's National Bank of Raynesford, Mont.
The First National Bank of Fresno, Mont.
Total
$25,000
25,000
Capital
$50,000
Capital
CHARTERS
EXTENDED.
Wells Fargo Nevada National Bank of San Francisco, Cal., Char¬
ter extended until close of business Nov. 5 1739.
The Federal Reserve
1 .146,692
......
Saskatoon.....
Moose Jaw
ISSUED.
CHARTERS
Original
$225,000
,..i_
—
...
270,847.213 269,005,187
Total Canada.
640,106
312,430
•
331,464
411,264
+0.7 202.799,808 159,701,405
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Nov. 17.
Payments to Reserve banks of the 18% installment on account of the second Liberty Loan and redemption by the Government of
of Cert ificates of Indebtedness are reflected to some extent in the weekly bank statement issued as at close of business Nov. 16 1917.
These operations affect Government deposits which show an increase of 159.7 millions, members' reserve deposits which
increased
300 millions
about 73.6
during the week and most of all uncollected items, 1. e. checks and drafts on banks both within and outside the districts deposited with
banks, which show an increase for the week of 156.7 millions.
A considerable portion of these items is made up of so-called transfer
drafts, mainly Eastern exchange, bought by Western Reserve banks and for which immediate credit is given to member banks.
By far the larger
portion of payments on account of the Liberty Loan was made apparently in the form of book credits and U.S. Certificates of Indebtedness.
Aggre¬
gate gold holdings of the Reserve banks show a further increase of about 11 millions, while their Federal Reserve note circulation increased by about
millions
Federal
40
Reserve
millions.
The New York Bank reports a decrease of 14.4 millions in reserve and an increase of 23.8
millions in reserve deposits mainly from payments of
by newly admitted members, and decreases in both Government and non-members' clearing deposits.
Its bill holdings decreased about 31
following the liquidation in some volume of member banks' collateral notes secured largely by Government bonds and certificates.
The
bank reports an increase of about 150 millions in its holdings of U. S. Certificates of Indebtedness which fall due during the coming week.
The bank
disbursed to foreign Governments during the week a total of 105 millions, of which 50 millions went to Great Britain, 40 millions to France and 16
millions to Italy.
Discounts held by the banks decreased 22.3 millions, the larger decrease reported by the New York Bank being partially offset by substantial
Increases shown under this head by Boston, Philadelphia, Cleveland and Chicago.
Nearly two-thirds of the discounted paper on hand is in the form of member banks' collateral notes, the total held, 319.6 millions, indicating net
liquidation of 76.9 millions of this class of paper for the week. - About 208.2 millions of these notes, compared with 300.3 millions the week before are
secured by Liberty bonds and U, S. Certificates of Indebtedness.
Acceptances;? on hand show an increase of 12.9 millions, New York and San
Francisco reporting the largest gains for the week. - Outside of New York the banks show a net liquidation of about 4.5 millions of U. S. short-term
securities.
Other earning assets show little pr no change for the week.
Total earning assets show an increase of 136.4 millions and constitute at
present 1387% of the banks' paid-in capital, compared with 1207% the week before.
Of the total, discounts constitute 52.7%, U. S. Securities
2652%; acceptances—21.0% and warrants 0.1%.
Payments on capital account by newly admitted members are reported by four Reserve banks, the total paid-in capital of the system, showing
an increase for the week of $1,346,000.
The list of institutions which paid for stock of the Reserve banks includes among others the Union Trust
Company, the U. S. Mortgage and Trust Co. and Columbia Trust Co. of New York, also the Wayne County and Home Savings Bank of Detroit,
and the First Trust and Savings Bank of Chicago.
•
Government deposits show large increases at the Boston, Philadelphia, Cleveland, Richmond, Chicago and St. Louis banks, while increases In
member banks' reserve deposits were heaviest at the Boston, New York, Chicago and San Francisco banks. 'The non-member banks' Clearing Ac¬
count shows a further reduction following admission to membership of a number of large trust companies in New York City and the transfer of their
clearing accounts to the reserve deposit column.
■
There has been an addition of $43,236,000 to the total of Federal Reserve notes outstanding, all the agents reporting substantial note issues for
the week.
The total of $1,038,620,000 outstanding is secured by $629,906,000 of gold and $431,182,000 of paper.
The banks report an actual
Federal Reserve note circulation of $972,585,000, an increase of $40,073,000 for the week.
reserves
millions
The figures of
are given in the following table, and in addition
with those of the corresponding week of last year, thus
jurnishing a useful comparison.
The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June '22.
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
we
the consolidated statement for the system
as a
whole
present the results for each of the seven preceding weeks, together
and the Federal Reserve banks.
Combined Resources
and
Liabilities
of
Nov. 16 1917. Nov.
RESOURCES.
Gold coin and
S
by banns.
Total gold
S
Nov. 3 1916.
$
Oct.
26
1917. Oct.
$
at
19
the
Close'
of
1917. Oct. 11-12'17.
$
$
Business November 9 1917
Oct. 5 1917.
Nov. 17 1916.
tSept. 28 '17.
$
$
526,792,000
507,403.000
501,311,000
461,113,000
419,195,000
482.716.000
t481,614,000
385,724,000
378,514,000
363,967,000
369,799,000
321,778.000
334,787,000
$
445,597.000
342,337.000!
;
293,441,000
140,821,000
fund
reserves
Legal tender notes, silver. Ac.
52,500,000
52.500,000
52,506,000
52,500,000
52,500.000
52.500.000
52,500.000
52,500.000!
'945,627,000
932,325,000
877,580,000
841,494,000
856.994,000
1868,901,000
840,434 ,0001
616,254,000
602,433,000
614,692,000
618,827,000
580,734.000
560.111.000
558,227.000'
11,496,000
11,317.000
11,164,000
11,218,000
9,717.000
9,465,000
9,809.000!
1,383,000
1,534,328,000 1,573,377,000 1.546,075,000 1,503,436.000 1,471,539.000 1,447,445,000 tl438 477,000 1,408.470,000!
49,039 .OOOi
t48,238,000
48,113,000
52,208,000
48.973.000
50,744,000
49,506,000
52,525,000
......
943,002.000
629,906,000
.......
Federal Reserve Agent.
Gold redemption
Federal Reserve Banks
1917.
11,420,000
Gold with foreign agencies
Gold with
9
363,710,000
certificates In vault...
Gold settlement fund
Total gold Held
the
674,103,000
1.636,353,000 1,625,585,000 1.596,819,000 1,552,942,000 1,520,512,000 1,495,558.000 1,486,715.000 1,457,559,000*
265,251,000
233,539.000;
286.615.000
293,164.000
510,154,000
487,850,000
503,965,000
397,094,000
186,162,000
185.775,000
171.611,000
181,001,000
177,590.000
193,869,000
186,012,000
176.169,000j
690,683,000
451,413,000
55,727,000
409.708.000;
117,493,000
55,129.000!
73.632,000
39,876.000;
39.115,000
11,167,000
.
434,262,000
238,458,000
16,580,000
i
Total
reserves...,
Bills discounted—members...
Bills bought, In open market.
Total
bills
on
...
hand...........
J. S. Government short-term aeeurltlea
Total
Due from
warrants.
earning
other
F.
assets
R.
_
banks—net)
Uncollected Items
Total dedue'Qs from gross deposlts.
All other resources.
Totat
resources...
691,155,000
689,977,000
574,684,000
54,002,000
53,743,000
53,851,000
54,166,000
187,904,000
42,367,000
45,211.000
54,878.000
48.517.000
1,273,000
1,267,000
55,876,000
233,000
47,255.000
1,273,000
U. 8. Government long-term securities.
Municipal
478,939.000
19,704,000
97,789,000
233,000
101,000
79,000
224,000;
18,597,000
924,898,000
788,538,000
790,306,000
560.802.000
580,851.000
504,937,000s
186,372,000
681,719,000
458,226,000
55,088,000
17,83S,000
7,725,000
14.383,000
684,959,000
7
6.S96.000
32,540.000
582.435,000
17,147.000
428,514.000
271,796,000
317,901,000
281,677,000
332,302.000
321,205.000
230,423.000
234,361 .OOOi
446,382.000
537,000
3,736,000
279,521,000
332,284,000
240,290.000
2,570.000
5,929 000
59,773,000
59,773,000
338,352,000
232,993.000
537,000
288,573,000
537,000
364,842.000
537,000
500.000
500.000
500.000
500.000
470,000
2,989,000
1.588,000
1,354,000
1,185.000
1.000.000
574,000
387.000
6,121,000
3,012,406,000 2,697,170,000 2,721,534,000 2,528,365,000 2,447,841,000 2,417,845,000 2,301,633,000 2.203.673.000
943,419,000
Nov.
THE CHRONICLE
241917.]
Nov.
liabilities.
16
$
j
66,691,000'
Capital paid in
Nov. 2 1917.
1917.| Nov. 9 1917.
$
Oct.
26
$
1917. Oct.
2073
1917. Oct. 11-12 '17.
19
$
%
Oct. 5 1917.
Nov. 17 1916.
Sept. 28 191 74
$
$
%
$
61,291,000
61,847,000
62,629,000
61.101,000
61,027,000
59,379.000
175.912.000
59,198,000
74.167.000
76,365.000
132,221,000
71.289.000
t86,310,000
Due k«» members—reserve account
1,480,493,000; 1,406,982,000 1,372,023.000 1,264,323,000 1,230,557,000 1.265.30u.000 1,148,887,000 1,136,930.000
Doe tr> non members—clearing account
24,310.000
20,925,000
33,866,000
42,262.000
51.377.000
35.335,000
94,029,000
67.433.000
GO'st"1**"1 »
deposits
_
MbttiNv bank deposits—net
Items
Collect'on
Torn
F. R.
jrrrjKM
notes id
Total
liabilities
against net deposit Uab..
reserve
net
monev
f R
173.825.006 1159,258,666
210,048,000
157,524,000
647,425,000
3,012,406,000 2,697,170,000 2,721.534.000 2.528,365,000 2,447.841,000 2,417.845 000 2,301,633,000 2,203.673.000
67.1%
65.1%
70.4%
62.2%
66.5%
69.8%
69.2%
70.4%
943,419,000
73.9%
238,670,000
1,030,000
590,000
against
reserve
65.7%
Dotes in act. clrc'n.
63.6%
69.7%
70.8%
65.9%
deposit liabilities
QOldrea aCat
174,492,000
1,960,747.000 1,637,068,000 1.764.056.000,1,606,371,000 1,559,232,000 1.564.678.000 1.488,484,000 1,433.176,000
932,512,000
972.585.000
881.001.000,
77^,8^5 000
847,506,000
815,210.000
740,916,000
700,212 000
8,000.000i
8.000.000
8,000,000
8,000.000
8,000.000
8,000.000
8,000,000
8,000.000
4.186.0001
4,245,000
3,859,000
7,552,000
4,17* 000
3,200,000
4,383,000
2,906.000
deposits
actual eirculatlon
bank notes in circulation, net liab
All other liAh., inc.i foreign Govt, credits
Gold
55,704,000
25,171,000
622,254,666
19l',8lV.666
187,022",660
240,437,000
F. R
Gold and lawful
65.345,000
218,887.000
—_
67.3%
Nov. 16 1917.
Nop. 9 1917.
Nov. 2 1917,
$
S
$
Distribution by Maturities—
448.716,000
70.3%
Oct.
74.5%
73.8%
77.3%
26
1917. Oct.
453,144,000
1917
19
%
.
73.7%
73.0%
74.5%
76.7%
75 7%
v
76.9%
81.1%
100.5%
Oct. 5 1917.
Oct. 11-12 '17.
$
Sept. 28 1917/
$
$
$
,
Nov. 17 1916.
9
1-15 days bills discounted and bought.
1-15 days municipal warrants
16-30 days bills discounted and bought.
16-30 days municipal warrants
373,281,000
69,667,000
64.976.000
53,631,666
63.663.000
1
509,000
517,000
5.000
78,000
81-60 days bills discounted and
81-60 days municipal warrants
113,067,000
100.252,000
96,891.000
101,512,000
93,616,000
94,861 000
IO"4","O"O"4",666
97,025.000
) 136,090,000
98,000
52,000
523.000
24,000
11.000
11 BOO
-7,000
61-90 days bills discounted and bought.
81-90 days municipal warrants
121,757,000
72,313,000
77.715,000
75,211.000
59,999.000
67,225.000
64,011.000
69,614 000
i
147,000
193,000
94.000
90.000
NO 000
10.000
5 000
1
Over 90 days bills discounted and bought
Over 90 days municipal warrants
5,i39,000
2,719,000
7,564.000
7l.884.666
1,116,000
2,149 000
1,412,000
1,468.000
1
511,000
511,000
645.000
131,000
132.000
10.000
62,000
1,038,620,000
995,384,000
941,284.000
903,387,000
875,278,000
837.425.000
797,630,000
754.088.000
66,035,000
62,872,000
60.283,000
55,881,000
60,068.000
57.540,000
56,714,000
54,745.000
17,032,000
972,585,000
932,512,000
881.001.000
847,506,000
815,210.000
779.885.000
740,916.000
699.343.000
238,670,000
1,145,700.000 1,424,040,000 1,366,760,000 1,337,680,000 1,309,040,000 1.251.580.000 1,207,940,000 1,167.320.000
220,006.000
213.342.000
206.695.000
197.957.000
214,903,000
222,856,000
204,280,000
1,484.600
.84,938,000
344,190,000
259.725.000
233,277.000
178,321.000 )
228,355,000
146 BOO
8.000
"6*7",155*666
68,475.000
...
bought.
51,887~,o6o
54 (563 ,000
1
1
73.000 i
Federal Reserve Notes—
Issued to the banks
Held by
In
banks
...
...
circulation
Fed. Res
Notes
255,702,000
(Agents Accounts)—
Received from the Comptroller
to the Comptroller
Returned
1,257,095,000 1,201,184.000 1,146.754.000 1,122,777,000 1,095.698.000 1,011.885 000 1,003,660,000
205.470.000
219,390,000
220,420.000
205.800,000
207.460.000
206,030,000
218,475,000
Amount chargeable to Agent
In hands of Agent
393,220,000
308,282,000
969,363.000
215.275.000
52,580,000
'
*
Issued
to
'
995,384,000
941.284,000
903,387,000
875.278,000
837.425.000
797,630,000
754,088.000
255,702,000
243,030,000
Reserve banks..
1,038,620,000
250,689,000
249,495,000
267,166,000
282,351,000
274,221.000
269,911,000
276.645.000
146,157,000
408,714,000
Federal
3"79,i"30,666
338,851,000
288,695,666
256,451,066
256*691.000
237,519,000
198 019 000
How Secured—
By gold coin and certificates
By lawful
money
By commercial
paper
32,187,000
32,111,000
33,204,000
31,604.000
30 430.000
28,657,000
28.040 OOP
9.891,000
333,378,000
320.827,000
314,322,000
304.872.000
276.0N3.000
261,543,000
250.554 boo
82,410,000
1,038,620,000
995,384,000
941,284,000
903,387,000
875,278.000
837,425 000
797,630,000
754.088,000
255.702,000
439,202,000
365,107,000
303,704,000
270,185.000
263
248,912,000
204,467 00.1
17.833,000
....
-
Total
Commercial paper delivered toF.R. Agt.
a
431
182.000
Amount due to other Federal Reserve banks
b The figures for Sau
Francisco
•
for Sept. 21.
are
1 64
000
t Revised figures.
E WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE B ANKS at CLOSE
Two ciphers (00) omitted.
Boston.
New York.
Philadel.
RESOURCES.
$
$
S
Gold coin and certfs
Federal
Agents.
Total gold reserves....
!.
20,576,0
Chicago.
St. Louis
S
$
18,112,0
3,675,0
4,725,0
406,440.0
61,483,0
80,791,0
43,280,0
31,692,0
174,325.0
50.529.0
950,0
46,192,0
52,0
31,997,0
5,000.0
585,765,0 112,962,0 127,035.0
75,892,0
39.946.0
87,417,0
37,232,0
30,647,0
45,419,0
of BUSINESS
Minneap. Kan. City
$
Dallas.
NOV.
16 1917.
Ann Frav,
Total.
$
S
S
5,799,0
35,076,0
5.426,0
14,069.0
5,607,0
12,238,0
30,017.0
526,792,0
9,411,0
67,007,0
21,923.0
14,070.0
20,508,0
15,603.0
19,053.0
363,710,0
1,575,0
6,203,0
35,240,0
1,837,0
1.000.0
Res.
redemption fund
321,188,0
67,140,0
54,725,0
Total gold held by banks
Atlanta.
S
$
3,675,0
Gold with foreign agencies
Gold with
Cleveland. Richm'd.
11,104,0
in vault.—
Gold settlement fund
Gold
17,244,666
.31,843,000
355,033,000
Gold redemption fund
With Federal Reserve Board.......
7,350,0
2,100.0
2,100.0
2,625.0
1,838.0
2,888,0
52,500,0
16,785,0 109,433,0 "29,449.0
39.892,0
98,474,0 38.359,0
30.239,0
29,679,0
27,757.0
51.958.0
943,002,0
29,353,0
28,740,0
30,209,0
31,127.0
629,906,0
431,0
75S .0
689.0
515,0
905.0
57,212,0 208,338,0
68.566 0
00.181.0
59,464,0
58.401.0
615,0
535,0
1,499,0
606.0
315.0
59,0
588,0
57.494,0 209,837,0
69.172.0
60,496.0
59,523,0
58,989.0
11,420,0
83.095,0
1.5«4,328,0
213.0
52.525,0
500,0
193,0
92,463.0
628,131.0 113,820.0 127,535,0
76,085,0
Discounted—Member
36,286.0
223,297.0
16,046,0
10,157,0
76,813.0
17,181.()
13.475 0
31,900,0
10,423.0
16.111 0
28,437.0
31.220.0
25,859,0
25,386.0
34,444,0
10,775,0
Bought in open market—
12,191,0
5,595,0
5,624,0
7,465.0
10.537.0
4,951,0
10.372,0
17.174.0
193,869,0
Total bills on hand.
64,723,0
254.517.0
41,905,0
59,830,0
22,966.0
15.752,0
82,437,0
24.646,0
24.012,0
36,851,0
20.795.0
33,285.0
681.719,0
Legal-tender notes, silver, &c
f Total
858.0
42.366.0
5,046,0
I
reserves
282,0
10.0
\
83,308.0 1,636,853,0
V-
Blllis:
610,0
2.044.0
550.0
8,178,0
1,346.0
898.0
21,007,0
2.233 0
1 .t-60.0
8,849,0
3,972.0
2,455.0
54,002,0
2,536,0
156.072.0
2,860.0
3,529,0
2,364,0
7,060,0
3,404,0
1,693,0
1.819,0
2,210,0
2,821.0
1,533,0
187.904,0
1,017.0
10.0
12.0
413,650.0
45,325.0
71,549.0
37.273.0
924,898,0
4,641,0
10,390,0
3,189.0
1,973,0
6,150.0
2.9«1 0
1,923.0
9,988,0
2«6.0
17.772.0
al7,838,0
80.127.0
47,898,0
36,454,0
30.409,0
22,079,0
70,775.0
27.067.0
18.330,0
35,901.0
15,026.0
13.770.0
428,544,0
46,844,0
33,598,0
24,052.0
76,925.0
30,048.0
20.253.0
45,889,0
15,312.0
31.542.0
400,0
137.0
U. S. long-term securities
U.S. short-term securities
Municipal warrants
Total
earning assets
.'.
Due from other F. R. banks—Net
Items...
Uncollected
487.850,0
67,869,0
17,452,0
30.708,0
Total deduc'ns from gross dep
48.160.0
80.127.0
52,539,0
163.0
26,676.0
23,873,0 106,848.0
28,572.0
27,716.0
1,273,0
46.0
25.0
•
27.637 0
47,910,0
446,382,0
5% redemption fund against Fed¬
eral Reserve bank notes
All
other
Total
"
"
141",0
resources
139B
"""98,0
2,069.0
"885.0
3,736,0
404.0
152.123.0
208,492,0 1,121,908.0 211,684,0 245,928,0 136,500.0 105,558,0 393,708,0 129,801.0 109.350.0 153,722,0 102,479.0
resources
537,0
.
1.012,406,0
LIABILITIES.
Due to
members—Reserve acct-
Total
gross
<
44,324,0
72.0
5,911.0
460
36.0
657.133.0
51,196.0
IrculaMon
83,991,0 101.442.0
10.870,0
38,889.0
16.073.0
5,252.0
13,695,0
129.0
11,331.0
31,934,0
20,940.0
other
liabilities,
148,323,0
782.052 0
53,805.0
319,481.0
135.192.0 168,528.0
84.167.0
49.113.0 253,923.0
79.119.0
62.764.0 ,100,053,0
70,432.0
48.748,0
53,810,0 131,236.0
47,298.0
44,005B
70,429.0
a
42.018,0
8,000.0
473,0
2,700.0
663.0
Two ciphers (00) omitted.
Federal Reserve notes—
274.0
225.0
.....
OF
net amounts due to other
RESERVE
FEDERAL
Boston
New York
Fhlladel
AGENTS
Cleveland
Richmoni
$
S
S
Atlanta.
.
Chicago
At.
BUSINESS
Lovls.
yfinnenp
k
%
$
Kan. City
Dallas.
S
S
574,960.0
101.960.0
97,880.0
68,700.0
69.100.0 1 <4. J 20.0
61,380.0
59.480,0
64.740.0
64.180.0
111,915.0
15,861.0
8,248.0
14.513.0
10.092.0
5,766.0
7,934.0
8,841,0
11,163.0
11.615.0
Chargeable to F. R. Agent
65,012.0
463.015.0
86.090.0
89.632.0
54.187.0
59,008,0 178.354.0
53.446,0
50.639 0
53.577.0
52.565.0
7,400.0
113.520.0
12.140 0
15,940.0
3,920 0
57.612,0
349.525.0
73.959.0
73,692.0
50,267.0
27 ,060.0
165.460 O
4.220 0
2 682 0
8.865.0
W
In hands of F. R. Agent
fcft
R. Bank
F. R. Aeent—
certificates
ooin and
redemption
972.585,0
48.0
4,383,0
Total.
S
57.220.0 1,484.600,0
5.689.0
227,505,0
51,531.0 I .257.095.0
39,180.0
3.590.0
5.290.0
7.995.0
5.650.0
218.475,0
55.158.0 139,174.0
49,856.0
45.319.0
45.582.0
46.915.0
51,531.0 1 .038.620,0
2.512 0
13.102 0
3,850.0
3.604 0
12.592 0
Ran Fran
■
15,868,0
Gold
BOO.747,0
NOVEMBER 16 1917.
80.880.0
Issued to F.
1
Federal Reserve banks.
ACCOUNTS AT CLOSE OF
Received from Comptroller...
Gold
240,437,0
8,000.0
,
Returned to Comptroller
Held by
10,746,0
152,123.0 3,012,406,0
208,492.0 1.121.00? .0 211.684B 245,928,0 130.500,0 105,558,0 393,708.0 129,801.0 100,350.0 153,722.0 102,479.0
liabilities
Difference between net amounts due from and
STATEMENT
1>
66.691,0
218,887,0
'
53.225.0 103.190.0
46,471.0
44,852.0
including
foreign Government credits..
Total
.....
6,451.0
4.033.0
10,236 0
78,810.0 1.480.498,0
20.925.0
3.398.0
58,907.0
F. R. bank notes in circulation.
All
2,783.0
3,324.0
43,450.0
2,0
15*.971.0
23;872.0
2,635,0
3.585,0
46.017.0
18,420.0
deposits....
F, R. notes in actual
11,393,0
74,968.0
6,743,0
19,267.0
Due to Fed. Res. banks—Net..
r
14.559.0
42.917B
5.500.0
3,485 0
87.647.0
3,372,0
3.444.0
14,433.0
48,562 0
17,675.0
Due to non-mem.—Clearing acct
Collection Items.......
2.531.0
8,549.0
4,673.0 25,36'/ .0
33,498.0 183.756B
5,701.0
42,256.0
Capital paid in....
deposits
Government
14.480 0
244.030,0
3.600 0
497.0
2.21 ",0
275.0
2.012 0
0
1.849,0
2.403.0
42.421 0
30.000 0
31.500.O
34.070.0
98.199 0
33.805 0
14.500 0
28.360.0
10.874 0
29.301
0
355 033,0
175,200 0
23.430.0
27.500.0
18,270,0
15.266.0
40.700.0
11.197.0
15.996.0
15.373.0
19.158.0
20.404.0
408,714,0
57.612,0
Commercial paper
3.88,5.0
2 000 0
25 920.0
fund
With Federal Reserve Board-
349.525.0
73.959.0
73.692 0
.50,267.0
55.158.0
139,174 0
45.349.0
45.582.0
46.915.0
51.531.0
1.038.620,0
25,949.0
180.842 0
23.436.0
27,584.0
22,966.0
15,294.0
41,321,0
19.430.0
15.634.0
20.795.0
26.405.0
431.182.0
349.525 0
73.959 0
73.692 0
50.267.0
55.158.0
139.174.0
45.349.0
45.582.0
46.915 0
51.531 .0
1.038.020.0
30.014.0
3.530 0
3.260.0
1,519.0
1.348.0
7.938.0
740 n
"in n
7! >
Total
1.751
1.826.0
31.843.0
IP
Amount of
commercial paper de¬
livered to F. R. Agent
F. R. notes
outstanding
banks
F. R. notes held by
F. R. notes in actual
circulat'n
57.612.0
3.807.0
53.»0a 0
•>
} n
io»
o
40
49.856 0
2.558.0
«-
000
n
1.344.0
M
not n
3.564.0
4''.01°.0
444 0
46
6.679.0
66.035.0
171.9
44.852.0
972.585.0
[Vol. 105.
CHRONICLE
THE
2074
Clearing House Banks and Trust Companies.—The following detailed statement
Statement of New York City
Clearing House members for the week ending Nov. 17.
The figures for the
of the daily results. In the ease of totals, actual figures at end of the week are also given
shows the condition of the New York City
■eparate banks are the averages
WEEKLY
YORK
NEW
CLEARING
CLEARING HOUSE
Profits.
Capital.
National City Bank—
25,000,000
Chemical Nat. Bank...
3,000,000
Atlantic Nat. Bank.—
1,000,000
872,200
Bank of the Manh. Co-
6,000,000
1,500,000
2,550,000
1,000,000
2,000,000
3,500,000
1,500,000
5,000,000
Importers' <fc Trad. Nat.
Park Bank
250,000
East River Nat. Bank.
Nat.
Garfield Nat. Bank
Fifth Nat. Bank
Average.
1,802,000
373,000
6,537,000
957,000
1,840",660
8,068,000
3,777,000
560,826,000 11,283,000
1,762*000
2,857,000
635,000
445,000
7,767", 000
4,970,000
8,500,000
3,130,000
1,288,000
214,000
254,000
601,000
174,000
9,857,000
163,000
95,000
366,000
42,000
381,000
45,000
675,000
3,204,000
411,000
495,000
11,231,000
502,906,000
31,000
1,138,000
929,000
127,000
9,000
1,814,000
1,159,000
861,000
36,071,000
9,759,000
71,964,000
79,000
482,000
513,000
298,000
2,141,000
907,000
1,121,000
9,943,000
68,325,000
6,853,000
1,720*666
9,116,000
130,000
557,000
549,000
26,500,000
72,000
4,602,000
147,981,000
29,319,000
276",000
1,019,000
244,000
47,000
1,362,000
1,284,000
803,000
376,000
664,000
2,099,000
70,000
473,000
1,510,000
141,528,000
35,652,000
10,813,000
471,000
2,115,000
11,791,000
619,904,000
54,436,000
14,777,000
2,250,000
112,928,000
2,149,000
2,055,200
876,000
1,243,000
531,000
76,000
920,000
177,214,000
491,000
718,000
2,518,000
20,490,000
16,000
153,000
26,000
360,513,000
373,500
88,000
348,000
414,000
1,711,000
240,000
62,000
292,743,000
17,548,000
2,529,000
,511,000
353,000
877,900
11,639,000
400",000
5l",606
153,859,000
3,819,000
3,562,000
1,75*6", 000
6,558,000
219,000
3,947,000
766,000
16,000
21,838,000
558,000
2,521,000
467,000
52,000
17,279,000
161,824,000
20,364,000
17,752,000
1,120,000
94,213,000
9,251,000
351,000
640,000
253,072,000
21,218", 000
1,300,000
2,808,000
1,867,000
179,000
601,000
625,000
17,427,000
683,000
10,123,000
120",000
739,000
5,668,000
345,000
50,793,000
16,000
70,000
58,582,000
2,707,000
499,000
10,224,000
494,000
450,000
5,819,000
36,511,000
11,282,000
414,000
1.184,100
11,370,000
32,986,000
195",000
185,000
339",000
158",066
2,952,700
139,000
114,000
4,077,000
25,180,000
290,844,000
568,000
80,000
241,000
312,000
417,000
15,383,900
708,000
313,000
26,746,000
7,311,000
216,220.000
791,000
43,529,000
360,000
1,595,000
■
2,000,000
4,452,600
73,881,000
297,000
91,000
28,867,200
497,704,000
3,350,000
268,000
People's Trust Co.....
25,000,000
1,000,000
304,000
95,000
New York Trust Co...
3,000,000
1,253,300
11,230,000
24,129,000
74,823,000
46,000
37,000
Franklin Trust Co
1,000,000
1,187,300
28,883,000
2,000,000
59,491,000
13,747,000
18,000
239,000
99,000
Broadway Trust Co...
1,500,000
4,494,600
1,150,500
1,152,800
223,000
664,000
169,000
Metropolitan Trust Co.
Naasau Nat., Brooklyn
30,374,000
101,000
175,000
385,000
U.S. Mtge. &Tr. Co..
1,000,000
'
154,000
533,000
377,000
1,732,000
12,729,000
399,000
248,000
398,000
51,891,000
335,716,000 43,270,000
20,857,000 2,217,000
52,665,000 11,874,000
16,835.000
1,429,000
140,000
6,894,000
196,000
2,394,000
207,000
52,129,000
44,000
6,866,000
1,250,000
9,662,000
509,000
917,000
19,000
251,000
89,000
96,000
199,000
893,000
12,782,000
7,898,000
1,481,000
1,000,000
Guaranty Trust Co
852.000
35,731,000
316,000
130,000
50,000
3,166,000
1,500,000
11,250,000
Brooklyn Trust Co
97,000
21,584,000
34,000
622,000
231,000
75,901,000
208,000
106,741,000
27,752,000
216,000
47,000
209,000
91,000
48,000
270,340,000 12,685,000
190,000
11,004,000
2,838,000
112,000
246.000
421,000
81,908,000
16,310,000
209,000
635,000
66,000
621,000
150,000
2,217,000
381,000
284,000
1,099,000
29,000
102,000
11,043,000
7,007,000
44,531,000
47,583,000
14,495,000
2,691,000
166,000
358,000
1,414,000
2,260,000
77,000
3,405,000
429,800
1,000,000
•
105,306,000
9,171,000
1,985,800
1,329,300
3,000,000
307,000
23,108,000
76,000
.
31,000
119,192,000
37,529,000
7,244,700
7,756,700
17,134,600
Liberty Nat. Bank
Bankers Trust Col-—
778,000
27,176,000
Coal & Iron Nat. Bank.
Unlon Exch. Nat. Bank
$
2,000,000
163,444,000
3,316,500
4,221,300
3,188,000
23,800,000
1,655,000
4,131,000
50,666
178,650,000 308,043,800 4,321,698,000 47,959,000 18,073,000 28,164,000 18,688,000 519,993,000
Avge. for week k
3,344,124,000 205100000 32,997,000
4,457,547,000 47,710,000 17,765,000 27,278,000 19,018,000 530,878,000
3,234,424,000 204075000 33,037,000
4,094,967,000 45,126,000 17,942,000 26,725,000 16,869,000 527,372,000
4,085,395,000 41,785,000 16,782,000 25,386,000 14,613,000 530,363,000
3,695,868,000 41,054,000 15,954 ,'000 24,654,000 12,988,000 440,320,000
3,229,071.000 187663000 32.966,000
Totals, actual condition Nov.
Totals, actual condition Nov.
Totals, actual condition Nov.
Totals, actual condition
Bank
17...
10.
----
.
3—
Oot.
26—
r-
Bank.
of Fed eral Reserve
920,000
12,722,000
1,344,000
56,000
3,091,000
486,500
200,000
379,000
119,000
160,000
188,000
217,000
100,000
240,000
845,000
310,000
3,992,000
897,000
124,000
227,000
558,000
55,000
612,000
213,000
396,000
125,000
512,000
37,000
250,000
817,200
4,429,000
750,000
803,300
Fifth Avenue Bank
100,000
2,320,700
6,137,000
17,248,000
1,230.000
119,000
German Exchange Bank
200.000
818,800
5,543,000
400,000
761,300
6,389,000
404,000
705,000
89,000
Germanla Bank
1,000,000
2,302,200
64,400
14,801,000
774,000
96,000
773,000
228,000
572,000
572,000
381,000
10...
27
3...
Title Guar. & Trust Co.
..
Bank.,
of Fed eral Reserve
1,961,000
42,243,000
Mem bers
Not
5,000,000
!cl20,322,000 k8,266,000 k2,298,000 k3,730,000 k2,687,000
/;
.
1,812,000
336,000
390,000
782,000
5,000
8,000
40",000
5,830,000
19,155,000
654",660
5,593,000
2,297,666
6,633,000
13,035,000
254,000
89,000
1,359,000
1,264,000
633,000
4,227,000
22,016,000
43,000
26,464,000<
27", 000
k8,257,000 k4,248,000 kl23,190,000
k90,000
k50,000
kl20,447,000 k8,252,000 k2.277.000 k3,893,000 k2,526,000 k7,381,000 k4,552,000 kl19,084,000
kl57,727,000 10,417,000 k2,770,000 k3,717,000 k3,052,000 kl8,598,000 k3,332,000 kl67,033,000 k2,141.000
k 159,451,000 10,374,000 k2,488,000 k3.786,000 k2,744,000 kl6,211,000 k3,984,0.00 kl67,061,000 k2,139.000
3,672,000
221,562,000 2,184,000
19,769,000
4,227,000
5,861,000 3,462,000
221,650,000 12,820,000
17
Trust Companies.
70,000
260,000
1,101,000
11 117,200
Totals, actual condition Oot.
251,000
2,294,000
6,225,600
787,000
5,000
4,178,000
21,217,000
V
Totals, actual condition Nov.
83,000
24,567,000
1,500,000
Totals, actual condition Nov,
Totals, actual condition Nov.
~
418',000
1,000,000
Totals, avge. for week
'
294,000
390,000
980,800
325,600
West Side Bank.
N. Y. Produce Exch...
15,000
3,132,000
88,000
5,000
German-American Bank
State Bank
13,113,000
433,000
39,000
28,000
z'
Bank........
Bowery Bank
Bank of the Metropolis.
2,975,429,000 164955000 32,775,000
201,000
■
500,000
...
People's
3,217,374,000 179983000 32,812,000
Mem bers
Not
State Banks.
Greenwich
$
1,456,000
5,473,000
1,030,000 104,721,000
12,623,800
Seaboard Nat. Bank...
Average.
%
33,778,000
176,000
1,000,000
Lincoln Nat. Bank
Average.
t
5,519,000
464,000
10,000,000
1,000,000
1,000,000
250,000
Chase Nat. Bank
Average,
S
$
196,000
337,000
500,000
Irving Nat. Bank
N. Y. County Nat....
Average.
Average.
$
132,000
2,416,000
4,000,000
Bank
Nat.
First
10,000,000
Average.
$
181,000
34,139,000
3,679,900
27,094,100
4,770,200
1,000,000
Bank
taries.
425,000
106,000
,
3,000,000
Market & Fulton Nat..
ttcn.
taries.
Bank
470,000
3,500,000
Metropolitan Bank
Deposits.
324,000
403,000
5,351,000
77,500
Corn Exchange Bank..
Deposits.
145,000
5,571,300
20,864,400
Citizens' Nat. Bank...
Deposi¬
266,000
300,000
Hanover Nat. Bank...
Circula
Deposi¬
210,000
5,000,000
25,000,000
500,000
Pacific Bank
Time
6,802,000
418,000
American Exch. Nat...
Nat. Bank of Comm..
Demand
38,096,000
16,623,000
Nat. Butchers & Drov.
Chat. & Phenix Nat-
Net
Legal
Deposits
1,017,000
2,396,800
2,000,000
Bank of America
Net
Legal
16,924,700
2,683,200
2,050,000
Merchants' Nat. Bank.
Mech. <fc Metals Nat...
Average.
%
307,000
42,762,000
38,183,000
23,416,000
156,754,000
29,981,000
5,243,900
5,212,100
2,555,900
10,328.700
6,706,200
c48,277,400
8,885,200
2,000,000
Average.
Average.
$
$
*
Reserve Bank.
with
Federal
3Uver.
Notes
Members of Federal
Bank of N. Y., N.B.A.
Tenders.
Gold.
dkc.
/Nat. Banks Sept. Ill
\State Banks Sept.- 8/
Nati/>n
with
Legal
Investments,
Ending
Nov. 17 1917.
Reserve
ana
Loans,
Discounts.
Week
Second
Additional
Bank
Reserve
Net
MEMBERS.
Nat.
RETURN.
HOUSE
National
181,000
11,176,000
24,940,000
120,000
623,000
180,000
88,088",000
5,732,000
13,844,000
641,000
.
12,134,000
Fidelity Trust Co
1,000,000
1,197,400
Lawyers Title «fe Tr. Co.
Columbia Trust Co
4,000,000
5,000,000
5,104,300
6,512,800
Lincoln Trust Co
1,000,000
553,300
16,000,000
25,501,800
53,000
'
253,000
184,000
660,000
26,730.000
713,000
152,000
1,583,000
8,830,000
1,032,000
.111,000
1,501,000
162", 606
16,640,000
523,000
3,505,000
640,000
3,558,000
300,000
»70,098,000 12,774,000
282,000
234,000
80,000
37,000
766,000
199,000
304,000
1,337,000
12,795,000
586,000
1,407,000
kl80,291,000 k9,077 000
k851,000 kl,421 0OO kl,267,000
k8,566,000 k4,680 000
kl35,093,000 16,512,000
Totals, actual condition Nov.
17...
kl
kl24,668,000 17,378,000
Totals, actual condition Nov.
10...
k854,000 kl,272,000 kl.267,000 k8,381,000 k6,467,000
k982,000 kl,831,000 k2,097,000 kl5,078,000 k9,374,000
Totals, actual condition Nov.
3—
k218,710,000 28,783,000
k281,153,000 11,998,000
k312,333,000 12,595,000 kl ,207,000 k2,142,000 k2.195,000 kl6,993,00Q k8,963,000 k242,921,000 33,507,000
8,399,000 k368,585,000 53,581,000
17,661,000 kl,740,000 k2,442,000 k2,567,000 k31,608,000
k458,598,000
Totals, avge. for week
Totals, actual condition Oct.
27.
..
78,804,000 k9,012,000
8,928,000 83602407000 222002000 32,997,000
Grand aggregate, avge. 200,875,600 344,662,800 4,622,311,000 65,302 000 21 222,000 33,315,000 22,642 000 536^816 000
+ 6,667,000 + 3808000
+ 121,000
+249,000 + 1461000 + 1962000 + 3,421 000 -2,572,000
+ 66,255,000 —651,000
Comparison prev. week
condition
Nov.
Grand aggregate, actual
condition
Grand aggregate, actual
Comparison prev. week
17... 4 756 798,000 64,974,000 20,896,000 32,443,000 22,811,000 546,640,000 11,019,000 b,3478176000 221503000 33 037,000
+ 71,000
+222,951 000 -2 567,700 —798 000 + 170 000 + 793 000 -14,408,000 -1,687,000 —136,638 000 + 2916000
4,533,847,000 67,541,000 21,694,000 32,273,000 22,018,000 561,048,000 12,706,000 b36l4,814,000 218587000 32,966,000
Nov.
10
Grand aggregate, actual
condition
Nov
Grand aggregate, actual
condition
Oct.
Grand aggregate, aotual
condition
Oct.
3
4,557,179,000 64,754,000 20,477,000 31,314,000 19,552,000 563,567,000 12,947,000 b3627356000 215634000 32,812,000
27— 4,376,116.000 71,535,000 21,921,000 32,957,000 19,017.000 491,697,000 12,071,000 b3565576,000 220720000 32,775,000
20... 4,067,977,000 79,453,000 23,737,000 31,897,000 17,318,000 519,705,000 16,852,000 b3619771,000 220702000 32,729,000
•
$617,606,000.
b U. S. deposits deducted, $952,156,000.
c Includes capital set aside for foreign branches, $6,000,000.
k The heavy Increases in the aggregates of the Federal Reserve Bank members and the corresponding decreases In those of the State Banks and Trust Companies, are
a
U. S. deposits deducted,
inclusion in the Federal Reserve system of aggregates of Institutions formerly included in the State Bank and Trust Company groups. The name of the institu¬
transferred is as follows:
Oct. 13, Guaranty Trust Co.; Oct. 27, Bankers Trust Co.; Nov. 3, Bank of America, Pacific
due to the
tion' and
the date upon which its figures were
Nov. 10, Brooklyn Trust Co.;
Bank, Metropolitan Bank, New York Trust Co., Franklin Trust Co. and Metropolitan Trust Co.;
U. S. Mortgage & Trust
Co. and People's Trust Co.
■
.
Nov. 17, Bank of Manhattan Co.
„
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
-
.
'
'■
>
■
Inc.
a
Reserve
Cash
or
Dec.
Cash
b
Reserve
Inc.
or
Dec
Reserve
in
Total
Reserve
Surplus
from
Reserve
in
Total
Reserve,
Surplus
from
in Vault.
Depositaries
Reserve.
Required.
Reserve.
Previous Week.
in Vault.
Depositaries
Reserve.
Required.
Reserve.
Previous Week.
S
$
S
S
$
$
S
$
Members Federal
Reserve bank
State
banks*
Trust Companies*.
Total Nov. 17..
Total Nov. 10...
Total Nov.
3
Total Oot. 27...
•
S
S
519,993,000 519,993,000 440,898,120
8,257,000 25,238,000 22,174,200
12,616,000
8,566,000 21,182,000 20,263,950
79,094,880
+ 626,180
3.063,800
—3,431,980
+ 1,304,250
29,597,000 536,816,000 566,413,000 483,336,270
36,917,000 533,395,000 570,312,000 485,733,720
38,097,000 507,910,000 546,007.000 483,601,950
52.025.000 504,219.000 556.244,000 488,832.710
83,076,730
16,981,000
918,050
84,578,280
—1,501,550
+22,173,230
62,405,050
—5,006,240
67,411.290
—27.531.510
$
530,878,000 530,878,000 426,597,370 104,280,630
2,893,880
7,381,000 24.329,000 21,435.120
2,085,800
8,381,000 20,786,000 18,700,200
12,405,000
d
16,948,000
■
29,353,000 546,640,000 575,993,000 466,732,690
36,864,000 561,048,000 597,912,000 488,281,560
37.531,000 563,567,000 601,098,000 490,167,390
50,780.000 491,697,000 542.477,000 486.923.33^
—370,130
109,630,440
—1,300,170
110,930,610
+ 55,376,940
55.553.670
—20,946,300
of members of the Federal Reserve Bank Includes
amount of reserve required on net time deposits, which was as follows: Nov. 17, $6,162,000: Nov. 10, $5,616,810: Nov. 3, $5,412,870: Oct. 27, $4,937,400.
b This la the reserve required on net demand deposits in the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank lncludee
amount of reserve required on net time deposits, which was as follows: Nov. 17, S6,122,250: Nov. 10, S5,629,S90; Nov. 3, $5,399,640: Oct. 27, $4,948,650.
demand deposits in the ease of State banks and trust companies, but in the case
This la the
c
also
+ 2,906,300
Not members of Federal Reserve Bank.
a
also
109,260,310
S
+ 2,317,750
—5,594,180
Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as
reserve
required
on net
000; Nov. 3, S101,592,000; Oct. ,27. $97,034,000.
d Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as
000; Nov. 3, $98,566,000;
Oct. 27, $94,650,000.
.
/
follows: Nov. 17, $112,884,000; Nov. 10, $102,543,follows: Nov. 17, $111,771,000; Nov. 10, $106,662*-
Nov. 24 1917.]
THE
CHRONICLE
The State Banking Department reports
weekly figures
■howing the condition of State banks and trust companies
in New York City not in the
Clearing House, and these are
■hown in the following table:
In addition to the returns of "State banks and trust
presents a statement covering all the institutions of this class
m the whole State.
The figures are compiled so as to distin¬
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following;
Differences from
precious week.
Nov. 17.
Loans
and
investments
-.$935,580,900
38,713,800
12,051,700
47,135,500
Specie
Currency and bank notes
Deposits witb the F. R. Bank of New York
Total deposits....
1
Dec.
Dec.
19,900
Dec.
835,600
2,646,900
Inc.
1,083,779,100
Deposits eliminating amounts due from reserve deposltaries and from other banks and trust com- '
paniesinN.Y. City, exchanges and U.S. deposits 874,706,200
Dec.
Reserve
Dec.
on deposits
Percentage of reserve, 24.2%.
i
...
are
p. 1661.
provisions of the law governing the reserve require¬
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 com¬
putation of the reserves were given in the "Chroniole" April 4
1914 (V. 98, p. 1045).
The
ments of State
.
,
'
For definitions and rules under which the various items
made up, see "Chronicle," V. 98,
343,300
2,105,400
Dec.
184,993,600
2,760,800
7,485,600
RESERVE.
State
Cash in vaults
Banks-
$13,381,900
16,268,600
26.06%
cos.
Total.
-Trust Companies—
$84,519,100
13.02%
70,824,000
10.91%
11.76%
.14.30%
$29,650,500
Deposits in banks and trust
$155,343,100
STATE BANKS AND TRUST COMPANIES,
23.93%
Slate Banks
The averages
of the New York City Clearing House banks
companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
RESULTS
OF
BANKS
GREATER
AND
NEW
TRUST
COMPANIES
Capital
Surplus
Aug.
25...
Oct.
6...
Oct.
13...
4,665,195,5
4.698.954.2
4.692.376.4
3.877.888.8
38,506,722
192,841,100
318,243,800
+ 24,013,900
+ 4,177,600
+ 5,234,300
21,938,100
48,355,000
—915,800
—4,007,500
Currency and bank notes.
Change from last week.
22,290,400
+467,800
—1,560,100
34,155,800
+4,637,600
—3,454,800
577,598,900 2,312,641,700
+ 4,149,100
+ 6,661,000
211,830,700
325,945,800
+ 4,722,500
+ 1,906,900
115,024,600
326,797,200
+ 3,668,600 —18,924,100
38,070,800
40,659,900
—122,700
—1,806,200
taries.
42,127,9
43.419.1
281,906,7
267,102,9
253.693.5
580.079.3
578.289.4
546,135,3
206.401.2
43,859,5
45,759,5
252.160.7
575,446,1
Bank of New York....
201,925,6
44,614,0
246.539.6
Change from last week.
197,019,8
44,260,0
4.402.615.3
191.423.1
4.446.267.1
4.524.374.4
180.862.3
44,885,7
241.279.8
234.053.3
225,748,0
592,168,7
574,456,3
606.777.5
178.469.4
4.465.739.9
4,473,000,6
4,473,207,0
153.532.8
47.878.0
71.363.1
142.132.9
76.739.1
138.626.2
85,904,7
224.895.9
218,872,0
224,530,9
4.477.113.2
137,330,8
84.363.2
221,694,0
20...
27...
4.918.137.4
5,032,907,2
Nov.
3...
5,428,246,7
Nov.
10—
5,491,980,2
5,557,891,9
42.630.2
Non-Member Banks and
Trust
RETURN
OF
are
Net
.
Capital.
in
the
P. C. reserve to deposits.
Percentage last week.
+ Increase
report
16.8%
21.9%
17.2%
—
Decrease from last week.
made to
"Clearing House return"
on
the
Clearing House by clearing
the preceding
YORE CLEARING
Reserve
Tenders.
Average.
Average.
$
5 877 000
Average.
Deposi¬
taries.
taries.
Average,
Silver.
Average.
Average.
$■
t
3,723,000
56 000
23 000
7 000
Deposits
with
Legal
Deposi¬
%
55,000
National
Net
Net
Bank
Demand
Time
Circula¬
Deposits.
Deposits.
tion.
Average.
Average.
Average,
.
$
277 000
932 000
25,000
6,728,000
page:
HOUSE.
Additional
Legal
Reserve.
„
with
ds Federal
Notes.
613,100
705,600
21.7%
21.2%
Bank
Gold.
461,900
300,000
300,000
20.3%
25.2%
596,000
534,000
850,000
309,000
-
$
600,000
276 000
t
5 951,000
61,000
854,000
5,522,000
905,000
970,000
1,169,000
5,221,000
5,046,000
5,356,000
3,990,000
2,809,000
1,850,000
"465",000
195,000
312,000
3,453,000
218,000
263,000
*
First Nat. Bank, Brooklyn
151,640,500
26.6%
.
last week.
over
National
$
500,000
_
4
Legal
dec.
$
400.000
_
Change from last week.
INSTITUTIONS OF NEW
Average.
Federal Reserve Back
deposits....
Discounts,
Members of
W. R. Grace & Co.'8 Bank
on
Loans,
Profits.
{Nat. banks Sept. 11
\State banks Sept. 8;
Battery Park Nat. Bank
Reserve
625,012,3
623.908.6
Investments
Week Ending Nov. 17 1917.
Change from last week
6-13,019,0
593,873,3
588,667,7
13,741,300
R.
Deposits
Companies.—Following is the
not included
NON-MEMBER
CLEARING
NON-MEMBERS.
Deposits with the F.
636,841,0
226.347.4
T Included with "Legal Tenders" are national bank notes and Fed. Reserve note
»ieid by State banks and trust cos. but not those held by Fed. Reserve members.
non-member institutions which
25.74S.040
+ 3,965,000
Specie.....
4,374,901,1
Oct.
16,937,000
fgK#
4.347.960.5
4,376,818,1
4.739.736.5
162,901,400
446,645,500 2,096,820,100
_
4,722.059,0
4,795,665,9
4,827,878,5
$25,938,700
if*
$
223,683,8
209.834.0
$16,573,000
Change from last week.
Vault.
239,778,8
463,000
2,871,000
2,316,000
32,413,000
9,186,000
"625",666
First Nat. Bank, Hoboken.
__
Second Nat. Bank, Hoboken
Total
13,000
143,000
38,000
611,900
6,023,000
GO,000
39,000
101,000
6,302,000
4,979,000
7,222,000
5,510,000
206,000
330,000
83,000
90,000
29,000
9,000
74,000
220,000
125,000
1,323,700
780,800
678,300
308,600
9,000
43,000
34,000
39,000
97,000
12,000
142,000
98,000
153,000
8,000
2,495,000
Nat. City Bank, Brooklyn
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
Y.
$88,950,000
of Sept. 8.
4.645.698.3
Oct.
Nov, 17...
4,375,602,6
4.425.359.4
Y. Greater N.
'
Deposi¬
.$
Sept.
1
Sept.
8
Sept. 15-..
Sept. 22...
Sept. 29
outside of
Y. Greater N.
Reserve in
Tenders.
Specie.
Trust Cos.
outside of
Y. Greater N.
$19,775,000
Change from last week.
Total
Cash in
$
Deposits.
as
Sept..8
Loans and investments.
t
Legal
Demand
Investments
Ended—
as of
IN
We omit two ciphers in ail these figures.
and
Slate Banks
in
Greater N.
YORK.
Loans
Week
Trust Cos.
in
Week ended Nov. 17.
and trust
COMBINED
com¬
panies in New York City not in the Clearing House " furnished
by the State Banking Department, the Department also
SUMMARY OF STATE BANK3 AND TRUST COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(.Figures Furnished by State Banking Department.)
2075
5,483,900
46,364,000
530,000
462,000
548,000
753,000
4,396,000
9,615,000
65,000
120,000
628,000
402,000
10,467,000
618,000
647,000
340~,666
10,308,000
4,637,000
8,354,000
195,000
4,460,000
7,489,000
16,000
21,675,000
3,761,000
29,000
218,000
9^,000
1,459,000
595,000
400,000
4,347,000
3,751,000
13,158,000
192,000
1,084,000
400,000
250,000
"297",000
663,000
378,000
120,00.0
393,000
•
99,000
1,514,00(
State Banks.
Not Members of the.
Federal Reserve Bank.
Bank of
Washington Heights
100,000
458,200
2,354,000
114,000
1,000
60,000
Colonial Bank
500,000
933,200
9,662,000
593,000
182,000
454,000
132,000
Columbia
300,000
500,000
200,000
673,000
125,500
10,165,000
685,000
372,000
340,000
499,300
200,000
200,100
8,713,000
4,404,000
Bank
International
Mutual
New
Bank
...
Bank
Nether land
Bank.
Yorkvlile Bank
9,000
59,000
44,000
307,000
172,000
235,000,
105,000
54,000
199,000
87,000
85,000
275,000
267,000
728,000
162,000
5,158,000
49,000
139,000
409,000
172,000
1,556,000
G96;000
185,000
482,000
838,000
13,000
226,000
"
523,000
264,000
449,000
1,301,000
2,007,000
329,000
223,000
87,000
100,000
544,100
1,600,000
774,700
200,000
182,400
7,011,000
22,352,000
4,356,000
3,700.000
4,390,500
74,175,000
4,127,000
714,000
2,466,000
500,000
1,033,600
9,746,000
470,000
64,000
25,000
58,000
383,000
2,125,000
200,000
333,200
6,549,000
66,000
39,000
84,000
63,000
317.000
169,000
7,678,000
3,526,000
2,950,000
700,000
1,366,800
16,295,000
536,000
103,000
109,000
111,000
700,000
2,294,000;
11,204,000
4,173,000
6,895,000 11,241,200 136,834,000
nparlson previous week.
+ 2,151,000
Ixcess reserve.
590,930 increase
,nd aggregate Nov. 10
6.895,000 11.241,200 134,683.000
,nd aggregate Nov.
3
6,795,000 11,375,300 134,445,000
,nd aggregate Oct, 27
6,795,000 11,375,300 134,619,000
aid aggregate Oct. '20..-6,795,000 11,375,300 133,335,000
,nd aggregate Oct. 13
6.795,000 11,375,300 135,083,000
5,193,000
1,279,000
3,123,000
2,420,000
—354,000
—208,000
—78,000
+ 111,000
5,547,000
5,553,000
1,487,000
3,201,000
2,309,000
1,390,000
5,670,000
1,424,000
5,835,000
1,365,000
1,394,000.
3,109,000
3,071,000
2,919,000
3,014,000
Mechanics' Bank, Brooklyn.
North Side Bank, Brooklyn..
Total
107,000
Trust Companies.
Not Members of
the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
Total
,nd aggregate-
,
U. S. deposits deducted, $7,824,000.
a
5,801,000
9,443,000 15,660,000 allG,775,000 14,443,000
—998,000 —394,000
+359,000 + 1135000.
Clearing House Banks.—We give below a
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON
CLEARING
HOUSE
1,519,000
2,192,000
1,953,000
8,931,000 10,553,000 a!18,720.000 15,881,000
1,512,000
2,246,000
2,111,000
Irculatlon
jans,
Change from
1917.
previous week.
$5,475 ,000! Dec.
disc'ts & inveatments. 501,874 ,000'Inc.
[dividual deposits, incl.U.S. 448,815
ue to
[me
banks
—
deposits
;.
000! Inc.
153,431 ,000! Inc.
26,560 ,00O|Dec.
24,767 ,000j Inc.
schanges for Clear. House.
ue from other banks
107,317 ,000 Inc.
ish in bank & In F. R. Bank
68,131 ,000 Inc.
eserve
excess
in
bank
Federal Reserve Bank
Nov. 10
1917.
Nov. 3
1917.
8,130 000
99
5,810 0001
62 321,000
28,064,000
23,046,000
89,765,000
60,908,000
2,153,000!
18,165,000
10,853,000
187,000
and
20,318,OOOTnc.
may
be
Reserve requirements for members of the Federal Reserve system are 10%
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 witb
Week
Two
ciphers
(00)
ending
Nov.
17
1917.
Nov.
omitted.
Mem: of
,000; 27 ,752,000
OOOl 16 032,000
the State banks
and "Cash in vaults.
$5 ,489,000
$5,504,000
34,693 ,000 467 ,181,000 467,682,000
45,735 ,000 403 080,000 406,413,000
8,062 ,000 145 ,369,000 138,533.,000
1,192
1,501,000
on
Capital
Trust
F. R. Syst.
$14 ,000,
8.735
1,522,000
1,505,000
legal depositaries'?
MEMBERS.
Nov. 17
—5,000
14,525,000 a 117,773,000 14,837,000
12,282,000 aI17,775,000 14,892,000
13,286.000 al 18,734,000 14,956,000
12,270,000 al 17.549.000 15,452,000
The increase in the aggregates of the Federal Reserve members and the deciease in«the totals of
R. Grace & Co.'s Bank.
.
Boston
1,514,00
9,084,000
8,978,000
8,996,000
8,993,000
attributed to the joining of the Federal Reserve System by W.
summary
1,223,000
Cos.
10
1917.
Nov. 3
1917.
Total.
$22,975,0
56,406,0
$8,500,0
24,810,0
$31,475,0
81,276,0
81,279,0
81,265,0
500,892,0
103,152,0
€10,044,0
590,006,0
585,923,0
1,380,0
1,381,0
23,658,0
134,317,0
Bank deposits
178,955,0
1,010,0
26,799,0
148,275,0
179,965,0
489,363,0
4,394,0
673,722,0
75,143,0
47,974,0
24,241,0
Due from banks
25,419,0
146,894,0
Surplus and profits
Loans, disc'ts & invest'ts.
Exchanges for Clear .House
Individual
deposits.
_
Time deposits
Totai deposits..*.
82,913,0
406,450,0
4,394,0
589,799,0
_
-
83,923,0
U.S.deposit8(not icnluded)
$31,475,0
13S,973,0
176,608,0
496,889,0
$31,475,0
170,258,0
495,693,0
4,501,0
3,648,0
677,998,0
21,836,0
669,599,0
50,103,0
44,516,0
20,826,0
Philadelphia Banks.—The Philadelphia Clearing House
Res've with Fed. Res. Bk.
47,974,0
statement for the week ending Nov. 10 presented the weekly returns under
a new classification of the members.
The Girard Trust Co,, which has been
Res've with legal depos'ies
Cash in vault
^
10,302,0
10,302,0
11,605,0
19,385,0
admitted into the Federal Reserve system. Is now included with the national
banks under the heading "Members of the FederaFReserve System."
The
4,813,0
24,382,0
67,359,0
84,874,0
85,394,0
Reserve
41,440,0
remaining trust company members of the Clearing House Association are
Excess
15,115,0
12,174,0
2,941,0
24,198,0
82,474,0
23,166,0
Total reserve & cash held.
grouped under the caption "Trust Companies not Members of the Fed¬
eral Reserve System."
*
required
res. &
cash in vault
25,919,0
Cash in vault is not counted
bb reserve
16,496,0
53,614,0
55,418,0
57,442,0
28,860,0
29,456,0
27,952,0
for F. R. Bank members.
THE
207(i
[Vol. 105.
CHRONICLE
Lehigh Valley 4%, No. Pac., Mo. Pac., So.
4, and New Haven, Bait.
& Ohio and Atchison from 2 to 3—all of which reflects or
illustrates the "more hopeful feeling" referred to.
For daily volume of business see page 2085.
The following sales have occurred this week of shares
not represented in our detailed list
on the pages which
Central and
^Bankers
Pac. and Union Pacific from 3 to
Wall Street,
Friday Night, Nov. 23 1917.
Financial Situation.—News
fields of military activity in Europe is be¬
Money Market and
The
from the various
coming week by week a more potent
factor in all business
This shows that the country is now realizing as
actually engaged in an aggressive
warfare with a powerful foreign foe, and that what is or will
be involved therein no one can fully comprehend, much
less foretell.
As to the final outcome, there is perhaps less
room for doubt, but the cost to the nation in manhood and
treasure is entirely problematical and the economic changes
follow:
operations.
never
before that we are
likely to follow are even more
And
it
so
came
to pass
that reports of a partial
halt of the
penetrating several miles beyond the ''impregnable" Hindenburg Line in France has given additional buoyancy to
the security markets.
These influences have been tempered somewhat, however,
by the railway traffic reports for September, showing an
increase of about $40,000,000 in operating expenses and an
additional increase of over $11,000,000 in appropriations for
taxes during that month.
This showing makes more impera¬
of the railroads for a 15% increase
in freight
rates, and it seems to be a question whether this amount will
meet the immediate and absolute needs which the roads are
face to face with.
American Snuff..... 100
10!
Am
SumatraTobp~e(100
10,)
Realization.. 100
40.)
Assets
Assoc Dry
Goods... 100
preferred
2d preferrel
100
To-day's (Friday's) actual rates for sterling exchange were 4 71 <3)4 71 4
for sixty days, 4 7517 4 @4 75 3-16 for cheques and 4 76 7-16 for cables.
Commercial on banks sight 4 74 4(3)4 75, sixty days 4 704(0)4 704.
ninety days 4 68 4 @4 684
4 70)4 (fy4 704.
Cotton for
4 74)4
75.
and documents for payment (sixty days)
payment 4 74 % Q4 75 and grain for payment
To-day's (Friday's) actual rates for Paris bankers francs were 5 804(3)
Germany bankers' marks
5 804 for long and 5 744 @5 74 4 for short.
1,1 for long and nominal for short.
"
Am¬
were not quoted for sight, nominal
sterdam b inkers' guilders were 43 13-16 for long and 43 15-16 for short.
Exchange at Paris on London (unofficial), 27.23)$ fr.; week's range,
27.22 fr. high and 27.35 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Cables.
Che ks.
Sterling A'twil—
Sixty Days.
4 76 7-16
4 75 3-16
High for the week
4 71)$
4 76 7-16
4 7515
Low for the week
4 71
Paris Hunkers' Francs—:
5 71)4
5 73)4
•
High for the week
5 80]
5 74)$
5 75)4
Low for the week
5 82J
44 5-16
43 13-16
pref
,100
Burns Brothers
100
Butterick...
100
Southern... 100
Case (J I) pref
.....100
Central Foundry ....100
44)$
45
44
44)$
Boston, par.
St. Louis.
ber and Steel issues.
addition
to
liberal
sales of
Liberty Loan 3%s at 98.88 to 99.80 and Liberty Loan 4s at
97 to 99, transactions in Government bonds at the Board
have been limited to $1,000 3s, coup., at 99.
For to-day's
prices of oil the different issues and for week's range see third
page following.
Stocks.—Steadily
in¬
creasing activity was a noteworthy feature of the stock
market until Thursday, when in addition to the reduced
volume of business there was some reaction from the high
prices recorded on Wednesday.
This reaction was perfectly
logical in view of the 3 to 6 point advance which occurred
earlier
in
and
the
Miscellaneous
week,_ and both movements are readily ac¬
by the influences noted above.
To-day's market was again dull, but prices advanced,
the movement being led by industrial stocks.
Republic
Iron & Steel shows a net gain of 5% points for the (lay,
Lackawanna Stool 3*4, General
Electric 3*4, and U. S.
Alcohol 2%, and for the week 8%, 8%, 7 and 14%, respec¬
tively.
Best, or most important of all, perhaps, is U. S.
Steel, whHi shows a recovery of 7 points of its recent de¬
cline, closing at 98%.
The railway group is not far behind.
Reading closes 5%
points higher than last week, Can. Pac. 534, New York
counted
for
534 Nov 2!
9
Nov 21
52 4
Nov
Mar
784
Jan
174
Nov
Nov
9
994
38 * 100)$ Nov 21 1004 Nov 2
97)$ Nov 21
90
Nov 22
6
Nov 17
Apr
Feb
117
100
United.....100
Duluth S S & Atl.
Preferrel
100
...100
89
Nov 23
Ja'
1254
Apr
Nov 20
10
Nov 2
10
Nov
194
Jan
Nov 19
65
Nov 1
6.3 4
Nov
84 4
May
51
Nov 22
51
Nov 2
55
Fe
554
Feb
78
Nov 21
78
Nov 2
Nov
88
29
244
Nov
36 4
Aug
30
Nov 17
43
36
Nov
534
Aug
8
Nov 21
Nov 21
8
46 4
464 Nov 1'
45
Nov
10'
894 Nov 2
89 4
Nov
31
28
Nov
114 Nov 2'
Nov 20
94)$ Nov 20
70
Nov 22
93
,10'
3)$
20
5 4
10'
22
Nov'20
Nov 19
Nov 17
8
Nov 2(
10 4
93
Aug
93
Nov 120 4
Jan
2
Nov 1
Nov 20
12
35
Nov 2!
30
32)$ Nov 17
36
Nov 2'
28
114
11
'75
Nov 22 175
Nov 2
100
Nov 22 100
Nov 2
Fe
26 4
Aug
544
July
414
Aug
v
Jan
Nov 250
Nov
'0 4
23
Nov 19
31
Nov 1
10
Nov 23
30
Nov 2c
27 4
99
2 6 )
Mar
June
Fe'
100
Hask'l & Barker C.no pur
114
38 4
N-
161
10'
Jan
Oc
Nov
20
Nov 20
54
Nov
5 4
54 Nov 1'
12
30
Jan
1004
31
General Cigar Inc... 100
Jan
46
21
Nov
10'
1.10'
Feb
914
Nov 2'
34 Nov 2'
22
Jan
75
U54
NO'
954 Nov 2
Jan
21
Oc
20
10
199
Jan
78
24 4 Nov 21
10
2,30
30'
Preferred
Jan
June
50
General Chemical... 100
Oct
144
Federal M & Smeltg. 100
Preferrel ........100
Coal..,
129
10
11)4 Nov 22
Deere & Co. p-ef....
1014
Nov
05
10
100
Oc
5
i
10'
2
50
........
89
Nov 2
64 Nov 2(
250
Cons Interstate Call..10
Preferrel
90
Oc
93 4
984 Nov 21
Nov 17 113
8.800 101
Computing-Tab-Rec 100
4
Apr
444
Mar
June-
40
Au
Re
>7
113
N"
1034
Sept
Nov 20
99
Nov 2('
52
Nov 17
55
Nov 2f
504
Nfc
28
International Salt... 100
50
30
60
Nov 21
61
Nov 2
58 4
Nov
61
Jewel
100
10
33
Nov 20
33
Nov 2f
31
Nov
78
100
10
90
Nov 21
90
Nov 2"
"0
Nov
112
Jan
Kings Co Elec L & P. I On
2
95
Nov 20
95
Nov 2
"5
N<w
124
Jan
80
Or
1034
00
No<
125 4
Jan
12 4
Nov
274
Jan
14
Havana El Ry L & P 100
Int. Harvest e-Corp.. ion
Tea
Inc
Preferrel
........
100
Liggett & M ve
Loose-Wiles
*0'/$ Nov 17
l ()(i
x rv-ef
Biscuit
2'"'
ooi
00
I no
Laclede Gas
20"
Manhattan (Elev)Ry, 100
Rto-es...l00
May Dept
Nov 17
17'-4 Nov 17
Nat Cloak * Silt... 100
10"
57
Nat
10"
Rys Mex. 2d nf
100
N Y Chic & Rr Louis
New
York
Dock
.40
Owens BotUe-Mach.
Nov
1
Nov 19
54 Nov 22
29 4
Jan
664
Mar
354
July
56
Nov 1'
No''
24
4 4
10"
Peo-la& Eastern
...10"
Pie-ce-Ar-ow Mot no r>"
Jan
8
4
Sept
38
4
Jan
10
12 4
MM
21
60 4
20
Nov
No"
'25
Jan
Nov [06
Jan
Nov 20
13U
Nov 19
134 Nov r
60 4
Nov 20
64
Nov 2
80
Nov 1"
62 4
18 4 Nov 20
is 4
Nov
Aug
10"
4 Nov IP
18t$ Nov 20
4>$ Nov 21
31
Nov 23
33
Nov 2<
31
Nov
414 June
Nov 21
88
Nov 2'
sg
Nov
98
3.40'
10'
4 4
4ii Nov 2'
1 Oo
4
38
Pitts Cin Ch * St L.10"
10"
60
Nov 22
60
Nov 2'
10"
17
Nov 22
17
Nov 2
M Nov 21
1
4
Nov 20
Jan
Jan
12
4
Aug
Nov
17
i"
Oc
34 4
«2
Nov
60
Pond Creek Cod
........
AT
!
30"
2"
Pacific Te! & Tel
prefe-re 1
Jan
No'
Nov
10"
62
Jan
No'
10 '4
20'
Nov
17 4
54 Nov 2'
16 4 Nov
Jan
•
25 4
97'
474 Nov 2.3
264 Nov 2f
57
»
50"
100
10"
...
Nova Scotia SC
15
Nov 20 1004 Nov 2'
'00
40'
30'
251$ Nov 17
50
Acme
804 Nov 2'
Nov 17 1004 Nov 2
15
50"
National
26 4
Aug
Nov
Jan
Feb
3
Quloksllve- Mining..10"
2 "»00
..10"
3 on"
3'5
26
Nov 19
26
Nov 1'
24
42
Jan
10"
30"
59 4
Nov 2?
50 4
Nov 2
55
Nov '08
June
52
Nov 20 158
48
Nov >09
May
.....10" II 4'>
33
Nov 17
10
170
S'ec!
Tide Wate-
Burlington & Quincy, Rock Is and, Mo. Pac., So. Pacific,
St. Louis & San Francisco, Reading, Interboro R. T., Rub¬
Railroad
An
89 4 Nov 23
23
Nov 20
Rnoe-dor
Railroad Bonds.—No sales of State bonds
Bonds.—In
35
20
Ro Porto Rico Rugar
reported at the Board this week..
The market for railway and industrial bonds has been
relatively dull and generally strong.
Of a list of 15 notably
active issues only one—N, Y. Gent. deb. 6s—shows a frac¬
tional decline.
On the other hand, Atch. gen. 4s and Union
Pacific 4s have advanced over 2 points and Ches. & Ohio 5s
and No. Pac. 4s are between 1 and 2 points higher than last
week.
In addition to the above the active list includes
States
384 Nov 2
Chicago & Alton....100
Cluett, Peab'y & Co. 10?)
Underwood
Oil
10"
10"
10"
p-ef..
4 Nov 23
12)4 Nov 1" 11*4 Nov 9"
5o
if)"
50
!
Oc
'0 4
794 Nov ?o
75 4 N-»v V
384 Nov 2°
Oc
Nov 20
Nov 19
100
3*4
Nov 23
Aug
Mar
Jan
5 4
Of
75
"9 4
514 June
Nov !>0
"0
Feb
4
Nov >06 4
Nov?'
75 '4
No<-
4
•-o
50
10"
Nov
'12 4
Nov 21
,l*>o
...
Nov 1*
.30"
JO"
rrefe—e'
Nov 2"
384 Nov 2"
Nov 19 170
Wells, Fa-go Exo-ess 10"
Weste-n "aclfi" nmf. 100
2d
4
14 Nov 20
ion
United TVn«» 1st p~ef
have been
United
Nov 22
51
Ravage A-ms Co-p
10c. per $ 1.000 discount bid and par asked.
San Fran'isco. par. Mont¬
real, 31 )4<\ per $1,000 premium.
Minneapolis, 5c. per $1,000 premium.
Cincinnati, par.
and
Apr
Sep
100
Preferred
Elk Horn
Feb
60 4
43
51
Nov 21
Feb
4
214
534 Nov 2
9
June
98
Nov
Steel pref
Calumet & Arizona... 10
Detroit
Sep
Nov 23
subscrip rects full pai
11,07a
Brooklyn Union Gas. 10 )
30/
Brunswick Terminal .100
2 JO
Canada
Oc
1
Nov 22
53)4 Nov 21
Jan
Jan
Feb
10
13
10!)
Betbeliiern
<0
Nov 2.
53 4
10'
Barrett,
99 4
share.
per
140
Nov 1234
Nov 142
10 '
101)
20!>
10J
0
13
..100
Prefc-ed
Domestic Exchange.—Chicago, no market.
State
Nov 20
1
Nov
70
Nov 2
994 Nov 1
83
Nov 2
1'
Nov 21
Atlantic Blrm & Atl. 100
Qll
70
share $
St L-San Fran, nrpfA.100
Germany Hunkers' Marks—
High for the week...
Low for the week
Amsterdam Hunkers' Guilders—
High for the week...
Low for the week
80)4 Nov 1'
37
Associated
i per
$ per share.
014 Nov 19
994 Nov 19
83
Nov 23
100
18 '
Gaston W&W Inc.no pw
Exchange.—The market for sterling exchange
arbitrary position that it has occupied
for months, no new features being reported during the week.
In the continental exchanges lire has touched a new low
record i - Otherwise rates for both the belligerent and neutral
exchanges have been fairly firm.
>
Foreign
continues in the same
$ per share.
70
Nov 23
ihare
American Express...10J
Highest.
Lowest.
Highest.
Lowest.
Adams Express.....100
uncertain.
inspired a more hopeful feeling in
financial circles, and caused increased activity and a sub¬
stantial advance in prices at the Stock Exchange early in the
week.
Later the news of Gen. Byng's remarkable success in
tive the request
Par
,y
Range Since Jan. 1.
Week.
for
for
Week
1st
Teutonic advance in Italy
Range
Sales
STOCKS.
Week ending Nov. 23.
91
Jan
75
Nov 144
Jan
28
N«v
48
July
trading was active this week
decided]v better tone to speculation, the
from Europe contributing not a little to the general
Outside Market..—"Curb"
and
news
there
upturn.
was
a
Aetna Explosives com. was an
active feature and
sold up to almost the high point of the year.
From 6%
advanced steadily to 7%, reacted to 7 and closed to-dav
Air
7%.
Reduction
moved
up
it
at
from 67 to 73, with the
Chevrolet Motor opened the week
at 55, advanced
to 66 and ends the week at 65. Cities
Service com. improved from 192 to 211, eased off to 205,
hut moved up finally to 209 %.
Curtiss Aero.pl. & M. from
27 rose to 28% and ended the week at 28
Submarine Boat
gained almost 3 points to 14%, but reacted to 13%.
United
Motors, after an advance during the week from 14% to
lb%. jumped to-day to 17% and closed at 17.
WrightMartin Aircraft com. fluctuated between 7% and 8, resting
final transaction
at 72.
at. 7%.
Oil'stocks were firm, with a number of
high records made in. the low-priced issues.
Among
finally
new
Standard
Oil issues Prairie
Oil & Gas sold up from 400 to
earlv loss from 509
Standard Oil of N. Y. gained 18
points to 258 and closed to-day at 255.
In the other oil
stocks Merrit-t Oil was conspicuous for an advanee of almost
4 points to 25%. with a final reaction to 25.
Midwest Oil
com. .moved up from
1.08 to 1.25 and down finally to 1.19.
Midwest Refining from 107 reached 124 and closed to-day
at 123.
Mining stocks were higher, led bv Magma Copper,
which jumped about 10 points to-day to 49 after an advance
during the week from 34% to 39%.
The close was at 47%.
Nixon Nevada was also conspicuous, moving up from 76 cts.
to $1 7-16.
Bonds were dull.
Transactions were reported
to-dav in the new General Electric 2-yr. 6% notes down
from 99 to 98% and b ick to 99.
A comp >te record of "curb" market transactions for the
410.
to
Standard
Oil of N. J., ^fter an
503, advanced to 512.
_
,
week will be found on page
2085.
-
a
New York Stock Exchange—Stock Record,
Daily,
OCCUPYING
For record
HIGH AND LOW
mUi during
of
tho
weak
of
TWO
atocka
inactive!
Nov 17.
SHARE, NOT PER CENT.
§ per share
83%
Thursday
Friday
Week
Nov 21
Nov. 22
Nov. 23
$ per share
84
85%
85%
$ per share
§ per share
*84
85
84
84
84
84
84
84
*92
95
*92
95
95
96
96
97
97
52
53
52%
53
52%
60
5134
60%
60
60
43%
45
50%
60
60%
42%
44
51
130% 131%
46%
47
*634
46%
*634
1934
37%
60
48
48
*6-%
20%
60
60
44%
45
44%
134%
132% 136%
48
48%
48%
7%
20
7%
21%
"36%
3~7%
74%
94%
75%
75
75
75
95
95
95%
*6%
77
94%
95%
38%
3734
86%
85%
43% 44
132% 13334
130% 134
7
86%
*7
20%
37%
40
39
39%
48
734
18
1734
18%
50
49
50
39%
40%
26%
26%
17%
*40
3934
39%
26
*25%
*
n
76
*19"
7434
96
95%
145
75%
1934
18%
19%
19
51-%
51%
51%
52
41
42
42
42%
*25
39
♦
*19~
22
8334
97
52%
*59%
52%
60%
44
•
44
134% 136
47%
48
7%
7%
20
20%
37% 38
74%
75
95
95%
19%
52%
42%
42%
Railroads
Par
Atch Topeka <fc Santa Fe__100
Do
pref
_100
600
1,500 Atlantic Coast Line RR
100
13,000 Baltimore & Ohio
100
Do
2,355
pre!
_100
4,600 Brooklyn Rapid Transit-_ 100
40,500 Canadian Pacific
100
10,500 Chesapeake <fc Ohio
100
100
Do
18%
19%
52%
43
43
33
*26
5,800
76
*60
Do
22
*20
46
*44
46
*43
46
46
46
*45
48
*45
200
*40
48
*40
48
*40.
48
*40
48
*40
48
*40
93
87
185
"175
14
100
Do
46",700
92
92%
92
92%
92
500
92
25%
26%
25%
96%
7%
*4434
27%
26%
28%
*94
95%
6%
44%
96
7
7
45%
45%
16
16
50
*44
1534
*94
9612
7
44%
6%
44%
16%
.7%
46
96%
15%
23%
18
96
9
9
51%
9
9
25
*16%
*17
25
7%
7%
4534
45%
17%
17
47
47
54%
10
5334
113%
113
113%
9
116
53%
10
10
82
84
84%
84%
*10.1
117
*4
4%
*4
7%
*7
8
55%
118
118
54%
10
*9%
§83%
83%
*100
117
*4
434
♦4
4%
*7
,
9%
§83%
*100
117
8
*7
8
4:
22%
24%
23%
25
24%
24%
24
40
393S
41%
41
41%
70'%
72
40%
70%
41-%
71%
25%
24%
26
26%
26
19%
19
19
27%
20%
27%
20%
41%
70%
27%
*18
72%
28%
20%
71
25
70%
2534
8
101
102
102
83
*75
90
83%
84
84
47
47%
46%
104
105
*75
103
*75
19%
19%
103% 103%
*75
80
86%
4734
85
20%
105
105%
71%
27%
19%
19
105% 106
*75
'
"87%
24%
41%
88
86%
471.1
13%
48%
46
47%
13%
13
14
"
87%
47%
47
87
88
47%
47%
14%
22
22
22%
22%
55
55
56
56
56
67%
67
71
70%
72%
*34%
40
*34
40
*34%
*35%
38
*35%
40
35%
14%
14%
40
35%
70%
*34%
§36
23%
2238
2234
22%
57
55%
57
56
7234
39%
.
71%
73%
52%
Oct
Apr
45%
Dec
59%
Jan
Jan
100
15% Nov
39% Jan
40
Dec
54%
87% Nov
118% Jan
115
Dec
32
Dec
127%
50%
Central...
100
Do
pref...
..—100
Lake Erie <fc Western
Do
..100
"5",900
Lehigh Valley
50
Long Island certfs of deposit—
.1,600 Louisville <fe Nashville
100
645
Minn St Paul & S S M
Do
pref
100
15
15
*20
26
*20
26
*22
26
*30
36
*30
41
*30
41
*30
41
*33
41
80%
82
24
2334
82%
25
1834
*56
57
56%
56%
*12
14
12%
12%
7434
*6%
6%
16
73
74%
♦13%
7%
39%
20%
40
20%
20
*12%
13
12%
*22
29
*13%
7%
9%
*834
8
*22
29
*834
*18
38
*34
19%
Do pref (or inc bonds) do...
New York Central
100
N Y N H & Hartford...—100
N Y Ontario & Western
100
Norfolk
Do
6",500
& Western..!
160
adjustment pref—.100
Northern Pacific
29,200 Pennsylvania.
2,200 PGre Marquette
83%
84%
24%
25
57
58
*16
18
*17%
75
*73
116
16
73%
74%
*6%
7
15
8
8
15
834
415*
40%
41%
21
21%
21
22
13%
14
13%
29
23
9%
*71
57%
14%
*73"
75"
50
234
*2%
9
21%
50
♦7
300
.
115% 116%
7434
7
*6%
26,700
74%
6%
15
*71
14
14
9
*8%
9
41%
4134
22
14%
14%
21%
1438
41%
21%
•14%
2534
2534
10%
25%
2534
10%
10
.10
*19
22
19%
9%
19%
20
22
*20
22*2
35%
37%
37
37%
*37
38
8%
21%
*20
21%
*50
25%
54
37%
3
17
70
70
75%
75
♦91
95
*6934
72
*80
33
*91
63%
*100
93
92
'71%
*80
8%
37%
55
*49%
3
2%
2%
17'%
*234
2'%
17%
-
18%
18
19
18
70
70
70
72
72
*71
74
*71
77
77
77
77
*74
80
77
95
*91
95
*91
95
*91%
75
92
93
2%
*91
72
71%
73%
*80
33%
34
94
*91%
64
63
63%
93
34%
94
106
35%
97
64
64%
7334
*80
34%
*92
64
"2%
3
75%
35%
97
6538
26
104% 104%
26
*24%
"25"
25%
80
*70
*70
80
13
55
13%
13%
13%
57%
10%
40
*20
"~2% "
*2%
18
75
*80
34%
93
65%
64%
26%
2%
3
18%
500
600
500
*70
80
75
,93
pref.....
14
59%
11
*10
11
300
40
*35%
3934
56%
54
55%
55
55
24%
2434
68%
24%
68%
25%
25%
26
25
26
25%
26%
69
69%
70%
71%
72%
75
5034
52
5234
53%
5434
54
54%
55%
72%
54%
73
52
25%
72%
55%
25
68
98
95
*91%
72i2
73%
100% 100%
52%
53%
93%
93%
*92
108
108
72%
72%
99%
99%
52%
92%
♦108
*5134
52%
93
109
52%
107
107
169
169
*90
98
42
52
108
52%
73%
52
12
*12"
54
54
56
55
95
93
93
♦91
76%
75
77%
»2
5434
96
96
108*2 *108
53%
106% 108%
168% 170%
107% 108%
170
170
*94
100
53%
9734
41%
§87
41%
88
*18%
22
♦20
20%
20%
21
2134
♦11%
12%
1134
11%
12%
13
*40 4
45
42
42
42
42
14%
42%
87
41*2
*86
41%
8934
42%
*86
55 '1
55%
55%
563s
56%
58%
57l2
9734
98
96l2
98%
60%
99%
98
60%
60%
5734
59
57
*59
5534
60%
60%
97%
60%
57%
57
58%
99
96%
108% *108
55
108% 109
*168
*86%
*40
75%
101% 101% *102
54
55
55
175
9734
43
54
"l3%
55
94
76%
104%
56
98
109
55%
108% 108%
55
*12
14
54%
*92
75%
5434
94%
7634
103% 104%
56
55%
98%
*108
5434
98%
109
67%
10834 108%
175
173
176
*94
98
*94
98
43
42%
Do
89%
*87
89%
89%
89%
90
14
*12
15
*42
45
*42%
47
58
59
•Bid and asked prices; no Bales on this day.
91
4
59
57%
98% 102
*59
56%
60%
58
90%
I Ex-rights,
90%
pref
Do
"7",500
8,300
*87'2
23
100
41,200
1,000
7,500
4,400
800
6,300
100
.
Foundry. 100
9784 100
*59%
60
5534
57
91
91%
i Less than 100 shares,
114
Mar
147% Oct
89% May
118% Jan
3
3
84%
Jan
Feb
108
Dec
65
Jan
38la Deo
Oct
00
Sep
36% Dec
38% Deo
72
Dec
73% Deo
75% Jan
41% Feb
41% Feb
15% May
115%- Sep
8
JunelC
Jan
3
29
2
June26
16
53
Jan
4
37%
18
Jan
3
14
46
Feb
52
May
30% Dec
May
Sep
32%
Deo
57
Deo
Apr
Deo
Jan
34%
94%
Apr
19%
42%
Apr
104%
18
Apr
36% Deo
66
Apr
73% Deo
39%Jan
3
98%Mar24
33% Jan
3
70%Jan 30
2
48
Nov
68% June
20
94
Mar
99
8
129%
Apr
153%
Oct
28O
Sep
84%
7% May
17
Sep
21%
39%
Sep
Jan
Jan
17
Jan
Jan
4
149% Jan
2
73
Nov
85
Jan
24
6
Nov
2
12
Nov
7
Nov
11%Jan
23% Jan
15% Jan
6%
38% Nov 8
58
18% Nov
13% Sep
41% Mar
30% Jan
12% Nov 8
Jan
25
23
Novl2
Deo
June
60% Deo
32% Deo
Mar27
22%Jan
50% Jan
54% Jan
16% Nov
Apr
21%
Oct
Apr
41
Nov21
8% Nov
Feb
2
21
Dec
27%
2
46
Dec
68% Deo
2
33
Apr
66% July
7% Novl4
2
5
63
4
10%
Septll
8% Mar20
15% Nov
69% Nov
32%May31
86% MarlO
95% May 2
103% Jan 24
102% Feb 15
73% Nov 14
91% Nov 9
5
Deo
Oct
Dec
Oct
July
70% July
Feb
Mar
103% Deo
61%
Feb
108% Nov
Apr
3
102
Sep
Sep
78% Dec
119% Mar
80% June26
2
48% Oct 18
8% July 9
75
37% Nov20
107%
Dec
62
July
40
Oct
4
51
Novl5
90'4May25
92% Novl3
6934 Nov 8
299% Novl4
Nov
9
75
8
126%
121%
61%
128%
Jan 24
220
Marl2
51
103% Nov 9
168% Novl9
95
Novl4
37% Feb
3
87
Nov16
17
40
Nov
7
115% May
Oct
Oct
Mar
20% Oct
84% Deo
Feb
Apr
Dec
Jan
11
Jan
29% July
59% July
87
May26
77
Apr
121% Jan 22
56
July
54
Feb
8
43
Feb
3
94% Nov 2
76% July 2
102% Jan 15
100
87
136
Ex-dlvldend.
188
105%
37
60
& Before
Jan
Jan
98% Nov
109
Nov
97% Nov
102
Nov
122% Nov
118% Oct
73
Deo
125%
123%
Oct
Oct
2123% Dec 2134%
92
June
27% Nov
02% Nov
19
100
s
Dec
9
1
8
84% July
91% July
88% Apr
109% Apr
44
Apr
104
68% June 9
8
Nov
99% July
June 9
100
pref
Dec
July
54%MarlO
41%Jan 28
72%Jan 26
100
11% Nov 9
87% Septl3
June
58
Jan 25
109%Jan 18
Novl5
51% Nov
Mar
17
89% Nov
107% NovlO
30
May26
45
38% Mar
Nov22
100
pref certfs
Locomotive
58%
102
6
75
3
100
25
Jan
8% June
Julyl!
62% Aug 9
29% Aug 7
3
Feb
Jan
16% Aug
11
15«4 Feb
48
100
pref
98
June
68%
115%
55
19% Mar30
71% July28
99% Jan 31
102% MarlO
112% June 2
117%Jan 19
25
Nov
Nov
96
Dec
8% May 14
100
pref
Nov
44
82% Jan
4
108% Jan 20
100
38
92
102
Apr
93
47% Nov 5
94
Nov 14
100
Apr
89% Deo
26% Jan
10% Jan
63
48% Dec
10
21% Deo
43
24
Jan
53
8
92% Nov 8
Feb
6%
19
Aug
July
May28
111%June 6
98
29% Nov
57
30%
Jan
11% Jan
2% Nov23
14
6
80
8
115% Aug
100
pre! (new)
Ex-dlv. and rights,
18% Jan " 0
37% Jan
29
118%May28
100
Barrett Co (The)
a
34% Deo
50% Jan
6
101% Jan
9
17% Mar 2 9
Smelting A Refinihg.100
51,750 Baldwin
1,020
May
NovlG
59,700 Anaconda Copper
50
18,600 Atl Gulf A W18S Line ctfs 100
Do
Jan
26
100
100
Am Woolen of Mass
Do
Oct
77%
100
American Tobacco
300
Deo
49% Dec
...100
Malting
pref
Do
64%
114%
Sep
224% Nov 15
92
MaylO
100
pref
Am Sumatra Tobacco
300
Sep
Apr
100
pref
Do
22%
47%
100%
100
Do
110
3
95
Nov
pref
100
American Steel Foundry. .100
American Sugar Refining..100
Do
2
Jan
26%Jan
Sept 7
Do
100
Jan
19% Jan
48% Jan
69
5,900 Amer Telephone A Teleg—100
620
Deo
NovlO
90
100
Amer Smelters Sec pref B.100
Do
pref Ser A stamped..
Amer
24%
Novl9
100
20,050 American Locomotive
Do
Oct
Apr
16
Nov
Do
810
137
10
73
..100
prof
American
130
Sep
45%Jan 16
May 9
51% May 15
11% Nov
Oct
pref (new)
.100
6,100 Amer International Corp 100
18,500 American Linseed.—
100
Do
7,655
prof
100
'""866
Oct
Oct
Dec
32
19
pref
100
American Hide A Leather. 100
Do
pref
100
American Ice (new)
100
Do
30
26
116
4
45
Feb
50
100
pref
American Car A
Do
Oct
Oct
Deo
104% Jan
78% Nov
36
87%
140
13%
68
23
23
Jan
Sep
57
15
Nov
Jan
Deo
55% Nov
35% June 1
34% Novl6
8% Nov 14
17% Nov 14
108
74%
121% Mar
57%Jan 25
36% Jan
2
73% Jan 17
13% Nov 15
25
30
Apr
2
89% Feb
110% Jan
5
60% Nov
Min'g.10
Do
pref
American Can
255
•87%
_.
10
1,700
14
60%
58%
77% Nov 15
60
1,300 Am Writing Paper pref
1,200 Am Zinc Lead A S
88%
23%
5938
5
100
24%
88%
23%
42%
Nov
100
43%
89%
89%
21%
15%
101
3
100
May
Miscellaneous
Allls-Chalmers Mfg v t c__ 100
Do
preferred v t 0
100
Amer Agricultural Chem.,100
100
*170
42%
&
Rumely
pref
_
*95
1134
*94
98
98
10%
101% 101
53%
94%
11
100
Alaska Juneau Gold
100
55
*35%
..100
Do
13
*35%
*92
Nov
64%
10
128%
3%
103% Jan
4
62%Jan
2
29% Jan
2
138% Jan 24
21% Septll
Oct
100
AJax Rubber Inc
200
58
10x2
*51
8
17
56% Dec
32
61
Novl5
Nov
21%
77%
32%
34
19% Nov 7
38
"65
3
109%
Jan
Jan
Jan
Oot
Jan
Jan
Jan
20% Jan
Nov
4,500 American Beet Sugar
42",500
14
37%
52%
7
Oct
Advance
100
60
5.53s
§52%
900
5,700
13
54
52%
Nov
35
5,800 Alaska Gold Mines
57
37%
52%
7
34
1,200 American Cotton Oil
54
10%
Jan
50
pref
25%
10-%
40
16% Vo%
11
50
Do
80
54
10%
8
37
Do
pref
100
United Railways Invest—.100
Do
pref
100
Wabash
100
100
2534
*70
*36%
10%
Nov
1st pref
7,800
*10
*93
4
Nov 21
.100
65%
1034
100
200
93
35%
54
*90
Apr 13
Novl5
4,700
Do
5,000
pref A—
100
Do
5,000
pref B
...100
4,500 Western Maryland (new). 100
Do
2d pref...
1,700
—.100
3,600 Wheeling A Lake E Ry
100
Do
1,300
preferred
...100
3,200 Wisconsin Central
100
600
40
98
Jan
127
13
Third Avenue (New York) 100
Twin City Rapid Transit—100
Union Pacific
100
7734
95
52%
*90
119
2
45
100
700
*36%
10»2
5
Aug
Nov21
.
74
108%
26
9
*10
55
9% Nov
78% Novl5
2d
Do
22
55%
*10%
,
NovlO
Nov
Texas A Pacific.
"""500
97
*104
*70
1234
53%
75%
93
*24%
1234
18%
34%
*92%
64%
25
53
3
*80
80
13
74
234
36%
25
80
2%
*234
93
*70
54
*8%
*49%
96
*12
9
*20
33%
*52
9
21%
2%
2%
17
17
9
*20
50
234
2%
2%
*7
21%
50
70
75%
9
*20
50% NovlG
35
46
400
.
74*2
117
2o%Jan
3
53% Jan
3
79%Jan
2
43% Apr 14
133%Jan
4
32%Jan 29
112% Nov 9
100
pref vtc
Industrial
*7
*20
8
16
100
t c
v
prior pref v t c._
Seaboard Air Line
900
*12
41%
*21%
11%
Oct
83
11,300 Southern Pacific Co....,..100
18,500 Southern Railway.
100
Do
1,300
pref
100
*56
14%
9%
Nov
25% Jan
2
58%Jan 30
8% Nov 7
Do
700
19
.
6%
14%
8%
8
*23
40
23
60
.
14%
*12
115% 117
6%
Apr
100
^
2,100 St Louis A San Fran new 160
St Louis Southwestern
100
Do
pref
..100
58
57%
14%
*73
73
23%
Do
"""l50
19
84
25%
4138
37
19
83%
18
♦14
,
20
*34
18%
25
*12
Dec
Missouri Kansas <fe Texas. 100
Do
pref
.—100
28",2 00 Missouri Pacific (new) wheniss.
9
*8%
84
6%
9%
19
9
15%
25%
117%
73
41
21%
13%
*18
41
9
19
73
73
16
7%
3934
*30
9%
15%
83
14%
115
74%
6%
*6
15
15%
24%
58
*16
112% 116%
18%
15%
83%
*12
16
73
18%
15%
25%
2434
57%
69
39
26
2334
99% Apr
15% Dec
2
40
15
9%
2
71%
*34%
*20
9%
2
17% Jan
72% Jan
20% Apr 16
63% Apr 17
26
9%
18%
82%
106%Jan
114
8,200
14,900
10,900
2,400
4,100
Nov
6% Nov 6
4134 Novl4
13% Nov 5
100
"""300
38% Mar 4
4,440 Plttsb <fe W Va Interim ctfs 100
Preferred interim ctfs...100
1,400
7234 127,000 Reading
..so
*20
9%
293
1,950 Minneap & St L (new)...100
56
25
9%
*17%
81%
22-% Nov
100
pref.
23%
*20
15
Oct
Mar
7
*36
36
Oct
Nov
23%
32
Do
21%
156
242
Mar
8% Mar
46
Do
56
14S% Dec
216
6
34% Jan
Illinois
77
14
86%
Julyl3
19
Mar24
100
Iron Ore properties..No
par
200
10%
12
57% June
49% Jan
5,000 Interbor Con Corp, vtc No par
Do
2,300
pref..
100
4,600 Kansas City Southern....100
8334
4%
*7%
23
*71
Mar
Nov
...
6,700 Great Northern pref
23,800
117
38
17%
Apr
40
9
Marl7
13% Nov
pref____
620
55
2134
72
46
46
Oct
June
20
2d
25
55
68%
112% 113
57% Jan
62%
100
1,000
10
*17
68%
*16-
7
44% NovlO
41
Sept25
100
pref
100
39
*70
4
Nov
100
1st
18
67
8%
Oct
Jan
100
pref...
Do
50
*834
25
Do
Do
17
119% 119%
54%
*100
5
*7
*17
116'% 119%
9%
9%
84
§84
10%
83
19
Oct
62%
30
.__100
5,850
*44
10
*834
9
25
*17%
55
117
8%
37
29
18
..—100
39,200 Erie
96
7%
47
*44
14%
23
*17%
45%
17%
16%
50
15%
;
*17%
86
Apr
16
Jan
Jan
26
14%
Feb
Jan
Jan
Deo
Apr 14
51
80
Nov
41
92%
14%
Apr
70
71
3
6134 Oct 31
Jan
25
66%
38
24%
393s Novl4
24
17
25
21%
170
151%Jan
92
21%
Apr
238
12%
_
*53
§165
Novl4
NovlG
12%
18%
2134
172% Feb 16
38% June2G
84% Apr 14
48
12%
24
21%
140% Oct 16
16% Nov 5
12
14%
23%
*3734
Jan
Jan
134%
NovlO
18
10%
136%
5%May25
15%
*9
Dec
Dec
87
18%
*I6l"
102%
123
123
180
24%
51%
Dec
125%Jan 29
124%Jan 19
100
15
112% 112%
89
74% NovlS
93% Nov 9
100
Denver & Rio Grande
18
934
Oct
Delaware Lack & Western..50
23
22
Deo
600
15%
*8%
Oct
10%
47%
300
18%
51
71
Apr
9
23%
*16%
Apr
Apr
190
13
Jan
11%
92
*5
*11%
Jan
183%
4
Novl4
93
14%
*44
£162% Mar
Jan
35
*181
12%
Jan
88% June
58
9
12%
96
80
Dec
33
100
Delaware <k Hudson
Nov
2
94
93%
Oct
Feb
126
Jan
14
*94
81
108%
102
Jan
3
Jan 10
6% Nov 5
1934 NovlO
185
22%
1734
91-%
15%
1
4
Mar23
*5
14%
47%
167%
6534
14%
41%
185
17
*44
Jan
•92
22%
7
82
9
94%
14
95%
Nov
100% Apr
*98% Dec
106% Apr
81% Dec
72% Aug
1
76% Jan 17
183
16%
89%
24%
43%
18
85
*5
88%
21
*6%
43%
15%
Jan
1
Oct 16
183
14%
24%
4
9
91%
17
90%
Jan
185
88%
21%
24%
8
119
*5
*12
90
107% Jan
100% Feb
*175
14
*94
42
S per short
100
—_
1st pref
2d pref
Do
Nov
Highest
S per share
8
93%
■
21%
*16
pref
Colorado & Southern
'
*12
60
100
100
8
185
*5"
6%
1916
Lowest
$ per share
share
Nov
40% Novl4
130% Nov 17
Clev Cin Chic & St Louis.. 100
48
6
pref
Do
48
91
—
18,000 Chic Rock Isl & Pac (new) w i
5,400
7% preferred when issued
4,600
6% preferred when issued.
22
*44
*180
pre!
Do
76
*20%
50
100
1,950 Chicago & Northwestern..
39
*60
Year
Highest
83% Nov22
94% Novl6
_
*26
22
pref
per
82
16,100 Chicago Mllw A St Paul.. 100
150
52
¥
Chicago Great Western.__100
1,500
143
76
*20%
Lowest
7,100
8334
*94
34
*25%
*
76
22
96
86%
143
18%
5034
76
*19"
22
76
96
*142
86%
SHARE
Range for Previous
basis of 100-ifiare lots
EXCHANGE
$ per share
86%
84
97%
53
60%
45
136
48%
7%
20%
39%
76
PER
Range Since Jan. 1
0#
Shares
86%
83%
50%
STOCKS
NEW YORK STOCK
Wednesday
Nov 20
$ per share
84%
Sales/or
Tuesday
-Nov 19
2077
page.
PER SHARE
SALE PRICES—PER
Monday
preceding
aee
the
Saturday
Weekly and Yearly
PAGES.
usually
4
2
60% Dec
52
Dec
08% Dec
iol27%
payment of first
Dec
Sep
229% Nov
113
Sep
58% Nov
102
Mar
76% Nov
97% Apr
87
Nov
105% Nov
147% Deo
73% Nov
118%
110
167%
Installment.
Jan
May
Dea
Record—Concluded—Page 2
New York Stock
2078
during the week
For record of
iccond pegc preceding.
of ctocke uruolly incctirc.
STOCKS
the
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 17
Nov. 19
Nov. 20
Nov. 21
Nov. 22
Nov. 23
79*2
78l4
pet
% per share
share
79V
79V,
787g|
78%
79V
79*4
8234
83V
$ per share
82
83V
16V
16%
16V
*10%
12
*11
12
12
•30
34
*30
34
34%
62%
03
99
61*4
13V
37
36%
37V
67V
6334
67%
*99
100
*97
*11V
12%;
*99
101V
*30
30
98
98
98
31V
32
32
32
32
31%
31V'.
61
62V
6212
62
63
03V
14%
31%
63V
143*
81
61
03%
G4V1
15 V'
15
Nov
Nov
5
39V
41
41%
41V
42V
41%
4134
10,600
33%
34V
33V
35
34
34%
34%
35%
30V
30%
31V
30%
31V
30%
30%
9,100
4,600
84
84
87%
87
87Vj
87
87
.30
30%
82%
82V
*76
90
*76
110
*87
*76
110
90
*87
90
*87
110
110
25%
26%
2734
27%
28%
28%
8934
52%
90
90
90%
90
90
91
91
54
54%
*85%
55%
58V
<87
27V
50 V
88
28
27%
77%
77%
79
*85
88
26
26
27
54
88
27V
77
77
77'8
*76V
♦137V 150
*90
*137V 150
109
32V
32V
ev
129
87'%
86%
75V
75V
33
34
34
99
t98
*63
73%
70
35
81V
102
*76
6%
73%
65V
79
79
2
37%
41,300
6%
6%
7
3,700
13,700
94V
128V 132
92
94V
76
*75
130%
57,975
800
76
Goodrich Co (B F)
Do
pref
500
Granby Cons M 8 A P
36V
36V
86V
86V
1,200
88V
88V
1,900
*100
102
Do
*82V 160
160
*82
160
Do
44%
43%
44
43V
44V
15,800
10
10
10
10
*9V
13
13
14
2,100
*32
40
33
33
33%
33%
38
38
450
104% 105
25V
26%
94%
98V
26
26%
97
99%
26V
27V
1,100
107V *105% 107V
26V
25V
35,400
26%
25V
98
235,700
96%
99%
96.2
27
27V
9,900
27V
26V
105 V 107V *105
25%
26V
.
2,800
21%
21%
20
20
20V
20V
21
22
21V
24
23V
23%
*52
54
53V
54
55
56V
56
57
*55
56
800
40
53V
42
54
*37V
39V
41V
41V
41
42
*41
43
1,100
32
76-
32
40V
33V
32 V
34%
32%
34
32%
78
11V
76%
80
78
80
79V
30V
*37V
3078
72V
7334
10V
11
12
12
*11
12
12
12
*70
70.2
70
70%
70%
70%
*70
78
*71
80
*71
80
400
*58
61
*57V
63
24%
*58V
23V
59V
24
*58
63
*58
63
*59
53
23%
52%
2412
*5IV
*14.
16
14V
15V
15V
16V
16%
79V
78%.
80%
77%
79V
77%
86
86
27V
28V
10%
24V
24
*50
55
50%
*14
15
14
75
7434
51%
14%
76
"27 V
2>V
24V
74V
*81
76V
87V
27
27
43
*63
43V
65V
;
*95
42%
65
100
*95
79%
43%
80
.
82
67V
*97
28%
44
6634
*97
100
*53
56
29
*92
37%
100
100
3,800
22,000
1,000
66%
*96
"""400
82
200
23V
37V
23%
37
*93
37
37%
100
22%
23
22V
22%
38V
*93
24%
36%
37%
100
*93
100
*43
45
*93
100
9,200
44
43V
44V
44V 44V
42%
43
*100V 104
*100V 104
*100% 104
♦100V 104
17%
17V
16V
16V
16%
17V
17V
17V
16%
17
113
112
105
105
111
114
105
108V
109V 111
48
*45
*45
*45
47
*45
*45
47
47
46V
36%
36%
34V
34%
37
35%
34V 36
35V 36V
4
4
*4
4%
4
4
4V
*4V
4%
4V
25V
*24
♦24V
*23*4
25
24V
24V 24V
24%
2434
44
38
7,000
"4,600
11IV 111V
2,600
*45V
38V
39%
39 V
40 V
3934
27
27
28
28
27%
42
44
45
46%
45
45V
77
77
77
78
80
80
80
80
53V
53V
56
56
56
56
56%
38
25
25
26
4078
4078
*76
78
*51
•52V.
*90
100
*107
110
*5IV
§90
127
128*4
*107
110
*107
110
*107
110
107
113
128V 129
129
128V 129
*38
41
*38
41
*90
98
*90
98
*88
22
22
21V
2134
70V
70%
*5
72V
94
94V
67
66*4
70%
95
*90
,
21%
67V
69%
*5
5V
139% 140V
19V
19V
29V
29%
5V
13934 140
*19
20
29
29V
*33
35
35
35
39
40
39%
40%
*
90
*3534
1178
37
*
90
44V
45
89
89
90
*36V
*88
96
137
36
83V
83%
116
116
20V
31
20
20%
31
32V
19%
31%
36
36V
30V
37
37
30%
36%
39%
3SV
39V
38%
41%
39V
90
85
85
19%
z38%
*_-90
*
"37"
37
139% 144
*88
92
*88
39
39
lov
63
*36
30
*84
85
*102V 115
12V
46%
4,7%
90%
10V
*8%
37
37
85
86%
118
*463/
*46%
95
49V
*94V
49V
118
63
12
11V
*11V
50
*4634 571
106V 112V
♦43%
9078
101V 104
104
106
*89%
49%
95
90
90
91
91
50V
50V
51V
503/
52
95
95
95
*95
*42
45
■45
45
43V
44%
46%
*43%
44%
*43%
44V
45
94%
96%
95%
98V
9178
92
104
107V 107%
74 V
75V
95%
107% 108%
75V
74%
107% 108%
*10
13
*10
*10
*28
30
*97
104
*97
104
*97
51
52
*5f
55
*52
*81
83
82
82
83
83V
37%
38
38
*95
39
37V
13
29%
37V
30%
*56
63
*56
37
*35
38
31
17 V
48
45
*8V
*60
11%
12%
50
*16%
110V 113
92V
92V
*8V
67
37
37
86%
88V
*102V 115
*117
120
12V
12V
47
47
52%
45V
46
96%
98
51%
52 V
5,800
96
46V
*44
44%
109% 109%
79V
77%
96
109
46V
50
79V
24,100
12
*11
12%
100
31
31
30V
30V
*30
33
104
*97
104
*97
*98
104
55
*52
55
52
52V
*52
55
104
78V
38
*36
38
70
70
70
70
70
70V
70V
45%
46V
111V
28
*26
28
♦
95
*4812
54V
♦
95
*50"
54V
27%
*-...
*50
*117
29
30
94
54V
Bid and asked prices; no sales
ol deposit.
1
Ex-divldead
47%
47%
110% 11134
118
on
118
*
30V
47
49V
110V 110V
*115
30%
118
48
48%
1,500
109% 110V
2,300
*116
31
*30V
32V
this day.
*85
95
*85
*52V
53
*53
54V
I Less chan 100 shares
19%
Apr
00%
Dec
63V Mar23
114
Jan
6
57
Dec
74%
Sep
11IV
Dec
117%
Oct
15
Jan
100
100
Nevada Gonsol Copper
5
New York Air Brake.....100
16
Nov
5
98
Nov
1
pref
100
25
.
100
Oct
15
45% Novl4
31% Oct 10
3% Nov 8
117V Mar2S
109
Jan
122V Jan
5
118
Sep
Jan
5
124
June
131V
Oct
129% May
Junel4
26% Junell
156
Mar21
72%Mar21
143% Apr 19
7% Sept21
30V June27
.5
18
Feb
People's G L A C (Chic)-.100
Philadelphia Co (PPtsb)_..60
37
Oct 23
25
Nov
8
42
39
Nov
5
75
Nov
9
90
100
49% Nov
9
83V Jan 26
118.
July
65%
Apr
76
Oct
5% Nov
36V Dec
Nov
100
34% Nov
Nov
186
75% Dec
124%
11%
Deo
Jan
Jan
31
100% May
118
Oct
48
Dec
54V Sept26
100
Do
....
100
pref
Do
pref
100
Public Serv Corp of N J...100
Pullman Company
100
Do
pref
3
Do
July
108
8
131
Jan
6
114
Jan
137
Sep
127
Nov
8
177
Sep
5
167V Jan 26
58
Junell
159% May
36V Nov
19
Jan
22
90
Feb
1
dep...
59
May 9
Corp
100
100
4% Nov 7
133
Nov
5
100
85
Nov22
31VJune29
11
Nov
9
132V Novl5
42% Nov
9
Nov 17
Nov
86V Nov
100
Union Bag A Paper (new). 100
United Alloy Steel..
No par
United Cigar Stores
100
pref
100
100
....
9
7
8% Aug 31
60% Nov 9
61% Nov
95V Mar
103V Nov
68
Jan
4
238V Jan 22
29% Mar 9
June
93
Nov
101
Dec
117
Nov
6378
Dec
168V Mar
22
Dec
37
July
United States Rubber
1st preferred
74% Mar30
17
108% Jan 20
100% Dec
26
19VJune20
Sep
48V Dec
15% Dec
10
177 V June
53%Jan
243
Jan
80% Aug 21
105
Marl2
108V
48V
99
Virginia-Carolina Chem
pref...
Sep
19V Deo
241V Nov
Sep
59% Deo
July
109V Mar
4812 June 0
107
Aug 20
15V Mar22
Jan 22
112
80
Jan
110
4V
May
87V
Oct
129
18V
Oct
Oct
Nov
69
Feb
105% Aug
Feb
120
Jan
169V June
24 V
June26
15%
Jan
28% Nov
63
Jan
29
105V Nov 8
Nov23
5
154% Jan
48V
Feb
98% NovlS
1.71V
Jimel3
94V
Dec
88
9
106
Junel4
99V July
3 00
48V Novl4
67
Aug 14
94% Novl4
47% Mar
106% Feb
Nov
Nov
8
60
42
43% Nov 9
88% Nov 8
107V Novl6
10
Mar
136%
47
100
v t c
Jan
14
79V
611V
100
pref
Copper.!
93V Nov
167
22
50
pref
United States Steel
Feb
49%June 2
.100
U S Smelting Ref A M
Sep
Nov
120% M arl4
Nov
100,
40V
127% Aug 14
Nov-13
10
..100
84%
233
59% Mar29
llOVJan
100
pref
Nov
June
42
Nov 17
100
U S Industrial Alcohol....
37
20
81V Nov 5
33
102
100
U S Cast I Pipe A Fdy
Do
pref
5
9V Nov 9
71V Nov
8
67%Jan
3
4
52V Jan
3
114% Jan
136%May3l
57
Dfec
50
June
Aug
67V Nov
170V
114
Apr
Jan
70%
Dec
115V
Dec
z79% Mar
81V Nov
53 V June
129% Nov
115
May
123
Nov
118% May 2 5
74% July
130
Nov
24%Jan 22
16V June
27%
40
May31
36
Apr
51
112V Jan 26
77
Mar30
108
Apr
114V Dec
41
July
72% Nov
Mar
105V Oct
71% Mar
121V Jan
19
Dec
Jan
Nov
7
99%Jau 19
56
May28
87
Nov
51V
Dec
56
Nov
8
70% Jan
4
70
Apr
79
50
White Motor
78
36
50
1st pref erred
33% Nov 2
52V Jan
Dec
59%
38V Jan
18
18
45
8
34
Dec n325
June
MarlO
94
Dec
June
Willys-Overland (The)
25
Do pref sub rects full pd 100
Wilson A Co, Inc, v t c
Wool worth (F W)
8
15
Nov
69
Novl6
42
Nov
8
100
108
Nov 16
151
116
Novl5
126%Jan
22
118
Jan
123
June
25
July
95
July
Junelu
52
July
Jan
Do
pref A
v
t c
100
91
Apr 16
17
37%Junelfl
97VJunell
Do
pref B
v
t o_.
100
50
May
63
v t
Kx-dlv. and rights.
c.100
23 V Feb
9
9
6 Par $10 per share,
117
Mar
Oct
84 V Mar30
100
100
..100
pref
Worthlngton P A M
a
Apr
32
73V Nov20
89
Do
101
32V Apr
3
94V June 7
105% May 25
37
Do
88V Nov
Nov
97
Nov
1
pref.
Utah Securities
42% July
31
108
100
Utah
Aug 16
Jan
TransueA Williams Steel No par
Do
June
Aug
5 zl07
7
Company (The)
100
Tobacco Products Corp... 100
Do
38
;
Nov
100
Fruit
11%
x90
Feb
Texas
Do
4
19V Nov
Stutz Motor of Am Inc.iVo par
Tennessee Copper A Cliem w 1
United
Jan
18
60
pref.
Do
106V Jan
95V Oct
...
Royal Dutch Co ctfs
"""166
t Ex-rights.
114% Dec
117V Nov
99% July 12
92
51V
25
46% Oct 1 2
Do
""666
68V Mar
67V June 7
109V Jan
5
118
92
"51%
10
37,600
2,000
49% Nov
9
Western Union Telegraph.100
Westlnghouse Elec A Mfg..50
*36
Jan
Jan
Aug
3812 Nov
3,500
38
Jan
93
60% June
129%,
105%
90V May
Do
100
Dec
88% June
100
19,700
65
32
10
..100
pref
National Lead
39%
*57
Dec
20
40
39
83%
57
65
Jan
106V Jan
Feb
127
3
39%
15
61%Jan 17
74%Jan 18
20V Oct 10
24
Feb
3
Feb
83
Nov
June
105V Novl9
pref
79% Novl9
46
57
85V Sep
64V Nov
107
100
Do
2
Virginia Iron C A C-.-_.-100
82V
Dec
Nat Conduit & Cable No par
Nat Enam'g & Stamp'g___100
Nov
""400
39
*36
64% Nov 14
10
83V
83%
38%
39% Nov 8
Oct
65
9V Mar
56%
101
98
39%
Dec
100
100
100
83
38%
100
Nov
38V
Sep
Sep
Jan
75V Nov
p61V Mar cl25%
8912 June
26
1,200
P50%
33
100
69%
*25
100
12
69V
111
1,300
13
69V
*116
600
*12
19%
46
500
98V 730,900
109 V
3,830
18
110
200
96
51V
18V
118
1,100
23,700
17%
46
"""800
Feb
Power
Do
110 V 114%
92
95
18
110
900
8,300
pi3%
pref
National Biscuit
tJnlon Bag A Paper
.200
126% Nov
43V Apr 30
5
Underwood Typewriter...J00
10V
*63
17%
*116
14,500
Jan
97%June 8
Nov
8
2,000
Jan
Dec
84% Nov 15
7
100
Jan
74
Aug
25
33% Nov
*88
10V
70
5
33V Nov
200
18
45
Montana
3
Nov
Studebaker Corp (The)...100
12,200
17V
119
100
Nov
1,200
92
18
109V
pref
Miami Copper
...5
Mid vale Steel & Ordnance. .50
13
73
29,200
49
17%
*107
100
18V Oct 16
28% Novl3
100
12V
142% 144%
1734
*118
•
12V
70
*69
Do
Petroleum
19% Nov 5
50% Novl9
Shattuck Ariz Copper
10
Sinclair Oil A Ref'g
No par
Sloss-Sbeffield Steel A Iron 100
108% 111
76% 79%
36
2d pref stk tr ctfs. 100
Sears, Roebuck A Co
300
104
*56
§36"
1st pref stk tr ctfs. 100
Do
Saxon Motor Car
13
31V
Do
1,000
12,600
4
29%
11
37
108V
68% June
99
Sep
2,900
2,700
78%
63
*35
75%
38
42%
95
91
38
*36V
37%
3734
89
86V
86%
87V
*102V 115
*102V 115
117 V 117% *110% 120'
45
'*42
-*87
I
20V
31%
*35%
"12%
142V 145
4934
47%
*88"
To'v
63
*102V 115
*35%
12%
32
5V
141
39
*88
...
63
*8V
*89
50
12%
*60
*46*4
50
100% 101V
atea
37
12V
12%
139V 141V
45V
46%
*88
*8V
5%
141
*20
36
*35%
*60
4%
142
29%
*11%
11%
141
71%
20%
116V 117V
11%
11%
*11V
4%
5
143
12%
140
*88
10V
36
5
142
5V
37
39
*102V 115
69V
103V Oct 29
47% Mar21
74% Nov
Dec
71
72V
36%
Apr
Dec
70
70%
60V
42%
44
1,000
12,700
73V
21%
123
•
Nov
64%
58,700
'94
Nov
67 V Jan
94
94
190
Novio
94
94
May
58
Republic Iron A Steel.:...100
75%
Nov
72
56V Nov
.100
"lb", 100
72%
115
91
78%
94
193
May
56 V
22%
95
May
87
Apr
73V
98
June
71
78
22V
*90
98
1,700
34
25% Dec
75
74%
142
3",200
20
3
Junel3
Feb
2
Junell
May22
July23
Jan
2
Mar23
Nov
120
89% Feb 17
22%
73V
5
142
129% *126% 129
43%
43V
43%
Apr
July
NovlO
22V
*90
98
22%
39
44
63
69%
22%
41V
80
116% Mar
80
10% Nov 16
22%
*90
98
128
•
Railway Steel Spring
100
Do
pref...
100
Ray Consolidated Copper.. 10
40V
90
12%
137V
*8
72%
*90
129V
40 V
40%
45V
*35%
11%
137
*60
40V
"
Dec
110V Dec
70
45
110
"107
49V
19
100
Pressed Steel Car
100
Deo
Dec
Pittsburgh Coal of Pa
*90
93
May
1,000
1,500
100
Dec
Dec
88V
64
7,800
*90
Oct
135
40
56
100
187V
Dec
50%May26
1,510
*90
29V
Apr
103% JunelS
30
Jan
2
28%
100
Sep
Apr
Feb
54V
Dec
5
3,300
*90
Oct
June
110
18
5
40
90
Oct
120
Nov
Pacific Mall
,
76%
159
Nov
300
80
Dec
68
100
500
46
24
26
No par
25",300
.
100% Dec
7
56
4%
80
269%
64 V Jan
25V
45
100V
Jan
77V June 6
36V
*54
Dec
49% Jan
Ohio Cities Gas (The)...
Ontario Silver Mining
28%
91%
152..
7
*39
28%
39
Dec
18V Nov 8
*4%
*24V
39%
41
38V
26%
42V
37%
124% Deo
43
37% Nov
North American Co.
48
99V Mar
Jan
50V Nov 7
35 V
'
113V Dec
Dec
Lee Rubber 4 Tire.. .No par
Do
*98% 102
17V
17V
♦100V 108
June
50V
Mackay Companies
Do
pref
Do
""'166
85
Dec
29%
108V
100
Do
100
Sep
Nov
Aug
pref ....100
Tire
25
Mexican
I()7~ IO7"
"22"
stamped
1,300
2,400
22,600
45
44
45%
66%
Paper
Do
Kelly-Springfield
Jan
144%
4
66 V
1
Sep
53% Dec
17
8
8
Nov
63V
Jan
117V
62% Feb
June
39V Nov
92%Jan
Feb 10
Nov
Jan
Nov
114
Feb
13 V
Jan
24% Nov
o..25
"3",660
16%
79V
28%
28%
100
International
v t
61V Jan
112
Jan
100% Nov 15
19% Feb
1
...100
(The)
93
47
.
Jan
80%
7 5 V' J an zlll
106
Marl6
Jan
4
125
110
7% Nov 8
Maxwell Motor Inc tr ctfs. 100
88
*85
88V
pref
56
23%
25V
Do
Intern Nickel
117V Nov
1
9
171%Jau 26
117
100
Jan
44V Oct
24% Jan
137
26V Nov 8
Int Mercantile Marine
107V Aug
7
Do
pref
100
Intern Harvester of N J.. 100
25
43 V
36%
100
*42
22
22
21V
3f>78
*92
45V
*66
105V 105V
21V
36V
28%
43V
66V
100'
*97
23%
*55
*85
*28"
44V
65%
43%
65%
100
54-%
63
Nov
38
Lackawanna Steel
34,800
1,400
Novl6
77
Inspiration Cons Copper...20
Intemat Agrlcul Corp..__ 100
Kennecott Copper
76V
1IV
5
34
108%
Apr 16
205
101V NovlO
1st pref tr ctfs.... 100
2d pref tr ctfs
100
31,900
33V
81%
30%
7334
11
Nov
123
74
Nov22
65
Greene Cananea Copper.. 100
Gull States Steel tr ctfs
100
102
*100
102
43V
37V
37V
88V
93
Apr
131
32*2 Novl5
100
June
49
88V Apr
19% July
7
100
40
42%
46% July
38% Apr
30V Sep
129% Dec
74V NovlO
..100
105V Mar
June
7
58
June 7
47% Apr
4
134% Jan 18
103 V June30
112 V Feb
7
37 V July 11
112% Jan
2
91% July 2
117% Jan
3
55 V Jan
4
94V Jan
3
63% Mar
ll%Mayl0
Nov
Nov
186
15
Feb 20
41
16
73
July
41% Dec
% per share.
700
Nov
104% Mar20
27% Marl2
6V Nov 17
350
86V
93 V Oct
126
30V J&n
122% NovlO
66
35
5
10
93
65%
Oct
Electric
-.100
General Motors tem ctfs_.100
Do
pref tern ctfs
100
66
5,700
7
76% Nov 5
General
*9IV
36V
3
140
....
Dome Mines, Ltd....
Nov
24% Nov
pref
100
Distillers' Securities Corp. 100
66%
37V
35
85V
85
100
93V
36
88V Nov 7
49V Nov 8
of America. 100
pref
Do
100
36
37%
76
32,900 Cuba Cane Sugar
No par
Do
pref
100
3,800
Cuban-American Sugar... 100
*137V 160
*90
Do
36V
66
44
5
Feb
66%
*79
42
Nov
18
93
*100
41
41
42
40%
11
*8
*884
11
34
30
30
*27V
♦102V 105
101<% 102
25V
24%
24V
25V
92
93*8
92%
94
25V
25V
25%
26%
8
97
35V
102
*100
89
*75
97
65%
*78V 160
160
6%
129
Nov
Do
pref
..100
Corn Products Refining... 100
Do
pref
..100
36
36
85
79
37%
*93
*33V
78V
6%
6V
129% 134%
90
87V
75%
75%
8
100
30%
79
35
35%
6%
36
66
65V
29V
100
97
84
30V
36
Nov
2,332
34,000 Crucible Steel
57V
94
28%
160
80
91
*87
88
*90
5
79",500
2938
*140
25% Nov
...
Gas AElec
30V
55%
57%
109
35V Nov 8
29% Nov 8
100
5,900 Consolidated Gas (N Y)_.J0Q
100
1,900 Continental Can
96%
5
100
Copper
91
91
UV Nov 5
Columbia
110
88
100
25
Colorado Fuel A Iron
28%
88
160
35
35
82V
§91
55V
*90
*93
34%
98
*33
81V
♦100
34V
93
*87
29%
*140
109
128V 129%
87V 90%
74% 75
89!
88
*90
*33
*90
33V
34
6%
6%
128-V 130
6V
128
*137V 150
109
*90
95
110
28%
25V
53V
*85*4
*83
*87
8934
89%
*87
30
.
pref...
Chino
39
82
Do
5
25
02V Jan 25
10IVJunell
115% Jan 25
Highest
$ pet share
415
Jan
52V Ja& 26
7
56
39
28%
58V Nov 8
100
30
14%
41V
28%
82V
82
29V Nov 5
100
Chandler Motor Car,
Chile Copper
14 V
28%
Jan
2,000 Cerro de Pasco Cop -..No par
14
32
135
per
515
15% Nov 7
10% Nov 9
Butte & Superior Copper... 10
California Petroleum v t c.100
2,100
10,750
13%
31V
5
Oct
Nov 14
39
*38
150
84
$ per share
98
1378
13%
69% Oct 16
$
.....100
200
6434
15V
64%
70V Oct 16
100
pre!
Do
pref
1,200
53,300 Central Leather
68%
66%
69V!
!
31V
14%
1,900
38
38
103
99
♦95
4,000
17%
12%
17V
17%i
18%
37
12V
35
6438
61V
Do
17V
12V
16%
12%
16%
100
100
2,700 Bethlehem Steel
Do
class B common
83% 244,800
80%
83V!
Previous
1916
Lowest
share
Jan
4
Junell
Par
83
83
"8l"
Year
lots
Highest
Lowest
lndustriai&Misc.(Con.)
$ per share
;
91
*85
61
83%
81%
$ per share
basis of 100-share
On
Shares
J
SHARE
for
EXCHANGE
Week
9 per share
Range
1
Range Since Jan.
Saksfor
NOT PER CENT.
PER
SHARE
PER
BALE PRICES—PER SHARE,
BIQE AND LOW
n
Par $100 per share,
141%
126
36%
100
66V
v
Oe.
No„
Se„
Sep
8ep
Certlfl"
New York Stock Exchange—Bond
In Jan. 1909 the Exchange
BONDS
N. Y
■8 "3
Price
Range or
Last Sale
Nov. 23.
05
BONDS
Week
Low
High
Cf 8 2s consol
U 8 2s consol
U 8 3s coupon
U 8 4s registered
QQ
97
97.58 Sale
96»4
99
5325
Nov'17
98% Oct *15
96
97
80
1961 Q
U 8 Panama Canal 3s g
100
Government.
Amer Foreign Secur 5s.... .1919 F-A
85
Anglo-French 5-yr 5s Exter loan.
Argentine—Internal 5s of 1909..
Bordeaux (City of) 3-yr 6s. 1919
Chinese (Hukuang Ry)—5s of '11
Cuba—External debt 5s of 1904
A-O
M- S
M-N
J -D
M- S
Ma
...1949
Dominion of Canada g 5s._. 1921 A-O
Do
'
do
1926 A-O
89%
80%
82
65
Oct
'17
95
Nov'17
95
93
96%
72%
65
95
Oct
86
*17
General consol 1st 5s
97
46
90
100
8
90
100%
93%
95%
88%
429
14
75%
88%
74%
73%
82
*17
84
*177
84
151
82%
82
35
35
.
97
82
•
224
119
96
779
93%
93
400
'90%
99% Sale
99%
99-„
619
98
Sale
96%
98%
406
96
95%
S
93
*4)312
93
8
N Y City—iHa Corp stock.1960
434 s Corporate stock
1964
4 H a Corporate stock
1966
93
100
93
10
93
93
93
25-year debenture 4s.
98% Sept'17
97
97
99
98
90
90
90
90
89
110%
102%
102%
90
90
102%
New 4Mb
...1957
4J<% Corporate stock... 1957
834% Corporate stock... 1954
98% Sale
98
110%
98
110%
84
91%
89%
90
92%
9134
.
87
-
79
mmm
90
98
Sept'17
101
July* 17
10034 July* 17
84
m
100
100
.
—
—
37%
43
A
-
103
Sept'17
..1995 A-O
Adjustment gold 4s
Registered
Stamped .;
_A1995 Nov
51995 Nov
81
73
~73%
73
1955 J -D
1960 J -D
86
89
86
86
90
86
Trans Con Short L 1st 4s. 1958 J
-
82
Oal-Arlz 1st A ref 4«s"A"1982
8 Fe Pres A Ph 1st g 5s... 1942 M- S
Atl Coast L 1st gold 4s..'..51952 M- 8
95%
103
97
97%
76%
Ala Mid 1st gu
Bruns A W 1st gu gold 4s. 1938 J - J
Charles A Sav 1st gold 7s. 1936 J - J
LAN coll gold 4s
01952 M-N
8av F A W 1st gold 6s..
1934 A-O
1934 A-O
1918 J
-
J
96%
J
-
J
86
1925
c g
Imp
gu
-
....
....
100
84%
84% Nov'17
Apr *17
99% June'17
84
J
90
107
"II"
78
100
Registered
1992 M- 8
F-A
30-year conv secured 5s.. 1946 A-O
Big Sandy 1st 4s..
.1944 J -D
Coal River Ry 1st gu 4s.. 1945 J -D
Craig Valley 1st g 5s
*
1940 J
-
No price Friday; latest this week,
97%
97%
104% 104%
90
971#
100
120%
102
Oct '17
105% 118
100
104(4
100
June'13
94% 101% 100
Q9
100% Jan '13
55%
71%
99%
"65"
70
91
Aug'17
98%
99
104% Jan '17
"73% "75"
74
-70" Bale"
69
70
90
15
....
81
71%
84
347
74
20-year deb 4Mb
^
General 5s Series B
Bpr A Col Div lstg 4s
-
1931
J
-
J
..1993 J -D
1940 M- s
1940 J - A
*1936
.*1936
Cln S A CI cons 1st g 6s.. 1923
C C C A I gen cons g 0s..1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5s...41938
1st gold 48
Registered
Q-F
Q-F
J
-
J
98% 108%
94
Apr *17
85% Nov'16
....
71%
~
-
1961
A-O
-
1929 F-A
M-N
Refund A Ext 4MB
1935
Ft W A Den C 1st g 68—1921 J -D
Conn A Pas Rlvs 1st g 4s.—1943 A-O
Cuba RR 1st 50-year 5s g„ 1952 J
3«s.2000
0S—.1921
Construction 6s
1923
Term A Improve 4s
1923
Warren 1st ret gu g 3 H 8. .2000
92
Morris A Ess 1st gu
69
N Y Lack A W 1st
71%
86(35
94*4
84
87
77%
Sept'17
July'17
Sept'17
104% 104%
100% 101%
100
104%
105
Deo *16
97% 101%
Nov'17
86
86(2
Nov'17
79%
86
100% 101%
....
104%
109%
104
104
103%
79(2
Sept'17
Nov'17
104%
Apr '16
Sept'17
Apr *16
98%
97%
71
12
79% 98%
86
9484
101% 118
104(4 111
~97%l05%
93% Nov'17
102(2 Oct '16
~93%
102%
94%
90%
97% 104% June'16
76
101% Oot '16
100% 110% 110% Nov'17
88
Jan '17
65
87
"94%
103%
98
100
94%
94(2 Sale
99%
97% 100
99%
99%
....
72%
85
86
74
84
9484
Oct *17
98
108%
" 75
98
107%
97% IO484
73
90
Mar'17
85%
87
62%
71
Sept'17
97% Oct '17
61%
78%
70
84
74
75
87
74%
01%
70
59
88
97% Nov'17
111% Deo '15
111% Nov'16
86% Sept'17
62% Sale
....
88
102
99
....
110% 118%
Oct '17
102
97%
61
59
59
90% Sept'17
97% June'17
99% Oot *10
97% July'15
90%
96% 100
90
97
IIII "60 "
98%
74(2
96(2 102%
97(2 97%
97%
59
Oct *17
55
02% Oct '17
Oct '17
62
109
55
111
June'17
75
II884
86% 91%
9584 1Q3
111
118%
118
Nov'16
Nov'17
IOO'" 104"
61%
57
101% 105
78%
83%
86% Nov'17
85% Oct *17
94
103
100
109
100
62%
105% Nov'16
84%
82
80
'17
Jan
Oct '17
106% 105
62
64% 61%
82" "82*
90
90
108
77
90%
90
May'17
July'15
70
90
88
Mar'll
96
63
May'17
25
105
Jan
59
60
68
....
105
61%
102
88
"87"% IIII
♦95
80
Feb '17
51
46
12%
"
10
93
83%
79
74%
June'17
73%
Oct
"'17
10
Nov'17
5% Oct '17
5% Nov'17
5(2
Sale
-D
J
F-A
81%
July'17
107% Aug '17
94
July'08
94%
6%
96
59
83
87
100% 101
Mar'17
88% May'15
102% Jan '17
10%
96
Feb '17
102% Oct '17
88
Nov'17
90
5%
Oct '17
87
81
83%
73(2
Nov'16
84
62(2
*17
59%
83
83
99% 101
83%
66% 75
79
49% " 70
65
7312 74%
65
71% 73%
75%
100% 102%
84
85%
102% 102%
106% 110%
46
76
10
SO
93
102%
2%
2
17%
11%
72%
96
84
82
83
81
73%
73(2
73%
99%
83
95(2 Nov'17
73(2 87%
95(2 105%
96
—
86
94
Feb *16
Del Lack A Western—
J
06%
81% Oot '16
45
Apr
Col Midland 1st gold 4s
1947 J
Trust Co certlfs of deposit
11
100
71
90
QPeoria A East 1st cons 4S.1940 A -O
Cleve Short L 1st gu 4 Ms
98
04
86% Oct '17
"79% "81%
65
1990
70
9934
97% July'17
102% Dec '16
78%
A-O
Income 4s
79
J
W W Val Div lstg 4s
CI St L A C consol 6s——1920 M-N
86%
"18
70
79%
96%
104% 104%
74
74
86-% Mar'17
737b Sa1®
J
Colorado A Sou 1st g 4s
Sept'17
89%
99%
......
20-year convertible 434s.. 1930
87% 103
103
106
...
88%
92
110
78
103
100
1st consol gold 5s
1939 M-N
Registered
1939 M-N
General gold 434s.......1992 M- S
105%
85
103
99
J
97
100
100
Aug '17
100
-
103% 109%
103
J
1959
Cairo Div 1st gold 4s
1939 J - J
Cln W A M Div 1st g 4S..1991 J - J
St L Div 1st eoll tr g 4s.. 1990 M-N
May'17
78
1st A refunding 4s_.
Clev Cln Ch A St L gen 48.1993 J -D
Mar'17
III I 101% 97% June'17
104% Apr '17
84% 92
90
Aug *17
85
95%
78
Chic A West Iud gen g 6s..j 1932 Q-M
Consol 50-year 4a
...1952 J - J
Cln H A D 2d gold 4^8—1937 J - J
90
100% 111%
99
102%
Oct '17
87%
Superior Short L 1st 6s g.01930 M- 8
Chic T H A So-East 1st 5s.. 1960 J -D
107
N ov'16
97
87
1930 M- S
90
107%
103% Feb *16
100
Chic St P M A O cons 6s
1930 J -D
Cons 6s reduced to 3)48--1930 J -D
107
90
Feb '17
85
97
84
Sale
1918 M-N
RI Ark A Louis 1st 4^8.. 1934 M- S
Burl C R A N—1st g 58—1934 A - O
Coll trust Series P 4s
1st guaranteed 4s.—1959 J - J
Cln DAI 1st gu g 5s
1941 M-N
C Find A Ft W 1st gu 4a g. 1923 M-N
Day A Mich 1st cons 4^8.1931 J - J
99%
"99%
106% Dec *16
108
104
104% 104
101
1929 J
94%
100
99%
99%. Oct '17
102
_
100
101% Nov'16
100
-
79% 101%
'12
90
1937 M-N
1987 J - J
51987 Q- J
.
5s.._1921 J
79%
80
*94%
97
Leb A Hud Rlv gen gu g 5s.'20 J - J
N Y A Long Br gen g 4s. .1941 M- S
Cent Vermont 1st gu g 4s..el920 Q-F
Chesa A O fund A lmpt 6s.
77%
79%
92%
97%
87% 100% 100% Nov'17
99% Oct '17
77% 99
Chatt Div pur money g 4s 1951 J -D
Mac A Nor Div 1st g 5s.. 1946 J - J
Mid Ga A Atl Div 5s.....1947 J - J
1948 J
94%
77
77
95
Railway general gold 4s.. 11988 J - J
Registered
1988 J - J
Refunding gold 4s...
1934 A-O
20-year debenture 5s.....1932 J - J
Ch St P A Minn 1st g 6S..1918 M-N
North Wisconsin 1st 6s... 1930 J - J
St P A S City lstg 6s
1919 A-O
77
100
83
J
Debenture 5s...
~79"
100%
1922 A-O
-
95%
Nov'17
"90% IIII
Ext A Imp s t gold 5s...1929 F-A
Ashland Div 1st g 6s. ..1925 M- S
Mich Div 1st gold 6s.. 1924 J - J
Mil Spar A N W 1st gu 4s. 1947 M- S
96%
Oct '17
81
Mllw A S L 1st gu 3H8
1941 J - J
Mil L S A West 1st g 6s..1921 M- S
90%
88
84
82
Central of Ga 1st gold 5s..pl945 F-A
Consol gold 5s
1045 M-N
Registered
Des PlainesVal 1st gu 4^81947
Frem Elk A Mo V 1st 6s.. 1933 A-O
Man G B A N W 1st 3tf 8.1941 J - J
85
77
t87% 100
Canada Sou cons gu A 5s...1962 A-O
Oar Clinch A Ohio 1st 30-yr 5s '38 J -D
Am Dock A
118%
87
Clear A Mah 1st gu g 5s. .1943 J - J ♦106%
100%
Roch A Pitts 1st gold 6s.. 1921 F - A
Consol 1st g 6s.___.._. 1922 J -D
100%
Mobile Div 1st g 5s
Oen RR A B of Ga col g 5s.
Cent of N J gen'l gold 5s
115
78
Jan
S
Consol gold 5s.
..1952 M-N
Keok A Des Moines 1st 5s. 1923 A-O
St Paul A K C 3b L 1st 4 He '41 F - A
77
1937 M- S
1957 M-N
1998 A-O
434s
All A West 1st g 4s gu
...1933 M-N
C R IF A N W 1st gu 5S..1921 A-O
Choc Okla A O gen g 5s_.ol919 J - J
91
112
79
Monon River 1st gu g 5s..1919 F -A
Ohio River RR 1st g 5s...1936 J -D
General gold 5s.......1937 A-O
Consol
83%
81
♦98
1925 J - J
434s.. 1930 M- S
.
1921 A-O
1933 M-N
St L Peo A N W 1st gu 6s. 1948 J
Chicago Rock Isl A Pao—
85
Oct *17
86
87%
83%
94(2
Registered
Sinking fund deb 5s
Registered
_
16" "06%
72(2
85
107
92
92%
1921 A-O
93%
85
....
92
1879-1929 A-O
Registered...
55
73%
115%
100% 100%
85%
84%
100
77
72%
86
"99%
"75" "89""
July'17
77
"79% Sale"
lstg 5s... 1933 A-O
Pitts Clev A Tol 1st g 6s.
Buffalo RAP gen g 5s
80% 95%
99%107%
75
75
86
93%
100
92% Mar'17
1933
.
99
Sale
Sale
78
Southw Div 1st gold 334s.
con
83
105
July'15
99% Dec *16
85%
86
90% Sept'17
89
51948 A-O
51948 Q- J
434s.._._
Cent Ohio R 1st
99% 104%
80
96%
115
Refund A gen 5s Series A.1995 j'-D
Pitts June 1st gold 6e
1922 J - J
PJuno A M Div 1st g 334s 1925 M-N
P L E A W Va Sys ref 4s.. 1941 M-N
CI Lor A W
9934 July'17
99% Oct *17
85
Sept'17
129% Aug '15
7934
51925 Q- J
Registered
91
80%
.
811 Sp Oca A G gu g 4s
Salt A Ohio prior 334s
Registered
1st 50-year gold 4s
78
93% May'17
87%
97%
.
99
91
80% Nov'17
102%
75
108%
84% 107
86
87
80%
434s..
88%
"72% "89 "
73
Nov'17
83
83
1964 J -D
gold 5s... 1928 M-N
72
78
Aug '17
80% Oct '17
84
68
J
93
91% Oct '17
84%
(VI- 8
80%
73%
97
83
137
Sept'17
72
72%
85% Nov* 16
"73"
•t-;<m
East Okla Div 1st g 4s... 1928 IYI- 8
Rocky Mtn Div 1st 4s
1965 J - J
conv
83%
51
83
1
■
51
70
104%
Debenture 5s...._
8
72%
....
99%
1879-1929 A-O
1879rl929 A-O
5s
...
Oot *17
86
.1879-1929 A-O
.......
103
103% 110
78
87%
50
61%
51995 M-N
gold 5s..
Sinking fund 6s
Registered
109% 117%
51
57
51%
83(2 Sale
O
Registered
Donv 4s Issue of 1910
1987 M-N
1987 M-N
M-
A1996 Q- J
Oonv gold 4s
1987 M-N
pl087 Q-F
Sinking fund
Railroad.
1995
1886-1926 F-A
107% 117%
Nov'17
103% Oct '17
78
Sept'17
50% June* 17
79%
J
General 5s stamped...... 1987 M-N
110% Sept'17
—
103
99
mmmmm
8s deferred Brown Bros ctfs-—
103
103
99
100
J
Chic A Nor West Ex 4s 1886-1926 F-A
Stamped 4s
...
77% Sept'17
1920 J - J
Milw A No 1st ext 4^8—1934 J -D
Cons extended 4Mb
1934 J -D
105
79
97% 106(2 100
97% 108
104%
97% 100% 100(«
100%
95% 101
100% 106%
100
102%
99% 106%
100% Sept'17
108% 109% Oct *17
IOO"
Virginia funded debt 2-3s...l991
101
85
98
-J
Registered
1
06%
98%
107%
82%
105%
94%
10284
10384
106(2
104%
95%
80
6s.. 1924
General 4s
27
...
66
99
f 6s___ 1920
Registered.
90
"32" "4l"
77(2
72% Aug '17
98
J
General gold 3^a
90
**
69
77
J
Wis Valley Div 1st 6s
*16
98%
98
98
Canal Improvement 4s... 1961
Canal Improvement 4s... 1962
Canal Improvement 4s... 1960
Canal Improvement 4 34 s. 1964
Canal Improvement 4J*s_ 1965
Highway Improv't 434s.. 1963
Highway Improv't 434 s. .1965
»
97% Jan
9934
8134
98%
1961
8934
""
90
75
76
99% Oct '17
94
Nov'17
J
-
80%
„
77
98
Dubuque Div 1st
111
98
35
107%
67
71%
95%
1921
a
97
96
91
-
assum g
35
30%
27%
75
J
-D
-
1
77
J
Convertible 4Hs........ 1932
Chic A L Sup Div g 5s
1921
1926
-
76%
72
08
J
-
-
Nov'17
86
J
-
99
91
75%
77
67% Sale
77% Sale
J
-
.1934
Lacrosse AD 1st 5S-....1919
Wis A Minn Div g 5s_.._1921 J
97
.
:
.
Fargo A Sou
98%
Atch Top A 8 Fe gen g 4s..
_
1
II "817s "97%
92% Feb '16
"74" "76%
1925 J -D
a2014 A -O
Gen'l gold 3>$s Ser B
*1989 J
General 4Mb Series C___el989
105%
97% 106
99
88
98
99% 102%
98
99%
97% Deo '16
78
77
J
-
el989 Q- J
Registered
104%
97%
Ann Arbor 1st g 4s
"92" III!
93
91l2 100
88
—
89
Nov'16
96% Jan '17
Chic L S A East 1st 4^8—.1969
Chicago Milwaukee A St Paul
Gen'l gold 4s Series A
el989
98%
98%
98%
100%
101%
98
55%
100
70
50
4^s Corporate stock
1965
4Mb Corporate stock....1963
4% Corporate stock
1959
4% Corporate stock..... 1958
4% Corporate stock
1957,
4% Corporate stock
1956
100% Apr
78
C M A Puget Sd 1st gu 4s. 1949
State and City Securities.
55
100
72
Chic A Mo Riv Div 5s
Chic A P W 1st g 5s
98
..
57
1947
1947
Gen A ref Ser A 4Mb
Gen ref conv Ser B 5s...a2014 F-A
98
97% Feb '13
32
Mar'17
Ind A Loulsv 1st gu 4s... 1956
Chic Ind A Sou 50-yr 4s
1956
Refunding gold 5s
Refunding 4s Series C
80%
90%
1918
53%
100
76
84
"3
Sept'17
July'17
105
95
97
97%
94%
76
100
56
70
92(2 Sale
2
75
....
....
82%
70
June'17
25
Permanent 4s
84%
N Y State—4s
51
87
90
39%
70
Temporary notes 5>*s
1919
tThese are prices on the basis of %5to£
36
99
"5
98
74
35
Nov'17
82%
1921 M-N
97%
82%
40%
83% Sale
Paris, City of, 5-year 6s
1921 A-O
M- S t 70
72
Tokyo City—5s loan of 1912
97% Sale
U K of Qt Brit A I 2-yr 5s. 1918 M- S
95% Sale
8-year 5H temp notes.... 1919 M-N
.
70%
98
17
84(2 Apr '17
93% 101
81
88%
80%
49% July* 17
33
.1954 J -D
22
25
46
"68% "62«4
"3
July'17
29% Nov'17
84%
Chic Ind A Lculsv—Ref 6s. 1947
Sale
82
33
101
98
Chicago Great West 1st 4S..1959
90%
83% Sale
83% Sale
88%
81%
71
July'16
82
30%
29
23
Purch money 1st ooal 5s. .1942
Chic A Ind C Ry 1st 5s...1936
86%
100%
90%
Oct
High
—
92
98
....
Sale
22%
J
92
94%
85%
U S Mtg A Tr Co ctfs of dep
Guar Tr Co ctfs of dep
94%
75
99%
98% Sept'17
99%
1937
90
88%
—
Nov'17
84
88
96%
95%
82
Chic A E 111 ref A Imp 4s g._1955
U S Mtg A Tr Co ctfs of dep..
1st consol gold 6s
1934
100
92%
Nov'17
86
82
76
76
Sale
76
Low
73
—..
J
-
90
90
1919 M-N
5-year 534 temp notes
Temporary notes 5He
J
Oct '17
88% Sept'16
96% 113% Feb '15
54% 68% Oct *17
38%
38%
38% Sale
99
Sept'17
99% 100
..1958 M- S
General 4s.._...
93%
Mexloo—Exter loan £ 5s of 1899 Q- J I
Gold debt 4s of 1904
853
98%
95%
Sale
Sale
Sale
Lyons (City of) 3-yr 6s.—.. 1919 M-N
.
Sinking fund 4s
102%
92
160
84
82
t"75" "78"
1931
Marseilles (City of) 3-yr 6s.
137
89%
91%
80% Oct '17
74%
"German stampr
Sterling loan 4s
1950
Railway 1st Hen 3>$s
90(2 Sale
do
_
20-yr
71
9
90%
"
1931 A-O
9484
French Repub 5Ms secured loan.
Japanese Govt—£ loan 4 ^ s 1925 F-A t 88%
Second series 4)^8
L..1925 J - J t 88%
1st
82%
See Great North
Nebraska Extension 4S...1927 M-N
Registered..
1927 M-N
94%
91% Sale
90% Sale
80% 82%
83% Sale
t 60
67%
94
95%
91% 94
84%
87%
94% Sale
Exter dt 5s of '14 ser A...1949 F-A
F-A
External loan 4
Gen unified
61%
No.
84% Jan '13
73
Nov'17
Joint bonds.
Foreign
do
82
Chic A Alton RR ref g 3s...1949 A-O
Feb *15
92
U 8 Philippine Island 4s. 1914-34 Q
Do
80
67
85% Nov* 17
96
Do
70
J
.1919 A-O
104
1938 Q
U 8 Pan Canal 10-30-yr 2s..
High
J
-
July'15
...1925 Q
U 8 Pan Canal 10-30-yr 2s.*1936 Q
U 8 4b coupon
Ask Low
Bid
-
Chic B & Q Denver Div 4s.. 1922 F-A
Illinois Div 3Hs
1949 J - J
J
Illinois Div 4s__
1949
Iowa Div sinking fund 58.1919 A-O
1051s Oct '17
10512 Nov'17
104
Since
Jan. 1.
1946 J
Creek Br 1st 4s
2d consol gold 4e_.
.1989 J - J
Greenbrier Ry 1st gu g 48.1940 M-N
Warm Springs V 1st g 5s.. 1941 M- S
100.02
9934
9684 9934
98%
99%
98% 101%
10434 110
104% 111%
99
99
Sale
97
96%
Nov'17
99
99
98.44 100.30
Nov'17
9612
*1918 Q*1918 Q1925 Q
U 8 3b registered
99.80 9440
Sale
99
1947 J Loan....1942 Mregistered._.dl930 Q
coupon
41930 Q
Liberty Loan
Range or
Last Sale
R A A Div 1st eon g 4s... 1989 J
fotts
U S 4s 2d Liberty
Range
Week's
Price
Friday
Nov. 23,
ending Nov. 23.
Chesapeake A Ohio (Con)—
U. S. Government.
0 8
for income and defaulted bonds.
N. Y. STOCK EXCHANGE
Jan. 1.
No.
High
Ask Low
Bid
Range
Since
Week's
Friday
if
STOCK EXCHANGE
Week ending Nov. 23.
2079
Record, Friday, Weekly and Yearly
method of quoting bonds was changed and prices are now—"and interest"—except
78
100% 106
93(2 98
75%
M-N
93
F-A
74(8
77% Oct *17
103% Sept'17
98
1
Nov'17
96% 94% Sept'17
82% 102% Feb '03
77(2 88%
103% 107%
98
102%
94% 99(2
96% Feb '16
J
a Due
Jan.
d Due April,
c Due
May. g Due June, ft Due July. * Due Aug. 0 Due Oct. p
Due Nov. q Due Deo. * Option sale.
2080
New York Bond
Week's
BONOS
Price
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
Friday
Range-or
Since
Nov. 23.
Last Sale
Jan. 1.
Ask Low
Bid
Range
High
No.
\Low
94
J
-
1913 M-N
A
A -O
M-N
J J J -D
F - A
J - *>
J - J
J
J - J
Bio Gr June 1st gu g 58—-1939
Bio Gr Sou 1st gold 4a.-.1940
Guaranteed.--,
85%
91%
60*2
100%
O
-
1940
Bio Gr West 1st gold 48—1939
High
Registered..
75
37
68
Gold 4s
38
87%
9934 103
87% 101
J
"
,1996 J
Penu coll trust gold 4s.. 1951
60-year conv 4a Series A 1953
-
Deo '16
84
93
993a
104
'94" "94
04
99
102
104
Jan *17
104
105
105
Sept'17
104% 109%
87
Jan
'17
104
98% Oct '17
98%
98
97% June'17
95%
99% July'17
94% Nov'15
107% Dec *16
66%
68
"90% nr.
667$
68
,
Sale
Padueah
8
66%
50
73
•
"51
48" "73%
June'16
*88 " "90"
8212
88% Sept'17
39
42
40
40
39
40
Gen conv 4a Series D.
1953 A - O
Chic 4 Erie 1st gold 5a—1982 M-N
Clev 4 Mahon Vail g 58—1938 J * J
Erie 4 Jersey lat a f 6a—1955 J - J
45
Sale
Sale
38%
43%
40
45
3834
43%
95
99
95
95
HI" 106"
Genessee River 1st sf 6a..1957 J
Long Dock consol g 6a. .1935 A
105% 115
- O
M-N
J - J
58-1946 M-N
-
—
60
87%
93% Sale
90
J
-
90%
J
-
Pacific ext guar 4s £.—1940 J
E Minn Nor Dlv 1st
g 4s. 1948 A
Minn Union 1st
93%
93
Mont C 1st gu g 6s
111
90
Aug '17
Mar'16
89%
100%
113
99% Oct '17
79%
6
72%
9
80
80
70
7778
81
Oct
mm
9834 Jan
"'"JJ"
87%
-
J
1951 J
-
J
84
1st A
86%
80
93%
8884
80
ig51 A
-
Collateral trust gold 4s_—1952 A-O
Registered
1952 A-O
1st refunding 4s
1955 M- N
Purchased lines 3 Ms
11952 J - J
75
67%
79%
1
10
78
85% Jan '17
85%
73%
74
74
Registered
1953 M- N
Cairo Bridge gold
4s._•_ "*1950 J - D
Litchfield Dlv 1st gold 3s. 1951 J - J
70
84
84
LoulsvDlv4Tering 3Ms.l953 J
Registered
1953 J
Middle Dlv reg 5s
1921
Omaha Dlv 1st gold
3s_—1951
St Louis Dlv 4
Term g 38.1951
Gold 3 Ms
1951
Registered
Springf Dlv 1st
-
83
A
"99%
A
51%
-
J
62
J
-
J
83%
-
J
-
A
Registered
- A
Bellev 4 Car 1st 6s
1923 J -I)
Carb 4 Shaw 1st
gold 4a._ 1932 M- S
Chic St L 4 N O
gold 5s
1951 J -D
Registered
70%
Registered
98% Nov'17
114
90
Registered
1951 J
D
-
D
68^8
-
D
65
g 6s
1919 M- N
James Frank 4 Clear 1st
48.1959 J -D
Kansas City Sou 1st gold
3a_1950A-O
Registered
1950
Ref 4 lmpt 5s
Apr 1950
Kansas City Term lat 4a_..1960
Lake Erie A West lat g 5a.. 1937
67%
82% June*17
94% 100
82% 93
60
Sale
75%
77
79% Nov'17
96% Aug '17
75%
79%
"9l"
95
101
76
71%
Q- J
M- S
53.1947 F
-
A
-
J
"
90%
99
80% Feb *17
89% Mar'17
89%
95
9538
95
92
102
-
J
84%
93
89
Oct *17
88
101%
87
80
Oct '17
80
91%
97%
92
Nov'17
92
a Due
Jan.
Deo'16
45% Feb '17
91
9034 Nov'17
8834
88
85
85
99%
5234
54%
9934 Nov'17
85
-
13
88
99*4
98%
1,
490!
85
95
90%
5234 68%
9934 106%
55% 60
60
61
80
82
Feb *13
100
10034 Apr '17
91% 94
91%
91%
102
July'14
"71" "72% 71
72%
80% Oot '17
"70% "74
70%
70%
78
85
Sept'15
101% 105% 10434 Aug '17
109
Feb '16
101% 106
68
55
July'17
♦
93
101
July'17
90
85
Aug'17
80
Nov'17
74% 85
95% 99% 99% Nov'17
100% 104% 110% Mar'17
100% 101%
91% 10334
7l" ~86~
69%
"84"
104% 114%
68"
"78%
93
93
90
90
80
91*4
96% 108
30" "30"
30
30
May'17
Aug'16
96% Feb '13
35
"26 "IIII
30
Oot '16
59
Deo '16
58
56
94%
....
35
93
35
93% Sale
76%
87
O
-
1
C|
77% Deo *13
92% Deo '16
82
78
;
1
"45%
60
July'17
60% Apr '17
82
Apr '17
100
1935 M-N
1997 J
J
—1997 J - J
1934 M-N
Debenture gold 4s
Registered
Registered
—1934 M-N
58
Oct
58
72
93
'17
35
99%
50%
93%
94%
77% Sept'17
87%
87
35
202
"n
93% 113%
76% 88*4
87
98*4
80%
83
90
102
& Due Feb.
72
74
74
74
76
78%
78%
77%
,
72% Nov'17
Sept'17
79
92
Deo '16
-
A
"66 ~ "67"
66
A
♦66
6734 Sept'17
69
Sept'17
65
80
69
80%
Mar'17
75
80
96%
97
69
67
75
Beech Creek 1st gu g 4s—1936 J
76%
96% Apr *17
-
J
1936 J
-
J
2d guar gold 58—
1936 J
-
1936 J
-
\
A Due July.
g 5s. 1923
0 Due
A
Oct.
-
66" " ~8l"
9534 Nov'16
104
May'16
67%
89
Nov'16
76%
94"
82%
•
wo.
J
Moh A Mai 1st gug 4s—1991 M-S
N J June R guar 1st 48—1980 F - A
N Y A:Harlem g 3Ks
2000 M-N.
June.
86%
85%
64%
-
66
Registered
72%
1998 F
Mich Cent coll gold 3^8—1998 F-A
Registered
1998 F-A
Battle Cr A Stur 1st gu 38.1989 J - D
JJY4 Northern lat
0 Due
70
—
1998 F
Beech Cr Ext 1st g 3MS.&1951 A-O
Cart A Ad 1st gu g 4s
1981 J - D
Gouv A Oswe 1st gu g 58.1942 J -D
J
95
51
39%
J
Registered
'00
-
No price Friday; latest bid* and asked this week,
45
1998 F*A
Lake Shore coll g 3Mb
60
90
D
2013 A
4Mb "A"
Guar 3Mb
Nov'17
Oot
Nov'17
New York Cent A Hud Riv—
Sale
cons g 4s..2003 M-N
-
Ref A imp
95
63
80
71
70%
•*
94%
83
J
Consol 4s Series A.
89
J
\
g
M-N
M- S
Jasper Branch 1st g 6s
1923 J
Nat Rys of Mex pr lien
4^8.1957 J
08% 100
Apr '17
80
87%
2003 M-N
con
New York Central RR—
Conv deb 6s
89
75%
50
"69% "69%
58
50
50
1938 M- N
gu.1951 F - A
1948 J - D
St Louis Dlv 5s1927 J - D
St L A Cairo guar g 4s
1931 J - J
Nashv Chatt A St L 1st 5s.-1928 A-O
65
76
85
S
-
90
60
2d gold 5s
1941 J - J
North Ohio 1st guar g 5a.. 1945 A-O
4Mb
1945 M
Montgomery Dlv 1st
95%
J
79
52%
Sale
90
81
J
40
58
—
54
84%
65
-
40% Nov'17
—
•—
79%
June'17
60
45
30
26%
41
58
— —
New Orleans Term 1st 4s.—1953 J
J
NO Tex A Mexico 1st 6s.
1925 J rD
Non-cum Income 5s A
1935 A-O
81
-
1940 J
m
23
70
35
86
86%
65
A-O
-
—
247
69% Apr *17
70% Mar'17
88% Sale
71
70% Nov'17
95
90
40%
78%
54%
32%
69%
30
58%
30
30%
32% Nov'17
49% Sept'17
Nov'16
89
69
80
7234
93%
57
Dec '16
57%
Nov'17
85
65
Sale
65
9834
69%
68—1920 M- N
Rlv A G Dlv 1st g 4s—1933
Verdi V I A W 1st g 5s„.1926
Mob A Ohio new gold 6s
1927
1st ext gold 6s
-M927
General gold 4s
1938
92% 102%
70%
88
J
LehValNYlstgug 4Mb—1940 J
Registered
90
85%
30
—
Btamp gug 5s. .1931 A-O
Unified A ref gold 4s
1929 J - J
Registered
1929 J - J
'09
92% Nov'17
92
40
Guaranteed general 4s...1977 A-O
Feb '11
Oot
92%
J
J
cons g
Registered
-
St Louis
Lehigh Val (Pa)
"17
97
92
30
—
Nat of Mex prior lien 4
>$8—1926 J - J
1st consol 4s
1951 A-O
N O Mob A Chic 1st ref 5s._I960 J - J
Nov'10
Jan
84%
33
—
72%
107% 117% May'10
90
95
63
40
'17
85% Nov'17
49
.2004 M- 8
__
92
IIII
"80% "95"
80%
84%
91%
1959 M- S
Gen
1951 J -D
Sou 1st gu g 48—1931 M- S
ind 111 4 Iowa 1st
g 4s
1950 J - J
Int A Great Nor 1st
A
-
1944 M- N
72%
June'16
79% Oct '17
1951 J -D
Joint 1st ref 5a Series
A 1963 J
Memph Dlv 1st g 4s—1951 J
pl990 F
"83 "
80% Nov'16
79
61%
94
76%
Aug *12
80
IIII "79%
89" "94%
June'16
72% Jan '17
65
Sept'17
77% Aug '17
—1951 J -D
....
Gold 3Ma
*
10034
85%
" 89%
Feb '14
192
J
-
3 Ms.—1951 J
1951 F
1951 F
May'14
Apr '17
76% May'17
1951 J -J
g
74
74
78%
J
-
F
79
.
89
F
J
Western lines 1st g
4s_-_
cons
80
*78" "95"
82
74%
73
—,
64
45
58% Sale
30% Sale
27% 33
_
.92
43
Feb '15
80%
1949 J
Cent Br U P 1st g 4s
75%
Nov'17
June'17
79
_1990 J -D
Pac R of Mo 1st ext g 4s. 1938 F - A
2d extended gold 5s__„ 1938 J - J
St L Ir M A S gen con
g 58.1931 A-O
85%
M- N
L N O A Texas
gold 48—1053
1st 5s
"74" "91%
74
43
45
83
92
Nov'17
—
49%
60
—
J
-
9934
95% Sep '12
74
42%
40
Jan
96%
76
81
—
103% Oct '16
IIII "79%
92
92
1951 M-S
91%
108
106
Nov'17
Sept'17
O
1951 M- S
Registered
91%
100 •
»
Sept'17
Sept'17
io!°
o
106
Sale
108
84%
1st A ref conv 5s—
3d 7s extended at
4%
Boonv St L A S 1st 5s
90%
1
Mar'10
40
m
Missouri, Pac 1st
July'09
Registered
1st gold 3s
sterling
90
103%
81%
Nov'10
39%
40-year gold loan 4a
June'17
Registered
79
84%
97
78
90
100
Apr '17
83
gu.'26 J
Gcilcrdii 4s
82%
90% Apr *17
—
10378 103%
98% 109
37
02
95
"76%
Oct '17
__
J - J
1941 M- N
refunding 5s
1926
refunding 5s -—--1965
15%
80
Nov'15
3^8—.1951 A-O
-
_
1st gold 3 Mb
88
~98~ IOO"
91% June'17
Texas 4 Okla 1st gu
g 5s—1943 M- S
Missouri Pacific
(reorg Co)
1st & refunding 5s
1923 --
Nov'16
1951 J
-
813a
98% Oct '17
97% 'May'16
75
M K 4 Okla 1st
guar 5s__1942 M-N
M K & T of T 1st
gu g 58.1942 M- S
Sher Sh 4 So 1st
gu g 68—1942 J - D
80
82% Aug '17
88
—
94
80%
Aug'17
_
'14
mimm
68
94
Aug '17
Feb *05
99
J
-
...
6
105%
85%
94% 10334
74
81% May'17
,
D
4Ms—1936 J - J
A-O
M- N
F - A
A-O
1st A
15
'17
6%
-
St Louis Dlv 1st ref
g 4s..2001
Dall A Waco 1st gu
g 5s.
1940
Kan City 4 Pac 1st
g 48—1990
Mo K 4 E 1st gu g 5s_„_1942
99% 110%
June'17
678
A
J
J
J
-
Houston Belt 4 Term 1st 58.1937 J
Illinois Central lat
gold 4a .1951 J
Registered
1951 J
General
118
105%
109'4 Aug '16
69-% Dec '16
95%
■
Feb
105
95%
77
1951 M- S
1st ext gold 5s
1st & refunding 4s.
Gen sinking fund
10838 1083s
113
124%
June'17
IIII
91%
103% Oct '17
105
1921 A-O
1st gold 4s
2d gold 48—
136% May'06
99%
63%
81
Missouri Kansas 4 Texaa—
98
J
-
«
Mississippi Central
"98%
86%
,
!lOS«4 10834
102% TOO
63%
! 79
1927 J -D
4s
g 4s int
121.
118.
-
94
1977 M- S
1st Chic Term s f 4s
M S S M 4 A 1st
"99"
Apr '17
-
Gulf A 81 lat ref & t
g 5a_.51952 J - J
Hocking Val 1st cons g4Ha. 1999 J - J
Registered
1999 J - J
Col 4 H V 1st ext
g 4a—.1948 A - O
Col 4 Tol 1st ext
Refunding gold
"9931
90%
May'10
108% Jan '17
.
Extended lat gold
89%
95%
103
60
'17
Oct
105% Aug '17
74
Oct '17
10134
95
MStPASSMcong4slntgu_1938
92% 99
88% 10134
Sept'17
Aug'17
90% Apr '17
100% Oct '17
60% May'17
10834 Jan *17
80%
100%
Iowa Central 1st
gold 5s. .1938 J -D
"69%
June* 16
102" II
Registered
- J
1st guar gold 5s
1937 J - J
Will A S F lat
gold 5a. 1938 J - D
Green Bay 4 W deb ctfs "A"—
Feb
92%
24
89% Nov'17
O
J
-
48—-.1955 F
226
85% Nov'15
86% July'17
70%
-
1922 J
1937 J
1937 J
Debenture ctfs "B"
92%
8118 "97% 89%
111
101% 120
118
100%
90%
90% 99
102%
84% 99
81
88% 89%
95%
80% 89
-
—
89" "06
56%
94
106
114%
104% 104%
89% 90%
100% 106
M-N
gu 4s—1935 J
85% June'16
92%
Sale
A
1st consol gold 5s
—1934 M- N
1st A refunding
gold 4s
1949 M- S
Ref & ext 50-yr 5s Ser
A. .1962 Q - F
Dea M 4 Ft D 1st
85%
June'12
96
1933 J
102
85%
Nov'll
Aug '10
56% Oct '17
GH
O
95
F - A
A-O
M- 8
f g 58.1925 J
& St Louis—
1st gold 7s._
Pacific Ext 1st gold 6s
92
Reduced to gold 4^8-1933 J Registered
1933 J - J
Mont ext 1st gold 4a...1937 J -D
Registered
1937 J -D
*
97
Nov'17
a
85% 9734
96%
96%
100% 106%
1033a 103%
103% July'17
98
Sept'17
Aug *17
104% Feb *17
95
A
-
85%
106
81
79
78%
-
F
85%
" "94%
Minneapolis
81
28%
89% Aug '17
'52" HI¬
_
g 6a
60
28%
95
93
..1933 J
1933 J
108
107
85% June'17
IIII "93
Midland Term—1st
106% ,108
97
101
1961 J
Registered
Oct '17
108
J -D
J - J
-
Stamped guaranteed
M7
28% Jan '17
IIII
.
Mex Interuat 1st cons
g 4s. .1977 M- S
Nov'17
Jan
75
87%
96
gug4Ms-1945 J
102% 106%
102%
82% 100%
Jan *17
CO
*85% "94
*
—
74
108
108
99%
98%
99% 112
96%
72% 89
99%
56% 59%
90
J
-
85
106% 113%
102% 107
96% Jan *17
81%
1937 F
96% 103
July'17
100% July'17
—A1952.Q- J
Pen3ac 4 Atl 1st gu g 6s.-1921
SAN Ala cons gu
g 5s—.1936
Gen cona gu
50-year 5a. 1963
L 4 Jeff Bdge Co
gu g 4s.-.1945
Manila RR—7S0U lines 4s._-1936
100
ilOl
82% Aug'17
100% Dec '06
"III "6734
1st general gold 5s
1942 A - O
Mt Vernon 1st gold
6s_—1923 A - O
Bull Co Branch 1st
g 5a
1930 A - O
Registered
80%
75
87%
78%
95%
N Fla 4 S 1st
gu g 5s
N4 C Bdge gen
109
100
102% Mar'17
86%
"87 " *99
81
90%
103" 103%
106%
106%
10934 102% May'17
100
71
-
89
'11
106% 110
93
Registered
1103
108%
110% 1123s
June'17
100
102% July'17
General gold 5a....
1940 F - A
Terminal lat gold 6a... 1943 M-N
Mid of N J 1st ext 5s
1940 A-O
Wllk 4 East lat gu
g 5a. .1942 J -D
EvAInd lat cons gug 63—1928 J u J
Evansv 4 T H 1st cona 6a. 1.1921 J
0t Paul M A Man 4s
1st cou8ol gold 6a
103
July'17
110% Nov'17
103
93%
S Y Susy A W lat ref 5a. 1937 J - J
2d gold 4^8.
1.1937 F- A
-
103
86
J
L 4 N-South M
Joint 4s. .1952 J
Jan
88
L&NAM AMlstg4Msl945 M- S
84
109
95
95%
7734
79%
98%
7734 Nov'17
79% Oct *17
103% Apr *17
96% Aug '17
Aug *16
93% 100
Lex 4 East 1st
50-yr 5s gu 1965 A-O
-
89
83
A
-
90
85%
May'17
95% Feb '17
104%
1930 J
A Mem Dlv 4s.. 1946 F
90
July'17
90
J
-
85
90
95
O
-
-1940 J
Kentucky Central gold 4s. 1987 J
106% 106%
103% 10334 Aug '17
J
-
68%
68%
106% Jan '17
Coal 4 RR 1st cur gu Oa.1922
Dock 4 Impt 1st ext 5s.. 1943
79
—
1953 A -O
_.
74%
St Louis Dlv 1st gold 63—1921 M- 8
2d gold 3s
1980 M- S
Atl Knox & Cin Dlv
4s.„ 1955 M-N
Atl Knox & Nor 1st
g 5s. .1946 J - D
Hender Bdge 1st s f g 68.-1931 M- S
87%
90
89
96%
E H 4 Nash 1st
g 6s
.1919 J - D
L Cin A Lex
gold 4MS—1931 M- N
N O 4 M 1st gold 0H_
1930 J - J
99
Dec '16
49
73
—
A
g 53.1935
con
2d gold 68—
.
84
"49%
1st
Unified gold 4a
97% 100%
99% 102%
87
lOd" 106"
85% Feb '17
Registered
1940 J - J
Collateral trust gold 5a-_-1931 M-N
98% Mar'17
102% 106%
99% Oct '06
—
0812
113
'13
100% Sept'17
94% June'16
105
74%
N Y 4 It B 1st
gold 53
1927 M- S
Nor Sh B 1st con
g gu 5s_ol932 Q
Louisiana & Ark 1st g 5s.—1927 M- S
Louisville 4 Nasbv gen 6s..1930 J -D
Gold 6s
.1937 M-N
105%
90
Nov'17
90
cons
NYBAMB
100
J
J
48.1928 J
Galv Hous 4 Hen 1st 5s..^.1933 A
Great Nor C B A Q coll 4a. .1921 J
Registered
41921 Q
1st A ref 4#8 Series A.-.1961 J
Debenture gold 5s
1934 J -D
20-year p in deb 5s
--1937 M-N
Guar refunding gold 4a—.1949 M- 8
Registered
1949 M- S
74%
IIII *94
Mr S
J - J
Registered
g
84%
98%
99% Nov'17
J
Florida E Coast 1st 4>$8— .1959
Fort St U D Co 1st g
4Mb.. 1941
Ft Worth 4 Rio Gr 1st
nil "so
53
75% July'16
84
Aug'17
96i8
-
N Y A Green L gu g
—1949 M- 8
106% Mar'08
..1993 J
Series B
Unified gold 4s-
67%
Oct
High
100% 114
,113
*87"" Apr"'17
70
IIII "98%
98%
No. \Low
1945 M- S
1922 M- S
—1932 J -D
38s
Since
103% Aug *17
Ferry gold 4 Ms
Aug '17
82
55
—
Longlsld lat
Jan. 1.
Mar'17
105
"91%
67% Nov'17
Nov'17!
—II ~8U2
113
gold 5S—A1931 Q- J
1st consol gold4s.
M931 Q- J
General gold 4s
1938 J -D
53
52%
92%
1st conaoi gen lien g 4a. 1996
90
49%
Registered
91
98% Mar'17
51
1928 J -D
Registered
75
75
or
Ask Loto
High
101% 112
100% Oct '17
-1941 A-O
Leh Val Coal Co lat
gu g 5s. 1933 J - J
Registered
1933 J
1st mt reduced to 4s
1933 J
Leh A N Y 1st
guar g 4a
1945 M- S
*62% "86
51% Nov'17
I— "67
1923 M- S
1920 A - O
H YLEA W 1st gfd 78-1920
Erie 1st eons g 4a prior.-. 1990
5
61% Apr *11
38
July'17
1919 M- S
.—
4til ext gold 5a
5th ext gold 4s—
75
50
Dul Sou Sbore 4 Atl g 58—1937 J - J
Elgin Jollet 4 East 1st g 5a. 1941 M-N
Brie 1st consol gold 7s.
1920 M- 5
N Y4Erie 1st extg4a
1947 M-N
2d ext gold 5s.—
3dert gold 4 Ms
"U
Range
Range
i«
Week's
Last Sale
\Bid
Registered
95% 101%
85%
99%
91% 107
75
89%
Sept'17
Nov'17
95
O
-
75
695a
66%
Gold 4a.1995 J -D
Det Rlv Tun—Ter Tun 4 >4 s 1961 M-N
Dul Mlsaabe 4 Nor gen 5s. 11941 J - J
1937 A
1937 A
9534 Oct *17
85%
85%
91%
91%
7578 Nov'17
11278 Deo *16
62%
63%
Sale
63
Mtge & coll ti'uat 4s A. -1949 A - O
Dea Moines Uh Ry 1st g 53.1917 M- N
Det 4 Mack—1st lien g 43-1995 J -D
Dul 4 Ironltange lat 5a
95fy
88
92%
74%
3a
Price
Friday
Nov. 23.
Week ending Nov. 23.
Leb V Term Ry 1st gu g os. .1941 A-O
1922 J
20-year eonv 5s
1935
Alb A Susy conv 3>4s
1946
Benss A Saratoga 1st 78—1921
D«nv 4 It Gr lBt cons g 4s. .1936
Conaoi gold 4 H s
1936
Improvement gold 5a
1928
1st 4 refunding 5s
1955
do
33
BONOS
If. Y. STOCK EXCHANGE
Delaware A Hudson—
let lien euuip g 4 >43
let 4 ref 4a
[Vol. 105.
Record—Continued—Page 2
O|
s
Mar'16
89% Feb T6
80
100
Option sale.
May'17
80
101
June'17
101
81%
102%
Nov. 24 1917.]
New York Bond
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov: 23.
Price
H
N T Cent &HRRR (Con.)-—
NYAPu 1st cons gu g 4s 1993 A
Fine Creek reg guar 6s
1932 J
Range
Since
W. Y. STOCK EXCHANGE
Jan. l.
High
No.
Low
76% Aug '17
B W A O con 1st ext 5a..2)1922 A - O
E W A O T R 1st gu g 5s. 1918 M-N
113
72
P C C A St L
High
76%
94
cons gu
J
J
-
J
92
June'09
1
101
1st Series B 4s..—-.
-
Nov'16
1996 A-O
2d gold 63
103
Nov'16
Philippine Ry 1st 30-yr
-
70% Apr '17
*70 " ~70%
Utlca A Blk Rlv gu g 48—1922 J - J
Lake Snore gold 3^9
1997 J -D
Registered
1997 J ~D
Debenture gold 4a
1928 M- S
90i8
69
2d guaranteed 6s
J
-
J
-
-
Registered
83l2
J
"99i8 nil
91i8
95
SO
75
Registered
Debenture 48J—
-1931 M-N
West Shore 1st 4s guar
Registered
2361 J
-
J
-
J
Nov'17
79%
80%
84
Nov'17
83
84i8
6238 Oct
Sale
80
2361 J
—
81
63
84i8
7978 July'17
86
85
84i2
O
1937 A-O
-
75
Non-conv deben 4s
Non-conv deben 3^s
81
A
-
90
1947 M - S
1954 A-O
.1955 J * 3
1950 M-N
Non-conv deben 4s
Non-conv deben 4s
J
-
J
1954 J
-
1955 J
-
56
Oct
'17
52%
54
68
46
46
Sale
83
84
50
Oct
•'
56%
Nov'17
75%
79
91% Jan '12
79% Apr '16
-1955 A-O
Non-conv deben 4a
1956 J - J
Harlem R-Pt Cbes lat 4a. 1954 M-N
5538 Sale
7134 Sale
59% Sale
J
-
J
-
3
J
-
—
-
A
mi ~74i2
Hartford St Ry 1st 4s
1930 M- S
Kousatonlc R cons g 5s.—1937 M-N
77%
88%
-
74
88%
78%
90
J
J
-
J
D
-
D
1949 F
-
A
1949 F
-
July'14
N Y Prov A Boston 4s
1942 A-O
88
Mort guar gold 3^8—*1929 J - D
Through St L 1st gu 4a.1954 A-O
Aug *13
90
4^8*46 J
J
-
NH A Derby cons cy 5s.-1918 M-N
Boston Terminal 1st 4a
1939 A-O
New
England
Consol
1945 J
4a
-
107
J
Providence Secur deb 4a. -1957 M-N
Prov A Springfield lat 68-1922 J - J
Providence Term lat 4s
1956 M- S
Registered 85,000 only..01992 M- 8
General4s
1955 J -D
Norfolk Sou 1st A ref A 5s._ 1961 F - A
Norf A Sou 1st gold 5s
1941 M-N
Norf A West gen gold 6a
1931 M- A
Improvement A ext g 6a.. 1934 F - A
New River lat gold 6a.-.-1932 A-O
N A W Ry 1st COI13
g 4S..1996 A - O
45
~69~ nn
80
6434
nn "65""
73
—
83
98
107%
100%
100%
J
-
....
78%
~80%
105
105
C C A T lat guar gold 59—1922 J - J
Sclo V A N E 1st gu
g 4a.-1989 M-* N
Nor Pacific prior lien g 4s.__1997 Q - J
Registered
1997 Q- J
F
-
85
87
82% Sale
-
F
-
D
68i2
1017«
St P&ul-Duluth DIv
g 4s.. 1996
3
Wash Cent 1st gold 4a
1948 Q-M
Nor Pac Term Co 1st
g 6a.-1933 J - J
"65"
79
Nov'17
July'17
88
90
66
Nov'17
6434
80
57
July'17
57
65
59
64
59% Nov'17
59%
59
61%
59
59
72
71%
98% Jan
Sale
60
71%
72
44% Sale
54%
74
55%
96% 101
107% 122
Nov'16
85%
94% Deo '16
107% 107%
18
84
Southern—1st
80%
123%
117%
117%
Nov'17
"78~% "93%
May'17
May'17
Sept'17
11834 134
117% 13634
117% 135
84
Nov'17
Sept' 10
79
Nov'17
81%
89%
83
Oct
58%
83
58%
81
*18
61% June'17
91%
61
~92%
76
61
83
'88% "88%
1961 J
J
74%
76% Oct *17
74
1946 J -D
89i2
95 'Apr '17
100% Feb *17
99
-
J
M-N
M- S
M-N
M-N
Pennsylvania RR 1st g 4s.._1923
Consol gold 5s
Consol gold 4s_.
Consol gold 4s
Consol 4>4s
..-1919
1943
1948
i960 F
•
Genara!4^8
Alleg Va!
D R
-
A
1965 J -D
gen guarig
RRAB'go 1st
4s.1942 M- 8
gu 4a g-1936
Phlla Bait A W 1st
g 4s..
Sodus Bay A 8ou 1st
.
94
-
F
-
-
97%
85
....
90
887s 90
98% 997s
9078 Sale
82% 89%
A
1943 M- N
g 58.1924 J
8912
~8458 HI:
Registered
41^8
...
1921 J
-
J
1921 J
-
J
Guar 3^s coll trust reg A.1937 M- S
Guar 3 4s coll trust ser B.1941 F - A
Guar 34s trust ctfs C.
1942 J - D
Guar
34s trust ctfs D
1944 J
Guar 15-25-year gold 4s. .1931
-
-
A
D
O
40-year guar 4s ctfS Ser E_ 1952 M-N
Cin Leb A Nor gu 48 g
4942 M-N
CI A Mar lstgu g 4 4a... 1935 M-N
CI A P gen gu 4 4a ser A.. 1942 J - J
Series B
1942 A-O
Infc reduced to 348--1942 A-O
Berlee C 3 4s
Series C 3Ms.—1
1948 M-N
1950 F
ex
lat gu g 4
Series
B
4.4a
Series C 4s
Series D 4s guar
---.
97%
81%
....
86
89%
—
87%
...
91
100
~77~" nn
77
71
1942 M
-
A
-
100
'93
99%
99%
Oct
*17
102%
98
Feb '17
9434 102%
87
87
81
Aug'17
80
86*4
81%
8J%
9434
9434
81% July'17
87-% Dec '16
89
Aug'17
89
9234 Apr '17
92
86
'17
84%
96% May'17
90%
Oct
102
Apr '17
97 '
1
93
91
100%
102
Deo'15
102
97
97
Sept'17
97
10238
95
Oct
95
100%
4
I7.2..::::
76%
70
88
90
Feb '14
76
76%
87
76
88%
89%
78% Nov'17
128
88
8834
104%
93%
93%
89% Sale
Virginia Mid
i
«
90% O-t *12
88%
89%
88
88
99
Mar'17
99* "99 "
May'14
93
May'10
9834 Apr '17
98
ser
86%
88
88
Oct
70
73% 76
99% 100
Oct
*17
75
Oct
'17
100
97
Aug '17
95
9834
99%
88%
88%
97% 103%
98
99%
91
99
9.8
91
98
99
91
91
95% Oot
89% Oct *17
D
100% Jan *16
99% Apr *17
100
Oct
*16
95% May'17
■
95%
95%
102%
103"
100%
96%
..
...
105% 105
92%
96%
5834 Sale
59
70
90
96% 101%
80
80
80
92
93%
100% Aug '16
57%
59
63
79%
Oct
24
40
189
'17
"79" "95"
91
a
Due Jan.
6 Due Feb. cMay.
Due June,
78%
90% 101%
66
84
102:% Sop '16
90
95
92
75
"98% "98%
83% Jan H7
July'17
90
92
92
83%
81% Mar'16
75
N
92%
Feb *17
"75" "75"
100
105
95
July'17
Nov'17
100
97%
92
108
July'17
65
May'17
1013s Nov'17
99
101%
99
A-O
50%
-
J
-
Ji
58.1945 J
-
J
10138 106
97
72
70
103
62%
100
73
"97" ~97%
102
100
97% Oct '17
S
8
10484
97% 101%
102% June'11
103% Aug *16
S
10934
70" "74"
Sept'17
May'17
Sep '12
M-
65
64
101-% 107
102% 103% Juue'17
101
106
Sept'16
1921 M1926 M-
104% Dec *16
...1931
Ter A of 8t. L 1st g
1st con gold 5s
97%
92
7134
78%
1939 A-O
F
-
-
..1894-1944 F
A
J
100
77
....
95
99%
99
97% Nov'17
105
97% 108
106%
Mar'17
91
Feb *17
105
90%
93%
91%
93%
9534 Mar'17
93% Sept'17
94% Oct *17
95
96
9378 Mar'17
93% 101%
94% 102
-
A
-
J
82%
86
Mar'17
86
St L M Bridge Ter gu g 5s 1930 A-O
.Tex A Pac lat gold 5s
2000 J -D
2d gold lnc 5s
?2000 Mar
La Dlv B L istgSe
1931 3 - 3
9334
95% July'17
9338 Nov'17
91
W Mln W A N W
1953 J
92%
SO
40
...1935 iJ
-
90
J
Kan A M 1st gu g 4a..—.1990 A
2d 20-year 5s.
1927 J
To! P A W 1st gold Is
1917 J
-
-
J
-
92
*17
100
100
'17
87
90
84
93
Aug '17
93
9734
J
50
62
Aug *17
52
62
J
7734
7734 Nov'17
7734
83%
47
48
48
60
"87"
Ore 8bort Llnp lat g
ifft consol g 5s
Guar
1947
•
80
Anr '17
95
96
63
I
-
53
Sept'17
Sept'17
-
f
6a—1922,-
1946jJ
~83
I
83%
7834
78%
101%
96%
83%
8
-
Sale
A
3
1929iJ
-D
-
J
4s.r—1933 J
-
3
92
Vandaliaconsv 4s PerA^
1955|F - A
Consol 48 8erles B_—_—1957 jM- N
80
88%
80
92
4s
86
87
88%
June'17
86
83%
8312
Sale
7634
79%
80
7934
Nov'17
103
101%
101%
100
9534
9534
Sale
83%
83%
07% Aug *17
100
90
Apr '16
10201J
refund
Utah A Nor gold 50
'17
91
-D
-
Oct
18% Mar'06
J
1927 J
"90'
A-O
1946 i
" 104"%
Nov'17
Feb
92%
1947 J
g 4a..
90
90
.90
J
J
#2008 M
con
89%
70
1952
4s...
64
89
Jao
22
coov
60
Nov'17
Coll tr 4«gSer A
1917 F - A
Tor Ham A Buff 1st g 4a_.61946 J
D
Ulster A Del 1st con g 5a
1928 J -D
lat refund g 4s
Union Pacific 1st g 4s...
Registered
'17
Apr *17
70
42
-
Oct
89
80%
70%
O
1950 A
60
96% 100
O
-
h Due July. * Due Aug.
88% Apr *17
81% June'l
SO
87%
95% 100%
58
39
....
58
87
100
90
83%
50
p Due Nov.
q Due Dec.
s
98%
05%
76%
95%
80
95
100% 108%
2
1
9534 10S%
8234 94%
97%
98
88%
8138
92
92
.
0 Due Oct.
102
92
O
1935 A
88%
95% 100
106% Nov'04
1935 3 -D
3^9-1925
70
90
F- A
lstgu 5sI930
Tol A O C 1st gu 5s
Western Dlv 1st g 5a
General gold 5s.....
96%
10334
84
"96*%
M- .8
;
Nojprice Friday; latest bid and asked,
10234
"57% "77"
58
68
68
85
80
8934
Nov'16
79
90% Aug *17
70
70
J
4.^8
100
"93% "90"
95
"79% Sale"
3
M
100
102% 102%
93% Aug '17
O
-
100% 100%
'16
96% Oct '17
107% 8ept'16
Sale
80
Jan
102% Oct '17
...
J
-
1930 J
91%
—
♦
98%
"99%
98% Apr '17
J
1924
1955 J
lat extended
*89% "96"
87%
102
'16
10034 101% Deo *16
100% 10538 100% Oct '17
100% 100% 100
Nov'17
J
-
1949 A
D 4-5s
lat A ref 4a.
101%
99%
~84% "91%
104
J
-
WO A W lstcygu 4s
Spokane Internat 1st g 5s
Ore RR A Nsv
99
78%
'17
95
94% 104
1936 M-N
Va A So'w'n 1st gu 58—2003 J - J
1st cons 50-year 5s.. 1958 A-O
99%
July'17
June*I7
85
95
95
102
87% Sept'16
95
81%
General 58
9X%
99% Fob '17
88% Sept'17
9734 Aug'17
82
70
80%
89%
67
1925 J
Series E 5s..—..
Series F 5s
20-year
98
97
'17
79
D
-
1944 J
50-year gold 4s
93
....
Aug *17
70
Sale
J
-
1944
Tol St L A W pr Hen »
88
Apr *17
90% July'12
90%
J
._1945 M- N
~
92
88% Feb *17
100
J
H
98
Dec '15
"90% "96"
92% Sale
.
96% Feb '12
71
1942 M- S
8934 104%
89% 97%
104
90%
i
-
153
87
— —
91%
J
-
..1933 J
Series E 3 4a guar gold-1949 F
Series F guar 4a gold.-.1953 J
77%
83%
SO
-
PC C A Ht L gu 4 4«l A..-1940 A-O
Series B guar
1942 A-O
Series C guar
70
68
-
4s. 1941 J
90%
89% Nov'17
84% Sep '10
92
Aug '17
Jan
99%
J
-
1948
Gen refund sfg4s
96%
94%
70%
A
Ohio Connect lat. gu 4a
1943 M- S
Pitta Y A Ash 1st cona 5a. 1927 M- N
Tol W V A Ogu4
4s A...1931 J - J
96% 107%
99% Mar* 17
-
Erie A Pitts gu g 34s B-. 1940 J
Series C.
1940 J
Gr R A 1
2
89%
88
99%
'17
99% June'17
3
Rich A Meek 1st gu 4s
1948 M-N
So Car AGa 1st g 5a.....1919 M-N
101
88
97%
J
O
-
Mortgage gold 4s_.—1945 J - 3
Rich A Dan deb 5s
stmpd.1927 A-O
99%
101% 102%
90
99%
Nov'17
-
-
1918
g
99%
101
99%
Nov* 17
97%
102
J
Sunbury A Lewis 1st g 4s. 1936 J - 1
UNJ RR A Can gon 48.-1944 M- 8
Pennsylvania Co—
Guar 1st gold
90
80
90%
A 5s... 1943
cons
Knox A Ohio 1st g 6s
Mob A Blr prior lien
87%
93%
99% July'17
101% July'17
88
54%
86%
Oct
100%
98
J
A-O
Con 1st gold 5s
1956
ETen reo lien g 5s...—..1938
Ga Midland 1st 3a
—1946
Ga Pac Ry 1st g 6s
1922
109% 110%
Pacific Coast Co lat g 5a
Paducah A Ills 1st s f
J
-
.—..—1948
86% Deo* 10
10?12 10912 110% Oct *17
Oregon-Wash lat A ref 4a
4^8—1955 J
Mar'17
80
96% 100
M- N
1951
Atl A Yad 1st g guar 4a
E T Va A Ga Dlv g 5s
—Iil03% 103%
107
Oot *16
100
88% Mar'17
70i8 7978
-
J
O
1994 3
Atl A Char A L 1st A
4A$s
91%
70%
87
87
80
J
Ser A...1956 A
1st 30-yr 5s ser B
Atl A Danv 1st g 4s
2d 4s
!l03% 110%
1
-
1994 3
5s
cons g
gen 4s
Ala Gt Sou 1st
67%
91%
May'171,
103%
103%!
103% 8ept'17'
A
1943 J - J
1955 3-3
St Louis dlv 1st g 4s
Ala Cen 1st g 6s
60%
80
'17
60
82%
82%
68
75
3
-
Mob A Ohio coll tr
g 4s
1938 M- 8
Mem Dlv 1st g 4>ia-6fl...l99tt J
J
92%
9334
92%
79
[J
——1920
Registered
Develop A
94
84
71%
109% Nov* 15
Tex A N O con gold 5a
So Pac RR 1st ref 4s..
97%
78
42%
71% Nov'17
43%
44%
54%
54l->
85
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 5a
1927
So Pac of Cal—Gu
1937
g 5a
80 Pac Coast 1st gu 4a
g—1937
San Fran Terml'1st 4s... 1950
82%
59% "64%
100% 100%
60
100% Feb '17
78
May'17
*1111 "7l"
90
Morgan's La A T 1st 7h._ 1918 A-O
"77" "80 "
96% Aug '17
85
60
'14
103% Aug '17
91%
91% Oct '17
1st gold 6s
Mar'17
122
61
Gen gold 4s lnt guar... 1921 A-O
83
65
" ~90"
88
Waco A N W dlv lat g 6s '30 M-N
A A N W 1st gu g 5a
1941 |J - 3
Louisiana West lat 6s.—.1921 J - J
75% Oct '17
83
587s Sale
56%....
BtPANP gen gold 6s..-1923 F - A
Registered certificates.. 1923 Q - A
St Paul A Duluth 1st 5s.-1931 F - F
lBt consol gold 4s
-1968 J -D
a2047 Q
70
57
103
" HI"
...i
83%
97%
76*4
—
a2047 Q
70
67
107% Oct '17
Sale
S
.1932 M
Sept'17
57, Apr *16
99% Deo '14
83% Feb '14
107% Nov'17
85
10-25-year conv 4
8—-1938 M- S
Pocah C A C Joint 4a... 1941 J - D
Registered
Hous E A W T 1st R .58—.1933 M-N
1st guar 58 red
—..1933 M-N
H A T C lat g 5s lnt
gu
1937 J - 3
92% June'12
.1932 J -D
General lien gold 3a
75%
90
101% 111%
60
79%
70
2d exten 5s guar...-...1931 !J - J
Gila V G A N 1st gu g 58—1924 M-N
•
64t2
O
1996 A
4a_1944 J
gen g
10-25-year conv 4a
10-20-year conv4a
37%
Aug '09
70
30
W A Con East 1st
4)^8—1943 J - J
N Y. O A W ref 1st g 4s
tfl992 M- 8
Registered
Dlv'11st lien A
12
J
1945 J
cons 5a
41
76
42%
56
101% 112
96% 104%
64
66
Q H A S A M A P 1st 58-1931 M-N
40
May'17
83
A
May'15
87
Sale
42
66
D
105%
41
44
104
3
1954 M-N
ser I
7134
58%
71%
8834
138i
1033,4 Deo '16
-
-
Naugatuck RR 1st 4s
NYW'chesAB 1st
9]
59%
66
-
J
(?1929 M- S
"
Registered
"82"
5478
104
101
j
.1934 J
97
657s
G634
-
*1949|J
Cent Pac 1st ref gu g 4s
95
87
219
65
101% 105
J
Registered
20-year conv 4s
20-year conv 5s
92
" "96%
83
88%
5538
72
'
54%
71%
58%
423^
D
Southern Pacific Co—
77% Aug '17
88% Apr '17
74
Apr *17
42
109
Nov'll
101% Nov'17
98% Oct '17
78
May'16
98
J
Gold 4s (Cent Pac coll) —*1049 J
66
45
89
J
J
7734
42
109
*17
65% Oct '17
,
101% 104
-D
1930 J
Jan
83%
85%
88i2 Oct '17
87%
87%
-
65%
44
M-N
Consol gold 5s
1943
Ga A Ala Ry 1st con
5s._ol945
Ga Car A No 1st gu
g 5a.. 1929
Seab A Roan 1st 5a
—1926
110%
50
J
1950 A-O
01949 F - A
1st land gr ext g 5s_:
64
83
'17
69%
-
O
Refunding 4s__.
1959 A
Atl Blrm 30-yr 1st
g 4s...cl933 M- S
Car Cent 1st con
g 4s
1949 J - J
Fla Cent A Pen 1st g5B—.1918 !j -
50
52%
J
J
56
50
J
-
Sept'17
j
65
Feb '17
113
"S7% "88%
100
8l" ~96"
82
J
9FANP latskfdg5a—-1919 3 - J
-.1950 A -O
Seaboard Air Line g 4s
Gold 4s stamped
Adjustment 5s
;
100
Mar'16
42
95%
85% Sale
-
Gray's Pt Ter 1st gu g 53.1947 IJ
S A A A Pass 1st
gu g 4a
1943 J
93%
100% 100%
98% 10034
90% 99%
52i2 Nov'17
A
-
75
52
84
-
Cent New Eng lat gu 4s.-1961 J
80
75
Sept'17
56% Nov'17
1930 F
B A N Y Air Line lat 4a.
.1955 F
94
80%
75
54
1948 J
Non-conv deben 4s
Non-conv deben 4a.^
Non-conv deben 4s
82%
50
Cons Ry non-conv 4s
-
89
55
....
47
1956 J
'
56
Conv debenture 3
Conv debenture 6s
gu 58.1929
St L S W 1st g 4s bond
ctfs.. 1989
2d g 4s Income bond
ctfs.pl989
Consol gold 4s
1932
1st terml A unif 5s
1952
Juue'17
109
-
K C Ft S A M cona
g 6s.-1928 M-N
K C Ft S A M
Ry ref g 48.1936 A - O
K C A M R A B lat
A-O
86
97
92% 103%
65% Nov'17
50
.
9134
95%
02%
98% July'17
90i8 Nov'17
194? M- 8
Non-conv deben 3J^a
'17
100i2 Jan '17
J
-
84%
80
76l2
Tf Y C Lines eq tr 5S..1916-22 M- N
Equip trust 4Hs._ 1917-1925 J
N Y Connect lstgu
4J^s A.-1953 F
N Y N H A Hartford—
.84%
67
J
J
High
90%
100% 103%
81%
"96%
General gold 5s
-.1931 J - J
St LftSFRR cons
g 4k*
1996 J - J
Southw Dlv 1st g 53— .194.7 A-O
June'08
80i2
29-year debenture 48—1929 A-O
"9*9%
99%
Sale
J
-
Cum adjust ser A 6s
61955 A-O
Income series A 6s
Oct
61960
St Louis & San Fran
gen 6a. 1931 J - J
Feb '14
90
65
10334
"80" "84%
Nov'17
-
St Jos A Gr lsl 1st g 4a
1947 j
St Loula A San'Fran
(reorg Co)—
Prior Lien ser A 43.
-1950 J
Prior lien ser B 5s
1950 J
105*
80
87
...1940 J •* J
J L A 8 lat gold 3^3—1951 M- S
1st gold 3%»s
.1952 M-N
103
99% Aug '17
July'16
981
77
J
-
48—1937 A
83%
J
A-O
2
87
80
"81%
j
-
J
——
Nov'16
104% Dec 'i5
103
May'17
13018 Jan '09
123U Mar'12
Registered
Sf Y Chic A St L lat
g
84%
1943 j
Low
No.
91
100
101%
♦
J
-
1940 A-O
High
91
92% Oct '17
101% Oct *17
66
4s 1937 J
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 4s
1951
Atlantic City guar 4o g—1951
J
1931 Q-M
.1940 1
97%
96%
Ask Low
91
*.1956
s f
1st consol gold 5a
86
95
McKees A B V 1st g 08-1918 J - J
Michigan Central 58
1931 M- 8
4a
8734
87
85
84i4 Sale
O
J
1934 J
74%
78
85
Sale
J
A
J
9712 July'16
75
75l2
78
July* 17
7034
86
25-year gold 48————1931 M-N
Registered
1931 M-N
Kh A A G R let gu c 5s—1938
Mahon C'l RR 1st 5s.—19-34
Pitta A L Erie 2d g 5s—al928
v' Pitts McK A Y 1st
gu 68. .1932
97
75i2
Since
"91"
2d gold 43-Ss
-.61921 M-N
Pere Marquette 1st Ser A 5s 1956
Pitta Sh & L E 1st g 5s
Range
Jan. 1.
Bid
4^s._.1963
-
con g 4^s—1941 J
Og&LCham lstgu 4bgl948 J
Rut-CaDada Istgu g 4s.l949 J
St Lawr A Adir 1st g 68...1998 J
Week's
Range or
Last Sale
1957 M-N
F -j A
C St L A P 1st cons g 5S.-1932 A-O
Peoria A Pekin Un lat 6s g._1921 Q- F
98% 16434
98% 100%
80% 90
70% 70%
80i8 Aug '17
(Con.)
Series G 4a guar
Series I
Price
Friday
Nov. 23.
sfi
Week ending Nov. 23.
May'15
98i4 Oct '17
98% Nov'17
98U
96i8
_
Rutland 1st
Ask Low
99%
96iS
2081
11
BONDS
Range or
Lust Sale
Bid
-
Week's
Friday
Nov. 23.
O
D
-
Record—Continued—Page 3
Option sale.
woe* ending
BONDS
Range or
Since
N. Y. STOCK EXCHANGE
Last Sale
Jan. 1.
Week's
Price
£ h
y. stock exchange
Nov. 23.
35
2d gold 6a
Debenture Series b
1939 j
90
92
90
92
93%
1939 m-n
1939 F • A
Wabash 1st gold 5e
95
93%
105
80
7534
West Maryland 1st g 4s
57%
Weat n y a Pa 1st g
99
Gen
1943
gold 4s
Western Pae 1st
a 58__.1946 m-s
1926 A- O
ser
Wheeling a l e 1st g 5s
Wheel Dlv 1st gold 5s
Exten a Inapt gold 5s
1928 j
1930 F
80
Sale
62i2
-
j
6978
Sup a Dul dlv a term 1st 4s *36 m-n
67%
1st refund
85*2
74%
7o12
....
gold 4s...2002
0-year secured notes 5s...1918
-j
4^8- -1932 j
Ft8mlth Lt a Tr 1st g 5s...1936 m- 8
cons g
91%
Oct '17
94
101%
80
May'17
80
80
May'13
75
92% Oct '17
92% Oct '17
73
Sept'17
78
July'17
69
70
86
85
Nov'17
75
1957 p
a
-
100% Feb *17
81%
—
92
73
84
"52" Sale"
Nov'17
Jan
5034
14
13
-
12
100
n y a Jersey 1st 5s.
1932 f - a
Interboro-Metrop coll 4^8-1956 a-o
1990 a-o
c g
5s. 1943 j
Met w 8 el
(Cblc) 1st
g
mllw Elec Ry a Lt cons
"16
10
73%
76%
99%
81%
83
81%
83
83
94
94%
May'17
98%
-
....
n y Munlclp Ry 1st at 5a A i960 j n y Rys 1st re a ref 4a...1942 j «
30-year adj Inc 5s
a 1942 a-o
87%
86
-
99
iiii ~5l"
8t Joe Ry l h a p 1st g 5s.. 1937 m-n
Bt Paul City Cab cons g 6s.. 1937 j - j
1960 j - j
Adj Inc 58..
a i960 a-o
Third Ave Ry
102% Mar'17
mm. m
29
29
27
J
93
100
101
94
Sale
94
j
75
85
82
Sept'l 7
64%
60
84
Oct
70
21
Aug'17
Mar'17
1937 j
Undergr of London 4>*8
-
1933
Income 6s
28
60
1948
-o
Union Elev (Chfc) 1st g 5s.. 1949
United Rys inv 5s Pitts lss.1926
United Rys 8t l let g 4s
1934
-n
iiii ~68~
July'17
'08
'17
j
58%
58
Oct
69%
32%
60
June'17
37
7934
Va Ry a Pow 1st a ref 5s.. 1934
Ga»
and
Electric
103
-
•
•
mmm
Detroit City Gas gold 5s... 1923 J
Detroit Gas Co cons 1st g 5s 1918 f
Detroit Edison lBt ooll tr 68;. 1933 j
1st a rof 5s ser a
a1940
iiii "f)9%
90
1997 a
77
63%
Nov'17
99
100%
Aug '17
97
9834
-
Oct
'17
101% Oot '16
-
"95"" ioi"
-
98
96
96
100
"oj" iiii
m
mm
ii
Ed El 111 Bkn 1st con g 48.1939 j
Oct
*17
90% Dee '18
98% Sept'17
105
94%
-
76
95
93
'17
104% Apr '17
93%
----
98
Oct *17
75
78
Oct
115
...
'17
1919 M- 8
...
100
-
M-
S
July'17
98
Nov'17
J
m
m
m.
99
m
98
...
79
80
99
100
1951
97%
78%
96%
mm
m
m
111
J
-
76%
105%
78% Aug *17
78
81%
97
96% 106%
85% Mar'16
100
111
94
99
99
81nclalr Oil a
do
7s
104%
9734
5s.—1921 J - J
1931 A-O
f 6fl
s
I".
warrant® attach
98
J
-
D
99% 100
99%
-
J
763s Sale
Mar'17
94
-
A
98% 100
-
D
94% Sale
u 8 Smelt Ref a m couv 6s. 1926
v-Car Chem
"
F
1st 15-yr 5s—.1923 J
Conv deb 6s
«1924
West Electric 1st 5s Dec
July'17
87
Nov'17
9934 100% July'17
87% 102
97% May'17
84
July'17
90
98% Oct '17
92-% Sept'17
95
97%
mmmm
mm
m
...
97
101%
105%
58.1917 A
-
95
102
98
103%
51
98%
97
98%
LOO
76
89%
98
Beth Steel 1st ext
20-year
p
m
s
1920 J
f 5s.
102%
-
6s.
a
1926
97
Nov'17
97
Nov'17
July'17
mm
m,
mm
CoiF a i Co genef 5s. —1943 F-A
1934 F
Col Indus 1st a coll 60 gu
Elk Horn Coal
conv
1925 J
6s
-
99
Aug '17
D
-
J
-
8234
*100%
J
No price Friday; latest bid and asked,
101%
92% 101
80
79
82
95
July'17
95
95
91
Apr *17
91
96%
101
Deo *14
Nov'17
85
97%
s
mm
•
82
87%
85
75
75%
74%
•
85
88
80
80%
93%
103%
94
98% Aug '17
94% Mar'16
100
96
115
81
95
98%
98ij
*17
98%
98%
*84." "94"
84%
1
96
96%
13
96
103%
9534
96
96
2
96
101%
90% Sale
87
90%
36
87
107%
84% Sale
84
85
41
83%
95
J
85%
87%
85
87
9534
f.1940 A-O
93%
94%
93%
St l Rock Mt a p 5s stmpd. 1955 J
-
-
....
87
J
rr gen 5s.. 1951 J - J
Corp—looup —.41963 M-N
lO-00-yr Ssfreg
dl963 M-N
95
84%
Nov'17
94%
78
96
993s Sale
98%
-
J
75
80
8
86
Sale.
J
82
98%
93% 101%
1
78
86
95
156!
86
1953 J
Victor Fuel 1st 0 f 5s
51
Nov'17
98%
98% Sale
78
"l8
103%
98% 10718
98% 107
Deo '16
"85 ~ ~90~
87
95
100
74%
80
74%
Oct
98% Sept'17
Tenn Coal i a
8 f
mm
90%
f 58.1957 J
Repub ias 10-30-yr 5e
mmmm
97% 104
86% 102
8434
97% 105-%
77% 88
105% 105%
96% 101
89%
96%
Pocab Con Collier 1st
conv a
s
98
88
84%
f 681936 M- S
Mldvale Steel a o
98
58.1918 M- N
oonv
89% 102%
Telegraph
&
Telephone
1929 J
94
92
101%
Sale
81
Convertible 4s.
1936 M- 8
98
86
1933
8
92
91
Am Telep a Tel coll tr 4a
1946 J -O
30-yr temp coll tr 5s
J
-D
58—1943
Commercial Cable 1st
4a. .2397 Q-
g
J
92% Sale
97%
99
---
—
Keystone Telephone 1st 5a..
68%
1937 J
-
J
90% Sale
J
-
J
1935
97% 101
84
87)4
ny4nj Telephone 6e g—1920 M-N
94»2
98% 101%
n y Telep 1st 4 gen s f 4 Ha.
1939
M- N
92%
Pae Tel a Tel 1st 5s
1937 J
98
85
101%
96%
West Union ooll tr cur 6s
Fd and real est g 4 4 s
85
Nov'17
101
June'17
mmm
101
103
Mul Un Tel gu ext 5s
96
Aug '17
mmm
96
101
Northwest Tel gu 44a
Mar'17
mmm
102
J
99%
86
101
101
91
10634
129
92%101%
98% 103
Nov'17
July'17
90
90%
98
9934
99%
90
~69 " ~69*
Apr *16
....
98
90
101%
"99"%
101%
Nov'17
89
101%
'17
98
101%
99)2
Oct
88%
90
88% 100%
91
92%
91
95
92%
93
94
93
93
91% 101«4
91
103%
J
-
J
-
J
93%
91%
M-N
89%
1950
69
'17
81
j°l
8934 Sale
92 % Sale
1938 J
South Bell Tel a t 1st a f 58 1941
98
-
93%
98% Oct
91%
99%
102
91
97
Metropol Tel a Tel 1st s f 5« 1918 M-N
mlcb State TeJeph 1st 58
1924 F - A
100
73
82
Nov'17
92%
73
-
2397 Q- J
Registered
Cumb t a t 1st 4 gen 58
ill ~87~ "94%
-
M-
Cent Dlst Tel 1st 30-yr
105
J
J
103
9634 10234
79
99
D
-
..1950 M-l 8
...
mmm
97
100
91%
A
-
1st cons 58 Series a
101% Nov'16
95
9234
98% 109
10034
94
96
D
-
1952 M-N
89
rn
2
19
74%
Sale
M- 8
1923 A-O
m
...
94%
64
99% 10438
79
1932 J -D
Buff a Susq Iron s 1 5b.
Lackaw Steel 1st g 5a
101%
m*
100
94%
2
727
8978 Sale
98%
J
Indiana Steel 1st 6s
103%
mmm
76%
99
49
*17
100
100
1942 M-N
a imp s f 5s. 1938 J
95% 102%
90
93%
103% 104%
100
mmm
Oct
102
99
92% 101
96% 106%
8I84 93%
88% 903s
8234 Aug *17
88% May'17
97
J
92
Coal Iron & Steal
Cons Coal of Md IstAref 5s. 1950 J
"96 "
mmm
100% 104%
98
99%
98
50
O
-
98
89
89%
J
-
Sale
....
A-O
1922 J
notes
1st a ref 6s guar a
mmm
mm
92
106
~98% 129*
101% 108%
99% Nov'16
88
93
J
A
89
97%
S
.
99
Nov'17
74%
1947 J
1st a ref 5s series a
98
20-yr convertible 4 hs
rnm
102
96% 103
93%
J
95
mm
90
96%
Sept* 17
J
Gr RIvCoaiAC 1stg 68—.61919 A-O
111 Steel deb 4 ^a
...1940 A-O
1
98
'17
Oct
99
-
no
2?
June'17
92% Nov'17
-
116%
mmm
110%
92
-
Stamped.
110
mmm
100
98% Oct '17
.1930 J
deb 6s.. 1931
conv
105
mmm
103
111
Nov'17
94
Sale
92
1930 M-N
mmm
mmm
94
100
93
93
1920 wurr'nta attch
without
mmrn
6
128
*17
Refining—
Elk Horn Fuel 1st
mmm
110
Nov'17
Oct
96%
101
110% 129
90% 104%
91%
111%
....
M-N
69% 79%
99% 102
98
100%
111
90%
96% Sale
1952 M-N
13
111%
Union Bag a Paper 1st 58—1930 J
96% 105%
mmm
97
Oot
98% 104% 105
104%
100)8 105
99%
99%
90
90%
1st lien a ref 0s series c..1921 A-O
Nat Enam a 8tpg 1st 5s___ 1929 J -D
Nov'17
90
90
101% 101% Sept'17
90
102
9934
106
84%
99%
a Due Jan.
d Due April,
mmm
e
'
102
59
98
90
99%
100
35
70
Sale
81
99
96%
100
90% Sale
85
94% 103
103
75
70
111% 113
92
96%
May'17
98
71
97%
A-O
1930 J
mm
85
79
81
Nov'17
73
104
100% 100
69%
100
.1951 F- A
0s a 1921
98
mm
99%
119%
83%
85
25
97%
96% Nov'17
100% 100
Sale
105
9934 104%
97%
97%
90
F- A
'ill
Mar'17
93 %
*03
94
84%
MS
F
95%
81
100
A
119
i
Aug '17
95
75
1944 A-O
con
85
95%
100
1935 J - J
a Myers Tobac 7s. .1944 A-O
6e
80
-
96
J
-
79
95%
2
9934 Nov'17
97%
Gen Electric deb g 3^8— .1942 F - A
Debenture 5s.
1952 M- f
1918 F
21
81
1931 M-N
-
41
96%
119
83% Apr '17
88
95
...1934 M-N
5s......1935 J
82
87
8434
96%
119
42
*~
~
Sept'17
Apr '17
89
J
M-N
Sep
96
100
91%
-D
T
89% Oct '17
89%
conv 5s.--.1919 F - A
Conv deben gold 5s
11922 M- N
Stand Gas a el conv s f 6s
1926 J - D
-
96%
....
92
92% 9784
99% 104%
8434 92%
99-% Nov'17
7934
101
91
95" 103"%
95% 104%
93
8ept'17
J
"90% "95%
'17
95
100
97%
J
J
Jan
90
98
Philadelphia Co
J
96
76
Cahaba c m Co 1st gu 6s... 1922 J
81
100
A
-0
M-
86% Sale
119
conv 1st g 5s. 1927 A - O
e i du Pont Powder 4^8... 1936 J -D
General Baking 1st 25-yr 6s. 1930 J -D
Debenture
93%
80%
Sale
Ind Nat Gas a Oil 30-yr 5sl93fl M- N
Mu Fuel Gas 1st gu g 5s. .1947 M- N
99
Va Iron CoalACoke 1st g 58.1949 M-
81
1947 M- S
cb g l a Coke latgu
g 5s 1937 J
Cou g Co of Ch 1st gu g 5sl93ft J
*
93
-
20-yr
Utah Power a Lt 1st 5s.
92
89
J
75%
13,
95% Nov'17
Sale
The Texas Co
mm
...
93
95
93
82
-
u s Steel
1930 F
9034
A
F
1961 F-A
1st
96
95
1931 M-N
4s
Ingersoll-Rand
3
Industrial
&
Corn Prod, Ref s f g 5s
1st 25-year s f 5s
Liggett
Sale
53
"98 "
...
m
mmm
92-%
95
Am sm a r 1st 30-yr 5s ser a d' 47
Am Thread 1st coll tr 4s—.1919 j"-" j
Am Tobacco 40-year g 0s
1944 A-O
Gold
"89% "94%
103% Jan '14
J
-
Wilson a Co 1st 25-yr s f 68.1941 A-O
Westlngb'se e a m
96% Aug *17
-
Pat a Passaic q a el 5s... 1949 M- S
Peop Gas a c 1st cons g 0s.. 1943 A-O
g 5s.. 1951
94%
Water Power 1st 5s. .1939 J
61%
"97%
...
105% June'17
-
Corp unifying a ref 5s... 1937 mPacific q a e gen a ref 5s.
1942 j Pao Pow a Lt 1st a ref
Syracuse Lighting 1st
.88%
50
Pacific o a el co—Cal g a e
ii11947
Nov'17
5734
*96 " 107"%
98
95% Oct '17
June'17
90
97
-
Oot
98
Sale
98
-
5s 1930 f
June'17
~7<r mi
1949 f
Ed Eleo 111 1st oons
g 5s.. 1995 j
June'17
110
-
194s j
1948 j
Nov'17
93
105
-
NYGELHAPg 5s
Registered
89
1st 8 f
Feb '13
98
1927 m-
Refunding gold 6s
89
•
96% 103
Nov'17
8tanrlard Milling 1st 5s
mmm
92% Nov'17
92
-
Milwaukee Gas l 1st 4s
Newark Con Gas g 5s
.
92
88%
Tnterocean p 1st
...
Nov* 17
84
96
-
Lao Gas l of St l 1st g 5s. _«1919 qRef and ext 1st g 5s
1934 a -
6s International Series
80
Latrobe Plant 1st sf
Feb '15
102
100
1925 m-
con g
82%
102
Railway Steel Spring—
100% 100% May'15
Kan City (Mo) Gas 1st g 5s_1922 a
Kings Co ei la p g 5s.*.. .1937 a
Purchase money g 4a
80
....
31%
mm'mm
97% Sept'l 7
78
100% Sale
Gas a Elec Berg Co eg 5s.. 1949 j Havana Elec consol g 5s
1952 f Hudson Co Gas 1st g 6s... 1949 m-
nyaq el l a p 1st
82
"fd" ~7<)~
*17
Oct
June* 13
97
75%
5s..1932
Purchase money 6s
Convertible deb 6s
Sept'15
96
96%
ColumbuB Gas 1st gold 6s..1932 j Conaol Gas conv dob 6s
1920 qConsGasE lap of Bait 5-yr6s*21 m-
cons g
84
80
73%
10s
101
mmm
80
54
68.1945 m-
Buffalo City Gas 1st g 6s... 1947 aOlncln Gas a Eleo letAref 5s 1956 aColumbia g a e 1st 5s
1927 j -
Eq q l n y 1st
94%
78
Pub Serv Corp n j gen 5s..1959 A-O
Tennessee Cop 1st conv 6s. .1925 M-N
u 8 Realty a t codv deb g 5s 1924 J,
u s Rubber 10-yr col tr 08—1918 J
1947 j
cons g
99
n y Air Brake 1st conv 6s__1928
94
75%
87%
Nat Starch 20-yr deb 5s
National Tube 1st 5s
Light
Atlanta o l Co 1st g 58
Bklyn Un Gas 1st
....
j
-
27
73
84
80%
60
2
Sept'17
80
—
100
100
mm
94
St Louis Transit gu 5s.
.1924 a - o
United rrs 8an Fr s f 4a... 1927 a-o
-
62%
June" 16
73
Sept'17
96% Nov'17
105% Oct '16
90
Mexican Petrol Ltd
102% 102%
94
June'17
87%
95
mm m »
62% Oct '17
mm.. 1923 a-o
1st g 5s
s
100
iiii "59"
83
84
„
90%
mm
mm mm
95
Lorlilard Co (p) 7s
90i2
mm
9634
81
58
72% July'17
90% Feb 17
95
July'17
87% 10034
90
93%
July'17
Apr '14
Aug *17
47%
75
90
91
"72% ~78%
....
87
89% Oct '17
May'17
7134
88
89
96
Int Agrlcul Corp 1st 20-yr 5s 1932 M-N
19
*17
92
87%
87%
Int Paper Co 1st con g 6s
Consol conv s ! g 5s
49%
91% Oct
91%
88%
89
79%
-
10984
91% 102%
87%
9984
*
95
98
Nov'17
93 U
9/%
88% Nov'16
75
109%
101
87%
79
"12
19%
21
77% Aug *17
90%
87%
98
85
99
89%
96% 132
77% 88%
21
Nlag Lock a o Pow 1st 5s.. 1954 M- N
Nor States Power 25-yr 5s a 1941 A-O
Ontario Power n f 1st 5s__. 1943 F - A
Ontario Transmission 5a
.1945 M-N
Aug'17
49% Nov'17
Sale
103""
90%
101%
72%
Distil Sec Cor
100%
".54
93%
118
83
mmm mm
Cuban-Am Sugar coll tr 6s..1918 A-O
"9884 ~98%
80
j
Third Ave 1st ref 4s
:iii
74
20
a
-
....
92
98
mmm. mm
<
100
99%
79
102%
n y Dock 50-yr 1st g 4s.... 1951 F - A
Niagara Falls Power 1st 5s.. 1932 J - J
Ref a gen 6s
a 1932 A-O
100
80
8634
2
33
Sept* 17
Sale
....
95
Mar'14
79
J
93
....
9834 Aug *17
97% July'17
99
n y State Rys 1st cons 4h8.1962 m-n
Portland Ry 1st a ref 5s
1930 m-n
Portld Ry Lt a p 1st ref 58.1942 f
Portland Gen Elec 1st 58.1935 j
Sept'17
100% June'17
93
Nov'16
88
-
Montreal Tram 1st a ref 68.1941 j
New Orl Ry a Lt gen 4>4b.. 1935 j
Trl-Clty Ry a Lt 1st
80
77
-
j
81
Nov'17
95
30
j
44
17
93
-
89
87
92
88
Cent Foundry 1st s f 6s...1931 F- A
Cent Leather 20-year g 6s.. 1925 A-O
Consol Tobacco g 4s
1951 F-A
50
8
82%
1939 J
75
Oct ;i7
70
•
J
Am Writ Paper 1st 0 f 5s
1919 J - J
Baldw Loco Works 1st 58—1940 M-N
229
85
-
25%
100%
83
76
1943 J
98
77%
98
100
11%
78%
94
90
"16
87
99
"50% "69%
81
4s-.1938 ff
g 5s 1926
Refunding a exten 4h8..1931
Mlnneap 8t 1st cons g 5s... 1919
86%
101
98%
99%
.1924
73
79
94%
92
96
98
Montana Power 1st 5s a
Morris a Co 1st s f 4^8
84
78%
77
.1928 A-O
5334
76
-
Col a 9tb av let gu g 6s.. 1993 mLex avapf 1st gug5s..l993 m-
100?8 Sale
*
.-.1928 M-N
Stamped
9734
101% 101%
101%
90
98
Conv deben 5s
Am Cot Oil debenture 5a
Am Hide a l 1st s f g 6s
100
Feb '17
Oct
Aug *17
79
J
-
Am Ag Cbem 1st c 5s
76%
73%
87
79
20
'17
Apr
83
f 6s._1941 J
Manufacturing
51%
---_
Nov'17
82
s
87
74%
Sale
81
75
98
Computing-Tab-Rec
8684
5334 Sale
Interboro Rap Tran 1st 6s. .1966 j - j
Manhat Ry (n y) cons g 48.1990 a-o
90
86
....
A-O
85
....
12%
98
90
75
part pd A-O
77%
,
-
-.
Coll tr <fcconv 6s ser a
do
do
full paid
70
....
No,
Oct
105%
102% 103% 103
92% Nov'17
91%
Chic Un Stat'n lstgu44$s a 1963 J - J
Chile Copper 10-yr conv 7s. 1923 M-N
101%
101%
'14
52
94
85
73
....
84%
Sale
J
-
92
....
100% Apr '17
"73" "74"
1955 J
6s
Bldgs 5s guar tax ex
1960 A-O
Cerro de Pasco Copp env 6s 1925 M-N
Wash
Aug '17
90
'
Bway a 7th a v 1st
101%
90
78
-
Stamped tax-exempt
Metropolitan Street ry—
90
94
89
Stamped guar 4-5s
1950 f - a
Kings County e 1st g 48—1949 f-a
Stamped guar 4s
1949 f- a
Nassau Elec guar gold 4s. 1951 j - j
a
Chicago Rys 1st 5s.
1927 f
Conn Ry a l let a ref g 4^81961 j - j
Stamped guar 4h8-.
1951 j - j
1957
80
77%
99% 101
75
Bklyn q Co a 8 1st 5s
1941
Bklyn Un el 1st g 4-68.-1950
Adjust Income 5s
67
94
91% Sale
bk City 1st con 4s.. 1916-194j
Bk q Co a s con gu g 5s.. 1941
Hud a Manhat 5s 8er a
91
89% 101%
'17
Oct
88%
85
84
83
A
-
Mtge Bond (n y) 4s ser 2. .1906 A-O
10-20-yr 5s series 3.
1932 J - J
83%
89% Oct '17
67
82
71
July'17
82
77
~85 ~ "88%
71% Nov'17
83%
99%
78
July'17
May'l 7
65
5s.. 1945
conv
Det United 1st
76
*85
Railway
g
100
99%
80
4s.-.1949 j
Brooklyn Rapid Tran
100
77
70
j
-
F
Great Falls Pow 1st s f 5s—1940 M-N
Int Mercan Marine s f 6s
1941 A-O
100% 103
99
10034 Apr *17
Feb *17
9834 100
9834
99% Mar* 17
58
58
58
90
Cop m coll tr s f 6a. 1931
Bush Terminal 1st 4s
1952 A-O
"79% "877s
11
80
84%
Sept'17
'17
58
Granby Cons msa Peon6s a *28 M-N
'17
Oct
76
1st 4s.-i960 j
gen
10534
85%
86
Mar* 17
1949 M- S
Winston-Salem 8 b
Street
86
79%
ctfs of deposit
WlajCent 50-yr 1st
84
86%
High
66
55
89
99
July'17
37
A
-
101
40
~80~
7534
Low
High
52
85
~58~ "75*4
58
58
84%
Since
Jan.1.
Nov'17
Ask Low
66%
66
1948 M- S
1926 M- 8
Conv deb 6s series b
1926 M- 8
Armour <fc Co 1st real est 4>*a'39 J -D
Booth Fisheries deb s ! 6s
1926 A-O
Consol
91% Aug '15
6278
80
"73" "77"
84%
Range or
Last Sale
Braden
100%
99% 105%
76% Aug *17
70i2
M- S
Refunding 4%s series a..i960
rr 1st consol 4s
co
j
-
78
Apr '
*17
84%
102
——
pi943 [Nov
Inoome 5s
Trust
A-O
"99""
Jan
71^4
-
Alaska Gold m deb 6s a
75
80
A
F
106%
Sept'l
78 * May'l
99% Sept'l
80
Aug'12
7434
1945 F - A
1952 A- O
5s. —1937 j - j
3j4s.--.1945
100%
93
*1
Oct
80
Des Moines Dlv 1st g 4a.. 1939 j - j
Ora Dlv 1st g 3*48
1941 A-O
TolACh DJv 1st g 4a
1941 m- s
1st 40-yr guar 4s
88
87% 101
Range
u
Friday
Nov. 23.
Miscellaneous
11
1
Inter st Period
Bid
High
35
*"l8
99
98
Week ending Nov. 23.
Adams Ex coil tr g 4s
88
88
88
87
1st lien equip s fd g 5s
1921 m- s
1st lien 50-yr g term 4a.-.1954 j - j
Det&cb Ext 1st g 5s
1941 j - j
Wash Terml 1st gu
35
94%
j
-
Sept'17
Low
No.
High
Ask Low
Bid
4h»--1934 j - j
Virginian 1st 5a Series a
1002 m-n
Vera Crux & p 1st gu
Week's
Price
Range
Friday
Nov. 23.
I?
bonds
n
[Vol. 105.
Record—Concluded—Page 4
New York Bond
3083
1941 M-N
g--1934
Due May. a Due June, h Due July, k Due Aug. 0
J
-
J
94
101% 101%
Nov'16
Due Oct. p Due Nov. q Due Dec. s Option sale.
Not. 241917.]
SHARE
2083
BOSTON STOCK EXCHANGE—Stock Record
CENTUM
PER
PRICES—NOT
Sales
PRICES.
STOCKS
Monday
Tuesday
Wednesday
Thursday
Friday
Week
Nov. 17.
Nov. 19.
Nov. 20.
Nov. 21.
Nov 22
Nov 23
Year
Shares
Previous
Ranoe for
Range Sines Jan. 1
STOCK
BOSTON
of the
Saturday
1916
EXCHANGE
Lowest
Lowest
Highest
Highest
Railroad!
131
131
*130
32
31%
*80
*20
2012
*150
160
*2
*
90
*102"
*120"
125
♦
♦so"
84
89
*
*2"
*80"
89
3
*12
13
25
25
*80"
90
*18
3
12
473 Boston <fc Maine.
18
19
Nov 9
160
9
213
2
July 3
3
Nov'17
9
June28
30
Nov'16
125
*102
125
50
*49
;
89
14
14
14
27*2
28
27*2
91
*90
95
95
95"
95
20
*19
20
*18
20
20
96
5
42
Feb
Jan
5
150
Jan
27
100
102% Novl2
140
Mar28
48*2 Nov21
100
89
410 Mass Electric Cos
.....100
pref...
*88
96
*88
96
3512
*35
36
35
36
34l2
36*2
37*2
4778
4714
47%
47*4
47*4
46*2
48
47
76
76
76%
91%
*1*4
76%
77
77*4
76i2
76*2
78
78
*77*2
95
92*2
Feb
122
5
x86
6%June26
Jan
Jan
Sept
4*2 Dec
.98
26
Dec
2
50
Dec
105
Apr
3
97
Jan
Old
100
90
Nov 17
135
Jan
6
Oct 24
Colony
NovlS
12
31*4 July 3
52s4 Jan
134% Dec
131*4 Deo
94
Dec
102
Jan
8=4 Aug
44
Aug
77*4 Jan
Sept
107
Feb
157
35% Deo
.100
20
90
West End Street
""986
38
Feb
87
Vermont «fe Massachusetts. 100
49
37
162
90*2 Oct 30
34% Novl5
46% Nov21
56*i Marl7
x55
Sept
67% Jan
6
69
July
86
75*4 Nov 9
94% May 2
103%Jan 27
2% Jan
9
04
8
7
Dec
126*4 June 9
121% Jan 24
128*4 Jan 25
100
Apr
June 8
42
IOOI4 June 9
75
Julyl7
92
Jan
68
Jan
101% Mar
79
Nov
97%Jan
5
1184 Aug
7
121% Jan 22
98
July
101% Feb
10 Rutland,
96
July
Sept
21=4 Septll
Nov'17
48
110
69*4 Sept
2*2 Nov 5
100
45% July
July
154
Hartford.....100
Do pref stamped
882 N YN H A
5*2 Jan
Oct
Northern New Hampshire..100
446
Jan
5
40*2 Feb
123
92%Jan
6
100% Mar 7
Nov
145
.102% Apr
78% Mar22
133
Jan 17
June 2
"""39
Last Sale 90
River..;
Jan
83
20
*88
Feb
90
65 Maine Central...
95
*18
38
150
100
Oct'17
Last Sale 90%
Mar
108
28
15
28
235% May
Dec
150
1634
14
*90
Aug
3
July 2
Novl2
Do
3-%
3*4
3*4
30
100
..100
JunelO
89
89
90
3*4
3*2
Aug
4% Feb
3
4
122
122*2NOV'17
Last Sale 83*4 Nov'17
Last Sale
8312
34
200
30
July
Fltchburg pref
100
Georgia Ry A Elec stampdiOO
50
i
Jan
88% Jan
Feb
52
Feb
Aug 31
5
Connecticut
125
•
..no par
Chic June Ry&USY
Do
pref
Oct'17
Nov'17
Last Sale 90
pre!
Boston & Wore Elec ..no par
Do
pref
...no par
Aug'17
Last Sale 150
125
Do
Oct
Dec
66% Apr
Mar 16
45
100
Feb
198
119
Mar22
Boston Suburban Elec..no par
35
*88
11
Jan
Boston A Providence
90
"
20
100
Jan
79
133
Dec
172
175
3
Nov'17
26
13*2
26*2
*90
Nov
Sept* 17
Last Sale 30
153
89
89
3
2584
12
25
*80"
Nov 14
80
Last Sale 4*2
120
89
*2*2
*90
90
*■
83*2
89
234
48*2
49*2
Nov2l
30
100
Last Sale 13
30
91
*102"
120
89
12
*
130
100
Last Sale 2
34
*150"
125
49
24l2
*90
♦
153
..100
75 Boston A To well
Last Sale 160
5
*._
91
*
83l2
2=4
*10*4
30
34
*102"
120
22
5
49
121
21*2
5
*..
125
"49
50
50
21*2
20*2
5
*150
90
80
160
*
153
*150
*
35
80
*2
♦
34
34
153
♦
34
80
35 Boston A Albany
1,153 Boston Elevated
130
35
80
130
*150
10*4
5
130
33%
80
160
*2
30
*10l4
130
34
80
2034
20
*150
5
5
*150"
"
160
*2
30
*
You
1934
5
*10%
*82
*150
131
33
90
31%
32i2
*81
130
33
131
131
131
313g
90
Do
193
pref
50
pref..
50
Jan
110
100% Aug
15
Jan
74
May
20
84% Feb 13
8
Nov
Mar
125
Feb
Miscellaneous
*91
92
*1%
1=8
*10
91
91*2
*9
"93%
*92
*107
*1*4
138
10
*10
*94
108
92
91
*1*4
1%
96"
94%
107
9834
109
108*2 108*2
108*2
10634 107U
106% 108
*40
*41
108
10734 108*
*40
41
'88
41
88
88i2
*62
64
83
88
*62
*82
*80
8*2
98
5912
*59
*10
13
150"
"
150
88
62
81
82
9
9
9
9
98
101
5978
*59
60*4
13
*10
13
6*2
159"
155
130*8 130*8 *130
155"
150
9S34 101%
60*2
60*2
*12
155
132
*5
7
*5
6
*6
7
*5
*15
16
*15
16
*15
17
*96
*9612
77
77%
76
77
70
70
70
ro
2
♦
71
78*2
7834
70
*135"
140
*.75
2
*.75
2
'
—
103
101
116
116
115
*68
75
101
70
*126
3l"
*12
13
128
119
*117
119
*117
59
61
62
*63
*127
...
121
122*4
123
48
*45
31
32"
32
32
*31
*25
*12*2
13
*12%
12434
45
48*2
47
47
28
28
28
119
117
*27*2
115*2' 118
40
40*4
114*2 115
118
105
5
107=4 103*
*108
5
478
5*8
118
117% 119*2
25*4
98*4
5*4
111*4
"
18%Jan
8
33*2 Jan
4
2
30
Dec
3584 Deo
9G% Nov
7
Jan
18
95
June
100*2 Mar23
81
Mar30
169
Jan 31
79
155
1% July 16
Sept
Sept
May
UNov
102% Sept
100=4 Nov
89
Feb
Mar20
23% July
76
Nov 19
68
102
Oct 29
134=4 Nov 9
60
Jan
10
100
Nov
100
100
110
Novl2
124*2 MarlO
147
Jan 19
*59-
Nov20
112
100
128
Novl9
160*4 Jan
Company
50
10
5
Mar
Nov
Dec
102
158*2 Apr
Feb
162% Apr 16
Feb
35
Jan
28
Jan
8
Nov
2
Aug 20
9
Nov
39% NovlS
25
Oct 29
89
Nov
7
68
June
35
May28
155%Jan 22
35*2 Dec
136% Jan
.50
68*4 Jan
8
30% Mar
8
135
May28
107=4 NovlO
4% Nov
121
Jan
27
8% Jan
26
Dec
165
15
Nov
Dec
66
102% Jan
125
107
100
11
2% Jan
42
140
Mar29
100
3,375 Ventura Consol Oil Fields.
Jan
Jan
50
Nov
181
120=4 Dec
16
28
25
7
92*2 Aug
46
Feb
40
100
8
15
25
25
95
78
12*2 Oct 10
30
116
25
Fruit
Marl6
16*4 DOC
25
Jan
3
100
;
13,619 U 8 Steel Corporation
Do
105
pref
"5*4
5*4
5=4
8
Nov
100
991 United Shoe Mach Corp...
Do
pref.......
600
25*2
96
111
Nov
100
pref
1,185 United
119*4
25*2
97%
5*2
6
15
Linotype... 100
29 Torrlngton
Do
25
pref
96*4
5*4
Dec
138s Jan
Mar
10
9
48*2
25*4
5*4
Oct
23
42
50
....
Jan
28
9634
186
1,383 Swift & Co
126*2 130*4
.126
25*4
25*4
94%
250
159*4 Apr
25 Reeoe Button-Hole
98*),
95*2
108% *109*4 10934
25*4
94*4
4
16
145 Punta Allegre Sugar.
25*4
25
92
Jan
170% Jan
Telephone...
2 Pullman
40*2
40*8
25
92
226
NovlO
1
128
43%
25*4
5
128
42
40*4
Novl5
122
182 Nova Scotia Steel & C
42
40
108
*48
*
118*4
145
....100
30
Do
64
41
*25
.
"63"
41
41
91
124
12384 1241
124
100
8*4 Dec
225
Dec
10
13
28
22
140 New England Telephone... 100
102*2
34
13
48
28
Jan
4
Jan
66
100
118*2
*12*2
124
*45
*
*128*2
*128
13
10
11 Nlpe Bay Company
65
31*2
13
72% Nov
25% July
Oct 30
New Eng Cotton Yarn
Aug'17
102
147~84 Deo"
7
pref
Mexican
Oct
124
134% Sep
56=4 Nov
Jan
349
Sept'17
102
*59
70*2
*29
102
103
*11*6
115
128
*29
102
103
102
"27" Jan"
125*4 Oct
trS*8 Apr
79
.Nov'17
Last Sale 88
Septl3
55% Feb
9
Dec
3*4 Apr
16
May
20*8 June22
1st pref. 100
543 Massachusetts Gas Cos... 100
Do
8%Mayl0
88
Aug
Nov
105
Septl2
pref..
16 Mergentbaler
Nov22
114% Mar
123
Dec
102
12
McEIwaln (W H)
136
136
Novl5
s4 Dec
10
Electric
Do
58
Apr
95*2 Mar
10
100
69
78*2
*....
Last Sale 92*2
103
10
I 8 8 Lines.. 100
Edison Electric Ilium
99 Genera!
Nov'17
Last Sale 1
*88
*88
.
130
15~ "Nov"'17
136
135
""161
158
130
79
70
*134
2
*88
158
Novl3
81
East Boston Land
Oct'17
8
Nov
62
4 Internal Port Cement
70
135"
*.75
*88
78
7784
100
Do
55
pref
115 Cuban Port Cement
13
12
Last Sale 97
135
*134i2 139*2 *134
*.75
76
1
158
Last Sale
*96
*96
pre!
1,681 Atl Gulf <fe W
6
7
16
Dq
352 Art Metal Corn-true Ino
938
9%
9838 100
*59
60*2
130*4 130*4
*15
38% Nov 8
87*2 Nov20
Teiep & Teleg.
97 Amoskeag Manufacturing
Do
pref..
14
159
100
104*4 Nov S
pref......
60
Last Sale 7
6*2
107
""571
89*4
62*4
8212
88*2
89
63
88
*■
12934tl30
Nov'17
Last Sale 40*4
44
90
100
Do
Amer
Mar
14
100
63
2,188
110
108=4 109*4
108*2 10934
109
50
American Woolen of Mass.100
97*2
110.
90% Novl2
1*8 Apr
9
8*4 Jan
2
25
Do
pref..
31 Amer Sugar Refining
110
109
99*2
*10
634
150
12912
*96*2
59%
59*2
13i2
*128
9 884
109
Amer Pneumatic Service..
""140
11
*82
*9
*10
*-.._
*10
98*2
q
98
*59
.
10
92*2
NOV'17
Last Sale 1*4
1=8
*62
63
*80
...
96*2
*42*2
88*2
87*2
*62
...
q
8i2
97
42
*92*2
92
49 Amer Agrleul Chemical... 100
Do
50
pref
100
80
June
28*2 Jan
79=4 Mar
115*4 Feb
6%Sept
155% Nov
175
Oct
Oct
59
10% May
Oct
70
Nov
177
Mar
33
168*4 Aug
03*2 May
Sept
31
129% Nov
122*4 Nov
Jan
13
Mining
*1*4
*83
134
85
234
*.25
84
84
3
234
.60
'
*.25
85
85
85
234
2%
234
2%
*.25
.60
*1
2
*1*4
1=4
*1%
*.25
.60
Last Sale 1*4
86
86
*84
1*4
87
2*2
2%
2%
2=4
.60
Last Sale .25
54
12
12-
*41
43
40=4
*8%
*.30
*15*4
64
*52
9*8
.35
54
55*2
55%
57
50*2
13*4
15%
14
15
14
-
♦41
46
.35
.35
47
10
10*4
.55
.55
*17%
19
*16*2
18
*17*4
67
66*2
67
66
450
440
448
450
450
470
425
14*4
14%
14
41=4
4134
*41=8
47*4
48*4
45
46
45%
46
2
2
*2
3%
4
4
48%
2
<
*2
2%
4=8
378
378
*334
4
10*4
4%
10*4
10*4
10*2
10*4
10*4
10*4
5
5
*4%
5
5
5
70
*64
70.
*65
70
*65
70
*34,
35
*33
35
*34l2
35*4
*35
36*2
9
9
9
*1
1*2
9
9
„
1*
1%
53
53
53
*81
S3
80
82
*80
*23*4
2334
25
25
24
*434
5
4%
4%
2
1*2
1%
*6
6%
6*2
6*2
*234
3
1*2
„
12%
13
13
*1*4
36
59*2
.40
*2
*2
*1*4
1=4
*36
36*2
60
60
5
634
5
5
6%
6*2
175 Mass
1*2
*1*4
1%
2
*1%
60=4
*1=4
2
61%
61%
63*4
W*
*17*4
*19
*1*2
*.12
8%
12%
.50
8
13
.30
.40
lKe
5*2
2
*1*2
.15
*.12
61
IX*
5*2
21
51
*.80
5*2
*20
1
534
22
2
.15
.15
July
40*2 Jan
Nov
94
Apr 28
88
Jan
2
4*4 Apr
9
1*4 June 8
36
Jan
18
25
July
43
5
Oct 31
18
25
2*2 Nov 9
5
4% Nov 9
1*4 Oct 26
7
22% Nov
.
5
Nov
1
25
1
Nov
7
1*% Aug 20
3
34«4 June
20% Jan 19
4
Mar22
10% June
2
July
70*2Junel8
42
6
27
3% Mar
2=4 Feb
Jan
2
9% July
Jan
16
3*4 July
Aug 22
484 Jan
8% Aug
2
15%Jan 17
3
May23
5*2 Mar24
Jan
3
Nov
7
98
77% July
16
Nov
9
26*2 Mar 7
15
10
100
22
100
Company
Mines
68
5
Butte
15
.50
.50
1,835 North
Lake
25
9
134 NOV
5
7
Nov
Jan
25
NovlO
8=4 July
2
11=4 Oct 18
.30 Nov20
6
Jan
2
17% Apr
3
Mar20
30
92% Mar20
25
57
Nov
95
1
2*4 Jan
Dec
Marl2
70
July
16
28s4 Junel8
559 Quincy
25
60
Nov
7
94% Feb 21
81
Nov
5
32% Apr
53
54*2
54*2
10
25
20
52
150 Ray Consolidated Copper.
500 St Mary's Mineral Land..
50
Nov 15
Santa Fe Gold <t Copper..
JO
.75
Nov
*.10
.90
534
.534
534
534
Last Sale
2
*.10
.20
4%
1*8
45
45
46
45%
45
45
2*4
2%
12%
12*4
12%
79
79
*77=4
-
-
10
South
25
2,855 Superior A Boston Copper.
3%
4%
1,507 Trinity
2,525 Tuolumne Copper.
2,010 U S Smelt Refln A Mln...
*44%
78*4
3*4
46%
45*2
....
12*2
12*9
55 Superior
160
Do
2
Jan
2
1*4 July
18
Oct 31
10
Jan
5
7
30*8 MarlO
26
.19 July
4*2 Nov
5
16% Mar
6
12*2 July
10
25
1
2% Oct
8*4 Jan
6
1*2 Jan
12*4 Jan
9
.15 Jan
6734 Jan
4
54*8 Jan
2*2 Deo
81% Nov
52*2 Jan
4
49
5
41*4 Nov 8
43% Novl2
17g Mar2»
5
10
50
60
pref
675 Utah-Apex Mining
590 Utah Consolidated
Nov
7
72*4 Nov
5
8*2 Julyll
3% Sept27
21% Feb 20
118% May26
3*4
3*4
3
*2
3
*2
3
*2
3
Last Sale 3
Nov'17
Victoria
1
25
2% Oct 31
*2
2
Oct
22
*1
2
*1
2
*1
2
*1
2
Last Sale 2
Nov'17
Winona
25
2
Oct
8
5*8 Jan 25
33
34
34
34
*34
35
1
53% Mar 6
2% Jan
3
*^ia and asked prices,
33*2
'4
a Ex-divldend and right*.
33*2
Last Safe
*33
.75
34
Of 17
s Assessment paid,
1
10
Copper Co
945 U tab Met al A Tunnel
35 Wolverine
L 25
32
Wyandot-t
25
.15
h Ex-rigbta
«
jtx-divldend.
8=4 Oct
4% July
2% Jan
*78
=1
.59 Dec
NovlO
76
*U
8% JaD
28*2 Jan
May 12
*75*4
3*8
Nov
3% Jan
1
11%
3*8
3034 Nov
3
75%
3*4
3%
Aug
2
.31 Jan
12
25 Utah
109*2 Nov
110
403s Feb
4
0*4 Jan
1
12
79=4
3%
Nov
Nov
23*4 Deo
24=4 July
9
18
2% Apr
105
12*2 Feb
Nov
1
4% Jan
83
July
.12 Nov
12
*79
61*2 Jan
25
3*2
1*4
July
2034 June
1
5% Oct
19
3
89»4 Mar 6
5
Lake..
5
*1*8
46*8
12%
78*2
-
3*2
2*4
12%
Shattuck-Arlzona
-
5
4.5*2
*2*8
2*4
m,*
«.
400 South Utah M & S
.20
1*4
44
Nov*17
1%
10
580 Shannon
6
Oct'17
Last Sale 20
21
4%
44*2
=4
1% July
59
19
1*4
43*2
*u
.50 June
23
4
43*2
=4
93*4 Nov
68
4
1%,
34
Dec
77
18*2
5
1%
*1o
313sNov
66%
3=4
4%
1%
46* 4
1*4
*32*2
2484 Jan
Dec
*22%
3*4
1*4
3*8
10*4 Jan
July
18*2
434
3
3*4
434 July
22=4
534
33*2 Nov
9*4 Nov
451 Osceola
-
4=4 Nov
Nov
108
32% Nov
60*2
Nov'17
Nov
9
20
69
Last Sale .80
.
Mar
Nov
55*2
9
19% Nov
24% Mar28
33
10
6% Nov
July
25
1,295 Pond Creek Coal
Apr
19*2 Feb
6
775 Old Dominion Co
1*8 Oct 31
8
20
2
40
25
Nov
6% May
9% Sept20
3
2% Jan 12
67»4 Mar 12
Mining
Jan
18
5*4
1*4
42%
3%
1*2 JaD
60
22%
3*4
4%
*3*8
July
67*4
3*8
1*4
11%
1% Aug
10
18
*4%
5
*3%
*75
Sept
5
1,500 North
*59
Nov
Novl9
25
pref
100 OJfbway
Nov
13% Nov
120
80
13*4
*1*4
3934
3% Mar
7*4 Deo
20
52
25
7
Nov
8*2 Oct 18
23
3*4
3%
2*4
June
Mar
69%
*1*2
*4%
45
6
79
92
17%
*22*4
*20
*1*2
2%
6
17
9
17
Oct
11*2 July
Jan
16
4% Oct
3
Jan
ll%Mar
*.80
2
44%
Do
16
55*4 Nov
23% Nov
6% Nov
73=4 Dec
93*2 Deo
25
13*8
.
Nov
Nov
52
52
.15
4
New River
90 Nlplsslng
8%
4=4 Dec
66*2
2234
3*4
4%
2%
1*4
39*2
61
2
60
5*4
44
1*4
38*4
6034
Aug'17
16
25
145 New Arcadian Copper
1,310 New ldrla Quicksilver
-
64% July
2
July
87=4 Nov
12
1
25
60 Nevada Consolidated.....
.2*4
12%
17
Jan
25
Colony...
1,206 Mohawk
18
Nov'17
8
.60
61
*3%
2%
*.50
60
*4%
44*2
,.50
38%
5*2
*2
.50
*1*4
334
44*2
13%
38
*3
43
13%
2
*434
*42
8
13%
38
50*2
2%
12
Last Sale 70
8*4
*1*4
60*2
2
1234
70
*36*2
17%
*19
21
12%
*17%
Last Sale 22
2
66
5*4
2
2
12%
37
17%
*.80
18
.....
Michigan
NOV'17
61*2
02
64
Jan
3
7% Jan
9
25
Consol
5 Mayflower-Old
Last Sale 1=4
62
*17%
18
8*4
14
*7%
13*2
5
20
*66"
70
8
4
11%
*
20
*56"
70
11
66
50
*5=8
*10
*
2
2%
*2
2*4
11
*22
51
*.80
16%
2
17*2
*50
La Salle
Nov'17
68
5
305 Lake Copper Co...
*1*4
22
*21*2
■
634
*4*4
6*2
65
22
6%
Last Sale 234
3
Nov
73% Nov
10
5
Copper
1*2
5
17*2
17%
64
650 Keweenaw
634
*2%
4%
65
17%
64
*2138
450 Kerr
1%
6%
20
*7=4
5*2
*1*4
6=4
*1*4
16=4
*66"
*5*4
1=8
1%
17
8*2
6%
5
1*4
*6%
.
Nov
27
5
25
Lake
5
5
2
040
July
July
25
655 Isle Royale Copper...
25
Dec
14
46
1
pref
6*4
60%
70
23*2
Do
6*4
17
..
25
91
510
27%Jan 16
03
Mar 7
18
Jan
1
Cananea..
515 Island Creek Coal
84
Oct
35
5*2 Feb
105*4 Mar
101
Nov
1
Nov
100
1% Aug
Dec
1% Apr 23
100
July
7% July
June
3% Nov
Greene
*1*4
*134
60*2
*134
24%
6*2
vjp6%
*4
2
*10
25
*82
60
2% Nov
83% Nov
97% Apr
86% NoV
18
Nov
9
Nov
43
29% July
60
2
'Oct 31
12
37
Dec
42
425
70
1%
60*2
*
82
26
41% Jan
73
Jan
66
26
Nov
Granby Consolidated
Nov'17
5514
55*2
55%
6
85*4 Jan 20
590
Feb 20
Nov20
25
Copper..
275 Mason Valley Mine
*1=4
2*4
54
81
Mar
52
16
02
25
20% Jan
84 May
15*4 Junell
2% Jan 26
10
285 Hancock Consolidated....
Indiana Mining..
10
Last Sale 1*4
1%
82
5
*23f
60*2
11
938
5
5
10
125% Nov
Dec
91
70
5% Deo
Aug
Jan
11*2 Jan
1% Jan
108
Novl9
20
135 Franklin
Oct'17
*9
10
Nov
8*8 Nov
184 Feb
4t4 Jan
.35
25
Co
Copper
1,970 East Butte Copper Mln...
Nov'17
Last Sale 35
10
2
Nov
5
....
6*4
6*4
1%
*4*2
54
*1*2
2
5
*4*2
6*4
5.
12
25
Hecla...
1,300 Daly-West
1,515 Davis-Daly
10*2
5
24
4%
3
•*234
*4*8
10*4
*80*2
81%
24*2
*i%
10%
25
10
Copper..
3,306 Copper Range
2%
4*2
54
53
4%
*1%
834
*1
1%
53
15 Chlno
4534
4%
Last Sale 70
*65
*51
*2
4%
10*2
*4%
10%
4%
45*8
2*4
4*2
50*4 Nov 5
10
95 Centennial
42
2
*4 Septl2
pref
157 Calumet &
:
14
42
14
Zinc, Lead A Smelt.
618 Calumet & Arizona
460
14
*41%
4734
2
460
14
4134
47=4
20
Do
66*2
14
*734
50
7
Nov
2*2 Nov23
1,233 Arizdnu Commercial
1,900 Butte-Baiaklava Copper..
15 Butte A Sup Cop (Ltd)...
18*4
66
*41
*66%
Amer
-
16
13%
1=4
«.
.60
66
38*2
*
«.
10*2
16
13
*10
.
66
38%
*16
-
.60
17
13*2
*1*4
-
10%
65
38=4
*6
-
.55
*440
440
*8%
*1*4
»
10*4
65
*13
2
9%
9*4
9*4
*.32
*38
46%
*43
14
♦41
9*8
.35
1,583
82
10
25
.
Mining...
408 Allouez
15
Oct 26
25
Algomah
55*2
13*2
*15%
17
64*2
440
53
12
10=4
9
.50
53
12
51%
12
1
25
95 Ahmeek..
820 Alaska Gold.
2*2
Sept'17
"
51
25
Adventure Con
Nov'17
85
w
Half-paid.
Nov
Aug 23
6% Jan
16
Jan
2
6
Feb
2% Dec
12*2 Jan
76
June
5*4 Dec
2*4 Jan
384 Mar
45
Oct
1% An»
53=4 Apr
5% Apr
30*2 Nov
127% Nov
11% Mar
8% Nov
8% Nov
07*« Feb
2% Feb
[Vol. 105.
CHRONICLE
THE
3084
Stock Exchange.—The complete record
Philadelphia
Outside Stock Exchanges
transactions at
of
the
Philadelphia Stock Exchange from
Nov. 17 to Nov. 23, both
in bonds at Bos
ton
Stock Exchange Nov. 17 to Nov. 23,
sales
both inclusive:
Boston Bond Eecord.—Transactions
per
inclusive, compiled from the official
Prices for stocks
lists, is given below.
share, not
cent of par
cent.
per
are
all dollars
For bonds the quotations are per
value.
Friday
Last
Sale
Range since Jan. J,
Sales
Week's Range
for
Week.
of Prices.
High
Sales
Friday
/
Low.
ah.
3 %s 1947
98.90
Second Liberty Loan 4s.
97.90
u s Liberty Loan
Low.
97
99
am
91
91
AtlG &w ibs L5s„ 1959
90 %
77
9314
90%
77%
93%
Agricul Cliem 58.1928
Am Tel & Tel conv 4% s '33
4,8-.-1921
Mass Gas4%s—
1929
n e Telephone 5s
1932
Gt Nor-c b & q
98.40 Nov
98.70 99.60 215,950
100 H
Range since Jan. 1.
Sept
97
Nov
ko
104%
Jan
Alliance
106
1,000
90 %
13,000
7614
1,000
9314
Nov
Oct
Nov
Week.
Price.
Low.
Shares
88
1,000
88
Nov
91
90
Nov
92%
21
19
19
97%
53%
Insurance..... 10
High.
97%
67
58%
100
55
1
19
Nov
22
97%
Nov
121
Feb
Feb
76
July
54% June
49
May
Feb
100
66
Apr
Jan
American Gas of n j__ioo
Jan
Baldwin
9914
9814
Jan,
Buff & Susq Corp v t c.100
55
Jan
Preferred. vtc....._100
Cambria Steel.l_
-.50
50
50
10
115
115
4
66
67
10
66
74
Jan
48
50
296
47
Nov
67%
Jan
14%
15
100
14%
Nov
29%
Jan
52
52%
150
52
Nov
24%
25
24%
July
70%
27%
Feb
10
Nov
Swift & Co 1st 5s—.-1944
93%
93
93%
United Fruit 4%s
93
93
93
2,000
93
Nov
Sept
98
98
98
Nov
109
99 %
99%
1,000
2,000
99%
Nov
Mar
100%
10214
98%
10614
Gorp'n 5s. .1963
for
of Prices.
Low.
High.
85%.
1,000
5,000
u s Steel
Par.
Week's Range
Oct
Nov
88
1923
Stocks—
91
97,550
1,000
91
u s Smelt b&m conv 6s..
Last
Sale
Price.
Bonds—
Locomotive.. 100
Jan
Consol Trac of n j....100
Jan
Elec Storage Battery.. 100
General Asphalt
100
Jan
Mar
Preferred
——„
14%
52%
100
Insurance Co of n a...10
j g Brill Co
100
97
220
16
10
49
Nov
Jan
.
58
Jan
163
June
Jan
Jan
33
Jan
Exchange.—The complete record of
the Chicago Stock Exchange from Nov. 17
Keysto ne Telephone.... 50
Lake Superior Corp... 100
9%
9%
600
9%
Nov
14.
12%
10%
12%
10%
Nov
24
Mar
Lehigh Navigation
57
Nov
85
Jan
Nov
12%
Oct
23, both inclusive, compiled from the official sales
7%
55%
55%
5%
Lehigh Valley.........50
55%
5%
51%
14,110
1,887
5,209
392
51%
Nov
79%
Midvale Steel & Ord—.50
43%
44%
102
40
Nov
67% June
Pennsyl Salt Mfg..——50
Pennsylvania.....
.50
Philadelphia Co (Pitts) pref
(cumulative 6%)—_—50
Philadelphia Electric...25
88
89
39
88'
Nov
47%
46%
48
3,513
31
31
31
50
Stock
Chicago
transactions at
to Nov.
Prices for stocks
lists, is given below.
share, not
of par
per
are
all dollars
For bonds the quotations
cent.
per
cent
are per
50
Warrants
value.
7%
55%
...
25
Voting trust rects
Sales
Last
Par.
Stocks—
Week's Range
for
Sale
of Prices.
Loio.
High.
Week.
Price.
270
100
133
88
88
Preferred
:
Preferred
100
87%
Booth Fish com new (no par)
1814
17
2
Chic Pneumatic Tool.. 100
49
45
ChicRyspaitctf "2"——.
Chicago Title & Trust. 100
10%
10
Commonwealth Edison 100
106%
113%
Diamond
Hartman
Corp..
Hart.Shaff&Marx,
com
Preferred.
100
100
40
100
97
Sears-Roebuck com... 100
Stewart War Speed comlOO
49
129%
100
United Paper Bd com. 100
18.
100
78
June
10%
290
Nov
25
175
57%
43
Jan
2,604
24%
Nov
34%
Jan
25
-23%
Nov
22%
34%
34%
Jan
Jan
25%
25
24%
27
68%.
73%
4,030
3%
69
98%
"44"
67%
3 9-16
109
Oct
84
Jan
Nov
1,068
60%
Nov
103%
1,080
827
4%
4%
40% 42
206% 206%
68%
69%
91%
98%
8%
8%
44
44%
67
3%
Nov
5
4%
Nov
486
40
Oct
5
205
Oct
1,199
63
Nov
28,625
89
Nov
330
*7%
Nov
Jan
Aug
Mar
7%
47% t Jan
226
Jan
91%
Mar
134% May
9%
Jan
53%
Jan
44
Nov
76
76
76
140
73%
Sept
80
Feb
70
69%
70
125
66
Feb
92
Ap
33
33
15
33
Nov
39
Ja
53
u 8 Liberty Loan 3%s 1947
Second Liberty Loan 43.
98.10 Noy
100.5
Aug
97
99
15,700
97
Nov
100
Oct
Nov
142%
129%
100%
132%
Mar
Amer Gas & Electric 5s '07
85
85
3,000
85
Nov
Jan
Nov
78%
Jan
Baldwin Locom 1st 5s 1940
99
99
3,000
99
Nov
97%
104%
Feb
95
Nov
108
371
105
43
103
59
18
58
Nov
118
30
109
Nov
24
75
58
35
53%
37
Oct
50
96%
2,065 c133
1,303
44%
4,695 115%
20,561
40%
.
121% 129%
53
45%
17
18%
,395
25
98
98
44%
49
350
95
94
96
202
94
Nov
84
70
Aug
86
Jan
45
Nov
57
Feb
74
1,100
9,600
1,000
125
Nov
Jan
114
Jan
Jan
Lehigh Valley annuity 6s..
Gen consol 4 % s—_ .2003
Lehigh Vail Coal 1st 5s '33
Feb
Nat'l
Nov
115
Nov
239
Jan
Nov
101
Jan
Nov
165% May
125
General
Consol
4%s
44
34%
Jan
Phila Elec 1st 5s (new) '66
134% May
Sept
117%
.
Registered 5s...... 1966
Small
Jan
Reading
84% May
107%
5s
—
1997
York Railways 1st 5s.
19371
nov
102
Jan
Nov
106%
Jan
200
44
Nov
1,000
100
Nov
100% June
9,000
90
Nov
104%
98
2,000
107%
Jan
10,000
31,400
97%
96%
94%
Nov
97
Nov
99%
Jan
Nov
Nov
94%
95
Jan
68
Jan
102
Apr
96
96
1,000
96
95
95%
1,300
95
Nov
85%
4,000
83
Nov
102%
96%
May
83%
99%
99%
7.000
99
Nov
102%
Mar
"96"
90
90
3,000
90
Nov
Spanish-Am Iron 6s._ 1927
May
90%
100%
"85%
.1966
4s.
gen
44
96%
"95"
Jan
137%
4,000
90%
98
98
pw&b ctfs 4s-..1921
Jan
3,000
100
90
4%s—.....i960
Oct
125
100
1965
58
73
90%
90%
100% 101
Properties 4-6s small
Pennsylvania rr re&5s '19
Nov
Nov
Jan
82
Nov
45%
106
Nov
124
Nov
73
73
Nov
35 *108%
43
109% 110
Sept
79%
45
Nov
15
118%
3,000
inter-State Rys coll 4s 1943
340
Jan
3,000
73
Nov
June
5,000
118% 118%
79%
79%
Elec & Peoples tr ctfs 4s '45
do
small...—...1945
Nov
72%
98.10 99.26 $27,600
Mar
78
225
98
Mar
Nov
15
98.20
Bethlehem Steel p m 6s '98
Purchase money 5s. 1936
Jan
Mar
June
Sept
312
51
Jan
90
35
1,481
Bonds—
Apr
35
20
97%
Feb
118%
16%
57%
Feb
30
142
York Railways pref.—.50
Nov
101
108
135
75
100
220%
896
40
Cramp & Sons
Nov
796
235
Coal.u. .50
42
6
48%
100
Nov
Nov
Jan
8%
96
98
98
Ward, Montg & co, pref..
Wilson & Co common. .100
......
Nov
46
52
Preferred
40
139
Union Carb & Carb Co. 10
uss teel, common
830
114
96%
wm
49
100%
72%
Jan
Nov
1)0
37%
Westmoreland
12
101
235
Jan
4,565
35
35
10,0
Swift & Co.
West Jersey & Sea Shore 50
59
People's Gas Lt & Coke 100
Pub Serv of No 111, com 100
Preferred
July
Aug
4%
35%
23%
67%
...
Quaker Oats Co
Jan
25
Oct
118
Middle West Utll pref. 100
Mitchell Motor Co
96
nov
1%
180
42%
10
.-...
Nov
17
50
107
108
100
Lindsay Light
87%
United Gas Impt
50
u s Steel Corporation. 100
Warwick Iron & Steel.. .10
95
100
Match......100
Jan
May .136
Feb
95%
180
com. .100
4%
39
2,065
2
16%
Deere & Co pref
1
UDion Traction
..50
United Cos of n j—.—100
Feb
|445
3%
Tonopah Mining..
High.
Nov
1
24
87%
18%
13%
Cudahy Pack Co
Low.
1 xl31
16
_
,
"72"
50
25
Chic Clty&c Ry pt sh com
Preferred
2
Reading
Jan
46%
24%
67
Tono-Belmont Devel
28 b270
133
American Shipbuilding 100
Range since Jan. I.
Shares.
270
a merican Radiator.... 109
"27"
50
Philadelphia Traction..50
Jan
June
100
31
25
Pblla Rapid Transit....50
Friday
57%
Nov
96
Jan
'
Jan
99
Bonds-
Armour & Co 4 %s
86
1939
Chicago City Ry 6s.. 1927
Chic City & ConRysSs 1927
Chicago Rys 58--—-1927
Chicago Telephone 5s. 1923
88%
86
58
81%
82%
95%
81%
90
58
Commonw-Edison 5s. 1943
88%
96
•91%
•
92%
Commonw Elec 6s. 1943
90
90
Cudahy Pack 1 st m 5s. 1946
90
82,000
13,000
5,000
13,000
4,000
28,000
1,000
8138
90
South Side Elev 4%s.l924
Swift & Co 1st g 5s...1944
a:
Ex-dividend.
80
Nov
95%
Nov
91
Nov
x
Jan
Mar
Jan
97%
102%
103%
103%
100%
Ex-dividend.
Baltimore
Jan
Feb
Jan
Jan
Jan
Nov
90
Nov
98.50 Nov
100.10 June
97.50 98
8,850
97.50 Nov
100
7,000
79%
Nov
102%
Jan
share, not
Nov
89%
Jan
Jan
80
80
5,000
80
93%
8,000
92
Nov
102
97
4,000
96
Nov
103%
stock div.
cEx-25%
stock div.
a
to Nov.
23, both inclusive, compiled from the official sales
listsi is given below.
„
per
cent.
Prices for stocks
are
Sales
Friday
Ex-rights.
Pittsburgh Stock Exchange.—The complete record of
Stocks—
Exchange from Nov. 17
share, not
of par
per cent.
Prices for stocks
are
Week's Range
for
of Prices.
Low.
High.
Week.
Price.
100
Atlantic Petroleum
Sale
Stocks—
Par.
Price.
Shares,
High.
_
100
1
100
5c
Harb-Walk Refrac pf_.100
Indep Brewing com....50
Preferred
com
100
Preferred
"2%
100
Fireproofing
9%
___i
Ohio Fuel Supply
.25
25
Pitts Con m m & t
6,900
25
103
450
2%
60
12%
104
90
30
97
67
52
"Ws
50
Oklahoma Gas new
Pittsb Brewing, pref
6c
96
com. .50
Preferred
Ohio Fuel Oil
99
10
100
120% 120%
Mfrs Light & Heat—.50
Nat
2%
12%
104"
100
Lone Star Gas
.
103
50
La Belle Iron Wks
60
53
1,102
3
3%
215
9%
85
15%
41%
9%
15%
41%
42%
25
25
25%
3%
24
61
15
15
40
.1
50
6c
Pittsb-Idaho Co Ltd..—1
1.20
1.20
14%
15
14%
Nov
16
Mt v-Wood Mills
Low i
14%
v t
13
Mar
19
Jan
134
60%
Mar
73
July
Preferred
High.
v
100
6c
103
8
71%
90%
51
3
16
14%
64
64
16
64%
Jan
United Ry & Electric...50
1
Apr
Wayland Oil & Gas.
Nov
109
June
Jan
17%
Feb
120
Oct
128%
Jan
100
nov
Nov
Nov
73%
7%
17%
77
77
115
•77
Nov
89
Jan
23
24%
116
22%
Nov
35%
Jan
3
3%
495
2%
Nov
Consolidated Gas 5s .1939
General
100
ConsolG,el&p6% notes
Jan
Consol Coal
Jan
May
21
July
16c
July
6s. .1923
107%
Jan
Georgia & Ala cons.5s 1945
93
93
93
Nov
Ga Car & Nor 1st 5s—1929
97
97
1,000
97
Nov
103%
103%
Jan
1
3,000
31,000
1
17%
Mar
,
West'house Air Brake..50
w'h'se el & Mfg.com..50
37%
Oct
21c
Mar
1
94%
Nov
36
Nov
136%May
157%
Feb
58% May
1,094
1
3,000
95
96%
2,000
1,000
98%
1,000
99
1942
85
90%
94%
96%
98%
1944
84
90%
99
76%
78%
54%
55
1,000
9,000
12,000
Funding 5s small.. 1936
May
185
230|
39%j
Norfolk St Ry 5s
No Bait Trac 5s
Nov
Nov
Aug
Aug
Sept
85
Nov
*Mar
95
99%
Md Electric Ry 1st 5s 1931
m St & St p c jt 5s„ 1928
10c
Aug
110
88
g-b-s Brewing 2d inc 5s'51
90
98%
Nov
Nov
1,000
2.000
Houston Oil div ctfs '23-*25
153%
Nov
6,000
Jan
20
96%
100
58,000
Jan
800
7,000
99%
Feb
255
2,000
90
1.20
10c
96%
100
80
1918
1.55
100
Apr
Feb
96%
99%
..1919
1.25
153% 153%
91% 97%
95% 97
Jan
106
Nov
90
Series B6s
Jan
Nov
2%
102%
Sept
85%
12,000
Nov
135
Nov
100
1,000
79%
45c
4% May
Apr
Oct
2%
99
15,000
85%
79%
78%
25c
118
$2,000
100
100
Cosden & Co series a 6s..
conv
99
100
85%
96%
4%s._——1954
10
1.20 June
99
City & Suburban 1st 5s '22
Jan
Sept
Apr
Cosden Gas 6s
Nov
Jan
5
Jan
Aug
2,200
11c
Oct
3%
21,050
Union Natural Gas....100
Jan
Aug
Bonds-
.Elkhorn Fuel 5s
22
5
65c
u s Steel Corp com.___l00
Nov
Jan
Jan
300
14
12
"24%
50
110
Aug
2%
2£
r.100
Oct
56
6c
19%
100
t r
Nov
1% June
120
.25
26c
2%
Jan
new.
26c
"2%
.44%
91
30
315
Nov
67%
Nov
405
Jan
24
24
25
Nov
5%
Jan
5%
Oct
Nov
119%
24
18%
Oct.
Oct
46c
5%
Jan
Nov
3%
July
27c
119
114
'7%
1,610
1,061
55
60c
5%
Nov
4,517
55
Pitts & Mt Shasta Cop
l
Pitts Oil & Gas
.100
com.. 100
River Side East Oil pref...
San Toy Mining..
1
89
7%
4
20
24%
Pittsburgh-Jerome Cop_. 1
Pitts Plate Glass
106
90
3,035
1,270
25
700
7%
3%
61
41
200
Jan
60
696
6c
127
56
9%
15%
65
Nov
June
60
875
16
Mar
363
89
7%
Northern- Central
Am Wind Glass pref..
Diana Mines
Jan
9%
Monon Vail Trac
Range since Jan. 1.
Week.
of Prices.
Low.
39%
Nov
90
5
Preferred trust ctfs.. 100
for
Nov
3%
97%
67
Mer & Miners Trans. .100
Sales
Week's Range
31
1,250
97% 100
Davison Chemical...no par
Houston Oil trust ctfs.. 100
Last
5
4
99
Cosden & Co.——
value.
Friday
33
4
Consolidation Coal....100
cent
High.
Oct
Consol Gas, e l & Pow 100
Cosden Gas preferred.... 5
are per
Low.
44
50
33
.4
Range since Jan. 1.
Shares,
10
50
Arundel Sand & Gravel 100
all dollars per
For bonds the quotations
Par.
Alabama Co....
Nov, 23, both inclusive, compile<j from the official sales
lists, is given below.
per
cent
are per
Jan
Last
transactions at the Pittsburgh Stock
all dollars
For bonds the quotations
Sale
to
the
Nov
96
b Ex-50%
Exchange.—Complete record of
of par value.
80
93%
.
Stock
transactions, at the Baltimore Stock Exchange from Nov. 17
00
97.80
1941
99%
Nov
10,000
98.5099.50
5s. '47
Wilson & Co 1st 6s
94%
Nov
56,150
98.80
g
Nov
58
80
Liberty Loan 3%s
Liberty Loan 4s
Peop Gas l & c ref
86
88%
81
81
100
Wash Bait & Ann 5s. .1941
80
80
1,000
Petersburg a 5s
United Ry & e 4s
Jan
Income 4s
/
1926
1949
1949
55
77%
78%
Nov
Oct
%
Apr
83% May
90%
Nov
97%
93
Oct
Jan
1%
Jan
90%
Jan
100
Jan
94%
Nov
102%
Jan
96%
98%
Nov
103%
Feb
Nov
106
Feb
99
Nov
104
/
Mar
76%
Nov
84%
Jan
54%
Nov
67%
Jan
80%
Oct
90
Jan
Nov
88
Jan
80
Nov. 24 1917.]
THE
CHRONICLE
3085
Friday
Volume of Business at Stock Exchanges
Last
Week's Range
of Prices.
Week.
Low.
High.
Shares.
8A
Sale
Stocks—(Concl.)
Sales
10 A
3,200
12 A
15-16
14%
8,000
19,000
11
1A
17%
12,500
14 A
Nov
1A
2,000
IV
Oct
2 A
July
3%
1,800
3V
Nov
6 A
1
Mar
Par.
Price.
Standard MotorConstrr 10
Submarine Boat..(no par)
10 A
13 A
14 A
1A
3 A
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY,
WEEKLY AND
YEARLY.
Triangle Film Corp
Week ending
Nov. 23 1917.
Stocks.
Shares.
Saturday
Monday.,...
Tuesday
.
State, Mun.
United
& Foreign
States
Bonds.
Bonds.
Bonds.
Par Value.
155,500
...
Railroad,
&c.,
514,649,500
38,458,000
409,800
752,500
70,051,000
Wednesday.
Thursday
773,600
590,600
72,146,500
54,796,500
Friday
508,324
S687.000
969,000
1,474,000
...
677,000
3,18S,324 $298,604,400
Total
1,241,000
48,502,900
56,811,000
Sales at
Week
Exchange.
ending Nov. 23.
1917.
555,500
Former
1917.
Bank shares, par.
Bonds.
Government bonds...
$14,432,000
4,385,500
6,811,000
St ate, mun., &c., bonds
RR. & misc. bonds...
Total
bonds.______
DAILY
57,102,000
24,937,500
525,628,500
TRANSACTIONS
AT
532,039,500
THE
Boston.
Week ending
Nov. 23 J917
Shares.
Saturday...
Monday.......^
Tuesday
Wednesday
Thursday
Friday
14,852!
77,657
S341.460
Preferred
Nov
640
15
227
Nov
444
Jan
512
503
515
185
4S0
Oct
800
Jan
255
242
.258
418
222
Oct
345
Jan
V
1A
1
1
r
com
;
r
com
23, both inclusive.
day afternoon:
'
It
covers
the week
the "Curb"
on
such
the
on
Exchange, for instance, only
Exchange can engage in business, and they are
permitted to deal only in securities regularly listed—that
is,
Wyoming Un Oil
securities, where the companies responsible for them have
complied with certain stringent requirements before
being
to dealings.
Every precaution, too, is taken to
insure that quotations
coming over the "tape," or reported
On the
"Curb,"
whatever.
on
meet there and Inake
the transactions.
creep
in,
a
business to furnish
Last
Sale
Stocks—
Air
Pa
Reduction
for
of Prices
Price.
Low.
TV*
72
r_.
•
6%
2
350
65
73
2
2
16
16
-
2V8
9
300
50
2V
9
1H
16
6,000
9
600
7v
6%
5%
Low,
47,000
7%
67
2^
65
Week
High. Shares.
m
300
*6
*9
150
5H
High.
Apr
Mar
July
Aug
5A
Feb
37
Feb
5%
Jan
July
Oct
14
Mar
Apr
Nov
9
June
7
Jan
66
6,500
50
Nov
14/6
192
211
1,571
181
Nov
225
Oct
72Vu
.
55
209^
Cities Service com.r..
72
73
2,235
72
Nov
85
28
27
28 %
Aug
3,100
16
Feb
62 A
5H
20v
July
5%
2W
2,255
4
Nov
ISA
Jan
200
20
Nov
25
Aug
June
5%
■
3
'
Inter-Lube Chemical
3
Nov
8
100
10
8
July
Sept
13
*
13
8
8
3 %
r_
800
700
3%
13
8
3V»
3H
7,700
2A
Oct
19 A
3A
Jan
Mar
J an
Oct
10
Kresge (S S),
com..
10
Nov
19
Jan
220
35
Nov
68
Nov
20
100
15
Aug
33
Jan
55C
...
300
40
20
r.
12
35
Second preferred
65C
300
55c
Nov
11
13
400
11
Nov
495
60
65
70
3V
A
13-16
11-16
V
23;500
75
77
17H
North Am Pulo & Papertf)
3A
V
14%
20 X
2,500
2V
1,600
2V
14
r
14
400
3,700
3%
------
~i
%
75
12%.
2
10
1,700
3 Ys
7A
16
1,850
4
90
90
200
15
10
90
31,700
10 A
1
4A
May
May
Feb
Mar
Feb
77
Nov
Oct
20 A
Nov
Nov
9%
Jan
V*
Oct
17
Feb
Sept
May
6
Sept
8
Oct
21
July
Nov
3V
IV
Oct
Nov
105
May
Nov
3V
15-16
Nov
Nov
7-16 Nov
16
5
11
310
2,500
6V
......
Prudential Pictures
2
4
1A
18
97
Jan
Nov
9
Jan
♦5
10%
Mar
Nov
54.
Aug
Aug
Aug
3,490
Nov
6
12,100
12V
Aug
12
1,000
A
Oct
A
A
IV
Jan
35,500
52c
Sept
90c
Nov
5-32
61,600
CO CO tc
Nov
11-16
Feb
8A
Nov
12 A
Mar
9
A
7-16
33,000
V
V
5V
3%
3%
Oct
V
34c
Oct
Jan
2V
50c
Oct
V
A
■
19,000
Nov
1A
Aug
Nov
IV
Jan
V
2,000
Yd
May
11-16
Jan
5%
3,800
5V
Nov
3,485
1,400
3
Nov
5A
11V
Nov
4
3%
Nov
7A
Sept
5
1%
7-16
5
Copper
Brant Mines
Butte Cop & Zinc
v
Butte-Detroit Cop & Z..1
,
Cash Boy:
-
-
Apr
Consol-Homestead
Kerr
Kewanus
Kirkl
La
Magma Copper
Mines
Majestic
Marsh
Mining
Mason Valley
Mogul Mining
5
1
r__
Monster Chief r
Mother Lode r__
Aug
12 A
Aug
V
Mar
7 A
Jan
Oct,
2 A
Jan
1,800
2
Oct
3A
Jan
7,300
12c
Aug
24,700
8,400
%
V 1 1-16
4 A
4V
77c
------
-
-
'
-
-
~5A
------
V
J
Oct
1
Oct
34,000
9-16
8,545
47,000
3V
750
11-32
6c
1
11-16
75c
78C
3-16
5V
7C
50
3,800
4,400
69c
13c
1,800
4,000
V
V
11,800
6,000
A
%
A
6,200
3A
5c
34
49
,
J4
10,400
50
Oct,
Oct
40c
IV
4
Nov
3
Mar
1
July
6V
June
31
Nov
1,500
3,000
7c
5,700
3%
28c
Nov
Oct
45c
1-19
34
2,000
Aug
Aug
Sept
Feb
,
A
A
V
59 A
Nov
Jan
Nov
Mar
25c
50
Nov
Jan
July
Sept
Mar
49c
Nov
43c
A
9-16
Oct
Si
4A
15c
Nov
8Ac
5V
8c
2 V
9V
Nov
Oct
V
Jan
Jan
2% Nov
Sept
13,700
7-16
'77c
Oct
7,100
^
-
16c
V
-
-
31c
32,785
Go
"47A
Nov
A
39,000
------
-
Nov
17 A
1
50
-
"
2 A
Aug
4A
5
6c
50
Nov
Nov
9-10
%
Oct
16 A
V
.
14c
16c
-
10C
2
44c
3-16
2V
--7---
m
V
*5
10c
Nov
Nov
13,600
10c
J5o
Oct
4V
2 A
17%
15-16
3
Sept
Feb
.7-16
42c
------
1
Mar
1 9-16
1
5
Nov
OA
2V
1
Si
.....5
430
2 V
Aug
39c
1
r
2
17
5-16
Mar
Nov
43C
5
Louisiana Consol
Magma Chlef.r
4Qc
Jan
June
Nov
V 2 5-16
36c
A
3
16o
Feb
A
1 1-16
1 1-16
1
2
Jan
Nov
Sept
34c
18,500
7,050
Porphyry G M.r.'.l
5V
78c
IV
62,970
2A
1
2
Oct
Nov
1,500
A
2
Oct
Nov
1,100
7-16
H
17 A
1
5
2
13,200
7V
8V
15 Ac 19c
4 V
4V
-----
"
Cop.il
Rose Consolidated
32,030
18,100
14,880
23,200
5,500
2 A
1
r
1A
5V
1 7-16
40C
1
Extension
Lake
43c
IV
4V
4V
,
25c
Jumbo
34c
18c
l
Jim Butler r...._
5H
36c
Nov
8V
International Mines r__.l
Iron Blossom r_
,.._10c
Josevlg-Kennecott
Nov
500
July
14V June
Nov
IV
•
2V
Nov
5V
1A
IV
IV
1
82o
Jan
60C
3Ac
5
r
Oct
Jan
Nov
5,800
39,400
120
Jan
Jan
6A
A May
5,300
5
Verde Cop
4Gc
50c
21,200
5
...5
Jerome-Prescott Cop
5V
50c
IV 19-16
42c
Great Verde Ext Cop r 25c
Green Monster
Mining.50c
Jerome
Nov
IV 2 1-16
.
1
Mining
3c
20c
Sept
3Ac 4Ac
1
r
V
5V
36c
1A
Cresson Con Gold M & M 1
Fortuna Cons
7
Mar
IV
12,175
4,600
5,100
Sept
V
2
1
r
18,400
2A
6V
Oct
7o
5,200
*iv
3-16
-
3
Sept
Nov
5-16
4C
Cerbat Silver M & M.r.:l
Emma Copper r
First Nat Copper
V
13-16 June
14,100
32,000
54c
60c
5A
49c
l
Cerro Gordo Mines
Coco River Mining r.
Consol Arizona Smelt
Consol Copper Mines
4c
1A
3-16
-
-
Caledonia Mining
1
Calumet & Jerome Cop r 1
Canada Copper Co Ltd..5
IV
58c
7
10...5
9c
50c
IV
59c
1
300
3c
52c
1
r
r.
18,700
10,000
IV
IV
-
l
i
V
3A
8C
"""9c"
#
r
IV
3
l
Hecla
8
99 A
Nov
Nov
'
Jan
Nov
5A
V
V
Gila Copper r
10
Globe-Dominion Copper. 1
Gbldfield Consolidated. 10
Range since Jan. 1.
75o
Jan
90c
IV
Bradshaw
transactions
Sales
Week's Range
6 A
6,500
5
Jan
Nov
16c
1,800
24,800
3V
Jan
1
14V
1234
7-16
------
16c
Nov
42
V
7-16
1
6A
440
11-16 13-16
------
10
17,000
18,000
8,700
7-16
.
8A
Gibson Cons Copper.r.,1
FHday
Week ending Nov. 23.
7A
44
V
-------
Butte Ramsdell Cop.r.,.5
trustworthiness of this record of "Curb"
transactions, and
we give it for what it
may be worth.
36c
6V
5A
Boston & Montana Dev..5
daily records of
it is out of the question for
any one to vouch for the absolute
26c
7-16
Atlanta Mlues.r
restrictions
be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
Mar
Sept
Nov
TV
Nov
IV
1 5-32
Nov
5
Booth
may
36c
Oct
July
A
5c
13-16
Big Ledge Copper Co
that dealings in spurious securities
'
48c
•
llo
Alaska-Brit Col Metals.. 1
any one can
possibility that fictitious
even
Nov
60,500
A
Acme Cop Hill Mines r.10
prices and have them included in the
The
or
are no
be dealt in and
may
Jan
Nov
86,000
1
Arizona-Bingh Copper
authentic.
are
the other hand, there
Any security
lists of those who make it
may
day,
860
34c
Jan
A
IV June
42 A
Aug
4A
Jan
1.80 July
IV Sept
188
Aug
Mining Stocks
admitted
in the official list at the end of the
Jan
Jan
98
6,2-50
2,000
6,700
36,500
Mar
7c
5
r
May
55c
15 V
20c
___l
r
11%
A
Nov
10
Nov
6
5-32
stk
21,000
16,900
38,000
1,300
1.25
78c
l
new
Oct
IV
58c
Victoria Oil
Nov
3-16
1
42
Vacdum Gas & O, Ltd_._l
Ventura Cons Oil r
bers of the
V
4,040
Nov
Nov
4A
5c
7A
1
19V
Oct
2V
lie
A
------
United Western Oil r__"__l
mem¬
Sept
Sept
26,500
A 11-16
88c
Tuxpam Star Oil.r
V
25V
70c
1
r
Feb
Mar
Aug
Aug
5-16
■
July
6V
5-32
36c
5A
12V
V
Sapulpa Refining
32,200
Jan
Nov
7,950
5,900
124
12 A
Sequoyah Oil & Ref
Somerset Oil r
2V
A
10 A
4%
12V
1A
Red Rock Oil & Gas
Rice Oil r
regularly
Mar
3
2
4
7-16
r
14V
A
Oct
25
Penn-Rentucity Oil r
5
Penn Ohio Oil & Gas r__10
organized stock exchanges.
On the New York Stock
1
...
Nov
Sept
Nov
Pennsylvania Gasoline... 1
reliability attaches
to those
as
.
6V
V
V
7
r
.5
Pan-Am Petrol com..r.50
-
no
com
Nov
14c
Osage-Homlny Oil
ending Fri¬
'
It should be understood that
to transactions
Omar Oil & Gas
security market from Nov. 17
Apr
IV
Sept
5A'c
Preferred r..
1
Oklahoma Prod & Ref...5
.
the transactions in the outside
IV
1
V
r.____l
5 A
July
15
"75c
.
Oct
Nov
V
14,750
34c
„_1
r.
Nov
11,150
107
...1
r.
15V
Sept
13 A June
2
1A
123
50
r
52c
25
1
Northwestern Oil
Oklahoma Oil
to Nov.
14%
1.08
^...l
Midwest Refining
July
7V
3A
V
16,000
15-16
1
r
New Era Ollr
N Y-Oklahoma
record of
V
V
A
21%
13-16
25
Oct
150
1,100
1.19
19,100
a
3V
5-32
5-16
l
Apr
10 A
5,900
1A
10 A
l
4,445
Preferred
1
V
12V
10
Aug
4A
Nov
19%
4A
r__
1A
Nov
1 9-16
24 A
Oil
4
7 A
3-16
V
100
Oct
1A
15,200
2,000
7%
A
3
.1
20,150
give
Jan
10
7,000
25,500
4,600
8,600
A
...5
7-16
41,500
1A
6A
V
V
7A
r
%
7A
3A
V
3-16
1
Metropolitan Petroleum 25
we
A
IV
.
2 A
5
r
Midwest Oil
New York "Curb" Market.—Below
Jan
400
3V
V
1A
Crown Oil.t„.
Cumberland Prod & Ref
Elk Basin Petroleum
Kenova
$186,200
Nov
55
7V
15,100
64,000
15,415
3A
410
5
31,000
$151,900
435
237
-
5
r
24,000
69,213
June
Oct
Nov
30c
1,474
4,200
16,167
21
Feb
2
285
270
2,225
51,950
16
70
29c
2,723
28,300
3,200
Boston-Wyoming Oil.r..l
15,900
36,600
19,367
Jan
July
12,140
1,260
15,500
11,851
Jan
17
299
3,800
17,700
34,750
12,711
13,207
Apr
IV
9,758
15,045
101,700
49
May
10 A
Lost City Oilr
Merritt Oil Corp
$33,000
V
Jan
3V
400
—
-
Humble Goose Cr O&R r 1
Internat Petroleum r...£l
Bond Sales.
348
May
4A
10
Houston Oil
Shares.
35
237
-
Glenrock Oil r.i
15
10
Hanover Oil & Ref r.._..5 1 15-16
$29,000
17%
3A
2V
292
------
1
-
Baltimore.
Bond Sales.
2,325
45,000
17,390,
___i
Total
Shares.
$18,800
95,210
9,428!
'
Apr
Nov
11-16 Oct
200
10
Friars Oil
Philadelphia.
I Bond Sales
4,769i
EXCHANGES.
15
Other Oil Stocks
Allen Oil.r
Esmeralda Oil Corp
Federal Oil r
AND
16 A
3
293
Eikland Oil & Gas r__;__l
$l,033,55Sl,450
PHILADELPHIA
17 A
25
Cosdeu & Co.r
273,138,000
759,671,000
High.
Jan
19,700
V
8
7V
,
Barnett Oil&Gas.r
1
Bethlehem Oil & Gas.r. 10
$750,450
$925,559,250
BOSTON.
BALTIMORE STOCK
£1
Prairie Oil& Gas
100
Prairie Pipe Line
100
Standard Oil of N J... 100
Standard Oil of N Y...100
1916.
$220,241,750
273,119,500
432,198,000
V
7V
Rights
$4,385,500 514,432,000
3,188,324
9,369,336
70,782,292
195,024,599
$298,604,400 5766,904,370 515,749,957,030 $16,797,442,385
$14,000
$117,600
$264,000
....
3 A
------
Low.
5A
Subsidiaries
Jan. 1 to Nov. 23.
1916.
------
Range since Jan. 1.
Oil
Anglo-Amer Oil
.
Par value
Standard
>Ohio Oil..
New York Stock
Stocks—No. shares...
Heat.com.rlO
U S Steamship
10
World Film Corp v t C...5
51,111,000
2,985,000
2,903,000
2,769,000
2,363,000
2,301,000
1,025,000
1,009,000
1,316,000
U 8 Light &
17
Wright-Martin Airc.r..(t)
5410,000
477,000
1,356,000
1 1-16
v t c_5
United Motors.r__ (no par)
for
Oct
Oct
Nov
Jan
Mar
Jan
1
Oct
23c
Apr
8
Aug
Jan
Jan
V
88c
Mar
15,800
1-16
1
32c
27c
32c
29,000:
46c
National Leasing r
.1
National Zinc & Lead r._l
New Cornelia r
5
8c
6c
8c
78,750!
25 Vic July
6c
Oct
30c
34c
27e
35c
Aug
38,5001
22c
Nov
76c
June
14 A
Nov
N1 pissing
Mines
15
14 A
1
1 7-16
Ohio
1
15-16
Copper
new r
Portland Coas Copper.._l
Provincial Mining
1
Red
Warrior
Rex
Consolidated.
r
1,300
V
1
15,000
6A
25c
A
A
Sept
Nov
Feb
16,200
22c
Nov
39
11,300
35c
Nov
A
1
40c
1
9c
Sliver King of Ariz.r
1
Silver King Cons of Utahrl
Silver Pick Consr..
i
A
Standard
A
36c
8 Ac
7-16
A
13%c
V
Apr
79,000
4,800
8c
Nov
35c
Nov
10c
46,000
7c
Oct
34
19,200
V
500
3V
40c
3 A
334
8c
9d
13-32
400
34
6,400
22.000
6c
H
Nov
9
1 7-16
24c
8c
Jan
July
38
13
15 A
Jan
July
22c
Rochester Mines.
1
5,380,
1 7-16 207,500
23c
St Nicholas Zinc
Sljver-Lead
76c
39
1
1
15 A
8
7V
5
Nixon Nevada
A
May
Oct
Sept
Sept
1
13-16June
IV
41
Apr
Nov
1 9-16
Feb
56C
Jan
720
May
5-16
Jan
13-16
Jan
4V
Feb
26c
V
Jan
Jan
Sales
Friday
of Prices.
High.
Sale
Low.
Price.
Mining (Concluded)-
1H
650
3H
Nov
5
Aug
IH
4,715
50,000
IK
Nov
4%
,62c
5K
Feb
Mar
41H
IK
20c
15c
1,850
3% 3 13-16
2,700
34
33 %
3K
32
12c
lie
12c
Nov
4
Nat
Surety.
165
100
N
30c
84c
Apr
Nov
10c
Feb
llHc Nov
34c
Jan
33c
3,700
5c
9,800
4c
500
11HC
10,7.50
%
14c
July
35c
Title AM
lie
Oct
60c
97 K
Nov
98 K
Bid
97%
£1
99
102
Aug
98 K
Nov
99
Nov
97%
97
Sept
54
Nov
45
Nov
98%
98 %
94%
Aug
3,000
36,000
65
64
"50 K
54
50 H
-
Jan
Jan
I Listed on the Stock Ex¬
week, where additional transactions will be found,
o New stock,
u Ex-cash
and stock dividends,
w When issued, x Ex-dividend.
z Ex-stock dividend.
■
; :
change this
r
•
Unlisted,
V
Ex-rights,
of the
of this
city, at their fifth annual dinner at the Hotel McAlpin on Nov. 20.
At
the beginning of the dinner five members of the Club now in the navy,
formed a guard of honor and escorted the Company's service flag to the
platform where it occupied a place of honor throughout the evening,
representing the 59 absentees.
Seward Prosser, President of the Trust
Company, recounted the experiences of the year, emphasizing the generous
and unselfish attitude taken by the clerical force in the unusual burdens
the front were not forgotten by the members
"Bankers" Club, composed of the staff of the Bankers Trust Co.
—The
Boys at
incident to the Red Cross
and Liberty Loan
He was followed
campaigns.
Englewood, who gave a stirring recital of his experi¬
American Ambulance staff in France.
The newly-elected
the Club, Herman Knoke, suggested a collection to help
by Rev. R. B. Davis of
the
on
ences
of
President
provide "smokes" for the boys at the front as a fitting conclusion to
evening's program, in response to which over $100 was dropped into
Vice-Presi¬
C. W. Campbell, Treasurer, C. O. Cor¬
R. W. Liberty, Secretary,
dent,
nell, Editor of the
net
At close of
this city, ad¬
Liberty Loan
business yesterday they were buying the $50
interest
including
seller
the
$99 57 and paying for $50
—Messrs. R. M. Grant
$49 79 and $100 3Hs to net
4% $48 33 and for the $100 4% $96 66.
& Co. are offering at par $600,000 City of Mo¬
November 1, 1947, These bonds, besides being
a direct obligation of the entire city, are secured by a first lien on earn¬
ings of the wharf and terminal properties.
A cumulative sinking fund pro¬
vision has been made sufficient to retire the loan at maturity.
bile, Ala., 5% bonds due
—A. A. Housman &
Co., of this city, have published a
circular on "Peace
industrial stocks which they believe
speculative possibilities and will continue to show large
Stocks," calling attention to twelve
offer attractive
"
the war.
earnings at the termination of
.
44 Pine St., this city,
Company,
&
in bonds and curb
stocks.
—Ohas. H. Jones & Co. in
various
county
State,
to 5.70%.
S
100
Ordnance Stocks—Per
pref
Aetna Explosives
Preferred
Amer
Manhattan *
305
Mark A Fult
240
250
180
Meeh A Met
Bankers
368
—
-
Ask
220
205
210
Prod Exch*_
200
Law Tit A Tr
95
390
Public
230
240
Lincoln Tr..
95
215
Seaboard
425
470
Mercantile
Colonial*,__
1400
Second
400
425
120
130
Metropolitan
100
no
130
1(30
chester)
.
_
360
115
~
125
940
960
N Y Life Ins
A
Trust..
60
65
4700
Wash H'ts*.
350
N Y Trust..
575
590
215
230
Westch Ave*
160
175
Scandlnavi'n
260
275
220
TltleGuATr
275
290
Fifth
875
First
Garfield
925
West
Side*.
200
Yorkvllle'..
185
135
395
Germanla'
.
185
Gotham
335
Transatlan'c
175
Union
Trust
365
375"
USMtgATr
410
425
900
925
565
125
135
200
First
255
270
UnitedStates
Brooklyn.
"
140
150
_
150
165
Hillside *__.
110
120
Flatbush
200
Greenwich'.
—
540
145
Ex*
German
—
Coney Isl'd*
175
Gerut-Amer*
350
~
Hanover.... t650
Harriman...
235
250
Imp A Trad.
485
500
~
Greenpoint
Mechanics' *
Irving
206
212
Montauk*..
Liberty
370
390
Nassau..
Westchester.
Brooklyn
570
590
Franklin
240
250
90
105
Hamilton
265
195
205
Kings Co...
625
•
315
270
265
275
175
200
People's
130
140
Queens Co..
Banks marked with a (*)
change this week.
are
State banks,
I New stock,
y Ex-righta
28
60
-»
~
210
35
37
61
64
94
96
100
4
8
100
25
1946.JAJ
75
80
34
36
Preferred.
7l2
Pl2
JA J
67
69
53
50
100
85
87
Mtge 5s 1951
*.
104
100
125
150
100 100
Short-Term Notes—Per Cent.
108
—
(J S) Co
Preferred....
1918FAA
1918 ..JAJ
9978
99%
99%
99*8
JAJ
Steel 5s 1919..FAA 15
9714
1924.MAS 2
Chic A West Ind 6s' 18.MAS
Del. A Hudson 5s 1920 FAA
Erie RR 5s 1919..
A-O
General Rubber 5s 1918.JAD
Gen Elee 6s 1920
JAJ
Great Nor 5s 1920
MAS
Hocking Valley 6s 1918 MAN
Int Harv 5s Feb 15,'18-F-A
K C Rys 5Hs 1918
JAJ
97%
97%
98%
96i2
97i2
5s 1919
1921....
97%
96%
97%
89
91
96%
98
97%
99%
96%
97%
98%
99
100
97
98%
'18.MAN
...JAJ
Laclede Gas L 5s
96%
1919.-F&A
4Hs
Mich Cent 5s 1918
98
99
—
MorganAWright 5s Dec 1 '18
N Y Central 4Hsl918.MAN
5s
1919
,
99%
98
99%
96%
96%
88%
H Ss.Apr 15 1918
96%
4Kb 1921..JAD 15
'19.MAS
Rem Arms U.M.C.5s'19FAA
Southern Ry 5s 1919..M-S 2
United Fruit 5s 1918--M-N
Utah Sec Corp 6s '22.M-S 15
Winches RepArms5sT8.MAS
Pub Ser Corp N J 5s
97
97
99
89
91
96%
99% 100
95%
84
88
95%
97
Industrial
and
Miscellaneous
.100
210
215
100
.....100
Am Graphopbone com
100
Preferred
100
36
40
65
69
81
85
128
American
Brass
—
American Chicle com
Preferred
...
61
55
American Hardware
100
68
74
36
100
TrLAP com. 100
80
81
Typefounders com. 100
100
Borden's Cond Milk com. 100
13
100
50
Republlo Ry A Light—-100
18
,100
53
Celluloid Company.....100
Havana Tobacco Co
IOO
20
Preferred
100
56
1st g 5s June 1 1922.-J-D
82
Intercontlnen Rubb com. 100
97
7
Internat Banking Co
100
International Salt
100
21
4
1st gold 5s 1951
A-O
12*2 International Silver prof. 10O
Iron Steamboat
10
6
1st 5s 1932
A AO
50
Gcnl 4s 1932
AAO
10
33
Lehigh Valley Coal Sales. 50
Otis Elevator common
100
67
Preferred
—100
11
45
Remington Typewriter—
Common
100
1st preferred
100
2d
preferred
100
Royal Baking Pow 00m.. 100
64
34
34
100
100
100
preferred-a
PugetSd
j.
....
......1100
53
100
100
50
80
50
*19
South Calif Edison coin..
Preferred
Standard Gas A El (Del)
.
Preferred
Tennessee Ry
50
LAP com 100
100
100
1st preferred
100
2d
preferred
100
United Lt A Rysoom
100
1st preferred
100
Western Power oommon.100
Preferred
100
Preferred
93
*4
2
10%
.
United Gas A Eleo Corp.
285"
2
42
5
28
64
8
41
16
Amer
Preferred
share.
Flat prloe.
........
—
Preferred
Prpfpprpri
•Per
...
....
4 Purchaser also pay* aocrued
■Nominal. x Ex-dividend. y Ex-rights.
6 Baal*.
—
..
99%
— —
N Y N H A
Penn Co
97
95
123
75
t Sale at auction or at Stock Ex-
100
Johnson Tin Foil A
35
Federal Light A Traction.
140
Natlon'ICity
—
100
650
Manufact'rs.
—
m m*
Ry A L.100
275
Tr
People's
290
140
120
no"
North Side*.
Lincoln
130
Brooklyn.
115
Homestead •
9712
96
75
Preferred..
Fifth Ave'.. 4200
•
100
500
Preferred.........—. 100
58
72
Preferred
Unit States'
200
95
89
100
1st
340
180
400
83
..100
Preferred
Mut'l (West¬
115
130
54
207
North Texas Elec Co com
195
100
85
76
Pacific Gas A Elec com..
Tr A Dep.
Met. 100
Mac Andrews A Forbes.. 100
Preferred
100
75
70
Preferred
105
205
17
250
45
I
16
*15
94
Preferred.
85
♦14
_£1
:...100
bearer
Ordinary,
Conley Foil
K C Term Ry 4Kb
100
93
75
200
83
150
38
First
105
375
Coal A Iroq.
85
Reynolds (R J) Tobacco. 100
~
91
Preferred
95
85
Preferred
222
Amer Power
Ask.
Bid.
100
100
Amer Machine A Fdry._100
BritlBh-Amer Tobac ord__£l
American Cigar common.
140
•75
North'n States Pow com. 100
142
City
150
111
450
Mississippi Rlv Pow com. 100
Preferred
100
305
Citizens
500
98
re.
Par
30
166
Elec Bona A Share pref. .100
"
265
380
5.50
Sha
Tobacco Stocks—Per
218
325
370
6.50
Toledo A Ohio Central 4s...
7
50
100
....100
A Lt com
100
100
Utilities com 100
Great West Pow 5s
135
550
44
205
Hudson
5.00
6.25
Pacific Co 4Kb—
*41
430
250
5.75
5 60
Southern
92
330
295
5.75
6.75
*88
195
Fulton
5.50
6.75
50
Com'w'lth Pow
Guaranty Tr
6.75
50
■
Utilities
Preferred
165
450
St Louis A San Francisco 5s.
St Louis Iron Mt A Sou
55
400
Ward*.
77
5s..
5.75
700
320
23d
35
6.75
35
Fidelity
Union Exch.
335
5.00
5.00
500
Public
5.00
5.50
Equipment 4s
100
Farm L A Tr
95
90
5.50
Seaboard Air Line 5s
105
Winchester Repeat Arum. 100
Equitable Tr
300
5.50
35
400
85
Equipment 4s
Pennsylvania RR 4kb.----
430
200
290
5.00
450
290
Preferred
375
Chemical...
East River..
5.75
5.50
*25
Amer Gas A Eleo com
5.50
6.25
Norfolk A Western 4Kb
415
flOO
270
6.50
1N Y Ontario A West 4Hs...
270
Iron.
5.50
263
518
60
Thomas Iron
5.50
6.50
—
Phelps-Dodge Corp
100
Soovill Manufacturing... 100
York..
Coemopol'n'
Equipment 4Kb
48
Neth*.
Corn Exch'.
500
*45
New York Co
220
6.50
New York Central Lines 5s..
335
5.50
6.50
--
par)
_
Penn Seaboard Steel (no
New
...
5.75
...
Equipment 4Kb
102
New
State'
6.75
Mobile A Ohio 5s..
475
97
160
Sherman
Missouri Pacific 5s
615
118
100
«
226
115
90
-
5.75
NHes-Bement-Pond com. 100
Preferred
100
150
*
6.75
Beth
300*
160
iMlssouri Kansas A Texas 5s.
Canadian Pao 6a
100
155
5.25
105
114
290
320
5 00
6.50
248
Empire
Commerce..
5.65
280
Michigan Central 5a
Minn St P A S S M 4Kb....
65
Commercial.
Columbia'..
5.00
200
111
175
200
5.50
5.75
245
Preferred
165
People's*
6.50
Louisville A Nashville 5s
100
100
Hercules Powder com...
375
435
6.00
242
340
Balto A Ohio 5s
Mutual*
Pacific *
5.60
Amer TelATel 4Kb
160
Park.
5.00
Equipment 4Kb
Kanawha A Michigan 4Hs_.
9l2
425
75
200
110
5.60
40
725
205
5.50
Illinois Central 5s
96
255
100
6.50
Equipment 5s
92
700
195
5.50
jHocklng Valley 4s.
38
30
245
*
303
Young
....
B'way Trust
Cbat A Phen
5.25
6.50
Empire Steel & Iron com. 100
Preferred
100
Debenture stock
Columbia t..
310
5 25
6.50
5s
Equipment 4Kb..
Equipment 4s
280
CentralTrust
Butch A Dr.
5.25
6.50
i
275
285
BryantPark*
6.50
!
102
5.50
25
300
150
195
5.75
6.50
Erie
12%
13%
de Nemours
& Co common
5.00
Chicago R I A Pac 4Kb
Colorado A Southern 6s
85
100
.100
100
Mfg....
duPont (E I)
290
150
-
6.75
63
250
Bronx Nat..
5.50
*60
280
Bowery *...
Bronx Boro*
5.75
Chicago A N W 4Hs
109
60
50
ForgingS-100
Carbon Steel common
100
1st preferred
100
2d preferred
100
Colt's Patent Fire Arms
Preferred...
275
....
5.25
Chic St Louis A N O 58.....
Equipment 4Kb
Bliss (E W) Co common.
Cities Service Co com
Tr_
5.25
135
*
Metropolis*.
Metropol'n *
180
400
Chelsea Ex
Bid
5.50
6.25
205
94
Canada Fdys A
5.50
6.50
Equipment 4Kb
!Chlo Ind A Loulsv 4Kb
135
20
100
Babcock & Wilcox
Merchants..
Battery Park
Chase.
Co'*.
New York
315
220
170
Atlantic
510
212
Exch.
Trust
Ask
495
America*
Chicago A Eastern 111 5Kb..
!
205
161
100
Preferred
Amer Public
Bid,
Banks.
5.75
6.50
Equipment 4Hs
145
4
Preferred..--.--.-.--
Banks and Trust Companies
Ask
6.75
j
35
40
100
100
_.. .......
..
Atlas Powder common
Preferred
Bid
5.20
Chicago A Alton 4s
485
'
Amer Lt & Trao com
Bank s-N.F.
5.20
_
6il0
director of the First Mortgage
late Thomas E. Crimmins.
New York City
5.60
6.10
Central of Georgia 5s._
hare.
American A British Mfg. 100
Woodward
Mr. Barry is trustee of the estate of the
York.
of New
are5 offering
and short maturities.
Barry has been elected a
—Maurice D
Co.
bonds yielding from 4.50%
city
and
This list contains both long
Guarantee
their latest municipal bond list
5.50
6.60
Ohio 5b..
Caro Cllnchfield A
70
72
6s. 1924
conv
Eastern Steel
advertise a list of high
grade railroad bonds in this issue which they have for sale at the market.
Telephone "6100 John."
See the advertisement for particulars.
—A. D. O'Neill, formerly with the Harris Trust & Savings Bank of
Chicago, has organized the investment firm of A. D. O'Neill & Co. dealing
—Coffin
Oil Corp
5.40
6.10
Canadian Pacific 4Kb
Southern Railway 4Kb
specialists in odd lots, 61 Broadway,
continuing to make a ready market for
vertise that they are
to
Pierce
5.40
G.10
Per Cent.
Bonds.
"Pyramid."
—John Muir & Co.,
Baby bonds.
the
elected were R. B. Gahs,
officers of the club
The other
hat.
the
5.50
6.10
350
International Petroleum.
NOTICE.
CURRENT
Bid. Ask.
6.00
93
Indiana Pipe Line Co
,
~~
~
176
jBuff Roch & Pittsburgh 4Kb
i
Equipment 4s
860
425
50 *82
£1 *11%
*1212
National Transit Co...12.50
185
New York Transit Co—100
99
Northern Pipe Line Co.. 100
Ohio OH Co
25 *298
Penn-Mex Fuel Co..
25 *35
*9
Pierce Oil Corporation— 25
Prairie Oil & Gas
100 410
Prairie Pipe Line
100 237
Solar Refining
100 320
190
Southern Pipe Line Co. .100
South Penn OH
100 270
100
Southwest Pa Pipe Lines. 100
Standard OH (California) 100 222
Standard Oil (Indiana).. 100 605
Standard Oil (Kansas)... 100 450
Standard Oil (Kentucky) 100 325
Standard Oil (Nebraska) 100 475
Standard Oil of New Jer.100 514
Standard OH of New Y'k 100 Z258
Standard Oil (Ohio)
100 430
95
BwanA Finch
100
,85
Union Tank Line Co
100
Vacuum Oil
1
100 325
Washington Oil
..
10 *30
4 Listed as a prospect.
f No par value.
Odd lots,
76
—
Baltimore A Ohio 4Ha—--
18
195
100
Illinois Pipe Line
♦
*
100 830
Borne-Sorymser Co
100 400
♦X89
Buckeye Pipe Line Co— 60
Chesebrough Mfg new... 100 325
50
Colonial Oil
100
Continental Oil...
100 Z460
♦33
Crescent Pipe Line Co... 50
135
Cumberland Pipe Line.. 100
Eureka Pipe Line Co
100 195
Galena-Signal Oil com—100 130
Preferred
100 125
Aug
100H 116,000
50,000
98 %
9.9
97 K
50,000
97 %
99
—
Basis
a Ik.
*17
Anglo-American Oil new.
Aug
Oct
Nov
95
*.
160
G
Equipments—PerCt,
RR.
rShare
Par
Feb
93 X
99
99%
1921
Nov
10,000
125,000
78
94%
.95
6% notes (two-year) 1919
Great Nor Ry 5% notes'20
Russian Govt 6Hs r.1919
75
81
97 %
.
marked "f
"and interest' except where
Pe
Stocks
Oil
Standard
Mar
$30,000
78
97 H.
.1919
Canada (Dom of) 5s.. 1919
General Elec 6% notes '20
t
Securities
Quotations lor Sundry
Atlantlo Refining
Explosvies 6a
80
206
195
Casualty
Wes A Bronx
60
45
Mtge
16
65
Sept
3,800
16c
12C
13
55
All bond price* are
Mar
2H
4,300
17 c
14c
Beth Steel 5% notes.
U 8
USTltieOA
Y Title A
Sept
65c
4c
11-16
-
-
^referred..
June
Oct
2%
61 c
llHc
Casualty Co
City Invest'g
July
Nov
Bonds
5Kb r...
175
Mtge Bond.
195
70
Jan
11c
....
Aetna
Nov
14c
3K
Oct
31Nov
60c
.....
15c
(Brooklyn)
107
'
7,200
3,300
2%
2%
K
Realty Assoc
June
IK
West
95
95
85
185
Bo ad A M C
Aug
85
102
Amer Surety
Jan
May
IK
3K
EndConsolldated..5
Wettlaufer
...1
White Caps Exten
10c
White Caps Mining... 10c
Wllbert Mining
...A
Yerrington Mt Cop
1
60c
1
IK
17c
Utica Mines t
Oct
10c
ASk
Bid
Ask
Bid
Lawyers Mtg
75
65
Alliance R'ty
July
11-10
3H 4 11-16
—
~
Apr
%
Ask
Bid
900
1K
.
8,700
High.
Low.
5,200
14c
12c
13 HC
Success Mining t
%
%
%
1
1
Superior Cop (prosp't) (t)
Tonop Belmont Dev r...l
Tonopah Extension Min.l
Troy-Arizona r....._...l
United Eastern
1
United Verde Ext r
50c
Unity Gold Mines j
5
Stewart Mining
Week.
Shares.
Realty and Surety Companies
New York City
Jan. 1.
Range since
for
Range
Week's
Last
[Vol. 105.
CHRONICLE
THE
2086
_
dividend.
1 rv>
•
38
84
88
92
96
96
92
143
152
%
1%
2
5
/48
53
8
160
9
-
-
mem
62
65
74
78
85
91
♦2
4
90
95
25
40
*64
68
45
50
72
77
10
11
58
62
39
42
120
87
New slock.
Nov.
.tfucstmewi
gaitoail
RAILROAD
The
2087
THE CHRONICLE
241917.]
GROSS
EARNINGS.
•
earnings of various STEAM roads from which regular weekly or monthly return
oan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary state¬
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 39, now requires reports for the calendar year.
In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year.
Our own totals have accordingly also been altered to conform to the new
practice.
The returns of the electric railways are brought together separately on a subsequent page.
following table shows the
gross
Latest Gross Earnings.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week
Current
or
Year.
Month.
Ala N O 3c Tex PacAla &
%
Atch
232,120
242,915
78,641
Vicksburg. October
Vicks Shreve & P. October
Ann Arbor
__
4th wk Oct
Previous
Year.
%
187,097
193,045
86,420
Previous
Year.
Year.
1,747,328!
1,482,433
1,435,050
2,343,976
1,756,510
2,577,186
14021780 12768861 120899740 104495158
Topeka &SPJ September
83,009 3,320,342! 2,709,218
77,391
131,048 1,252,113' 1,047,206
163,374
Atlantic Coast Line September 3,409,914 2,743,401 32,028,587 26,993,629
Chariest & W Car September
1,667,288
1,412,969
170,007
203,261
Lou Hend & St L September
203,767
149,335 1,639,407! 1,272,090
a Baltimore & Ohio. September
12681071 11431809 98,641,568 89,155,283
B & O Ch Ter RR September
1,506.166, 1,384,274
155,871
171,040
Bangor 3c Aroostook September
356,660 3,306,606 2,906,896
344,602
Bessemer & L Erie. September
1,321,417 1,240,874 9,264,307! 8,477,156
851,108!
814,163
90,973
Birmingham South _1S eptember
93.316
Boston & Maine
September 5,239,743 4,922,747 44,106,953 41,254,031
Buff Roch & Pitts__[2d wk Nov
271,982 13,191,462 11,285,942
353,215
Buffalo & Susq RR. September
1,293,271! 1,258,347
148,495
142,012
Canadian Nor Svst- 2d wk Nov 1,039,800
825,100 36,081,800 32,207,300
Atlanta Birm & Atl 1st wk Nov
Atlanta & West Pt_ September
Canadian
Pacific. _«2d wk Nov 3,575,000 3,051,000
Caro Clinchf & Ohio September
354.431'
262,186
3,338.428,3,115,927 28,285,063 26.019.593
468,877! 466,521 4,103,936 3,863,255
England.j September
416,520
376,498 3,321,104 3,330,584
4,722,01714,196,930 39,931,740 37,079,238
1,837,796 1.639,729 15,259,337 12,925,831
10295234 10374 092 90 231 049 78.968,812
Central Vermont ..(September
Ches & Ohio Lines. September
Chicago & Alton
'September
Chic Burl & Quincy September
b Chicago & East 111 September
cChic Great West.. 2d wk Nov
Chic Ind & LouLsv. 2d wk Nov
Chic Ind & West
September
Chicago June RR__ September
Chic Milw & St P.. September
dChic & North West September
Chic Peoria & St L_ September
Chic Rock Isl & Pac
September
Chic R I & Gulf—(September
d Chic St P M & Om September
Chic Terre H & S E
Colorado
September
Midland.;September
^Colorado & South. 2d wk Nov
Cuba Railroad
September
Delaware & Hudson
Del Lack &
September
West..(September
Denv & Rio Grande 2d wk Nov
Denver & Salt Lake September
Detroit & Mackinac 1st wk Nov
Detroit Tol & Iront September
Det & Tol Shore L_!
Dul & Iron
September
Range..(September
Dul Missabe & Nor
September
Dul Sou Shore & Atl 2d wk Nov
Duluth Winn & Pac September
Elgin Joliet & East.(September
El Paso & So
West.(September
Erie
September
Florida East
Coast.(September
Fonda Johns & Glov September
Georgia Railroad ..'September
Grand Trunk Pac.
Grand Trunk
_
4th wk Oct
Sy.st.j2d wk Nov
Grand Trunk Ry.;4th wk Oct
Grand Trk West. 4t,h wk Oct
Det G H & Milw. 14th wk Oct
Great North System October
Gulf Mobile &
Nor.(September
Gulf & Ship Island. September
Hocking Valley
September
Illinois Central.... October
Internat & Grt Nor September
Kansas City South.!October.
Lehigh & Hud Riv. | September
Lehigh & New Eng.(September
Lehigh Valley
(September
Los Angeles & S L_ J September
Louisiana & Arkan. September
Louisiana Ry & Nav September
/Louisville & Nash.!2d wk Nov
Maine Central
'September
Maryland 8c Penn.. September
Midland Valley
September
Mineral Range.:
2d wk Nov
Minneap & St Louis;2d wk Nov
.
Minn St P & S S M_ :2d wk Nov
Mississippi Central. September
Mo Kan & Texas. ,2d wk Nov
Mo Okla & Gulf
September
h Missouri Pacific.
September
Nashv Chatt & St L September
Nevada-Cal-Oregon 1st wk Nov
g
9,564,442
1,332,625| 1,241,711 11,169,968
Central of Georgia, iSeptember
Cent of New Jersey September
Cent New
130765516,119852 789
3,171,387' 2,293.147
1,849,691 1,418,468 15!566',463
387,494
379,863 14,217,921
187,958
160,712 7,983,079
217,228
228,044 1,997,150
268,295
246,779 2,420,585
10382216 10147279 83,361,130
10148267 9,308,479 81,670,372
197,381!
158,927 1.594,428
7,469,876 7,203,318 62,259,984
317,161
309,364 2,738,445
2,067,587 2,076,859 15,975,025
332,843
244.622 2,742,054
194,829
178,300 1,097,711
413,544
386,493 15,919,969
690,125
522,444 5,559,897
22,359,268
42,701,468
608,700
557,500 24,629,724
194,451
193,473 1,538,623
22,646
22,336 1,141,536
260,941
207,150 2,021,647
127,083
142,898 1,379,788
1,028,756
898,073 5,452,402
2,377,746 2,159,607 11,311,302
83,053
69,516 3,803,270
150,015
141,731
1,595,931
1,306,638 1,203,242 11,890,099
1,005,590 1,177,525 10,305,852
6,850,487 6,395,011 58,778,118
440,338
584,402 6,305,286
805,951
87.003
95,6221
411,982!
326,519 2,817,621
254,995
208,466 4,850,115
1,305,51111,283,901 56,835,177
1,566,462 1,537,507 43,294,200
274,893
219,829 7,955,298
94,244
83,694 2,780,898
8,691,771 8,353,673 73,451,618
218,140
174,160 1,713,141
234,995
171,7251 1,665,768
1,082.798
811,730 7,924,149
7,880,276 6,819,182 72,112,883
1.158.776 1,080,4471 8,722,510
1,177,940 1,096,040 11,079,264
196,486
189,526; 1,716,890
331,268
265,582 2,736,273
4,703.999 4,308,962 39,965.605
1.008.777
967,877i.9,351,412
150,660,
111,308' 1,199,086
242.028!
186,545 1,729,302
1,638,745:1,393,430 65,812,877
1,263,366 1,187,049 10.592,948
52,979
53,092
395,069
251,318
190,407 2.115.114
22,700
21,237 1,046,642
209,516
258,416 9,405,598
696,204
711,218 29,940,363
108,119
78,689
-633,833
928,490.
857,562 36,550,854
143,991 i
150,770 1,390,409
6.510,903 6,198,550 57,489,019
1,342,238j 1,146,541 10.957,623
7,453;
10,910
320,232
12,242,172
13,937,535
7,116,160
1,744,284
2,068,550
80,648,600
73,626,172
1,330,817
56,069,426
2,412,448
15,309.325
1,988,887
1,169,264
13,913,648
5,927,660
19,870,135
38.198.594
21,963,812
1,383,504
1,070,693
1,727,480
1,311,139
5.531.328
10,801.026
3,270,195
1.417.329
10,581,016
9,103,813
55,512,502
6,354,091
759,415
2,404,423
4,021,400
52,255,591
39,027,993
7,727,433
2,772,920
67,934,207
1,554,757
1,492,682
6,019,570
60,377,767
7,382,077
9,211,195
1,615,059
2,208,489
30.193,457
8,694,628
1,187,587
1,512,353
55,776,469
9,473.380
357,154
1,493,947
950,353
9,554,260
30,290,622
627,213
.
Week
Current
or
Year.
Month.
New Orl Great Nor.
185.915
505,010
September
NO Tex&Mex Lines September
New York Central. September
Previous
Year.
Current
Previous
Year.
Year.
$
Current
$
143,248
722,472
1,412,567
4,732,300
1,357,160
4,414,170
19235267 17889110 159731519 150777294
& Albany September
2,106,887 1,886,667 16,917,078 15,963,900
678,663 6,081,242
5.451.514
Lake Erie & W. September
660,071
Michigan Central September 4,516,101 4,096,868 38,405,593 33,929,514
Cleve O C & St L September 4,763,036 4,135,645 38,817,403 34,384,547
1,801,414
179,209
1,425,455
Cincinnati North September
239,834
Pitts & Lake Erie September
2,243,569 2,149,081 18,903,514 17,894,537
551,460
5,875,013 4,515,840
Tol & Ohio Cent. September
842.916
2,735,792
291,972 2,666,352
Kanawha & Mich September
337,014
Tot all lines above September 34944695 31858675 289199128 267078393
N Y Chic & St Louis September
1,488,383 1,291,788 12,657,904 11,402,225
N YNH & Hartf.. September 7,894,171 7,105,635 63,939,270 59,711,751
6,878,213
N Y Ont & Western September
770,850 6,985,915
804,570
3,075,291
N Y Susq & West.. September
284,137 3,163,107
339,361
Norfolk Southern
423,814 3,995,285 3,600,450
416,758
September
Norfolk & Western. September 5,719,694 5,122,182 48,365,495 44,452,374
Northern Pacific
September 7,342,480 7,576,477 64,682,896 57,888,344
468,554
3,583,365 3,435,804
Northwest'n Pacific September
465,451
5.630.515
Pacific Coast Co
756,737 3,494,018
475,855
September
22998820 19969555 191945168 171918479
p Pennsylvania RR. September
966,482
930,310
Bait Ches & Atlan September
137,521
154,809
2,684,033
326,027 3,633,105
Cumberland Vail. September
435.922
September 1,910,499 1,458,491 12,838,720 11,453,407
Long Island
751,992
682,046
95,093
110,232
Mary'd Del & VaiSeptember
4,097,652
N Y Phila & Norf September
3,899,794
423,971
512,028
Phila Bait & Wash September 3,182,004 2,230,243 23,717,393 18,804,621
W Jersey &
6,815,935
6,232,332
789,770
903,491
Seq,sh September
West'n N Y & Pa September 1,241,403 1,208,507 11,160,953 10,189,878
7,190,353 6,950,912 58,587,502 56,762,183
Pennsylvania Co
September
4,403,561
550,277 4,935,644
Grand Rap & Ind September
610,994
• JPitts C
CT& St L September 6,166,836 5,656,330 54,824,756 47,215,841
Boston
n
__
Total lines—
East Pitts & Erie September
West Pitts & Erie September
All East & West. September
Pere Marquette
September
Pitts Shawmut & N September
30521713 25795739 247741123 219629644
14152280 13317347 119917829 109742879
44673993 39113085 367658951 329372522
1,989,29.3 2.042,303 17,392,295 16,478,174
925,066
1,714,894
125,350
100,863
Reading Co—
Phila & Reading. September
Coal & Iron Co.. September
September
Rich Fred & Potom September
Total both
cos
Rio Grande South.. 2d wk Nov
Rutland
....
St Jos & Grand Isl.
September
September
St L Brownsv & M. September
St Louis-San Fran. September
St Louis Southwest. 2d wk
Nov
Seaboard Air Line.. September
Southern
Pacific
September
kSouthern Ry Syst. 2d wk Nov
Ala Great South. September
Cin N O & Tex P September
New Orl & No E. September
Mobile & Ohio
2d wk Nov
Georgia Sou &Fla 2d wk Nov
Spok Port & Seattle September
2d wk Nov
Tennessee Central. September
Term RR Assn, St L September
St LM B Term.. September
Tenn Ala & Georgia
2d wk Nov
Texas & Pacific
Toledo Peor & West October
Toledo St L & West 1st wk Nov
..
Trin & Brazos Vail.
September
Union Pacific Syst. September
Virginian
September
Wabash
September
Western Maryland
2d wk Nov
Western Pacific
September
Western Ry of Ala. September
.
Wheel & Lake Erie- October
Yazoo & Miss Vail. October
5,607,963 5,259,333 50,283,009
4,403,473 3,701,312 35,937,412
10011436 8,960,645 86,220,421
272.768
3,562,115
394,557
535,998
14,974
13,046
357,802 3,257,554
414,328
1,726,288
207,333
184,219
2.879,461
496,129
295,618
5,409,629 4,682,305 15,906,216
408,000
352,000 14,723,231
2,492,373 2,039,453 21,939,978
17136201 15187750 141008970
2,504,447 2,132,534 99,090,248
5,137,531
496,166
619,087
9,726,175
983,937
1,136,137
335,078 3,513,211
450,804
255,482 11,929,542
270,542
59,336 2,451,209
61,897
502,082 5,015,182
593,428
107,712
2,362
2,401
152,031
1,321,071
162,557
297,295 2,868,273
293,397
2,327,833
220,552
316,004
525,332 19,008,923
491,026
1,072,423
126,288
120,353
144,070 6,006,768
145,873
706,185
110,607
97,556
11863 258 10984 592 92.589,605
789,923
8,198,962
868,852
3,541,720 3,309,717 29,721,578
251,735 11,686,338
265,706
833,389 7,256,096
985,519
1,200,209
119,742
161,694
913,509 9,244,955
1,219,238
1,764,336 1,603,146 14,477,153
45,071,684
28,896,094
73,967,778
2,783,597
493,152
3,010,168
1,528,200
2.663,473
13,973,825
11,647,869
18,743,062
117203937
84,736,588
4,369,690
8,731,759
2,872,899
10,518,346
2,233,087
3,796,341
104,475
1,250,717
2,662,108
1,825,045
17,521,754
1,011,182
5,075,023
655.134
81,703,373
6,456,027
27,411,578
10,394,853
5,930,438
966,109
8,545,051
11,738,517
Current
to
Nov
Duluth South Shore & Atlantic. July
to
Nov
July
July
July
July
to
Nov
to
Sept
Sept
Canadian Northern
Mineral Ranare
-
Pacific Coast
St Louis-San Francisco
July 1
1
1
1
1
1
to
to
Nov
31,123,179
Alabama Great Southern.
July 1
to
1,119,718 !
49,946.502 I
9,815,324 j
337,7771
Cine New Orleans & Tex Pac July 1
to
Southern
Previous
Year.
Year.
Period.
Various Fiscal Years.
Railway System
New Orleans & North East'n July 1
to
Sept
Sept
Sept
Mobile & Ohio.
July 1
Southern & Florida.. July 1
to
Nov
Georgia
to
Nov
...
16,468,600 16,133,900
1,534,354
1,743,424
427,785
459,806
2,265,791
1,393,762
15,906,216 13,973,825
46.053.706 37,518,998
1,856,667
1,438,923
2,865,735
3,412,689
970,203
1,218,337
5,287,237
4,506,284
1,000.527
1,090,895
AGGREGATES OP GROSS EARNINGS—Weekly and Monthly.
Current
Weekly Summaries.
Increase
Previous
Year.
Year.
%
8
1st
week Sept
2d
week Sept
week Sept
4th week Sept
3d
1st
week Oct
2d
week Oct
3d
week Oct
4th week Oct
1st
week Nov
2d
week Nov
a
(31 roads)
(31 roads)
129 roads)
(28 roads)
(30 roads)
(29 roads)
(29 roads)
(25 roads)
(27 roads)
(25 roads)
14,328,835
15.332,610
15,562,006
20.008,991
15,173,499
16,197,889
16,486,251
22,586,348
14,310,980
15,466,995
or
Monthly Summaries
Decrease.
13,228,250
13,885,132;
14,146,523'
18.822,876]
14.570,110
14,870,725'
14,948,609'
19,627,363
13,764,197
13,821,685
-f 1,100.585: 8.32 i
+ 1.447.478 10.42
+ 1,415.483,10.00
+ 1.186,120 6.31
+603,389! 4.13
+ 1,327.164! 8.93
+ 1,537,642 10.23
+2,9.58,985 j 15.07
+546,783' 3.97
+ 1,645,310 11.91
Mileage.
January
February
March
April
Cur. Yr. Prev. Yr.
248.185
247.327 307,961.074 267,115,289 +40,845.785 15.29
+ 2.055,684 0.99
248.7381271,928.066 269,272.382
247,3171321.317,560; 294,068,345 +27,249.215 9.27
248,723
248.1201326.560,287S288.740,653
248,477
249,795
+37,819,634 13.10
May
248.312
247.S42|353,825,032 308,132.969 +45.692,063 14.82
June
242.111
July
241.5501351.001,045i301.304,803
244,921'353,219,982 306,891,957
August
246,190
245,699
247,099
September. .245,148
October
82,257
+49.696,242 10.49
+46,328.025 15.09
373.326,711'.333,555,136 +39,771,575'11.92
243,027.364,880,086 330,978,448 +33,901,638:10.24
81,032! 88,994,187' 80,996,019
+7,998,1681 9.88
Hamilton & Dayton.
6 Includes Evansville 8c Terre Haute,
c Includes Mason City 8c
d Includes not only operating revenue, but also all other receipts,
e Does not include earnings of
Includes Cleveland Lorain & Wheeling Ry. and Cincinnati
Fort Dodge and the Wisconsin Minnesota & Pacific,
Colorado Springs Sc. Cripple Creek District Ry.
/ Includes Louisville 8c Atlantic and the Frankfort & Cincinnati,
g
Wichita Falls lines,
h Includes the St. Louis Iron Mountain & Southern,
j Includes the Lake Shore 3c Michigan
Dunkirk Allegheny Valley 8c Pittsburgh RR.
k Includes the Alabama Great
New Orleans Sc Northeastern and the Northern Alabama.
I Includes Vandalia RR.
n Includes
•We'no longer include Mexican roads in any of our totals.
Southern RR., and
Includes the Texas Central
ana the
Southern Ry., Chicago Indiana 8c
Southern, Cincinnati New Orleans & Texas Pacific,
Northern Ohio RR. p Includes Northern Central.
sum
we
week of
:
year.
Week
"
'
■
Second
'. '
-
over
—
■.
of November.
160,712
386,493
557,500
69,516
59,336
81,233
214,700
524,000
7,631
27,246
27,051
51,200
13,537
2,561
1,305,511
1,283,901
21,610
1,638,745
22,700
209,516
1,393,430
21,237
258,416
245,315
1,463
696,204
928,490
270,542
13,046
711,218
857,562
255,482
14,974
352,000
2,132,534
2,362
525,332
251,735
Colorado & Southern
Denver & Rio Grande.
S
413,544
608,700
83,053
61,897
...
Chicago Great Western.
Chicago Indianap & Louisville
Decrease.
Increase.
$
S
271,982
825,100
353,215
1,039,800
3,575,000
387,494
187,958
.—
Canadian Pacific.——;—
the same week last
' "" : ' ' v '
1916.
1917.
Buffalo Rochester & Pittsburgh
Canadian Northern.-
—
Duluth South Shore & Atlantic
Georgia Southern & Florida.—
Grand Trunk of Canada
3,051,000
379,863
&
_. .
Minneapolis & St Louis..
Iowa
Central
;
—
1
48",900
——
Minneapolis St Paul &SS MMissouri Kansas & Texas—...
Mobile & Ohio.
Rio Grande Southern
—
St Louis Southwestern.
_
408,000
2,504,447
——
Southern Railway System
Tennessee Alabama & Georgia.
2,401
491,026
265,706
Texas & Pacific.
Western Maryland---
...
Total (25 roads)
15,014
70", 928
15,060
-
371,913
39
34~306
13,971
100,148
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:
Gross EarningsCurrent
Previous
Year.
Roads.
Net Earnings
Previous
Year.
Current
Year.
Year.
Int & Great North.b.. .Sept 1,158,778
Jan 1 to Sept 30.
8,722,510
1,080,447
7,382,077
399,003
2,516,845
431,217
1,753,603
Kansas City South.b.
Jan 1 to Oct 31.
1,177,940
11,079,264
1,096,040
9,211,195
459,241
4,386,685
476,477
3,657,019
Wheel & Lake Erie.b. -Oct 1,219,238
Jan 1 to Oct 319,244,955
913,509
8,545,051
436,244
3,077,636
357,005
3,325,884
-Oct
Net earnings here given
b Net earnings here given
a
are
are
after deducting taxes,
before deducting taxes.
Net
Other
Total
Charges
Balaifte,
Earnings.
$
Income.
Income..
& Taxes.
Surplus.
$
.
S
$
$
3 months to
1,193,614
371,010
74,633
445,643
'16
1,051,317
362,461
62,197
424,658
237,823
207,820
197,183
227,475
INDUSTRIAL COMPANIES.
Gross
Earnings.
3
mos
Net after
Taxes.
331,960
240,131
1,036,702
669,226
'17
'16
1181,643 1042,159' 9,806,324 8,874,798
3073,471 3007.107 29,752,929 27,448,579
50,147
507,848
466,870
54,794
Keokuk Electric Co. September
20,418
183,511
178,139
22,986
10,495
104,730
86,847
12,659
September
Key West Electric
Lake Shore Elec Ry. September
152,530
1,332,785 1,207,013
167,622
Lehigh Valley Transit September
269,787 234,155 2,148.439 1,860,553
Lewist Aug & Waterv September
686.129
78,549
606,217
86,834
177,431
28,623
167,772
32,897
Long Island Electric. August
Louisville Railway— September
302,040 266,330 2,389.872 2,297,435
Milw El Ry & Lt Co. September
637,050 558,029 5,744,520 5,073,811
Milw Lt, Ht & Tr Co September
169,704 1,640,503
1,360,228
202,283
Nashville Ry & Light September
210,085 206,901
1,811,617 1,760,147
939,101
780,825
129,810 102,197
NewpN&H RyG&E September
N Y City Interboro.. August
497,641
467,468
44,738
64,361
N Y & Long Island..
291,834
272,284
37,581
52,022
August
N Y & North Shore.. August
110,848
106,420
13,556
18,419
NY & Queens Co
966,991
790,388
96,723 121,112
August
New York Railways. September
564,502 9,385,835 9,598,490
1048,291
N Y & Stamford Ry. September
285,408
317,507
31,411
35,105
N Y Westches & Bost September
402,951
417,909
50,689
46,748
162.462
149,642
17,394
19,721
Northampton Trac.. September
Nor Ohio Elec Corp. September
560,563 452,325 4,804,703 3,828,086
North Texas Electric September
1,718,444 1,378.543
252,878 161,045
Ocean Electric (L I). August
114,583
120,210
32,225
36,932
Pacific Gas & Elec
September 1737,885 1584,592 15,070,970 14,120,967
230,141
223,472
24,478
26,020
g Paducah Tr & Lt Co September
Pensacola Electric Co September
210,665
257,439
23,920
31,397
Phila Rapid Transit. October
2602,141 2417,096 24,592,267 22,430,290
Phila & Western Ry. August
368,651
332,631
44,524
50,444
Port (Ore) Ry,L&PCo. September
4,381,385 4,031,428
501,149 453,731
gP uget Sd Tr, L& P. September
805,827 690,475 6,716,732 5,871,027
426,250 334,444 .3,469,738 2,930,648
(/Republic Ry & Light September
Rhode Island Co
Is"
4,401,183
513,773 515,820 4,549.281
September
Richmond Lt & RR. August
273,286
312,887
39,002
51,032
St Jos Ry, L. H & P. September
997,556
109,213
124,536
1,117.117
421,205
402,484
45,971
Santiago El L & Trac September
51,639
Savannah Electric Co September
598,957
70,466
698,867
82,259
Second Ave (Rec)
572.091
582,609
80,299
90,716
August
Southern Boulevard. August
141,613
20,542
13,567
148,475
Southern Cal Edison. September
6,132,482
600,166 703,630 .5,652,132
StatenIsl'd Midland- August
225,802
35,020
46,099
250,875
712,404
79,286
752,562
79,667
Tampa Electric Co._ {September
Third Avenue
347,841
265,147 2,768,070 2,671,912
August
Twin City Rap Tran. September
7,732,106
7,594,988
849,507 854.747
1,912,140
278,800 207,322
1,986,223
UnionRyCoofNYC August
609,622 502,261
5,405,430 4,828,788
Virginia Ry & Power. October...
Wash Bait & Annap. September
677,495
934,843
88,718
179,669
Westchester Electric. August
356,690
374,648
58,284
39,660
Westchester St RR— September
181,109
189,172
18,372
22,168
328,947
255,825 2,861,500 2,137,046
g West Penn Power.. September
g West Penn Rys Co. September
672,500 545,124 5,663,526 4,581,573
Yonkers Railroad
488,708
542,625
47,724
76,901
August
York Railways
October.
800,008
94,101
89,351
865,499
33.797
251,040
30,239
261,807
Youngstown & Ohio- September
Illinois
Traction
September
—
.
...
...
—
—
...
...
...
b
Represents Income from all sources,
c These figures are for consoli¬
dated company.
/Earnings now given in milreis.
q Includes constituent
Fixed
Balance,
Surplus.
,
Charges.
20,671
21,400
62,028
64,200
91,731
68,358
270,252
189,574
Electric
Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
——Gross Earnings
Current
Previous
71,060
46,958
208,224
125,374
Year.
Companies.
Oct
-Jan. 1 to July 31—
M.onth of July—»—
1917.
$
4,875,083
2,610,746
1916.
1917.
1916.
1
to
Sept 30—
—
—
Net Earnings
Current
Year.
Year.
566,322
6,857,192
51,639
421,205
8
$
485,175
5,822,702
45,971
402,484
$
EXPRESSgCOMPANIES.
Total from transportation.__
Express privileges—Dr
225,672
3,545,946
2,068,009
94,612
15,585,156
778,404
.
13,004,654
655,714
—
2,162,621
1,808,650
16,363,560 13,660,369
15,567,293 11,829,473
Aug '17
-
Western
mos
Uncollectible
58,586
1,537
38,996
rev.
...
'16
314,409
475,099
1,575,894
796,267
9,939
'16
4
mos
'17
'16
York Railways
Oct '17
'16
Operating income.
ELECTRIC
311,229
1,830,896
8,842
246,158
18,052
from trans.
Express taxes
353,971
1,592
37,969
'16
'17
Oct '17
Virginia Railway
& Power
revenue.
11
mos
'17
'16
RAILWAY^ ANDJPUBLIC
UTILITY
Jan.
1
to
COS.
latest
19,030
136,846
23,309
195,254
Fixed Chgs.
Earnings.
& Taxes.
Balance,
Surplus.
50,444
44,524
368,651
332,631
$
13,018
12,539
101,200
100,331
24,656
23,577
178,0.29
174,439
609,622
502,261
2,338,616
1,969,596
272,973
250,424
1,074,454
998,515
94,101
89,351
960,178
882,125
44,272
47,146
448,125
462,449
Gross
or
Company.
Current
or
Year.
Previous
Year.
Current
Year.
Previous
Year.
cAur Elgin & Chic Ry September
Bangor Ry & Electric September
Baton Rouge Elec Co September
Belt
Berkshire Street Ry. September
Brazilian Trac, L & P September
Brock & Plym St Ry. September
.
August
September
September
September
Cities Service Co
October
Gleve Painesv & East September
Columbia Gas & El. October..
Columbus (Ga) El Co September
g
_
Colum (O) Ry, P & L September
Com'w'th P Ry & Lt. September
Connecticut Co
September
ConsumPow (Mich).
Cumb Co (Me) P & L
o Dallas Electric Co.
Dayton Pow & Light
g Detroit Edison
Detroit United Lines
September
September
July.
_
October
October
September
DDEB&Batt (Rec) August
Duluth-Superior Trac October
...
_
_
East St Louis & Sub. September
Eastern Texas Elec.. September
El Paso Electric Co.. September
42d St M & St N Ave August
...
g
Federal Lt & Trac. September
Galv-Hous Elec Co.. September
Grand Rapids Ry Co September
Great West Pow Syst September
Harris burg Railways September
Havana El Ry, L & P September
Honolulu RT& Land September
Houghton Co Tr Co. September
b Hudson & Manbat. September
124,725
25,867
106,760
183,594
74,833
17,285
52,545
90.490
/7925000
/713^000
11,699
LRyCorp(NYC) Apgust
Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
137,693
11.804
202,866
80,836
19,710
57,289
12,496
.
1,185,666
1,102,134
207,592
306,438
1,638,860
1,537,671
647.057
605,775
170,522
154,298
459,592
517,622
834,909
747,308
/68430.000 /63151.000
97,383
95,354
20,655,982 19,523,280
331,951
282,011
228,707
217,279
1,028,913
912,304
15,807,395 7,211,134
2S47.246 2663,727
39.805
33,804
28,216
24,761
72,342 105,056
1659,665 1122,910
52,597
43,680
409,408
351,576
835,614 712,715 8,718,356 7,221,362
91,873
77,658
781,745
625,163
349,881 289,975 2,924,029 2,576,538
1695,725 1434,201 14,141,271 12,260,280
847,275 847,872
7,580,646
7,186,358
491,698 383,138 4,141,414 3,372,684
281,195 270,012
2,321,650 2,139,422
144.236
163,708
1,090,282
1,239,782
174,387 146,084 1,486,279
1,284,473
1129,437 905,016
9,827,672 7,961,265
1515,231 1462,388 13,418,589 12,107,552
40,130
32,267
299,536
321,235
139.148
121,230
1,319,120
1,144,675
320,857 260,888 2,697,391 2,181,019
77,985
700,273
72,388
604,851
105,018
956,106
92,265
788.502
159,577 123,356 1,191,879
1,267,538
237,357 203,099 2,036,089
1,860,223
185,633
159,845
1,484,340 1,426,437
114,773
111,638
982,676
971,822
325,313 306,053
2,939,784 2,731,807
103,594
878,328
83,038
747,887
617,641
507,562
5,036,586 4,407,454
62,793
58,620
527,494
483,517
28,608
26,730
259,929
244.575
508,219 475,988
4,618,891
4,331.854
Z126.961
xlll,416
591.483
243,393
2442,770
25,826
25,680
282,955
284,177
18,446
21,466
165,170
178,272
Fixed
Taxes.
Charges.
Balance,
Surplus.
$
2,422
2,031
20,029
17,671
*6,850
28,216
24,761
228,707
217,279
9,272
7,773
67,539
71,069
Oct '17
1,659,665
1,122,910
1,630,019
1,102,869
15,510,474
7,012,075
225
1,629,794
392
1,102,477
2,425 15,508,050
258,402
6,753,673
712.715
8,718,356
7,221.362
369,564
345,117
4,367,202
3,637,368
352,158
2182,654
347,551
251,409
3,503,202 22,484,618
2678,079
3,412,601
174,387
146,084
1,486,279
1,284,473
61,496
48,156
482,091
537,345
25,070
19,750
252,700
187,565
237,682
228,793
2239,033
2354,882
1,129,437
905,016
9,827,672
7,961,265
300,190
333,537
2,912,519
2,914,571
"86,755
213,435
245.421
2,059,827
'16
139,148
121,230
'17
1,3/19,120
'16
1,144,675
32,039
36,668
385,911
351,080
14.949
14.247
146,532
142,292
2222,457
11,085
9,842
120.484
116,556
38,721
32,150
423,739
376,931
11,613
21,695
234,015
Miss Vail El.Sept '17
*16
9 mos '17
'16
Properties
Cities Service
Adirond El Pow Corp September
Atlantic Shore Ry
October
148,066
630,167
11,638
11,038
76,829
74,608
'16
Cent
Week
Month.
Net, after
156,126
•
%
date.
Name of Road
$
255,767
3,233,950
Net
Earnings.
Latest Gross Earnings.
Year.
Earnings.
Philadelphia &
8
Total operating revenues.. 2,371,086
Operating expenses
2,312,499
Previous
Gross
Santiago El Lt & Tr.b_.Sept
Jan 1 to Sept 30
%
$
$
4,239,219 32,903,701 26,802,407
2,171,210 17,318,544 13,797,752
$
Revenue from transporta'n 2,264,336
Oper. other than transporta'n
106,749
Net dperating
date.
Previous
Year.
Interboro Rap Tran. September
Jacksonville Trac Co September
Northern States Power_ Sept
Wells, Fargo & Co.—
latest
companies.
'
Sept 30'17
St Louis R Mt & P.Sept '17
'16
to
Current
Year.
—
Gross
S
Year.
Month.
Previous;
Year.
...
Earnings.
Rutland—
Company.
Current
or
...
"1,928
561650
15,466,995 13,821,685 1,745,458
1,645,310
...
Net increase (11.91%)
Week
...
Nashville— — — —
.... — _
I
Road
...
*
Grand Trunk Western..—
Mineral Range.
or
...
Detroit Grand Hav & Milw.
Canada Atlantic
LouisvJ lie
Name of
up
11.91% increase in the aggregate
Jan.
Latest Gross Earnings.
Weeks.—In the table which
separately the earnings for the second
November.
The table covers 25 roads and shows
Latest Gross Earnings by
follows
[Vol. 105.
CHRONICLE
THE
2088
__
10
Columbia Gas &
,
Electric
10
mos
'17 15,807,395
'16
7,211,134
Oct '17
'16
*17
mos
'16
Oct '17
Dayton Power,
& Light
'16
10
mos
'17
'16
Detroit Edison
Oct '17
'16
10
mos
'17
'16
Duluth-Super Trac.Oct '17
10
mos
835,614
88,116
852,692
895,023
5,742
47.510
53,398
2,019,548
218,928
.224,323
2258,346
Ft Worth Pow & Lt.Oct '17
'16
12 mos '17
94,583
73,094
956.716
'16
841,010
49,806
41,992
544,223
493,487
Oct '17
128,494
112,858
1,731,244
1,534,042
38,861
39,492
495,533
484,024
27.248
17,797
261,518
214,468
369,556
151,310
130,428
1,608,309
1,442,687
78,192
59,251
832,589
720,537
37,616
32.950
431,116
396,688
40,576
26,301
401,473
323,849
1,087,331
2,602,141
2,417,096
1,086,502
9,895,800' 4,157,211
4,021,595
9,007,922
810,889
814,450
3,245,825
3,259,139
276,442
272,052
911,386
762,456
28,594
27,432
331,951
322.318
26,308
30,483
281,604
295,322
Kansas Gas
& Electric
'16
12 mos '17
'16
Pacific Power
&
Oct '17
'16
Light
12
mos
'17
'16
Oct '17
Philadelphia
Rapid Transit
4
mos
'16
'17
*16
Portland Gas
& Coke
Oct '17
'16
12Imos
'17
124,346
115,808
1,336,975
54,902
57,915
613,555
617,640
Nov. 24
1917.]
the
Gross
Earnings.
Texas Pow & Light .Oct '17
'16
12 mos '17
'16
Net after
Taxes.
261,005
220,846
2,498,918
2,184,219
Fixed
Charges.
103,883
110,579
1,019,459
964,125
chronicle
Balance
Atlantic
Surplus
50,771
41,739
53,112
68,840
494,537
547,720
524,922
416,405
After allowing for other income received.
z
New
York
Street
Companies.
Year.
Aug
Year.
Year.
Year.
293,982
2,640,923
cl50,568
1,443,508
C141.465
1,408,299
Interboro R T (Sub) a--Aug 1,473,486
Jan 1 to Aug 31
.14,525,363
1,339,230
13,078,294
699,309
8,105,994
713,906
7,985,812
Jan
1
to
Aug 31
Interboro R T (Elev) a.Aug 1,451,550
Jan 1 to Aug 31 ——.-12,154,096
1,392,754
527,815
568,514
11,363,176
4,916,220
5,092,290
Aug 2,925,035
2,731,984
1,227,123
1,282,420
Jan 1 to Aug 31.——26,679,458 24,441,472 13,012,213
13,078,102
Brooklyn Rap Trans a.-Aug 2,847,246
2,663,727
1,092,338
1,030,834
Jan 1 to Aug 31
20,655,982 19,523,280
6,982,482
6,730,607
Total Interboro R T
1,101,557
9,033,988
336,172
2,023,043
57,289
459,592
52,545
517,622
45,890
90,716
572,091
80,299
582,609
31,914
98,064
21,398
120,795
Aug
" 347,841
2,768,070
265,147
2,671,912
128,387
979,595
63,482
1,054,377
DDE Bway & Batt a.-Aug
Jan 1 to Aug 31
40,130
299,536
32,267
321,235
4,288
19,404
4,757
30,441
Aug
159,577
1,191,879
123,356
1,267,538
51,204
412,236
33,531
533,189
Aug
64,361
497,641
44,738
467,468
14,445
117,087
5,825
153,151
Line
Jan
-Aug
a—
1
to
Aug 31
Second Avenue
Jan
Third
1
to
1
to
--Aug
a
Aug 31
Avenue
Jan
a
Aug 31
—
42d St Man & St N Av
Jan
N Y
1
to
a
Aug 31
City Interboro a
Jan 1 to Aug 31-
Southern Boulevard a--Aug
Jan 1 to Aug 31
332,775
2,713,194
12,306
13,567
141,613
4,811
29,603
1,955
33,003
278,800
1,986,223
207,322
1,912,140
68,080
500,098
48,585
515,509
58,284
374,648
39,660
356,690
15,768
62,717
10,439
80,491
76,901
542,625
47,724
488,708
17,927
128,772
8,763
130,845
32,897
177,431
28,623
167,772
11,505
24,089
7,133
6,717
N Y & Long Isl Tract a.Aug
Jan 1 to Aug 31
52,022
291,834
37,581
272,284
17,530
34,704
7,844
30,454
N Y & North Shore
6,044
26,032
3,613
32,054
Union
Aug
a—
Jan
1
to
Jan
1
Yonkers
to
a
Aug 31
Jan
1
to
Aug 31
1
to
—
—
—Aug
Aug 31-
Long Island Elec
Jan
—
Aug
a
-
Aug
a
Aug 31
Aug
18,419
110,848
13,556
106,420
N Y & Queens Co a
Jan 1 to Aug 31
Aug
96,723
790,388
121,112
def5,037
966,991 defll0,908
Ocean Elect (L I) a
Jan 1 to Aug 31
Jan
1
to
a
Aug 31
def132
3,843
Aug
36,932
120,210
32,225
•114,583
24,934
51,803
42,107
Richmond Lt & RR a.-Aug
Jan 1 to Aug 31.
51,032
312,887
39,002
273,286
10,071
59,193
11,711
67,436
Staten Island Midland
Jan 1 to Aug 31
46,099
250,875
35,020
225,802
a
c
Freight
earns, per
a
Aug
20,485
6,34b
9,142
Net earnings here given are after deducting taxes.
Other income amounted to $74,810 in Aug. 1917, agst.
4,839
13,905
1917.
$27,069,721
which is
given
monthly,
an
,*———
Total oper. revenue..$40,406,204
does
railways
20.
include
not
'
Full-face figures indicate reports
Steam Roads—
Page.
,
i'/04
J
...•
Page,
.1893
.1993
Carolina Cllnehfield & Ohio Ry
Chicago Peoria & St. Louis RR
Cuba Company..
Cuba Railroad
published at length.
Industrial Companies {Con.)—
Consol. Gas, Elec. Light & Pow. Co.
of Baltimore (3 mos.}.1800
Consumers Gas Co.
..1806
Corn Products Refin. Co. (9
Crucible
1892
-1707
—
1992
Georgia Southern & Florida Ry.___ 1798
Guantanamo &. Western RR
1898
Interstate RR. (of Virginia)—,
1802
Louisville & JSTashv. RR. (7 mos.)-.1708
Mobile & Ohio RR—
....1797
mos.)..1712
Steel
Dome Mines
Co
1895
—
Co., Ltd. (6 mos.)
1712
Edison Elec. Ilium. Co. of Boston._1706
(Otto) Eisenlohr & Bros., Inc
1707
Fajardo Sugar Co—_
Ford
Motor
Co.
of
".
Canada,
(Balance sheet)
—
Hendee Mfg.
Pittsburgh & West Va. Ry. (6 mos.).. 1898
Hercules Powder Co. (9 mos.)
—
1992
Vicksburg Sjreveport & Pacific Ry_1893
West Side Belt RR. (6 mos.)
-.1898
Winston-Salem South Bound Ry
1705
Gulf States Steel Co. (10
mos.)
Co..--
2002
.1996
1800
Independent Brewing Co
Int. Nickel Co.(bal. sh.)1713;
Lake of the Woods Milling Co
1902
(6mo.)1902
1996
Lake Superior Corp. (4
mos.)
Mahnattan
Electric Roads-
Electrical
1996
Ltd.
1712, 1901
New Orleans & North Eastern RR..1892
Pere Marquette Ry, (6 mos.)-...
1802
Seaboard Air Line Ry._
Supply
2002
Co.,
Inc.
American Light & Traction Co
Boston Elevated Ry
1800
1993
(9 mos.)...
1714
Massachusetts Gas Cos. (3
moo.)... 1807
Massachusetts Lighting Co
1706
Brooklyn Rapid Transit Co.(3 mos.) 1707
Commonwealth Pow., Ry. & Lt. Co.1801
Kansas City Railways
1993
Kentucky Securities Corporation
1894
Mercantile Stores Corporation..... 1895
Midvale Steel & Ord. Co. (3
mos.)..1903
Midwest Refining Co
2003
New Orleans Ry. & Lt. Co. (9 mos.) .1802
Moline Plow Co.
1995
Nevada Consol. Cop. Co. (9
mos.) ..2004
New Jersey Zinc Co. (3
Pacific Gas & Electric Co. (9 mos.).1802
Quebec Ry., L.. H. & P. Co., Ltd.. 1705
Virginia Ry. & Power COi
1894
Wisconsin-Minn. Lt. & Power Co. .1899
Industrial
Companies
Alaska Gold Mines Co. (9 mos.)
2000
Allis-Chalmers Mfg. Co. (9 mos.)._1709
American Cotton Oil Co
..1994
Amer. Hide & Leather Co. (3 mos.).1709
American Linseed Co
1995
American Malting Co
1798
Amer. Pneumatic Service Co.
son
Co., 9 mos.)
(Lam-
-
2000
American Rolling Mill Co
1995
American Ship Building Co
1705
Amer. Steel Foundries (9 mos.)....1803
Amer. Tel. & Tel. Co. (Bal.
Sheet)
American Type Founders Co
American Window Glass Co
Steel
Co
Central Leather Co. (9 mos.)
Charcoal Iron Co. of America
Packard Motor Gar
Co.:..^
1895
Pierce-Arrow Mot. Car Co. (9 mos.) .1903
Pittsburgh Brewing Co...'
...2004
Pittsburgh Rolls Corp. (4 mos.)
1903
Pittsburgh Steel Co., 1799 (3 mos.).1903
Ray Consol. Copper Co. (9 mos.)..2004
Santa Cecilia Sugar Co
2005
Savage Arms Corp. (9 mos.)....... 1808
Shattuck-Arizona Copper Co., Inc.
(9
mos.).
1904
Gulf
Corporation
Sinclair Oil & Refining
Corp
1994
1994
1804
South Porto Rico Sugar Co
Southern Calif. Edison Co. (9
mos.).1809
Stewart-Warner Speedometer Co.-.1809
Superior Steel Corp. (8 mos.)
1715
1799
1711
1900
Chevrolet Motor Co. (9 mos.)
1805
Chino Copper Co. (9 mos.)
.2001
Colorado Fuel & Iron Co. (3 mos.)„ 1712
Colorado Power Co
1900
Com pu ting-Tabula ting-Recording
Co. (9 mos.)
,
.1805
Consol. Arizona Smelt. Co. (9 mos.) .1806
mos.)
1807
Niagara Falls Power Co. (9 mos.)_.1714
Nipe Bay Co. (balance sheet)
2006
Ogilvie Flour Mills Co., Ltd.
1707
1800
1705
Brooklyn Union Gas Co. (9 mos.)__2000
California Petrol.Co.(9 mos.).1900, 1997
Carbon
Mining Corporation of Canada...1.1807
Sinclair
1916.
1915.
$34,445,110 $37,322,085 $31,936,962
Operating Expenses—
Maintenance of way, &c.
Maintenance of equip't_
$4,747,300
6,663,369
Traffic expenses——
745,671
Transportation
13,555,170
General expenses
951,980
Miscellaneous
158,133
Transp'n for investment
Cr.30,864
Total
$4,311,802
5,580,775
703,179
11,216,198
884,196
125,147
Cr.24,289
$4,443,559
5,991,657
723,802
$4,322,124
5,287,959
11,879,430
913,673
135,500
Cr.27,017
10,921,138
849,782
111,192
Cr.25,840
646,822
expenses.$26,790,759 $22,797,008 $24,060,605 $22,113,177
—$13,615,445 $11,648,102 $13,261,480
$9,823,785
1,983,579
1,793,831
1,843,410
1,618,157
Uncolledtibles
11,383
15,466
11,833
20,122
oper.
Net earnings--..
Taxes
—
—
Operating income——$11,620,482
$9,838,805 $11,406,237
$8,185,506
on L. & N.
stock.(7)2,570,400 (6)2,203,200 (7)2,570,400 (5)1,836,000
308,105
349,317
340,744
348,501
Other interest, rents, &c.
716,224
627,248
676,099
521,633
Joint facilities.
258,412
256,137
257,358
255,701
Hire of equipment——
963,024
537,373
v
722,266
422,651
Divs.
Other divs.> &c.,rec'd—
—
Gross income
$16,436,648 $13,812,080 $15,973,105 $11,569,992
Deduct—
■
•
Int. on funded debt— $5,932,458
Int. on ctfs. of indeb.,&c
6,496
Int. on equip't trusts.65,572
x
Rentals of leased lines._
Joint facilities.
$5,744,865
$5,812,267
6,496
80,170
6„996
.
941,795
43,486
127,704
L
Miscellaneous
43,456
126,258
40,174
57,736
$5,656,779
7,006
109,420
43,276
124,956
184,666
43,666
126,174
36,697
Approp. for investin't in
physical property
38,563
140,541
179,104
Sinking, &c., funds
17,962
16,102
16,903
'
15,521
Divs. on com. stock.__(7)4,729,060 (5)3,377,900 (6)4,053,480
(5)3,377,900
Divs. on R.&P."A" stk.
(7)70,000
(5)50,000
(5)50,000
(5)50,000
Divs. on pref. stock(5%)
9,835
9,835
9,835
9,835
Total deductions——$11,098,873
Balance, surplus-.
$5,337,775
x?Does not include interest
2237, 1980.
on
$9,650,922 $10,414,793
$4,161,158
$9,579,360
$1,990,632
$5,558,312
company's bonds held in treasury.—V. 103;
"
-
-.1996
Taylor-Wharton Iron & Steel Co...2005
Tide Water Oil Co
—.1994
United Fruit Co. (balance
sheet).--2006
United Motors Corporation
1896
U. S. Steel Corporation
(9 mos.)_..1798
Utah Copper Co. (9 mos.)
Vulcan Detinning Co. (9 mos.)
2006
2010
Wells Fargo & Co., N. Y
1705
Western Canada Flour Mills Co.-..1904
Westfield (Mass.) Mfg. Co..
1997
Cincinnati
Southern
Railway.)
(35th Annual Report—Year ended June 30 1917.)
index to all
reports in to-day's "Chronicle."
Alabama Great Southern RR...
Alabama &>Vicksburg Ry
Years ending Dec. 31—
1916.
(The) Cincinnati New Orleans & Texas Pacific Ry. Co.
annual and other reports of steam'railroads, street
and miscellaneous companies published since Oct.
index,
2.191 cts.
$23,292,589 $25,184,952 $21,630,841
10,019,340
8,271,629
8,970,879
7,673,555
2,627,841
2,312,871
2,505,600
2,136,984
689,302
568,021
660,654
495,582
-
$83,979 in 1916
REPORTS.
Annual, &c., Reports.—The following is
2.192 cts.
—Years ending June 30-
Operating Revenues—
Freight
Passenger
Mail, express, &c
(Lessee of the
This
2.182 cts.
INCOME ACCOUNT.
p.
ANNUAL
Railroad.
11,011,514
12,291,713
10,507,751
1832455455 2146812,435 1750912,250
1.180 cts.
1.085 cts.
1.203 cts.
$0.86
$0.90
$0.87
$2.92
$2.98
$2.83
$6,795
$7,324
$6,725
$3.08
$7,895
tr. m.
Gross earnings per mile.
Incidental
def2,067
113,426
•
20,542
148,475
Westchester Elec
Av. rate per pass. p. m_
2.203 cts.
Freight (rev. tonnage).. 13,446,781
Tons one mile (revenue) 2514243295
Av. rate per ton per mile
1.002 cts.
Pass, earns, per train m_
$0.96
a
New York Railways a.-Aug 1,136,769
Jan 1 to Aug 31
8,337,544
Belt
Line
—Years ending Dec. 31
Years ending June 30—
Operations—
1916.
1915.
1916.
1915.
Average miles
4,774
4,700
4,703
4,689
Passengers carried (No.)
8,115,053
7,455,106
7,850,394
7,603,261
Pass, carried one mile..407,150,991 351,625,303
377,347,732 358,379,412
Net Earnings
Current
Previous
331,850
2,871,611
a
Coast
(Report for Fiscal Year ending Dec. 31 1916.)
The remarks, signed by Chairman
Henry Walters and
President J. R. Kenly, together with the
comparative bal¬
ance sheet, will be found on
subsequent pages.
OPERATIONS AND FISCAL RESULTS.
Railways.
Gross Earnings
Current
Previous
Hudson & Manhattan
2089
President Fairfax Harrison Nov. 20 wrote in substance:
Results.—The business continued to grow in a year of unusual commercial
activity, with a resulting increase in the gross revenues of $1,406,420, or
12.72%, compared with the preceding year, and the previous high mark.
There was a marked improvement in the passenger earnings, which in¬
creased $722,142, or 40,59%.
With increases of $428,866 in operating
expenses and $141,553 In taxes, the operating income increased $836,663,
while the balance of income remaining after the
payment of rentals and
fixed charges was further enlarged through a credit balance of $1,102,828
in the hire of equipment account, and amounted to $3,826,506, exceeding
by $1,571,883 the like balance in 1916.
Dividends.—The usual dividerid of 5% on the preferred stock was paid in
quarterly installments, and 6% and 7% extra were paid on the common
stock.
The dividends paid on the common stock during the period of the
company's operations now average 3,44% per annum.
[The company an¬
nounced on Nov. 22 the regular quarterly dividend of 1 M % on preferred
stock and semi-annual dividends of 3% and 3
% extra on the common
shares, being the same amounts as paid in the two preceding quarters,
all payable Dec. 12 to holders of record Dec. 1.]
Operations.—The ratio of operating expenses to gross
revenues
was
64.34%, compared with 68.64% last year.
In spite" of wage increases and
higher prices paid for coal and other materials, the transportation
expense ratio was maintained as substantially the same figure by increased
train loading and a reduced movement of empty cars.
A freight tonnage
6.51% greater than that of the preceding year was handled with 1.14%
fewer train miles and 7.59% fewer car miles, the average train load increas¬
ing 6.89% from 492.64 tons to 526.56 tons, and the average carload in¬
creasing 8.09% from 18.55 tons to 20.05 tons.
The number of passengers carried increased 16.75%, and thei average
distance traveled increased 19.73%, while the passenger train mileage in¬
creased only 1.77%, the average number of passengers per train increasing
37.36%.
'
While charges to operating expenses for maintenance of way and struc¬
tures were 8.86% less than in the preceding year, all necessary appropria¬
tions for maintenance were made and the physical condition of the property
was maintained at the usual high standard.
«
Capital Accounts.—Investment in road and equipment shows an increase
of $2,216,836, of which amount $2,084,638 is for the new equipment de¬
the
^
-
,
„
trust.
In addition the company expended dur¬
for improvements on the leased property.
work of double-tracking the following additional
sections of the main line was commenced during the past year, viz.: (1)
Science Hill to King's Mountain, Ky., II.3 miles; (2) Moreland to South
Fork, Ky., 8.9 miles; (3) Huffman to Lancing, Tenn., 10.7 miles; and (4)
Helenwood to Robbins, Tenn., 6.3 miles; making a total of 37.2 miles. ^
livered
under series
"D"
ing the
year $515,475
Double Track.—The
TRAFFIC
FOR
STATISTICS
1916-17.
335
1,563,828
Operations—
operated
Miles
No. passengers carried-Pass, carried one mile—121,366,936
YEARS
ENDING
JUNE
191.5-16.
335
1914-15.
335
i 1,339,516
86,821,875
1,318,582
30.
|
1913-14.
qqs
1,512.997
82.875,938
96,885,503
2.05 cts.
2.04 cts.
2.11 cts.
2.06 cts.
5.615.138
4,742,748
5.992,290
5,373,066
Tons freight car'd 1 mile 1245835111 1177933,883 984,536,455 1102522.131
0.73 cts.
Rev. per ton per mile—
0.73 cts.
0.75 cts.
0.74 cts.
478
Av. train load (rev.) tons
418
411
511
$1.25
Earns, per pass. train m.
$1.16
$1.37
$1.69
$3.50
Earns, per fr't train m„
$3.05
.$3.76
$3.10
$32,971
Gross earnings per mile.
$28,0S8
$36,266
$32,678
Rev. pass, per mile
Tons rev. freight carried
.
INCOME
ACCOUNT
FOR
YEARS
ENDING
-
1915-16.
$8,620,611
-
1,779,080
1916-17.
$9,168,129
Passenger revenues
2,501,222
Mail, express, &c
559,572
Incidental, &c——
237,936
Operating Revenues—
Freight revenues
Total oper.
463,517
'
197,232
revenue„$12,466.859 $11,060,440
JUNE
1914-15.
$7,176,550
1,689,010
421,358
135,334
30.
1913-14.
$8,303,851
2,043,306
456.363
158.580
$9,422,252 $10,962,100
THE
2090
1916-17.
Operating Expenses—
1914-15.
1915-16.
$926,001
2,308,581
2,9/5,660
1913-14._fl
$1,119,056
2,773,80o
3,271,201
307,421
258,333
$995,650
2,769,126
3,592,235
332,658
244,922
$1,092,408
2,705,302
3,165,159
302,480
255,473
operat'ns
Transport'n for Invest
87,634
71,731
Cr.981
Cr. 175
286,201
241,007
74,614
Cr.4,617
Total oper. expenses.
Net earnings
Taxes accrued...
$8,021,244
$4,445,615
$7,592,379
$3,468,061
fO.807,448
$2,614,804
381,04o
373,115
§7,811,110
$3,150,990
521,936
Operating income.
$3,923,679
Hire of equipment
1,102,828
Income from invest.,&c. 178,195
$3,087,016
388,654
$2,241,689.
- 249,372
135,477
117,031
$2,782,990
325,638
$5,204,702
$3,611,147
$2,608,092
$3,266,129
Marnt. of way, &c
Maint. of equipment
Transportation
Traffic expenses
General expenses
-
Miscellaneous
-
Total gross
"Deduct
■
income.--
81,294
368,000
157,o01
■
$1,231,464 $1,231,431
110,973
120,356
/99,942
l,324,o63
122,670 ■'
122,670
122,670
(Hvidends—^ (13)388.700 (11)328.900 (11)328,900 (11)328,900
$1,211,096
167,100
Permanent improvem'ts
660,000
Pref. dividends (5%).
122,670
$1,235,823
120,701
$2,549,566
$2,812,385
$2,593,949
$3,127,920
$2,655,136
$798,762
$14,143
$138,209
Rental to Cincinnati—
Miscell. int. & rentals..
aConSnoh
Total
deductions....
Balance, surplus
Deducted by co. from profit &
a
1,004,291
loss acct., but shown here
for simplicity.
BALANCE SHEET JUNE 30.
1917.
S
Liabilities—
equipmentl4 ,492,122 12,275,286
7,092,714
Irnp.on leased rys. 7 ,608,189
Road &
Inv. in affil. cos.:
335,001
,,
Advances
96,200
2,990,000
Preferred stock
2,453,400
2,453,400
2,300,000
741,287
148,477
367,011
Equip, obligations 2,020,000
Accounts & wages
903,563
1,030
Rent,int.,&c.,accr.
3,066,122
5,778
Traffic balances..
652,091
494,091
Operating reserves
Accrued tleprec'n.
2,479,576
Unadj.,&c.,accts.
90,130
...
79,151
246,797
Miscell. accounts.
Accrued taxes
4 ,174,448
965,517
Physical property.
Material & suppl's
S
2,990,000
275,350
Other Investments
1916.
.
S
Common stock
1,482
'
Cash..
295,675
84,175
Bonds
Notes
335,001
298,407
Stocks
1917.
1916.
$
Assets—
4,635
587,911
11,518
282,227
214,566
324,045
213,499
459,270
2,907,045
429,048
Approp. surp. not
Traffic, &c., bals..
313,136
Add'ns to property
Agents & conduc's
317,939
292,583
774,492
3,026,684
426,265
specif, invested.
Time deposits.:
Loans <fc bills rec.
_
Miscell. accounts.
761,074
222,314
427,068
XJnadJ.,&c.,accts.
628,942
7,092,714
through income. 7,617,913
796,829
932,781
loss..a*8,896,268
216,905
Total
x
Profit and
30,977,835 27,821,755
debits (net) $24,675.—V. 103,
1980.
Rhode
Island
Company, Providence, R. I.
(Report of Commission for Ten Years ended June 30
1917.)
special commission, Zenas W. Bliss,
Chairman,
in its preliminary report, submitted by Sloan, Huddle,
Feustel & Freeman,
consulting engineers, says in brief:
The
preliminary survey of the financial
Island Co. during the 10 years ending
June 30 1917, basing the same upon the information set forth in its books
and records.
The records are presented in the form now prescribed by
the I,-S. C. Commission and they are accepted as correct, since audited
from time to time by Price, Waterhouse & Co.
The report of Ford, Bacon
General.—This* report presents a
results of the operation of the Rhode
Davis shows the cost or
&
and leased
as
of Nov. 1 1916.
reproduction of the various properties owned
The cost for preceding years has been obtained
for the appropriate years.
increased 24.2% during the 10-year
by deducting therefrom the additions, etc.,
The miles
of track operated have
period and the car miles operated show an Increase of 26%, indicating
approximately the same service per mile of track has been maintained.
that
Depreciation, &c.—The company has made no distinction in the past
between maintenance and,^depreciation charges, except that since 1914 a
depreciation on rolling stock has been set up in compliance
with an order from the I.-S. C. Commission.
As on practically all street
small account for
railways in the United States, when money from earnings was available,
extensive repairs and renewals were made, and when earnings were meager
only enough was expended to safely continue operation.
Hence comes the
variation in these items from 1.58 to 3.44 cents per car mile for maintenance
and from 1.88 to 2.66 cents per car mile for mainte¬
The average yearly amount expended for mainte¬
was 4.95 cents per car mile, the best comparative
unit under normal conditions.
of way and structures,
of equipment.
nance
nance
and
in practically 10%, or one-half a cent, has to
be
Companies.—In 1917 the average rate of return
on the securities, stock and bonds, of all leased properties was 5.16%, and
on the cost of reproduction of said properties was 5.66%.
These rates indi¬
cate that whether on total securities or cost of reproduction the rentals are
moderate as compared to similar properties elsewhere.
Revenue.—From 1909 to 1913 the annual increases were fairly regular,
but in 1914 there was a marked falling off in the increase, and in 1915 there
was an actual decrease of almost 5.5% as compared with 1914.
Since 1915
there have been exceptional gains which are doubtless to be attributed to
the marked growth of industrial activity.
The average annual increase
for ten years has been 3-99%.
The Automobile.—The increased use of the automobile has had a very
serious elfect on. the revenues of traction properties.
For almost all com¬
panies this effect was first noted in a diminution of the customary annual
increases between the years 1906 and 1909.
The problem is now considered
the most serious confronting the electric railway properties.
It is difficult to state just how much revenue is lost to any traction com¬
pany by the use of the automobile.
The records of the State Autombile
Dept. show that for the calendar year 1916 there were 18,551 pleasure
cars registered in the State of Rhode Island.
Of this total approximately
14,840 are operated in territory served by the Rhode Island Co. lines.
Considering the automobile as used every day in the year, and taking the
figure of 14,840 machines in the Rhode Island Co. territory, the losses in
revenue would be as follows:
5 cents for each automobile, $270,830; 10 cts
per automobile, $541,660; 15 cts. per automobile, $812,490; 20 cts. per
automobile, $1,083,320.
It would seem as though 10 cts. per day per
automobile (or $541,660 in all) were not an unreasonable amount to assume.
Nothing can be done to change these conditions.
Rentals Paid to Leased
Jitneys.—The number of these vehicles operated at any one time has
At the present time about 100 are in regular opera¬
An ail-day count of the passengers carried on the three principal
jitney routes on Aug. 8 1917 indicated that $637 per day was collected
on these routes.
Considering all of the operation, $300,000 per year is a
reasonable estimate of the loss in revenue to the Rhode Island Co. due
varied from 60 to 550.
tion.
to the
operation of jitneys.
jitney service for certain distances is without
That it cannot take the place of traction service completely
equally without question.
When seating capacity is considered, the
traction service can be furnished at a much lower rate per seat mile.
At
The convenience of the
question.
is
the present time the fact that no rigid service regulations are required of
jitneys, which would demand regular schedules during periods of light
haul, permits them to compete successfully for a certain amount of business.
Without discussing whether or not it is fair to invested capital to allow
this unequal competition, it is absolutely certain this factor must be dealt
with by the public in considering the problem of urban transportation.
6,610,039
difference between book value and selling
price of securities sold, and miscellaneous
p.
that of every nickel taken
be paid out in taxes.
Return
Reproduction Value—Additional Depreciation Charge.—In cer¬
available for sur¬
on
tain of the tabular statements which follow the amounts
Total.—
30^977,835 27,821,755
After deducting $344,232 net
[Vol. 105
CHRONICLE
depreciation
Systems which are properly maintained have been expending 7 cents per
car mile and more, and with this have often been unable to provide for re¬
placements as they have become due." The Cleveland franchise of 1907
provided for a charge of 5 cents per car mile to maintain the property in
70% condition, but this amount was found insufficient, and the expendi¬
tures for the last five years have exceeded 7 cents per car mile.
A recent careful examination of a traction system in Indiana, having 220
lines, developed the fact that after considering
the past eight years and taking into account
the present conditions of the physical property, 8H cents per car mile was
the minimum fairly assignable for full maintenance.
While it is unsafe to draw general conclusions from comparative statis¬
tics, special types of construction changing the needs somewhat for different
properties, we find that the Rhode Island Co. has expended slightly less
than 5 cents per car mile for the past 10 years and that this amount is less
than what is deemed necessary by other first-class systems.
miles of city and interurban
the actual expenditures for
Power—Cost
of Fuel.—The cost of power has varied from 2.92 cents per
car mile to 4.64 cents, the largest single item of cost being fuel.
The maxi¬
mum
(in 1912) was due to extraordinary renewal charges.
The average
rate paid for coal during 1917 was $6 07, being almost double the rate'for
the years previous.
This increased the cost of operation 1.29 cents per
car mile, or about $211,600.
During the late winter *< when a coal shortage
seemed imminent, the company bought large amounts of coal in the open
market at prices between $8 and $11 per ton.
The 23,920 tons of coal
on hand July
1 1917 cost an average of $8 26 per ton.
The new contract
provides for purchase at the mine at whatever price is established by the
Federal Government, plus rail freight to tidewater and water transporta¬
dividends are shown, both before and after deducting the additional
annual depreciation which Ford, Bacon & Davis estimated should be pro¬
vided over and above what has been taken care of by the company.
"•
Considering the cost of reproduction of property owned and operated,
the average annual amount available for surplus or dividends after pro¬
viding for operating expenses and taxes only was 5%, and after deducting
the additional depreciation necessary was 4.18%.
Considering the prop¬
erty owned plus improvements on leased property, the average amount
available for surplus or dividends after deducting total charges, including
rentals and interest from the total income obtained from all sources, was
plus
or
on the cost of reproduction and 3.49% on the capital stock, and
additional depreciation necessary these percentages were
0.82% and 0.88%, respectively.
3.26%
after deducting
The
New
General Problem of the
Capital
Requirements.—The
Rhode Island Company.
Rhode
Island Co.,
like most other
Surely traction properties inneededcountry, has found improvements ex¬
this for extensions and that it is almost
npossible to obtain money
The credit of the company is not good
There
after operating expenses and taxes are paid to
rentals (and bond interest.
No check has been
made as yet of the value of the property as submitted by Ford, Bacon &
Davis.
This value when tested with the rough checks which can be made
by comparison with detailed computations for other systems does not
appear unreasonable.
But even ir the figures were materially reduced,
the amount of money gained is not nearly sufficient to place the company
on a sound operating basis.
Either operating expenses must be reduced
or revenues increased.
» ;
•
.«
In the previous discussion of track and rolling stock it was pointed out
that in order to properly maintain this property additional amounts were
needed beyond what had been expended during the past ten years.
The
present advances in both material and labor make it unlikely that any
saving can be made by improved methods of handling the work.
cept at exorbitant rates.
is
not
make
sufficient
a
revenue
safe margin for
total cost of reproduction of paving before adding any
$2,666,622, and it contributes nothing to the revenues.
charge on this paving is a considerable amount, but in addi¬
tion thereto is the added expense of maintaining and renewing pavements
as they wear out, although the wearing out cannot
be attributed in any
appreciable decree to the operation of trolley cars.
The total expenditures
during the last six years for paving maintenance as found in the company's
"earnings and expenses" were $345,726; the total expenditures under
appropriation orders were $512,801* of which amount $275,778 was classi¬
fied as "improvements," so that the total expense in connection with paving
was $621,504, or an average of $103,584 per year.
The requirement that traction companies pay for paving is an outgrowth
of the horse-car days when the paving was actually worn out by car opera¬
Paving.—The
overhead charges is
The interest
companies were very willing to assume these public burdens
it was thought that the revenue would be sufficient
obligations.
With the advent of automobiles and their re¬
quirements for expensive paving throughout the entire city the burden has
tion.
The
after electrification, as
to
meet
the
present revenues will permit.
This indirect tax
benefit of property owners and vehicular traffic
will do well to consider.
become greater than the
on the car riders for the
Is one that the public
Wages.—The cost of "conducting
transportation" is made up almost
entirely of wages of trainmen.
These, as stated, have
creased so that the cost for next year will be greater.
recently been in¬
The experience
companies has been that there is little chance to reduce wages
after they have once been established.
The only relief that is possible is
to increase the speed of cars if the operating conditions will permit.
If a
10% saving could be made in the time in transit it would mean $150,000
annual saving in operating expenses.
The average speed in miles per hour,
while it appears somewhat slow, is the result of the factors of numerous
stops, narrow streets and traffic congestion.
The observed speed in out¬
lying districts appears to be high.
of most
Power.—The power costs are
the coal price
dependent directly on fuel cost.
Due to
will increase next year.
situation already discussed, they
Conducting Transportation.—This is the largest major operatng expense
account and amounted in the last fiscal year to $1,582,175, excluding the
steam road; practically 90% thereof is paid out in wages to motormen and
conductors.
The rate of wages haft been increased from time to time.
In
1915 there was a protracted arbitration resulting in a slight increase,
effective for two years.
In June 1917, following a series of conferences,
a foraaal agreement was adopted running for two years.
This settlement
entailed another increase to date from June 1.
During the past ten years
every year shows an increase in the average rate paid per hour to all em¬
ployees which for the whole period totaled $.06, or 27% over 1908.
fS&Taxes.—It would appear that the taxes paid by the company Yin recent
years have been unduly high and careful consideration should be| given to
the possibilities of reducing this burden.
,
r
Jitneys.—The complete abolition of jitney operation would add materially
to the revenues of the company.
All of the revenues now taken in by the
jitney would hardly go to the company, but it is reasonable to suppose
that from the nature of the riding, which is largely rush hour in character,
at least 60 to 70% would be taken in.
Gross Revenue.—The increase in gross revenue for the past two yearsis much greater than the average for the past ten years.
The industrial
activity is probably largely responsible for this condition.
It Is doubtful,
however, if the increases can be expected to continue at the present rate.
Materials (Other than Coal).—That there has been an abnormal increase
in the prices of virtually all materials since the beginning of the world war
is common knowledge.
Estimating on the basis of the average consump¬
just above
tion to Providence.
Contract coal will therefore be at least $1
it was the past year, and the cost
higher than
for 1918 will be even greater than for 1917.
over the last five years, the cost index figure for 1917 is $.5011 as com¬
pared with $ .4010 for the 4 preceding years, or an increase of practically 25%.
Taxes.—-Expressed as a total change over ten years, the taxes in 1917
were 89%
greater than in 1908, although the operating revenue had in¬
creased only 41% and the cost of reproduction of all companies only 28%.
tion
^^laTg^t,am.oxi?t by far was paid to the city of Providence—$262,313,
or
48%
111
(this including $115,972 agreed tax of 5% on the earnings made
improvements, $31,113, and $115,228 for city tax on
$166,915. or 30% of total taxes was paid to the State, this
tangibles);
£ei£S„3%, °*
receipt®; $34,468,
or
16%.
went
to
United
States;
or less than 1%, was paid to Connecticut, and the remaining 16%
distributed among 40 other cities, towns and districts.
If the per¬
$1,966,
was
centage be based on the revenue obtained from passengers only, we find
has often been suggested as a means
The total transfer passengers carried in 1917 were
A charge of one cent for transfers would mean
$150,000 per year increased revenue, provided the same number were
issued.
It is certain that there would be a considerable reduction in their
use if a charge were made.
A serious objection to a charge for transfers
is that the trouble is then changed
to the service department, since all
patrons would call for through lines so that they could go directly from
their homes to their places of business.
This charge, in our opinion, is
Transfers.—A charge for transfers
for increasing revenue.
15,000,000.
only satisfactory as an arbitrary method
of discrimination between patrons.
of increasing revenues regardless
Fare.—No, calculations have been made of the increaselin
revenues by a flat increase in rate of fare.
The results are easy to com¬
pute, making allowances for decrease in business.
fcN
The possibilities of a zone rate require considerable study, which hasjaot
been given at the present time.
Increase in
Nov. 24 1917.]
THE
GENERAL STATISTICS (.EXCLUDING CHARTERED
1910 FIGURES
OMITTED.
Rhode Island Co. Excluding Narragansett
CHRONICLE
CARS) 1909 AND
Pier RR.
1916.
1915.
1914.
354.16
353.91
352.21
345.32
16,401,350
15,991,057
15,867,918
15,807,054
1,879,972
1,828,480
1,816,763
1,848,312
Revenue passengers
109,084,546 101,900,914
94,389,271
99,613,335
Transfer passengers
15,590,691
16,879,861
15,312,378
15,727,172
Total passengers.
124,675,237 118,780,775 109,701,649 115,340,507
4,947,149
4,683,206
5,056,397
Passenger revenue
5,414,881
Total operating revenue
5,031,333
5,323,934
5,432,273
5,853,730
Car miles per track mile
45,052
45,775
45,184
46,311
8.73
Car miles per car hour
8.55
8.75
8.72
5.95
6.30
Rev. pass, per car mile6.37
6.65
6.91
7.30
7.43
7.60
Total pass, per car mile1917.
Miles
(track) operated
Passenger car miles.
Passenger car hours
__
'
.3301
.3569
3.11
.3162
.3397
2.97
.2951
16,528
15,349
.0496
.0537
Pass. rev. per car mile
Tot. oper. rev. per car m
.0496
.0534
14,285
.0496
.0533
.
Tot. oper. rev. per car hr
Tot. oper. rev. p. trk. m
Pass. rev. per rev. pass-
Tot. op. rev. p. rev. pass
.3130
.3368
2.88
.3171
2.77
15,417
.0497
.0534
288.80
1908.
285.01
13,329,257
14,449,660
1,593,920
1,709,358
87,329,561
Revenue passengers
92,628,212
97,572,326
13,571,351
14,148,259
Transfer passengers
14,950,154
Total passengers
112,522,480 106,776,471 100,900,912
4,361,453
4,619,365
Passenger revenue..
4,869,562
4,675,943
Total operating revenue
4,989,610
5,264,025
46,154
43.067
Car mile per track mile.
45,286
13,053,472
1,595,375
79,175,629
11,579,015
90,754,644
3,943,430
4,194,503
45,809
8.36
8.18
Miles
(track) operatedPassenger car miles
Passenger car hours
_
6.38
7.35
.3182
.3440
2.92
15,580
.0499
.0140
Total pass, per car
milePass. rev. per car mile__
Tot. op. rev. per car mile
Tot. op. rev. per car hr.
Tot. op. rev. per track m
rev.
8.45
6.41
7.39
.3197
8.49
Rev. pass, per car mile.
per rev. pass.
Tot.op.rev.
.
15,301,226
1,801,831
Car mile per car hour
Pass.
1912.
335.52
1913.
337.88
1911.
p. rev. pass.
6.55
7.57
6.07
1
6.95
.3021
2.92
.3272
.3508
2.93
14,871
16,191
.0499
.0499
14,717
.0498
.0539
.0535
.0530
.3453
.3213
2.63
NARRAGANSETT PIER RR.) FOR JUNE 30
YEARS (1909 AND 1910 OMITTED).
RESULTS (INCLUDING
Passenger (including
ticket sales)
Freight and express
$ \
$5,441,990
348,059
. _
Power
1915-16.
$
1916-17.
Revenues—
45,382
revenues
Mail, transport'n., &c__
77,643
Total oper. revenues.
Maint. of way & struc
Maint. of equipment
5,913,074
512,493
372 ,625
747,294
Power expenses-
1,606,046
628
Transportation
Traffic expense.
General & miscellaneous
$
$5,082,192
291,763
40,726
70,194
$4,710,311
259,232
43,997
70,597
$4,977,105
5,484,875
543,319
348,120
514,774
1,520,712
5,084,137
550,906
340,380
523,574
1,425,892
5,379,149
269,498
53,997
78,549
867
2,177
485,757
306,718
610,070
1,431,755
1,834
497,115
152.798
460,108
135,237
470,655
132,471
3,577,705
(65.23)
1,907,170
168,965
3,438,274
(67.64)
1,645,863
153,450
318.197
315,110
3,439,260
(63.93)
1,939,889
141,753
311.635
601,783
Express department.-_-
1913-14.
1914-15.
189,188
1199 15--1326
PROPERTIES OWNED AND LEASED—NET EARNINGS AVAILABLE
FOR
INTEREST
RENTAL
AND
DIVIDENDS—RETURN ON
COST OF REPRODUCTION.
Shown both before and after
June 30 Years—
1907-08
1908-09
1909-10
1910-11
1913-14
1914-15
4,030,257
(68.16)
1,882,817
164,443
a370,180
expenses.
Taxes—Tangible
do
Intangible..
Total
487,162
1.420,008
468,560
1,177,303
453,388
1,486,501
10,568
dl07,358
11,761
108,022
12,306
109,450
4,792
139,866
1,299,059
1,631,159
534,623
bank
on
deposits.
Return from stocks.
1,466,120
Gross income
Rentals—Guar, divs
1,539,791
886,352)
Guar, interest
267,222/
Other rentals
Int. on Floating Debt—
N. Y.N.H. &H.RR.
1,157,944
1,157,944
1,157,944
bl60,027
81,000
2,770
C194.083
61,000
123,572
2,000
4.476
1.460
12.012J
184,191
Ind. trust companies.
Int. on 5% notes
Miscell.
83,100
11.056
charges
.
.
.
.
.
1,443,933
sur$22,187
RESULTS
—
1,406,217
surl33,574
0.23%
deductions
on
.
—
.
1916-17
Total.
"
1.38%
com.stk
1,414,487
def 115,428
None
(INCLUDING NARRAGANSETT PIER RR.)
FOR
JUNE 30
3.59%
CONTINUED
YEARS.
1912-13;
$
Passenger (ihcluding
ticket sales)
Freight and express....
1911-12.
1910-11.
1907-08.
3,943,430
4,900,951
268,864
75,043
77,789
4,649,064
248,183
73,148
74,611
4,361,453
192,221
5,322,647
426,696
294,231
547,305
1,248,197
1
2,678
500,514
116,816
5,045,006
404,999
295,049
680,352
1,189,841
1,455
522,135
105.020
4,675,943
440,307
262,699
456,185
1,071,514
1,027
470,040
78,218
3,136,437
(58.93)
3,198,851
Ratio exp. to revenue..
Net earnings.
2,186,210
133,872
287,154
1,846,155
103,660
270,677
2,779,990
(59.45)
1,895,953
95,830
214,154
2,573,674
(61.36)
1,620,829
92,895
189,952
421,026
1,765,184
1,471,818
309,984
1,585,969
282,847
1,337,982
10,971
118,561
7,091
87,843
12,035
88,247
3,400
19,120
1,894,716
1,150,944
1,566,752
1,150,944
1,686,251
1,065,792
1,360,502
1,065,792
28,209
17,967
76,072
19,516
20,700
revenues
Mail transport'n, &c
Maint. of equipment
Power expenses...
Transportation
Traffic expenses
General & miscellaneous
Express departmentexpenses.
Taxes—Tangible
do
Intangible...
Total
taxes
•
Operating income.
Add—Interest
on
—
52,783
69,486
142,842
55,775
52,456
Gross income..
Rentals
Interest on Floating Debt—
N. Y. N. H. &H. RR
Dividends
Total
(63.42)
374,337
347,624
397,684
1,058,996
380",765
68,873
bank
deposits
Returns from stks., &c_
Ind. trust companies.
Int. on funded debt
—
deductions
balance, surplus
Let urn avail on com.stk.
19074-2856.—
June 30
Reproduc'n
Value.
Years—
_
.
1910-11—
1911-12—
8,556,437
9,056,896
.
.
1912-13— .10,056,577
1913-14... .11,624,902
1914-15— .12,266,215
1915-16— .12,479,431
1916-17... 12,700,662
5.00% $12,405,178
4.18%
Annual
%
on
„
(8)581,130
1,805,795
(3)290,565
(6)581*,130
Stock.
$178,422 2.31% 2.29%
469,207 6.11% 5.51%
573,566 7.18% 5.92%
601,557 7.03% 6.21%
387,599 4.28% 4.00%
670,051 6.66% 6.92%
347,643 2.99% 3.59%
*115.428*0.94% *1.19%
133,574 1.07% 1.38
22,187 0.17% 0.23
1,469,718
97,034
1,665,824
20,427
1,182,080
6.92%
4.00%
6.21%
2.29%
178,422
$823,521 0.82%
0.88%
value of property owned Is based on findings
Ford, Bacon & Davis (see foot-note to preceding table) and to it are
of
ported by the company to obtain the reproduction value as given in col. 1.
Ford, Bacon & Davis estimated an additional allowance for annual de¬
preciation of $273,880 to be necessary for all property either owned or
leased, which is equal to 0.823 % on the total cost of reproduction.
The ad¬
ditional depreciation for each year was computed by taking this percentage
of the adjusted total cost of reproduction of all property either owned or
leased for that year.
The ajusted annual surplus is shown above after
allowing for this additional depreciation.
The capital stock was $7,780,400 in 1907-08, $8,510,400 in 1908-09 and
since $9,685,500.
In addition the Rhode Island Co. had outstanding on
June 30 1917 $1,637,070 5% gold notes, due March 1 1921, Industrial
Trust, and owed the N. Y. N. H. & H. RR. $3,458,887.
The interest
on such as these obligations was deducted before arriving at the surplus
earnings for each year.—Ed.
OPERATING
REVENUE
AND
OPERATING
EXPENSES
IN CENTS PER PASSENGER CAR MILE.
EXPRESSED
Tot.Op.Way& Maint. Cost Cond.Traf-Qen.&
Rev.
Struc. Equip. Pow. Transp. fic. Misc.
June SO
Years
„-34.34
_--.-35.08
34.53
2.45
1.57
2.87
3.30
2.76
—32.13
33.01
2.75
1913-14—— ——33.68
31.71
3.04
3.44
33.97
—35.69
3.36
3.09
3.05
2.92
3.13
3.42
4164
3,53
3.81
3.25
3.17
4.46
2.66
2.11
1.90
1.97
1.99
1.88
1.90
2.11
2.14
2.23
*
8.11
8.00
7.69
8.04
8.06
8.01
8.91
8.84
9.37
9,65
—
—-
0.00
0.01
0.01
0.02
0.02
0.01
O'.OO
0.00
2.92
3.21
3.45
3.53
3.53
3.21
2.91
2.84
3.05
3.61
press.
Tot.Op.
Expen.
0.53
0.55
0.58
0.59
0.72
0.76
0.84
0.85
0.96
1.15
19.72
18.36
19.62
20.86
21.71
20.16
21.43
21.34
22.05
24.19
Ex-
PROPERTIES—RENTALS EXPRESSED AS RETURN ON
STOCKS AND BONDS AND ON COST OF REPRODUCTION.
LEASED
1909-10.
1913-14.
1916-17.
1907-08.
values-$20,574,522 $20,574,522 $18,061,060 $18,061,060
22,602,000
22,602,000
19,498,200
19,498,200
1,165,586
1,157,944
1,065,792
1,065,792
on repro. value5.66%
5.63%
5.90%
on securities
5.16%
5.12%
5.47%
5.47%
Adjusted
repro.
Stocks & bonds outst'gTotal rentals
—!—
OF SECURITIES OF LEASED COMPANIES WITH
REPRODUCTION COST AND RENTALS PAID, SHOWING
RATES OF RETURN.
COMPARISON
Union RR.
Outstanding
Capital
Year 1916-17.
$5,000,000
9,000,000
Co
Pawtucket St. Ry. Co_
Sea View RR. Co
500,000
700,000
Prov. & Dan. Ry. Co_
1,000,000
133,800
Narr. Pier RR. Co
leased co's——$16,333,800
Total Stock
and Bonds.
Guaranteed
Dividends.
Bonds.
Stock.
(See "El Ry. Sec.")
Ry. Co-
Guaranteed
Interest.
$4,998,200(2%) 100,000
See Note (8%)720,000
(6%)30,000
600,000 (3%)21,000
600,000 (1%) 10,000
70,000
5,352
$203,780
—
$886,352
$6,268,200
Total Div. Av.Return
Inter est.Stk&Bds.
Ry. Co- $9,998,200
9,000,000
500,000
1,300,000
1,600.000
203,800
Narr. Pier RR. Co.
$303,780
8.00 y0
Total leased cos.$22,602,000
$1,153,574
30,000
30,000
3,442
$267,222
Cost of Av.Ret'n
Reproduc'n.SaidCost
3.04%
720,000
30,000
51,000
40,000
8,794
R. I. Sub.
Union RR. Co
Pawtucket St. RySea View RR. Co—
Prov.& Dan. Ry Co.
'
$18,061,060
5.83%
6.00%
3.92%
2.50
4.32
779,661
1,220,394
513,407
5.10% $20,574,522
0.54<
3.28
1.71
5.61%
Un. Trac. & El.Co.
11,700
(incl.tax.,$4,150)
312
Misc. rentals.
——
-
________
°rental cl^--—$22,602,000
$1,165,586
5.16% $20,574,522
5.66%
The rental of Narragansett Pier RR., $8,152 from Jtdyl. 1911 to Aug. 1
1916, when interest rate was changed from 4% to 5%.
The rental of Sea
View RR. Co. was $37,000 in 1912 and 1913. and $44,000 in 1914,1915 and
1916, and has been $51,000 since July 1 1916.
The report on the reproduction value of the property
Ford, Bacon & Davis, a pamphlet of 81 pages, shows:
Miles Leased—
R.I. Sub. Ry
Union RR
—
Narr. Pier RR
Sea View RR
P. & D.
*
Actual amount paid was $382,321, which exceeds the above amount
stated, $370,180, by $12,141, covering taxes paid in advance, b Payment
of $179,038 made by notes which were taken up Oct. 1916.
Includes
$34,981 interest on amounts expended in rehabilitation and equipment of
the Providence & Danielson and 8ea View RR., which was collected from
the N. Y. N. H. & H.RR. and credited to Interest expense account by the
R. I. Co.
c Payment of $114,668 made by notes which were taken up
Oct. 1916.
d Includes in 1916-17 $103,915 5% dividends on $2,078,300,
$3,208 interest on $70,000 Narragansett Pier KB. bonds and miscell., $235.
—V. 105. p. 1898.
•
3.49%
added the improvements on leased property to the end of each year as re¬
Pawt. St. Ry
88,921
Adjusted
% on
% On
Surplus. Value. Sto
Stock.
*$36,038*0.47 % *0.46 %
253,688 3.23% 2.98%
357,025 4.47% 3.69%
380,350 4.44% 3.93%
143,732 1.59% 1.48%
417,957 4.16% 4.32%
82,642 0.71% 0.85%
*385,707*3.14%*3.98%
*138,460*1.11% *1.43%
*251,668*1>.98% *2.60%
% on
Value.
Surplus.
MILEAGE LEASED AND
935
r.
4.98%
3.81%
2.80%
3.51%
3.26%
*Means deficit.
Note.—The reproduction
,
73,721
on
Value.
4.32%
5.17%
5.32%
5.12%
as
Total.-$100,332,559 $3,268,378 3.26%
Ry
by
OVNED NOV. 1 1916.
Miles Ovmed—
Route. All Trk.
Route. All Trk.
75.39 R. I. Company
.44
a.86
58.73
20.60
19.57
180.44 ♦Woon. St. Ry
130.15
33.17 ♦Prov. & Bur. Ry
11.01
9.16
28.66
10.21 *Col. St.Ry—
9.80
9.49
9.15
20.90
19.95
Total all cos
38.05
--321.99
400.43
36.69
a Owns East Side Tunnel, 1,792 ft. long by 25 ft.
double track.
R. I. Sub. Ry. (1) 40,500 k. w. capacity; P. & D. Ry. (1)
Purchased 1907.
a
4.16%
1916 is taken
1907-08— .$7,736,626
1908-09—
7,865,309
1909-10—
7,989,504
Total
Total oper. revenues.
Maint. of way & struct.
Total oper.
Adjusted.
$1,126,922
1,351,396
1,400,696
1,376,797
1,235,042
1,524,061
1,226,293
919,329
1,159,735
1,084,907
PROPERTY OWNED PLUS IMPROVEMENTS ON LEASED PROPERTY
—RETURN ON COST OF REPRODUCTION BASED ON SURPLUS
EARNINGS AVAILABLE FOR DIVIDENDS.
4,194,503
319,732
...
Power
Net Earns.
reproduction value determined by Ford, Bacon & Davis
R. I. Sub.
Revenues—
P.C.
on
Value.
5.15%
5.98%
6.15%
5.95%
4.99%
5.80%
4.63%
3.62%
4.33%
4.08%
applicable to June 30 1917 and ad¬
justed to earlier years by deducting improvements as reported by the
company for each year.
As to adjustment of net earnings by deduction
of additional depreciation charge see text above and note to table below,
Return
1,283,516
sur347,643
P.C.
.$297,066,431 $14,850,035
Note.r—The
cost as of date Nov. 1
Return
Total
Balance..
Return avail,
Net
Earnings.
$1,341,382
1,566,915
1,617,237
1,598,004
1,478,909
1,776,155
1,491,294
1.189,608
1,431,769
1,358,762
1912-13---—34.40
1,348,194
taxes
Operating income
Add—Interest
deducting the additional depreciat'n charge.J
Reproduct'n
Value.
.$26,058,311
26,186,994
26,311,189
26,878,122
29,631,418
30,631,099
32,199,424
32,840,737
33,053,953
: 33,275,184
.
—
TOTAL
Total oper.
Ratio exp. to revenues.
Net earnings.
3091
diameter,
...
^
Powerhouses:
700; total, (2) 41,200.
Total cars (aU cos., 1,236, Including
569 closed pass., 87 freight^andexpress and 176 service.
Of
42, R. I. £ub. Ry. 206, Union
RR. 21, Sea View RR. 30 and P. &
owns
404 open pass.,
these,R. I. Co.
Ry. 847, Pawt. St. Ry. 47, Narr. Pier
D. Ry. 43.
Compare Rhode Island Co. and United Traction & Elec¬
on subsequent pages.-—V. 105, p. 1898.
tric Co.
United
Curtis
Co., New York.
Finishing
States
(Report for Fiscal Year ending June 30
as
No allowance has yet been
liquidated in full its
floating note and Debenture indebtedness.
Our original note indebted¬
ness at the time of the change In management in 1913, was $2,165,000.
On
July 1 1916, we still owed in notes and debenture bonds $1,255,504, liqui¬
dated
follows:
_on.
Notes payable Sept. 14 1916
Notes payable Dec. 14 1916
Debenture bonds March 1 1917
—
...
$§£4,152
'inn
647,200
In addition, during the past four years, our bonded debt has been re¬
duced $552,166, which includes all additions to sinking fund and cash on
Sales of aeroplanes
Sales of motors
Motor parts
been well
sustained and the quality of work handled much the same as last year.
The earnings for the year were $1,432,433, [before deducting preferred
dividends).
The dyestuff situation still remains difficult, although we have been
,
,
,,
able
to secure a much larger line of colors of American manufacture,
"he out¬
look for the future from this source of supply is hopeful, lor the quality
and uniformity of American dyes is steadily improving.
Prices for dye-
of an easing up in the value
anilines, our operating costs
at the close of the fiscal year have reached their highest point since July
1914.
We are now meeting a very radical advance in aniline oil, which
is the important factor of cost in our Sterling and Queen plants.
The coal
situation has been and is a most difficult one.
We are paying abnormal
prices and facing a constant, shrinkage.
stuff still remain abnormally high and in spite
of heavy chemicals and some of the American
Property Account.—Our balance sheet shows we have invested in build¬
ings, machinery, real estate and water power, $5,922,154.
This, on to¬
day's replacement values, is a very conservative valuation.
As a result
of the appraisal made of our bulildings and machinery in 1913 and of the
sale of the Passaic plant, we have charged off since that date to deprecia¬
tion against plant account,/$2,942,338.
We have made new additions
amounting to $362,288 and charged to repair account $1,048,921.
This
past year's share of the above shows, in additions to new plant, $123,283;
repairs $316,532, and in depreciation $141,629.
Additions
and
_
Miscellaneous
26,896
Gross income..
—
of business during the past year has
Less discounts and commisa'ns
72,926
boiler plant is
being added.
cerizing plant, new tenter frame room and calendar room and additions
to dyehouse.
This branch is in a position to handle the very best styles
of printing at a minimum of labor cost.
A new dye house has been built
at the Sterling branch, the bleachery rebuilt, and additional drying and
BALANCE
SHEET
operation incident to abnormal prices for syestuffs, coal and labor.
Taxes
Curtail
Pref. Dividends and Improvements.—Our plans for
future improvements have been halted temporarily, owing to the necessity
of making preparation for the payment of the new war taxes, as these pay¬
ments must be made in cash, and in this connection it is pertinent to call
the attention of our stockholders to the fact that our plans for the payment
of deferred dividends on the preferred stock of necessity must be curtailed.
War taxes must be paid in cash and cannot be paid out of a surplus which
is represented by buildings and inventory.
Labor, c&c.—The years since the beginning of the war have been marked
by violent shifting and fluctuating changes in values of material and labor.
Dividends.—We resumed paying dividends on the preferred stock on
April 16, when a payment.of l%% was made.
On July I the regular
1M% dividend was paid, and in addition a dividend of 1 %% against the
deferred dividends, leaving still unpaid 26 X% of deferred dividends on
the preferred stock.
OF
CORPORATION
THE
8
U.
,
_
FINISHING
S.
Yards
finished
CO.
FOR
1916-17.
,
YEARS
ENDING
1915-16.
JUNE
1914-15.
30.
1913-14.
-,__Not stated. Not stated. 197,160.100 229,722,765
$6,450,965
$5,204,665
$4,046,051
$4,365,587
■
.
"
exp— a5,160,151
4,053,371
3,492,498
3,918,762
Gross receipts
of production,
—
Cost
maint.&gen
Net earnings
Other
$1,290,813
404,039
$1,694,853
c$132,42c>
income
$1,151,294
23,298
$1,174,592
$135,976
94,271
$553,553
89,927
Cash
Interest
Interest
earnings
on
on
bonds
debentures--
Taxes-—,
$476,585
$141,925
10-,815
1,163,711
89,787
—
Depreciation
Preferred dividends—(5X)204,500
Balance, surplus
$1,227,933
bl38,353
$401,272
$232 845
2,470,982
Acctsnotes pay.
4,422,030
......
Other current liab.
106,192
6,476,749
res.
Investments.....
37,170
Pepos.on contracts
10.3,743
......
Pat'ts & good-will.
Deferred
Bonds
5,853,461
337,268
287,773
BALANCE SHEET
Ui
1917.
Assets—
S. FINISHING
523,030
526,562
*1
*1
Sterling Iiapt. stock.
Queen Dy'g Co.stock
Liberty Loan acct._
750,000
Inventories
769,790
Cash
Book
r—
debts
750,000
9,387
1917.
615,934
interest
Toronto Co
Accrued
58,689
...
interest,
159,970
96,429
Depos. on contracts
762,709
Prof. & loss, surp. 2,107,139
taxes, wages.._
Res've for conting.
Total.
...18,515,169 13,195,621
35,000
911,524
824,474
13,195,621
Total ..-...-..18,515,169
*
Total common stock is 303,000 shares of no par value, representing
at "stated value" of $5 each $1,515,000, less 25,460 shares, amounting at
stated value to $427,300, reserved for conversion of notes, leaving 217,540
common shares of a "stated value"
of
$1,087,700 outstanding.—V. 105, p.
1806,1620.
Independent Brewing Co. of Pittsburgh.
(Report for Fiscal Year.ending Oct. 20 1917.)J
Breweries.—(a)
Allegheny
County:
Duquesne,
American,
Lutz,
First
National and Il'ill Top at Pittsburgh. Pa.; Char tiers Valley at Carnegie, Pa.;
Home at Braddock, Pa., and Homestead at Homestead, Pa.
(b) Beaver
County:
Anderton at Beaver Falls, Pa.
(c) Butler County:
Butler at
Butler, Pa.
(d) Washington County: Charleroi at Charleroi, Pa., and Globe
Monongahela, Pa.
(e) Westmoreland County. Monessen at Monessen,
Pa ; New Kensington at New Kensington, Pa., and Loyalhanna at La-
at
I^foIdg
Pa
'
RESULTS OF OPERATIONS.
Years ending—
Sales (barrels)
Oct. 20 '17.
658,424
$5,212,603
140,162
Oct. 14 *16.
668,428
$4,733,858
140,662
Oct. 16 '15.
525,488
$4,086,333
98,452
$5,352,765
4,279,121
$4,874,520
3,556,234
$4,184,785
3,234,487
2 ;896,715
sales—$1,073,644
$1,318,286
$950,298
$1,205,601
$270,000
315,000
$252,770
315,000
$248,930
315,000
——
Total sales
Mis cell. Income,
Income (all sources)
Cost of produc. & oper.
Profit
on
Oct. 17 '14.
563,922
$3,991,532
110,784
,102.316
Disbursements—
on
bonds...
$270,000
Pref. dividends (7%)...
Common divs. (1}4%)Int.
on
315,000
67,500
1,380
1,568
"2",0i7
419,764
bds. constit.
Depreciation,
434,478
262,744
~2~, 468
281,961
$1,073,644
$1,021,046
$832,532
$117,766
$848,359
$357,243
cos.
&c
Total disbursed
.
Balance, surplus
None
.
$297,240
BALANCE
s
s
SHEET.
Oct. 14 TO.
Assets—
Oct. 20*17.
.
Liabilities—
Oct. 14'16.
§
Real estate, &c._. 12,641,069 12,520,196
Cash
217.613
250,123
Common stock...
§
Bonds—r
1,116,444
1,194,772
Preferred stock...
receivable.
561,633
648,133
*218,050
263,050
71,670
57,154
451,459
359,298
446,336
290,512
15,670,275
.
Undivided profits.
15,637,236
4,500,000
Bond int., &c._..
Unexp.,&c., insur.
Materials, &c.
Indep, Brew. Co
Constituent
Accounts
(no liquid asset)._
Deficit
Total
Accounti payable...
610,798
90.671
Pref. div. pay. July 1
183,710
Surplus
interest....
4,500,000
4,500,000
4,500,000
4,500,000
4,500.000
cos
23,000
23,000
payable
213,812
234,447
119,729
132,134
1,780,694
1,780,694
63,843
121,871
647,200
...
„
66,755
71,758
,
Total
taxes accrued $6,178.
Guthrie &
amount
The total surplus June
Co., Chartered Accountants, say:
"The
to $1,432,433 (before deducting
preferred
dvidends), after full depreciation has been taken into account, and after
charging off the balance of the debenture
expense, but no provision has as
yet been made for Excess Profits Taxes for the year 1917.
Dividends
amounting to $375,000 were received from the
Queen Dyeing Co."—V.
pref. stock,
a
dividendr
credit balance of $258,841 has been carried to surpluST
The financial statement shows bonds payable amounting to $5,319,000.
From this amount should be deducted 474 bonds carried in investments and
INCOME ACCOUNT FOR
•.
1916-17.
"
,
YEAR.
1915-16.
1914-15.
849,200
—$7,663,428
798,175
$6,555,829
5,437,498
4,312,228
.
600,869
$4,744,864
3,380,921
$5,072,628
3,437,148
Gross earnings
$2,225,930
General office expenses..
460,559
$2,243,601
459,785
$1,363,943
397,947
$1,635,480
367,695
.—$1,765,371
215,577
$1,783,815
194,237
$965,996
175,456
$1,267,785
164,758
_$1,980,948
$1,978,052
$1,141,452
$1,432,543
$319,140
$319,140
$333,140
$340,140
Operating cost Of sales
Net
j $18,750, and preferred dividend $8,750,
105, p. 1904,
on
'
1913-14.
669,912
and
Finishing Co. 1st Mtge. 5s $740,000 (after
*r
year
for Federal and State taxes accrued and unpaid, and $549,009 as
Sales (barrels)
Total net sales-
payable July 1.
Staling Dyeing & Finishing Co. bonds $250,000.
the
Pres. C. H. Ridall, Pittsburgh, Nov. 14, wrote in subst.:
Oct. 31 Years—
®v?nlonnaS.i!ies
*th,® .Queen Dyeing Co. as of June 30 1917 include
$750,000 common stock fall owned
by the U. 8. Finishing Co.), $500,000
pref. stock, S/oO.OOO bonds, $65,548 accounts payable and accrued
payWade,
Co.
The gross earnings amounted to $1,980,948.. After making deductions
for depreciation, doubtful accounts, interest on bonds, amount reserved
..9,458,370 9,541,888
deducting $1,010,000 in sinking fund), Consol. Mtge. 5s SI,650,000 and
Barrow,
Brewing
{Report for Fiscal Year ending Oct. 30 1917.)
facilities for handling this branch of our product.
By the extension
improvement of buildings, and the installation of new and modern
machinery we are at present fully equipped to meet every requirement. -
1917 $176,378 cash and securities in sinking fund, and
*
1902.
and
153,668
252,401
S
tSk3'-*
by company and $22,050 in¬
390 bonds held in the sinking fund, leaving outstanding $4,455,000.
An increased demand for bottled beet has made it necessary to improve
105,000
1,030,710
$138,252 cash on deposit with trustee from sale of Passaic
property
certain Pawtucke* land.
30 1917 was$104 873
15,637,230 15,670,275
—
our
166,592
9,458,370 9,541,888
u
202,817
66,000
_
Total
Co. bonds held
Pittsburgh
2,676,000
608,304
...
Taxes and pay-rolls.
Accrued bond, &c.,
.
—
Includes $196,000 I. B.
S
Bonds outstanding.z2,640.000
Notes payable
Par value, $250,00; book
value, 1.
After deducting $66,000 for interest
»ioo
*
—
vestments in miscellaneous stocks.—V. 105, p.
2^350,000 2,350,000
3,000,000 3,000,000
Preferred stock
293,220
x337,573
613,327
.51,887
Total
1916.
8
Common stock
Debent. debt
773*220
Prepaid insur., &c. *
Sinking fund
y314,630
Sterling Impt. Co.
h-
-
4,000,000
JUNE 30.
Liabilities—>•
bl<lgs.,&c.,
less depreciation..5,922,154 5,907,637
Copper rollers
CO.
1916.
$
Real est.,
*
Minority
7,825,590
charges.
3,773,000
...
Includes depreciation in 1916-17.
b Depreciation included wii h expenses, &c.
c Includes $37,425 interest on the U. S.
Finishing Co. 1st Mtge. 5s (less
in sinking fund), $82,500 interest in U. S. Finishing Co. Consol.
Mtge.
5s and $12,500 interest on Sterling Dyeing & Finishing Co. 1st
Mtge. 5s.
*
750,000
Inv'tories. less
Accts.
$805,992
1,087,700
Notes...........
Bond sinking fund
a
At $5 stated val.
280,256
1,063,565
Securities at par..
.
8
142,101
Bills receivable...
40,208
Nov.30*16.
8
6,000,000
6,000,000
♦Com. (no par).(217,540sh.) (150,000sh)
Accts. & note's rec.,
less reserve
1,992,501
$446,825
29,760
$643,480
$138,125
104,083
SUBSIDIARIES.
Sept.30'17.
Capital stk., pref.
Oct. 20 '17.
Total
AND
Liabilities—
S
Land,bldgs.,equip.,
&c.(atdepr.val.) 3,675,918
Interest
RESULTS
70,600
the nine mos.81,821,566
Sept.30*17. Nop.30*16.
Assets—
.
War
.....
...
[For the 10M months ended Nov. 30 1916 sales aggregated $6,355,945;
profits amounted to $1,772,625 ; and balance after interest on notes,
&c., to $1,561,444.
See V. 104, p. 260.)
boiler plant.
At the Norwich plant we have built a concrete settling
pond, and have made additions to our dyehouse machinery and to our
calendar room.
The Queen plant has been supplied with new tenter
frames, mercerizing machines, additional boilers and Singe Plant.
cost of
Bond and other interest.
82,102,032
209,866
which is without par value.
new
expenditures in repairs and plant account, while large, have been
fully justified by an improved quality in our work and in decreased cost
of operation.
This has offset in some degree the very large advance in
152,453
....
Gross profit
gross
calendar machinery added to this plant.
We have just finished a new
coal pocket and coal conveyor, and contracts have been let for an entire
These
Other income
After allowing $315,000 as dividend for nine months on the $6,000,000
preferred stock, there remains of the $1,821,566 net profits the sum of
$1,506,566 for the 217,000 shares of common stock, or $6 90 a share for
the period.
This is at.an annual rate of $9 20 a share for the junior issue,
all
new
.$1,949,579
earnings
89,877,281
Improvements.—We have completely rebuilt our bleach
The principal additions to the Pawtucket branch plant are a new mer¬
Net
Net profit for
large amount has been spent on,this plant in a most thorough repair of
buildings and machinery and on a rearrangement of the machinery.
a
764,059
Selling, general expenses, &c_.
Royalties
Net sales
cost.§7,163,642
Deduct—Manufacturing
.$9,950,207
house at the Silver Spring Branch, have added a new color shop and addi¬
tions to our print room and rebuilt our starch-mixing room.
In addition
A
New York.
made for war taxes.
...$6,588,806
1,433,101
1,405,689
495,715
Aeroplane parts
deposit with trustees.
Results.—The volume
Aeroplane & Motor Corporation,
(Report of the Corporation and Subsidiaries for Nine Months
ending Sept. 30 1917.)
1917.)
Thompson says in substance:
President Henry B.
Balance Sheet.—During the year the company has
[Vol. 105
CHRONICLE
THE
2092
•
Other
earnings
income
Total
—
Deduct—
InterestEst. State & Fed. taxes._
125,000
Preferred dividends—(9%)549,009(8^)533,757(1^)106,750
Common
dividends
Depreciation, &c—.—
Total
deductions
Balance, sur. or def
728,958
(7)427,000
(H%)29,811 (4%)238,490
687,796
463,742
465,409
$1,722,107
$1,540,693
$933,443
sur.$258,841 sur.$437,359sur.$208,009
$1,471,039
def.$38,496
Nov. 24 1917.]
THE
BALANCE
Oct. 31 *17.
jL$$€tS~~mm
6,100,100
5,962,250
1,821,932
1,911,330
Acc'ts receivable..
691,150
673,690
inventories
815,779
Sinking fund
270,727
566,260
145,579
*
of Oct. 31
as
(other than
6,100,100
5,962,250
5,319,000
33,353
417
140,327
(est.).
Accrued bond int.
80,000
106,380
106,380
5,328,297
5,069,456
Mortgage payable
1,250
Surplus
Total
22,989,708 22.638,854
Includes
5,319,000
Sundry accounts..
Acer, taxes
Brewery and office
Total
S
Preferred stock...
1,021,963
Notes receivable—
Oct. 28 '16
$
409,323 'Common stock...
Bonds (see text)..
17,910,708
*1,034,922
22,989,708 22,638,854
$430,431.
bonds, 7,998
shares of pref. stock (par $50), or $399,900, and 10,755 shares common stock
(par $50). or $537,750.—V. 105, p. 2004, 1807.
stocks
$1,022,500, of which $1,000,000 was derived from the
earnings of those properties during the re¬
ceivership and $22,500 came from the sale of certain parcels
accumulated
of the coal lands.
of 20% ($200 per
on the $5,167,000
.
and
stocks and
bonds
in
bonds,
treasury:
$181,000
This payment is to be made bv the trustee on account of the amount
for principal and interest on presentation of the bonds with
i
coupon of Feb. 1 1915 and all subsequent fcoupons attached at the office
of the Central Trust Co., 54 Wall St., New York, for proper
stamping.
The
coal
and
next
properties
are
such sales
at
advertised to be sold
the
the interests
therefore
of the holders
under
the
on
bondholders* committee,
Jr., Chairman, proposes to take such action
of the bonds
circumstances
to
as
Dec.
17 and
Dec.
18
George C. VanTuyl,
in its discretion best meets
The committee has concluded
make
a
partial distribution at this
time of the moneys received by it and will accordingly pay $170 on account
of each bond represented by its certificates of deposit on presentation of
the
INVESTMENT NEWS.
GENERAL
Out of the fund so received a payment
$1,000 bond) is now announced payable
outstanding coal bonds.
due thereon
1917 mortgages receivable, $138,250; real estate
$466,241; and
plant),
Note.—Unsold
2093
of
Oct. 31 '17.
Liabilities—
Plant & equipm't. 17,986,802
Cash
v
368,397
Investments
SHEET.
Oct. 28 '16.
j§>
CHRONICLE
at the
same
Metropolitan Trust Co., 60 Wall St., retaining the balance
for the purposes of the Deposit Agreement of Jan. 15 1915.
Holders of
certificates
to whom there has been advanced the amount of the Feb. 1
1915 coupon will receive the sum of $170, less the amount of the Feb.
RAILROADS, INCLUDING ELECTRIC ROADS.
1915 coupon, and interest on advances at 6%
1917.—V. 105, p. 1897, 1617.
1
from the dates thereof to
Nov. 21
American
Railways, Philadelphia.—Sub.
Co. Rates.—
Cincinnati
See Bridgeton & MillVille Traction Co. below.—V. 104, p. 1700, 1484.
Atlanta
(Ga.) Terminal Co.—No Enlargement at Present.
Secretary B. L. McGee, Atlanta, Nov. 20, replying to an inquiry from
"Chronicle," writes: "The company does not contemplate enlargement
time within the very near future, and does not
contemplate the issuance of new securities."—V. 105, p. 2000.
the
New
Orleans
&
Texas
Pacific
Ry.—New
Director—Report—Dividend.—See "Annual Reports" above.
George F. Shriver has succeeded Oscar E. Murray, deceased, as director.
V. 103, p. 1980.
of its station facilities at any
Atlantic
Coast Line
RR.—Semi-Annual
10 1918 at Rate of 7% p. a. as in
directors on Nov. 20 declared
stock,
common
record
Dec.
payable
Jan.
This is at
20.
1917—Annual Report.—The
a
33^%
dividend of
10
the
the
1918 to stockholders of
same
Cleveland &
rate
as
on
Pittsburgh RR.—Merger Contemplated.—
See Pennsylvania RR. below.—V. 105, p. 606.
Dividend Jan.
Delaware & Hudson Co.—Status—Earnings.—Tlie fol¬
lowing published statement has been officially revised and
the table of earnings elaborated for the "Chronicle":
While the action of the directors at their meeting toward the end of nex
on the dividend for
1918 cannot be anticipated at this time, the
be made that the board will then have before them prac¬
maintained
month
throughout 1917, prior to which 5% p. a. had been paid for
two years, following three years at the 7% rate, and prior to
that various rates from, 5% to 6%.
The annual report is cited at considerable length on other
pages. '
'
The fiscal year
having been changed to end Dec. 31, the annual meeting
will hereafter be held the third Tuesday in May.
H. L. Borden, Sec. & Asst. Treas., has also been elected
Pres. to fill a vacancy.—V. 103, p. 2237.
Third Vice-
Baltimore & Ohio RR.—New Director.—
P. H. Goff, of Cleveland, has been elected a director to succeed the late
Oscar G. Murray.—V. 105, p< 1897, 1801.
statement can
tically final figures for the year, showing that the company has earned
the 9% dividend requirements on the $42,503,000 capital stock, with a
surplus substantially larger than that of last year.
The Delaware & Hudson Co., which operates the railroad and the coal
departments, in the ten months ended October earned a surplus for divi¬
dends on the stock of $4,112,000, which is equal to 9.67% on the amount
outstanding.
These earnings do not include any allowance for payments
which are received by the company at the close of the year from subsid¬
iaries, whose aggregate surpluses, available for dividends might easily
run to an additional 3% on the D. & H. stock.
Comparison of the Delaware & Hudson Co.'s surplus of $4,112,000 for
the ten months' period, with the earnings on the stock in the years 1909-16,
is
10 Months.
Barcelona Trac., Lt. & Pow. Co., Ltd.—Combined Earns
Calendar Years—
Net revenue (all sources)
Interest
on
1916.
$1,316,283
96,356
$1,543,415
surplus
1915.
$1,875,316
331,900
:
Prior Lien "A" bonds
Balance,
below:
made
Surplus Over Charges—For 10
$1,219,927
—V. 104, p. 2116.
Cal.
Years.
dos. to Oct. 31 and Cal.
%
on
5.254,458
5,194,839
5,330,189
5,237,680
5,506,089
1908.. .3,993,989
1909—3,888,006
1910—.3,794,051
1911
4,270,673
1912.-4,512,288
&
Maine
RR.—Wage Advances.—
Following arbitration
an increase of 40 cents per day has been granted
agents, freight handlers, clerks, mail porters and similar em¬
Crossing tenders are granted an increase of 30 cents.
The men
affected numbering about 5,000 had asked for an increase of 75 cents and
an eight-hour instead of the present nine-hour
day.
In connection with
the application for a reduction in the hours per day it was agreed that in
view of the present crisis it was unpatriotic at the present time to raise
the issue.—V. 105, p. 1897, 1707.
station
to
ployees.
1913—5,671,732
1914—.3,247,216
1915
4,229,230
12.32 1916—3,037,959
12.95 1917—-4,111,985
12.54
U. Commission has approved the action of this com¬
pany in abandoning the special rate sale or six tickets for 25 cents and
50 for $2.—V. 72, p. 282.
Cambria & Indiana RR.—Note
Issue.—
This company, owning a steam railroad extending from Colver
Heights
to Manver, Pa., 21.8 miles, and from Colver Junction to Rexis, 4H miles,
has made an issue of $500,000
6% Secured Gold Notes dated Aug. 1 1917, due
Aug. 1 1919.
Interest P. & A.
All or any part redeemable at company's
option on Aug. 1 1918 or Feb. 1 1919 at 100£j| and int.
Girard Trust Co.,
Phila., trustee.
The proceeds have been or are to be used to purchase
necessary right of way, construction equipment, &c.
The notes are a
second lien on the original road.
•
There is an authorized issue of $4,000,000 of the 1st M. 5s of 1911, due
May 1 1936, of which on July last $900,000 had been issued and of these
$88,000 had been retired and $75,000 had been pledged.
B. Dawson
Coleman, 833 Land Title Bldg., Phila., is President.—V. 105, p. 1000.
Canadian
Northern
Ry.—Price for Minority Stock.—A
statement given out at Ottawa on Nov. 20 by the Canadian
Government regarding the agreement recently arrived at
with the company to arbitrate the value of the 600,000 shares
of the company to become the property of the Government,
confirms the reports that no greater sum than $10,000,000
can be paid for the C. N. R. shares and if the value is found
to be less than ten millions, then.the less sum will be
paid.
No arbitrator is
named
Catskill
105,
p.
1998, 1897.
company's 5-mile line, between Catskill and Leeds, N. Y., was sold
under foreclosure of the mortgage to Joseph Joseph & Bros. Co. N. Y. on
Oct. 24 last.
In view of the fact that the roaa was
expected to be dis¬
mantled, local interests have organized for the purpose or interesting capi¬
in
with
a
taking over the road and continuing operation.
It is stated that
fare Increase and regulation of automobile traffic
paralelling the line,
be again made to pay.
Compare V. 105, p. 1522. „
the property could
Central
RR.
of
New
Jersey .—Full-Crew Decision.—
See page 1959 in last week's issue.
The "Railway Age Gazette" on Nov. 16 also published exhaustive data
In this connection on page 896 of that publication.—V. 105, p. 1897, 1707.
Central
Vermont
June 30
Years—
1915-16
—V. 105, p.
Earnings.
$4,725,840
4,612,358
Net, after
Other
Taxes.
Income.
& Rents.
Balance,
Surplus.
$828,652
974,645
$43,720
43,720
$789,159
843,157
$83,213
175,208
Interest
1522.
Charleston
(S. C.) Consolidated Ry & Lighting Co.—
A contract between this company and its motormen and conductors was
signed Nov. 14 by which a wage increase is granted of three cents per
hour, bringing the minimum scale to 22 cents per hour and the m?r'TT1"tr|
to 28 cents.—V. 105, p. 1522.
10.84
14.28
9.78
9.67
in the first ten months
months' surplus in 1916
companies,
no
propor¬
The temporary condition regarding hire of
equipment which ran against
the D. & H. last year, as it did against practically all the roads terminating
at the Atlantic Coast points, has been restored this year to more nearly
normal.
showed
For the ten months the hire of equipment item on the D. & H.
credit of $10,730, compared with a debt a year ago of $374,258.
the tonnage which is offering, the company has pressed into
every available car, so that at present on the system there are
a
handle
To
1,600 more freight cars in service than there were a year ago.
Delaware & Hudson coal properties, like all anthracite
companies, are
a record output this year, and while the margin of profit has been
cut into by higher wages and higher cost of materials, the coal profits, due
to the increased tonnage, have been ar record levels.
The prosperity of
coal operations is an important factor in the fulfillment of dividend re¬
quirements by the Delaware & Hudson Co. this year.
The coal depart¬
ment has been especially successfull in marketing a great bulk of steam
having
from its culm banks.
of the Delaware & Hudson provide for requirements for
on the basis of present plans,
though this road like all
other carriers could use money in development work, if it were available.
anthracite
size
The finances
time to come
some
The cash
position of the system is entirely satisfactory.
Unmined
learn is
we
Coal.—The company's coal tonnage in ground
estimated to aggregate between 700,000,000
now
and 800,000,000 tons, being approximately a 100 years' sup¬
ply
p.
on basis of present fresh-mined operations.—V.
1208, 997.
105
Detroit United Ry.—Bonds Redeemed.—
Ry. will retire $50,000 of its 1st M. 5% gold bonds
On Dec. 1 the Detroit
thereby making $300,000 retired since Dec. 1 1912.
$1,550,000 bonds were outstanding on this issue.—
(Nos. 251-300 incl.)
last
At
accounts
V. 105, p.
1898.
Erie &
See
Pittsburgh RR.—Merger Contemplated.—
Pennsylvania RR. below.—V. 84, p. 748.
Erie RR.—Authorization
,
of Bonds Under New Mortgage.—
Jersey P. U. Commission on Nov. 21 authorized
issue an initial $15,000,000 of 20-year 6%
bonds, series "A," under its Refunding and Improvement
mortgages, dated Dec. 1 1916.
Bankers Trust Co., trustee.
Total authorized issue, $500,000,000.
Of the initial isssue
the company is authorized forthwith to pledge $8,750,000
as collateral security for a short-term loan aggregating $5,000,000 and is empowered without further application to
the Commission to pledge the remaining $6,250,000 as
security for other and additional loans, upon the basis of
the company to
more
amount
than
$175 in amount of bonds for each $100 in
of loan.
The bonds, it is provided, shall not be
sold at less than 90 and interest.
that no public financing is contemplated at
however, that the company may find it desirable
privately and use some part of the new bonds as collateral
loans.—V. 105, p. 1898,1617.
It is stated authoritatively
this time,
lt is supposed,
to borrow money
to secure
Ft. Wayne
& Wabash Valley Traction Co.—Deposits.
of the 1st Consol. Mtee. bonds have been deposited with the
M. Chandler, Chairman.
Deposits are still being re¬
Compare V. 105, p. 1419, 1104.jj
,
About 60%
committee,
ceived.
Chicago & Eastern Illinois RR.—20% Distribution on
Bonds Chiefly Out of Accumulated Earnings—Sale of
Coal Properties Set for Dec. 17 and Dec. 18.—The Central
Trust Co., trustee for the company's 5% Purchase Money
First Lien Coal bonds of 1912, has received from
Theo¬
dore C. Keller, the receiver of the coal properties, the sum
Coal
14.53
of which is in the figure of $4,112,000 for this year.
tion
not
Ry.—Earnings.—
Gross
1916-17
6,174,735
4,609,309
6,071,440
4,158,372
The New
(N. Y.) Traction Co.—Sale, &c.—
This
tal
Stock.
% on
Jfock.
in
the agreement, but the appointment of Sir
William Meredith, Chief Justice of Ontario, to,represent the Government,
is officially confirmed.—V.
company
of 1917 earned within $46,000 of the full twelve
which included "other income" from subsidiary
service
Bridgeton & Millville Traction Co.—Rates.—
The New Jersey P.
on
Cal. Years.
12.22
From the above it will be noted that the
Boston
Years—%
10 Months
Stock.
Percy
Gary & Interurban (Electric)'RR.—
The Indiana Public
Service Commission has authorized receiver Charles
D. Davidson to discontinue service on the 20 miles of road which extends
Laporte to Goodrun, Ind., "without touching a town between ter¬
minals.
This line was formerly the Goshen South Bend & Chicago RR.
The city of Laporte Is authorized to buy that part of the line which lies
within the city limits.—V. 105, p. 1309, 1208.
from
THE
2094
Georgia Coast & Piedmont RR.—Receiver's
Illinois
Certificate.
submitted
which
to
crease
a
Stock Increases.—
their authorized capital
stock^ps follows:
Amount.
$53,000
35,000
180,000
49,000
550,000
32,000
Company—
Bloomington & Normal Ry. & Light
Urbana Light, Heat & Power Co
Railway .—Plan of Reorgani¬
committee named below has
bondholders'
Co.
Co.—Sub.
companies, controlled by the Illinois Traction Co., have
applications with the Illinois P. U. Commission for authority to in¬
Florida & Alabama
zation.—-The
Traction
The following
filed
Judge Emory Speer at Macon, Ga., on Nov. 13 authorized the receivers
to issue $100,000 receiver's certificates, the proceeds to be used to take care
of the road's indebtedness and for improvements.—V. 105, p. 1208.
,r
Gulf
[Vol. 105.
CHRONICLE
Decatur Railway & Light Co
plan of reorganization, dated Nov. 12 1917
obtained the assent of holders of about
Danville Street Railway & Light
Danville Urbana & Champaign Ry
Urbana & Champaign Ry., Gas & Electric
it has
75% of the deposited bonds, making the scheme binding
all the depositors.
Further deposits of the bonds wil
be received at the Metropolitan Trust Co., depositary, 60
Wall St., N. Y., on or before Dec. 8, subject to consen
of the deposited bonds as to this extension of time.
—V.
104,
p.
Co.
Class of Stock.
Preferred
Common
Common
Common
Preferred
Common
2447.
on
of
Digest
Indianapolis & Cincinnati Trac. Co.—Rate Increased.
This company has applied to the Indiana P. U. Commission for authority
to increase passenger fares from 2 to 2H cents per mile.—V. 96, p. 1297.
Interborough Consolidated Corp.—Proposed Legisla¬
by New City Administration As To Municipalization.—
Committee's Letter of Nov. 2
of Nov.
22 about $3,800,000] out of a total
of $4,410,000 of the 1st Mtge. Bonds have already been deposited with
the committee; $500,000 of 6% Receiver's Certificates have been au¬
thorized by the Court to provide for necessary betterments, improve¬
ments and cars, and $222,500 of these were sold, the proceeds being largely
used to satisfy lien claims incurred previous to the Receivership and for
operating deficits.
Mr. Dewey has resigned as Receiver because it was
Impossible, due to the abnormal financial conditions to sell the balance
of the Receiver's Certificates and to carry out the plan recommended by
him.
The road for lack of sufficient cars, and necessary improvements,
has been running behind every month in operating expenses, and unless
reorganized will continue to run behind approximately $10,000 each
month, so that a debt is piling up prior to the bonds which must be stopped
at once to preserve any value in the bonds.
Enough money has been
provided to operate the road for about three weeks from this date.
No
more Certificates can be sold.
Reorganization is therefore imperative.
The
committee
has secured reports from independent, experienced
railroad operators, and engineers, and has found responsible capital and
tion
About $3,700,000 [as
competent
men
the reorganization
undertake
to
submitted herewith.
tures, to secure more locomotives and as many cars as possible.
The
terminal properties, which are considered of very great value, will pro¬
nothing in the way of revenue until the end of the war or water trans¬
portation is resumed.
The reports show that the business which this road can do at this time
is originated largely on its own line.
No lack of business exists, but the
road is not in a physical condition to be economically operated and it has
not sufficient motive power, cars, sidings, stations, platforms and equip¬
ment to handle the business offered. J The road can effectively handle
75 cars each way daily, when placed in operating condition.
The averago return per car, based on present rates, would be about $8, giving the
road, when properly constructed and equipped, an income of about $1,200
a day,
or about $400,000 per year.
When an effective organization is
obtained and the property put in proper condition, the operating expenses
should not exceed 70% of the gross receipts.
These figures are the mini¬
mum shown by the reports submitted to the committee.
It will take at
least 30 days to make the necessary improvements to the property and
unless the plan is promptly approved it will be impossible to make these
owing to the rainy season.
sition that is likely to be urged by local interests
would prevent
The oppo¬
being shut down and sold for its junk value.
In formulating this plan we have sought to have the First Mortgage
therefore, proper that the stock which represents no present value should
be used for obtaining such management and proper financing.
New money
must be obtained, and under present conditions the committee are unable
to obtain it. upon any better terms than are stated in the plan submitted.
This plan has the unanimous approval of the committee, and also the
bond dealers who were instrumental in placing the bonds, and a number
of the large holders of bonds.
The bondholders subscribing to the Participating Receipts will receive
6% upon the new money until the reorganization is completed.
There¬
after 8%, and in the end will receive new securities that have value.
of Reorganization,
Plan
Dated
Nov. 12 1917.
Preferred Capitalization of Successor Company Following Foreclosure.
v.
Issued.
Authorized.
(♦Approximate)
Common stock
$2,500,000-
t. c
First Mtge. 6% 20-year gold
Income 5% 30-year bonds
bonds
3,000,000
1,500,000
*2,500,000
*1,200,000
$500~000
*300,000
bonds and $1,102,500 stock v. t. c.]
After 5% has been paid upon Income Bonds,
earnings exceeding 5% on
stock to be equally divided between Income Bonds and Stock,
tjnissued
securities to be available under restrictions for future betterments.
$1,102,500 "Panticipating Receipts" to Be Subscribed for at Par.
$1,102,500 6% Receipts of Participation will be issued at
once for cash at par to the amount of 25% of the present outstanding First
Mortgage Bond issue of $4,410,000, yielding $1,102,500, said sum to be
used to acquire (a) the $500,000 of Receiver's Certificates authorized (b)
any additional
Receiver's Certificates necessary to make the property
efficient.
These receipts will at all times represent Receiver's Certificates
authorized by the Court and shall.be a first lien upon the property prior
to the present bonds, but not prior to the new bonds as and when issued.
These Participating Receipts will be taken by either the present bond¬
holders or by an underwriting syndicate (to be formed to take the unsub¬
scribed portion of the same) and payment therefor will be required as
follows: 12
% Jan. 15 1918, and the balance in installments of 2\i % each
issue
of
at intervals of not less than one
as
the
and
month on ten days' call from time to time
is required.
Receiver's Certificates will be received at par
payment of such subscriptions.
Each assenting bondholder
25% subscription will have the right to join in the syndi¬
money
int.
in
who makes the
cate to ah amount not
exceeding 75% of his holding.
Basis for Pistribution
of Stock and Bonds of New Company.
Holder of $1,000 Bond
To Syn.
If Subscribing
If Not
for$250
as above stated.
Subscribing.
Cash.
(Partic. Receipts
$100
$400
Representing
100
150
250
100
150
250 These Amounts)
Non-subscribing bondholders and syndicate members will receive their
quota of the new securities at orice
'
Each Participation Receipt issuable to subscribing bondholders and
representing $500 new 1st Mtge. 6s, $250 income bonds and $250 stock
(v. t. c.) will be exchanged forthwith upon completion of the reorganiza¬
tion for a [$1,000] Trust Receipt "which shall bear interest upon the face
thereof at the rate of 2% yearly for a period of three years," after which
New 1st mtge. 6% gold bonds__$500
New 5% income bonds
New capital stock v. t. c
the
new
____
stock and bonds,
less accrued coupons,
will be delivered.
t*To secure this reorganization and readjustment, the financing of the
plan, and future management, approximately 53% of the common stock
will
be
used.
Ib Voting Trust.—All
Needed
bondholders
has
ceiver s
a
purchaser for the unsold portion of the $500,000
as
authorized by the U. S. District Court
Certificates
6%
for
Nor.
the
Manhattan
Suit
Dist. of Florida, thus providing at once sufficient funds to stop
monthly deficit in operation; and it further has a proposition from
Huntington (L, I.) RR.—(Electric).—Fare Increase
The
has
Robert
New
York
P.
S.
Commission
has
—
granted this company, which
operates a street railway between Huntington harbor and Amltyville,
l. i., permission to increase its fares from five to six cents.—V. 89, p. 593.
&
filed
been
Sloan is
S.
Mexico
20 1917 between the
Traction
Queens
by the
Corp.—Litigation.—
Electric Securities Co. against this
Gas &
President.—V.
98,
523.
p.
Investment
(Mo.)
&
Construction
Co.—
The shareholders of this company, which has been doing business at a
loss for more than
two years
operating an electric railway from Mexico
to
Santa
t" ons
Fe, Mo.,
and
about twelve
dissolve the
comnany.
Minn. St. Paul Koch.
miles^have decided to abandon operaW.
W.
Bottsls Secretary. Mexico, Mo.
& Dubuque Elec. Ry.—Notes.—
The Minneapolis "Tribune" of Nov. 14 says: "18% of the outstanding
otes against the Dan Patch road, secured .by collateral, will be paid off
by the court order releasing $135,000 of the $270,000 in cash and negotiable
notes being held by the receiver, C. E. Warner, according to J. O. P.
Wheelwright, attorney for the Continental & Commercial Trust & Savings
Bank.
The order was issued yesterday by Judge Wilbur F. Booth in his
chambers.
There is a total of $830,000 of outstanding collateral against
the road now in the hands of said bank, according to the testimony yester¬
i
day.
The money released will be distributed pro rata among the holders
of, the notes."—V. 105, p. 1999, 1898.
Missouri Kansas & Texas Ry.—Claims Must Be Filed.—
Judge Hook in the United States District Court at St. Louis, Mo., on
17 entered an order in the receivership proceedings
now pending
against the company requiring holders of unsecured claims to file their
s' -tements duly verified on or before Jan. 2 1918.
Nov.
Interest
Payment.—
that the interest matured June 1 1917 on First Mtge. 4%
bonds, due 1990, will be paid on presentation of coupons on and after
Nov. 26 1917, and that the payment of interest due Dec. 1 1917 will be
Notice is given
deferred.—V. 105, p. 1898, 1802.
Side Situation.—
New York Central RR,—West
recommendations of the Joint Committee appointed under the
Ottinger-Ellenbogen bill, to the effect that the city revoke the temporary
permit, under which the railroad is operating on the West Side will of
course be energetically contested by the company.—V. 105, p. 1898, 1802.
f The
New York New Haven & Hartford RR—Status.—The
following statement quoting
published during the week:
an
authoritative interest
was
Any suggestion of a receivership for the New Haven need not be enter¬
a moment.
Those who know how the company stands have no
tained for
a development.
It seems to be
the stockholders failed to subscribe the necessary
taken for granted that if
funds by taking new pre¬
receivership.
That is not
the case.
At least one other expedient would remain.
The matter would
then be put up to the noteholders in the form of a proposition to extend
the notes.
This has been successfully done before, and I have no doubt it
would succeed,in the present case, should the necessity arise.
No one wants to see the New Haven pass into receivers' hands.
The
stockholders cannot afford it, and neither can the holders of the notes.
New Haven is weathering its troubles and the matter of financing would
now be easy were it not that tmeporarily financial conditions are abnormal.
Does it seem at all likely that the stockholders or the noteholders will not
under the circumstances respond to the call to save the property?
thought of such
ferred stock, it would be necessary to resort to a
'Phere is every probability of an increase in rates, in which New Haven
likely to come in time to help
In any event the New Naven
may participate, in a special way, and this is
in making a success of the road's financing.
will be saved.
Boston-St.
Through
Louis
train
.
.
Train via Hell Gate Bridge.—
service between Boston, Providence, New Haven and
and other points in the Middle West, is being inaug¬
St. Louis, Pittsburgh
urated to-day jointly by the New Haven and Pennsylvania railroads via
the Hell Gate Bridge route through New York City and the Hudson and
East River tunnels, thus bringing New England, for the first time in his¬
tory, into direct connection with the Middle West
through this centre.—V. 105, p. 1999, 1898.
Northern
Ohio
Traction
Motormen and conductors of
&
Light
by an all-rail route
Co.—Wages.—
the Akron (Ohio) city lines and the inter-
by the recent strike have accepted the 5 cent per hour
raise offered them and have returned to work.
See V. 105, p. 1999,1802.
urbans
affected
Ocean Shore
responsible parties to form the syndicate and provide the money with
which to carry this
plan into effect.
^ Bondholders Committee.—George C. Van Tuyl, Jr. (Pres. Metropolitan
Trust Co.), Chairman; Charles S. Bancroft, Newton P. Hutchison, H. C.
Mandeville, Farrand S. Stranahan, S. S. Strattan, Harold B. Thorne,
(V.-Pres. Metropolitan Trust Co.), and Joseph Walker, Jr. with James F.
McNamara, as Secretary, 60 Wall St., N. Y. City.
Depositary. Metro¬
politan Trust Co.
60 Wall St., N. Sr.
Counsel, Lewis & Kelsey, 120
Broadway, N. Y. City.—V. 104, p. 2343, 2117.
of Aug.
the 5% 50-year Collateral Trust gold bonds
Nov. 4 1912, to take over all the franchises and property of the old South
Shore Traction Co., running from Fifty-ninth St., Manhattan, to Jamaica.
Re¬
the
&
company to recover $1,150,000 on promissory notes dated Oct. 1 and pay¬
able Nov. 1 last, but which
theplaintiff company alleges have not been paid.
The Manhattan & Queens Traction Co. was incorporated in New York
Funds Available.—If this
depositing
mittee
stock shall be placed in a 5-year Voting Trust.
plan is adopted by two-thirds of the
[assents aggregate about 75%.—ED.] the com¬
common
and redemption plan
sinking fund
the Lackawanna
Wyoming Valley Rapid Transit Co. has become
operative by the deposit with the Guaranty Trust Co. of N. Y. as deposi¬
tary of more than $855,000, or 96%, of the $888,000 outstanding 5% bonds
of the Lackawanna company, and in accordance with the agreement the
proposed indenture between the Scranton & Wilkes-Barre Traction Co.
and the Guaranty Trust Co. as trustee has been duly executed.
The first
sinking fund operation will occur in May 1918.
See plan, &c.—V. 105,
p. 1309, 909.
—
__„r
come
An
of
Treasury.
$2,500,000
$7,000,000
$6,200,000 *$800,000
[The exchange of the $4,410,000 1st Mtge. bonds now outstanding
will on the basis proposed call for $2,205,000 new 1st 6s, $1,102,500 in¬
Total
The
Rapid Transit Co.—
Operative.—Brooks & Co. of Scranton, Pa., announce:
company and the holders of
the road
Bonds represent present value, the Income Bonds to represent the value
under normal conditions, and the stock to represent such value as may
be given it hereafter bra competent and efficient management.
It is,
Digest of
Plan
and struc¬
duce
improvements before next April
Lackawanna & Wyoming Valley
outlined in the plan
It is necessary to improve the road-bed
»■
The incoming city administration, agreeably with the terms of its plat¬
form, is stated to be preparing a bill for submission to the Legislature at
Albany, empowering the city of New York to take over the traction line
systems and possibly some of the other local public utilities.
On this matter Pres. Shonts of the Interborough Company on Nov. 8
last said: "There can be no municipal operation of the Interborough lines
except under the terms of our contract with the city.
The title to all sub¬
ways in New York—those in operation and those in process of construction
—now rests in the City of New York.
The Interborough is only a tenant,
operating under a lease.
Under the terms of this lease the city cannot take
over the existing subway as a whole Until the expiration of the lease, fifty
years hence, ncr the new subways now building until at least ten years
after they are
completed and put into operation, and then only oh a re¬
munerative basis, the formula for which is stated in the lease."—V. 105, p.
1998, 1898.
A.
B. Sheperd has
V.
RR., California.—New Director.—
been elected a director to succeed Henry E. Bothin.
103. p. 2238.
Parkersburg
In
view
of the
f
(W.
ct
that
Va.)
&
Ohio Valley Elec.
this rail.fay,
extending from
Ry.—
Sistersville to
(5 miles),
has been doing an unprofitable business, Receiver
Charles E. Williams in a petition to the United States District Court at
Parkersburg recommends that the line be dismantled and its effects sold
Friendly
at
public auction.—V. 92, p.
1566.
„
Pennsylvania RR.—Plan to Merge Subsidiary Companies.
President Samuel Rea, answering the published rumors of
,
Nov. 24 1917.]
THE
CHRONICLE
amalgamation of the Eastern and Western Lines of the
Pennsylvania System on Nov. 21 said: "The board of direc¬
tors is considering the
acquisition by the Pennsylvania Rail¬
road Co. of the lines comprised in the Northwest
System,
chiefly the Pittsburgh Ft. Wayne & Chicago Ry., the Clevelane & Pittsburgh RR., the Erie & Pittsburgh RR. and other
roads now entirely owned and operated by the
Pennsylvania
Company. All the capital stock of the Pennsylvania Com¬
pany is owned by the Pennsylvania RR. Co.
Final conclu¬
sions have not been reached by the board of directors, but
when they are a public announcement will be made.
an
The acquisition
the Pennsylvania Co., which the directors
of
Sharon (Mass.) Canton & Norwood St.
Ry —Sale Off.
This
company's property, recently sold for junk, has reverted to its
the intended purchaser having forfeited his
deposit rather than
become involved in certain litigation
regarding the company.—V. 96, p.361.
owners,
Springfield (Mass.) Railway Companies.—Controlled
Company Omits Dividend on Stock.—
As announced last week, the Springfield Street
Ry., a majority of whose
$4,654,700 capital stock is owned by this holding company, has omitted its
semi-annual dividend usually declared at this time.
The N. Y
N
H
&
Hartford RR. guarantees dividends at 4%
per annum on the pref. stock of
the holding company ($3,387,900), while all the
common stock is held by
the New England Investment &
Security Co.—V. 83, p. 493.
Swansea & Seekonk Street Ry.—Successor
are con¬
an auth.
cap. stock
$100,000 (par $100), none outstanding, to take over and
operate the
property of the former Providence & Fall River St. Ry.. which had been
sold for junk to Karl Andren of Boston, but
again resold to a committee
representing the residents of the towns through which the line ran.
After
a lapse of about seven weeks
operations began on Nov. 8 from the SwanseaSomerset town line to Mason's Turnout, North Swansea.
Fare through
the town is six cents flat and for the time
being at least no transfers will
be issued.
The Massachusetts P. S. Commission has
approved the com¬
pany's right to operate."
Officers of the new company are: Emery C.
Kellogg, Swansea, Pres.:
Willard C. Gardner,
Swansea, V.-Pres.; Charles W. Greene, Warren,
Treas.; Algernon H. Barney, Emery O. Kellogg, Arthur E.
Horton, Wil¬
lard C. Gardner, William E. Bowen, Thomas
Lahey, Herbert H. Marble,
Joseph Luther, Lewis Gray, Dexter E. Horton and Jeremiah
Wheeler,
directors.
J. H. Hearn, who had charge of the road when it was
operated
by the old company, is superintendent.—(V, 105, p. 1523,
1105).
of
mated
or not, it will not disturb the experienced and efficient
organization
of the Pennsylvania System now at Pittsburgh, which has charge of the
a;dministration and operations of the Western Lines.
Under the present
pressure of traffic, and in order to assist most effectively in the prosecution
pf the war, we need more experienced officers instead of decreasing the
number.
The
rumored
our
creation
of
a
chairman of the board and
other radical
organization, have no foundation in fact;"—V. 105, p. 1898.
Pennsylvania Company.—Merger Proposed.—
See
Pennsylvania RR above.—V. 105,
p.
716.
Company.—
This company was organized in Mass. on Nov. 5 with
sidering, is in line with our policy of eliminating unnecessary corporations,
and duplicate accounting and financing.
Whether it is finally consum¬
changes in
2095
.
Pittsburgh Ft. Wayne & Chicago Ry.—Merger Plan.—
Capital.—The now contemplated merger of this company
with the Pennsylvania RR. is referred to under caption of
the
latter road.
The
plan for readjusting the capital
stock was duly approved by the shareholders on Oct. 17, but
has not been put in effect and we suppose will be aban¬
doned in case the merger plan goes through.
.The distribu¬
tion of the $1,300,000 fund, however, it is thought may take
place in the course of the next three or four months.
Texas Electric Ry.—Fare Increase.—
All the interurban
railways operated by this company and the Northern
Texas Traction Co. have announced an increase in
passenger rates from
about 2M cents per mile to about
2% cents per mile.—V. 104. p. 560.
Third Ave. Ry. Co., N. Y.—New Director.—
James F.^eeley^has been elected a director, succeeding James A. Blair.-—
^
The plan provided for (1) the renaming of the 852,436,300 "Guaranteed
Stock" as "common stock" and the $19,714,286 "Original" (or
A.
Special
"General") 7% guaranteed stock as "preferred stock"' (2) increasing the
limit of capital stock to $100,000,000, thus permitting the issuance from
time to time as required for future improvements and additions of $27,-
Toronto Railway Co.—Notes
Sold—Refunding.—William
Read & Co. have sold at a subscription
price of 99and
int., to yield 7%, $750,000 One-Year 6% gold notes, dated
Dec. 11917, due Dee. 11918.
Int. J. & D. in U.S. gold in N.
Y.; also payable in Toronto and Montreal.
Denom. $1,000 c.
849,414 additional common stock, with dividends payable under lease at
as shall be fixed at time of issue;
(3) the distribution of fund of
$1,300,000, after meeting expenses of recapitalization, to all stockholders
other than Pennsylvania RR. and Pennsylvania Co.
See V. 105, p.716.
such rate
The company agrees to pay, so far as
permitted by law, all
Canadian and U. S. taxes, inch the normal U. S. income tax.
The
Pittsburgh
&
West
Virginia Ry .—New
Company.—Controls all the capital stock of the Toronto Power Co.
which owns the entire capital stock of the Toronto
Electric Light Co., doing
an electric light and
power business in Toronto, and, controls an
hydro¬
electric power plant at Niagara Falls of 125,000 h.
p. capacity, with trans¬
Director.—
Ernest Staussen Jr. has been elected to succeed A. M. Hall
as a
director.
—V. 105, p. 1898, 1802.
mission
Providence & Fall River
(Elec.) Ry.—Successor Co.—
See Swansea & Seekonk Street Ry.
Puget Sound Trac., Lt. & Power Co.—Power Rates.—
company has been granted permission to advance rates to new
of electric power for other than lighting purposes.
The minimum
rate for
100 h.p. under the new schedule is increased from 0.5 cent to 1 cent
per k.w. hour and the minimum rate for from 21 h.p. to 100 h.p. is changed
from 0.9 cent to 134 cents.
Cancellation of a special rate providing for a
reduction of 33 1-3% on all off peak loads has been approved.
Other special rates that had been in effect were also canceled.—V. 105, p. 1999, 1420.
"Rates.—Application of New Haven Road Denied.—
This
pay $50,000 monthly beginning Feb. 1918, making a total of $500,000
before maturity, to retire notes by purchase in the
open market at not
exceeding par and interest.
The company further agrees not to issue any
bonds
.
This action ends that
other funded debt
prior to Dec. 1 1918, without providing funds
of these notes.
particular proceeding, but of course the company is
stopped from filing a new petition, which is to be expected.) > b I*1.
for
S
Purpose of Issue.—The $750,000 notes now offered are issued to refund
a like amount due Dec.
1 1917, which, together with $750,000 issued in
1916 and due Dec. 1 1918, represent expenditures for extensions
and im¬
the
redemption
provements Of the business and properties of the company which endorses
them.
As equivalent interest on these advances is received from
the
Toronto Power Co., both items are excluded from
earnings shown below.
Passenger Fares in Missouri Advanced.—
jgj?
or
'
^
company has been denied its application to the New YorkTJS.
Commission for authority to file new tariffs and make a general increase
in both passenger and freight rates.
;
not
Toronto.
First
This
users
lines to
Outstanding Capitalization.
Mortgage Sinking Fund 434% bonds oi 1921
$2,957,200
Gold Notes due Dec. 1 1918, including this issue
l
1,500,000
Capital stock paid up, paying 8% per annum
12,000,000
The First Mtge. 434s are subject to a
5% annual sinking fund payment
which retires $227,500 bonds annually and has
already retired $1,592,000.
Security.—The direct obligation of the company, which owns and operates
127 miles of electric street railway lines in Toronto.
The company will
below.—V. 105, p. 1523, 1105.
Earnings.—For the nine months ended Sept. 30 1917, the company re¬
before taxes and pay¬
Railroads in Missouri on and after Jan. 1 are authorized by the Missouri
P. S. Commission to charge 234 cents per mile for one-way tickets, 2.4 cents
for round trip tickets and 2cents for 500 and 1,000 mile milegage books.
ported gross earnings of $4,578,003 and net earnings,
ments to the city, of $1,832,189, as against gross
nZ^J05'
surplus
p^1898'
island Company.—-Report of .Commission.—
Rhode
Six-Cent
■
Public
£!
Utilities
Commission
a
written
The Providence "Journal" of
James
A.
Emery,
a street
statement
as
says
to
that
the Utilities Board
will carry it into full effect.
railway engineer,
Detroit
the platform
.
•
here to show that our rentals are fair
and reasonable.
There has been
dividend paid on the stock of the Rhode Island Company since 1913."
[See "Annual Reports"].—V. 105, p. 1898.
no
Rutland Ry.,
Vermont
P.
Light & Power Co.—Increase in Fares.—
S.
Commission has approved the application of this
increase in its electric railway fares from five to six cents
This will result in an increase of approximately $25,000
year in gross revenue.—V. 101, p. 1093.
copany for an
for each zone.
per
San Diego
& Arizona RR.—Purchase.—
This company has applied to the California RR. Comm. for authority to
purchase the 16,500 outstanding shares of the capital stock of the Ban
Diego & Southeastern Ry. for $1,500,000 and to Issue and sell $1,500,000
of its own bonds to make payment therefor.—V. 104, p. 2453, 74.
i
San
See
period in 1916.
1,359,846
167,357
1,450,160
182,500
Diego & Southeastern Ry.—Sale.—
San Diego & Arizona
RR. above.—V. 102, p. 2255.
Undivided
1,829,619
195,807
1912.
$5,448,050
1,639,452
190,993
Surplus.
$1,340,793 $1,192,489 $1,267,660 $1,633,812 $1,448,459
1898, the present rate of 8%
having been established in .1900.
Franchise, &c.—This expires Sept. 1 1921, or nearly three years after
the maturity of these notes.
In 1913, independent experts, acting in the
interest of the city, valued the company's physical assets alone at
about
$10,000,000, as against which the company has outstanding a present
aggregate of less than $4,500,000 bonds and notes.—V. 105, p. 291.
Dividends have been paid regularly since
per annum
.
Twin City Rapid Transit Co —Valuation
in subst.:
sworn as a witnesss, stated
men get an average of 10%
The Rhode Island Co., he said, is valued
at approximately $80,000 a mile, according to the valuation made
by his
firm early this year.
The company has approximately 1,200 cars.
George H. Huddy Jr., for the Rhode Island Co., in summing up the
testimony, stated that the deficit for this year would be $300,000, and that
part of the operating expense was now being paid out of borrowed money.
"The impression seemstobe that this is a moneyed corporation, which
has been taking profits, and is asking for more.
That is not so.
Some
persons suggest a receiver.
It is now in receivership, in a sense, because
it has five trustees appointed by the United States Court.
"We don't come to you as a
wealthy corporation.
We come as trustees
of a corporation which is serving the public, and, in order to keep on giving
that service, we must have more revenue;
If these trustees can't sell the
road before 1919, it is to be put up at auction.
Does Rhode Island want
to allow some person outside the State to buy this road, and make their
own terms with the public?
Will you take it" up now and save it, while
alive, or wait until it Is dead, and find conditions immeasurably worse?
VThe company is not asking for money with which to pay dividends.
It
wants only enough to pay its operating expenses.
Not only have we a
deficit, but we ought to spend at least $250,000 to provide proper facilities
that the public demands.
We can't borrow more and we are at the end'
of the rope.
The city ought to be willing to consider changes in the 20-year
franchise because the company, on account of the jitneys, is not getting an
exclusive franchise, which it is supposed to get.
"We are asked to reduce our rentals," he said, "but we have figures right
Cleveland and
than they do in Providence.
The
1,496,915
156,122
Interest charges-
Nov, 10
Under the law, if such a recommendation Is made,
that in
same
Fare
"shall forthwith" issue'such orders
more
earnings of $4,4057190
earnings of $1,927,752 for the
Net income
Case—Hearing Ends.—Finalarguments for
the ordering of the six-cent trolley fare as a temporary meas¬
ure until a complete investigation can be made were finished
Nov. 9 by attorneys for the Rhode Island Co. before the
Special State Commission in charge of the matter.
If it
decides to grant the company's request, it Will file with the
effect.
net
as at Sept. 30 1917 was in excess of $5,600,000.
Calendar Year.
1916.
1915.
1914.
1913.
Gross earnipgs._ $5,973,161 $5,694,136 $6,127,097 $6,049,019
-T.ajLss±5gjL'.»
See "Annual Reports" on a preceding page.
and
of Minneapolis
Street
Ry.—The Minneapolis "Tribune" Nov. 16 says:
supplementary and analytical physical valuation report on the hold?s of the Minneapolis St. Ry. was submitted yesterday (Nov. 15) to
Mayor yan Lear by James D. Hogarth of Milwaukee, who was employed
by the Mayor to make the valuation.
Mr. Hogarth's report sets the
physical valuation of the properties $2,696,908 less than the report by
F.
W. Cappelen, City Engineer,
The new valuation is $13,608,730.
Compare previous report in V. 105, p. 1618, 1523, 1420.
A
'
.
■
.
'
'
I,
United Gas & Electric Corp.—New Treasurer.—
A.
L.
Linn
Jr.
has been
Mr. Pritchard, who is a
elected Treasurer to succeed
H.
J.
Pritchard.
Vice-Pres., will continue in that office.—V. 105.
p.1210.#99.
United Light & Railways Co.—Note
Issue-—Earnings.—
This company, it is announced, has arranged to make a new
note issue to retire the $750,000 6% notes
maturing Jan. 1
1918 and to reimburse the treasury
for necessary additions,
extensions and improvements to its property.
The earnings, it is pointed out, have grown steadily in both gross and net
despite the general heavy increase in operating expenses, showing:
Earnings for 12
Sept. 30 Years—
Gross earnings.
Net earnings
It
Months ending September 30.
1916-17.
$7,355,009
2,774,811
1915-16.
$6,758,440
2,674,841
1914-15.
$6,167,603
2,386,919
learned
yesterday that Bonbright & Co. have
initial $1,500,1000 of the new "6% Bond
Secured Gold Notes series AN
was
purchased
the
are dated Nov. 1 19l/and due May 1 1920, but are
callable,
part, after four weeks' noticexon Interest dates (M. & N.) at 10034
These notes
all
or
The issue is at no time bo exceed $5,000,000 and as
security
there will be pledged with the N. Y. Trust Co., as
trustee, First & Rer.
Mtge. 5s due 1932 to an amount equal to 133 1-3% of the bonds thus
being pledged at 75.—V. 105, p. 1709, 142.
and
int.
United
Traction
& Electric
See Rhode Island Co. under "Annual
Co .—Experts
Report.—
Reports" above.—V. 99,
p.
1599.
Traction & Electric Co.—owns all of the
$9,000,000 capital
stock of the Union RR. of Providence, all of the $500,000
capital stock of
the Pawtucket Street Ry. (no bonds) aad, through the
ownership of the
Union RR. Co., $299,800 of the $300,000 capital
stock, being all but 2
The United
THE
2096
shares, of the Providence Cable Tramway Co. (no bonds).
The Providence
Cable Tramway Co. is leased to the Union RR. Co. for 50 years for 6%
on its capital stock.
The United Traction & Electric Co. also has in its
treasury the entire capital stock ($5,000,000) of the Rhode Island Suburban
Ry. Co.
The New England Navigation Co., a subsidiary of the N. Y.
N. H. & H. RR.. owns $913,200 of the stock and the entire $600,000 1st M
6s of Prov. & Danielson Ry., and the $700,000 stock and $600,000 1st 5s
of Sea View RR
The United Traction & Electric Co. has outstanding $8,000,000 capital
stock, of which $2,078,300 is owned by the Rhode Island Co. and $9,000,000
6% collateral mortgage bonds dated 1893 and due March 1 1933.
These
secured by pledge of the capital stocks of the Union RR. and
Pawtucket Street Ry. ana so by the interest owned in the Providence
Cable Tramway Co.
There are also pledged to secure said bonds of 1893
bonds
are
$3,000,000 Union RR. bonds.
Tnese latter bonds matured in 1912 and
never been extended, owing to failure to get the necessary authority
from the Rhode Island Legislature.
.
<
We understand that the Interest on the Union bonds does not appear in
have
are outstanding merely
The dividends receiv¬
United Traction & Electric Co.
are being regularly paid and provide in full for the interest on its bonds and
the 5% per annum on its stock.
The United has paid dividends on its
capital stock as follows:
1897, 1%; *898, 3%; 1899, 3f^%; 1900. 4%;
1902, 4M%: and since then 5% p. a. to and incl. Oct. 1 1917 (1M %J§;-«*•)•
The N. Y. N. H. & H. RR. formerly controlled the entire $9,685,500
capital stock of the Rhode Island Co., but under order of the Federal Court
this stock was transferred on Nov. 7 1914 to trustees and is ordered to be
sold by July 1 1919 in order to divorce the railroad from the trolley system.
the foregoing tables for the reason that as said bonds
as collateral it is unnecessary to pay their interest.
able
as
rental
the stocks owned by the
on
Wisconsin
&
Michigan Ry.—Foreclosure Sale.—
Atlantic Gulf & West Indies SS. Co.—Dividends.—
declared the regular semi-annual dividend of $5
the common stock, payable Feb. 1 to holders of record Dec. 28.
The question of the payment of an extra dividend was discussed at length
and it was unanimously voted that it was not expedient at this time to pay
any extra dividend."—V. 105, p. 1804, 1619.
The directors yesterday
per share on
'
Atlas Powder Co.—Extra Dividend.—
of 8% on this company's
The directors have declared an extra dividend
to
the regular quarterly disbursement of 2%,
payable Dec. 10 to stockholders of record Nov. 30.
This makes
the current year, the same as in 1916.—V. 105, p. 1311, 1211.
25% for
Dividend Declared
Baldwin Locomotive Works.—No
on
Stock.—Operations.—Possible Financing Later On.—
The directors at their regular meeting on Nov. 22, declared
the usual semi-annual dividend of 3K% OR the preferred
stock, and took no action upon a dividend on the common
Common
of
stock
the
company.
President Alba Johnson is
quoted
as
saying:
During 1916 1,960 locomotives were made, an average of 163 a month.
Large contracts for machining shells were executed and a considerable
portion of the force, which ranged from 12,000 to 18,500 men, was diverted
to shell manufacturing.
All of these contracts except one, for the French
Government, were rim out during the spring of 1916.
The French con¬
tract was completed in November.
During 1917 the working force was increased approximately to 20,000
Locomotive production was largely increased and for ten months
ending Oct. 31 1917, 2,254 were shipped, at the rate of 225 a month.
This
increase of production will be further continued during November, Decem¬
by the Central Trust Co. of Chicago.
The Wisconsin interest
brought $220,000, exclusive of forest lands in Florence Co., Wis., comprising
4,800 acres, which were purchased by H. M. Pelham, Iron Mountain.
Mich.
The Michigan property brought $185,000."
The sale has been
confirmed to A. K. Bodholdt, who, it is understood, represented Mr.
Marsch.
A small tract of land in Florence Co., Wis., still remains to be
ber and the months of 1918.
Marsch
105, p. 1899.
While our
earnings have been satisfactory, the
increase in production
and increased cost of materials and labor have demanded a
large increase
capital as the conditions have been unfavorable
has been no alternative, but to provide the in¬
creased working capital by borrowing.
Continued increasing activity is likely to require a continuation of all the
capital at present employed.
The directors have wisely decided that it is
in the amount of working
for any financing.
There
inexpedient to increase the loans in order to provide means for dividends
Wages.—Dispute of Railway Trainmen.—
the common stock.
on
preceding page.—V. 105, p. 1999,1803.
See general news on a
stock in addition
common
men.
Press reports state:
"The entire property was bid in by John Marsch,
Chicago, the leading creditor, for about $405,000 at the two sales held in
Wisconsin and Michigan on Nov. 6.
Bids were entered in behalf of Mr.
disposed of to complete the deal.—V.
[Vol. 105.
CHRONICLE
At
no
time in the history of the works has there^
so large an amount of business upon the books.
been transferred to the Eddystone Munitions Co.
been
has
All shell business
The work under
profitable and gives promise of satisfactory earnings
during the succeeding.year.
contract should prove
INDUSTRIAL
AND
MISCELLANEOUS.
The
Alabama Company (Iron Furnaces, &c., in Alabama),
Baltimore.—Initial Dividend on Common Stock.—The direc¬
a dividend of $3 per share on the
stock, payable Dec. 31 to holders of
record Dec. 20.
The initial 7% on the $1,500,000 non-cum.
2d pref. was declared last month, payable on Dec. 5.
All
the accumulations (21%) were paid July 18 last on the
$600,000 7% first pref. and its quarterly 1 %% paid Oct. 1.
tors
on
Nov. 22 declared
$2,000,000
common
Drewry & Merryman, Baltimore, are informed that more than $135,000
earned in October after the interest charges, or more than 6% for the
common after proper deductions for dividends on the First and Second Pref.
stocks.
Compare V. 104, p. 2554; V. 105, p. 1210, 1619.
was
Allouez
(Copper) Mining Co.—Dividend Reduced.—
A quarterly dividend of $150 per-share on the $2,500,000 outstanding
capital stock, par $25, has been declared payable Jan. 2- to holders of
record Dec. 12.
The last three preceding quarterly, payments were at
the rate of $3 per share.—V. 103, p. 845.
American Can
Co.—Acquisition.—
A press report states that this company has purchased for $85,000 a
15-acre site at Oakland, Cal., on which it will erect a plant to cost about
$1,000,000.—V. 105, p. 2000, 1421.
American Clay
Machinery Co., Bucyrus, Ohio.—Order.
This company, according to press reports,
for 500,000 6-inch shells and will
—V. 82. p. 871.
<
.
equip
has taken a Government order
unit for their manufacture.
a new
American International Corporation.—Dividend.—
quarterly dividend of 90 cents per share has been declared on the
stock, payable Dec. 31 to shareholders of record Dec. 15.
This
payment is at the rate of 6% per annum on the $60 per share paid-in capital.
The dividend for the previous quarter of 75 cents was payable 6% yearly
on the stock as then, but $50 paid in.
See V. 105, p. 911.—V. 105, p.
1803, 1106.
Philadelphia "Press" of Nov. 23 adds to the foregoing:
The financial plan under
consideration, it is reported, is to change the
capitalization.
The present capital Is $20,000,000 7% cumulative pref.
and $20,000,000 common.
The company also has an authorized issue of
$15,000,000 first mortgage 5% bonds, of which $10,000,000 were originally
issued.
Sinking fund payments have reduced the amount now outstanding
to
about $9,580,450.
These bonds are redeemable as a whole at 115 and interest on any in¬
1915, and it is reported that the plan includes the
redemption of this issue as a first step in the new financial arrangement.
The bonds cover among other things the property of Eddystone, Pa., and
it has been reported several times that the Baldwin concern would dispose
terest date after May 1
of
a
parcel of this jn*ound on which are erected the shops operated by the
Remington Arms Co., if it were not for the prohibition of this mortgage
This Remington Arms Co. is owned by the Mid vale Steel &
agreement.
Ordnance
Co.
Including the $15,000,000 floating debt and the mortgage bonds there
$25,000,000 to be cared for in" the new financial
arrangement.
If the bonds are called the company could make any
acceptable change in its capitalization, dispose of a part of its Eddystone
wbuld be approximately
holdings and issue new bonds.
As the U. S. Government is anxious for the expeditious completion of
Government work, and as the Baldwin plant at ,the present time is
virtually confining its operations to Government contracts, it is possible
that the Government might make advances which would take care of the
all
floating debt and this would facilitate the carrying out of any financial plan.
Shipments of the company are said to be averaging nearly $3,000,000 a
week, of $10,000,000 a month.
This is at the rate of $120,000,000 a year.
The gross sales for the year ended Dec. 31 1916 were $59,219,000.
The
earnings on the common stock at the present rate of production are said to
approximate 20%
per
annum.—V. 105, p. 2000, 1900.
Baltimore Tube Co.—New Director.—
Eugene Levering, of Baltimore, has been elected a director, succeeding
H.
D. Bush,
resigned/—V. 105,
p.
1422.
.
A
Barrett
common
American Light &
Co.—Suit.—
■
10 Mos. to
'17.
Oct. 31
Y .—Earnings.—
Cal. Year
1917.
Cal. Year
1916. '
Cal. Year
1915.
Sales
(Approx.)—
$
$
$
Am.Tob. Co. proper_over71,000,000 x85,000,000
69,000,000
ydo
incl. sub. cos—_ Not stated. 140,000,000 110,000,000
Estimated between $85,000,000 and $90,000,000.
$
99,000,000
Including various
subsidiaries, all or a majority of whose stock is owned by the Amer. Tob.Co.
It is officially reported that the company continues to
experience great
difficulty in filling its orders for cigarettes.
For one brand, the "Lucky
Strike," orders are being received at the rate of between 18,000,000 and
20,000,000 cigarettes, but daily shipments aggregate only 13,000,000.
x
Plans have been
on
account of back
This declaration, it is said, makes 14% declared on
leaves 17H% still due.—V. 105, p. 74.
Bethlehem Steel
This company has brought suit in the Supreme Court at New York
against the Nathan Mfg. Co., demanding an accounting for $731,000 for
alleged over-payments made to the officers of the defendant company in
1916.
The pliantiff company, it appears, when in receipt of large orders
for war supplies from the British Government, turned over certain of them
to the defendant company's officers, Alfred and Max Nathan and Edward
8. Toothe, who organized a company with 5,000 shares of capital stock,
Of which amount 1,500 are held by the plaintiff company.—V. 105, p. 1899.
American Tobacco Co., N.
a dividend of 3j^% on the preferred stock
dividends, payable Dec. 15 to holders of record Dec. 1.
the issue this year and
The directors have declared
that while the company's earnings
prospects are such as to make rumored reduction of dividend unneces¬
sary the directors have not considered the div. question.—V. 105, p. 1800.
American Locomotive
This company has acquired the plant of the All-Roofing Co. at East St.
Louis, HI., to better handle their increasing business in the Western States.
2454, 2345.
—V. 104, p.
Belding-Paul-Corticelli Co., Ltd., Montreal.—Dtp.—
Traction Co.—Status.-—
Pres. Alanson P. Lathrop announces
and
Co.—Acquisition.-—
y
Corporation.—Decision.—
Justice Goff, in New York City, Nov. 9, denied the application of the
General Investment Co. for an inspection of the books? of the Bethlehem
Steel
The petitioner,
Corporation.
owning
100 shares of the common
stock, alleged that the Bethlehem Co. had illegally paid bonuses amounting
to $8,000,000 to officials and employees of the concern.
Counsel for the
Corporation asserted that Clarence H. Venner, banker,
plaintiff in many actions against corporations, was the
Investment Co., and had brought the action merely
as a "fishing expedition."
Counsel for the General Investment Co. denied
that Mr. Venner was connected with it.
Bethlehem
who has
Steel
figured
as
head of the General
Dividend.—This
company
has
declared
the Initial
quarterly dividend of 2% on the $30,000,000 outstanding
new 8% preferred stock and also 2^% each on the class A
and class B common stocks all payable Jan. 2 to holders of
record Dec. 15.—V, 105, p. 1711, 1619.
(J. G.) Brill Co., Phila.—Building Liberty Motors.—
This company, according to a Philadelphia press dispatch, is building
large numbers of the new Liberty motors for Government aeroplane con¬
struction.—V. 105. p. 1311.
completed for a considerable increase in cigarette capacity.
It is also learned that the war tax of the company will probably amount
to between $750,000 to $1,000,000 annually, or from 2% to 2H% on the
$40,242,400 common stock.
George H. Hill, Vice-President and director has entered the Red Cross
field for active service during the remainder of the war.—V. 105, p. 2000.
American Writing Paper Co.—New Vice-President.—
George A. Galliver has been elected Vice-President and General Manager
in charge of the company s mills at Holyoke
Mass.
Mr. Galliver, it is
reported, has resigned
as
Vice-Pres. of the Federal Utilities Co. and will
subsequently^smrer^his^relations with all the Harrison Williams properties.
Brooklyn Union Gas Co.—No Extra Dividend.—
% extra on this company's stock
although the reenter quarterly dividend of 1H% was
2 to shareholders of record
Dec. 13.
Compare
The usual semi-annual declaration of 1
has
been omitted,
declared payable Jan,
V. 105, p. 2000, 1805.
Butte
&
Superior Mining Co., N. Y.—Earnings—
Suspension of Dividends Pending Suit.—A circular, signed
by Pres. N. Bruce MacKelvie and Managing Director D.C.
Jackling, and dated Nov. 15, says in substance:
during the greater part of
mined and treated showed a large decrease.
On account of the unsettled labor conditions
Anglo-American Oil Co., Ltd.—Stock Increased.—
the quarter, the tonnage of ore
The shareholders have ratified the proposal to increase the authorized
capital stock from £2,000,000 to £3,000,000, par £1.
The new stock will
Moreover, although the recovery of metals shows improvement [the
recovered in concentrates amounting to 95.62%, against 90.329%
be offered to stockholders in the ratio of one new share for each two shares
86.821% in two preceding quarters], the total costs of mining and milling
exclusive of taxes, increased about $1 23 per ton, due to labor conditions
and the increased price of materials and supplies.
The labor conditions
are much improved and by the end of the next quarter we believe that the
tonnage will again be normal and costs will compare favorably with the
first two quarters of the year.
Due to the abnormal conditions mentioned,
there was practically no increase of developed ore reserves during the period.
In arriving at the above earnings for the third quarter of 1917, substantial
allowances were made for net profits, State license, net income and excess
profits taxes as has been done in previous quarters, but owing to uncer¬
tainty as to the proper interpretation of recent taxation laws, the tax
held, the subscription price in this country being $7 50 and in the United
Kingdom £1 Us. 6d.
For official data compare V. 105, p. 1710.
Arrowhead
This
Mills, Inc.—New Stock
—
which
operates a sulphite plant at Battle Island,
increased Its capital stock from $250,000 to $1,000,000. all
companv,
N. Y., recently
common (par $100).
The proceeds of the new stock, which was all taken
by the original stockholders, was applicable to the construction of paper
plant, now nearly completed.
F. A. Emerfck
of Oswego is President and also the largest stockholder.—V. 105, p. 2000.
mills adjacentto the present
zinc
and
Nov. 24 1917.]
THE
which have been set up during the year as above stated will un¬
doubtedly be subject to revision in the annual statements.
reserves
The average price used
in estimating returns on sjpelter for the quarter
was 7.863 cts. per lb. and the shrinkage of earnings £s due to this decrease
in price of spelter and the curtailment of production due to conditions men¬
gallons and indicating a total for the year of between 11,500,000
12,000,000 gallons.
On Nov. 6 the daily production reached 47,009
an average of 30,281 gallons for the year to date.—V.
p. 1901, 1620.
lons against
Commonwealth Light & Power Co., N.
/
tioned above.
2097
CHRONICLE
The quarterly dividend was paid on Sept. 30, amounting to $1 25 per
After the payment of this dividend the company has net quick
assets of $2,425,268, including $1,038,037 cash, $1,078,341 estimated net
has acquired,
value
and
gal¬
105,
Y.—Acquisition.
(in which A. E. Fitkin & Co. of New York are interested)
electric
share.
of
in transit, and the remainder covering
accounts receivable, &c.
The U. S. District Court in Butte has held that your company has in¬
fringed a patent covering certain processes which is owned by the Minerals
Separation Co. and an accounting has been ordered to determine how much
the company will be compelled to pay for such infringement.
This suit
has been appealed to the U. S. Circuit Court of Appeals in San Francisco
and will doubtless be heard in that court early next year.
In the mean¬
products
operating supplies,
and
hand
on
time the company is permitted to operate as heretofore, but is compelled
to deposit its net earnings in court pending the determination of the suit,
and it will be necessary, therefore, to suspend
been finally decided (V. 105, p. 1422).
dividends until the suit has
and Nine Months ending Sept. 30.
9 Mos. end. Sept. 30
1917.
1916.
Results for Quarters
Quarters ending
Sept.30'17 June 30'17 Mar.31 "17
Zinc concentrates
at
mill, net val.
from tail'gs
do
do
lead
-
$655,601 $1,567,392 $1,900,089
24,163
8,907
income
8,840
668,317
200,000
96,724
333,228
219,049
200,000
45,582
116,039
Metal inv. & quo
42,302
700.744
—
58,957
$804,643 $2,040,930 $2,275,620 $5,121,194 $9,708,352
Total
Oper. costs, taxes
-
1,214,599
1,037,693
709,323
Profits
2,961,616
3,143,481
$95,320 $1,003,237 $1,061,021
$2,159,578 $6,564,871
35,039,606 40,062,165 92,498,723
126,737
148,935
335,778
xZinc in conc(lb.)17,396,952
Dry tons milled
60,106
Zinc recovered in
concentrates.
_
95.620%
90.329%
86.821%
$8.3831
$7.1597
$7.3385
Costs
(per ton)
min'g & mill'g.
produced
V. 105, p.
1,141 tons of concentrates
1805. 1524.
Calumet & Arizona
The regular quarterly
-
quarterly meeting held on Nov. 19 1917
quarterly dividend of 50 cents per share, payable Jan. 2 1918
of record on Dec. 20 1917.
The quarterly dividend of
$1 a share usually paid Sept. 30 was omitted.
Stock outstanding $4,353,200, par $10.
Compare V. 105, p. 1524, 1212; V. 104, p. 662.
Consolidated Lumber Co.,
In March, June and Septem¬
of notes
Month of
Cal.& Hec.Min.Co
Month of
Oct. 31 '17.
Oct. 1917.
2,3^0,420 23,852,938
OsceolaCons.M.Co
7,596,387
Superior Cop. Co.
10 Mos. to
Oct. 31*17.
1,315,099 13,558,246
172,704
1,807,867
6,002,556x65,604,364
Tamarack Min.Co
y1,665,046
1,671,100
WhitePineCop.Co
1,041,880 11,639,835
LaSalle Copp. Co.
1,648,991
139,849
Total all cos...12,265,380 132453,866
Includes Tamarack Mining Co. from April 1 1917.
duction of the Tamarack Mining Co. for the three months
y
Includes pro¬
ending March 31.
it is reported, has declared a quarterly dividend of $10
a share, payable Dec. 20 to holders of record Nov. 28.
The previous three
payments this year were $25 a share.—V. 105, p. 1900.
The company,
Canton
Co.—Sale.—
Steel
Sheet
Carbon
Steel
Co.,
below.—V. 105, p. 1711, 912.
Pittsburgh.— Directors
&c.—
12th inst. a full board was elected.
Two directors,
having joined the army, there were two va¬
cancies on the board, and H. T. Pierpont of Worcester, Mass., and Walter
H. Baker of Washington, Pa., were elected to take their places.
There
were three other directors elected, representing the so-called independents,
W. D. Uptegraff and John Worthington of Pittsburgh and Woodward BabAt the meeting on the
Messrs.
Duell and Holmes,
cock of N. Y.
A committee was appointed consisting of J. Ramsey Speer, W. II. Baker
Walter D
Uptegraff to arrange compensation for. the President and
payment of bonuses to the other officers of the company.
It was also agreed with the attorneys that the suit in West Virginia
against the company should be dissolved.
The bonuses to the officers
for the year 1916 for services in connection with the English contract were
unanimously approved.
<>
A statement will probably be issued to our stockholders within the next
few days.—V. 105, p. 2000.
and
•
Cleveland Electric Illuminating
Co.—Valuation
Regarding the valuation of this company's property
—
which appeared in
1917 the
these columns last week, we learn authoritatively that on Oct. 31
total securities outstanding were $22,603,400
(not $29,063,500), and that
consequently, with the additions to the property account since July 1 1914,
the valuation as of this date, based on the report of the commission, is in
excess of the securities outstanding.—V. 105, p. 2001, 1000.
Cleveland Tractor Co.—Stock Increase,
cSee
—
This company, successor of the Cleveland Motor Plow Co., on Oct. 9
Increased its authorized capital stock from $600,000 to $6,000,000, of which
$1,800,000 will be issued to stockholders at once, making $2,400,000 out¬
standing.
The company has no preferred stock, no bonds nor mortgages.
The proceeds of the new stock will be invested in the company's business.
Rollin H. White is Pres. and Treas., and W. J. Urquhart Sec. & Gen. Mgr.
Office of company, Cleveland. Ohio.
*
Columbia
Gas
&
Electric
Co.—Earnings—Gasoline
Output.—A. B. Leach & Co. call attention to the fact that
the net income after rentals for the month of October was
equal to about five times the interest charges on the First
Mortgage 5s and for the ten months ended Oct. 31 to about
six times.
The firm further reports in substance (Compare
map, &c., on pages 153-155 of "Ry. & Industrial Section"):
the 10 months to Oct. 31, and the increase
periods in 1916, were as follows:
-10 Mos. to Oct. 31-Month of October-
The earnings for October and
over
the
same
Earnings—
Gross
earnings
Net earnings
Total net income
Deduct—Rentals, &c
Col. Gas & Elec. int. charges
Balance, surplus
1917.
Increase.
1917.
Increase.
$835,614
17.2%
$369,564
7.1%
$534,812
34.1%
292,324
0.9%
59,834
3.3%
$8,718,356
$4,367,202
$5,987,820
2,904,986
598,216
$182,654 255.3%
$2,484,618 266.4%
20.7%
20.1%
46.5%
2.5%
3.4%
Surplus earnings for 12 months to Oct. 31 are nearly $3,000,000, or 6%
on the stock, as against the 4% per run. rate being paid.
As there are
two months of heavy earnings still to be included, the showing for the
full year will be considerably better.
Next to the very substantial growth of the gas and electric business, the
most encouraging feature is the new source of earnings from the production
of gasoline.
This business, which is purely in the nature of a by-product,
promises earnings for the cal. year 1917 of about $2,300,000 net.
As the
Columbia has a 50% interest in all United Fuel Co. profits, the Columbia
interest in the gasoline business is about 75% of the whole.
Production
for the week ended Nov. 9 shows a new high mark for a single week, 297,598
gallons, making the total production from Jan. 1 to Nov. 9, 9,478,042
Co.
& Sons, Brown Bros. & Co., Jackson &
See V. 105, p. 501.
Co.—Note Offering.—Harris, Forbes
Co., N. Y.; Harris, Forbes & Co., Inc., Boston; Harris
Trust & Savings Bank, Chicago; Hodenpyl, Hardy & Co.,
Inc., E. W. Clark & Co. and Coffin & Burr, are offering, at
983^ and int., to yield 7%, the final $500,000 of the total
authorized issue of $4,000,000 Two-year 6% Secured gold
notes due July 1 1919.
For details of issue see V. 105, p.
Copper Range Consolidated Co .—Extra Dividend.—
An extra dividend of $1 per share has been declared on the stock, along
the regular quarterly disbursement of $1 50, both payable Dec. 15
21.
Similar dividends were paid three months
the present payment making $10 (40%) for the year as compared with
40% in 1916, 12% in 1915 and nothing in 1914.—
103, p. 940.
ago,
a
similar amount,of
V.
Crucible Steel Co. of America.—Dividends
on
Common
Stock
Delayed by Government Price-Fixing and War Taxes.—
"Financial America" of N. Y. on Nov. 16 published an un- .
usually detailed account of the proceedings at the recent
annual meeting.
As revised in one or two particulars, the
facts
of
x
See Hydraulic Pressed Steel Co.
offered by Alex. Brown
&
337,513. 3,409,092
174,453
Centen.Cop.M.Co.
Isle Royale Cop .Co
Co.—Production—Dividend.—
10 Mos. to
750,906
was
Curtiss and Lee, Higginson &
'
Oct. 1917.
Allouez Min. Co.^
making the total
in 1915 32H%.
.
Calumet & Hecla Mining
In Pounds.
of Baltimore.—Registrar.—
The Bankers Trust Co., N. Y., has been appointed coupon agent and
registrar for the $5,000,000 6% 5-year secured gold notes, dated Aug. 1
1917; also agent to exchange temporary for permanent notes.
This issue
to holders of record Nov.
Mining Co.—Dividend.-—
;
Manistique, Mich.—Called.
All the outstanding ($20,000) First Mtge. serial 6% bonds, due Jan. 1
1923, have been called for payment Jan. 1 1918 at lOl and int. at Union
Trust Co., Detroit.—V. 104, p. 2346.
with
ber of this year extra dividends of $1 (10%) were declared,
for 1917 $11, or 110%.
In 1916 90% was paid, and
Ahmeek Min. Co.
a
1208, 1106.
dividend of $2 per share (20%) has been declared
1900, 912.
Co.—
stockholders
to
containing 820,316 lbs. of zinc.—
payable Dec. 24 to holders of record Dec. 7.
—-Y. 105, p.
Mining
Quarterly 5% to be Paid Jan. 2.—
The directors at their regular
declared
Does not take into account the returns from or costs of tailings which
x
Callahan
Interstate
Consumers Power
,
and shut down
expenses
•'
Consolidated
Dividends Resumed,
Consolidated Power Co.,
&
centrates
and other detail, the
subject to compilation of certain legal
Kansas consisting of an
light plant operated by Deisel engines, and a 15-ton ice plant.
Outstanding capitalization of the purchasing company: common stock,
$1,500,000: prefT stock, $900,000: 2-year 6% notes, $800,000: 1st M. 6s,
$385,000: (underlying bonds, $150,000). Compare V. 105, p. 1212, 610,292.
property of the Liberal Light, Ice & Power Co. of
con¬
residues
Misc.
$4,123,082\$8,948,651
33,070/
This company
are as
follows:
Herbert DuPuy, Chairman of the Board, when asked as to the possibility
dividends on the common stock in the near future, intimated that
nothing could be expected for a time in view of the uncertainty with regard
to what the Government will do on price-fixing for the company's products,
excess profits taxes will affect the company s earnings.
He
would need a large working capital to carry on its
business, because of the high costs of raw materials and labor.
Mr. DuPuy said that recently a contract was offered by the Government
on a certain grade of crucible steel at 8c. per pound, on which the cost to
the company was 103^c. per pound, ana, after negotiations, a price of
and how the
also said the company
10c. per pound finally was allowed by the Federal representatives.
On
cold-rolled steel, he stated, it was attempted to place an order at 2%c. per
pound, whereas the bars from which the product is made cost the company
6c. per pound.
A protest was entered against the price named by the Gov¬
ernment, and the company finally took the order, the Government prom¬
ising to make an investigation of costs, &c., and to pay a fair price, but what
this price would be, Mr. DuPuy said, no one can tell at this time.
The Crucible Steel Co. of America, Mr. DuPuy said, is at present making
practically all the rifle barrel steel turned out in this country.
Construc¬
tion work at the company's new plant near Newark is being carried along
rapidly, and only two days ago the building of three new structures was or¬
dered, he added.
Mr. DuPuy estimated that the Government was taking
about 98% of the capacity of the Newark plant.
"Of course," the Chair¬
man continued,
"the Government has taken over the supervision of the
greater part of our business, and this will continue until the end of the war."
As to the excess profits taxes, Mr. DuPuy explained that thus far no clear
idea of what "invested capital" is has been obtainable.
"In fact," he
added, "we are all in the dark and it will not be until the measure is finally
explained to us that we will know just what we must do.
One thing is cer¬
tain, however, and that is that whatever payment we will be called upon to
make will be in cash only."
By way of showing that the company is setting up what officials consider
a sufficient amount to take care of the excess profits taxes, Vice-President
Turville told the stockholders that out of the earnings for October more
than $800,000 was put aside for that purpose.
One stockholder queried the officers at length as to the status of the Pitts¬
burgh Crucible Steel Co.
He was told that the company had a nominal
capital of $5,000, all of which is owned by the parent organization, but
that there was a mortgage of $7,000,000 against the property in 5% gold
bonds.
Mr. DuPuy admitted that because of the excess profits tax and
the possibility of double taxation, he had been considering the question of
consolidating the Pittsburgh company with the parent concern.
Asked regarding the reference in the annual report to a
larger work¬
ing capital being necessary, Mr. DuPuy said that this was due to the
high cost of raw materials, &c.
"Tungsten/for instance, of which we
are the largest users in this country,
I believe," he added, "has cost as
much as $8 50 per pound, and as large stocks of this metal and other raw
materials are necessary for carrying out our work successfully and profita¬
bly, it simply means that we must always have a good working capital.
Mr. DuPuy told the stockholders that more than $1,500,000 of bonds of
the Crucible Fuel Co., a subsidiary concern, had been retired during the
past year, and that all the bonds of the Crucible Coal Co. have been called
.
for retirement on Jan. 1 next.
Discussing general
■
■
,,
^
_
business conditions after the war, Mr. DuPuy sa,id:
can see, that for three or four years
"It is the general impression, so far as I
after the war there will be activity for
the steel manufacturers, but after
competition will be of the keenest and will bring about the survival of
We have been working along this line, and have made every
possible effort to put the company in the position where it will be one of the
then
the fittest.
survivors "
j
[Another exchange journal says:
"Crucible Steel Co. and subsidiaries
$2,000,000 of their bonds in the past fiscal year,
reducing the interest payments from $595,282 to $503,879.
Bonds re¬
tired include $1,350,000 of the Crucible Fuel Co. serial 6s, of which $1,500,000 was issued in 1913, and a large part of the $1,000,000 Crucible Fuel Co.
5% bonds, the balance of which has been called for redemption."]
[The following executive officers were re-elected on Nov. 19: Herbert
DuPuy, Chairman of the board; O. H. Wharton, Pres.; H. A. Brown,
J. W. Dougherty, Geo. W. Sargent, John A.
Sutton, Vice-Presidents;
Geo. A. Turville, V.-Pres., Sec. & Treas.]—V. 105, p. 1895, 1806.
have
redeemed
fully
Aeroplane & Motor Co .—Plant—Report.—A
daily on Nov. 20 published the following data in
substance in connection with completion of the Buffalo plant:
Curtiss
financial
The new plant at Buffalo will be completed before the end of this week.
Original specifications called for the finishing of the plant by Nov. 15.
The cost will be within 5% of the original estimates.
While the finishing
yet to be put on the new buildings, work on Government orders
going forward in several parts of the new plant.
This plant has
on a tract of ground covering 72 acres.
The new buildings,
including auxiliaries, cover approximately 1,400,000 sq. ft.
touches
are
is alreadv
been
built
CHRONICLE
THE
2098
Beginning Jan. 1 the Curtiss Co. will be turning out more than $9,000,000
of aeroplanes and parts a month.
Of this record business $4,000,000 will
be taken care of in the old plants and $5,000,000 in the plants to be com-
pjeted tills week.
Compare "Annual Reports above and see.V, 105, p. 1806, 1620.
(Wm.) Davies Co., Ltd., Toronto.—Earnings.—
March 31 Years—
Sales
Net profits..
—V. 105, p. 392, 183.
1916-17,
1915-16.
1914-15.
1913-14.
$41,080,632 $25,135,468 $16,883,111 $10,774,274
1,634.161
1,335,454
484,631
15,521
East Butte Copper
Kodak
Mining Co.—Acquisition—Dividend.
Co.—Anti-Trust
Litigation.—
The United States Aristotypo Co. of Bloomfield, N. J., has filed a com¬
plaint in the U. S. District Court for the Southern District of N. Y.
charging the Eastman company with violations of the Sherman Anti-trust
law.
Plaintiff appraises damages at $250,000 suffered through alleged
attempts on the part of the Eastman company to effect for itself a mon¬
opoly of the sale of photographic print papers.
Judgment of $750,000 is
sought as triple damage allowed under the law.—V. 105, p. 1108.
v
Emerson Shoe Co.,
This
columns
with
a
authorized capital
is 7% non-callable-pref. (a. &
Of the $50,000 common stock
Walter J. Packard is Secy, of
Fayette
County
Gas
Co.—Rate Advance— \
This company has
filed with the Pennsylvania P. S. Commission a new
proposed rates for the supply of natural gas, effective Dec. 1 1917.
The new rates will in general be advanced from 30 to 35 cents per
1,000
cu. ft.—Y.
99, p. 1600.
tariff of
Federal
Sugar Refining Co.—Sugar Situation.—
Total stocks of raw sugar at the U. S. four ports being but 8,419 tons,
against 58,967 tons in 1916 and 145,235 tons in 1915, with the Eastern
territory absolutely bare of supplies, which was not the case in the two
preceding years, total meltings of refiners for last week were but 10,000
Jams, as compared with 37,000 tons last year and 35,000 tons in 1915.
(Frank C. Lowry, general sales agent.)—V. 105, p. 1213, 502.
Federal Utilities
See Amer.
Co., Inc.—Resignation of Vice-Pres.—
Writing Paper Co. above.—V. 105,
p.
184.
(Marshall) Field &Co.f Chicago.—New Arrangement:—
Management—Reduction in Par Value of Shares.—Pres. John
G. Shedd in announcing the withdrawal of the Marshall
Field estate from participation in the active conduct of the
business and the reorganization of the management, says:
Plant.—For more than a year past the trustees of the estate of Marshall
Field have been working with James Simpson, Stanley Field, and myself
on a plan by which the estate should withdraw from
participation in the
business except through ownership of pref. stock bearing a fixed return.
Par Reduced.—This
plan has
now
The papers necessary under
filed at Springfield, (111.)
stock
at
a stock dividend is to be declared in addi¬
quarterly distribution of $2.—V. 105, p. 1713, 1108.
This company, recently a subsidiary of Peerless Truck & Motor
Corp.,
and owner or a plant at Long Island City, has been sold to the Government,
it is reported, for $2,500,000.
The auth. capital stock is $10,000,000
(par
$100), of which $5,000,000 is common (all out) and $5,000,000 7% cum.
pref. (outstanding, $1,200,000).
The report that the proceeds from the sale will be used in retiring con¬
vertible 6% gold notes of the Peerless Co. (outstanding, $5,000,000), is
neither confirmed nor denied.—V. 104, p. 2237.
,
& Grasselli Chemical Co.—Stock Dividend.—
a
A press report from Cleveland, O., states that this company has declared
dividend of approximately 4.15%, on the common stock, payable in com¬
stock in addition to the regular quarterly diyidends of 1H
% on th#
mon
common and pref. stocks, all payable Dec. 31 to holders of record Dec. 15.
The fractional amount was declared to bring the total issue of common
stock up to $15,000,000.—V. 105, p. 914, 719. "
Hackensack (N.
J.) Water Co.—Dividend Increase
—
This company has declared a semi-annual dividend
of 3 y2% on its
$4,625,000 common and $375,000 pref. stock (par in each case $25 a share,)
payable Dec. 1 to holders of record Nov. 26.
Both classes (listed on the
N. Y. Stock Exchange) have been on a 6% per annum basis for more than
30 years.—V. 104, p. 2455.
The shareholders will vote Dec.
60,000 to
capital stock of the corporation
6 on reducing the outstanding capital
($1,500,000 authorized,' par $100) from $1,250,000 to $500,000,
12,500 shares having a par value of $40 each.
stock
to consist of
Hydraulic Pressed Steel Co., Cleveland, O.—Offering
of Collateral Trust Notes.—The First National Bank of Cleve¬
land, O., who, as already announced,are offering at par and
int. $300,000 1-year 7% Collateral Trust Notes, dated
Oct. 15 1917, due Oct. 15 1918, report in substance:
The company has purchased all of the common stock of the Canton (O.)
Sheet Steel Co., and to provide part of the purchase
price has issued
$1,800,000 of notes (of which the present offering is a part) to be secured
by the pledge of the common stock of the Canton company so purchased.
In March 1917 the company acquired all of the
capital stock of the
Cleveland Welding & Manufacturing Co.
The business of the three com¬
panies, now operating under one management, consists of the making of
steel ingots, bars and sheets, heavy pressed steel, steel
roofing, auto¬
mobile frames, rims, tire bases and parts, steel barrels,
tubing, &c.
Assets.—As of Aug. 31 1917 the three companies had total assets, exclu¬
sive of good-will, development, patents and trade marks, of $11,316,934,
against total liabilities, including reserves, depreciation, &c., of $3,175,421:
and total active assets of $5,010,211, against total current liabilities of
$2,226,976.
Excluded from the total assets, good-will, patents, &c., are
valued at not less than $2,500,000.
Earnings.—The combined net earnings of the three companies were for
1915, $719,000: 1916, $1,210,000, an dfor the eight months ending
Aug. 31 1917, $1,968,953.
[The shareholders bf the Hydraulic company will vote on Dec. 10 on
increasing the authorized common stock from $4,500,000 tp $6,000,000,
the new stock to be used in connection with the acquisition of the Canton
(Ohio) company mentioned above. —V. 105, p. 2002, 1713.
Indian Refining Co.—DivHderid on Common Stock.—
company has declared a dividend of 3% oh the common stock, paya¬
become operative, and in carrying it
out the par value of the shares of stock has been diminished from $100
per
share to $10 per share, and the number of shares increased from
600,000 shares, the total amount of the
remaining unchanged.
new
It is also understood that
par.
tion to the regular
Herald Square Realty Co., N. Y.—Stock Reduction.—
pref. stock was noted in these
June 27 1914 in Massachusetts
stock of $775,000, of which amount $725,000
d.) stock, of which $238,000 is outstanding.
none is outstanding. : Par in each case $100.
the company.
Compare V. 105, p. 1901.
(Pa.)
that stockholders will have the right to subscribe for
says
Rockland, Mass.—Stock, &c.—
company,
an offering of whose
V. 105, p. 1901. was incorporated
total
positions may not permit the public sale of securities at the present time.
Compare V. 105, p. 292, 1713.
Shareholders will vote to-day on the proposition to issue $10,000,009
in new stock.
At the company's office yesterday nothing definite could
be obtained regarding the disposition of the new shares.
A press report
^
proposed issue of $9,000,000
Compare V. 105, p. 1806.
The company announces that in response to circular issued May 9 1917,
offering to exchange one share of East Butte for five shares of Plttsmont
Copper stock, it has acquired about 50,000 additional shares of Pittsmont,
making its holdings upwards of 850,000 out of the million shares of Pitts¬
mont stock outstanding.
Although the time for the exchange has expired,
the company is still accepting the stock on the same basis.
A dividend of $1 per share has been declared on the stock, payable Dec. 24
to holders of record Dec. 8.
An initial dividend of $1 per share was paid
on Jan. 29 last.—V. 105, p. 1901, 1525.
Eastman
volume of business.
Rather than depend upon bank loans, the company
has decided to authorize the public issue or notes, and to that extent to
leave the banks free for the requirements of corporations whose financial
General Vehicle Co.—Sold to United States Government.—
Detroit Edison Co.—Convertible Bonds.—
The stockholders on Nov. 22 authorized the
convertible debenture bonds.
[Vol. 105.
The
ble Dec. 20 to holders of record Dec. 10.
stock
was
paid in 1911.
Jewel Tea
the statute to effect this change have been
p.
the common
on
719, 816, 1713.
V
Co., Inc.,_EfyiL—Sales—4<fc 44 Wks.to Nov. 3.
1917—4
Weeks—1916.
$1,208,401
$1,114,473
1313.
Increase,
f 1917—44 Weeks—1916.
Increase.
$93,9281112,877,525 $10,122,396 $2,755,129
.
Pref. Stock.—One-half of the shares of stock are now preferred and onecommon.
The preferred stock has all been taken by the estate of
Marshall Field, myself, and Stanley Field.'
The last dividend
Compare V. 105,
half
—V. 105, p. 1713,
The trustees of the estate of Marshall Field have set
apart a consider¬
able share of the preferred stock held by them, in which employees who are
Co.
Jones Bros. Tea Co., Inc.—Earnings of
and Globe Grocery Stores.—
not owners of common stock will be able to invest their
savings under es¬
pecially favorable conditions.
In addition to the regular dividends which
the preferred stock pays, Marshall Field & Co. will
pay $2 per share per
annum on the preferred stock, which is held by its
employees under the
plan so that they will receive a return of 9% upon their investment.
Under the plan the common stock of the company is wholly owned
by
persons actively engaged i n the management of the business.
Management.—Stanley Field retires from active participation in the
management of the business.
Upon his return from France, where he is
now serving as manager
of the purchasing department of the American
Red Cross, he will devote his time to the management of his
private af¬
fairs and in the discharge of his duties as trustee of his father's estate and
as president of the Field Museum.
Mr. Field's decision to retire is received with the greatest
regret on the
part of those interested in the business as owners or employees.
James
Simpson will become First Vice-Pras., John McKinlay Second Vice-Pres.,
Fred H. Reynolds Treas. and Kersey O. Reed Secretary.—V.
72, p. 629.
Fifth Avenue Coach
company
June 30
Years.
Co., New York.—Earnings.—This
controlled by the N. Y. Transportation Co. reports:
Gross
;
Net after
Earnings.
1916-17 .$2,243,816
Taxes,
$622,508
1915-16. 1,669,726
499,770
—V. 105, p. 2002. 392.
Other
ImproveSurplus
Income, ments, &c. Adjust'mls.
$19,735
$59,708
de/.$13,806.
23,167
79,941
cr.
11,133
Balance
Surplus.
$568,729
.
In connection with the .offer of Mr.
Ford that the Government
1917—October—1916.
Kansas
use
his
plant's facilities for war work, it is understood that war business to tbe
amount of $200,000,000 has been tendered the
company and that the
production of pleasure cars has accordingly been reduced from a daily
output of 2,800 to 1,500.—V. 105, p. 1901,1806.
Co.—Litigation.—
Queens Traction Corp. under "RRs".—V. 105, p. 913.
General Chemical
Co., N. Y.—Stock Dividend of 5% and
Special Cash Dividend of 2^%.—The company yesterday
declared an extra dividend of
5% in common stock at par
(making $16,519,230 outstanding), and a special dividend
of 2y2% in cash on its common
stock, both payable Feb. 1
1918 to holders of record Dec. 31 1917.
The company also declared the
regular quarterly dividend of 1H%
its pref. stock payable Jan. 2 to holders of record Dec.
19.
on
Following the meeting it was announced that William M.
Kerr, Manager
and Asst. Treas. of the
Philadelphia office, was elected a director to succeed
Edward H. Rising, deceased.—V.
105, p. 1620, 392.
General Electric
company
Co.—Sale of $10,000,000 Notes.—*The
has sold $10,000,000 two-year 6% notes dated
Dec. 1, to J. P. Morgan & Co. and
Lee, Higginson & Co.,
who are offering them at
98yielding 6.65% (see adv.
on another page.)
An authoritative statement
follows:
The company's business has been
running at so large a rate that it re¬
quires additional working capital to handle satisfactorily the
present
|
1917—10 Mos.—1916.
$292,7351 $9,732,656
$7,906,489
-
Increase.
$1,826,167
I
City Stock Yards Co.—Insurance.—;
Settlement of the loss by fire of 32,450 head of livestock Oct. 16 last
called, it is stated, for the distribution by the Hartford Fire Insurance Co.
of a total of $1,731,242 among 114 claimants —V. 105, p. 1621.
Kathodian
Bronze
Works,
Inc., New York.—Sale.—
Receiver A. S. Gilbert, pursuant to an order of the U. S. District Court
the Southern District of N. Y., offers at private sale at his office,
for
43 Exchange Place,
auction
on
the
on
or
premises
before Nov. 26, and if not so sold will sell at
Gerard Ave., The Bronx, N. Y. City, on
366
Nov. 30, the property and effects of the above-named bankrupt
consisting
of statuary, paper weights, motors, &c., a complete outfit for the manufac¬
ture
—V.
of bronze and "metal
105,
p.
works,
as
well
as
office furniture and fixtures.
1526, 1424.
Kerr Lake
Mining Co.—Reincorporation.—
The stockholders on Nov. 12 voted:—(a) to re-incorporate the company in
Canada with $3,000,000 of auth. capital stock in $50 shares; (6) to dissolve
the New York corporation.
See plan, V. 105, p. 1621.
Laclede Gas Light Co.,
St. Louis.—Toluol Supply.—
Following an agreement between the officials of the company and the
city of St. Louis, this company will be permitted to reduce the strength of
its gas from 600 to 575 British thermal units, in order that the company
may supply more toluol for the manufacture of explosives.
The company,
it is reported, will expend
upwards of $300,000 in equipping two of its
plants for this purpose.—V. 104, p. 660, 456.
'
Lackawanna Steel Co.—Extra Dividend.—An extra divi¬
,
Gas & Electric Securities
See Manhattan &
Grand Union Tea
Increase.
$1,147,163
$854,428
V. 105. p. 1807. 1108.
454 129
Ford Motor Co.—War Business.—
"
dend of 33^% has
standing
common
been declared,,on the $35,097,500 out¬
stock, along with ^he usual quarterly
dividend of 13^%, payable Dec. 31 to stockholders of record
Dec. 14.
On June 30 last, 23^% extra was paid on tbe
stock, and in Dec. 1916 3% extra
Compare V. 105, p. 1902, 1526.
common
was
disbursed.
La Rose Consolidated Mines Co.—Stock Reduction.—
The shareholders will vote Dec. 10 at Augusta, Me., on
dissolving the
United States holding company and reducng the capital from $7,500,00®
to
$1,500,000, "in order to have the nominal value of its capital stock fairly
represent the present value of its assets."
This reduction in capitaliza¬
tion will facilitate the distribution of stock of the operating company among
shareholders of the La Rose by enabling the exchange to be made on a
share for share basis.—V. 100, p. 905.
Marlin-Rockwell
Corporation.—Voting Trust.—
It appears that at a meeting of the holders of voting trust certificates,
on March 14 1917, it was voted that the voting trust period under the
held
agreement of Dec. 10 1915 be extended, "all of the terms of said agreement
remaining unchanged," to continue so long as any of the corporation's
2-year 6% convertible notes of Mar. 1 1917 (V. 104, p. 867) shall remain
outstanding, but not to exceed five years from Mar. 14 1917.;—V. 105,
p. 1807, 1424.
,
Nov. 24 1917.]
THE
Mergenthaler Linotype Co., N. Y.—Earnings
Sept. 30 Years—
31,883,159
1,600,000
Dividend rate
*
Bal.,
sur. or
1915-16.
1916-17.
Total net profits
Dividends (about)
(12*$%)
deficits
sur
1913-14.
$1,467,015
1,663,997
See Parker-Young
$2,547,849
1,919,940
(15%)
(13%)
2099
Publishers Paper Co.—Sale of Lands.—
—
1914-15.
$1,898,200
1,279,990
(10%)
CHRONICLE
.$283,159sur.$618,210def.$196,982sur.$627,909
Punta
Year
Co. above.—V. 91,
Dividend of 2^%—Annual Report.—
A regular quarterly dividend
of 2M% and
an
extra dividend of 2*$%
PuntaAlegre
Trinid'dSugar Co.
$206,840
Sugar Co.
$341,027
(all Cos.).
$911,357
$321,945
it.82,500
$206,840
$341,027
def.82,500
$869,812
$404,445
$153,554
219,082
23,314
$206,840
$102,181
ending
1917
made in Dec.
was
aggregating 12)$%.
1916, the dividend paid both in 1916 and
>'
JWi
Joseph T. Mackey has been elected Secretary and Treasurer, to succeed
the late Frederick J. Warburton.—V. 104, p.
Miami
1149.
\
Balance
Inter-co.
Depreciation
Minneapolis General Electric Co—Higher Rates.—
D. C.
signed.
come
a
bills,—V. 102,
14. C. Kueschaw. formerly with the Reo Motor Car Co., has be¬
Vice-President of the Mitchell company.—V. 105. p. 1002.
The directors have declared an extra dividend of $20 per share, par $500,
in addition to the usual semi-annual disbursement of $25 (5%), both
pay¬
1 to stock of record Nov. 23.
per
share)
was
declared.
National Biscuit
In June last
Compare Vi 104,
an
extra
2238.
p.
dividend of
-
21,464
57,897
$269,587
146,256
$123,332
-
Excluding dividends paid in 1916, amounting to $18,000 for the Trini¬
and $275,000 for the Florida Sugar Co., paid to the Punta Alegre
Sugar Co. and applied as a reduction on the investment account.—V. 104.
p. 662.
• /J:-*:'
'
> '
Nov. 19 appointed
petition by Joseph Kaufman, President; Edwin Raynaud, Vice-Presi¬
dent; Charles F;.Tracy, Sec'y and Treas., and Clinton E. Whitney,
Wayne L. Steinbarge and William H. Lotty, directors.
The assets, it is
stated, are insufficient to insure solvency, aggregating, it is said, only
$98,000, of which $68,000 for 6,800 acres of land at Almaden, Cal.; $20,000
for improvements on property, and $5,000 in
personal property.
Claims
aggregating $94,000 are listed and there are other valid obligations men¬
tioned.
The largest claim is a judgment for $10,724, obtained by C. P.
Anderson, general counsel, in San Jose County, Cal.—V. 100, p. 2090.
on
Radium Luminous Material
Shortage of sugar may result in smaller sales of iced and frosted
cakes, and the company will concentrate its efforts in pushing the lines in
which there is no shortage of raw materials due to war conditions.
It is planned to cut down on the advertising of sugar wafer specialties
and give publicity to other lines.
Increased sales of other products are
epected to offset smaller sales or decreased profits in those lines in which
there is a scarcity or high prices as regards the raw materials.
[The company has paid regular dividends on both its stocks for a long
period of years and since 1912 has paid 7 % per annum alike on its preferred
stock ($24,804,500 iiow outstanding) and on its common shares ($29,236,000
now
outstanding).
As against quick assets of $13,618,780 on Jan. 31
1917, the company had current liabilities of only $700,917, making net
working the capital $12,917.863.]—V. 104. p. 1596. 1149.
on
Maurice Deiches (lawyer), 271 Broadway, N. Y., receiver of the
property
This
company
Corp., N. Y.—Stock Increase
has increased its authorized capital stock from $1,500-
000 to $2,100,000.
(R. J.)
materials.
Newell Murdock
219,082
13,119
dad
Co., N. Y.—Operations.—
The following is pronounced substantially correct: Earnings are running
a satisfactory rate and it has been
unnecessary to borrow money to tako
care of the increased inventories made necessary by the higher cost of raw
at
.
$869,812
$323,246
Quicksilver Mining Co.—Receivership.—
Nashua (N. H.) Manufacturing Co.—Extra Dividend.—
1% ($5
$258,527
$67,511
'
Supreme Court Justice Giegerich in N. Y. City
—
Durland has been elected President to succeed O. C. Friend, re¬
able Dec.
:
Surplus of consolidated companies year ending May 311917.
1630, 1440.
p.
41,545
*
This company (one of the larger operating units of the Northern States
Power Co.) has announced an increase in service rates effective Jan. 1
1918, after which date a temporary war conditions surcharge of 10% will
Corp.—New Officers
Consolidated
♦Balance,
$8,495
$91,540
$169,552
Deduct—Good-will included in consolidated balance sheet.
$164,1301ess adjustment thereon acc't Trinidad div., $17,874
£aid out1913.—V. 105, and1807,. 1424.
of the surplus p. profits which accrued and were earned prior to
far. 1
Mitchell Motors"
interest
Miscellaneous
Copper Co.—Source of Dividends.—
be added to power bills and 5% to lighting
divs., 1917
Total
Bond
The company gives notice that the following dividends, namely, (a) No.
19, of $1 50 per share and $1 per share extra, paid May 15 1917; and (6)
No. 20, of $1 50 per share and.$l per share extra, paid Aug. 15 1917, were
Florida
_
have been declared on the $12,800,000 capital stock, payable Dec. 31 1917,
to the stockholders of record Dec. 5 1917.
An extra distribution of the
same amount
1777.
May 31 1917.
Sugar Co.
Operating profit
$363,490
Proportion of overhead
during construction.
41,545
—
Extra
p.
Alegre Sugar Co.—Report Year end. May 311917.
Reynolds Tobacco Co.—New Stock.—
Secy. M. E. Motsinger, writing from Wins ton-Salem, N. C., Nov. 16
1917, says in substance:
"The stockholders' meeting on Nov; 1 merely amended the charter
by
increasing the authorized capital stock from $20,000,000 to $40,000,000.
No action has been taken
ditional authorized stock.
stock
as
to the issuance of
The
new
stock
all,
or any
not be in
will
Rhode Island Perkins Horse Shoe
A
part of the ad-'
the form
of
a
dividend, but will be sold for cash."—V. 105, p. 1808, 1622.
Co.—Liquidation.—
5% dividend in liquidation has been declared payable
on
the pref. stock
Nov. 22, making, with the 10% declared Nov. 1,
15%, announced pay¬
able to the pref. stockholders to date.
Compare V. 105, p. 1715, 613.
on
River Farms Co. of California.—Bonds Called.—
Realty Co.—Bonds Called.—
All the outstanding First Mtge. 6% gold bonds, dated June 1 1915, have
been called for payment Dec, 1 at 101 and int. at Mercantile Trust Co. of
San Francisco.
Ninety-nine First Mtge. 6% serial gold bonds dated Dec. 1 1916 (50 ma¬
turing in 1919 and 49 in 1920) have been called for payment Dec. 1 at 102)$
and int. at Anglo-California Trust Co., San Francisco.
,
New York
Rollin
Transportation Co.—Sub. Co. Earnings.—
See Fifth Avenue Coach Co. above.—V. 104, p. 2122.
North American Pulp & Paper Co —Earnings, &c.—
,
'
A friend of the company confirms the report that the net income of the
North American Pulp & Paper Companies and subsidiaries, available for
fixed charges, was for the nine months ended Sept. 30 1917 $1,019,324.
In Oct. 1917 J. H. Duffy of New York resigned on account of ill health
Vice-President, trustee and director, effective in Nov.—V. 105,
as
Northern Idaho
& Montana Power
612;
p.
Co.—Operative.—
The reorganization committee has declared the reorganization
plan oper¬
-Holders of securities who have not yet deposited them
may do so
up to Dec. l-,,See Plan in
^104,^^76;—V. 105, p. 612, 76.
Royal
Ohio Natural Gas Co.,Toledo.—Decision.
The Ohio P. U, Commission has denied this company's
petition for the
right to add a service charge of 35 cents monthly to each customer's bill.
-V. 91. p. 876..
-J
u
...
ScotiaTSteel
Coal Co.—Stock Dividend.—
&
.
(V9
In pursuance of the plan outlined last June, all shareholders of record
June 30 were given the right to subscribe, at par for $5,000,000 new
ordinary
stock, the new issue being underwritten.
This issue increased the out¬
standing ordinary stock, when full-paid on Nov. 15, to $12,500,000.
is now announced that in consummation of the aforesaid
plan, the
It
ordinary
shareholders of record
Nov. 20 are to receive a 20% dividend
payable in
ordinary shares, thus bringing the outstanding amount of ordinary stock
up to $15,000,000, the total authorized issue.
The bonus of $2,500,000 is
designed in part as a reimbursement to shareholders of earnings put back
into various construction accounts during the two years or more
prior to
June 1917.
See details of stock increase, &c., in V. 104, p. 2557.—v. 105,
p.£1003, 721.
Co.
is
made that
Refining Co .—Merger.—
sufficient stock
of the
deposited with the Bankers Trust Co. to insure the merger
of that company with the Oklahoma company.—-See Vo. 105,
p. J2004,_76.
""Osgood Bradley Car Co., Worcester,
Nass.—Gov't Order.
Press reports state that this company has received a
Government order
New. buildings and
9,900 gun carriages, involving about $7,000,000.
equipment are being provided.
The company was incorporated Nov. 30 1909 in Mass. and manufactures
railway and electric cars both of steel and wood.
Capacity, 500 coaches per
year.
Capital stock, $400,000 authorized and outstanding, parit$100.
No bonded debt,
John E. Bradley is President.
Owens
The
B^fe^Machin^o CoT—Dividend.—
~
directors have declared
an extra dividend of 3% on the common
regular quarterly 2% on the common and 1%%
on the preferred to holders of record Dec. 22.
Regular and extra distributionsof this same amount were paid each three months in 1917,
beginning
stock in addition to the
Jciii* 2«
-
as
■""
•
J. C. Blair succeeds J. D.
Biggers as Treas. and succeeds T. H. Miller
director.—V. 105, p. 393, 294.
Pacific Hardware &
The British Government has
£51
V.
the transfer involving more than $700,000.
Negotiations for the
acquisition of the remainder of the stock are reported to be under way.
The total outstanding stock issue in June last was given as $1,765.287.—
V. 104, p. 2238.
ates,
Pan-American
Mexican
Petroleum & Transport Co.—Status
Petroleum Corp.
above.—V. 105,
Peerless Truck & Motor Corp.—Sale
See General Vehicle Co. above.—V'.
104,
p.
p.
—
1314, 393.
of Plant.—
2238.
Peoples Natural Gas Co.—Rate Schedule Filed.—
This company, operating extensively between Pittsburgh and Altoona.
and the T. W. Phillips Gas & Oil Co., operating in Allegheny, Armstrong,
Butler, Clarion, Indiana, Jefferson and W estmoreland counties, has filed
with the Pennsylvania P. S. Commission notice of increase of rates of from
4 to 9 cents, to become effective respectively on Dec. 1 and Nov. 30.
New
as to amount to which charges will apply are provided.—V.100,p.1677.
limits
Listed
on
Exchange.
requisitioned the shares of this company's
for
each
100-florin shares,
equal to about 81 in American shares.—
105, p. 995, 711.
Saxon Motor Car
Corp.—Distribution—Notes.—
On Nov. 1 the company paid a 10% installment on its debt to creditors.
10% will, it is said, be paid Feb. 1 1918, and fur¬
ther installments until Aug. 1 1918, when the creditors' obligations will
have been liquidated.
It is understood that arrangements are being made for the sale of $600,000
notes to Detroit bankers, the proceeds to be used in completing the plant
in Detroit, work, upon which stopped some weeks ago.—V. 105,
p. 1808.
Seneca (N. Y.) Mfg. Co .—Stock Offering.—L. Sherman
Adams, Boston, is offering in blocks of ten shares of pref.
and five shares of common stock (no par value), for $1,100,
$500,000 8% cumulative pref. (a. & d.) stock, par $100,
redeemable all or part at 105 and div. on 90 days' notice.
The company manufactures the well-known Seneca Precision Lathes, and
is said to be one of the largest m'f'rs of lathes of this kind in the world.
Gulf
was
Refining
Co.—Incorporated.—
incorporated
under
the
laws
of
Maine
on
Nov.
14 with $2,000,000 authorized capital stock.
The company, which is
allied with the Sinclair Gulf Corp., will build and operate a refinery at
Houston, Tex.
This project is described in the report of the Sinclair Gulf
Corp., published in full on page 2009 in last week's issue.
Directors at incorporation were: Clarence G. Trott, P. B. Drew, J. P.
O'Donnell, David F. Drew of Portland, Me., and George F. Jebbett of
New York City.
'
v
'
•
Sinclair
Gulf
See Sinclair Gulf
Standard
Corp.—Allied Co. Incorporated
Refining Co. above.—V. 105,
p.
2009, 1994.
Aircraft
Corp.—^-New Enterprise.—Substan¬
tially the following statement has been received by the
"Chronicle" froip Parker & Bridge, 20 Broad St., N. Y.:
Organization.—This company, having factories in Plainfield and Eliza¬
beth, N. J., has been incorporated at Albany, N. Y. [on Oct. 31], for
$5,000,000, divided into $2,000,000 preferred and $3,000,000 common
stock, of which $3,000,000 is paid in.
Plant, &c.—It has been announced that the new company now has Gov¬
ernment
Steel Co., San Fr.—New Control.
The San Francisco News Bureau states that the control of this
company
has passed into the hands of Herbert and Mortimer Fleishhacker and associ¬
See
Shares
stock in Great Britain for exchange purposes and has paid, reports
state,
This company
Osage-ITominy Oil
has been
for
Sub
official list of the Amsterdam Stock
Sinclair
Oklahoma Producing &
Announcement
Co .—American
Exchange.—Action by British Government.-1—
Kuhn, Loeb & Co. have been advised by the Royal Dutch Co. that 74,000
sub shares of the company sold in America have been admitted to the
Another disbursement of
Northern States Power Co.—Sub. Co. Rates —
,
See Minneapolis General Electric Co. above.—V. 105, p. 503, 7b.
Nova
Dutch
Amsterdam Stock
ative.
""Northwest'n
Chemical Co., Inc.—Note Issue.—
This company has sold to a syndicate, headed by Robert Garrett &
Sons,
Baltimore, an issuepf $450,000 short-term 6% First Mtge. gold notes, in
serial form, Nov. 1 1919 being the final date of maturity.
The company
manufactures for the leather and dyestuff industries,
rubber, fertilizer,
peroxide of hydrogen, chloroform, &c.
Compare V. 105. p. 2004.
orders and
expects to employ more than 8,000 men and women
in the main plants.
The new plant at Elizabeth, N. J., covers 87 acres
and the main buildings have more than 300,000 sq. ft. floor space.
There
is also a 60-acre flying field and 5 acres of waterfront on which will be estab¬
lished
the hydro-airplane hangars and test sheds.
This plant is said to
In addition to the two
plants, the corporation has seven smaller factories in which parts of
airplanes are made.
It is expected that 60 airplanes a week will be the
normal output of the new corporation.
Management.—Harry
Bowers
Mingle
is
President.
Directors
are;
Charles H. Day, C. Vernon Bradford, Daniel L. Meenan Jr., C. G. Stratt
represent an investment of more than $1,000,000.
main
and Mr.
Sun
British
Mingle.
Life
Assurance
Co.
of
Canada.—Reassurance of
Columbia Life.—
An agreement has been entered into by the British Columbia Life Assur¬
Co. whereby its business will be transferred to the Sun
Life Assurance
Company of Canada.
The British Columbia Life has met the severe strain
imposed by the war in an eminently satisfactory manner, but the increased
uncertainty of the future made the management anxious to avoid the neces¬
sity of calling up more capital to meet any sudden losses on men who have
gone overseas.—V. 102, p. 614.
ance
-
The
Co.—Dividend—Director.—
Submarine Signal
has been de¬
clared along with the regular quarterly disbursement of 75 cents, both
payable Jan. 2 1918 to holders of record Nov. 22 1917.
...
.
Major Henry L. Higginson of Lee, Higginson & Co. succeeds Admiral
An extra dividend of $1 per
share on the company's stock
.
F. T. Bowles
as
director.—-V, 104, p. 2239.
Supplee Milk Co.,Phila.—Stock
Reclassified.—Merger.—
16 1918 on changing the
Shareholders will vote Jan.
Offering of First Mortgage Bonds.—The Tillotson & Wolcott
is offering, at par and interest, yielding 6%, $1,750,000
First Mtge. Leasehold 6% gold bonds, dated April 1 1917,
due serially 1920-1932, inclusive.
a First Mtge. on the company's leasehold
Cleveland, containing about 46,000 sq. ft.,
upon which there is in course of construction a 1,000-room hotel costing
$3,124,491, exclusive of furnishings and equipment.
bonds are secured
The
by
the Public Square,
estate on
Tide
Oil
Water
Co.—Sub Company Lease.—
The Tidal Oil Co. (a subsidiary
for
a
consideration
of the Tide Water Oil Co.) has purchased
the lease of the Maple Oil Co.'s
of about $100,000.
property in Kentucky, which consists of 4,000 acres of land, 14 producing
welts and 50 offset wells.
The Maple Oil wells produce about 100 bbls.
daily.—V. 105, p. 1994. 1622.
Underwood & Underwood, Inc.
This
company,
(Photographers), N. Y.
incorporated under the laws of New Jersey,
formerly
$100,000 authorized capital stock, was reincorporated in Dela. on
Nov. 16 with an authorized capital stock of $8,000,000.
Elmer Under¬
with
wood, Treas., is quoted as saying that the plan to establish
of the country was resDonsible for the increase in
various parts
branches in
the stock.
~~
Union Bag & Paper
9 Mos. to
Oct. 31. Oct. 31 '17.
April 30.
July 31.
$863,722
$83,061
$844,447
$58,303
$837,286
$59,849
$2,545,455
$201,213
67,972
90,000
53,175
125,000
53,157
200,000
174,304
415,000
$622,689
$607,969
$524,280
$1,754,938
Net earnings,
Bond
interest
Reserve for taxes
Balance, sur ilus
16 26, 826.
—V. 105, p.
Carbide
Union
&
Corp.—Initial Dividend.—
Carbon
of $1, payable
new corporation has declared a dividend
Jan. 2 to stock of record Dec. 8.—V. 105, p.
This
United Alloy Steel
1904.
Corp.—Application to List.—
of the total authorized
without par value.—V. 105, p. 614.
shares
United States Express
Real est. & buildings
In
Invest,
Co., N. Y. (In Liquidation).—
July 31' 17 .May 31*16
3
$
Assets—*"
809,828
899,673
Less:
"System
Corporation"—
(а) Unpledged stk
(б) Long-term ad-
July 31'17:Maj/31'16.
$
$
Liabilities—
10,000,00010,000,000
Capital stock
Distribution of
RSSCtS*
100,000
100,000
'
No. 1 ,pd.Nov. 15' 15
2,500,000 2,500,000
No.2,pd.May31'16 1,500,000 1,500,000
1
No.3,pd.Nov.29'16
vances
lor
prop. &
800,000
equip't.3,500,000 3,550,000
real
6,477 1,003,751
Miscell. investm'ts...
Cash
144,945
i
17,236
Traffic bals. due from
other
589
companies..
Miscellaneous...
5,868.
Accr'd income not due
Adv. pay. on contr't
79,949
1,942
5,200,000 6,000,000
15,789
18,420
Financial paper out.
4,891
2,617
36,311
Express priv. unpaid
36,311
Audited vouchers
.
5,554
11,513
1...
204,987
585,454
Oth.def'd cred. items
7,000
6,527
Total each side..5,472,258
6,663,116
11,531
Taxes accrued
Reserves
442,993
Taxes,«fec. ,pd .in adv.
200,361]
943/
P. &L. deficit..
623,298
599,268
The
■
f The United States Express Co., which has already paid in liquidation
dividends amounting to $50 a share on outstanding 100,000 shares of stock'
still has assets according to its balance sheet amounting to upwards of $40
a share, as compared with present offering price of $18 a share.
Dividends
already paid were largely from proceeds of securities sold at much higher
prices than those now prevailing, and company's security investment
account is pretty well liquidated, except for a few local street railway bonds.
The company is now primarily a realty company, owning through a
subsidiary the United States Express Building at No. 2 Rector St., which
has a value on books of $3,600,000.
Of this amount 8100.000 is repre¬
sented in balance sheet as stock of affiliated corporation which is U. 8.
Express Realty Co., and $3,500,000 consists of advances made to this
realty company.
In 1914, when it was decided to liquidate, there was
owing on this building a mortgage of $1,000,000 which was later paid off
from advances made by United States Express Co.
The building is now
free and clear except for advances owed to parent company, and is stated
to be fully rented, yielding a net return after depreciation of about $180,000
a year.
This, capitalized at 5%, would produce a valuation of $3,600,000.
indicating that it is conservatively valued on the books.
Capitalized at
6% it would still be worth $3,000,000. or an amount equal to $30 a share
on outstanding 100,000 shares of express company.
Assessed valuation of
this building is $2,700,000.
United, States Express Co. owns other realty valued on books of com¬
pany as of Sept. 30 1917 at $681,993.
At a conservative valuation market
value is stated to be $850,000.
For two pieces of realty in Chicago alone
.company asks a price of $610,000.
There is, moreover, a contingent asset
In claim which company has against Baltimore & Ohio RR. Co. and which is
carried in balance sheet as a deferred debit item amounting to 8200,350.
Liquidation value of stock of express company will depend largely on
Erice obtained for building at No. 2 Rector St. Further 105, p. 296. are
kely to be made
rapidly as assets are liquidated.—V. dstributions
as
United
States Lumber Co.—Dividends
S.
Industrial
Alcohol
Co.—Recapitalization
of
has reorganized the Curtis Bay
Chemical Co., one of its subsidiaries having nominal capital
stock ($250,000) and plant near Baltimore as the U. S.
Industrial Chemical Co. for the purpose, it is stated, of
establishing a market at the close of the war for such products
as
chemicals, fuels, potash, fertilizers, gas oil etc.
company
An exchange journal says: "Since the war began the company has
enjoyed much prosperity, due largely to the demand for ingredients used
in the manufacture of high
explosives.
Among these has been acetone,
the base of cordite, which has been sold in large quantities to Great Britain.
The company's contract with the British Government, which recently
expired, was not renewed, according to officials because no agreement could
be reached on the price.
With the expiration of this contract directors of
the holding
corporation decided to reorganize the Curtis Bay subsidiary,
so that it would be in a position to manufacture by-products that will be
in.demand when the war is over."
above.
Utah-Apex Mining Co.—Annual Results.—
Aug. 31
Insur. & Deprec. Exc.Prof.
Res've. Taxes.
Net
Total
Income.
Income.
Year—
Ord.Taz.
1916-17..$1,273,571 $585,399 $127,286 $94,065
1915-16.. 1.653,056
824,409
47,434 66,251
—V. 105, p. 1528.
/.vy:
Divs.
Balance,
Paid.
Surplus.
$30,000 $132,050 $201,998
225,125 485,598
V/,
Wages.—Operations in Gulf Oil Territory.—
Operators in the Texas (Gulf Coast) oil fields state that the strike which
a time hindered operations is now a closed incident as far as they are
Seventy per cent of the wells in all coastal fields are being
operated as usual.—V. 105, p. 1904, 1718.
for
concerned.
C.)
(D.
Washington
Gas
Rates Reduced by
duction—Gas
Light
Co .—Dividend
Congress in Spite
Re¬
of Heavier
Operating Costs and Increase in Business.—Explaining the
in the quarterly dividend from $1 20 per
quarter per share to 90 cents President H. S. Reeside,
Washington, D. C., Oct. 11 1917, wrote in subst.:
recent reduction
Gas Rates Reduced.—On Oct. 1
1916, the rate to be paid per 1,000 cu.
ft.
in the District of Columbia was arbitrarily reduced by
Congress as follows:
To public from 85 cents to 75 cents, or nearly 12%;
to United States and Dist. of CoJ. Governments, from 85 cents to 70 cents.
for gas consumed
This
done without any
was
investigation of our affairs and while the P. U.
authority of Congress, was en¬
Commission of the District, acting under
gaged in ascertaining the value of our properties for the purpose of de¬
termining what should be a just rate.
We must have about 56,000 tons anthracite coal, 10,000 tons steam coal
and 14,000,000 gallons gas
oil for the manufacture of gas, in order to
satisfy
annual needs.
Our facilities are taxed to capacity, and it is
to have on hand at least 25% more coal and oil for the winter
of 1917 and 1918 than for the preceding winter, in order to supply the gas
that will be needed by the consumers of the company, and the companies
now controlled by it, viz., the Georgetown Gas Light Co., the Rosslyn
its present
companies in Montgomery Co., Md.
It is estimated that the coal, oil and labor expenses of 1917 will exceed
expenses of 1916 as follows:
Coal, 52%; oil, 22%; labor, 22%.
Taxes.—The increase in taxes for 1917 even a cursory study shows will
be very great.
The Federal tax on the earnings will increase from 2%
per annum to 6%. [As to excess profits taxes no estimate is attempted.—Ed.j
Oil Contract.—Our favorable oil contract of the past two years will ex¬
Gas Co. and the two gas
the
pire early in 1918; if, as now appears certain, the price of oil under a new
contract would be prohibitive, arrangements must be made at once for the
construction of a coal gas plant of large capacity, which at the present
prices of material and labor will be a costly undertaking.
If possible this
work would be delayed until after the close of the war, but the increased
demand for gas may make it necessary at once.
If this is so, and to meet
capital will be required and
additional finan¬
cing
necessary.
Growth of Business.—The
number of our consumers in the Washington
Gas Light Co. territory alone has increased from 49,469 on Jan. 1 1910 to
71,932 on Sept. 30 1917, and the annual consumption of gas has increased
from 2,000,000,000 cu. ft. to approximately 3^300,000,000, while 128
miles of additional gas main has been laid.
Acquisitions.—This company has for many years been the owner of the
majority of the stock of the Georgetown Gas Light Co., and this year suc¬
ceeded in purchasing the remaining outstanding shares of that company's
stock for the sum of $383,887, thereby removing all questions of litigation
in regard to our ownership of the majority stock.
This purchase has been
approved by the P. U. Commission, and ratified by the Supreme Court
of the District
of Columbia.
purchased for $120,000 the entire stock and bonds
Rosslyn, Va., a company supplying gas in Vir¬
1917 this company
of the Rosslyn Gas Co. or
ginia, and securing its supply entirely from Washington Gas Light Co.
through the Georgetown Gas Light Co. main system.
Valuation.—Recently we filed with the P. *U. Commission notice of
dissatisfaction with the result of their valuation findings as to the proper¬
ties of the Washington and Georgetown Gas Light Companies—the valua¬
tion showing an aggregate of some $10,000,000, while the valuation placed
the properties by the company's experts amounted to over $18,000,000.
Appeal For Higher Rate.—An appeal is to be made to the P. U. Com¬
charge a higher rate to consumers in the District
appeal will be based upon figures to be submitted
for the year ending Sept. 30 1917, showing that instead of receiving
75 cents per 1,000 cu. ft. for gas, during this first year under that rate
the average price received was 72.66 cts., due to the extremely low rate
at which we are required to sell gas to the United States and District
Governments, and for the use of the street lamp post system in the Dis¬
trict.
Moreover on this average rate of 72.66 cents, the company is re¬
mission for permission to
for the use of gas.
This
quired to pay to the District Government a tax of 5%, which is equal
to 3.63 cts.; thus further reducing the actual receipts for gas per 1,000
69.03 cents.
appeal we shall urge that the. price of gas be made uniform to
in the District of Columbia.
The figures submitted as a
basis for this appeal will be verified by the American Audit Co. of N. Y.
A fair return to the shareholders is intended by the law and the justice
of our claims we have no doubt will be recognized by the Commission.
Dividends.—In view of these conditions the directors have found It
cu.
ft.
to
In this
all
consumers
necessary to
reduce the quarterly dividend to the shareholders
share.—V. 105, p. 1809.
from $1 20
90 cents per quarter per
to
Westmoreland Coal Co .—Proposed
The shareholders
Merger—Director.—
will vote Dec. 11 on merging with
the Manor Gas Coal Co.
the company the
Penn Gas Coal Co. and
elected a director to succeed the late William
1216.
\
Daniel B. Wentz has been
D.
Winsor.—V. 105, p.
Wilson & Co. Inc., Chicago.—New Stock.— "
-■
The Chicago Stock JSxchange has listed $300,000 additional preferred
he
Prior to Aug. 1917
stock, making the total amount listed, $10,673,400.
Compare
$526,600 pref. stock had been retired by the sinking fund.
V.
105, p. 723.
(Walter A.)
Wood Mowing & Reaping Machine Co.—
Mtge. 5% gold bonds, dated June 1 1905.
Twenty-six First Refunding
have been called for
of Troy, N.
/Brooks & Co., Scranton, Pa., in their Nov. 1 market letter announce
this company^ stock in 1917: Jan., 2%;
Apr., 2%; July, 3% and Oct., 2% and 2% extra.—V. 105, p. 1809.
U.
Co.—Incorporated.—
Industrial Chemical
S.
—V. 101, p.
—
the following dividends paid on
Subsidiary.—This
of $24,000,000
on
following published data were found substantially
correct:
U.
In
Balance..
36,722
authorized capital stock
an
other demands upon us, new
-
requested to list the remaining
525.000 shares of capital stock
The New York Stock Exchange has been
25,000
has
necessary
Corp.—Combined Earnings.—
——Quarters (in 1917) Endina
after ordi¬
nary repairs & maint.
Depreciation
company
See U. S. Industrial Alcohol Co.
Hotel), Cleveland, Ohio.—
Co.
new
consisting of $6,000,000 first dreferred, $6,000,000 second preferred,
120,000 shares of common
(no par value).
All the issued stock
it is stated will be owned by the U. S. Industrial Alcohol Co.
The following directors have been elected by the new concern: George
S. Brewster, William R. Coe, Edward W. Harden, William 8. Kies, Adrian
H. Larkin, Percival J. Mcintosh, Horatio 8. Rubens, Richard P. Tinsley,
and Milton C. Whitaker.—V. 105, p. 614, 507.
and
auth. capital stock
$1,500,000 common and SI,500,000 7% cum. pref. (par $100) to
$500,000 1st pref., $1,250,000 2d pref. and $1,250,000 common.
At last
accounts $1,000,000 common and $500,000 pref. stock was outstanding.
In connection with the increase in stock, the proposed merger of the
Wills-Jones Co. with this company, it is said, will be effected about Dec. 1.
Alfred A. Du Ban, who is completing the merger arrangements, is quoted
as saying that while full details are not yet available, the plan provides
for a merger "without profit."—V. 104, p. 458.
from
Terminal Hotels Co. (New
[Vol. 105.
CHRONICLE
THE
2100
payment Dec. 1 at 105 and int. at Security
Y.
At last accounts three were
1633.
Worthington Pump & Machinery
The "Boston
Trust Co.
$725,000 bonds outstanding.
Co.—Orders, &c.—
Nfews Bureau" Nov. 23 said in substance:
have unfilled orders of more than $35,company which for years went
is certainly a tremendous jump.
It is estimated that if the company takes all the Government orders for
pumps and other war materials which it is being urged to accept, it may
easilv have $50,000,000 of gross by the early part of 1918.
The company
for the past three months has been earninz at the rate of $600,000 net per
month.
The total amount of subisidary bonds outstanding is but $600,000,
so that the entire bonded debt could have been paid off at par during each
The
corporation is understood to
000 000
This great bulk of business for a
alonz with $10,000,000 to 813,000,000 gross
of the last three months.
has two issues of preferred stock; one, known as class A,
$5,592,833. and the other, or class B, amounts to $10,321,671.
paying their full dividends.
For the fiscal year to Dec. 31 the company is expected to earn between
$25 and $30 per share for its $12,992,149 common stock, after excess profits
taxes.
No dividends are being paid on this issue, and it is not likely that
any will be declared until international skies are far brighter than at present.
[The "Iron Age" savs that this company's requirements for its Jeansville
Works at Hazelton, Pa., for its new shell contract will total more than
The company
totals
Both issues are
$1,000,000.]—V. 105, p. 2010, 614.
*
.
Nov. 24
THE
1917.]
CHRONICLE
2101
jqmrls anil
ATLANTIC COAST LINE RAILROAD COMPANY
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1916.
INDUSTRIAL.
Richmond, Va., Nov. 20 1917.
To the Stockholders
of the Atlantic Coast Line Railroad Company:
The< Inter-State Commerce Commission in November,
1916, instructed tbat annual reports to them should there¬
after be made for the calendar year by all roads which had
been rendering their reports for fiscal years ending June 30.
In order to simplify accounting and avoid duplication, your
President and Board of Directors decided to adopt the calen¬
dar year also for the annual report to Stockholders, and
now
present to you this report for the year ended December
And in order to make proper comparison, present
31 1916.
year 1915.
Your attention is called
inclusion in this report of figures for six
months January 1 to June 30 1916, which were also included
in the report for the year ended June 30 1916.
figures for the calendar
the
to
necessary
Miles not owned but operated under lease and trackage con¬
tracts...
Miles owned but not operated by this Company...
Miles
operated December 31
1915
4,700.04
...
Miles added during year:
Humph to Puck, S. C_
3.76
New connection at Fincher, Fla
1.14
Spurs to mills and factories
..67.66
Total added to operated lines account re-survey.. 4.20
...
76.76
Less'
Part
of line
near
Fincher, Fla., Fanlew Branch,
1.81
abandoned
Total deducted from operated lines account re-sur-
■
---"if!
3.14
73.62
—
Total miles operated Dec. 31 1916-.
4,773.66
Average mileage operated during year
4,727.06
..
endeavor.
The usual exhibit of
ucts
was
agricultural and horticultural prod¬
complete and attracted favorable attention.
very
The exhibit
handled in
was
some
demonstration
a
car
and
was
of the
largest agricultural fairs of the coun¬
of the principal towns in the Northern,
Eastern and Middle Western States.
The interest in livestock development
4,715.94
15.90
.
of
try, including many
105.06
-
during the year were unfavorable for immi¬
gration work, owing to the industrial activities prevailing
in the New England, Middle Atlantic and Middle Western
States. The high wages paid by industrial plants have had a
tendency to decrease the number of farm laborers and tenant
farmers who might otherwise have directed their attention
to
agricultural pursuits.
This condition will doubtless,
prevail during the continuance of the war.
The
Agricultural and Immigration Department has,
nevertheless, met with gratifying results in its several lines
shown at
4,610.88
Miles owned Dec. 31 1915---
Conditions
continues and
packing houses have been erected at Richmond, Va., Moul¬
trie, Way cross and Tifton, Ga., and Jacksonville and Tampa,
Fla., and plants are in course of construction at Wilming¬
ton, N. C., and Orangeburg, S. C.
The erection of plants
at other points is under consideration.
Cottonseed oil mills are preparing to crush peanuts and
soya beans.
In Virginia and the Carolines eight flour and grist mills
were built during the year and three established mills in¬
creased their capacity.
This development was brought
about by reason of the increased grain production. •
Eight feed" mills were erected during the year for the
grinding of velvet beans.
■ »
The shipbuilding industry has been stimulated by the
necessities of the war, and a number of yards are under con¬
struction at ports, reached by your lines.
A large amount of wealth has been brought into the
territory traversed by your lines by the high prices at which
the agricultural products of this section have been sold
during the past year.
There were 2,004 heads of families, engaged in agricultural
or industrial pursuits,
located along your lines during the
year, a decrease of 1,061, as compared with last year.
There were 207 new industries, including mills and various
manufactories, located on your lines during the year.
#
—.....4,684.38
Mileage owned December 31 1916
Double-track mileage December,31
1916
"""
ACCOUNT.
INCOME
332.3s
-
__
1916.
1915.
Increase.
Operating revenues
...$37,322,085 42 $31,936,962 03 $5,385,123 39
Operating expenses and taxes 25,904,015 30
23,731,333 79
2,172,681 51
Net Operating revenues, less
taxes
...$11,418,070 12
11,833 06
$8,205,628 24 $3,212,441 88
20,122 44
*8,289 38
$11,406,237 06
4,566,867 96
$8,185,505 80 $3,220,731 26
3,384,486 17
1,182,381 79
Uncollectible railway revenue
Other income.
....
—
^
Gross income..
$15,973,105 02 $11,569,991 97 $4,403,113 05
5,942,598 99
5,816,481 09
126,117 90
Interest and rentals
$10,030,506 03
Miscellaneous deductions from
Net
*
$5,753,510 88 $4,276,995 15
358,878 78
325,143 41
33,735 37
$9,671,627 25
income.
There
were
238 industrial side tracks
$5,428,367 47
$4,2^3,2f59 78
AND
RENTALS.
Common
and
no
Stock
Convertible
or
$5,812,266 99
5,446 00
$5,656,779 09
5,456 00
16,420 00
34,420 00
Outstanding Dec. 31
63,750 00
75,000 00
Retired to Dec. 311916 by issuance of like amount of
Unified Series "A" 4H% Bonds
1,050 00
43,666 00
1,550 00
43,276 00
$5,942,598 99
$5,816,48109
on
funded debt
Interest
on
certificates of indebtedness.
Interest
on •
Interest
on
equipment trust bonds of Dec. 1
1911
Interest
—
-
on
Brunswick
&
Western
Rentals..
DIVIDENDS.
declared
were
as
during the
Stockholders, 5 per cent =
To Common Stockholders, 6 per cent =
OPERATING
year:
$9,835 00
$4,113,480 00
Increase.
1915/
Cent.
$25,184,952 15 $21,630,840 72 $3,554,111 43 16.43
8,970,879 17
7,673,554 99
1,297,324 18 16.91
90,061 19
89,800 24
260 95
0.29
1,105,093 12
785,418 61
63,847 80
9.79
279,730 40 25.31
189,848 63 24.17
$37,322,085 42 $31,936,962 03
Mail
716,102 15
1,384,823 52
975,267 2,4
Outstanding Dec. 31 1916—.—
$182,000 00
-
General
-
84,000 00
$98,000 00
-
GENERAL UNIFIED MORTGAGE BONDS.
follows I
2tS
Per
...
-
Outstanding Dec. 31 1915, Series "A," 4K%-—-—
-'-$36,966,907 81
Issued between Jan. 1 1916 and Dec. 31 1916 to retire like
amount of Unified 4% Bonds
84,000 00
Issued between Jan. 1 1916 and Dec. 31 1916 to retire bonds
REVENUES.
1916.
Passenger.
Excess baggage
1*915
—
follows
To Preferred
Freight...
UNIFIED MORTGAGE FOUR PER CENT BONDS.
income
bonds
Dividends
Debenture
4% Bonds.
equipment trust bonds of March 1
-
al¬
change during the year in the issues of
Preferred
1915.
Interest
—
con¬
CAPITAL ACCOUNT.
;
1916.
1907
extensions
ready in existence.
There has been
Decrease.
INTEREST
or
structed during the year to reach new plants or those
„
.
income
I
Ashley River Railroad Co. First 8% Bonds—.—333,500'
Richmond & Petersburg Railroad Co. First 6%
Bonds
316,000
Richmond
&
Petersburg Railroad Co.
Bonds
First 7%
...
24,500
374,000 00
—
Issued between Jan.
1
1916 and Dec. 31-1916 for Additions
and Betterments....
1,732,374 47
$5,385,123 39 HL86
...
Express..
Miscellaneous
652,254 35
Outstanding Dec. 31 1916
Outstanding Dec. 31 1916, Series "B" 4%
Total outstanding
OPERATING
EXPENSES
AND
—-
TAXES.
$39,157,282 28
100,000 00
General Unified Bonds, Dec. 31 1916—.$39,257,282 28
Per
1916.
1915.
$4,443,558 55
$4,322,123 58
.
Increase.
Cent.
Maintenance of way &'
structures.
$121,434 97
2.81
Maintenance of equip¬
Miscellaneous
703,697 83 13.31
5,991,657 21
723,801 97
5,287,959 38
646,822 46
11,879,430 43
10,921,137 66
76,979 51 11.90
958,292 77
8.77
135,500 33
913,673 33
141,192 73
849,782 17
24,307 60 21.86
63,891 16
7.52
27,016 61
25,840 99
ment
Traffic.
Transportation
tions
Transportation for in¬
vestment—Credit
Total...
EQUIPMENT TRUST OBLIGATIONS.
opera¬
General expenses
Taxes
Under resolutions adopted by the Board of Directors,
privilege to the holders of Unified 4% Bonds of exchanging,,
par for par, said bonds for General Unified Series "A" 4^2%
Bonds expired June 1 1916.
1,175 62
4.55
$24,060,605 21 $22,113,176 99 $1,947,428 22
8.81
1,843,410 09
1,618,156 80
225,253 29 13.92
..$25,904,015 30 $23,731,333 79 $2,172,681 51
!Tl6
paid during the year $450,000 of Equipment
Trust 4% Bonds, Series "A," and $250,000 of Equipment
Trust 4^% Bonds, Series "B," leaving Equipment Trust
Bonds outstanding Dec. 31 1916, as follows:
There
were
$223,000
4%
Bonds, Series "A"
4Y%% Bonds, Series "B"
There
were
1,250,000
purchased for $9,000 during the year $10,000 of Bruns¬
Bonds, leaving out¬
wick & Western Railroad Company Income
Net operating revenues,
less taxes, increased
3,212,441 88, or 39.15%
ratio of operating expenses and taxes to operating
revenues was 69.41 per cent, as compared with 74.37 per cent
for the previous year.
■
standing in the hands of the public Dec. 31 1916
issue
-
bonds of this
$21,000
The
There
held
by
were no
other changes in the Company's securities
the public.
-
CHANGES IN HOLDINGS OP COMPANY'S OWN
ITS
SECURITIES IN
and passenger
TREASURY.
_0,
the 1918 winter
$22,481,907 81
438,750 00
South Carolina^ is approaching completion.
Efficiency in operation as shown by' improved train load¬
ing and car loading is seen in the following figures of increases
ence,
issued by Cor¬
porate Trustee to retire:
Ashley River Railroad Co. First 8% Bonds—_$33,500
Richmond & Petersburg Railroad Co. First 6%
Bonds
—
over
316,000
-
Richmond & Petersburg Railroad Co. First
Bonds
——-r
"
374,000 00
•
$25,027,032 28
Bonds sold at 91
•
_
3,000,000'00
-
First Consolidated 4%
Bonds.-
mile.
J. R. KENLY,
President.
Chairman.
31 1916:
■
——$21,588,282 28
438,750 00
_
GENERAL BALANCE SHEET.
COMPARATIVE
ASSETS.
$22,027,032 28
Dec. 31 1915.
Dec. 31 1916.
$177,631,231 00 $180,213,413 04
Improvements oii Leased Railway Property.
52,813 32
54,470 08
Deposits in lieu of Mortgaged Property
Sold.......
700 00
1,862 95
Miscellaneous Physical Property..
904,906 91
1,040,060 01
Investments in Affiliated Companies:
Stocks
$55,911,401 29
$55,947,926 99
Bonds
1,878,821 80
1,878,821 80
Notes—..
2,242.226 72
2,357,331 24
Advances
360,027 34
423,699 24
Investments—
Investment in Road and Equipment
NEW CONSTRUCTION.
-
in train tons per
the
renew
H.WALTERS,
$22,027,03228
In Company's Treasury, Unpledged, Dec.
General Unified Series "A
4H% Bonds
.vv
-37.2%
11.4 %
--.24.5%
mile
one
expression of our appreciation of the in¬
telligent and faithful work done by our officers and em¬
ployees.
1,732,374 47
interest
year:
in train miles
"
We
%
•
for Additions and Betterments
and
previous
Increase of tons
24,500
[
net
the
7%
General Unified Series "A" 4 M % Bonds issued by Corpor¬
ate Trustee to reimburse this Company for expenditures
Less General Unified Series "A" 4K%
season.
The extension of double track for six miles south of Flor¬
$22,920,657 81
General Unified Series "A" 4M% Bonds
Serious delays in beginning this
its completion in time for
terminals.
great improvement will prevent
31 1915:
In Company's Treasury, Unpledged, Dec.
General Unified Series "A
4H% Bonds
First Consolidated 4% Bonds
[VOL. 105.
CHRONICLE
THE
2102
_
New line, 3.76
miles long, from Rumph, at end of Holly¬
wood Spur, to Puck, S.
tion in January 1916.
C.,
completed and put in
was
opera¬
1.14 miles long, at Fincher, Fla., for
New connection,
line from Fincher to Fanlew, Fla.,
„
with line from Thomas-
ville, Ga., to Monticello, Fla., was completed and put]in
operation in January 1916.
The new connection shortened
the operated mileage between Fincher and Fanlew 0.67
mile, the old connection 1.81 miles being abandoned and
removed.
/•.V■'
.
$60,392,477 15
$222,831
1,120,120
310,875
606,014
Stocks
Bonds
Notes
Advances
Cash.*
Retirements, equipment destroyed
Credit
for locomotive
or
$2,235,003 12
$11,339,128 88
443,262 00
$16,312,374 49
450,544 12
i
Special Deposits:
Cash for Dividends, Interest and Debts
655,731 67
$535 40
For 1 passenger train car
For 1,013 freight train cars
For 78 work equipment cars
*
Traffic and
ceivable
80,200 49
:
Car
Service
929,613 00
Charges During the Year:
For cost value of equipment retired by destruc¬
tion, sale or transfer to other classes
--$704,113 00
Less the depreciated value of equipment trans¬
ferred to other classes
L
30,393 39
'
Conductors
Cared for
Tlpfprrpfl
Follows:
as
From operating expenses, retirements..
From accrued depreciation
•
.
31,896 51
60,667 22
$25,174,331 34
A wpf*
,
$3,903 75
$673,719 61
$11,849 50
...
$6,488 75
$370,808 48
Working Fund Advances
$424,77245
Insurance and Other Funds:
.....
150,000 00
$274,772 45
$224,712 23
Total
150,000 00
$220,808 48
,
' '
'
Cost of transferring equipment to other classes.
558,955 43
1,198,127 76
3,129,862 94
1,406,338 01
1,976,457 74
1,076,028 46
,
$17,816,414 14
Total Book Assets
Less: This Company's Own Issue
$80,200 49
432,643 31
160,875 81
From salvage, fire insurance and foreign roads.
Materials and Supplies
;
Interest and Dividends Receivable
Other Current Assets
Total..,.
$673,719 61
1,316,446 23
Re¬
—
Net Balance Receivable from Agents and
Miscellaneous Accounts Receivable
$1,172,598 78
'
$15,225 00
43,105 97
470,107 09
852,615 52
Balances
575,000 00
$16,000 00
25,573 27
Loans and Bills Receivable
2,14571
72,899 17
5,69101
$590,225 00
575,000 00
Less: This Company's Own Issues
sold:
previous
682,684 17
$591,000 00
Bonds to Secure Leases
in
retired
25
00
08
79
$244,152,588 47
Demand Loans and Deposits
$1,092,398 29
year
$228,431
1,101,500
299,807
605,264
Current Assets—
$296,976 35
90,087 52
680,851 98
•
21,91150
2,570 94
equipment
For floating equipment—
$60,607,779 27
$2,259,841 24
Depreciation:
For work
25
00
20
79
.$241,241,969 62
Total-—I
,
For locomotives
_
Other Investments:
'
"
For passenger train cars
For freight train cars..
„
—
EQUIPMENT REPLACEMENT ACCOUNTS.
Credits During the Year:
From Operating Expenses:
„
„
$281,261 20
Unadjusted Debits—
Rents
and
Premiums
Insurance
paid in
.
$86,616 88
6,314 64
741,506 70
or
leased
Discount
on
Funded Debt
Other Unadjusted Debits-
$82,967 54
$834,438 22
advance
©The following table shows the equipment owned,
under car trusts, on hand as the close of each year:
$699,878 61
Securities Issued or Assumed:
190S.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1916.*
Par value of
Locomotives..
672
669
663
686
Pass, train cars
60(5
602
605
603
719
■
777
814
811
820
832
646
671
679
674
678
•
:
1915
Grand
°
.$22,027,032 28
22,926,657 81
678
Freight train
<
holdings—
1916
-
..$260,117,53421
Total—...
u
24,668 24,503 24,581 25,472 27,510 29,210 29,833 28,927 28,615 28,994
600
657
847
946
975
773
Work.equipnrt
1,070 1,169
1,172 1,227
Floating equip¬
>
616,911 07
$270,308,059 62
cars
16
ment..
16
17
17
19
•
On hand at close of year ended Dec. 31; the
ended June 30.
GENERAL
20
other
years
20
21
21
,21
in table are for period
REMARKS.
Because of the change of the fiscal to the calendar year for
annual report to stockholders, your Board having
e
deemed it best to close the
stead of
operating
year on
Deo. 31 in¬
June 30, as explained at the
beginning of this
report, it was also deemed best to change the date of the
annual nieeting from November to May, and a change in
the By-Laws to this effect has been prepared for your con¬
on
sideration.
'
*
The extension of the Haines
City Branch in South Florida
Sebring to Immokalee, with a branch to Moorehaven,
has proceeded as rapidly as the scarcity of labor would per¬
mit.
It is expected the line to Moorehaven on Lake Okee¬
chobee will be opened for traffic in March 1918, and the
line to Immokalee some time in the following summer.
The development and construction of a new
passenger
station and terminals at Richmond, Virginia, jointly with
the Richmond Fredericksburg & Potomac Railroad Com¬
is making^ excellent progress and it is hoped will be
ready for operation in the first quarter of 1918.
The enlargement of freight facilities at Byrd Street in
Richmond is also well under way and when completed will
about double our
receiving and delivery warehouse space.
The upper bridge across James River, owned half
by the
Richmond Fredericksburg & Potomac Railroad
Company
and half by this
Company, having become too light for our
pany,
locomotives
and
the
terminals
requiring the use of this bridge by our heavy through pas¬
senger trains, a contract to replace it with a double-tracked,
reinforced
concrete
new
passenger
viaduct has been let and
progressing as well as could
calls for its completion
be expected.
the work
is
The contract
by Oct. 1 1918.
Jacksonville, Florida, the Jacksonville Terminal
Company, owned by the five railroads reaching there, is
reconstructing upon a largely extended plan the station
At
Dec. 31
Class "A" Richmond &
road Co. Stock....
Preferred Stock
1915.
$67,558,000 00
•_*
Dec. 31
1916.
$67,558,000 00
Petersburg Rail¬
on
Long-Term Debt—
Equipment Trust Obligations
Mortgage Bonds:
Book Liability.—
$120,066,032 28
Held
by
or
for this
22,752,032 28
Company
Collateral Trust Bonds
Miscellaneous
$2,173,000 00
$1,473,000 00
97,314,000
35,000,000
21,000
4,618,635
35,000,000 00
31,000 00
4,618,635 00
-
...
Total
$73,574,272 50
94,314,000 00
Capital Stock
Total...
1,000,000 00
196,700 00
$68,754,700 00
$73,574,272 50
Premiums realized
1,000,000 00
196,700 00
$68,754,700 00
4,819,572 50
...
Income Bonds
from
heaviest
LIABILITIES.
Stock—
Common Stock..
4,819,572 60
00
00
00
00
.—.$136,136,635 00 $138,426,635 00
—_
Current Liabilities—
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable—;
Miscellaneous Accounts Payable
Interest Matured Unpaid
$621,465 89
1,712,412 82
Dividends Matured Unpaid.*
Funded Debt Matured unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
,— —
—_
289,510
473,138
5,850
15,000
1,713,950
1,158,309
1,356
66
34
75
00
00
92
25
$862 ,883 18
2,084 ,821 77
342 ,480 78
501 ,090 84
5 .850
14 ,000
2,399 ,530
1,162 ,657
,356
75
00
00
41
25
•_»" $5,990,994 63
$7,374,670 98
$124,907 54
Total
$161,248 00
Deferred Liabilities—
Other Deferred
Labilities
Unadjusted Credits—
Tax Liability—
Insurance and Casualty Reserves
Operating Reserves
Accrued Depreciation—Road
Accrued
$428,892
357,118
896,987
1,154,549
10,321,179
563,822
Depreciation—Equipment
Other Unadjusted Credits
Total-
Total
Grand
$531,229
421,881
1,007,044
1,381,960
10,980,457
509,005
03
69
44
43
44
06
$14,831,578 09
Income
-
$76,235 26
30,491,938 85
$295,548 03
35,644,107 02
$30,568,174 11
-
-
Total
$13,722,550 43
—
—
Corporate Surplus—
Additions to Property through
and Surplus——..
Profit and Loss, Credit Balance..
08
57
97
88
31
62
$35,939,655 05
$260,117,534~21 $270,308,059
62
EFor Comparative Income Account, see company's statement under
.'Annual Reports"' on a previous page.l
Nov. 24
1917.]
THE
CHRONICLE
here.
Jpie Commercial ^imes
COMMERCIAL
EPITOME.
The big factor is the enormous Government
buying of
steel, dry goods, shoes, lumber, oats and other commodities.
Private business necessarily has to stand aside.
Also the
some
But after
extent.
all, the great industries are very busy and the civilian de¬
mand is, by no means, inconsiderable.
The West is favored
by high prices for grain, and cotton has crossed 30 cents for
the first time since 1869.
The big buying power of the West
and South is reflected in the excellent state of trade in those
sections.
The recovery in the stock market has a hearten¬
ing effect.
So have the British victories of late, and reports
that the U-boat peril is gradually disappearing.
War risks
have declined from 5 to 4% to British ports.
The
United States Government is taking measures to facilitate
the movement of grain at the West to terminal markets.
At
rates
the
Little relief to the scarcity from Western beet
sugar
is expected partly
the Michigan and
Friday Night, Nov. 23 1917.
mild weather hurts retail trade to
2103
time, the authorities of the Chicago Board of Trade
restricting daily speculation and fluctuations in price.-.
because of car shortage, though most of
Ohio factories are in operation.
As to
the market for cane refined
everybody is awaiting new de¬
velopments.
Some 16,000 tons of refined originally bought
for Russia have been commandeered for local
consumption.
It_ is to be distributed through the American Refiners Com¬
mittee.
Beet sugar is being shipped here from California.
It was also announced that 100,000
bags or 10,000,000
pounds of California beet are being loaded for immediate
shipment by rail to Galveston and thence by steamer to
New York.
This sugar is due here within
twenty days.
There are already on the way to New
England 25,000 bags
of 100 pounds each of beet
sugar from Western factories.
OILS.—Linseed, higher; city raw, American seed, $1 21 @
$1 25; Calcutta, $.1 40.
Lard, prime, $2 35@$2 45.
Cocoanut, Cochin, 21@22c.; Ceylon, 17^@18c.
Palm, Lagos,
25@26c.
Soya bean, 17c.
Spirits of turpentine, 52@
52KiC.# Strained rosin, common to good, $7 10. Cotton¬
seed oil closed lower on the
spot at 18.30c.
Closing prices
follows:
were
as
Nov
ctsl8.30@19.00 January cts 18 30@ 18.40 April
18.25@18 50 Feb
18.25@18.40 May
March... 18.30 @18.50
same
are
One effect of the mild weather is to lessen
the evil of coal
shortage.
Conservatism in expenditure coincident with
widespread economy is very noticeable, and at the same
time business failures are relatively few.
There is a pretty
good holiday trade, but it runs more to cheaper articles.
Luxuries are receiving comparatively scant attention.
In
general the Government
thing of
war
business overshadows
every¬
peaceful and civilian kind.
The population of
this country is grappling with the task of
winning the war
and everything else is rapidly becoming subordinate to this
one idea.
As the draft progresses, there will
naturally be a
decreasing supply of labor.
This is one of the evils of the
times.
a
It is to
some
extent
Dec
mitigated by the reduction in
the output and consumption of non-essentials.
But at best
the pinch of labor scarcity seems certain to be felt with more
less
eta
—
@
—
@19.00
—
_
PETROLEUM firm; refined in barrels, $11 15@$12 15;
bulk, $5 50@$6 50; cases* $15 50@$16 50.
Naphtha, 73 to
76 degrees, in 100-gallon drums and
over, 473^c.
Gasoline,
firm; motor gasoline in steel Parrels, to garages, 24c.; to
consumers, 26c.; gasoline, gas machine, steel,
41c.; 72 to
76 degrees, 38c.
The storage holdings in the Mid-Continent
field were reduced about
480,000 barrels during October.
Total Eastern stocks are
lighter by 886,750 barrels.
A high
record
and
made in the Mid-Continent last month in
was
runs
shipments.
It means, it is said, an increase in runs of
100,000 barrels a day during the past year, despite
the scarcity and extreme cost of
drilling material, labor
about
difficulties
and
the
drought which has restricted
recent
field work.
increasing severity from now on.
It is also a fact
scarcity of fuel and cars is still a serious drawback.
are fair to good,
though it is said, they
are for some reason rather slow at the
Northwest, possibly
in part because of the slow
marketing of wheat.
Stocks of
Crichton
150
Indiana
Princeton
Corning
2 60
2 38
2 00
Somerset, 32deg__ 2 40 Caddo, La., light- 2 00
R&gland
1 10 Caddo,La..heavy- 1 00
Electra.2 00 Canada
2 48
and manufactured goods are alike small, because
Strawn
De Soto
or
that the
Meantime collections
raw
sumption
treads
con¬
closely on the heels of production.
There seems some tendency to regulate
consumption as
well as production.
The business of the country is now
largely under Government control.
The movement to con¬
trol commodity prices is
spreading.
The latest thing men¬
tioned is hides, owing to tho enormous
requirements of the
United States and the Allies in fitting out the armies and
and it is intimated that possibly the manufacture of
leather may before long come under Government
super¬
On the whole, business in this
country
is still large,
apart from the Government transactions and the
dition of trade in general is good
even
con¬
Continent,
29.25c.;
South
America, 29.50c.; Brazil,
30.50c.
Futures advanced sharply,
partly owing to the
raising of the British Government maximum price for pro¬
visions at Liverpool and higher prices for
hogs.
Also the
demand has improved.
Liverpool lard, however, has been
quiet, with supplies moderate.
To-day prices advanced with
hogs 10c. higher though the receipts of hogs are increasing.
Lard is higher for the week.
DAILY
CLOSING
Nov. delivery
Jan. delivery
PRICES
Sat.
cts.27.50
...24.37
OP
'
LARD
FUTURES
Mon.
Tues.
Wed.
27.27
24.40
27.42
27.50
24.62
24.85
IN
CHICAGO.
Thurs.
27.50
24.82
Fri.
27.50
24.92
PORK
higher; mess, $50: clear, $52@$57: beef products
$31 @$32; extra India mess, $50@$52.
Cut
meats, firm; pickled hams, 10 to 20 lbs., 24%c.; pickled
bellies, 31@33c.
In Liverpool the general market was
strong, with advancing prices and in some cases bids are
again nearing full maximum values.
Export offerings are
moderate and clearances Inadequate, and
although consump¬
tion has been reduced, still stocks are
light.
To-day January
pork ended at $46.60, showing an advance during the week
of $1.35.
Butter, creamery, 463^@47c.
Cheese, State,
24@24^c.
Eggs, fresh, 55@56c.
COFFEE lower; No. 7 Rio, 7^c.; No. 4
Santos, 9^c.;
fair to good Cucuta, 10^@10I^c.
Futures have declined,
owing to lower prices in^ Brazil, ,the absence of Govern¬
ment action there to sustain the market, the recent news in¬
dicating a protraction of the war, the dulness of the spot trade
and considerable liquidation, largely for Wall Street.
In
addition, stocks are liberal.
To-day prices were one point
lower to 1 point higher.
It is lower for the week.
Herman
Sielcken, it is said, died recently at Baden Baden, Germany.
Closing prices were as follows:
Steady;
mess,
November cts6.82 @ 6.84
December
6.80@6 87
March _cta_7.13@7.15
April .__.__7.2m7.22
6.95 @6.96 May
7.29@7.30
7.04 @7.05 June
7.38@7.39
January
February
July
cts 7.47@7.48
August
7.56@7«57
September —7.65 @7.6 6
firm; centrifugal, 97 degrees test, 6.90c.; mo¬
degrees test, 6.02c.; granulated, 8.35c.
The
trade has developed few facts of special interest.
There
have been only small offerings of imported raw.
The new
crop price has not yet been fixed.
There has been a re¬
ported corner in New Orleans and the attention of the Food
89
Administration
price
lots
may
of
has
been
directed
to
it.
The
new
Cuban
be somewhere from 43^ to 4% cents.
Small
Cuban
Wooster
Thrall
-
2 00
and Peruvian
raw
sugar
2 12
Moran
1 90
$2 08 Illinois, above 30
2 08
degrees
$2 12
198 Kansas and Okla¬
Plymouth
have been offered
homa
2 00 Healdton..2 03 Henrietta
2 00
120
2 00
TOBACCO has been firm but quiet;
Prices are so high
buyers are confining their purchases as much as possi¬
A good many buyers are holding
aloof looking for some easing of prices.
Sumatra has been
firm, the more so because prospects of importations seem
rather remote.
It goes without saying that fresh importa¬
tions would meet with a ready sale.
Havana leaf has also
been very firm, but here as elsewhere the trade has been on
a very restricted scale.
In short, the market has developed
no striking features.
that
ble from hand to mouth.
reduced
time it
production
since
was
in this
it reached
its
country has been sharply
climax
last
March.
At that
stated at
192,211,648 lbs.
But when this coun¬
try entered jthe war production began to decline at the very
time when a big output was naturally desired.
In Septem¬
ber the total was only 128,477,872 lbs., due to the strikes
in big mining districts from a refusal of the
companies to
pay the increased wages demanded.
Since then, however,
the production has considerably increased.
The fixed price
is, of course, 233^ cents and the Government quotations will
remain until January 31.
Exports of copper this year have
been greatly increased; also those of brass.
The^ domestic
consumption is very large, it is stated.
Lead easier on the
spot at 63i@6%c. on a smaller demand.
The Govern¬
ment's requirements are not known, but there is no fear that
there will be a scarcity of the metal.
Tin higher on the spot
at 77@78c.
The rise was due to the limitation of British
permits to actual consumers, and a sharp demand from some
of the trade here for the scanty stocks remaining.
It is
denied from Boston that an official price of 78c. has been
fixed.
Total arrivals, 1,185 tons; afloat, 4,100 tons.
Spel¬
ter easier on the spot at 8@83^c. with less demand.
The
trade is waiting for some price agreement with the Govern¬
ment.
Opinion is that it will be somewhat in excess of the
present price, but this is only a guess.
PIG IRON production falls short of consumption and very
many
think the outlook is serious.
lack of fuel,
as
well
as
of iron.
Foundries suffer from a
At present furnaces are busy
principally in meeting contracts.
Furnaces have sold and
foundries have bought on a rather liberal scale for the re¬
mainder of the current year, but there have been so many
disappointments in filling contracts that the situation is
anything but satisfactory.
Producers are not seeking new
business so much as in ordinary times.
They are simply
trying to keep up with their contracts.
STEEL
making
effort to meet the de¬
badly handicapped by the
shortage of fuel.
Blast furnaces are being banked up owing
to the shortage of coke.
It is said that at Youngstown the
steel output has been reduced nearly one-half.
There is a
big demand for shell steel.
The latest Government orders
call for about 1,509,000 tons, delivery to extend over nine
months.
It is said that a large proportion of the shells will
be made in Canada from steel supplied by the United States.
British munitions, however, will be made in this country.
It appears that gun-making steel is to be sent to France.
In
concerns are
every
mands of the war, but they are
SUGAR
lasses,
2 23
COPPER
LARD lower; prime Western 28.20@28.30c.; refined to
the
Mercer black
so
navy,
vision.
Ivanladark S3 50 North Lima
Pennsyi
Oabelf..
2 67 South Lima
4
order to
hurry up business, the
[Vol. 105.
CHRONICLE
THE
2104
Government is sending or¬
ders, it is understood, to French steel mills.
The labor sup¬
ply in this country has increased somewhat. At Pittsburgh
$3 85 is offered for common labor on a 10-hour day.
The
United States Government wants thousands of mechanics to
work in France and in this country there will evidently have
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard,
cleared, at the ports named.
We add similar figures
give
us
not
for
New York.
#
blending of skilled and unskilled labor. Private busi¬
ness, of course, has to take second place.
Steel fabricators
will meet on the ,27th inst. at Pittsburgh to discuss thewery
to be
On
rapid increase in the structural steel orders in the war pro¬
gram.
Among the new prices fixed is a 3-cent basis for light
rails, 25 pounds and heavier.
Chrome steel will be manufac¬
tured to a certain extent for making pleasure automobiles.
Nov. 23at—
Galveston
New Orleans..
Savannah
THE MOVEMENT OF
Norfolk
„
New York
bales.
•
Mon.
Tues.
9,877
10,679
11,850
58,702
2,859
8,689
2,859
9,604
8,003
Total.
Fri.
Thurs.
Wed.
Sat.
Texas City
278
278
6,060
47,687
3,490
4,659
10,175
10,314
568
642
202
252
8,622
1,259
8,543
7,539
11,046
5,734
5,296
523
497
2,389
1,025
2,673
564
679
194
606
657
306
1,333
2,691
1,354
3,448
156
156
"70
"184
"321
"218
2*. 105
570
389
735
1,052
770
217
1,319
3,216
3,468
4,482
3,216
28,981
28,158
39,216
32,070
29,549
7,857
-
Mobile
Pensacola
567
._
Savannah
-
Charleston
_
Wilmington
Norfolk
N'port News, &c.
New York
Boston
898
3,409
1*500
1,500
7,721
5,000
2,353
Jacksonville
Brunswick
Baltimore
45,879
5,000
12,245
3,565
9,789
Philadelphia
Totals this week.
44,342 202,316
following shows the week's total receipts, total since
Aug. 1 1917 and stocks to-night, compared with last year:
The
Stock.
1916.
1917.
Receipts to
This
Since Aug
This
Week.
1 1917.
Week.
Nov. 23.
Texas City
Port Arthur
"278
Aransas Pass, &c.
New Orleans
47,687
Mobile
,3,490
Pensacola
1*500
Jacksonville
45,879
5,000
12,245
-3,565
9,789
Savannah:
Brunswick
Charleston
Wilmington
Norfolk
156
N'port News, &c.
New York
3,468
4,482
3,216
...
Boston
Baltimore
Since Aug
1916.
383,516
45,579
5,000
254,903
15,488
464*415
34,247
*11", 500
"6*566
576,071
259,295
61,000
106,701
71,253
267,412
11,356
14,621
27,927
14,224
1,400
23,000
47,177
68,463
195,834
7,500
78,676
54,235
86,911
104*261
12*6,442
8,810
7,111
2,637
3,924
.,382,831
165,138
19,591
18,299
799,200
~2~, 713
33,411
4,500
10,295
1,720
23,443
2,841
2,052
3,925
2,987
51,452
56,322
16,670
.
2,961
Philadelphia
1917.
277,303
9,388
1 1916.
79,385
12,965
5,000
5,836
45,496
3,513
860,272
16,935
5,492
5,089
553,438
55,183
1,155
21,750
570,902
81,000
117,266
51,726
127,874
1,881
82,988
36,733
58,702
2,859
Galveston
13,800
53,085
24,754
8,609
202,316 2,644,097 240,082 3,644,263 1,165,976 1,482,146
Totals.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Galveston
Texas City,&c
New Orleans.
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington
__
Norfolk
N'port N..&C.
,
All others
12,666
Total this wk.
Since Aug.
156
202,316
.
4,500
10,295
1,720
23,443
2,841
11,677
240,082
1912.
184,164
38,303
94,420
9,472
48,088
175,216
11,373
61,722
v
4,834
47,013
5,000
17,224
11,216
4,232
11,945
46,987
5,500
19,070
14,252
26,371
3,516
32,815
171,948
360,439
423,795
33,411
v
1913.
146,538
35,887
64,010
12,868
42,220
1,439
16,728
1,000
4,502
4,924
17,417
1,602
5,238
79,385
23,801
45,496
3,513
58,702
3,137
4.7,687
3,490
45,879
5,000
12,245
3,565
9,789
1914.
1915.
1916.
1917.
| Receipts at—
'
■
80,914
5,922
.16,687
12,800
11,814
17,389
24,950
2,461
10,481
454,342
1. 2,644,097 3,644,263 2,903,394 2,690,158 5,545,070 5,612,217
The exports
for the week ending this evening reach
a
total
of
121,987 bales, of which 30,406 were to Great Britain,
5,499 to France and 96,082 to other destinations.
Ex¬
ports for the week and since Aug. 1 1917 are as follows:
Week ending Nov.,23 1917.
From Aug. 1 1917 to Nov.
23 1917.
Exported to—
Exported to—
Great
Great
Britain. France.
Other.
Total.
Galveston..
Mobile
8,342
12,165
205",078
8,342
1,929
73,282
Pensacola..
Brunswick
14,409
1,000
35,119
54",480
90*.546
218,308
1,929
9",450
299
32", 584
168,650
51,440
16,950
13,564
59,015
13,924
13,924
31,407
53,055
53,055
956
416,214 1,656,430
51,062 129,273 1,124,577
28,526 63,689
676,647
352,017
773,064 2,249,658
756,637 1,736,717
7,472
4,631
303,433
firm.^ Forwardings thither have increased
,
think that the price is altogether too high.
They
anything at all bullish in the situ¬
On Thursday the basis, both east and west of the
Mississippi, was reported to be easier. Prices got up to
such a plane that farmers and dealers at the South were
said to be more disposed in many cases to sell.
Meanwhile,
too, the world's spinners' takings are far below those of
last year.
The same thing is true of the exports.
As
already intimated, the ginning was somewhat larger than
many had expected.
In Louisiana it is the largest for years
past, in Mississippi it is almost equal to that of last year,
in Oklahoma it is a little larger than then and in South
Carolina it
is
some
182,500
bales
more.
Liverpool
has
at
times
shown
weakness,
owing
to
prospects
many
ation.
marine
266,750
70,739
994,901
16,625 17,175
20,700 193,664 1,288,482
21,615 126,708 1,303,782
of
973,466
30,532
44,819
51,996
55,298
December at times has been very firm. Japanese
and local trade interests are said largely to control that
month. The U. S. Government has been buying Sea Island
cotton to be used in
the manufacture of cloth suitable
for airplane wings, owing to
the scarcity of linen and
silk.
It is also keeping the mills busy on orders for cotton
goods of various kinds.
The mills, in turn, have been buying
futures here as a hedge against these contracts.
Southern
hedge selling has not been heavy. jFall River trade has been
active at rising prices.
Some of the mills are said to be
selling goods on a basis of some 60 to 65 cents for raw cotton.
The Japanese textile industry has largely increased since the
outbreak of the war.
The ginning report has given rise to
very moderate crop estimates, say 10,500,000 to 11,000,000
bales.
There is another one due (on Dec. 8) before the
Government crop estimate will appear on Dec. 11.
The con¬
viction is growing that it is likely to be bullish.
Meanwhile
the scarcity of wool; silk, flax and other fibres continues.
Irish linen mills are sold far ahead on Government orders,
and the Irish and Russian supplies of flax are said to be
deficient.
Meanwhile,
stocks
of
cotton,
raw
and
manufactured
at
home and
abroad, -are
small.
And
already
there
is ;* talk
to
the
effect
that
the
next crop may be deficient, partly owing to the growing
scarcity of labor.
Texas drought continues and the Gover¬
nor of that State asks Federal aid for the farmers who have
suffered most from this misfortune.
On the other hand,
60,667
86,082 121,987
1916.
Total
""166
sharply.
66,604
5,499
Total 1915.
4,000
has been active and
larger imports.
The
latest
statement
of
sub¬
sinkings was disappointingly large.
The Italian
situation still gives rise to more or less apprehension and
Russia is also, of course, a sore point.
Many think that the
#
is
likely to drag on for at least a year or two longer.
Speculation in spot cotton at the South is still very general.
Unforeseen developments of an adverse kind might start
a big selling movement, there, it is contended, and cause at
war
30,406
15,668
31,306
4,182
stopped the shipments of goods to Russia. At one time
favorable reports were given out in regard to the
submarine menace.
It was said to have been practically
eliminated, or that very marked progress at any rate
had been made in that
direction.
The Stock market
at times has shown noticeable strength and this has been
felt in cotton.
The spot cotton basis has been reported
as
200 points "on" December.
The ginning report on
the 21st instant though it showed a figure somewhat
larger than had been expected, was in the main regarded as
bullish.
It showed a total ginned up to Nov. 14 of 8,559,390
bales, against 9,615,003 during the same time last year and
8,771,275 in the same time in 1915.
The ginning from
Nov. 1 to Nov. 14 was 1,409,136 bales, against 991,110 in
the same time last year and 1,392,389 two years ago.
The
total ginned to date is the smallest since 1909.
Liverpool
has latterly been firmer, though at one time it was depressed
by an announcement that the Shipping Board of Great
Britain would assign 40,000 tons to the foreign cotton trade,
for December, as against 25,000 tons in November.
This
would point, it is said, to about 200,000 bales for Decem¬
ber, as against 80,000 to 100,000 in November. Manchester
356,115
31,407
956
...
93,963
63,263
90,201
119,238
very
1,600
53,584
I
7,252
16",950
Detroit
Total
100
"5*666
182.918
238,039
241,995
51.085
8,162
Speculation in cotton for future delivery has been on a
has been liberal, both for
prices have advanced to
a new high level.
Liverpool has been a large buyer of May.
War news has been a stimulant, particularly the British
successes
in France.
The news from Italy too has been
regarded as less gloomy and there seems to be some opposition
in Russia to offering a separate peace to Germany.
It would
appear from some of the despatches that there has been a
split between the Bolsheviki and the Socialists.
Also
it is said that the United States Government has not
"9",450
28,218
7,252
Washington
746
3,800
2,000
1,479
mm mm
moderate scale, but trade buying
home and Liverpool account and
1*23*158
64,307
4",848
Fran..
'mm
*3*665
89,6621
68,423
37,668
21,000
19,214
4",848
mm.
5,100
45,513
1,652
9",450
5,499
Philadelphia
San
5,492
2,117
271,413
5*1,926
4",413
299
9,302
Boston
Baltimore-
386,321
68,423
Wilmington
..
Total.
87,820
34,119
36",795 36", 795
4,550
Savannah..
York.
Other.
33,255
5,492
7,615
New
France.
*2*117
Port Arthur
Norfolk
Britain.
265,246
Laredo, &c.
NewOrleans
8,500
mm
Stock.
94,385
16,864
17,300
2,000
7,326
5,200
14,000
14,000
believe that it discounts
Exports
from—
27,027
12,796
mm
8,500
Total.
THE CROP, as indicated by our
given below. For the
receipts have reached
last week and 212,054
bales the previous week, making the total receipts since
Aug. 1 1917 2,644,097 bales, against 3,644,263 bales for the
same period of 1916, showing a decrease since Aug. 1 1917
Port Arthur, &c_
New Orleans
wise.
Leaving
Coast
Cont't.
168
6,000
10,000
Total 1916—
,
Galveston
58,858
3,158
5,000
Total 1915—
telegrams from the South to-night, is
week ending this evening the total
202,316 bales, against 206,566 bales
of 1,000,166
Other
many.
5,847
Mobile
Total 1917-
Friday Night, Nov. 23 1917.,
Ger¬
Britain. France.
Charleston
Other ports
COTTON.
Shipboard, Not Cleared for—
Great
a
Nov. 24 1917.]
THE
least
a temporary break in prices and perhaps a sharp one.
Finally, it is also believed by some, that the crop this season
will be adequate to meet any probable demand.
Styles of
clothing in cotton and wool, judging from some of the reports,
may be so regulated as to call for less material.
To-day
prices advanced on Liverpool and domestic trade buying
and covering.
The forwardings to Manchester ran up to
103,000 bales, including 95,000 bales of American.
War
risks dropped from 5 to 4%.
To-day middling upland
closed at 30.05 cents, an advance of 50 points for the week.
The
following averages of the differences between grades,
as figured from the Nov. 21 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market
Nov. 28:
On
O.90 on Strict middling "yellow" tinged.0.24
0.49
0.66 on Middling "yellow" tinged
0.46 on Strict low mid. "yellow" tinged..0.83
Strict middling
1.27
0.23 on Low middling "yellow" tinged
Strict low middling
.0.30 off Good middling "yellow" stained.0.51
Low middling.
0.77 off Strict middling "yellow" stained_0.78
Strict good Ordinary
1.05
1.32 off Middling, "yellow" stained
Good ordinary
;
1.81 off Good middling "blue" stained.. .0.54
Strict good mid. "yellow" tinged_0.28 on Strict middling "blue" stained..0.86
Good middling "yellow" tinged..0.01 on Middling "blue" stained
..1.18
off
Good
off
off
Stock at Havre
off
Thurs.
Fri.
30.40
30.10
30.Q5
11.20
1906
.11.10
1898
1905
1897
1912
1911
—12.80
9.45
1904
1910
14.95
11.75
9.80
11.30
8.50
1907.
1903
1902-
1896
1895
1894
—
—
—
Stock at Trieste...
—
254,000
Total Continental stocks
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports to-day
Total visible supply
368,000
Manchester stock
Continental stock
58,000
*218,000
...
American afloat for Europe
U. S. port stocks
7.62 1891— 8.12
5.44 1890
9.44
5.81 1889
-10.25
7.62 1888
.—10.00
8.56 1887
10.44
5.88 18869.19
U.S. exports
to-day
i
American
Total
week at New York
are
the spot
indicated in the
114,000
For the convenience of the reader
show at
on
a
same
we
Closed.
Quiet,
5 pts. adv„
Quiet, 50 pts. adv..
Quiet,
5 pts. dec
Wednesday- Steady, 35 pts. adv.
Thursday
Quiet, 30 pts. dec„
Friday
Quiet,
5 pts. dec—
61,000
243,000
*480,000
Stock in Bombay, India
73.000
202,000
300,000
451.000
998,000
880,000 1,390,000 1,129,000
.....3,101,151 4,345,149 4,285,740 3,570,604
Total East India, &c
Total American
.....
~
-.4,099,151 5,225,149 5,424,740 4,699,604
22.16d.
ll.OOd.
7.28d.
4.46d.
30.05c.
20.45c.
12.30c.
7.75c.
Middling Upland, New York...
Jpk
E gypt, GoodBrowji, Liverpool. .
33.55d.
22.60d.
10.20d.
7.65d.
30.00d.
16.00d.
ll.OOd.
8.75d.
Peruvian, Rough Good, Liverpool
21.20d.
11.30d.
6.90d.
4.15d.
Broach, Fine, Liverpool
21.38d.
ll.42d.
7.02d.
4.00d.
Tinnevelly, Good Liverpool
"
....
_
Spot.
Total
Contract
Firm
Steady
Very steady..
Barely steady.
Steady
=*_festimatedL
..
„
14,000
*98,000
34,000
37,000
Stock in Alexandria, Egypt
"
Firm
Saturday
Monday
Tuesday
•
267,000
.22,000
15,000
*91,000
101,000
56,000
*126,000
222,000
67,000
10,000
*88,000
43,000
62,000
230,000
417,000
30.000
6,000
*36,000
Egypt, Brazil, &c., afloat.
Total visible supply
",
Middling Upland Liv«
iverpool
SALES.
Futures
Market
Closed.
427,000
37,000
*247,000
493,218
1,173,935
1,165,390
27,916
also add columns which
glance how the market for spot and futures closed
days.
Spot Market
*407 ,000
375 ,717
129,000
21,000
stock
Continental stock
India afloat for Europe.
each day during the
following statement.
69 ,000
,
follows;
as
3,101,151 4,345,149 4,285,740 3,570,604
East Indian, Brazil, &c.—
Liverpool stock
London
are
663 ,000
543,000
63,000
*346,000
612,805
166,000
1,165,976 1,482,140 jl,43U ,490
1,108,162 1,274,398 1,327 ,340
17,013
23,800
13 ,193
—
stocks
*126,000
4,099,151 5,225,149 5,424 ,740 4,699,604
bales.
U. S. interior
62,000
*480,000
300,000
417,000
451,000
1,165,976 1,482,146 1,430,490 1,173,935
1,108,162 1,274,398 1,327,340 1,165,390,
17,013
23,800
13,193
27,061
i
...
Liverpool stock...
493,218
56,000
375,717
230,000
American and other descriptions
Of the above, totals of
1892—•— 9.69
MARKET AND SALES AT NEW YORK.
on
338,000
3,000
„
821,000 1,223,000 1,526,000 1,106,000
37,000
34,000
43,000
101,000
Manchester stock.
The total sales of cotton
495,000
6,000
-§'959
56,000
21,000
-
*1,000
256,000
612,805
73,000
Wed.
7.75
11.70
444,000
172,005
.
Stock at Marseilles
Stock at Barcelona
*1,000
*1,000
196,000
202,000
30.05
.13.50
62,000
171,000
*1,000
*1.000
166,000
61,000
Tues.
-10.25
27,000
212,000
*1,000
768,000
*10,000
*85,000
188,000
3,000
20,000
25,000
*7,000
779,000 1,031,000
567,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
243,000
Mon.
1900
1899
1913.
Stock at Manchester
1914.
694.000
22,000
52,000
1915.
885,000
67,0,00
79,000
Stock in Alexandria..
Stock in Bombay, India
YORK
1914—
21,000
64,000
Europe..
Egypt, Brazil,&c.,afloat for Eu'pe
30.10
9.55
482,000
bales.
Stock at London
Amer. cotton afloat for
off
Sat.
1908
1916.
672,000
30,000
77,000
1417.
Nov. 23—
Stock at Liverpool
off
off
..29.60
20.10
1915—
including in it the exports of Friday only.
off
QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 23 for each of the past 32 years have been as follows:
14.70 1901-c
8.00 1893 _c
1917-C.
8^12
30.05 1909.C.
1916.
OUO
,
Total European stocks
...
India cotton afloat for Europe
quotation for middling upland cotton in the
York market each day for the past week has been:
Nov. 17 to Nov. 23—
made
off
The official
Middling uplands
COTTON jto-night, as
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete i-Ag, m. UO JLV/JL to-night
figures for VVJ-ULX^JLkU
)
(Friday we add the item of exports from the United States,
off
middling
NEW
THE VISIBLE SUPPLY OF
up
Stock at Genoa
Middling fair..
Strict good middling...
New
2105
CHRONICLE
_
Continental imports forjpast week have been 35,000 bales.
The above figures for 1917 show an increase over last week
of 167,533 bales, a loss of 1,125,998 bales from 1916, a de¬
Total.
of
crease
FUTURES—The
highest, lowest and closing prices at
New York for the past week have been as follows:
1,325,589 balesjTonijlOlS and
bales from 1914.
AT THE
a
decline of 600,453
.
INTERIOR~TOWNS~the
movement—tnat
is,
the
Saturday, Monday, Tuesday, Wed'day, Thursd'y,
Nov. 17.
Nov. 19.
Nov. 20.
Nov. 21.
Nov. 22.
Friday,
Week.
Nov. 23.
November—
Range
Closing
——
——
«■—J
28.21
——
—
28.70
'—,
—
29.33
28.65
—
28.92
—
—
29.00
:
—
29.33
receipts for the week and since Aug. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding .period of the previous year—is set out in
detail below.
—
_
—
December—
Movement to Nov. 23
27.95-23 28.25-.67 28.51-.65
28.16-.18 28.68-.63 28.55-.58
Closing.
January—
Range
1_ 27.25-.50 27.70-.95 27.79-.03
Closing.... 27.48-.50 27.91-.93 27.87-.90
February—
Range
...
Range
.
__
27.30
—
27.78
—
27.66
—
—
—
28.43-.45 28.32-.35 28.52-.54
—
28.17
—
28.15
28.06
—
28.25
,—
.—
—
—
——
27.54
—
—
—
27.30
—
28.00
—
27.85.— 28.06
—
1—
__
Closing
Ga., Albany...
316
Pine
Athens
27.56
27.27
—
—
—
—
—
27.58
—
27.85
—
Augusta
Columbus
—
128c.
27.02-,05 27.00-.05 27.27-.40
27.03-.05 27.02
—
27.43
—
27.38
r
.
27.28
—
27.53
—
—
—,
26-65-.40
—
est, lowest and closing quotations for
leading contracts in the
New Orleans cotton market for the past
follows:
week have been
Greenwood
Meridian
as
Tuesday, WecTday, Thursday,
Nov. 20.
Nov. 21.
Nov. 22.
Vlcksburg
...
City.
Mo.,St. Louis.
N.C.,Gr'snboro
Raleigh
O., Cincinnati
OkIa.,Ardmore
Chlckasha
...
Hugo
Tenn.,Memphis
Nashville...
Brenham
Range
Closing
January—
27.20-.40 27.38-.63 27.37-.55 27.21-.87 27.57-.85 27.67-.90
27.38-.40 27.52-.60,27.42-.46 27.83-.86 27.59-.63 27.86-.90
Range
26.40-.67 26.77-.00 26.88-.07 26.74-.57 27.31-.59 27.32-.65
26.64-.67 26.96-.99 27.01-.04 27.52-.55 27.31-.37 27.51-.54
Closing
March—
26.32-.52 26.67-.86 26.63-.80 26.58-.32 27.07-.34 27.10-.41
26.49-.52 26.73-.78
27.08-.11 27.31-.33
26.75-.78(27.30-.31
26.24r.42 26.55-.75 26.65-.70 26.47-.20 26.97-.24 26.01-.35
26.39-.42 26.65-.66
27.00-.03 27.22-.25
26.65-.67j27.19-.20
26.14-.32 26.43-.63 26.43-.59 26.33-.05 26.81-.06 26.91-.21
26.30-.32 26.51-.54 26.50-.53 27.03-.04 26.87-.90 27.13-.14
Toner—
Spot
Options
....
Clarksville
...
Steady.
Steady.
Firm.
Steady.
Steady.
Steady.
Firm.
Steady.
9,377
41,807
831
f
7,000
1,385
Steady.
Steady.
Firm.
Steady.
2,329
48,660
1,800
Houston
Paris
.
1,725
4,918
41,388 20,089
707
3,441
3,985
6,346
1,374
1,922
1,263
3,000
953
1,500
905
2,937
590
2,400
11,489
8,991
6,620
5,835
4,176
113,734
3,697
42,448
79,653
12,188
500
49,783
33,790
11,308
10,414
102,269
41,414
7,660
4,578
6,458
3,000
6,007
75,229
71,810
17.308
33,790
10,734
23,912
3,136
2,921
2,680
8,582
5,956
500
2,687
5,719
658
8,964
34,159
7,245
21.50Q
56,094
44,410
2,698
36,578
72,994
136,662
14,887
26,053
8,855
33,281
2,252
23,798
29,505
8,626
11,396
5,323
29,361
1,711
10,146
877
15,760
485,039
510
10,306
44,081
38,385
12,150
5,989
892
11,950
6,791 45,478
2,500
3,513
2,886
21,878
7,000
324,909
46,922
15,162
3,827
40.421
1,000
450
256
867
7,342
825
1,201
61,411
8,723
8,832
1,100
17,435
12,000
10,045
21,150
25,915
19,416
16,955
41,557
8,198
409,643
3,199
42,112
2,006
1,000
10,062
465
1,852
1,600
2,800
2,032
1,500
3,893
64,134
2,156
709
2,131
4,462
Dallas
Honey Grove.
San Antonio.
Range
Closing
May—
Range
Closing
July—
Range
Closmg
2,485
1,810
13,794
22,328
10.951
8,43
3,469
10.299
56
Tex., Abilene..
76,850
168,847
274,073
35,887
9,729
15,545
982
Friday,
Nov. 23.
December—
397
4,100
1,951
Greenwood
Monday,
Nov. 19.
24.
485
36,008
148,922
89,947
19,451
7,324
12,570 133,394
2,500
8. C., Greenville
Nov. 17.
2,500
10,060
11,870
6,000
...
Oklahoma
Saturday,
Nov.
31,155
18,183
958
286,982
20,493
89,474
25.307
116,032
63
La., Shreveport
Miss., Columbus
Yazoo
./ 27c.
2,184
65,203
—
ORLEANS CONTRACT MARKET.—The high¬
NEW
Slocks
Week.
8,844
122,554
—
Clarksdale*..
26.63-.65
Closing
/29c.
26.65
Season.
114
8,718
Macon
27.56
—
—
27.72
Week.
18,278
19,528
Natchez
....
32,497
9,000
Little
Atlanta
August—
Range.
11,325
303
Bluff...
Ark., Helena-.
1,597
—
26.75-.93 27.11-.30 2 7.13-.26 27.00-.75 27.54-.80 27.54-.96 26.75-.Z96
26.89-.90 27.25-.26 27.22-.25 27.69-.70 27.54-.60 27.79-.80
Range
8,531
3,000
2,255
_
Rome
.
—
1,899
94,260
70,513
38,146
28,993
Rock..
2,438
2,070
1,696
13,353
Montgomery
_
27.50
27.12-.14 27.49-,50 27.47-.48 27.95-.97 27.80-.81 28.01-.04
Range
23,967
2,686
18.815
6,333
17,728
41,155
49,951
2,306
145
Selma
June—
Closing.... 26.94
July—
23.
1916.
Ship¬
ments.
Nov.
3,178
__
—
May—
Range..... 26.98-.14 27.33-.56 27.33-.52 27.25-.97 27.73-.06 27.75-.20 26.98-120
Closing
Season.
89
Ala., Eufaula..
27.11-.30 27;48-.68 27.45-.71 27.42-. 16 27.87-.23 27.95-39 27.11-139
Closing.... 27.26-.28 27.63-.64 27.61-.63 28.12-.15 28.01-.02 28.20-.25
April,
28.00 — 27.97 —
Range
27.97-.00
27.15
Week.
Receipts.
Stocks.
Week.
Receipts.
—
Range..
—
Towns.
Ship¬
ments.
March—
Closing
Movement to Nov, 24
1917.
—
27.70-.46 28.26-.55 28.27-.70 27.25-170
28.15
—
Closing..
28.28-.96 28.75-.94 28.76-.15 27.95-/15
28.92-.96 28.80-.82 29.05-.07
614
3,000
39,392
2,939
10,146
9,100
936
7,652
882
1,200
4,316
6,801
20,983
25,533
11,988
1,331
5,000
1,065
2,913
6,000
33,114
632
4,427
994
69,666
10,664
41,587 202,337
60,116
626,076
2,745
3",500
54",278
2", 687
6,000
2,192
8,245
18.816
8,821
350
22,134
37,847
72,382
36,745
350
2,402
0,475
,
4,735
4,709
759
6,029
48,973 251,558
432
952
1,200
18,383
17,141
30.183
1,775
2,067
1,863
3,004
73,043
35,671
77,380 1,081,735
44,114
5,846
20,676
1,154
2,172
3,172
60,793 205,651
4,805 12,590
1,884
1,617
3,492
2,281
84,405 1,608,256
1,462
12,226
2,789
4,313
75,743 279,034
„
3,308
6,817
93,682
6,106
8,615
800
35,129
800
2,200
1,344
Total, 41 towns347,1073,484,516255,809 1108162343,0374,745,893299.3431274398
♦Last year's figures are
for Greenville.
The above totals show that the
interior stocks have
tri¬
during the week 91,298 bales and are to-night 166,236
bales less than at the same time last year.
The receipts at
all towns have been 4,070 bales more than the same week
er eased
last year.
.
.
,
"
•
.
2106
THE
CHRONICLE
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up
Selma, Ala.—Rain has fallen on one day during the week,
rainfall being sixty-five hundredths of an inch.
The
thermometer has ranged from 35 to 69, averaging 51.
Savannah, Ga.—Rain has fallen on one day during the
week, the rainfall being eleven hundredths of an inch.
Thermometer has ranged from 45 to 74, averaging 60.
Charleston,
—Rain has fallen on one day of the week,
the rainfall being five hundredths of an inch.
Average ther¬
mometer, 58, highest 74, lowest 44.
Charlotte, N. C.—Rain has fallen on one day during the
week, the rainfall being two hundredths of an inch.
The
thermometer has ranged from 38 to 68, averaging 53.
Memphis, Tenn— Rain has fallen one day of the week,
the rainfall being one hundredths of an inch.
Average
thermometer 53, highest 70, lowest 36.
the
from telegraphic reports Friday night.
The results for the
in the last two years are as follows:
week and since Aug. 1
-1916
Since
-1917Nov. 23.
Since
Shipped—
Week.
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Week.
Aug. 1.
Aug. 1.
a471,100
135,464
3,091
51,630
28.783
35.830
275,030
<244,081
12,758
7,529
1 ,946
327.471
154,448
2,365
27,370
16,546
127,243
199,980
103,222
855,423
108,253 1,000,928
11,166
4,180
32,773
174,134
34,475
218,794
8,964
5,203
7,325
58,172
45,577
140.747
48,119
427,403
21,492
244,496
....55,103
55,103
428,020
86,761
756,432
-46,922
28,905
1,016
4,982
922
Via Virginia points
Via other routes, &c-_
368
5,675
5,341
4.618
35,412
Deduct Shipments-
Total to be deducted
Leaving total net overland*
[Vol. 105.
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates
given:
Nov. 23 1917.
Nov. 24 1916.
Feet.
♦Including movement by rail to Canada,
The
a
New
Revised.
foregoing shows the week's net overland movement
against 86,761 bales for the week last
has been 55,103 bales,
year,
and that for the
land exhibits
a
season to
decrease from
date the aggregate net
a
year ago
In Sight and Spinners'
Week.
Takings.
Receipts at ports to Nov. 23
Since
Aug. 1.
202,316
428,020
Southern consumption to Nov. 23 80,000
Week.
2,644,097
55,103
Net overland to Nov. 23
Total marketed
Interior stocks in
excess
—..
Aug. 1,
240,082
86,761
79,000
3,644,263
1,413,000
4,485,117
753,2201
337,419
91,298
Above
Nashville
zero
zero
Above
Shreveport
..Below
Vicksburg
of gauge.
of gauge.
Feet.
4.2
5.8
of gauge.
£3.6
zero
of gauge.
7.7
6.7?
zero
of gauge.
15.3
7.4
5.3
4. <
9.0J
zero
Above
over¬
1916-
Since
Above
Memphis
RECEIPTS FROM THE PLANTATIONS.—The follow¬
of 328,412 bales.
1917——
Orleans
405,843
43,694
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
nor Southern
consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
5,706,695
920,664
756.432
1,306,000
Week
Receipts at Ports.
Stocks at Interior Towns.
Receipts fromPlantalons.
end'g
Came into sight during week ...428,717
.
Total in sight Nov. 23j.
449,537
...
5,238,337
1917.
1916.
1915
1917.
1916...
1915
1917,
1916.
1915.
6,627.359
Oct.
North, spinn's' takings to Nov. 23
Movement into
Week—
99,120
347,858
531,316
633,011
1913—Nov. 28
1.176.608
...5,270,600
5,047,063
7,712.966
1914—Nov. 27
1913—Nov. 28
Closing Quotations for Middling Cotton
Tuesday. Wed'day. Thursd'y.
Friday
Galveston
28.05
28.20
28.20
28.50
28.50
28.00
28.00
28.00
28.25
28.25
28.50
28 M
28.50
28.88
28.50
28.88
28.60
28.50
28.88
MS
28 X
283*
283*
283*
283*
283*
283*
Charleston
28
Wilmington
28
Norfolk
28.30
...
Baltimore
1S8
.i...
28.75
29.85
28H
28 M
28.50
1&
28.50
29.00
30.30
29.00
27.75
30.35
28.56
29.00
27.70
28.10
Little Rock—. 28.25
28.38
28.38
...
Augusta.
Memphis.
28.38
29.00
Dallas
Houston
...
28.63
28.50
736,530 292,114 461,452 368,756
964,982
693,994 1,053,374
834,620 312,455 457,820 373,476
918,630 364,942 428,889 361,920
774,873 1,105,079
994,688 352,753 357,063 321,616
305,928|245,558
Nov.
2_. 224,873 325,901231,002
9.. 212,054 271,037:200,421
•
878,891 1,158,599 1,091,734 328,981 379,421 328,048
932,6071,192,916 1,186,584j265,770 305,354 295,271
16.. 206,566 263,463186,346.
1.016,8641,230,704 1,275,401'290,823 301,251 275,163
23.. 202,316 240,0821171,948ll,108,16211,274,39811,327,340 293,614 283,776 223,887
The above statement shows: 1.—That the total
receipts
from the plantations since Aug. 1 1917 are 3,397,317
bales;
in 1916 were 4,564,927 bales, and.in 1915 were 3,753,557
2.—That
although the receipts at the outports the
202,316 bales, the actual movement from
plantations was 293,614 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the plan¬
tations for the week were 283,776 bales and for 1915
they
were 223;887 bales.
29.50
30.35
29.00
29.00
28.45
28.63
.
BUREAU'S REPORT ON COTTON GIN¬
NING.—The Division of Manufactures in the Census
Bureau completed and issued on,, Nov. 21 its report on the
29.00
30.30
29.00
29.00
27.90
28.50
28.88
29.00
29.00
27.70
28.20,
28.65
28.63
27.80
were
CENSUS
28.50
29.00
30.65
29.00
28.10
Philadelphia
830,921
544,591
past week
New Orleans...
Mobile
Savannah
439,165
207,029|322,759i275,396
bales.
on—
Week ending
Saturday, Monday.
208,398324,221282,775
19.. 235,539340,497 277,910
26.. 251,964
Bales.
1915—Nov. 26
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Nov. 23. •-
5..
12.:
134,561
783,477
years:
Since Aug. 1—
Bales.
1915—Nov. 26
1914—Nov. 27
.
sight in previous
amount of cotton
and
we
returns
ginned up to Nov. 14 the present season,
give it below, comparison being made with the
for the like period of the three preceding years.
■Counting Round
*
WEATHER
REPORTS
BY
TELEGRAPH.—Our
re¬
ports from the South this evening by telegraph indicate that
with favorable weather in
practically all sections during the
week, the gathering of the crop, whore not already finished,
has progressed well.
Texas reports beneficial rains in the
_
precipitation: being three hundredths of an inch.
The
thermometer has averaged 55, the highest
being 80 and
the lowest 30.
Fort Worth, Tex.—Rain has fallen
on one day of the week,
being four hundredths of an inch.
The ther¬
mometer has averaged 57, ranging from 34 to 80.
Brownsville, Tex,—Jt has been dry all the week.
The
thermometer has ranged from 40 to 86,
averaging 63.
Palestine, Tex.—Dry all the week. .Average thermome¬
ter 60, highest 78, lowest 42.
Dallas, Tex.—We have had no rain the past week.
The
thermometer has averaged 56, the highest being 80 and the.
the rainfall
lowest 32.
Antonio,
The
Tex,—There'has been
thermometer
has
no
averaged
rain
63,
during the
highest
the
being 84 and the lowest 42.
New Orleans, La.—Rain has fallen on one
day during the
week, the rainfall being fourteen hundredths of an inch.
Thermometer has averaged 61.
Shreveport. La.—It has rained
two
days of the week,
precipitation being forty-six ^hundredths of an inch.
The thermometer has
ranged from 30 to 76.
Vicksburg, Miss.—It has rained two days of the week,
the precipitation
reaching twenty-two hundredths of an
inch.
The thermometer has
ranged from 39 to 75, aver¬
aging 56.
/
Mobile, Ala.—The week's rainfall has been inappreciable
on one day.
The thermometer has averaged 59, the highest
being 74 and the lowest 39.
the
on
1915.
854,907
5,868
2,478
926,985
494
.
663,244
17,294
39,837
—.
California
Georgia
1,480,182
Louisiana
497,962
.
Mississippi
619,338
30,185
.......
Carolina
Oklahoma
i;
378,541
693,936
...
South Carolina....i
Tennessee
Half Bales-
1916,
451,507
.
Florida
North
Galveston, Tex.—Good precipitation occurred in different
parts of the State and it was especially beneficial in the
northwestern section; picking on a small scale still continues.
It has rained on one day of the week to the -extent of
eight
hundredths of an inch.
Average thermometer 55, highest
80, lowest 30.
"
Abilene, Tex.—It has rained on two days of the week, the
San
Arizona...
Arkansas
as
1917.
278,078
1
Missouri
northwest and some, other districts.
week.
Alabama
923,277
14,707
1,581,897
394,646
651,488
47,075
479,243
1,636,919
299,866
708,387
740,694
276,598
8,923
2.S44
United States...
32,345
•
51,250
566,175
870,672
1,091,320
238,451
3,511,762
12,714
523,982
329,845
921,528
204,597
2,614,057
681,873
3,298,186
Virginia...
738,853
11,701
55,903
2,062,875
341,251
838,349
46,553
126,191
All Other States
573,528
%945
43,749
2,693,690
-
........
Texas..
>
1914.
1,270,450
19,973
3,904
11,167
3,155
'
6,564
8,559,390
9,615,008
8,771,275
11,668,290
The 1917 figures of the report are subject to slight corrections when checked
against individual returns of the glnners being transmitted by mail.
The number
...
of round bales included this year
is 152,527, contrasted with 168,575 bales in 1916
and 82,312 bales in 1915.
The number of Sea Island bales included Is 68,161, against 92,909 bales in
1916
and 68,941 bales in 1915.
The distribution of Sea Island cotton for 1917 by States
Is: Florida/,30.553 .bales; Georgia, 34,647 bales; and South
Carolina, 2,961 bales.
PORTOn RICO
COTTON
CROP.—The
production of
(Sea Island) in Porto Rico in 1916-17 as indicated
by the exports, was 181,338 lbs., or a considerable decrease
from 1915-16.
As a matter of record we give below the sta¬
cotton
tistics for the last five
seasons as
1916-17
Exported—
Bales.
To New York.......;
7
Bales.
1914-15.
Bodes.
sources:
1913-14.
Bales.
1912-13.
Bales.
769
537
46
27
273
61
507
905
796
810
560
181,338
353,101
306,073
305,076
191,027
357.65
Total crop.....
Total weight, pounds
per
191.5-16.
859
391.3
384.5
376.64
341.12
507
To Great Britain and Continent....
Average weight
secured from official
...l..
bale
WAGE DISPUTE AT FALURIVER
—
499
Compromise Prob¬
able.—It has been announced from Fall River "that the Cotton
Manufacturers' Association, through its executive commit¬
tee, has proposed as a compromise in the wage advance con¬
troversy to split the difference between the 10% offered by
the manufacturers and the 15% requested by the operatives'
associations through the Fall River Textile Council.
new
offer,
therefore,
is
a
12advance,
fective Dec. 3 and to continue in force for
offer
was
made at
of the two general
Council has called
a
The
to become ef¬
six^months.
The
conference of the executive committees
organizations held Nov. 21.
The Textile
a special generhl meeting of all five asso¬
ciations of textile operatives for Nov. 27 to act on the propo-
tlon.
-
Nov. 24
1917.]
THE
CHRONICLE
BRITISH COTTON OPERATIVES WAGE DEMANDS
OFFER REFUSED.—Advices from London
this week are to the effect
that, declining to accede to the
2107
COTTON FREIGHTS.—Current rates for
from
cotton
—OWNERS
New York
request of
Liverpool, 9.00c.; Manchester, 9.00c.; Havre, 8.50c.; Genoa, 10.00c.J
Leghorn, 8.50c. nom.; Christiania, 4.00c.; Naples, 10.00c.; Oporto, 10.00c.;
Barcelona, 9.00c. nom.; Lisbon, 9.00c.; Japan, 3.00c.; Shanghai, 3.00c.;
Vladivostok, 3.00c. nom.
the cotton operatives and spinners for a 30%
advance in wages, the masters have offered a 10% raise,
effective Dec. 15, and a further 10%, effective March 16,
next.
The operatives' representatives in turn refused this
offer and made counter proposals, which the masters again
rejected.
The operatives it is stated will hold a meeting on
Saturday to decide on a course of action.
—We have received this week
complimentaiy
a
copy
of
"Cotton Facts," issued by the Shepperson Publishing Co.
of this city. • The present edition contains not only all the
important statistics of previous issues, but several new
features, including tables on long staple upland production
in the United States; use of fertilizer before and after the
war; high and low prices of middling every month since 1897;
the high and low prices of the eight leading futures options
every month since 1912, and all the important fluctuations
in futures since Sept. 1 1911, as well as a chart showing the
course of prices in New York and Liverpool,
graphically indi¬
cating the rise of the premium in Liverpool, &c., &c.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statements indicates
at
glance the world's supply ofocotton for the week and
a
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
are as
follows, quotations being in cents
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &e., at that port:
Nov. 2.
Cotton Takings.
Sales, American
Actual export
Forwarded
Total stock.
1916.
Visible supply Nov. 16
Visible supply Aug. 1
American in sight to Nov.»23
Week.
3,931,618
_
supply
3", 198",251
2,814,776
5,238,337
223,000
32,000
325,000
37,000
449",537
6,627,359
314,000
80,000
364;00Q
42,000
60,000
8,000
47,000
3,000
4,398,335
8,670,113 5,627,713 10,625,610
4,099,151
4,099,151 5,225,149
5,225,149
4,570,962
3,656,962
914,000
5,400.461
4,369,641
1,031,000
18,000
17,000
11,000
80,000
474,000
360.000
65.000
184,000
93,000
172,000
93,000
' 43,000
92,000
170,000
104,000
103,000
482.000
368,000
110,000
103,000
•
American
Amount
Of which
11,000
65,000
461,000
337,000
50,000
248,000
199,000
imports of the week
Of which
18,000
70,000
342,000
221,000
_±
_
American
..
—
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
Spot.
Saturday.
Market,
12:15
P. M.
follows:
as
Tuesday.
Monday.
(
{
1
Wednesday,
Thursday.
Friday.
'
Fair
Mid.Upl'ds
Quiet.
Fair
business
Quiet.
business
doing.
Quiet.
doing.
21.95
1
mid.
Sales
22.16
22.16
22.57
22.68
22.68
3,000
4,000
4,000
Steady
Market,
un¬
changed.
Quiet
!
Irregular
3,000
Quiet
Irregular
advance.
(
P.M.
Quiet
l4@23 pts.
/
Steady,
21@27 pts. 12@16 pts. 5@
decline.
advance.
Irregular
Firm
10 pts.
advance.
Steady,
12@16 pts. 23@25 pts.
53 @55 pts. 31
adv.on new dec.
dec. on new adv.on new advance on
20 pts.
on old.
1
The
22.05
22.57
HOLI¬
DAY.
uplands.
22.05
22.47
3,000
Good
opened \
Season.
5,060,176
428,717
55,000
61,000
630,000
62,000
Bombay receipts to Nov. 22
Other India sbip'ts to Nov. 22.
Alexandria receipts to Nov. 21.
Other supply to Nov. 21
Total
Season.
Nov. 23.
22,000
_
Of which American
Total
Market
1917.
Week.
Nov. 16.
25,000
Of which speculators took
Of which exporters took
Futures.
Week and Season.
Nov. 9.
24,000
Sales of the week
out of sight, for the like period.
gone
pound:
per
on new
5 pts.
on
10 pts.
unchanged
old.
on
old.
new,
old.
on
on
prices of futures at Liverpool for each day
below.
■■.
The prices are given in pence and 100ths.
'
.
20@26 pts.
pts.;
unch.
old.
given
are
>
Thus, 22 27
means
22 27-1OOd.
Deduct—
Visible supply Nov. 23
...
Nov. 17
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
to
Total takings to Nov. 23 a
299,184
277,184
22,000
Of which American
Of which other
402,564
327,564
75,000
Nov.
23.
12% 12%
4
12%
p.m. p.m. p.
12%
being available—and the aggregate amounts taken by Northern and
foreign spinners, 3,157,962 bales in 1917 and 4,094,461 bales in 1916. of
which 2,244,962 bales and 3,063,461 bales in American,
b Estimated.
not
BOMBAY
COTTON
MOVEMENT.—The
receipts of
India cotton at Bombay for the week ending Nov.
1 and for
the season from Aug. i for three years have been as follows:
v
4
12%
4
12%
4
p.m. p.m. p.m.
.
New Contr't
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,413,000 bales in 1917 and 1,306.000 bales in 1916—takings
12%
m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
22 27
30
<29
07
68
54
80
85
22
22
25
26
.01
64
48
74
79
00
95
03
22
18
21
23
96
59
43
68
74
91
96
22
16
19
22
94
55
41
64
72
90
96
22
13
16
21
93
52
38
61
69
98
95
20 75
95
90
90
90
90
00
00
00
00
*
a
4
January
February..
March.
...
April
HOLI¬
May
Old Contr'ct
05
DAY.
November.
Dec.-Jan..
20
20
40
35
35
35
35
45
45
45
45
Jan .-Feb..
20
10
30.
25
25
25
25
35
35
35
Mar .-Apr
19
92
12
07
07
07
07
17
35
17
17
17
19
76
96
91
91
91
91
01
01
01
01
_
May-June
V
1917.
1916.
1915.
'
Nov.
1.
Since
Receipts at—
Week.
1'.
Bombay..-
J
ALEXANDRIA
COTTON.—The
Since
Week.
Aug. 1.
9,000
187,000
RECEIPTS
following
28,000
177,000
AND
Aug. 1.
44,000
404,000
SHIPMENTS
OF
the receipts and shipments for
the week ending Oct. 31 and for the corresponding week
of the two previous years:
J
A,
Alexandria, Egypt,
are
1917:
1916.
1915.
Oct. 31.
Receipts (cantars)—
This
week
Since Aug.
227,397
1.454,652
:
1
304,505
1,689,742
242,803
1,461,969
Since
Week. Aug. 1.
Week. Aug. 1.
'
Since
Exports (bales)-—
Week. Aug.
.
To Liverpool
To Manchester
34,166i
"965
5,865
9,607
1,795
3,393
10,249
24,302;
965
To Continent & India
To America
Total
1.
^,717i
exports..
BREADSTUFFS.
Since
Week.
Aug. 1.
Since
53,783
45.626
8,347
9,537
31,536
16,603
9,001
29,234
36.298
35.282
1,786
9,078
20,660 110,523
28,748 146,440
Friday Nighti Nov. 23 1917,
quiet, and it is said that the con¬
sumption. is decreasing rather than increasing.
In fact, it is
said to have been cut down about 20%, under the efforts of
the. Food Commission.
The consumption of flour here¬
abouts is estimated at about 25,000 barrels a day, from which
it has now been cut down to 20,000 barrels, or theoretically
a loss of
1,825,000 barrels per annum.
The mills are not
offering at all freely.
In fact the trade here now-a-days is
mostly" from hand-to-mouth.
Private export business is
largely reduced as the Government is attending to most of
the foreign trade.
In other words, the New York flour con¬
sumption will, to all appearance, be sharply reduced, per¬
haps for the duration of the war.
In Liverpool prices have
been firm with a good demand.
The total output last week
at Minneapolis, Duluth and Milwaukee was 576,000 barrels,
against .612,000 barrels the i>revious week and 459,000 bar¬
rels in the same week last year.
The output from Sept. 1
to Nov. 17 was 5,365,000 barrels, against 4,511,000 for the
Flour has been rather
same
Note.—A /*antar
is 99 lbs.
The statement shows that the
Oct.
31
were
227,397 cantars
MANCHESTER
receipts for the week ending
and the foreign shipments
,
MARKET.—Our
cable
from
Man¬
chester this
evening states that the market is strong and
producers are well engaged on orders.
We give prices for
to-day and leave those for previous weeks of this and last
year for comparison:
exporting countries, it is
gratifying to notice, are favorable.
Liverpool advices say
that the prospects for increased tonnage are promising.
,If
it turns out to be true that the U-boat menace is passing,
it may mean a substantial increase in export business in one
way or another.
War risks would naturally be reduced.
They are down to $4 to Great Britain.
Meanwhile, the sup¬
ply of American and Canadian wheat is increasing.
Last
.
week
1916.
8% lbs. Shirt¬
32s Cop
ings, common
Twist.
Oct.
5
12
to
d.
d.
B.
finest.
d.
26K
@
28
27
@
28% 14 6
15 0
14 3
19
27
®
29
26
28 X
@
30
15 0
30
@
32
Cot'n
Mid.
32s Cop
Twist
Up's.
a.
d.
d.
d.
@18
6
19.37 U%
@18 10M 20.07 14 %
20.52 15%
@19
0
@19 1%
20.42 15 %
15 6
to
d.
@
'
8% lbs. Shirt¬
ings, common
s.
Cot'n
Mid.
finest.
d.
Up's.
8.
d.
d.
0
@10 10*i
2
@11
@
15H 9
155i 9
16% 9
3
@11
1% 10.57
@
16 % 9
5
@11
6
11.14
@
15% 9
6
@11
6
11.13
@
17 H 9
18% 9
6
@11
@
9
@11
7% 11.42
12.08
10
@
19% 9
6
@1110M 11.90
@
9.93
0
10.11
Nov
30H
@
16
32
@
21.27 15%
@19
9
32 H 1510«@.20 1% 21.55 15%
35
16 6 H @2010 Mi 22.10 n%
23
34 H
@
3624 17 0
2
9
@22
6
22.16 18
SHIPPING NEWS.—In harmony with the desire of the
Government to observe secrecy as to the destination of cotton
leaving United States ports,
our
suspended until further notice.
usual details of shipments
are
the
Americ was 1,948,000
only.about one-third as large
as in the same week last year, when it was 6,176,000 bush.
It is also true that the total is still only 51,070,000 bush.,
against 138,720,000 bush, a year ago, and 124,649,000 bush,
at this time in 1915.
Still, some progress is being made.
The regrettable thing is that receipts at primary points are
not larger, however.
To illustrate, on a single day they were
only 868,000 bush., against 1,692,000 bush, on the samejday
last year.
Exporters have taken small quantities.
The Illi¬
nois State Food Administrator recently made a statement to
the effect that this country had shipped all the wheat that
it could spare.
But a good many dissent from this view.
They say that we have at least 100,000,000 bush, more t/hafc
we could ship to Europe.
Meanwhile, the weather is still
cool and wet in the United Kingdom, with agriculture re¬
tarded and the crop movement there light.
Foreign ar¬
bush.
1917.
.
Wheat crop accounts from most
965 bales.
were
time in 1916.
#
Egyptian bales weigh about 750 lbs
total
increase
This, to be
sure,
rivals at British ports are
in
North
was
moderate, but it is said that they
are
sufficient to meet the present
consumption.
Besides
ar¬
expected to increase there in the near future.
Meanwhile, the world's shipments are li??ht, Continental
stocks are small, and consumption on the Continent, at any
rate, is good.
Australian shipments are moderate and mostly
in the shape of flour.
The stock of flour in Australia is large
and at the same time the wheat reserves there are heavy.
rivals
The
aro
new
tion in
crop
the
reduc¬
Both Italy and France are
In Argentina the weather has been fa¬
buying
there.
vorable
in
the
of 25%.
northern
and
central
portions.
Harvest¬
progressing there, and
the yield and qual¬
are both up to expectations.
In Russia the weather
is bad for farming.
Sowing is backward. This is largely
due to labor trouble and the great unrest throughout that
country.
It looks as though there might be a scarcity of
food in many parts of Russia with the Bolsheviki uppermost.
The Russian Government has confiscated all grain supplies
and great scarcity is complained of in parts of Russia.
Rail¬
way facilities there continue poor.
In France sowing is
about finished.
The acreage there is moderate, owing to
bad weather and the scarcity of seed and labor.
Every¬
where throughout France stocks are small and buyers are
becoming anxious.
Large purchases have been made by
France in Australia, but they arrive very slowly. Large
buying has also been done in Argentina for January ship¬
ment.
American wheat is arriving slowly.
Of course,
France needs quantities of wheat.
French agricultural
resources show a steady decline since the beginning of the
war.
The production
of wheat since the outbreak of
hostilities has fallen off 53.3%, or 176,000,000 bushels;
potatoes 33.1%, or 165,000,000 bushels; and sugar beet s
67.9%, or 148,000,000 bushels.
In Italy seeding of wheat
is progressing with the weather better.
But labor is scarce
and seed is not plentiful.
The recent cold weather retarded
agriculture.
The estimates of the acreage are pessimistic.
Stocks of grain in Italy are small, partly because native
supplies are moving slowly while importations are only
moderate.
In Spain the. weather has been favorable for
seeding and a full acreage is reported.
The quality of wheat
and flour in Canada is excellent, and receipts and visible
stocks are relatively large.
The total visible supply in
ing
ity
strength of oats helped corn.
The weather is better at the
West, being rather colder.
Cash prices to-day, however,
dropped 5 cents at Chicago on prospects of a larger crop
movement.
The United States Government will order cars
to
is
^
.
move
grain to terminal markets.
DAILY CLOSING PRICES OF CORN
Sat.
Man.
No. 2 yellow
prospects there are favorable on a
acreage
[Vol. 105.
CHRONICLE
THE
2108
May delivery in elevator
and 73,264,000 bushels in 1915.
The world's exports last week were 5,596,000 bushels, against
6,164,000 bushels in the previous week and 8,392,000
bushels
last
year.
North America shipped 4,972,000
bushels, against 4,359,000 in the previous week and 6,016,000 bushels last year.
a year ago
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
No.
2
cts.225
red
No. 1
spring
Indian corn has
U-boat
a
225
Tues.
225
Wed. Thurs.
225
225
Fri.
225
-—229
229
229
229
229
229
advanced, partly owing to reports that the
At the same time there
corn has been especially
Is being eliminated.
brisk demand and cash
menace
has been
Man.
The visible supply continues small.
It increased
only 431,000 bush, and is now only 1,738,000
bush, against 2,452,000 bush, a year ago and 4,684,000
bush, a this time in 1915.
The big advance<ih provisions
certainly did not hurt the com market.
In a single day, the
20th inst., cash corn at Peoria advanced 10 to 15 cents with
the industries and shippers good buyers.
The receipts
have been disappointedly small.
Farmers have stopped
husking awaiting colder weather.
Car shortage militates
against the movement of the crop.
At the same time, the
grading is poor.
Trading in December corn at Omaha
has been stopped and all open contracts have been or¬
dered settled on a basis of $1.28 the maximum figure.
Liverpool corn has been firm with light world's ship¬
ments and only a moderate quantity afloat.
The spot
demand in Liverpool has been good and offerings have
been
rather
light.
The Continent is absorbing corn
freely.
The world's com exports were 912,000 bush, against
1,155,000 in the previous week and 4,938,000 last year.
On the other hand, prices at times have declined.
Low
grades seem to be more plentiful and they are not much
wanted.
Net premiums on good com have declined.
The
Government, it is said, will furnish cars for moving new com
to market.
Not much help is expected at once, however.
The belief is very general that when the crop begins to move
freely cash premiums will as a matter of course begin to
decline more noticeably.
The Chicago Board of Trade is
making every effort to keep speculation down to a mini¬
mum.
It seems it is to limit daily fluctuations and quanti¬
ties traded in daily by any one member.
The report in one
of the morning papers that speculative trading in all grains
on the Chicago Board of Trade would be stopped by the
Government was without foundation.
Working in har¬
mony with the Government, the Board has merely made a
new rule placing a limit to the amount of grain a trader may
trade in during the day.
The purpose of this is tq stop
plunging, and the action follows the appearance, recently, of
several big traders before a Government representative.
The Chicago "Herald" says: "It can be said authoritatively
strong.
last
week
that the Board of Trade will not be closed.
The Food Ad¬
IN CHICAGO.
Wed. Thurs. Fri.
124
124%
117% 119%
122
123%
116% 117%
119%
115%
120
115%
,
220
Oats have advanced, partly in response to the rise in corn.
Exporters have bought to some extent.
Country offerings
have not been large.
The/ supply in North America fell off
last week 852,000 bushels.
That was a rather sharp con¬
trast with an increase in the same week last year of 479,000
bushels.
Just now the total is only 27,462,000 bushels, as
against 70,758,000 a year ago and 30,608,000 at this time in
1915.
In Liverpool prices have been steady and there is a
continued
demand
for
American.
American clearances
offerings from this country only
Liverpool and at Continental
ports are inadequate.
The native movement is small, owing
to bad weather.
Barley and rye in Liverpool have been
steady, with light world's shipments.
There are only moder¬
ate arrivals at the ports.
The demand for consumption is
good and spot prices are well maintained.
In this country
on
Nov. 21 Oats prices reached new high levels on this
crop.
December sold at 68c. and May at 67^c.
The re¬
ceipts from the country at Chicago have not only been
have been smaller and export
moderate.
Stocks both at
considerable
but
small
of
arrivals
the
have
beenamplied
previous sales.
No. 3 white in the sample market save
at times brought 2 cents over December.
On the o1
hand, the crop is undoubtedly very large and when it
gins to move in earnest it is a question whether prices can
be sustained.
The authorities of the Chicago Board of
Trade say that they are trying to restrict speculation in
grain to the narrowest possible bounds.
To-day prices
advanced to new high levels.
The scarcity of cash oats
to
The United States Government
the dominant factor.
was
is
also
show
buying.
Offerings to arrive
sharp advance for the week.
a
PRICES
CLOSING
DAILY
OF
No.
_*
2 white
PRICES
CLOSING
DAILY
Sat.
May delivery in elevator.
The
following
Tues.
64%
64%
Wed. Thurs. Fri.
75%
76
_____
76%
77
77%
78
78%
CHICAGO.
IN
FUTURES
OF, OATS
;
December delivery in elevator_cts_
Prices
YORK.
NEW
75%
Mon.
73%
74
light;
were
IN
OATS
Sat.
__cts_
Standards
Mon.
Tues.
Wed. Thurs. Fri.
64%
64%
66%
67%
.66%
66%
68%
67%
70%
69%
closing quotations:
are
FLOUR.
Spring, low grades.
Kansas straights, sacks. 10 90@11 00
Kansas clears, sacks
1
City patents
11 70
.10 00@10 25
10 65@10 95 Rye flour.
Winter, low grades.
Winter patents
Winter straights
Winter
10 30@10 60
clears
Spring patents
Spring straights-Spring clears
Buckwheat flour
1.10 00 @10 35
Graham flour,,
GRAIN.
■f.
Wheat—per bushelN. Spring,
N. Spring,
No. 1,
No. 2.
o.
Corn, per bushel—
No. 3 mixed
b.—
9Q
new
No. 2 yellow kiln
No. 3 yellow
2 26
Argentina.:
2 25
Rye, per bushel—
cts.
New
York
78 @78%
Western
.78% @79
Barley, malting
-77% @78
f.
b.
o.
dried
$2 20
___2 10
2 05@2 10
Red winter, No. 2, new
Hard winter, No. 2
Oats, per bushel, new—
Standard
No. 2, white
No. 3, white.
No. 4. white
_
77 @77%
Barley,
1.
__c.
c.
f.
1. f.$l 88%
1 20@1 35
1 05 @1 10
feeding
The statements of the movement of breadstuffs'to market
indicated below
prepared by us from figures collected by
Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
are
the New York Produce
Flour.
Receipts at—
Oats.
Corn.
Wheat.
Barley.
Rye.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.5Qlbs.
216,000
_
723,000
113,000
705,000
268,000
131,000
62,000
438,000
105,000
243,000
"75",000
749,000
246,000
5,000
59,000
6,000
Milwaukee
65,000
20,000
10,000
13,000
45,000
29,000
_.
Toledo
Detroit
Cleveland
z_.
10,000
546,000
*516*666
430,000
351,000
295,000
330,000
627,000
Omaha
524,000
116,000
35,000
City.
6,000
72,000
~
888,000
91,000
Louis
Peoria
Kansas
110,000
1,148,000
Duluth
St.
1,120,000
3,082,000
1,124,000
25,000
635,000
.2,844,000
Chicago..
Minneapolis
200,000
686,000
77,000
108,000
9,000
7,000
570,000
Total wk.1917
387,000
6,994,000
2,192,000
451,000
7,371,000
8,350,000
2,824,000
Same wk.1916
3,354,000
6,621,000
3,575,000
833,000
Same wk.1915
487,000
17,557,000
3,820,000
7,105,000
3,690,000
938,000
1917
5,124,000
94,119,000
36,383,000 129.511,000 38,823,000 11,901,000
1916
6,179,000 174,623,000
6,381,000 215,598,000
53,467,000 123,751,000 42,752,000 11,683,000
54,132,000 105,083,000 42,809,000 11,516,000
Since Aug.l—
1915
Total
receipts of flour and grain at the seaboard ports for
the week ended Nov. 17 1917 follow:
Flour.
Wheal.
Corn.
Oats.
Barley.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
Rye.
1
28,000
N'port News.
256,000
384,000
2,000
46,000
20,000
374,000
2,000
640,000
55,000
245,000
3,000
147,000
506,000
"
"
New Orleans*
134*.666
11,000
Montreal....
11,000
Total wk.1917
468,000
5,006,000
132*,000
114,000
131,000
177,000
238,000
2,254,000
281,000
1,077,000
Since Jan.1'17 18,869,000 181,891,000
Week 1916—.
368,000
5,705,000
Since Jan. 1*16 23,141,000 349,428.000
on
100,000
3,000
935,000
77,000
Baltimore
*
500,000
801,000
28,000
_
1,542,000
38,000
Boston
Philadelphia
Bushels.
180,000
New York
ministration believes that in order to
provide an open mar¬
ket for grain during the war the Board must be kept going
and expects the Board of Directors to cure any speculative
evils which may obtain without action being taken by the
Government."
To-day prices advanced, though at one time
they were lower. They are higher for the week.
The
„
Thurs. Fri.
Wed.
Tues.
DAILY CLOSING PRICES OF CORN FUTURES
Sat.
Man.
Tues.
December delivery In elevator_cts_
Canada in the latest statement is 51,070,000 bushels, against
59,746,000 bushels
IN NEW YORK.
208% 218%
cts.207
452,000
47,835,000 133,878,000 16,091,000 12,587,000
417,000
2,669,000
490,000
2,769,000
51,314.000 166,214,000 25,662,000 14,824,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
Nov. 24
The exports
from the several seaboard ports for the week
ending Nov. 17
shown in the annexed statement:
are
Wheat.
Bush.
Flour.
Bush.
New York
Boston
Rye.
Barley.
Peas.
Bush.
Bush.
Bush.
Bush.
61,045 114,575
20,782
25,551
85,497
536,996
253,240
Opus.
BUs.
Com.
228",408
236",31 i
Baltimore
129,327 409,033
506,000
Newport News....
Total week.
Week
863,735 470,078 114,575
46,333
547,946 258,726 1,722,683 585,492 336,593
321,808
790,236
4,713,643
...
1916.—
The destination of these exports
July 1 1917 is
IV, 886
for the week and since
below:
as
'■V1
Flour.
Wheat.
Corn.
Exports for Week,
Week
Since
Week
Since
Nov. 17
July 1
Nov 17
July 1
1917.
1917.
1917.
1917.
1917.
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
and Since
July 1 to—
United Kingdom.
Continent
28,048
18,285
1,033,633
138,908
So. & Cent. Amer.
West
Since
17
July 1
1917.
Bushels.
85,497
236,311
3,512,318
3,112,846
206,172
25,359
5,820
4,194
2,652
32,190
3~,6i6,
29,664,645
321,808 6,860,311
547,946 20,036,528
28,241
Other CountriesTotal.1916
Nov.
15,170,567
14,451,874
151,655
Indies
Brit .No. Am.Cols.
Total
293,238
496,998
780,781
Week
...
The world's
790,236
2,135,860
5,901,401
46,333
258,726
4,713,643 121,479,540
shipments of wheat and corn for the
wet
ending Nov. 17 1917 and since July 1 1917 and 1916
shown
in the
2109
CHRONICLE
THE
1917.]
k
are
THE DRY GOODS TRADE.
New York, Friday Night, Nov. 23 1917.
Despite the fact that prices for dry goods continue to move
upward with little opposition, demand is broadening and if
buyers were able to obtain all fabrics wanted, the volume
of business would be heavy.
As mills have been more will¬
ing to accept orders for deferred shipment, large contracts
have been placed for delivery during the first quarter of the
new year and
some as far ahead as next May and June.
The trade in general appears to realize that the scarcity of
goods will become more pronounced as the war progresses
as large quantities
of goods are passing into consumption
through military channels and will continue to do so.
Very
little merchandise remains in first hands, and what is avail¬
able from second hands is to be had only at top prices.
Merchants are becoming more anxious as regards the future,
and do not hesitate to pay the prices asked when mills are
willing to accept the orders.
There is increasing evidence
of decreased consumption through ordinary channels, but
the heavy takings by the Government more than offset
this.
Mills are doing everything to maintain production,
but are finding it very difficult as the labor situation is grow¬
ing more serious, notwithstanding the many wage advances
which have been granted to operatives.
New England
mills are said to be in the throes of labor troubles, with
operatives demanding a higher wage scale than mills are
willing to grant. In some quarters of the trade it has been
intimated that
be welcomed
following:
There has been
Corn.
Wheat.
ol916.
1917.
Exports.
Since
Since
Week
1917.
Week
al916.
Since
Nov. 17.
NorthAmer*
July 1.
July 1.
Nov. 17.
Bushels.
Bushels.
Bushels.
||
July 1.
Bushels.
Bushels.
113,779,000 148,186,000
4 972 000
507,000
H-*
Bushels.
12,327,000
19,322,000
6,032,000
Rusiia
Argentina
5",308",000 23,928",000
328",000
..
365",000
6",410",000 58",981",000
186,000
22,546,000
96,000
8,460,000
15,592,000
16,931,000
825,000
1,548,000
4~O",666
i,5i3~666
3",07b",000
5,596,000 150,918,000 212.217,000
912,000
20,250,000
81,373,000
Australia...
India
Oth. countr's
Total
♦North
issuance
14,000
,
America.—The
of both
Canadian
and
manifests
of
has
prohibited the
is effective
officially
This
after ten days.
quantity of wheat and
mentioned
was
corn
afloat for Europe
on
dates
follows:
as
Wheat.
Corn.
United
Total.
Bushels.
Bushels.
Nov. 17 1917-
Bushels.
Continent.
Total.
Bushels.
Bushels.
Not avail able
Nov.10 1917—
Kingdom.
Bushels.
Continent.
Kingdom.
Not avail able
Nov. 18 1916..
38,488,000
39,944,000
Nov. 20 1915-
visible
supply of
grain,
23,324,000
24.039.000
comprising the
stocks in
principal points of accumulation at lake and
at
seaboard ports Nov.
17 1917
follows:
was as
GRAIN STOCKS.
Corn.
Wheat.
York._
Oats.
Rye.
bush.
....
bush.
bush.
2,102,000
United States—
New
325,000
1,449,000
471,000
162,000
Barley.
15,000
bush.'
bush.
226,000
*
Boston
41,000
—
New
■
....
News.
2,000
1,907,000
......
....
8,000
1,000
....
2,000
3,549,000
604,000
—
.....
■
3,000
385,000
6,000
36,000
77,000
136,000
403,000
4,000
4,529,000
1,038,000
175,000
2,506,000
786,000
.146,000
406,000
946,000
452,000
St.
961,000
605,000
Louis
...
Kansas City
...
6,000
216,000
32,000
703,000
...
38,000
30,000
Peoria
_
'
Indianapolis
On
On Canal and
203,000
...
Lakes
...
5,138,000
110,000
.
-
.
-
13,000
83,000
mm-*, mm*
318,000
334,000
6,51,000
847,000
1,000
3,000
...
47,000
......
93,000
River
'
107,000
97,000
1,277,000
869,000
738,000
1,906,000
Duluth
Minneapolis
91,000
100,000
866,000
47,000
Milwaukee
...
-
65,000
9,000
....
30,000
.
40,000
1,271,000
857,000
Detroit..
Chicago
7,000
578,000 1,010,000
69,000
10,000
Buffalo
521,000
675,000
■
30,000
Orleans..
Galveston
.
20,000
453,000
634,000
Philadelphia
Baltimore
Newport
66,000
1,244,000 18,533,000 3,614,000 3,587,000
Total Nov. 10 1917
*17,630,000
810,000 19,992,000 3,388,000 4,442,000
TotalNov. 18,1916-.-.- 64,064,000
1,368,000 47,790,000 1,969,000 4,405,000
Total Nov. 20 1915
40,647t000 37,252,000 19,756,000 1,976,000 4,850,000
Total Nov. 17
191-7.:
*19,564,000
.
-
*
Including Canadian wheat, now duty-free.
included above: Oats, 297,000 New York, 20,000 Du¬
317,000 bushels, against 2,262,000 in 1916; and barley, 227,000 in
8,000 Baltimore, 50,000 Duluth, 177,000 Buffalo; total, 462,000,
against 403,000 in 1916.
Note —Bonded grain not
luth; total.
New
York,
Canadian—
Montreal
Ft. William & Pt.
Other
Arthur..
Canadian
Nov. 10 1917.
Total Nov. 18 1916*
Total Nov. 20 1915.
*
3,974,000
9,183,000
5,621,000
18,778,000
18,210,000
23,150,000
27,467,000
TotalNov. 17 1917
Total
devote
to
war
has caused
more or
less
more
use
in
uncertainty.
DOMESTIC COTTON GOODS.—Liberal sized contracts
being placed for staple cotton goods which extend well
into the second quarter of next year.
Merchants appear
to be more willing to meet the steady advance in prices,
which
United
The
manufacturers
no special class of goods was named, there are
many
which, no doubt, would be classified as non-essentials,
and as the war progresses the manufacture of these would
not be encouraged.
Nothing new of importance has de¬
veloped in the export division of the market. Business re¬
stricted by scarcity of supplies and poor shipping conditions.
expected to go higher as the scarcity of goods
pronounced.
Heavy goods of many de¬
scriptions are virtually unobtainable for either prompt or
deferred shipment, and a number of standard brands are
completely sold up.
It is quite likely that there will be a
decreased demand for fine and fancy lines, but aside from
this, indications are that business will continue active.
There is a good demand from jobbers for such goods as >
sheetings, drills and twills with heavy brown drills reported
selling above 54 cents per pound.
Napped goods and cotton
blankets, which recently were in active demand, are now
very scarce and hard to find.
Print cloth markets rule firm
with a large business booked by mills for delivery early in
1918.
Gray goods, 38Princh standard quoted 11 «^c.
WOOLEN GOODS.—A steady demand is noted for
woolens and worsteds as many interests anticipating a
scarcity of supplies next season are purchasing goods wherever
they are to be had and storing them. Full prices are being
paid, and predictions are that they will go still higher as
the raw material situation fails to improve.
Considerable
interest has been displayed in the request of the Phila¬
delphia Wool and Textile Association that as a staple value
for wool for 1918 is of utmost importance, a committee be
appointed to fix "such a value.
While spring business is
fairly active, with demand extending to all classes of fabrics
available,
fall
trade is
quiet.
Manufacturers are not
encouraging the latter as with a large percentage of them
devoting themselves almost exclusively to Government
business, the loomage remaining to supply civilian needs is
are
becomes
granary
for
are
Revised.
The
Defense
turning out products most essential for
While
during the continuance of the war.
a
National
attention to
lines
Government
exports until
industry would
it would put an
let up to the
no
connection with the
Danube
'
Government control of the
end to the labor disputes.
advance in prices for raw
material and cotton has reached new high levels during the
past week.
The Census Bureau's report on ginning up to
the middle of the current month indicated a crop smaller than
that of a year ago, so manufacturers hold out little hope of
lower prices.
The recent recommendation of the Council
as
22,000
441,000
4,746,000
668,000
22,000
5,855,000
22,000
5,358,000
222,000 16,201,000
10,000
7,008,000
18,000
296,000
18,000
14,000
1,000
15,000
296,000
481,000
236,000
79,000
Summary—
19,564,000
18,778,000
TotalNov. 17 1917
TotalNov. 10 1917.
TotalNov. 18 1916.-
Total Nov. 20 1915
1,244,000 18,533,000 3,614,000 3,587,000
22,000
5,855,000
18,000
296,000
38,342,000
35,840,000
Canadian.
1,266,000 24,388,000 3,632,000 3,883,000
832.000 25,350,000 3.402,000 4,923,000
1,590,000 63,991,000 1,970,000 4,641,000
3,762,000 26,764,000 1,991,0004.929,000
87,214,000
..68,114,000
hot sufficient to meet the demand.
„•
.
FOREIGN
DRY GOODS—A good inquiry continues
linens, but business is restricted by the small amount of
goods available.
Prices continue to climb upward, and there
are said to be further advances pending, as advices from
abroad are very firm.
Importers are endeavoring to place
large orders with manufacturers who are in such a position
that they are unable to accept the business.
Reports from
for
the British Government recently gave
35,000,000 yards of various linen fabrics for
deliveries extending throughout the most of next year.
This
is taken to indicate that mills will be unable to handle much
Belfast
state
orders for
that
over
civilian
.
Including Canadian at Buffalo and Duluth.
American
more
business, not mentioning inquiry from this side.
goods in both first and second hands are decreasing
rapidly, and pure linens are becoming difficult to obtain.
This situation is resulting in a broadening demand for sub¬
stitutes which, in view of the strength of the cotton market,
are
likewise moving upward.
Demand for burlaps con¬
tinues active as buyers are becoming reconciled to the high
prices.
Owing to the scarcity of spot goods, the bulk of the
business is confined to goods afloat and due to arrive within
the near future.
Light weights are quoted at 16.50c. to
16.75c., and heavy weights at 21c.
Stocks of
'
.
[Vol. 105.
CHRONICLE
THE
2110
In January 1916 an ordinance was
adopted providing for the appraise¬
County Water Company's properties, by an appraisal
by the special committee of the Council and paid by
The American Appraisal Co. was selected to do the
work.
Its report upon this appraisal was reported to the Council by the
special committee in November, 1916.
On April 30 1917 the committee
held a meeting and heard representatives of the Appraisal Company, the
Water Company and city officials as to the report of the Appraisal Com¬
pany and the value of the properties reported by it. At this meeting the
City Engineer was requested to report his criticisms, &c., of the report of
the Appraisal Company.
The committee has taken no further action, and
the matter is still pending before it.
'
Under the terms of the ordinance authorizing the appraisal to be made,
the city was not to be bound to purchase and the company was not to be
bound to sell, and the rights of neither party was to be affected by the
valuation reported by the Appraisal Company.
,
v
Very truly yours,
,
It. E. STEED, City Clerk.
ment of the Norfolk
iwi m®
CITY J3£?WTiraiTc
STATE AND
A
new
number of
revised to
SECTION.
"State and
who
of it.
As
subscribers should
are
previously
receive
announced, this
issued in parts, Part One
now
City Section,"
date, is issued to-day, and all readers of the
paper
is
CITY
our
copy
a
Supplement
containing the New
England, Central and Middle States, being issued
the
at
end
of
of the
rest
Saturday in
the
of the
to
November).
fact that
mand
May, and Part Two embracing the
country, being issued
with
The
additional
space
change
devoted
to
we
pages
pages
a
due
single number.
to
statements
pages
As
able to extend the
were
detailed
palities in Part One by 38
ing 48
is
has become too heavy
satisfy within the limits of
space
change
growth and multiplication
municipalities of the United States the de¬
for
result of the
a
the
to-day (the last
and
are
of
munici¬
to-day add¬
in Part Two, making altogether 86
new
devoted to the presentation of statistics of these
municipalities.
NEWS
ITEMS.
Cleveland, Ohio.—Municipal Subway Commission Named.
—See item in
our
"General Investment News" section of this
week's issue.
Guanajuato (State of), Mexico.—New; Constitution Per¬
mits Women to Vote.—Reference to this is made in
ial columns this week.
our
editor¬
Kentucky( State of).—Constitutional Amendment Adopt¬
ed.—The proposed amendment to Section 201 of the State
constitution, relating to the consolidation of competing rail¬
roads, telegraph, telephone, bridge or common carrier com¬
panies, was adopted, according to reports, by the voters at
the general election on Nov. 6.
This section as it now reads
follows, the matter appearing in italics being the portion
added by the 1917 amendment:
Sec.
201. No railroad,
telegraph, telephone, bridge
or
common
carrier
company shall consolidate its capital stock, franchises, or property, or pool
its earnings, in whole or in part, with
any other railroad, telegraph, tele¬
phone, bridge or common carrier company, owning a parallel or com¬
peting line or structure, or acquire by purchase, lease or otherwise any
parallel or competing line or structure, or operate the same; nor shall any
railroad company or other common carrier combine or make
any contract
with the owners of any vessel that leaves or makes
port in this State, or
with any common carrier, by which combination or contract the
earnings
of one doing the carrying are to be shared
by the other not doing the carrying;
Provided, however, that telephone companies may acquire by purchase or
lease, or otherwise, and operate, parallel or competiny exchanges, lines and
structures, and the property of other telephone companies, if the railroad
commission or such other Stale commission as
may have jurisdiction over such
matte) s shall first consent thereto, and
if, further, the municipality wherein such
property or any part thereof is located shall also first consent thereto as to the
property within its limits, but under any such acquisition and
operation toll
line connections with the property so
acquired shall be continued and main¬
tained under an agreement between the
purchasing company and the toll line
companies then furnishing such service, and in the event they are unable to
agree as to the terms of such an agreement the railroad commission or such:other
State commission as may have jurisdiction over such matters
shall fix the
terms.of such agreement.
Lincoln, Neb.—Home Rule Charter Adopted.-—By a vote
city adopted a home rule charter, it is
stated, at an election held Nov. 14.
company appointed
the said company.
New Charter
adopted
6% 20-year coupon site-purchase, building and equipment
bonds recently sold—V. 105,
p. 927—have been declared
valid, reports state, by the State Supreme Court.
New York
State.—Legal Investments for Savings Banks!—
"Banking Department, under date of Nov. 16
advised us that the
following had been added to the list of
investments considered legal for savings banks of this State
since Jan. 1 last: State of
Arkansas, City of Newark, N. J.,
and City of San
Francisco, Cal., and also by reason of
The
State
opinions received from the Attorney-General of the State;
City of Peoria, 111., because the data requested of the city
officials
the
was
not received
list when first
in time to have it included with
published.
our issue
legal investments for
savings banks on Jan. 1 1917 was published in
last, pages 468 and 469.
of Feb. 3
Norfolk, Va.—No Action Taken Looking Towards Pur¬
of Norfolk County Water Co.—City Clerk R. E. Steed
writes under date of Nov.
5, advising us as to the present
situation
regarding the proposed purchase by the city of
the plant of the Norfolk
County Water Co., the value of
which was placed
by the American Appraisal Co. of New
York m 1916 at $1,142,882 05
(V. 103, p. 2172).
The City
chase
Clerk
s
letter reads:
William B.Dana
CityN°rf0lk'*Va"
5 1917*
y0Ur letter of Nov' 2 1917' 1 beg t0 advise
Porto Rico.—Bond
Offering.—Proposals will be received
by the Bureau of Insular Affairs, War
Department, Washington, D. C., for $100,000 4% gold
coupon bonds which are issued in accordance with the
authority contained in Section 3 of the Act of Congress
approved March 2 1917, entitled "An Act to provide a
Civil Government for Porto Rico and for other purposes"
and in accordance with the authority of an Act of the Legis¬
lative Assembly of Porto Rico, approved April 12 1917,
entitled "An Act to authorize the issuance of bonds of The
People of Porto Rico to the amount of $100,000, to provide
funds for and to authorize the continuation of improvements
in San Juan Harbor, for obtaining rights of way and permits
for that purpose, and for other purposes."
until 2 p. m. Dec. 19
Denom. $1,000.
Date Jan. 1 1917.
Int. payable J. & J.
Principal
payable at the U. S. Treasury.
Mature on Jan. 1
1942, subject to call at any interest-paying date after Jan. 1 1927.
Certi¬
fied check or bank draft in New York funds for 2% of the bonds bid for,
payable to the Chief, Bureau of Insular Affairs, War Department, is
required.
If the bid makes no mention of accrued interest it will be
understood that accrued interest is offered by the bidder in addition to the
price named for the bonds.
The United States Treasury Department
authorizes the statement that, unless and until further notice to the con¬
trary, it will accept these bonds as security for public deposits at their
market value, but not exceeding their par value.
The Postmaster-General
authorizes the statement that they will be accepted at par as security for
postal savings deposits.
These bonds will also be accepted at par by the
Government of Porto Rico as security for
deposits of funds of that Govern¬
ment.
Accepted subscriptions will be payable Dec. 27 1917 at a bank in
New York City to be designated by the Bureau of Insular Affairs, War
and interest will be
Department, and the bank
interim
or
the
bonds
certificates
be
can
so
designated will make delivery of the bonds,
exchangeable for the definitive bonds, as soon as
The legality of these bonds has been passed
issued.
upon by the Attorney-General of the United States.
Under the provisions
of Section 3 of the Act of Congress, approved March 2 1917, entitled "An
Act to provide a civil government for Porto Rico, and for other purposes,"
these bonds are exempt from taxation by the Government of the United
States,
or
by the Government of Porto Rico
or
of
any
political
municpal
or
subdivision thereof, or by any State, or by any county, municipality, or
other municipal subdivision of any State or territory of the "United States,
or
by the District of Columbia.
The bonded indebtedness of the Insular Government on June 30 1917
was
$9,280,000, while the balance in the sinking fund on that date was
$894,426 78.
The population of the islands, according to the Census of 1910, was
1,118,012, and the assessed value of property in the island for the purposes
of taxation for the fiscal year 1916-17 amounted to $182,739,584.
St.
Petersburg, Fla.—Bonds Valid.—The State Supreme
Court has declared valid, according to reports, the $133,000
water-front improvement,
$5,000 city, building, $30,000
sewerage-extension and $12,000 railroad lots purchase 5%
bonds offered for sale on Nov. 20, and described in these
columns last week.
BOND CALLS AND REDEMPTIONS.
Spokane, Wash .—Bond Call.—The following special im¬
provement bonds have been called for payment at the City
Treasurer's office:
TO
Name and
Dist.No.
Up to and
Bernard St., 942
BE
PAID
DEC.
Name and
1
1917.
Up to and
Including.
Dtst. No.
Including.
Pavement.
Grade (Continued).
Gordon Ave., 527
Hill St., 263
Name and
22
106
Sprague Ave., 273
Second Ave/, 296
Sherman St.,710
Stevens St., 1,044
113
56
169
8
Up to and
Dist. No.
Including.
Water Main.
,
2d Ward, 1—_
23
Euclid Ave., W43
26
23d
12
Grace Ave., W48
26
Hogan St., 508
La Crosse Ave.,.510
Courtland Ave., W49—
14th Ave., W50——
Ave*, W46-
Lindeke St., 737
16
84
Buckeye Ave., W52—_
94
Garnett Ave., W54
Washington St., 666—•_
93
Montgomery Ave., 528. 26
Grace
Regal St., W60
31
Marietta St., 738
Madison St., 1,108—
9
Addison St., 502
5
36th Ave., W61
Cook St., 713
15
Cleveland Ave., 831—-
26
Dalton Ave., 717
9
Uth Ave., 494
Euclid Ave., 885
E St., 967—
5th Ward, 1...
15th Ave., 473
10
i.
4
17
8
123
38
5th Ave., 734
20
Freya Ave.,755
20
5th Ave., 1,042
4
Myrtle St., 1,107
6
Providence Ave., 512.. 58
Perry St., 673.•_
59
7th Ave., 405
12
Sumner Ave., 914
San Francisco
7
12th Ave.,
27521st Ave., 665
sea
...
4
Washington St., W65—
6
4
Tacoma
6
—
St., W78.
9th Ave., W79—:
6
34th Ave., W80.
5
21st Ave., W81
4
Sewer,
22
40
Alley, 1041
26th
18
20
22d Ave., 878
33d Ave., 906
West Point.
Ave., W57
10
...
20th Ave., 876
25th Ave., 877....
California.—Bonds
132
5
Monroe St., 458...
Madison St., 511
7
Grade.
10
—
Trent (Alley), 1,031...
3
Ave., 491
Ave., 895
20th Ave., 1099—'
20th
8
13
3
8
721
18
Drawn for Redemption.—On Nov. 9,
wall bonds, dated Jan. 2 1905, of
the par value of $1,000 each, were drawn by lot for redemp¬
tion upon presentation at the office of the State Treasurer,
Friend Wm.
Richardson,
on
or
before Jan. 2 1918.
The
are:
8 53, 66, 81, 112, 205, 240 247 261, 377 379, 380, 387, 392 412,
428f
441, 446, 471, 479, 503, 512, 518, 528, 565, 586, 590, 592, 601, 622, 630,
642, 654, 718, 721, 725, 744, 755, 763, 767, 768, 787, 798, 834, 847, 851,
852, 858, 871, 873, 881, 889, 927, 028, 933, 948, 962, 991, 1054, 1082,
,
as
state that this city
/P
numbers of the bonds drawn
Company, New York
foUowsmen_RCplying t0
papers
Porterville, Calif.—Bonds Invalid.—The $30,000 bridgeconstruction bonds voted Sept. 18 (V. 105, p. 1333) were held
invalid by the Superior Court on Nov. 6 on the ground that
upon the recount of votes cast at the election the proposition
lost by one and one-third votes.
Elm St., 506—
The full list of securities considered
New York
Adopted.—Local
charter at the election held Nov. 20.—V. 105,
924.
p.
of 990 to 135 this
Miami Special Tax School District No. 3
(P. O. Miami),
Dade County, Fla,.—Bonds Declared Valid:—The
$150,000
a new
,
,
,
,
Nov. 24 1917.]
1099.
•1220,
1309,
1545,
1665,
1869,
THE
1128, 1135, 1142, 1144, 1158,
1234, 1235, 1236, 1247, 1248,
1319, 1325, 1332, 1375, 1398,
1565, 1568, 1586, 1588, 1596,
1676, 1693, 1696, 1699, 1710,
1878, 1881, 1907, 1912, 1913,
Notice is given
that
from
above numbered bonds will
Bond No. 1114 was drawn
1183,
1283,
1453,
1627,
1778,
1949,
1162, 1168,
1249, 1264,
1400, 1406,
1613, 1622,
1719, 1772,
1923, 1945,
1187, 1204, 1215,
1285, 1298, 1307,
1513, 1515, 1527,
1635, 1644, 1661,
1795, 1796, 1861,
1973, 1977, 1990.
BROOKFIELD TOWNSHIP RURAL
SCHOOL DISTRICT, Trumbull County, Ohio.—BOND OFFERING.—Proposals will be received
until 12
Pa.,
m.
R.
after
Jan.
2
1918
all
interest
Nov. 9 1916 and has not been
on
the
presented for
Sharon,
school heating and platn bonds.
Dec. 1 by James Clark, Clerk Bd. of Education (P. O.
F.
D.
for $3,000 5%
67)
No.
Auth. Sees. 7629 and 7630 Gen. Code.
Denom. $500.
Date Dec. 1 1917.
Prin. and semi-ann. int. (A. & O.) payable at the Western Reserve Nat.
Bank,
Warren,
Oct.
and
cease.
on
2111
CHRONICLE
1921 incl.
1
Due $500 each six months from Apr.
Ohio.
check for $200 jpayable to
Cert,
1919 to
1
the Treas. of the Bd.
of Ed. required.
payment.
State Highway bonds Nos. 151 and 152 matured July 3 1917 and have
been presented for payment.
,
not
BRYAN, Brazos County, Tex.—BIDS REJECTED.—All bids received
$90,000 5% high school bldg. bonds offered on Nov. 13.—V. 105,
for the
p.
1729—-were rejected.
BUHL
BOND
this
PROPOSALS
week have been
AND
NEGOTIATIONS
follows:'"
as
ADIN HIGH SCHOOL DISTRICT, Modoc County, Calif.—BONDS
VOTED.—Reports state that this district has voted to issue $15,000 school
bonds.
This district includes Big Valley and a portion of Lassen County.
ANDERSON-COTTONWOOD
IRRIGATION
DISTRICT
(P.
O.
Anderson). Shasta County, Calif.—BOND OFFERING.—Sealed bids
will be received until 10 a. m. to-day (Nov. 24) by A. M. Downing,
Secy.
Board of Directors, for $207,000 6% gold coupon tax-free irrigation-system
bonds..
Denoms. (2) S250; _(1) $500; (206) $1,000.
Date July 1 1917.
Int. J. & J. at Anderson.
Due serially from 1938 to 1957. incl.
Cert,
check for 5%, payable to the District, required.
Bonded debt, including
this issue, Nov. 16 1917, $1,055,000.
No floating debt.
Assess, val.,
$1,369,447.
Total tax rate (per $1,000), $63.50.
These bonds are part
of an issue of $575,000 voted May 11, $368,000 of which had already been
sold.—V. 105, p. 199.
ALBUQUERQUE, Bernalillo County, New Mex.—BOND OFFERING.
—Bids will
be received until
10
Dec.
17 by Thomas Hughes, City
Clerk, for $400,000 5% 20-45-year (opt.) water-works bonds.
Int. semiann.
Cert, check for $2,500 required.
Purchaser to pay accrued int.
ALCORN
COUNTY
a.
m.
(P. O. Corinth), Miss.—BOND OFFERING.—
Dec. 3 by W. C. Sweat, Clerk Bd. of
Bids will be received until 2
p. m.
Supervisors, for $30,000 6% 25-year Park Road Dist. bonds.
Int. semi¬
HIGHWAY DISTRICT (P. O. Buhl), Twin
Falls County,
Ida.—BOND OFFERING.—Reports that that J. C. Finch, Sec. of the
H'way Commrs. will receive bids until Dec. 1 for $175,000 5% 10-20 yr.
(opt.) highway bonds.
These bonds are part of an issue of $400,000
authorized at an election on Sept. 29.—V. 105, p. 1635.
BUTLER SCHOOL TOWNSHIP (P. O. Peru), Miami County, Ind.—
WARRANT SALE.—On Nov. 15 the $6,500 5% school bldg. warrants—V.
105,
p.
1819—were awarded, it is stated, to the Wabash Valley Trust Co.
of Peru at par.
'
CALDWELL
COUNTY
(P.
O.
Lockhart), Tex.—BOND ELEC¬
TIONS.—An election will be held in Road District No. 6 on Dec. 15, it is
stated, to vote on the proposition to issue $15,000 road bonds.
The proposition to
it is
reported, at
BOND
an
issue $15,000 road bonds will be submitted to a vote,
election to be held in Road Dist. No. 3 on Dec. 18.
are
being circulated, it is
ELECTION PROPOSED.—Petitions
reported, to call for an election in Lockhart District to vote
sition to issue $200,000 road bonds.
CAMBRIDGE, Middlesex County,
On Nov. 23
on
the propo¬
Mass.—TEMPORARY LOAN.—
temporary loan of $150,000 issued in anticipation of revenue
stated, to C. D. Parker &
a
and maturing Dec. 22 1917 was awarded, it is
Co. of Boston at 4.55% discount.
CHAGRIN
FALLS, Cuyahoga County,
,
Ohio.—BOND SALE.—On
Nov. 19 the $13,500 5% coupon cemetery bonds—V. 105, p. 1819^—were
awarded, it is stated, to the Chagrin Falls Banking Co. for $13,501 (100.007)
and interest.
J
_
annual.
CHARDON,
ARCATA UNION HIGH SCHOOL DISTRICT, Humboldt County,
Calif.—BOND OFFERING.—Further details are at hand relative to the
offering to-day (Nov. 24) of the $60,000 5% gold building bonds.—V. 105,
p. 2020.
Proposals for these bonds will be received until 10 a. m. by Fred
M. Kay, Clerk Bd. of Co. Supervisors (P. O. Eureka).
Denom. $1,000.
Date Dec. 20 1917.
Prin. and semi-annual int. payable at the Couuty
Treas. office.
check
or
Due $3,000 yearly Dec. 20 from 1921 to 1940, incl.
cash for 1 % of amount of bid required.
'
Due $1,000 yrly. on Jan. 1 from 1924 to 1935 incl. and $2,000
yrly. on
1 from 1936 to 1938 incl.
Cert, check for $500 payable to tne Pres.
Bd. of Supervisors requires.
Bids must be unconditional and
Jan.
purchaser
must furnish blank bonds at own expense.
The approved opinion of
Wood & Oakley of Chicago as to the legality of the bond will be delivered
to purchaser.
The dist. has no bonded indebtedness.
Assess, val. of
real, personal and railroad property, $1,573,338.
ARKABUTLA CREEK DRAINAGE DISTRICT (P. O.
Senatobia),
Tate County, Miss.—CORRECTION.—Upon being advised
by
Holmes
&
Sledge, attorneys, for the district, we reported in V. 105, p. 2020, the
sale of $85,000 5%% drainage bonds to the Mercantile Trust Co. of St.
Louis.
We are now informed by the above trust company that
they did
not
purchase these bonds.
ATHENS SCHOOL DISTRICT (P.
O. Athens), Bradford County,
PA.—BOND SALE.—On Nov. 15 the $27,000 4
W% school bonds—V. 105\
1912—were awarded to Mullin, Briggs & Co. for $27,027.50 (lOO.OOr
Denom. $1,000.
Date, Jan. 2 1918.
Int. J. & J.
Due $2,000
1923, $1,000 yrly. from 1924 to 1946 incl. and $2,000 in 1947.
p.
and int.
AURORA
SCHOOL DISTRICT
NO.
19
(P. O. Aurora), Hamilton
County, Neb.—BONDS VOTED.—By a vote of 175 to 102 the question
of issuing $15,000 building addition bonds carried, it is stated, at the election
held Nov. 6.—V. 105, p. 1819.
BEAUMONT NAVIGATION DISTRICT (P. O. Beaumont), Jeffer¬
son County, Tex.—BONDS VOTED.—The
question of issuing the $300,000 ship-channel-enlargement bonds—V. 105,p. 1635—carried at the elec¬
tion held Nov. 17, it is stated, by a vote of 1,083 to 182.
BEAUREGARD PARISH
SCHOOL DISTRICT BO. 9, La .—BOND
bids will be received until 10:30 p. m. Dec. 7
by
McCollister, Supt. of Parish School Board (P. O. De Ridder), for
the $70,000 5% coupon building bonds voted Aug. 29.
Denom. $500.
Date Jan. 1 1918.
-Int. J. & J.
Due on Jan. 1 as follows: $2,000 1919 and
1920; $2,500 1921, 1922 and 1923; $3,000 1924; $2,500 1925; $3,000 1926;
$3,500 1927; $3,000 1928; $3,500 1929; $4,000 1930; $3,500 1931; $4,000
1932; $4,500 1933, 1934 and 1935; $5,000 1936, 1937 and 1938.
Cert,
check for $250, payable to the Parish School Board,
required.
This dis¬
trict has no bonded debt.
Floating debt Nov. 19 1917, $1,099.
Assessed
val. 1916, $898,860.
OFFERING.—Sealed
L.
D.
COUNTY (P. O. Bekon), Texas.—BOND ELECTION.—On
an election will be held, it is stated, to vote on the
question of issu¬
BELL
Dec. 10
ing $1,206,000 road-construction bonds.—V. 105, p. 1819.
County,
Ohio.—BOND ELECTION
PRO¬
has
voted,
it
is
stated/to call an election to
proposition to issue $25,000 electric plant bonds.
POSED.—The Council
vote on a
CHATTANOOGA,
13-year average
Tenn.—BOND SALE— On Nov. 15 the $12,700
paving bonds (V. 105, p. 1913) were awarded to
Chattanooga at par and interest for 5s.
coupon
the Hamilton Trust Co. of
Cert,
ARCOLA
CONSOLIDATED
SCHOOL
DISTRICT,
Washington
County, Miss.—BOND OFFERING.—Bids (sealed or verbal) will be re¬
ceived until 12 m. Dec. 3 by W. W. Miller, Clerk Bd. of Supervisors
(P. O. Greenville), for $18,000 school bonds at not exceeding 6% int.
Auth. Chap.
180, Laws of 1916.
Denom. $500,
Date Jan. 1 1918.
Prin. and semi-ann. int. (J. & J.) payable at the Nat. Park
Bank, N. Y.
Geaugo
CHILLICOTHE,
Ross
County,
Ohio.—BONDS DEFEATED.—At
the election held Nov. 6 the question of issuing $42,000 deficiency bonds
failed to carry.
V. 105, p. 1547.
CINCINNATI, Ohio.—BONDS DEFEATED.—'The question of issuing
$500,000 sewer impt. bonds failed to carry, it is stated, at the election held
Nov. 6.—V. 105, p. 1331.
CLARK
SCHOOL
TOWNSHIP
(P.
O.
Ladoga),
Montgomery
County, Ind.—BOND OFFERING.—Bids will be received until 1:30 p. m.
Nov. 28 by Mark Shackelford for $5,000 5% coupon tax-free school bonds.
Denom. $500.
Date Jan. 1 1918.
Interest annually on Jan. 1 at Citizens
Bank
State
inclusive.
Bonded
of Ladoga.
Due $500 yearly on Jan. 1 from 1919 to 1928,
Certified check for 2 % of the amount of bonds bid for required.
debt
valuation
(excluding this
1917, $2,207,000.
CLARKSDALE, Coahoma
issue)
Nov.
16
1917,
$39,000.
Assessed
'
County, Miss.—BOND OFFERING.—Bids
will be received until 8 p. m.
Dec. 10 by R. E. Stratton Jr., City Clerk,
5% coupon municipal railroad-building bonds.
Denom.
$1,000.
Date Dec. 1 1917.
Interest semi-annual.
Principal and interest
payable at place to suit purchaser.
Due $5,000 yearly Dec. 1 from 1922
to 1941, inclusive.
Bidders must deposit a check for 5% of the amount
of bonds bid for.
Bonded debt, including this issue, $384,000.
Value
of taxable property 1917, $8,000,000.
These bonds were offered without
success on Nov. 6.—V. 105, p. 2021.
Bids will be received, it is stated, until 8 p. m. Dec. 4 by R. E. Stratton
Jr., City Clerk, for $100,0001 street bonds.
Interest (rate net to exceed
6%), payable semi-annually.
Certified check for $2,500 required.
for the $100,000
CLEVELAND, Ohio.—BOND OFFERING.—C. J. Noal, Director of
Finance, will receive bids until 12 m. Dec. 17 for $100,000 5% coupon or
registered (purchaser's option) water-works bonds.
Denom. $1,000.
Date
Dec. 1 1917.
Princpial and semi-annual interest payable at the American
Exchange National Bank, New York.
Due $5,000 yearly on Jan. 1 from
1919 to 1938, inclusive.
Certified check on some solvent bank other than
the one making the bid for 3% of the amount of bonds bid for, payable to
the City Treasurer, required.
Bids to be made on forms furnished by
Director of Finance.
Purchaser to pay accrued interest.
CLEVELAND, Ohio.—BOND SALE.—On Nov. 20 the $50,000 4^%
1-25-yr. serial street impt., $250,000 4H% l-25yr. serial water-works and
$700,000 5% 5-25-yr. serial electric-light bonds—V. 105, p. 1819—were
awarded to Harris, Forbes & Co. of N. Y. and Ilayden, Miller & Co. of
Cleveland at their joint bid of 100.92 and int.
Other bidderswere:
R. M. Grant & Co., N. Y__100.517
Field, Richards & ,Co., Cin¬
cinnati
Nat. City Co., N. Y
100.27
\100.4379
Redmond & Co., N. Y
J
CONCORD RURAL SCHOOL DISTRICT (P. O. Urbana) Cham
paigh County, Ohio.—BONDS DEFEATED.—The question of issuing
$4,000 school bonds was defeated at the election held Nov. 6—V. 105, p.
1635.
The vote cast was 96 "for" and "99" against.
COUNCIL
GROVE, Morris County, Kans.—DESCRIPTION OF
BONDS.—The
$36,000
4H%
street-improvement bonds awarded on
July 17 to D. E. Dunne & Co., of Wichita, at par (V. 105, p. 2021). are in
denominations of $1,000 and $800 and are dated Oct. 15 1917.
Int. A. & O.
Due l-20th annually.
,
BELTRAMI COUNTY SCHOOL DISTRICT NO. 6
(P. O. Bemidji),
Minn.—BOND OFFERING.—Bids will be deceived until 8 p. m. to-day
(Nov. 24) by Alfred A. Moen, Chairman of School Board, for $10,000
school bonds at not exceeding
6% int.
Denom. $500.
Date Nov. 1 1917.
Int. semi-ann.
Due $500 yearly on Nov. 1 from 1922 to
1931, incl., and
Cert, check for $300 required.
$5,000 Nov. 1 1932.
BERGEN
-
COUNTY
(P. O. Hackensack), N. J.—NOTE SALE.—
On Nov. 21 the tax anticipation notes—offered on that
day—V. 105, p. 2021
—were awarded to White, Weld & Co. of N. Y. on a
4¥>% basis, plus $11
premium for $850,000 notes.
Denom. $50,000.
Date Nov. 23 1917.
31
Due Dec.
1917.
BERNALILLO COUNTY
(P.
O.
Albuquerque), New Mex.—BOND
SALE—On Nov. 5 an issue of $40,000 5% 10-20-yr. (opt.) school
bldg.
bonds was awarded to Boswprth, Chanute & Co. of Denver at
par and
int.
Denom. $500.
Date April 1 1917.
Int. A. & O.
Bonded debt,
including this issue, $234,000.
BESSEMER, Jefferson County, Ala.—BOND SALE.—On Nov. 6 the
$80,000 5% 30-year funding bonds—V. 105, p. 1330—were awarded to
Sidney Spitzer & Co. of Toledo at 95.
,Denom. $500.
Date Nov. 1 1917.
Int. M. & N.
BOONE
.
COUNTY
(P. O. Boone), la.—BOND SALE.—On Nov. 15
an issue of $95,000 5%
county home bonds was awarded to the Harris
Trust & Savings Bank of Chicago for $96,435, equal to 101.510.
BOSSIER
bids
were
offered
on
PARISH (P. O. Benton), La.—BONDS
received for the $49,500 Road
Nov. 10.—V. 105, p. 1224.
BRAZOS
COUNTY
(P.
O.
Dist.
No.
3
NOT
SOLD.—No
public impt. bonds
COVINGTON, Garfield County, Okla.—BONDS VOTED.—Reports
that the question of issuing $12,000 gas-pipe bonds carried at an
state
election held Nov. 8.
Denoms. 1 for $450 and 28 for
and Oct. 1 1920; $1,000
Apr. 1 1921 to Oct. 1 1924 incl.; $1,500 on
Apr. 1 and Oct. 1 1925, and $2,000 Apr. 1 1926.
50,845 Som-Centre road-impt. bonds.
Denoms. 1 for $845 and 50 for
$1,000.
Due $845 Oct. 1 1919; $4,000 each six months from Apr. 1
1920 to Apr. 1 1923 incl.; $5,000 each six months from Oct. 1 1923
to Apr. 1 1926 incl., and $5,000 Oct. 1 1926.
Auth. Sees. 1191 to 1231, incl., Gen. Code.
Date Sept. 1 1917.
Prin.
and semi-ann. int. (A. & O.) payable at the office of the County Treas.
Cert, check on some solvent bank other than the one making the bid, for
1% of the amount of bonds bid for, payable tp the Co. Treas., required.
Bids must be unconditional.
Bonds to be delivered and paid for within
10 days from time of award.
Purchaser to pay accrued interest.
$14,450 Som-Centre
Bryan),
Texas.—BOND
ELECTION
road impt. bonds.
Due $450 Oct. 1 1919; $500 Apr. 1
$500.
each six months from
DAYTON, Ohio.—BOND OFFERING.—H. E. Wall, City Accountant
bids, it is stated, until 12 m. Dec. 20 for $95,300 5% stree
will receive
bonds.
PROPOSED.—An election will probably be called in the Millcan Dist. in
the near future, it is stated, to vote on the question of issuing $70,000
road bonds.
><
COUNTY (P. O. Cleveland), Ohio.—BOND OFFER*
ING.—Sealed bids will be received until 10 a. m. Dec. 8 by E. G. Krause,
Clerk Bd. of Co. Commrs., for the following 5% coupon road-impt. bonds:
CUYAHOGA
Int.
semi-ann.
DETROIT,
sewer
Mich.—BOND
SALE.—The $615,000 4% 30-year public
purchased on Nov. 20, it is stated, by
bonds (V. 105, p. 2022) were
the Sinking
Fund.
BONDS DEFEATED.—The issuance
BROCKTON,
Plymouth
County,
Mass.—TEMPORARY
LOAN.—
On Nov. 16 a temporary loan of $300,000 issued in anticipation of revenue,
dated Nov. 19 1917 and maturing $200,000 Mar. 20 1918 and $100,000
April 20 1918, was awarded to the Boston Safe Deposit & Trust Co. at
4.75% discount.
Other bids were:
R. L. Day & Co., Boston
-4.84% discount
8. N. Bond & Co., Boston
4.95% discount
Bond & Goodwin, Boston
4.97% discount
The Home Nat. Bank of Brockton bid 4.89% discount for $100,000,
maturing Apr. 20 1918.
—
erection bonds
was
of
$2,795,400
Belle
Isle bridge-
defeated at the election held Nov. 6.—V. 105, p. 925.
DICKINSON COUNTY (P. O. Spirit Lake), Iowa.—BOND SALE.—
The White Investment Co. of Davenport has purchased an issue of $500,000
drainage bonds, it is stated.
DULUTH SCHOOL DISTRICT (P. O. Duluth). St. Louis
County,
Minn.—BOND OFFERING.—Charles A. Bronson, Clerk Board of Educa¬
stated, until 7:45 p. m. Dec. 7 for $100,000
4]/2% 20-30-year (opt.) coupon building and equipment bonds.
Certified
check for $1,000, payable to the Board of Education, required.
These
tion, will receive bids, it is
•
bonds
are part of an issue of $250,000, voted July
already been sold.—V. 105, p. 1016.
has
21, $100,000 of which
EAST
UNION
CONSOLIDATED
SCHOOL
DISTRICT,
County, Miss.—BOND SALE.—We are advised that this district
school bonds.
[Vol. 105.
CHRONICLE
THE
2112
Attala
has sold
KOSCIUSKO COUNTY (P. O. Warsaw), Ind.—BOND
OFFERING.—
Andrew J. Logan,
Co. Treas., will receive bids until 1 p. m. Dec. 5 for
$35,757 434% Geo. W. Polk et al. road bonds of Wayne Twp.
Denom
$1,787 85.
Date Nov. 15 1917.
Int. M. & N.
Due $1,787 85 each six
months from May 15 1919 to Nov.
15 1928 incl.
in June $3,000 6%
LEBANON,
ELDORADO, Butler County, Kans.—DESCRIPTION OF BONDS.—
$20,000 filtration-plant and $60,000 water-extension bonds recently
reported sold at par to local investors bear interest at the rate or 434 % int.
and are in the denom, of $1,000.
Date (filtration) Nov. 1 1917.
Int.
Jan. & July.
Due one-tenth yearly for 10 years.
See V. 105, pages 306
The
and 2022.
COUNTY (P. O. Erie), Pa.—BONDS VOTED.—The question
issuing $1,400,000 road bends carried, it is stated, at the election held
105, p. 1820.
>V
ERIE
of
Nov. 6.—V.
ESSEX COUNTY (P. O, Salem), Mass.—BOND SALE.—On Nov. 19
$24,000 434% 1-6-year serial street bonds (V. 105, p. 2022) were
to
Gbas. S. Butler,
of Boston, at 100.011.
Denom. $1,000.
Date Nov. 20 1917.
Int.M.-N.
Due $1,000 yearly, from 1918 to 1923, inci
FALL
bids
Bristol
RIVER,
received for
were
Nov.
an
County,
Mass.—BONDS NOT SOLD.—No
school bonds offered on
;vvv
issue of $100,000 434 %
22.
,
FARIBAULT,
Minn.—BONDS AUTHORIZED .—On
is stated, providingfor
revolving fund bonds
County,
Rice
Nov. 13 the City Council passed an ordinance, it
issuance of $15,000 permanent improvement
the
(V.
105,
LEON
interest and $2,000 at par.
BEND COUNTY
FORT
Richmond), Texas .—BOND ELEC¬
(P. O.
TION.—An election will be held Dec. 18, it is stated, to vote on the ques¬
tion of issuing $400,000 road bonds.
FORT WORTH SCHOOL DISTRICT (P. O. Fort Worth), Tarrant
County, Tex.—BOND ELECTION PROPOSED —The question of issuing
$400,000 school bonds will be submitted to the voters, it is stated, at an
election to be called in the near future.
FRANKFORT,
Herkimer
County,
N.
14 H. A. Kahler & Co., of New York,
Y .—BOND
Nov.
were
SALE.—On
awarded $47,500 5%
Denom. 47 for $1,000 and 1 for $500.
paving bonds at 101.67.
Due part each
Nov. 13 1917.
year on
Date
FREESTONE COUNTY (P. O. Fairfield),
Texas .—BONDS VOTED —
issuing
At the election held in Road Dist. No. 2 on Nov. 10 the question of
$20,000 road bonds carried, it is stated.
GERMANTOWN SCHOOL DISTRICT (P.
gomery
O. Germantown), Mont¬
VOTED.—Reports state that this dis¬
County, Ohio.—BONDS
on
Nov. 6 to issue $5,000 school bonds.
GLENDALE, Los Angeles
County, Calif .—BONDS AUTHORIZED.—
5% fire-apparatus
The City Council has authorized the issuance of $17,000
and
equipment bonds.
Denom. $1,000.
Date Jan. 2 1918.
HAMLET, Richmond County, No. Caro.—BOND SALE.—On Nov. 1
$30,000 10-year coupon street-impt. bonds—V. 105, p. 1636—were
awarded to Weil, Roth & Co. of Cincinnati at 102.95 for 6s.
Int. J. & J,
the
HARPER, Harper County, Kan.—BOND SALE.—Refunding 434%
20-year bonds, amounting to $22,000, were sold by this city on Feb. 1 last.
HARRISON COUNTY (P. O. Corydon),
Ind:—BOND OFFERING.—
Sealed
proposals will be received until 2 p. m. Nov. 26 by T. W. Knight,
County Treasurer, for the following 4% highway-impt. bonds:
$9,800 Owen McPhillips et al. highway-improvement bonds of Posey
Twp.
Denom. $490.
7,800 D. C. Davis et al. highway-improvement.bonds of Harrison Twp.
Date Nov.
$390.
6' 1917.
Int. M. & N.
six months from May 15
accrued interest.
Due
bond
of each issue each
1919 to Nov. 15 1928, incl.
Purchaser to pay
one
HERMON, St. Lawrence County, N. Y.—BOND SALE.—On Oct. 25
$10,000 434 % road bonds were awarded to the First Nat. Bank of Hermon
100.125.
Due $2,000 yearly from 1918 to 1922, inclusive.
at
HILLSBOROUGH
COONTY
(P.
TION.—An election will be held Dec.
of issuing $875,000 road bonds.
tion
O. Tampa),
Fla.—BOND ELEC¬
18, it is stated, to vote on the ques¬
Denom. $1,000.
Due $5,000 the
first year and $30,000 yearly for 29 years.
HILLSIDE
TOWNSHIP
County,
HOUSTON
N.
HEIGHTS
(P. O. Houston), Harris County, Tex.—
PART.—Of the $225,000 5% 20-40-year opt.
school-building bonds offered on Sept". 17 only $60,000 have been sold and
not the entire issue, as we were at first advised.—Y. 105,
p. 1123.
BONDS
AWARDED IN
INGOT
SCHOOL
DISTRICT,
Shasta
County,
Calif.—BOND
OFFERING.—Reports state that bids will be received until Nov. 27 by
Clerk Board of Co. Supervisors (P. O. Redding), for $2,500
building bonds.
These bonds were voted at an election held Sept. 12.—V. 105,
p. 1332.
JACKSON
Nov.
COONTY
16 the six issues of
(P.
O.
Jackson),
Minn.—BOND SALE.—On
534% judicial ditch-construction bonds,
aggre¬
gating $79,70(P—V. 105, p. 1914—were awarded to the Minneaplois Trust
Co. for $79,950, equal to 101.202.
Denoms. 79 for $1,000, one for $500
and one for $200.
Date Dec. 1 1917.
Int. J. & D.
Due serially from
1922
to
1932.
JASPER,
Pipestone
County,
state that the question of issuing
carried at a recent election.
$
►
Minn.—BONDS
VOTED —Reports
,000 water-works-improvement bonds
(P. O. Johnstown), Cambria
OFFERING.—Additional information is at hand
relative to the offering on Dec. 17 of the $400,000 434%
coupon tax free
school impt. bonds—V. 105, p. 2022.
Proposals for these bonds will be
received until 8 p. m. oh that day by Chas. H. Meyer, Sec. of School Board.
Denom. $1,000.
Date Jan. 1 1918.
Int. J. & J.
Due $1,000 Jan. 1
1947 and $399,000 Jan. 1 1948.
Cert, check for $500 payable to the Sch.
Dist. required.
Oificial circular states that there is no litigation pending
or threatened
and that the dist. has never defaulted in the
payment of
principal or interest of outstanding securities.
Total bonded debt (incl.
this issue), $976,000, sinking fund, $141,649.
Assessed val. 1917 $54,161,220, real valuation (est.) $67,701,525.
KANSAS.—BONDS PURCHASED BY
STATE.—During the month of
October the following ten issues of
building bonds aggregating $50,480 were
purchased by the State of Kansas at par:
-
School District.
Int. Rate.
$20,000 Ford Co. Rur.H.S.D.No.2. __5%
16,000 Gove Co.Rur.H.S.D.No.4... 5$
2,500 Finney Co. S. D. No. 28....5%
2,500 Marion Co. S. D. No. 125.. .5%
Date of Bonds.
July
July
Oct.
July
1 1917
1 1917
Due.
Jan. 1 1919-1928
Jan!
1 1919-1932
1 1917
1 1917
Jan. 1 1919-1928
July 1 1918-1931
?'RRR Montgomery Co.S.D.No.15-534% Aug.l 1917
Jan. 1 1918-1922
MertenCo.S.D.No. 12.._5%
oIRR Rooks Co. S. D. .No. 4
_5%
2'£RR ShawneeCo. S. D. No. 48___5%
sRR S,teven^Cod sADvNo" 1
5%
2,500 Trego Co. S.D. No.
o
57
o,
An addition to the above the
334% Liberty Loan bonds.
Aug.l
1917
Jan. 1 1919-1920
Oct. 1 1917
Sept.l 1917
°ct* 1 1917
July 1 1919-1925
July 1 1918-1920
Jan- 1 1921-1927
5%
Oct. 1 1917
Jan. 1 1919-1928
State also purchased during October $30,000
LICKING COUNTY
Fund Commission.
Lowville),
N.
SALE.—This.
Y.—BOND
(P. O. Newark), Ohio.—BONDS OFFERING.—
S. Mason,
$4,000 Jersey Summit Road bonds.
Denom. $500.
Due $500 each six
months from Apr. 1 1919 to Oct. 1 1922 incl.
16,000 Cherry Valley road bonds.
Denom. $1,000.
Due $2,000 each
six months from Apr. 1 1919 to Oct. 1 1922 incl.
4,500 Wilkins Run road bonds.
Denom. $500.
Due $500 each six
months from Apr 1 1919 to Apr. 1 1923 incl.
75,000 refunding bonds.
Denoms. 1 for $1,000 and 37 fcr $2,000.
Due
part each six months beginning Apr. 1 1920.
Date Dec. 1 1917.
Prin. and ann. int. payable at the office of the Co.
Treas.
Check or lawful money in the amount equal to 10% of the amount
of bonds bid for payable to the Pres. of the Bd. of Co. Commrs. required.
Purchaser to pay accrued int.
"
,
LIMA, Allen County, Ohio.—BOND SALE.—An issue of $35,000 5%"
refunding bonds has been purchased by the City Sinking Fund Trustees
at par and int.
LINCOLN
COUNTY
(P. O. North Platte), Neb.—BOND SALE.—
On Nov. 19 the $10,000 6% 11-20-year serial coupon Osgood Precinct
Bridge bonds (V. 105, p. 1914) were awarded to Edward F. Pettis for
$11,020 (accrued interest included).
Other bids were:
C. H. Coffin, Chicago
102.50 INiles, Durfee & Co., Toledo..100.31
H. C. Speer& Sons Co.,Chic._102.l7|Oswald F.Benwell&Co.,Denv_100.00
LOUDON COUNTY
(P. O. Loudon), Term.—DESCRIPTION OF
BONDS.—The $30,000 6% school building bonds awarded on May 15 to
the Union
Mercantile Trust Co. of Jackson at 103 and int.—V. 105, p.
2022—are in the denomination of $1,000 and dated May 1 1917.
Int.
M. & N.
Due $3,000 yearly for 10 years..
„
LOVELAND VILLAGE SCHOOL DISTRICT (P. O. Loveland),
Claremont Comity, Ohio.—BOND SALE— On Nov. 8 the $15,000
5%
2-40-year serial building bonds—V. 105, p. 1821—were awarded to the
Davies-Bertram Co. of Cincinnati at 100.26.
LOWELL, Middlesex County, Mass.—BOND SALE.—On Nov. 19 the
.434% coupon tax free bonds aggregating $39,000—V. 105,
2022—were awarded, it is stated, to Merrill, Oldham & Co. of Boston at
two issues of
100.089.
There
LUNA
were no
COUNTY
other bidders.
(P.
O. Deming), New Mex.—BOND SALE.—The
$25,000 5% 20-20-yr. (opt.) jail bonds offered recently—V. 105, p. 1439—
a Chicago banker at par.
have been sold to
McCONNELLSVILLE,
Morgan County, Ohio.—BOND SALE.—On
Nov. 19 the $1,000 534 % 4-year street-impt. bonds (V. 105, p. 1821) were
awarded to the Third Nat. Bank of McConnellsville at par.
MADILL,
Marshall
County,
Okla.—DESCRIPTION OF BONDS.—
The $65,000 water-works bonds awarded on Oct. 26 to W. A. Brooks, of
Oklahoma City (V. 105, p. 2022), bear interest at the rate of 6% and are
dated
Nov.
22
1917.
Interest
semi-annual,
Due
1942.
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING.Geo. T. Beebe, Co. Treas., will receive bids until 10 a. m. Nov. 28 for the
following 434% road impt. bonds:
$40,000 Harlas Thomas Series A and B read bonds.
30,600 Charles Wright Series A and B road bonds.
20 bonds of equal denomination.
Date Nov. 28 1917.
Int. M.
& N.
Due one bond of each issue each six months beginning May 15 1919.
To
enable immediate delivery of bonds on day of sale each transcript will have
attached to it the
approved opinion of Smith, Remster, Hornbrook &
Smith.
•
By a vote of 428 to 133 the proposition to issue $100,000 road bonds carried
it is stated, at an election held in Precinct No. 1 on Nov. 19.
RIVER
RURAL
SCHOOL
2022) have been purchased by
%
DISTRICT, Champaign County,
Ohio.—BONDS DEFEATED.—Reports state that the question of issuing
$6,000 school building bonds failed to carry at the election held Nov. 6.—
V. 105, p. 1821.
MAHNOMEN COUNTY (P. O. Mahnomen), Minn.—BOND SALE.—
& Dickey Co., of Minneapolis, has been awarded $31,190
345%
County Ditch No. 3 construction bonds.
Denoms. (1) $190, and
(31)- $1,000.
Datp Nov. 1 1917.
Principal and semi-annual interest
(M. & N.) payable at the Wells-Dickey Trust Co.
Due $3,190 Nov. 1
1923 and $2,000 yearly Nov. 1 from 1924 to 1937. inclusive.
Wells
coupon
MARION SCHOOL DISTRICT (P. O. Marion), Marion County,
Ohio .—BONDS DEFEATED.—The issuance of $250,000 school bonds was
defeated, it is stated, at the election held Nov. 6.—V. 105, p. 1730.
BONDS AUTHORIZED.—On Nov.
an
12 the Board of Education passed
ordinance providing for the issuance of $45,000 school bonds, it is stated.
MASON
COUNTY
(P.
O.
Havana),
Ills.—BONDS DEFEATED.—
it is stated,
The proposition to issue $55,000 road bonds failed to carry,
at an election held Nov. 6.
MAUMEE, Lucas County, Ohio.—BOND SALE.—On Nov. 19 the
three issues of bonds, aggregating $41,008 55
(V. 105, p. 2022) were
awarded, it is stated, to Spitzer, Rorick & Co. of Toledo for $41,012 54,
equal to 100.009.
•
MAYSVILLE, Mason County, Ky.—BOND SALE.—On Nov. 15 the
$40,000 6% 10-year street-impt. bonds (V. 105. p. 1914) were awarded to
banks at par and int.
Denom. $500.
Date Nov. 15 1917.
Int.
M. & S.
Due Nov. 15 1927.
local
BONDS'DEFEATED.—The
KENMORE VILLAGE SCHOOL DISTRICT
(P. O. Kenmore), Sum¬
mit County, Ohio.—BOND SALE.—The
$140,000 5% school bldg. bonds
advertised to be sold on Dec. 10 (V. 105,
p.
the Sinking
O.
Sealed proposals will be received until 1 p. m. Dec. 8 by J.
Clerk Bd. of Co. Commrs., for the following 5% bonds:
MAD
SCHOOL DISTRICT
Pa.—BOND
Amount.
(P.
LEWISVILLE, Monroe County, Ohio.—BOND OFFERING.—Sealed
proposals will be received until 12 m. Dec. 8 by Edward Keylor, Vil. Clerk,
for the following 5% street-impt. bonds:
$721 21 Black Street impt. bonds.
Denom. $36 06.
2,966 54 Malaga Street impt. bonds.
Denom. $148 32.
2,558 00 Railroad Street impt. bonds.
Denom. $127 90.
1,163 92 Woodsfield Street impt. bonds.
Denom. $58 20.
Date Sept. 1 1917.
Int. M. & S.
Due one bond of each issue each six
months from Mar. 1 1918 to Sept. 1 1927 incl.
Cert, check for 10% of
the amount of bonds bid for, payable to the Vil. Treas., required.
Bonds
to be delivered and paid for within 10 days from time of award.
Purchaser
to pay accrued interest.
aj[favorable vote at the election held Nov. 17.
JOHNSTOWN
COUNTY
MADISON COUNTY (P. O. Madisonville), Tex.— BONDS VOTED.—
JEFFERSON COUNTY (P. O. Beaumont), Tex.—BONDS VOTED.—
The question of issuing the $500,000 road bonds—V. 105,
p. 1637—received
County,
Tex.—BONDS PROPOSED.—
call an
county on Oct. 6 awarded $10,560 5% highway bonds to the First Nat.
Bank of Lowville at 100.9852.
Due $560 1918 and $1,000 yearly from
1919 to 1928, inclusive.
"
p.
SCHOOL DISTRICT
(P. O. Elizabeth),
J.—BOND OFFERING.—Reports state that A. G.
Woodfield, Clerk of Board of Education, will receive bids until 8:30 p. m,
Nov.. 30 for $76,000 5% 22 1-3-year aver, building bonds.
Int. semi¬
annual.
Certified check for $1,000 required.
"
Union
O. Centerville),
.
.
Denom.
(P.
LEWIS AND CLARK-JEFFERSON AND BROADWATER COUN¬
TIES JOINT SCHOOL DISTRICT NO. 43 (P. O. Clasoil), Mont.—
BOND SALE.—On Nov. 17 the $4,000 6%
5-10-year (opt.) building
bonds (V. 105, p. 1821) were awarded to the East Helena State Bank of
East Helena
at
101.275.
Denom.
$100.
Date Nov. 17 1917.
Int.
annually in November.
Nov. 13 from 1918 to 1936, inclusive.
FREDONIA, Chautauqua Couhty, N. Y.—BONDS VOTED.- -Reports
state that this village has voted to issue $16,000 paving bonds.
trict voted
COUNTY
LEWIS
Prince Edward County, Vaf—BONDS AWARDED
IN PART.—Of tho $50,000 5% 20-year improvement bonds recently offered
(V. 105, p. 1331) were sold to local investors as follows: $8,000 at 99 and
OFFERING.—Sealed
Petitions have been circulated asking the County Commrs. to
election to vote on the question of issuing $250,000 road bonds.
1820).
p.
FARMVILLE,
Ohio.—BOND
proposals will be received until 12 m. Dec. 7 by M. E. Gustin, Vii. Clerk,
for $11,925 74 5%
coupon street impt. assess, bonds.
Denoms. 1 for
$165,74 and 49 fcr $240.
Date Sept. 1 1917.
Int. semi-ann.
Due
part each year beginning Mar. 1 1918.
Cert, check for 5% of the amount
of bonds bid for payable to the Vil. Treas. required.
Bonds to be delivered
and paid for within 10 days from time of award.
Purchase to pay accrued
int.
Bonded debt (incl. this issue) Nov. 16 1917 $98,186, sinking fund,
$3,097.
Assessed val. 1917 $4,000,000, tax rate (per $1,000) $15.20.
By a vote of 478 to 277 the question of issuing $7,500 sewage disposal
plant bonds carried at the election held Nov. 6.—V. 105, p. 1332.
the
awarded
County,
Warren
question
of
issuing $100,000
sewer
bonds
failed to carry, it is stated, at an election held Nov. 6.
MIAMI, Dade County, Fla.—BONDS OFFERED BY BANKERS.—
Field, Richards & Co.. of New York, Cincinnati and elsewhere, are offer¬
ing to investors the following coupon gold bonds:
Nov. 24 1917.]
$214,000 6% street and sidewalk bonds.
Due on July 1 as follows: $15,000
1918, $25,000 1919 and 1920, $30,000 1921, $35,000 1922 and
$42,000 1923 and 1924.
144,000 5M % street and sidewalk, storm and sanitary sewer construction
bonds.
Due on July 1 as follow: $14,000 1918, $18,000
1919, 1920 and 1921, $28,000 1922, $24,000 1923 and
$6,000 from 1924 to 1927 incl.
Denom. $1,000.
Date July 1 1917.
Prin. and semi-ann. int. (J. & J.)
payable at the U.S. Mtge. & Trust Co. of N. Y.
Total bonded debt (incl.
this issue), $2,255,683; sinking fund, $156,759; assessed val. 1917, $23,938,_
340; actual value
MILFORD
SCHOOL
DISTRICT
election.
MILLARD COUNTY DRAINAGE DISTRICT NO. 2 (P. O. Oasis),
Utah.—BOND OFFERING.—O. L. Crawford, Sec. Bd. of Dist. Super¬
visors, will receive bids ,it is stated, until 12 m. Dec. 8 for $450,000 15-year
aver, drainage system bonds at not exceeding 7 % int.
These bonds were
voted at a recent election.
V. 105, p, 734.
MINERAL WELLS, Palo Pinto County, Tex.—BOND SALE.—The
$69,000 5% 20-40-year (opt.) coupon water-works system bonds offered
on
Sept. 1 (V. 105,
York,
837) have been awarded to R. M. Grant & Co., of
p.
at 96 and interest.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Bellefontaine), Ohio.—BONDS VOTED.—By a vote of 153 to 58 the question
of issuing $45,000 school bonds carried, it is stated, at the election held
Nov. 6.
V. 105, p. 1730.
°
MONT ANA.—BONDS PURCHASED BY STATE.—The State Board o*
Land Commissioners purchased at par and int. during the six months
ending June 30 1917 the following 25 issues of school-bldg. bonds, aggre¬
gating $89,220.
In addition to the above, the State purchased on May 15
$180,000 3)^% "Liberty Lo&n" bonds.
Amount of
Bonds.
Dale when
Place Issuing Bonds.
$600 Hill Co. S.D. No. 4
Date of
Int.
Purchased.
Bonds.
Rate.
Jan
21,00 Dawson Co. S.D. No.34 Jan
15 '17 Aug
1 '16
6
15 '17 Nov 15 '16
6
Date when
1,000 RosebudCo.S.D. No.39 Jan
18'17 Oct
1*16 6
Oct
2,500 Custer Co. S.D. No. 12 Jan
23 '17 Jan
1 '17 6
Jan
500 Br'dwaterCo .8.D .No.32Feb
6 '17
Dec
3,500 SheridanCo.S.D. No.28 Feb
12 '17 Jan
2,000 SheridanCo.S.D. No.53 Feb
12 '17 Oct
15 '16
6
1 '16 6
2'16 6
3,400 Fergus Co. S. D. No. 38 Feb 21 '17 Dec 15 '16 6
650 Fergus Co. S.D. No. 158 Mar
2'17 Jan 13'17 6
Option
Due.
Date.
Aug
1 '36 Aug
1 '26
Nov 15 '36 Nov 15 '26
Dec
1 '21
Oct
1*19
1 '32 July
15 '26
July
1 *36
Oct
2'36
Dec 15 *26
Jan 13'27
Dec
1 '27
15 '21
Jan
1 *31
Oct
2*26
Dec 15 '21
Jan 13 *22
Co.
1,200 Richland-Dawson
S. D. Joint No. 32—Mar
5'17 Jan
1,000 SheridanCo.S.D. No.50 April 6
900 RichlandCo.S.D. No.95 Aprill9
1,000 RichlandCo.S.D. No.17 April28
1,500 RichlandCo.S.D. No.86 Aprll30
450 Phillips Co. S.D. No. 18 May 1
725 Powell Co. S. D. No. 22 May
15*37
6
Jan
'17 Jan
Jan
6
'17
1 '17
1 '17
ApriU5 '17
Aprill5 '17
April 4 '17
Mar 31 '17
May 5'17
Jan
1 '17
6
'17 April
6
'17
'17
4 '17
1,200 Phillips Co. S.D. No.26 May 9
1,395 RichlandCo.S.D. No.92 May 18
1,000 Mussels'lCo.S.D.No.65 May29
1,000 Hill Co. S. D.No. 58...June 1
*17
*17
6
6
6
6
6
1'17 6
*17 May
*17 ApriU5 '17
6
15 '27
Jan
15*27
Jan
1
April 1
Aprill5
Aprill5
April 4
July
1
any int.
Jan
1
p'd
'27
1 '37 Apill
1 '27
Co. S. D. JointNo. 89 Junel5'17 May
1*17 6
May
1'22 May
1 '17 6
1 '17 6
May
June
1 ?27 May
1.132 June
1 '17 4^ May
1 -32 May
500 RichlandCo.S.D.No.103June27 '17
20,000 Sweet Grass Co. S.
June
1*20
1 '23
1 '27
D.
June30 '17 May
1
1 *27
MOUNT VERNON, Westchester County, N. Y.—BOND SALE.—Oil
Nov. 13 $150,000 5% registered refunding bonds were awarded to Geo. B.
Gibbons & Co., of New York, at 1Q0.73.
Denom. $1,000.
Date Dec. 1
1917.
Int. J. & D.
Due $30,000 yearly on Dec. 1 from 1918 to 1922,
inclusive.
NEBRASKA.—BONDS PURCHASED BY STATE.—During the month
15 issues of bonds, aggregating $184,183, were
purchased by the State of Nebraska:
$10,000 6% water-ext. bonds of the Village of Chappell on a 5% basis.
Date Aug. 10 1917. Due Aug. 10 1937; opt. after Aug. 10 1927.
25,000 5% city-hall bonds of Chadron at par.
Date June 1 1917.
Due
of October the following
June 1
1937.
22,000 5% school bonds of Cuming County Sch. Dist. No. 55 at par.
Date Jan. 2 1917.
Due Jan. 2 1937; opt. after Jan. 2 1922.
5,000 5% school bonds of Dawes Co. Sch. Dist. at par.
Date July 1
1917.
Due July 1 1937; subject to call after July 1 1927.
13,000 5% electric-light bonds of Vllage of Greeley Centre at par.
Date
Aug. 1 1917.
Due Aug. 1 1937; opt. after Aug. 1 1922.
333 5% school bonds of Greeley County Sch. Dist./ No. 45 at par.
Date Aug. 10 1917.
Due. Oct. 1 1919.
10,000 5% school bonds of Holt County Sch. Dist. No. 29 at par.
Date
May 3 1917.
Due May 1 1936; opt. after May 1 1921.
19,500 5% school bonds of Morrill County Sch. Dist. No. 21 at par.
'
Date Jan.
1
Due Jan.
1917.
1
1931.
34,250 5% district paving bonds of the City of Lincoln at par.
Date
May 1 1917.
Due part yearly beginning May 1 1918.
6,000 5% sewer bonds of Randolph at par.
Date July 10 1917.
Due
July 1 1937; opt. after July 10 1922.
15,000 5% sewer bonds of Red Cloud at par.
Date Jan. 2 1917.
Due
Jan. 2 1937; opt. after Jan. 2 1922.
5,500 5% light bonds of Village of Riverton at par.
Date Aug. 1 1917.
Due Aug. 1 1937; opt. after Aug. 1 1922.
6,000 5% paving bonds of City of Kearney at par.
Date Nov. 1 1915.
Due Nov 1 1935.
2,000 5% school bonds of Scotts Bluff County Sch. Dist. at par.
July 1 1917.
Due July 1 1927; opt. after July 1 1922.
10,600 5% light bonds of Wolbach at par.
Date Nov. 1 1916.
Nov. 1 1936; opt. after Nov. 1 1921.
ggfagi
Date
,
Due
NILES,
Trumbull
County,
Ohio.—BOND OFFERING.—Homer
Thomas, City Aud,, will receive bids until 12 m. Dec. 10 for $12,000 5%
refunding bonds.
Auth. Sec. 3116, Gen. Code.
Denom. $500.
Date
Nov. 1 1917.
Int. semi-ann.
Due $4,000 yearly cn Nov. 1 from 1927 to
1929 incl.
Cert, check for 1% of the amount of bonds bid for, payable to
the City Treas., required.
Bonds to be delivered and paid for within 10
days from time of award.
Purchaser to pay accrued int.
NOLAN COUNTY (P. O. Sweetwater), Tex.—BONDS
VOTED--^TTo
issuance of $100,000 road bonds was authorized, it is stated, at an
held Nov. 10—V. 105, p. 1638.
election
NORTH DAKOTA.—BONDS PURCHASED BY STATE.—During
the
following fourteen issues of 4% bonds, aggregating
purchased at par by the State of North Dakota:
Amount
Purpose
Date,
Place Issuing Bonds—
of Bonds, of Bonds.
1917.
Due
Chandler S. D. 24, Adams Co__$4,350 Building
Sept. 15
Sept. 15 1937
Daneville S. D. 24, Divide Co__ 1,600 Building
Oct. 10
Oct. 10 1933
Green Vale S.D. 13, Oliver Co.
1,800 Building
Oct. 10
Oct. 10 1937
Harmony S.D.143.Mountrail Co. 1,200 Building
Sept. 10
Sept. 10 1937
Independent S. D. 15, Slope Co. 2,200 Building
Aug.
1
Aug.
1 1937
Margaret S. D. 63, Ward Co.__ 5,000 Building
Oct. 15
Oct. 15 1937
Model S. D. 9, Mountrail Co
2,600 Building
Oct. 10
Oct. 10 1937
Moore S. D. 4, Ransom Co
4,000 Funding
Oct. 15
Oct. 15 1937
Pioneer S. D. 27, Dunn Co
1,100 Building
Oct. 10
Oct. 10 1937
Roosevelt S. D. 51, McLean Co. 4,000 Refunding Oct. 15
Oct. 10 1927
Sarles Spec. S. D. Cavalier Co_.ll,000 Building
Sept. 15
Sept. 15 1937
Whetstone S. D. 23, Adams Co. 3,000 Building
Sept.
1
Sept. 1 19.37
Wright S. D. 73, McLean Co... 2,550 Building
Sept. 26
Sept. 26 1927
Ypsilanti S. D. 18. Stutsman Co. 4,000 Building
Sept. 10
Sep_LHM927
month of October the
$48,400,
were
_
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE
OFFERI$l\—
Henry D. Humphrey, County Treasurer, will receive bids until 10 a. m.
Nov. 27 for the following 5% coupon tax-free notes$100,000 tuberculosis hospital notes.
Denom. $1,000.
Due Dec. 1 1919.
10,000 Monataquoit River bridge notes.
Denom. $5,000.
Due Dec. 1
Date Dec. 1 1917.
Principal and semi-annual interest (J. & D.) payable
Boston.
Notes will be delivered at the First
on or about Dec. 1
1917.
These notes are en¬
at the First National Bank,
National
Bank,
ADAMS, Berkshire County, Mass .—TEMPORARY LOAN.
a temporary loan of $40,000, issued in anticipation of reve¬
maturing $20,000 April 1 and $20,000 July 1 1918, was awarded to
Estabrook & Co. of Boston at 4.68% discount.
NORTH
BE APPROVED.—The $300,for park purposes will, it is stated, receive
OKLAHOMA CITY, Okla.—BONDS TO
000 bonds voted by the people
approval of the Attorney-General.
OKMULGEE, Okmulgee County, Okla.—BOND SALE.—On Nov. 12
Boston,
(V. 105, p.
$20,000 5 % 25-year aver, garbage-disposal plant bonds
1731) were purchased by the City of Okmulgee at par and int.
the
OLIVE
HILL
SCHOOL DISTRICT
(P. O. Olive Hill), Carter
County, Ky.—BONDS VOTED.—An issue of $10,000 school bonds was
authorized, it is stated, at an election held Nov. 6.
V
ORD, Valley County, Neb.—BOND SALE.—The sale of $30,000 elec¬
reported to us.
tric light bonds has been
PASSUMNECK CONSOLIDATED SCHOOL ^DISTRICT,
Attala
County, Miss.—BOND SALE.—We are advised that an issue of $1,500
% school bonds was disposed of in October.
PAYETTE
COUNTY
(P.
O.
Payette),
Ida.—BOND OFFERING.—
W. A. Clark, Clerk Bd. of Co. Commrs., will receive bids until 10 a. m.
Dec. 3 for $60,000 to $70,000 10-20-year (opt.) county funding bonds.
Auth. Chap. 20, Laws of 1915.
,
POMPTON
LAKES, Passaic County, N. J.—BOND OFFERING.—
Further details are at hand relative to the offering on Nov. 27 of the
$20,500 coupon floating indebtedness bonds (V. 105, p. 2023).
Proposals
for these bonds will be received until 8 p. m. on that day by J. Frank Cor¬
nelius, Boro. Clerk.
Denom. $500.
Date Nov. 1 1917.
Prin. and semiann. int. (M. & N.) at the First Nat. Bank, Pompton Lakes.
Due $2,000
yearly on Nov. 1 from 1918 to 1927 inclusive and $500 Nov. 1 1928.
Cert, check for 2% of the amount of bonds bid for, payable to the bor¬
ough, required. Bonded debt (incl. this issue) Nov. 1 1917, $76,000; float¬
ing debt, $20,500; total debt, $96,500.
Assessed val. 1917, $2,222,992; tax
rate (per $1,000), $19.70.
POND
SCHOOL
DISTRICT
(P. O.
Bakersfield),
Kern County
m. Dec. 3
Smith, Clerk Bd. of Supervisors, for $7,000 6% coupon schoolbldg. and equip, bonds.
Denom. $1,000.
Prin. and semi-ann. int.
(M. & N.) payable at the Co. Treas. office.
Due $1,000 yearly on Nov. 8
from 1922 to 1928 incl.
Cert, check (or cash) for 10% of the amount of
bonds bid for, payable to the Chairman Bd of Supervisors, required.
Bonds to be delivered and paid for within 15 days from time of award.
Purchaser to pay accrued int.
Bonded debt, $6,000.
Assessed val. 1916,
$1,411,865.
Calif.—BOND OFFERING.—Bids will be received until 10 a.
by F. E.
,
PORTLAND,
Me.—NOTE
OFFERING.—Bids
will
be
received
until
12 m. Nov. 27 by John R. Gilmartin, City Treas., for $40,000 sewer notes.
The notes will be in the denominations to suit purchaser, and in submitting
bids the denominations desired should be stated.
Notes to be dated Dec. 1
1917 and due Apr. 1 1918.
Notes will be delivered on Dec. 1. at the First
Nat. Bank, Boston, and will be certified as to genuineness and validity
by said bank under advice of Ropes, Gray, Boyden & Perkins of Boston,
and all legal papers incident to the loan will be filed with said bank, where
they may be inspected at any time.
•
,
SCHOOL DISTRICT NO. 3 (P. O.
Terry),
Mont.—BONDS NOT SOLD.—No award was made of the $1,500 5-10-year
COUNTY
(opt.) coupon school site arid building bonds offered on Sept. 1 at hot ex¬
ceeding 6% int. denom. $100.
PRIMGHAR, O'Brien County, Iowa.—BOND SALE.—Ail ordinance
passed by the Town Council on Nov. 7 providing for the issuance of
was
$7,500 6% coupon sewer outlet and purifying plant bonds.
Denom. $500.
Date Nov. 1 1917.
Principal and semi-annual interest (M. & N.) payable
at the banking house of Geo. M. Bechtel & Co., of Davenport.
Due $500
yearly Nov. 1 from 1923 to 1937, inclusive.
Alex. Stewart is Town Clerk.
QUARRYVILLE, Lancaster County, Pa.—BONDS VOTED.—By a
question of issuing $25,000 4^% 25-year serial water¬
Nov. 20.
vote of 102 to 8 the
works bonds carried at an election held
RILEY'S DRAINAGE
BOND
DISTRICT, Greenwood County, So. Caro.—
SALE NOT CONSUMMATED.-—We are advised that the sale of
25-year coupon drainage bonds sold to Sidney Spitzer &
Co. of Toledo—V. 104, p. 1519—was not consummated.
the $25,000
6%
RIVERSIDE CONSOLIDATED SCHOOL
DISTRICT, Washington-
County, Miss.—BOND OFFERING.—Bids (sealed or verbal) will be res
m. Dec. 3 by W. W. Miller, Clerk Bd. of Co. Supervsior.
(P. O. Greenville); for $15,000 school bonds at not exceeding 6% int
Auth. Chap.
180, Laws of 1916.
Denom. $500.
Date Jan. 1 1918'
Prin. and semi-ann. int. (J. & J.) payable at the Nat. Park Bank, N. Y*
Due $1,000 yearly on Jan. 1 from 1924 to 1938 incl.
Cert, check for $500*
payable to the Pres. Bd. of Supervisors, required.: Bids must be uncondi"
tional and purchaser must furnish blank bonds at own expense.
The ap"
proving opinion of Wood & Oakley of Chicago as to the legality of the bonds
will be delivered to purchaser.
This dist. has no bonded indebtedness.
Assessed valuation of real, personal and railroad property $1,094,111.
ceived until 12
ROCKY RIVER, Cuyahoga Coun y, Ohio.—BOND OFFERING.—
Village Clerk", will receive bids until 12 m. Dec, 11 for
$78,400 5J^% boulevard improvement assessment bonds.
Auth., Sec.
3914, Gen. Code.
Denoms. 77 for $1,000, 2 for $500 and 1 for $400.
Date Oct. 1 1917.
Principal and sem-iannual interest (A. & O.) payable
at the Rocky River Savings Bank.
Due on Oct. 1 as follows: $7,400 1919,
$8,000 1920, $7,500 1921, $12,000 1922, $3*500 1923 and $8,000 from 1924
to
1928, inclusive.
Certified check for $500, payable to the Village
Treasurer, required.
Bonds to be delivered and paid for within fifteen
days from time of award.
Purchaser to pay accrued interest.
Frank Mitchell,
ST. LANDRY PARISH (P. O. Opelousas), La.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Dec. 3 by F. O. Pavy, Pres. of
Police Jury, for $75,000 5% Second Road District road bonds.
Denom.
$1,000.
Date Jan. 1 1917.
Prin, and semi-annual int. (J. & J.) payable
at the Parish Treas. office, or at any bank at the option of purchasers. Due
$4,000 yearly Jan. 1 from 1921 to 1938, incl., and $3,000 Jan. 1 1939. Cert,
check for 2H% of amount of issue required.
The purchaser will be re¬
quired to furnish the blank bonds ready for execution and shall defray the
cost of any legal examination or investigation in connection therewith that
may be required by him.
ST. LOUIS SCHOOL DISTRICT
OFFERING .—Proposals will be received
(P.
O.
St.
Louis),
Mo.—BOND
until 2 p. m. Dec. 11 (date changed
13) by Chas. P. Mason, Sec. & Treas. Bd. of Ed., for $2,000,000
4% school bonds.
Denom. $1,000.
Date Jan. 1 1918.
Prin. and semiann. int. payable at the option of the holder at the German Sav. Insituttion, St. Louis, or at the Chemical Nat. Bank, N. Y.
Due Jan. 1 1938.
Cashier's or cert, check for 2% of the amount of bonds bid for, payable to
the Bd. of Ed., required.
Purchaser to pay accrued int.
The opinion of
Dillon, Thomson & Clay of N. Y. as to the validity of the bonds will be
from Nov.
furnished to the
purchasers by the Bd. of Ed.
All bids must be made on
These bonds must be taken up and
blanks furnished by the Sec. & Treas.
paid for by the purchaser within five days after he is notified they are
ready for delivery.
Bonded debt of district, $1,000,000.
It is free from
any other form of indebtedness except current bills.
Sinking fund, $23,537 39.
Assess, val. real and personal prop. 1917, $620,009,520.
These
bonds are part of an issue of $3,000,000 voted Nov. 11 1916, of which $1,000,000 were sold on Dec. 28 1916 to the Mercantlie Trust Co. of St. Louis.
—V. 103, p. 2448.
SANTA BARBARA COUNTY (P. O. Santa
Barbara), Calif.—BOND.
28 to vote on
ELECTION.—Reports state that an election will be held Nov.
the question of issuing $19,000 highway bonds.
SCOTTS
BLUFF,
Scotts
Nov. 6 the three issues of 5%
Bluff County, Neb.—BOND SALE.—On
5-20-year (opt.) bonds, aggregating $47,000
gr. 105, $1,000. Date July 1 1917. the LincolnJ.
p. 1822), were awarded to Int. J. & Trust Co. at par and int.
enom.
SCOTTSBURG, Scott County, Ind.—BOND SALE.—On Nov. 13 the
10-year electric-light bonds (V. 105, p. 1822) were awarded as
$5,600 5%
follows:
1919.
Their
nue,
PRAIRIE
Clark
1,500 Park Co. S. D. No. 30..June 18 '17 May
No.
'22
'27
'25
'22
'21
'20
May
May 1*27
Aprill5 '27 Aprill5 *22
38,000 Lincoln Co. S.D.No.4.June. 8 '17 April 1 '17 4^ April
600 Cascade-Lewis &
'37
'37
'27
'27
'22
'32
*29
'37
1'37
1
April 1
Aprill5
Aprill5
April 4
July
1
May 5
Jan
1
bank.
whose opinion
—On Nov. 21
(P. O. Milford), Cler¬
mont
County, Ohio.—BONDS VOTED.—By a vote of 189 to 167 the
question of issuing $2,000 school bonds carried, it is stated, at a recent
New
graved under the supervision of and certified by the above
legality will be approved by Ropes, Gray, Boyden & Perkins,
will be furnished purchaser.
the
(est.), $30,000,000.
VILLAGE
2113
CHRONICLE
THE
$2,800 to Scottsburg State Bank.
2,800 to Scott County State Bank.
Denom. $280.
Date Nov. 1 1917.
Int. J. & J.
THE
2114
SCRANTON,
serial municipal
were
awarded
on
CHRONICLE
UNION
COUNTY (P. O. Marysville), Ohio.—bond sale.—The
2%-year aver. Askins road bonds were awarded on Nov. 9,
stated, to Sidney Spitzer & Co. of Toledo at par and int.
These
bonds together with six other issues of 5% road bonds, aggregating $68,820,
were offered on Oct. 4, the sale of $48,020 having
already been reported
in Y. 105, p. 1822.
Psx,—BOND SALE.—The $100,000 41-25-year
Improvement bonds offered on Oct. 23 (V. 105, p. 1539),
that day to Harris, Forbes & Co., of New York, at 100.88
$6,700 5%
it
and interest.
SEAL
BEACH,
Issuance
County,
Orange
Calif.—BONDS
VOTED.—The
water and sewer-system bonds was authorized, it is
election held Nov. 12.
of $45,000
stated, at
an
SEATTLE,
Wash.—BOND
ELECTION.—An
election
will
be
VAIL, Crawford County, Iowa.—bonds voted.—By a vote of 208
question of Issuing $11,000 5% 10-20-year opt. electric-light bonds
carried at the election held Nov.
6, it is stated, to vote on the question of issuing about $525,000
street impt. bonds.
VALLEY COUNTY
Mont.—bond
SEATTLE, Wash .—BOND SALE.—During the month of October
city issued the following six issues of special improvement bonds,
aggregating $32,780 62:
school bonds
this
$100.
Dist
Amount.
Purpose.
Paving
Oct.
--Oct.
Condemnation
Oct.
Oct.
Grade and walks
All the above bonds
Oct.
13 1929
23 1929
Nov.* 14 the $50,000 coupon water-works bonds—V.
Oct.
25 1929
awarded to the State of Washington at par for 5s.
Oct.
29 1929
on any
interest-
Name—
Union Trust Co.,
23 1917
25 1917
29 1917
school bonds have been sold.
SCHOOL
TOWNSHIP
(P. O.
Valune), Orange
Ind.— WARRANT SALE.—On Nov. 10 the $1,200 5% 3-year
105, p. 1822) were awarded to S. W. Line & Geo. M.
Young for $1,225 25, equal to 102.104.
Date Nov. 10 1917.
Int. J. & J
SOUTHEAST
County,
school warrants (V.
Hampton County, Mass.—bids.—The other bids
received for the $300,000 4)4%
1-20-year serial gold bonds awarded on
Nov. 16 to Merrill, Oldham & Co. of Boston at 101.089—V. 105, p. 2023—
SPRINGFIELD,
follows
were as
E.
H.
F.
Rollins
S.
Sons
&
Moseley
Curtis & Sanger and Blodgetf 100.319
Co.,{100.456
Boston
—
SPRINGFIELD
Edmunds
1
SCHOOL
Ohio.—BONDS
County,
& Co., Boston.
\
Arthur Perry & Co., Boston. 100.292
Old Colony Trust Co., Bost_100.17
and/
&
Bros., Boston
100.09
(P. O. Springfield), Clark
vote of 6,222 to 4,465 the
a
eld Nov.
Eroposition6.—V. 105,the 1231.
to issue p. $160,000 school bonds carried at the election
STERLING SBHOOL DISTRICT (P. O. Sterling), Arenac County,
Mich.—BOND SALE.—We are advised that an issue of $18,000 5Yt%
15-year building bonds
Denom. $500.
awarded to the Hanchett Bond Co. of Chicago
Date Oct. 15 1917.
Int. A. & O.
was
at par.
SUNFLOWER COUNTY (P. O. Indianola), Miss.— BOND OFFER¬
ING.—-Sealed bids will be received until 2p.m. Dec. 3 by John W. Johnson,
Clerk Board of Co. Supervisors, for $100,000 25-year Supervisors District
No. 4 road-construction bonds at not exceeding 6% int.
Denom. $500.
Int.
annually
or
semi-annually.
WAITSBURG,
SCHOOL
Due part yearly from
DISTRICT
NO.
10 to 25
years.
(P. O. Sutherland),
Lincoln County, Neb.—BOND OFFERING.—Bids will be received until
12 m. Nov. 30 by Geo. C. White, Secy, cf School Dist. .for $30,000 6%
school bonds.
Denom. $1,000.
Due $3,C00 yearly on July 1 from 1922
to
1931incl.
.
SYRACUSE,
N. Y.—BOND OFFERING.—Sealed proposals will be
p. m. Dec. 4 by M. E. Conan, City Comptroller for,
1-20-yr. serial registered tax free vocational high school
bonds.
Denom. to suit purchaser.
Date Dec. 15 1917.
Prin. and semiann. int. payable at the Columbia Trust Co.. N. Y.
Cert, check for 2%
of the amount of bonds bid for payable to the above City
Comptroller
required.
Bonds to be delivered at Columbia Trq^t Co., N. Y. on Dec.
18.
Purchaser to pay accrued int.
The bonds will be engraved under
the supervision of the above City Comptroller and their
legality will be
approved by Caldwell & Masslich of New York, whose opinion will be
furnished purchaser.
Bonded debt (incl. this issue) $11,934,363, (water
debt incl. in above), $4,345,000, assess, val. real estate
$143,227,818,
special franchises $9,310,460, taxable property $158,189,371.
Act. value
(est.) $197,000,000.
received
until
$154,000
1
4Yi%
TACOMA, Wash.—BOND SALE.—During the month of October this
city issued the following 6% special improvement bonds, aggregating
$4,616 08:
"
$1,811 90 Dist. No. 978 sidewalk bonds.
Date Oct. 3 1917.
Due Oct. 3
1922.
Subject to call any interest date.
1,868 20 Dist. No. 4042 planking bonds.
Date Oct. 3 1917.
Due Oct. 3
1922.
Subject to call any interest date.
935 98 Dist. No. 5509 street-bghting bnods.
Date Oct. 31 1917.
Due
Oct. 31 1922, subject to call any interest date.
TEXARKANA SCHOOL DISTRICT (P. O.
County,
Ark.—BOND
Texarkana),
SALE.—An
issue
Miller
of
$50,000 5)4% refunding
bonds was awarded on Feb. 10 to Wm. R.
Compton & Co. of St. Louis,
Mo., at par. ; Denom. $500 and $1,000.
Date Feb. 1 1917.
Int. F. & A.
Due serially from 1934 to 1940.
TEXAS.—BONDS REGISTERED.- -The following bonds have been
registered by the State Comptroller:
Amount.
Place and Purpose of Issue.
Due.'
Dale Reg.
$2,300 Limestone County C. S. D. 10
10-20 yrs. (opt.)
Nov.
5
2,000 Ellis County C. S. D. 82
10-20 yrs. (opt.)
Nov.
500 Hopkins County C. S. D. 7——
10-20 yrs. (opt.)
Nov.
4,000 Swisher County C. S. D. 2_
40 years
Nov.
2,000 Wilbarger County C, S. D. 11.
5-20 yrs.
Nov.
(opt.)
3,500 Wilbarger County C. S. D. 185-20 yrs. (opt.)
Nov.
1,000 Wilbarger County C. S. D. 19_
5-20 yrs. (opt.)
Nov.
1,000 Cherokee County C. S. D. 55—
5-20 yrs.. (opt.)
Nov.
5,950 Cherokee County C. S. D. 73— ovo
10-20 yrs. (opt.)
Nov.
1,000 Clay County C. S. D. 49
2-20 yrs. (opt.)
5%
Nov.
5,000 Limestone County C. S. D. 49_ 5%
40 years
Nov.
1,300 Upsher County C. S. D. 39
10t20 yrs.
5%
Nov.
-
2,000 Wilbarger County C. S. D. 7—
(opt.)
5%
1,000 Cisco Ind. Sch. Dist
5%
4,000 Hill County C. S. D. No. 41
5%
10,000 New Braunfels Ind. S. Dist
5%
150,000 Wood County Road Dist. No. 6-5%
3,000
3,000
2,500
2,000
—
T
^
«
20 years
of
Nov. 14
Nov. 14
Nov. 14
10-20-yrs. (opt.)
•
i.
TITUSVILLE, Brevard Bounty,
Nov. 13
—
ning Apr. 1 1919
1-20 yrs. (opt.)
$1,000 yearly
Nov. 15
Nov. 16
Nov. 17
Fla.—bonds voted.—By
a
vote
bonds
TRUMBULL COUNTY (P. O. Warren), Ohio.—bond
offering.—
Sealed bids will be received until 12 m. Dec. 3
by M. H. Evans, Clerk
Board of County
Commissioners, for $20,700 5% coupon road-impt.
i3, JkVt!1' ^cs- 1178 t0 1231-4, Gen. Code.
Denoms. 41 for $500 and
one for $200.
Date Jan. 1 1918.
Prin. and semi-ann. int.—A. & O.—
payable at the office of the County Treasurer.
Due $1,000 each six months
0ct* * 1924, incl.: $1.500 each six months from
-i
April 1
1925 to April 1 1927,
incl., and $1,200 Oct. 1 1927.
Certified check for
$o00, payable to Evan J. Thomas,
County Treasurer, required.
Total
bonded debt (excl. this
issue), $839,424.
TURLOCK IRRIGATION DISTRICT
(P. O. Turlock), Stanislaus
County, Calif.—bids rejected .—new offering.—The
following
bonSds Offered
?'owli
'
-nt«
n
on
Nov^l2'°°0
gold C0UP°n lax-free drainage-system
Co., San Francisco—$28,500
Co., of San Francisco.—Par and
~t>^cls are now asked
Directors, until
of
Dec.
and interest.
int. less a discount of $800.
for by (Mrs.) Anna Sorenson, Secretary Board
10.
Denom.
$400.
nlf
Date
Jan.
1
1911.
Int.
/',ct Jr®asure's office at Turlock. Due Jan. 1 1941.
Bonded debt \r
Nov. 5 1917, $2,607,000.
Assessed valuation 1917, $9,760;000.
Dxstnct tax rate
per
$1,000. 36 50.
/
»
Coffin &
—
50,625
*50,000
50,510
—
50,169
50,075
50,063
-
WAPAKONETA CITY SCHOOL
DISTRICT
(P. O. Wapakoneta),
Auglaize County, Ohio.—bonds voted.—Reports state that the
question of Issuing $5,000 school bonds carried at the election held Nov. 6—
V. 105, p. 1822.
The vote was 734 "for" to 235 "against."
WARD
COUNTY
(P. O. Baratow), Tex.—BOND OFFERING.—
Burch Carson, County Judge, will receive proposals until 10 a. m. Dec. 1
5% 10-40-year opt. bridge-construction and road-impt. bonds.
18, Rev. Civil Statutes of Texas.
Denom. $1,000.
Int. A. & O. at the office of the County Treasurer
Auth. Chap. 1, Title
Date Nov. 12 1917.
at the Hanover Nat.
or
Bank, N. Y.
Official circular states that there is
litigation pending or threatened and that the county has never defaulted
of principal or interest of bonds.
There are no county road
and bridge bonds outstanding.
Court-house and jail bonds outstanding,
$2,500.
Assessed valuation of taxable property, $4,200,000.
The State
Board of Education, under the law, has a 10 days' option to take the bonds
at the highest bid.
no
in the payment
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Beliefontaine), Logan County, Ohio.—bonds voted.—The question of issuing
$15,000 school-improvement bonds carried, it is stated, at the election held
Nov. 6 (V. 105, p. 1731).
County, Wi*.—BOn6 sale.—The Second
on Oct. 1 the $75,000 5%
bonds.
Denoms. $1,000 and $500 Date Oct. 1 1917.
Due $5,000 April 1 1933; $10,000 1935 and $20,000 1935,
Marathon
Ward Savings Bank of Milwaukee was awarded
bridge-building
Int. A. &
O.
1936
1937.
and
WELLSBURG, Brooke County, W. Va.—bond offering.—J. F.
Thompson, City Clerk, will receive bids until 7 p. m. Nov. 27 for $42,000
5% 10-year sewer bonds.
Denom. $500.
Date Nov. 30 1917. ' Interest
Certified check for
semi-annual.?
required.
WEST
Purchaser to
pay
2)4% of the amount of bonds bid for,
accrued interest.
NEW
YORK, Hudson County, N. 3.—note sale.—On
Nov. 13 $50,000 notes issued in anticipation of the receipt of taxes dated
Nov. 1 1917, and maturing Mar. 29 1918, were awarded on Nov. 13 to
S. N. Bond & Co. of New York at 5.25% int.
WHITEWATER SCHOOL DISTRICT
(P. O. Whitewater),
Gira-
deau County, Mo.—bond sale.—An issue of $4,800 6% school-building
was awarded on Sept. 1 to the Bank of Whitewater at par.
Denom.
$240.
DateSept. 11917.
Interest annualy on Sept. 1.
Due Sept. 1 1917.
bonds
WHITLEY COUNTY (P. O. Columbia City), Ind.—bond offer¬
ing.—Bids will be received until 1 p. m. Dec. 3 by Forrest S. Deeter,
County Treasurer, for the following 4J4 % highway improvement bonds:
$4,280 Edward Myers et al highway bonds of Washington Twp. Denom.
$214.
2,874 Edward Myers et al highway bonds of Jefferson Twp.
$143 70.
Date Nov. 6 1917.
months from May 15 1919 to
WILLI AMSPORT
Denom.
r
Int. M. & N.
Due
one
bond of each issue each six
Nov. 15 1928, inclusive.
SCHOOL
DISTRICT
(P.
O.
Williamsport),
voted.—The question of issuing
$300,000 school bonds carried, it is stated, at an election held Nov. 6.
Lycoming
County,
Pa.—bonds
WILLIS RURAL HIGH SCHOOL DISTRICT (P. O. Willis), Brown
County,
Kan.—bond election proposed.—This
district
was
recently organized and it is proposed to call an election very shortly to vote
on the question of issuing $20,000 building bonds.
WOODSFIELD, Monroe County, Ohio.—bond sale.—On Nov, 5
an
roe
Issue of $10,000 5% road-improvement bends was awarded to the Mon¬
Bank of Woodsfield at 100.40 and interest.
Denom. $1,000.
Date
19 1917.
Int. A. & O.
Due serially ending April 1 1927.
Nov.
WOODWARD, Woodward County, Okla.—bond election proposed.—On Nov. 14 the City Council passed an ordinance calling for an
election, it is stated, to vote on the question of issuing $20,000 electriclight, $7,000 water-wcrks and $5,000 sanitary-sewer ext. bonds.
WOBURN,
Middlesex
County,
Mass .—temporary
loan.—
On Nov. 22 a temporary loan of $100,000 issued in anticipation of revenue
maturing $50,000 April 4 and $50,000 Oct. 17 1918 was awarded, it is stated,
to Loring, Tolman & Tupper of Boston at 4.74% discount.
WRAY
TOWNSHIP
(P.
O.
Ryan),
Jefferson
County,
Okla.—f
bonds voted.—Reports state that the issuance of $25,000 road bonds
authorized at a recent election.
was
YUMA, Yuma County, Ariz.—bond election.—An election will
held Dec. 11 to vote on the question of issuing $400,000 municipal
water, light and gas-plant bonds.
be
Nov. 15
of
f"pri
sale.—On
105, p. 1822—were
Other bids were:
Price Offered.
$50,695
$1,000 yrly. begin
536 to 369 the question of issuing $10,000
water-works-impt.
carried, it is stated, at an election held Nov. 6.
im>K
Wash.—bond
Nov. 15
10-30 yrs. (opt.)
County,
WAPAKONETA, Auglaize County, Ohio.—bonds not sold.—
Reports state that no bids were received for the three issues of 5% coupon
street-improvement bonds, .aggregating $29,000, offered on Nov. 19.—
V. 105, p. 2024.
Nov. 12
Nov. 13
Nov. 14
20 years
20 years
4,000 Newsome-Ind. Sch. Dist—
-5%
35,000 Wheeler Co. Road Dist. No. 2.-5%
—
Nov.
40-years
$3,000 yearly
Haskell County C. S. D. No. 17-5%
Haskell County C. S. D. No. 34-5.%
50,000 Texarkana (Sewer Disposal)
5%
35,000 Morris County.Road Dist.No.3-5%
5-20 yrs. (opt.)
10-20 yrs.(opt.)
5-20 yrs. (opt.)
Haskell County C. S. D. No. 43-5%
Gonzales County C.S.D.No.31 —5%
,nnn„
H.
WAUSAU,
55
Walla
.
Cert, check for not less than 5% of amount cf bid, required.
SUTHERLAND
Walla
Spokane (for 6s)
Co., Chicago (for 6s)
Spitzer, Rorick & Co., Toledo (for 6s)
Keeler Bros., Denver (for 6s)
Ferris, Hardgrove, Spokane (for 5)4s)
Morris Bros., Inc., Portland (for 534s)--»
Devereaux Mortgage Co., Portland (for 6s)
* Less $1,250.
'
C.
for $80,000
DISTRICT
VOTED—By
Denom.
13 1929
(P. O. Shawnee), Potta¬
County, Okla.—bond sale.—Ninety thousand 5% 20-year
Estabrook & Co., Boston—101.05
R. L. Day & Co., Boston.100.849
6 (P. O. Glasgow),
$1,200 10-20-year opt.
of
awarded to the State Land Board at par for 6s.
on Dec. 1.
23 1929
SHAWNEE SCHOOL DISTRICT NO. 93
watomie
NO.
issue
an
Oct.
Oct.
subject to call
are
ann.
6
Oct.
13 1917
23 1917
Oct.
Paving
Paving
was
DISTRICT
Oct.
McLennan County, Tex.—bonds proposed.—The issu¬
ance of $225,000 bonds for a sewage-disposal-plant is
being considered;
according to reports.
Due.
Date.
Oct. 13 1917
I
Walks
Int.
sale.—On
105, p. 1731.
1.—V.
SCHOOL
WACO,
^
No.
is
to 4 the
held
Mar.
3063--S1,380 30
3071451 25
3019.. 6,685 51
3051- 4,120 12
3078- 3,147 00
3047—16,996 44
Int. annually,
paying date.
[Vol. 105.
CANADA,
its
DRAYTON,.
Provinces
and
Municipalities.
Ont.—debenture
offering.—a.
C.
Woodman,
Village Clerk, will receive bids for $9,500 6% 30 annual installment hydrodistribution plant debentures.—V. 104, p. 2478.
DOEVAL, Que.—debenture sale.—Reports state that an issue
6% 30-year debentures has been sold to Nesbitt, Thomson &
Co., of Montreal.
of $40,000
GRASSY CREEK
RURAL MUNICIPALITY
,Sask.—debenture
sale.—On Nov. 2 $10,000 debentures were awarded to the
Life Assurance Co. of Winnipeg.
Great-West
MANITOU, Man.—debenture offering.—Bids will be received,
by G. T. Armstrong, City Clerk, for $3,000 2%
it is stated, until Nov. 28
10-year debentures.
PARKHILL,
an
Ont .—debenture election.—Reports state that
on the question of issuing $12,000
election will be held Nov. 26 to vote
electric-power
ST. JOHNS,
debentures.
.
-1
•
-
Que.—debenture election proposed.—An elec¬
question of Issuing
tion will be held in December, it is stated, to vote on the
$40,000 concrete-sower debentures.
WINDSOR, Ont.—debentures not sold—No bids were re¬
ceived, it is stated, for the three issues of debentures, aggregating $158,641,
recently offered-.
It is further reported that the debentures have been
withdrawn for the present.
fcaugj
„
Nov. 24 1917.]
THE
CHRONICLE
Cotton
XXI
Ttu&t Companies
Chas. O. Corn
August Schierenberg
Herklotz,
Paul Schwarz
Frank A. Kimball
The NEW ENGLAND
Rhode Island
TRUST COMPANY
John D.Herklotz
Hospital Trust Company
Co.
Corn &
COMMISSION MERCHANTS
New York
Authorized to act
OF
MEMBERS
CAPITAL
as
Executor, and to receive and hold'
or on deposit from Courts of
Law or Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
money or property
New York Cotton
Providence, R. I.
SURPLUS, $2,000,000
Safe Deposit Vaults
-
15 William Street
<
BOSTON, MASS.
CAPITAL, $1,000,000
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
Chicago Board of Trade
Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
London Commercial Sale Rooms (Coffee E.)
JAMES R.
Also acts
as
DIRECTORS.
WELLS, President
HORATIO A. HUNT, Vice-President
PRESTON H. GARDNER, V.-P. & Trust Officer
THOMAS H. WEST JR., Vice-President
WILLIAM A. GAMWELL, V.-President
HENRY L. SLADER, V.-President
JOHN H. WELLS, Secretary
HOOPER, President
ARTHUR ADAMS, Vice-President
ALEXANDER COCHRANE, Vlce-Pres.
EDWARD B
121 Chestnut St.
25 Broad St.
PHILADELPHIA
JOHN E. WILLIAMS,
NEW YORK
LADD, Asst. Treasurer
RALPH S. RICHARDS, Asst.
Edward
ORRIN C. HART, Trust Officer
ARTHUR F. THOMAS, Asst. Trust Officer
R. B. GAGE, Manager Safe Deposit Vault
FREDERIC ZEREGA &
Havre Correspondents:
SOCIETE d'lMPORTATION
CO.,
BOARD
de
et
COMMISSION
Milan Correspondents:
McFADDEN & CO., LTD.
Alexandria Correspondents:
REINHART & CO., LTD.
OF DIRECTORS
Franklin
Alfred Bowditch
J. D. Cameron
W.
James R.
Hobbs
Hooper
David P. Kimball
Bradley
CoT
20-24 EXCHANGE PLACE, NEW YORK
S. Parker Bremer
Robert A.
Alexander Cochrane
GWATHMEY &
George H. Davenport
Francis
Walworth
Fabyan
P.
Frank H.
Fish
Herbert
William C.
H.
Hodgman,
Swan,
Rowland Hazard,
Royal C. Taft,
J.
Arthur Atwood,
Dart.
1850
M. Sears
L.
Sharp
Shattuck
1917
The United States Life
Insurance Co.
Issues Guaranteed Contracts.
St., CHICAGO
Finance Committee.
CLARENCE H. KELSE Y. Pres.Title Qu.& Tr Co
Capital i
Surplus & Profits
-
$6,000,000
-
2,500,000
-
50,000,000
-
-
-
WILLIAM H. PORTER, Banker.
ED. TOWNSEND, Pres. Imp. & Trad. Nat. Bank
CO.
Good men; whether experienced In life insurance
or
Accounts of banks and bankers
received
MERCHANTS
Members New York Cotton Exchange
Asociate Members Liverpool Cotton Association.
&
Potter,
William L.
Frank
Pierce
Deposits
UTICA, N. Y..
WELD A CO.,
LIVERPOOL.
RAY
Caliendcr,
Edward Holbrook,
James E. Sullivan,
Benjamin M. Jackson,
Frank W. Matteson,
JOHN P. MUNN, M. D., PRESIDENT.
66 Beaver Street, New York
WILLIAM
Charles
Alfred K.
R.
OF ILLINOIS
125 West Monroe
Delmonico Building
COTTON
O. Sturges,
Stephen O. Metcalf,
TRUST COMPANY
PHILADELPHIA
&
Goddard,
Merriman,
C. Gardiner,
IN THE CITY OF NEW YORK
MERCHANTS
MOORE
Howard
CENTRAL
82-92 Beaver Street, New York City
ROBERT
Goff,
Leeson
Arthur R.
Stephen M. Weld & Co.
FALL RIVER,
PROVIDENCE,
NEW BEDFORD,
Isaac B.
B.
Edwin M. Richards
Henry
ASSOCIATE MEMBERS
BOSTON,
Lyman
Secretary.
Henry D. Sharpe,
Henry H. Proctor
Gage
NEW ORLEANS COTTON EXCHANGE
LIVERPOOL COTTON ASSOCIATION
COTTON
W.
Frederick
3ydney Harwood
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
Robt. H. I.
Ernest Lovering
Morris Gray
MEMBERS
D. Pearce,
Herbert J. Wells,
Walter
George Wigglesworth, Chairman
Arthur Adams
-
ERNEST A. HARRIS, Asst. Secretary
GEORGE H. UAPRON, Asst. Secretary.
RAYMOND MERRILL, Asst. Treas.
CHARLES E. NOTT, Asst. Secretary
Liverpool Correspondents:
Asst. Secretary
G. A. HARRINGTON, Asst. Trust Officer
HENRY B. HAGAN, Asst. Secretary
FREDERICK P. FISH, Vice-President
FREDER'K W. ALLEN, Treasurer
HENRY N. MARR, Secretary
COTTON MERCHANTS
r
3,500,000
HERBERT J.
OFFICERS
Geo. H. M'Fadden & Bro.,
$3,000,000
SURPSUS
in trust
CO,
upon
favorable
not, may make direct contracts with this Com-
sipany,
terms
for
a
limited territory, if desired, and
secure
for themselves, in addition to first year's commis¬
sion,
Thoroughly equipped to handle all business
pertaining
to
banking,
and
invites
the
accounts of banks, corporations, firms and
a
future.
renewal interest insuring an income for the
Address the
Company at its Home Office
No. 277 Broadway, New York City.
individuals.
Successors to
GEO.
COPELAND
COTTON
25-26 Cotton
Orders for
on
&
CO.,
BROKERS.
Exchange
New
CHARTERED 1853
Yorlf
future
delivery contracts executed
the New York and Liverpool Cotton Exchanges
United States Trust Company of New York
^factors
Capital,
m
m
>
■
•
Surplus and Undivided Profits,
JAMES TALCOTT, Inc.
Founded 1854
Production
of
Mills
Sales Cashed With
WALL STREET
45-47
Financed
or
Without
-
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
Guarantee
225 FOURTH AVE.
$2,000,000,00
$14,534,092.74
•
It allows interest at current rates
It holds, manages
New York City
and invests
deposits.
on
money,
securities and other property, real
or
personal, for estates, corporations and individuals.
EDWARD
Mountain
States
WILLIAM M.
W.
WILLIAMSON PELL,
BELL
SYSTEM
MEXICO,
IN
UTAH*
WYOMING, IDAHO AND MONTANA
Bonda—No
Preferred
JOHN
«:
WILLIAM ROCKEFELLER
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
7% STOCK
No
CHARLES A. EDWARDS, 2d Asst. Secretary
TRUSTEES
COLORADO
ARIZONA,
President
WILFRED J. WORCESTER, Secretary
Asst. Secretary
Telephone
NEW
SHELDON,
KINGSLEY, Vice President
LEWIS
Shares
CASS LEDYARD
LYMAN J. GAGE
A.
STEWART, Chairman of
WHITNEY
W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
PAYNE
EDWARD
WILLIAM
WILLIAM
KINGSLEY
STEWART TOD
M.
the
Board
OGDEN MILLS
CORNELIUS N
BLISS JR
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
CHARLES F. HOFFMAN^Stal
WILLIAM SLGANF
BOETTCHER, PORTER
COMPANY
L. F. DOMMERICH & CO.
DENVER
AMERICAN
MFG.
CO.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
CORDAGE
General Offices, 254
Fourth Avenue
MANILA, SISAL, JUTE
NEW YORK
Noble & West Streets, Brooklyn, N. Y. City
Established
over
60 Years
Jfmanual
JfimatUA
jfinanttal
C. W. McNEAR & COMPANY
6%
MUNICIPAL BONDS
Gold Bonds
INVESTMENT SECURITIES
New Morrisson Hotel
times
66
Chicago Junction Railroad 4s
Pacific Power &
Light Co. 5s
Kentucky & Indiana Term. 43^s
Bruns.-Balke-Coll.
Utah Power &
7% pfd. Stk.
Light 7% Pf.Stk.
Broadway
Chicago
Net
3
New York
Chicago
76 West Monroe St.
of
[VOL. 105.
CHRONICLE
THE
XXII
AMES, EM ERICH&CO.
Earnings
Chi rges
Interest
.
Powell, Garard & Co.
.
105 So. La Salle St.
CHICAGO
-
First Nat. Bank BIdg.
MILWAUKEE
Investment Securities
Bolger, Mosser & Willaman
29 So* La Salle St.,
Chicago
Chicago
Philadelphia
Argentine Government
New Orleans
Detroit
Dallas
5% Internal Gold Loan of
1909
EVERSZ & COMPANY
C. F. Childs &
Negotiate and Issue Loans for Railroads
ttnd Established Corporations.
Buy and Sell Bonds suitable for investment.
U. S. Government Bonds
New York
NATIONAL
CHICAGO
NEW YORK
120
208 So. La Salle St.
Of the Banks in
Q*)of
INVESTMENT BANKERS
CHICAGO
CHICAGO
OCT/0
Wollenberg er & Co.
CAPITAL, $500,000
.
134 So. La Salle Street
Company
Specialists
Broadway
Borland
105 So. La Salle St.
Building
City use
SAFETY
TAYLOR, EWART & CO.
PAPER
Successors to
FOR THEIR CHECKS
YARD
George La Monte & Son
Si Broadway
»
&
TAYLOR
INVESTMENT BANKERS
105 South La Salle Street
New York
CHICAGO
Cotton
Established
Municipal, Railroad and Public
in
16 to 22 William Street, New York
Execute Orders for Future Delivery
it the New York, Liverpool and New Orleans
Ootton Exchanges.
Also Orders for
COFFEE AND SUGAR
At the New York Coffee Exchange.
GRAIN AND PROVISIONS
At 4,10
7% Pref.
INVESTMENTS
Members of New York & Boston Stock Exchangee
R, E, Wllsey & Company
OIL*6' and
111 Wast Monroa Street
CHICAGO
Hubbard Bros. & Co.
W.G. SOUDERS & CO.
COFFEE EXCHANGE BUILDING
HANOVER SQUARE
INVESTMENT BONDS
NEW YORK
DETROIT
MILWAUKEE
COTTON MERCHANTS
emery, peck & rockwood
109-412 Continental & Commercial Bank
208
South
La
Salle
Street
Cotton
on
INVESTMENT
Hopkins, Dwight & Co
Bide
CHICAGO
CHICAGO
Consignments.
BONDS
KING, HOAGLAND & CO.
COTTON
and
Successors to
COTTON-SEED OIL
[Established 1863.]
Allerton, Greene & King,
MERCHANTS
208 S. LaSalle Street,
W.T. HATCH & SONS
CHICAGO. ILL.
Room 52, Cotton Exchange Building,
NEW
HIGH-GRADE
Lehigh Pow. Sec. Corp. 6% Notes
At the New York Produce Exchange.
COMMISSION
BOSTON, MASS.
Dubuque Electric Co. 1st 5s
Nebraska Power Co.
COTTON
Advances Made
PRINCE & COc
BANKERS
Commonw. Lt. & Pow. Co. 1st 6s
COMMISSION MERCIIANTS
Liberal
H.
Utility Bonds
1856.
Henry Hentz & Co.
.
F.
RAILROAD, MUNICIPAL AND
YORK.
ftEHMAN, STERN & CO., Limited, New Orleans
71
New York
Broadway,
CORPORATION BONDS
MEMBERS OF
List
LEHMAN BROS.
on
NEW
Application.
YORK
STOCK
EXCHANGE
Nos. 16-22 William Street, New York.
Members of the Stock, Cotton,
and Produce Exchanges, New
Orders executed
as
Devitt, Tremble & Go. Inc.
Coffee
York.
Dominion & Dominion
the above Exchanges, as well
In New Orleans, Chicago and foreign markets,
on
INVESTMENT BONDS
FIRST
27
RICHMOND, VIRGINIA
Capital and Surplus,
-
PINE STREET
NEW YORK
$3,000,000
John M. Miller Jr., President
W. M.
Established 1870
115 BROADWAY
NATIONAL BANK
PHILADELPHIA
in
Members New York Stock Exchange.
CHICAGO
Addison, Vice Pres. & Cashier
Chas. R. Burnett, Vice Prea.
Dealers
INVESTMENT SECURITIES
DETROIT
Correspondence ImUed
Consolidated Gas Co. of
N. Y.
Elston &
6% Conv. Debs.
Due
Feb.
1,
'
1920
Company
Municipal Bonds
"Are
Exempt from All Income Taxes"
Yielding
MUNICIPAL
from
4>£%
to
6%
GAS AND ELECTRIC BONDS
SEAS0NG00D, HAASS MACDONAID
Members New York Stock Exchange
60 Broadway
New York
Send for List
Philadelphia
THE HANCHETT BOND CO.
St. Louis
39 South
La
Milwaukee
Salla Street
CHICAGO
39 South La Salle Street
CHICAGO
@FedFRASER