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TWO
f%.
SECTION'S—SECTION
ONE
op
ta-r
ommercifl
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
COWRiaHTEO IN 1917 BY WILLIAM B. DANA
Electric
Bankers' Convention Section
Quotation Section
State and
Railway Section
ENTENEO AS SECOND-CLASS MATTER JUNE28, 1879, ATTHE POSTOFPICEATNEW YORK, NEW YORK, UNDER THE ACT
COMPANY, NEW YQRK.
City Section
OP MARCH 3, 1879.
NEW YORK, NOVEMBER 3 1917,
VOL. 105,
tfimvttial
Jftnancial
^financial
THE FARMERS'
NO. 2732.
THE
HARVEY FISK & SONS
LOAN & TRUST
COMPANY
62 Cedar St.
LIBERTY
NATIONAL
BANK
NEW YORK
Foreign Exchange, Cable Transfers,
of
new york
Travelers' Letters of Credit
BROADWAY and CEDAR ST
UNITED STATES BONDS
The Company is a
moneys
legal depositary for
paid Into Court, and Is author¬
NEW YORK CITY BONDS
ized to act as Executor, Administrator,
AND OTHER CHOICE
Trustee, Guardian, Receiver, and In all
other
fiduciary capacities.
Acts
as
Capital
INVESTMENT SECURITIES
Trustee under Mortgages made
$3,000,000.00
-
Surplus & Profits
4,000,000.00
by Railroad and other Corporations, and
'
as
Transfer Agent and
Registrar of Stocks
^
'
'
'
mi'
'
-
mi wwii ii
i
mum
iiimni
nf
and Bonds.
Receives deposits upon Certificates of
The National Park Bank
Deposit, or subject to check, and allows
Interest
on
Manages Real Estate and lends money
on bond and mortgage.
Will act
as
Agent In the transaction of
approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City
any
Harris, Forbes & Co
Pine
of New York
dally balances.
NEW
«
-
-
-
$5,000,000 00
17,000,000 00
-
Capital - "■* • f
Surplus & Undivided Profits
Deposits (Sept 11, 1917)
-
174,000,000 00
27 Austin
William
YORK
Friars, LONDON, E.
w.
HARRIS, FORBES & CO., Inc.
BOSTON
President
of New York.
RICHARD DELAFIELD
Fiscal Agent for States, Counties and
Act
Vice-Presidents
Cities.
WILLIAM O. JONES
as
fiscal agents for munici¬
palities
deal
JOHN C. VAN CLEAR
MAURICE H. EWER
GILBERT G. THORNE
16-22 WILLIAM STREET
Street, Corner
Organized 1858
in
and corporations and
Government, munici¬
pal, railroad and public utility
SYLVESTER W.LABROT
GEORGE H. KRETZ
475 FIFTH AVENUE
Cashier
NEW YORK
ERNEST V. CONNOLLY
BONDS
FOR
List
on
INVESTMENT
Application
Assistant Cashiers
PARIS
LONDON
WILLIAM A. MAIN
FRED'K O. FOXCROFT
J. EDWIN PROVINB
Cable Address SABA, NEW YORK
WILLIAM E. DOUGLAS
HENRY L. SPARES
BYRON P. BOBBINS
PERCY J. EBBOTT
Established
John
1874.
Edward B. Smith &Co
L. Williams & Sons
'
Established 1892
BANKERS
Corner 8th and
BANKERS
Main Streets
Established 1810
RICHMOND, VA.
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
Members New York
National Bank
NATIONAL BANK
and Philadelphia
Stock Exchanges
The Mechanics and Metals
1411 Chestnut Street. Philadelphia
New York
80 Pine Street
Fifth Avenue Building
Corner Fifth Ave.
an4 23rd St., New York.
of the
City of New York
Surplus, $1,006,000
Capital, $1,000,000
RUEL W. POOR, President.
HORACE F. POOR, Vice-President.
Capital
*
•
• ■
•
-
*
$6,000,000
-
-
-
$9,000,000
•
-$187,000,000
The Chase National Bank
of the
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
V
RALPH T. THORN, Asst. Cashier.
JOHN W. PEDDIE, Asst. Cashier.
Surplus and Profits
DepositsI$ept£ll, 1917
THE
ForelgnTExchange^Department
City of New York
United States Depository
Capital
•
Surplus and Profits (Earned)
Deposits, Sept 11th 1917 - -
-,
•
-
-
-
-
$10,000,006
12,623,000
302,027,000
OFFICERS
AMERICAN EXCHANGE
A.
NATIONAL BANK
NEW YORK
BARTON HEPBURN.
Chairman
ALBERT H. WIGGIN,
President
SAMUEL H. MILLER,
Vice-President
EDWARD R. TINKER, Vice-President
CARL J. SOHMIDLAPP, Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED O. ANDREWS.
Cashier
CHARLES O. BLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PURDY,
Asst. C ashler
CHARLES D. SMITH,
Asst. Cashier
WILLIAM P. HOLLY.
Asst. Cashier
GEO. H. SAYLOR,
Asst. Cashier
M. HADDEN HOWELL,
Asst. Cashier
S. FRED TELLEEN,
Asst. Cashier
ROBERT I. BARR,
Asst. Cashier
SEWALL St SHAW.
Asst. Cashier
_
Resources
over
$130,000,000
Francis Ralston Welsh,
First National Bank
Philadelphia, Pa.
CHARTER NO. 1
BONDS
OF RAILROAD, OAS AND
INVITED
DIRECTORS
Frank A. Sayles
Henry W. Cannon
COMPANIES
FOURTH STREET
PHILADELPHIA
.
A. Barton Hepburn
Albert H. Wiggin
Charles M. Schwab
John J. Mitchell
LIGHT AND POWER
109-111 SOUTH
ACCOUNTS
ELECTRIC
Edward
Samuel H. Miller
R.
Tinker
Henry B. Endicott
Guy E. Tripp
Edward J. Nichols
James N. Hffl
Newcomb Carlton
Daniel O* Japkling
Frederick H. Ecker
THE CHRONICLE
ir
[VOL. 103.
Snbeftment J&owsta ant JSratoers of Jfotefgn Cxtfjangt
MORGAN & CO. Maitland, Coppell & Co.
J. P.
Wall Street) Corner of Broad
52 WILLIAM STREET
V
NEW YORK
NEW YORK
DREXEL
PHILADELPHIA
CO.,
&
Corner of 5th and Chestnut Streets
MORGAN) GRENFELL&CO., LONDON
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
issue Loans.
Bills of Exchange,
Telegraphic Transfers,
Letters of
No. 22 Old Broad Street
J. & W. Seligman & Co,
Credit
N2 1 William Street
on
hoeqanThaejes
CoT,
&
PARIS
Union of
Smiths Bank.
&
London
Limited,
London.
31 Boulevard Haussmann
NEW YORK
Messrs. Mallet Freres & Cie, Paris,
Banco Nacional de Mexico,
Commission.
Securities bought and sold on
And Its Branches.
Foreign Exchange, Commercial Credits.
Agents for the Bank of Australasia,
Cable Transfers.
Circular
available in ai
for Travelers,
Letters
parts of the world.
TRAVELERS' LETTERS OF
CREDIT
Available throughout the United States
Brown
Brothers
PHILA.
&
Co.
BOSTON
NEW YORK
69 Wall Street
Members N.Y., Phila. & Boston Stock
New York, Philadelphia, boston and
Exchanges
Baltimore
Belmont & Co.
August
EXCHANGE PLACE, NEW YORK.
43
Members
New
York
Stock
Exchange.
(Ale*.Drown &Sons) Connected by private wires
Agents
Securities
Investment
sold
on
bought
and
Bankers,
of
Banks,
on
>
London, Paris and Vienna.
porations, Firms and
received
33 Pine Street, New York
Cor¬
Messrs. ROTHSCHILD
Commission.
Accounts
of the
Correspondents
and
favorable terms.
Cer¬
tificates of Deposit.
fers.
Travelers' Letters of Credit.
V
for Travelers
,
Available
Foreign Exchange,
Domestic and
Foreign Collections, Cable Trans¬
Investment Securities
ISSUE LETTERS OF CREDIT
Individuals
in
all
Members
the
parts of
world.
v
New York Stock Exchange
Draw bills of Exchange and make Telegraphlo
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California'.
Execute
Commercial Letters of Credit for the
orders for the purchase
Bonds and Stocks.
sale
and
Buy and sell Securities
of
Commission and act
Agents
financing of exporta and imports.
BROWN, SHIPLEY & CO., LONDON
Lawrence Turnure & Co.
:
Jordaan & Cie, Paris
Russo-Asiatic Bank,
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
Corporations
Correspondents of
New York
James G. Wallace
Granville Kane
*
on
Fiscal
London & South Western Bk., Ltd., London
64-66 Wall Street,
T. Suffera Taller
for
as
Paris Bankers:—Banque
Joint
Stock
Francaise—Heine
& Co.
Graham, Parsons
Co.
bankers
10 Pine Street, New York
435 chestnut street
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
PHILADELPHIA
37 William Street.
Government
MEMBERS
N.
STOCK
Y.
Execute orders for
Winslow, Lanier & Go
69 CEDAR STREET
EXCHANGE.
purchase and sale of
Railways,
Stocks and Bonds.
available in all parts
Municipal Bonds
Electric
Railroads,
Gas
Electric
and
Light and Power Companies
of
Foreign Exchange.Bought and Sold.
established
value.
Cable Address, "Graco," Philadelphia.
Issue Commercial and Travelers' Credits
NEW YORK
and
of
Securities
of the world.
BANKERS.
i&eposltg
Received
Allowed
on
Bought
Subject
to
and
Draft,
Interest
Securities
Deposits,
Sold
BOISSEVAIN
Schulz & Ruckgaber
27 Pine Street,
*
■
•
**
New York
•
on
24 BROAD STREET,
& CO.
NEW YORK
Members of the New York Stock Exchange.
Commission.
Members New York Stock Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
Foreign Exchange, Letters of Credit
Execute orders for purchases and sales
of stocks and bonds.
Foreign Exchange bought and sold.
Issue
commercial
available
in
Dollars
NEW YORK
CHICAGO
Amsterdam, Holland.
BERTRQN, GRISCGM & CO.
York
.
INVESTMENT SECURITIES
Produce
Exchange Bank
Land Title Building,
Broadway, Corner BEAVER ST.
105 So. La Salle St.
(Successors toAdolphBoIssevain &Co.)
Japan
China,
New
$ Nassau Street
EXCHANGE
MESSRS. PIERSON & CO.
and East Indies.
Kean, Taylor & Co.
Investment Securities
in
credits
FOREIGN
.
Capital
•
40 Wall Street
NEW YORK,
PHILADELPHIA..
§1,000,000
...
Surplus and Undivided Profits 1,000,000
Foreign
Exchange
bought
and
sold.
Cable
Transfers.
Commercial and Travelers' Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
NEW YORK
ALDRED & CO.
BOSTON
H. AMY
&
CO.
24
Letters of Credit for Travelers
Members N. Y. Stock Exchange
Commercial Credits.
Foreign Exchange
44 AND 46 WALL
Cable Transfers.
New York
ST.,
Fiscal Agents for
Transact
MUNROE & CO., Paris
Exchange Place
a
General
Investment and
Exchange Business?
Stock
Public Utility
apd Hydro-Electric
Companies
THE
Nov. 3 1917.]
m
CHRONICLE
Snbegftnent anti jftaawtfal
Wm. A. Read & Co. Millett, Roe & Hage&i
Lee, H igginson &Co.
INVESTMENT SECURITIES
Investment Securities
BOSTON
S3tw York
Chicago
MEMBERS
NASSAU AND CEDAR STREETS
80 Lombard Street
BOSTON
PHILADELPHIA
CHICAGO
LONDON, E. C,
STOCK EXCHANGE
BOSTON
NEW YORK
& CO.
HIGGINSON
NEW YORK STOCK EXCHANGE
52 WILLIAM ST.
LONDON
15
CONGRESS Sir
NEW YORK
Hornblower & Weeks
42
The
NEW YORK
NEW YORK
BROADWAY,
Investment Securities
CHICAGO
Direct wires
STOCK
to all
National
AND
YORK, BOSTON
City
Securities
Investment
Goldman, Sachs & Co„
MEMBERS
NEW
National
Company
BOSTON
CHICAGO
BOSTON
City Bank Building
New York
EXCHANGES
principal markets
'...
•
■
*
1 ""
•
.
V
.
'■"
C■..
Members of New York & Chicago Stock Exchanges
Boston
Chicago
Robinson & Co.
Portland
Providence
Detroit
\
Established
1888
U. S. Government Bonds
Investment Securities
chandler 4 gompany
INCORPORATE©
Wm. Morris Imbrie & Co.
26
35 Pino St
Franklin Bank Bldg.
NEW YORK
New Y©oC
Exchange Place
PHILADELPHIA
i
Members New York Stock Exchange
185 Devonshire St
BOSTON
Investment Securities
Government Loans,
(Established 1882)
61
and
Municipal
Securities
Railroad
Bonbright & Company
Incorporated
High Grade Industrials
BROADWAY,
NEW YORK
25 Nassau Street, New
208 South La Salle St.,
York
Chicago
BOSTON
PHILADELPHIA
CHICAGO
LONDON
PARIS
DETROIT
V.'v.'iA...
Frazier & Gh.
Investment
Securities
W
C. Langley &
Co.
PHILADELPHIA
Baltimore.
.
........
....<'
PUBilllTILIlY SECURITIES
simon
211 E. German Street,
New York.
'*
Investments
Broad and Sansom Streets,
15 Broad Street.
*
^
borg& CO.,
115. Broadway, New York City
Members of New York Stock
No. 46 Cedar Street
-
•
Exchange
New York
HALSEY, STUART & CO.
Incorporated—Successors to
N. W. HALSEY & CO. CHICAGO
,
CHICAGO
NEW
YORK.
PHILADELPHIA
BOSTON
MILWAUKEE
INVESTMENT SECURITIES
DETROIT
ST.
HIGH-GRADE
Hemphill, White(
LOUIS
Government, Municipal, Railroad
Chamberlain
Members
New Yo?k Stock Exchange
and Public Utility Bonds.
Fiscal Agents for Cities and Corporations.
Fidelity Bldg.
37 Wall Street
Buffalo
New York
h.
t.
holtz & CO.
MUNICIPAL AND RAILROAD
BONDS
Investment Securities
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
BONDS
HARPER
& TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE
BUILDING
WALNUT STREET ABOVE
39
SOUTH LA SALLE STREET
CHICAGO
8RQAD
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall Street, New
York
^financial
WE
,
Electric
^financial
jHnantfal
FINANCE
ESTABROOK & CO.
Light, Power and Street
Railway Enterprises with records
of
[VOL. 105.
THEgCHRONICLE
XV
established
Members New York and Boston
CHASE
Stock Exchanges
earnings
INVESTMENT
&
SECURITIES
BONDS
WE OFFER
Investment
and
Bankers
Public
Proven
15 State Street,
Dealers
Securities
Utility
Correspondence Solicited
-
BOSTON
NEW YORK
24 Broad Street,
19 CONGRESS
ST.,
BOSTON
SPRINGFIELD
BALTIMORE
HARTFORD
COMPANY
ELECTRIC BOND & SHARE CO.
Ervin & Company
(Pald-Up Capital and Surplus, $21,000,000)
71
BROADWAY, NEW YORK
Member
New
The Successful
.
York*Stock"£Exchange
Investor
MUNICIPAL AND RAILROAD
Philadelphia Stock Exchange
BONDS
BONDS FOR INVESTMENT
121 Drexel Bldg.,
tain the latest facts
his investments.
501 Trinity Bldg.,
PHILADELPHIA
For Conservative Investment
makes it his business to
NEW YORK
We
help
portant work.
7.
Telephone Rector 3061
R. L.
35
Write
Day & Co.
Congress St., Boston
New York
•:
'7
7
BANKERS
N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
20
1512 Oheatnnt St..
61 Broadway.
PHILADELPHIA
and Sold
R. C. Megargel &
Members
27 Pine
York Stock
New
c. i. hudson & co.
Co.
Street,
Branch Office—25
New York
West 33d St.
Municipal Bonds
BROADWAY, NEW YORK
New York, Philadelphia
Chicago Stock Exchange*
Members
Exchange
TELEPHONE
New York
St.,
Broad
NEW YORK
No. 66
„
our
*
Members N. Y. Coffee & Sugar Exchange
N. Y. Produce Exchange
Members N. Y. and Phil*. Stock Exchangee'
Bought
call and consult
A. A. Housman & Co.
<•/■:
!■
INVESTMENT
Securities
•
in this im¬
H. F. BACHMAN & CO.
Established 1866
Unlisted
or
'
you
Service Department.
Correspondents
REMICK, HODGES & CO.
can
ascer¬
concerning
RECTOR
EXEMPT FROM FEDERAL INCOME TAX
and
Eligible to Secure Postal
7401
Savings Deposits
Telephone John 1800
Miscellaneous Securities
William P.(bmpton(o.
in all Markets
PRIVATE
WIRES
TO
PRINCIPAL
CITIES
Municipal Bonds
Over a Quarter Century in this business
14 Wall Street
PARKINSON & BURR
New York
Cincinnati
St. Louis
Pittsburgh
Chicago
Members of the New York and
Boston Stock Exchanges
Municipal Railroad/#
53 State Street
7 Wall Street
BOSTON
NEW YORK
#
Corporation Bonds
20
Broad Street
New York#
«
Mountain
Telephone
PHONE RECTOR 9140-CABLE ADDRESS "DRiENTUEHT"
Li*t C gives current
offerings
States
BELL
NEW
SYSTEM
MEXICO,
IN
COLORADO
ARIZONA,
UTAH*
WYOMING, IDAHO AND MONTANA
BONDS
H. D.
Walbridge & Co.
14 Wall Street, New
Baker, Ayling &Young
York
7% STOCK
No Bonds—No Preferred Sharos
BOETTCHER, PORTER
COMPANY
Public Utility Securities
DENVER
BOSTON
PHILADELPHIA
•
\
SPRINGFIELD, MASS.
CHICAGO
%
John Burnham & Co.
ESTABLISHED 1865.
Chicago
New York
STERN & SILVERMAN
INCORPORATED
e^xc/1)t>iG^efei6Co
PHILADELPHIA
6 Nassau St., N. Y.
■EMBERS NEW YORK STOCK EXCHANOB
Deal in
Underlying Railroad Bonds
A. G.
Becker & Co.
and
Tax-exempt Guaranteed" & Preferred
Railroad &
Telegraph Co. Stocks
ELECTRIC RAILWAYS
(INCORPORATED)
FSNANCING
COMMERCIAL
PAPER
N. E. Cor. La Salle & Adams St*.,
Chicago
ENGINEERING
Nov. 3 1917.]
THE
CHRONICLE
y
Ca nab fan
BANK OF MONTREAL the canadian
(Established 1817)
Canadian
CAPITAL
Government and Municipal
paid
up
•
-
REST,
■
ASSETS
TOTAL
-
-
-
of
$16,000,000
-
■
16,000,000
$386,806,887
-
Bonds
regard¬
Sir
Frederick
General Manager
64
5%
New York Office, 16
Exchange Place
F. B. FRANCIS.
J. A. C. KEMP,
C. J.
WALL STREET
R.Y.HEBDEN.
6%
to
[Agents
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
Buy and Sell Sterling and Continental Exchange
14 Wall
Toronto
and Gable Transfers; issue Oommercial and Trav¬
St., New York
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
Montreal
London
R.
Building,
Toronto,
Capital----
—
£1,000,000 Sterling
£620,000 Sterling
Reserve Fund----—
Head Office:
Ont.
5 Gracechurch Street,
London, E. C.
W. T. OLIVER
1 Agents
P.C.HARRISON f
Buy and Sell Sterling and Continental Exchange
and Cable Transfers.
Grant Commercial and
Canadian
and
High
Bank
of
England,
Bank
of
Scotland,
Travelers' Credits and
Cheques, available in any
lollections
all parts of Canada.
Grade gart of theinworld. Issue Drafts on and make
Agents for Banco de Londres y Mexico,
Mexico City and Branches
r
Municipal and School
Bank,
Limited.
TH E BAN K 0F NOVA SCOTIA
(Incorporated 1832)
.
New York Office: 52 Wall Street,
Government
The
®
Incorporated by Royal Charter In 1840
New York Agency opened 1843
!
Paid-up
P-
BANKERS IN GREAT BRITAIN.
Established In 1836
R. C. Matthews & Co.
every de¬
LONDON OFFICE—2 Lombard Street. B. O.
The
British North America
Corporation Bonds
Ex»
Collections
Banking and Exchange business of
scription transacted with Canada.
Manager.
The Bank of
Municipal and
Transfers.
Travelers' Cheques and Letters of Credit
Issued;
available In all parts of the world.
Lloyd's
Canadian Government,
C.
Cable
Place, Pall Mall, S, W.
G. C. CASSELS,
[Agents
an?SeII Sterling and. Continental
..
made at all points.
Offices, 47 Threadneedle St., E. C.
9 Waterloo
1
STEPHENSON./
1
W. A. BOG,
J. T. MOLINEUX.J
Wood, Gundy & Co.
815,000,000
—.—$13,600,000
——
General Manager: Sir John Aird.
Assistant General Manager: H. V. F. Jonas.
Williams-Taylor,
NEW YORK AGENCY
yield from
to
OFFICE, TORONTO
REST
SIR VINCENT MEREDITH, Bart., President.
ing Canadian Government and
Municipal Bonds
HEAD
PAID-UP CAPITAL—
Pre«Ident:Slr Edmund Walker,C.V.O.,LLJD.J> CX
Head Office—Montreal
We invite correspondence
bank
commerce
PAID-UP
CAPITAL
86.500.00C
12,000,006
—
RESERVE FUND
TOTAL ASSETS OVER
—110.000.000
>
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
190 branches throughout Canada,
Newfoundland,
Cuba, Jamaica, Porto Rico, and In Boston, Ohi«
cago and New York.,
Commercial and Travelers'
Credits issued, available In all parts of the world.
Bills
on
Canada
or
West Indian points favorably
the
negotiated or collected by our branches in
United States.
Correspondence solicited.
•
New York Agency, 52 Wall Street,
H. F. Patterson, Agent.
Correspondents ( London Joint Stock Bank.LtC
In Great Britain
(Royal Bank of Scotland.
BONDS
C.
We invite correspondence
LIMITED
>
High Grade
•f
MEREDITH & CO.,
Municipal and School Bonds
to yield from
5% to 6%
BOARD
OI* DIRECTORS.
O. Meredith, President
0. R. Hosmer,
D. C. Macarow,
Credit-Canada,
LIMITEE
A.
Baumgarten,
J, J. Reea,
179 St. James St.
CANADA
J. M. Mackie, Manager
112 St. James St.
Greenshields
&
Established
Company
MONTREAL
612,911,700
614,324,000
$300,000.000
Head Office—
O. B. Gordon, Vice-Pres.
Wm. McMaster,
Bartlett McLennan,
H. B. MacDougall,
A. E. Holt.
A. P. B. Williams, Sec.
46 Threadneedle St.
LONDON, E.G.
1869
Capital Paid Up
Reserve Funds.
Total Assets——
Bond Brokers and Financial Agents
:
MONTREAL,
THE
royal bank of canada
Montreal
SIR HERBERT S. HOLT.
E.L. PEASE,
President
Vice-Pres. & Man. Directoi
O. E. NEILL, Gen. Manager
Branches throughout the DOMINION OF CAN*
ADA and NEWFOUNDLAND; in HAVANA and
all
principal points in CUBA, PORTO RICO.
DOMINICAN REPUBLIC, COSTA RICA and
VENEZUELA.
Also
in
ANTIGUA,
BAHA¬
MAS, BARBADOS, DOMINICA, GRENADA.
JAMAICA, ST. KITTS, TRINIDAD, BRITISEf
HONDURAS and
BRITISH
GUIANA.
LONDON OFFICE—Bank Buildings,
Princes Street, E. O.
Members Montreal Stock Exchange
R. A. Daly & Co,
Dealers in Canadian Bond Issues
New York Agency—Cor. William & Cedar Sts
F. T. WALKER, O. E. MACKENZIE and
Our
Monthly
Review
of Cana¬
dian Conditions sent on
request
MONTREAL
\1 St. John Street,
R. L. ELLIS,
CANADIAN
.
GOVERNMENT, MUNICIPAL
CANADIAN
AND CORPORATION BONDS
CANADIAN
Agents*
Bank of Nova Scotia
SECURITIES
Building
TORONTO, ONT.
Municipal and Public Utility
Bonds
Government, Municipal
&
Corporation
Canadian
Lists
6 COMPANY, LIMITED
822
ST. JAMES
MERCANTILE
TRUST
BLO. H AM ILTON.
and Corporation
Bonds
reguest
A. E. AMES & CO.
74
gttttfoneers
;
on
Government, Municipal
ST. MONTREAL
Broadway, NEW YORK
Toronto
Montreal
a
DoMDnOflSECUKIIlB
Adrian H. Muller & Son
corporation- limited
TQRjOriTO.
JMOMTREiU-.LOMDOriJE/lfl
Canadian Securities
AUCTIONEERS
w. graham browne&co.
Office, No. 55 WILLIAM STREET
Corner
Pine
222 St.
Street
Regular Weekly Sales
Canadian Securities
OF
STOCKS and BONDS
EVERY WEDNESDAY
Exchange Sales Rooms
14-16 Vesey Street
Correspondence Solicited
Inquiries Solicited
Kemerer, Matthes & Co.
B. W.
Members Phila. Stock Exchange.
50 Broad Street,
At the
James Street
MONTREAL
ToronUK.
Hamilton i
,
New York
London,
Buffalo.
Direct Private Wire*
PhUa,
Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY,
ALA.
[VOL. 105.
CHRONICLE
THE
.foreign
AUSTRALIA & NEW ZEALAND
UNION OF LONDON & SMITHS BANK
BANK OF
WESTMINSTER BANK
WALES
NEW SOUTH
Paid
up
Capita!
2 PRINCES
$19,474,900'
,
—
_
Reserve Liability of
„
14,000,000
—
19,474,300
Proprietors
$52,949,800
Aggregate Assets 31st Mar,
1917...$287,130,043
^Subscribed Capita] £14,000,000,^
"iS
fei"In 700,000j9haree of £20 eachT^
Paid-up Capital
'
*
transacts
every
HEAD OFFICE
ol
description
BARCELONA BRANCH: Paseo
29, THREADNEEDLE
STREET, E. C.
STREET
SYDNEY
L.
IKE UNION BANK OF AUSTRALIA Limited
MADRID BRANCH:
London
County
Incorporated 1880
and
Reserve Liability of Proprietors. —
Total
Capital
and
54, Lombard St., London, E. Ce
Nominal Capital
The Union Discount Co.
of London, Limited
in SOUTH AUSTRALIA, 22 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
14
C.
At. CAPITAL & COUNTIES BANK
LTD.
Established 1834
Street,
Reserve Fund
NOTICE
......—......
$4,000,000
flMs Bank has upwards of 500 Offices in
Wales and Channel Islands.
England,
Business transacted.
FOREIGN EXCHANGE DEPARTMENT
INTEREST
that
GIVEN
allowed
for
the
money
Per Cent.
4
Call
Per Cent.
The Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER R. NUGENT, Manager.
Days'
lAt 3 to 7
fHE
World.
Drafts on all Cities.
Letters of
Circular Notes payable throughout the
Mall and Telegraphic Transfers.
Ap¬
proved
Freight
Bills
Commercial
purchased.
Notice, 4*4
The Commercial
American Banks and
frust Companies and Invites Correspondence.'
Cable Address'"Elmfield London."
Codes:
lyrtbers,
Western
New
South
Wale*
capita)...--—-—
12,000,000
Reserve Fund and Undivided Profit* 1,940,000
Reserve Liability of Proprietors
2,009,000
Paid-Bp
payable
on
demand,
and
Letter*
issued by the London Branch on tht
Branches and Agencies of the Bank
In Australia and elsewhere.
Bills od AustralaoS*
Oredli
are
Head Office
negotiated
Remittances cabled
Lombard St Jt.C
collected.
or
London Office: IK. Btrchtn Lane
CO., Lda.
LYON NAIS
CREDIT
Capital (fully paid)
Fes.250,000,000
Reserve fund
.....Fes.175,000,000
BUENOS AIRES
Head Office,
Central Office,
Established 1830
London West End Office, 4 Cockspur
establishment
business
in
the
River Plate
Capital fully paid
up
and Reserves
St.,S.Wl
390 branches in France, Algeria and Tunis, and
at Alexandria,
Barcelona, Brussels, Cairo,
also
Constantinople,
Geneva,
Jerusalem,
Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia.
Correspondents in Lisbon and Oporto:
Credit
'
.
Franco-Portugais
NATIONAL BANK of EGYPT
Financial, Banking and
Commercial Business
Sight to bearer.
Capital, fully
Reserve Fund
E. Co
v
of the
Place,
Regent St., S. W.
IN
BRANCHES
ITALY :
Acireale, Alessandria, Ancona, Bari, Bergamo,
Biella, Bologna, Brescia, Busto Arsizio, Cagliari,
Caltanissetta,
Canelli, Carrara, Catania, Como.
Cremona, Ferrara, Florence,
Genoa, Ivrea, Lecce,
Messina, Naples, No vara,
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,
Lecco, Leghorn, Lucca,
Termini Imerese, Trapani,
Turin, Udine, Venice.
Veroni, Vicenza.
London for
.
BANQUE FRANCAISE ET ITALIENNE POUR
LUD,
DU
L'AMERIQUE
>
de Janeiro, San Paulo, Santo*
Commerciaie d'Orlente. Tripoli.
Buenos Ayres, Rio
&c. Societa
Hong Kong & Shanghai
BANKING
CORPORATION
Paid-up Capital (Hong Kong Currency)
Reserve
weserve
$16.000.00<
FundlIn OoUL_.$15,000,0001— $33,600.00)
*una|In
i8(600,coo}
Sllver__
Reserve Liabilities of Proprietors
15,000,00<
GRANT DRAFTS, IS3UE LETTERS OF CREDIT
NEGOTIATE OR
CHINA,
JAPAN,
COLLECT BILLS PAYABLE I»
PHILIPPINES,
WADE GARD NER. Agent,
STRAITS
SET-
36 Wall St
The
paid.—^
—£1.831,850
LONDON AGENCY
BANKERS
London Office, 1 OLD BROAD STREET,
Manager : E.. Consolo.
West End Agency and London Office
Italian State Railways, 12 Waterloo
Head Office—Cairo.
i
Established under Egyptian Law June, 1898.
right to issue Notes payable a*
with the exclusive
Clermont & Co.
$31,200,000
$11,640,000
Funds-—,
TLEMENT8. INDIA
£2,500,209
General
Reserve
Lyons.
19 Boul. des Italiens, Paris.
London Office, 40 Lombard St., E.C.3.
Oldest
Head Office MILAN
Agents in
Union, Peterson's International
ERNESTO TORNQUIST &
W. O. Stevenson
-
-
BANCA COMMERCIALE ITALIAN*
Basking Co. of Sydney Ltd
Established 1834.
.
incorporated in
Draft*
FOREIGN BILLS COLLECTED
tfhe Bank acts as Agent for
54, Lombard Street, London, E. C.
MANAGER
Correspondents to the Italian Treasury,
Credit and
Credits established available'anywhere, against
trsual shipping documents.
Shipowners' Freight
Bemittances and Disbursements to all parts.
DEPARTMENT
Paid-up Capital
Every kind of Banking
Issues Currency
BRITAIN
GREAT
IN
BRANCHES
deposit are as follows:
At
(5 dollars equal £1)
£2,200,000
STERLING.
HEREBY
IS
OF
RATES
on
Subscribed Capital._......
$43,760,000
[deposit & Current Acts., 30-6-16_$241,722,285
(fald-up Capital
$8,750,000
£4,594,443
FOREIGN EXCHANGE
.—$10,000,000
8,500,000
4,250,000
4,000,000
Capital Authorized
Capital Subscribed
Capital Paid-Up
Reserve Fund
$5=£1
Head Office: 39 Threadneedle
London, England.
£12,679,440
Capital
Reserve Fund
800
Telegraphic Address, Udisco, London.
Assistant Manager—W. J. Essame.
Paid Up
;
39 CORNHILL.
ZEALAND,
Office : 71 CORNHILL, LONDON, E
Manager—A. C. Willis,.
'
£13,500,000
Capital Subscribed
The Bank has 41 Branches In VICTORIA, 39 In
NEW SOUTH WALES, 19 in QUEENSLAND,
Head
LIMITED
HEAD OFFICE
£4,000,000
£7,980,000
Reserves
HO ARE
BARCLAY & COMPANY
& Westminster Bank
£l,980,000/gether
Reserve Fund
(Country)
Calle de Alcala 43
v».
22, Place Vendome
—.£6,000,000
To£3,980,000
Issued
Paid-up Capital £2,000,0001
THOMAS
E.
(Paris) Limited
Capital—
Authorized
(Town and Foreign)
HART
de Gracia 8&10
PARIS
Established 1837
£55,231,862
1916-
SCHUSTER, Bart., Governor
Secretary H. R.
London Office
Head Office
£1,150,000
Accounts,
General Managers
H.
H.
2.
London, E.
41, Lothbury,
Australian Banking Business.
Wool and other Produce Credits arranged.
GEORGE
£3,554,785
—
Current
SIR FELIX
Guinea), and London.
Bank
Sterling.
£25,000,000
£22,934,100
LINDSAY ERIC SMITH, Deputy Governor
337 BRANCHES and AGENCIES in che Aus¬
tralian States, New Zealand, Fiji, Papua (New
The
and
December 31,
"I" £4,000,000
Reserve
OFFICE
ST., LONDON, ENGLAND
Authorized Capital—
Subscribed Capital
Paid Up Capital
Reserve Fund
Deposits
£3,500,000
.
Ut.
FRENCH, Genera! Manager
J. RUSSELL
LIMITED
HEAD
LIMITED
{ESTABLISHED 1817.)
Reserve Fund
THE
COUNTY &
LONDON
6 AND 7 K1NQ WILLIAM
ST.. LONDON. E.C.
National
Discount
Anglo-South American
Bank, Ltd.
GUATEMALA,
Central America
Cable
The
ARGENTINA
CHILE
URUGUAY
FRANCE: Pari.
Address: "Clermont"
Company, Limited
35 CORNHILL
LEU and CO/ BANK,
LIMITED
ZURICH
(Switzerland)
Founded 1755.
EVERY DESCRIPTION
of BANKING BUSI¬
NESS TRANSACTED.
Bills of Exchange
negotiated and collected.
Drafts and Letters of Credit issued.
Telegraphic Transfers effected.
Booking and Travel Department.
-
-
-
SPAIN: Madrid, Bilbao, Barcelona
LONDON. E. C.
Cable Address—Natdls. London.
Subscribed Capital
$21,166,625
Paid-up Capital—
4.233.325
2,250,000
Reserve Fund
($5=£1 STERLING.)
NOTICE
C°l?[t.^vP.0 Fund °"d} — F"- 46,00°,00°
-
RATES
on
CAPITAL & RESERVES
£6,040,785 @ $5
OF
deposit are
as
follows :
HEAD OFFICE,
or
£=$30,203,925
14 Days'
Notloo, 4*4 Per Cent.
Approved bank and mercantile bills discounted.
received on deposit at rates advertised
from time to time and for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable securities.
OLD
BROAD
STREET,
LONDON, E. C.
At Call 4 Per Cent Per Annum.
At 3 to 7
per
HEREBY
GIVEN
that
the
INTEREST
allowed for money
IS
NEW YORK (Agency), 60 WALL
STREET
Money
PHILIP HAROLD WADE. Manager.
Every
description
of
Banking and
Exchange business
Nov. 3
vu
CHRONICLE
THE
1917.]
gft
P&n&erg Ss ffirckets (misuse
jankers $c ^Brokers outstke JJ. g.
foreign
CHICAGO
CHICAGO
SPERLING & CO.
Basildon House} Moorgate SU
London, E. C.
T JAMES D. fTT1
IaceyTimber-®
FISCAL AGENTS FOR
Public Utility
and
BONDS
TIMBER
Hydro-Electric Companies
Warren Gorrell & Co.
INVESTMENT SECURITIES
based always upon
expert verification
208 South La Salle Street
of underlying assets
NEW YORK AGENTS
CHICAGO
SPERLING & CO., INC.
332 So. Michigan Av., Chicago
120 BROADWAY.
Comptoir National d'Escompte de Paris
Capital fully paid
Reserve Fund
HEAD
London
Frs. 200,000,000
up
RUE
Office: Kins
Branches
at
Frs.
....
OFFICE: 14
42,000,000
BERGERE,
William
Manchester
and
E.
C.
Liverpool
Nearly 800 Branches In Prance, Spain. Tunis,
Egypt, Madagascar, India and Australia.
Agents
of
every
French
the
'BANKING
AND
jforetgn
PARIS
Street,
Colonial
EXCHANGE
Banks.
business
of
Banque Nationale De Credit
COMPANY
AND TRUST
Southeast Corner La Salle and
Madison Sts0
CHICAGO
description
transacted, DEPOSIT AND
ACCOUNTS.
DOCUMENTARY
CURRENT
frs. 150,000,000
Capital
CREDITS,
SHIP'S DISBURSEMENTS AND
COLLECTION OF FREIGHTS In all parts of
Reserve Fund
...
5&% CHICAGO FIRST MORTGAGES
Suitable
for
Estates,
Write for
BANK of BRITISH WEST AFRICA, LIMITED
HEAD
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)
Head office 17-18 Leadenhall Street,
LONDON, E. C.
^ranches in Liverpool, Manches¬
ter and all
the
principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
transact every description, of Banking Business
with those
places.
BRANCHES
which
with
Societa
are
incorporated
Bancaria
and
Italiana
Societa
CHICAGO
140 others in
and
▼aaf*«»e«„ae
-n
A.
GENERAL; BANKING BUSINESS
Provinciaie
Letters of Credit Branch,
Piazza di Spagna—Rome
(New York Stock Exchange,
| New York Cotton Exchange,
|New York Coffee Exchange,
(New York Produce Exchange,
Members^ Chicago Stock Exchange,
| Chicago Board of Trade,
| Minn. Chamber of Commerce.
| St. Louis Merchants' Exchange,
(Winnipeg Grain Exchange.
Swiss Bank Cor p oration
Genoa,
CENTRES
CHIEF
OF
Lausanne
Ba*le, Zurich, St. Gall, Geneva,
LONDON OFFICE, 43 Lothbury,
West End Branch
11 Regent Street,
-
1
Milan,
ITALY.
PARIS OFFICE, 2 Rue Le Peletier
.
"
Capital paid up,
Surplus,
»
E.C. 2
Waterloo Place. S, W,
Naples, Pa*
(ermo, Turin, Venice, Bologna, Busto Arsizio,
Catania,
Florence,
Ancona,
Biella,
Como,
Monza, Sanremo, Verona and 50 others in the
at:
& Co.
MONROE STREET
CHICAGO, ILL.
Central Management and Head Office: ROME
20
O. Slaughter
110 WEST
.
Special
7050
— |'-r
the
Subscribed Capital..
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
BRANCHES
{Harrison
.
Italiana
Credito
J Aut0nllltlC M15f
Telephones
of France.
tne
di
ROOKERY
THE
Dijon, Nantes, Or¬
New York Agency, 6 Wail Street
Banca Italiana Di Sconto
Chicago. A State Bank.
INVESTMENT SECURITIES
Marseilles,
Saint-Etienne, Touthe chief
Rouen,
leans,
louse,
Individuals
Sanford F, Harris & Co..
Lyons,
at:
Angers,
centres
.
Oldest Banking House in
OFFICE
PARIS
Havre,
The Bank has
Trustees and
Bond Circular C 25.
Boulevard des Italiens
16,
.
$10,000,000
7,000,000
2.800,000
1,100,000
Authorized Capital
Subscribed Capital
Paid Up Capital
Reserve Fund
$5 equal £1.
$2,000,000
6%
Capital and Surplus,
35,500,000
"
the world.
.
....
Clearing Agents: The London & SouthWestern Bank. Ltd.. 168, Fenchureh Street.
London
eoUrnSttnnd BONDS
Corporation
« w n i^w
Frs.82,000,000
Frs.27,750,000 SHARKER, WALLER & CO,
S84 SOUTH LA SALLE
MEMBERS OF
MILITARY AND NAVAL
STREET
Special facilities offered to
"The Only American Bank in the Orient'*
International Banking Corporatinn
THE
AMERICAN
CHICAGO
FORCES.
65 WALL STREET, NEW YORK CITY
Capital.
$3,250,000
Surplus Sc. Undivided Profits..—.
$4,598,000
Branches in:
EVERY KIND OF
FACILITY
Settlements
China
Panama
Japan
Philippine Islands
Colombia
Santo Domingo
idon
Lone
San Francisco
COLLINS & COMPANY
(Established by Royal Charter 1836)
OFFERS
Straits
India
COLONIAL BANK
Incorporated
BANKING
BROKERS
BANKERS AND
Head Office
16,
BISHOPSGATE, LONDON, E. C.
137 So. La Salle
Cash and Bills Department:
CHICAGO
Street.
London, E. C,
York Agency—22 William Street
51, Threadneedle St.,
New
The Mercantile Bank of India Ltd.
Head
Office
15 Gracechurch Street,
Paid
Capital £1,500,000.
Reserve
Branches
£562,500.
Fund £ 600,000.
India, Burma, Ceylon,
Federated Malay States,
in
Settlements,
and
London
up
E. C.
£1,543,525 or
$7,742,625
Reserve Fund
£2,000.000 or $10,000,000
Total Resources—(.£35,066,998 or $175,334,990
About Two Hundred and Fifty Branches and
Agencies throughout South Africa.
W. H. MACINTYRE, Agent
Also
Head Office : 26, Bishopsgate, London, E. C.
Branches in India, Burma, Ceylon, British East
OFFICE, LONDON,
Wall St., New
Vork
representing The Bank
Wales with
of New South
branches throughout
and
Uganda
at
Aden
and
Zanzibar.
Subscribed Capital---£2,000,000
Paid-up
Capital
£1.000,000
Reserve Fund
— £1,200,000
The Bank conducts every description of banking
and exchange business.
PATROLEUM BANKING & TRUST
Capital---
68
East
Paul H. Davis &
Gompanjj
High Grade Unlisted Stocks and Bonda
Industrials
Public Utilities
*
Sugar Stocks
Film Stocks
Motor Stocks
Bank Stocks
19 SO. LA
CHICAGO
SALLE ST.
Jforeign
AFRICA, Ltd.
STANDARD BANK OF SOUTH
HEAD
Bankers to the Government in British
Africa and Uganda.
Africa,
Straits
Chinr,,
Mauritius.
Paid-up
NATIONAL BANK OF INDIA Limited
Australasia.
Apartado
(P.
O.
Box)
Tamps,
Members of the
No.
CO. S. A.
American Barikersl
Offers every Banking Facility.
collections made on all parts
Capital & Reserves francs, 100,000,000
Head Office: Zurich, Switzerland
—
v&
fcyfsr™
Branches at Basle, Geneva, St. Gall, Lucern
of Mexico,
both Mexican gold and
York Exchange.
New
Established 1856
Mexico.
Association.
In
CREDIT SUISSE
468—Tampico,
Glaris, Lugano, Frauenfeld.
ALL
BANKING
BUSINESS
\
ym
THE
CHRONICLE
jankers anb
•T.
[VOL. 105.
niters outsibe JJeto gorfc
LOUIS
ST.
LOUIS
PROVIDENCE
STRANAHAN
G. V. HALLIDAY
Bonds and
LG. EDWARDS &. SONS
In St* Louis
New
STOCKS
412
at
Stocks of
Public Service Companies
ST. LOUIS CORPORATION
Wail Street
38
COMPANY
Specialists in
COMPANY
&
&
York
Boston
New
Olive! Street
Providence
Haven
Augusta,
Worcester
Maine
Specialists
BODELL
ST. LOUIS BANK STOCKS
II
15
SECURITIES
of
Congress
111
N.
314
the
St. Louis, Missouri
Herndon
Smith
Broadway, Now
Burg
Richardson
Clark
&
Established 1893
11
Exchange Street, Providence, R. L
Investment Bonds
ST. LOUIS SECURITIES
Dealers in
809 OLIVE
ST.,
MARK C. STEINBERG & CO.
M
ST. LOUIS. MO.
DETROIT, MICH.
HIGBIE
KEANE,
Bonds, Stocks and Local Securities
R. S. MOORE & COMPANY
fembers St. Louis Stock Exchange
&
INVESTMENT
CO.
Specialists
MUNICIPAL BONDS
-
Dime
Bank Bldg.
DETROIT
Co.
&.
York
Bonds, Preferred Stocks and Local
SMITH, MOORE & CO.
Stix
Beston
Charles W. Moore
William H.
ST. LOUIS
St.,
Securities
J.
Broadway
CO.
Provldenes
Broadway
CEN TRAL WEST
300
&
Wsybessst St.,
of
Bonds
Public
Companies.
10
NORFOLK,
Stocks
SECURITIES
in
1
and
Service
Local Securities
Woybosset St.
Providence, R.
VA.
»<V^.AA^w%*/VSA*VV>AA/^VVVVVV'VV''v'V'V-»%»v,vVV^
INVESTMENT
BROKERS
MINNEAPOLIS
Member* St. Louis Stock Exchange
139 Olive St.,
MOTTU & CO.
Established
ST. LOUIS, MO.
WELLS-DICKEY CO.
1892
MINNEAPOLIS, MINN.
NORFOLK.
VA.
NEW YORK
MILWAUKEE
60 Broadway
edgar, ricker &
Rapid Transit Co. 6% Bonds.
Minneapolis National Bank Stocks.
INVESTMENTS
co.
WISCONSIN CORPORATION
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin City
WILLIAM W. EASTMAN (XX
ATLANTA
ISSUES
VELLS BLDO.,
We
MILWAUKEE
SECURITY BLDG.
offer
HIKNEAPOLIS
LOCAL SECURITIES
Guaranteed Stock
Goddard, Hunter
0T 4TH AVE.
Stock
BONDS
GA. R, R. & BNKG.
PITTSBURGH
& Co.
PITTSBURGH
Exchange Bldg.
CINCINNATI
Robinson
Philadelphia
•
Humphrey - Wardlaw Co.
ATLANTA
GEORGIA
FIELD, RICHARDS & CO.
;
Members
INVESTMENT
McS&L
ALABAMA
Pittsburgh A Chicago Stock Exchanges
SECURITIES
CALDWELL & GARBER
Cincinnati
Cleveland
Detroit
New
Chlcasa
York
List of offerings on
application.
BANKERS
and
Municipal, Railroad, Public Utility
and
BROKERS
ROBERTS
Corporation Bond*
Birmingham
for Investment
I New York Stock Exchange
Chicago Board of Trade
Cincinnati Stock Exchange
Alabama
INVESTMENT
We
Invite
Inquiries
in
Otto Marx & Co,
all
$25,000
Birmingham, Ala.
First
Company
National Bank
Building
PITTSBURGH,
Dealers in
Southern Investment Securities
Pittsburgh Securities
a
Specialty
PITTSBURGH,
SECURITIES
.
-
OHIO
.
BALLARD, WASH.
(Now part of Seattle.)
FUNDING 4tf% BONDS
Due Aug. 1 1925
Price
on
New York
edgar
Government, Municipal
Members
and
NEW YORK STOCK
EXCHANGE
TRADE
T. STEELE
BUFFALO, N, Y
PA.
PITTSBURGH STOCK
EXCHANGE
CHICAGO BOARD OP
application.
Weil, Roth & Co.
CINCINNATI
JOHN
CHILDS, KAY &* WOODS
Bldg.
.
PA.
BUFFALO
Union Bank
CINCINNATI
BANKERS
Pittsburgh Securities
Ward -Darley - Lupoid
HALL
&
Corporation Bonds
SPECIALISTS IN
Buffalo
and
Western
New York
Chicago
fr1edlander
DEALER
Cincinnati
IN
Securities
CINCINNATI
OHIO
Securities
BALTIMORE
THOMPSON-CONNELLSVILLE
COKE COMPANY.
First Mortgage
5% Bonds.
Maturing 1931
AUGUSTA
JOHN W.DICKEY
AUGUSTA, GA.
Pittsburgh
BALTIMORE
CINCINNATI
Member* of the
DUQUESNE BOND CORPORATION
New York
Westheimer & Company
Buffalo
Southern Securities
Ertablishd
1886.
Yori
Stock
Exchange
Cincinnati
New
Stock
Exchange
Chicago Board of Trade.
'
Nov. 3 1917.)
TIIE CIIHONICLE
fc anfeerg and
GRAND
IX
ffirokera outsiDe Jlcto J?orfc
LOS
RAPIDS
ANGELEt
8AN
The Preferred Stocks
Pacific Coast
the
of
American Public Utilities Company,
IHnct rrivate Wire Npw York to San FnoobKi
and Other
CORPORATIONS
Utah Gas & Coke Company
61
having substantial assets
regular quarterly dividends*
ere
Members:
NEW YORK STOCK EXCHANGE
of MUNICIPALITIES AND
Company
They
E.F. BUTTON & CCD;
Securities
BONDS
Wisconsin-Minnesota Light & Power
pay
FRANCISCO
Principal Cities
Broadway, New York
San Francisco
and earning power
safe, profitable Investments.
Oakland
•
Los
Angeles
Pasadena
•
Managed by
Kelsey, Brewer & Co.
WILLIAM R. STAATS CO
LOS
Engineers
Grand
Operators
SAN
BOND DEPARTMENT
343 Powell St.
ANGELES
FRANCISCO
CHICAGO
Quotations and Infonnation furnished
PASADENA
Rapids, Michigan
San FrancicsD
to
^
Pacific Coast Securities
PHILADELPHIA
BROWN
F. M.
Wm. G.
Hopper & Co.
STOCK &
II SOUTH
TORRANCE, MARSHALL & CO.
BROKERS
BOND
California
THIRD STREET
W.
G.
Municipal and Corporation
Securities
BONDS
Philadelphia, Pa.
LOS ANGELES,
CALIFORNIA
-
tOO Sansome Street, Corner
H. S. Hopper.
Hopper
Member Phils
Member Phils
Stock Ex.
SAN
MO.
CUV.
Quotations
Municipal and Corporation
and
Established
PRESCOTT & SNIDER
San Francisco
Members
410 Montgomery St.
San Francisco stock and
Bond Exchange
Bonds
let
Nat. Bank Bldg.,
J.
KANSAS CITY
R. SUTHERLIN
MUNiCIPAL
YIELDING
& CO.
R.H.M0ULT0N& COMPANY
CALIFORNIA
Title
Insurance
LEWIS
Security Bldg.,
OTIS & COMPANY
Bran
BANKERS
Floor. Cuyahoga
Cleveland. Ohio
SAN
ST.
FRANCISCO
MAX I. KOSHLAND
PAUL
Pacific Coast Securities
White, Grubbs & Co.
Bids.
Member
San Francisco Stock and Bond
INVESTMENT BONDS
Mills
Exchange
Building
FRANCISCO
SAN
State Savings Bank Bldg., St. Pout
York. Chicago
Cotumbue
and Cleveland Stock Exchanges and
Chicago Board of Trade
New
S. F. Stock St Bond Bz.
COAST
York
482 CALIFORNIA
LOS ANGELES, CAL.
•
SAINT
Youngstown, Ohio; Denver. Colo.;Colorado
Springs. Colo.: Casper, Wyom.
of
S4 Broad St., New
Members of the
tbe
*
h Offices: Columbus. Ohio; Akron. Ohio
Bombers
Herzog & Glazier
BONDS
PACIFIC
CLEVELAND
Second
INVESTMENT SECURITIES
Direct Wire to
E.
A
of
INVESTMENT
LOS ANGELES
MUNICIPAL AND CORPORATION
KANSAS CITY, MO.
Bldg.,
BARTH & CO.
J.
MUNICIPALS
Building,
BONOS
I TO
Descriptive Circular on request
Commerce
1858.
INVESTMENT BROKERS
LOS ANGELES
Municipal and Corporation
If
SUTRO A. CO.
PERRIN, DRAKE & RILEY
Securities
Furnished
Information
Paclfio Coast Securities
BONDS
Investment
CallforajUi
FRANCISCO, CALIFORNIA
8t«ok Ex
We Specialise In California
KANSAS
& CO.
DEALERS IN
.
CHAPMAN DE WOLFE CO.
F. E. MAGRAW
MUNlOIPAl
AND
(30KP0RATION
881-888 Montgomery Street,
BONDS
LOUISVILLE
Commercial
Local Securities
John W. & D. S. Green
Rochester Railway 1st St 2d Mtge. 8s
Buffalo Railway 1st Consol 8s
Buffalo CroHstown 8s
Louisville Henderson & St. Louis 1st 8s
International Railway 8s
Louisville Lighting 1st 5s
SAN
of the
Glebe Building
Twin Olttee
ST. PAUL. MINN.
CALIF.
Stocks and Bonds
Information
Quotations
and
,
LOUISVILLE
FRANCISCO.
Paper
Coast
on
all
Paclfts
Securities
MACON
Member San Franc'seo Stock & Bond Etcbanga
W.
DAVIS
M.
COMPANY
fORTLANO,
MAINE
KY.
Southern Municipal Bonds
Wanted—Wichita
AND
Henning Chambers & Co.
Guaranteed Stocks
Water Co. Si
due 1931
INVESTMENTS
M. PAYSON &
H.
GEORGIA
MACON
Members New York Stock Exchange
CO.
Investment Bankert
804 West Main Street. LOUISVILLE.
KY.
INDIANAPOLIS
98
Portland, Mala
Eschange St.,
mssmmsmammmmmsmmmmmmmmemmmmmmmmemmmammmmm—a———q»
PORTLAND.
BREED, ELLIOTT & HARRISON
ORE.
INDIANAPOLIS
MORRIS BROTHERS
Investment Securities
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Municipal and Corporation
Paper Co.
Interested in Pulp, Paper and
Lumber Securities
First Mortgage 6% "Bonds offered
bonus
PHILADELPHIA
PORTLAND
Eastern
Great
To Those
_
CHICAGO
CINCINNATI
«lion
of
Capital
BEYER
84
Stock.
with
Information
request.
E XCHANGE
&
ST..
SMALL
PORTLANO, MAINE
BONDS
PAOiyiO OOA8T SECURITIES A SPECIALTY
F.
OTTO
HAUEISEN & CO.
Established
Hampers
1902
Specialists in Local Securities
F.
WM.
KRAFT
*
HALL & COMPANY
INVESTMENT
BONDS
*
Local and
Paolflo Coast Seourltlee
411
FUtchor
Truat
Building,
Specializing in Examinatif n of
NEWTON TODD
.
Local
Securities and
Indiana Corporation Bonds
IfDII
BUILDING,
PORTLAND,
OREGON
LAWYER,
Indlanapnlls
fit Stocks
Fletcher Amer. Bank Bldg., INDIANAPOL
Municipal and Corporation Bonds
•17 520
III
HARRIS
WEST
TRUST
BUILfF.&O
MONROE STREff T
CHICAGO, ILL.
sr
_
THE
[VOL. 105.
CHRONICLE
=u:
Current J3onti
F.
Snquirtes
WANTED
J. LISMAN & CO.
•mDeri
Now York and Chicago
N. Y. Interurban Water Co. 5s
Stock Exchanges
Sheffield, Ala., 4s
61 BROADWAY, NEW YORK
v
Nassau County Water
Bangor & Aroostook 4s
Chic. & E. 111. 5s, 1937, &
Ctfs
Galveston Houston & Hender'n 5s
Hous. & Tex. Cen.-W.&N.W. Div.
6s
Iowa Central 5s
Massillon Water Supply 5s
Moundsville Water Co. 5s
Birmingham Water Works 5s
San Antonio Water Supply 5s
N.Y.& N.J. Water Co. 4s & 5s
Keokuk & Des Moines 5s
WE DEAL IN
Co. 5s
Houston Water Works Co. 6s
Guanajuato Red.& Min.Co.6s
Missouri Kansas & Oklahoma 5s
Blickendoffer Mfg. Co.
& 4s
Mobile & Birmingham 5s
New Orleans Terminal 4s
H. C. SPILLER & CO.
Providence Securities 4s
INCORPORATED
St. Louis Bridge 7s
63 Wall Street
27 State Street
San Pedro Los Angeles
& Salt Lake 4s
New York
Boston
Wabash Railroad Divisional Issues
AND ALL RAILROAD
AND STEAMSHIP SECURITIES
Investment Securities
OWN AND OFFER
WE
WOOD, STRUTHERS & CO.
Bonds
Railroad Equipment
Robt. Glendlnnlng & Co.
5 Nassau Street
Maturing 1918-1932
MEMBERS
New York Stock Exchange
NEW YORK
Philadelphia Stock Exchange
To Yield
5.10%-6.20%
List of offerings on
Pittsburgh Stock Exchange
application
Underlying
400 Chestnut Street,
PHILADELPHIA
FREEMAN & COMPANY
Railroad
CAR TRUST SECURITIES
34 Pine Street
REPUBLIC
Bonds
Beach
C. B. & Q. 111. 3Ms
5s, 1927
Carthage & Adirondack
4s, 1981
Pittsburgh Shenango &
SUTRO
Buffalo Rochester & Pitts.
Lake Erie
5s, 1940
Philadelphia
5s, 1925
Pittsb.
&
Harrisburg
4^s
6s, 1932
Walhonding Valley &
Toledo
120
Rock Island Gen. 4s
M. St. P. & S. S. M. cons. 4s
Lake Shore
BROS.
&
CO.
BROADWAY, NEW YORK
Members of New York Stook Exchange
3J^s
Short Term Notes
Railway Equipment Bonds
Pine Creek Railroad
Foreign Government Issues
Ohio
Battelle
Hartshorne &
1st, 1942
Pennsylvania Company
4s, Series "E," 1952
INVESTMENT SECURITIES
Members of the New York Stock Exchange
BULL &
ELDREDGE
Tel. 632 Cort.
81 Nassau Street, N. Y.
NEW YORK
25 BROAD STREET
& Co.
R. B. Hutchinson
CUBA
5% Gold Bonds of 1904
5% External Loan of 1914
4^% Gold Bonds, due 1949
NEW YORK
New York, Rockaway
OF
Amer. Thermos Bottle
PITTSBURGH, PA.
Safety Car Htg. Ltg.
New Jersey
OHIO
Municipal Bonds
Celluloid Co.
Descriptive List on Reauest
MUNICIPAL BONDS
TOBEY & KIRK
Members
Trust
RIPPEL &
J. S,
(Savings Banks
Companies
Insurance Cos.
CLINTON
COMPANY
25
Broad
from
Federal
Income
We will
Tax
STOCKS AND BONDS
Correspondence Solicited
Stock
.
.
Exchange
NEW YORK
.
NEWARK, N. J
STREET
PRICES ATTRACTIVE
Free
New York
Street
bought and sold for cash, or carried on
buy
or
sell
ACME WHITE LEAD & COLOE
conservative terms.
WORKS
1st 6s
Inactive and unlisted securities.
Inquiries Invited.
Seasongood & Mayer
FINCH
CINCINNATI, O.
TARBELL
&
Members New York Stock Exchange.
120 BROADWAY.
-
-
-
Southern
'
Road District Bonds are
yield a more attractive
through the purchase of the
Municipal, Drainage, School or
absolutely first-class securities and usually
interest return than
can
be secured
obligations of communities
Write
us
for
nearer
the big financial centers.
descriptive circular of high-grade
BOND
Southern Bonds.
Bid's, DETROIT
Louisiana & Arkansas 1st 5s, 1927
Salt Lake City Union Depot 1st 5s, 1938
Illinois Central St. Louis Div. 3s, 1951
K. C. Clinton & Springfield 1st 5s, 1925
New Orleans-Great Northern 1st 6s, 1955
Lexington Ave. & Pavonia Ferry 5s, 1993
Wheeling & Lake Erie Ext. & Imp. 6s, 1930
Cine. Ham. & Dayton Gen'l 5s, 1942
Balto. & Ohio Toledo-Cine. 4s, 1959
Denver & Rio Grande Adj. Inc. 7s, 1932
Hudson Navigation
Co. 1st 6s 1938
Denver & Salt Lake 5% Equipts. Mar. '20
DEPARTMENT
HIBERNIA BANK & TRUST
Floor-Penobscot
NEW YORK
SOUTHERN BONDS
4
JOEL STOCKARD & CO.
Main
NEW
Resources
ORLEANS
over
28 Million
CO.
WOLFF & STANLEY
'
Tel.
2860
27 William
or
6557
Broad
St., New York
Nov. 3 1917.]
THE CHRONICLE
XI
Current SSimfc inquiries
J. S. FARLEE & CO.
WANTED
Established 1882
Porto Rican-American Tobacco
SCRIP
J. S. Bache & Co.
NEW YORK
6400
Buffalo
Montreal
Broad
Rochester
Syracuse
66
BROADWAY, NEW YORK
Chicago & Erie 1st 5s, 1982
New York & Rockaway Beach 5s, 1927
East Tennessee Reorganization 5s, 1938
Central RR. & Bkg. Co. of Ga. Col. Tr. 5s, 1937
Kansas City Memphis & Birm.
5s, 1934
Chicago & Western Indiana Cons. 4s, 1952
St, Louis Bridge 1st 7s, 1929
Terminal Assn. St. L. 1st Cons.
5s, 1944
Alabama Great Southern 5s, 1943
Baltimore
Albany
Little Miami 1st 4s, 1962
COSDEN & COMPANY
Tank Car
Equipment 5s
Due
Norfolk Ry. & Light 1st 6s, 1949
Norf. & Ports. Trac. Co. 1st 6s, 1936
U. S. Income Tax Free
Cosden & Company 1st 6s
1919-1920.
Yield 4.25 to
Underlying Public Utility Bonds
Price
to
yield
Bioren & Co.
CHESTNUT
Members
of New
ST..
York
Incorporated
Philadelphia Stock
Exchanges.
BALTIMORE.
Railroad*
Public
Municipal.
Utility
Entire
1934
St. Louis Transit Co.
New
York
Members
Stock
Exchange
BROADWAY, N. Y.
Telephone.
PRIVATE
TO
Security
Issues
Negotiated
N.
Y. <fc
Baltimore
Stock
v
WILLIAM C. ORTON
Exchanges
Specialist Reorganization Securities
25 BroadSt., New York
Consolidation Coal Co. Securities
Consolidated
Kirby Lumber
Davis Coal & Coke
Western Maryland 1st Pfd.
Tsl. 7160-1-2.1 Broad
Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Penn. Water & Power Co. Securities
4390 Rector
WIRE
Chicago & Eastern Illinois Issues
Evansville & Terre Haute Issues
Missouri Kansas & Texas Notes
Missouri Pacific 5s, 1926
Conservative
for
CLEVELAND
and
BANKERS
NEWBORG & CO.
60
Industrial
W. W. LANAHAN & CO.
Impt. 5s, 1924
Members
Bonds
BOSTON and
MD.
Investment.
United Railways St. Louis
4s,
C. E. DENISON & CO,
INVESTMENT SECURITIES
PHILADELPHIA
and
4.65%
Bond Circular 6740.
Middendorf, Williams & Company
BANKERS
314
Send for
of 6%.
return
a
LOUIS
ST.
J. HARMANUS FISHER & SONS
KANS. CITY RYS.
5J^s
July 1, 1918
To net
Building
Adams
BOSTON
CciiMIDT
MD.
Columbus Street Ry. First 6s, 1932
8%
BURGESS. LANG & CO.
Sears
(Established 1874.)
T SOUTH ST.
BALTIMORE.
Members Baltimore Stock Exchange
Exp.
New York Stock Exchange
East Ohio Gas Co. First 6s, 1989
111 Broadway
RIGGS & McLANE
New York
32 South Street
Atlantic National Bank
Westchester Fire Ins.
Member* of the
Syracuse Gas Co. First 6s, 1946
BIdg.,
NEW YORK
&(jALLATTN
BALTIMORE, MD.
Rights
Lawyers' Mortgage Co.
FRANK J.
71
M.
Broadway
DILLON
DESCRIPTIVE BOOKLET
NEW YORK. N. Y.
ON
Cent. Dist.
Tel. 548 Rector
Japanese Government Bonds
INDEPENDENT
Offerings Wanted
ZlMMERMANN
&
FORSHAY
Now ready
&
Tel. 1st &
Detroit Edison Co. 1st 6s,
COMPANIES
9 & 11 Wall St., New York
Tel.
Gen. 5s, 1937
OIL
All Issues
Teleph. 1st 5s, 1943
Cumberland
El Paso Electric Co. 1st
1933
5s, 1932
Long Island RR. Con. 4s, 1931
for
Nassau Elec. RR. Con
distribution
4s, 1951
A
Kan.
City Via. Term.
Copy Fret on Request.
Wm.
Lima Locomotive 6s
St. Louis Rocky Mt. & Pae. 6s
New Orleans Great Northern 6s
CARL
H. PFORZHEIMER
Dealers in Standard Oil Securities.
Peerless Truck & Motor 6s
Carnegie Ewen
100 Broadway, N. Y.
& CO.
Tel. Rector 3880
Phones 4860-1-2-3-4 Broad 25 BROAD ST..N.Y.
H. HENSEL
C.
111 B'way, New
York.
Tel. Rector 8672-3-4-5
Detroit Terminal & Tunnel
Delaware Lack.
&
West. RR.
Stock
Chicago Burl. & Quincy RR. Stock
Lehigh Val. Coal Sales Stock & Scrip
Jfrrsepfc l&lallier Se Jfouh
Member*
New
York Stock
Exchange
New York
61 Broadway
Private Wire to Philadelphia
WE HAVE
Kansas
43^s
City Fort Scott & Memphis 4s
Western Union Collateral 5s
B. &
O., Toledo-Cinn. Div. 4s
New York & Erie Extended 5s
Mobile & Ohio Gen. 4s & Coll. 4s
East Tenn. Va. & Ga. Cons. & Div. 5s
Western New York & Penna. 4s & 5s
FOR SALE
Central Argentine 6s, 1927
Sinclair Gulf Corp. 6s
Central Petroleum Pfd.
Northern Ohio
Electric Pfd.
Northern
Peoria RR. & Terminal 4s
Ohio Electric Com.
Republic
Ry. & Light Pfd.
Farmers' Loan
Seaboard Air Line 6s
& Trust Co.
Mo. Kan. &
Rauscher & Childress
C4 Wall St.
New York
Tel. 5834 Hanover
*
SAM'L
Thoan 5380-1-2-3 Broad
Texas, All issues
GOLDSCHMIDT
25 Broad Street
CHRONICLE
THE
XII
[VOL. 105.
Current JBonfi Inquiries
The
Price
Twin State Gas & Electric 4 J^s
of
Hartford & Conn. Western RR.
El Tiro Copper 6s
Ail Seasoned Bonds Commands Attention
Kirby Lumber Com. & Pref.
Conn. Railway
Inquiries Invited
Lighting Com.
Columbia Telephone (Hudson)
Columbian Nat. Life Insurance
Portsm. Dov. & York St.
Ry. 4)^3
Denver Union Water Co. 5s & Stks.
Birmingham (Ala.) Water Co. 6s
Louchheim, Minton & Co.
Mass. Consolidated
Railway Pref.
Members New York and Philadelphia Stock Exchange*
Phone 7230 Rector
71
BROADWAY, NEW YORK
City Water Chattanooga 6s
Private Wires to Philadelphia and Boston
HOTCHKIN
CO.
Incorporated
SHORT
BScrdrll Brothers
PubUtlfiilitn § ecurities
Curtis &
WE
Power Co.
WANT
Boston
New
York
Chicago
York A Chicago Stock
LaSalle St.
Exchanges.
Wall St.
7
New York
Carbon Steel
&
Glover
Western States Gas & Electric Co. 1st 6s
(All Issues)
Privet* Phone* to
Member* New
Chicago
R.vs, Co. Coll. 5s
&
Chicago Securities
137 S.
River Power Co. 1st 5s
Lt.
Mass.
BABCOCK, RUSHTON& CO.
49 WALL STREET
1st 5s
Tacoma Gas Light Co. 1st 5s
United
Boston,
-
Knoxvllle Ry. & Lt. Co. Ext. 5s
Salmon
St.,
St., New York, N. Y.
New York. Btwtoo end Chicago
Stork Exchanges
Hydraulic Power Co. of N. F. ref. 5s
Idaho
34 Pine
Sanger
Memberr
State
63
SECURITIES
33roaaip»iLKlL.
111
TERM
MacGrecor
340 Fourth A*e..
PITTSBURGH. PA.
Philadelphia St Bostoo
Amer. Wat. Wks. & Elec. 5s, 1934
DUNHAM & CO.
1932
Buffalo Crosstown 5s,
Specialists
Carolina Power & Lt. 6s, 1938
Colorado Power 6s, 1953
43
Col. Ry., Power & Lt. 6s, 1940
Commonwealth Pr., Ry. & Lt. 6s,1918
Dallas Elec. 6s, 1922
Exchange Place,
'Phone 4501-2-3 FTnnover
Russian Government 6
6^8, 1921
Rtisfei&n Government 6 Yis, 1919
Mich. United Ry. 6s, 1936
Options in Russian Roubles
6s, 1922
Valley Gas & El.
Niagara Lock. & Ont. Pr. 5s, 1954
Penn Water Pr. 6s, 1940
West Penn Power 6s, 1919
J
2* BROAD ST-N.Y.
IN
(Mexican Bonds)
(Railroad Bonds>
-
(Gas, Electric A Water Bonds)
(Coal, Iron a Steel Bondt)
FRANK
P. WARD,
St., N. Y,
is Broad
Receivership,
STEEL, JONES & CO.
Reorganization
Bonds
.
Lafayette Building, Flrat Floor
Light .& RR. 6s, 1966
Twin States Gas & Elec. 4J^s, 1926
Southern Utilities 6s, 1933
Bt. Joseph Ry., Lt., Ht. & P. 6s, 1937
Brazilian Trac., Lt. & Pow. 6s, 1919
PHILADELPHIA, PA.
Blmira Water,
J. A. CLARK
Member* of Philadelphia Stock
New
A CO,
EQUITABLE BLOC.,
WANTED
Buff. Roch. & Pitts. Eq. 4s-4J43, var,
Lima Findlay & Toledo
Cbealnut
Municipal Bonds
Jersey
111
Now York
Broadway
60 State Street, Boston
OUTWATER & WELLS
16 Exchange Place
W. F. Bak«r. M.n.g«r Bond D.pt.
Tel. 20 Montgomery
Jersey City, N. J.
RR. 6s, 1925
PHILLIPS&CO.
CITIES SERVICE CO.
PHILADELPHIA
Street
Commercial Paper
'
Ft. Waywe & Wab. Vail. Tr. 68, 1934
Penna. Coal & Coke Ser. "A" 6s, 1932
SAMUEL K
S.N.BOND & CO.
Exchange
Securities
New Yorlt City
EtCtor 7126.
127
DEAL
(Irrigation Bonds)
(Timber Btmds)
Bought—Sold—Quoted
NEW YORK CITY
Bankruptcy,
'STOCK EXCHANGE
Tcuphone;27I5-9BROAD 1
STREET,
Pbooe, Hanover 4616
lOSEPH & WIENER
MEMBERS NEW YORK!
BANKRUPT
BANKRUPT
BANKRUPT
BANKRUPT
BANKRUPT
BANKRUPT
ALFRED R, RISSE CO.
.
«• WALL
Corporation Stocks
1926
I
Russian Government
Louisville Gas, & El. 6s, 1918
Miss.
United Coal
McKeesport Tin Plate 5s, 1930
Common
KNICKERBOCKER-WYOMING
Our
OIL COMPANY
in
facilities
these
&
for
stocks
Preferred
executing orders
are
excellent.
Central N. V. Gas & Elec. 1st 5s, 1941
American Gas &
American Pow.
Elec.
&
Lt.
Deb. 6s,.2014
Deb.
6s,
2016
Dubuque Iowa Elec. Co. 1st 6s, 1925
E. Chic. & Ind. Harb. Water 5s, 1927
Preferred and Common.Stocks
BOUGHT
MILLER
AND SOLD
Circular m Request.
L.
SO
N.
Members New
ROSENBAUM
WALL ST.
I
& CO.
120
B'wav
A
York and
COMPANY
Phlla. Stock
'Phone 3900 Rector
Exchanges
Investment
Securities
NASON
4.
CO.,
B6STON
New York
Burroughs Adding Machine
New Jersey Zinc
Oxden Mines RR.
■
Cleveland & Pittsburgh 7% Pfd.
American Graphophone Com. & Pfd.
„
Co.
25 Broad St.
36 Pearl St.
NEW YORK
HARTFORD
C. C. C. & St. Louis Underlying Securities
Chesapeake & Ohio Underlying Securities
Central RR. & Banking Co. of Ga. 5s. 1937
Colorado Springs & Cripple Ck. 1st 6s, 1930
Georgia & Alabama Cons. 5s, 1945
Indiana Illinois & Iowa 1st 4s. 1950
Central of Ga., Chattanooga Div. 4s, 1951
Philadelphia Co. 5s, 1949 (Stamped)
«
Continental Oil
Galena-Signal Common
Illinois Pipe Line
South Penn Oil
S. O. of New York
L.
NEW YORK
Guaranty Trust Co.
National City Bank
Title Guarantee & Trust
German American Insurance
Westchester insurance
Dick, Gregory
H.
85 Devonshire St.
Canadian North. Ore & Coal Dock 5s, 1937
Clearfield Bituminous Coal 1st 4s. 1940
Chic. Wilm. & Vermillion Coal 6s, 1931
Cabin Creek Consolidated Coal 6s, 1927
New Mexico Railway & Coal 1st 5s, 1947j
O'Gara Coal 5s, 1955
Pocahontas Collieries 1st 5s. 1937
Victor American Fuel 6s,i 1940
BAKER, CARRUTHERS & PELL
Bunds— Bank Mucks—Standard Oil Stocks
15 BROAD
ST., NEW YORK
Phone* SI61
to
SI 69 Hanovog
Nov. 3 1917.]
THE
CHRONICLE
nn
Jf manual
#<turtirtal
Timber
Byllesby
LYON, GARY & COMPANY
Utility Securities
Based
the
on
industry,
YIELDING
better than
the
and public.
Fischer
investor much
Lumber
__6a
6s
Company
6s
.....
6s
Kentucky-Tennessee Property Company..
Lumber Company
The Lyon Company
The Mowbray & Robinson
Company
6s
Leona Mills
proven
6s
6s
6s
Merrill & Ring Logging
Company
Menzies Bay Timber
BACKED
by a comprehensive
organization of long experience.
Ask
6s
6s
Alston & Lulu Fairservice
by severest
long period.
over a
-.6s
Bagdad Land & Lumber Company..
Cameron Lumber Company
«.
Carpenter-O'Brien Company
ordinary returns.
STABILITY
tests
Continental Timber Land
Company, New Issue
Great Northern Lumber
Company, New Issue
daily necessities of
commerce
Bonds
6s
Company, Ltd
Southern Timber Company
West Side Lumber
Company
for Circular CC
6s
..6s
6s
...
WE SPECIALIZE IN TIMBER SECURITIES AND ARE
IN TOUCH WITH THE MARKET FOR ALL
ISSUES.
H.M Byllesby & Company
Bids, Offers and Inquiries Invited
Incorporated
220 So. La Salle St.
1220
CHICAGO
Trinity Bldg.
Lyon, Gary & Co.
NEW YOKK
208 So. La Salle
Street, CHICAGO
F. B. HITCHCOCK
Metropolitan
NEW YORK LIFE BUILDING
Trust Company
offers
complete banking
a
financial
respondent
BONDS
highest order
to business clients and
39 SOUTH LA SALLE STREET
CHICAGO, ILLINOIS
OF THE CITY OF NEW YORK
service of the
&
CO.
cor¬
insti¬
tutions.
GEO. C. VAN TUYL, Jr.,
President
BEVERLY
CHEW,
Vice-President
EDWIN F. ROKEBECK,
Zd Vice-President
J
F.
Glenrock Oil Co.
McNAMARA,
8d Vice-President
H
B
THORNE,
The
4tb Vice-President
BERTRAM
•
Muddy,
CRUGER,
by
company
Elk
owns
Basin,
or
controls large
of producing properties in
acreage
Pilot Butte and Grass Creek
experts to be the coming big producers in
Fields.
These fields
are
the Big
recognized
this country.
Treasurer
Tbe stock enjoys a large and active market, on the New York Curb and has
steadily
GEO. N
HARTMANN,
Secretary
advanced in price since its introduction
to
trading.
Circular sent
60
upon
request.
Wall Street
KIRKPATRICK & LEWIS
10 Wall Street
Tel. 997(3-7-8-9 Rector
New York
l
WANTED
Financial
Reviews
Weekly List
For the years
of
1900
Current
1901
will be mailed
1915
Will pay $1.00 per
Bond
A. B. Leach
Copy
Offerings
upon
request
& Co.
Investment Seourltles
°
WILLIAM B. DANA COMPANY
1IJ8
Front
St., New York
62 Cedar
St., New York
PHILADELPHIA
BOPFALO
105 So. La Salle St.,
BOSTON
Chicago
BALTIMORE
THE
xit
[VOL.105.
CHRONICLE
Sfb&tttlK
Jfinandal
NORFOLK & WESTERN RAILWAY CO.
The
Investments
"BT
—
^
has
MILLING
STANDARD
declared
a
quar¬
COMMON
COMPANY,
Street.
49 Wail
(ItlHHHll
gmiEEEP
ErflT~Vt" H
£1
of Directors
Board
terly dividend of $1.00 per share upon the Ad¬
justment
Preferred
Stock
of the Company,
payable at the office of the Company, Com¬
mercial Trust
Building, Philadelphia.
Pa., on
and after November 19, 1917, to
the Adjust¬
ment
Preferred
Stockholders
as
registered at
the close of business October 31, 1917.
E. H. ALDEN, Secretary.
DIVIDEND
STOCK
7.
NO.
K?
■MTlri
The
or
other conservative investor
who must select
certain short-term
ma¬
turities to accord with other financial plans
will find
wide range of choice among the
a
various types of Collateral Trust Securities
issued by this Corporation.
In
general the maturities
limits:
range
within the following
y-/;
Collateral Trust Notes
2 to 6
as
follows:
months
STANDARD
Vehicle Debentures 4 to 12 months
Agricultural
MILLING
49
PREFERRED
Collateral Trust Commercial
Collateral Trust
The
Board
Wall
months
STOCK
DIVIDEND
con¬
servative investors.
It is always equal to that of the
best short-time paper
of the
6% depending
5%—5V2%
Milling
quarterly divi¬
Company, payable out
the earnings for the current fiscal year, on
November 30th, 1917, to Preferred Stockholders
of record at close of business on November 19th,
JOS.
1917.
A.
KNOX,
Treasurer.
Office of
and
H. M. BYLLESBY & COMPANY
v
Engineers
the maturities.
upon
a
32.
1917.
dend of One and One-Half (1 ^ %) Per Cent, upon
the Preferred Stock of this
maturities. At pres¬
at a discount rate of
NO.
N. Y. City, October 24th,
Directors of Standard
of
of
The yield is also attractive to bankers and other
ent it is sold
COMPANY,
Street.
Company have this day declared
Debentures 4 to 8
same
Milling
(a) On November 30th, 1917, One Per Cent.
(1 %) in cash and One Per Cent. (1 %) in Common
Stock at par, to common stockholders of record
at the close of business on November 19th, 1917:
(b) On February 28th, 1918, One Per Cent
(1%) In cash and One Per Cent (1%) In Common
Stock at par, to common stockholders of record
at the close of business on February 18th, 1918:
(c) On May 31st, 1918, One Per Cent (1%)
In cash and One Per Cent (1 %) in Common Stock
at par, to common stockholders of record at the
close of business on May 21st, 1918:
(d) On August 31st, 1918, One Per Cent (1%)
in cash and One Per Cent.
(1%) in Common
Stock at par, to common stockholders of record
at the close of business on August 21st, 1918.
JOS. A. KNOX, Treasurer.
Collateral Trust Gold Debentures 3 to 10 months
v
1917.
of
Company have this day declared a dividend or
Eight Per Cent. (8%) on the Common Stock of
the company out of the surplus and net profits of
the Company for the fiscal year ending August
31st, 1917, payable one-half in cash and the other
one-half In Common Stock at par, in equal quar¬
terly installments (of cash and Common Stock)
6. Maturities and Yield
Any banker
N. Y. City. October 24th
Directors of Standard
Board
Managers
CHICAGO
The Board of Directors of the Mobile Electric
May
we
send
ties
of
which
you
the full facts regarding
$30,214,000.
Our
leading banks?
new
have
been
as
Securi¬
by
booklet, "Collateral Trust
Securities," discusses in detail this and
features, such
our
bought
other
many
Stock of the company,
payable by check Novem¬
ber 15th, 1917, to stockholders of record as of the
close of business October 31st, 1917.
ROBERT J. GRAF, Secretary.
the following:
Self Liquidation;
Collection Record;
Margin of Security;
Insurance Protection;
<
Volume of Paper;
Credit Check
on
Collateral;
Economic Soundness of the Guaranty Plan;
;
Company, Mobile, Alabama, has declared the
regular quarterly dividend of One and ThreeQuarters Per Cent (1 % %) upon the Preferred
Vocational Diversification of
Underlying Names;
Geographical Distribution of Underlying Names.
PACIFIC GAS & ELECTRIC CO.
FIRST PREFERRED DIVIDEND NO. 13.
ORIGINAL PREFERRED DIVIDEND NO. 47.
The regular quarterly dividend of $1 50 per
upon
the full-paid First Preferred and
Original Preferred Capital Stock of the Company,
for the period commencing August 1, 1917, and
ending October 31, 1917, will be paid by checks
mailed November 15, 1917, to Stockholders of
record at 3:30 o'clock P. M., October 31, 1917.
A. F. HOCKENBEAMER.
share
Vice-President and Treasurer.
San
GUARANTY
SECURITIES
CORPORATION
THE
Undivided Profits $218,693.02.
Capital $1,000,000X0.
NEW YORK CITY
San Francisco
Affiliated with Guaranty
ii
a
m
tn
-
CENTRAL RY.
CO.
(1%) has been declared by the.Board of Directors
on
to
the Preferred stock of this
all
Nov.
Preferred
15,
Company, payable
stockholders
of
record
1917.
Checks will be mailed
Stock books do not close.
as
Dec,
of
1,
E. 8.
Banking Corporation, Chicago
ta
CREEK
The regular quarterly dividend of One Per Cent
1917.
Montreal
CRIPPLE
PREFERRED DIVIDEND NO. 48.
Incorporated under the banking laws of the State of New York
120 BROADWAY
Francisco, Cal., October 31, 1917.
HARTWELL, Treasurer.
Dated, Colo. Springs, Colo., Oct. 31, 1917.
THE
sj
CRIPPLE CREEK CENTRAL
RY.
CO.
COMMON DIVIDEND NO. 32.
The regular quarterly dividend of One and OneHalf Per Cent (1H%) has been declared by the
Board of Directors on the Common Stock of this
IMTTTTM
ifcnjMf
Company, payable to all Common stockholders
of record
of
Nov.
15, 1917.
Checks will be
Stock books do not close.
HARTWELL, Treasurer.
Dated, Colo. Springs, Colo., Oct. 31, 1917.
as
mailed Dec. 1, 1917.
E. S.
Statistical
Library For Sale
or
Lease
INTERNATIONAL
Between 15,000 and 20,000
Railroad, Public Utility and In¬
dustrial Corporation Mortgages, Leases, Reorganization Plans
and Agreements, Protective Committee
Deposit Agreements, Sub¬
scription Agreements, Annual Reports, &c.; Poor's Manuals and
bound volumes of the "Commercial and Financial Chronicle"—all
for
nearly thirty
One of the most complete collections in
pamphlets are unindexed and unbound,
ready for any desired system of filing.
Can arrange to have them
indexed, if desired.
Price $10,000.
No agents.
A rare oppor¬
tunity to obtain such a collection.
Address, Library, care "Commercial and Financial Chronicle."
Wall
Street.
HARVESTER COMPANY
OF NEW JERSEY.
Quarterly dividend, No. 43, of $1 75 per share
upon the 300,000 shares of Preferred Stock,
pay¬
able December 1, 1917, has been declared to
stockholders
November
of
10,
record
the
at
close
business
'
G. A. RANNEY,
Secretary.
years.
All
of
1917.
the
INTERNATIONAL
HARVESTER
CORPOR¬
ATION.
Quarterly dividend, No. 19, of SI 75 per share
upon the 300,000 shares of Preferred Stock,
pay¬
able December 1, 1917, has been declared to
stockholders
of
record
the
at
close
of
business
November 10, 1917.
G. A. RANNEY,
Secretary.
Bibibeirtid
MANATI
SOUTHERN
CALIFORNIA
EDISON
CO.,
Edison Bldg., Los Angeles, Cal.
The regular
quarterly dividend of SI.75 per
Mare on the
outstanding Common
Capital Stock
(being Common Stock Dividend No.
31) will be
P*1*1
Fn November 15. 1917, to stockholders of
on October
31,1917.
W,
PERCEY, Treasurer.
record at the close of business
.
J. G. WHITE & COMPANY, INC.
43 Exchange Place, New York.
The regular quarterly dividend (58th Quarter)
of One and One-Half Per Cent (1K%) has been
declared on the Preferred Stock of this Color¬
ation, payable December 1, 1917, to stockholders
of record November 15, 1917.
A. L. DeCAMP, Secretary.
112
Wall
SUGAR
COMPANY
Nov. 1 1917.
Sugar
Company have declared a quarterly dividend of
2H% upon the common stock of the Company,
payable December 1, 1917, to holders of common
stock of record upon the books of the Company
The
Street,
Board
New
York,
of Directors
of the Manati
at the close of business November
MANUEL E.
15.
1917.
RIONDA, Treasurer.
Nov. 3
THE
1917.]
CHRONICLE
^financial
jTtantta!
ONE HUNDREDTH ANNIVERSARY
OF
Our Record
FIFTY-TWO adminis¬
yean'
successful
BANK OF
Nov.
tration of
While
3rd, 1817.
Trusts.
continue
Nov. 3rd,
Head Office:
existence is
our
cannot
we
MONTREAL
perpetual,
withput the
1917.
MONTREALp CANADA
good will and confidence of the
community.
this.
BOARD
record
Our
The cost
of
proves
service is
our
moderate and fixed by law.
The Union Trust Company of
New York is authorized to act as
Executor,
Guar¬
Administrator,
dian, Receiver
Trustee, and is
or
legal Depository for funds of
every description.
It attends es¬
pecially to the management of
a
Real Estate and
Sir
R. B. Angus, Esq.
H. R.
Your
Harold Kennedy, Esq.
G. B. Fraser, Esq.
W.
Beauclerk, Esq.
Colonel Henry
Write for booklet
of
Estate"
General
UNION TRUST
General
Eighty
Broadway
Capital and Surplus $8,500,000
J. H. Ashdown, Esq.
Frederick
Williams-Taylor
Manager—A.
Braithwaite,
D.
CONDENSED STATEMENT
YORK
NEW
Cockshutt
Manager—Sir
Assistant
COMPANY
OF
C. R. Hosmer, Esq.
Drummond, Esq. D. Forbes Angus, Esq. Wm. McMaster, Esq.
Major Herbert Molson, M.C.
and remittance of rents
**Management
Gordon, K.C.B.E., Vice-President
Lord Shaughnessy, K.C.V.O.,
H.
the collection
to
DIRECTORS.
Vincent Meredith, Bart., President
Sir Charles
,
OF
50th
Anniversary 1867.
100th Anniversary 1917.
Total Assets...
$19,787,499
$386,800,887
Liquid Assets..
8,415,972
270,004,422
hand.
1,975,543
52,527,813
Deposits
11,198,831
324,144,279
Cash
Total
on
Should
Call Loans
Business Men
Current
114,156,888
11,021,526
Capital........
6,000,000
16,000,000
Reserve..
Buy Stocks
A large number of good
Nil
....
Loans.
1,250,000
16,000,000
o
•
•
•
•
•
•
109,313,438
Securities are now'
selling lower than they did in the panic
of 1907.
warning, anticipating this de¬
cline in the Stock Market, which has been
An urgent
Branches located in all the
of Canada.
Dominion
going on throughout the year, was placed
the hands of our clients on January
important Cities and towns in the
,
PRINCIPAL BRANCHES OUTSIDE OF CANADA:
in
2, 1917.
We
understand
the
long
swings
NEW YORK:
of the
64 Wall Street
Market and can readily help you to sub¬
stantial
R. Y.
advising
the proper time for you to make your next
purchases.
Write for free particulars.
profits,
thru correctly
A.
A. T
Pall Mall
Agents.
CHICAGO:
MASS.
If There Is A Market We Can Find It
hold
sales
of
108
and
South
Spokane,
Mexico,
The
Trafalgar Square
La Galle Street,
Washington.
D. F., Mexico.
IONIAN BANK , Limited
having its
stocks
BRANCHES AND
and bonds every
Wednesday,
charging $1 50 entrance fee
for each item.
Our weekly
St., E.C.
CASSELS, Manager
Sub-Agencies^-9 Waterloo Place
SMITH,
Largest Organization of its Character
in the World.
We
C.
BOG,
Babson Statistical Organization
HILLS,
47 Threadneedle
G.
W.
Address Dept. F. C. 19 of the
WELLESLEY
London, Eng.,
HEBDEN,
own
CORRESPONDENTS
THROUGHOUT GREECE
is
able
to.offer exceptional facilities for banking
business in that Country, and particularly places
catalogues and postal card service
every
market. We take
pleasure in furnishing quotations,
reach
its services at the
disposal of members of the
AMERICAN NAVAL AND MILITARY FORCES
Barnes & Lofland
Incorporated 1839
Stock Broker* Ac Auction****
147 S. 4th St.,
AMERICAN
HEAD
Capital, £485,580
0
OFFICE
25 ABCHURCH
LANE, LONDON,
MFG.
CO.
Acts
as
Executor,
Trustee,
Administrator,
CORDAGE
MANILA, SISAL, JUTE
Guardian,
Receiver,
Registrar and
Transfer Agent.
Girard
Trust
Company
PHILADELPHIA
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Interest allowed
Noble & West Streets,
E. O. 4
Philadelphia
Brooklyn, N. Y. City
on
deposits.
E. B. Morris, President*-
XVI
TTTF
CTTFOVTCTF
[VOL.105.
jfinannat
NEW
LOAN
$920,000
CITY OF CINCINNATI,
OHIO
:
BONDS
«
Due
September 1, 1937
Principal and semi-annual interest, March 1st and Sept. 1st, payable in New York City.
Coupon bonds with privilege of registration.
Denomination $1,000.
EXEMPT
FROM
Eligible to
FEDERAL
INCOME
TAX
Postal Savings Deposits at 90%
secure
Legal Investment for Savings Banks and Trust Funds
in New York and Connecticut
$760,000 of this loan having been sold,
we
offer the
Price
remaining bonds
103*4
to
and
Interest,
yield 4.50 &
Circular upon application.
R.
M.
\
-a
.
GRANT &, CO.
31 Nassau
St., New York
BOSTON
CHICAGO
Firs! Federal Reserve
THE LONDON CITY & MIDLAND
Trust
BANK LIMITED.
Company
We
believe
mention
Head Office: 5, Threadneedle
St., London, E. C. 2
Company
become
FOREIGN BRANCH OFFICE: 8, FINCH
LANE, LONDON, E.C. 3
Capital
Paid-up Capital...
Reserve Fund
Deposits
The
$253,539,070
...
$134,687,720
Capital has been increased
And the Reserve Fund...
by
has Branches
American
$2,029,360
$1,705,000
of the Belfast Bank purchase.
reason
This Bank
On
Troops
Sir EDWARD H.
are
were
New
York
the
to
Fed¬
'
on
August
1,
$20,585,000.
July 1, 1917,
^increased
$1,005,994,265
Exchange
deposits
1915,
$21,705,000
...
Reserves
Bills of
Our
$25,933,325
...
in
member of
Reserve System was the
Broadway Trust
Company
which joined in August, 1915.
$124,479,950
—
a
is, worthy of
first Trust
the
eral
(S5== £1)
Subscribed
it
that
to
they
had
$30,868,000.
This growth indicates that
our
have confirmed
our
judgment in joining the system,
patrons
of
which all national banks to
the country are also members.
...
in
all
Broadway Trust Company
the
stationed
Camps where
in
England.
FREDERIGG. LEE. President
Woolworth Building.
I
New York
HOLDEN, Bart., Chairman.
Announcement
LUDWIG
Sucrewoni
to
&
CRANE
CYRUS J. LAWRENCE & SONS
FeM. Chadbourne& Co.
T. W. Stephens & Oo.
Members of the New York Stock Exchange
15 Wall Street
New York, November 1, 1917.
Investment Securities
Investment Securities
61
Broadway
,
New York
786
Broad St.
We take pleasure in
announcirig that
Mr. William J. Hutchinson has this day
become a general partner in our firm.
Newark, N. J,
Cyrus J. Lawrence & Sons
Nov. 3 1917.]
THE
CHRONICLE
XT II
^financial
THE CORN EXCHANGE BANK
The
closing
of the
Liberty Loan enables
subscriptions
us
to
the
to report to our
Second
friends the
gratifying fact that through their exertions this
Bank
handled
including
56,958
our
operated with
heartiest thanks
us
clerical
to
...
;
.
*/,
7
'
'
the
been
success
co¬
we
to
the services of
staff whose
have
and
all who have
this Loan, and especially
in
desire to recognize
subscriptions,
amounting to $35,355,100.,
our own,
We extend
individual
our
officers and
labors have been very heavy,
given
as
a
Patriotic
Contribution
of the Loan.
7'
'
V
'
•
'
'
•
'•;'•••
'
'
•
''
.•
■
.'•
V
-
WILLIAM A. NASH,
1
■
J
.
:
WALTER E. FREW,
Chairman
•
*
President
:
'
■
•'
;;
<
¥
THE
xvin
[Vol. 105.
CHRONICLE
^financial
'!'V
v."
■B;.
Current
Investment
Offerings
We prepare
weekly
special offerings suitable for:
Trustees
or
Savings Banks
Commercial Banks
Private
These lists
of
the
Investors
are
attractive
the market and
mailed
33 Pine Street
representative
issues
m
copies will be
regularly
on
request.
New. York
\
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Bankers' Convention
Railway Earnings Section
VOL. 105
Electric
State and
Section
Railway Section
City Section
SATURDAY, NOVEMBER 3 1917
NO. 2732
Week ending October 27.
'foe
Clearings at—
Inc. or
PUBLISHED WEEKLY.
1917.
Terms of Subscription—Payable In
.$10 00
6 00
13 00
1 60
£2 14®,
European Subscription (including postage)
furopean Subscription six months (including postage)....
iianuai Subscription in London (including postage)
fix Months Subscription in London (including postage)
Danadiau Subscription (includingpostage)
£1 ilk
$11 60
Bank and Quotation (monthly)
"Railway and Industrial
Railway Earnings (monthly)
Electric Railway
state and CiTY (semi-annually)
Bankers' Convention
Chicago...
488,497,731
Cincinnati
Cleveland
75,208,217
Detroit
50,496,451
25,844,379
12,348,000
9,164,100
Milwaukee
Indianapolis
Columbus
Toledo.......
(3 times yearly)
Dayton
(3 times yearly)
Evansville
(yearly)
Advertising—Per Inch Space
4 80
2 00
29 00
inch space (14 agate lines)
( Two Months
(8 times)..
I |gU0Sstis {26 SSL™::
60 00
Months (52 times).......
K Twelve
87 00
3sicago Office—39 South La Saile Street, Telephone Majestic
Bondon Office—Edwards & Smith, 1
WILLIAM B. DANA
111—
Youngstown
2896.
Fort Wayne
Lexington
.....
Akron
...
Rockford
Canton
....
South Bend
Quincy..
Bloomington....
Springfield, O.
Drapers' Gardens, £L C.
COMPANY, Publisher®,,
Decatur........
Front* Fine and DepeyeterSts** New Yorfc
Mansfield
Published
Saturday morniiig by
WILLIAM B. DANA COMPANY•
President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Seo.
Addresses ol all, Office of the Company.
every
Seibert Jr.,
Jaoob
854,527
6,546,000
1,868,501
2,700,000
1,090,624
1,164,534
945,495
1,204,071
682,288
Jacksonville, 111.
Danville
Lima
Owensboro
—13.9
7,216,800
—11.8
6,295,549
3,380,320
3,344,301
2,254,598
1,693,722
1,051,413
1,919,729
1,277,042
4-7.1
4-11.0
—2
4-2.6
—4.6
4-63.9
4-39.4
•
4-3.6
—28.3
272,557,048
19,542,150
18,976,920
23,861,819
14,231,115
6,696,536
5,472,200
4,605,168
2,762,710
2,771,175
1,697,115
1,104,981
859,423
1.243.360
1,234,151
4-46.7
607,164
571,412
4-35.0
2,107,000
1,017,565
1,725,014
794,782
1,498,000
4-37.4
4-2.9
4-38.6
791,903
4-22.8
610,931
4-25.0
4-15.0
688,167
455,124
503,446
4-15.6
4-27.0
885,388
1.360.361
650,842
710,694
559,769
681,641
429,362
428,620
998,291
735,663
530,000
—30.2
513,738
4-11.0
868,174
955,424
1,114,395
400,000
4-0.2
540,087
1,000,000
377,371
570,369
677,902
Lansing
4-13.9
4
956,970
Jackson
326,844,732
27,514,900
30,848,714
29,275,499
15,602,879
8,142,055
4-1.2
4-34.6
9,695,417
4,000,000
4,774,535
3,236,307
2,048,077
1,369,417
3,275,823
1,749,222
582,796
4,850,000
1,359,595
2,622,626
786,741
948,374
756,310
1,047,737
590,938
753,280
4,898,119
3,086,584
3,357,411
1,909,546
3,394,040
1,254,627
1914.
$
+8.5
10,649,200
8,552,192
Grand Rapids...
1915.
55,860,049,
47,157,956
23,291,524
10,843,310
3,900,000
.....
Springfield,
SiaMing Business Cards
%
450,212,336
36,936,400
37,388,258
Peoria
Subscription includes following Supplements—
•Cranslent matter per
Dec.
$
Advance
WOne Year ..........
for Six Months...
Terms of
1916.
—21.1
240,698
473,362
840,865
776,659
195,046
358,810
365301
475.000
4-16.7
292,737
261,439
73,108
236,310
—12.3
4-17.6
Ann Arbor......
341,875
Adrian
121,752
Tot. Mid .West
751,916,329
684,064,146
4-11.4
479,450,870
388,041,922
San Francisco...
Los Angeles.....
99,377,148
28,412,000
53,274,640
18,445,299
11,275}084
12,122,665
7,223,156
1,616,812
3,923,968
3,131,682
1,905,276
1,641,810
43,820,057
18,835,548
26,445,321
76,886,266
25,398,139
19,613,686
18,746,543
11,613,057
2,401,842
6,905,985
4-29.1
Seattle
CLEARING HOUSE RETURNS.
340,000
321,591
138,871
—,
The
following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week' ending to-day
have
been
$6,520,588,080, against $6,028,576,789 last week and $6,172,753,652
the corresponding week last year.
'
_v
.
Per
Clearings—Returns by Telegraph.
Week ending Nov. 3.
Portland
1917.
1916.
$3,073,505,785
430,399,318
$3,132,571,765
—1.9
+9.6
104,036.370
135,600,149
392,846,832
245,951,877
248,117,476
109,043,557
103,631,330
92,376,038
73,573,218
68,109,153
41,367,448
57,675,271
41,404,112
+ 18.3
—0.1
North
—0.1
26,639,945
...
Reno
Cent.
Salt Lake City..
Tacoma...i
New
York
Chicago
Philadelphia
Boston
Kansas
St.
————
—
i
301,463,906
250,397,512
—
—
City
...
Louis—
San
——
——————
Francisco
—-
.
—
—
Pittsburgh——
Detroit
;
—_
Balt-imnrfi
New
+22.6
+ 3.3
San Jose
Pasadena.......
$4,474,126,385
077,426,923
$5,151,553,308
1,021,200,344
+ 5.9
$6,520,588,080
$6,172,753,652
+ 5.6
+ 40.6
+3.8
+ 17.4
.....
by the above will be given
next Saturday.
497,048
+29.6
119,837,708
105,206,812
186,708,124
124,152,623
38,147,045
30,163,591
18,078,619
16,976,228
11,301,942
5,902,630
8,303,779
5,515,447
4,805,487
2,914,815
1,882,160
+ 60.4
64,544,966
+ 34.5
88,556,420
34,887,298
20,820.283
15,137,818
13,649,746
7,637,492
6,136,647
—1.8
10,563,948
+ 37.8
Kansas
City....
Minneapolis
Omaha
St. Paul........
........
St. Joseph—
Des Moines
.......
Cedar Rapids.
Waterloo
—
Helena..
1916.
1917.
$
•
.
Dec..
1915.
1914.
S
%
$
$
•
Fargo.
Colorado Springs
Pueblo
New York- 3,313,238,529 3,591,766,063
282,904,029
Philadelphia—
346,483,100
+ 22.5
190,212,904
126,758,163
Fremont
91,181,165
77,084,372
+ 18.3
41,690,199
20,900,761
10,600,000
.38,141,912
+ 9.3
+27.6
46,863,711
31,608,523
10,182,301
6,691,970
Hastings
Billings
16,382,933
9,032,659
58,669,378
38,966,933
12,643,705
7,704,605
4,377,664
6,293,223
3,302,442
4,277,513
2,513,881
3.126,471
1,995,008
4,464,953
2,481,166
1,272,081
2,541,132
1,744,840
1,353,069
1,267,900
4,655,743
—6.0
4,607,753
5,480,611
3,833,675
3,189,939
2,619,230
1,629,869
1,319,858
Pittsburgh
Baltimore
Buffalo
Washington
....
Albany
—
Rochester
Scranton
......
—
Syracuse
Reading..
Wilmington
Wllkes-Barre
...
Wheeling
Trenton
York
Lancaster
Erie
......
—
GreeUsburg.....
Chester
—7.7 2,856,906,583 1,216,968,745
+ 17.4
5,540,300
+2.9
3,660,331
+ 15.5
2,053,905
3,223,322
+22.4
—3.0
1,873,356
+ 6.5
3,409,721
+30.0
2,321,987
1,012,892
1,877,293
•
,
+ 7.0
971,569
+ 35.4
1,556,225
993,146
+32.6
1,315,645
613,688 + 120.5
715,279
1,063,126
683,632
+ 13.1
640,700
585,300
516,902
537,534
397,145
352,488
Altoona
650,000
625,705
+3.9
423,243
434,068
—2.7
Middle. 3,867,034,540 4,053,199,109
—4.6
256,926,992
10,625,900
6,750,353
5,000.000
214,614,800
11,865,000
+ 19.7
8,133,280
4,843,557
—17.0
3,867,126
2,350,000
—14.1
4,083,724
1-4.3
2,056,112
2,120,230
+61.8
Providence
Hartford
.......
New Haven.
Springfield
3,321,258
Portland
2,200,000
Worcester
3,906,558
3,328,098
1,875,736
1,138,604
762,038;
Fall River.
New Bedford
...
Lowell...
Holyoke
Bangor—
—
TotalNewEng.
—10.5
+3.2
—6.4
—11.1
194,187,812
9,426,300
7,722,580
4,005,641
2,396,991
1,800.000
2,758,272
1,297,517
2,084,984
859,523
982,253
+ 15.9
1,084,943
—29.7
661,046
+39.2
743,127
441.129
296.755,988
256.662.071
+ 15.6
227,723.876
Note.—For Canadian clearings see
Aberdeen
.
——
Tot. other West
123,014,822
7,250,000
3,868,782
2,779,609
2,434,562
Louis.
New Orleans.—.
Louisville
Houston
Galveston
...
147,248,557
+ 50.9
+ 37.9
375,092
1.320.401
588,193
490,314
1,708,464
1,014,787
518,557
448,460
+31.1
1,089,719
+9.4
+ 58.8
840,831
416,408
231,401
673,191
387,505,999
280,367,042
+38.2
218,575,725
182,703,325
155,200,440
49,873,165
17,038,946
123,773,142
+ 26
+23
86,135,354
21,925,488
62,608,172
40,361,557
18,156,275
15,969,727
*—6
14,578,901
18,900,000.
7,350,000
—
Fort Worth,
Nashville——
Norfolk
12,812,165
6,605,397
Augusta..
5,967,531
Birmingham
3,842,333
Little Rock—6,400,000
Jacksonville
4,113,424
....
5,087,296
4,852,361
2,295,682
1,375,000
Charleston
Knoxvllle
Mobile
Oklahoma
...
Macon
Austin
Tulsa
Muskogee
Dallas
Total Southern
Total ail
11,463,956
2,724,148
2,700,000
563,385
+61.9
+29.2
+29.7
1,755,960
+25.7
2,097,041
'
+ 72.7
1,734,900
2,223,000
1,905,309
—3.4
+ 15.1
+ 22.6
+ 13.4
6,592,751
22,915,748
28,933,331
14,337,065
9,901,489
12,771,583
9,145,504
5,628,112
4,001,791
+ 18
+ 11
+62
+ 73
+43
+32
+ 31
+40
+ 17
+49
3,010,755
+ 27
4,252,283
3,300,000
3,478,584
+ 50
+ 24
+ 46
2,898,000
+ 67
2,183,418
1,130,361
6,540.605
8,008,123
2,800,000
+5
+21
+ 75
—66
—3
354,805
+58
638,274
469,236
+ 36
6,609,207
4,024,020
1,678,809
15,125,786
+39
3,227,071
27,281,615
494,754,495
+92
1,384,201
1,168,603
1,903,247
630,000
618.681
776,246
339,508
230,696
527,119
27232,223,950'
*
14,137,719
8,865,289
11,539,005
.4,978,841
12,505,949
18,375,495
10,170,422
6,698,745
10,716,751
7,037,196
4,775,623
2,594,860
2,945,909
2,880,470
2,537,920.
2,251,959
2,530.184
1,750,567
1,041.091
2,745,000
4,865,818
2,338,054
330,844
343,482
1,452,168
1,341,274
7,236345
4302,187
8,075,000
11,858,127
6,585,648
3,493,170
8,621,562
5,627<440
4,325,894
1,553489
2,378,109
1,847.761
2,269,978
2,044,781
1,479,178
1,651,599
241,387,350;
169,674,990
880,000
2,570,460
3,287,148
1,023325
247338
263,108
1,198,751
1.042306
+80
371,742,860,. +33.ll
6,028,576.78^,5, ,823,990.013j:
Outside N. Y. 2,715.338,260
"Commercial and Miscellaneous News."
+40.6
36,641,323
16,789,261
14,542,564
10,065,857
6,427,812
4,673,247
8,376,904
3,838,724
2,835,770
1,982,097
1,315,382
1,505,117
1,580,000
—19.4
50,150,824
20,540,999
13,105,732
16,773,621
;—
Memphis
Jackson
394,558
—9.0
941,801
Atlanta
Savannah
Vicksburg
.
%
493,042
758,456
37,261,923
1,716,043
1,413,604
597,737
682,382
+3.8
+ 57.4
3,863,893
3,586,337
2,098,099
1,491,942
1,529,628
1,678,568
2,155,841
1,538,628
2,036,214
690,000
Richmond..T—
2,197,807
898,651
■
•1,012,404
504,518
275,000
4-22.6
4-33.1
4-52.4
*
St.
Chattanooga
3,198,949,261 1,468,435,233
020.451
881,810
841,770
+0.9
801,800
Boston
1,509,930
2,023,724
1,655,734
872,847
1,384,360
1,256,894
906,200
Total
.
5,177,112
3,100,822
2,851,367
1,909,963
2,758,429
1,888,734
2,568,688
2,001,703
+ 25,7
BInghamton
Montclalr
„
+ 13.6
3,210,491
39,607,903
47,465,452
16,448,598
23,864,889
17,053,355
7,938,591
8,160,171
7,601,160
7,781,929
3.765.400
2,441,935
3,032,334
3,180,098
2,559,197
2,335,862
2,026,445
704,049
392,645
679,738
City....
Davenport
Topeka ......
Inc. or
865,872
1,337,436
785,038
4-3.0
4-27.8
Lincoln
Clearings at—
4-47.4
4-60.0
528,409
Sioux
Week ending October 27.
4-26.9
4-64.6
4-16.8
177,954,785
.
Wichita...
clearings being made up by the clearing houses
Saturday, and hence in the above the last day of the week has to be in
4-26.0
230,609,438
at noon on
estimated, as we go to press Friday night.
Detailed figures for the week ending Oct. 27 follow:
4-45.6
10,911,369
9,974,033
5,618,398
1,616,768
3,476,321
2,874,476
1,800,655
1,381,208
836,456
1/436,699
636,388
Total Pacific..
Duluth
cases
4-36.8
4-88.6
Long Beach.....
We cannot furnish them to-day,
all
3,215,537
886,797
4-34.8
53,863
864,378
468,577
250,000
405,081
Yakima.
Denver
Total all cities for week.....
The full details for the week covered
2,708,824
1,929,809
1,376,736
2,010,642
860,678
1,612,575
4-11.9
176,193
1,977,210
937,979
600,000
675,220
Stockton
....
+ 5.6
4,265,000
2,254,424
2,029,281
Diego
Fresno
S5,440,143,682
1,080,444,398
.
San
+ 30.9
42,796,758
Total all cities, five days
All cities, one day———
Sacramento..
+ 50.4
$4,644,878,901
795,264,781
....
....
+25.6
38,874,149
30,436,798
Orleans
Eleven cities, five days...
Other cities, five days.—
Spokane
Oakland.
16,090,642
3,494,759
8,700,000
5,415,987
4,457,188
4-6.3
+3.5 4/485,924,790 2,461,311339
+21.6 1,629318,207 1,249341,694
[Vol. 105.
CHRONICLE
THE
1734
intensify
had been growing up,
It has been a week of disturbing events.
On the and to precipitate additional breaks in values. With
Stock Exchange,values have been crumbling away the Stock Exchange actively engaged in attempts to
in
most
alarming fashion. The further violent check the evil and to preserve and to protect its
breaks, coming on top of the huge antecedent de¬ good name, it will stand higher in the public estima¬
clines, have served to create a feeling of great un¬ tion, will promote confidence in its integrity and rec¬
easiness and anxiety.
The Stock Exchange authori¬ titude of purpose, and will remove occasion for out¬
Most important of all, by scrutinizing
ties, because of this great collapse, have been side action.
dealings and eliminating reprehensible transactions,
prompted to take unusual but perfectly proper and
really praiseworthy action for curbing illegitimate it may succeed in making it plain that the collapse
specu'ative propensities. They adopted resolutions in values follows after all from natural causes. Know¬
on Thursday requiring all members of the Exchange
ing the causes, efforts can be made to remove them.
or their firms, who are borrowing stocks either for
Appearances are unfortunately often deceptive, and
themselves or their customers (and therefore pre¬ though, as stated above, the present demoraliza¬
sumably short of the market), to furnish daily to tion of the stock market has many of the character¬
the Committee
Clearing House
on
feeling of uneasiness which
the
list of all stocks
a
served still further to
naturally
rumors
THE FINANCIAL SITUATION.
istics that
in evidence when bear operators are
are
easily turn out that these have had
controlling part in the downward move¬
One point of difference with "bear" move¬
is observable, namely the entire absence of
the
parties from whom borrowed, requiring also similar
information daily from those loaning out stocks.
With the knowledge of what had been done the stock
market yesterday considerably improved, though
at
closing weak.
the transactions consisted
the fiame and amounts and
borrowed, with
,
;
It must be admitted that in the way prices have
tumbling, the market has been acting a good
been
deal
"bear" operators
it docs when powerful
as
are
work, it
large
no
ment.
ments
may
or
of short
make
thought that the Stock Exchange authorities were
buying to
derelict in countenancing
those
and failing to
deal in
summary
Last December a notori¬
speculator, according to his own testi¬
sold thousands of shares, every hour of the
mony,
day, with the view to breaking the market, and suc¬
ceeded in
his
for their
count
offense
against
well
as
doing, yet neither he
so
executed
who
any
called to
which
ac¬
plainly
an
are
ordinary decent business code
Short selling in the
with the risks it involves, is
way,
Throwing stocks
of
acts—acts
by the
over
a
that short
argue
selling is legitimate and really constitutes
safety in the situation, too frequently
One class of
fail to bear this distinction in mind.
operations is unobjectionable and
good
the
on
Those who
totally different thing.
element of
an
thing.
one
with the sole view
ream
breaking the market, and then covering
break, is
a
the firms
nor
ever
w,ere
against good morals.
as
ordinary
.
orders
purpose.
may
really
serve
The other class must be unquali¬
fiedly condemned.
If such acts
positively
a
and
confidence in
financial
wicked in normal
times, they
are
What is
more,
traitorous,
they
are
because
at such
by
a
time
undermining
security values they tend to impair the
standing and stability of the whole
com¬
munity, thereby jeopardizing the successful financing
of the
war
itself.
Therefore,
action of the Stock
we
welcome the present
Exchange.
The Exchange has
ample authority for ferreting out the offenders.
On
the
reason
for
By making it clear that bear attacks
on
present occasion there is
acting.
a
two-fold
prices will not be tolerated, greater stability of values
will
be
assured, which
itself is
an
sideratum, and by stepping in at the
it
gains
no
closed, either
by the
proper
little distinction for itself.
there have been
be
important de¬
summary
rumors
as
that the
moment
For weeks
Exchange
the result of its
own
V
have been for
time real
some
depress'ng in luences at work, and the present
they
for instance, than the reverses the Italians
worse,
have
CouM anything have been
circumstances.
tors and
week
weakening fac¬
supplemented by special
were
experienced at the hands of the Germans?
Then,
Tuesday,
on
had the temporary closing
Exchange, with the an¬
we
down of the Montreal Stock
nouncement, upon its re-opening, that
a
return
the system of
to
nrnimum
there would be
prices which
time when the Exchange re-opened
prevailed for
a
after the long
period of suspension fol'ow ng the out¬
break of the European
heavy
excess
war.
profits taxes
Furthermore, the very
business undertakings
has just
on
levied under the War Revenue Act, wh'ch
become
These
law,
a
and
effect
on
1917, ten months of which
already, in large
tributed, and the
money
who received the
profits
invested
now
or
up.
Those
provide the means
also involves more or less sell¬
ing of other investments in order
to meet
used
find themselves under
Besides this, the floating of the
Liberty Loan
money
are to
been dis¬
Liquidat;on of investments
meeting these taxes.
huge
already
are
which they
measure,
the necessity of raising funds to
naturally follows.
scale.
large
a
made to app'y to the profits
are
Thus the profits on
be based have
for
keen*y disturbing
a
liquidation
taxe">
of the whole of
us.
exercising
are
causing
onerous
provide the
to
the subscription payments on the
loan.
The
U.
submitted
quarter,
S.
the
Steel
furnishes
in its statement
Corporation,
present
and extent of these
for
week
the
September
indication of the magnitude
an
war excess
profits taxes.
For the
September quarter this corporation makes an allow¬
ance of no less than $63,733,013 for war income and
profits
was
to
excess
or
previous
These
This
cover short sales previous'y made, fur¬
recuperative strength so lacking on the
in order to close the transaction.
The truth is there
action
action of the Government.
borrow the stock
may
present occasion.
behind
criminal when the country is engaged in
great war.
disloyal
are
He
time, but in the end he must buy the
a
nishes the
fashion with
guilty of the acts.
stock
ous
or
apparently indifferent to their oc¬
rather in being
currence
operations of that kind,
into the market and buy the stock to
good his sales.
needed for
stock itself,
a
He who sells what he does not pos¬
selling.
must go
sess
drive against values and hesitate at
nothing to accomplish their end.
We have always
engineering
This would not be the case if
mainly, or even largely,
rallying power.
any
taxes,
quarter,
against
and
$53,918,872
deducts
a
further
$46,581,724 from final net income to
cover
for the
of
insuffi-
sum
Nov. 3 1917.]
THE
CHRONICLE
<cient allowance for the first quarter,
making alto¬
gether $164,233,609, without reckoning at all what
have been
may
taken
out
originally
and
of
in the first
situated
and
tax
companies
not.
are
enough, the
dispatches
ample
possesses
extraordinary
meet
these
phenomenal amount of 350 millions but in 1915 the
large
balance
as
if this
were
saying that
now
run
from
The
a new
contemplated for
the Allies, and we are told that for the first two
years
of the war the Government's own
requirements,
was
For
The
being
nearly
Imports
month
largely in
very
the
month
was,
only $4,171,535, but shipments for the
reached
This further loss of
$31,332,396.
gold reduces to $179,363,928
gain of the
net
our
metal for the nine months of 1917,
this following
dollars, against which there has been
Let
easy.
the
Commerce Commission grant advances in
rates.
In the matter of taxes,
too, the situation will
be eased if Congress and the Government
a
import balance of $288,458,005 for the period
of
remedy is
in
as
loss to the United States of $26,160,861.
a
were
ishing net results.
a
of
direction—outward—
one
together with the advances to the Allies, may call
for $50,000,000,000.
Then the railroads, while do¬
ing an increasing business, continue to show dimin¬
Here, at least,
million
43
imports for the period*
$2,118,621,411 and that
gold movement of
and netted
net
nine
the
imports by $2,325,-
little under 1,230 millions.
a
August,
As
20% to 60%, exclusive of
are
millions.
aggregate
balance
1916
1915
was
the normal tax, one marvels how much higher
they
can be or are
going to be put.
Then, too, most lavish loans
149%
dollars greater than the total
preparing to present supplemental legislation at the
these taxes
this
023,000,
another
putting taxes still higher.
only
was
months of 1917 exports exceeded
not
Thursday morning contained
and that the Administration
December session for
side of the account in the
same
other
Moreoever,
Washington
measure,
month's showing
the
excess on
Many
2J^ billion dollars would have to be raised by
revenue
an
our
balance of exports
Last year the
$220,008,000.
was
The net result of
was a
cash to
payments.
papers on
from
$1,302,094,786 in 1915.
foreign trade for September
The Steel Corporation is exceptionally well
quarter.
1735
in
1916 and
in 1915.
$252,954,334
months from
During the 39
July 1 1914 to Sept. 30 1917, the arrivals
gold here from abroad have aggregated 1692 million
of 674
outflow
an
million, leaving the net gain in the gold stock
of the country 1,018
million dollars.
recog¬
nize that there is
a limit to the
length it is possible
and that that limit falls considerably short of
to go,
In
connection
The foreign trade figures of the United States for
Sept. 1917, issued this week, indicate that notwith¬
standing the various embargo measures put in force
by the Government, the effects of which
shipments of
in
September
foreign
Central
calendar
products
Europe and thus prevent very
needed supplies from
reaching the
though falling quite
even
all
up
to
high level,
a
little under the totals for
a
preceding months of this calendar
except
year,
July, and well below the
1916.
of
Of course,
corresponding period of
high prices have been an element
considerable importance in
swelling the
current
year's totals. Were it possible readily to make proper
allowance for difference in prices between this
year
and
last, it would be found that the quantitative
outflow for the month
of
1917 shows
a
very
much
greater drop from 1916 than is indicated
by values.
Imports for the month, while exhibiting a moderate
decline from August, were
heavily in excess of Septem¬
ber
a
year
ago,
so
that the favorable
balance
the merchandise movement
period in 1916, but yet
neous
1917.
year
was
nominal
a
The
outflow
decrease in
and
time the nine months'net
same
by
animals
The
ments
a
a
and
chandise
some
unprecedented value of $4,607,total comparing with
$3,950,426,079 in
only $2,531,542,123 in 1915.
The mer¬
imports for the
month
very
$236,193,000
but
72
dollars less than in
August,and
below the high mark established in
million
85 millions in
dollars
excess
result for the nine months sets
•
were
34 million
million
1916 and
1917, ship¬
of the
were
817,000,
appreciable margin,
an
than in
Sept.
Sept. 1915.
The
more
of
a
high record by
aggregate
794,000, comparing with $1,831,174,668
agricultural
and
a year ago
minerals, timber and miscella¬
the gains in
their
and
produce
manu¬
are
con¬
for
In all, the commodity exports
were
of a value of $112,621,462
September
against $90,285,121 in 1916 and for the nine months
reached
$1,056,609,677 against $766,796,000.
ports exhibited
moderate augmentation
a
aggregating
year,
and for the
$75,893,364
against $68,766,000
months totaled
nne
comparing with $554,823,000.
balance
for
latest
the
nine
$792,614,652, this
Finally the export
months is
against $211,973,000 in the preceding
000 in
1915 and considerable net
years.
Im¬
last
over
$263,995,0)35
$27,74;$,-
year,
imports in earlier
,
.
'
'
'
'
'
'
'
*
Reports have recently been in circulat'on that the
of the New York Stock Exchange
governors
considering the resumption of
the
plan
were
a
that
was
adopted when the Exchange reopened after the
For the nine months since
Jan. 1
1915.
June,
record
year from the whole
value of $456,201,000,
contrasting
$514,924,134 last year and $300,654,921 in
with
70H
a
September exports this
country reached
or
balance is
At the
,a
prece¬
spicuously heavy.
on
200 million dollars.
over
1916
considerable!
of
less than in the period
articles is also shown but
factures
much less than for
was
very
showed
the export side of the
on
.
the
of interest that
compared with the
as
and especially
year
as
account, swelling to a material extent the country's
favorable, balance for the elapsed portion of the
commodities to
many
Powers, exports keep
ding
trade
expansion
state¬
commerce
note
to cause
are
the neutral countries of
essential and much
foreign
we
considerable
contraction in
the
Canada's
the line of absolute confiscation.
a
with
ment of the United States
sus¬
pension during the earlier months of the
that of
raids
guarding against
by
a
severe
declines
professional
system of official minimum prices.
be said that the
has not been the
question of adopting such
subject of either official
or
discussion and it is difficult to trace the
definite
any
governors
the
source.
The
have thought it
announcement
of
a
only
action
necessary to
new
It may
a course
unofficial
rumors
that
to
the
take has been
regulation
providing
that borrowers and lenders of stocks shall make each
day at
names
firms
noon
and
from
a
formal and specific statement of the
amount
which
of such
the
stocks and
securities
are
of $2,282,-
to
a
must make official returns in sealed
year ago
war, name y,
or
which
they
are
loaned.
In
also o' the
borrowed
or
addition borrowers
envelopes of the
/
of their clients for whom the securities
names
the
with
governors
they
jnoment
through
data
which
discover whether
can
exists for the
purpose
any
at
any
conspiracy
of depressing prices.
intention of interfering with
no
are
The entire plan is designed to furnish
borrowed.
There
legitimate
[Vol.105.
CHRONICLE
THE
1736
opera-
compared with April.
as
The Admiralty had decided that four new
year.
national
ard
shipbuilding yards
ranged for and
construction.
tion regarding the clients of various firms unless
there should in the estimation of the committee be
the
sufficient justification for so doing.
these
The fact that the
on
^esterday (the new regulations having been an¬
nounced after the close of business on Thursday) there
short commit¬
obviously by interests who did not desire to
ments
be
an
exciting rush to
September,
out 64 raids
Flanders dropping in
We referred last week to the
cover
openly associated with such transactions.
Later
most
Riga region
withdrawal for
Austria had called
probably due to their
important
which
work
was
more
upon
Germany to do in the drive against the Italians.
This week's
developments have certainly confirmed
this view.
Each
German forces
stimu-
a
probability that the
retirement of the Germans in the
culminated, but while it lasted it exerted
i
lines in
operations 2,736 bombs.
ip the day this buying movement seemed to have
\
added,
Ai^ Service carried
enemy
succeeding day has borne increas¬
ingly spectacular
*
under
were
the speaker
file will, however,
restraining influence of no slight importance
against manipulation. At the opening of the market
quite
the
than half of them
more
In
Royal Naval
behind
pjrofe a
was
Stand¬
are necessary.
ships aggregating 1,000,000 tons have been ar¬
opening the sealed envelopes containing the informa¬
and transactions will be
year was
123% higher than in the corresponding period Jast
]fcions on short account and there is no intention of
names
The output of merchant
shipping in the first nine months of this
of the drive of the Austro-
news
against the Italian armies, latest in¬
.
lating influence of
no
small dimensions
speculative stocks such as United
Heading, General Motors, &c., &e.
The
Pittsburgh Stock Exchange
leading
upon
States
Steel,
governors
decided
this the Pittsburgh institution fol¬
In
lowed action taken
Toronto Stock
on
on
Tuesday by the Montreal and
The Montreal Exchange
Exchanges.
Tuesday morning opened at 11 o'clock,
The minimum prices
later than usual.
both Montreal and Toronto
were
one
hour
adopted at
the closing figures
of the preceding day.
if any
from
or
submarines
British merchantmen of
was more
favor¬
were
more
Only
than 1,600 tons and
sent to the bottom.
In the
week preceding 17 large and 8 small vessels
and
one
also
was
The Italian losses
small
one.
were
were
2 large steamers
One small Italian
sailing vessel
The decrease in shipping mortality
sunk.
a
considerable time if at all.
stating that Russia entered
.
other Allies
her "right that the
as
should shoulder the burden of the
now
Russian
out by the strain.
now worn
He added that Russia claims
war.
opinion,
public
he continued,
real
cannot
of
extent
be
yet
as
Austro-German
the
accurately
crossed the
be well
Tagliamento River and
organized
of defense
on
enough to
although remarkably fast,
carry
Italians and
to
tempts
steamships
defcide
location
Germany
was
notified that the Norwegian people
would consider any new case of the kind a violation
of the laws of humanity.
year
as
many
submarines
to
as
they
did during the
of 1916 according to the statement by Sir Eric
place during the
of
that while the situation
serious it is far from
from
covered
the
received
who
House
and French troops
Commons
on
open
present
Geddes, First Lord of the Admiralty, in the British
of
and
doubtless the plains
the greatest scene
Should
stream.
stand
give battle
General
in this
of Friuli will witness
warfare that has taken
hostilities. Official dis¬
patches received from Rome in Washington declare
During the last three months the Germans have
lost
bridgehead positions from which
the
bridge
to
after
Norwegian
appear
No mention has yet been made of at¬
operate.
Cardona
the
On the East¬
Tagliamento the Austro-Germans
to Latisana valuable
a year ago
of
not quick
was
captured all along the waterway from Pizano
The note calls attention to the fact that
sinking
line
putting them out of battle from Carnic
dips in the
the
a new
out the purpose of enveloping the
to have
side of
believed to
The advance of
waiting to give battle.
the enemy,
are
the Western bank in
ern
attacked by German cruisers in the North Sea.
The
greater portion of General Cadorna's troops have
system. A dispatch from Copenhagen states that
Nprway has presented a note to Germany in connec¬
tion with the recent sinking of the Norwegian steamof neutral merchantsmen which
victory
determined..
Alps to the head of the Adriatic Sea.
were
was
that the German fleet is out in the Baltic?"
The
is ascribed to the increased efficiency of the convoy
convoy
an
dispatch from Petrograd quoting
early and,she is
war
Mean¬
discouraging factor is contained in
Premier. Kerens ky as
the
These
obviously that slight
mean
be expected by the Entente Powers
can
Associated Press
of vessels
able than in either of the two weeks preceding.
<|estroyed.
aid
Italy for
while another
now
A under that size
to the number of 1,500.
guns
agitated by the question "where is the British fleet
The British Admiralty's weekly report
destroyed by mines
indicating the capture of 180,000 Italian
stunning losses and
are
yesterday that business should until further notice
be conducted on that Exchange under the minimum
price plan.
formation
prisoners and
Thursday.
Between
40
has
ibd 60% of the German submarines operating in
to
the North Sea,
while the losses
the Arctic and the Atlantic since
the
the beginning of the war had, he added, been sunk.
Italian
A reduction of 50% in German merchant shipping
as
had been caused by the sinking of ships or by their
enemy.
on
the Italian front is very
being desperate.
first
large
reinforcements
is preparing
These
may
Having
re¬
surprise General Cadorna,
a
of
British
furious resistance
dispatches
point out that
be large the strength of the
colors.
passing into the hands of Germany's enemies.
The
army
Italy has
On
the
has not been
more
Western
materially
than 3,000,000
front
another
total net reduction of British tonnage since the be¬
"tactical
ginning of the
official bulletins, though the new
war was
2,500,000 tons.
In Septem¬
ber there was afloat on the high seas an increase of
20% in numbers and 30% in tonnage of British ships
has
not
retirement"
yet
become
is
reported
known.
men
mqst
in
weakened,
under
the
important
the
German
base line of defense
This
may
further release of troops for the campaign
mean
a
against
Nov. 3 1917.]
Italy.
The
Petrograd
Office ^continues
War
to
the Riga
report withdrawals of German troops in
Britain's allies is
to
are
by the Russians that there
grounds for supposing that it will be pos¬
no
sible
for
the
upon
any
other front.
retreating
that the Russians
elements
This possibly
thrown
indicate
be
to
may
something that obviously is open
question.
region in the North German front and the signifi¬
cant statement is made
1737
CHRONICLE
THE
The
Chancellor showed that from
of the financial
year
daily
expenditure
average
of
increase
£1,237,000
The increase
beginning
£6,648,000,
was
an
the Budget estimate.
over
made up under the
was
the
to Sept. 29 (six months) the
following heads:
operation so
strong that the Germans will not be able to deplete
Army and Navy, £590,000; miscellaneous services,
their forces
000.
and
an
by sending re-enforcements to the Italian
In Palestine the British troops
Western fronts.
have
carrying out
are
captured the town of Beersheba,
southwest
tance
Jerusalem
of
short dis¬
a
have
and
captured
£306,000; advances to allies and dominions, £341,The
credit
new
the year up to
the
beginning of the
Chancellor
asked
not
was
half
of
the
1,800 Germans and Arabs, also taking 9 guns and
for
because of the increased pay
second
as
expected, the tenure of office of Dr. Michaelis
the
because of
the
to the prospects
financial year,
for the
The increase in the vote of credit
As
was
Imperial Chancellor of Germany was short
the forward movement of the troops
Emperor William received Count
other
ling
Thursday afternoon and the latter accepted
on
the
of
Hert-
von
Imperial Chancellorship and the office of Premier
Prussia.
Interior
Karl
Dr.
and
Helfferich, Secretary of the
Vice-Chancellor,
also
and
Herr
von
Waldow, President of the German Food Regulation
It is reported that Frederich
Board, have resigned.
necessary,
too,
in France and to
including motor transport. There were
causes
indications, he said, that Germany would be hope*
The Allies
lessly bankrupt at the end of the war.
could bear the financial burden
longer than Germany
and it would not be lack of money
from
them
speech
winning.
Further
subsequent
appear on a
that would prevent
from
extracts
page
the
of this issue.
Payer, Progressive member of the Reichstag, is
von
to be
of Vice-President
post
The
Party, will receive the
Prussian
of the
Ministry.
Cologne Gazette is responsible for the statement
that the
resignation of Vice-Admiral
Minister of Marine has not been
pointment of
peace move
for the week
statement
a
of
expenditures against £42,642,000; treasury
repaid
advances
There
000.
ciation
£63,400,000 against £55,765,000;
were
repaid
were
£16,400,000 against £22,500,war loan depre¬
additions to the
were no
The total inflow into the
fundi
Treasury
of which
compared With
series of impossibilities in the way of £10,609,000 the previous week. Treasury bill issues
the Chancellorship until the atmos¬ were £84,655,000 against £62,957,000.
War Savings
another stop-gap
is to present a
for
candidates
Meanwhile the suggestion is made
Chancellor, like Michaelis, is merely
new
registers
ing), of which amount £52,610,000 represented the
item
Hertling cannot be regarded as a
since he has been openly in sympathy with
military party.
that the
000
bills
von
Treasury
total outflow of £132,049,(an increase from £123,626,000 the week preced¬
ap¬
The
accepted.
ended Oct. 27
as
Capelle
von
British
The
appointed Vice-Chancellor and Herr Friedberg,
leader of the National Liberal
the
partly
and army.
navy
larger force maintained abroad, to
lived.
as
The
is £5,692,000,000.
war
optimistic
suffering slight losses themselves in the operation.
the
brought the total for
£1,900,000,000 and the total since
and the underlying political scheme
phere has cleared sufficiently for bringing back
Bethmann-Hollweg.
von
£123,460,000 (against £123,240,000)
was
£9,703,000
represented
certificates
sold
revenue,
amounted
to
£900,000
the
same
the week preceding, while other debt in¬
on
the Italian front has exercised
de¬
a
as
curred
The disaster
figure
-
.
was
porary
advances from the Bank of England amounted
£14,173,000 against £12,486,000.
to
of national
rities
on
the London Stock
sensational
as
as
quotations for
Exchange have not been
those in New York.
pretation at the English centre,
is that Gen. Cadorna's
the
of
war
Bonar
moving
on
was
expenditures
Andrew
a
reverse
as
is the
case
here,
Another influence
the evidence of constantly increas¬
contained
in
the
of
statement
funds until the first week in
taken
from
January.
necessary
Some comfort
the Chancellor's explanation
high level of national expenditure
extent due to
£20,468,000.
The
Treasury
The
£17,809,000
against
balance
£1,412,000 against £20,469,000.
was
Treasury bills outstanding at the close of the w£ek
were
of
The total
£985,720,000 against £963,986,000.
bonds
new war
actually subscribed
of business
on
reached the
Treasury)
vote of credit in the House of Commons
Tuesday for £400,000,000 which the Chancellor
was
bonds turned into the Treasury were
war
up
to the close
Saturday (not all of which has yet
was
£70,658,000.
,
Law, Chancellor of the Exchequer
frankly admitted would only supply the
the
inter¬
The
will probably prolong
indefinite period.
an
depression
ing
in
for
secu¬
The proceeds
£6,000,000 against £17,750,000.
pressing influence in financial circles at the British
centre, though the declines in
Tem¬
was
to some
purchases of realizable assets.
figured that the total
excess
of expenditure
that
It
The
Exchange, shows
Oct. 20 of
£37,856,000,
tal
the
est
on
a
or
Oct. 20
£2,688,413,000, which is the low¬
March, 1917, when the figure was
level since
£2,669,377,000.
1914, the total
rather
The to¬
1.4%, during September.
was
£220,000,000,
as high as
possibly be brought down to
nominal loss for the month ending
or 0.07%, following a loss of
£1,924,000,
budget estimate, which will probably be
may
values of 387
representative securities dealt in on the London Stock
was
over
monthly compilation of the "Bankers' Maga¬
zine" of London, giving the aggregate
At the beginning of the war, July
was
£3,370,709,000, which furnishes
£43,500,000 by deducting recoverable expenditures.
In the same way the national debt, which was ap¬
a
parently £5,000,000,000 at the end of September,
becomes £3,674,000,000 by /deducting loans to the
As the date of
Allies and to the British overseas dominions.
the weakness that has followed the
over,
with
actual
a war
value
of
How-
of the present staggering cost, the
the
obligations
of
a
number
of
conflict
striking indication of the depression that the
has
occasioned
decline does not,
For the month
in
in
securities
as
a
whole.
compilation is Oct. 20, the month's
of
course,
take into consideration
Itallkn disaster.
ending Oct. 20 the chief declines
foreign government funds,
31 issues
were
of which
THE
1738
showed
a
American
total loss of £5,488,000,
1%, and in
or
17 of which showed
railroads,
decline
a
[Vol. 105.
CHRONICLE
England had been able to pay interest on its war
loan and in addition furnish considerable sums from
of £8,700,000, or
note
3%. Meanwhile, British and India
(nine issues) have advanced 1.4%; 15 South
African issues increased £435,000, or 0.9%, and 26
British railways improved
£3,150,000,
element
constituted an¬
of the financial
It had reached a total
much higher than
circulation, added the Baron,
other
disquieting
very
situation.
1.6%.
or
result Austria would long have
a very low rate of exchange.
been no change in official rates at
anticipated, and
interesting feature is noted in the special Lon¬
An
operation of the price-fixing plans of the British
Government.
The fixing of a maximum price for
the
has caused an
desirous of
selling below the price fixed and are not permitted
potatoes, this correspondent shows,
interesting tangle,
to do so.
owners are
as many
The London "Economist's" index number
October, to be published to-day (as
for the end of
to suffer from
There
"Journal of Commerce" concerning
don cable of the
The
for the necessities of the war.
current revenue
funds
has
as a
leading European centres from 5% in London,
Paris,
Italy and Copenhagen; 5%% in
Portugal and Norway; 6% in Petrograd and Sweden,
Berlin,
and
Vienna,
In
4^%
sixty days and 4%% for ninety days. Call
4}^% in Switzerland, Holland and Spain.
private bank rate has remained at
London the
for
in London is still quoted at 4%.
No reports
received by cable of open market rates
money
reported by cable), indicates a further advance of 67
have been
the September figures, thus establishing
high record of 5701, against the previous high
record of 5658 in August last, the base of the "Econ¬
omist" index number of 2200 representing the aver¬
at
points
over
a new
of prices for the five-year period 1901-05.
Thus
new figure indicates an advance of 157.1% over
age
the
During October cereals and meat showed
the base.
increase from 12213^ to 1226}^; other
an
food (tea,
&c.) declined 2 points to 724; textiles advanced
15093^ to 15753^, and minerals from 822% to
There was a reduction in heavy goods, such as
sugar,
from
824.
rubber, timber, oils, &c., from 13543^ to 1351.
England this week announced a sub¬
The Bank of
in its stock of gold on hand, namely,
stantial gain
Note circulation, however, registered an
£486,635.
£791,000; hence the
of
increase
reduced £305,000, while the
declined
liabilities
week
and
showed
an
deposits
22.41
%
Paris
The
Bourse
was
closed
on
Thursday and
will remain closed to-day, the usual
religious holidays at this season.
Very little of a
nature has been received by cable.
The
financial
bill
providing for
unanimously last
third French war loan passed
Saturday without amendment.
a
It is understood that the
the third
authorized amount of this
loan will be 10,000,000,000 francs at
war
The date
4% redeemable in 1943 free from taxes.
of the issue and the
price
still undecided, though
are
expected that the basis will be about 53^%.
Mail advices from Paris state that official announce¬
it is
ment
has
made that
been
the
maximum issue of
Bank of France and its branch offices
notes of the
provisionally fixed at 21,000,000,000 francs by a
decree of Feb.
15 1917 has been raised to 24,000,-
increase to be effective as of
000,000 francs the
Sept. 11.
of
a
decree of July 27 1917, has
francs.
\
#
to 600,000,000
,
*
f
The
ber
Government
German
troduction of
is
session
necessary
taxation
new
of
the
.
is considering the in¬
measures
Reichstag.
at the Decem¬
Additional
revenue
war
The issue of the
seventh Austrian
officially announced.
war
lokn has been
It will be in the form of
a
5%%
Exchequer bonds repayable in August 1926.
Both
5M% redeemable State loan plus an issue of
forms of the loan will be free
of taxation.
Budget debate on Tuesday last in the
of the Austrian
an
lasted
in
the
official
report
announced
of June
In the
Upper House
Reichsrat, Baron Ernst
until the end
war
to
deposits
Government se¬
aggregate
ago
year
a
Loans (other securities)
The English Bank's
£56,025,691, as against
and £56,655,718 in 1915.
£2,178,000.
expanded
holdings
£56,363,340
£78,000.
stand at £32,074,000,
now
compared with
£37,589,045 in 1916 and £41,672,488 the year pre¬
Loans amount to
vious.
with
years
ago,
£92,813,000,
£98,540,391
and
£105,714,121
as
contrasted
one
and two
The Bank reports as of
of currency notes outstanding as
respectively.
Oct. 27 the amount
£167,114,175,
compared with
as
£166,276,978 the
The amount of gold held for the re¬
week previous.
demption of such notes is still given at £28,500,000.
Our
special correspondent is no longer able to give
of the go[d movement into and-out
the Bank week, inasmuch as the
details by cable
of
the Bank
for
We append a
Bank has discontinued such reports.
tabular statement of
BANK
comparisons:
OF ENGLAND'S COMPARATIVE
lft17.
u
Oct.
31.
1.
*
£
£
37,224.295
43.843 000
51107.437
other deposits
122.366 000 116.622.055
Govern't securities. 59.043 000
42.188.153
Other securities
92.813.n00 105.714.121
Res've notes
coin 32 074 noo
37.599 045
Coin and bullion.... 56.025.691
56,363.340
Proportion of reserve
to liabilities
19.30%
22.41%
Bank rate
5%
6%
42.401.000
Circulation
Public
dcpofilts.......
.
STAMENENT.
1915.
1914.
1913.
Nov. 3.
1916.
Nov.
Nov. 4.
Nov. 5.
£
£
£
35..VO.OOO
28.739.935
45.537.438
16.450.004
95,774.304 140.293,123
.7.131.899
18,895,068
17.304 087
98.540.391 104.004.925
41.672 488
52.394.113
56,655.718 69,474,113
42.306 998
11.788.105
29.034 901
26.482.186
36,772,121
33.42%
5%
.63.43%
6%
33,433.230
29.40%
5%
to meet interest on the seventh and
loans, some p^rt of which has been
paid from the proceeds of the loans themselves.
preceding
in
were
The maximum issue of notes of the Bank
branches provisionally fixed at
been increased
was
reserve
Public
ago.
year
a
reduced £877,000.
gold
Algiers and its
550,000,000 francs by
reserve
expansion pf £3,789,000, although other
were
Reserves
total
proportion of
19.30%, against 19.70% last
to
curities increased
Friday and
have been
centres, as far as we
other European
able to learn.
that
von
Plener
if the
war
1918, Austria's share
expenditure would amount to 63,000,-
000,000 crowns.
the_fact that
The speaker said that he deplored
of the European belligerents only
Few
new
features
are
to be observed in the
local
The demand for funds is being
proportions pending the
accumulat:ons that are necessary for the 18% install¬
ment on the new Liberty Loan due Nov. 15.
It is
money
situation.
restricted
to
minimum
expected that aside from the installment payments
there will be a very general movement to pay in full
It has been decided, therefore, that
for the bonds.
the
so-called
Bankers'
Committee
that
has
been
acting in co-operation with the Second Liberty Loan
Campaign Committee, shall continue
in existence
practically during the entire war "in the interest of
uture Government financing and of business inter¬
ests,
generally."
Benjamin Strong, Governor of the
Nov. 3
New
York
Federal
Reserve
1739
CHRONICLE
THE
1917.]
Spot
Bank, in making this
Eligible bills of member banks
pledged
more
or
Ineligible bills.
No very
by New York banks at the time of the Committee's
formation had been used
Strong's statement
nor
by the Committee.
in another column
appears
facilitate
One feature that will
of this issue.
Gover¬
pay¬
ments for the Government bond issue is the fact that
this week
far
as
banks
the Treasury by the liberal issue of short term cer-
;
tificates of
material changes in rates
by
classes
DISCOUNT
3^<*">?.!-<
3$ivb'-iH
4YW3-)l
loans, will be
of credits for
allies.
our
These
paid out of the receipts for the loan and
in this way a not
actions will be
the
of
following:
OF
FEDERAL
RESERVE
BANKS.
8
An additional
funds.
loan
Member Banks,
$25,000,000
made
was
Treasury Department
/
the
Tuesday
on
$230,000,000 to Italy and $10,000,000 to
extended.
On Wednesday $25,000,000
loaned to Great Britain, and
further credit of
accorded to any
intended
November
$435,000,000
The
Government.
is
Monday, and
on
by
latter
and
credit
one
time.
for
nation at
the
as
largest
the
loan
yet
It, however,
months
two
of
December, and Great Britain will
O
©
1
-a
f
*<s»
6
ft.
S
s
3
©
,
3
vs
.
|
©
©
6
OS
£
©
•s.
A.
334
*3
334
334
3 34
3 34
334
3
3
334
334
334
3
334
3)4
334
334 334
3Y
4
4
334
3 34
4
3
Discounts—
to 15
days' maturity
16 to 30
"
"
■1
4
4
4
4
4
4
4
4
434
4
31 to 60
"
"
4
4
4
4
4
4
4
4
4
4 34
4
4
61 to 90
"
"
4
4
4
434
4
434
434 4
434
434
434
434
5
5
434
5
434
5
5
5
4
334
334 3 Yi 334 3)4 33a
3 34 334 334 334 334
3 Yf 3)4 334
334 4
Agricultural and
Live-Stock Paper—
91 days to 6 months maturity
5
5
5
534
3)4 334
4
334
334
334 334
334 4
4
3 34
334
4
334
4
334
4
334
Trade Acceptances—
1
to 30
days' maturity
31 to 60
"
"
4
334
to 90
"
"
4
334
61
Commodity Paper—
1 to 90 days' maturity-.-.- 4
extended to that
was
the
is
Thursday
on
©
©
8
«
£
43
•
Coll. Loans'
1 to 15 days' maturity
were
more was
a
Britain
Great
to
©
a
©
of
a
a
13
O
13
13
3
©
.
•
'S
£
e
AND LOANS
inconsiderable part of the trans¬
new
42
a.
.
OF
DISCOUNTS
accomplished by the transfer and with¬
of
use
credits of
as
for
the different Reserve
at
paper
RATES
CLASSES
I
France
5^2
rates
©
out
4
indebtedness, has been borrowing funds
form the basis
to
bid
liirt
bid
3H
announced
were
Prevailing
goes.
shown in the
are
>oithln
30 Days
of the Federal Reserve banks,
any
knowledge
our
various
Days
3T4«(g>3% 31/U@3l/(t
3%@3!3ie 3%@3%
6(g>4
4^®4
Eligible bills of non-member banks
$100,000,000 of the $200,000,000
Thirty
Day,
Sixty
Days
announcement, disclosed the fact that only about
Delivery
Delivery
Ninety
334
__
3)4 3)4
4
a
Note.—Rata for bankers' acceptances, 234 % to 434
%. For notes, drafts and bills
of exchange Issued or drawn for the purpose of buying or carrying bonds, notes or
certificates of indebtedness of the U. 8., and secured thereby, having a maturity
t time of discount of not more than 90 days, 334%.
*
Rate of
2% to 4%
member banks' 1-day collateral notes in connection with
on
the loan operations of the Government.
a
.
3M%, 1 to 60 days; 4%, 61 to 90 days.
be enabled to draw upon this fund for purchases in
United
the
deliveries of which
States,
accepted between now and January 1st:
credits
reach
the
extended
Allied
the
to
total of
a
to
are
be
The various
Governments
now
$3,566,400,000, which includes all
proceeds of the first Liberty Loan and $1,566,-
Uoan.
v400,000 of those of the second Liberty
credits
extended
far
so
each
to
of
the
The
individual
governments is as follows: Great Britain,
$1,860,-
000,000, including the two months' credit extended
On
Nov.
1; to France, $820,000,000;. to Italy, $485,-
There is
"sterling
virtually
no
exchanges
without
concerned.
however, is
are
business
is
portations
a
call loans'
money,
ranged between 4@4%%* against 3@4%
week ago.
On Monday only
rate
one
quoted,
was
4% being the high, low and ruling figure for the day.
On
Tuesday the high
and
mum
On
renewal
basis.
Thursday there
was no range,
ruling rate being 4%.
rate
all
day.
funds
conference
of
Canadian
range
the high, low and
Friday 4%
was.
the ruling
opened and ruled firm, and although
practically unchanged, the supply
somewhat
The
more
the Government
restricted
demand, however,
limited and business almost at
a
than
for
extremely
was
standstill.
While
financing is for the time being dis¬
posed of, large lenders
firm market - for
are
some
still inclined to look for
time to
Sixty day
come.
is still quoted at 5%@5%%, ninety days
5%% and five and six months
money
and four months at
at
5%@5%%.
at
3%%, ninety days and four months at 3%@
3%%
•
and
Commercial
A
five
year ago
six months
and
paper
sixty days
rates
have
at
not
quoted
was
3% @3%%.
been
changed
from
5%©5%% f°r sixty and ninety days' endorsed
bills
receivable
5%@5%%.
with
the
Banks'
more
and
Names
character.
six
less
Traciing
well
was
bankers'
active, though rates
change.
months'
names
known
qniet
of
still
and
choice
were
each
of these f unds
Detailed quotations
are as
bankers
the
with
Washington to per'mit
week.
ex-
gold to
go
Canadian
a
Federal
a
definite
forward to the
banks have been
new
they desire.
as
on
Saturday,
was
compared with Friday of last week,
as
quiqt but steady, and demand
at 4 75
days at 4 71 @4 71%.
was
was
again quoted
3-16, cable transfers at 4 76 7-16 and sixty
not
On Monday
change
no
was
of these figures; the sterling.market
appreciably affected by the Italian military
setback, which caused widespread fluctuations in the
Continental exchanges.
volume
the
levels
market
from
of
was as
than
small in
day
preceding.
Wednesday's
for
demand,
4 76 7-16
71@4 71% for sixty days.
prevail
on
nominal;
for
cable
Dulness
Thursday with rates little
demand
ruled
as
before
at
3-16, cable transfers at 4 76 7-16 and sixty days
4 71 @4
at
but
the
4 75 3-16
continued to
4 75
were
quiet as ever and rates were not changed
transfers and 4
better
Transactions
Tuesday, while quotations remained at
on
71%.
comparatively
changed.
On Friday the market
steady and still
Closing quotations
were
was
dull
quotably
un¬
4 71 @4 71% for
sixty days, 4 75 3-16 for demand and 4 76 7-16 for cable
transfers.
Commercial
4
follows:
reported,
Referring to detailed quotations, sterling exchange
featureless,
were
slightly
still without quotable
been
ruling will permit them to call home such amounts
4
acceptances
great a proportion
carrying heavy balances in New York, and the
require
undertone generally firm.
and
Dominion
recorded from any
were
was
time.
some
a
the
'
Time money
actual rates
of
Wednesday
4@4%% and 4% still the basis for renewals.
was
so
arrangements have been concluded as a result of
4%%, with 4% the mini¬
was
slight shade lower.
though
but unnamed amount of
Dealing with specific rates for
very
No
have
Reserve Board at
this week
a
gold
of
400,000; to Serbia, $3,000,000.
•
the
as
remain
passing in cable transfers.
000,000; to Russia, $325,000,000; to Belgium, $58,'
far
feature that is of slight im¬
a
portance in view of the fact that
of
so
Rates
change for demand bills and cable transfers,
while commercial bills
This,
market to review,
are
sight finished
at
4 74J%@
75, sixty days at 4 70%@4 70%, ninety days at
68%@4 68%,
documents for payment
(sixty
days) at 4 70%@4 70% and seven-day grain bills
at 4 73%@4 74.
Cotton' and grain for payment
closed at 4
74%@4 75.
°
exchanges sensational changes
In the Continental
p'ace, and the undertone has been one
have taken
of
extreme
This
irregularity.
and
ne vousness
especially true of lire, which on Tuesday,
result of the news of the serious reverses suf¬
has been
as
a
fered by
of
dcc'ine
a
broke to 801 for checks—
points from last week's c'ose and
the Italian
19
army,
points from the rate prevailing a month ago.
27
rumors
that Italy might sue
served
to
vices, however,
the
The
Francs, to
change
separate peace,
These ,ad¬
not confirmed, and buying by
were
closing rate
extent, shared in the
some
weakness of
ex¬
Italy and during the earlier days of the
also
on
week recorded substantial declines, although here
losses
the
Rubles
regained before the close.
in part
were
fairly steady and apparently unaffected
were
by the Italian disaster, having ruled without im¬
No dealings in Ger¬
portant change throughout.
being put through
and Austrian exchange are
man
quotations' in reichmarks and kronen are still
unavailable.
The official sterling check
rate on
and
while the unofficial rate is
Paris remains at 27.18,
French
the
In New York sight bills on
quoted at 27.37%.
now
closed
centre
5 75%,
at
5
75%, and commercial sixty days at 5 82%, against
5
80%
a
week
This compares
Friday of last
sight bills and 7 92 for cables.
ers'
with 7 82 and
Rub
week.
the
respectively,
7 81,
closed
es
12%
13.50,.
at
on
against
as
last
bankers'
with
and
4 47
4 45,
and checks
the
by sudden and violent fluctuations, although
this
the trend
case
another
established
Stockholm
Exchange
upward.
was
new
high
record,
advancing this time to 47% for sight bills,
the
check
that of
rate
Norway moved
on
by
nervous
while
and
38
to
Selling of securities held
Copenhagen to 39.
in this country
up
on
Swedish holders
fears
on
Spanish pesetas, which ruled
preceding week.
steady and without special feature during the week,
finished at 23.50, as
against 23.30, last week's final
quotation.
Clearing House banks, in their
York
New
The
operations with interior banking institutions, have
gained $3,269,000 net in cash as a result of the cur¬
rency
receipts
of
a
from the interior have aggregated
rupture in the diplomatic
relations between the
held responsible for
was
spectacular rise in the Stockholm rate.
opinion of experienced observers this is
while
Adding the Sub-Treasury and Federal
operations, which together occasioned a loss
Reserve
the combined result of the flow of
of $100,356,000,
into and out of the New York banks for the
money
week
h
good
par,
Reserve
eral
loss in
In the
taken
be understood,
should
It
that the American dollar
tinues to decline and at that centre it is
under 83 cents.
The
while British
25% below
con¬
worth
now
German mark there has also
low record of 42, a depreciation of
a
53%,
exchange is 20% and French exchange
The scarcity of offerings incidental
par.
to the Government
embargo
Banks' Interior movement
$4,977,000 Gain 53.209.000
123,207,000 Loaa 100,356.000
$3 1.0'»7 .000
$123,184,000 Low 597,037.000
table indicates the amount of bullion
The following
-principal European banks:
in the
Nov. 1
Nov. 2 1916.
1917.
Banks of
Gold.
Silver.
Total.
Gold.
£
£
£
exports continues an
on
The report
ships
them
now
in
This, it
more
bills.
also
South
was
American
argued, would
Guilders shared
showed
45%,
the point of
com¬
the large number of neutral
less permanent
ruled steady.
at
near
current yester¬
lying idle in American harbors and using
the
or
were
was
mean a
substantial
trades.
further and
more
general firmness and
advances.
Bankers' sight
coastal
reduction in the supply of
in the
against^43%;
and
on
cables
Swiss
francs
173*400
141,732.05'
France a.. 131,553,65"
10
Germany. 120 207.500
Russia
129,650 000
56,363,340
164.632,292
13,043,760 177,676 052
12,375 000 142.025,001
.
5.157.250 125..364.750 125,803.750
155.419.000
51.573 000
12.140 000
Spain
Italy
77.953 000
26 921 000 104.874 0"0
40.218 000
2.600 000
Netherl *ds
57,0 ^5 000
15,380.000
S.vitz'Iand
14,019 000
Sweden
11.919.000
11.919,000
Denmark.
10.5«4 000
09,560 126,113,: 00
10.357 000 165,776,000
51,578.000
63.713.000
Aus-Hun.c
£
/
56.363,340
56.025.691
12,140,000
63,718 000
47.390 000
29,753.000
77.149.000
42,813.00;
37,440 000
611.000
57 .696 000
48.63
000
3,124 000
534 V00
40,564,000
49,172.200
600.000
15,9*0 00;
15.380 000
600.000
14 049.00
11,481.400
"ioY.ooo
15.9*0 000
'11.481/00
9,494 000
9,494 000
"22i'.060
8.86* 600
*38.054.7 2
70 5C2.510
03.637.292
743,4 78,696
70,003,3 0
03,482,076
8,647 000
10 742 00
6.753.000
6 758.00'
Tot. week. 722/ 60 * 50
70 7"5 650 '93 606.50'
Pre v. week 722 678 66 5
73 006.300 795
6,282 000
6.282.000
Gold
The
nave
c
holdings
,6«4 ,90
of the Bank of France this year are
exclusive of £81,484.340
abroad.
held
*
.
gold holdings of the Bank of Russia for both years in the
revised by eliminating the so-called gold balance held
be,en
above statement
abroad.
On the
held. £2 iO.XflO.bOO
h Aug. 6 1914 In both years.
reported date, the amount so
July 30 1914 In both years,
THE ITALIAN DEFEAT.
The defeat of
Cadorna's Italian
which have to
army
by the Aus¬
of those events
be considered from several different
tria-Germans under Mackensen
is
one
standpoints, in order to understand their real sig¬
nificance.
This is so, not only in regard to the larger
but to immediate .military
ultimate
consequences,
results.
To pass judgment on
either is difficult at
because we have not yet such informa¬
would indicate precisely what has happened
the moment,
out
as
it happened.
The only fact which stands
General in his
beyond dispute is that the Italian
positions across the Austrian frontier was suddenly
force, completely defeated and com¬
attacked in great
pelled to retreat into Italy,
munitions, and with the
heels.
The
figures
with large loss of men and
enemy close at his
pursuing
Cadorna's
of
losses—Berlin's
dispatches claim 180,000 prisoners and 1,500 guns—
indicate clearly that at least a considerable part of
wasjlanked
Amsterdam closed
the Italian army
at .45%,
lofjiomjts support.
against
Total.
Silver.
£
56,025,691
tion
over
•
$3,240,000
-
and why
pletion for taking
Bank Holdings.
22,851.000
—
Sub-Treaa. and Fed. Reserve oper,..
Total
Net Change in
Banks.
Banks.
neutral
day that negotiations
Out of
Into
Week ending Nov. 2.
Norway.
that
reserves.
important factor in the prevailing strength in the
exchanges.
however,
of this loss represents transfers to the Fed¬
Bank and therefore will not count as a
to
A Copenhagen dispatch,
in the immediate future.
touched
loss of $97,087,000,
to have been a
appears
follows.
as
portend large withdrawals of funds from this centre
dated Oct. 28, states
reached
have
shipments
the
$8,246,000,
$4,977,000.
aleat
the
ending Nov. 2.
the week
for
movements
Their
a
United States and Sweden
Copen¬
Norway closed at 38, against 32%
on
Nat. Bel. h
in
close.
previous
the
£
th? neutral exchanges were also
in
Operations
for
4 45
at
hagen checks closed at 39, against 32%.
Checks
on
Sweden finished at 47, as compared with 39%,
England..
marked
finished
exchange
sight bills and 4 43 for cables, which contrast
checks.
for
sixty days at 45 3-16, against 43 1-16
Swiss
week.
13.50
Greek exchange still remains
previous week.
5
at
Lire finished at 7 93 for bank¬
ago.
and commercial
against 5 75;
commercial sight at 5 76%, against
cables at 5 74,
105.
43%; commercial sight at 45 7-16, against 43 3-16,
brought about
later cables announcing
Italy's losses caused further
was 7 93 for checks.
greater extent of
weakness.
a
depression.
rally, although
partial
a
for
financial institution
important
an
the
accentuate
by
supplemented
troubles,
internal
of
Reports
fVoL.
CIIRONTCLE
THE
1740
,
or
surrounded and cut
;
Nov. 3 1917.)
How it
was
THE
about that
came
vulnerable
so
position
a
occupied by the Italian General is not
understand.
Curiously enough, the early
CHRONICLE
supplies
announce¬
from
physically
to
easy
1741
the
service between Northern
look
ments, from Italy itself, declared that the attack had
need
been expected.
German army.
This makes it at least
bility that Cadorna
a
strong proba¬
misled by demonstrations
was
English
for
and
armies is
French
matter, with the excellent railway
an easy
Italy and France,
no one
"holiday march" of the invading
a
It is at least conceivable that it
may
already have gained all that it is destined to gain.
battle
against his best-protected positions, while the main
The
blow
will settle that.
was
two
about to be delivered at
points, where
unlooked
for.
The
to
was
a
favorite
probably
of
of
his greatest victories (Aus-
won
properly made
the
on
Rumania and
far
against the Russians in the Car¬
to say
have
events
disclosed,
is tempted
one
that Mackensen is the only first-rate military
genius of the Napoleonic sort developed by this
Joffre
and
Haig
have shown
themselves
war.
military
to
were
Not to
importance to the northern, campaign
Meantime, also, political results
men¬
well.
as
certain to be
are
great:
very
Mackensen's
r
as
troops
from Flanders to assist the Italians may be a matter
of
General's campaigns
pathians.
Austro-German
further, the campaign is bound to be
no
crippling of the Italian offensive, through the
capture of men and munitions, diversion of troops
campaign of Mackensen's
same
the
being fought
now
tion the
similar comment might have been
a
if
apparently
immensely to Germany's advantage.
of it.
use
which is
even
advance
Napoleon's is, in fact, altogether striking;
and, indeed,
Bo
Yet
quite
was
manoeuvre
particular) with daring and skillful
resemblance of this
some
in
heavy demonstration
a
That
Napoleon# and he
terlitz in
and
one
victory cannot fail to influence
foundly the attitude of Austria, which had
sullen
and
desperate
her
over
military situation and
economic
own
and
the German hegemony.
over
The defeat of Cadorna's army
sustain ' the
pro¬
grown
will equally be used
strategists of high ability, but not precisely of the
to
sort classed
indeed, the Kaiser utilized the moment of the Italian
brilliant.
as
against Russia,
degree
some
Hindenburg's first triumph
which his reputation rests,
on
was
familiarity with
difficult region and,
a
as
now
we
know, to treachery in the Russian command.
tacks of
in
accident, due to his great personal
an
At¬
and
dashing sort have been made by Petain
Nivelle on the French front; but no opportunity
for
such
operations
Mackensen's
as
has been
pre¬
they had to util¬
Germany
Chancellor, to succeed the dis¬
Michaelis,
a
Bavarian statesman reputed
to be
wholly out of sympathy with the Parliamentary
aspirations of the Reichstag.
What the
political effect of the defeat will be
Italy itself is
yet
as
invasion unites discordant elements in
country; the
a
dispatches from Rome have declared that this effect
ize, and Nivelle lost much of his prior reputation by
had
already been produced
But
sometimes,
tion
greatly intensifies the strife of factions.
lery support.
At
this
infantry without
writing,
the
victory
actual
cannot
were
bring
up
make
a
reinforcecnts such
stand.
It is not
points of this sort
either the official
the
eration, based
is that
as
even
whole
(such
have enabled them to
possible to feel
sure as
to
is after its great defeat;
hardly trust implicitly
one can
bulletins of the defeated side,
war
But the reassuring consid¬
censor.
the experience of this
on
complete defeat of
engagement does not
as
mean
an
army
war
either its capture
as
hardly have been
military
a
way
as com¬
that of Ru¬
as
succeeding months
been able
complete possession of that country.
feated
army
of 1915 got
away
to
get
Russia's de¬
after pretty heavy
losses, and only Warsaw and the surrounding Polish
territory
were
left
as
1914
serious
danger of
have to pass
even
is
an
an
great
For
in
the
developments.
be thrown upon
future
the
unavoidable
as
political
whole,
a
That
an
consequences
increased burden will
conduct of
the war,
would
DEMOCRACY
an
Twenty thousand
must have
nue
world
disaster in their
all
cession ?.
marching
women
Fifth Ave¬
up
impressed the impartial and thought¬
as
at
now
in
men
of the anomalous spectacles in a
one
with itself.
war
these
Why the handful of
long lines moving in orderly
the
When
workers
garment
alternated
throughout;
there
Preparedness demonstration
tingents of
women
Why
women.
and
now
pro¬
held
"parade," the observer must have recalled,
women
The
agricultural district not unlike
AND WOMAN
in
were
their
men
the
large
and
great
con¬
column after column
alone, representing, and drawn from, all
leading activities of life?
"Parades"
their
full
on
Fifth Avenue
significance
may
habitually witness them.
famous street is
a
are
so
be lost
common
that
those
who
on
Yet it is true that this
drill ground for "ideas" and "move¬
ments" that not only occupy the minds of the Ameri¬
able commander, who has the repu¬
can
people, but the mind of the world.
organizing
did
these
This faculty is
women
march
were
mothers, wives, daughters, sisters, of
Since the bringing of reinforcements and
were
workers,
many
Why then
practically alone?
emer¬
seem
result.
SUFFRAGE.
trying for too much.
power.
on
must simply
we
Great Britain and the United.States,
THE NEW
the
precisely what is most needed in his present
gency.
belligerent nations
of
that in which the German troops met
of
will, before long, be watched with the great¬
the
await
extremely
serious, and radical propaganda wide¬
uneasiness.
very
learned
advance to the Marne in 1914.
Cadorna is
which
situa¬
Italy's
This is perhaps the aspect of the situation
est
the
army
part of Italy through which an invading force would
tation
spread.
In France
the fruits of victory.
the invading
during
now
have been
to
a
months; popular unrest is believed
many
ful observer
can
mania; yet the Austro-German troops have not in
fourteen
during
a
whole.
pletely disastrous in
the
bad
single
a
occupation of the invaded country
This Italian defeat
the present occasion.
itself,
in
on
in France of 1871, such
as
economic and political situation has been
often occurred in Napoleon's days)
the successful
as a
determined.
correspondents' dispatches which have
newspaper
had to pass
or
be
yet
of
result
able to delay the enemy's pursuit and
what the morale of the army
or
military
Italians, at first apparently retreating in dis¬
order,
on
artil¬
proper
..
Mackensen's
The
of
on
Sometimes
guesswork.
pure
recklessness in
use
itself;
propose as
credited
a
sented in the trench warfare which
to
news
military party in
They
they
of them, part of the pulsing life
men;
Vi
1743
they
of the time;
intelligent, dignified, earnest,
were
[Vol. 105.
THE CH: IQNICLE
i
the
spirit of democracy, which is self-expression
thoughtful; they were espousing and exhibiting
The
where.
spirit of this new democracy is espe¬
State
cially ebullient in the largest city and richest
England, Canada, France,
very
Russia, it has suddenly become convinced that
to the end of helpfulness and joy; they were human
beings, resident in a Republic boasting its righteous¬ women, equally with men, form a part of the free
ness
and now its supreme sacrifice; and yet they self-expression, the more abundant life and living,
that constitute its very soul.
Will the election of
marched alone!
Why?
This
of
wave
flowing along
women
renowned
a
rush
The lines of their
highway of the greatest continental city did not
suddenly from
alien shore.
an
to be apart from
the land in
Not a man in all the
tens of thousands that lined the sidewalks, we dare
Why did they
which they live?
of New York in like manner show
Nov. 6 in the State
a
and the militant woman
change in public sentiment
obtain her
goal?
WHEATLESS DAYS.
MEATLESS AND
seem
One does not doubt that a
;
varied diet is good for
Yet, "appetite grows by what it, feeds
the health.
And it on;" and there is little doubt that digestion
who did not love and revere his mother.
say,
In
Republic.
our
of republican
ancestry run back to the very roots
government.
of
be doubted whether a single man watching
did not think of his own mother, living or dead, as
may
modates itself to the
Assimila¬
mysterious
processes.
metabolism
and
tion
accom¬
daily task in hand.
are
living to
"science," and
gentle care and kindly admonitions that followed
him through life and steadied him in character and in quite unknown to the Food Administration Bureau
these hosts of
passed by, calling up in memory
women
dead,a is something beyond all our
the
all his duties
as
shouting, hnd
no
was
Yet these
citizen of the State!
a
teachers and makers of men marched
orderly occasion ever
no more
rose
the
upon
religious air.
the solemn rhythm of 'an old
ear
Women
Washington.
certain
In
that the martial tone of other
processions
want¬
was
ing; and doubly conscious of a civil meaning when
'
.
religious calendars there are fast days,
and the devout find little
inconvenience in
accom¬
modating themselves to the reduced regimen. Never¬
theless, according to locality and indigenous produc¬
generation
tion,
with
generation,
followed
has
marching, and marching practically like foods.
were
Observers must have been quickly conscious
alone!
at
There
alone.
graced the annals of New York. There was the swell
and beat of inspiring music, and occasionally there
'
Change from dead cells to living, and from
(
eating
Suddenly the world is stricken
convulsion, production and distribution are
a
disordered, hundreds of thousands verge upon starva¬
tion, and the tale is not told.
Calories and proteids
repeatedly, emblematic ballot boxes borne leap into commanding importance, and old-fashioned
along by bearers in white.
Why this demonstration, "appetite," or relish for food, retires abashed before
scientific eating in behalf of "conservation," that will
why these women marching alone?
they
saw,
,
his impartial attitude,
As the observer preserved
attention
his
allowing
that
noted
the
was
there among
more
devices, with varied mottoes, were to be seen "ser¬
vice
flags" of
two, three, four stars, eloquent
one,
war.
It is at least
a
little bewildering.
brushing aside these "fine distinctions," and
But
guide his
to
procession
Here and
usual.
interest, he
colorful than
myriad banners and
win the
coming down to plain "bread and meat," we wonder
Tuesday and Wednesday have been selected
fast days^ and why meatless and
why
for conservation
wheatless days have been
placed
so
close together,
a wheatless
overpowering scientific
and economic reason, but we do not know what it is.
its fearful and
devotion of tender hands wherever in all the wide Out in Milwaukee they are now proposing a "beerless" day, and suggesting that it be Sunday.
and torn world men suffer and die for their cause.
Per¬
Hundreds of placards held aloft said "Vote For haps- more beer is consumed on Sunday in Milwau¬
Woman
Suffrage!" Yes, these women marching kee than on Monday, or even Saturday, and there
of sons,
the great war.
alone
and brothers, in "the field" of
husbands
Red Cross workers called to mind
agonizing realities, and th<^ passionate
making
were
suffrage is
woman
plea
a
an
and
old question
caught the
on
which
men
and the consciousness, and
eye
Wilson:
"We shall fight for the things which we have
carried
nearest
our
always
hearts, for democracy, for the
in
their
the observer
own
not
was
light!
tion of
afford
warrant
reasons
test
of the
the word "new"
even
by
upon
ways
seen
us
new
and
will be
democracy.
It is
and that
And
that
use
a
democracy that
now
seeks to impress
we
do not
now
But
no
such
reason sug¬
when
working
men can
days
best do without the strength-
giving properties of meat and bread. And while we
have been industriously stocking our ponds, lakes
and streams with
in
a
fish, there must bq vast stretches
country as large
as
the United States where the
perch and bass,
the
ques¬
we
greater saving.
gests the choice of Tuesday and Wednesday as
difficulties.
We
in saying that this
a
some
a
remote peoples and governments,
means
There must be
day.
!
advisedly.
has widened its scope
principles
then,
immediately followed by
transition from "round steak" and "side bacon" to
suffrage in the coming election will
woman
a
And
blind, he must have
.
Many
its
Government."
meatless day
if
right of those who submit to authority to have
voice
of
recurring
a
it were inscribed the words of President
on
Rut
protest.
And then
the State have voted before.
banner
a
a
discuss;
are
or even
,
catfish, will be attended with
•
.
,
told by an enthusiastic press
thousands of pounds of beef have been
that
many
already saved
by the willing acquiescence of Broadway, and other
restaurants, cafes, and cabarets.
of
the
spots"
of
country.
on
shark,
But their patrons,
majority of the citizenry
And while there may be "dark
happily, do not constitute
a
the "East Side," where, at times, a portion
or of a "hitherto unknown edible" fish,
that seeks to' enlist sacrifice and devotion at home
would be
welcome, they must all be caught before
by
they
be eaten.
processes we
need not enumerate.
It is
in its purpose, so
high in its aspiration,
in its conduct,
vast in its sweep,
for itself
for its
no
so
less
a
so
so
zealous
that it has set
task than to make the world safe
existence, functioning and beneficence,
bold
every-
can
Substitution
may
be not only
inconvenient, but sometimes impossible, and it may 1
prove
wholly uneconomic to class a Bald-knob cabin
a Chop Suey restaurant in the
in the Ozark Hills and
Battery together in the
same
sweeping pronounce-
Nov. 3
1917.]
When
ment.
ables" .in
human
THE
rush
we
from
and
"totals"
CHRONICLE
"avail-
grain statistics to individual homes and
appetites
*we
traveling
are
boots into the unknown.
cated upon
seven-league
on
And actual
savings predi¬
newly acquired domestic knowledge of
a
"scientific" character, coupled with a newly aroused
will
and
must
the
limitations of
inflexible
remain uncertain
ever
Now, lest
be misunderstood,
we
though the subject admits of
wish to suggest two very
and
we
speak not idly,
we
little banter.
a
important truths.
omnipotence, the rigid
use
may
bring down disaster.
Very wisely,
so
understand
we
First,
it,
individual
an
Incidents
prove
duty and
worked out statistics.
has been raised
told to
lay in
not of
coal.
food.
And
day
a
The
the
over
supply,
we
Yet
man
another, unless it be
as
plorable condition of the
warrant for
creating
centres of this
will
We
are
a
rest day.
one
The de¬
in other lands is not
poor
similar condition in congested
a
We believe that the people
country.
generally support the proposition of food saving.
But
some
there
are
doing now,'
are
who cannot do other than
It is not
question of getting.
a
largely
much food
as
will have upon
individual.
than
do not know
we
others.
on
prominent
so
wide and
the
appetites of
shows that not all results
The
representative of
as
to mind, which
the surfkce.
appears upon
large Chicago packing house
a
being asked why certain packers advocated Govern¬
ment
price fixing for cattle and beef, replied in sub¬
stance
as
follows:
"Because it fixes
and tends to lessen the effect of
the
a
packers themselves.
contract
with
to
steaks.
supply
basis of
To illustrate,
The main
They must all be of
And
price,
a
certain size,
buy cattle from time to time that will furnish
them.
And
must
we
lose
sometimes, to get the special cattle,
pay a
money
on
price in the market that makes
our
Price fixing
contract.
whole beef tends to avoid this."
that the
example,
so
far
as
ft
It is very
reveals
goes,
a
household,
living,
of other parts, since in the long
supply and demand,
much money, must
money,
a
on
the
evident
left to
whole beef must produce
sell at
a
price
or
for
an
so
amount of
controlled by its relation to all other food
prices, and the relative marginal supply of each.
And just here "substitution" encounters an insuper¬
able obstacle
as
far
as
the poor man is concerned.
Household thrift and saving, household economy,
is an individual problem.
And since it is a policy of
the
Government, it ought to
the
people.
course
will
nately they
peril, for
we
come
home seriously to
The larger moyements proposed and in
accomplish
something—but
fraught with
varied
great
the
upon
on some
days
the walls
are
And the possibilities
the conditions of
as
•
saving and thrift must
;' vS
■
.
as we see
it, of accomplishing the
jdiis herculean task, rests
its
on
is
you can,
may
a very
the
upon,
the part of every
wealth,
willingness.
generalization
life,
and the surrounding web of
men,
according to its
Save
its
mode
what
you
good motto.
of
can,
Mistakes
bring want in particular.
But
parts must inevitably aggregate into wholes.
ON WAYS TO END THE WAR—AN ADVENTURE
INTO
unfortu¬
THE
Taft's
Ex-President
UNKNOWN.
little
excursion
into
psy¬
chology, in his speech before the New York Stock
Oct. 22,
on
interest to the
thing
the
we
we are
convinced,
"scientific," but it offers
nor
study of
a
was
a new
world's tragedy.
feel certain, when it
comes
neither
line of
Of
one
to discounting
operations of the human mind under certain
contingencies, there
addressed who
And
are
they
are
were
men
in the
audience he
past-masters and adepts in the
reputed to make millions at the
business.
What ex-President Taft told his hearers
us
much
more
Yet it
ogy.
lations that
itable.
a
matter of
opens
One very
of
"calmness
interesting and unending
to
specu¬
still be prof¬
may
imperfect definition of philosophy
temper," just
quietude in which
President is
seems
philosophy than psychol¬
though not practical
us
lavvlike
run,
as
hope,
and
3,nd when
in
is
this—keeping down the price of choice steaks, or of
special ones, tends to advance the price of inferior
ones, or
a
others, according to circum¬
determined and tireless effort
art.
must have them.
we
on
.
ends desired in
among
firm has
my
it
be exercised.
line of famous restaurants
a
weight, texture and cut.
We
a
competition
ample
more
human activities in which his
Exchange
comes
is
may
only the
trait of his mentality, but he is bound
a
as
abstruse
incident
Not
He needs his strength in full on some
are
As to the
an
being
are
diminution of
falls back
means,
by his toil and his residence.
yet where and just how substitution will be possible.
former,
days
very
environment, and in him is the only ability
that will guide him in his acts.
Thrift may be ever
know what effect price regulation
And
this
the results out of reach,
and
His purse
And mark, they cannot get
consumption.
wheatless
duty, but the weight of the problem, and to
extent its method
what is saved from the rich man's table.
We do not yet
pass
not
they
question of saving, it is
a
and
local matter,
a
do
of his
usually cooks his
man
needs
As
consumption, if it
"hoard" of potatoes, but
civilized
a
working
a
observed.
We
localities, and by what
And around him at all times
price of bituminous coal
original fixation.
or
meatless
means,
as
what kinds
or
countries.
know how many, and in what
stances.
in the face of carefully
even
passing to other
now
are
power
might be cited to show that second thoughts
better than first,
do not know
we
may save
personal problem.
a
instance,
days, and
Food Administra¬
our new
For
think,
of unlimited
tion admits that conservation resolves itself
into
We
Second, unless omniscience be coupled
with
or
ultimate effect.
individuals what amounts of foodstuffs
bring sporadic famine in its wake.
it in homely phrase, "charity begins
express
home."
at
environment,
quantities.
1743
reason may
quoted
as
a
of
state
exert itself.
mental
The
ex-
saying:
"Every house in Germany is a house of mourning
they are being subjected to privation and
starvation
but it is necessary that they should
and
.
.
.
be
subjected to this trial in order that they should see
the hideous futility of the policy of their nation and
should make those responsible who have led them
into it.
That will come, and then there will be a
wedge between the German people and the Kaiser,
and the ruling military caste, and when that comes
the end will come, and it will be the result of the
psychological operation of facts on the German
mind."
In
explanation the equivalent of this
stated:
may
be thus
If the people oversubscribe the three-billion-
dollar loan it will convince the German
the United States "means
people that
business," and that will
certain element of
operate to awaken them to the futility of their whole
do not known just what will be their
effort, and tend to convince them that they have
are
a
THE
1744:
deceived by their rulers.
been misled and
their
open
ders
That will
happen if mankind
would
what
"set,"
essential wrong of their system
to the
eyes
could be
as
simple,
large part of
bent on bringing about peace by thq
as
expedient of cessation of conflict as a
mankind is now bent on abolishing wars, present and
supposed ambition to conquer
and the crime of their
[Vol. 105.
CHRONICLE
will turn
aga:nst system and rulers, align themselves with future, by relentlessly prosecuting this one.
democracies, and speedily conclude, or sue, for peace.
THE URGENCY OF RAILROAD NEEDS.
There is certainly room for doubt as to this ''ef¬
The reopening of the 15% rate advance case,
fect.Just what the reaction of mind will be would
upon which the first hearing is set for next Monday, is
be regarded as a legitimate "gamble" by a profes¬
by the sword, and seeing this they
the world
phenomena, rather
and effect in mental
appertain¬
than to physchological process.
We are disposed to think that as a matter of impres¬
sionism the promulgation of the statement must
have more effect upon the American people than
the German.
If the war loan of three billions over¬
body writes to
the roads in
loss of
of
blow between the eyes, as a
overconfident people that they
can
never
win, that they are hopelessly beaten
now, that with a world against them, they are lost
in a military sense, and that as conditions stand
to-day they are making no national converts to their
cause, and every year of continuance means greater
economic disaster in the future, that even though
the
such effect
believe
keep
far
as
to their rights, then
pUce.
possible the "fact" and the infer¬
On the other hand by
as
reasoning it must convince the
that, with the loan accomplished,
there is yet the fighting to
do and the over¬
coming.4 We cannot supinely trust in the "effect"
a
system of
reverse
American people,
And there is little doubt that the mag¬
of the loan.
nitude of
States
our
as
task is
the United
force of the loan lacks full
the potential
Germany, civil and military as
not being able to establish the cer¬
in
appreciation
So that
well.
little appreciated in
as
tainty of psychological processes we are- compelled
to reduce the
equation to
change of attitude
and proven need
of
possible conviction and
hand and the continued
physical demonstration on the
the
on
a
a
one
other.
the
But
processes
able
suggestion of psychological states and
awakens pertinent if not altogether profit¬
Is this world
speculations.
of, humanity at large?
war
a
Is there really
brainstorm
Sweden-
a
borgian law of "correspondences" to account for the
terrific outburst,, and
and destruction
a
behind this physical turmoil
corresponding psychical
prefer, psychological turmoil,
chaos of
ness?
by
•
for
a
or,
if
you
whirling contending
passionate hate, enmity, greed and selfish¬
And if so,
more
a
how is the. world to be composed
We might discuss psychology
fighting?
month without
debatable.
But
we
reaching
need
any
this letter in substance, and
its tenor are that the Commission
says
ground that is not
only to be cursorily philo¬
transportation demands in time of war may be
that
And observe these extracts:
operating revenues do not fairly overcome
fully met."
"If
mounting costs
.
.
.
the Commission is emphatically
opinion that the evidence necessary to establish
full truth should be presented without delay, in
of the
the
tion to do their full war
Psychology will
never* carry
us
very
bringing the world back to equilibrium.
we
ourselves
can
and
believe)
thought-T-commonly
man
do
by
we
convince
constant
the Commission is
was
less
impressed with the desirability of
their present situation,
regards their ability to meet the
of railway fuel.
The exact situa¬
being promptly advised as to
particularly
as
increased cost
.
before the
That
.
our
operating revenues "do not overcome mount¬
ing costs" is manifest from
but even if net earnings
if in
up or even
the record of net earnings,
were at present keeping
some case an
increase appeared this
complete
not alone be a
would
.
opinion, be at once disclosed
Commission and to the public."
should, in
tion
because a
answer,
material fact would be ignored, namely: the
roads are overworking and wearing out their material,
under the extraordinary war demands which cannot
endure either refusal or delay. . Carrying more cars
in a train and more load in the cars; increasing the
very
length of haul per day; cutting out
can
be
train service that
spared; hurrying up the handling—these'are
Mr. Rea told the as¬
Commissioners lately, the
of the ways in which,
some
sembled
roads
are
State
Railway
"forcing traffic out of its normal channels,
business,
profitable
foregoing
to
a
conserve
and
making great
time when it is extraordinarily
railroad revenues."
interposes the comment that the
If
some¬
roads
are
body
It is pretty
proving, under pressure, that they have not hereto¬
fore done all they could with the means at disposal,
process,
ourselves
(make
reiteration
of
explain by saying that
believes because he wants to believe.
England
section of the country;
favorable than in any other
far toward
generally accepted,, however unknown the
that
indicated that the
of the carriers in New
difficult
purposes.
duty.
"The record submitted in June
condition
of mankind
cross
be maintained in a posi¬
order that the carriers may
financial sacrifices at
at
need to be done;
your
sophical to determine that the feelings and actions
are
be done it needs
If anything needs to
quickly,
suggestion is well grounded that further
financial relief is needed by the carriers, it is obvious
that such relief should be had promptly, in order
"if
sinking home.
from
ence
"if
willingness to change the position
develop that the fears which have prompted
carriers are realized or that their realization is
quite suspects that something does
censorship and autocratic rule may be trusted
But
to
as
to
the indications from
them commercially
that predicted may take
as
as
to be done
principal country of earth, and make them
than ever a parish among the nations, regard¬
some
sixty days"
before the Commission, and
which the unfavorable report of June
imminent."
in every
less of what they may
in suggesting what is virtually a
error
it shall
against the
judgment and sentiment of practically the world
more
the representative of the Eastern
a conference, think
still open and
declared
27
they might win, a triumph at arms now
around them would forever ruin
case
a
shock, to awaken an
For the Secretary of that
time, "a continuance for at least
case
a
a
as
initiative of the Inter-State
members, after
that the
roads
that it
in
unprecedented
wholly
not
to be upon the
Commerce Commission.
appears
ing to philosophy
subscribed, acts
if
notable
But it is a study in cause
sional dealer in stocks.
One
a
a
won¬
the answer is that
too
rapidly
What will
or
they
wearing
come
when
are
out
new
overworking
now
the
at
means
and
are
disposal.
equipment must be had
traffic facilities fall off for lack of it?
Not current
Nov. 3 1917.]
THE
operating costs alone but costs of
been
"mounting;" just
ported call for
who ask
more
supplies have
new
incident, the latest
ductors and trainmen
also believed to be
are
freight
since
cars
getting
that the Central system has
us
expended $84,324,736 for locomotives and
and
con¬
Mr. Smith of the
forward again.
come
N. Y. Central tells
re¬
is from the switchmen,
wages
50% increase this time, while the
a
ready to
as one
CHRONTCLE
after the
month
one
passenger
war
1745
named date.
on
a
as
not to
see
Nobody is
that
halt
a
commodities which all must have
Now
or
less
delays, which the people do not
observe, because the roads
are
receive
usual;
mails about
our
"Controls" to which
128.91%.
advance of
an
to show what
.
The service of the roads is
matter vital to the
a
Cannot
cease
to exist.
as
they
are
and coal, for
high that the several
so
do and
people perceive
a
distinctly
we very
sugar
everybody is turning
can
distinctly
very
still open and we all
perceive shortness of supplies (in
instance), and prices
$193,028,610,
or
have overcrowded transportation and more
we
material
cost
dull
or so
transportation would
swiftly bring scarcity and intolerable prices in the
began, and that at present prices that quantity of
would
ignorant
so
on
are
about
promising relief.
are
connection between trans¬
whole people in normal times, and now is vital to
portation and supplies, between overworked railroads
the successful conduct of the war as
and
existence
often
as
nation;
a
pointed out, the roads
are
people through direct
ship.
common
indirect
or
to
our
so
owner¬
speaking, of course) who lately joined the class of
for
investors
first
the
Liberty bond
time
realize
not
may
by subscribing for
owns
every
persofi who
savings is entrusting those savings to sopie
or institution that is standing upon railway
any
person
stocks and
the
ownership in
any
railroads, yet it is simple truth that
bonds, just
service
life
and
as every person
of
stands
dent
Day of the Equitable Life, in
policyholders,
of
score
says
upon
This is steadily
railways.
becoming realized and is drawing attention.
to
a
a
Presi¬
bulletin issued
that the market value of
some
leading railway stocks has declined nearly
billion in this present year',
and the
earning
power
a
and that these securities
of the roads "constitute the
security behind nearly 2,500 millions of the savings
of about
life
and
forty million
insurance
held by savings banks
persons,
companies," to which
may
be
prices that keep mounting?
that the trifle saved
consumers)
the
on
Cannot people
see
(to shippers, not necessarily to
freight rates is
than offset by
more
high costs of living?
On
(financially
womaii
or
man
as
has been
actually the property
of the whole
The
well
as
moreoever,
Thursday Mr. Warfield, head of the National
Association of Owners of Railroad Securities,
with the Commission
Association.
He
memorial
a
on
figures that 466
millions" of addi¬
tional business is being done by the roads
with
a
decrease of
labor and
material
directed
margin of safety, he
in this
31 millions in the
over
says,
to
filed
behalf of that
year,
outlay for
maintenance.
The
for the 17 billions of out¬
standing securities, after interest and dividend
on
millions,
or
would be
largely if not entirely wiped out
tenance
re¬
1916, approximates only 300
7% of gross revenue, "which margin
quirements, based
kept
up
to
were
main¬
standards; this margin
proper
would be further reduced if allowance is made for the
increased
cites the
interest
Mr. Warfield
charges in 1917."
largely representative character of his Asso¬
ciation, and requests relief that shall be "general and
efficient, and apply to all railroad territory."
'
the
that
added
decline
will
balance sheets of all insurance
and
companies for 1917
that, in recognition of this, the State Commis¬
sioners of insurance have
on
an
Mr.
Day also lumps
some
143%
on
cotton—war
and
on
says,
legitimate fruits of prosperity to the
deny them to the other," and if it is wise
nations, for the sake of
cannot be wrong
an
some
unfor¬
early victory, "it
for the Government to give prompt
and effective relief in the form of rate advances to the
organizations which
are
operating its
own
basis line
of communication to the battle front."
The
Railway Investors' League
own
less
than
shares
ten
through the country
hension
in
on
the part
an
says
ers,
of stock,
attitude of
that letters
of whom
"which reflect
and
money
appre¬
invested
To its members this League
"it is therefore for stockholders to call for pres¬
help from the Commission.
it is for
you now
*
*
*
stockhold¬
forcefully to appeal to
your rep¬
resentatives in Congress or higher authority, and to
impress present conditions on the Inter-State Com¬
merce
Commission, to
right this great
now
which withholds from you your
the country
wrong,
just return and from
its sorely-needed improved transporta¬
tion."
About
*
a
year ago
eral strike and
never
than
more
overwhelmingly
It should
this.
be
now
been
so
sharp.
a
there
THE RETAILER AND GOVERNMENT PRICE
was
CONTROL.
This week is memorable because many
taxes
the
unusual talk of
a gen¬
"consumption"
on
advanced
postage
"Hoover week" and
a
of the
new
into effect, including
go
rates;
because it has
been
campaign has been going
for enlisting housekeepers in
on
food conservation, and
because the
licensing of wholesalers in various lines
begun.
The consumer is chiefly
in what must be paid to the retailer, and
of commodities has
interested
the law
more
many
worry
of all people with
railway securities."
ent
says
coming daily from its members,
are
has
peace
"It cannot be fair," he
for the Government to make loans to
tunate
established
wheat, 109%
prices to the shipper but hardly
profits to the carrier.
"to grant the
case was ever
unanswerably
pushed with especial earnestness, for the exigency
advances in materials, such
pig iron since 1914, 175%
as
one
agreed to value securities
and
of five dates three months separated.
average
on
No
inevitably affect the
as
specifically exempts the retailer not doing
than $100,000 of
the
owned
business
per annum, as
well
producer of food products from soil which is
or
used by him.
The loudest
in the last
cry
against the retailer, and it is
announced that the Food Administration will at¬
two
weeks has been
tempt to find a way to reach him.
The exemption
of retailers and farmers refers to licensing, and Sec¬
tion 4 does make it
"unlawful for
any
person" to
willfully destroy food, or, inter alia, "to make any
unreasonable charge."
no penalty is prescribed or
attached to this Unlawfulness of practice, but a rule
unjust
or
The defect here i3 that
which it is hoped will keep a
curb in the mouth of the
retailer is that "the licensee shall not
knowingly sell
food commodity to any person engaged in the
business of selling such commodities who makes any
any
unreasonable rate
or
charge in selling
or
otherwise
distinct threat to stop great systems. handling," or who holds or contracts for unreasona-
•
ble
CHRONICLE
THE
1746
That is, the dissatisfied
quantities.
consumer
complain of the retailer, and then the boycott is
can
wholesaler upon any retailer who
to be laid with the
will not sell
he is bidden.
as
fair" is to have its
The store that is "un¬
supplies cut off.
For this, there
cluded
[Vol. 105.
excluded, has
or
sent
to
Washington.
ground in Section 5,
missioner set his
practice" in the state¬
the paper
ment of the
for the
for
as
licensee must not do and
a
be subjected to
may
misdemeanant.
a
necessaries than he
dependents "for
buys
or
contracts
or
requires for himself and
reasonable time" is
a
pun¬
Moreover, under Sec¬
"any person" who hoards
more
his
things that
doing of which he
ishment
tion 6,
some
misde¬
a
meanant;
this "any person" includes retailer and
consumer,
but, again, exempts
who
can
hoard
otherwise
or
and circumstances
This is
it
as
stands
or
material and by
been
have
been
attempted.
wisdom
undertaken
While doubting,
and
the
may
be
practical
had
control
no
from the first,
of such at¬
success
tempted control, the "Chronicle" accepted the bill
as
enacted and awaits the
practical test of operation,
although still having little faith in the means proposed.
WITH
GOVERNMENT
EXPERIMENT
FOR
OF
NOT
SATISFIED
FIXING
NEWSPRINT
PRICES
has proved
of
most
itself
an
PAPER.
;
Pringle, acting
paper
ill experiment
United
opinion that "the
After eight months
.
paper
publishers."
newspaper
tion
as
manufacturers
With such
respecting newsprint prices in future,
sonably
$50
assume
convic¬
that the present fixed maximum of
raised to at least $60
cision will
one may rea¬
for paper used in the Dominion
ton
a
a
preamble to his formal recommendations
a
a
ment made
will be
probably be made known early next week,
to-morrow.
daily manufacture of newsprint
paper
Canada, amounting to about 2,000 tons, almost
85%'goes to the United States.
ment's
ever
While the Govern¬
arbitrary price of 2^ cents
a
pound
on
what¬
supplied Canadian publishers affected
was
minor part of the
total;output,
the unfortunate position of
home trade.
a
few mills
were
a
in
holding the bulk of the
To equalize the
CANADA
For
output for eight months past mostly at $50
a
score
The Government's
publishers for relief,
paper
ton,
a
ton had to be declined.
action, following the plea of the
was
based
upon
the estimates of
manufacturing costs prepared by the United
Federal
estimates
GETS
A
were
Trade
Commission.
How
prepared, and what factors
CO-OPERATIVE
RAILROAD
Ottawa, Canada, Nov. 2 1917.
One of the most
Union
acceptable first fruits of the
in
Government
ganizing of
Canada
has
been
new
the
or¬
co-operative railroad council, including
a
the heads of the Canadian
Pacific, Canadian North¬
Grand Trunk,, and Government-owned railway
ern,
lines.
Canada has 40,000
senting
the
miles of railways,
repre¬
of transcontinental main
excess
an
lines,
extravagantly-located competing lines, and at
some
same
time
leaving
of the provinces quite
some
inadequately served with branches.
The business of
board will be to consider the
new
way
map
as
country's rail¬
unit, to distribute rolling, stock
a
ac¬
heavy bill for the Canadian people.
up a
Sir Robert Borden told the House of Commons last
session
that
the
Canadian
spend $100,000,000 in
those
were
in¬
new
Canadian Northern became
Pacific
would
have
to
construction unless the
a
public-owned railroad,
meaning that the fact of rival ownership and the ab¬
sence
of any
machinery of co-operation would load the
country with $100,000,000 of trackage and rolling
stock not at
all
competition.
called
for, except by the goad of
That throws
light
some
on
the
re¬
sponsibilities of the council of railroad presidents
and their Government
colleagues.
Common disabilities of
the railroads
about
a
-
time, against which all
battling, have also helped to bring
are
more
war
amicable spirit and a desire to pool
Chairman Alfred Smithers of the-
Grand Trunk Railway Company stated a few days
ago
that his road
bellum
was
paying treble the price of ante¬
days for materials.
company
this
The
wages
NEW
STOCK
TENANCE
Aroused
over
in 1917 by, $8,-
*
;
YORK
bill of the *
will be increased by $4,500,000
year
and the cost of coal has advanced
000,000.; '
the
EXCHANGE
VICIOUS
WILL
SHORT
NOT
COUN¬
SELLING.
allegations that the great decline in stock
prices has followed from
assaults
on
the market by bear
operators, the Governors of the New York Stock Exchange
at
a
of United States offers for the entire
production at $60 and $70
States
substantially by the conclusions of
council.
burden, all the mills
caused by domestic or¬
example, the E. B. Eddy Company, one
of the pioneer mills, was
obliged to sell its newsprint
while
weeks ago during the course of the
some
influenced very
undertook to bear the loss
ders.
manufacturers and publishers
paper
certain facilities.
Of the total
to
mean
inquiry that the United States Government would be
The Government's de¬
ton.
for the term of the "fifty dollar maximum" expires
in
States
What
ton.
perhaps have been foreshadowed in the state¬
may
sold in Canada
have been making a present of $500,000 to the Cana¬
dian
a
competitive extravagances which in the past have
behalf of the Finance Minister,
on
on
auditors'
the Canadian Commissioners' decision will
heaped
painstaking inquiry, Commissioner R. A.
has given his
Canadian
cording to national needs, and otherwise to eliminate
Ottawa, Canada, Nov. 2 1917.
Fixing prices for newsprint
the books of
fair return
report finds that newsprint cannot be manufactured
the
CANADIAN
the
on
as a
in Canada in 1917 to sell f.o.b. at $50
every
separate matter from the control, and might
should
the
or
It is, how¬
productive of vast and permanent good.
and
news¬
The campaign for
to-day.
against waste, which includes
it; the country needs it most^sharply, and it
ever, a
staff of auditors
Allowing 10%
capital actually invested,
commendation and support should be given to
every
own
mills.
neglect, is fully good and timely, and
every
of the figures
accuracy
the Canadian authorities.
;
should include waste of every
act
friend the farmer,
do^as inclination prompts
permit.
conservation and
our
The
print inquiry, and to such good effect that the Com¬
colorable
be
to
been revealed to the
despite repeated requests
disputed fropi the opening of the Canadian
was
which includes the words "or
seems
never
Canadian manufacturers,
a
special meeting
on
of short sellers under
Nov. 1 took steps to keep the activities
surveillance
and, incidentally, to
whether there is any
basis for charges that Germans
sympathizers
work in
are at
securities and thus
form of
new
see
their
effort to depress American
hamper industry,
establishing
hands of the Stock
an
or
These steps took the
trading rules which will put into'the
Exchange authorities important informa¬
tion from
are
The
day to day from which to judge whether attempts
being made by illegitimate means to depress prices.
new
rules adopted
by the Governors, besides providing
Nov. 3
supply lists of the stocks borrowed
"borrowed"
that all members must
and the
of customers for whom stocks are
names
require lenders of stock to inform the Stock Exchange of
the names of brokers to whom they loan stocks.
also
The
following
the resolutions adopted by the Gover¬
are
the 1st inst.:
nors on
offices in peace of mind
Government's
the
Exchange
Purves
To the Members
At
loan campaign.
war
of the Exchange, or their firms, who are
themselves or their customers, are required
daily, by 12 o'clock noon, to the Committee on Clearing House
New York Stock Exchange, at 55 New Street, a list of all stocks
The effect of the minimum
also be reassuring.
achieve its
of the
work
and amounts of the borrowed
borrowed; such list must state the name
At the
names
deliver in a sealed envelope a list of the
for whose account such stocks are borrowed and the
time they must
same
of customers
borrowed for each customer.
amount
These sealed envelopes will be in¬
Conduct in their discretion.
Resolved, That all members of the Exchange, or their firms, who are
lending stocks, are required to furnish daily, by 12 o'clock noon, to the
Committee on Clearing House of the New York Stock Exchange, at 55
New Street, a list of all loaned stocks; such list must state the names and
spected by the Committee on Business
amounts
stocks, the names of the borrowers of. the same
of such loaned
Exchange
of the Governors of the Stock Exchange on
said,
was
called after consultations had been
prominent members of the board and downtown
While the financial leaders realized, says the
New York "Times," that a vast wave
ties
was
of liquidation of securi¬
probably the primary cause of the shrinkage in quo¬
evident that sales for purely speculative
tations, still it
was
purposes were
increasing the volume of daily transactions.
were convinced, it is said, that the dissemina¬
The Governors
tion of unfavorable and
even
malicious
rumors
about stocks
short
of tracing out the
throughout the country was also a factor in stimulating
largely for the purpose
that the Exchange authorities decided to get
selling, and it
evil
rumors
was
position where the names of big short sellers could be
uncovered if needed.
The reports which the members of
into
on
a
required to render under the new resolution
the Governors, it is pointed out, to place their
minimum
by their nefarious practices,
hands on these short sellers, who,
If there are indi¬
German conspiracy, it is said that the evidence
be causing heavy losses to investors.
The
Government.
to the Un ted States
over
result of the col¬
situation in the stock market, which, as a
rise to
that the Gov¬
lapse in values, bordered on demoralization, gave
unfounded
the Exchange
York Exchange would
following
stated
the
Governors'
trading
Nov.
1
was
or
ques¬
of suspending
the Exchange.
The "Wall Street Journal" of
had the following to say concerning the unwisdom
on
of closing
It
minimum prices
It was
meeting
the
the 1st inst. that the Governors did not consider
tion of either resorting to
•
virtually close
here by establishing minimum prices.
authoritatively
on
One of these was
rumors.
the New
of
ernors
New
the present time would be little short of a catas¬
trophe, especially in the face of the large amounts of funds that must
be
United States Government in the future, if the European
There has been nothing of a panicky char¬
conflict continues unabated.
the stock market thus far, and the argument was
vanced that stock values are simply undergoing price
sive short selling, it
readjustment
is believed, will not be countenanced by the
Governors] of the New York Stock Exchange, but the best
no
ad¬
and
Exten¬
level to meet the present day conditions.
must seek their natural
Board of
opinion is that
the natural trend of the market, whether
downward at this time.
attempt should be made to curb
it be
ujjward
or
Exchange had also adopted
.
price system,
Oct. 31, as
As
a
of
view
Canadian
the, conditions surrounding the
exchanges in resorting to the minimum
action of the stock
expressed by the Montreal "Gazette" on
was
follows:
result of the unusual situation brought about
by the shortage of credit
supplies for market purposes, the steady diversion of investment funds
from the older securities into the war loans, and a sympathetic depreciation
the protracted decline in the New York market,
in values resulting from
the Canadian stock exchanges, both
day to adopt
The
Montreal and Toronto, decided yester¬
system of minimum prices.
a
decision
although the
rather unexpectedly,
and
suddenly
came
been vaguely felt for some days.
of credit was necessary or further depreciation was
forced liquidation of speculative accounts, with unsettling
necessity for some protective measures had
Either
freer supply
a
inevitable under
effects
on
the financial situation and to the detriment of the coming cam¬
paign for Canada's fourth war volume.
plan of minimum
The decision to meet the situation by going back to a
the forced
of the authorities
prices, similar to that instituted when the markets reopened after
suspension in the autumn of 1914, met with the approval
charge of the war loan campaign and the banks.
in
all other considerations in the investment markets
The subordination of
sidered of
course
position while the loan campaign was in progress was con¬
interruption to the ordinary
Further, the arrangement of a
importance than a temporary
more
of business on the stock exchange.
minimum
The stabilizing
appealed very strongly to the former.
problem of the stock
skilled workers whose efforts
price basis, by solving the most pressing
exchange, would tend to release from that body
required in selling the new war bonds.
are
With the banks the situation would seem
to be largely that the demands
Connection with the financing of Imperial
of the moment in
credits arid the coming war
considered extremely low
considered to meet the various
Minimum
prices,
come
establishing a minimum level of prices was
perplexities of the situation satisfactorily.
prices below which securities may not be
or
into effect on the Canadian stock
by the war.
result of conditions brought about
business the world over left holders of
maximurii,
with
an
enormous, increase
year ago.
a
changed in any marked extent, the
The increasing necessity of new
war
The stock market's
But while the basic business conditions which
about that rise have not
ditions have.
channels of
in the actual and potential
three years ago.
conditions was seen in the buoyant rise in security
to the changed
values
securities with paper whose value
Today business activity in Canada is at a
entirely problematical.
new
sold,
exchanges once more as a
Obviously they are condi¬
1914 when the sudden dislocation of
tions of another sort to those faced in
was
Market values are
in relation to intrinsic values, and with that as a
sound basis to go on the plan of
therefore,
Government
loan are too important to make advisable any
considerable diversion of funds to the stock exchange.
response
pointed out in high banking circles to-day that to close the
York Stock Exchange at
acter evidenced in
Toronto
values of securities as compared with
the Exchange:
raised by the
half-
a
During that period they
closing figures.
will enable
many
the
that
of the market
will be turned
from trading for
a recess
prices for trading based on the previous night's
to the new war loan
cations of any
of the action of the Mon¬
news
the members of the Toronto Stock
Oct. 30 took
the Exchange are
may
calming effect all around and would
a
meeting to discuss the situation, and later it was
a
announced
The
held between
bankers.
They
state.
prices."
loan.
war
hour, beginning at 10.30 a., m.
held
"and we realize we
nervous
investors, Mr. McDougall added, would
It would have
treal Stock Exchange,
Secretary,
the 1st inst., it is
they said,
sudden break in
GEORGE W. ELY,
7
The meeting
the
on
on
some
to each borrower.
the amount loaned
and
and several of the
principal object in releasing the full energies of the brokers for
Following the receipt of
borrowed.
whom
in conference last night with J. W.
while the market is in this
cannot leave their offices for fear of
i
Resolved, That all members
from
was
the exchange has taken would be a benefit to the war loan.
cannot have to any extent
to furnish
and
He
Chairman of the War Loan Committee,
borrowing stocks either for
stocks
said:
"We need of the help of the brokers,"
held this day, the following
resolutions were adopted:
from
regarding the action of
McDougall of McDougall & Co., President of the Stock Ex¬
help the
as
of the Exchange
meeting of the Governing Committee,
a
Committee
to the
energy
dispatch
bankers interested, and they intimated that in their view some such action
York, Nov. 1 1917.
New
special
A
change, said after the meeting that the minimum was established primarily
to
EXCHANGE.
and devote all their
financing.
war
Montreal to the New York "Sun"
McConnell,
NEW YORK STOCK
1747
CHRONICLE
THE
1917.]
brought
financial con¬
capital being directed into
financing, either war loans by the people or war
credits
supply of funds available for the stock
exchanges, and virtually placed a ban on speculation.
A situation of that sort, in view of the current low prices of securities of
by the banks,, has diminished the
all
classes, investment and speculative,
and the stock exchange as a
had
•
minimum-price
the tjme being by recourse to the
been restored for
plan.
will tend to gradually right itself,
whole expressed relief yesterday that stability
'
■'
STOCK
PITTSBURGH
EXCHANGE ESTABLISHES
•
MONTREAL
■
AND
ADOPT
The committee
MINIMUM
STOCK
EXCHANGES
PRICE SYSTEM.
weak markets decided
vert to the minimum
on
Oct. 30 to re¬
price system, which Was in
occasioned
by
the outbreak of
prices
established by
for
a
a. nl. on
later than usual, and this gave rise to re¬
announcement
to
actually
was
put themselves
on
the brink of failure.
made that all the brokers
Exchange
tionary measure designed to
The official
were
eager
behind the coming Canadian War Loan,
and that the action of the
would be taken as the minimum basis.
was
taken
as a precau¬
allow the brokers to leave their
(Thursday,
The action
Pittsburgh Exchange, it is said, was taken to protect
securities
that brokers with heavy holdings were confronted
It was officially stated, however, that none of
was
closing prices of the previous day's session
Nov. 1)
of the
The
those
Oct. 29.
The
are
with ruin.
the brokers
the
yesterday's session (Nov. 2)
establish minimum prices, and that,
that it had decided to
the committee
prevailed at the close of the market on
Montreal Exchange did not open until 11 o'clock
Oct. 30, one hour
announced at the opening of
the European war.
which
ports
use
of the Pittsburgh Stock Exchange
The Board of Governors
the exchange reopened after the closing down
time when
MINIMUM PRICES.
,
•
of the Montreal Stock Exchange on ac¬
count of the recent
minimum
TORONTO
trend had
whose
reasonable
cause.
been downward
President John J.
without
any
Barbour of the Ex¬
change stated that the minimum price order was
subject to
revision, although for the present the prices as officially
announced at the close on Thursday would be the lowest
a
allowed.
The minimum
stocks listed
called
New
on
price ruling, it is said, affects al 1
the Pittsburgh Exchange, except what ar
York
stocks,
including United
States
Steel
Westinghouse Electric, Pittsburgh Coal, Columbia Gas and
Crucible
Steel.
Pittsburgh
trading in those shares,
stated, invariably follows the lead of
\
New York.
it is
1748
THE
CHRONICLE
CANADIAN BANKERS NEGOTIATE WITH WASHING¬
OFFICIALS
TON
RESUMPTION
MENTS
A
OF
GOLD
TREASURY BILLS DURING PAST
party of prominent Canadian
J. P.
bankers, including Sir
Vincent Meredith, President of the Bank of Montreal;
Edmund
J. P. MORGAN & CO. MAKE NO OFFERING OF BRITISH
SHIP¬
CANADA.
TO
[VOL. 105.
ish
Sir
Morgan & Co. made
Treasury bills during the past week.
consecutive week in which
Walker, Presidentr and Sir John Aird, General
bankers.
the
Pease, Managing Director of the Royal Bank of Canada,
available for offering
in
Washington
Oct. 30, where they conferred with
on
neighborhood of $100,000,000 of the $150,000,000 made
Morgan firm.
Treasury Department officials and members of the Federal
This is the third
bills have been offered by the
no
It is understood that up to the present time in
Manager, of the Canadian Bank of Commerce, and E. L.
were
WEEK.
offering of ninety-day Brit¬
no
in this market has been placed by the
The last sale of the notes
discount basis.
was
made
on a
5
%
"
Reserve Board, relative to arranging for the raising of the
embargo recently placed
States
Canada.
to
made
official
no
announcement
non-committal
were
by their visit,
press
to what was
as
accomplished
dispatches from Washington
Oct. 31
on
U.
was
the results of the conference, and the bankers
to
as
themselves
gold shipments from the United
on
While
stated that it had become known that the Reserve Board
rallied strongly to the support
exchange, agreed to permit
certain amount of gold to be
a
exported to Canada monthly.
The Canadian bankers, after
concluding their conferences with the Washington officials,
to this
came
city for
York bankers.
discussion of the situation with New
a
Canadian funds have of late been
lating |n New York, largely, it is said,
of
Canadian
grain bills at
accumu¬
credit of $230,000,000 was
Oct. 30, to be used
this centre.
Ordinarily, it is
stated, the movement would be satisfied by gold exports
from the United States, but the
Some
have it
statements
business
the
on
embargo put
that the one-hour suspension
Montreal
Stock
Exchange
(referred to in another item), with
ment of minimum
the
to
stop to this.
a
a
prices for stocks,
shortage of funds.
of
Tuesday
on
subsequent establish¬
may
be traced indirectly
For two months
or
it is
more,
said, Canadian bankers have been obliged to restrict to small
proportions all collateral loans to brokers, this attitude having
been forced
take
by the necessity of their having to
Government requirements.
A special dispatch
of
care
the banks
on
from Montreal
on
Oct. 29 to the New York "Sun,"
the visit of the Canadian bankers to
regarding
Washington, said:
The wide fluctuations of the exchange market have occasioned much in¬
convenience to
merchants and
manufacturers in
both countries:
business of importers and exporters would be facilitated if as
mutual concessions the two Governments
permitted
of gold either way when conditions warranted.
to make finer
in
prices,
the
and
result of
a
moderate movement
a
Then it would be
possible
the necessity for allowing for possible heavy losses
as
exchange would not be present.
It is pointed out by experts here that the United States, and New York
|
munitions
and
York, for example.
Ten years
the aggregate of call loans and net bank balances carried in New York
and London by the Dominion's chartered banks was
S67.000.000; whereas
ago
the
bank
statement
S234.000.000,
just
published
most of tho amount
As Canada's
for
a
mild
or
30
1917 shows
being employed in New
banking system developed the external
built up, in the belief that the balances
So
Sept.
liberal
were
total
a
of
York.
steadily
reserve was
use
and foodstuffs
as
much
COMPARATIVE FIGURES
OF
CANADIAN
following
two
CONDITION
OF
•
Fuel Administration of the Italian Govern¬
The
for 2,000,000 tons of coal......
granting of preferential treatment to the Italian Gov¬
ernment in the matter of ocean
movement of
the Italian civil
their needs
States
upon,
it is said, to hearten
population by assuring them food to supply
the winter.
over
Several weeks ago the
United
Shipping Board, after conferences between Federal
officials
to
transport for the immediate
supplies is counted
and
French
Italian
and
decided
representatives,
place 285,000 tons of shipping at the disposal of France
and
100,000 at that of Italy.
But at that time it
de¬
was
cided that France should have the preference with respect
the
to
of the allotted tonnage.
use
her quota
first.
France
ceive her 100,000 tons of shipping some
Now, however, in view of Italy's
been decided
to
made for
was
Under that arrangement, Italy
.
reverse
to obtain
to re¬
was
time in December.
urgent need, it has
more
the order, and arrangements have
giving Italy the first preferential delivery
of shipping.
In regard to the lifting of the
export ban on shipments to Italy, it is said that the Italian
Government is to be
permitted to take the kinds of materials
it needs most to the limit of its tonnage
of
capacity, regardless
prospective shortages in this country.
.
■
monthly statements, with the
PREDICTS
BRITISH
DAILY
BANKRUPTCY—
GERMAN
EXPENDITURES
WAR
OVER $32,000,000.
speech before tho House of Commons
a
he
announced
that
the
on
Exchequer,
Oct. 30, in
daily expenditures of the
re¬
£6,414,000 (about $32,070,000), declared that lack of
were
money
would not prevent the Allies from winning the
war,
while, if Germany lost it, she would probably be hopelessly
ASSETS.
■
■
4Sept. 29 1917. Aug. 31 1917. June 30
_
Mf
LAW
B0NAR
British Government from July 22 to Sept. 22, six months,
t
subsidiary coin—
$
Canada
S
48.690,584
21,158,210
Elsewhere
1914.
$
50.317.149
20,906.077
The Chancellor's remarks
bankrupt.
•
In
This step -was followed
supplies to Italy, and the granting by the
States
ment's request
which
BANKS.
for June 30 1914:
.
in shipment of coal, fuel, supplies
munitions.
Andrew Bonar Law, Chancellor of the British
the condition of the Canadian
we compare
banks, under the last
.
well
as
needed
United
in
M
which
by the waiving of all. export restrictions in forwarding the
loans in New York will reach much
larger figures in a few years.
Gold and
adopted by
were
administration'by Washington of its gold policy in regard
specially needed in the Dominion, would
tendency to maintain the high character of their exterriai reserves in
the eyes of Canadian bankers; and with the further
rapid development of
their country's financial
power it is quite probable that their balances and
turn
Measures
Our Govern¬
Italy is to obtain the first 100,000 tons of shipping that
a
In the
possible.
as
practically equivalent to gold.
to Canada now that the metal Is
have
be
aid, however, does not stop at the granting, of this
rapidly
seas as
huge financial credit.
of 100,000 tons
in New
to
ment's
the
been
reserves
supplies in this country, and
across
in
Take the Canadian bank
A financial
granted the Italian Government
rushed
particularly, would derive substantial advantages from
a policy of liberality
Washington in the matter of loans and gold shipments to the Dominion.
of Italy in its military crisis
by Italy in purchasing coal, foodstuffs,
other
becomes available for
result of the sale
as a
TO ITALY.
during the past week has
precipitated by the Austro-German invasion.
on
had, in view of the present weak condition of the Canadian
S. EXPEDITES FULL AID
The United States Government
28.948.84J
17,160.111
nection with his request for a vote of
This amount
made
were
in
con¬
credit for £400,000,000.
will, it is expected, be sufficient to last until the
"
r
'
■
'
1
.
Total
Dominion notes
from
■"■■■'"■hi
ii
■
rn
<i
in
n'
iim
—
n
I,
,
"69,848,794
121,691,837
banks:
Loans and discounts.....—...
Bonds, securities. &c.......—
Ca
and short loan> In Canada.
Call and short loans elsewhere
than in Canada
Other assets
Total
71.223,226
120,508,217
46.108.952
92.114.482
5.761,342
64,870,000
171.036,158
992.514,327
377,608,848
72,421,187
5,756.623
53.320,000
161,092.928
974.071.684
377.496.545
71,204.351
6.667,568
166,480.004
84,338,469
...
Deposit with Mln er of Finance
for security of note circulation
Deposit in central gold reserves
Due
"r'
178.610,625
83,106,314
3 050 000
123.608.93fi1
end of the present year,
year
the
102.344.120
67.401.484
war
he
$
Reserve fund
—....
S
189,866.666
112,088,966
111.666.656
113,517,153
.
192.866.666
115.434 666
114.811.775
IJ3.515.I03
are
113,368.898
war
Time
~156.450.657
997l38d)29
41.281.791
46.518.773
632,284.575
626.646,912
44.453.738
458.067 832
663.650.230
32.426.404
177,589,298
deposits
deposits
deposits
965.393.541
952.591,821
34,298.955, '
32.952.864
Due to banks
5t^P.Wnff
3.683.524 1
—
4,541.826
01M'n"
or
reserve
20.096.36*
28'5"-949
fund."
fhe
case
footings In the above do not exactly
the
agree
cents
in
the
official
reports
witp the totals given.
/
on
the
the
the Allies meant it should,
one
which could be
29 the national debt stood at £5,000,000,000, but from this
This
sum
in the case of the Allies
of the dominions £160,000,000.
We
was
are
our
sum
allies and the do¬
£1,100,000,000, and in the
also entitled to deduct part
of the gift of the Government of India to the Empire for the war.
The gift
amounted to £100,000,000, but of that amount something like £34,000,000
the responsibility
is
The Indian Government, however, has taken
for the balance.
The total to be deducted, therefore,
£1,326,000,000.
The Chancellor
also
took
during the
occasion
to
course
express
of his remarks
the
appreciation
on
of
Oct. 30
Great
Britain and the rest of the Allies for the great financial
1,876.390.240 1,848,214,802 1.330,488.683
omission of
as
£185,000,000,
He continued:
has been treated as revenue.
Circulation
Government
Demand
ended
than
of the interest
entitled to deduct the amount advanced to
minions.
$
189,866,666
112.088.966
111.664.149
more
added, the financial burden would be
On Sept.
we
been increased by
fell short by £55,000,000
If the
debt.
borne.
2,126,570,966 2,096,390,513 1,575,307.413
sum
the'beginning of
German taxation, the Chan¬
£5;692,000,000.
cellor said, had
but that
LIABILITIES.
Cap ta! authorized
Capita! subscribed
Capital paid up
to
war
925.681 966
137.120.167
71.209.738
and" it brings the total loans for the
to £1,900,000,000 and the total since
sistance
as¬
given the Entente by the United States, remarking
that this help had been extended at times when America
Nov. 3
"was
incurring expenditures at
the Allies."
I
am
not
CHRONICLE
THE
1917.]
heavier rate than any of
a
their assistance in
that until America
Government has come to
It is an open secret
financing purchases in America.
into the
came
war
the method of finnacing our purchases
there and the question of exchange were not
only serious problems, but, in
opinion, almost insoluble problems.
incurring expenditure at
a
assistance at times when she
heavier rate than any of the Allies I believe
The French Senate
unanimously,
After
the
on
the War Loan bill
Oct. 26 passed
sent to it from the Chamber of
as
Deputies.
Minister of Finance signed with the
the
vote,
a
The con¬
Associated Press Dispatch,
privileges for another twenty-five years.
vention will be submitted, says an
the necessary bill is
as soon as
The bill will set forth the conditions laid down in
drafted,
interests
of
commerce,
Loan bill in the Chamber
that
new
1918
budget,
taxation
on
measures
Oct. 26, warned the
Chamber
would be introduced into
the
the present taxation did not appear to be
as
sufficient to meet the interest
the rate of
the Treasury and
agriculture,
Finance Minister Klotz, in introducing the
public credit.
charges
He justified
loans.
on
4% because the market for 5 %s
was
ently with the existing twenty-seven billions.
know what rate
bank
the
at
or
regulations,
bonds
time before Dec.
4% bonds will be ready for delivery
no
He wanted to
He thought
the Govern¬
If conversions
date such payments must
The
Convertible Gold
4%
maturing Dec.
coupons
the rate of
bonds
1917
3y2%
Dec.
to
15
1917.
are
surrendered
than twenty-one bil¬
more
lion francs, there are great reserves
surrendered for conversion
as
ments to the United States to
deposits have been maintained at
The
"The
victory," the Minister declared.
military and
May I be allowed to address the homage
admiration to President Wilson and the generous
Amer¬
An amendment proposing that the cost of
advertising alone be submitted to the economic committee
of the Chamber
ised that
a
was
withdrawn when Minister Klotz prom¬
complete report would
An amendment that
Officiel."
newspaper was
editorials
of Dec* 15 1917, and no pay¬
no
be written without
advertising during the last loan,
said, amounted to only 1,100,000 francs.
he
the First
Liberty Loan.
11917.—Department Circular No. 93.
(Liberty Loan Circular No. 8).
Loans and Currency.}
DEPARTMENT
Washington, Oct. 19 1917.
Present
To Holders
newspaper
of 15-30
In consequence
Year
4%
FRENCH
OF
CITIES
SYNDICATE
EXPIRES.
Privilege.
Year 3M% Gold Bonds of the First Liberty Loan and
Interim Certificates
10-25
Conversion
therefor:
.
of the issue on Nov. 15 1917 of a series of United States
Convertible Gold
Bonds
syndicate headed by Kuhn, Loeb & Co.,
which underwrote the $12,000,000 city
of (Bordeaux, $12,-
Lyons and $12,000,000 city
000,000 city of
of Marseilles
3-year 6% gold bonds (see reference in our issue of April 21,
1544) expired by limitation on Oct. 31.
The original
expiration was Feb. 20 last, but it was agreed upon
page
date of
by all members of the syndicate to extend the time to the
date.
later
Convertible Gold Bonds of 1932-47 will have the same dates for payment
of interest, the same date of maturity of
principal and the same terms of
date of Nov.
Austrian
to
a
war
Press cablegram from
'.
particularly described.
more
Duration of Present Conversion Privilege.
7
privilege thus arising must be exercised, if at all, within the period
The
of six months beginning Nov. 15 1917, the date of
Second Liberty
Holders
of
Amsterdam, under
loan had been officially announced,
according
The loan comprises
bonds
of the
First
Liberty Loan or of Interim certificates
therefor, who do not present and surrender the same for conversion, in
accordance wirh the provisions
of this circular, on or before May 15 1918,
will lose once for all the conversion privilege
arising
If,
Including United States cer¬
a
,
;
proclamation of the President of the United States), the holders of any
bonds of the First Liberty Loan, in respect
the past week made addi¬
tional loans of $485,000,000 to Great Britain, $230,000,000
to
Italy and $10,000,000 to France.
The $485,000,000 loan
Britain was made in three installments, $25,000,000
to Great
being advanced on Oct. 29, $25,000,000 on Oct. 31
$435,000,000
on
Nov. 1.
The latter
sum
and
is expected to cover
in this country up to Jan. 1 191^5. The
$230,000,000 loan to Italy was advanced by the United
States to cover purchases of vast quantities of coal and
British purchases
other
supplies to meet the emergency_caused_by the Austro-
German invasion.
.
of which the present conversion
privilege shall not have been exercised, shall have the privilege, at any time
within six months after the issue of bonds of
date of such issue to be fixed by prior
such subsequent series (the
iiublic announcement by the Secre¬
of converting their bonds at par—upon presentation
De¬
thereof with all unmatured coupons, at the Treasury
the Secretary of the
accrued
interest
the
to
date
of conversion—into
bearing such higher rate of interest, and
an
equal
such conversion shall be Identical with the
as
par
amount of bonds
substantially identical with the
bonds of such subsequent series, except that the
bonds to be issued upon
bonds of the First Liberty Loan
maturity of principal and of Interest, and terms of redemption.
to
Method
of Effecting Conversions.
Conversions- in the exercise of the present conversion
privilege may be
presentation and surrender of bonds of the First Liberty Loan,
registered form.
or
interim certificates therefor, to the
Reserve banks in Boston,
New York, Philadelphia.
respective
Federal
Cleveland,
FRANCE.
The U. S. Government during
per annum
termination to be fixed by
perial German Government (the date of such
a
than
United States and the Im¬
before the termination of the war between the
.
MAKES FURTHER LOANS TO GREAT BRITAIN,
ITALY AND
obligations) shall be issued
by the United States at a higher rate of interest
effected by
S.
of the
scription, or of the issue of any additional bonds of the same series.
either in coupon or
U.
as a consequence
Liberty Loan, now being offered for sub¬
tificates of indebtedness and other short-term
53^% redeemable State loan, and 5lA% exchequer bonds,
repayable August 1926, both free of taxation.
the issue of bonds of the
Loan, and ending May 15 1918 (both dates inclusive).
Treasury may designate for the purpose, and upon adjustment of
1, reported that the issuance of the seventh
Vienna dispatch on that day.
Such 4% Convertible
redemption as the bonds of the First Liberty Loan.
Gold Bonds of 1932.-47 to be issued upon such conversions are hereinafter
partment, Washington, or at such other agencies as
AUSTRIA'S SEVENTH WAR LOAN.
be identical
with those of the bonds of the Second Liberty Loan, except that the 4%
and surrender
An Associated
Loan),
of their bonds or interim certificates into an equal face amount of 4%
Convertible Gold Bonds of 1932-47, the terms of which will
tary of the Treasury),
'
Liberty
Loan) and of interim certificates therefor will be entitled to convert all or
any
however, any subsequent series of bonds (not
The life of the
Second
(the
Gold Bonds (the First Liberty
holders of United States 15-30 Year 3
issue of the bonds of the Second
LIFE
Per Cent Gold Bonds
United States 15-30 Year
of
of
in the "Journal
subvention be given any
The Minister said that all
also withdrawn.
Paid
Department's
LIBERTY LOAN.
appear
advocating the loan would
payment.
1917,
adjust interest will be required.
following is the text of the Treasury
Conversion
that bank
five billion francs.
over
United States brings our soldiers inestimable
people."
15
regulations:
existing in the country,
said the Finance Minister, as shown by the fact
ican
bonds
coupon
after Nov.
prior to Dec. 15 1917, will be deemed to have been so
Although the floating debt amounted to twenty-two billion
our
all
requested,
of interest
from Nov.
where exact
cases
Office of the Secretary
francs and bank bills issued total
of
per annum
Except in
'
certificates
TREASURY
financial support.
(1) interest at
from June 15 1917 to Nov. 15
interim
the credit of the country.
assured of
1932-47 delivered
1917, covering
15
per annum
adjustments
but
and after that
on
of
1917, and (2) interest at the rate of 4%
and
any
conversions will have attached thereto (adjustment)
upon
15
effected at
be made.
As the last
10,000,000,039 francs, the present
are
16 1917, payments to the Government to
loan could not be fixed at b£low ten billions without reflection
are
Conversion
Federal Reserve
any
adjust interests will not be required, but
loaded suffici¬
ought not to increase the rate of interest.
"We
LOAN
Treasury Department by surrender of the
industries, municipalities and others would
equire if the State offered 6%.
loan produced more than
stated last week.
as
be effected at
may
May 15 1918), but
convention renewing the
Governor of the Bank of France
bank's
to Parliament for ratification
text of these
prior to Nov. 15 1917.
OF FRANCE CHARTER.
on
LIBERTY
CIRCULAR.
3J^% bonds (or interim certificates), together with a request
for conversion, at any time after Nov. 8 1917 (but not after
to acknowledge.
THE NEW FRENCH WAR LOAN—EXTENSION OF BANK
ment
OF
TREASURY
We referred last week to the issuance by the U.S. Treasury
Department of regulations governing the conversion of the
First Liberty Loan
bonds, and now give the complete
of the SV2%
The fact that America has given generous
it my duty publicly
the
CONVERSION
glad to be able to take this opportunity of saying how much reason
only the British but all the allied Governments have for appreciating
was
OF
BONDS.—TEXT OF
the very generous way in which the United States
my
TERMS
said:
He
1749
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas
Department in Wash¬
interim certificates may
City, Dallas, and San Francisco, or at the Treasury
ington, but such presentation and surrender of
only be made to the Federal Reserve bank by which such interim certifi¬
cates
have
been respectively executed.
Bonds of the First Liberty Loan, either in coupon or registered form, or
interim certificates therefor, so presented
must "be
accompanied by
and surrendered for conversion,
Requests for Conversion, duly filled out and
signed by the respective holders, in the forms prescribed by the Secretary
of the Treasury (Forms Nos. 1019 and 1020, Loans and Currency).
Form
No.
1019 should be used only for coupon bonds or interim certificates and
Form No.
at
1020 only for registered bonds.
Copies of such Forms appear
the end of this circular and additional copies may be obtained at any
Federal Reserve bank or at the Treasury Department in Washington.
Such bonds
at any
or
interim certificates may be so presented and surrendered
time on or after Nov. 8 1917, but not after May 15 I91S.
Holders
CHRONICLE
THE
1750
certificates of the First Liberty Loan who desire to
of bonds or interim
effect conversions thereof, and who also desire prompt delivery of the
Convertible Gold Bonds of 1932-47
should present
1917,
8
certificates
to which they will become entitled,
such bonds or interim certificates for conversion
as soon
or
possible thereafter.
as
4%
Holders of bonds
presented and surrendered for conversion
on
Nov.
on
interim
or
before Nov.
or
the
15 1917, will obtain the full benefit of the higher rate of interest from
earliest possible
date, but
4% Convertible Gold Bonds of 1932-47 will
no
be delivered before Nov. 15 1917.
Loan who,
terim
Subscribers for bonds of the First
Liberty
for any reason, have not yet received either definitive bonds or in¬
certificates, and who desire to convert all
they are entitled to receive, should notify
or any part
of the bonds which
the bank or trust company or other
holding such bonds or interim certificates for their account, of their
agency, now
desire to convert.
The
certificates of the First Liberty Loan will either be
versions of interim
delivered directly, at the time of surrender of such interim certificates for
conversion, to the parties surrendering the same,
wise sent, as soon as
the Requests for
will be mailed, or other¬
or
Conversion, at the respective addresses filled in thereon.
relieved the Government of the expense
certificates,
of the issue and delivery of defini¬
tive bonds of the First Liberty Loan, they will be entitled to delivery
Convertible Gold Bonds of 1932-47 without
The 4%
expense to
and registered bonds of the First Liberty Loan, will
surrendered
either bo delivered directly, as in the case of interim certificates
for conversion, or, in the absence of other written Instructions and
tances to cover expenses,
owners
to the
form
of
remit¬
if registered bonds, will be mailed
Requests for Conversion accompanying such interim certificates the
1932-47
Convertible Gold Bonds of 1932-47 delivered upon
Conversions of bonds of the First Liberty
the bonds surrendered
made, at the time such bonds
First
Loan will be in like denomina¬
presented for conversion, for delivery
All deliveries of such bonds will be made
and
(2)
conversions of interim certificates,
upon
bonds be
requested
vision E.
as
of such bonds
interim certificates
or
where exact adjustments of interest
cases
'
..
upon
and
bonds
of interim
of
rate
holdings, effect such conversions either (a)
both to
herein pro¬
as
after Nov. 8 1917, but not after Nov. 15 1917,
provided, after Nov. 15 1917, but
conversions effected after Dec.
Slates to
As
the
or
(5) as of
on or
the rate of 4%
will
be
The holders of
Dec, 15 1917.
on
exact
adjustments of interest upon con¬
to
prior to Dec-15 1917, in many
compensate for
such adjustments
will
not
the inconvenience con¬
be
made unless requested
the forms provided for that purpose .upon the Requests for
on
Conversion
and upon compliance with the provisions of this circular in respect
of
delivered upon
of interim
date will have attached thereto coupons maturing Dec. 15 1917 for interest
at the rate of
3A% per annum from June 15 1917.
Conversions
C.
of
Coupon
Dec. 15 1917 and
United
Subdivision
After Dec.
15
desiring to convert
or
:
1917, but
on
or
before May 15 1918, should proceed
the United States the amounts
Holders of REGISTERED BONDS of the First Liberty
when conversions
matter
to
are
Loan, de¬
convert
no
into REGISTERED
matter
Required
Adjust
to
and surrendered for conversion,
interest at the arte of 4% per annum
dates of conversion,
upon
on or
Interest.
before May 15 1918,
provided
as
States, in the
and the
above,
provided
manner
from Dec. 15 1917, to the respective
the respective face amounts of such bonds
interim certificates, in accordance with the Interest Table
or
printed at the
end of this circular.
All coupon
bonds
so
surrendered for conversion after Dec. 15 1917, and
before May 15 1918, must have attached thereto coupons maturing
on
or
and after June 15
1918.
The 4% Convertible Gold bonds of 1932-47
surrendered, will have attached thereto coupons maturing June 15 1918
for interest at the rate of
4%
from Dec. 15 1917 to June 15 1918,
per annum
and such bonds delivered upon such conversions of interim
certificates will
in addition have attached thereto coupons due Dec. 15 1917, for interest at
the rate of 3J^% per annum from June 15 1917 to Dec. 15 1917, upon
the
face amount of such interim certificates.
D.
Conversions
of
Registered Bonds.
To effect conversions of registered bonds of the First Liberty Loan, the
Loan,
4% Convertible Gold bonds
when conversions
be effected,
to
are
should
appearing on the backs of such registered bonds in accordance with the
detailed instructions thereon set forth, and must present and surrender such
bonds,
provided above,
as
accompanied
(unless surrendered
Dec. A5 1917) by payment, in the manner
or
on
before
provided below, of the amounts
required to adjust interest.
4% Convertible Gold Bonds of 1932-47 delivered upon conversions
registered bonds
of the First
Liberty Loan
will be
registered in
the
respective names of the registered holders of such registered bonds of the
The books for the transfer of registered
be closed at the close of business
will
bonds of the First Liberty Loan
Nov.
on
15
1917, and will remain
closed until the opening of business on Dec. 16 1917.
the First
Registered bonds of
Liberty Loan may, however, be presented and surrendered for
conversion
during the period when such books shall be closed.
registered
4%
Transfers
Convertible Gold Bonds of 1932-47 will not be made
prior to December 16 1917.
(a) Conversions of registered bonds of the First
15, 1917, will be effected
on
Liberty Loan
so
presented
after Nov. 8 1917, but not after Nov.
or
of Nov. 15 1917, and the registered 4% Con¬
as
vertible Gold Bonds of 1932-47, delivered upon such conversions, will bear
interest at
the rate of 4%
from Nov.
per annum
15 1917, payable Dec..
1917, and the registered holders thereof will also
15
proceed under Subdivision E.
be entitled to receive
Dec. 15 1917 interest upon the face amounts of their respective holdings
of such bonds at the rate of 3A% per annum from June 15 1917 to Nov.
on
A.
Conversions
of
Coupon
Bonds
Nov.
To effect conversions
as
of Nov.
justments of interest, and without
coupon bonds or interim
15
and
Interim
Certificates
as
of
1917.
15 1917.
any payments
to the
United States,
certificates of the First Liberty Loan must be
as
provided above,
on
or
after
All
coupon bonds so surrendered must have attached thereto all coupons,
including that maturing Dec. 15 1917.
The 4% Convertible Gold Bonds
of 1932-47 delivered upon
so
conversions, both of coupon bonds and of interim
surrendered, will have attached thereto (adjustment) cou¬
maturing Dec.
15 1917, covering
(1) interest at the rate of 3V£%
from June 15 1917 to Nov. 15 1917, and (2)
4% per annum from Nov. 15 1917 to Dec. 15 1917.
interest
per annum
of
B.
Conversions
of
Coupon'
Nov.
15
1917
To effect conversions
ficates of the First
conversion,
as
as
at the rate
and
on
or
and
Interim
as
provided below, will be effected
Before
Dec.
15
after
1917.
of Dec. 15 1917 coupon bonds or interim certifi-
Liberty Loan must be presented and surrendered for
interest at the rate of 4% per
rate of
are
as
of Dec. 15 1917, and
no
requested,
so
after Nov. 15 1917, but prior to Dec. 15 1917, will be deemed
as
surrendered
to have been
payments to the
United States to adjust interest will be
required.
All coupon bonds so surrendered after Nov. 15
1917, must have attached thereto all coupons, including that
maturing
15 1917, and the 4% Convertible Gold bonds of
1932-47, delivered
upon conversions, both of coupon bonds and of interim certificates so sur¬
Dec.
rendered (except in cases where exact adjustments of
interest
are requested
provided below), will have attached thereto coupons maturing Dec. 15
1917, for interest at the rate of VA% per annum from June 15 1917 to
as
annum
15
upon
from Dec. 15 1917, and the registered
1917 to Dec.
15
Dec.
on
15 1917 interest at the
the face amounts of their respective bonds
1917.
To effect conversions of registered
bonds of the First Liberty Loan, with exact adjustments of interest to the
'
above, and must properly fill in and sign the form of
Request for Exact Adjustment of Interest appearing
(Form No. 1020), and in such
registered holders, in addition to receiving
rate of
cases,
on
can
Dec.
15
1917,
conveniently be made,
or
as
soon
amounts
ference between interest at the rate of 33^%
the
upon
the Request for
but not otherwise, such
Dec. 15 1917 interest at the
3H% Per annum from June 15 1917 to Dec. 15 1917, will also be
entitled to receive on
rate
of 4%
per
annum
from
thereafter
sufficient
per
to
annum
the respective dates
as
such pay¬
cover
the
dif¬
and interest at
upon
which such
registered bonds shall have been surrendered for conversion to Dec. 15 1917
upon
(c)
the face amounts of their respective holdings of such bonds, in accord¬
with the Interest Table printed at the end of this circular.
Registered bonds of the First Liberty Loan
rendered
for conversion after December
15
so
1917 and
presented and
on
or
sur¬
before May 15
1918 must be accompanied by payments to the United States, in the manner
provided
below, of the difference between interest at the
per annum
and interest at the rate of 4%
per annum, upon
rate of 3 A
%
the respective
face amounts of such bonds, from Dec. 15 1917 to the respective dates of
conversion, in accordance with the Interest Table printed at the end of this
circular, and the 4% Convertible Gold Bonds of 1932-47, delivered upon
To effect conversions of coupon bonds or interim
certificates of the First
such
conversions
Liberty Loan, surrendered for conversion after Nov. 15 1917, but
prior to
Dec.
15 1917.
requested,
are
15 1917, and the 4% Con¬
respective dates upon which such registered bonds may be surrendered for
ance
1917, but prior to Dec. 15
Dec. 15 1917.
3XA% per annum
from June
ments
where exact adjustments of interest
surrendered for conversion
of Dec.
holders thereof will be entitled to receive
Conversion
provided above, after Nov. 15 1917, but not after Dec. 15
cases
as
conversion, the registered holders thereof must present and surrender such
Certificates
provided below, all coupon bonds and interim certificates
so
1917, except in cases where exact adjustments of interest
bonds, as provided
Bonds
1917.
Except in
and
vertible Gold Bonds of 1932-47 delivered upon such conversions will bear
Nov. 8 1917, but not after Nov. 15 1917.
pons
(5) Conversions of registered bonds of the First Liberty Loan so presented
surrendered for conversion after Nov. 15 1917, but not after Dec. 15
15 1917 with automatic and exact ad¬
presented and surrendered for conversion,
certificates
».
tary of the Treasury, by duly executing the form provided for that purpose
and surrendered for conversion
Holders of INTERIM CERTIFICATES of the First Liberty
i93$-47,
after
below, the difference between interest at the rate of 3 A % per annum and
be effected,
should proceed under Subdivision D.
desiring to
States
holders thereof must pay to the United
of
required to adjust interest.
of
Certificates
First Liberty Loan surrendered for conversion.
before Dec. 15 1917, should proceed
under Subdivision C and must pay to
no
Interim
and
bonds or interim certificates of the First Liberty Loan must be
coupon
presented
The
B;
siring to convert,
Bonds
before May 15 1918, with Payments to
on or
To effect conversions after Dec. 15 1917 and
possible date, should proceed under Subdivision A;
After Nov. 15 1917, but on
under
cou¬
conversions thereof will not have attached thereto
maturing on said date, but all such bonds delivered upon conver¬
certificates actually presented for conversion on said
coupons
sions
of
Holders of COUPON BONDS OR INTERIM CERTIFICATES of the
At the earliest
bonds of the First Liberty Loan
maturing on said date, and the 4% Convertible Gold bonds of 1932-47
pons
any
payments to the United States required to adjust interest.
First Liberty Loan,
coupon
actually presented for conversion on Dec. 15 1917 should detach the
registered holders thereof must assign such bonds for transfer to the Secre-
insufficient
therewith,
from said last-mentioned date to
per annum
„
involved in
sented for conversion after Nov. 15 1917, but
nected
thereto
All
before Dec, 15 1917.
versions of bonds and interim certificates of the First Liberty Loan pre¬
instances
attached
bonds and interim certificates actually presented for conversion
coupon
15 1917 will require payments to the United
adjust interest.
amounts
have
Exact and automatic adjustments of interest will be made in respect of
Dec. 15 1917, by presenting and surrendering their holdings for conversion,
herein
will
delivered upon conversions, both of coupon bonds and of interim certificates,
of Nov. 15 1917, by
as
presenting and surrendering their holdings for conversion,
as
certificates,
3A% per annum from June 15 1917 to Nov. 15 1917, and (2)
interest at
■.
!
First Liberty Loan, will be avoided if holders thereof, who desire to con¬
or
In
requested the 4% Con¬
Dec. 15 1917.
on
'
■
Conversions.
Inconvenience resulting from awkward adjustments of interest,
on
so
(adjustment) coupons maturing Dec. 15 1917, covering (1) interest at the
the United States and to holders of bonds and interim certificates of the
vided,
are
vertible Gold bonds of 1932-47 delivered upon such conversions, both pf
so
vert their
surrendered for conversion, in ac¬
so
cordance with the Interest Table printed at the end of this circular.
if
Subdi¬
provided below in
'
of Interest
Adjustments
of the
bonds
form, except (1) upon conversions of registered
Liberty Loan
delivery of registered
be
for conversion, unless written request
are
of bonds in other denominations.
in coupon
interim
provided below, of the difference between interest at the rate of
the
denominations In which delivery of 4% Convertible Gold Bonds of
as
or
provided above, and must (1) properly fill in and sign the
1917, to the respective dates of conversion, upon the respective face amounts
Holders of interim certificates presented for conversion should specify
tions
surrendered,
so
bonds
Request for Conversion (Form No. 1019), and (2) make payment, in the
registered owners, at their respective addresses as filled in upon the
The 4%
be
may
coupon
such bonds, if coupon bonds, will be expressed to
at their risk and expense, or,
is desired.
and surrender such
3 A% per annum and interest at the rate of 4% per annum from Nov. 15
Requests for Conversion.
in the
as
interim certificates
or
Request for Exact Adjustment of Interest appearing upon the
manner
to be
Convertible Gold Bonds of 1932-47, to be delivered upon con¬
versions of coupon
the
of
them.
bonds
coupon
certificates,
possible thereafter, addressed to the parties signing
As holders of interim certificates have, by retaining such interim
the 4%
Dec. 15 1917, with exact adjustments of interest to the respective dates upon
which such
holders thereof must present
coupon
4% Convertible Gold Bonds of 1932-47 to be delivered upon con¬
[Vol. 105.
will, carry interest at the rate of 4%
per
annum
from
& ^
Nov. 3 1917.]
E.
Conversions
THE
Certificates
Interim
of
Convertible
into
Bonds of
Gold
CHRONICLE
REGISTERED
4%
into
registered
4%
Gold Bonds of 1932-47, such interim
Convertible
certificates must be presented and
surrendered for conversion, as provided
abov*, and the form of application for registered bonds appearing upon the
backs of such interim certificates must be properly filled out.
In all cases where
delivery of registered bonds is requested upon con¬
versions of interim certificates, interest
will be adjusted in like manner
as
provided above in paragraphs (a), (b), and (c) of Subdivision D, in respect
of conversions of registered bonds of
the registered holders of all 4%
the First Liberty Loan, except that
Convertible Gold Bonds of 1932-47 (as
registered at the time of delivery thereof) delivered upon conversions of
interim certificates surrendered for conversion after' Dec.
on
before May 15
or
15 1917, and
thereafter
of
3H%
from June 15 1917 to Dec. 15 1917.
Method of Making Payments to
empton from taxation, if any,
of
cular must be made in cash
'
•
of conversion
and shall not arise
interest at a
of
a
W.
Account."
version
Loans and Currency.
[Copies of this Form may be obtained at
the order of "Treasurer of the
Loan
forms of payment will be accepted.
Con¬
Such
payments must be sufficient to cover interest up to the date when such
OF
YEAR
15-30
effected.
[To be used only
Payments to be made to the United States,
adjustments of interest
are
provided in this circular,
as
necessary
the United
to reimburse
States for unearned interest which will be received, either upon the collec¬
tion
of coupons or registered
Gold
Bonds of
interest, by holders of the 4%
Convertible
bonds
are
converted
Jan.
on
15
For example, if
holders thereof
1918,
per
15 1918 to June 15 1918.
Goldi
vertible
Bonds
of
But
1932-47,
thereto
coupons
interest at the rate of 4% per annum from Dec. 15 1917 to June 15
be made tq the United
payment must
interest at the rate
of
3^%
States of the difference between
which is all such holders are
15
J
[coupon
'
Signature in full--
City
arid $10,000.
Bonds registered
Provision will be
made for the interchange of bonds of different denominations and of cou¬
and registered bonds, and for the transfer of registered bonds, without
charge by the United States, and under rules and regulations prescribed by
or
interim certificates
before Dec. 15 1917, but if surrendered after
the United States of the amount
June
on
and
15
Dec.
1947, but the issue
each
in
15
may
The
year.
be redeemed
bonds
will
after June 15
on or
in part, at par and accrued interest, on three months'
or
published notice,
on
interest day; in case of partial redemption the
any
bonds to be redeemed to be determined by lot by such method as may be
The principal and interest
prescribed by the Secretary of the Treasury.
of the
bonds
will be payable in
standard of value.
of
public
United States gold coin of the present
The bonds will be receivable
as
security for deposits
but,will not bear the circulation privilege.
money,
Coupon bonds will have
Interest coupons
payments up to and including Dec. 15 1919.
coupons
attached
attached,
On
or
covering interest
after that date holders
the
covering semi-annual
thereto
June 15 1920 to June 15 1947.
coupons,
payments
attached will be thus delivered in order to
save
the annoyance of
delivery of interim receipts, and to allow sufficient time for the
out inconvenience to the holder.
coupons
The
of $-—
sum
REQUEST FOR
States,
estate or inheritance taxes,
taxes, commonly kpown
profits taxes/now
come or
interest, from all
hereafter imposed by the United States, any State, or any
now or
or
as
or
by any
(5)
and
surtaxes,
and
local taxing
graduated
authority,
additional in¬
excess-profits and war-
desired.)
on an amount
of bonds and certificates authorized by
the Act
of
Congress approved Sept. 24 1917, the principal of which does npt exceed
the aggregate $5,000,
Oct. 19 1917, the undersigned hereby requests that an exact adjustment of
interest be made in respect of
of /coupon bonds
the conversion of $
owned by
any
individual, partnership, associa¬
(6) above.
If
a
not more than five years from the issue of
a
such obligations, respectively)
higher rate than 4% per annum, shall, under the au¬
thority of said Act, approved Sept. 24 1917, or any other act, be issued
by the United States before the termination of the war between the United
States and the Imperial German
Government (the date of such termina¬
tion to be fixed by proclamation of the President of the United States),
then
the
holders of 4 % Convertible
Gold Bonds of 1932-47 shall have the
privilege, at the option of the several holders, of converting their bonds,
at par,
into bonds bearing such higher rate of Interest, at the issue price of
bonds of such subsequent series, not less than par, with an adjustment of ac¬
crued interest
time within
Such conversion privilege must be exercised, if at all, at any
the
(Signature must be the
Note 1.
——-
signature to Request for Conversion.)
Interim certificates of the First Liberty Loan may be presented
Reserve Bank by which such interim
certificates have been respectively executed.
Note 2.
sion
after
All coupon
Dec.
bonds and interim certificates presented for
conver¬
1917 must be accompanied by payment of the amount
15
required to adjust interest,
No. 93, dated Oct.
as
provided in Treasury Department, Circular
19 1917.
Note 3. Payments required to adjust interest must be sufficient to cover
at the
shall be actually received
Such payments must be made in cash,
place of conversion.
or
by
post office or express money order, bank draft, or certified check collectible
without exchange at the place where conversion is to be effected, and pay¬
able. if conversion is to be effected at the
Treasury Department in Wash¬
ington, to the order of "Treasurer of the United States Liberty Loan Comverson
Account,"
if conversion is to be effected at
or,
a
Federal Reserve
Bank, payable to "Federal Reserve Bank of
insert
name
Note 4.
of city
5.
Liberty Loan Conversion,
If it is desired to convert both coupon bonds and interim certifi¬
cates two separate
Note
(Here
in which bank is located)
No other forms of payment will be accepted.
forms of Request for Conversion must be used.
If delivery
of registered
bonds is desired
upon
conversion of
interim certificates the form of application for registered bonds
upon
appearing
the backs of such interim certificates must be filled out.
Treasury Department.
1917
Liberty Loan—Form No. 1020.
Loans and Currency.
[Copies of this Form may be obtained at
or at
period, after the public offering of bonds of such subse¬
the Secretary of the Treasury
shall have prescribed.
Federal Reserve Bank
REQUEST FOR CONVERSION
OF
THE
BONDS
FIRST] LIBERTY LOAN.
[To be used only upon conversions of registered bonds.]
Dated,
To the Secretary
-
—
--
of the Treasury:
According to the terms of Treasury Department Circular No. 93, dated
Oct. 19 1917, the undersigned herewith presents and surrenders $
face amount, of United
—,
States 15-30 Year 3H% Gold Bonds of the First
Liberty Loan, duly registered in the
name
of the undersigned, which the
undersigned has caused to be duly assigned for transfer to the Secretary
of the Treasury, and the undersigned requests
be converted into
an
that said registered bonds
equal face amount of United States 4% Convertible
Gold Bonds of 1932-47.
Signature in full
Address, number and street-—
City
or
town
County--
The bonds to be
such conversion of 4% Convertible Gold Bonds of 1932-47
substantially the same in form and terms as shall be prescribed
issued upon
any
the Treasury Department in Washington.]
OF REGISTERED 15-30 YEAR 3H% CONVERTIBLE GOLD
issue, as such date shall be fixed in such public offering, and terminating
six months after such date of issue, and under such rules and regulations
shall be
same as
for conversion only at the Federal
quent series, beginning at the date of issue of bonds of such subsequent
as
of $——.
States to adjust interest, as provided in said circular.
war-savings certificates, and other obligations maturing
bearing interest at
sum
[interim certificates/
J
subsequent series of bonds (not including United States certificates
of indebtedness,
face amount,
—
[of the First Liberty Loan, and the
is inclosed herewith, being the amount required to be paid to the United
corporation, shall be exempt from the-taxes provided for in clause
or
————1917.
Secretary of the Treasury:
hereafter imposed by the United States, upon the in¬
in
tion,
is enclosed herewith.
EXACT ADJUSTMENT OF INTEREST.
According to the terms of Treasury Department Circular No. 93, dated
profits of indivduals, partnerships, associations, or corporations.
The interest
required to adjust interest must be
-
15 1917 and prior to Dec. 15 1917, in case an exact adjust¬
ment of interest is
Account."
The bonds shall be exempt, both as to principal and
come
engrav¬
attached with¬
/
i
of the possessions of the United
except (a)
from
Bonds with the limited number of interest
ing and printing of bonds with the full number of
taxation
on or
that date payment to
inclosed and filled in immediately below.)
such interest up to the date when such payments
of these bonds should surrender the same and obtain a new bond or bonds
having
coupon
surrendered for conversion
from that date, payable Dec. 15 1917, and thereafter
per annum
1932, in whole
are
Signature in full.
The bonds will be dated Nov. 15 1917, apd will bear interest at the rate
mature June 15
—
State--—
(The execution of the above form is all that is required if
bonds
the Secretary of the Treasury.
semi-annually
——
Dated*
principal and interest will be issued in denominations of $50, $100,,
4%
town
(To be used only upon conversions of coupon bonds or interim certificates
will be issued in denomina¬
$500, $1,000, $5,000, $10,000, $50,000 and $100,000.
of
or
County-
To the
pon
—
Address, number and street—
Upon Conversions.
to
Con¬
each in / registered 1 form.
after Nov.
tions of $50, $100, $500, $1,000, $5,000,
4%
vertible Gold Bonds of 1932-47 is requested in the denomination of $——
The reason for
Description of 4% Convertible Gold Bonds of 1932-47 to be Issued
as
equal face amount of United States 4%
Upon conversion of said interim certificates, delivery of such
I9l8, and interest
payments required to adjust interest upon registered bonds is similar.
Bearer bonds with interest coupons attached
an
Convertible Gold Bonds of 1932-47.
which such holders will receive for that period
the collection of coupons maturing June 15 1918.
upon
1918,
annum,
per
entitled to for the period from Dec. 15 1917 to Jan.
at the rate of 4% per annum,
for
—
\of the First Liberty Loan and requests
be converted into
from
such holders will receive 4% Con¬
as
having attached
interim certificates.!
[interim certificates/
same
Dec. 15 1917 to Jan. 15 1918, though at the rate of 4% per annum from
Jan.
or
—_
Oct. 19 1917, the undersigned herewith presents and surrenders
face amount, of/coupon bonds
coupon
annum
THE
of the Treasury:
June 15 1918
on
would be entitled to interest at the rate of only 3%%
OF
According to the terms of Treasury Department Circular No. 93, dated
1932-47, upon the next interest date after conversion is
interim certificates of the First Liberty Loan.
BONDS
GOLD
LIBERTY LOAN.
Dated,
effected, for the period prior to the respective dates of conversion of bonds
or
CONVERTIBLE
conversions of coupon bonds
upon
the Secretary
To
that the
cover
3H%
FIRST
payments shall be actually received at the place where conversion is to be
to
Washington.!
REQUEST FOR CONVERSION
is to be
"Federal Reserve Bank
,
other
Federal Reserve Bank
any
at the Treasury Department in
provided for in this cir¬
of city in which bank is located) Liberty
No
McADOO,
Treasury Department.
effected, and payable, if conversion is to be effected at
name
G.
Secretary of the Treausry.
or
Federal Reserve bank, payable to
(Here insert
again though again thereafter bonds be issued bearing
or rates than 4% per annum.
higher rate
1917 Liberty Loan—Form No. 1019.
United States Liberty Loan Conversion Account," or, if conversion
effected at
of redemp¬
conferred shall once arise, and shall not be exercised with
so
•
the treasury Department in Washington, to
same terms
respect to any 4% Convertible Gold Bonds of 1932-47 within the period
above prescribed, then such privilege shall teriminate as to such bonds
by post-office or express money order, bank
or
dates of maturity,
same
sued from time to time if and when and to the extent that the privilege of
conversion so conferred shall arise and shall be exercised.
If the privilege
as
certified check collectible without exchange at the place where
or
and in all other respects, except that the
principal, and of interest, and be subject to the
Interest Whenever
Adjust
All payments to the United States required or
draft,
bonds of such subsequent series,
convertibility (if future bonds be
tion before maturity, as the bonds converted; and such bonds shall be is¬
Required.
conversion is to be
as to
still higher rate of interest) or nonconvertibility, and as to ex-
a
bonds isued upon such conversion shall have the
conveniently be made, at the rate
such payments can
as
per annum
respeetlto'the
with
only as to interest rate but also
issued at
1918, will be entitled to receive interest, upon the
respective face amounts of such interim certificates so surrendered,
soon
by or pursuant to law
not
1932-47.
To effect conversions of interim certificates of the First Liberty Loan
1751
------—.State—--—--—
(The execution of the above form is all that is required if regis*
tered bonds
are
surrendered for conversion
on or
before Dec, 15 1917*
[VOL. 105.
CHRONICLE
THE
1752
T
but if aurrendered after
that date payment to the United States of
the amount required to
adjust interest must be inclosed and filled
The
DENOMINATIONS.
TiA TS*
UA 1th.
below.)
immediately
in
of
sum
Jan.
prior to Dec. 15 1917. in case an
26
2.54
5.08
25.41
.52
2.61
5.22
26.10
.03
.27
.54
2.68
5.35
26.79
53.57
.05
.27
.55
2.75
5.49
27.47
54.95
.03
25
Circular No. 93. dated
Oct. 19 1917, the undersigned hereby requests that an exact adjustment
of interest be made in respect of the conversion of $
face
amount, of registered bonds of the First Liberty Loan.
According to the terms of Treasury Department
.51
.26
.06
.28
.56
2.82
5.63
28.16
56.32
.03
...
24
To the Secretary of the Treasury:
.25
.05
.05
.03
...
23
1917.
Dated
•
.05
m
.06
.29
.58
2.88
5.77
28.85
57.69
2.95
5.91
29.53
m
21
22
1917 and
exact adjustment of interest Is desired.)
(To be used only upon conversions of registered bonds after Nov. 15
—
50.82
52.20
59.07
27
.03
.06
.30
.59
28
.03
.06
.30
.60
3.02
6.04
30.22
60.44
.03
.06
.31
.62
3.09
6.18
30.91
61.81
29
...
•,
30
Conversion.)
.03
.06
.32
3.16
6.32
31.59
31
Signature in full..(Signature must be the same as signature to Request for
.03
.00
.32
.65
3.23
6.46
32.28
64.56
3.30
6.59
32.97
65.93
3.37
6.73
33.65
67.31
68.65
.63
63.19
1
,03
.07
.33
.66
2
.03
.07
.34
.67
accompanied by payment of the amount required to adjust interest,
3
.03
.07
.34
.69
3.43
6.87
34.34
19 1917.
of registered bonds presented for con¬
4
.04
.07
.35
.70
3.50
7.01
35.03
70.05
5
.04
.07
.30
.71
3.57
7.14
35.71
71.43
.30
.73
3.64
7.28
36.40
72.80
Feb.
Note 1.
must be
as
$50C $1,000 $5,00G $10,000 $50,000 $100,000
is inclosed herewith.
$
EXACT ADJUSTMENT OF INTEREST.
REQUEST FOR
$100
$50
All registered bonds presented for conversion after Dec. 15
1917
provided in Treasury Department Circular No. 93, dated Oct.
No payment is
required in respect
6
.04
.07
Payments required to adjust interest must be sufficient to cover
7
.04
.07
.37
.74
3.71
7.42
37.09
74.18
received
at the place of conversion.
Such payments must be made in cash, or by
post office or express money order, bank draft, or certified check collectible
without exchange at the place where conversion Is to be effected, and
payable, if conversion is to be effected at the Treasury
Department In
Washington, to the order of "Treasurer of the United States Liberty Loan
8
.04
.08
.38
.76
3.78
7.55
37.77
75.55
9
.04
.08
.38
.77
3.85
7.69
38.46
76.92
.04
.08
.39
.78
3.91
7.83
39.15
78.30
11
.04
.08
.40
.80
3.98
7.97
39.84
79.67
12
.04
.08
.41
.81
4.05
8.10
40.52
81.04
13
.04
.08
.41
.82
4.12
8.24
41.21
14
.04
.08
.42
.84
4.19
8.38
41.90
83.79
85.16
version
on
Note 2.
or
before Dec. 15 1917.
such payments shall be actually
auch interest up to the date when
Conversion
14
Account,"
or',
if conversion
is
to
be effected at a
1
10
Federal
.43
.85
8.52
.09
.43
.87
4,33
8.65
43.27
86.54
.04
.09
.44
.88
4.40
8.79
43.96
87.91
.04
.09
.45
,89
4.46
8.93
44.64
89.29
.05
.09
.45
.91
4.53
9.07
45.33
90 66
4.60
92.03
19
required
to adjust
'
.
9.20
.09
.47
.93
4.67
9.34
46.70
93.41
.05
.09
.47
.95
4.74
9.48
47.39
94.78
23
;
.46
.05
22
Interest Table.
Amounts
.09
46.02
21
forth.
ordauce with the detailed instructions thereon set
.05
.92
.05
..10
.48
.96
4.81
9.62
48.08
96.15
24
for that purpose appearing upon
.05
.10
.49
.98
4.88
9.75
48.76
4.95
9.89
49.45
98.90
interest upon conversions of 15-30-Year
25
4%(Convertible
26
3H% Cold Bonds and Interim Certificates therefor into
Bonds of 1932-47.
27
(For examples as to use of Jixteresl Table see
note.)
Mar.
DENOMINATIONS.
1
.49
.10
.50
1.00
5.01
10.03
50.14
100.27
.05
.10
.51
1.02
5.08
10.16
50.82
101.65
.10
.52
1.03
5.15
10.30
51.51
103.02
.05
.......
.10
.05
.05
.......
.99
.10
.52
1.04
5.22
10.44
52.20
104.40
5.29
10.58
52.88
105.77
2
too
$100
$0.00 $0.00 $0.01
16
$0.01
$0.07
$1.37
$0.68
$0.14
.
.53
.11
.54
1.07
5.36
10.71
53.57
107.14
4
r-4 0 0 0 0 0
1
■
,
.11
.05
.05
108.52
5
$500 $1,000 $5,000 $10,000 $50,00G
.05
1.06
3
Nov. 15 1917
.05
6
:
;
.00
.00
18
.03
.14
.27
1.37
2.73
7
.02
.04
.20
.41
2.05
4.10
8
.55
2.73
5.46
...
.05
.03
.27
20
.00
.01
.03
.07
.34
.68
3.42
6.83
10
21
.00
.01
.04
.08
.41
.82
4.10
8.20
.00
.01
.05
*
.48
.10
51.26
10.99
54.95
.50
1.11
5.56
11.13
55.63
111.26
1.13
5.63
11.26
56.32
112.64
109.89
.11
.56
.06
.11
.57
1.14
5.70
11.40
57.01
114.01
.00
.12
.58
1.15
5.77
11.54
57.69
115.38
.06
.12
.58
i 1.68
58.38
116.76
.,06
.12
.59
1.18
5.91
11.81
59.07
118.13
5.98
11.95
59.75
119.51
.......
1.17
5.8?
12
.06
.12
.60
1.20
.06
.12
.60
1.21
6.04
12.09
60.44
120.88
.06
.12
.61
1.22
6.11
12.23
61.13
122.25
.06
.12
.62
1.24
6.18
12.36
61.81
123.63
.06
.13
.63
"1.25
6.25
12.50
62.50
125.00
1.26
6.32
12.64
63.19
126.37
1,28
6.39
12.77
63.87
127.75
.01
.01
.05
.11
.55
1.09
5 46
10.93
.01
.01
.06
.12
.61
1.23
6.15
12.30
25
.01
.01
.07
.14
.68
1.37
6.83
13.66
15
26
.01
.02
.08
.15
.75
1.50
7.51
15.03
...
14
16
.......
10.85
5.49
.00
13
23
5.43
1.10
9.56
4.78
.96
1.09
.11
.06
.54
.55
......
11
22
.11
.11
.
.......
9
.01
;.0'
39
.01
.00
17
24
97.53
.05
-
28
DATE.
\
-
20
the form provided
the backs of such registered bonds in ac-
•Igned for transfer to*the Secretary of the Treasury on
Gold
.09
.04
18
will be accepted.
All registered bonds presented for conversion must be duly as-
.04
12.58
16
No other forma of payment
,
82.42
4.26
17
name
Account."
Note 3
...
15
"Federal Reserve Bqnk of
.....
(Here
of city in which bank is located) Liberty Loan Conversion
Reserve Bank, payable to
Insert
...
,
...
27
.01
.02
.08
.16
-.82
1,164
8.20
16.39
17
06
.13
.68
28
.01
.02
.09
.18
.89
1.78
8.88
17 76
18
00
.13
.64
29
,01
.02
.10
.19
.96
1.91
19.56
19.13
19
.06
.13
.65
1.29
6.46
12.91
64.56
129.12
.07
.13
.65
1.30
6-52
13.05
65.25
130.49
.07
.13
.66
1.32
6.59
13.19
65.93
131.87
6.66
13.32
66.62
133.24
.01
1
.......
.02
.10
.20
1.02
2.05
10.25
20.49
.02
.11
.22
1.09
2.19
10 93
21.86
21
.02
.01
2
.......
20
.01
30
Dec.!
:
.12
.23
1.16
2.32
.
,
23.22
1.61
22
*.
.07
.13
.67
1.33
.......
.07
.13
.67
1.35
6.73
13.46
67.31
131.62
135.99
.01
.02
.12
.25
1.23
2.46
12.3ft
24.59
23
4
.01
.03
.13
.26
1 30
2.60
12.98
25.96
24
.07
.14
.68
1.36
6.80
13.60
67.99
5
,01
.03
.14
.27
1.37
2.73
13.66
27.32
25
.07
.14
.69
*1.37
6.87
13.74
68.68
.01
.03
.14
.29
1.43
2.87
14.31
28.69
.07
.14
.69
1.39
6.94
13.87
69.37
1,38.74
1.40
7.01
14.01
70.05
140.11
141.48
3
'
0
...
.02
7
,03
.15
.30
1.50
15.03
3.01
30.05
.07
.14
28
.07
.14
.71
1.41
7.07
14.15
70.71
31.42
32.79
29
.07
.14
.71
1.43
7.14
14.29
71.43
142.86.
34.15
30
.07
.14
.72
1.41
7.21
14.42
72.12
114.23
.07
7.28
1.57
3.14
.03
.16
.33
1.64
3.28
3ft
.......
.03
.17
.34
1.71
3.42
11
.02
.04
.18
.36
1.78
3.55
17.76
12
.02
.04
,.18
.37
1.84
3.69
18.44
,
30.89
April
1
1918..
.15
.73
1.46
14.56
72.80
145.60
.07
15
.74
1.47
7.35
1 1.70
73.19
146.98
.07
31
35.52
/.
.15
.71
1.48
7.42
14.81
71.18
148.35
149.73
.02
15
.04
.19
.38
1.91
3.83
19.13
38.25
2
.02
13
.04
.20
.40
1.98
3.96
19.81-
39,62
3
.07
.15
.75
150
7.49
14.97
74.86
4
.08
.15
.76
1.51
7.55
15.11
75.55
5
.08
.15
.76
1.52
7.62
15.25
76.24
152.47
2.75
6
...
.08
.15
.77
1.51
*7.69
15.38
76.92
153.85
.......
.08
.16
.78
1
55
7.76
15.52
77 61
155.22
...
.08
.16
.78
1.57
7 83
15 66
78.30
.16
-.79
1.58
7 90
15.80
78 98
157 97
7.97
15.93
79.67
159.34
8.04
10.07
'80.36
160.71
"
151.10
*
".00 "".01
.00
16
.00
.00
17
.01
'"*01
""".07 """.14
.14
.03
.27
""".69
1.37
1.37
18
.00
.00
.02
.01
.21
2.06
4.12
"7
19
.00
.01
.03
.05
.27
.55
2.75
5.49
8
20
.00
.01
.03
.07
.34
.69
3.43
6.87
9
21
137.36
17.08
.03
.02
.31
27
.70
16.39
.02
.02
.16
.......
15.71
.......
9
8
26
•
.......
.01
,00
.04
.41
.08
.41
.82
4.12
.08
•
10
8.24
.08
.16
.80
1.59
.16
.80
1.61
156 59
22
.oo
.01
.05
.10
.48
.96
4.81
9.62
11
.ox
23
.01
.01
.05
.11
.55
1.10
5.49
10.99
12
.08
.16
.81
1.02
8.10
16.21
81
04
162.09
.06
.12
.62
1.24
6.18
12.36
13
.08
.16
.82
1.63
8.17
16 35
81.73
163.16
.01
25
27
.......
.......
.01
.01
24
26
.01
.07
.14
.69
1.37
6.87
13.74
14
.08
.16
.82
1.65
8.24
16.48
82,12
164.84
.01
.02
.08
.15
.76
1.51
7.55
15.11
15
.08
.17
.89
1.66
8.31
16.62
83.10
166 21
16 48
16
.08
.17
.81
1.68
8 38
16.76
83.79
167.58
17.80
17..
•08
.17
.81
1.69
8.45
16.90
84.48
168.96
170.33
.01
.02
.08
.82
.16
1.65
8.24
*
29
.01
.01
31
1.79
8.93
.
.09
.18
.02
.01
3ft
.89
.02
.01
28
fan.
.
.10
.19
.96
1.92
9.62
19.23
18
.09
.17
.85
1.70
8 52
17 03
85.16
.02
.10
.21
1.03
2.06
10.30
20.00
19
.09
.17
.86
1.72
8.59
17.17
85.85
71.70
1
73
8.65
17.31
80 51
173.08
1
74
8.72
17.45
87.23
174.45
.02
.11
.22
1.10
2.20
10.99
21.98
20
.09
.17
.87
.09
.17
.87
.01
.02
.12
.23
1.17
2.34
11.68
23.35
21
2
.01
.02
.12
.25
1.24
2:47
12.36
24.73
22
.09
«1 8
.88
1.76
8 79
17.58
8791
175.82
3
.01
,03
.13
.26
1.30
2.61
13.05
20.10
23
.09
.18
.89
1.77
8.86
17.72
88.6(1
177.20
4
.01
.03
.14
.27
1.37
2.75
13.74
27.47
24
.09
.18
28.85
25
.09
•
26
.09
.18
1
1918...
.01
5
.14
.29
1.4 1
2.88
14.42
18
I
79
8.93
17.86
89.29
178.57
.90
1.80
9.00
>7 99
89.97
179 95
.91
1.81
9 07
18.13
90.66
181.32
.02
7
...
.03
.15
.30
3.02
15.11
30.22
.02
6
8
.03
.89
.
.03
.16
.32
1.58
3.16
15.80
31.59
27
.09
.18
.91
1.83
9.13
18.27
9135
182.69
.02
,03
.16
.33
1.65
3.30
16.48
32.97
28
.09
.18
.92
J.84
9.20
18.41
92.03
1X4.07
29
.09
9 27
18.54
30
.01*
1
51
9
.02
.03
.17
.34
1.72
3 43
17.17
34.34
10
.02
.04
.18
.36
1.79
357
17.86
35.71
37.09
.09
1
1.85
.19
.93
92.72
185.44
.19
.98
1.87
9.34
18.68
93 41
186 81
If
.94
1.88
9.41
13.82
94.09
188.19
•
11
.02
.04
.19
.37
1.85
3.71
12
.02
.04
.19
.38
1.92
3.85
19.23
38.40
2
.09
.19
.95
1.90
9 48
18.96
91.78
189 56
13
02
.04
.20
.40
1.99
3.98
19.92
39.84
3
.10
.19
.95
1.91
9.65
19 09
95.47
190.93
14
.02
.04
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.41
2.06
4.12
20.60
41.2!
4
.10
.19
.96
1.92
9.62
19.23
96
15
192.31
15
.02
.04
.21
.43
2.13
4.26
21.29
42.58
5
.10
.19
.97
1.94
9.68
19.37
96.84
193.68
43.90
6
.10
.20
.9*
1.95
9.75
19 51
97 53
195.05
16
17
.22
.05
.23
.45
2.27
4.53
22.66
45.33
7
.10
.20
.98
1.96
9.82
19 61
98.21
196.43
.05
.23
.47
2.34
4.67
23.35
40.70
8
.10
.20
99
1.98
9.89
19 78
98.90
197.80
9 96
19.92
99.59
10.03
20.05
100.27
.44
2.20
.02
19
2ft
21.98
.04
.02
.02
.02
.......
18
4.40
18.54
May
...
.05
.24
.48
2.40
4.81
24.04
48.08
9
.02
.05
.25
.49
2.47!
4.95
24.73
40.45
1 ft
...
.10
.20
1.00
J.99
.10
.20
1.00
•2.01
199.18
.
200.55
NOT. 3 1917.]
114235
THE
CHRONTCLE
when the vast army of workers
throughout the country re¬
doubled their efforts to bring the loan
DENOMINATIONS.
safely past the maxi¬
DATE.
j $100 $500 $1,000 $5,000 $10,000 $50,000 $100,000
$50
May 11
20.33
101 65
203.30
Committees most joy, it is said, was the number of sub¬
102.34
204.67
scribers.
2.06
1030
2060
103.02
206.04
2.07
10.37
20.74
103.71
2U7.42
1.03
1.04
.21
.10
.21
1.01
interim certificates to be converted
or
will be actually surrendered
at the
place of conversion, then run across the page to the right until the
figure
under
colu
deno ninitlm
the
of bonds
tion
of
m
denomina¬
particular
the
interim certificates to be converted is reached, and then
or
multiply that figure by the number of bonds or interim certificates 6f that
denomination
For example,
be converted.
to
interim
$10,000, face amount, of bonds or
to convert on Jan.
9 1918
certificates, of the denomina-^
tion of $1,000 each, the amount required as shown by the foregoing interest
table
adjust
to
must be
interest
upon
$1,000 bond
a
being $0.34, that amount
multiplied by 10, and the result shows that
bonds
OFFERING
the terins of the loan, a
Subscription
books
offering of
latest
the
to
Treasury
McAdoo
closed
on
Federal
the
through
Reserve
Wednesday night (Oct. 31).
banks,
Subscriptions
offering received in the five days in which the issue
bear interest at
day, $254,657,000.
for Second
Nov. 15
on
Liberty Loan bonds.
the
Dec. 15,
or
payment
as
The Treasury Department
following statement
certificate
The certificates
4% from Oct. 24, mature Dec. 15, and will
accepted, if tendered
This
day, $99,228,000;
day, $130,444,000; the fourth day, $35,531,000,
and the fifth and last
issued
was
The first day's subscrip¬
amounted to $684,631,000.
tions amounted $164,797,000; the second
third
by
Oct. 31
on
regarding the
:
issue
made largely
was
for the convenience of subscribers to the
Second Liberty Loan, and as a means of facilitating
hered
were
closed
The
the judgment of the Secretary
because in
the
objects of the Issue have been attained, and although applications continued
to be received up to
the moment Of closing in
very
minimum allotment of $3,000,000,000
with 50% of the subscriptions
Secretary
to,
This rule will be strictly ad¬
McAdoo
announced
that of all other districts.
Liberty Loan Committee
and
LIBERTY
self-sacrilicing spirit. They congratulated
paid tribute to the splendid response of the
American people to the appeal for the loan.
The second issue of the
words of
announced that 2,500,000 persons
the local
subscribed to the loan in
district, which includes New York State,
reserve
Fairfield County in Connecticut, and twelve northern coun¬
ties of New Jersey.
In the first Liberty Loan campaign
approximately 1,500,000
persons
subscribed in this district.
Among the New York banking institutions the honor of turn¬
ing in the largest amount of subscriptions, both for its
account and for that of its customers,
this time
available
it
Though complete details
been
has
bonds.
of
In
first
the
goal
are
not yet
unofficially announced by Treasury
aimed
for.
The New
York
Reserve
District, it is believed, has subscribed the $1,500,000,000
which
mark
the
local
Liberty Loan Committee set for its
The rush of subscriptions during the last two days
goal.
strain
during the past week in making their reports to the New York
Reserve Bank.
Subscriptions received by the local Reserve
was
great that the banks have been under a great
so
Bank at the close of business
tion of SIOj,000,000.
The First
National
849,450,
figure which
a
was
included only mail
aggregated $1,490,-
within $10,000,000 of the maxi¬
allotment for the district.
mum
out,
subscripr
subscribed
has
$35,509,000 to the second Liberty Loan.
Benjamin Strong, Governor of the Federal Reserve Bank
of New
last
York, following the closing of the subscription books
Saturday night; issued the following statement:
The
maximum
for this district will be subscribed.
quota
The official
This
figure, it is pointed
returns prior
to
noon
of Nov.
1
Information received by
majority of towns will reach their maximum quotas.
Department has ruled that final figures need not be in the
hands of the Federal Reserve Hank for five days after the close of the Loan.
For this reason we shall not have full returns until the middle of next week.
The results of this Loan indicate that the American
their determination to win this war.
to
There has been
a
people are united in
progressive response
the loans offered by the Government which is most encouraging.
loan
first
the
the
Government
asked
for $3,000,000,000 with the
The
$2.000,000.000.
for
privilege of taking half of
$3,000,000,000 is definitely assured, and
has already
announced that
More
In
than
In this loan the Government has asked
$3.000.000.00ft were subscribed.
oversubscription.
any
the Treasury
Department
How
than $4,000,000,000 are in sight.
more
much higher this great flood of subscriptions will amount cannot be deter¬
mined
officially at this moment.
that the loan is
be stated officially,
It may
however,
great success.
a
With regard to New York, it
shou'd be pointed out that
our quota, as
de¬
by the Treasury Department, on the basis of a total of $3,000,-
termined
000.000
Was
$900,000,000.
and
maximtim
maximum
Our
quota
its
minimum
subscription, subscribed
its position as the financial centre of
subscriptions both in
from day
day,
»o
figures are made up New York
the final
and it Is now indicated that when
will justify
$1.500.000 000.
was
consistently taken the lead in the percentage both of its
This district has
Nov. 1
on
the
Liberty Loan campaign the First
National Bank carried away the honors with a total
over¬
Department officials that the subscriptions have reached the
$5,000,000,000
own
goes to
Guaranty Trust Co., which has subscribed for $110,000,000
The Treasury
Liberty Loan of 1917 has, in the
Secretary of the Treasury McAdoo, been "an
whelming success."
The Publicity
Department of the local Liberty Loan Committee yesterday
figures tonight, with several hours remaining before the close of business
OVERSUBSCRIBED.
LOAN
Members of the
highly pleased with the
in which they had entered in a
results of the campaign, one
wire indicate that the
SECOND
Saturday
were
(midnight) are one billion three hundred million.
v
last
The part played by the New York Federal Reserve District
The
gratifying amounts.
whole operation has been eminently successful.
Out of the
night.
the financial operations
involved in the payments to be made upon subscriptions to this loan.
subscriptions
financing.
country,
received above that figure.
themselves and
$684,631,000.
certificates of indebtedness of indefinite amount offered
Secretary
the
for
set
was
patriotic
CLOSED—SUBSCRIPTIONS
TOTAL
be
Department
America, it is pointed
total of subscriptions to the loan, the Treasury Department
will accept the proceeds of about $4,000,000,000.
Under
overshadowed
that date.
upon
SUBSCRIPTION BOOKS TO TREASURY CERTIFICATES
the
Treasury
Liberty Loan, has shattered
precedents in the matter of
local
open,
by
war
be made to the United States to adjust interest upon conversion of
such
to the
estimated
are
less than 10,000,000.
no
all
$3.40
a payment of
must
were
They
officials to be
out, by its response to the second
until the date is reached upon which the
down the date column
run
bonds
astonishingly large
the Liberty Loan
gave
20 47
2.05
-io;
the loan, the thing that
response to
10.23
2.03
1
.20
the
10.16
02
.20
.10
Next to
201.92
1.02
.10
$5,000,000,000.
100.96
10.10
.20
of
mum
20.19
2.02
.10
Not*.—To ascertain the correct amount to adjust interest upon any Riven
date,
175?
the world
by the largest
proportion to total resources, and in proportion to
United States.
In regard to the campaign, there is nothing to bo said except In praise of
the tremendous enthusiasm and the patriotic, and efficient work of all the
population of any district in the
,
with final reports still lacking from a number of big up-State
cities.
Officials of the local Reserve bank, in making known
the above
figure, asserted that'
would
tion
been
easily
total
of
reveal
a
just analysis of the situa¬
that the district's maximum quota had
exceeded.
It
received
subscriptions
would be announced
had
on
been
that
expected
throughout
the
the
country
the 1st inst., but on account of the
late returns in all the Federal Reserve districts, the Treasury
Department has been forced to delay the final announce¬
Indication that the people of the country had
to
to
the nation's call for money
a
successful conclusion
was
on
It
It
is
a
has
responded
Oct. 27 by Secretary
Liberty Loan is
ment of their business,
However,
an
overwhelming
greatly oversubscribed.
and in
of
The
business.
broad
some cases to
have succeeded
if they
because they have received
the detriment of their health.
in their'task,
they have done so only
the unqualified support of men fh every line
Trades Committees
have
been
Much could
distribution of the loan.
work done by these
a
prime factor in the
be'said about the splendid
committees, numbering more than 200.
A particular
appreciation is due to the Woman's Committee and the tireless
co-operated in a most
of
One of the most
investors
at
The extent of the splendid over¬
gratifying results of the loan Is the great number of small
indicated
by the
preliminary returns.
this time that we have added,
army
tance cannot
men.
success.
now
the men.
with
complete manner
cratic
great honor to be able to announce to the American people that
been
Those bankers haye dedetri¬
Voted themselves day and night to their work, in many cases to the
needed to prosecute the war
given
by the Federal Reserve Bank.
and efficient work of 150.000 volunteers who have
McAdoo, when he issued the following statement:
the 8econd
mittee appointed
word
ment until next week.
The Treasury Department has pul the official re¬
people of the district.
sponsibility for raising our quota of the loan upon the Liberty Loan Com¬
field.
women
In
in
It
seems
probable
thip district alone, to the great demo¬
2,500,000.
Too much Impor¬
the moral support which this great number of
of bondholders approximately
be attached to
and children can bring to bear in support of our arms In the
significant
many
life has
been
ways
instituted
it may
be said that
a
new
era
In our
by the wide distribution among ail our
subscription of the $3,000,000,000 Issue cannot be definitely stated now,
national
because full reports have not yet been received and banks all over the coun¬
long-time and absolutely safe investment.
The Liberty Loan
Committee desires officially to express its deep appreciation of the wonder¬
try are holding open Into the night to accommodate subscribers.
be several days before final figures can
The
It will
women
alike, have responded
generously and nobly to the call of their Government to support and sus¬
tain the gallant soldiers and sailors of the Republic.
German Kaiser has been answered by the free
The challenge of the
people of America in/ unmis¬
In
many cases
the requests
The four weeks'
was
campaign for subscriptions to the second
fittingly brought to
a
close last Saturday,
this service has involved considerable real sacrifice.
of the committee have been met more than half way
has been a universal realization of the fact that the
was war
would bring victory nearer.
those who have been called upon for service
they
are
All
There
Liberty Loan campaign
work of the most important kind, and that a successful conclusion
of the campaign
takable terms.
liberty Loan
a
fully efrielent service rendered by a great number of individuals.
be given.
patriotic people of America, men and
people of
The committee hopes that all
in this eapmaign
wilt
feel that
enlisted in the way service of the Government, and will hold them¬
selves ready for similar service in connection with the next loan.
-
"
THE CHRONICLE
1754
The Central Liberty Loan
Reserve District
Committee of the New York
a signed statement com¬
Oct. 29 issued
on
plimenting this district for the excellent response it made to
the appeal for subscriptions.
The record achieved, the Com¬
mittee declared,
"furnished unparalleled evidence of a
nation bound together and animated with a single spirit of
mutual good-will
and devotion to the country."
which, I
Loan has been
The Money Committee will be continued in the interest of future Gov¬
ernment
Benjamin Strong, Chairman;
James S. Alexander, President National Bank of
Walter E. Frew, President Corn Exchange Bank;
The Com¬
Gates W. McGarrah, President Mechanics & Metals National Bank;
How high the
F. A.
of the number of subscribers to the first loan.
and
reports from the other. Federal
similar surpassing of the estimates.
common to
beyond
the Loan has been due to two factors.
The second is the excellent work of the
the whole country.
Without this latter the
campaign would not possibly have gained its stupendous success.
Naturally, our own observation has covered particularly the Second
have never before witnessed such an extraordinary response in the
that
we
way
of organized, effective work and unremitting intelligent effort.
the moment the campaign
started this spirit
was
From
manifest, and as time
The record which the Sec¬
loyalty and intensity.
went on it daily grew in
ond Reserve District has made is indeed a proud one, and it is a record
of all—by the villages and hamlets through¬
achieved by the united effort
out the State as much as by
the larger towns and cities.
possible, we wish
who have thus made this result
To all the workers
publicly to make this
than the securing of a great loan for the Govern¬
has been this unparalleled evidence of a nation bound together and
Of greater Import even
a
tions
adopted
This section
tion added this year
semi-annually,
as
any
of Postal
amended reads
Savings Funds in
follows, the
as
single spirit of mutual
good-will and devotion to the
from qualified
banks,
and
whenever, in his
of such securities have so far depreciated in value as to make
additional
or new
securities, he shall inform the
the amount of additional
tion 6
as
to their
turn of the
lowed:
or
new
12 until further action by the Board, except in special
tion
FREW,
is
In
deemed
CHARLES H. SARIN,
instances when revalua¬
h
City Section of May 26 1917
in full Sections 8 to 12,
PROSSER,
H.
action'is
Postal Savings Sys¬
expedient.
State and
our
J. P. MORGAN,
JACOB
original securities, if new securities are required, shall be fol¬
Provided, That the revaluation of securities required by this section
be deferred when in the judgment of the Board of Trustees such
tem, by resolution, deferred the revaluation of securities retuired by Section
FORBES,
GATES W. McGARRAH,
SEWARD
provided in Sec¬
acceptance or rejection, and in Section 22, as to the re¬
NOTE.—On Oct. 19 1917 the Board of Trustees of the
GEORGE F. BAKER,
The Third
shall deposit,
securities which the bank
advisable.
JAMES S. ALEXANDER,
ALLEN B.
the kind and
of the securities, and the amount of the depreciation.
Assistant Postmaster General will notify the, Treasurer and the bank of
'
WALTER E.
make exami¬
Third Assistant Postmaster General of the name of the bank,
may
BENJAMIN STRONG, Chairman;
por¬
oftener if he deems it necessary, of the securities
or
desirable the deposit of
amount
on
being italicized:
which have been accepted
judgment,
IN BA
Savings System
The Treasurer of the Board of Trustees shall
Section 12.
nations
POSTAL
amendment to Section 12 of the regula¬
an
governing the deposit
Banks.
OF
AMENDED.
and upon their receipt by the Treasurer, the procedure
expression of our appreciation.
with
Oct. 19
As to this we desire to go on record as stating
Federal Reserve District.
DEPOSIT
GOVERNING
SAVINGS FUNDS
The Board of Trustees of the Postal
organizations in-every Federal Reserve District.
country.
Wiggin, Chairman Board of Directors, Chase National Bank.
REGULATIONS
our
Districts
The first
outburst of patriotic feeling and effort that has been
This great success of
is the spontaneous
are
Reserve
The
would indicate a
ment
Albert H.
greatly in excess
Both in the total amount
number of subscribers the results
the
in
expectations.
animated
Company;
Vanderlip, President National City Bank;
James N. Wallace, President Central Trust Company;
$1,500,000,000, and what is equally important, the total number
of subscribers in this Second Federal Reserve District is
received
Commerce;
George F. Baker, President First National Bank;
over-subscription will go cannot be known for several days.
It is estimated
that the total subscriptions in the Second Federal Reserve District will be!
in excess of
financing and of business interests generally.
The members of the Money Committee are:
Charles H. Sabin, President Guaranty Trust
complete success.
a
assured, they will freely use as needed, and which, to their
credit be it said, they have already freely availed of.
mittee's statement read as follows:
The second Liberty
am
[Vol. 105.
we
published
inclusive, of the regulations includ¬
ing the amendments adopted by the Board of Trustees in
SCHIFF,
March and April.of
FRANK A.. VANDERLIP,
this
year.
MARTIN VOGEL,
JAMES N. WALLACE,
SAVINGS
ALBERT H. WIGGIN,
WILLIAM
LIBERTY
A
NEW
TO
LOAN
LIBERTY
YORK
CONTINUE
MONET
COMMITTEE
was
made by Benjamin Strong, Governor
the so-called Money Committee
appointed by the Central
Liberty Loan Committee at the outset of the Second Liberty
Loan
campaign to 'keep close watch
and to
see
at fair
on
the
money
that legitimate borrowers were promptly
rates
of interest
market
supplied
during the loan campaign, would
be continued "in the interest of future Government financing
and
of
which
business
was
interests
stabilizing the
only slightly
to
market, but it is understood that
money
more
mittee has made
than $100,000,000
was
arise in the
While the
money
Oct. 30 that its continuance is
the
money com¬
Liberty Loan
may create.
money
market, it
a measure
for any possible strain that payment of
nouncing that the
actually required
formal arrangements for meeting fur¬
no
ther crises which may
Second
com¬
approximately $200,000,000, to be used
stop the flurry in money rates.
on
The "money pool"
organized shortly after the creation of the
mittee had available
in
generally."
of
was
said
preparedness
subscfiptions to the
Governor Strong in
an¬
committee would be retained issued
following statement:
The Money Committee
money
markets
and
to
appointed to keep close watch upon the
that
all
proper
money
promptly met and at reasonable rates of interest.
mittee to act effectively, a very
large
sum was
the banks aiid trust companies of this city,
probable that
any
considerable
sum
requirements were
To enable the com¬
placed at *ts disposal by
although it
was
not thought
would be used, as the financial situa¬
tion
was very sound and the
banking institutions were severally well pre¬
pared to continue normal loaning operations.
What was needed was as¬
the public that the banks would act as a unit, and were prepared
surance to
to deal with an emergency
should
Liberty
pages
deposits and withdrawals has been
The great obstacle in the way of increasing thfe number of small
ask:
"After I get my bond, what do I do with it?"
Wage
holders
generally
earners,
small
shop keepers and fanners usually do not invest in bonds because they have
no
facilities for safe-guarding them.
It is therefore
necessary to
provide
such facilities in order to induce them to resort to that form of investment.
In the
City of New York banks have already agreed to hold United States
bonds for customers for
taken up in
a
year.
To what extent this practice has been
other parts of the country is unknown to the author of this
He ventures, however, to urge that in order that the so¬
memorandum.
lution of the problem should be as effectual as it can be made, it ought to
provide
standardized method
a
without expense
to
open
the
masses
settling easily and
the question of the safe-keeping of United States bonds
for small holders.
In the discussion of financial support
of the Government in time of war
there is frequent reference to the example of France.
One of the familiar
instances is the payment of the war indemnity in 1871, but the unanimity
of financial support given by the masses of the French
ernment
the present war is,
in
of the reasons tending to
people to the Gov¬
inspiring.
if anything, even more
explain why the French
masses so
One
readily sub¬
scribe to the bonds of their Government is the system prevailing in
France
with reference to the safe-keeping of securities and the collection of coupons
of small bondholders.
ers
French wage earners, small shop keepers and farm¬
leave their securities at the bank.
These securities
their account and the coupons collected from time to time
are
entered upon
and the proceeds
In order to popularize the Liberty
Loan among the masses in this country, it is essential to provide a
standardized
system
general
for the safe-keeping of bonds subscribed by small
holders and, the collection of interest thereon, an equivalent to the system
developed in France which has helped so powerfully to popularize loans
French masses.
among the
The following plan is suggested for this coun¬
try as an adaptation of the French system- tothe situation in this country:
Savings
banks throughout the country should receive Liberty, bonds
from their depositors.
devoted to entries
The last two
of deposits
pages of each bank book
should be
and withdrawals respectively of Liberty
UNITED STATES GOVERNMENT BONDS.
days to six months in aggregate amounts sufficient to relieve any tension
that may have existed in the time money
market, and there have been
throughout ample supplies of call money at rates fluctuating from 6% to
as low as 2}4%.
The Money Committee, representing the banks and trust
companies,
and acting for them, did valuable
service, and used only about one-half
of the fund originally made available to
it, While a much larger fund would
have been subscribed if required.
The concentration of the reserves of the national
banks, and now, hap¬
important trust companies and State banks, 4n the Federal
Reserve Bank, provides a reservoir of credit available to member banks
|
Deposits.
in the
market, collateral loans have been taken for periods ranging from sixty
custodian for
bonds, for example:
one arise.
paper
many
as
devote the last two
of United States bonds is summed up in the question which they
Throughout the period of the Liberty Loan campaign, not only have
pily, of
SMALL
OF
BONDS.
urged for adoption in New York State by the Superinten¬
dent of Banks.
In presenting his proposal Mr. Leon said:
merchants and manufacturers been able to borrow freely from their banks
of deposit, but there has been a free movement of commercial
open
their depositors and
of the same entered to their credit.
was
see
savings banks should act
of their bank books to
of the Federal Reserve Bank of New York, on Oct. 30 that
CUSTODIANS
LOAN
suggestion by Maurice Leon of the Bar of New York
that
bonds for
OPERATIONS—RENDERED
VALUABLE SERVICE.
Announcement
AS
BANKS
WOODWARD.
Oct.
11917
Dec. 1 1917
Withdrawals.
3H%
$50 001Nov. 11917
4%
100 001
As coupons mature they
3H%
$50 00
would be collected by the bank and credited
is interest on the money deposited on presentation of the bank book,
as
fol¬
lowing the maturity of the coupons.
It will be noted that this plan does not involve any extra expense what¬
ever.
The
means
of identification employed for the protection of both
the bank and the depositors in regard to deposits and withdrawals of money
and in the event of the loss of the bank book apply automatically to de¬
posits and withdrawals of United States bonds.
The same clerks who re¬
ceive money for deposit receive bonds for deposit; the same clerks who pay
out money withdrawn deliver bonds withdrawn; the same book of deposit
Nov. 3 1917.]
THE
is employed both for
money and bonds.
plan
CHRONICLE
The net result achieved by this
is:
1.
2.
of
masses
To facilitate the
masses
boxes, clipping
coupons and
3.
To
savings in the
people.
our
safe-keeping and
bonds for the
coupon
collection of United States
which the practice of renting safe deposit
depositing them, is comparatively unknown.
among
bring this about without
expense,
thanks to the utilization of
existing machinery for the work to be done.
The immediate adoption
elements
in
Mr.
Aiken's three-years'
administration, one needs only to look at the
smoothness with which the Federal
Bank has carried out its
part in floating
the greatest loans in the
world's history and the fact that New
England,
according to its population, has made the best
showing of
the United States.
meet a real obstacle to the
to
RESIGNATION OF DIRECTOR OF ATLANTA
popularization of investment in United States
Government bonds by the wage earner, small shop keeper and farmer.
FEDERAL RESERVE BANK.
Immediate adoption of this plan by the Postal Savings Banks would
open
the way to its adoption by
.State
New
York,
Oct.
15
Committee
members
forth
of
and Mr.
savings banks.
1917.
read
was
New York
made through
ment
by its author before the Liberty Loan
the
on
morning of Oct. 16 1917 at
the courtesy of Mr.
Allen
B.
Franklin Q.
Forbes, its chairman.'
an
Brown,
appoint¬
one
Warren H.
Toole, President of the First National Bank of
Winder, Ga., and Secretary and Class A,
group 3, director
of the Atlanta Federal Reserve
two
The plan therein set
communicated it that very day to the Superintendent of Banks of the State
of New York, who thereupon forthwith authorized the issuance of a cir¬
Bank, has resigned from the
positions in the Reserve Bank.
of its
approved by the Committee which with characteristic dispatch
was
district in
any
of this plan through action by the Treasury
Department in co-operation with State Banking departments would tend
Note.—Memorandum
some
parts of the district to oppose plans for co¬
work of the
district, but the sound business ability, good
judgment and personality of the Governor
won, with the assistance of those
who were working with him.
To realize what has been
accomplished during
ordinating the
To assimilate investment in United States bonds to
minds of the
affected
1755
Class
A,
3,
group
Mr. Toole has
director since
the
been
a
organization of the
Reserve
Bank, three years ago and had charge of the bond
department for the past four months.
cular to the savings banks of the State with a view to the
adoption by them
of the plan presented.
The author of the memorandum also communi¬
cated it to the Savings Bank section of the American Bankers Association
with the suggestion that it lend its
good offices to the end that the plan
be adopted by the savings banks throughout the
country in a uniform
ner
as
*
man¬
suggested therein*
Thanks partly to the kind interest of Mr.
gestion
F. A.
Vanderlip this
sug¬
accepted.
was
NATIONAL
TRUST CO. OF
NEWARK, N. /., NOT ELIGIBLE
FOR ADMISSION INTO FEDERAL RESERVE SYSTEM.
The
cation
Oct.
on
16 for admission into
the Federal Reserve
system, has been informed by the New York Federal Reserve
Bank that it is
cause
ineligible for membership in the system be¬
$100,000, is less than the minimum
its capital, which is
required for
national banking institution in
a
of Newark.
The Federal
Reserve Act
AUTHORIZED
registrar of stocks and bonds.
city the -size
desiring to enter the Reserve system must be
eligible (in point of capital) to become national banks be¬
fore being admitted into the system.
Since it is
requirements of the National Banking Act that
one
of the
national
new
I.
Be it enacted
by the General Assembly of the State of Georgia,
That it shall be lawful for any national bank located in
this State, when
empowered so to do by the laws of the United States, to act in this State
by any and every method of appointment and fn any
capacity whatever
as trustee and as executor,
administrator, or registrar of stocks and bonds.
Sec. 2.
Be it
further enacted, That the oath
prescribed by the laws of this
State to be taken by executors and administrators
may be taken, when a
national bank acts in such capacity, either
by the
president,
cashier,
or a
or some trust officer
by the national bank proposing to act.
be taken in
may
Sec. 3.
similar
a
or
designated for that
The oath
vice-
a
purpose
trustee, if required,
as
manner.
•
.
Nothing herein contained shall be considered
to relieve a national
bank from giving a bond, when such bond under the laws
of this State, is
required to be given by
Sec. 4.
a
TO
The full text of the
president
a
requires that State
institutions
bank in
GEORGIA
EXECUTORS, &C.
law follows:
Section
City Trust Co. of Newark, N. J., which made appli¬
OF
ACT AS
The Governor of Georgia on
Aug. 21 last approved a bill
passed by the Legislature authorizing national banks of the
State of Georgia to act as
trustee, executor, administrator,
and
CITY
BANKS
/
city whose population exceeds $50,000 shall not
organized unless its capital is at least $200,000, the City
Trust is thereby ineligible for admission into the
system.
an
individual acting in any of the aforesaid capacities.
Be it further enacted, That all laws and
parts of laws in conflict
herewith be, and the
same
are
hereby, repealed.
a
be
It has .been
explained, however, by the New York Reserve
Bank that it is
Congress
probable that the law
an
may
be changed, when
in December, to provide for the admis¬
reconvenes
sion into the Reserve system
at
-
amout less than
of trust companies capitalized
the minimum
required for national
institutions.
CONFERENCE ON TRADE ACCEPTANCES.
Tentative
plans for the dissemination of information
Oct. 9th
at
meeting of
a
the
Joint Committee
AIKEN
TO.
LEAVE
BOSTON
RESERVE
the United
States, the American Bankers' Association and
lantic City, Sept. 17 to 21.
Alfred L. Aiken, Governor of the Federal Reserve Bank
Boston,
elected President of the National Shawmut
was
Bank of Boston at
tion
on
Nov. 1.
a
meeting of the directors of that institu¬
Mr. Aiken will
the Bostoh Reserve
early in Jan.
sever
bank, and will
his connection with
Mr. Aiken succeeds
1918.
his
assume
as
new
duties
President of
the National Shawmut,
Col. William A. Gaston, head of the
bank for many years.
Colonel Gaston will, it is expected,
ceptance
mercial credit—to form
of
a
assistance may
be required in establishing the acceptance
method throughout the business of the country.
The object
sought by the adoption of the trade acceptance in place of
the open
may
Bank of
cessities of
the
Committee
a
of the most
conspicuous
figures
England banking circles, and his handling of the
Liberty Loan issues has
and business
men
won
generally.
him favor with bankers, brokers
Previous to becoming Governor
of the Boston Federal Reserve bank in Nov. 1914, Mr. Aiken
was
President of the Worcester National Bank of Worcester
He
Mass.
He held that
position until Jan. 1901 when he became Assistant Cashier
of
the
old
State
National
Bank
of
Boston,
institution he remained until July 1904.
the
with which
He then acceptec.
Treasurership of the Worcester County Institution for
Savings, holding that office until 1908 when he
President of that institution.
five years,
National
was
chosen
He served in that capacity for
resigning to become President of the Worcester
Bank
in Jan.
1913, which position he oecupiec
when he became Governor of the Boston Reserve Bank.
Regarding the valuable service rendered by Mr. Aiken
as
Governor of
Boston
As
the Federal Reserve Bank of Boston, the
"Transcript"
on
the 1st inst. said:
thel first head of this institution, Mr. Aiken
was
trict.
harmonious and closely co-operating First Federal
This
was
no
mean
task
known
liquid
resources
of all kinds
E.
Government
as
the
At
meeting of the Joint
permanent organization
American
as
as
Trade
was
Acceptances
effected to
Council.-
Pierson, Chairman of the Board of the Irving National
Bank,
was
selected
the
as
Chairman.; R. H. Treman, Deputy
Federal Reserve
Vice-Chairman; J. H.
National
W.
of
W.
Bank of
New
York,
the
Association
mittee
Tregoe, Secretary-Treasurer of
of
Credit
Men,
as
Secretary,
as
the
and
Orr, Assistant Secretary and Assistant Treasurer
Association of
National
Secretary.
1.
be
Lewis
as
Credit Men,
as
Assistant
The Joint Committee appointed three sub-com¬
follows:
j
A Central Committee to have
general direction of the work and
com¬
posed of Chairmen of the Committees representing the three national
or¬
ganizations concerned—Lewis E. Pierson, of the Chamber of Commerce
of the United States; J. H. Treman, of the American
Kenneth R.
2.
A
Bankers' Association;
Hooker, of the National Association of Credit Men.
Committee
on
Organization,
Plans
and
Speakers,
to
consist
of
George Woodruff, President First National Bank, Joliet, Illinois; Frank H.
Randel,
Manager
Philadelphia
Office,
Auto
Car
Sales
&
Service
Co.,
Philadelphia, Pa.; Oliver J. Sands. President, American National Bank,
Richmond, Va.
3.
A
Committee on Literature and Publicity, to
consist of Dr. J.
T.
Holdsworth, Dean of the School of Economics, Uhiversity of Pittsburgh,
Pittsburgh, Pa.; W. F. H. Koelsch, Vice-President, Bank of the United
States, New York City; Edwin B. Heyes, Credit Manager, W. & J. Sloane,
largely responsible for
putting it on its present sound banking basis, cementing all New England
into the
be kept
possible and, therefore,
prepared to support the increasing financial and credit ne¬
Governor of
born in Norwich,
Hide & Leather Bank of Boston in Oct. 1899.
book account is that business
,
Conn., July 6 1870, and was
graduated from Yale University in 1891.
He began his
active banking career as Assistant Cashier of the old National
was
the interest of the
acceptance—and to provide whatever information and
everywhere
one
com¬
permanent centre for the direction
a
nation-wide educational campaign in
trade
position having been relinquished by J. P. Stearns on
the 1st inst. Governor Aiken, as head of the Federal Reserve
Boston, has been
development of the Trade Ac¬
device for strenghtening and mobilizing
as a
that
New
Men, and growing out
The Joint Committee is charged
with the consideration of the
become chairman of the Board of the National Shawmut,
in
Trade
of the Wair Convention of American Business held in At¬
BANK-
ELECTED PRESIDENT OF NATIONAL SHAWMUT.
of
on
Acceptances appointed by the Chamber of Commerce of
the National Association of Credit
GOV.
re¬
garding tbe prompt and wide-spread adoption of the trade
acceptance in place of the open book account were laid on
Reserve Dis¬
in view of the tendency of certain dis¬
New York City.
It is the purpose
of the Joint Committee, after consulta¬
tion with all types of commercial and financial
associations,
:
well
as
trade bodies, to have prepared pamphlets, special
as
articles and other forms of literature, intended to inform
all classes
to the
as
advantages of the Trade Acceptance and
the necessity of its wide adoption and universal use at this
detriment to his standard of living or the proper development of his busi¬
SCHIFF
ON
and
last,
In
address
an
GO VERN MEN T.
Academy of Political and Social Science at Philadelphia
yesterday Mortimer L. Schiff discussed in
instructive
an
way
various phases of the subject.
Thus,
took up was the necessity of the
monopoly of the investment
market
On
Government.
by the
following to
of the things he
one
that point he had
necessary, to
be the result of
to
be
may
on account
the utilization of
As long as governmental offerings are
limited
be room for
only at infrequent intervals, there may
of the national
some
for other financial require¬
resources
by
a revenue
character
in
may
of the pockets of the people by the
j tempt money out
possible, it should
attractiveness of the terms they offer, but even if this is
not be permitted in
cracy lies in the
ing
subordination of the individual to the
addition,
necessary
to
But how then are corpor¬
betterments
as
refund¬
improvements
and
imperative and cannot be postponed, if they are unable or not
are
permitted to sell their own securities?
logical
one
good and
common
political subdivisions to finance those needs, such
absolutely
and
which
our
The truest demo¬
the interest of the country at large.
the needs of the nation must bo paramount.
ations and
be said that
answer
It
allies in this country.
seems
to me that there is but
The National Treasury may have
to this question.
provide funds for this purpose, just
it is financing the needs of our
as
Our allies must have the goods, which
we
and we
only can supply and our Government is furnishing them with the credit
with which to make payment, not only because that is the
tribution which
we
make
can
the present
at
principal con¬
time to the battle against
autocracy and brutality, but even more so because no such sum as they
be found in the investment market of this country and what
need could
could be provided would be at such prohibitive cost as to interfere
with the financial stability of everything else.
own
The
same
be
voluntary
Look at the basis
industrial and public service
bonds
are
upon
avoids
or
and must not be haphazard
other considerations.
This lending of their services and production must
the man who does not place
the part of the people, but
on
or
goods, is just as derelict in his duty as he who otherwise eligible
service.
military
Mr.
Schiff
"
the
suggestion that oUr Government
example of England and provide for the
makes
should follow the
safe
keeping of the bonds purchased by subscribers for small
Here is the paragraph on that point:
amounts.
amounts find
The subscribers to small
often considerable difficulty in
providing for the safekeeping of the bonds they purchase.
bank
a
Most of them
facilities for this purpose and many of them do not appear to have
no
Many banks, trust companies and safe deposit
account.
companies have offered their services free for the taking care of limited
but these small investors do not as a rule know
of the bonds,
amounts
how to go about it to avail
are
themselves of these facilities, even when they
The Government should
available.
small
subscriber would
have
a
provide
well follow the example of England
in this country
Britain.
in
no
which he purchases.
expense
in
We might
and utilize the Federal Reserve banks
capacity similar to that of the Bank of England in Great
a
As I understand it, any holder of British Government securities
take them to the Bank of England, have them inscribed in one or more
can
and receive therefor
names
of the bank.
If the
a
receipt, which is transferable only on the books
receipt is lost or mislaid, the owner does not suffer,
the inscription on the books of the bank is
as
by which the
some system
of trouble and
minimum
properly safekeeping the bond or bonds
has to do is to prove
inscribed.
,
controlling and all that he
that he is the party in whose name the securities are
He need not produce the receipt, as long as he can prove owner¬
Interest is paid, by mail to inscribed holders, unless otherwise inT
ship.
structed, and if desired, the Bank of England will invest in Government
securities
the interest accruing to holders of amounts of less than £1,000.
holds true of our
OPERATE
selling, figure the cost of recent
In
a
hand, if not already reached.
The only securities which can compete are State and
municipal bonds
STRICT
OBSERVE
every
APPEALS
WILSON
PRESIDENT
which prime railroad,
corporate financing and there can hardly be any doubt that the end is almost
at
political
disposition of the Government at least part of the cash proceeds of
at the
borrowing has had its effect already upon the ability of our corporate
enterprises to raise money.
to meet
seriously
internal needs, and it is very apparent that heavy taxation and Govern¬
ment
Tax¬
mainly on the sale of its bonds, that is, on borrowing the labor
must rely
even
It
larger or a smaller amount should be provided
bill, but the methods by which such revenue is raised.
and goods of its people.
sion and for large amounts, the financial exhaustion is apt to be such as to
can
readily differ
may
For the balance of its needs, after having recourse to taxation, the State
have
prevent the successful placing of other securities.
Opinions
raised by taxation, and the important consideration
sound and scientific economic principles
on
ments, but as soon as one Government loan follows another in quick succes¬
other borrowers
borrowing,
ation, in order not to interfere with government borrowing, must be based
Not only can corporate
State and municipal bonds, attractive as
of their exemption from taxation, must give way
to the Federal necessities.
in amount and issued
will require
those of the nation in their appeal for the
even
unwise fiscal policy.
an
to the amount to be
issues, the Government must be prepared, if
monopolize the investment market.
savings of the people, but
Excessive or unscientific
on government
respond readily to an appeal for its savings,
nothing of the reaction on its ability to save.
It has been said that
power to tax carries with it the power to destroy and that is certain
his labor
securities not compete with
they
the
say:
la order to make available the enormous sums, which the war
this country to raise by bond
national discontent.
unfavorable effect
an
discontented people will not
is not so much whether a
the above theme before the American
on
least,
not
taxation Is bound to have
as
THE
BY
but
to say
TIME BORROWING
WAR
breakdown of efficiency, destruction of material prosperity
ment of industry,
the
L.
Otherwise, the result will be disastrous and its effect will be curtail¬
ness.
as a
particular juncture in American business.
MORTIMER
[Vol. 105.
CHRONICLE
THE
1756
FOOD
NATION
TO
ECONOMY
AND
TO
TO
CO¬
WITH FOOD ADMINISTRATION.
statement issued
on
Oct. 28 President Wilson
:
urged
home and public eating place in the United States to
and that because they are free of all taxes, v This is apt to make them more
pledge its support to the Food Administration and to comply
attractive to the large investor
with its requests,
entirely
or
partially taxable.
than Government bonds when issued as
Some
means may
have to be found to control
his appeal marking the inauguration of
the amount and time of such offerings and if the Government should have
family; enrollment week,
to come to providing
country was asked to become a member of the Food Adminis¬
it may,
even
funds for the imperative needs of corporate enterprise,
though not for the
same reason,
have to include in such a
scheme provision for State and municipal requirements.
Some may fear
that the acquisition by the Government of corporate securities would be
a
step towards government ownership, but it does not appear to me that
such reasoning is
relationship
the
These securities would be obligations, not stock,
sound.
of the Government would be that of creditor, not of owner,
and the bonds and
notes
readily saleable after the
done at
thus acquired would
be in such form as to be
In fact, it is probable that this could be
war.
tration, in order to
conservation.
than
as
The chief part of
drain upon
again restored.
there might be no abuse in securing government aid.
come
when
effective
such
means
issues
must
be
of control and
curtailed
or
even
If the time should
prevented, the most
supervision would probably be through a
central board, with power, possibly subject to review by the Secretary
the Treasury, to deal with this situation.
for this, but the main reliance would have to be
placed on co-operation of
public officials, and of corporate managements and
opinion, which would probably be effective.
to discuss the details of such
it is most
a
important, if such
a
of
Legislation may be necessary
on
the force of public
This is not the time or place
scheme, and I desire only to point out that
board should be appointed, that it consist
of experienced men and be so constituted
the President
way,
can
declared,
the nation
The President's appeal
war.
follows:
the greatest possible safeguards would have to be adopted, so that
say,
are
nation-wide co-operation in food
other
accomplish its object in the
read
ciated with
profit, when normal conditions
assure
no
through this co-operation of the people
Needless to
a
In
during which everybody in the
us
in
the burden of finding food supplies for the peoples asso¬
falls for the present upon the American people, and the
war
supplies on such
a
scale necessarily affects the prices of our
necessaries of life.
.
Our country, however, is blessed with an
abundance of foodstuffs, and if
people will economize in their use of food, providently confining them¬
our
selves to the quantities required for the maintenance of health and strength:
if they will
eliminate waste, and if they will make
of which we have a
those
a
of those commodities
larger proportion of
required by the world now dependent upon us, we shall not only be
able to
accomplish our obligations to them, but
reasonable prices at home.
for
use
surplus and thus free for export
our own
soldiers
on
we
shall obtain and establish
To provide an adequate supply of food, both
the other side of the
seas,
ahd for the civil popula¬
risk of outside
tions and the armies of the Allies is one of our first and foremost obligations;
considerations affecting any of its decisions of the important questions,
with which it would be called upon to deal.
It would have to be assisted
for, if we are to maintain their constancy in this struggle for the independence
by regional and advisory committees, so that the best local opinion and
technical judgment could be secured. * All of the belligerents and some of
tion
the neutrals
as
as
to avoid any
well have found it necessary, during the war to
supervision and control
the financing of capital expenditures
establish
of all nations, we must
first maintain their health and strength.
of our food problems,
service of every man, woman and child in the United States.
voluntary effort in this
The solu¬
therefore, is dependent upon the individual
The great
direction, which has been initiated and organized
by public
by the Food Administration under my direction offers an opportunity of
issues and to limit the demands for
capital on their markets.
If the war
continues for any length of time, we also
may have to do something on
these lines, in order to make all of our funds available for the Government.
service in the war which is open to every individual, and by which every
over
Dealing "with, the dangers of excessive taxation Mr. Schiff
declares
himself
as
follows:
upon issues
analysis
or
It has been
the tokens of exchange which
we
said
or
call money are but a convenient
commandeered goods, and government borrowing
the acquisition of these by the State, with
payment deferred until a later
date, and rental—that is, interest—paid in the meantime.
In some com¬
munities, the option is still given the taxpayer to pay his local taxes either
in cash or by a certain number of days' work on the
public roads, which is
no
an
evidence of the recognition of this economic fact.
There
can
be
doubt that the State has the right and is
justified to commandeer or
take without compensation
a
certain amount of the citizen's services or
production, but it should not take
our
devotion, and in no direction can that sacrifice and devotion
than by each home
more
the world.
objects in this great war without sacrifice and
be shown
more
and public eating place in the country pledging its sup¬
complying with its requests.
(Signed)
WOODROW WILSON.
PRESIDENT INCREASES BITUMINOUS COAL PRICES
45 CENTS A
TON
that in the final
method of evidencing what they
represent, namely goods and labor.
If
this is so, and it seems to me sound, it follows that taxation is but another
but
accomplish
handicaps business, is certain to react unfavorably
of Government bonds.
term for forced labor
We cannot
port to the Food Administration and
It is not within my province to-day to discuss taxation or express an
opinion whether the program adopted by Congress is a wise one or not.
I wish oniy to point out that the
investing power of the country is depend¬
ent to a great extent upon its ability to earn and save and that
anything,
which affects this
individual may serve both his own people and the peoples of
than he can spare without serious
President
Wilson
on
Oct. 27 signed
an
administrative
granting an increase of 45 cents a ton in the price of
bituminous coal at virtually all mines throughout the coun¬
order
try, effective at
new
7 o'clock Monday morning, Oct. 29.
The
prices absorb wage increases recently agreed upon be¬
tween
operators and miners in the central competitive and
other fields, and mean an average
price of $2 45
on
run-of-
mine coal on f. o. b. mine basis for a ton of 2,000 pounds.
The
President's order increasing bituminous!
prices,
was
Nov. 3
THE
1917.]
based upon
CHRONICLE
recommendations made byv Fuel Administrator
Garfield, who made
careful "survey of conditions at the
a
mines in various districts of the country.
The order
vides that the increase
case
contracts with
stipulation for
a
an
in
pro¬
tricts where
ha,ve been made pursuant to your order of
Aug. 23, appointing a
as
Administrator
increase in price to
wages.
(1)
who have been making contracts
strike back at operators
insisting that prices shall advance if in¬
for deliveries and
given to miners,
are
creases
ministration has refused
practice which the Fuel Ad¬
a
The other
to countenance.
of 45 cents per ton,
an
existing contract containing
by his union and
a
the
Fuel
Administrator, for the
The
President's order reads
of prices
prescribed Aug.
21
1917 by the President of the
adjusted and modified,
United States for bituminous coal at the mine, as
United States Fuel Administrator, to meet exceptional
in certain localities, is hereby amended by adding the sum of 45
by order of the
conditions
of the prices
each
to
cents
so
prescribed
For your information I attach hereto
an
Respectfully submitted,
(Signed)
price of coal thereunder in case of an increase
Prices of bituminous
Michigan, which
fail to
agree upon a
in wages paid to miners.
district in which the op¬
penalty provision, satisfactory to the
Fuel Administrator, for the automatic
collection of fines in the spirit of the
agreement entered into between the operators
for
Millions of dollars
the
in
volved
President's order,
which refers specifically
Oct.
October 6 between, operators and miners in
competitive field of Ohio, Illinois, Indiana and
the central
his letter to the President
mending the price increases Dr. Garfield said:
Pennsylvania.
In
recom¬
October 26 1917.
emergency,
intended to allow a fair profit to the op¬
the present
that the coal industry should be asked to make more of a sacri¬
reasonably be required of all staple industries.
Exorbitant
subject of concern.
It needs no argument to
justify Congressional and Executive action against profiteering when the
people of the United States are called upon to make unusual sacrifices.
profits only have been the
As
a
result of the conference held in Washington between the operators
and the miners of the Central field, an agreement was
October, providing, among
reached on the 6th of
other things, an increase of wages as follows:
miners, advances ranging from 75 cents
An advance of 10 cents per ton to
to
$1 40 per day to laborers; an advance of 15 % for
This
will result
in
excess
of
an
yardage and dead work.
increase to miners of 50%
and to the best paid
These increases are not in
the advance in cost of living for that period.
laborers of 78% over
the wages of April 1 1914.
It is obvious that these advances in wages must
On the assumption that the prices fixed yielded
a fair profit to the operator, it is clear that if this increase of wages is to fall
entirely upon the operators their profits will no longer be fair, unless the
result of the increase bears an
insignificant relation to those profits.
question was submitted to me as Fuel Administrator.
It is not pos¬
sible to estimate the exact effect of the proposed increases upon the prices
This
fixed.
But the experts of
the Federal Trade Commission and of the Fuel
have made
as
careful computation
as
the data in hand
I have asked these gentlemen to exclude from their computations
allowance which could properly be regarded as an indirect increase of
permit.
any
the profits
Prices:
Arkansas—(Paris
$2 40.
Michigan is fixed at $3 15
Prepared
a
ton;
field)
Old
$2.
New
prices: Prepared
prices: Prepared
sizes,
on
screenings,
or
screenings, $2 15.
New prices: Prepared sizes,
i
Missouri—(Putnam County and Longwall thin
In
seam
mines in Randolph
New prices: Run of mine, $3 15; prepared sizes, $3 40; slack or
Run of mine, $2 70; prepared sizes, $2 95:
Old prices:
screenings, 1$2 45.
or
FUEL
or
screenings,
or
•
Old prices: Prepared sizes, $2 65; slack or
screenings, $1 70.
or
$4 50; slack
sizes,
$2 90; slack
:
Illinois—(McLean Coal Co., Bloomington)
slack
announced
were
$3 60; slack
sizes,
.
S4; slack
ADMINISTRATOR GARFIELD ON COAL SUPPLY.
the
to
answer
question
as
to whether or not a coal
shortage exists, H. A. Garfield, the Fuel Administrator, has
issued
statement in which he sets out that the
a
dependent
three
on
contingencies—the
supply is
the
supply,
car
and patriotism of miners, coal operators and laborers,
and the
recognition by-every citizen that he is responsible
His
conservation.
of the operators, and to make their calculation with
object in view of covering the increase
Is there
follows:
statement
the sold
in wages by interpreting the above
proposals in terms of the prices fixed by you; that is to say, to advise me
how many cents per ton on coal produced the proposed wage increases
the
On
This question
hand,
one
can
have
we
not be answered by a simple yes or no.
increased production, as compared with
an
1915 the increase is around
1916, of nearly 10% and when compared with
On
25%.
the
other
uppermost in the minds
This is the question
shortage of coal ?
a
of everyone.
band,
have
we
greatly
a
increased
demand from
munition factories and other industries working on necessary Government
orders.
The production of these factories is needed
allies
we
if
to
are
fight the
railroads must have
Whether
every
In addition
successfully.
war
coal if they are to move
will
demand
be
met
to this,
the
the troops and supplies.
the
car
by
an
increase
of supply
supply; second, upon the energy andpatriotisim
operators and laborers; third,
upon
the loyal recognition
citizen that he is responsible for conservation and limitation in the
of coal to the utmost possible extent.
use
The question of car supply is put first,
because, at the present time, the
limitation of production of coal is influenced more
to
by ourselves and our
leave for the domestic consumer all the coal he needs will
upon
of the miners, coal
by
more
increased
the
which will also
depend, first,
be taken either from the
operator or the consumer.
Administration
our
The price
follows:
as
screenings,
for
The public does not desire, nor is it necessary to meet
fice than may
in
Oct. 27.
on
It is my understanding that in fixing provisional
President:
prices for the sale of coal, it was
erators.
Aug. 21, and referred to in
Old prices: Prepared sizes, $2 95; slack or screenings, $2 45./
energy
United States, Washington, D. C.:
To the President of the
Dear Mr.
27
Montana—New
only to the wage agreement entered into at the conference
in Washington
on
announced
were
coal
the mines for the State of
Further classifications for other States
screenings, $2 90.
Oct. 29 1917.
(Signed)
WOODROW WILSON.
of increased cost to consumers is in¬
u
25,
run-of-mine
County)
This order shall become effective at 7 a. m. on
coal at
$3 60 for prepared sizes and $2 20 for slack and screenings.
and miners at Washington,
1917.
6
GARFIELD,
States Fuel Administrator.
not fixed in the President's original
were
price-fixing order, issued
(2) This increase in prices shall not apply in any
Oct.
H. A.
United
$1 50.
existing contract containing a provision for an increase in the
erators and miners
of the supplemental agree¬
copy
Illinois.
This increase in prices shall not apply to any coal sold at themine
(1)
a
of Oct. 6 1917 between the
operators and the miners of the central
competitive fields, composed of western Pennsylvania, Ohio, Indiana and
adjusted and modified,
so
or
subject, however, to the following express exceptions:
under
the
in
of fines
ment
issue of Aug.
Washington*DIC., Oct. 27 1917.
The White House,'
_
Thescale
collection
automatic
spirit of the agreement entered into between the operators and miners at
Washington, Oct. 6 1917.
pro¬
similar penalty is imposed
operators who lay off men without good reason.
as follows:
upon
increase in the
an
The automatic penalty clause provided
war.
shall be fined
provision for
a
case of an increase in wages paid to miners.
This increase in prices shall not apply in any district in which the
operators and miners fail to agree upon a penalty provision, satisfactory
(2)
miner who stops work without any adequate cause
that any
subject, however, to the following
This increase in prices shall not apply to any coal sold at the mine
vision, it is stated, is to insure maximum production of fuel
during the
Fuel
uniformly
price of coal thereunder in
to
penalty provision satisfactory to the Fuel Administration.
The first of these two exceptions is intended, it is said, to
the sale of bituminous coal at the mines, be
sum
exceptions:
under
cover
for
increased in the
of existing
Neither will it apply in dis¬
miners and operators fail to agree upon a miners'
raise in miners'
any
shall not apply
1757
get sufficient cars every
day,
so
by the enability of mines
that they may operate continuously.
Many of the largest mines are able to run at only half capacity much of the
time, owing to the inability of the railroads to
The mine will
run
at full
supply the necessary cars.
capacity one or two days of the week and at
partial
capacity for two more days, and is unable to run at all the remaining two
days because
comes
'there
absolutely
are
cally
cars
in which to put the coal as it
out of the mines
The Fuel Administration, as
on
well
as
the railroads, are working energeti¬
this problem of getting more cars to the mines, and there is every
that
hope
no
shortage
this
will
be
remedied.
gradually
The
problem of
quick loading, quick emptying, and quick journeys from mine to destina¬
tion has been
experts,
as
receiving
well,
as
a
great deal of attention by the railroads
cars
which
and mine
Much is hoped, also, from
the Fuel Administration.
reducing the number of coal
used throughout the country
are
mean.
In reaching
the conclusion that the prices of coal at the mine
increased to substantially cover these wage increases,
should be
I have been influenced
particularly by the provisions of the agreement intended to secure an
creased and an uninterrupted production of coal.
of the draft law, miners are not excluded as a class.
Under the provisions
Considerable inroads have been made, as a result of the
mine labor.
Moreover
,
fact
first draft, upqn
the conditions surrounding the industry in ordinary
times account for the fact
year
in¬
that the average number of days' work in the
has been from 200 to 230 only.
They also, in part, account for the
that the average hours of labor per day have fallen considerably below
It is the deliberate judg¬
ment of the best informed among the representatives of the Miners' Union
that if the miners now at work should labor in the mines eight hours during
even five days of the week there would be no shortage of coal.
It is the
the eight
purpose
hours stipulated in wage agreements.
of the proposed supplemental agreement to secure an approxima¬
result by means of fines automatically collected.
These
tion at least of this
fines are quite
distinct from the penalizing fines sometimes attempted to
by employers for their own benefit.
this connection I beg to call special attention to the fourth item of the
for
gravel, stones, and other purposes.
Our production
has shown
a
the total
greater than in 1916, and
show
an
even
the increase in
It is charged that miners
quit work when they have earned a certain amount of money during
week, and thus the higher wages shorten the working time.
In most
wages
the
increased production of anthracite coal will
higher percentage.
Complaints
will
steady increase over last year's figures, so
1917 will be about 50,000,000
of bituminous coal mined in
that
tons
cases
have
been received from some mines that
has resulted in a falling off of production.
where investigations have been made, however, it
short time has resulted much more from
is shown that the
the shortage of cars than from the
unwillingness of men to put in full hours.
It is the opinion of the Fuel Administration
that if all the people will show
patriotism in the use of coal which the miners and mine operators
the
same
are
showing in its production, there will be enough
purposes
coal this
year
for ail war
and still leave all that is necessary for domestic industries and for
keeping the people warm.
be imposed
In
proposed supplemental
biennial
agreement, namely, that,
convention of the United
that the present contract be extended during
the continuation of the war, and not to exceed two years from April 1
1918."
I am assured that the next biennial convention will loyally and
Workers' representatives agree
I believe you may confidently rely
upon the assurances of the representatives of the union upon this point.
In view of the foregoing considerations I respectfully recommend that
the prices fixed by your proclamation of Aug." 21 and such modifications
patriotically confirm this provision.
ELGIN BUTTER BOARD CLOSED FOR REMAINDER OF
"subject to the next
WAR.
Mine Workers of America, the Mine
Announcement was made by the Food Administration at
Washington
between the
on
Oct. 31 that under
an
agreement reached
Elgin Butter Board and the Administration, the
Board would be closed for the remainder of the
closing
was
war.
The
requested, it is said, by Food Administrator
Hoover, and the request was
should be permitted to govern prices during the
his request,
a
special dispatch from Washington to the New York "Journal
of Commerce," on Nov. 1 said:
Elgin was the centre of the creamery industry in
half century ago
A
which became generally known as the Elgin district.
northern Illinois,
of Trade, which was
For
cities.
of the Elgin Board
attended by butter dealers from Elgin, Chicago and
butter for sale to buyers at meetings
of offering their
other
The
practice
small creameries in this territory were pioneers in inaugurating a
many
the
years
established
quotations
butter and butter fat by the Elgin Board were
the basis
on
for
This condition
extent still prevails, although Elgin has
that Chicago
ceased to be either a butter or creamery centre, due to the fact
and condensing.
interested in the oper¬
Of recent years there have been but few persons
It has been the practice of these few to meet
for the purpose of transacting a few sales which
Saturday at noon
would establish
a
quotation for the following week, not based on any
commercial condition governing butter or butter
actual
fats.
Secretary
the
CUSTODIAN
HOLDINGS REPORT.
LIMIT ON ENEMY PROPERTY
A. Mitchell
TIME
EXTENDS
Palmer, Alien Property Custodian,
on
money
are
The extension
gather in the alien property before the penalty
in which to
comply with the law would have to be invoked.
Mr. Palmer's order issued
Nov. 1 extends "the time for
on
filing of reports required to be made by any person in the
the
have
United States who holds, or has, or shall hold, or
tody
alone
or
control of
or
jointly with others, of, for
ally of
or
able
enemy, or
cause
of
cus¬
property, beneficial or otherwise
any
or on
behalf of
an enemy
whom he may have reason¬
enemy or ally of enemy, and any
any person
to believe to be an
in the United States who is or shall be indebted in
way to an enemy or ally of enemy or to any person whom
person
any
he may
ally of
have reasonable
enemy,
for
an
cause
to believe to be an enemy or
additional period not exceeding thirty
days, said reports to be filed as or before Dec. 5 1917."
Wilson
President
Oct.
on
30 issued
an
'
The White House, October 29 1917.
Mr. Palmer
on
Lionberger Davis of St. Louis, Managing Director of his
office.
Mr. Davis is Vice-President of the St. Louis Union
Trust Co. and is President of the St. Louis Chamber of Com¬
merce.
ally of
enemy or
the
Under
Mr. Palmer,
executive order
an enemy
for the duration of the
war.
Palmer is authorized to
President's order Mr.
depositories for
name
as
the millions
of dollars'
of
him, and he is empowered to ap¬
point and fix the salaries of all necessary attorneys, investi¬
gators, accountants and clerks.
His own salary is $5,000
per annum.
The President's order makes available $165,000
for carrying on the wrok under the Trading with the Enemy
Act.
$100,000 is allotted to the Alien Property Custodian;
$25,000 to the Federal Trade Commission; $25,000 to the
erty to be turned over to
War Trade Board and $15,000 to the Secretary of the Treas¬
The following is the text of the President's order
issued
on
in the Alien
Custodianfappointed under Trading with the Enemy
Property
for,
or
person
"An Act to define, regulate,
punish trading with the enemy," approved Oct. 6 1917, I hereby make
and establish the following order:
1.
.
I hereby fix the salary of the Alien Property Custodian
heretofore
I direct that said Alien
bond in the amount of $100,000 with
appointed at the sum of $5,000 per annum.
Property
Custodian shall give a
security to be approved by the Attorney-General, and which bond shall be
money
matter of what
Empire
is
ally of enemy or otherwise, which may be paid, conveyed, transferred,
assigned, or delivered to said custodian under the provisions of
with the Enemy
2.
Act.
the Trading
.
I hereby authorize and empower the Alien
Custodian to
Property
employ and appoint in the manner provided in the Trading with the Enemy
Act in the District of Columbia and elsewhere, and to fix the compensation
of
as
on
for the due administration of the
powers
conferred
such Alien Property Custodian by law or by any order of the President
heretofore or hereafter made.
3.
of Section 12 of the Trading with the Enemy Act
pertaining to the designation of a depositary, or depositaries, and requiring
all such designated depositaries to execute and file bonds and prescribing
the form, amount, and
Alien Property
pany, or
security thereof.
And I authorize and
Custodian to designate any bank,
or
banks,
empower
the
or trust com¬
trust companies, or other suitable depositary or depositaries located
and doing business
in the United States,
as
the depositary
or
depositaries
with which said Alien Property Custodian may deposit any stocks, bonds,
notes, time drafts, time
bills of exchange,
or other securities or property
(except money, or checks, or drafts payable on demand) of an enemy or
ally of enemy, and to prescribe the bond or bonds and the form, amount,
and security thereof
which shall be given by said depositary
or
depositaries.
Even a
"ally
or
or
such territory
Fur¬
enemy" within the provisions of the Act.
ality and wherever he resides, who is doing business within such territory
is within the statutory
definition of "enemy" or "ally of enemy."
So, also.
So, also, is any
created by Germany or any of its allies.
Is any corporation
which ia
corporation created by any other nation than the United States
doing business within the territory of Germany or its allies or in territory
occupied by the military and naval forces thereof.
Further, for the purposes of the Act, the Government of any nation with
of any ally of such na¬
which the United States is at war, the Government
tion, or any sub-division of any such Government,
agency
and any officer, agent, or
enemy," and the
of such Government, is an "enemy" or "ally of
Act makes no restriction as to where the
officer, agent or agency may be
located.'
if he shall find the safety of the United States, or
The President,
prosecution of the war shall require,
may,
body or class of individuals, other than citizens of the
as
may
United States,
be natives, citizens or subjects of any nation with which the
States is at war, or of any ally of such
The words "to trade" as used in the Act, are
debt
or
obligation
(a) To
defined to mean:
satisfy, compromise or give security for the payment or
of any
United
nation, wherever resident or wherever
The President has not issued any such proclamation.
doing business.
pay,
the
by proclamation,
enemy" such other individuals
include within the term "enemy" or "ally of
satisfaction
(b) To draw, accept, pay, present for acceptance
action,
agreement,
deal with,
exchange, transmit, transfer, assign, or otherwise dispose of or receive any
form of property.
(e) To have any form of business of commercial commun¬
payment,
or
indorse any negotiable instrument or chose in
(c) To enter into, carry on, complete, or perform any contract,
(d) Buy or sell, loan or extend credit, trade in,
obligation,
or
.
ication
or
intercourse with.
Third—If
application for a trading with the enemy license is
an
of the following
one
1.
a
person
made,
application forms should be used:
If it is desired to export an article, the
exportation of which has been
restricted, and the exportation in the particular case also
with
involves trading
who there is reasonable cause to believe is an
"enemy" or
the benefit
and trade
"ally of enemy," or is acting in such transaction on behalf or for
an
"enemy" or "ally of enemy," application for license to export
application form A6.
with the enemy should be made on
If the export of the article has not been
involves such "trading with the
with the
restricted, but
t^e exportation
enemy," application for license to "trade
enemy" by exportation should be made on application form
If it is desired to import merchandise
restricted under Section 11
ET2.
the importation of which is not
of the Trading with the Enemy Act,
and the
importation involves trading with a person who there is reasonable cause
to believe is an "enemy" or "ally of enemy," or is acting in the transaction
on
behalf of
cation for
4.
a
or
enemy." an appli¬
ET3.
form of financial transaction involving
for the benefit of an "enemy" or "ally of
license should be made on application form
If it is desired to engage in any
trade with a person who there is
is acting
reasonable cause to believe is an
in the transaction on behalf of or for the
"enemy"
benefit of an "enemy"
made on application form ET1.
5. ' An application for a general license to trade with a person who there
is reasonable cause to believe is an "enemy" or "ally of enemy," or acting
in the transaction on behalf of or for the benefit of an "enemy" or "ally
"ally of enemy," application should be
of enemy,"
Such
a
should be made on application form ET4.
general license, if granted, will cover the series of
transactions
described in the application.
6.
merely to export or Import goods in
If it is desired to obtain leave not
transactions which involve trading
but at the same
with the "enemy" or "ally of enemy,"
time to secure permission for a particular
method of making
will be necessary for the applicant
to make use of and to forward, physically attached to each other, an appli¬
cation on form A-6, or ET-2, or ET-3. as the case may be, and an appli¬
or
I hereby vest in the Alien Property Custodian the executive adminis¬
tration of the provisions
and "ally of enemy" as one person,
ther, any person residing outside of the United States, of whatever nation¬
such clerks, attorneys, investigators, accountants, and other employees
he may find necessary
"ally of enemy."
nationality, who resides within the territory of the Ger¬
its allies or that occupied by their military forces.
or
"enemy"
an
other person
of, or on behalf of, or for the
citizen of the United States who has elected to remain within
and property in the United States due or belonging to an enemy or
administer and account for
the benefit of, any other
of enemy," or is conducting or taking part in such
Second—The Act defines "enemy"
or
well and faithfully hold,
account of, or on behalf of, or for
or on
benefit of, an "enemy" or
no
all
to
enemy" license is required when any person
directly or indirectly with, to or from
trade directly or indirectly, for, or on account
or
conditioned
according to the
officially interpreting the law as it re¬
with knowledge or reasonable cause to believe that such
is an "enemy" or "ally
3.
By virtue of the authority vested in me by
to the
the Bureau of Enemy Trade at Washington
First—A "trading with the
Act:
and
■.'
men as
in the United States desires to "trade"
2.
and authority
business
gards the issuance of licenses:
Qct. 30:
Executive Order Fixing Salary of and vesting certain power
among
Oct. 25 issued the following statement,
New York "Times,"
of
ury.
arisen
provisions of the Trading with the Enemy Act as regards the
issuance of licenses for those who wish to engage in business
or
prop¬
K;1, ■"
'
Confusion having
or
on
Oct. 30 announced that he had appointed
J.
successful
Alien Property Custodian, full
powers to carry out the provisions of the Trading with the
Enemy Act relating to the taking over the property of an
conferring
WILSON
WOODROW
-
man
for failure to
and authority vested in said Alien
in addition to the powers
a
which should come into his custody.
heretofore or hereafter made by me.
authority herein vested in said Alien Property Cus¬
Property Custodian by the Executive Order of October 12 1917.
granted, it is said, because there was not sufficient time
was
respectively in
expended in the administration of the powers vested
The powers and
todian
the 1st
proclamation extending from Nov. 6 to Dec. 5
the time within which persons holding property belonging to
enemies or allies of enemies must file reports of property and
inst. issued
25,000
f.
them by law or by any order
5.
15,000
War Trade Board
To the
to be
on
PROPERTY
25,000
of the Treasury
with the enemy,
ALIEN
..$100,000
-
Federal Trade Commission..
prices than In production.
every
Custodian
To the
and these have been much more interested in
ation of the Elgin Board
appropriated by the Trading with the
out of the funds
To the Alien Property
which creameries
has absorbed the milk from that district for city distribution
following sums, or so much thereof as may be necessary, are
The
Enemy Act to the following named officers:
creamery
generally sold their butter and purchased their butter fat.
continued for years, and to some
4.
hereby allotted
To
the Elgin Butter Board,
activities of
the
Anent
war.
promptly complied with by the
Market conditions, Mr. Hoover explained in making
Board.
[Vol. 105.
CHRONICLE
THE
1758
receiving payments for the same, it
cation on form
ET-1.
Fourth—Any "enemy" or "ally of
the United States,
business within
enemy" who is doing business within
through branch houses or otherwise, may continue to do
If such
further continue to do business in
the United States for thirty days after Oct. 6 1917.
"enemy" or "ally of enemy" desires to
the United States, it must
prior to the expiration of such thirty days, make
application for license to so continue, and during pendency of that appli¬
cation it may continue to do business.
During this time all persons in the
United States may deal with
States without
buc^ "enemy" or "ally of enemy" in the United
applying for license.
unlawful for the "enemy!! or "ally of
If no license is granted it becomes
enemy!! te continue to do business
Nov. 3 1917.]
THE CHRONICLE
and for any person in the United States to have any commercial relations
with him
with any person acting on
or
his behalf, or for his benefit, without
license.
a
5.
Citizens
or
subjects of
ally of
nations resident in the
There is,
1759
therefore, ample promise of
a
supply without effort
on
our
part if shipping
were available to transport it.
But the world's shipping is
already too short to afford sufficient tonnage to traverse the
longer routes,
their citizenship, and all persons in the United States may continue their
and the bulk of the load thus falls
upon North America.
The journey to
Australia and India requires three times the time of the one
to North
America and thus three times as
many
commercial relations with such subjects of Germany and its allies without
Furthermore, the American
United States
applying for
enemy or
enemy
not "enemies" or "allies of enemies" merely by reason of
are
securing licenses, unless there are other facts than citizenship
or
present which bring them within the definition of "enemy"
"ally of
or
ships to transport the
enemy" set forth above, or unless the President should exercise the power
of the American people.
granted to him by statute to extend the definition of "enemy" and "ally
economies
of enemy" by proclamation to
United States and Canada
include such
persons.
This is also true of "enemy" or "ally of enemy" subjects resident out¬
-
side the United States, who are not resident in the territory of the enemy or
ally of enemy nations
however, makes it
not only to trade with
to believe that he is an
cause
any person
or
doing business within such territory.
or
unlawful
with reasonable
"enemy"
or
indirectly, for
or
behalf of
or on
an
"ally of enemy", and it is immaterial what the citizenship,
or
nationality,
"ally of enemy," but equally with
to believe that such person is conducting
cause
taking part in such trading, directly
"enemy"
The Act,
residence of such person may be.
or
in
But,
consumption
on
and
the other hand, if
such
stimulation
will enable
as
produce such
we can
of
production
in
the
to feed the Allies
us
absolutely
and thus enable them in the final analysis to live
ship farther afield than our Atlantic seaboard, we can
without sending a
resist the submarine
There
is,
indefinitely.
however,
isolated markets.
another
„
phase to
this
accumulation
If peace should come, a large number of
of
wheat
in
ships in military
transport will be released, and this wheat, of course, will be available to'
Europe and will
As you
will
come
into immediate competition with the American wheat.
from the tables, it represents
see
for the Allies and is, with Russian
•
quantity.
this continent,
from
with reasonable
a person
same
route is best protected.
problem is thus simply one of ships. If ample shipping existed, there
would be no need for saving or increased
production of wheat on the part
The
wheat,
than the necessary supply
ample supply for all Europe,
more
an
Germany and Austria included.
FOOD
ADMINISTRATOR
AND
DECLARES
HOGS NECESSARY
TO
SHIPS,
Herbert C. Hoover, United States Food
a
issued
statement
situation,
would be
Oct. 25,
on
if the United States and Canada could stimulate
this
without
continent
them
needs
great
emphasized
to
as
so
afield than the Atlantic seaboard.
the
Administrator, in
declared that the fight against the submarine
won
sending
feed the Allies
ship further
a
Ships, wheat and,hogs
Mr.
by
Hoover.
For this
He
said
felt that if we
was
gave a guarantee
harvest.
at his
so
were
to ask the American farmer to
some assurance
loss, if peace intervened.
own
that he
Congress therefor
of $2 per bushel at primary terminal markets
to the 1918
as
This guarantee does not apply to the 1917 harvest;
and, while
the United States Food Administration has developed a method by
which,
long
so
as
the Food Administration lasts, the farmer
of $2.20
ance
on
may
receive
an assur¬
the basis of the Chicago terminal market for his
1917
wheat, I would like to have it clear to every farmer in the United States
that the Food Administration by law comes to an end with peace.
peace
should
between
come
period in which
are
it
reason
expand largely his acreage in wheat, he should have
would not do
reviewing the world food
production and effect economics
from
WHEAT
WAR.
WIN
countries.
'
now
and
the
1918
harvest
there
will
be
exist, and in which the price of wheat
no guarantees
fall much below present
So if
prices, due to competition from the
a
may
distant
more
•
.
deepest
high prices this country's pork consumption had increased
during the
war
until production had been outstripped;
situation that must be changed.
in which the
If
we are
of pork
our
may
If
we
have only
First, wq must reduce
normal
pre-war
production.
our
ways
be solved, Mr. Hoover said:
supplies to the Allies,
combination of both:
products to the
increase
In pointing out two
a
or
Pork products have an influence in
a
certain amount of daily intake of fat.
wo
will
move
the
The human body must have
Whether this fat is by
dairy products, by vegetable oil, or by pork products becomes
means
of
some
wheat, the Food Administrator said the Allies' defici¬
of production is 196,000,000 bushels, with imports of
577,700,000 bushels required to maintain normal
tion.
estimated
He
the
This statement is made
warning that by failure to
of the
war,
with nothing to gain by withholding his 1917
Continuing, Mr. Hoover said that if
peace
should
come
large members of ships would be released and European
wheat production increased.
If climatic conditions next
right, he estimated
year are
1,000,000,000 bushels.
be
wheat
a
"If
war
vitally necessary," he said, "but, if
end, there will be
no
in this country of
crop
continues this wheat will
war
should
to an
come
foreign market for at least 400,000,000
bushels.
degree will substitute for the other fats.
ency
a
soon
secondary
a
.but to issue
peace,
wheat and all to lose should peace arrive.
we must
question in time of complete national stress, because pork products to
As to
anticipate early
get his wheat to market the farmer would be absolutely gambling on the
of two
this present world situation wider
would ordinarily attribute to them.
one
1917 wheat into the market at the earliest moment.
consumption
better; and, second,
discontinue exports,
we
our
one
German line from France to the Atlantic seaboard.
than
and it therefore must be of prime interest to the American farmer to get his
not that I
continuation
hog problem
to maintain
courses, or a
Even if carried over, 1917 wheat will not fail within the 1918 guarantee,
had been caused by the fact that in spite of
concern
aggregate
American,
consump¬
Canadian,
Australian, Indian and Argentine export surplus at 770,000,-
The
wheat and
probably find
"I should
anticipate," he said, "that the Government
lose
from
Government
a
$300,000,000
must
then
market for it at
take
$500,000,000
to
this
on
'
*
■'
-
may
wheat
guaranty if peace arrives before the 1918 harvest is
keted."
the
over
great loss."
a very
mar-
.
000, but pointed out that lack of shipping made it necessary
for this country
Allies'
the
and Canada to bear the burden of meeting
deficit.
In
V.
The threatened
In considering the production of food from the world point of view, we
obtain clarity of vision if we divide our foodstuffs roughly into bread
grains, meats and fats, and fodder grains.
upon
chemistry and agriculture than
There
are
two
This classification is based less
upon
the commerce of food.
of
our
immediate necessities
as a war measure,
and the
second, the broader aspect of the world need after peace; for conditions
growing out of the war disturbance to production will have the most material
effect on the whole
agriculture of the world for
many years
subsequent to
peace.
But in order to arrive at
some
proper
conclusions
problem, we need to review the present situation
as
immediate
as to our
to world food supplies
on
Nov.
towing
1, has been averted
bread grain.
Our
rye
takes
a
minor part in bread making, for our
very
total export possibilities are only 20,000,000 bushels.
From
a
breadstuff point of view,
the other cereals
mixing with wheat, and
terests in the
that
certain amount of wheat is essential.
a
are
substitutes to be used in
Table 1.—Wheat situation in France, Italy, the United
Bushels.
Three-year pre-war average imports from United States
79,426,000
Three-year pre-war average imports from Canada
112,900,000
Three-year pre-war average imports from elsewhere
dispute.
a
ment's
590,675,000
Estimated production for 1917
393,770,000
1917 deficiency
196,905,000
Total imports required to maintain normal consumption
Table
2.—Estimated Export
Surplus of
1917
Wheat in
577,709,000
Various Countries from
Bushels.
United States
80,000,000
Canada
150,000,000
Total North American surplus
—
.230,000,000
committee,
will
marine workers'
the
the Shipping Board
while
The committee representing the
the
Grand total.
....
180,000,000
540,000,000
J...
.
—770,000,000
headed by T. V.. O'Connor
strike
was
served
of the Marine Engineers' Beneficial Associa
Boatmen's
Harbor
Union,
the
and the Tidewater Boatmen's Association.
Harboi
employees
was
based
The threatened
upon
demands foi
substantial increase in wages, beginning Nov. 1, recognition
of their
if
United
1, American Association of Master Mates and Pilots
strike of the harbor
boat
Argentina: Estimated surplus from January harvest..
is
owners on
zation made up
tion,
union, overtime payments, allowances for food and
vacation)
owners
50.000,000
70,000,000
J. Fripp,
Oct. 11 by the Marine Workers.
Affiliation of the Port of New York, a newly formed organi
the boat
weeks'
Present surplus
Total, other supplies
committee
120,000,000
New-crop surplus
George
International Longshoremen's Association.
sixty-six days off each
India:
the Govern¬
Chief Statis¬
represent the Departments of Labor and
120,000,000
New-crop surplus
on
Ethelbert Stewart,
The threat of the marine workers to go on
upon
Australia;
surplus
Get. 23
on
Chairman of the General Managers' Association, while the
a
Present
made
tugboat and harbor interests is headed by W.
No.
Planting.
was
Army Transport Service, at Hoboken, has
Commerce, respectively.
380.804,000
—, r
The
purpose.
tician of the Federal Bureau of Labor Statistics, and
of
Total
with
committee to handle its in¬
Announcement
188,478,000
Average production
conferences
appointed for this
been chosen to represent
R. Putnam
Kingdojji, and Belgium.
after
Capt. W. B. Baker, assistant to the General Superin¬
European
Tables 1 and 2 give an illuminating view of the world situation.
been
have
The marine workers and
agreed to arbitrate their differences, and
Government has also named
tendent of the
The first commodity for consideration must be wheat—the predominant
representatives,
company
committees
through the efforts of R. B.
Shipping Board.
Mr. Stevens, have
and the necessary reactions we must obtain to remedy the weakness in this
situation.
general Strike of the marine workers of the
Port of New York, which was to have been carried into effect
Stevens of the
aspects from which we can consider this problem: The
first is the aspect
STRIKE AVERTED—ARBI¬
TRATION COMMITTEES APPOINTED.
Food Administrator said:
can
MARINE WORKERS'
discussing the wheat situation the
granted.
with
year
pay
(one day each week and
a
demands, which,
of the
some
two
contended, would force them into bankruptcy
The strike, if carried into effect, would also have
meant, it is said, that the transport service of the United
States at this port,
men
which is working night and day to get
andjsupplies to France, would become paralyzed, along
Chamber whose report
grouped, there are, it is stated, about 400 tugs in and about
the harbor carrying an average crew of seven men; 150 steam
August
Norman Bridge of Los Angeles, Secretary of the
Petroleum Co.; E. W. Decker of Minneapolis, President of the
Northwest National Bank; Henry W. Farnam of New Haven, Conn.,
Professor of Political Economy in Yale University; Charles S. Keith of
Mexican
barges, whose crews average two men.
the demands served upon the boat owners by the Marine
month and board;
of New York
month and board; wheelmen on ferry¬
licensed deck mates, not engaged in
the handling or navigation of boats, $100 per month and board.
Where maintenance or sustenance is not furnished, 60 cents per day, or
boats, $100 per month and board;
.
in lieu thereof.
$18 per month, shall be allowed
Wage Scale.—Chief engineer, $140 per
of day man,
month, with
work as required
the day chief engineer, $140
is in charge and doing the same
compensation to be the same as
DUTCH COMMISSIONERS'
month, with board.
per
$140 per month, with board.
is not furnished, 60 cents per day,
Chief engineer on single screw boat,
Where maintenance and sustenance
~0F
Harbor Boatmen's Wage
been
deckhands, $60 per month, with
employed), $65 per month, with board;
$60 per month, with board;
floatmen, $60 per month, with board; cooks, $60 per month, with board.
Where the boat does not provide maintenance or sustenance, 60 cents
board; oiler, $65 per month, with board;
per
proposal for the release of a
(where two or more are employed),
day, or $18 per month, shall be allowed in lieu thereof.
scale shall be $70 per month, minimum
Tidewater Boatmen's Union
the War Trade
rate
consideration.
shall be granted to all em¬
shall be granted to all captains
Two weeks' vacation, with pay,
Captains and engineers to receive $1 per hour or
fraction thereof; deck¬
hour or fraction thereof;
carfare to be paid by the employers when boats are to change crews at
other than a designated point.
All barges, boats and sdows, shifting
or loading at night, the men employed on said boats to be paid $2 per night.
All schedules as above shall be minimum rates, and nothing herein con¬
tained shall be construed so as to increase
the hours of labor, or decrease
allowances now in force.
but members of the above associa-
and
pay,
All boats are to be manned by none
tions.
change of watches, and are
at the
or
that date,
'
I
; ..
,
Nov. 1 1917
to remain in force for one year from
•
_
.•
schedules and rules are to take effect at 6 a. m.
These wage
until Nov.
or
1918.
1
the
,
Efforts which have heretofore
war.
charter
their ships
failed.
The
vessels
Dutch
Following the declaration at the War Convention at At¬
it is right, proper and necessary that the
Government should have the power to fix prices on all ma¬
^
terials needed for the conduct of the war as well as all mater¬
ials affecting the public
and the
interest, for the Government itself
public at large, the Chamber of Commerce of the
now announces that the preliminary count of
United States
the result 6f
referendum sent to its
a
organization members
throughout the country shows that they strongly endorse
this sentiment.
sent to the
and
as
The referendum, as a matter
of fact,
was
organizations ahead of, the Atlantic City meeting
a business vote of the National Cham¬
usual with such
ber, the afffiliated bodies
allowed forty-five days in
were
which to consider the recommendations of a special committee.
The
following results show how the organizations through¬
voted on the recommendations, each
out the United States
organization being allowed from
to its
one
to ten votes, according
All recommendations were carried by a
membership.
or
war.
offered as
vessels should
be employed in the war zone, but might be used in the trans¬
portation of supplies in the Pacific and for general com¬
mercial transportation in our coastwise trade.
The Com¬
missioners, it is said, also asked for
That authority to control prices
necessaries of everyday life.
as
non-contraband commodities are
strictest guarantees
That authority to control prices
materials and
public
Vote, 946 in favor, 146
of
control prices should
authority to
board
be administered
appointed by the President.
by a small
an
obtaining aid in that respect.
working in harmony with the board controlling prices
should have authority to
whose needs
are
distribute available supplies to those purchasers
directly related to the public welfare.
most
Vote, 975 in
ments of foods to Holland
That each leading industry and
mittee to represent
trade should create a representative com
it in conference and to advise with
prices and distribution.
agencies that control
Vote, 984 in favor, 97 opposed.
The National Chamber,
according to Elliot H. Goodwin,
Secretary, has already gone on record
referendum vote of its members,
through
a
committing it to the prin¬
This
principle, Mr. Goodwin said, has been reiterated by the
ciple that there should not be
a
profit interest in war.
members of the Chamber since the United States declared
state of
war.
Convention
at
Then, he continued,
Atlantic
should
be
on
given
prices for itself and the public.
came
the special War
City where the business
positively and earnestly went
Government
will be permitted for some
'
*■'.
TO
FARMS
men
so
record declaring that the
complete
power
to
fix all
.
time to
' 1
YORK'S
NEW
AND
'
COUNCIL 10F
MARKETS.
Appointments to the State Council of Farms and Markets,
provided for in Chapter 802, Laws of 1917, which was
created
of
the
sion,
by the New York Legislature prior to the enactment
law establishing
James
H.
skill 7"one
M.
the State Food Control Commis¬
made public by Governor Whitman on Oct. 30.
were
head of the State Food Control Commission,
commissioner-at-large of the new State Council.
made
was
man
favor, 117 opposed.
General
taken under consideration by
was
is regarded unlikely that any ship¬
the War Trade Board, it
The other members are:
agency
in by-products. Holland
said^ but has little hope
Although the proposal of
or
cattle fodder, it is
the Dutch Commissioners
Vote, 964 in favor, 121
opposed.
That?
some
John Mitchell,
opposed.
That
supplies permitted to go to Hol¬
be re-exported to Ger¬
in their original form
many
would like
as
should extend to the prices the
well as those paid by the Government.
executive
no
land from the United States would
which enter into the
Vote, 977 in favor, 117 opposed.
finished products.
pays as
that
The Dutch
concerned.
stated1, is willing to give the
Government in relation, it is
should extend to ail articles which have
authority to control prices should extend to raw
Dutch East Indies insofar
in commercial relations with the
the
Vote, 978 in favor, 116 opposed.
compensation in money
supplies, including a certain quantity of foodstuffs for
Holland.
Holland also wants, it is stated, greater freedom
and
APPOINTMENTS
legislation to create authority to control prices during
importance in basic industries as well as in war, and
a
public, but it is said that the diplomats
primary condition that none of the Dutch
Vote, 974 in favor, 110 opposed.
That
proposals submitted to the Washington
Dutch -Commissioners on Oct. 17th were
officials by the
v
The committee recommended:
Additional
consider such a move as a
They insist that Germany would
violation of their neutrality.
come.
'decisive vote.
refused to sell
to charter the ships voluntarily to Americans for
fear of the effect such a step would have upon Germany.
a
lantic City that
voluntarily to American operators have
and other European neutrals whose
being held in American ports, have
are
outright
not made
WANTS FURTHER PRICE CONTROL.
.
been exercised by
the owners of the vessels to
the American authorities upon
The details of the
STATES
UNITED
OF
COMMERCE
OF
CHAMBER
held in American sea¬
The disposition of this shipping has been the subject
of considerable discussion ever since the United States entered
hands, firemen, floatmen and cooks, 50 cents per
the
up
250,000 tons of Dutch shipping now
ports.
the employ for one year or more.
is necessary it shall be paid for at the following rate;
and engineers who are in
Where overtime
considerable quantity of the
in the Atlantic seaports, and that
Board was giving the proposal very careful
It has been estimated that there is at least
held
Dutch tonnage now
One day a week off, with pay,
(no board).
ployees.
Oct. 17 stated that it had
Dutch Ecomonic Mission
had submitted to the War Trade Board a
unofficially reported that the
in this country
board; firemen (where only one is
firemen
PROPOSAL FOR OPERATION
IN AMERICAN PORTS.
SHIPS HELD
DUTCH
Dispatches from Washington on
lieu thereof.
Scale.—First deckhand, $65 per month, with
$18 per month, shall be paid in
or
Agricultural College.
of the Kansas State
board.
board; assistant engineer, $130 per month, with
When night engineer
Co., David Kinley of
University of Illinois; Ambrose MoneU
City, President of the International Nickel Co.; Hugh Mor¬
row, lawyer, of Birmingham, Ala.; Herbert Myrick of Springfield, Mass.,
President of the Phelps Publishing Co.; Hon. Charles Nagel of St. Louis;
Robert J. Thorne of Chicago, President of Montgomery, Ward & Co.;
E. A. Van Valkenburg of Philadelphia, publisher of the Philadelphia
"North American;" J. N. Wallace of New York City, President of the
Central Trust Co.; and Henry J. Waters of Manhattan, Kan., President
Urbana, 111., Vice-President of the
licensed mates or pilots, $130 per
Marine Engineers'
of the Central Coal & Coke
Kansas City, President
Affiliation:
Department Wage Scale.—Captains, $150 per
Deck
Vice-President of Pfister and Voge
Vogel of Milwaukee,
H.
National
the referendum backs up, consists of:
Leather Co., Chairman;
and 800
The following are
ighters with about the same number in the crews,
Workers'
of the special committee of the
The membership
Roughly estimated and
shipping operations.
with all other
[Vol. 105.
CHRONICLE
THE
1760
Herbert L. Pratt, New York City;
Killough, Brooklyn; Charles A. Weiting, Coble-
of the State Food Control Commissioners;
Ly¬
Wright, Hartford, Washington County; Frank M.
Howe of the
Agricultural Department of Syracuse Univer¬
sity; Floyd M. Shoemaker, Elmira, representing the cold
storage interests; Frank M. Jones,
Ira T. Gleason,
land
^County.
Dr. Henry Moskowitz, Commissioner of
Public Markets of New .York
cil
Webster, Monroe County;
Buffalo, and.Otis H. Cutler of Suffern, Rock¬
City is
a
member of the Coun¬
by virtue of his office.
The activities of the State Department
State
of Agriculture, the
Department of Foods and Markets and the cold storage
work of the State
it is said, to
Council
Charles
has
S.
Department of Health will be turned over,
the State Council of Farms and Markets.
the
power
The
either to reappoint Commissioner
Wilson of the Department of
Agriculture and
Nov. 3
John J. Dillon of the Department of
or name new
Foods and Markets,
The new Coun¬
commissioners in their places.
cil of Farms and Markets plan to rearrange
1761
CHRONICLE
THE
1917.]
the work of the
dispatched
warfare
by
the
in its
was
will take the French
Department of Agriculture and the Department of Foods
nitrate trade to
and Markets, through the
as
establishment of separate bureaus
dealing with the animal industries of the State; dairying,
well
as
for
German submarine
the
when
French
The Shipping Board, it is said,
height.
sailing vessels and put them into the
Chile, the ferro-manganese trade to Brazil,
carrying general commodities necessary to the
prosecution of the
war.
markets, fruits, insect disease control, &c.
BROOKLYN
TO
PRIVILEGE
GETS
CITY
YORK
NEW
SELL
BUY
FOOD.
after
a
hearing in the New York City Hall on Thursday afternoon
(Nov.
voted to the City Administration the right to
1)
the power
through the
new
granted all municipalities in the State
State Food Control law, to purchase with
city funds food and fuel and to store and sell the same,
without
The action of the
profit, to the people of the city.
following:
State Food Commission is set forth in the
of excessive charges
reason
of a deprivation of necessaries by
and has applied to the State
and otherwise,
Food Commission for the consent of such Commission to
of
exercise the
power
purchasing food and fuel with municipal funds and on municipal credit,
and provide storage for
the
after due consideration,
therefore,
Now,
and sell the same to the inhabitants of such city,
through such agencies as it may determine;
in such manner and
hereby grants such application, subject
State Food Commission
the following regulations and
to
restrictions, viz.:
Commission.
(1)
Such consent is granted until further order of the
(2)
The City of New York shall make, monthly or oftener if required by
the State Food Commission, a report of its operations pursuant
going consent to the State Food Commission.
form
shall be prescribed by the
as
Mayor Mitchel
day, but
was
to the fore¬
Such report shall be in such
Commission.
not present at the hearing on Thurs¬
by Dr. Henry
statement from him was read
a
Moskowitz, the newly appointed Commissioner of the De¬
partment of Public Markets of New York City,
which in
intends to use this power with
discrimination; that there is no intent to drive out of business the vast m a-
We want, rather, to make the city's
jority of honest and legitimate dealers.
their customers the
avail these dealers, so that they can give to
advantage of prices which the city may obtain for them and which
lish
use
existing trade agencies to the fullest extent, and we shall estab¬
resources
new
they can¬
We intend to encourage the legitimate dealer
not obtain for themselves.
other way
Brooklyn waterfront
Island
or
but
shall deal mercilessly with the
we
dealer who takes advantage of the market conditions
for excessive personal
or any
Staten Island.
The full text of the New York State Food Control law
published by
us
in
our
issue of Oct. 13,
pages
1486 to
inclusive.
1489
______________
SHIPPING
The order, which
LAKE
FOR
Announcement
Board
was
STEAMERS
also
Island, and became effective
revoked
automatically
to meet the
new
steamships to the French service.
now
go
now
shipping needs
All of the ships that
service,
aggregate tonnage of over 270,000 tons, are
of construction at various Great Lakes ship¬
the limits of the
prohibited
the
Island,
There have been thirty-two suspicious fires along the Brook¬
lyn waterfront since the United States entered the war, says
the New York "Tribune," and Federal officials privately
Brooklyn waterfront and probably 500 more on Long
started
following letter to
and other
pany,
of the Brooklyn
Oct. 30 sent the
shipbuilding firm, warehouse com¬
Marshal Power
by enemies.
every
concerns
building for
Steamship Co.
war.
One of the vessels, a
freighter of 6,000 tons, is now at Montreal and will be ready
for service whenever the United States releases it.
This
cut in two, moved through the Welland Canal to
where
she has been put
The
together again.
Shipping Board issued the following statement regarding the
turning
over
The Shipping
to be
completed) in American yards that have been commandeered by the
Government, ten will
be turned over to
for the same purpose.
The
outside of
allotted to France
In selecting all twenty, preference will be given to
ships originally contracted for on the Great
charge
for the
the French Government
transportation of supplies to France and that additional ships
those under construction in American yards will also be
and by the
doing business within half a mile
and Staten Island waterfronts, notifying them
ruling:
new
take
American
Corpo¬
3 1917 (except those heretofore ordered surrendered to their
its behalf of all ships building for foreign account in
yards which were subject to the commandeering order of the Fleet
owners)
as
fast as the same are completed, and proceed to operate
behalf of the
all ships
Shipping Board, and that the
same
them on
instructions be given as to
building for American owners who decline to accept their ships on
the Fleet Corporation and the board.
the terms offered by
Announcement
was
also made
on
Oct. 19 that in return
steel ships the French Government had agreed
to turn over to the Shipping Board for operation during the
remainder of the war 400,000 tons of French sailing vessels
for the twenty
now
New
York, Oct. 30.
This rule affects all German aliens, regardless
of New York.
they have alien permits or not.
of the
time after
apprehended and
Department of Justice will visit the docks from time to
all enemy aliens found will be immediately
removed to
place of internment.
may
of whether
A representative of this office and agents
this date, and
a
I send this notice to you so that you
in the dis¬
Respectfully,
Marshal, Eastern District New York.
have time to make such arrangements as are necessary
charging of German aliens in your employ.
JAMES M. POWER, U. S.
The order issued
on
Oct. 30 by
Marshal Power is supple¬
mental to the
ruling of United States Marshal Thomas D.
McCarthy of
the
off all docks,
New York,
Southern District of New York,
pro¬
July 10, which advised all enemy aliens to "keep
on
wharves and piers" in the Southern
and also prohibiting them from being
District of
employed
adjacent to the Southern District. '
GREAT BRITAIN TO REDUCE WHEAT
CONSUMPTION
—BRITISH MEASURES FOR FOOD
CONTROL.
Food Administration at
announcement by the
Washington on Oct. 18, has, under
the
war
Great
new
Britain,
according to
regulations of
plying in the South American, South African and other
submarine zone, whither they were
trades remote from the
the task of
an
rationing, taken upon herself
year
reducing wheat consumption for the
to less than half the normal
cut
the
total
wheat
flour
consumption
down
to
37,928,571 barrels or 163 pounds per capita.
The weekly
ration was cut down on Mar. 7 to 3^ pounds with a flour
extract of
was
regulations
136 pounds per capita.
were so
32,978,-
On Sept. 1 the milling
as to provide 81 % flour extrac¬
admixture of other grains of 20%.
changed
tion and the compulsory
The
This cut
81% and compulsory 5% adulteration.
estimated to reduce wheat flour consumption to
571 barrels, or
Gunard company.
ration of Aug.
*
You will please take notice that on and after Nov. 11917, no German
aliens will be allowed to work or visit the waterfront in the Eastern District
Sir:
Lakes by French interests
Shipping Board has instructed its director of operations to
on
on
would
were
commandeered by the United States, fol¬
lowing its entrance into the
was
having been
admit that most of these bore all the marks of
Board'has decided that from the ships completed (or about
were
Montreal,
It is said that between
areas.
1,000 and 1,200 German subjects are employed along
of the vessels to the French Government:
Five of the twenty boats
French account and fifteen for the Cunard
ship
Germans
forthcoming
consumption before war
began.
The normal consumption of flour before the war
amounted to 57,678,571 barrels or 2.38 pounds per capita
per annum.
This flour was 71% extract, that is, 71% of
the wheat was extracted for the flour and the remainder
went into by-products, used principally for stock food.
On
Feb. 2 1917 the first war rationing went into effect with an
allotment of 4 pounds of bread per week per person, made
of 81% wheat extraction, or 76% wheat extraction adulter¬
ated with 5% of other grains.
It was estimated that this
course
they
granted to
positions, but must seek new homes beyond
their present
to divert twenty
an
building yards.
when
The order
Nov. 1.
on
permits
Shipping
to reinforce the French Atlantic transport
in
supersedes all
permitting them to reside or work within the waterfront
zones, and these persons, it is stated, must not only give up
in waters
SAILING CRAFT.
of the French Government it had decided
representing
BY
RETURN
made by the United States
Oct. 19 that in order
on
IN
or
enemy
mulgated
SHIPPING
FRENCH
AIDS
BOARD
TRANSFERRING
order
visiting the
part of the shore front of Long
profit at the expense of the City of New York.
was
Eastern
alien rules, required the immedaite discharge
of every German subject employed in any capacity within
one-half mile of the waterfronts of Brooklyn, Queens and
previous
only when we are thoroughly convinced that there is no
to meet the situation,
WATERFRONTS
aliens from being employed
enemy
'•
I desire publicly to state that the city
and to
forbidding
of the
part follows:
resources
ISLAND
TO ENEMY ALIENS.
District of New York (Brooklyn), on Oct. 30 issued an
Staten
Whereas, The City of New York has certified to the existence of an actiial
and anticipated emergency on account
STATEN
BARRED
James M. Power, United States Marshal for the
The New York State Food Control Commission
exercise
AND
AND
consumption under this regulation is estimated at only
26,382,857 barrels, or less than 119 pounds per capita and
ess than half the normal wheat flour consumption in peace
times.
Beginning Sept.
17, the British Government
fixed the
standard^ price of flour at $7.38 per barrel and the uniform
price for bread at 18 cents for a
four-pound loaf, with
a
half-
Great Britain has appropriated two
(hundred million dollars to apply as a subsidy to sustain
these prices.
The British Government takes over all grains
pound loaf at 5 cents.
1762
at
THE
arbitrary price for that
an
for whatever it may
wheat and
have to
CHRONICLE
in Great Britain and
grown
the market for imported
pay on
sells it to the millers at
price which enables
a
coal in
in
Italy, it
was stated that there would be practically
private consumption this vinter; that the furnaces
for
none
[VOL. 105.
houses
and hotels would
remain cold and that the civil
them to furnish the flour at the price quoted,
enabling the
bread to be sold at a fixed price, and the Government stands
population
all the loss.
hindered by the serious coal shortage.
The
following, from
a
review of the food situation in Great
Even
consequence.
it
facing
was
period of the
a
the
military
said, had been asking
was
high
as
Britain, recently published in the Manchester "Guardian,''
coal from the United States to
is
vented the
an outline of the measures of food control
inaugurated
by Lord Rhondda, the British Food Controller, since taking
office:
.
.
Upon assuming office
as
Food Controller, Lord Rhondda announced that
his first effort would be directed toward securing a reduction in the
price
of bread, but as it turned out the price of butcher's meat was reduced first-
Meat prices were soaring to unprecedented heights in July, but in August
a natural decline set in, and in
many parts of the
country Lord Rhondda's
has
also
importation of
been
in
throughout Italy.
The
Italian authorities have been going to the utmost extremes
to conserve the grain
supply, even, it is said, to the com¬
pulsory slaughter of swine to save the corn which formerly
fed
was
to
Bread is
them.
The
Italian
made from flour
cereals, and the consumption of
two,
strict control.
The full effect of the order will not be felt for
successive
reductions
in
prices until January,
calculates, there will have been
the
of 6d
consumer
pound.
per
total
a
number of places.
a
by when,
ited and the
Rhondda
Lord
reduction in the price of beef to
The retailer's profit is limited to 20%
the price he pays, or to an average of 21^d per pound, whichever is the
less.
The Food Control committees, which have been set
up, have the
fix the prices of particular joints.
the butcher has to exhibit in
Whether this is done
or
not
conspicuous position the prices he charges.
a
He must also keep records to show whether
or
not he is complying with
rations.
has been put under
sugar
powdered
are
prohib¬
cakes is illegal.
Sale
the public—restaurants and hotels included
sugar on
prohibited^ on two consecutive days of the week.
also
illegal to kill
on
power to
of
use
of fresh meat to
—is
on
Candies and similar confections
It makes
months.
some
population is
highly adulterated with inferior
Lord
rate." the maximum would not be reached in
ton to transport
a
rate which has pre¬
a
coal from this country. Wheat
any
Rhondda had anticipated that probably,
at any
being
were
demand
great
That
or
hardships in
Shipping interests,
$100
as
Italy,
order did not immediately make a marked difference in retail
prices.
was so in Manchester, where to-day prices are below the maximum.
"during the first month
severest
operations
cult to obtain and
calves
It is
sheep, and poultry is diffi¬
is 25% higher than in 1915.
Fish, it is
young
or
stated,"is" being substituted for meat in the form of salted
fish at the front.
.
,
;
;
the order.
It was at the beginning of this year that "war bread" became
compulsory.
It has since changed both in quality and price.
In Match sale by weight
made
was
obligatory, and at the
be twelve hours old before it
same
time it
sold.
was
was
delivered.
Since
then
the price
loaf and Is for the quartern loaf.
order, is
now
has
was
the 2-pound
a year on
J. R. Clynes has
as
the National Exchequer.
corresponding degree.
a
Devonport's calculation
Sugar Commissioners
been
incessant
and
was that the distribution made
by
equivalent to three-quarters of a pound
week.
Later the nominal average allowance
was
reduced to one-half pound.
have
for
the first commodity of the meal table to be seriously affected
A serious shortage was inevitable.
In February of
per head of the population per
was
6d
to
conditions.
war
this year Lord
the
risen
to be 9d—a reduction of price which,
price of flour is reduced in
Sugar
by
the counter and 5%d
over
The quartern loaf, by the Controller's
stated, may put a burden of £40,000,000
The
The complaints of unequal
have
quite
drowned
the
distribution
negligible
relatively
grumbling at the large increase in price.
The position at the moment is
that Lord
a
Rhondda
is
putting into force
sugar
for more than a specified number of persons.
working order until next
The wholesale
which
that
are
no
more
than
one source
The scheme will not be in
are
fixed by schedules
revised fortnightly.
Last week's order relating to butter provides
other than the importer or maker, must sell butter at a
person,
price which exceeds by 7s 6d per cwt. either (a) the price paid by him or
(b) the first hand price in force at the time, whichever is the less.
The
retailer's profit is limited
to 2Hd per pound,
pound may be charged for giving credit
For
cheese
or
but
lAd
additional
an
The retail price of Government controlled cheese continues at
Is 4d per
In the spring an arrangement was made with the various tea associations
upward, and 40% of the total imports from India and Ceylon
were
allocated
importers for sale at the lower prices.
An order
fixing maximum wholesale and retail prices for various kinds
of jams and jellies came into force on the first of this month.
The order
standard of quality.
The retail charge for a 7-pound jar of
apricot, cherry, black currant, pineapple
strawberry jam is 6s 5d, and
or
other prices follow a descending scale until 4s 8d is reached for a 7-pound
Jar of plum
or
apple.
In the previous month the Controller had fixed the
wholesale price of fruit for preserving.
The official prices for milk issued last May were based upon the summer
prices in 1914, which varied in different localities.
The order published
a
few
days
ago
is easier to follow because it gives the actual prices allowed.
A
difference is made between town and country.
The maximum retail
price in October will be 2s 2d per gallon and from November to March 2s 4d
per
gallon in rural districts.
more, or 2s 4d per
In
towns
the
maximum
prices will be 4d
gallon in-October and 2s 8d per gallon from November
to March.
t
In the latest order fixing the prices of
potatoes difference of quality is
allowed for, but the retail price of the best has not to exceed 1
Ad per pound.
Other qualities must not exceed Id per pound.
Here
again
charge
may
be made for delivery.
played in shops.
as
well
as a
an
additional
say,
Price lists must be prominently dis¬
does not
to
The Board of Trade has fixed current
7s 6d above those which
were
charged in the twelve
months before the war, and towns near the coalfields
the benefit of the lower rate.
are
expected to get
The merchant's profit is not to exceed Is 2d
per ton.
nor
partly in writing, but the rate of postage
or
cards
or
the letter rate if wholly
printed advertising cards
on
continaing printed circular matter which do
"post card"
"private mailing card" and do not
or
not
come
bear the words
within
FOOD
SITUATION
Dispatches from Washington
on
The
that
foregoing modifies the information previously given
or private mailing cards would be
printed post cards
one
The postage rate on such cards will
cent.
be two cents regardless of whether
written
NEW
or
they bear written, type¬
printed matter.
YORK
CHAMBER OF COMMERCE DENOUNCES
ANTI-WAR AGITATORS.
Resolutions
denouncing the activities of Senator Robert
La Follette and the utterances of Morris
Hillquit, Socialist
candidate for Mayor, were adopted at the regular
monthly
meeting of the Chamber of Commerce of the State of New
York
Nov. 1.
on
these columns,
and
Other resolutions, referred to elsewhere in
calling for
an
increase in railroad freight rates
pledging co-operation with the Committee
Mayor's Committee
on
on Aliens, of the
National Defense, in its campaign of
Americanizing the foreign-born population of New York were
also
adopted.
Arthur Williams, the newly appointed City
Administrator, delivered the principal address of the
day and emphasized the gravity of the food situation and the
Food
need for
co-operation in saving to win the
war.
liams told of the work that is being done in this
est the housewife in the conservation of foodstuffs and de¬
see
any indication of an early peace.
protesting against disloyalty and naming
The resolutions
Senator La Follette and Morris
form of
Hillquit
were
offered in the
report by Welding Ring, Chariman of the Execu¬
tive Committee of the Chamber, and read as follows:
a
PROTEST AGAINST UNPATRIOTIC UTTERANCES;
The
Chamberj of Commerce:
Executive
continued
Committee
speeches and in print by
a
has
observed
expression of unpatriotic
men
and
with
increasing concern the
seditious
sentiments
lack of coal and food and her
it
was
inability to get them from her
The information possesses
Italy has suffered such
said in the
success
in
added interest
now
serious military reverses.
dispatches referred to, depended
securing ships to
some
carry
wheat and
corn
on
that
Relief
Italy's
from this
country and to protect these carriers from submarine depre¬
dations
in\the Mediterranean.
As regards
the supply of
in
public
in public office, in what seems to us to be
total disregard of their fealty to the United States.
Perhaps the most notable of these
although there
are
cases
is that of Senator La Follette,
others in the Senate and the House who have been
war
efforts of the nation.
York should,
seeking election to high office at the hands of his fellow-citizens,
brazenly declare his opposition to
Italy, because of her
Mr. Wil¬
city to inter¬
clared that he did not
while
ITALY.
Oct. 18 discussed in
detail the serious economic situation in
Allies.
IN
the size
•
But it is perhaps more astounding that a citizen of New
AND
exceeding
prescribed for post cards is not affected, such printed cards being subject
to postage at the third-class rate.
equally shameless in their opposition to the
COAL
not
leas than approximately
within the size above set forth shall
are not
or
within the jurisdiction of the
Food Controller, but, as it is one of the prime necessaries, a reference may
be made to it in this connection.
prices at 6s 6d
"private mailing card" which
To the
come
private mailing cards, which include all cards
be charged two cents postage each if in
print,
The order has the peculiar feature of fixing a minimum
maximum price for growers.
Coal, it is needless to
or
approximately 3 9-16 by 5 9-16 inches
2% by 4 inches, will also be subject to two cents postage each, whether they
bear written or printed matter. All cards
bearing the words "post card" or
middle¬
that tea should be sold retail to the public at 2s 2d and 2s 4d
per pound and
a
Post cards
per
pound.
also fixes
P
in size
V
also the maker's price is fixed by schedule and the
to the trade by the
regarding
private mailing cards:
for delivery.
man's profit is limited to 6s per cwt. above the price he
pays, or to 10s per
cwt. above the. first hand price fixed by the
order, whichever is the less.
the latest infor¬
mation received from the Post Office
Department
the postage rate on post cards or
mailable for
year.
prices of provisions, including bacon,
TWO CENTS POSTAGE.
Postmaster Patten invites attention to
card scheme, which is
designed to prevent purchasers drawing supplies from
or
TO
required that bread must
The Manchester bakers fixed the
price of the two-pound loaf at 5^d when sold
when
POST CARDS OR PRIVATE MAILING CARDS SUBJECT
measures
ernment in time of war, and
necessary to
adopted by the Federal Gov¬
the nation's safety.
The most notable example of this is the case of Mr. Morris
Hillquit,
candidate for Mayor of this city, who states that he will not buy a Liberty
bond
or
help the
war
efforts of the city and nation.
.
Your Committee views with the greatest satisfaction the action of the
Senate of the United States in investigating those of its members whose
speeches and writings mark them
as
disloyal
or as
desiring to restrain the
hand and weaken the efforts of the Government.
,
Your Committee deplores the fact that although we entered this conflict
six months ago, many avenues of
publicity are still permitted to disloyal
people for the dissemination of sentiments harmful
this country is fighting, therefore, be it
to the cause for which
■
-
Nov. 3 1917.]
THE
CHRONICLE
Resolved, That the Chamber of Commerce of the State of New York
heartily
the action of the Senate of the United States in investi¬
approves
gating members of its
body known to have spoken and distributed
own
declarations inconsistent with their oaths of office and with loyalty to the
country, and urges upon the House of Representatives similar action; and
be it further
Resolved, That the Chamber recommends to the Departments of Justice,
in
Washington, in Albany and in New York,
of all those who thus abuse the privilege
a more
of citizenship
vigorous prosecution
Act.
The personnel of both boards
DARWIN P. KINGSLEY,
L.
Secretary McAdoo to-day announced that he would establish
CAMPAIGN.
in
Commer¬
on
cial Education of the New York Chamber
of Commerce,
urging the members of the Chamber to assist in the cam¬
paign for the Americanization of the foreign-born popula¬
city, which
unanimously adopted at the
was
regular monthly meeting of the Chamber
the 1st inst.:
on
of Commerce
The Committee
Aliens, of the Mayor's Committee
on
on
National De¬
foreign-born population of this city, and is desirous of securing the active
of the Chamber of Commerce.
The field covered by the Americanization Campaign planned embraces
the five Boroughs of New York City, in which there are at the present time
than five hundred thousand adults who neither read, write nor un¬
more
derstand the English language.
This great body of aliens is out of touch
with American ideals, and is not properly informed of the duties, liabilities
and
privileges of citizens and residents of this country.
misled
by propaganda
of
seditious
a
through the utterances of agitators
The
the
created
emergency
by the
in their
nature
These aliens
are
foreign press and
street corners and in their clubs.
on
Mayor's Committee has planned
remedy which it is hoped will meet
a
Classes
war.
have
been
formed
at
privleges of American citizenship.
School 25 last
An experiment at Public
showed the efficiency of this method.
summer
During the
hottest days of July and August, an attendance of 85% of the enrollment
maintained.
was
An
Board of Education
appropriation of $102,000 has been made by
for extennding and
the
employers
emplyees were to have
a
working knowledge of the English lan¬
guage/
that
in
be brought to the Treasury
Department in
an
advisory
way to serve
both
w
Under the plan of reorganization proposed by the Secretary an advisory
board of legal review also will be created, to be composed of prominent
attorneys of large experience, to advise the Commissioner of Internal Rev¬
in the many
enue
the
a
problems of law connected with the administration of
Act in all its
war revenue
phases of taxation.
This board will bring
fresh and intimate acquaintance with modern business and
legal practice and thought.
One of the most important tasks devolving upon the Treasury Depart¬
ment in connection with the administration of the new law is to
the
public with all the
will
make
new taxes
extensive
an
in the bureau under
of education
campaign
desirable.
a
a new
through all possible channels to the taxpayer.
To
This official
diffuse informa¬
It is contemplated to
organize for this purpose voluntary State and local committees.
State,
city, town
and precinct committees will have
function, but will provide
This
accom¬
division of work
"supervisor of business co-operation."
will keep in close touch with the public and business and
tion
acquaint
and how and when to pay them.
plish this the Secretary contemplates the creation of
These
administrative
no
channel for conveying tax and revenue infor¬
a
mation to every community and will furnish helpful advice to the depart¬
ment
regarding the application of the law.
By direction of the Secretary, the Commissioner of Internal Revenue
is communicating with associations in every line of business and industry
in the country inviting suggestions with regard to the interpretation, ap¬
plication
administration
or
of the
profits provisions of the
excess
law.
These suggestions
will be carefully considered and analyzed by the Excess
Prbfits
Board.
Advisory
These
measures
of Internal
,
and the reorganization of the staff and line of the Bureau
Revenue will immeasurably strengthen the service and equip
it to handle the large task before it.
been
largely
to-day it is
our
Committee
Aliens specifically request that employers
on
preference to employees having certificates
schools
They
high standing and character who have had wide experience
economics, or in matters of taxation.
In this manner
business,
Tax collection in normal times has
incident in, the conduct of Government and business, while
an
event having the most vital bearing on the prosecution
an
of
.
The Mayor's
give
sources
It will be composed of promi¬
the Government and the taxpayer.
improving the night schools.
The practical results of this campaign would be not
only that the spirit
of patriotism would be aroused and the ideals for which this
country stands
made known, but there would be a direct economic benefit to
if all their
to taxpayers generally.
expert assistance, business training, and the taxpayers' point of view will
the
night schools for the purpose of teaching these foreign-born citizens the
duties and
of
to the bureau
fense, has undertaken the important work of the Americanization of the
co-operation
which the department will seek to obtain.
nent men
following is the report of the Committee
To the Chamber
Revenue
it into effect, and digest suggestions from business
sary to carry
the
excess
an
Internal
The board, the personnel of which will be announced in a few
days, will
analyze the Act, advise in the drawing of the important regulations neces¬
CHAMBER OF COMMERCE AIDS AMERICANIZATION
of
of
profits provisions of the war-revenue
possible inconvenience to the public, to business, and
New York, October 23 1917.
tion
excess
sire and purpose of the Secretary to adminsiter it effectually with the least
ALFRED E. MARLING.
Of the Executive Committee.
The
board to assist the Commissioner
construing and applying the
Service for the administration of the large task imposed by the new Act.
This is the greatest tax law in the history of the
country, and it is the de¬
BERNHEIMER,
E. H. OUTERBRIDGE,
;
advisory boards, issued the following state¬
new
ment:
The creation of this board is one of the most
important steps contem¬
plated by the Secretary in the reorganization of the Internal Revenue
SAMUEL W. FAIRCHILD,
CHARLES
been
yet
as
Act.
HENRY A. CAESAR,
*
,
not
Secretary McAdoo in announcing his intention of estab¬
lishing the
in
WELDING RING, Chairman.
i
has
named.
profits advisory
afforded them by this country.
/
problems of law connected with the administration of the
misuse the shelter
or
1763
and
are
that
they
urge
aU
also asked to inform them, by
the
schools
employment
are
When,
open.
of attendance
their foreign-born
means
by
at
which the
war
night
of, the
schools, employers
has brought to American business.
INTERNAL REVENUE COLLECTOR
EDWARDS
WORKINGS OF INCOME
AMPLIFIES
asked to permit the formation of classes in their
are
and distribution
character of their
their position, certain employees cannot attend the night
or
the vast task of production
on
employees to attend.
of payroll slips, posters, &c.,
reason
of defense and
war
TAX LAW;
•
various establishments during working hours, in order that instruction in
English, civics and citizenship
may
William H. Edwards,
be given.
Various commercial and civic organizations of the city have appointed
special committees to co-operate with the Mayor's Committee, which is
acting as a clearing house for all agencies in the city who can assist in the
Second
Americanization
of
campaign.
feels that this matter is
be given the
Your
Your
committee
important
an
one
commercial
on
education
and that hearty support should
Mayor's Committee.
Committee requests that
with the members of the
authority be given, it to communicate
Chamber, urging them to
carry out
the sugges¬
tions of the Mayor's Committee as above
outlined, and to this end offers
for adoption the following resolutions:
'
Resolved, That the Chamber of Commerce
endorses
the
Committee
urges
and
of the
State of New
York
Americanization
on
campaign which has been planned by the
Aliens of the Mayor's Committee on National Defense, and
its members to co-operate in carrying out the plans of the Committee:
be
it further
Resolved, That tbe Chamber's Committee on Commercial Education be
authorized to bring to the attention of the members of the Chamber the
objects of the campaign, and to assist in its furtherance in whatever
the Committee may deem best.
•
BUSINESS
NEW
Announcement
McAdoo
business
on
TO
AID
EXCESS PROFITS
was
made
effect the
IN
excess profits tax, and that in
plan he would create two committees
boards whose purpose it will be to act in
known
as
the Excess Profits
will consist of
ness
tion.
men
of
an
advisory
The boards will be
The Excess Profits Board
high character, prominent in the busi¬
and economic fields,
particularly with reference to taxa¬
This board will analyze the excess profits law, assist
in^drafting regulations to make it effective and digest sug¬
men of the country which the Treas¬
gestions from business
ury
Department officials
Board of
yers,
will endeavor
Legal Review will
to
obtain.
The
be composed of leading law¬
who will advise the Treasury Department in the
{>■
the Second Liberty Loan have
to
now
States
to
closed it is the duty of
to the Revenue law,
their attention
turn
which is designed
to produce funds to enable the United
the
persecute
war
Collector Edwards's statement
to
successful conclusion.
a
issued
Oct. 27
on
contains
relating to the calculation of surtax,
exemption for dependent child, exemptions for non-resident
aliens, rates of income tax on corporations, status of partner¬
questions and
Oct.
is
27
answers
supplemental to that issued
on
Oct.
20,
re¬
article endeavoring to submit to the public the requirements
the taxpayers must first
authorities
many
which
simple
manner,
the fact
was
brought out that
fill out the blanks prescribed by the Washington
by "the different Internal Revenue
will be distributed
Collectors throughout the country and
should be filed
on or
before Mar. 1
1918 for the year 1917.
This will be the first requirement and after
ment notice will be
tax should be
It will be the duty of the public to inform
On
of the taxpayers.
an
amount exceeding $5,000.
less the exemptions
allowed?
The surtax is calculated on the amount of Net Income in excess of
as
per
illustration:
Net income $12,500.
1%
on
itself relative to the provisions
this end in view, I have prepared additional questions
Is the surtax based on amount of net income or the net income
Ques.
Ans.
an assess¬
before June 1 and the
On what amount is the surtax calculated?
Ques.
.$5,000
or
already given in a previous article, which are herewith set forth
for the good
Ans.
the return is filed
forwarded to the taxpayer on
paid on or before June 15 1918.
of the law, and, with
to those
Advisory Board, and the Ad¬
visory Board of Legal Review.
to
citizens
of the Income Tax law in a
by Secretary of the Treasury
capacity to the Treasury Department.
wards also
In my former
TAX.
provisions of the
this
some
ferred to in these columns last week, and follows:
LEVYING
Oct. 24 of his intention to call upon prominent
of the country to assist him in
carrying into
of
issued an additional statement on Oct. 27
of the features of the new law.
Mr. Ed¬
took occasion to state that since subscriptions
taxpayers,
explaining
ships and other pertinent questions which have arisen since
the law became effective.
The Collector's statement of
men
furtherance
or
MEN
District, who is endeavoring to make
plain the requirements of the Income Tax law for the benefit
way
.
SECRETARY McADOO TO CREATE ADVISORY BOARDS
OF
York
New
Collector of Internal Revenue of the
Surtax calculated as follows:
difference between $5,000 and $7,500
$2,500
Tax
$25
2% on difference between $7,500 and $10,000
2,500
*'
50
3% on difference between $10,000 and $12,000
2,500
"
75
Surtax due
—
_
_
$150
normal tax should be added to obtain the
In addition to the above the
shown on
How is the surtax calculated on combined income as
Ques.
husband and wife?
The net incomes should be computed
Ans.
of the surtax will be
based
each amount in excess of $5,000.
on
child under the Amendments to
Yes.
Are non-resident aliens allowed the exemptions
Ques.
law?
provided by the
'
.
No.
Ans.
claimed by a non-resident
How may the benefit of deductions be
Ques.
alien?
of the deductions allowed a non-resident
The benefit
Ans.
only be obtained by the filing of a complete return after the
alien can
What will be the rates of income tax on corporations?
4% additional under the
Ques.
the effect of the Government's
have been used for
Furniture and musical instru¬
ment production need not be restricted greatly by the order,
it is said, as most materials for their manufacture ordinarily
are
transported in closed cars.
The scarcity of box cars
within the last two years, however, has led to increasing
use of open-top cars for many materials.
action to
extent, since open-top cars
some
products.
LIST OF ARTICLES SUBJECT TO
War Income Tax.
Yes.
; Ans.
filing returns the
May partnership designate a fiscal year for
Ques.
same as a
corporation 1
citizen or
and single, if his taxable net
personal income tax return will be required from every
A
resident of the United States, of lawful age,
family
exemption amounting to $2,000.
If married and
wife, no return will be required unless the net
exceeds $1,000, even though he be the head of a
income equals or
and entitled to personal
living with husband or
income amounts to $2,000 or more.
Second Liberty Loan are now closed, the
As subscriptions to the
should
into
enter
public
patriotic spirit of their duties under the require¬
the
the Government will need the co-operation
ments of the Income Tax law as
of every one
Although it will be a requirement that those
in this respect.
paying to others an amount of $800 or more must report the same
the different Collectors' offices, I strongly urge that all employers
who
to
are
instruct their employees who are
circular
or
Owing to the numerous inquiries received by him relative
to the effective dates of the various taxes to be levied under
recently enacted War Revenue Act, Collector of Internal
of the Second New York Dis¬
the
Revenue William H. Edwards,
Yes.
Ans.
IMPORTS ARE PAYABLE.
partnership for
Will credit be allowed individual members of a
proportionate share of profits derived from dividends?
receiving $1,000 or in excess thereof by
otherwise explaining what should
For
be done and how to do it.
instance, it might be well to establish a system
be instructed in making out their returns by
help the Government in
This will be especially adaptable in factories where,
will not be familiar with the law.'
collecting the taxes.
trict,
Oct. 28 issued a statement showing the dates on which
on
effective on Oct. 4
The taxes on
freight, fares, insurance, seats in places of amuse¬
last, the day following the signing of the Act.
express,
ment and other similar
the stamp taxes on
and
ances
notes
effective Dec.
are
.
I
is due
effective thirty days after passage
is
have
a
Certain
view
circularizing
to
my
buildings and street railway cars.
Help
district and placing same in
all public
The same will be furnished on request
and patriotic citizens for distribution.
to taxpayers
your
quantities
on
Government and make your slogan from now until Mar. 1,
'Income Tax and War Profits Tax."
permitted to be deducted as exemptions from
are
Effective Oct, 4 1917.
Prepared sirups or extracts (intended for use in the manufacture or
1.
What is
OPEN-TOP
OF
USE
CARS FOR NON-ESSENTIALS.
producer or importer thereof.
Unfermented
2.
juice, soft drinks or artificial mineral waters
grape
regarded
the forerunner of
as
a
series of Govern¬
regulations to curtail or stop completely the production
of all articles which are not necessary to the prosecution of
the
war
and the wellbeing of America's civil
the order issued
on
Oct. 27
population, is
by the manufacturer, producer or importer
in bottles or other closed containers; ginger ale, root beer, sar-
thereof,
saparilla,
pop
and other carbonated waters or beverages, manufactured
the manufacturer, producer or importer of the carbonic gas
used in carbonating samd.
or
waters
table
or
sold
waters,
manufacture
the
or
(intended
producer or importer thereof.
sold by the manufacturer,
5
Distilled spirits for beverage and non-beverage purposes.
6
Beer,
lager beer, ale,
and sold
the United States, by whatsoever name such liquors may
the
cerns
beets,
furniture
vehicles,
pleasure
expected to relieve
and musical
car
shortage,
transportation of "coal, coke,
sorghum
sugar cane,
cane
and
ore,
raw
instruments.
as
far
as con¬
limestone,
materials for
sugar
use
in
containing one-half percentum or more of acohol, brewed,
ties necessary
sold
undersigned, finds, that open-top cars (other than flat cars and cars as¬
signed to work service) suitable for the transportation of coal, coke, ore,
limestone, sugar beets, sugar cane, sorghum cane and raw materials for use
in the
metal,
sary to
sugar
and fertilizer industries, and other commodities
neces¬
the national defense and security, are being utilized in the transpor¬
tation of the, less essential commodities and articles hereinafter specified
and upon
sale within
or
be called.
all champagne or other
place of manufacture,
compounds
and hereafter
from bonded
wine, produced in or imported into the United States,
as
or
•
cases.)
8.
Rectified spirits and wines (tax does not attach in some
9.
Grape brandy or wine spirits withdrawn by a producer of wines
from
fruit distillery or special bonded warehouse.
any
the producer thereof on Oct. 4 1917,
Sweet wines held for sale by
additional tax is imposed upon the grape brandy or wine
of such
the fortification
wine
wine and contained
spirits used in
Grape brandy or
therein.
spirits withdrawn by a producer of sweet wines for the purpose
of
this Act.
spirits, cordials, &c., still wines, sparkling wines, &c.,
1917 by retailer, wholesaler, holder, &e., and fermented
fortifying such wines and not so used prior to the passage of
Distilled
11.
held
on
Oct.
4
malt liquors, Ac.,
materially to interfere with the transportation of the
aforesaid commodities required in the conduct of industries necessary in the
rmoved for cohumption
or
including Vermuth,
premises, for sale or consumption.
are
to such an extent as
wine,
removed from the custom house,
an
Whereas, It has been made to appear, and the President through the
stored in warehouse,
sparkling wines, liquors, cordials, artificial or imitation wines, or
10
following is the text of Judge Lovett's order:
or
Still
7.
the metal, sugar
and fertilizer industries and other commodi¬
to the national defense and security."
The
liquor,
manufactured
and other similar fermented
porter,
roads and
The order is
for use
production of cabonated water or other drinks),
Priority Transportation, forbidding use of open-top freight
cars on and after Nov. 1 for transportation of materials for
of
producer,
the
by
importer thereof, in bottles or other closed containers.
Carbonic acid gas in drums or other containers
4
in
mineral
Natural
3.
bottler
by Robert S. Lovett, Director of
highways, theatre construction and manufacture
than one-half
liquors containing less
and fermented
carbonated),
and sold by
ment
sold by manufacturer,
bottling establishments and other similar places)
(not
FORBIDS
DIRECTOR
RAILROAD
fountains,
production of beverages commonly known as soft drinks, by soda
percentum of alcohol, sold
PRIORITY
■.
Oct. 4 1917.
circular printed within a short time
giving a synopsis of the law and simple illustrations of making out a return
a
removals during said thirty days, from factory or custom
•
stocks held
of the Act (date of
tobacco held for sale on Oct. 4 1917,
all cigars, cigarettes and
on
^
A floor tax equivalent to one-half of the full tax
Oct. 3 1917).
passage
The list issued by
1.
follows:
as
Cigars, Cigarettes and Tobbaco.
The full tax
house.
of sinking fund for this purpose.
things will be effective Nov. 1, while
bonds, stocks, checks, real estates convey¬
Collector Edwards reads
and upon all
It will be my endeavor to
wines,
facturers, producers or importers were
be well to suggest that prospective taxpayers put aside their
share of their taxes as a weekly reserve of the amount that they will have
to pay in June, making a sort
on
yachts and taxes payable by manu¬
beer and soft drinks,
due to the war, the large amount of help
It might also
The taxes
imposts provided for become effective.
whereby the employees may
those designated who under¬
stand the work which will create co-operation and
with
GOVERNMENT WAR
TAX, AND DATES ON WHICH
A 2% under the Act of Sept. 8 1916 and
Ques.
open cars.
close of the
year.
Ans.
Automo¬
largely in
carrying metal
exemption allowed under the War Income Tax?
Ans.
and asphalt
enterprises, for which crushed stone, cement
materials have been transported
bile manufacturers will also feel
separately and the amount
Does the $200 additional exemption allowed for each dependent
the Act of Sept. 8 1916 apply also to the
Ques.
pointed out,
drastic effect of the order, it is
The most
probably will be to stop many public road and street building
total tax due.
return of
[Vol. 105.
CHRONICLE
THE
1764
held by brewers and their agents on Oct. 4 1917, floor taxes
provided."
In
•
some cases
certain quantities are permitted to be
deducted as exemp¬
tions from the stock held Oct. 4 1917.
prosecution of the present war, and that it is necessary for the national
defense and security
that priority should be accorded coal, coke,
ore,
Effective Oct. 4 1917.
lime¬
Yachts,
stone, sugar beets, sugar cane, sorghum cane and raw materials for use in
metal, sugar and fertilizer industries and other
commodities
required
the national defense and security, in the use of such cars over,
in
the
com¬
Now, therefore, by reason of the premises the undersigned, in the
name
pleasure
or
boats
power
with
Taxes
1.
to
Automobiles,
be Paid by
and sailing
national defense
fixed engines,
built according to plans approved by the Navy
modities and articles hereinafter mentioned.
of the President, orders and directs that on and after the first day of Novem¬
boats,
boats, of over 5 net tons, not used exclusively for trade or
Department.
Manufacturer, Producer or Importer.
automobile
trucks,
automobile
wagons
and
motor¬
cycles.
1917, and until further order of the undersigned, all common carriers
2.
Cameras.
by railroad in the United States in the distribution of open-top cars, other
3.
Chewing gum or substitute therefor.
than flat cars, and in the transportation of freight in such cars, shall deny
4.
Films, moving picture, unexposed.
5.
Films,
ber
the
use
of open-top
freight
other than flat
cars
cars to
shipments of the fol¬
lowing commodities and articles, except in shipments for the United States
Government,
6.
viz.:
1. Materials and supplies, other than coal, for the construction, mainte¬
nance
or
repair of public
or
private highways, roadways, streets
or
side¬
Materials and supplies, other than coa\ for the construction, mainte¬
nance
or
repair of theatres
or
other buildings
or structures to
be used for
ure
4.
Patent
medicines,
pills,
tablets,
Materials and supplies, other than coal, for the manufacture of pleas¬
vehicles,
or
furniture
or
musical instruments.
Passenger vehicles, furniture and musical instruments, which articles
the undersigned finds are not essential to the national defense security.
-
-
,
ROBERT Sr. LOVETT.
powders,
tinctures,
troches or
anodynes, tonics, plasters,
drops, waters (not including beverage
water taxed in Sec.
313),
essences,
spirits, oils, and all
tions, compounds or compositions whatsoever,
medicinal prepara¬
the manufacturer or pro¬
occult art for
exclusive right or title
to the making or preparing of same, or which are prepared, uttered, vended
or exposed for sale under-any letters patent, or trade mark, or which .if
prepared by any formula, published or unpublished, are held out or recom¬
mended to the public by the makers, vendors or proprietors thereofjas
ducer of which claims to have any
amusement purposes.
3.
Jewelry.
7.
lozenges, sirups, medicinal cordials or bitters,
liniments, salves, ointments, pastes,
walks.
2.
moving picture, positive, containing picture ready for pro¬
jection.
private formula, secret, or
making or preparing the same, or has claims to have
Nov. 3
1917.]
proprietary medicines
remedies
as
THE
medicinal proprietary articles or preparations, or
or
specifics for
or
affecting the human
turer, producer
or
CHRONICLE
disease, diseases
any
sight to allow
affection whatsoever
or
Graphophones, piano players, phonographs and talking machines.
9.
Records
machines
10.
or
for
piano
players,
photographs,
graphophones,
but it is
talking
any musical instruments.
Sporting
goods
and
We have
lacrosse
sticks, balls of all kinds, including baseballs, footballs, tennis, golf, lacrosse,
billiard
chess
and
pool balls,
checker
and
fishing
boards
rods
and
and reels,
pieces,
dice,
billiard
Toilet
Articles.—Perfumes,
and pool tables,
and parts of games,
games
petroleum jellies,
extracts,
hair
oils,
hair dyes, tooth and
toratives,
cosmetics,
aromatic
cachous,
article,
preparation by whatsoever
or
toilet
of the above which
soaps
used
are
or
On all articles mentioned
pomades,
and
powders,
name
hair
applied for toilet
dressings,
dentifrices,
or.
known
any
or
general
or
Stamp tax
on
of their business to the laws of
res¬
An
It
the
purposes.
importer,
a
is not
are
a
to me,
seems
will find
war
held
to be
1917.
1
service to the nation.
Freight.—From
point in the United States to another point in
one
or
took in
Passenger Fares—From
to any
point in Canada
in the United States to another,
point
one
Mexico, exclusive of commutation tickets
or
or
or
and
The gross
earnings
In the first eight
but
more,
received increased greatly as
we
As compared with last
consequence.
necessary
$32,700,000
$10,600,000
us
tickets for trips less than 30 miles, or transportation costing not to
season
natural
a
the United States.
3
being made toward the accumulation of such funds?
months of the year the Pennsylvania System rendered a vastly increased
the United States.
2.
an
when the time comes?
way,
Let me.cite the figures of our own railroad in answer.
point in the United States, to another point in
readjustment to
Would it not be the highest foresight
for the accumulation of sufficient funds in the
now
treasuries to permit this to be accomplished
promptly and in
adequate
Effective Nov.
one
overwhelming probability that the close of
an
railroads in urgent need of large sums of ready money
our
making provision
railroad
importer's tax.
playing cards.
Express.—From
scarcity of iabor in the
unable to compete in the
supply and demand.
the conditions of peaceful commerce.
whole¬
Is progress
1.
therefore,
are
permitted to adjust the conduct
are
to enable them to undertake the task of rehabilitation and
floor tax is provided
or
our
Urgent Need in Sight.
similar substance,
equivalent to one-half of the manufacturer's, producer's
12.
hair
from their present condition.
only the practical impossibility of renewing
tooth paste,
above, except 4 and 5 (Films) which
the manufacturer, producer
or
not
labor market with the industries which
distinguished, upon all
for sale Oct. 4 1917 by any person other than a retailer who
saler,
face
country is added the fact that the railroads
toilet waters,
essences,
mouth washes,
question how long we can manage to continue maintaining
suffering palpable deterioration
to
motive power for some time, but also the
increasing difficulty, which is felt
mox*e and more every
day, in obtaining sufficient labor to continue proper
track and equipment repairs.
To the
except playing cards and children's toys and games.
11.
a grave
them without
golf balls,
rackets,
tennis
games,
accumulate, in advance, the
steps they should be
taking at this very moment to prepare against the coming of that day.
Not only are we not expanding or
strengthening our systems physically,
importer.
8.
railroads opportunity to
our
funds necessary to meet that tremendous and inevitable
emergency?
Our railroads are not financially able to take the
animal body, and which are sold by the manufac¬
or
1765
we
than before, after doing more work than our own
worse off
other railroad system On either side of the Atlantic
any
before in
year,
increased $43,300,000, leaving
our expenses
ever
accomplished
like period of time.
a
exceed thirty-five cents.
4.
Seats, berths
More Work, But Less Return.
Pipe Lines.—For the transportation of oil by pipe line.
5.
tickets in sleeping or parlor cars
or state room
or
To make
on
Telegrams,
telephone
within the United States,
radio
or
dispatch
Marine, inland
9.
and
or more.
Life insurance.
8.
their earnings $78,500,000;
and messages originating
each message or dispatch of 15c.
7.
Casualty insurance.
Admissions to places of amusement, cabarets or similar amusements.
Boxes
12.
Dues
in
excess
seats for permanent use
or
Stamp
1.
"
Bonds, debentures
stand.
(including initiation fees.)
Effective Dec. 1
.
business
you are
men,
and if
With the railroads it is
not
are
being saved.
any
no
of you are in the position
different.
Can they be borrowed?
The railroads have not the credit
athletic clubs which
or
to do it,
Obviously, the needed funds to enable the railroads to meet post-bellum
conditions
in places of amusement.
membership fees in social, sporting
of $12 a year
more
business you do the less you make, you know you are in a
more
pretty bad way.
10.
or
of
many
that the
fire insurance.
but it cost them $117,600,000
they went behind $39,000,000 in net.
Now,
or
11.
are
'
the railroads in the Eastern District, in
survey,
the period from Jan. 1 to July 31 rendered increased service which raised
vessels.
6.
general
a more
now to
borrow
terms that
on
they can
Do you think they will have bettor credit if the end of the war
finds them physically run down and their treasuries depleted ?
1917.
Sometimes, when I look at the future, with such ideas
Taxes.
it
seems
gloomy.
very
But I
am
always cheered by
as
these in mind,
and
thought,
one
certificates of indebtedness.
that is that out of the vastly increased friendliness and mutual trust that
surety.
have sprung up between the railroads and those whom they serve, a solution
or
2.
Bonds, indemnity
3.
Capital stock, issued.
will evolve itself.
This, however, will only be possible when the changed
4.
Capital stock,, sales or transfers.
Conveyances of real estate.
attitude,
the
5.
6.
Drafts
or
or
carriers
checks not payable at sight or on demand.
towards
for
placos of
7.
Entry for withdrawal of merchandise from custom house bonded
warehouse.
finds
dependent
are
full recognition
the
upon
the high
in
Shippers Must Save Railroads.
Of
*
9.
10
Passage ticket,
the
Parcel post packages.
way
one
from the United States
round
or
bulk
vast
am
of the
12.
Promissory notes, except bank notes issued for circulation.
one
13.
Produce, sales of,
exchange,
business
in religious, charitable,
those who control
Proxies, except for
literary societies
or
on
use
Estate
Additional
taxes
of the Act (date of passage Oct. 3 1917).
effective
on
as
July 1 1918 and further increases effective
second class matter,
at various dates sub¬
and
a
wage
needs of
their
You will also find that it
with them in their efforts to obtain
a
living wage,
and industry.
remember this,
growing
and
The railroads must do
for it is very important.
expanding in
advance of commercial
needs,
Production cannot be maintained on a scale that exceeds the
SERVICE
IN
TAUGHT
grow
further, industrially, until we have more railroad facilities.
TRANSPORTATION
BY
Restore
Must
WAR.
The great task is to convince
Discussing "Co-Operation—One Thing the War Is Teach¬
ing Us," George Dallas Dixon, Vice-President in charge of
Traffic, of the Pennsylvania RR., before the Traffic Club of
country's
The United States has reached its limit now, and
of distribution.
we cannot
CO-OPERATION
because
insufficiency of transportation will act as a permanent check
industrial expansion.
upon
means
OF
of
that will permit them to grow and expand in order to meet the
commerce
otherwise
Tax.
Effective Jan. 1 1917.
NEED
get—to let
uncertain way,
You have found that co-operation with the railroads, by aiding them in
And
Tax.
Effective Jan. 1 1917..
Excess Profits
can
no
regulation »f the railroads that will make itself
the physical performance of their service, pays.
sequently.
Income
you
Washington know, in
You have got to create a real and substantial public opinion in favor
will pay you to co-operate
publications entered
War
by the transportation
affaire at
our
want good and adequate railroad service and are willing to pay
effectively heard.
Postal Rates.
Additional postal rates
is absolutely limited
fair treatment and liberal
Additional postage on first class matter effective thirty days after the
passage
There is only
them.
save
for it.
Taxes.
and after Oct. 4 1917.
on
be expressed in one brief thought, and
can
the railroads must
use
to do it, and that is for you—the shippers of the country, whose
way
that you
imposed upon the transfer of each net estate of
are
decedent dying
educational, fraternal
public cemeterles.
15%
they asked, and that with little delay and less question.
that those who
Powers of Attorney.
every
country's freight traffic prevailed in the last
I think the whole situation
that is,
11.
14
Had the voices of the shippers who provide
certain.
the railroads would have received every cent of additional revenue
for which
destination not in the United States, Canada or
or
thing I
one
case,
trip, transportation by vessel
Mexico.
br
of those who
business,
Government.
Entry of merchandise at custom house.
8.
our
railroads,
of their
success
Railroad
Credit.
the Inter-State Commerce Commission of
the vital necessity, for the country's good, of restoring railroad credit.
have
come
to
the
conclusion
their voice will not
that
this
task
be performed
must
by
I
the
They are the ones who use the railroads, and surely
shippers themselves.
be raised in vain.
"
Philadelphia
dox doctrine
was
to have
Oct. 8, referred to the fact that "the ortho¬
on
of
as
yesterday taught that the ideal condition
many
corporations
as
possible fighting each
or
fighting all the
"The lesson which individuals could not
would not teach," he added, "the
fast.
It
is
showing
transportation service
us
that the
are not
is
war
seller
now
and
teaching
the buyer
us
of
friends; and that those who have stirred up enmity between
them, and have fed and prospered by keeping such enmity
alive, have wronged both and have been the apostles of a
false creed.
It is
teaching
us
common
and that the
highest wisdom, for their mutual self-interest, is for them to
work with and not against each other, or in one word to
come
And
war?"
Treating of the question
after the war," Mr.
now
as
to "What is to
Dixon said:
condition
will
our
transportation
systems
come
be
after the
in
to
aid
American business in holding its own in the great .struggle for world trade
that is a certainty of the future?
Above all,
present a united front, and I hope that none of you will repeat the
of the past
by telling the Commission that all rates ought to be raised
except those on your own particular commodities.
The
railroads must
again
be placed
In
the position
where they can
finance their needs, at least in part, by sales of stock, and so be relieved
sole
dependence
permanently.
upon
without
a
borrowing on
terms
too
burdensome to bear
This means the restoration of public faith in the integrity
of railroad investments,
and
we can never
hope to
see
that faith restored
clear expression of a more liberal regulatory attitude on the part
of the Government.
This is
a
matter
in
which the united sentiment of the shippers of the
country could not be disregarded, so we ask you to give us your help.
Is it not the highest wisdom and fore¬
YORK
NEW
CHAMBER
OF
COMMERCE
URGES
IN¬
CREASE IN RAILWA Y FREIGHT RA TES.
The
members of the New York Chamber of Commerce
at their
tions
the great question looms before us, "What is to
What
service and the Commission is the body
The way to get it is to tell the Commsision what
and in language which will not be misunderstood.
that the railroads and the
shipper have all their true interests in
co-operate."
the people who need the
give it to you.
you must
of
natural enemies, but natural
are
can
you want
error
other for the public's business and the public
corporations."
You
that
regular monthly meeting
on
Nov. 1 adopted resolu¬
urging that the Inter-State Commerce Commission
grant the railroads rate advances commensurate with the
increased costs of transportation as well
increased costs which
are
as
with the further
elearly in prospect.
The resolu-
,
,
tions, which were offered by Samuel W. Fairchild, Chairman
Committee on Internal Trade and Improvements,
of the
of
adopted after James Speyer, of the banking house
were
[Vol. 105.
CHRONICLE
THE
1766
ing dire combination of extraordinary demands for freight
materials and labor
service, high prices, and shortage of
gained
equity of a cool $100,000,000—based on present
an
Speyer & Co., had addressed the Chamber and called atten¬
tion to the increased cost of capital which the railroads have
values.
Speyer, in emphasizing the seriousness of
the situation in which the railroads find themselves, said,
plying the nation's necessities under war stress, inasmuch as
according to the "Journal of Commerce:''
at
raise.
to
Mr.
what It seems to
I would like to call your attention to
me
Is a very import¬
of capital. It
material,
I do not
know whether the gentlemen here are quite aware of what is happening
in railroad securities, what has happened in the last year or two.
The
depreciation in railroad securities since the first of January, until a month
ago, listed on the New York Stock Exchange, has amounted to over $1,400,000,000.
During that one month is has increased very considerably.
This
ant
point that has been omitted, and that Is the increased cost
is not only the
increased cost of labor, and the increased cost of
but the increased cost of capital which the railroads have to
of reorganization.
calculation leaves out entirely the railroads in process
The increased cost of
capital is shown in the decreased prices on the New
At the beginning of the war there were eighteen
York Stock Exchange.
railroad
enably
railroads
number has
now
on
the Exchange which sold enough above par
to
listed
stocks
the
raise.
finance
by
shrunk to eight.
•elling sufficiently enough above par to enable the companies to
finance by
If they cannot finance by the issue of common
the issue of common stock.
The consequence of
fixed obligations.
■tock they must issue bonds and
that is perfectly
to
the issue of common stock.
That
There are only eight railroad stocks
clear in the loan market.
If the situation is not changed
I believe that the time has come to speak out
It will lead to insolvency.
railroad
whole, this present condition is.
Some
not only for the owners of
and show clearly how very serious,
securities, but for the country as a
of the railroad officials have hesitated to
But the time has come to state the facts, and to state
by giving the facts.
understating them, they are bad enough.
them accurately, and without
think the time has
explain how serious the outlook is,
the credit of the company still more
because they thought they would hurt
come
I
for the railroad officials not to try to make a better
facts
so they can get relief.
I am perfectly convinced that if the American
people understand the situation, and see what is threatening, not only the
showing in order to preserve the credit of what is left, but to state the
income tax,
through the
It should be stated clearly and not,
the National
but
securities,
railroad
of
owners
will get the relief.
we
Treasury,
understated.
The
ber
the resolutions adopted by the Cham¬
are
the 1st inst.
on
delivery of railroad equipment in America now is impossible
any
hitherto
urging
an
peaceful nation plunging unpre¬
the most stupendous scale ever
known, these freight cars and locomotives, ordered long in
advance, literally have become almost priceless.
All railroad equipment now being manufactured must go
to France, Russia or England.
Nearly 1,000 locomotives
are being sent to provide for American armies at the front.
The locomotive plants are working to capacity, and orders
already booked will busy them until the fall of 1918.
In
freight cars, our Government's orders for the month of
August alone were 10,866.
Russia is seeking 30,000 to 40,000 freight cars in the United States, in addition to 10,000
pared into
war
activities
until the progress
orders
on
Railroads and other private buyers must wait
in Canada.
made
on
Government work and additional
by the Government or our allies determine the ques¬
delivery within any reasonable time.
tion of
"high cost of living" has been fully exploited and felt.
The New York Central statement shows how heavily it
The
of the situation described
ness
"equipment" is
The item of
Urging Increase in Railroad Rates.
the
Com¬
thereon;
Whereas, The Inter-State Commerce Commission has declared that
reight rate case of the Eastern Railroads is still open and before the
and
for
with growth of public needs and constant invention and
improvement.
Meanwhile, the freight rates paid the American railroads
The
Commerce
Inter-State
Commission
country,
demands of the
and be it further
Resolved, That the Committee on Internal Trade and Improvements be
Commission
merce
as
well
advisable; and to take
these resolutions before the Inter-State Com¬
to make such other distribution as deemed
as
other action which may be deemed necessary
any
to make effective the Chamber's
views herein expressed.
WILLIAM
R.
D.
BURNS
capital, general high prices and war conditions, there is in
service
the American railroads to-day little, if any, more
on
rolling stock than when the world-war began over three
New additions, though extensive on some lines,
years ago.
have been
practically nil
JAMES
O.
CHARLES
BLOSS,
A.
A
proportion of
new
and
equipment constantly must
just before the
Locomotives, 63,510; freight
war
through the Railroads' War Board, increased effi¬
to render over 15 % greater freight service dur¬
ing the past six months than in the similar preceding period.
Improvements.
There has been confusion in the
EUGENIUS H. OUTERBRIDGE,
"car shortage."
called
New York Central
President.
evidence
HEAVY PURCHASES OF EQUIPMENT BY NEW
YORK
CENTRAL LINES.
showing the
equipment for the
the
day
use
public mind regarding
on
war was
given out last Sun¬
authorization of Alfred H. Smith, President of the
These figures, which include prices,
comprise the aggregate of vast transactions, have
special interest in view of the charges of the absence of
rect
foresight and lack of preparedness
so
a
cor¬
often made against
Summary of the grand totals of the tabular statement
shows that the New York Central system
and two months since the
1914) locomotives, freight
ng
$84,324,736.
would cost the
more
These
cars
same
and
purchased during
war
began (August
passenger
coaches cost-
units at present-day prices
companies $193,028,610—just $108,703,874
money—or an
Thus thi
increase in the aggregate of 128.91%.
^railroad system, by prompt heavy buying when
war
broke out, and in early preparation against the present exist¬
or
an
average
Freight
years
an
per
The
$46,927,000,
an average
Locomotives
or an average
of $32,383 15 per
would
cost
to-day
of $63,933 51 each, an increase of
Passenger coach purchases were least in quantity
445 passenger cars
per
same
an average o
The companies bought
locomotives
same
The
car.
increase of 148.95%.,
engines for $23,768,500,
locomotive.
comprised far
38,052 for the sum of $53,-
of $1,412 85
second in total investment.
97.43%.
cars
Of these the New York Cen¬
to-day would cost $133,839,810,
cars
$3,519 92 per car, or
came
of preparedness taken for
and also in percentage of increased cost.
railroad managers.
the three years
item of purchases.
purchased in the three
freight
734
measure
extraordinary demands.
762,036,
so-
The proportionate .division of the
war-period purchases furnishes definite
regarding the
the largest
tral
large purchases of train
of the New York Central Lines since
beginning of the European
big railroad system.
and
very
public and
authorities, in removing hin¬
handicaps and correcting evils which burdened
so as
current
statement
passenger cars,
With extensive co-operation of shippers, the
ciency
New York, November 1 1917.
A
(on June 30 1914) was:
2,325,647;
cars,
36,911; baggage, express, postal and other cars, 16,555.
efforts
Secretary.
to replace
ownership of equipment by all the railroads of
The total
Attest:
GWYNNE,
go
rolling stock wrecked, worn out and "scrapped."
SHERMAN,
PECK,
Of the Committee on Internal Trade
CHARLES T.
others, sufficing in the
operation in normal times, the railroads, by special united
CALDWELL,
CHARLES E.
on many
aggregate merely to replace necessary constant retirements.
drances and
WILLCOX,
charge
or
certain of the Governmental
SAMUEL W. FAIRCHILD, Chairman.
average
7.07 mills, on the Government
The railroad must carry one ton
freight three and a half miles to earn a postage stamp.
Due to restriction of earnings, the difficulty of enlisting
still less,
was
the United States
authorized to place copies of
The
figures for the year 1916.
states that
enable them to meet the constantly increasing commercial
history.
ton-mile for all roads was 7.16 mills, and for the larger
companies
of
if the
"Suggestion is well grounded that further financial relief is needed by the
carriers, it is obvious that such relief should be had promptly in order that
transportation demands in time of war may be fully met"; therefore, be it
Resolved, That the Chamber of Commerce of the State of New York
expresses its gratification with this action of the Inter-State Commerce
Commission; and urges upon the Commission that rate advances be granted
commensurate with the increased costs of transportation and of capital as
already shown, as well as with the further increased costs which are clearly
In prospect, In the supreme effort which the railways are making to perform
the greatest possible service during the war; and which will also have the
effect of restoring the confidence of Investors in railroad securities, and
attract the investment of new capital therein necessary to the railroads to
Whereas,
of the biggest in railroad
one
New rolling stock is a necessity of good service-—
constant replacement of worn-out stocks and to keep
per
mission, and has set November 5th as the date for further hearing
the serious¬
upon
by transportation authorities.
expense.
have been Cut to the lowest in
Report
It bears
has hit the railroads in one item.
increase in railroad freight
rates:
price, cannot be reckoned in dollars. Gauged by
undreamed-of requirements—in
transportation,
troops and supplies—of a
pace
following
gain to the public service, in sup¬
It is well said that the
coach.
quotations,
The
for $6,794,200,
same cars
of $27,554 16, an increase of 80.47%.
cars bought are just now being
Only about one-half of the 445 locomotives have
freight
been delivered, and the remainder will
months longer, it is stated, through the
manufacturing
necessities.
of $15,267 87
would cost $12,261,60C) on present
an average
The last of the 38,052
delivered.
The lines bought
an average
space
be held
up
several
pre-empting of the
and facilities for Government munition
Nov. 3 1917.]
THE
When the world
York
229,206 freight
possessed
were
and 3,572
cars
baggage, postal,
began, in August of 1914, the New
war
Central Lines
CHRONICLE
in addition
passenger cars,
work
express,
of 5,404 locomotives,
&c.
cars,
The
to
Feeling
against
entered the
equipment in percentage shown by the foregoing purchases
therefore are as follows: Of freight cars, 16.60%
addition;
of
of
partisan
locomotives, 13.58% addition; of
12.46%
passenger cars,
addition.
The
mate
Senator
La
Follette
which
had
been
steadily developing because of his opposition to the war
measures
presented in Congress since the United States
additions
to
1767
at St.
became
war
Paul which
the
hostile
more
following his address
delivered before the closing session
was
producers and consumers' conference of
League.
Senator
La
Follette
told
the
his
Non¬
auditors
gathered
following is
net
of
cost
detailed statement showing the approxi¬
a
train
new
equipment purchased for the
New York Central Lines since commencement of the
war
in
Europe (period from August 1914 to September 1917), with
approximate prices which would have to be paid if same
equipment
were
at the conference that he was opposed to war,
thought Germany had been rather rough with the
"technical" rights of American citizens, but that he did
that he
purchased at present date—October 1917.
not think the exercise of these technical
belligerent
on
worth
going to
sensation
laden
mercantmen
about.
war
when
he
rights, in traveling
with
munitions,
The Senator caused
declared
that
President
was
little
no
Wilson
was
warned
Railroad.
Approximate Cost ifDupliNet Cost.
cated Now.
Equipment.
N. Y. Central Railroad
490 Locomotives
$16,727,450
280 Passenger cars.„
14,809 Freight
$32,281,280
4,279,200
7,613,100
19,668,063
50,923,840
20 Locomotives
606,900
1,231,520
25 Passenger cars__
Boston & Albany RR.
380,000
787,500
cars.—
40 Freight cars
42,440
129,200
64 Locomotives—
1,913,350
3,714,880
65 Passenger cars.^
Michigan Central
973,000
40,134,365
■
11,192 Freight
C. C. C. & St. Louis
cars
83 Locomotives
2,134,500
4,579,520
65 Passenger cars._
987,000
2,436 Freight cars....
3,417,096
8,087,155
711,300
encouraged Americans to sail
semblance
22 Locomotives
4 Passenger cars..
70,000
126,000
cars
2,375,586
6,883,980
25 Locomotives
916,500
1,796,000
2,026 Freight
McKeesport
Youghiogheny
6 Passenger cars._
Peoria <fc Eastern
Cincinnati Northern
512 Freight cars
20.159
61,370
500,232
19 Freight cars....
19,380,000
of
"Many
liberty
is abroad crying in
The
"When
masquerading
are
in the livery
gather in State after State, great meetings like this under
you can
3,150,610
3,435,530
between the
758,500
1,745,600
sentation under
the auspices of the
"Here
..1
J
the loudest tones? Business, which is mhking
prophets of patriotism
new
of heaven while you are serving the devil.
1,538,671
cars
was
made for
were
do not feel.
you
"Who
money.
1,396,927
38,052 Freight
have forgotten the sacrifices that
ago,
that liberty in 1776 and 1861; some of you are testifying to a devotion to
1,653,760
^$84,324,736 $193,028,610
speech
"Pioneer Press,"
of you who stood up and bared your heads when 'America'
few moments
sung a
1,007 Freight cars
445 Passenger cars.
Follette's
Senator La Follette began his address with the declaration that political
1,011 Freight cars
734 Locomotives
La
parties had failed to give the people representative government.
Toledo & Ohio Central
30 Locomotives
such ships to give them
on
Senator
Paul, according to the St. Paul
Lake Erie & Western
Indiana Harbor Belt
protection."
follows:
189,000
8,421,000
5,000 Freight cars
105,000
St.
at
1,578,400
Pittsburgh & Lake Erie
&
a ship takes his life in his own hands."
"I be¬
lieve," he continued, "that the American munition makers
1,787,250
(Big Four)
Pittsburgh
enters such
1,758,750
16,381,862
by Secretary of State Bryan before the Lusitania
sailed that it carried 6,000,000 rounds of
ammunition.
"A passenger on a foreign ship
carrying munitions," he
said, "is technically in foreign territory.
The citizen who
partisan domination.
at the head of the
Northwest, there
ment*
Nonpartisan League, it
that there is
means
people and Government and the people
in the
are not
some power
getting repre¬
.
valley of the Mississippi, in what
the old
was
formed the great grange movement, the first
was
history of the world to
move¬
out and grapple with corporate
go
and seek to restore to the people representative government.
power
"Have
forgotten that here at the head of the Valley of the Great
you
Father of Waters, this great movement had its birth?
PRESIDENT
WILSON
URGES
AID
FOR
"Here
STRICKEN
Oct. 28
on
again called
upon
people to continue their aid in alleviating the sufferings of
Syria.
He issued the
following appeal:
TO
THE
White
House,
recently
thousands of lives
returned
were
from
Western
Asia,
assure
that
me
many
saved from starvation by the
gifts of the American
people last winter.
They also bring full assurance of the continued effective
distribution of relief and report that the
suffering and death from exposure
and starvation will
inevitably be very much greater this winter than last
unless the survivors can be
helped by further contributions from America.
Reports indicate that of orphans alone there are more than
400,000,
besides women and other
dependent children, reaching a total of more than
2,000,000 destitute survivors.
The situation is so
distressing as to make a
special appeal to the sympathies of all.
In view of the urgent need I call
again upon the people of the United
further contributions as
States to make such
they feel disposed, in their
sympathy and generosity for the aid of these
suffering peoples.
tions may be made through the American Red
Cross,
Contribu¬
Washington, D. C.,
direct to the American
Committee for Armenian and Syrian Relief,
Cleveland H. Dodge, treasurer, 1 Madison
Avenue, New York City.
public right
a
he followed the plow.
as
"in
FOLLETTE.
and Elections has recently been
engaged in
conducting ah
into the alleged seditious utterances of Senator
Robert M. La Follette of Wisconsin
before the Non-Parti-
inquiry
League at St. Paul
san
on
Sept. 20.
The Senate sub-com¬
mittee
conducting the investigation is composed of Senators
Pomerene
(Chairman), Walsh, James, Dillingham and
Fall, and was appointed on Oct. 5, as the result of a demand
that the Wisconsin Senator be
expelled from
cause of his anti-war attitude and
Congress be¬
alleged disloyal speeches.
An
opportunity
given Senator La Follette in the Senate
on Oct. 6, the last
day of the special war session of the
Sixtyfourth Congress, to reply to the critics of
his course in the
war.
In
a
was
long and carefully prepared speech the Wiscon¬
sin Senator undertook to nieet the
charges of the
"This
individuals and organizations who have
petitioned Congress
expulsion.
He argued that he was within his
rights
in criticizing the policy of the Government.
for his
a
farmer's think¬
wonderful piece of reasoning on
Our whole wqnderful philosophy and development
"I
movement could not be unless there is
with
wrong
the seeds of
a
the
Government.
And
there is
something fundamentally
something fundamentally
with the Government.
wrong
know
that
the
fellows
who
waving the flag most
are
frantically,
bloated profiteers of wealth, are trying to invest this country with
form of
democracy,
"But
.
a
democracy based not
a new
equality and liberty, but
on
profits.
on
And
they can't succeed when you can enlist men In such
can't
you
enlist
Northwest in such
and
unless
"And
the
that
a
the
is
reason
reason
intellectual,
movement unless
is
conservative
they
are
this.
a cause as
people
of
the
old
stirred, and stirred deeply,
sound.
to
found in these
be
democracy at the tops of their voices
as
very
who
men
shouting
are
though she had not been the heri¬
tage not only of your farms but your factories and your shops.
"I welcome
ders
from
movement
this great movement come out
any
of the Northwest.
stands
for
real
"I
or¬
representative government."
The Senator lowered his voice and asked those in the
use
No
department of justice will be able to throttle this great
that
a
new
want to save my
rear
of the audi¬
Assured that he could, he raised his hand
offensive.
voice," he said.
"I have
use
for It, and I intend to
it for constitutional liberty and free speech.
"i
came
here to encourage you
any secret
and tell you'not to be intimidated by the
Until Bunker Hill is destroyed, until Little
service.
Top and the Hornet's Nest at Gettysburg
are
obliterated and rele¬
gated to oblivion there shall be free speech in this country.
"I have stood all my life for law and order.
season
of
I stood in
a
Twenty
years ago
little school house at Fern dell, Wis., before
farmers, and began the fight I have waged all these
porate
was
condemned
disloyal to-day.
"I
years
a
this very
little band
against cor¬
power.
"I sought merely to have wealth
but that
as
pay
its share of taxes.
treason, just as some
are
That
was
all,
being condemned
as
But I didn't stop then and I won't stop now.
have just come from
Washington, where with
have been waging the same
a
little handful of
men
I
fight, demanding that taxation should be laid
according to the ability to pay.
"The
dens
of
reason
for the
Nonpartisan League lies in the fact that the bur¬
government are
not
evenly
distributed.
township if you didn't have justice back of
people of the country rise
look out.
"We
We had
up
you.
You couldn't enlist
Whenever the
a
common
in mass to ask for redress for their grievances,
Something is wrong.
are
in the midst of
grievances.
war.
I wasn't in favor of
The German Government
rights to travel the high
numerous
the logical result of
was a
which the great grange movement sprang.
Round
Privileges
to
political and social advancement, another crop of the seeds from
groat
badge of
on
was
That
this nonpartisan movement, I believe there is sown
and launched into
LA
the right
In the homes of the
From that propitious hour, the movement has spread
assertion of
the part of the farmer.
CONGRESSIONAL INQUIRY INTO ALLEGED
sub-committee of the Senate Committee
asserted
the East and West until it has become the settled law of the land.
torium if he could be heard.
A
first
was
the descendents of that historic contest.
has likewise had its basis in the fruitage of the farms.
WOODROW WILSON.
DISLOYALTY SPEECHES OF
SENATOR
out to
farmers of what I like to call the Old Northwest, was first asserted this
or
Oct. 29 1917.
went
Here in the States of Minne¬
of transportation to the markets of the world.
means
are
right of the public.
to
ing
Washington.
One year ago, in compliance with resolutions
passed by the Senate and
by the House of Representatives, I appointed days
upon which the people
of the United States might make such
contributions as they felt
disposed
for the aid of the stricken Armedian and
Syrian peoples.
American diplomatic and consular
representatives and other American
residents
"You
"That
AMERICAN PEOPLE.
The
control the
the American
the destitute peoples of Armenia and
AN APPEAL
independent movement that
Iowa, Wisconsin and Illinois there
sota,
President Wilson
cradled the first
was
fight corporate power in the United States.
ARMENIANS AND SYRIANS.
seas—as passengers on
had
beginning the
interfered with
war.
our
the munition ships of Great
Britain.
"On these grievances, which
were
insignificant, considering the
quences and rights involved, chiefly that of our citizens to ride on
munition ships, we want to war.
wasn't
for the
riding."
We had
a
conse¬
foreign
right to ship munitions, but I
THE
1768
I read
stopped the address.
Cries of "yellow,"
in an audience like this is yellow himself,"
the speaker retorted, turning on his heel to face the direction of the calls.
The uproar increased and shouting to make himself heard, Senator La
Foilette finally broke out above the din with the "I'll take care of any
man who interrupts if you will give me the chance."
He had hardly got started again when some one called "What
of the
Lusitania?" and the din was on again, Governor Frazler, chairman of the
"Any man who says that
"
meeting, assisting in quelling
this disturbance.
"A passenger on a foreign ship carrying
munitions is technically In foreign
ship takes his life in his own
The citizen who' enters such a
territory.
hands.
ride
on
Americans to
semblance of protection.
such ships to give them
As a result we are
"I wasn't in favor of going into this war illegally.
•
in the
"Every nation last April when we entered the war had passed the limit
of safety for the redemption of its obligations except Great Britain.
There
never was a war, that hour by hour, so sapped the lifeblood of the nations
engaged in it.
a
before entering that
nation to consider well
for it.
warned before the Lusitania sailed that it car¬
But we are in it, and now must pay
"President Wilson
was
ried 6,000,000 rounds of
ammunition, Secretary Bryan
asking that passen¬
be warned not to sail on it.
"I repeat again that conditions were such that it concerned us to
sider carefully before taking the step we did.
I enunciate no new
gers
right of
generations.
"We are in this
go
con¬
doc¬
this, but it's the same doctrine Daniel Webster spoke for—the
the people to say whether they will burden themselves and future
trine in
„
and we have got to finance
war
it. Paying for it as we
We have no right to burden
is the only sound way to do it.
future
generations.
of your own
University amoung them, urged that the nation pay for the war by sur¬
plus income and excess profits taxes.
But their petition fell into the hands
of the Philistines when it got to Congress, and nobody ever heard of it.
"The tax bill passed provides for the conscription of only 31% of the ex¬
cess war profits, and after three years of the richest pickings in the history
"More
corporations."
"Shame on Congress,"
of the
as
economists of the country, those
than 350 leading
.
interrupted.
•
administration that approved it," returned the Senator
"Yes, and on an
some one
he proceeded.
"Congress has taken what the Administration sent down, looked at it
pop-eyed, and swallowed it all.
And the founders of this Government
looked on the legislative branch as the great repository of the liberties of
the
people.
"Congress
was
supposed to have the right to
You know
declare war.
what happened.
"And
in this day, in the year
1917, with flags all about us, commemor¬
liberties, we are prohibited even
from discussing the war, to see if there is not some way to stop slaughter
and carnage.
If Lincoln, Webster and,Clay were patriots, you have the
right to discuss freely whether this war might be brought to a close."
ating the creation of our constitutional
Senator La Follette's address
disapproval, and
instant
at St. Paul met
with in-
storm of criticism swept over
a
demands for his expulsion from
Congress.
Senator Kellogg of Minnesota on Sept. 29 of¬
fered in the Senate resolutions adopted by the Public Safety
Commission of Minnesota, of which Governor Burnquist
is Chairman, calling for Senator La Follette's expulsion
from the Senate "as a teacher of disloyalty and sedition."
country, resulting in
the
Among other resolutions calling on the Senate
moval of the Wisconsin Senator were ones
for the re¬
adopted by the
Republican Club and Rotary clubs of this city,
the Chat¬
the Vermont War Conference and
the'American Rights League. Owing to "the flood of telegrams
and letters that poured into the Capitol concerning the mat¬
ter the Senate Committee on Privileges and Elections on
tanooga Bar Associatiom,
Oct.
decided to take up the
1
Oct. 5 ordered
on
The Committee
question.
inquiry into the St. Paul speech and
an
sub-committee of five mem¬
bers to conduct the investigation.
The sub-committee's
authority, however, was limited, first, to inquire into the
reports of the Senator's speech, and, second, into the cor¬
directed the
mittee
appointment of
his
of
rectness
was
made
statements
further
a
ordered
to
The
therein.
report
later
authority to
and make other necessary expen¬
The Senate, in executive session without debate,
stenographers
ditures.
the 5th approved the
on
mittee
sub-com¬
its findings at the
December session of Congress, and to request
employ
recommendation of the Com¬
Privileges and Elections that the inquiry be con¬
on
ducted.
Following the action of the Senate, the Wisconsin
Senator
announced that he would take the floor the next
day (Oct. 6) in defense of his speeches and actions since the
began.
war
The
Senate
Committee
Oct. 5 also submitted
tion
of
a
on
Privileges and Elections
on
report advising against investiga¬
disloyalty reflections
upon
Senator Stone of Mis¬
souri, Chairman of the Senate Foreign Relations Committee.
The report,
which declared that communications filed im¬
puting disloyalty to the Missouri Senator
basis for
Former
were
inquiry,
Lincoln, Neb.,
on
was
Oct. 5, when told that
a
Senate sub-com¬
mittee would inquire
La
not sufficient
adopted by the Senate.
Secretary of State William Jennings Bryan, at
an
a
into the St. Paul speech of Senator
Foilette, made the following [statement, denying that he
knew the Lusitania
was
to carry
munitions:
purported to have been made by Senator La
speech in Minnesota to
the effect that four days before the
I had notified the President that there was ammu¬
board the vessel.
When I passed through Washington last
sinking of the Lusitania
nition
on
Wednesday I notified the
that the Senator
after the sinking
State Department and also Senator
had been
La Foilette
misinformed and that I had not known until
she carried ammunition in her cargo.
of theLusitania that
already stated, took the floor of
three hour speech defended his
on war
questions. Senators Kellogg of Minne¬
Fall of New Mexico, Republicans, and Robinson
Senator La Foilette, as
the Senate
attitude
on
of Arkansas,
Oct. 6 and in a
with criticisms of Senator
Democrat, replied
public statements.
Mr. La Follette's speech
Senate was a defense of his course for the whole
La Follette's
of the time from the
the present
first threat of war down to
accompanied by an attempted justification of
Paul utterances.
He quoted at length from Mexican
moment,
his St.
"I said that it concerned
war.
statement which
before the
legally.
war
a
Foilette in
sota and
.
"I believe that the American munition makers encouraged
[Vol. 105
CHRONICLE
Webster and Sumner in sup¬
member of Confess to assail the policy
of the Government and dwelt at length upon the constitu¬
tional duty of Congress, rather than the President, to pro¬
claim the nation's purposes in taking up arms.
In addition
to
quoting from the American statesmen who opposed
President Polk's policy in the Mexican War, the Wisconsin
Senator gave extracts from speeches by Burke, Fox, Lord
Chatham, and others, in the British Parliament attacking
Great Britain's war upon the American colonies.
He de¬
clared he quoted from these statesmen to show that the
principle of free speech was no new doctrine born of the
Constitution of the United States.
His address was in
war
speeches of Lincoln, Clay,
port of his right as a
part
as
follows:
members of the House voted against
Immediately there was let loose upon those Sen¬
ators and Representatives a flood of invective and abuse from newspapers
and individuals who had been clamoring for war, unequaled, I believe, in
Six members of the
Senate, and fifty
the declaration of war.
civilized society.
of war the triumphant war press
the history of
Since the declaration
Senators and
hood and recklessly libelous
them with treason
This
has pursued those
with malicious false¬
attacks, going to the extreme limit of charging
Representatives who voted against war
against their country.
campaign of libel and character
members of Congress
assassination directed against the
the war has been con¬
who opposed our entrance into
tinued down to the present
hour, and I have upon my
desk newspaper
clippings, some of them libels against me alone, some directed
other Senators who voted against the declaration of war.
as well
against
in pursuance of this general campaign of
villification and attempted intimidation, requests from various individuals
arid certain organizations have been submitted to the Senate for my ex¬
I
am aware,
Mr. President, that
and such requests have been referred to and con¬
of the Senate.
attacks I should not take one
moment of the Senate's time for their consideration, and I believe that other
Senators who have been unjustly and unfairly assailed' as I have been hold
the same attitude upon this that I do.
Neither the clamor of the mob nor
the voice of power will ever turn me by the breadth of a hair from the course
I mark out for myself, guided by such knowledge as I can obtain and con¬
trolled and directed by a solemn conviction of right and duty.
But, sir, it is not alone members of Congress that the war party in this
country has sought to intimidate.
The mandate seems to have gone forth .
to the sovereign people of this country that they must be silent while those
.
things are being done by their Government which most vitally concern their
well-being, their happiness, and their lives.
To-day and for weeks past
honest and law-abiding citizens of this country are being terrorized and out¬
pulsion from this body,
sidered by one of the committees
If I alone had been
made the victim of these
raged in their rights by
those sworn to uphold the laws
and protect the
I have in iriy possession numerous affidavits estab¬
people are being unlawfully arrested, thrown into jail,
held incommunicado for days, only to be eventually discharged without
ever having been taken into court, because they have committed no crime.
Private residences are being invaded, loyal Citizens of undoubted integrity
rights of the people.
lishing the fact that
arrested, cross-examined, and the most sacred constitutional
American citizen are being violated.
appears to be the purpose of those conducting this campaign to throw
and probity
rights guaranteed to every
It
the country into a state
and suppress
of terror, to coerce public
some
opinion, to stifle criticism,
discussion of the great issues involved in this war.
recognize that in time of war the citizen must
I think all men
rights for the common
good which he is
surrender
entitled to enjoy in time of
control their own Government according to
rights that the citizens of this coun¬
try are called upon to surrender in time of war.
More than all, the citizen and his representative in Congress in time of •
war must maintain his right of free speech.
More than in times of peace
it is necessary that the channels for free public discussion of Governmental
policies shall be open and unclogged.
I believe, Mr. President, that I am
now touching upon the most important question in this country to-day—
and that is the right of the citizens of this country and their representatives
in Congress to discuss in an ordinary way frankly and publicly and without
fear, from the platform and through the press every important phase of this
war; its causes, the manner in which it should be conducted, and the terms
upon which peace should be made.
ISIk££»
The belief which is becoming widespread in this land that this most funda¬
mental right is being denied to the citizens of this country is a fact the tre¬
mendous significance of which those in authority have not yet begun to
appreciate.
I am contending for the great fundamental right of the sov¬
ereign people of this country to make their voice heard and have that voice
heeded upon the great questions arising out of this war, including not only
how the war shall be prosecuted but the conditions upon which it may be
terminated with a due regard for the rights and honor of this nation and the
peace.
But, sir, the right to
constitutional forms is not one of the
interests
of humanity.
the exercise of it is necessary to
Government, to the successful conduct
of this war, and to a peace Which shall be enduring and for the best interest
of this country.
Suppose sucess attends the attempt to stifle all discussion
of the issues of this war, all discussion of the terms upon which it should be
concluded, all discussion of the objects and purposes to be accomplished by
it, and concede the demand of the war-mad press and war extremists that
they monopolize the right of public utterance upon these questions unI
am
contending for this right because
the welfare, to
the existence, of this
Nov. 3 1917.]
THE
challenged, what think
only during the
I say
would be the consequences to this country not
you
but after the war?
war
have been
a
time for
worn-out pretext which has been used for three
years to
this country, at least, it is
so
for" public
people to peaceably assemble
violated among English-speaking
To-day, in the land
to-day throughout the United States.
wont to call the free United States,
people as they
discussion
are
have been
we
Governors, Mayors .and
violated
policemen,
as
applied to
pretext with nothing to support it.
force, in my opinion. Is to declare
man
our
people by that declaration that
of government
of the
to Germany,
or to
objects in this
are not
we
render
war
military
and show the Ger¬
seeking to dictate
more secure
a
form
England's domination
seas.
A declaration of
preventing or breaking up peaceable meetings called to discuss the
are
a
the plain
keep
And, sir,
The way to paralyze the German
arm, to weaken the German
century and a half when the right of free speech and free press
a
and the right of the
1769
people of Europe engaged in killing each other.
without fear of contradiction that there has never been
than
more
CHRONICLE
our
purposes in this war, so
far from strengthening our
questions growing out of this war, and judges and courts, with some notable
enemy, I believe, would immeasurably weaken her, for it would no longer be
and
possible to misrepresent
worthy exceptions, are failing to protect the citizens in their rights.
Since the Constitution vests in Congress the supreme power to determine
when and for what purpose
to
which
attain
evasion of
a
war
will
be
prosecuted,
avoid its
can no
Congress to exercise the function
con¬
crisis.
Congress,
a
minor responsibility avoided
question there
can be no
shirking of duty of the Congress, without subverting our form
of government.
If our Constitution is to be changed so as to give the
President the power to determine
that change be made
deliberately by
an
amendment to the Constitution,
such power,
Senator
the President with any
but to exercise such power without constitutional authority
We all know that no amendment to the Constitution giving the President
would be adopted by the people.
We know that if
proposed it would be. overwhelmingly de¬
the powers suggested
such
amendment were to be
an
feated.
The universal conviction of those who yet believe
in the rights of the
people is that the first step toward the prevention of war and the establish¬
is to give the people who must bear the
awful burden mlore to say about it.
The masses will under¬
ment of peace, permanent peace,
brunt of war's
stand that it
was
the evil of
tions through the malevolent
a one-man
power
exercised in
a
half dozen na¬
influences of a system of secret diplomacy that
plunged the helpless peoples of Europe into
the awful war that has been
raging with increasing horror and fury ever since it began, and that now
threatens to engulf the world before it stops.
We have been six months at war.
tions and made expenditures
the
peaceful
We have incurred financial obliga¬
to
protect loans made by J. P. Morgan & Co. to foreign
Governments.
but this is
speech.
a
question of erroneous statement of facts rather than of free
I have
right or wish to criticise any man who voted against
no
this nation going to war, although I may disagree with him; but we are at
believe
war, and I
statements
of this body, men of influence, should not make
men
tending to aid and encourage the enemy and to cast dishonor
and discredit upon this nation.
Imagine the circulation in the German Empire of those statements re¬
flecting discredit
upon our
prosecution of the
of the cause of the German Empire 1
believing in
a cause,,
which led
reasons
us
and sustaining the justice
war
Could these people be blamed for
however lacking in justice and right, if these are the
into this great conflict and sustain us through
Whatever may be said as to the original cause of the war between Ger¬
many
and the Allies, this nation rests upon solid grounds, backed by in¬
ternational
law, by the dictates of humanity and the instincts of self-
preservation.
The
country, Senator Kellogg declared, owes it to the
of
The first chill winds of autumn remind us that
to
history to place its disapproval before the
the
"slanderous
made
accusation"
indescribable suffering, which
another winter is at hand.
the winter months, with their cold and sleet
and ice and snow, must bring to
diers at the front, but to the
To such excesses of
the war-swept lands, not alone to the sol¬
non-combatants at home.
countries.
enemy
the women and children
is carrying out the un¬
Each warring nation
Each nurses the hope that
speakable plan of starving noncombatants.
President
of
had
been
warned
by
Follette, intimated that the usefulness
Senator
as
a
rounds
of the Wisconsin
end with his opposition to the declaration of war,
an
.
member of the American Senate had come to
from neutral countries in order to force them to
of detriment to
declared
Secretary Bryan
Robinson of Arkansas, in replying to Senator La
that since that' declaration he had been
children of the country against whom we have
by Senator
sailing in violation of the statutes of this country
Senator
partners in this awful business and are even cutting
off food shipments
help starve women and
,
He also denied" that
ammunition, besides explosives, and that the passengers
break the spirit of the men of the enemy country at the front by
starving the wives and babes at home, and woe be it that we have become
Wilson
speech.
before the Lusitania sailed that she carried 6,000,000
were
cruelty has this war descended that each nation is
part of its strategy, planning to starve
as a
Follette in his St. Paul
La
paralyzed at the thought of the human misery, the
its try¬
ing ordeal?
world
The imagination is
it may
continued:
He
jealous of the right of free speech as any member of this body,
as
am
occupations of civil life 1,000,000 of our finest young men—
miles over the
with their equipment and supplies, to the trenches of Europe.
of the
the first Sen¬
will be taken if necessary—to be transported 4,000
sea,
now,
was
reply to the Wisconsin Senator.
Americans the right to travel on munitions ships or
secure
and
more
the
Paul speech, and denied that this country went to war to
Allies
and
or
He declared Senator La Follette misstated facts in his St.
of money in amounts already so large that the
comprehend them.
by the complete exhaustion of one
Kellogg of Minnesota, who presented the first
The Government has drafted from
-human mind cannot
a peace
expulsion because of his St. Paul speech,
I
long be tolerated if even the forms of free government are to remain.
cannot
Such a course
resolutions of Minnesota organizations asking La Follette's
proposed and adopted in a constitutional manner.
It would be bad enough if the Constitution clothed
to the German people.
other of the belligerents.
the purposes for which this nation will
and the conditions on which it will make peace, then let
war,
tion, instead of securing
ator to take the floor and
evaded by
without disaster resulting, but on this momentous
no
our purposes
part, so far from endangering the life of a single one of our boys, I
believe, would result in saving the lives of hundreds of thousands pf them
by bringing about an earlier and more lasting peace by intelligent negotia¬
on our
As the
it by the Constitution of guiding the foreign policy of the
upon
A minor duty may be
in
an
conducting this war are of supreme importance to the
nation in the present
engage
The Congress
critical time in the nation's affairs.
nation's purposes in
evasion,
to me to be
not to exercise that
responsibility in this matter than it can in any other.
country, it is the supreme duty of
ferred
it seems
solemn duty on the part of the Congress
power at this
more
the
the country will engage in war and the objects
a
and
serious element
the best interests of the country.
"It is
war.
The question is, Are we to sacrifice millions of our young men—the very
strangely inconsistent," he declared, "for the Senator from
the
Wisconsin to stand here and contend for free speech and
promise of the land—and spend billions and more billions, and pile up
cost of
living until we starve—and for what?
for any objects
war
Shall the fearfully over¬
people of this country continue to bear the brunt of a prolonged
burdened
not openly stated and defined?
The answer, sir, rests, in my
is to declare our
judgment, with the Congress, whose duty it
specific purposes in the present war and to state the objects
Congress, as well as the people of the United States, entered the war
great confusion of mind and under feverish excitement.
leadership
was
.
in
The Presidents
followed in the faith that he had some big, unrevealed plan
by which peace that would exalt him before all the world would soon
be
achieved.
Gradually, reluctantly, Congress and the country are beginning to per¬
ceive that
death
we
are
in this terrific world conflict not only to share its
toll and its fearful tax burdens, not only to right
aid the
And
awful
only to
wrongs, not
into years of
I say, if we are to forestall the danger of being drawn
perhaps finally to niaintain imperialism and exploitation, the
people
discussion of
for whose opinions I have- profound respect
and whose motives I know to be sincere that
That is true.
"we
are
in this war and
But it is not true that we
must go
through to the end."
must go
through to the end to accomplish an undisclosed purpose or to
reach
an
unknown goal.
I believe that whatever there Is of honest difference of
opinion concern¬
ing this war arises precisely at this point.
There is, and of course can be,
no real difference of opinion concerning the duty of the citizen to discharge
to the last
limit whatever obligation the war lays upon him.
Our young men are
pose
being taken by the hundreds* of thousands for the pur¬
of waging this war on the Continent of Europe, possibly Asia or
anywhere else that they may be ordered.
or
for their protection.
Africa,
Nothing must be left undone
They must have the best army, ammunition and
equipment that money can buy.
They must have the best training and
the best officers.
The dependents and relatives they leave at home must
be
provided for, not meagrely, but generously, as far as money can
provide
speech he had not
Shall we ask the people of
this country to shut their
faith?
eyes
and take the en-
There are no doubt many honest and well-
meaning persons who are willing to answer that question in the
affirmative,
rather than risk the dissentions which they fear may follow a free
agree.
Have the people no intelligent contribution to make to
this
the solu¬
I believe that they have, and that in
matter, as in so many others, they may be wiser than their leaders,
that, if left free to discuss the issues of the war, they will find the cor¬
tion of the
and
discus¬
With that proposition I do not, I cannot,
sion of the issues of this war.
problems of this war?
rect settlement
of these issues.
But it is said that Germany
fair word to say for the Flag, the
the soldiers now at the front
nor
fighting for American rights. If I had made the speech
of the Senator from Wisconsin I would not wait for the
Senate to pass upon my
the
United
States
a
loyalty; I would resign my seat in
this minute and apply to the
Senate
seat in the Bundesrath."
That is the same
Senator Fall of New
Mexico, a member of the Senate Committee now inquiring
into Senator La Follette's St. Paul speech, also sharply
on
the 6th inst.
"No
more
dangerous doctrine," he said of the St. Paul speech, "could
have been
preached and
no more
have been heard from any source
from
Wisconsin,
Senator
erene
m
of the Senate
correct version of
the
my
insidious utterance could
than those by the Senator
judgment."
La Follette in transmitting
to Chairman Pom-
investigating committee
on
Oct. 11
a
his St. Paul speech, indirectly demanded
right to be heard and defend himself against the move¬
ment to
expel him from the Senate. He desired also to have
own and the privilege of cross-examining.
witnesses of his
Inasmuch
as
the scope of the
investigating committee is
limited to
it
was
questions of fact regarding the St. Paul speech,
thought that the committee would neither ask nor
permit the Wisconsin Senator to appear before it, but Sen¬
ator Pomerene
Oct. 12 invited Senator La Follette to
on
befor the committee on Oct. 16, at the same time
advising him that the committee "does not concede that its
appear
power
extends to
an
inquiry Into
your
right to make the
speech delivered by you in St. Paul, nor does it believe
itself authorized to
will fight with greater determination if her
people believe that we are not in perfect agreement.
one
Commander-in-Chief,
for them.
ture war program on
"It is
singular thing to me," he continued, "that in all his ldng
denounced him in the Senate
policy of the war and its conclusion on a just basis.
It is said by many persons
membership in the German Bundesrath."
accept
a
others, who, exercising
right of free speech, have called upon him to resign and
Kaiser for
Allies, but perhaps to bear the blunt of the war.so
must unite in a campaign along constitutional lines for free
the
the
the attainment of which we will make peace.
upon
war,
then denounce the newspapers and
those
inquire into the motives or animus of
making attacks on you." In reply to Chairman
15 denounced the
Pomerene, Senator La Follette on Oct.
Committee's
procedure
*'extraordinary
as
and
unprece¬
that the Committee reduce its
charges against him to particularized accusations, and per¬
his defense in his
him to make
mit
after the
own way
pro¬
"After" and not "before" these
cedure in criminal cases.
requests were granted, he said, he would appear before the
Committee.
Senator La Follette's letter said in part:
The public has
the initial step In
been led to believe that the action of your committee is
proceedings involving the title to
ttle
in the United
my seat
States Senate and that the investigation you are making
of determining the
gravest charge that can
be made against
If the
public servant.
a
I insist upon the
importance to be investigated thoroughly.
right to meet face to face and cross-examine any person who challenges the
accuracy
of any statement in the speech.
Senator Pomerene,
likely to bring the University into discredit with the
public.
'
The controversy at
Oct.
with
8
Beard,
the
the
Columbia
given
was
turn
a new
on
resignation of Professor Charles Austin
of the most admired and respected members of I
one
faculty of the University;
a
demand followed from both
students and members of the teaching force, that Professor
Beard be recalled and that the academic life of the
University
be freed from what is termed "dollars and cents" domination.
In
is for the purpose
validity of the charge of disloyalty made against me¬
charge against me is of sufficient importance to be investigated, it is of
sufficient
selvens
and demanded
dented,"
(VOL. 105.
CHRONICLE
THE
1770
resigning, Professor Beard,who was head of the department
declared in a letter to President Nicholas
of Political Science,
Murray Butler of Columbia, that the University had fallen
into
control of
the
small and active group of Trustees,
a
who, although "without standing in the world of education,"
"reactionary and visionless in politics" and "narrow and
,
in his reply, declined to extend the
mediaeval in
religion" had throttled freedom of expression
inquiry and renewed the invitation to Senator La Follettee
among
to
University in summarily dropping Professors Cattell and
appear
Follette
submit
him
before the Committee
on
to
Oct.
16 again
demanded that the Committee
formal reply of the charges
a
cross-examine
Senator La
the 16th.
on
against him and allow
Senator
witnesses.
Follette ap¬
La
peared before the investigating committee on the 16th, but
only for the purpose of submitting
a
statement calling the
Committee's method of procedure "an insult."
Chairman
that "Senator La Follette hav¬
Pomerene later announced
ing declined to furnish the Committee with the information
desired, it will be
necessary
The statement submitted
Senate Committee
by the Wisconsin Senator to the
the 16th inst. said in part:
on
You say in your letter that
now
to seek the facts elsewhere."
considering, since I have furnished you with a copy of the speech, is
of statements relating to a variety of subjects.
You say that the committee has challenged the accuracy of no assertion
In .the speech.
Then, I must be entitled to be advised who has challenged
Trustees of the
teaching force of the institution
meeting of the Board
a
taken
was
The action followed
Oct. 1.
on
the report of a committee which was appointed in March to
inquire into the teaching methods of the various professors
and
specifically to
The committee
had
ended
their
that
specific
charges
any
doctrines that amounted to
the nation,
were
usefulness
to
the
being advocated.
University and
which
upon
Were
dismissal
the
of
The
Professor
contained in letters written by him
August to members of Congress urging them to vote
against sending drafted soldiers to Europe.
A sentence in
letter stated that the President of the United States
each
and
recom¬
tbeir positions.
they be retired from
based
was
or
reported that Professors Cattell and Dana
mended
last
if
see
disloyalty to the State
Cattell
the question and the only question you are
"the accuracy of the statements contained in the speech."
The speech contains scores
Dana from the
at
action of the
The
the faculty.
Congress had not been elected to "send conscripts to
the accuracy of any statement in the speech before another step is taken in
Europe."
this proceeding.
Pysohology at Columbia, and is the father of Owen Cattell,
The resolution
which you
of the Minnesota
Commission
Public
of
Safety,
upon
assprt you are acting, does not challenge the accuracy of any
If any statement has been so challenged
statement made in the speech.
by any
and
what
Columbia
anti-draft
evidence.
If there is any truth in the newspaper report that your
who
is
who
I now request you to advise me by whom it has been challenged
one,
upon
the
Dr.
was
Cattell
student
the committee
ments
I protest against such
ex
parte
If,
however, in spite of my protest, you determine to accept such statements,
I demand that those statements be submitted to me or that I be given an
opportunity to file statements in reply if I desire
But I assert that such
a course on
to do.
so
the part of the sub-committee is viola¬
tion of the well-established right accorded to every man whose words or acts
are
the subject of investigation by any body or tribunal, and I insist upon
my
right to meet face to face and question
to
any witness
that
challenge the correctness of any statements made by
and not before to produce in my own
me
may
be1 called
as
I deem necessary or proper to controvert all such adverse evidence as may
have been offered.
I
most anxious and desirous that the investi¬
am
gation be made thorough and complete to the end that it shall do justice
to all
so
participants, and shall constitute
grave a matter as
come
honorable precedent whenever
an
the proposed expulsion of one of its members shall
before the United States Senate.
;
COLUMBIA
IN-
ALLEGED
15,
UNIVERSITY
OVER
English
as
noted in
our
of its hostile attitude toward America's
The
war.
statement
University
Oct, 2nd
participation in the
issued the
following
regarding the expulsion of Professors Cattell and
on
Dana:
meeting of the Trustees of Columbia University held yesterday,
the professorships held by James McKeen Cattell of the
Henry W.' L. Dana of the
Psychology and
Comparative Literature
It
board.
was
were
Department of
Department of English and
declared vacant by unanimous action of the
the judgment of the members of the University Faculties,
in which the Trustees concurred, that both Professor Cattell and Professor
the University by their public agitation
The members of the Committee
on
In¬
Applied Science, representing the entire teach¬
ing staff of the Scjhools of Mines, Engineering, and Chemistry, united in a
written request to the
President that they and their work be protected
from the ill results of the activities of Professors Cattell and Dana.
OF FREE SPEECH.
or¬
issue of
prevented from holding its convention in
was
Dana had done grave injury to
SUPPRESSION
of'
Dana,
Democracy and Peace Terms, the pacifist
struction of the Faculty of
TRUSTEES'
summer
Professor
Literature at Columbia, contained state¬
against the conduct of the war.
CONTROVERSY
against
of
Minnesota, North Dakota, Wisconsin and Illinois because
At the
I repeat what I have already said in this and previous letters addressed
to your committee, that
Department
convicted last
ganization, which, last September,
Sept.
the
regarding'his activities in connection with the Peoples'
Council for
and thereafter
defense such witnesses and evidence
was
Charges
of
grandson of Henry Wadsworth Longfellow, and
and Comparative
for any action by you,
head
Assistant Professor of the Department of
pects to accept mere statements of individuals as a basis for any report of
or
who
conspiracy.
a
committee ex¬
proceeding or any other ex parte proceedings in this investigation.
was
Committee of Nine representatives
The
of the University Council, which has
The controversy at Columbia University over the alleged
suppression of freedom of thought and speech by the Board
been co-operating with a special committee of the Trustees in an inquiry
of Trustees of the
recommended
the
University,
was
invested with fresh interest
past week, when the Standing Committee
Alumni
Association
its
in
annual
of College
presented at a
Oct. 29, gave un¬
report
meeting of the Alumni Association
on
qualified indorsement to the action of the Trustees in dis¬
missing from the faculty of the University Professors James
McKeen Cattell and Henry W. L. Dana,-because
of their
war.
The Committee's report in
criticising the attitude of the expelled professors in regard
to the war, said in part, according to the New York "Times:"
stands firmly behind
the Board of Trustees
in whatever measures, no matter how extreme, they may take to protect the
good
name,
historic patriotism,
and
scholarship of Columbia from the
inevitable damage that follows from foolish, prejudiced, irresponsible, un¬
considered, emotional, ill-digested, or immature utterances
to mention those that openly
breath treason, sedition,
or
or
writings, not
resistance to duly
constituted authority.
The American university
is
a
place
for thought, study, and research,
where truth is maintained and established through
a
public debating forum
or
scholarship.
It is not
market place where intellectual novelties
may
be displayed for the delectation of the young or radical, the emotional, or
the undisciplined.
It should aim to train scholars, not soap-box orators.
teaching in the university, reported that the academic
usefulness of both Professor Cattell and Professor Dana
that
ended, and
The
to
special Committee of Trustees, appointed in March,
inquire into the teaching methods of the members of the
faculty consisted of ex-Justice George L. Ingraham, John
B. Pine, Francis S. Bangs and Stephen Baker.
At a meet¬
ing of the Trustees
on
March 5 last the following resolution
introduced and referred to the
consideration:
special, committee for
^
Resolved, That J. McKeen Cattell, Professor of Psychology, be suspended
from the service of the University from and after this date during the re¬
mainder of the academic year.
Resolved, That the services of J. McKeen Cattell
as an
officer of instruc¬
discontinued from and after June 30 1917, unless
his resignation is received prior to that date.
tion in the University be
These
resolutions, it is said,
addressed
were
the result of
a
letter
by Professor Cattell last spring to the Faculty
Club in which he referred to President Butler
as
"our many
talented and much climbing President" and suggested that
the latter's home be given over for the use of the
Club.
On
Faculty
receiving Professor CattelTs apology the special
The Alumni Committee's report also expressed [regret that
a
was
Professor Cattell be retired from active service, and
that Professor Dana be requested to resign.
was
activity in opposing the
This Alumni Association
Into the state of
committee recommended that
certain element of the student body should attempt to
further consideration.
spread propaganda of
an
anti-war nature.
the "Times," further recommended that
to exclude from the student
body
men
The report,
some
says
action be taken
who have shown them-
President Butler in
the resolutions
be
held
for
an address on Commencement
Day in
warning to both pupils and members of the faculty
that the University officials would not tolerate anyone con-
June gave
Nov. 3 1917.]
THE
nected with it who
opposed the enforcement of the laws of
the United States.
New
York
He said at that time,
according to the
is
our
wont and
Of speech,
as
becomes
complete freedom,
Wrongheadedness and folly
to tolerate.
So soon, however, as
might deplore, but
we
by the President, declaring that it would volunteer
tection and defense of civil liberty
we are bound
the nation spoke by the Congress and
as one man
for the pro¬
been
had
tolerated
treason. In your presence,
intolerable
became
before
now.
What had been folly
possible emphasis, that there is and will be
its students, for any person who opposes or
writes
was
now
Faculties—
place in
no
who counsels opposition to the
treason.
The separation of any such person
from Columbia University will be
with whole heart
among1
to any
mind
and
and
as
This is the University's last and
the discovery of his offense.
as
only word of warning
if such there be, who
us,
not
are
strength committed to fight with
us
to
make the world safe for democracy.
special committee of Trustees in their report which
advocated the dismissal of the two Professors, commented
President Butler's
on
warning
This warning was the final
unalterable
determination
of
as
follows:
warning of the University to all connected
with it in any capacity, from the
I
therefore recommend
the service
from
that
Professor Cattell .be
peremptorily dismissed
of Columbia
The facts in the
University.
of Assistant Professor
case
highest to the lowest, and expressed the
the
Trustees
that
those connected with
all
its students, must loyally support all laws of the United States, and that
such person who should oppose or counsel opposition to the effective
on
June 6,
striving
weaken the
to
national
effort
promptly separated from
.
terheads of the
on
'
let¬
University to members of Congress, urging
them to prevent the
sending of drafted
Trustees' committee in its report
to France, the
men
said:
warnings that the President of the University, with the assent of the Trus¬
tees,
use
all those connected with the University,
gave
of the letterhead
of Columbia
and, further,
by the
University, involved the University
as
affirming this statement made in this letter to Representatives in Congress
in opposition to the enforcement of the laws of the United States.
In
disapproving of Professor Dana's connection with the
Peoples' Council for Democracy and Peace Terms, the
Trustees' committee held:
As
prominent member of that association (People's Council) Assistant
Professor H. W. L. Dana has been exceedingly active.
He has partici¬
a
pated in their proceedings and has given to them the benefit of his
his reputation, and his connectioh with the
of Professor
Dana
dent Butler and
tees
University.
disregard of the warning given by Presi¬
duty to the University.
calling for the dismissal of Professor Cat¬
adopted at the meeting of the Board of Trus¬
was
Oct. 1 and which is similar to
on
Dana, read
Resolved,
as
That
one
naming Professor
follows:
the
continuance
of
the
connection
James
of
McKeen
damage both upon his own repute and upon the good
University, and that the best' interests of the University require that
his connection with the University shall cease and
determine; and, further
Resolved,
That the appointment of the said James McKeen Cattell
as
Professor of Psychology in this University be and the
same hereby is ter¬
minated, and that his connection with the University cease and determine
forthwith, and the said professorship is hereby declared vacant; and,
further
Resoled, That the clerk be instructed to transmit
copy of the foregoing
resolution to the said James McKeen Cattell.
President
in
Trustees, dated Aug. 28, urged
the dismissal of Professor Cattell and insisted that
steps
taken to terminate Professor Dana's services for
be
prejudicial to
University."
The
the influence and good
President
explained
the
name
of the
circumstances
attending his recommendation and described the activities
of the two Professors, which had continued in
spite of the
Commencement Day.
He also
quoted the following letter sent to him on Sept. 19 by the
entire membership of the Committee on Instruction of the
warning given by him
on
either within or without the
University
It has
been pointed out to him, however, both by the President and
by a number
of his colleagues on the teaching staff, that the effect of his
past conduct has
been to make it quite impossible that he should now be
able to exercise
.
any
worthy
patriotic influence upon the minds and characters of
college
or
students..
There
are
which make it desirable to distinguish, in the
many reasons
of action to be taken, the case of Professor Dana from
that of Pro¬
fessor Cattell.
For a number of years it has been the
course
strongly held opinion
rolls in deference to the wishes of
they heard
or
men were
greatly pleased and in
a sense
relieved
opposing
or coun¬
selling opposition to the Government,
or who is not with whole heart and
mind committed to fight with us "to make the world safe for
democracy."
We, the members of the
Committee
on
Instruction of the Schools of
Mines, Engineering and Chemistry, representing the Faculty of the schools,
very much distressed at the discredit which has been
brought to the
are
name
of Columbia
and
to those
engaged in its service, through the
action of Professor J. M. Cattell and Dr. H. W. L. Dana.
reports of the activities of these
ment and lessened the power
crisis.
In
of
men
our
have occasioned
work and
our
us
The newspaper
much embarrass¬
influence in this national
\
Professor Dana, on the other hand, has heretofore given evidence of
prom¬
ise of usefulness
as
college and university teacher, and there has never
that his conduct would be in any way prejudicial
a
best interests of the University.
I have taken occasion to discuss
Professor Dana's case, in his presence, with the members of the
Committee
of Nine of the University Council, appointed to
co-operate with the com¬
mittee of the Trustees in an inquiry into the state of
teaching in the Uni¬
'
versity.
After
consideration of all the facts concerning Professor Dana's
public
conduct in the matter referred to, and after hearing Professor Dana's ex¬
planations, the Committee of Nine has,
Professor Dana's usefulness
as an
without dissent, concluded that
academic officer in Columbia
is over; that in the interest both of the
University
University and of Professor Dana
the least possible publicity should be attached to his
going; that Professor
Dana should forthwith put into the hands of the President his
uncondi¬
tional resignation, and that Professor Dana should be
granted leave of
absence without salary during the current academic year.
I submit these conclusions
fessor Dana
that will
as
a
method of dealing with the case of Pro¬
terminate his
University service without involving
his immediate dismissal.
Professor Cattell
his
declared
•
on
Oct. 3 in
expulsion illegal.
statement
a
While
the
denied
press
that
he
workings of the selective draft law, he main¬
tained that he was "opposed to war."
His statement, ac¬
cording to the New York "Sun" follows in part:
It is contrary to academic
to dismiss
a
proper way
traditions maintained for six hundred years
on account of his opinions expressed in a
university professor
to experts in the subject.
It is illegal to dismiss
in the middle of the academic year on false
the year and
a professor
charges, without payment for
without the pension which he had earned by twenty-six
years
of service.
I
opposed to
am
war
and to this war, but I have undertaken
I have
nothing against the draft law
of which
count
agita¬
no
tion against the Government nor against its conduct of the war.
although I regard both
I
measures as
have
on
been
or against sending armies to
Europe,
subversive of the national welfare.
Aug. 23 to members of th Congress,
dismissed
from
the
chair
of
on ac¬
psychology at
Columbia University, asked support for a measure then before the Senate
and the House to
prohibit sending conscripts to "fight in Europe against
will."
their
There is
law requiring or permitting the President to send "conscien¬
no
tious objectors" to fight in Europe.
intent
To do this would be contrary to the
uniform policy of the nation.
It
Constitution and to the
of the
would provide a less efficient army and might cause disorder and
possible
revolution at home.
Surely this should not be done without careful con¬
sideration by the Congress after efforts to learn the will of the people.
I have done nothing except exercise the constitutional right and fulfil the
duty of
a
citizen to petition the Government to enact legislation which I
believe to be in the interest of the nation.
the
of
division
philosophy,
their influence for peace and
Professor
most
psychology
For this I
and
am
dismissed from
anthropology of Columbia
any
university in the world.
good will.
a
We
are
by those influences which,
country
same
men
have cre¬
also anxious that our students shall be
while encouraging vigorous inde¬
time develop unquestioned loyalty to our
as
and
one
of
political
Professor of Politics at Columbia
on
America's
economists,
Oct. 8.
In
Oct.
8
1917.
Nicholas Murray Butler, President Columbia University.
Dear President
Butler:—Having observed closely the inner life
bia for many years,
at Colum¬
I have been driven to the conclusion that the Uni¬
versity Is really under the control of a small and active group of Trustees
world of education, who are reactionary and
and narrow and mediaeval in religion.
Their con¬
who have no standing in the
most
pendent thought, at the
as
historians
letter to President Butler, Dr. Beard said:
visionless in politics,
opinion in the public mind which these
suffer.
Beard, who is regarded
distinguished
resigned
function
surrounded
he
to
obstructed the
For years to come the
cause us to
are now among
been reason to suppose
opinion, Columbia has been placed before the country in a false
position by these men. and loyal members of its staff have been humiliated.
our
ated will
only been retained upon the
ofhis colleagues, who
read the statement in your speech delivered last com¬
mencement, that the separation of any person from Columbia University
would be as speedy as the discovery of his offense in
fair
some
those asking that his period of University service be terminated.
Professors in every university are terrorized so that they dare not exert
Thousands of Columbia
when
University required the dismissal
He has
University which I have made the strongest in
Faculty:
influence
the subject of criticism
"public
conduct
name and
Dana, in discussing these matters with the
President, feels
that he has been actuated in his conduct only by the
highest and' most
patriotic motives, and expresses the greatest surprise that he has become
The letter that I wrote
letter to the Board of
a
'
Butler, according to the New York "Times,"
irre^
Professor
written
a
will.
of the most
of Columbia University.
Cattell, Ph.D., LL.D, with the University is prejudicial to the welfare of
the
some
about
the country, and he has given them the benefit of his
name, his reputation,
his University connection.
In so doing he has inflicted the
gravest
name,
These activities
nullify the national
and
violation of his
a
The resolution
tell, which
in express
are
to
irrational, and unpatriotic elements of the population.
^
Professor Dana has been until very recently a member
of the so-called
People's Council, he has participated in their journeyings to and fro
to the
Your committee reports that this action of Professor Cattell against the
my
sponsible,
of Professor Cattell from its service.
Regarding the letters written by Professor Cattell
,
and
These individuals and organizations have included
of the Trustees that the interests of the
would be
that, despite
summer been in close public association with
individuals and organiza¬
tions that, under the guise of promoting peace, are in
one form or another
commit any act of sedition or treason,
University.
are
personal warnings
teaching staff, he has throughout
on the
enforcement of the laws of the United States, or should speak or write or
the
Dana
and despite subsequent
the
Columbia University, either on the rolls of its Faculties or on the rolls of
any
examples of the original letters written by Professor Cattell
as he has, on
being
directly asked the question, admitted writing these letters, his act in
so
doing comes directly within the scope of my public warning of June
6 last.
given him by two of his colleagues
effective enforcement of the laws of the United States, or who acts, speaks
The
as
had
Columbia University, either on the rolls of its Faculties or on the rolls of
speedy
Inasmuch
public statement
I speak by authority for the whole University—
for my colleagues of the Trustees and for my coolleagues of the
when I say, with all
What
our
tees, then continued:
v-
been wrongheadedness was now sedition.
or
therefore, for immediate relief and the safeguarding of
Faculty of Columbia University.
members of the
as
have been sent to and examined by
me, and inasmuch
and self-government, conditions sharply
changed.
What
1771
President Butler's communication to the Board of Trus¬
University, freedom of assembly, freedom
a
and freedom of publication to all members of the University
who in lawful and decent ways might wish to inform and to guide public
policy.
We pray,
name
"Times:"
So long as national policies -were in debate, we gave
as
CHRONICLE
duct, to use the language of a resolution adopted last spring by one of the
important Faculties, "betrays a profound
of
a
misconception of the
university in the advancement of learning."
spread and deep is this conviction among the professors, only
acquainted with them can know.
If these were
true
How wide¬
one
intimately
«
ordinary times, one might more readily ignore the unhappy
positionJn which the dominant group in the Board of Trustees has placed
THE
1773
the teachers, but
these
are not
We
ordinary times.
Professor
In the midst of a
are
great war, and we stand on the threshold of an era which will call for all the
emancipated thinking that America can command.
beginning, believed that
I have, from the
As you
aware,
are
I
United
disintegrating action of the Trustees last week.
Their
should
we
now
But thousands of
opinions cannot be
Arguments addressed to their
forward with all
press
An
do not
my countrymen
charge
and understanding are our
reason
Edwin
or
arguments,
however, must come from
is above all suspicion,
ness
ali
whose independence Is beyond
doubt, and
whose devotion to the whole country, as distinguished from any single
is above all question.
group,
I
am
the
class
humble part in sustaining public opinion in support of the
A.
just
war on
struction that
to follow.
are
For this
the
nation as Professor of Politics to take effect
Oct.
Seligman, bead of the Department of Eco¬
on
so
years' standing.
many
F.
ties
I fear that you disapprove of my views on war, though
Dear. Mr. Stone:
they
America, of all countries, has made the status of the
were
shared by most of my colleagues a few months ago; but I
did not oppose "the
and
Hold¬
ing his position literally by the day, the Professor is liable to dismissal with¬
I
that when the
am sure
people understand the true state of affairs in our
trustees of their absolute power over
case?
the intellectual life of the institutions
their
In severing relations with my employers I
ties that cannot break while
at
I
treason," the alleged grounds of my
Seligman,
speaking
acting
as
Dean
Faculties and Chairman of the Committee of Nine of
do not leave the great re¬
and professors.
live.
And
to
you,
accomplished
With them I have
Sir,
I
am
CHARLES
the
the
the
Graduate
Council, told
me
He said that I had
than any one living to improve university conditions,
more
"idiots."*
It would be not only common decency, but also common sense, for the
Trustees to pay the pension due me, which
BEARD.
A.
of
dismissed he hoped I would take the question be¬
that the Trustees are "fools;" that most of them are
deeply in¬
thoughtful consideration that I have always
hands.
your
or
fore the courts in the interest1 of academic freedom.
public of Columbia students, alumni,
received
Professor
last spring that if I were
management.
debted for the courtesy and
effective enforcement of the laws of the United States,"
"act of sedition
an
Do you care to give me advice on the legal questions involved in
legislation which will strip boards of
under
not
was
dismissal by the Trustees.
hearing, without the judgment of his colleagues, who are his real peers.
universities they will speedily enact
am sure
that you know that the letter which I wrote to members of the Congress
has at least
a
The letter addressed by
reply to the newspapers.
professor lower than that of the manual laborer, who, through his union,
out
the refusal of Pro¬
upon
copies of the letter and Professor
Professor Cattell to Dean Stone, said in part:
I cannot repress ray
voice In the terms and conditions of his employment.
Columbia Law School.
legality of his expulsion, and
Stone's
Above all do I regret to part from my col¬
compare them with the few obscure and willful Trustees who now dominate
some
letter Cattell wrote to Pro¬
a
Dean of
Stone,
fessor Stone to do so, sent
leagues. As I think of their scholarship and their world-wide reputation and
astonishment that
contained in
was
Harlan
the
on
the morning of Tuesday,
the University and terrorize the young instructors,
on
"fools" and "idiots."
Professor Cattell had asked the Dean to express his( views
1917.
9
I cannot find words to convey to you what it means to sever close
the
was
allegation by Professor Cattell with regard to Professor
fessor
I herewith tender my resig¬
reason
rare
University, had praised the former's views
and had called the Trustees
Seligman
German Empire or take a position of independence in the days of recon¬
of
R.
war
The
convinced, that while I remain in the
of the Trustees of Columbia University I cannot do effectively my
pay
teacher of such
a
October 9th by Professor Cattell that Professor
on
nomies at the
whose disinterested¬
men
I personally regret the
and
man
unexpected development in the controversy
blud¬
changed by curses
scholarly
power.
hope.
Such
or
loss to the University of such a
declaration of war by the
a
Dr. Beard's resignation,
I regard the action of Professor Beard as the natural consequence of the
victory for the German Im¬
a
the first to urge
just conclusion.
a
view.
this
geons.
best
among
States, and I believe that
might to
our
share
was
Dewey in discussing
said:
perial Government would plunge all of us into the black night of military
barbarism.
[VOL. 105.
CHRONICLE
be done by the purchase
can
Beard,
who
enjoyed
great
popularity,
both
the right and even the open
issue.
Although he and
at Columbia had
some
discussion of
I venture to consult you
lawyers who take
of his colleagues in the faculty
hope that
Professors Cat tell and
the
on
Dana, they had
Their
war.
action, it is pointed out,
it
never
condemnation
was
based
on
shared then-
the
of
Trustees'
community centres at the Hotel Astor,
on
sulted in the Trustees of the
University summoning him to
explain his remarks.
him
as
Newspapers, it is said, had quoted
saying that if the nation could not bear to hear some
malcontent say:
"To hell with the Stars and Stripes," the
country was doomed to failure.
that
he
because
such
a
existed it
men
he had
for the
countenanced
never
Less than
Beard led
a
inst.
and
vigorous
Stone's
If you
against
the
anticipate
University, however,
propriety in
my
to me,
seems
used
as
of
of
the
faculty at Columbia, former colleagues
on
the teaching staff, were
outspoken
Professor Beard
in their sympathies for the stand taken
by him in the present
Professor James Harvey Robinson, head of
controversy.
some one
University.
Professor
who has
through the columns of the
newspapers,
less defiant in their attitude.
quoted
as
no
were,
it is
Professor Robinson
having said, according to the "Evening Post:"
be
enemies
opinions.
of any
These
things
man
who
that
was
made
enemies
intellectual
men at Columbia who are
and
of
men
unafraid
who
to
would
voice his
taking issue with the profes¬
what they call freedom of speech are
violating the Constitution
themselves in their very attempts to
suppress freedom of speech, freedom
of petition, and freedom of the press.
sors
over
Some of
have been much wrought
up by their action, and while some
who are conservative and actuated
by motives which we
won't discuss, have not voiced their
opposition, it has devolved on a few
of us to try to uphold our rights under the
Constitution.
One of the best
men in the University who believed in this
was Professor Beard.
us
of the older
It
seems
men
to
me
that
we are
going just the
way
of Germany.
So far
that
as
We say we
In
HARLAN F. STONE.
and
conduct
papers as
is
ungenerous."
He
was
having said:
Cattell's memory
the first place,
sue
a
I
is
as
never
treacherous
stated
his conduct is
as
short time before
un¬
I
anything of the kind.
the Trustees in case he was dismissed.
signed
On the
letter expressing
a
my
complete dissent from his general attitude in the University.
Not
only his
all last
memory
spring I did
found regret that he
into
is treacherous, but his conduct is ungenerous, for
my very
best to
has
save
him from what has now turned out
I have not the least desire to enter into
altercation with Professor
sonal
seen
clared
that
referred
lapses from dignity,
,
if Professor
to
the
as a
10, de¬
Seligman persists in denying that
Trustees
"idiots," "he will have
announced
per¬
fit to inject personalities and inaccuracies
Professor Cattell, in a statement issued on Oct.
he
a
Cattell, and can only reiterate my pro¬
record that has already been marred by so many
a
an
of
Columbia
as
"fools"
and
opportunity to commit perjury,"
witness in the suit, which Professor Cattell
he
will
bring against the Trustees of the
University for libel and for the pension he claims is due him.
Professor
'
Cattell's
statement
read
If Professor Seligman persists in denying
in part:
the accuracy of my report of
what he said, he will have an opportunity to
as a
commit perjury when called
witness in the suit that I shall bring against
the trustees of Columbia
He will also have an
"It is fortunate in the interest of acade¬
control the situation in place of Woodbridge."
opportunity to deny that he said;
mic freedom that I am here to
Professor
Faculties
Seligman
had
been
appointed
acting
Dean
of the
Graduate
by President Butler while Dean Woodbridge was absent on leave
in California.
It is not likely that Professor Seligman will supplant Pro¬
fessor Woodbridge, in accordance with his obvious scheme, or, if he does,
that he will have a faculty to dean over.
Professor
friend
Owing to his banking affiliations.
Seligman naturally flocks with the Trustees, while posing as a
of academic
freedom.
Students of Columbia University have expressed strong
disapproval of the policy of administration by the institu¬
tocracy.
on
0
It
having made the assertion attributed
his
as
advised him to
never
professors
democratic.
to
lack of
a
the alleged statements of mine are concerned, I can only regret
Professor
generous.
fighting for democracy, but suppressing of constitutional
rights is not
I dislike to see German methods
here, and we cannot pretend
that we are superior to Germany if we countenance
the methods of au¬
are
relations
point of view that you
every every
University for libel, and for the pension due me.
Professor Beard said
My
connection professionally or otherwise
Yours sincerely 4
ever
treacherous
when called
is
advice.
act for you professionally.
or
him, and declared that Professor Cattell's "memory is
has
History Department, and Professor John Dewey com¬
on his action on October
8th, while other members
of the faculty, though not desirous of
entering the Contro¬
no
legal
good
such that there would, I think, be
that he had called the Trustees "fools"
"idiots" denied
the
said,
dismissal
Seligman when informed of the charge of Pro¬
fessor Cattell
mented
versy
your
wisdom, and good taste.
text books.
Members
Very truly yours,
-
therefore, desirable from
should consult
with the
have
are
to be a well merited fate.
widely
It will
J. McK. CATTELL.
undertaking to advise
in 1907.
Science at that institution since 1915, and is the author of
several volumes on history and
politics which are
settlement
greatly admired in this difficult situation.
further action with respect to
any
should
you
Germany. Dr. Beard was graduated from De Pauw Uni¬
versity in 1898 and studied at Oxford, Cornell and Colum¬
bia before joining the faculty of the last named
University
Department of Political
a
this trouble, but
you
I have just received and read your letter of the 4th
contrary, I had only
He has been head of the
so
reply follows:
quoted in the daily
war
distinguished
professorship by the University authorities I think it quite im¬
that
portant
to
urge
give
•
Dean
as
delegation to Washington to
immediate
an
judgment I have always
Dear Mr. Cattell:
public good to have them
disrespect to the flag.
am sorry to
;
He declared, however, that
after the Hotel Astor affair, Professor
year
Columbia
a
Congress
upon
was
themselves in public.
expose
I
You may show this letter and I reserve this liberty.
Dr. Beard later explained
simply had opposed the closing of a public forum
speaker had raised that cry there, saying that if
of two other
relations with the University in the
my
be willing to take steps that will result in
you may
from your
re¬
rather than either
interest in
be fortunate for the University, 'as well as for me, if you consent to use the
sound
was an
conference
law suit will bring out facts concerning the
head of the Law School you seem to be officially designated.
their conviction that
assumption of unwarranted authority and a direct
infringement of the rights of the faculty.
Dr. Beard's
vigorous voicing of his views in April 1916, at a national
an
without undesirable publicity.
disapproved of the enforced retirement of
as
views
a
them.
public
every
of the Faculty;
President, the Trustees, andjthe University which will not be of service to
with the faculty and students at Columbia, has long insisted
on
that is preferred. Otherwise there will be ultimately unrest
among members
Professor
of anannuity, if
tion's Trustees, under which,
any
it is alleged,
instructors and
be denied the right to express opinions freely
subject.
Attempts have been made by groups of
may
Nov. 3
students to hold
CHRONICLE
THE
1917.]
"indignation" meetings, and Barnard Col¬
resolution expressing regret at
having lost the privilege of studying under Professor Beard.
The University Council of Columbia at a meeting on Oct.
lege girls have adopted
a
16
unanimously recommended a modification of its rules so
as
to
require the Trustees to refrain from dismissing any
teaching staff until his case had been
officer of its permanent
proposed permanent tribunal to be known
considered by a
as
The creation of the tribunal
the Committee of Reference.
recommended in
was
report submitted to the Council -by
a
the committee of nine members of the
faculty who
were ap¬
pointed to investigate into teaching conditions at the Univer¬
Whether
sity.
or
not the proposed change becomes effective
of Reference becomes a part of the
University's governing authority depends on the Board of
Trustees,
which the recommendations have been sub¬
to
mitted and which has the power to
them
adopt them and make
part of the scheme of the institution.
a
The trustees
the recommendations at their next meeting on
will act upon
formally received by President Wilson at the White
was
House
but
Oct. 19.
on
to this
comes
The Mission has
no
diplomatic status,
country to study American Congressional
methods and the state of public feeling in the United States
questions in which Japan is deeply interested.
on
after
arriving at
Shortly
Pacific port, Dr. Masao, regarding the
a
of the Mission's visit to this country, said:
purpose
Now that America and Japan are working together, I think that we ought
to get
acquainted with each other
that
so
we may
work in harmony for the
general good of the Pacific countries and the Far East.
I think Japan and
America should work together for the industrial and commercial develop¬
ment of China.
If
There is nothing to prevent that.
nation
some
should
consult
historically
Committee
the
and
1773
we
wishes
Japan,
take
to
related and
are
political action in China,
because geographically
our
we
institutions
are
are
»o
that nation
close together,
interwoven.
I have the honor to head the special mission of the House of Representa¬
tives of Japan to convey expressions of good will to the people of the
States.
I
am
United
not empowered to enter into a treaty for peaceful and friendly
control of the Pacific, but whoever may come with full power must have the
prepared for
way
could
he
to send
do
a
good understanding between the two peoples, otherwise
The Japanese Parliament thought this
nothing.
a
fitting
representatives of the people of Japan to the people of the United
States.
Nov. 6.
Another
RAILWAYS
CANADIAN
RAILWAY
CREATE
WAR
BOARD.
With
the
purpose
the purpose
in view of bringing about closer co¬
operation between the railroads and also between the rail¬
roads and the
public
association has been formed by the
an
special mission from Japan representing the Im¬
perial Japanese
Railways,
trial conditions.
also
has
come
to
this
country
for
of studying American transportation and indus¬
While here the railway commissioners
will
inspect the principal industrial plants and mines, make a
Canadian railroads, it was announced in Montreal on Oct.
special study of the loading and unloading of cotton aboard
cars and vessels, and observe methods employed in large
24, to be known as the Canadian Railway Association for
railroad
National Defense.
The
new
body, the creation of which
suggested by the Canadian Government, corresponds
was
to the
have
Railway War Board of the United States, and will
general authority to
formulate in detail a policy of
headed by Dr.
Assistant
Traffic Manager of the Imperial Japanese Railways; Akio
Kahama, Secretary and Purchasing Agent, and S. KobaThe railway mission is
yards.
and includes
Sliima,
Yasujiro
Jiro
Nakamura,
yashi, resident engineer at New York.
of the railways for the co-ordinating
industrial activities toward the successful prosecution of
operation for all
of
the
war
or any
and for rendering the most
efficient possible service
At the suggestion of the Dominion
to the national cause.
GERMAN
MEETING AND RESIGNATION OF
NAVAL
VICE ADMIRAL VON CAPELLE AND DR.
resignation of Vice Admiral Eduard von Capelle, the
Pacific, Howard G. Kelley, President of the Grand Trunk,
the
Sir William
German Minister of Marine,.reports
Mackenzie, President of the Canadian Northern,
and Alfred H. Smith,
President of the New York Central
(representing the American railroads operating in Canada),
have been selected
of the
new
as
members of the Executive Committee
Association.
The Committee has appointed an
Administrative Board, with U. E. Gillen,
the Grand Trunk, as Chairman,
and
a
Vice-President of
Car Service Com¬
mittee, headed by W. A. Kingsland, General Superintendent
of the
Quebec lines of the Canadian Northern.
Sub-com¬
of which were received
dispatches from Amsterdam on Oct. 12 and were then
credited to the "Frankfurter Zeitung."
The resignation was
in
generally regarded as
an
in
the
Reichstag
announced that
on
a
outcome of the disclosures of
Oct. 10, Vice Admiral
He stated that the guilty parties had "suf¬
to make peace. '
penalty which they deserved," and attempted to
link Socialists with the
plot-.
The Imperial German Chancel-
lot, Dr. Michaelis, also spoke of the existence
in the navy
The arrival is expected in this country shortly of a Japanese
Mission, composed of five prominent Japanese
the
as
comes
to this country to
The Mis¬
study financial and industrial
conditions in America, and to devise means for closer business
relationships between the United States and Japan.
Tanetoro
University, and
Mission.
Baron
Megata, the first Japanese graduate of Harvard
an
authority
on
financial subjects, heads the
His appointment was received from the Japanese
Emperor, and indicates the importance attached by Japan
to the Mission's
are:
Other members of the Mission
undertaking.
Baron Bunkichi Ito, Secretary of the Department of
Agriculture and Commerce, and a son of Prince Ito, Japan's
statesman; Osamu Matsumoto, Secretary of the
a
conspiracy
Vice Admiral von Capelle was one of the
before
administrative directors in the Ministry of Marine
field, and also four business men actively identified with"
sion
of
and asserted that certain deputies were involved
ip the revolt.
officials selected for their ability in the financial or economic
large financial and industrial interests of Japan.
Capelle
paralyze the efficiency of the fleet and force the Government
head offices of the Association will be maintained at Montreal.
.
von
plot had been discovered in the navy to
fered the
Economic
mutiny
As indicated in our issue of Oct. 13,
in the German navy.
mittees, it is said, will be established in each province, and
NEW JAPANESE MISSIONS.
MICHAELIS.
According to latest advices the Kaiser has refused to accept
Government, Lord Shaughnessy, President of the Canadian
In March 1916 he succeeded
war.
Admiral
von
Tirpitz
Several times since then
von Capelle has appeared before the Reichstag with opti¬
mistic statements regarding the progress of the unrestricted
submarine campaign, as late as Aug. 26 1917, defending the
U-boat policy of his predecessor and himself at a meeting of
the Reichstag main committee.
Copenhagen dispatches on
Oct. 11 stated that the immediate results of the disclosures
Imperial Minister of the Navy.
of Chancellor Michaelis and
that the Government
Vice Admiral von Capelle were
Socialists had been driven into com¬
plete opposition and into alignment
with the Radical Social¬
ists; that the followers of Philipp Scheidemann had delivered
a formal declaration of war against the Government until
from office, and that
famous
Chancellor Michaelis has been removed
Department of Finance, an expert on international exchange
Radicals,.the members of the Centre and even the Natonal Liberals had criticised and condemned the Michaelis-
and finance;
Takunosuke Sakaguchi, also of the Department
of Finance, an
authority
national trade; and Dr.
on
economic conditions and inter¬
Saiji Hishida, Secretary and Inter¬
preter in the Bureau of the Korean Governor-General, who,
for
a
number of years has compiled the annual reports of the
Korean Govrnment which have been
The
four
prominent
business
men
published in English.
on
the
Mission
are:
Umekiehi Yoneyama, director of the Mitsui Bank; Yoshitaro
Yamashita, director of the well-known firm of Sumi¬
tomo; Kenjiro
Matsumoto, director of the Yasukawa Mining
Co., and Shogo Koike, director of the Kuhara Mining Co.,
and former Chief of the Bureau of Political Affairs in the
gates from the Japanese
move as one
which ought not to have been made
had full, adequate proof of the com¬
plicity of the three Radical Socialists in an actual conspiracy
to mutiny—proof which they evidently believe the Govern¬
ment will be unable to produce.
The dispatch further said:
Stripped
of its
embellishments,
itself to the charge that agitation to
the Government statement reduced
enroll members for the Radical Socialist
carried on in the navy, that leaflets had been distributed and
of the executed sailors had visited Deputies Haase, Vogtherr and
party had been
that two
Dittman.
The three Socialists made a great
had made no attempt to
at Wilhelmshaven, on
play on the fact that the Government
bring them to trial before or after the court martial
Aug. 30, and they argued that the Crown Prosecutor
if he had any evidence upon
which to convict them.
special Japanese Parliamentary Mission of five dele¬
Diet, headed by Dr. Tokichi Masao,
which arrived in this country the early part of the
Capelle
unless the Government
would not have missed such an opportunity
Japanese Foreign Office.
A
the
month,
The
has
Imperial Chancellor himself, Dr. Georg Michaelis,
now
been displaced, having
resigned and Emperor Will¬
iam having yesterday appointed Count von Hertling to sue-
1774
THE
ceed him.
In
CHRONICLE
indicating the sentiment toward the German
& In
acknowledging the receipt of the above note Frank L.
Polk, Counselor of the State Department as Acting Secre¬
Chancellor Dr. Michaelis, the Associated Press dispatches
of Oct. 13 from Copenhagen, in reporting the adjournment
tary of
of the Reichstag until December, said:
sador
political observers believe will lead,
Michaelis—the
Chancellor
following.
a
I
Although other parties
are less actively in opposition to Dr. Michaelis than the
Socialists, not a
voice has been raised against the "V or warts' " slogan, "Michaelis must
go."
request
me to
Accounts
of
contained in the
mutiny in the German
new
a
following Amsterdam dispatch
A mutiny among German sailors
I
Oct. 18.
on
at the
The newspaper says that an officer
Belgian port of Ostend, who
was
Secretary of State Lansing
thrown into the sea, and that
not received any
a second mutiny in the
mutiny had occurred at the Austrian
naval base.
Press
dispatch
Oct.
on
18th reported
"mutinies in the Austrian navy and clashes between Austrian
sailors and crews of the German submarine fleets at
Pola, in
which officers
on
both sides
killed and which resulted in
were
decision to change the base of the German flotilla."
a
Your
DECLARES
WAR
this
notification
of
the
the United States to assist
during the
up
emergence of mankind
from
•
.
Government's invaluable contribution to the
solidarity,
rendered
now
civilization and
preciated by
a
means
the
United
cause
of American
more important than
ever as a
protection to
of enforcing the laws of humanity, is
highly ap¬
States.
people for their course, so consistent with the antecedents of your great
and free nation and so important in its
bearing on issues which are vital
to the welfare of all the American republics.'
Requesting that
you will also assure your Government and people of
reciprocation by the Government and people of the United
most cordial
States of their
of
assurances
happily rendered still
friendship always
warmer
myself of the occasion
BRAZIL
profound gratification
I shall be glad if you will be good
enough to convey to the President, the
Government and the people of Brazil the thanks of this Government and
,
An Associated
with
barbarism.
advice concerning
German navy or that a
people and Government.
received
slowly and toilfully built
so
Oct. 19 stated that he had
on
friendship
in the perpetuation of the principles of free
government and the preserva¬
tion of the agencies for the amelioration of the
sufferings and losses of war
removed in handcuffs to Bruges.
were
have
friendly co-operation of Brazil in the efforts of
refused to go on board submarines, is reported by the
"Belgisch Daghlad."
thirty mutineers
convey to this Government the sentiments of unalterable
of the Brazilian
were
navy
Gama:
have the honor to acknowledge the
receipt of your note of June 4, by
which, in pursuance of instructions from the President of
Brazil, you in¬
form me of the enactment of a law revoking Brazil's
declaration of neu¬
trality in the war between the United States and Germany and
later, to the retirement of Dr.
sooner or
without
State, later addressed the following note to Ambas¬
De
Excellency:
The German Reichstag adjourned, leaving behind it a latent crisis which
►
[Vol. 105.
to
highest consideration.
AGAINST
GERMANY.
greatly valued, and
so
and closer by the action of Brazil,
renew
to Your
Excellency the
!
'
now
I avail
assurances
of my
FRANK L. POLK,
'
Acting Secretary of State.
Brazil has joined the ranks of the Allied nations who have
,
leagued themselves together
against Germany in the
Dispatches from Rio Janeirb
en¬
deavor to "make the world safe for
Germans had set
Braz of the South American
a
democracy," President
Republic having on Oct. 26 by
proclamation declared that
Brazil and
a
state of
exists
war
between
Germany.
The resolution authorizing the Presi¬
dent of the Republic to declare the existence of a state of
on
on
vessel of 984 tons, which had
Bahia.
The
gunboat
they became
were
aware
Oct. 27 stated that the
fire and sunk the German gunboat
was
been lying at
destroyed
Eber,
the port of
by the Germans when
of the fact that the Brazilian authorities
about to take possession of the vessel.
War was
adopted by the Brazilian Chamber of Deputies by
a vote of 149 to 1, after
having been unanimously approved
by the Seriate.
The tribunes of the Chamber of Deputies
were
filled to
claring
capacity
Oct. 26 when the question of de¬
against the Berlin Government was discussed.n
war
After
speeches
favor
of
on
the opportuneness of proclaiming martial
law, the President of the Diplomatic Commission spoke in
law worded
a
A state of
on
war
proclaimed.
follows:
as
President
of the
Republic is authorized
to
adopt the
enunciated in his message of Oct. 25 and to take all
steps tend¬
measures
Germany, according to dispatches from Washington on
men during the three years of
Oct. 30, has lost 6,000,000
the
trouble
climax in
between
April when
steamship Parana
Brazil
torpedoed
tions with
off
Cherbourg, France,
decided to
was
reasons.
.
This
step
was
taken
On June 28 Brazil revoked her decree of
war
sever
Germany because of the sinking of the
and for other
a
The Brazilian President
crew.
Cabinet meeting and it
a
reached
between the Entente powers and
on
rela¬
vessel,
April 11.
neutrality in the
Germany.
In noti¬
fying the United States Government of its action in revok¬
ing its neutrality, the Brazil Government on June 4, through
Domicio
De
Gama,
ington, addressed
the Brazilian Ambassador
at
Wash¬
tlje following note to Secretary Lansing:
Republic has just Instructed me to Inform Your
Excellency's Government that he has approved the law which revokes
Brazil's neutrality in the war between the United States of
America and
Empire.
belligerents is
that
same
a
The Republic thus recognized the fact that
one
are
accepted
Brazil
of
constituent portion of the American Continent and
bound to that belligerent by traditional
friendship and
sentiment in the defense of the vital interests of
America and
we
principles of law.
national
judicial order, and
when
Germany included
reciprocity
republics divested until
an
a
whom
our
The
on
us
and
the
>
the part of the American
was
a
practical shape of continental solidarity,
also that of the former regime whenever
any
Continent was con¬
Republic strictly observed
our
nurtured.
our
duty, and Brazil taking the position to which
its antecedents and the conscience of
the
morrow
a
may have in store for us,
free people pointed, whatever
fate
we
shall
which governs us, and which has not yet been
conserve
the Constitution
surpassed, and the
guaran¬
tees due to the
rights, lives and property of foreigners.
In bringing the above-stated resolution to
your Excellency's
knowledge,
I beg you to be pleased to convey to your Government
the sentiment of
unalterable friendship of the Brazilian
people and Government.
I
avail myself of
assurances
exact conception of what
the opportunity
to reiterate to your Excellency the
of my highest consideration.
war
500,000
are
cripped for life, and 2,000,000 absolutely invalided."
The
Washington dispatches of Oct. 30 added that official
information confirmatory of these figures have been in the
possession of Washington authorities for
some
time.
Accord¬
ing to the New York "Times" of Oct. 31, the figures given
by the German Socialist leader exceed not only the British
and
French
estimates
of
German casualties,
but also the
weekly official bulletins issued by Germany up to Aug. 1
last, when the returns published became so confused that
little could be made out of them.
Using the designations of
Herr Ledebour—dead, wounded, cripped and invalided for
are as
follows:
British
French
German
Estimate.
Estimate.
Estimate.
—.1,158,601
1,056,975
1,132,963
2,922,320
919,000
2,888,787
■
,
Dead
——
_
Wounded—
———
3,000,000
602,858
710,454
630,809
602,506
—4,791,375
.
Total-.-—
5,606,784
5,227,114
-
-
INCREASE IN PRODUCTION OF NATURAL GAS.
Statistics
other
now
foreign policy
understanding
an
Cripped and invalided for life—_—
political and diplomatic tra¬
ditions, and remained true to the liberal principles in which the
nation was
Thus
evidently, gentlemen,
That makes altogether 6,000,000 men lost during three years."
just compiled under the supervision of J.D.
Northrop, of
DOMICIO DA GAMA.
the United
States'
Geological
Survey,
De¬
partment of the Interior, show that the volume of natural
gas
commercially utilized in the United States in 1916
was
greater than that so utilized in any other year in the history
of
the
natural-gas
amounted to
of the other sister friendly nations of the American
cerned.
the Socialist
having said:
Prisoners
even now to the side of
critical moment in the history of the
world, are still
policy, however, that
a
In contemplatingv
fourth winter campaign,
the
ereignty the present events which brought Brazil
imparting to
a
the
the Monroe Doctrine of its true character
by
interpretation based on the prerogatives of their sov¬
a
on
»
neutral powers in the most violent acts of war.
While the comparative lack of
the United States at
based
We have had 1,500,000 dead, 3,000,000 or 4,000,000
wounded, of
means.
was
permitting of
of
leader is quoted as
and Is now free from warlike
ambitions, and while it
always refrained from showing: any partiality in the European conflict, it
can no longer stand unconcerned when the
struggle involves the United
States, actuated by no interest whatever but
solely for the sake of inter¬
ever
is
casualties, with prisoners, according to the "Times"
The President of the
the
German losses
life—the British, French and German estimates of German
June 4 1917.
Mr. Secretary of State:
the German
of
Washington through Switzerland.
the prospects
You have not
Germany
the 4th of that month the Brazilian
on
was
with the loss of three of her
called
and
estimate
speech in the German Reichstag by the Independent
Socialist Ledebour, reports of whose remarks have
just
ing to insure national defense and public security.
The
The
war.
recent
reached
between Brazil and Germany is hereby
acknowledged and
The
GERMAN LOSSES DURING THREE YEARS OF WAR.
industry.
The
volume
used,
753,170,253,000 cubic feet, constitutes
record, exceeding by nearly 125 billion cubic feet,
the former
record, established in 1915.
of this gas at
The
new
20%,
or
average
price
the point of consumption was 15.96 cents
thousand cubic feet and its total market value
was
a
$120,-
loss of 0.16 cent in unit price, but
227,468,
a
915,087,
or
Credit
which
a
a grain of $18,18.6%, in total value compared with 1915.
for
increased
production of natural
gas
in
1916
belongs, in the order given, to West Virginia, Oklahoma,
Pennsylvania, California, Louisiana, Kansas, Texas, and
Arkansas, which together produced
more
gas
in 1916 than in 1915,
"
132 billion cubic feet
Significant increases, im-
Nov. 3 1917.]
THE
CHRONICLE
1775
portant locally, but unimportant as
urally this greatly hampered the trade and development of
of the
the
affecting the production
credited to Illinois, New York
entire country, are
and Montana.
decrease
in
In
the
only two States was there a significant
production of natural gas in
1916. The
colony, and
done
the
on
County, Ohio, resulted in a loss of some 9.6 billion cubic
produced in Ohio, and the steady
decline of the old fields in Indiana caused a falling off of 0.6
billion cubic feet in the output of this State.
The general increase in the production of natural gas in
the United States in 1916 is attributed principally to an
enormous
expansion of the casing head gasoline industry
in all natural-gas producing States and to a greatly aug¬
mented demand for natural gas as fuel by industries engaged
to square
It
feet in the total volume
principal beneficiaries of the increased production
in the order named, Oklahoma, Pennsyl¬
vania, Ohio, Kansas, West Virginia, California, and Louisiana, which together consumed^some 104 billion cubic feet*
more gas in 1916 than in 1915.
Of the total volume of natural gas produced and consumed
in 1916, it is estimated that 235,380,764,000 cubic feet,
or
31%, was distributed to 2,362,494 domestic consumers
at an average price of 28.63 cents a thousand cublic feet, and
that the remaining 69%, or 517,789,489,000 cubic feet, was
distributed to 18,278 industrial consumers at an average
price of 10.21 cents a thousand.
Compared with 1915 these
data show gain of 8% in volume, of 8% in number of con¬
sumers, and of 1 % in average unit price of gas supplied for
domestic use, and a gain of 26% in volume and 5.5% in
average unit price, but a decrease of 0.4% in the number
of consumers of gas supplied for industrial use.
The proportion of natural gas supplied to industrial con¬
sumers in 1916 was 4% larger than in 1915.
Natural Gas Produced and consumed in
United States in 1916.
Value.
per M
feet). cubic ft.)
(per M
cubic
per
cubic
Oklahoma
18.74
123,517,358
9.70
Ohio
69,888,0701
22.32
Louisiana...
32,080,975
8.29
Kansas
31,710,438
15.31
California
Texas
..
The bank not
31,643,266
..
17.19
„_j
15,809 ,'579
19.89
New York..
29.37
Illinois
8,594,187
3,533,701
Arkansas...
2,387,935
10.13
Kentucky
2,106,542
35.73
1,715,499
29.34
575,044
14.97
..
Indiana
Wyoming... I
Colorado
by issuing its
a
its
bills
own
$8,610,084
35,015,695
7.54
8.29
7,062,142
37,394,410
2,660,445
16.07
9,731,518
17.19
5,440,277
19.89
14.97
3,143,871
6,230,826
396,357
287,399
2,331,687
1,746,285
86,077
11.22
,
8.59
23.58
34.78
213,315
18.21
38,855
213,315
18.21
38,855
77,478
40.75
31,573
77,478
40.75
the
...
69,236
25.41
17,594
57.50
1,150
69,236
2,000
25.41
2,000
57.50
Missouri
Michigan...
1,298
275
100.00
,
948
1,298
73.04
948
275
73.04
Iowa.......
753,170,253
15.96
275
100.00
275
$120,227,468
15.96 $120,227,468
753,170,253
Includes gas piped from West Virginia and consumed in Maryland.
b Includes gas piped from Oklahoma and consumed in Missouri,
c
Includes gas piped from Louisiana and consumed in Arkansas and
a
d Includes gas piped from Kansas
e
plates for these bills
They bore vignettes of local
Montreal, which
Texas.
has
now
in rented
premises
MONTREAL ATTAINS ITS
ent week is the 100th
treal occupies a unique
tically the whole 100
the fiscal agent
done
war
It
broke
in
was
of Montreal
position in Canada.
years
mation of
During
prac¬
of its existence it has acted
as
1817, five
years
no
a
one
that nine of the
America,
between Great
street
had
the
was
dozen oil
This
was
a
method for the for¬
of rather doubtful legality, but there
company
for
the
was
charter, and the Royal assent
Bank of Montreal was withheld, possibly
a
felt that under the conditions then
a
prevailing
bank would only end in disaster.
portion of British North America known as Canada
at that time consisted
only of
Ontario and Quebec,
respectively.
whole colony
upper
and lower Canada, now
The population of the
consisted of less than 400,000.
banking system whatever.
The country
The principal circulating
medium had been the army bills issued by the British Govern¬
ment to pay expenses
and
were
with America,
being rapidly retired, leaving the colony with
other currency but
can,
war
these, at the time when the Bank of Montreal was
founded,
no
connected with the
limited quantities of British, Ameri¬
French, Spanish and Portuguese coins, all subject to
different and constantly varying rates of exchange.
The bank's first office
only
lamps
one
on
his fur-trading business.
As Montreal
used for the purpose.
were
This
to be lighted at night, and only a
police force at the time, the bank
no
the first
that
was
guarded by
a
garrison of British troops, then stationed
with which the bank started busi¬
£25,000, and provision was made in the articles of as¬
total stock issue of £250,000.
a
dividend of 8% was
a
At the end of
year's operations the business had been so successful
declared, and it is
a
remarkable
testimony to the [shrewdness and wisdom with which the
affairs of the bank have been managed all down through its
history that only in two out of its 100 years has the bank ever
missed
paying
dividend.
a
Those
were
curred in Great Britain and left
two
years
in the
banking disasters
early part of last century, when big
return on the capital
oc¬
reflected trail of ruin and
a
depression in the then far-off outpost of the Empire.
invested has been
The
over
for the whole period of the bank's life.
naturally the
The members of the first directorate were
congratulation
subject .of
the
on
successful inauguration
important financial institution, and they in their turn
reflected their satisfaction
These directors
by raising the salaries of their
were:
John Gray, the President, an
Nat¬
Forsyth, George Garden, George
Frederick W. Ermatinger, John
McTavish, Austin Cuvillier, James Leslie, Hiram Nichols,
George Piatt, and Zabdill Thayer.
All
were
important business firms in Montreal.
As most of the directors were Scotchmen,
members of
or
of Scotch
natural that they should model their
banking practice largely on the lines prevailing in Scotland.
parentage, it was but
in
Thus
the
months of
first
followed the Scotch plan of
the
bank's existence,
they
establishing agencies in other
ultimately developed into a branch system
that laid the foundations of banking practice in Canada.
concluded, the directors bought
building of their own. This site
Place d'Armes, and it adjoined the site
Before the first year was
leading merchants
signed Articles of Association for the foundation
the establishment of
no
war
other alternative, because it was necessary in those
because it
The
after the
estimated population of 756,-
place where John Jacob Astor, the founder of the As tor
fortunes, lived and carried
centres, and this
out.
days to get Royal assent for
had
pres¬
of the Government of the day and it has
of the Bank of Montreal.
to
YEAR.
specially important work in this capacity since the
Britain and
was
100TH
during the
The Bank of Mon¬
today (Nov. 3).
an
and Thomas A Turner , John
anniversary of the opening of the Bank
of Montreal, which occurs
of
one
appar¬
St. Paul Street, not far from the
on
Moffatt, Horatio Gates,
OF
scenes,
Englishman carrying on business as a North West trader,
and consumed in Missouri.
An event of national interest in Canada
at
of the fine buildings of the
as one
when the Bank of Montreal started.
was
staff.
Includes gas piped from Illinois and consumed in Indiana.
BANK
engraved
were
of the Phoenix Bank
agency
996, only contained between 14,000 and 20,000 inhabitants
of this
Total
roller press worked by the Cashier and his
ently proudly regarded
per annum
...
on a
place,
average
No. Dakota. 1
Tennessee'..
The first of the coins, according to the
called "tokens."
The bank printed
were
city.
17,594
1,150
)
circulating medium
vignettes showing the prison at Montreal, then
31,573
Dakota-
Alabama
day,
Hartford, Conn., through the
at that
a
The
assistants.
ness was
8.19
30.26
it provided
bills for large and small amounts, and also
own
coinage.
copper
ft.)
...
Montana...
So.
11.22
only discounted the bills of the local traders
and effected exchange, but
The amount of money
Value.
M
22.06
was
at Montreal.
17.38
J47.603.396 al05,l04,008
24,344,324 201,460,893
11,983,774 593,704,221
15,601,144 169,480,011
2,660,445 c32,080,975
4,855,389 <*60,564,112
31,643,266
5,440,277
15,809,579
3,143,871
20,594,123
2,524,115
63,533,701
398,357
241,896
3,347,398
752,635
9,887,956
503,373
5,021.364
575,044
86,077
15.90
with
to Montreal
the first bank in British North America,
as
sociation for
WestVirginia 299,318,907
Pen'aylvanla 129,925,150
same
founded, it really could be said to meet "a long-felt want."
Prlce(cts.
Quantity
(per M
cubic feet).
Price(cts
Quantity
handing
be imagined, therefore, that when the Bank of
Montreal,
sentinel from the
Consumed.
Produced.
State.
say,
himself with the wholesaler.
may
custom of the
The
settler,
storekeeper, and the latter shipping the
a
of natural gas were,
a
load of hay or a pack of furs to settle an account
over a
rapid exhaustion of the prolific Cleveland field, in Cuyahoga
in the manufacture of munitions of war.
large proportion of the business had to be
a
primitive basis of barter,
a
site for
putting
faced the famous
on
which
a
stands the fine headquarters building of the
now"
This spot is in the
bank.
heart of Montreal, glorified by
foundation of the
of the most romantic events in the
some
By
city.
fears
up
or
1822
the bank had
apparently dispelled
any
misgivings which might have been entertained as to
its prospects,
for in that year George IV., who was Regent
in
graciously permitted the Great Seal to be
the company's charter.
This charter was
England,
attached
modelled
Bank
to
upon
the provisions for an American National
prepared by Alexander Hamilton, the Secretary of the
Treasury in Washington's first
Cabinet.
It made ample
provision for the protection of depositors and also for the
bank.
Among the transactions of the bank at the outset of its
career was
the buying of
Spanish dollars locally and the sale
of them in Boston and New
Ward & Sands were
later years
the
York.
In New York, Prime,
early appointed agents of the bank.
agency
developed into
a
In
branch in New York.
During the bank's history
amount of business
an enormous
has been done in the American metropolis, and the
branch is
CHRONICLE
THE
1776
of greater
now
operations.
The
war,
NewYork
its value in the important work the bank has
carried out
Bank of Montreal's plan of using New
a source
York
of specie supply, and
on
The
behalf of the Dominion Government and other bodies.
sterling bills,
market for
as a
centre for the
a
employment at call of portions of the bank's funds, has since
been
of
The wisdom
adopted by the larger Canadian banks.
keeping large secondary
New
has
York
in
times
strated..
both in London and
been strikingly demon¬
reserves
of
strees
X.v;
at the
the
Under
union, the bank obtained
full of diffi¬
Parliament established
Canadian
new
charter, authorizing
a new
increase of capital up to £750,000 and
an
establish branches in both provinces.
permitting it to
of an un¬
forest, where the settlers lived mostly by trading with
the Indians.
These branches
later closed,
were
political disturbances, but after the union
Ontario
tem of branches in
Toronto
office
an
with
British
extensive
an
sys¬
being opened in 1842.
In 1870
Street
owing to
established, the branch at
was
the
and
foreign
the
developing and extending
of
of
trade
After
Dominion
the
through
the
immediately
bank
the
opened
branches in Nova Scotia and New Brunswick, and in 1878
opened
Lakes.
until
now
the
branch at Winnipeg—the first west of the Great
a
the bank has kept pace with
Branches
country.
tablished from
any
the opening of
From the time of
time
the Northwest
the marvellous growth
sub-agencies have been
or
time
to
there
wherever
es¬
appeared in
part of the Dominion the prospect of sufficient business
the
and
for
need
banking
The capital
accommodation.
of the bank has been increased from time to time to pro¬
vide for its expansion, and it is now authorized up to $25,-
000,000.
.From the first
policy of building
up
the. accumulations
of
be
ample
paid, but which has
reserve
century,
a
This large amount
000,000.
the bank has pursued the
year
an
an
member
judicial, political and financial affairs
He has been with the bank from his early
The present General Manager, Sir Frederick Wil¬
youth.
liams-Taylor, has also been with the bank throughout the
whole of his business career.
His experience as represen¬
tative of the bank in Chicago,
and then for
many years
in
London, has proved of inestimable value to the bank, in
particular in dealing with the difficult, financial problems
of C.
P.
Lord Shaughnessy, the President
war.
R., and Sir Chas. Gordon,
associate of Lord
an
Northcliffe, in his work for the British Government in New
York,
are
among
the prominent captains of industry form¬
ing the present directorate of the bank.
i
ANNUAL CONVENTION OF INVESTMENT BANKERS'
ASSOCIATION.
The sixth annual convention of the Investment Bankers*
Association of America will be held in Baltimore Nov. 12,
The convention
13 and 14.
headquarters will be established
the second floor of the Hotel Belvedere, where the Secre¬
on
tary's office will
open
several days in advance of the dele¬
In view of the fact that the members of the Association
have been called upon to
on
which
fund, which with
amounts
now
no
$16,-
to
dividend has to
earning capacity, has stood the
bank and the Dominion in good stead
take
prominent part in the
a very
marketing of the two Liberty Loans, the effect of this
ernment
confederation,
a
family, which for generations has
gates'arrival.
of the bank.
agency
of
of the country.
opened in London at 27 Lombard
was
object
President is Sir Vincent Meredith,
well known Canadian
been prominent in the
then simply a tiny settlement on the edge
broken
it
a
The latter place
Montreal, and at York (now Toronto).
was
been the Genera!
In its first years it
opened agencies at Kingston, then the largest centre west
of
The present
of
resulting from the
V.
The first decade of the bank's life proved to be
culties.
Clous ton, Bart., who for many years had
Manager.
importance than ever in the bank's
in particular, has greatly emphasized
[Vol. 105.
financing
no
doubt, it is stated, form
be
more
than
a
tqpic of conversation which will
It is also understood that
usually interesting.
Secretary of the Treasury McAdoo will be
the
at
as
class
No
convention.
has been
hard hit
by the
war as
men
the various
names
this country
Not
great number of
a
into government
ser¬
branches.
There will be other
whose
in
the bond business.
from the bond houses have gone
in
of the speakers
one
business
of
only has the business itself suffered, but
vice
gov¬
the bond business in general will,
upon
interesting speakers,
we are
informed,
have not yet been announced, and these ad¬
dresses, together with the discussion
of the various
mittee reports, insure an interesting meeting.
com¬
In addition
business end of the convention the Baltimore Com¬
to the
mittee, headed by William G. Baker Jr., Baker, Watts &
Co., Baltimore, has
planned
number of attractive enter¬
a
tainment features.
in times of financial
crisis.
banking and
The coming of the present war which plunged the whole
financial fabric in
pared for the
a
cataclysm, found the bank well
pre¬
Desirjng to give its depositors
emergency.
The
news.
legislative
public sales of bank stocks this week aggregate 43
shares, of which 15 shares
were
sold at the Stock Exchange
the greatest measure of protection, whatever might befall,
and 28 shares at auction.
the directors deemed it prudent to forego the profit on a part
Bank stock
of the large liquid reserves employed in New York and London ,
public sale of the stock since April 1914 when the sale price
and convert it
largely into cash and bank balances at the
was
Montreal.
tations, deposits, surplus, &c., of banks and trust companies
office
head
and
gold
than
in
The
specie, Government notes
deposit, which in 1913 aggregated less
reserve
$24,000,000 amounted
in
April last to
more
than
$59,000,000, while the proportion of liquid assets to public
liabilities grew from 49% in 1913 to 76% in April 1917.
In
a
strong position at the outbreak of the war, the bank's
position has been made stronger
lasted.
every
day that the
war
The increase in the national wealth in that time is
apparent from the recent statements of the bank.
deposits
still
rose
higher
over
$324,000,000 in April last, and they
period in the bank's history it has had
some
of. the most eminent business
Peter
McGill, who
President for 26 years prior to 1860,
men
of his
day in Canada.
ernment of the
day,
was
was a
was one
He occupied
a
the
bank's
of the leading
seat in the Gov¬
railway in Canada. Later
director of the Grand Trunk
Railway.
Mr. R. B. Angus, Lord Mount Stephen and Lord Strathcona,
who
were so
prominently associated with J.J. Hill in
the
development of railways in the United States, and who
were the chief men behind the
building of the Canadian
Pacific Railway, all occupied executive positions with the
later
Bank of
Montreal, Lord Strathcona being its President for
years prior to his appointment as High Commissioner for
Canada in London.
Sir
George Drummond, so prominently
identified with the development of sugar
refining in Canada,
was
later President of the bank,
important, cities in the United States
ber issue of which accompanies to-day's
and asked
being followed by Sir Edward
was
the first
are
quo¬
published
stocks
company
"Chronicle."
Bid
quotations for all New York City bank and trust
are
ment of this paper,
also published weekly in another depart¬
and will be found to-day
BANKS—NewYork.
on page
1793.
Low.
High. Close.
„_
206
206
206
April 1914—175^
*15 Commerce, Nat. Bank of...
160
160
160
Oct.
1917—162^
IUK
114^
114#
Oct.
1917—111
Shares.
4 Citizens Nat. Bank
Last previous sale.
BANK—Brooklyn.
24 Mechanics Bank..._______
Sold at the Stock Exchange.
•
its
in the
connected with big business ven¬
tures and was chairman of the first
he
was
on
men
This
Extensive tables reporting bid and asked
17534.
in all
sold at auction at 206.
monthly in the "Bank and Quotation" Section, the Novem¬
*
The Hon.
country.
are
now.
At every
directorate
Public
from $197,000,000 at the end of the bank's
in 1914 to
year
has
were
Four shares of Citizens National
The directors of the New York
this city, at a
meeting
on
dent of the institution.
the death,
County National Bank of
Oct. 30 elected Oscar Cooper Presi¬
This, office had been vacant since
in April 1916, of the former President, Francis L.
Mr. Cooper, the new President, was formerly con¬
Leland.
nected with the new business
Trust Co. of this
fied with
during the past
Class of '99,
department of the Guaranty
city, which institution he had been identi¬
He is
year.
a
graduate of Harvard,
and until becoming connected with the Guaranty
practised law in San Francisco.
It is said that with the elec¬
tion of Mr. Cooper to the Presidency, control of the New York
County National has passed into other hands, the former
controlling interest having lodged with the Leland estate.
•
John J.
elected
a
Hopper, Registrar of New York County, has bee*
director of the Greenwich Bank of this city.
Nov. 3
The
THE
1917.]
Comptroller of the Currency has approved
of $200,000
crease
Bank of this
CHRONICLE
an
4,000
in¬
be
well
will
be
it
of the
held
announced, will gradually withdraw from active con¬
was
nection with the Sheffield company,
war
its Committee
Minneapolis.
voting
■
•
the proposition
on
The action of the directors
taken in
was
of the executive committee of the
a request
Minneapolis, who asked the
another title than that proposed,
«
banking
N.
Newark,
in
J.,
the
of the two
of the Union National Bank of
rooms
Prudential
would
names
•
fearing that the similarity
confusion in the business of
cause
both banks.
Company
Insurance
Building, will be opened for inspection
'
V
•'
"
■
'
•
•
•
Tuesday after¬
on
Charles
Nov. 6.
E.
Currier, Chairman of the board and former
President of the Atlanta National Bank of Atlanta,
of
Directors
Mass., at
who
Blake,
Prior to his
the
connected with
been
had
twelve
years,
identified
been
the
Mount
In 1903 he
Alfred L.
stroke of
paralysis, which, followed by ill health,
Since that time he had been identified
absorbed by the Boyl¬
Merchants'
the
Mr.
Thayer.
-,
of Boston, has been elected President
National,
Thayer,
Sept. 15 last, is leaving office to
Chase National Bank
Eugene
succeed
to
in
noted
as
assume
of New York
as
the State National
was
R.
"Chronicle" of
Presidency of the
Jan.
on
1
1918.
At
a
director of
the
the
elected
caused by the
Henry C. Cushing, for¬
bank,
has
been
chosen
Samuel E. Kilner has been
Cashier to succeed Mr. Wilder.
member of the board to succeed the late Mr. John¬
a
27th
a
brokerage, died at his resi¬
city Oct. 23 in the eighty-seventh
Regiment, South Carolina Volunteers.
year
the
He
was
the time of his passing.
children who survive him is Andrew Moreland,
Company of Norfolk (Va.),
a
Vice-President.
for
number
a
of
A.
years.
Mr.
Savings &
W. Brock, who had
appointed Secretary and Treasurer of the trust company,
while A.
Bank,
L.
Eggleston, Assistant Secretary of the Norfolk
has been made Assistant Secretary
Treasurer of the trust company.
the Norfolk Bank for
was
and Assistant
The change in the
name
of
Savings & Trusts to the Trust Company
referred to in
our
issue of Oct. 13.
•
The
Skelly, heretofore Secretary and Treasurer of the
Comptroller of the Currency has approved
an
ville, Va., raising it from $200,000 to $400,000.
director of that institution,
a
succeeding the late T. M. Daly.
of
Daly,
of the late T. M. Daly, have been elected direc¬
Continental
Equitable,
■
—.—«
The Hibernia National Bank of New Orleans, La., went
and James M.
John V. Loughney, heretofore Assistant Secretary and
Assistant Treasurer, has been appointed
Secretary and
increase
in the capital of the National Bank of Charlottes¬
John R. Umsted, Vice-
President
into
liquidation
on
Oct. 22 and has been absorbed by the
Hibernia Bank & Trust Co. of New Orleans.
The Hibernia
„
& Trust,
♦—-
Joseph J.
Greer and Robert Ritchie have been elected
directors of the
Peoples Trust Co., of Philadelphia, Pa.
♦
•
i
a
capital of $400,000.
John J. Gannon, Presi¬
in announcing that the Hibernia National would
liquidate its affairs and be succeeded by the trust company,
said:
•
The Hibernia
National Bank was organized about ten years ago by the
•
The Ridge Avenue
name
National had
dent of both the Hibernia National and the Hibernia Bank
Treasurer, succeeding Mr. Skelly.
to the Middle
business under its
Walnut
Street.
Bank, of Philadelphia, has changed its
City Bank, and
new
The
name
in its
on
Oct. 29 opened for
new
building at 1518
quarters heretofore occupied by the
bank at Ridge Avenue and Twelfth Street will be
retained
same
interests which
control the Hibernia Bank & Trust Co., mainly for
of taking pare of the business of national banks in the interior
cities, which, under the then existing laws, were restricted in their dealings
with State banks and could only keep their reserves with other national
the purpose
'
banks in Reserve cities.
The Hibernia
'
National Bank, therefore, was primarily a bankers' bank,
and since all national banks must now
operated
as a
keep all of their legal reserve with
the Federal
branch office.
Reserve Bank, the necessity for maintaining a
to take care
rency
for the organization of
by the Comptroller of the Cur¬
a new
national bank in Chicago,
111., to be known as the Mutual National Bank, with capital
the Federal Reserve System, it
advantages of a national
banks and individuals
Bank,
which
The London
was
merged in January
Detroit National Bank of Detroit
the
bank, and is, therefore, in a position to render to
same kind of service which was formerly
National Bank.
■
♦
Security
Trust Co.,
on
1911 with the Old
Oct. 1 1917 received
Agent of the Liquidating
Committee of the bank, $6 per share on the bank's stock of
Trust Co. has become a member of
enjoys practically all of the privileges and
exactly the
rendered by the Hibernia
of $200,000.
Stockholders of the former American Exchange National
national bank
of that class of business no longer exists.
Moreover, since the Hibernia Bank &
A charter has been issued
from
a
Assistant Cashier of the Norfolk Bank, has been
as
has been elected President and
and
Vice-
N. Y.
reorganization of the former Norfolk Bank for Savings &
of $200,000
tors.
active
♦
The directors of the Trust
Continental Equitable Title & Trust Co., of Philadelphia,
the
of his
Among
President Adirondack Trust Co., Saratoga Springs,
—4
son
Currier
private banker of Charleston, S. C.,
in financial circles up to
of Norfolk
son.
John F
Mr.
Army with the Calhoun Guards, afterward merged with the
served
of
board.
Mr. Moreland enlisted in the service of the Confederate
age.
Trusts
Cashier
Moreland,
dence in that
the Woodstock
institution to fill the vacancy
Assistant
the
'
Woodstock, Vt., has been elected Presi¬
death of William E. Johnson, and
merly
of
old.
Trusts, have elected W. W. Vicar
Frederick W. Wilder, heretofore Cashier of
of
Chairman
Vicar had been Cashier of the Norfolk Bank for
——+.—
dent
as
National,
enlarged Merchants National Bank.
National Bank, of
bank
70 years
was
headed by Mr. Ripley,
President, who became Vice-President and
the
V.
the
the time of its consolidation with the Merchants
in Opt. 1912,
a
since 1870, and engaged in stock
1
of Boston, and formerly President of the
State National Bank,
the
with
Vernon
Ripley, First Vice-President of the Merchants
National Bank,
of
♦
he
1916, when
caused his retirement.
ston National in 1905.
'
was
(1904)
elected President and held that office until
E. M.
'
The following
4
National Bank of Boston, which was
.
Vice-President.
he suffered
Bolyston
an
-with
in 1888,
Assistant Cashier
year
was
Assistant Cashier.
becoming connected with the Boylston National,
Blake
Mr.
has
the past
as
Ga., died
career
and shortly afterward was made Cashier.
a
The directors also appointed Almon
member of the board.
National for
Association,
began his banking
appointed
of Boston, and also
Bankers'
Massachusetts
the
Mr. Currier
when he entered the Atlanta National
Oct. 25 elected George E. Brock
on
Oct. 19.
on
Boylston National Bank, of Boston,
the Home Savings Bank
of
President
the
meeting
a
President of
W.
was
meeting to be
directors of the Scandinavian-American National to choose
new
noon,
stockholders'
to the Northern National Bank
name
Northwestern National Bank of
Defense.
The
a
Nov. 13 for the purpose of
compliance with
Co-operation with the Council of National
on
on
change the bank's
of
will continue to devote most of his time to the work
of the United States Chamber of Commerce, as Chairman of
payment
one more
Minneapolis, Minn., held Oct. 23, it
to
and during the period
assets still to
some
♦
decided to rescind the call for
Mr. Catchings,
dent of the Sloss Sheffield Steel & Iron Co.
are
meeting of the directors of the Scandinavian-American
a
National Bank of
by Waddill Catchings, Presi¬
succeeded in the banking firm
National have
made.
-
At
from all active business, and that he would be
as
As there
liquidated it is expected that at least
Goldman, Sachs & Co., will retire from that firm on Dec. 31,
as
Including the $6 just paid the
installments of $25 each.
Oct. 29 that Henry Gold¬
on
of the founders of the Wall Street banking house of
man, one
$100.
par
paid in 1912 in three
•
made
was
shares,
stockholders in the old American Exchange
received $81 a share, $75 having been
in the capital of the Sherman National
city, raising it from $300,000 to $500,000.
Announcement
1777
4
■
County and Westminster Bank
announce
the
opening of their Barcelona Branch at Paseo de Gracia 8 & 10,
on Oct. 22, under the management of Mr. J. B. Attfield,
formerly Assistant Manager
London.
£3
a
*
of their Foreign Branch in
THE CHRONICLE
1778
The statement of the Yokohama
Specie Bank, Ltd. (head
Per
profits for that period, including 1,719,856
for
interest, taxes, current
bad
yen
this
balance of 4,946,758
a
per annum
capital of 36,000,000
of 336,536,836 yen
We
%
Dec.
Holders of
/ %
Dec.
Holders of rec. Nov. 15a
and
yen
Common (payable in common stock)..
reprint
paid-up
the
weekly
Amer. beet Sugar, pref.
Vi-'
GOLD.
circular
of
as
15a
Feb.
Holders of
Nov.
Holders of rec. Oct.
Nov.
Nov.
Dec.
.
Holders of rec. Nov. 15a
reo.
1
to
Jan.
15a
31
Nov. 15
3
Nov.
%
1%
Nov.
Holders of
rec.
Nov.
1
Nov.
Holders of
rec.
Oct.
31a
1%
Nov,
Holders of
rec.
Oct.
31
Oct.
31
1%
Oct.
Nov.
7
Dec.
75C.
26
Holders of
to
rec.
Nov. 15
_
- -
....
.
Amer. Water-Works & Elec., pref.
The Rome correspondent of the "Times" cabled on Oct. 6: "In order to
Anaconda Copper Mining
31
Holders of
rec.
Dec.
4
la
15
1%
Dec.
3
Dec.
1%
1%
/5
1%
1%
......
Amer. Rolling Mill, common..
CURRENCY.
Dec.
1%
American Soda Fountain (quar.).
American Utilities, preferred (quar.)
~
to
Nov. 15 Holders of rec. Oct
31a
Nov. 15 Holders of rec. Oct. 31a
Nov. 15 Holders of rec. Nov.
la
Nov.15 Holders of rec. Nov.
8a
•4%
«;;
-—-
Dec.
1%
-
5 Nov. 21
Nov. 15 Holders of rec. Nov.
1%
(quar.) (No. 74)..
.
_
compared with iasfc week's return.
15a
2
........
.
The Bank of England gold reserve against its note issue shows a decrease
£169,810,
15a
Dec.
1
Amer.Graphophone, pref. (qu.) (No. 78)-A mer. La France Fire Eng., Inc.. com. (qu.)
Amer. Laundry Machinery, common....
Amer. Radiator, common (quar.)..
Preferred (quar.)
:
-'v
V
Dec.
rec.
Holders of rec. Jan.
/ %
13)
American Brass (quar.)...:
Extra
-.ii
Lv
"
•;>:/
rec.
Holders of
Feb.
Miscellaneous.
Alabama Co., 2d preferred
Amer. Bank Note. com. (quar.)
Montagu & Co.|pf London, written" under datejof
:
Holders of
Jan.
dl%
Lehigh Valley Transit, preferred (quar.).
Pacific Gas A Elec., orig. vf. (qu.)(No. 47)
the following from
Jan.
Civic Invest.& Industrial (quar .) (No. 5).
First preferred (quar.) INo.
3a
Nov. 15a
%
Connecticut Ry. & Ltg., com. & pf. (qu.)
Detroit United Ry. (quar.) (No. 54)
yen.
rec.
31a
%
June 30 reported deposits
on
Oct.
rec.
/ %
__
Havana Elec. Ry., L. & P., com. & pref.
Illinois Traction, pref. (quar.) (No. 19)..
a
and total assets of 642,891,140
Oct. 11 1917:
of
Holders of rec. Nov.
Common and preferred (monthly)
THE ENGLISH GOLD AND SILVER MARKETS.
Samuel
NOV.
Common (payable in common stock)
Common and preferred (monthly)
applied to the reserve fund,
distributed as a dividend at the rate of
and the balance, 2,226,757 yen, carried over
The bank has
23a
1%
Of
yen was
to the credit of the next account.
8 Holders of reo. Oct.
13 Holders of rec. Nov. 27a
Nov.20 Holders of
800,000 yen was
sum
1,920,000
12%
for appropriation.
yen
Nov.
50c. Dec.
2%
American Railways, preferred (quar.)...
Cities Service, com. & pref. (monthly)..
Common (payable In common stock)..
and,.doubtful debts, bonus to officers and clerks, &e.,
leaving
$1
First preferred (quar.)..
bills current^,
on
Days Inclusive.
Southern Ry., preferred
Street and Electric Railways.
have been deducted
rebate
expenses,
Books Closed.
Payable.
Railroads (Steam) Concluded
Reading Company, common (quar.)
yen
brought forward from the last account, amounting to 39,332,616 yeniof which 34,385,858
When
Cent.
Name of Company.
office, Yokohama), for the half-year endedvJune 30 1917
showed gross
[Vol. 105.
(qu.).
1%
5 Nov. 26
to
Dec.
5
Dec.
21
Nov.15 Holders of rec. Nov.
Feb.
1 Holders of rec. Jap.
7
31 Holders of rec.
Nov. 15 Holders of rec. Nov.
1
1
Nov. 10 Holders of
rec.
Oct.
Nov.26 Holders of
rec.
Nov. 20
reo.
Oct.
rec.
Nov.
31a
prevent the hoarding of silver currency caused by the increased value of
Asbestos Corp. of Canada, Ltd., pf. (qu.)..
1
Nov.26 Holders of
Nov. 15 Holders of
silver, the official "Gazette" publishes
Associated Dry Goods, 1st pref. (No. 1).
Bond & Mortgage Guarantee (quar.)...
1%
Dec.
4
Nov. 15 Holders of rec. Nov.
8a
Nov. 20 Nov. 10
to
Nov. 20
Nov. 20 Nov. 10
to
Nov. 20
from Nov.
as
have
1 next to Dec. 31.
decree saying the one
a
(nominally 25 lire equal £1) silver pieces
may
be changed for paper money
The silver currency will then cease to
monetary value, and persons found in possession of silver pieces
10 lire in value will be fined from 50 to 1,000 lire."
The sterling
amount, however, involved is not large.
per
two-lire
a
over
gave
or
capita.
bill has
$22,400,000,
as
This is, of course, the nominal value.
or
64 cents
It is reported that a
been introduced in Denmark for the issue of small money
of iron.
.v:.CJ:;
.
::,„V
:
matfo
continued to be downward.
There
was
a
daily reduction of %d. until yesterday and of %d. yesterday and to-day.
The market has been rather better supplied, and the weakness of the
Shang¬
hai exchange has contributed to the dulness of the tone.
Some of the silver
which had been purchased for China has been
resold, and there does not
seem much immediate
prospect of a recovery in that
The price
quarter.
of silver has fallen
10%d. in 14 working days from 55d. to 44%d.
rate of descent was about double the
pace
The
of the rise from 44%d. to 55d
which took place in 25 working days.
We hear that thousands of tons of
Mexican silver dollars have been imported into the United States in
the few
months prior to
September for melting and resale
as
bullion.
It will be
observed from the following Indian currency returns that there is
tial increase in the holding of gold:
(•In Lacs of Rupees)
Sept. 22.
Notes in circulation
Reserve in silver coin and bullion......
1,522
substan¬
Extra
Oct. 7.
110,13
29,57
29,50
15,85
17,62
1,53
1,53
'
1,80
.......
$2
.............................
(quar.) (No. 17)
Common (payable In common stock)__
15 Holders of
rec.
15 Holders of
reo.
2%
(quar.).......
Cement, Ltd., pref. (quar.).......
1%
1
Nov. 24
Nov. 24
Nov. 15 Holders of rec.
Nov.
Nov.15 Holders of
/1
Butler Brothers
Canada
Dec.
Dec.
1%
20a
1 Holders of reo. Nov. 15a
51.50
....
Burns Bros., com.
Nov.
rec.
Nov. 15 Holders of rec. Nov.
la
la
2
Canada Foundries & Forg., com.(quar.).
Preferred (quar.)
3
Nov.16 Nov.
1
to
Nov. 10
Nov. 15 Holders of rec. Oct. 31
1%
Nov. 15 Holders of rec. Oct.
31
Canadian Converters, Ltd. (quar.)......
1
Nov. 15 Holders of rec. Oct.
31
Carbon Steel, common (quar.)
Common (extra)
1%
Nov. 15 Nov. 11
to
Nov. 14
2%
Nov.
to'-.
Nov. 14
—
.....
...
Carwen Steel Tool (quar.)
Extra
.
5c
Central Foundry, ordinary, pref. (quar.).
Columbia Gas & Electric (quar.).......
1%
1
Nov.
10c. Nov.
10
Dec.
1%
rec.
Nov.
15 Holders of rec. Nov.
10 Holders of
rec.
Oct.
31a
9a
8
8
31
15 Holders of rec: Nov. 30
Nov.
Deo.
15 Holders of
Dec.
1%
2
...
1 Holders of rec. Nov. 15a
1 Holders of rec. Oct.
26
(quar,)..
rec.
Nov. 30a
Nov.15 Holders of
reo.
Oct.
31
2%
......
15 Holders of
2%
Dominion Bridge, Ltd. (quar.)
Extra
Dec.
Nov. 15 Holders of rec. Nov.
1%
(quar.).....^...:.^..
Eastern Steel, common
Nov. 15 Holders of rec. Oct.
1%
Cumberland Pipe Line (annual).....—.
Deere A Co., pref. (quar.)..
Diamond Ice & Coal, pref. (quar.)
rec. Nov.
1
Nov. 10 Holders of rec. Nov.
1
Nov. 15 Holders of rec. Oct. 31a
1%
Preferred (qrnr.) (No. 68)
"Cresson Cons. Gold M. A M. (monthly)...
Diamond Match
15 Nov. 11
20c. Nov. 10 Holders of
...
Consolidated Gas of New York (quar.)..
Continental Paper Bag, common (quar.)....
,
108,43
28,57
Gold coin and bullion in India
a
Sept. 30.
-...107,07
Gold out of India..^
2
4
Buckeye Pipe Line..
,.rxx^mrT,
SILVER.
The tendency of prices has
British Columbia Fish. A Pack...........
British Columbia Packers' Assoc.
The United States Mint report
the total stock of silver Italian coin in 1913
52
(quar.)
Jan.
rec.
Jan.
2
.15 Holders of
5
Common
Preferred
(quar.)...
Holders of rec. Dec.
7%
Eisenlohr (Otto) <fc Bros., Inc.,com.(qu.)
Foundation Co., common (No. l).-*.-..
Common (extra)
......
Holders of rcc. Nov. 17
Dec.
Dec.
Holders of
2%
1%
(quar.)..........
Dec.
1%
.....
First and second, pref. (quar.):._.i.....
Eastman Kodak, common (extra)..
Jan.
Holders of rec. Nov. 30a
Jan.
rec.
Oct.
Holders of rec. Nov. 30a
1
Nov.
Holders of
51
Dec.
Holders of rec. Dec.
53
Jan.
Holders of
2
Preferred (quar.)
1
31a
reo.
rec.
Nov.
Dec.
la
1
1
The stock in Bombay on Oct. 9 consisted of
3,500 bars, as compared with
3,200 bars on Oct. 2.
The stock in Shanghai on Oct. 6 consisted of about
Gaston, Williams & Wigmore, Inc.(quar.)
General Chemical, cofhmon (quar.)
51
Nov.15 Holders of rec. Nov.
Nov. 15 Holders of rec. Nov.
2
Dec.
24,100,000
Goodrich (B. F.) Co.,
common (quar.)..
Goodrich (B. F.) Co., common (quar^.Preferred (quar
.......
1
Nov. 15 Holders of rec. Nov.
1
Feb.
1%
Jan.
Gorham Mfg., common (quar.)....
Greene Cananea Copper Co.' (quar.)..
2
Nov. 13 Holders of
2
Hart, Schaffner &
1
Nov. 26 Holders of rec. Nov.
9a
Nov. 30 Holders of reo. Nov. 20a
Securities, pref. (quar.).
(quar.)
1%
1%
Nov. 15 Holders of rec. Oct.
31
52
Nov. 15 Holders of rec. Obt.
23
T
$1
2
Nov. 15 Holders of rec. Oct. 23
Dec.
1 Holders of rec. Nov. 10
1%
Dec.
1 Holders of rec. Nov. 10
1%
Dec.
1 Holders of rec. Nov. 10
in
ounces
and
sycee
$14,900,000,
compared with
as
about
23,200,000
ounces in sycee and $14,900,000 on
Sept. 29.
Quotations for bar silver, per ounce standard:
Oct.
5
46 %
Oct.
6
46
Oct.
8
Oct. 11_.
44%
Ay erage
45%
45%
4 5%
Oct.
9
Oct. 10.......i
No
cash
Bank
cash
.45.562"
....
rate
5%
....
Bar gold, per oz. standard.-77s. 9d.
Ilium. & Power
fixed
for
forward
delivery.
Inland
The quotation to-day for cash
delivery is 2d. below that fixed
a
week ago*
com.
(qu.)
(quar.)
Indiana Pipe Line
Extra.
quotation
Marx, Inc.,
Hercules Powder, pref.
Steel
(quar.)
Int. Harvester of N. J., pref. (qu.) (No. 43)
Int. Harvester Corp., pref. (qu.) (No.Ad)..
Kerr Lake
V.;,ENGLISH
FINANCIAL
Mining (quar.) (No. 49).....
Lehigh Coal & Navigation (quar.)......
Liggett & Myers Tobacco, com. (quar.).
MARKETS—PER CABLE.
The daily
closing quotations for securities, &c., at London'
as*reported by cable, have been as follows the past week:
London,
Oct. 27,
Week ending Nov. 2--
Silver,
Consols, 2%
British, 4%
Nov. 2,
(quar.)—_
Lowell Elec. Light (quar.) (No. 86).......
Manati Sugar, common (quar.).,
Massachusetts Gas Cos., pref...
Miami Copper Co. (quar.)....
_.... .....
45%
56%
56
55%
55%
Holiday 55%
93%
93%
93%
93%
Holiday 93%
Montreal L. Heat & Pow.(qUar.)(No. 66)
2
99
99
Holiday 99
Municipal Service, pref. (quar.)
1%
National Lead,, preferred (quar.).......
National Refining .common (quar.)
Common (extra)................
1%
1%
cents........
99
'
c99
French War Loan (In Paris) Ir.
88.70
61.25
SilverlnN. Y., per oz.._cts. 83%
61.10
88.70
60.75
88.70
price of silver in New York
on
84%
the
88.75
same
90%
90%
Frt.
Middle West Utilities, pref. (quar.)
Mobile Electric Co., preferred
Holiday Holiday
Holiday
Holiday
days has been:
89%
88%
Ex-dlvidend.
(quar.)..
New
England Co., 2nd pref....
New Jersey Zinc (quar.)...
New River Co., pref.
North American Co. (quar.)...
NovaScotiaSt,&Coal, com.(pay.com.stk.)
Ohio Cities Gas, common (quar.)..I
....
—
....
....
Commercial
d BUscet Luitous
n
a
Common
stock).
printed in italics.
Per
Name of Company.
Cent.
Nov. 15a
Nov.
1 Holders of rec. Oct.
Dec.
1 Holders of rec.
la
la
la
24
Nov. 15
2
Dec.
1 Nov. 16
Nov. 30
to
51.50 Nov. 15 Holders of rec. Nov.
1«
Dec.
1 Holders of rec. Nov. 15
1%
Nov. 15 Holders of rec. Oct. 31
1%
2%
Nov. 15 Holders of rec. Oct.
Nov.
1 Holders of rec. Oct.
31
26
15 Holders of rec. Nov. 23a
Nov. 15 Holders of rec. Nov.
1
Nov. 15 Holders of rec. Nov.
1
Dec.
15 Holders of rec. Nov. 30a
2
Jan.
4
Nov. 10 Holders of rec. Oct. 31a
Nov. 28 Holders of rec. Nov. 15
Jan.
2 Holders of rec. Dec. 15
1%
1%
/20
$1.25
/5
.
15 Holders of rec. Jan.
1
Nov. 30 Holders of reo. Nov. 20a
rfDec.
1 Holders of rec. dNov.l5a
Fcd.
1 Holders of rec. Jan.
15a
Pittsburgh,
guar.
(qu.)
Special guaranteed (quar.)
Books Closed.
Payable.
Days Inclusive.
31
1%
Nov. 15 Holders of rec. Oct.
15a
1%
Dec.
Penmans, Ltd., common (ouar.)
1
Nov. 15 Holders of rec. Nov.
Penn Seaboard Steel
$1
(quar.)
Corp. (quar.)
Pennsylvania Coal A Coke (quar.)
Pittsburgh Oil & Gas (quar.)..
Pittsburgh Steel, pref. (quar.)...
Pressed Steel Car, com. (quar.) (No. 29).
....
Pullman Co.
Dec.
1 Holders of rec, Nov.
1%
2a
Nov. 10 Oct. 29
2%
to
Nov. 10
87 %c. Dec.
1 Holders of rec, Nov. 10a
1 Holders of rec,
Nov. 10a
Dec.
1 Holders of rec.
Nov. 15a
1%
Nov. 15 Holders of rec. Oct.
Norfolk & Western, adj.
pref. (quar.)
Norfolk & Western coin. (Quar.)
(quar.)
West Va., pref.
;
(quar.)
1
Dec.
1 Holders of rec.
Nov. 15a
2%
1%
Nov.
8 Holders of rec.
Oct.
Shannon Copper Co. (quar.)...
Dec.
1
rec.
Nov.
5a
1
-
Extra
Dec.
Sinclair Oil & Refining Corp, (quar.)
1 Holders of rec,
Nov.
5a
I
Holders of
Nov. 19 Holders of
1%
Dec. 19 Holders of
75c. Nov. 30 Holders of
1%
Deo.
Nov.
la
Nov,-
5
Southern Pipe Line (quar.)
rcc,
Oct.
rec
Nov. 30a
rec.
1 Holders of rec,
.....
Corporation, pref. (quar.)
Solvay Process Co. (quar.)
Extra (payable in Liberty Loan bonds)
South. Calif. Edison, com. (qd.) (No. 31)
31a
Smith (A. O.)
Nov. 30 Holders of rec. Nov.
1%
Nov. 15 Holders of rec.
Nov.
1
Holders of rec. Oct.
15 Holders of reo. Oct.
31a
31
la
Nov.
8
15 Holders of rec. Nov.
8
15 Holders of rec. Nov. 30
1%
Dec.
Dec.
1%
(monthly)........
Sears, Roebuck & Co., common (quar.).
30a
Nov.
Nov.
1%
1%
preferred (quar.)
Second preferred (quar.)
Scovill Mfg.
5 Holders of rec. Nov. 14a
Nov. 26 Holders of rec. Nov.
5a
1
(bonus).,
5
Dec.
2
(quar.) (No. 203)
Savage Arms Corp., common (quar.)..,....
First
1%
5
Quaker Oats, preferred (quar.)
Riordan Pulp A Paper, com. (qu.) (No. 7).
Common
1 Holders of rec. Nov. 17«
Nov.
1 Holders of rec. Oct. 26
75C. Nov. 10 Holders of rec. Nov.
6
2
Nov.15 Nov.
1
to
Nov. 15
Dec.
1 Holdets of rec. Nov. 15
1%
1%
(No. 75)....
Proctor A Gamble, common
50c. Dec.
Cripple Creek Central, com. (qu.) (No. 32)
g
Preferred (quar.) (No. 48)
Georgia Southern & Florida 1st & 2d pf.
IUinoiB Central
(quar.) (No. 128)
1%
Preferred (quar.)
When
(Steam).
Atchison Topeka <fc Santa Fe, com. (qu.)
Atlantic Coast Line RR„ pref.
(quar.)_
Pennsylvania
1 Holders of rec.
Pacific Mall SS., pref.
The following shows all the dividends
announced for the
future by large or important
corporations:
■
'
Dividends announced this week are
Pittsb. A
common
Nov. 15
Ontario Steel Products, preferred (quar.)
Pacific Development (quar.)
VWM'
DIVIDENDS.
Cleveland A
(payable in
to
15 Holders of rec. Nov. 26a
Nov. 30 Holders of rec. Oct. 31a
50c. Dec.
National Transit (quar.)
.
Railroads
2%
Wed.
per cents......
'•.ISt-tfc-S-fc.J.-V.iWWfS
1%
2%
45%
45%
|6
Dec.
46
Thurs.
Nov. 15 Nov.
rec." Nov. 10a
Nov. 30 Holders of rec. Nov.
Nov. 30 Holders of rec. Nov.
Nov. 30 Holders of reo. Nov.
Tues.
61.50
c
Nov. 1.
5a
21a
rec.
3
43
French Rentes (in Paris), fr.
The
Oct. 31.
.
Mon..
per cents
per
Oct. 30.
$1
___d. 42%
per oz...
British, 5
Sat.
Oct. 29.
Preferred
5a
Feb.
2 Holders of rec. Deo.
25c. Dec.
17
....
la
1 Holders of rec. Nov. 21a
15 Holders of
3
Lindsay Light, common (quar.).
Common (extra).....
8
Dec.
5
Nov.
1 Holders of rec
Oct.
24
2
Nov. 15 Holders of rec
Oct.
31a
25c.
Holders of rec* Nov. 30
Holders of rec. Nov. 30
15 Folders of rec
51.25 Nov. 21 Holders of reo.
1%
Nov.
Nov. 15 Holders of rec
Oct.
31
Oct.
316
Nov.
la
2
11
1%
Nov. 15 Holders of rec. Oct.
6
Dec.
Holders of
rec.
31
Nov. 15
,
Nov. 3
1917.]
THE
Per
When
Cent.
Name of Company.
Payable.
CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Books Closed.
Days Inclusive.
Shares.
1
Nov.
n
IX
Nov.
Preferred (quar.) (No. 32)
Nov.
Standard Motor Construction
30c.
Nov.
Oct.
_
17
to
Oct.
Nov.
Nov.
6
to
Nov. 30
3
Nov.
Nov.
6
to
Nov. 30
Dec.
Holders of
rec.
Nov. 23a
IX
Nov.
Holders of
rec.
Oct.
1
Nov.
1%
Nov.
Stewart-Warner Speedometer (quar.)...
IX
Nov.
Superior Steel Corp., 1st & 2d pref. (qu.)
Tobacco Products, common (No. 1).....
Union American Cigar, pref. (guar.).....
2
Nov.
IX
Nov.
Holders of rec. Oct. 31
Holders of rec. Oct. 31
Oct. 31
to
Nov.
5
Holders of rec. Nov.
la
Holders of rec. Nov.
la
Common
(extra)..
.....
1
Nov.
12
Nov.
31
Nov.
Nov.
•.
Warwick Iron & Steel.........
Holders of reo. Oct.
Dec.
Dec.
1
to
Dec.,
Dec.
1
to
IK
.....
Dec.
IX
3
....
Nov.
Nov.
6
to
1
to
300.
Copper
Shares.
Stocks.
% per sh.
10 Peoples' Nat. F. Ins., $25 each 16%
250
Mines
&
27 United Gas &
Smelter, 55 each....
$1 lot
15 Bank of North America...248-250
10 Textile National Bank.......110
525 each..
F.
I.
10 Camden
Co.
M.
$500
&
$10 each
Security,
I.,
pref.,
| lot
T--j
r
Bonds.
22%
.....
52
29
Invest.,]
com., $10 each
10 Provident Life & Trust
450
25 West End Trust, ex-div.__._il65
4 Fire Assoc. of Phil., 550 each..310
10 Independence
Elec., 1st pref
1 Pa. Acad, of Fine Arts
50 Camden Co. Mtge. &
per cent.
$1,000 Montgomery
Transit Co... 86%
20a
Dec.
Canadian Bank Clearings.—The
clearings for the week
ending Oct. 25 at Canadian cities, in comparison with the
same week in
1916, shows an increase in the aggregate of
25.1%.
3
Dec.
3
Nov.
^
5 per sh.
850 Greenwater
Nov.
2
to
Nov. 15
Holders of rec. Nov.
5a
Holders of rec. Oct. 26a
Holders of rec. Nov.
1
16
U. S. Steel Corporation, common (quar.)..
Common (extra)
Stocks.
1 Commonwealth T. I. & T
2
(qu.) (No. 20)
United Equities Corp., pref
U. S. Industrial Alcohol, common
Preferred (quar.)
Shares.
2
Union Bag & Paper Corp. (extra)
United Cigar Stores, com.
Per cent.
$1,500 Consol. Rendering Co. 1st
5s, 1941
87-90 & Int.
1.50
Lt...l93
3
Preferred (quar.)
Bonds—
275
By Messrs. Barnes & Lofiand, Philadelphia:
31
3
(quar.)
Standard Oil of N. Y. (fwar.)
Standard Sanitary Mfg. Co., com. (qu.)_
§ per sh.
Manufacturing
8 Cent. Iowa Cos. defer, sh. ctfs.
1 N. Bedford Gas & Edison
Holders of rec. Nov. 19
Holders of rec. Nov. 19
Holders of rec. Nov. 19
Standard Oil (Indiana)
Extra..
_i
Stocks.
10 Bates
Miscellaneous (Concluded).
* Standard Milling, common (quar.)
k Common (payable in common stock)
1779
7
Nov.
Nov.
Wayland Oil & Gas, preferred
WhUe (J. G.) & Co., Inc., pf.(qu.)(No.5H)
15c.
Nov.
Holders of
rec.
Nov.
IX
Dec.
Holders of
rec.
Nov. 15a
WhUe(J.G.)Eng'g Corp., pf. (qu.) (No. 19)
White (J. C.) Manng'nt, pf. (qu.)(Bo.\0).
Woolworth (F.W.)Co., com.(qu.) No.22)
IK
Dec.
Holders of
rec.
Nov. 15a
a
...
IK. Dec.
2
e
Payable la
stork.
/Payable in
la
Holders of rec. Nov. 15a
Holders of rec. Nov. 10a
Dec.
Transfer books not closed for this dividend,
rection.
Nov. 15
b Less British income tax
stock,
common
Payable
a
h On account of accumulated dividends,
Week ending Oct. 25.
Clearings at—
Inc.
d Cor¬
i Payable in Liberty Loan bonds,
k De¬
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
18 1918: on May 31 1918 to holders of record May 21
to holders of record Aug. 21 1918.
1918;
on
70 Mass. Electric Cos., pref....
6 Fltchburg RR., pref
4 Citizens'
Nat'l
13%
Bank..
Stocks.
1,400 Alaska
50
each,
storage
S
1914.
5
90,978,377
78,290,519
+ 16.2
60,788,035
60,833,030
59,078,355
+ 3.0
Winnipeg.......
85,263,235
53,781,166
+ 58.4
42,9077493
50,802,207
10,202,502
7,692,OH)
+ 32.6
5*383,672
5,414,650
5,522,422
—2.0
10,802,826
5,(393,421
+ 89.7
3,790,609
4,573,375
2,257,420
1,768,965
+ 49.0
1,748,605
Victoria........
3,362,420
1,589,170
—10.1
1,452,654
2,063,118
Quebec
3,686,788
4,025,415
—8.4
3,540.061
2,987,942
Hamilton.......
5,529,191
3,391,755
4,571,661
+ 21.0
3,075,671
2,331,782
Halifax
2,356,857
+ 43.9
2,198,208
1,820.218
Regina...
4,823,312
3,422,199
+ 40.9
2,661,199
2,144,345
Saskatoon
1,950,525
+ 37.9
1,636,703
St. John....
2,689,888
1,881,116
1,482,731
2.090,039
1,758,298
1,921,014
+ 7.0
London
+ 8.8
1,598,409
...
....
Edmonton
Per cent
Copper
&
%
Toronto
Sales.—Among other securities, the following
not usually dealt in at the Stock
Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
$
Montreal
Aug. 31
Auction
Percent.
1915.
8
Calgary
Stocks.
Dec.
Canada—
Ottawa
Shares.
1916.
Vancouver
record Feb.
1918
or
1917.
Id scrip
Corp., 510
receipt for
Moose Jaw
49,730,045
•
34,800,000
35,974,103
6,716,870
3,797,538.
3,615,440
'
2,345,258
1,121,325
•
1,280,068
•
1,327,851
1,034,587
450 Drug
Products
2
2 Draper
619,850
742,249
805,998
709,639
+ 13.5
603,945
418,599
Fort William
780,389
610,010
+ 21.9
564,164
675,747
New Westminster
364,364
286,903
624,615
+ 27.2
201,560
296,622
647,863
+ 3.7
372,965
280,217
658,350
549,731
+ 19.8
423,505
372,067
Sherbrooke
.
719,996
600,435
+ 19.9
Kitchener
Percent.
51,000 Flint &PereMarq. 6s, 1920,
April 1914 coupon on.....106%
Shares.
120
Slocks.
*
5 per sh.
1 Dartmouth Mfg. Corp., com...210
20 Continental Ins. (N.Y.) ,525 each 45
Manufacturing......195
The Federal Reserve
+ 53.1
Peterborough
Bonds.
$ per sh
Corporation
25 Peppcrell
+ 31.1
575,847
640,459
436,200
+46.8
301,319,951
240,931,871
+ 25.1
192,356,147
156,171,087
Brandon
Co.,
Stocks.
+ 39.2
1,023,913
Lethbrldge
__$4 lot
By Messrs. Francis Henshaw & Co., Boston:
Shares.
1,394,261
881,331
Brantford
.___$750 lot
Realty.
95%
Inc.,
common, $10 each.._.$2% per sli.
24 Mechanics' Bank, Bklyn
114%
|
fur._^
pieces
31 Golden Rod
1,941,793
1,341,109
Medicine Hat...
206
1 Thos. G. Plant Co., pref., &
$71 scrip.
...
Total Canada.
Banks.—-Following is the weekly statement issued by the
Discounting on a large scale for members in New York and Chicago mainly in
by the weekly bank statement as at close of business on Oct. 26 1917.
The
week
witnessed
...
connection
Federal
with
1,312,952
567,576
.
Reserve Board
Government
loan
on
transactions,
295,090
Oct. 27.
is
indicated
"
the close of the second
Liberty Loan campaign as well as subscriptions to the tenth issue of short-term United States
certificates of indebtedness. The Federal Reserve banks rendered liberal assistance to their members by discounting commercial paper as well as
their members' own notes secured either by commercial and bank
paper or Liberty bonds and certificates.
As a result the reserve banks' holdings
of discounted paper of all classes show an increase for the week or
about 110 millions.
Of this total, 87.2 millions represents the increase in
members' collateral notes, which aggregate at present 271.7
millions, or nearly 70% of the total discounts held.
About 209.2 millions of these
notes, as against 144.7 millions the week before, are secured by Liberty bonds or certificates of indebtedness.
Loan
operations were heaviest at the New York Bank, which reports a total increase of 102.4 millions in earning assets, 86 millions repre¬
senting an increase in discounts, 6.6 millions an increase in acceptances and 10 millions an increase in United States certificates of indebtedness.
Against this large increase in investments the Bank reports an increase of 43-5 millions in total net
deposits, of 9.3 millions in Federal Reserve
note circulation and a loss of 47.7 millions in reserve.
Advances paid through the New York Bank to foreign Governments amounted to 92
millions for the week.
Of the total, 40 millions went to France, 25 millions each to Great Britain and
Italy, and 2 millions to Belgium.
The banks' reserves show a gain of 32.4 millions, chiefly of
gold, the nine banks outside the Central Reserve Cities reporting substantial in¬
creases in their gold and total cash
holdings.
Federal reserve notes in circulation show a like increase.
The banks' deposit reserve shows a
decline from 74.5% to 70.3% and their note reserve from
77.3% to 73.8%.
Discount operations outside of New York were largest at the Chicago, St. Louis and Kansas
City banks, the increase of paper on hand re¬
ported by these three banks being confined almost entirely to member banks' collateral notes.
New York and Cleveland report also substantial
Increases in their holdings of purchased paper.
•
Aside from the purchase of 10 millions of United States certificates of indebtedness
by the New York Bank, none of the banks report any
material changes in the amounts of United States securities on hand.
Total earnings assets of the banks increased about 124.2 millions for the
week and constitute at present 1094% of the banks'
paid-in capital as against 907% the week before.
Of the total, 58.0% is represented by dis;
counts: 25,.9% by acceptancas; and 16.1% by United States securities.
'
Admission to membership of the Central and Metropolitan Trust
Companies of New York City accounts largely for the increase of $782,000
in capital account.
.Payments received for certificates br indetbednass and on account of the second Liberty Loan are largely responsible for the
increase in Government deposits reported by nearly
every bank, the total standing to the credit of the Government being 55.9 millions in excess
of the total shown the week before.
Increases in reserve deposits were largest at the New York, Cleveland and San Francisco banks.
A decrease
of 7.9 millions in non-members'
clearings deposits - reported by the New York Bank results largely from" the shifting to the reserve column of the
newly admitted members' clearing accounts.
There was a net increase of $28,109,000 in the total of Federal reserve notes outstanding, all the Agents
except those at Chicago and San
Francisco reporting additional note issues for the week.
Against the total issued, $903,387,000, the Agents hold at present $614,692,000 of gold
and $303,704,000 of paper.
The banks roport a total actual Federal reserve note circulation of $847,506,000, an increase of $32,296,000 for the
week.
,
The figures of the consolidated statement for the
system as a whole are
given in the following table, and in addition
preceding weeks, together with those of the corresponding week of last year, thus
The earlier figures have been revised in order to conform with new form adopted by the
present the results for each of the
we
furnishing
a
useful comparison.
seven
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
and the Federal Reserve banks.
Combined Resources
and
•
.
of the
26
1917. Oct. "19
$
Oct.
RESOURCES.
1
Liabilities
^Federal Reserve Banks
$
1917. Oct. 11-12 '17.
S
Oct. 5 1917.
$
at the
Close
of
$
Gold coin and certificates In vault...
461,113.000
419.195,000
482,716,000
4481,614,000
445,597,000
363,967,000
369,799,000
52,500,000
321,778,000
334,787,000
342,337,000
52,500,000
52,500,000
52,500,000
52,500,000
841,494,000
618,827,000
11,218,000
856,994,000
4868,901,000
840,434,000
856,866,000
580,734,000
560,111,000
558,227,000
9,717,000
9,465,000
9,809,000
536,009,000
9,442,000
52,500,000
Total gold held by banks
877,580,000
430,979,000
373,387,000
1917.
Oct. 27 1916.
408,206.000
414,433,000
274,001,000
384,646,000
$ '
Gold settlement fund
Gold with foreign agencies...'
Business October 26 1917*
4Sept. 28 '17. Sept. 21 1917. Sept. 14 1917. Sept.
395,853,000
122,587,000
$
■
7
$
$
52,500.000
862,786,000
396,588,000
494,779,000
7,218.000
219,502,000
1,503,436,000 1,471,539.000 1,447,445.000 41438 477.000 1,408,470,000 1,402,317,000 1,374,949,000 1,364.783.000
51,085,000
49,506,000
49,089,000
49,934,000
448,238,000
50,608,000
48,973,000
48,113,000
617,481,000
1,552,942,000 1,520,512,000 1,495,558,000 1,486,715,000 1,457,559,000 1,452,251,000 1,420,034,000 1,415.391,000
183,758,000
167,333,000
233,539,000
168,217.000
397,094,000
265,251,000
293,164,000
286,615,000
177,590,000
161,012,000
168,445,000
176,169,000
186,162,000
173,199,000
171,611,000
185,775,000
Gold with Federal Reserve Agent
Gold redemption fund
52,500,000
845,350,000
620.470,000
627,457,000
21,131,000
86,085,000
614,692,000
11,164,000
•
9,127,000
1,391,000
I
Total
gold reserves
Legal tender notes, silver, &o
Total
reserves
Bills discounted—members
Bills
bought In open market
Total
bills
on
band
574,684,000
458,226,000
409,708,000
54,166,000
55,876,000
233,000
55,088,000
47,255,000
55,727.000
73.632,000
55,129,000
U. 8. Government short-term securities
478,939,000
54,878.000
48,517,000
451,413,000
U.S. Government long-term securities
233,000
101,000
79,000
560,802,000
warrants
Municipal
Total
earning
Total dedue'ns from gross deposits.
6% redemp. fund agst. F. R. bank notes
other resources
341.416,000
107,216,000
46.358,000
42,366,000
214,000
45,394,000
42,441,000
204,000
40,469,000
11,435,000
29,890,000
214,000
582,435,000
17,147,000
580,851,000
423,716,000
429,455.000
189,010,000
t2.247,000
t230,794,OOO
6,554,000
12,036,000
33,197,000
,321,205,000
504,937,000
5,929,000
234,361,000
439,983.000
230,423,000
224,622,000
216.960,000
288,573,000
537,000
364,842,000
338,352,000
232.993,000
240,290,000
239,041,000
500.000
500,000
500,000
500,000
231,176,000
500,000
228.996,000
500,000
500,000
420,000
1,185,000
1,000,000
574,000
387,000
404,000
308,000
372,000
3,798,000
2,528,365,000 2,447.841,000 2.417,84 5 TOO 2.301,633,000 2,203 673,000 2.132.179.000 2,081.734.000 2.074.714.000
853.792.000
I
resource*
335,778.000
41,070,000
32,540,000
332,302,000
684,959,000
6,896,000
281,677,000
Total
344,770,000
53,929,000
1,354,000
assets...
Due from other F. R. banks—net
Uncollected items
All
39,876,000
224,000
9,976,000
1.
2,570,000
33,197,000
t
$
62,629,000
76,365,000
1917. Oct. 27 191®.
i
$
$
$
$
61,027,000
59,379,000
59,354.000
59,368,000
59,256,000
55,703,®®®
t86,310,000
81,104,000
74,167,000
61,847,000
132,221,000
Capital paid In
Government deposits
%
$
[Vol. 105.
.
Sept .281917f Sept. 21 1917. Sept. 14 1917. Sept. 7
Oct. 5 1917.
1917. Oct. 11-12 *17.
19
1917. Oct.
26
Oct.
LIABILITIES.
71,289,000
25,030,000
21,602,000
39,926,000
29,982,00®
1,264,323,000 1,230,557,000 1,265,309,000 1,148,887,000 1,136,930,000 1,151,704,000 1,139,291,000 1,138,542,000
50,621,000
52,339,000
50,779,000
94,029,000
67,433,000
51,377,000
42,262,000
35,335,000
Due to members—reserve account
Due to non-members—clearing account
551,918,®«®
Member bank deposits—net
Collection
CHRONICLE
THE
1780
173,825,666 1159,258,666
216,048.666
174,492,666
items
157,524,666
156,268",655
164,449",000
154,112",000
1,606,371,000 1,559,232,000 1,564,678.000 1,488,484,000 1,433,176,000 1,391,962,000 1,367,782,000 1,384,919,000
621.299,000
644,567,000
670,246,000
740,916,000
700,212,000
779,885,000
815,210,000
847,506,000
6,894,000
7,561,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000.000
8,000,000
2,346,000
2,456,000
3,206,000
2,617,000
2,906,000
4,178,000
7,552,000
All other llab., Incl. foreign Govt.nredlts
3,859,009
581,900,000
2,528,365,000 2,447,841,000 2,417,845,000 2,301,633,000 2,203,673.000 2,132,179,000 2,081,734,000 2,074,714,000
853,792,000
Total gross deposits
214,622,000
F. R. notes In actual circulation
1,031,000
F. R. bank notes In circulation, net liab.
Total liabilities
Gold
reserve
against net deposit llab
Gold and lawful money reserve
Gold
66.5,,%
agst. F.R. notes In act. clrc'n.
res.
^
:
70.4%
69.8%
69.2%
70.4%
74.3%
74.3%
74.6%
72.3%
70.3%
73.8 %
._
74.5%
73.7%
73.0%
74.5%
78.6%
78.8%
79.0%
77.3%
75.7%
76.9%
81.1%
81.4%
82.2%
80.8%j
74.1%
102.9%
against
deposit liabilities
net
536,000
Ott.
1-15 days bills discounted and bought.
1-15 days municipal warrants
344,190,000
18-30 days bills discounted and bought.
16-30 days municipal warrants
",51,887", 000
78,000
101,512,000
24,000
8
259,725,000
233,277,000
Sept. 28 19176 Sept. 21 1917. Sept. 14 1917. Sept.
Oct. 5 1917.
S
$
$
Distribution by Maturities—
1917. Oct. 11-12 '17.
19
1917. Oct.
26
178,321,000
146,000
69,667,000
.
61-90 days bills discounted and bought.
61-90 days municipal warrants
L.
75,211,000
Over 90 days bills discounted and bought
""1,884,666
131,000
132,000
903,387,000
55,881,000
875,278,000
847,506,000
....
$
%
S
128,459,000
138,648,000 i 127,393,000
126,000
64,970,000
53,631,000
63.603,000
63,338,000
"45,175,656
94",864",000
104,004,000
97,025,000
90.78V,566
109,602,000
11,000
7,000
20,000
20,000
20,000
57,225,000
64,011,000
50,457,000
51,743,000
57,455,000
"7,848",000
56,671,000
126,000
126,000
93,616,000
11,000
59,999,000
90,000
1,116,000
81-60 days bills discounted and bought.
81-60 days municipal warrants
■t
$
$
228,355,000
1.
1917. Oct. 27 1916.
7
69,614,660
:
96,983,000
137,106,00®
80,000
10,000
5,000
5,000
2,149,000
10:000
1,412,000
1,468,000
73,000
1,546,000
53,000
"7,865", 000
62,000
•68,000
58,000
797,630,000
754,088,000
725,397,000
56,714,000
54,745,000
55,151,000
700,430,000
55,863,000
680,073,000
60,058,000
837,425,000
57,540,000
58,774,000
20,254,000
815,210,000
779,885,000
740,916,000
699,343,000
670,246,000
644,567,000
621.299,000
214,622,000
Received from the Comptroller
Returned to the Comptroller
1,337,680,000 1,309,040,000 1,251,580,000 1,207,940,000 1,167,320,000 1,145,700,000 1,116,840,000 1,065,660,000
180,572,000
192,835,000
195,748,000
204,280,000
206,695,000
197,957,000
213,342,000
214,903,000
378,760,000
Amount chargeable to Agent
In hands of Agent
1,122,777,000 1,095,698,000 1,044,885,000 1,003,660,000
206,030,000
207,460,000
220,420,000
219,390,000
969,363,000
949,952,000
924,005,000
885,088,000
297,566,000
215,275,000
224,555,000
223,575,000
205,015,000
62,690,000
837,425,000
797,630,000
754,088,000
725,397,000
700,430,000
680,073,000
234,876,000
256.127,000
137,980,000
Over 90 days municipal warrants
Federal Reserve Notes—
Issued to the banks
Held by banks
In
circulation...
234,876,000
Fed. Res. Notes (Agents Accounts)—
903,387,000
875,278,000
By gold coin and certificates...
267,166,000
282,351,000
274,221,000
269,911,000
276,645,000
278,534,000
272,682,000
By lawful money
By commercial paper
288,095,666
256,451,000
256.6*91", 000
237,519,000
198.049,000
189,388,000
779,960,666
Issued to Federal Reserve banks..
81,194,000
How Secured—
31,604l000
30,430,000
28,657,000
28,040,000
28,801,000
10,392,000
276.0S3.000
261,543,000
250,554,000
228,674,000
26,452,000
221,336,000
25,232.000
304,872^000
213,420,000
71,130,000
903,387,000
875,278,000
837,425,000
797,630,000
754.0S8.000
725,397,000
700,430,000
680,073,000
303,704,000
...
T
Commercial paper delivered to F.R. Agt
a
270,185.000
263,184.000
248.912,000
204,467.000
198.887,000
192,200,000
187.218,000
Amount due to other Federal Reserve banks.
b The figures for San
Francisco are for Sept. 21.
New York.
Boston.
Phlladel'a
Cleveland
Gold coin A ctfs. In vault 27,546,000 281,218,000 17,623,000 21,657,000
Gold settlement fund... 22,047,000
Gold with for'n agencies.
Atlanta.
3,675,000
6,219,000
36,496,000 38,0 43,000 52,368,000 30,394,000
18,112,000 3,675,000 4,725,000 1,837,000
Chicago.
t
Richmond
tit
%
234,876,000
>
15,817,000
t Revised figures.
WEEKLY STATEMENTof RESOURCESand LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of
RESOURCES.
15,374,000
33,204,000
...
..........
185,294,000
314,322,000
Gold redemption fund
With Federal Reserve Board
Total
•
St
I
Louis.
$
6,175,000 35,270.000 4,772,000
3,859.00072,842,000 21,158,000
1,575,000: 7,350,000 2,100,000
Dallas.
San Fran.
S
Minneav. Kan. City.
i
$
,878,000
BUSINESS OCT26 17
Total J
t
5,448,000 12 225,000 25,082,000 461,113,00#
,370,000 38,480.00015 679,000 27,231,000 363,967,00®
,100,000
2,625,000
1,830,000
2,888,000, 52,500,00®
-4
Total gold held by bits. 53,268,000 335,826,000 59,341,000 78,750,000 38,450,000 11,609,000 115462000 28,030,000
Gold with F. R. Agents 35,371,000 187,224,00048,220,000 47,715,000 28,729,000 40.048,000 81,372,000 27.075,000
391,000
768,000
Gold redemption fund..
950,000
12,000!
1,000,000
5,000,000
715,000!
540,000
348,000 46,553,000 29,
,742,000 55,201.000 877,580,00®
625,000!30,620,00026,
,303,00026,380.000614,692,00®
393,000!
517,000;
848,000
30,000 11,164,00®
Total gold reserves... 89,639,000 528,050.000 108511000 126477000 67,894,00052,207,000 197225000 55,873,000 61,366,000,77,690,000 56,893,000 81,611,000 150343600®
322,000!
613,000
45,000!
493,000
157,000!
248,000 1,816,000
387,000, 49,506,000
352,000
760,000
Legal-ten. notes, sll v., Ac. 4,037,000 40,276,000
Total
reserves
...
93,676,000 568,326,000 109271000 126829000 68,051,000 52,455,000 199041000 56,486,000 61,688,000:77,735,000 57,386,00081,998,000 1552942000
Bills:
Discounted—Members 10,873,000 213,624,00010,242,000
,231,00023,764,000
,450.000 13,574,000 397,094,00®
Bought In open market 24,046,000
,787,000!
,847,000
Total bills
on
9,598,00011,320,00011,526,000 52,173,000 21,719,000
88,564.000:13,357,000 18,101,000 5,731,000 2,775,000 7,715,000 2,428,000
4,002,000177,490,000
59,888,000 24,147,000 11,018,000 25,001,00017,297,00017,576,000 574,684,000
893,000 21,007,000 2,233,000 1,860.000 8,853,000; 3,972,000 2,519,000 54,166,00®
8,945,000 4,948,000 1,793,000 3,037,000 2,210,000: 2,252,000 4,746,000 55,876,000
hand... 34,919,000 302,188.00023,599,000 27,699,000 17,051,000 14,301.000
U.S. long-term secur's..
U. S. short-term secur's.
550.000
610,000
2,426,000
7,947,000
1,296,000
2,686,000
16,074,000
3,128,000 3,693,000
10,000.
12,000
2,364,000
Total earning assets... 38,215,000 320,688,000
Due from other Federal
27,287,00039,351,000
Municipal warrants
Reserve
1,237,000
;>
banks—Net.
3,111,000
6,497,00011,269,000
18,598,000
Uncollected items
55,"216,000 32,885,000;18,199,000
10,000
155,000
233,00®
46,000
28,173,000
925,00036,064,000)23,567,00024,841,000684,959,00®
6,002,000
1,114,000
17,893,00019,266,000 37,15,1,000 19,873,000
512,000 3,695,000' 2 263,000 6,395,000 a6,896,000
017,00017,551,00015 629,00019,399,000281,677,00®
20,711,000:24,294,000)85,843,000
2,036,000'
Total deductions from
gross deposits
21,709,000
8% redemp. fund against
Fed. Res. bank notes.
All other
400,000
345",000
"100",000
resources
■
Total
55,216,000 39,382,00029,468,000 19,929,000 20,380,000 37,151,000 25,875,000 12,529,00021,246,000 17 892,000 25,794,000 288,573,00®
137,000
524,000
122,000
63,000
537,00®
1,354,00®
■■/..
resources..
153600000 944,230,000 175940000 195648000 10869100097,229,000 322035000 111079000 90,666,000 135445000 99,104,000 132696000 252836500®
LIABILITIES.
Capital paid In
5,467,000
15,236,000
5,273,000
6,460,000
3,477,000
2,595,000
8,048,000
3,305,000
579,000
Government deposits... 12,823,000
15,591,000
8,313,000 15,157,000
8,535,000
5,866,00017,545,000
9,688,000
013,00010,746,000
Due
to
serve account...
Due
to
3,372,000
2 ,783,000
4,034,000
62,629,00®
8 ,748,00014,196,000132,221,00®
members—Re¬
74,592,000 528,035,000 73,634,000 98,754,000 40,799,000 32,226,000 15695100046.537,000 39,587,000 67,612,00038,854,000 66,742,000 126432300®
non-members—
clearing account.
Collection
Items..
390,000
25,287,000
32,537,000 28,693,00013,709,000
36,426,000
—
12",243",000
Due to F. R. banks—Net
12,831",600
7,000
100,000 5,749,000
10,895,000 19,945,000 12,960,000
1,572,000
Total gross deposits.. 99,658,006 637,876,000 110640000 128010000 62,165,000 49,087,000 201762000 69,192,000
F.R. notes In act. clrcul. 47,932,000
288,798,000 59,613,000 60,998,000 42,896,000 45,547,000 11.214400038,582,000
F. R. B'k notes In clrcul
39,000!
2,000
,209,00010,962,000
,J 3,761,000
.
6 105,000
35,335,00®
9,403,000174,492,000
848,000,89,322,00053,707,000 94,102,000 1606371000
239,000 34,583,000 42,614,000 34,560,000 847,506,000
8,000,000
8,000,000
All other liabilities, Incl
foreign Govt, credits.
Total
a
liabilities
543,000
2,320,000
414,000
1536Q0000 944,230,000 175940000
Difference between net amounts due from and net
STATEMENT
OF
FEDERAL
Boston.
New York.
S
t
180,000
amounts due to other
RESERVE AQENTS'
Philadel'a
%
81,000
153,000
195648000110869100097,229,000
168,000
3,859,00®
322035000 11107900090,666,000 135445000 99,104.000 132696000
25283650g
Federal Reserve banks.
ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 26 1917.
Cleveland.
Richmond:.
Atlanta.
Chicago.
%
%
t
t
Si
Louis.
$
Minneap. Kan. City.
t
%
Dallas.
S
San Fran.
%
Total.
%
79,680.000 532,760.000 92,440,000 83,000,000 60,100.000 59,980,000 151440000 55,840.000 57,280,000 56.720,000 63,980.000 44.460,000 133768000®
15,029,000 106,016,000 14,080,000 7,845,000 14,107,000 9,801,000 4,90S ,000 7,468,000 8,569,000 10,460.000 11,294,000 5,326,000 214,903,000
64,651,000 426,744.000 78,360,000 75,155,000 45,993.000 50,179,000 146532000 48,372.000 48,711,000 46,260.000 52,686.000 39,134,000 112277700®
219,390,000
1,680,000 3,110,000 29,900,000 7,050.000 8,290,000 8,680,000 9,780,000
In hands of F. R. Agent. 13,400,000 111,520,000
15,040,000 10,940,000
Issued to F. R. Bank. 51,251,000 315,224,000
63,320,000 64,215,000 44,313,000 47,069,000 116632000 41,322,000 40(.421,000 37,580,000 42,906,000 39,134,000 903,387,00®
Held by F. R. Agent—
Gold coin and ctfs.... 30,509,000 177,082,000
Gold redemption fund, 2,772,000
10,142,000
With Fed. Res. Board
Commercial
paper...
Total
2,000.000
15,880,000
12s","000",000
2,513,000 13,102.000 2,270.000 14,480,000
267,166.000
4,220,000 19,321,000
3,579,000
3,361,000 3,394,000
"729",000 2,509,000 "444",000 1,502,000 2,023.000 1,990.000 2,349,000 1,989,000 33,204,00®
40,639.000 25,000.000 28,000,000 33,970,000 80,928,000 23,060.000 20,500,000 26,360.000 9,474,000 24,391,000 314,322,000
15,100,000 16,500,000 15,584,000 7,011,000 35,260.000 14,247,000 4,796,000 6,960,000 16,603,000 12,754,000 288,695,00®
51,251,000 315,224,000 63,320,000 64,215,000 44,313,000 47,069,000 116632000 41,322,000 40,421,000 37.5SO.OOO 42,906,000 39,134,000 903,387,00®
Amt. of commerc'l paper
delivered to F. R. Agt. 15,899,000 133,130.000 15,105,000
16,508,000 17,051,000
F. R. notes
9,331,000 35.7S3.000 14,258,000
F R
8,886,000
7,380.000 17,297,000 13,076,000 303,704,00®
outstanding., 51.251,000 315,224,000 63,320.000 64,215,000 44,313,000 47,069,000 116632000 41,322,000 40,421.000 37.5*0.000 42,906.000 39.134.000 903,387,00®
26,426.000 3.707,000 3,217,000 1,417,000 1,522,000 4,488,000 2.740,000 1,182,000 2,997.000
292,000 4,574,000 55,881,00®
F. R. notes held by banks „3,319,000
notes In act.clrc'n
47,932.000 288,798,000 59,613,000 60,998,000 42,896,000 45,547,000 112144000 38.582.000
Nov. 3
THE
1917.]
Statement of New York City
1781
CHRONICLE
Clearing House Banks and Trust Companies.—The following detailed statement
City Clearing House members for the week ending Oct. 27.
The figures for the
shows the condition of the New York
separate banks are the averages
In the case of the totals, actual figures at end of the week are also
of the daily results.
given.
NEW
YORK
CLEARING
WEEKLY
HOUSE
National
CLEARING HOUSE
I,
MEMBERS.
Week
5,243,900
2,555,900
2,000.000
10,328,700
6,000,000
25,000,000 c48,277,400
8,885,200
3,000,000
872,200
1,000.000
Bank...
Chemical Nat. Bank
Atlantic Nat. Bank
Nat. Butchers A Drov_
300,000
77,500
American Exch. Nat...
5,000,000
5,571,300
of Comm..
25,000.000
20,864,400
Chat. & Phenlx Nat...
3,500,000
Hanover Nat. Bank...
3,000,000
2,396,800
16,924,700
Nat.
Bank
2,683,200
Importers' A Trad. Nat.
2,550.000
1,000,000
3,500.000
1,500,000
Nat. Park
5,000.000
17,134,600
Citizens' Nat.
Bank...
Market A Fulton Nat..
Corn Exchange Bank...
Bank..:
First
Nat.
Nat.
Circula¬
Deposi¬
Deposi¬
Deposits.
Deposits.
tion.
taries.
taries.
Average.
Average.
S
Average.
Average
Average.
Average.
Average.
S
$
%
180,000
105,000
192,000
5,144,000
35,726,000
1,946,000
768,000
23,538,000
166,000
145,000
396,000
104,000
2,243,000
16,738.000
957,000
1,823,000
153,800.000
551,569,000
6,889,000
8,781,000
192,000
4,843,000
1,307,000
6,581,000
541,360,000
8,755,000
314,000
271,000
734,000
377,000
27,185.000
1,104,000 104,972,000
73,000
6,031,000
159,962,000
3,143,000
53,943,000
14,099,000
44,183,000
163,000
159,000
387,000
2,459,000
727,000
3,777,000
1,782,000
443,000
150,000
49,000
4,961,000
2,332,000
100,998,000
345,785,000
66,436,000
139,216,000
37,038,000
70,000
31,000
42,000
34,000
9,000
3,027,000
458,000
1,008,000
833,000
1,370.000
7,157.000
129,000
413,000
1,967,000
680,000
419,000
11,529,000
1,243,000
1,350,000
587,000
34,091,000
1,219,000
9,457,000
64,450,000
534,000
.18,176,000
4,030,000
140,283,000
842,000
692,000
34,000
1,590,000
816,000
46,000
358,000
10,733,000
267,000
50,000
369,000
7,244,700
113,491,000
34,800.000
1,579,000
565,000
1,062,000
2,118,000
59,000
164,681,000
2,536,000
926,000
751,000
396,000
28,000
149,000
30,144,000
11,441,000
108,967,000
30,202,000
400,000
"T+OOO
19,402,000
513,000
16,000
204,000
148,311,000
3,832,000
3,564,000
1,130.000
836,000
6,400,000
640,000
50,000
2,991,000
19,676,000
125,000
94,000
382,000
378,000
2,343,000
16,866,000
27,094,100
162,000
408,000
1,410,000
162,472,000
4,770,200
373,500
1,285,000
436,000
16,310.000
92,032,000
9,017,000
303,000
66,000
1,878,000
249,000
37,000
212,000
22,760.000
4,000,000
315,831,000
87,574,000
1,105,000
89,000
209,000
666,000
137,000
1,383,000
32,470,000
247,335,000
23",770",000
17,122,000
15.000
211,000
144,000
500,000
10,000,000
Garfield Nat. Bank
12,623,800
1,985,800
1,000,000
1,000.000
281,552,000
3,469,000
2,939,000
18,055,000
10,878,000
652,000
475,000
429,800
Seaboard Nat. Bank...
3,316,500
Liberty Nat. Bank
3,000,000
Coal A Iron Nat. Bank.
1,000.000
2,358,000
1,897,000
10,020,000
197,000
398,000
55,000
98,000
18,000
36,000
743,000
5,769,000
333,000
490,000
677,000
188,000
47,967,000
238,000
59,886,000
16,000
2,478,000
247,000
70,000
75,270,000
7,463,000
11,003,000
10,171,000
11,350,000
561,000
51,000
1,413,000
10,387,000
494,000
499,000
413,000
158,000
168,000
"274",000
12,032,000
450,000
396,000
109,000
40,000
582,000
120,000
31,000
'
146", 000
1,000.000
1,184,100
Bankers Trust Co..
11,250,000
15,383,900
258,923,000
542,000
93,000
223,000
694,000
1,627,000
31,280.000
Guaranty Trust Co....
25,000.000
28,867,200
455,148,000
4,145,000
297,000
535,000
863,000
46,122,000
Nassau Nat., Brooklyn
1,000,000
1,150,500
12,687,000
218,000
1,500,000
1,152,800
25,901,000
58,000
236,000
66,000
Broadway Trust Co...
257,000
422,000
20,000
772,000
3,338,000
Union Exch. Nat. Bank
199,000
1,200,000
893,000
1,005,000
4,221,300
877,900
Bank
302,000
9,814.000
6,714,000
45,366,000
1,329,300
250.000
1,000.000
218,140.000 36,327,000
349,633,000 45,123,000
469,000
10,142,000
1,220,000
24,979,000
"60,000
1,569,000
162,100,000 267,482,800 3,501,143,000 43,055,000 16,545,000 24,387,000 13,047,000 451,292,000
Avge. for week k..
2,986,409,000 164580000:32,707,000
3,695,868.000 41,054,000 15,954,000 24,654,000 12,988,000 440,320,000
3,142,777,000 45,296,000 17,724,000 23,920,000 11,208,000 426,206,000
2,975,429,000 164955000 32,775,000
2,812,244.000' 128312000 32,729,000
3,134,633,000 48,787,000 17,141,000 22,080,000 11,797,000 465,633,000
2,633,534,000 42,653,000 16,319,000 21,423,000 9,787,000 367,035,000
2,852,510.000 130505000 32,448,000
Totals, actual condition Oct.
26-
Totals, actual condition Oct.
Totals, actual condition Oct.
Totals, actual condition Oct
20
—
13...
6...
Bank.
Fed eral Reserve
38,561,000 2,547,000
5,212,100
2,050,000
32,244,000
6,706,200
Mem hers
Not
State Banks.
2,366,789,000 80,782,000 32,276,000
of
42,009 ,000
2,000,000
321,000
279,000
343,000
8,940,000
780,000
825,000
469,000
158,000
500,000
1,344,000
12,789,000
905,000
194,000
324.000
363,000
2,763,000
796,000
"13", 000
13,268 ,000
"IV, 000
500,000
1,017,000
436,500
9,148,000
316,000
50,000
524.000
636,000
293,000
466,000
433,000
9,767 .000
40,000
3,169,000
36,000
99,000
142.000
203,000
3,020 000
17,000
2,000,000
2.055,200
22,1.52,000
1,037,000
317,000
565,000
338.000
181.000
1,715,000
250,000
817,200
4,367,000
6,540,000
313,000
29,000
90,000
97,000
237,000
792,000
181~ 000
2,050,000
1,500,000
Bank of Manhattan Co.
Bank of America
People's
"3 6*5", 000
76,000
Lincoln Nat. Bank
Bank..
Pacific Bank
1,729,000
200,000
1,019,000
100,000
6,877,000
2,365,000
264,000
14,000
9",004",000
258,001,000 10,004,000
14,303,000
4.636,000
2,387,000
91,000
14,904,000
2,231,000
81,919,000
10,000,000
Bank
Chase Nat. Bank
Greenwich
$
1
S
234,000
2,149,000
7,756,700
S
$
42,035,000
3,679,900
N. Y. County Nat
Nat.
Time
250,000
Bank
Irving Nat. Bank
Fifth
Bank
Demand
Deposits
1,000.000
East River Nat. Bank.
Second
Net
Legal
Average.
Silver.
Tenders,
Average.
S
Mech. A Metals Nat...
National City
Net
Legal
Notes.
Average.
Merchants' Nat. Bank.
.
with
Federal
Reserve
Gold.
&c.
Reserve Bank.
2,000,000
with
Legal
Investments,
Members of Federal
National
Reserve
and
Loans,
Discounts,
/Nat. Banks Sept. 11 \
\State Banks Sept.
8/
Bank of N. Y., N.B.A.
Additional
Bank
Net
Profits.
Capital.
Ending
27 1917.
Oct
RETURN.
.....
200,000
Bank..
Metropolitan Bank...
Bowery Bank
380,000
84,000
4,000
6,000
1,216,000
126,000
964,000
365,000
89,000
120,000
304,000
248,000
657,000
38,000
326,000
191,000
60,000
459,000
402,000
92,000
35,000
193,000
750.000
803,300
Fifth Avenue Bank
100,000
2,320,700
German Exchange Bank
Germanla Bank
200.000
818,800
400,000
761,300
6,400,000
Bank of the Metropolis.
1,000,000
2,302,200
15,107,000
597,000
325.600
64,400
290,000
N. Y. Produce Exch...
i,000.000
980,800
4,196,000
19,098,000
1,058,000
State Bank
1,500,000
418,000
23,087,000
12,275,600
26,107,700
German-American Bank
West Side Bank
Totals, avge. for week
Totals, actual condition Oct.
13..
6...
Not
3,951 ,000
6,262 ,000
120,000
18,649 ,000
1,574,000
185,000
5,477 ,000
857,000
l",159",000
14,284 ,000
251,000
145,000
4,188' ,000
329,000
6,452 ,000
340,000
Mem hers
of
2,114,000
114,000
698,000
527,000
628,000
527,000
352,000
1,287,000
1.496,000
1,037,000
119,000
20,419 ,000
25,912 ,000
32,000
219,621,000 13,895,000
4,249,000
5,447.000
3,334,000
22,024,000
4,255,000
224,083,000
2,224,000
4,227,000
5,861,000
19,769,000
22,797,000
3,672,000
4,629,000
2,184,000
5,295,000
3,462,000
2,972,000
221,562.000
4,187,000
226,730,000
2,556.000
218,240,000 14,481,000
219,781,000 14,396,000
20...
Trust Companies.
21,001 ,000
221,650,000 12,820,000
219,114,000 14,616,000
27...
Totals, actual condition Oct.
Totals, actual condition Oct.
Totals, actual condli Ion Oct.
17,288,000
5,475,000
29,424 ,000
4,282,000
5,124,000
3,045,000
5,327.000
2,781,000
5,393,000
3,538.000
227,307.000
231,069,000
2,178,000
3,914,000
24,637,000
27,280,000
200,000
222,000
27,915.000
4,392,000
Fed eral
2,147,000
Bank
Reserve
Brooklyn Trust Co
1,500,000
2,952,700
34,462,000
373,000
1,396,000
761,000
U. 8. Mtge. A Trust Co.
Title Guar. A Trust Co.
2,000.000
4,452,600
66,204,000
1,6*17,000
98,000
155,000
250,000
5,568,000
3,279,000
5,000,000
12,134,000
2,055,000
171,000
163,000
276,000
i,343,000
392.000
1,116,000
51,351,000 11,907,000
26,856.000
1,153.000
Fidelity Trust Co
1,000.000
1,197,400
42,365,000
11,149,000
682,000
70,000
76,000
527,000
4,000,000
5,000,000
5,104,300
24,879,000
618,000
185,000
30,000
86,000
107,000
446,000
Lawyers Title A Tr. Co.
1,562,000
184,000
5,735,000
260,000
770.000
468,000
3,618,000
2,819,000
1,000.000
6,512,800
1,253,300
86,046,000
366,000
366,000
1,621,000
707,000
3,000,000
11,230.000
24,959,000
76,031,000
72,664.000 15,839.000
1,555.000
22,420 000
3,612,000
62,000
34,000
'92,000
5,298,000
28,000
59,256.000 10,055.000
355,000
212,000
1,627,000
352,000
94,000
668,000
97,000
255,000
7,756,000
Columbia Trust Co
Peoples Trust Co.....
.
New York Trust Co...
487,000
101,000
Franklin Trust Co
1,000,000
1,187,300
LInooln Trust Co
1,000,000
553,300
19,432,000
14,008,000
461,000
808,000
125,000
265,000
321,000
4,494,600
53,727.000
1,094,000
107,000
80,000
Metropolitan Trust Co.
2,000,000
Totals, avge. for week
21,500,000
k2,482,000 k2,579,000 k30,903,000
51,072,300 k453,262,000 18,305,000 kl,734,000
906.000
486,000
13,364,000
1,414,000
1,017,000
50,514,000
4,181,000
18,406,000
9,146,000 k368,84S,000 52,935,000
8,399,000 k368,585,000 53,581,000
k458,598,000 17,661,000 kl,740,000 k2,442,000 k2,567,000 k31,608,000
k580,797.000 89,834,000
k706,086,000 19,54.1,000 kl,826,000 k2,592,000 k3,138,000 k70,702,000 12,223,000
k 700,933,000 31,400,000 kl ,960,000 k2,629,000 k2,863,000 k47,778,000 21,755,000 k571,280.000 91,121.000
924,200,000 128580000
3,117,000
3,390,000 108,057,000 21,975,000
2,186,000
1,105,053.000 36,835,000
Totals, actual condition Oct.. 27—
Totals, actual condition Oct. 20...
Totals, actual condition Oct.
Totals, actual condition Oct.
8,942,000
17,160.000
.
13...
6...
13,401.000 a3579340 000 219739000 32,707,00®
Grand aggregate, avge. 200,875,600 344,662,800 4.174,026.000 75,255,000 22,528,000 32,318,000 18,960.000 504,219,000
+ 59,00®
-10843000 —71,865,000 -2,655,000
+ 102596.0001 -15219000 -1,414,000 + 1320000 + 1318000 -29,825,000
Comparison prev. week
Grand aggregate, actual
12,071,000 b3565576,000 220720000 32,775,000
4,376,116.000 71,535,000 21,921,000 32,957,000 19,017,000 491,697,000
+46,00®
+ 18,000
•54,195,000
+ 308139,000 -7,918,000 -1,816,000 +1150000 + 1699000 -28,008,000 -4,781,000
condition
Oct.
condition
Oct. 20
4,067,977.000 79,453,000 23,737,000 31,897,000 17,318,000
Oct.
13... 4,053,806,000 94,668,000 23,383,000 29,833,000 17,705,000
15,958,000
Oct.
6... 3,958,638,000 93,884.000 22,419,000 29,867,000
3,942,269.000 108677000 22,261,000 30,384,000 15,974,000
Sept. 29
27.
—
.
Comparison prev. week
Grand aggregate, actual
Grand aggregate, actual
condition
Grand aggregate, actual
Grand aggregate, actual
condition
condition
519,705,000 16,852,000 b3619771.000 220702000 32,729,000
538,018,000 27,148,000 b3651097,000 223804 000 32,448,000
502,372,000 25,513,000 b3522058.000 211509000 32,276,00
476,452.000 22.895,000 b3535610000 202915000 32,029,00 V
a U. S. deposits deducted, $316,522,000.
b U. S. deposits deducted, $459,317,000.
c Includes capital set aside for
Guaranty and Bankers Trust Companies are now Included with those of other members of the Federal Reserve Bank.
members of the Federal Reserve Bank and correspondingly decrease the aggregates for the trust companies.
foreign branches, $6,000,000. k The figures of the
These changes heavily increase the totals of the
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash
Reserve
Inc.
a
or
in
Total
Reserve
Surplus
from
Depositaries
Reserve,
Required.
Reserve.
Previous Week
S
Reserve bank...
State
banks*
Truet Companies*.
Total Oct. 27...
Total Oct
20—.
26,925.000
25,100,000
$
«
$
451,292,000 451,292,000 393,170,570
22.024,000; 48.949,000 40,334,940
30,903,0001
56,003,000
675,800
—422,850
52,025.000l504,219,000 556,244,000 488,832,710 67,411,290 —27,531,510
62,240,000.534,044,000 596,284,000 501,341,200
Total Oct.
13...
65,489,000|525,927,000 591,416,000 492,779,340
Total Oct.
6...
84,856,000 492,790.000 577,646.000 494,734,990
94,942,800
98,636,660
82,911,010
*
This Is the reserve required on net demand deposits In the case of
—3,693,860
+ 15,725,650
+ 16,905.980
Inc.
or
Dec.
in
Total
Reserve
Surplus
from
Depositaries
Reserve.
Required.
Reserve.
Previous Week.
%
$
$
-8,199,34®
440,320,000440 ,320,000 391,754,420
39,8S1,160
48,565,580
6,257,840
55,287,750
730,250
50,780,000 491,697,000 542 477,000486,923,330
54,167,000 519,705,000 573 872,000 497,372,030
55,553,670
76,499,970
—20,946,300
65,784,000 538.048.000 603 832,000501,348,710 102,483,290
71.946.000 502.372.000 574 318.000490.328.450 83,080.550
+ 18.493,740
d
26,370,000; 19,769,000 46 139,000
24,410,000
31,608,000
56 018,000
-2,797,760
-9,949,200
—25,983,32®
+ 6.977,4? g
Not members of Federal Reserve Bank.
a
Vault.
%
$
53,121,430 —25,573,120
—1,535,540
8,614,060
55,327,200
in
b
Reserve
Reserve
Reserve
in Vault.
Members Federal
Cash
Dec
companies, but In the oase of members of the Federal Reserve Bahk Include!
Oct. 13, $3,787,020; Oct. 6, $2,403,330.
case of members of the Federal Reserve Bank Includes
on net time deposits, which was as follows: Oct. 27, $4,948,650; Oct. 20, $3,849,360; Oct. 13, $3,915,150: Oct. 6, $2,423,460.
which is no longer oounted as reserve for members of the Federal Reserve Bank,was as follows: Oct. 27, $97,034,000; Oct. 20, $100,814,00®;
State banks and trust
time deposits, which was as follows: Oct. 27, $4,937,400; Oct. 20, $3,852,270;
required on net demand deposits in the case of State banks and trust companies, but in the
also amount of reserve required on net
b This is the reserve
also amount of reserve required
c
Amount of cash In vault,
Oct. 18, $97,612,000; Oct. $6,
$86,955,000.
d Amount of cash In vault, which Is no longer oounted as reserve
Oct. 13, $99,805,000; Oct. 6,
$90,182,000.
for members
of the Federal Reserve Bank, was as follows:
.
•
Oct. 27, $94,650,000; Oct. 20, $98,148,00®;
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
In New York Citv not in the Clearing House, and these are
■hown in the following table:
BANKS AND TRU8T COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOU3E STATEMENT.
{Figures Furnished by Stale Banking Department.)
Differences from
previous week.
V-'.'V'■
Oct. 27.
Inc.$12,173,800
Loans and investments..
1858,881,200
Specie
45,961,800 Dec. 11,037,600
SUMMARY OF STATE
In addition to the returns of "State banks and trust com¬
panies in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
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:
For definitions and rules under which
—
12,281,300
Inc.
473,300
30,640,800
Inc.
1011,755,000
Inc.
24,615,800
1,897,100
Inc.
13,230,500
Currency and bank notes...
.....—......—.
Due from F. R. Bank of New York..,
Total deposits..
..........
—
Deposits eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and V. S, deposits 886,399,900
Reserve on deposits—..... ...... 178,538,200
5,269,200
Dec.
Percentage of reserve, 23.3%.
RESERVE.
.
!.
State
■Trust
Banks-
Companies—
.11.66%
11.24%
14.41%
$75,742,200
16,843,200
72,811,100
$29,984,900
25.65%
$148,553,300
"Chronicle," V. 98, p. 1661.
of the law governing the reserve require¬
ments of State banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V. 104, p.
1975).
The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
1914
(V. 98,
p.
1045).
22.87%
Deposits in banks and trust oos
Total
,
STATE
BANKS AND TRUST COMPANIES.
State 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:
AND TRUST COMPANIES
GREATER NEW YORK.
We omit two ciphers in all these fiourei.
■
RESULTS
•
OF
BANKS
Total
Legal
Cash in
outside of '.
Specie.
4...
4.586,150,2
Aug.
II...
4.628.044.8
Aug.
Aug.
4,701,510,7
4,665,195,5
4.698.954.2
18...
Reserve
89,650,000
12,488,000
178,822,000
15,164,940
17,526,400
437,808,000 1,921,348,700
186,668,600
310,765,000
+ 20,900
+ 1,838,800
in
+ 5,825,000
+ 31,250,000
25,647,500
25...
Sept.
1...
Sept.
8
Sept. 15...
4.692.376.4
4.645.698.3
Sept. 22...
4,722.059,0
Sept. 291..
4.739.736.5
Oct.
6...
Oct.
13...
4.795.665.9
4,827,878,5
Oct.
20...
4.918.137.4
Oct.
27...
5,032,907,2
19,606,700
—1,171,700
63,043,000
—19,633,400
Currency and bank notes.
20,950,300
15,555,800
Change from last week.
+ 654,100
+684,200
Due from F.R.Bk.of N.Y.
27,397,700
125,674,300
+ 1,290,100
+ 38,507,100
Specie
%
%
4,421,443,0 253.147.1
4.434.759.0 251.205.2
42,216,7
42.943.0
294.148.2
677.656.8
644.247.2
245,643,8
42.498.6
288.142.4
281,906,7
568.014.9
580.079.3
4.370.867.2
4,375,602,6
4.425.359.4
3.877.888.8
4.374.901.1
Y
41,732,300
Change from last week.
taries.
$
Aug.
outside of
24,050.000
as
Change from last week.
Endedr-
Trust Cot
Deposi¬
Vault.
Demand
Deposits.
State Banks
of June 20
Capital
Loans and investments..
t
and
in
Oreater N.Y. Greater N. Y. Greater N.Y. Greater N.
Surplus as of June 20
IN
Tenders.
Loans
Investments
Week
Trust Cot.
in
Oct. 27.
Week ended
and trust
COMBINED
the various items,
made up, see
The provisions
are
ill.21%
....$13,141,700
Cashinvaults
[Vol.105.
CHRONICLE
THE
1782
295.363.8
239,778,8
42,127,9
223,683,8
43.419.1
43,859,5
267.102.9
578.289.4
209.834.0
253.693.5
546,135,3
206.401.2
45,759,5
252.160.7
575.446.1
4.347.960.5
4,376,818,1
4.402.615.3
201,925,6
44,614,0
246.539.6
592,168,7
197,019,8
44,260,0
241.279.8
574,456,3
191.423.1
234.053.3
606.777.5
4,446,267,1
180.862.3
178.469.4
42.630.2
44.885.7
225,748,0
226.347.4
636,841,0
224.895.9
593,873,3
4.524.374.4
47.878.0
71.363.1
153,5fl2,8
4.405.739.9
Change from last week.
110,472,500
330,431,100
35,906,300
40.068,200
+200,200
Reserve on deposits..
+ 4,615,400
204,666,900
—282,900
319,718,000
-12,908,100
Change from last week.
—12.687.500
—1,319,900
+ 189,000
Change from last week.
643,019,0
'*
P. C. reserve to deposits.
Increase over last week.
+
+204,400
'
20.2%
21.0%
25.0%
25.3%
Percentage last week..
t Included with "Legai Tendora" are national bank notes and Fed. Reserve notea
Held by State banks and truat cos. but not those hold by Fed. Reserve raembera."
Non-Member Bank3
554,206,500 2,185,428,100
Deposits
—
20.8%
16.4%
21.6%
16.3%
Decrease from last week.
and Trust Companies.—Following is the report made to the Clearing House
are not included in the "Clearing House return" on the preceding page:
by clearing
non-member institutions which
RETURN
OF
Net
Net
Net
Bank
Deposi¬
Deposi¬
Demand
Time
Circula¬
Notes.
Silver.
taries.
taries.
Deposits.
Deposits.
tion.
Average.
•
Average.
Average.
Average.
Average.
Average.
[State banks Sept. 8 J
Average.
Federal Reserve Bank
?
$
National
Deposits
Reserve.
A Federal
Legal
Tenders.
Gold.
Ac.
/Nat. banks Sept. I ll
Members of
HOUSE.
Additional
with
Bank
Discounts,
Investments,
Week Ending Oct. 27 1917.
Reserve
National
Loans,
Profits.
Capital.
NON-MEMBERS
YORK CLEARING
INSTITUTIONS OF NEW
NON-MEMBER
CLEARING
Average.
Average.
Average.
Legal
$
with
Legal
$
$
38,000
25,000
203,000
$,
1,054,000
512,000
5,766,000
51,000
189,000
18,000
130,000
26,000
549,000
554,000
5,291,000
711,000
296,000
43,000
55,000
120,000
14,000
548,000
596,000
165,000
415,000
86,000
74,000
117,000
850,000
3,945,000
6,623,000
13,000
106,000
366,000
887,000
"458,666
192,000
36,000
10,000
32,000
123,000
316,000
745,000
4,192,000
2,875,000
3,470,000
217,000
49,000
40,000
92,000
8,000
256,000
543,000
2,852,000
2,350,000
99,000
589,000
559,000
597,000
3,939,000
7,782,000
32,852,000
7,418,000
1,505,000
%
$
$
%
Battery Park Nat. Bank
400,000
461,900
5,576,000
35,000
First Nat. Bank, Brooklyn...,
300,000
705,600
6,518,000
40,000
Nat. City Bank, Brooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
300,000
611,900
5,907,000
400,000
1,323,700
6,012,000
780,800
5,174,000
88,000
First Nat. Bank, Hoboken
250,000
220,000
678,300
7,174,000
Second Nat. Bank, Hoboken.
125,000
308,600
5,472,000
1,995,000
'4,870,800
41,833,000
456,000
„
$
5,253,000
378,000
120,000
392,000
State Banks.
Not Members of the
Federal Reserve Bank.
International
Mutual
100,000
.
Bank
Bank..
New Netherland Bank
133,000
2,000
44,000
55,000
123,000
550,000
186,000
129,000
597,000
10,566,000
«830,000
20,000
454,000.
330,000
12,000
481,000
2,003,000
9,244,000
673,000
155,000
615.000
411,000
10,260,000
125,500
4,659,000
322,000
8,000
34,000
181,000
284,000
118,000
499,300
8,457,000
687,000
49,000
243,000
90,000
410,000
4,000
4,622,000
8,762,000
200,000
....
.....
933,200
500,000
Heights
458,200
500,000
300,000
200,000
Bank of Washington
Colonial Bank...
Columbia Bank
200,100
4,284,000
255,000
56,000
180,000
65,000
248,000
118,000
4,152,000
334,000
150,000
1,354,000
1,850,000
2,279,000
,
500,000
613,100
4,167,000
301,000
48,000
100,000
1,600,000
544,100
6,944.000
483,000
85,000
~27~3~66o
114~666
452,000
1,155,000
324,000
774,700
21,871,000
868,000
275.000
723,000
428,000
1,336,000
1,713,000
200,000
182,400
4,382,000
172,000
45,000
121,000
183,000
238,000
4,200,000
5,003,600
76,853,000
4,601,000
774,000
2,402,000
1,400,000
4,453,000
W. R. Grace 4: Co.'s Bank...
Yorkvllle Bank....
Mechanics' Bank,
Brooklyn..
North Side Bank, Brooklyn..
.
Total
Trust
9,956,000
,
~
16,000
417,000
22,272,000
4,148,000
400,000
4,753,000
75,121,000
16,000
3,142,000
i
Companies.
'
Not Members of the
i
1
500.000
,
1,033,600
9,564,000
530,000
16,000
13,000
200,000
333,200
6,309,000
83,000
45,000
97,000
1,366,800
15,933,000
613,000
61,000
110,000
1,424,000
3,071,000
2,111,000
+ 1,284,000
—165,000
+ 59,000
+ 152,000
| —81,000
5109,960 decrease
Grand aggregate Oct. 20...
rt.8u5.000 11 241,200 133,335,000
Grand aggregate Oct,. 13....
6 795.000 11,375.300 135,083,000
5,835,000
1,365,0.00
2,919,000
Comparison previous week
751,000
10,761,0Q0
4,396,000
604,000
114,000
5.670,000
2,983,000
577,000
241,000
75,000
6,895,000 11,241,200 134.619,000
Total
Grand aggregate.
174,000
7,313,000
3,448,000
363,000
39,000
700,000
Hamilton Trust Co., Brooklyn
Mechanics' Tr: Co.. Bayonne
1,413,000
8,996,000 13,286,000 all8,734,000 14,956,000
+
1,505,000
1016000; +1,185,000 —496,000
+ 4,000
2,192,000
8,993,000 12,270,000 al 17,549.000 15,452,000
1,501,000
.
+3,000
reserve.
Grand aggregate Oct.
8...
Grand aggregate Sept. 29
Grand aggregate.Sept. 22
...
«U
212,000
7,532,000
Federal Reserve Bank.
Excess
"314,660
S
5,801,000
1,394,000
3,014,000
1,953,000
5,539,000
1,347,000
2,935,000
5,731,000
2,930.000
1,851,000
1,825,000
tl.375,300 136.634.000
5,709.000
1,273,000
1,428,000
.8,931.000 10,553,000 all8,720,000 15,881,000
9,045,000 11,972,000'allS,459,000 15,826,006
8,979,000 11,246,000 al 18,888,000 15,603,000
1,512,000
6,795,000 11.375,300 135,527,000
6,795,000 11,375,300 135,301,000
2,869,000
1,702,000
8.921.000 11,970,000 al 18,024,000 14.697,000
1,519,000
6 795,000
1,516,000
1,517,000
deposits deducted. $2,891,000.
Boston
Clearing Hou3© Banks.—We give below a
showing the totals for all the items in the Boston
Clearing House weekly statement for* a series of weeks*
summary
B08T0N
CLEARING
HOUSE
basis of
10% reserve for demand deposits and 3% for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust companies
remain on old basis of 15%. See volume 105 page 333.
MEMBERS
Week ending Oct. 27
Oct. 27
Change from
previous week.
1917.
$5,502 ,000'Inc.
Circulation
Oct
Oct. 20
1917.
$7,000
$5,495 ,000
13
$5 ,501,000
Loans, dlsc'ts & investments. 462,700 .OOOInc.
5,999,000 456,701 ,000 449 ,806,000
Individual deposits, incl.U.S. 396,82,8
Due to banks
132,432
2,452,0 0 394,376 ,000 372 ,412,000
,000; Inc.
Ttoo
ciphers
1917.
Oct. 20
(00). omitted
Nat. Banks Trust
1917.
$20,475,0
Cot.I
$11,000,0
Total.
$31,475,0
Capital
Surplus and profits
Loans, dlsc'ts & Investm'ts
Exchanges for Clear.House
47,387.0
33,875,0
427,717,0
20,208,0
154,275,0
581,992,0
2,167,0
22,375,0
81,262,0;
1917.
$31,475,0
81,262,0
572,694,0
Oct. 13
1917.
$31,475,C
81.257.C
574,220,£
25.593,0
23,462 ,C
28,390 ,000; Dec.
1,423,000
29,813 ,000
30 ,574,000
Due from banks
128,490,0
2,033,0
130,523,0
143,056,0
Exchanges for Clear. House.
17,019
3,855,000
20,874 ,000
18 ,607,000
Bank
169,329,0
3,118,0
172,447,0
184,613,0
Due from other banks.
80,017 .000; Dec. 16,905,000 105,922 000
90 ,036,000
deposits
Individual deposits
131,671,0
491,272,0
495,658,0
60,671 ,000
58 ,635,000
Time
3,675,0
3,749,0
125,645,C
172,433,C
494,296,C
3.905.C
134,789,0
667,394,0
18,510,0
684,020.0
^Tlme deposits
...
Cash in bank & In F. R. Bank
Reserve
excess
in
bank
,000i Dec. 12,482,000 144,914 ,000
134 ,234,000
,000] Dec.
60,743 ,000 Inc.
72,000
deposits..
Total deposits.
and
359.601,0
3,675,0
532,605,0
958,000
18,527,000
17,717,000
/_
Philadelphia Banks.—Beginning with
July 21
the
Philadelphia Clearing House returns have been issued in
altered form, and
excess reserves are now
calculated
on
the
U.S.deposttsCnot included)
Res've with Fed. Res. Bk.
43.337.0
58,949,0
58,616,0
Cash in vault *
17,569,000'Dec.
Federal Reserve Bank
17,736,0'
7,461,0
25,197.0!
25,512,0
Total reserve & cash held.
61,073,0;
38.133.01
23,073,0
84,146,0
84,128,0
Reserve
19,588,0
57,721.0
57.774,0
Excess
22,940,0-
3,485,0
26.425,0
26,354,0
*
required
res. & cash In vault
"l5,612,6
12,260,0
Cash In vault is not counted as reserve for F. R. Bank ihembcrs.
670,634,(
11,130, £
59,501,£
24,275,£
83,776,(
58,565,(
25.211,(
Nov. 3 1917.]
THE
CHRONICLE
approach to this
f&'iXXlkZX5i (SitXCtlJC.
Northern
Wall' Street, Friday Night, Yoz>. 2 1917.
Money Market and Financial Situation.—To a
better comprehension of what is involved in the new Federal
Income and Excess Profits Tax Law as a depressing in¬
fluence in financial circles, there has been added this week
The
news
Also, perhaps, new evidences of the designs and purposes
of "enemy aliens" in various parts of the country have
stimulated the tendency to caution which now prevails
From whatever
elsewhere.
and
cause
the
security markets have been in a semi-demoralized, state
and a steadily growing wave of liquidation carried prices
in many cases to the lowest quotations in recent years.
The U. S. Steel Corporation's quarterly report was not
as favorable as had been
expected and, illustrating the mar¬
ket's temper, Steel common dropped from 10634 on Monday
to 93Y/i, nearly half of which loss occurred on Thursday;
Such a condition is, of course, in the case of financial in¬
stitutions of all kinds with large holdings of securities,
disconcerting and the cause of some anxiety.
The possible
closing of the Stock Exchange has been rumored, but ac¬
cording to official reports has never even been discussed
by the Stock Exchange authorities and such a course is not
deemed necessary or advisable as the Exchange, open or
closed, can have no effect upon actual values, and the latter
must sooner or later find their proper level.
The Bureau of Statistics' report of foreign trade, just
issued, shows that during September the value of exports
exceeded imports by $220,000,000 and for the year to Oct.
1 the excess of* exports amounted to $2,325,000,000.
One
result of some extraordinary war measures now in vogue is
seen in the
greatly disturbed foreign exchanges, a matter
which is referred to somewhat in detail on a previous page
of this issue of the
and
was
Bait. & Ohio with
a drop of 7
Great
Pacific, however, declined 6 and
Northern
Reading over 7.
For daily volume of business see
page 1792.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
of the disaster which has overtaken the Italian army.
in Wall Street
1783
Sales
Week ending Nov. 2.
Range for Week.
Par. Shares
Shipbuilding..100
Amer
American Snuff
100
100
Lowest.
$ per share.
89
Nov 2
600 105
Nov
2 105%
To-day's (Friday's) actual rates for Paris bankers' francs were 5 82 34 @
for long and 5 76%@5 77 for short.
Germany bankers' marks
not quoted for sight* nominal for long and nominal for short. . Am¬
sterdam bankers' guilders were 45 5-16 for long and 45 7-16 for short.
Exchange at Paris on London, official rate, 27.18 francs; week's range,
27.18 francs high and also 27.18 fraftcs low.
Unofficial rates: high, 27.37%
francs; low, 27.37% francs; closed, 27.37% francs. '
The range for foreign exchange for the week follows:
Cables.
Sterling, Actual— Sixty Days.
Cheques.
4 76 7-16
High for the week
4 71 %
4 75 3-16
Low for the week
4 71
4 75 3-16
4 76 7-16
5 82%
were
Oct 31
83
Oct 31
80
Cable.100
100
57%
Oct 31
57%
Oot 31
57%
Realization.. 100
7S
5 76%
5
100
1
2!
1
180
51
Oct 29
51
Oct 29
51
40
36%
Oct 29
36%
Oct
35
Aug
56
Nov
56
NOV
50
Nov
Associated Oil
100
Barrett, preferred... 100
200
400100
Mining
20 1,000
Bethlehem Steel, pref
subscrip rects full paid 22,100
Bklyn Union Gas...100
100
Brown Snoe, pref...100
100
Batopilas
Brunswick Terminal.100
Burns Brothers.....100
Butterlck
H00
Calif Packing....no par
Calumet & Arizona... 10
Nov
2
1
2
Nov
Oct 31
1
95%
90%
88%
1%
Oct 29
Nov
1100%
Oct 27
Nov
2
89
Nov
1
88%
90% Nov 2
88% Nov 1
900
7
Nov 1
7% Oct 29
5,860zl00%Nov 1106% Oct 27
100 12% Oct 29
12% Oct 29
2,200 38% Nov 1 38% Oct 31
100
65
Nov
1
65
Nov
Sept
Oct
Oct 129
Jan
Nov 100
Jan
Oct
6%
89
14% June
Jan 125%
Apr
12
July
19%
Jan
36
Aug
42%
Aug
65
Oct
40
Sept
84% May
Oct 30 236
Oct 30 236
Oct 302
Nov
82
Nov
2
82
Oct
Cluett.Peabody&Co.lOO
800
5
Nov
58
Oct 29
50
Nov
1
97
Nov
1
97
Nov
Oct 31
32
Oct 31
32
Oct
46
Preferred
41
Oct 30
Oct 30
41
53%
Feb
Jan
75
Jan
100
Computing-Tab-Rec.100
300
Cons Interstate Call. .10
100
11%
Nov
11%
Nov
Nov
21
Jan
Crex Carpet...
100
100
44
Oct 31
44
Oct 31
42
Oct
45
Feb
Deere & Co, pref
100
400
99
Oct 29
99%
Oct 30
96%
Feb
Detroit
100
Edison
Nov
32
95 107
1
I
11%
Elec Storage Battery. 100
100
50
Oct 31 107%
Oct 31
50
Oct 31
50
Federal Min&3melt.100
100
15
Oct 30
Oct 30
11%
Preferred
....100
500
30
Nov
2
15
Nov
1
Oct 30
36
5 74%
Jan
100%
30
Jan
Oct
67
Mar
Feb
26%
Aug
July
Nov
100
25
Nov
1
25
Nov
1
25
Nov
54%
40%
100
100
78
Nov
2
78.
Nov
2
78
Nov
95
Mar
Nov
1
34
Oct 27
28
Feb
41%
Aug
Preferred
Gaston,W&W,Inc
no par
3,400 229%
General Chemical...100
100 181
Nov
1 181
NOV
1
181
100
12
Nov
1
12
Nov
1
12
Nov
1,600
30
Nov
1
31%
Oct 27
30
Nov
40
Int Harvest Corp... 100
1,700
54
Nov
2
60
Oct 27
54
200
60
Oct 31
60
Oct 31
59%
Oct
60
600
36%
Nov
2
38%
Oct 30
35%
Aug
78
Jan
..100
100
94
Nov
2
94
Nov
2
94
Nov 112
Jan
Kings Co Elec L& P. 100
Kress (SH), pref
100
10 97
100 102
Nov
2
97
Nov
2
97
Nov 124
Oct 30 102
Oct 30 102
Oct 107%
Laclede Gas....
100
100
Oct 29
Oct 29
Oct
Liggett & Myers
100
Preferred
100
Biscuit. 10C
(P)__
100
200 185
1,400 101%
200
12%
100 172%
600 100
80%
Oct 30 185%
Nov 2 103%
Oct 31
14%
Oct 29 172%
Nov
80
Oct 30 179%
Oct 27 101%
1
Oct 29
172%
Oct 30 100
Nov
1
76
Oct 27
75
1,400
27
Nov
2
30%
Oct 29
27
58
par.
Board include $10,000 New York 434s, 1965, at 10334, and
$12,000 N. Y. Canal 4s, 1962, at 100.
Except for a liberal movement in foreign Governments
and cities issues, the bond market has been inactive and in
prices declined.
New York Central
a drop of
2% points. U. S.
Rubber 1st ref. 5s followed closely with a loss of 234 points
and Bait. & Ohio conv. 434s and St. Louis & San Francisco
pr. lien 4s ser. A declined between 1 and 2.
In addition to the above, a list of the relatively active
issues includes Atchison, Union Pacific, United States Steel,
cases
deb. 6s led this movement in
U. S. Leather and Inter. Mer. Marine bonds.'
United States Bonds.—In addition to liberal sales at the
Board of Liberty Loan 33^s a,t 99.74 to 99.96 and Liberty
Loan 4s at 100 to 100.02, the record shows that $3,000 4s,
sold at 10534 to 105% and $8,000 3s, coup., at 99.
to-day's prices of all the different issues and for week's range,
third page following.
reg.,
Stocks.—There
is
little
to be said about the stock market in addition to the supreme
fact that it has shown
steadily increasing weakness, and that
liquidating movement gathered force day by day. The
transactions increased from 840,000 shares on Monday to
1,394,000 shares on Thursday.
To-day's market opened with prices well above yesterday's
closing, but these were not maintained, and in some cases
they dropped to the lowest of the week.
Of the exceptional features, Inter. Mer. Marine is unique
in an advance of 3 % points on the prospect of a dividend
distribution, and Peoples Gas has advanced 3 points in its
process of recovery.
On the other hand, U. S. Steel declined
over 13 points, Am. Smelting &
Refining over 10, At. Gulf
& W. I. 934, Beth. Steel B and Crucible Steel 10, and others
the
in this group from 5 to 8.
generally less erratic, but Canadian
The nearest
Pacific lost 12 points on persistent liquidation.
Nov
35%
July
Nov
84
200
58
Nov 2
59
Oct 31
200
20%
Oct 30
22
Oct 30
15% June
100
44
Oct 31
44
Oct 31
44
Nova Scotia 8 & CL-100
1,400
75%
Oct 30
79
Oct 30
Nov
2
83
Oct 29
89%
Nov
1
89%
Nov
Peoria &
Eastern... 100
700
4%
Oct 31
4%
Pettibone-Mulliken .100
100
25
Oct 31
25
Oct
31
Pierce-Ar'w Mot (no par)
Preferred
100
600
31%
Nov
1
33
Oct
31
100
92
Nov
2
92
Nov
Pitts C C & St Louis. 100
...
1
Oct 31
2
Oct 125
Jan
Jan
98
Jan
Oct
12
Jan
20
Mar
25
31%
Nov
41% June
92
Nov
98%
Nov
82
4%
60
Nov
1
61%
Oct 27
60
95
Oct 29
95%
Oct 29
95
1
Oqt 27
1
Oct
Oct 27
Nov 1
1%
27
Nov 2
61%
Milling... 100
Superior Steel
..100
Underwood, pref
100
United
100
Drug.^
200
Wells, Fargo Express 100
200
400
100
1.200
600
41
Nov
Wilson & Co, pref...100
100
99
Oct 30
Preferred
1
Sept
24
Oct 27
55
Nov
1
1
Jan
June
Oct
Oct
Jan
127%
Nov 119%
Oct 29 111
Oct 29 148
85%
Feb
4%
42
Nov 108
Nov 209
•
85
41%
Oct 30
39%
99
Oct 30
Apr
May
Aug 100%
.Nov 1 37% Oct 27 32
Oct 31 113%
Oct 31 114
Oct 29
65
Nov 1 66
Oct 31
61
01
Nov 1 61
•Nov 1
17%
17% Nov 1 18
80%
80% Nov 2 84% Oct 31
13% Nov 1 14% Oct 31
12%
100
Western Pacific
Feb
Oct 31
Oct 30 118
115%
Jan
Jan
3
June
Nov
Nov
Mar
Feb
CS%
Oct
Nov
July
33% May
Nov 144
Jan
18% May
Apr
97
Jan
51% June
Oct 120
70112%
700 65
100
United Paperboard
Oct 30
Oct
Aug
Oct 102
1
Oct 29
Oct 30 118
Feb
Oct 106
200
*....100
Aug
57
June
79%
200
£7
Jan
36%
Oct
89
300
United Dyewood
State and Railroad Bonds.—Sales of State bonds at the
May
N Y Ch & St L 2d pf 100
75%
81'
Jan
77
Nat'l Cloak & Suit.. 100
100
Jan
Nov 129%
N O Texas &Mexvtc__
600
Jan
Jan
27%
Oct
Owens Bottie-Mach..25
Jan
Jan
Oct 232
1 102
75
Pan-Am Pet & T pf.100
Jan
June
103%
Oct
45
Acme
Oct
Oct 281
12%
Nov
Jan
•
Nov 125%
50
Morris & Essex
National
80%
88
Nov
.50
Manhattan (Elev)Ry 100
Standard
St. Louis,
Jan
Aug
June
100
1 156
Boston, par.
Nov 250
..HOO
International Salt
Jewel Tea, Inc
Preferred
So Porto Ri co Sugar. 100
10c. per 81,000 discount bid and par asked.
San Francisco, par.
Mont¬
real, S3 75 per $1,000 discount.
Minneapolis, 5c. per 81,000 premium.
Aug
17%
2
Domestic Exchange.—Chicago, no market.
Aug
Fisher Body Corp no par
Preferred
.45%
43%
45%
43%
Feb
115%
Sept 145
112%
Quicksilver Mining.. 100
5 70
Aug
112%
...100
Nov
101%
93%
82
Nov
were
Oct
Feb
2%
100 236
400 148
200 85
32
2,400 32
Railway shares
Jan
Oct 117
% June
100
Savage Arms Corp.. 100
Miscellaneous
Apr
Mar
78%
100
235 111
and
Feb
43
Cent Foundry, pref. 100
Central RR of N J.. 100
Southern Pac tr ctfs
Railroad
1
4
60%
Chic WPM&Om.. 100
Sears, Roebuck, pref 100
see
2
Oct 29 100
Low for the week...
Amsterdam Bankers' Guilders—
For
29|
Oct 29 101
200
1%
300 26%
600 55
100 118
practically all
Mar
pi. 100
Assoc Dry G, 1st
St L-San Fran, pref. 100
Cincinnati,
June
66
Second preferred.. 100
ABsets
Germany Bankers' Marks—
High for the week
45 5-16
98
Oct
Sept
Sept
Pitts Steel, pref.....100
Paris Bankers' Francs—
43 5-16
Feb
Oot
83
Amer Teleg &
■
High for the week
Low for the week
Nov 142
105
100
Lorillard
4 68% @4 68% and documents for payment (sixty days), 4 7014, @4 70%.
Cotton for payment, 4 74% @4 75, and grain for payment, 4 74%@4 75.
.
Oct 31
Am Sumatra Tob, pf.100
Loose-Wiles
5 77 %
5 82%
Highest
$ per share.
$ per share. $ per share.
89
Nov 2
89
Nov 90
Oct
Hask & Bark Car.no par
"Chronicle."
Foreign Exchange.—The market for sterling exchange
in an entirely arbitrary and nominal position.
Whatever changes in rates that have taken place are trivial.
The continental exchanges were nervous.
Lire were weak
as a result of the Italian defeat.
Francs also were easier,
but the neutral exchanges all ruled exceptionally strong.
High for the week
Lowest.
Highest.
Gulf Mob & N stk ctfa..
continues
Low for the week
Range since Jan. 1.
for
Week
48
July
Feb 107
Mar
Mai'
Outside Market.—There was
a steady downward move¬
prices this week, each day's trading adding
to the previous session's losses.
To-day's business however,
saw the decline halted somewhat, and while prices moved
irregularly, the tendency was upward.
Cities Service,com.,
as an index to the course of public utilities securities dropped
from 211 to 199, rallied to 210 and closed to-day at 204.
Motor stocks were weak features, Chevrolet Motor from
74 moving down to 66, and United Motors losing about 434
points to 18. The close to-day was at 68 and 18 %, respec¬
tively.
Submarine Boat established a new low record, de¬
clining from 16 to 13, the close to-day being at 13 34Curtiss
Aeroplane receded from 33 to 26 and Wright Martin Aircraft
com. lost about a point and a half to 7.
The former finished
to-day" at 27 and the latter at 734Aetna Explosives was
off from 61^ to 5^8 and ended the week at 534Air Reduc¬
tion broke some 5 points to 75.
Oil stocks suffered in the
general decline, Standard Oil issues, of course, registering
ment in "curb"
the heaviest losses.
Ohio Oil sank from 320 to 297.
Stand¬
ard Oil of N. J. fell 10
points to 520, with a final recovery to
522.
Standard Oil of N. Y. dropped from 242 to 229, re¬
covered to 240 and closed to-day at 232.
Quite a number of
the low-priced oil stocks established new low records.
Mid¬
west Oil com.
moved down from 1.40 to 1.20 and up to 1.23,
Merritt Oil
dropped almost 7 points to 27, the final figure
to-day being 28.
Midwest Refining sold down from 1403^
to
112
were
new
and ended
conspicuous,
low
levels.
at
116.
both
The
the
Russian
634s
former
and the latter from 60 to 52.
o034 and 58,
A
Government
and 534s
were
off
bonds
dropping to
from
71
Final transactions
to
were
62
at
respectively.
complete record of "curb" market transactions for the
week will be found on page 1792.
BiotaQge—Stock Record, Daily. Weekly and Yearly
New Torn Stoai
1784
PAGES.
TWO
OCCUPYING
u*u«ll»
ttock*
th« ««ek of
during
vt
For r.cord
procoding
inaetiv*.
pago.
PER
PER SHARE
AND
HiQH
Monday
Saturday
Oct.
$ per share
9334
90l2
93%
90*2
*101
105
57
5734
61%
01%
53%
50%
144
145%
•143
100
99U
145
*48
36
5612
88
22%
99
145
*140
$ per share
87%
88
89
98%
9934
98
5334
55%
50
53%
51%
61%
60
61
60%
4734
4934
51%
100
5034
50%
132
50
4734
49%
8
7%
21%
2034
207s
45
7%
21%
46%
43
4534
88%
88%
86
87%
98%
99
96
22i2
46%
887,
99%
1978
2014
18%
"*
56i4
54
55
53
487g
4612
47
46
26
*6184
70
6134
21%
71
25
96
9778
88
Nov
1
107% Jan
100% Feb
2
119
Jan
42
Nov
26
Oct 31
6134 Oct 31
6134
22
80
Jan
29
1,600
Colorado & Southern.
..100
20
Feb
10
30
Jan
4
17
6,300
Delaware <fe Hudson.
150
"2l"
21
20%
20%
50
*45
50
*45
50
*40
48
*40
48
*40
50
*6
912
97%
98
9534
97%
19134 191»4 *18834 189%
6
6
*5%
7
13
13%
1334
13%
153,
16
15%
16
95% 98%
192% 192%
6%
012
*1334
13%
15%
16%
9i2
1334
I8I4
1834
16
I8I4
15U
15
10l8
26%
2712
2478
27
24
25
2434
25
23
24%
23
23%
22
1834
19
181,
20
18
18%
1738
1734
18
18
98«4 100
98%
99%
97
98%
94
95%
26%
27%
2534
26%
24
25%
98% 100%
98%
98%
2234
9778
97%
26
9834
9334
2714
7%
4534
67,
45%
7%
46%
15
17
14
15
4934
47%
48%
*2012
99«4 100
2812
♦100
73«
*4634
17i2
*4934
15
15
29
28
101
IOU2 *100
45%
1634
171?
51
7U
4612
7U
7%
47
7%
17
*4934
51
45%
*17
18
*4934
.
51
7
97
45%
9778
7
7%
7%
47%
14
47%
15%
*47%
*10
12
10
10
10
10
10
10
10
10
10
10
25
*18
25
*18
25
*15
25
*15
25
*11
300
100
1,400
55,900
7,820
2,700
10,600
17,900
3,600
119
11
58
*38
57
44
5714
59
44
119
*37
11
*90
•
'
1171, 117i2
593*
95
*412,
90
93
*-.-.
117
"47, ""47,
5
57%
44
115% 117%
1Q34
1034
♦4%
90
55%
5
4%
*7112
27
20
*80
85
247,
47
47
47
44
72
20l2
71
7134
2712
26U
20%
10738
26%
■711,
72%
27
107
*8
26
26%
2634
20'2
*19%
20%
IOOI4 10738
1047„ 106
*80
*80
85
9514
93
94
50%
50
503s
85
9312
50
50U
50
17U
1714
247,
25I4
Do
1st
pref
100
46
Dec
Do
2d
pre!
.100
17% Nov
39'4 Jan
40
Dec
9334 Nov
2234 Nov
118% Jan
115
Dec
127%
Dec
1063s Jan
4
2
2
32
97
9934
Apr
5O84
10978
15%
Dec
21%
2
2
30
3
3
2
14
4
69
Dec
56% Dec
77%
32%
64%
30
Deo
Illinois
57
73l2
38
*36i2
1714
37
59%
72
7514
38
*56 %
38
7034
10
Oct
29
100
23
Oct
16
10", 100
"4",170
Louisville <k Nashville
*4%
4%
5
7%
8
8
9
4%
25%
23
24
43%
43%
43%
pref...
100
Missouri Kansas A Texas. 100
114
Do
""406
Do
200
7%
23
84
26,700
18,900
N Y N H A Hartford.
20%
19
19%
19
19
104% 104%
101
104%
9378
50%
16%
14734
14%
.
*78
Do
85
Pennsylvania-
2,200
15%
66%
*35
35%
36
36
36
10
10
19%
8434
2712
625,
26
26%
61
61%
13
13
13
28
2612
62
*19
20
*18»,
1912
*18
19
*77
80
*77
80
*77
81
13
11734 120
75
75
751,
117% 1187s
*74
75
7
16
*25
16
15
15%
27%
25
25
26%
37,900
57%
3,800
12%
1234
900
Texas A Pacific
300
Third Avenue (New York) 100
Twin City Rapid Transit. .100
74%
74
74%
76%
300
64,800
74
74%
6%
6%
634
16
*14%
9
8%
878
8%
41%
42%
39%
40%
20
21
3934
1934
13%
678
914
43%
42i2
4358
2212
16
21
21
*15U
16l2
*15%
16%
*25
29
*24
29
*25
29
*24
29
41
21
15
41%
21%
13
15%
*23
17
*15%
1434
*24
29
35,
33,
203<
*74
79%
*94
90
527,
11
241,
29
55
2414
*60
59U
*98
>11
5912
100
*13
1412
*61
63
6,100
Do
A..
.1..100
*10312 10512
Jan
20
95
75% Nov 2
18
50
6%
48
Nov
94
Mar
Oct
Sep
784 May
21%
3984
Jan
Jan
13%
17
Jan
2
Sep
41% Mar
25
Apr
60% Dec
327g Dec
1
11%Jan
2
13% Oct 16
2334 Jan
1534 Jan
2
17
5
Jan
7£
Nov 1
6% Feb
8% Oct
16
58
39% Nov" 1
June
84%
24
85
99
153%
2
Jan
1
73% Deo
21S4 Deo
68% June
Apr
8ep
12984
149% Jan
114% Nov
Apr
Apr
Feb
1934 Nov 2
3Q%Jan
2
13
Nov
23
Apr
Sept
9% Nov
41
Sep
3
25
*80
Mar27
100
2d pref
21
Dec
27% Deo
Dec
58% Deo
33
Apr
56% July
18% Jan
37% Jan
9
5
14
Aug
308g
Jan
5
63
9%
"4",900
20%
"334 "334
3%
19%
21
76
7378
79%
*78
95
""§5, "334
3%
400
*21
21%
10
24
1,700
9
21%
51%
3%
3%
21%
58
334
3%
*8
9
9
$0%
54
Central..
.500
82
*76"
82
79
79
95
*91
95
*91
73%
*
98
*9,5
*28%
29
60%
71%
72
*79%
93
38
70%
*80
3534
3978
96
14%
13%
59%
;
6234
12
*1034
*40
59
56
55%
.21%
56%
96
62%
26
*
57
100
100
90
Sept
7
100
3534 Nov
1
300
II,500
1,300
Do
pref
100
American Car A
Foundry. 100
Do
pref
American Cotton Oil
Do
90
2l",600
24,900
1034
*10%
11
45
*43
45
100
53
55
8,200
Amer International
22
21%
23%
8,700
567g
57
58%
3,300
52%
8,800
54%
9734
55
50
55
9734
97
97%
12
13%
11%
12
12%
12%
2,600
62
61
61
60
61%
59
60
59
5984
3,100
*93
97
9334
94
*93
97
*93
83%
80
82%
51%
*95
98
800
833,
103
96%
8634
81
104% *103
104
*101
105
80%
75
100% 100%
*1097, 112
110
110
111
10978 10978 *109
56
56
57%
5334
*108
57%
59S4
2,000
7,500
*108% 110
5634
112% 11378
54
54%
pref.-j.__.
113
180
2,600
100
*93
98
100
10
Feb
43% Oct 18
55
46
.
1534 Feb
3
Feb
3
64'4 Aug
50
Nov
1
5,900
*95
100
98
98
44
42
43
4134
927,
43
9278
*95
417g
40%
41
94
40%
*92
92%
92%
*921,
96
93
93
*92%
96
*24
27
27
27
*24
27
20
20
21%
21%
21%
21%
1334
14
14
14
14%
13%
1334
12%
13%
12%
13
*40
47
61
45
62%
62
6334
300
700
2,800
45
40
40
40
40%
61%
55
59%
56%
57%
96,500
55,810
99% 104
97% 100
96
9834
94
98
94
97%
59ig
60
60
60
60
60
60
60
59%
5978
59%
60%
63
60
63
5634
59%
5334
58%
5134
55
54%
5534
80,200
9578
95%
9534
94%
943s
97
94
94
92%
92%
90
90
90
*9612
98
9534
95
95
*94%
♦.Bid and aRked prices;
no
sales on this day.
' 92
Do
$ Ex-rights.
Do
§ Less than 100 shares,
a
18
4
90% May25
92% Oct
75
Nov
15
1
100% Nov 1
52
Feb
97
Nov
3
1
1097g Oct 30
30
May26
112
Oct 31
175% Nov
Oct
1
16
37% Feb
3
92% Nov 2
20
Oct 31
26i2
10%
Deo
Jan
Jan,
Oct
July
70% July
6I84
63
Apr
96
Mar
38
Nov
92
Nov-
102
93
Apr
102
44
Dec
68%
10778 Dec
115%
115% Aug
119% Mar
•58% Oct
48%
98
Dec
Jan
102
19
117% Jan
20% Oct
8478 Dec
17
277g Nov
6284 Nov
98% Nov
58
Dec
July
99% July
84% July
91«4 July
88% Apr
109% Apr
109
97% Nov102
Ex-div. and rights.
Apr
Dec
125%
Oct
115% May
123%
Oct
121% Jan
25
61% Oct 19
128% Jan 24
220
Marl2
rl23%
Dec
188
Feb
18
105%
Apr
5884 June 9
37
Dec
9
92
Jan
11
Jan
10984 Jan
100
June
54% MarlO
73
zl34% Sep
2297g Nov
113
41% Jan
28
29% July
1
59% July
55
Nov
1
72% Jan 26
87
May26
121% Jan 22
66
Jan
4
56
July
60% Dec
14784
52
118%
54
Feb
8
Feb
3
94%. Nov 2
102% Jan
..100
89% Septl 2
138
76% July
Jan
2
15
2
Apr
Dec
987g Dec
al27% Dec
Mar
76% Nov
1
Nov
77
Sep
587S Nov
102
12% Nov
Ex-dlvldend.
Dec
44
104
June
43
1
Nov
12278 Nov
118% Oct
7
75
100
fTbe)
Nov
126% June 9
100
pref
Mar
884 June
45
Mar
40
87% Septl3
Sep
Sep
78% Dec
38% Mar
4
10678 Jan 20
19«4 Mar30
71% July28
99% Jan 31
102% MarlO
11234June 2
8284 Jan
100
Locomotive
June
July
52
50
pref certfs
Nov
Feb
103% Deo
108% Nov
25
pref
Barrett Co
June
98
Atl Gulf A WISS Line ctfs 100
Do
Oct
8% Mayl4
100
Anaconda Copper
Baldwin
97
100
100
pref..
100
Am Writing Paper pref.__ 100
Am Zinc Lead A 8
25
700
1,200
Te!eg._l00
Tobacco
Do
1,500
61
100
Am Woolen of Mass
700
58%
*40
100
pref (new)
9
7
29% Aug
48
53
684
19
Apr
89%
Dec
Oct
Julyll
6234 Aug
100
10%
2I84 Deo
43
July
6
1678 Aug
11
100
pref
4
Jan
Oct
American Steel Foundry.. 100
American Sugar Refining.. 100
Do
2
75
pref Ser A stamped..
American
2
4878 Oct 18
87g July 9
100
Amer Telephone A
*175
118«4May28
50% Jan
5
101% Jan
9
17% Mar29
Nov
100
pref
12,640
112
175% 182
106% Oct 31
MaylO
Amer Smelting A Refining. 100
Do
pref
100
Do
80% June26
92
...100
Am Sumatra Tobacco
184
100
45
200
Do
3
100
Malting
15,500
113
178
437,
700
55
53
110
51%
100% 101%
200
60,100
112
112% 113%
184
*97
5778
78%
183% *173
112% 11334
188
56
100
94
97% 100
55
100
5934
103
76%
May28
100
Corp
pref
American Locomotive
Do
Feb
Jan
53
100
pref (new)
Do
Do
57
24
98
111% June 6
100
Amerioan Ice (new)
American
947g Oct 17
26
American Hide A Leather. 100
Do.
pref
100
Do
Oct
100
American Linseed
600
96
100
5734
56
.
100
pref
12'4
13%
100
2
American Can
13
55%
*98
Nov
37,120
1434
57
100
32% May 31
71
"4",000
557,
.54%
17% Nov 2
102% Feb 15
21%
22%
58%
ll%Jan
4
8% Mar26
69% Oct 16
*12%
10%
80
American Beet Sugar
Do
pref
133a
54
29
3
61%
*40
•
Oct
50% Nov 2
3% Nov 2
2
Septl 1
76% Oct 15
200
27"
19
Oct 27
Amer Agricultural Cbem__100
Do
pref..
100
200
56
45
57%
2234
96
Min'g.10
Allla-Chalmers Mfg v t C..100
Do
preferred v t c
100
"l2"
11
45
38%
Alaska Juneau Gold
9
8678 MarlO
95% May 2
103% Jan 24
93
*10634
28
90
147,
63%
*40
7234
61%
63
27
5638
*1034
58%
36%
98
*
11
62
*83
39
106% 106% *106
45
5734
71%
60
63%
90
12%
13%
72
93
*96
96
62%
30
*
56%
56%
100
65
22%
*13
40%
627,
5978
*98
74%
93
39
800
95
*
.....100
10
6,600
3%
*93
74
pref
60
19
*76
1734
1978
100
Alaska Gold Mines
71
3
81
*Qt
19
Rumely
AJax Rubber Ino...
17%
*73
Do
Miscellaneous
1,200
71
3%
20%
74%
Advance
&
100
4,300
73
3%
3%
51%
3%
3%
3%
19%
55
45
3
30
4
2
46
97
631,
6412
103i2 1057,
1984Jan
4834 Jan
33% Jan
2
103
45
70% Jan
12% Oct 16
17% Mayl5
100
'
Do
May 9
51%Mayl5
2
2
58
1384
Deo
Oct
Jan
Deo
54% Jan
102
4434
104%
3684
50% Jan
62
100
42%
Apr
2278 Jan
105
4412
Apr
Nov
60
*98
34%
94%
19
103
59l2
3
98% Mar24
1
3634 Nov
63
185
39% Jan
Nov
Wisconsin
107
1136, 11414
19%
Wheeling A Lake E Ry._.100
Do
preferred...
..100
9%
10%
105
*181
Apr
700
9%
*61
59
14
(new). 100
B_.
pref
Western Maryland
Amer Smelters Sec pref B. 100
8534
3
600
23%
*95%
87
Jan
19
58%
-
Deo
18
3634
227,
*59
60l2
57
8% Oct 15
118
Nov 2
19
90
"12%
60
Sep
May
368i
66%
107% 107% *100%
4434
37%
39
76%
►
11
4434
587,
4
20
64%
I2I4
Deo
Jan
20
42%
97
55
32%
53
26% Jan
2
June26
*36
93
6734
32
1
40
74
100
3
Nov
22
"40%
«
43
Feb
10%
20%
"29Y0
"121,
1334
29
pref
30% Deo
16
Aug 23
*35
20%
*29
a
20
Do
52
10%
*20%
21%
66I4
•10712
41
400
I,500
14,600
4,000
Feb
May
40
10%
'
*97
8%
Do
pref
100
United Railways Invest... 100
Do
pref
100
Wabash
100
Sep
115%
38
19
93
16
200
1,000
Jan
Feb
41% Feb
15% May
21.
22
7712
3
37
12
82
77
6%
100
75%
4178
Oct
38% Deo
73% Deo
10%
*9
58
"413,
74
Union Pacific
Dec
14
23
100
72
36
82
...100
3634 Dec
25
100
Southern Railway
Do
pref
Feb
55
Junel5
104% Jan
66% Nov 1
84%
108
1
35«4 June
68
Mar
21
10
95
57
4
114
39
*8
75
Oct
2034 Apr 16
53% Apr 17
Jan
May
105,
•
9
35,
37
.100
Southern Pacific Co
Industrial
22
80
Septl5
89% Nov 1
z4734 Nov 1
14% Sept24
53% Mayl2
138%
89%
110%
57%
3684
26
21%
105,
2112
»
18%
2,700
114% 116%
*834
*884
♦93
*17%
75%
67,
*14%
*42i2
2212
*15i2
♦78
18
9
"334 "334
100
57
17
39
pref
25%
9
11
Do
12%
80
1
.
57%
17%
8
Nov
35%
26
114% 1167s
Jan
Oct
Jan
Dec
Deo
Deo
Deo
Oct
Jan
Dec
Oct
May
Jan
60
101
16
2434
55%
1258
*75
Sep
1
29
57%
19
Dec
Nov
Jan
25%
80
Feb
Jan
Jan
Jan
73% Jan
7778
34%
147%
89%
1187g
19
45% Jan
z56%
*75
Dec
45
25,900
*18
114%
49%
15
19
116% 118
Sep
Apr
15
8334
13
Sep
100%
Oct
18
Apr
4
2
2
24
3
3
25
2
17
Nov
Oct
8278
137
10
35
100
Sep
Sep
22%
4734
35
...100
128%
3%
3
50
pref...
130
2
50
Seaboard Air Line
36
Dec
4
pref
100
Oct
Oct
140
Oct,
116
Jan
pref
1,500
121% Mar
55% Nov
87% Oct
Jan
1st
10%
Jan
61
2d
Do
Apr
34
Do
1,500 St Louis A San Fran new 100
100 St Louis Southwestern.... 100
May
74%
1
N0v
Do
15%
10
32
43% Nov 2
23
500
19%
13
20% Jan
43g Sept 13
7% Nov 2
Apr
13%
24%
38%
6478
500
84%
*14
4034
100
18%
71,
22
100
pref vtc..
7,200 Plttsb A W Va interim ctfs 100
Preferred Interim ctfs...100
1,100
50
89,000 Reading
82
171,
9's
*21
100
1978
71,
♦10%
50
86%
26%
9
21%
69
44
10
*15i2
21%
Do
13
2
40
27
7
8
75
15%
10
63
I6I4
35,
21U
35%
44
*6212
*1312
*2114
*34
36
10
8634
9
6678
70%
40
*36
20
4012
56
10
197,
16
55
44
8 534
16
56
10
88
*7
55%
*36
20U
751,
23
10
2014
865,
1193, 12012
22%
44
10%
27%
36'
23%
..100
Pere Marquette v t, c
Do
prior pref v t c
.100
37%
Jan
5278Jan
29% Jan
100
Northern Pacific
41,600
Apr
11
21% Septll
adjustment pref... 100
16",750
49%
127
2
Aug
100
A Western
9034
3
103% Jan
Norfolk
48%
Jan
119
23%
,
26
32% Jan 29
1
1
6,600
89%
Nov
68
N Y Ontario A Western...100
4878
22%
24%
57%
71
88
43«4Apr
133«4 Jan
100
2,000
92
89%
•
102% 105%
85
*80
85
9178
4834
38
21
....100
70
68%
87ig
pref...
29,100 Missouri PacKlc(new) wbenlss.
Do pref (or inc bonds) do...
1,700
25%
*80.
5334 Jan
79% Jan
54% NOV 1
39
May26
100
25%
38
*2014
58% Jan
25% Jan
Valley
...60
Long Island certfs of deposit..
69
7134
10
1
Minn St Paul & 88M
♦36
44
47% Nov
2,130
27%
♦36
100
pref
2578 Jan
85
40
*10
100
1
84
36%
16%
36%
72% Jan
Nov
85%
16
*25
44% Oct 24
84
*25
37
16U
27
17% Jan
9% Oct 31
16i2
27i2
*3612
1714
*25
678Oct 31
23%
878 Mar
6
38% Mar
Nov
100
Do
26
56%
*35
Nov
14
Lehigh
23%
23
7412
*35
100
68
*56%
23
Lake Erie A Western
'
*55
Central
26%
59
Apr
Great Northern pref
100
Iron Ore properties. .No par
71
24
Mar
Oct
Oct
Jan
Jan
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
New York Central
2334
2518
15
32
113% Septl2
4%
242
Jan
100
26%
46%
Mar
Oct
NOV
156
3434 Jan
49% Jan
Julyl3
15% Nov
8,500
116
Oct
57*4 June
Dec
41
12
100
Mlnneap A St L (new)...100
*
June
Oct
62%
Mar
216
Mar24
Oct
62%
Apr
40
Jan
1,000
116
46
1487s
19
17
11
*
37
238
Kansas City Southern
Do
pref.
34
117%
86
Apr
5% May25
Interbor Con Corp, vtc No par
Do
pref...
100
1,100
Feb
Septl8
19134 Nov 1
6,100
4,500
500
Deo
52%
45%
59%
54%
Erie
44
7034
70%
257,
20%
15178 Jan
Apr
70
24«4
46
*9%
116
115% 116%
37%
24l2
100
38
57% Jan
9
Marl7
Sept25
95
11
16
9534
95
Oct
41
88
*8
9
2778
*8
55%
46
100
*9
116
26i2
9
277s
*26
44
100
10%
9%
8434
116
55%
,5534
*35
115% 117
47
*8
27
54%
5678
44
*35
1st pref...
2d
Delaware Lack <fe Western. .50
Denver & Rio Grande
100
Do
pref...
100
25
*38
1
Do
pref
Dec
38% June26
Do
49%
47%
♦18
*57
176
6% preferred when Issued..
Clev Cin Chic & St Louis.. 100
Do
pref...
100
200
76
*45
16
Apr
4,600
26
48
7
{165
44%
76
50
*6
Dec
42%
*24
*...,
2934
23
*15
Dec
123
46
*26
*
23
99'8
89
123
5034 Nov 2
*45
98%
4
19
7% preferred when issued..
100
pref...
Oct
29
Chic Rock la! & Pac (new) w 1
Do
Apr
Jan
8,200
*38
.
1
27,150
50
*18834 194
33
Jan
71
Apr
84% Apr 14
71
Apr 14
51
Jan 16
2
Nov
11«4
172% Feb 16
1
Nov
887g June
18384
Apr
16% Deo
47% Oct
102% Jan
136% Jan
13478 Jan
92
Nov
95
96
80
Dec
58
Nov
Jan
Jan
126
125% Jan
124% Jan
634 Nov 2
20% Nov 2
84
102
*162% Mar
l67%Mar23
6534 Jan
3
14% Jan 10
4134 Jan
2
1
43
81
19%
47
98%
1
Oct 31
Nov
4
53%
*38
194
42
17
Jan
82
18-%
*43
9734
16
4734 Nov
132
Jan
7678 Jan
85
1
Nov
Oct
5034
*23l2
*190
50
60
Oct
Feb
1087*
Apr
*98% Dec
106% Apr
81% Dec
72% Aug
4
18
1834
50
9912
z8534 Nov 2
Highest
S per share
100%
8
1
Nov
pref...
5234
23l2
194
Lowest
share
98
100
142
46
9912
per
140% Oct 16
17% Nov 1
142
145
•39
194
$
100
Do
Previous
1916
I per share
Highest
share
Atlantic Coast Line RR...100
...100
16,245 Baltimore <fe Ohio
54%
Do
pref...
100
1,708
60%
8,000 Brooklyn Rapid Transit._100
49%
100
137,500 Canadian Pacific
137
14,800 Chesapeake &Ohio... ....100
47
2,100 Chicago Great Western...100
7
Do
pref...
100
1,000
2078
37,150 Chicago Mllw <fc St Paul..100
47
Do
pref
.100
86
2,900
,97
3,510 Chicago & Northwestern.. 100
*45
2312
per
42
26
*63
84
98%
$
17%
47
36
*24
Lowest
Par
15,900 Atcb Topeka & Santa Fe—100
900
Year
,
Railroads
1,650
SHARE
Range for
1
of 100-shars lots
basis
51
20
54%
47
7
7
14234 14234 *140
145
21%
36
49%
134%
45%
634
20%
44%
132% 13434
42
4878
135
55
♦24
89
88%
On
Shares.
88%
zS534
90%
89%
*6078
100
EXCHANGE
$ per share
9134
90%
{89%
2018
70
*63
*7
9912
*140
215a
57
4912
*24
4412
92
2234
4478
*88l2
48%
4534
*712
92
21*8
50
the
Week
2.
Nov.
1.
Nov.
31.
$ per share
13258 138
51
8
23
4978
47U
46%
*8812
$ per share
91
92i8
89l2 897,
9014
*100
103
101
101
50
56U
563g
5734
61
61
61% 617,
49% 50
13812 144
Oct.
30.
90
24
*23
93i8
92
8%
*734
100
$ per share
51
*50
Oct.
29.
Oct.
27.
STOCKS
NEW YORK STOCK
Friday
Thursday
Wednesday
Tuesday
Range Since Jan.
Sales/or
SHARE. NOT PER CENT.
LOW SALE PRICES—PER
977g
87
Apr
Nov
105% NOV
Dee
7384 Nov
110
Jan
May
167% De«
b Before payment of first Installment.
New York Stock
1785
Record—Concluded—Page 2
Porrceordof lalttdurlng the waak of itnck« u«uall?
inacti«a.
tacond
ie<i
oracading.
paga
fish
HIGH AND
LOW
SALS PRICES—PER
NOT PER CENT.
27
Oct.
$ per share
87
87
84*2
86%
Monday
Tuesday
Oct.
Saturday
Oct.
29
$ per share
30
$ per share
Week
Nov. 2
78
78
75*8
80
100
4,500 Bethlehem Steel
Do
class B common...100
365,700
79
77%
8412
82
85*2
78%
81%
97
91
91
*S6
98
20
20
19%
20
19
19
18
19
18
18
3,500
14*2
13
13%
12%
13
12%
13
11%
12%
12
13
2,700
California Petroleum
39*2
3/%
37%
35%
36*2
35
35%
33
33
32
32*2
1,100
70
7334
68%
70%
67%
51,300
*13
*37%
73
74*2
*100% 102
3134
*70
32
72*2
79%
31%
70*2
31%
71
31*2
69%
-
-
-
'
70
63
62%
69
80
76%
-
«■
-
65*2
100
100
63*2
65
31%
.65
7,000
9,900
15
17,700
16%
15%
1>6%
15%
15%
15
15%
14%
15%
14
44
43
44
42
42%
40*4
42%
38*2
41
39%T"40*4
3934
36%
38%
36%
37
3334
34
33*2
34%
32%
33%
90*2
88
89
86*4
87
*90
97
*100
110
94%
9434
35
33%
34
30%
31%
30%
30%
11,500
87%
85%
87
86
90
89
33
15,175
9,625
31*2
86%
93*2
92%
35%
35*2
x31
83
83
87
90
97
110
*97
110
'
*100
110
110
*100
__
90
89%
90*8
89%
90
56
59%
56*2
59% 121,800
*88
92*2
89%
89%
300
28
27%
28%
22,100
27
91%
91
91
90%
90*2
66*4
68
64
61%
64
*9034
93
*9034
*90*2
31*4
82*2
32*2
83
170
*150
*93% 109
38*4
37%
*7%
93%
95
40U
170
90%
27*2
28%
35%
7%
3934
39%
*102
104
*89
160
*88
160
45
46
44
4534
10%
10%
10*2
10%
38
38
38
38
*103
106
28
30
94
104
29
2934
"24
*23
*64%
86*2
92
*90
83%
*90
31*4
43%
32%
31
32%
30
31%
38,800
75%
77
74
75*2
71%
75%
12,300
15
15*2
15
15
*1434
15*4
1,000
*72
75
*72
110
*105
93
*90
74
*59
63
27
29
57*2
61%
62%
63%
*18
18%
17%
82%
90
30
43%
72
.
92
70
69%
108
*102
105
94
91
58
15*4
1,800
1,500
79
.
80%
42,100
91
*85 ■'
92
28
27%
28
41%
3034
42%
*85
700
~~5~600
43*2
41%
43%
35,000
69
*90
*103
74
61
28
56%
14%
90
92
31
44%
72
27*2
81%
X27
73%
*59
18
77*2
30%
95
74*8
20
80%
83%
*90
'
110
93
77
30*8
103
28
55
62
28%
64*2
81%
74
*107
31%
103
21%
*73*2
46
32
15%
*63
31%
44*2
1,400
42
20*2
22
43%
3134
4634
46,500
*53
.
72%
69*8
600
69*8
101
101% 101%
Leather
32
100
31
14
5
100
9,000
102
300
90
700
2
Jan
91
89*2
June
Jan 25
40
June
Junell
49
Apr
Jan 25
1087s
Jan
41
Feb 20
10434 Mar20
27%Marl2
33
58
7
SOU Nov 2
82i2Feb
..10
.100
General Motors tem ctfs._100
Feb
2
89
Oct
15
5012 Feb
78
Oct
103*4 June30
112U Feb
7
37U Julyll
1123a Jan
2
9178 July
11734 Jan
5
24%
40%
24%
40%
23%
24*2
23
22%
40
37
100
*93
38*2
22
38*2
21
22%
37%
30%
35
22
21%
36%
94l2Jan
*45%
47*2
108
*101
18*4
1834
*114
123
*50
60
*93
48
*45*2
*101
36%
62
*50%
*90
100
44
43
107*2 Aug
18
114
101
101
62
*50*8
16*2
98
110% 111
*50
62
*50
450
102% 102*2
17%
17%
17%
99
105%
17
80
2d pref
81
47
Jan
26
34
June
1
137
Jan
3
71
3
Nov
110
Junel3
87
May
May
May
Feb
tr ctfs.... 100
117
Feb 10
Inspiration Cons Copper
Internat Agricul Corp
Do
pref
117*2 Feb
40% Nov
20
100
lOlUOct 31
1934 Feb
Do
100
pref...
Intern Nickel
International
Do
Paper...
stamped
Oct
40
Dec
64
May
60
Oct
27
Nov
15
lBt pref stk tr ctfs. 100
2d pref stk tr ctfs. 100
Do
90
5
X27
Oct
17
Stamp'g
Nov
35%
36%
18
65
Dec
Jan
20
32
Dec
10
8858 June
Sep
Jan
124
June
4634 Oct
3
5
Junel4
2
1934
90U May 9
9934 July 12
90*8
Dec
63*4 Mar23
57
Dec
...100
pref..
100
100
98
100
North American Co
Oct
114
15
16*2 Nov 1
5
York Air Brake
Nov 2
47
Oct
Jan
6
263s Junell
Nov
156
Mar21
10
72% Mar21
3178 Oct 10
14378 Apr 19
44,500
Ohio Cities Gas (The)
25
4*2
4*8
4%
4%
4%
4
4
2,625
4
24*2
2434
24%
2434
24%
24%
1,700
Ontario Silver Mining
Pacific Mall
100
24%
.5
18
Feb
41
41
40
42
Nov 2
7% Sept21
30*2 Junc27
3
42*2
43
43
43*2
3,700
Oct 23
29
29%
27
28
2,200
People's G L A C (Chic).. 100
Philadelphia Co (P]ttsb).._60
37
32
27
Nov
2
4'2
43-%
44%
42
43%
42
44%
6,600
Pittsburgh Coal of Pa
100
42
Nov
1
78
81
78
80
80
2,200
100
78
54*2 Sept26
90
Aug 16
83*4 Jan 20
41
40%
41
41
34
30
30
30
30
*29
46*2
49%
46
82%
82%
82%
82%
57
45%
81%
54%
81%
56
.
*79
53*2
58
58
55
53
*95
100
*95
100
*95
100
*95
100
*95
100
*95
118
*112
118
112
112
*111
118
110
111
*110
118
*134*2 136
133
133*2
132% 135
Z128
130
129
130%
*41%
43
42
42
40
40
39
40
*95
98
*95
*90
1,600
100
*112
■
5334
53*8
53%
Do
pref
Pressed Steel
Car
106*4 Jan
Oct 31
52*2 Oct 17
.....100
Jan
18
4
'
98
96
96
2234
23
22*2
23
22%
22%
80
81*8
77*2
80*4
74%
76%
21%
72%
*98*«
98*2
*98%
98*2
98%
98%
*65*2
66*2
05*2
66*2
65*2
65*2
7
7
*152% 155
9
*6%
152
7*2
21
21*2
21%
20
21
35*8
33%
34
33%
41
40
40
32%
39%
37%
39
40*8
39
14,350
73*2
54,700
*97*2
98*2
96%
97
97
97
700
65*2
65%
64*2
65*2
64
64
5,300
.7
'
7
6%
6%
1,600
31%
10,000
Sears, Roebuck 4 Co
100
Shattuck Ariz Copper
10
Sinclair Oil A Ref'g...No par
37*2
37*2
37*2
36*2
37*2
1,000
Sloss-Sheffield Steel A Iron 100
36
22,900
Studebaker Corp (The) ...100
.
35%
36*2
*87
96
*87
96
*87
*37*2
46
*37*2
46
37*2
37*2
11%
12*2
135% 138*2
*90*2
95
*38
40
93
93
*9*2
*39*2
.
10*4
13
12
12*o
138
141%
92*2
*50
53
116
116
98'j
98%
58
58%
49
90
92
10%
*83%
*9*2
75
*68
*9*2
41%
v,
93
89%
12%
9,200
Tennessee Copper 4 Chem w 1
21,600
13,700
Texas Company (The)
100
Tobacco Products Corp... 100
39
1,100
12,000
39
86
40
87%
38%
86
87*2
*100
115
100
121
122
*115
120
117
117
112
115
112
112
13
13
2,100
2,809
13%
50
50%
112% 116
112
114*2
99
*94
99
57
58
50*2
*94
57*2
50*2
58%
.
48
12
50%
50
112
*50
114%
*94
99
*
55%
57%
99% 100
100*8 100%
49
50
44
*48
48
12%
12%
49
*48
12%
11%
12
53
53
111% 113%
92
05
600
*90
300
97
53
55*4
54
97
98
45
46
*46*2
48
12,300
55%
98*2
44%
45%
48%
48
48
93*4
99%
1,480
'
3,900
1,100
83%
80
82%
101% 103%
112% 113%
79*4
81%
78*2
80%
78
80*s
17
15%
15%
*15%
17
13%
14%
14%
29%
30
29%
15%
29%
28
29
~27%
9934
99%
*95*8 104
100
56
*50
60
400
108
*101
108
*56
60
*58
60
89
42*2
84
42%
65
*8884
39%
38*2
20
85
56
108
55
56
85
83%
40%
39
23
*98
60
42
65
*56
65
*56
*56
108
*56.
86%
41%
*98
»
.
-
*54
84
-
40%
413a
*56
65
84%
39%
40%
*56
65
98*2 1749900
111% 112%
74%
7,900
80% 120,200
700
28%
84%
85
39%
40%
*56
2,310
2,100
20,200
65
36
37
33%
35
33%
34*4
20%
19
20%
17*2
19%
17%
19
42,700
89%
*52%
37%
19%
38*2
22*2
*_.
*80*2
89%
*80*2
88
80*2
80*2
77
78
400
52
45
51%
115% 116% *115
55
*117
121
*118
120
*119
120
*119
120
31
31
*91
95
91
91
*51
55
*51
55
*30*2
*119
32
120
*119
31
51%
*
54
x
Ex-dlvldend.
42*4
44*4
9,100
115% *115
120
700
119
119
*118
120
600
28
28
*27
32
900
94
*52 ~
45
115
120
28
30*2
43
3,100
120
28*4
95
"52"
Bid and asked prices; no sales on this day.
eates of deposit,
111% 112%
95*8
52
51%
Do
United
634 Nov 2
137*2 Nov 1
68
Jan
4
238*4 Jan 22
18*2 Oct 16
2934 Mar 9
22
Dec
59% Mar29
7434 M ar30
"37"
July
,29% Nov
1
36*2 Nov 2
35U Nov
1
110*2 Jan
89
8
1085s Jan 20
31U June29
5334 Jan 26
Oct
11U Nov
Nov
19*2 June20
1
135*8 Nov 1
z46
243
1
*50"
i Less tban 100 shares,
No par
Do
105
99
Sep
July
107
Aug 20
15*4 Mar22
8% Aug 31
112
Jan
22
86
Jan
4*4 May
8712
Oct
493sJune 2
12778 Aug 14
69
Feb
10534 Aug
120%Marl4
611%
Feb
120
Fruit..
100
112
Nov
1
164*8 Jan 22
136%
Jan
11*4 Nov 2
50
Sept 12
100*2 Apr 21
24U June26
15*8
Jan
169*2 June
28*8 Nov
63
48*2
100
..100
pref
92
Nov
1
100
Rubber
1st
pref...
United States Steel
,
50*4 Feb
9
100
50
50
96
1
44
Oct 31
48
Oct
100
93*4 Nov
Nov
11
1
111*2 nov 2
Utah Copper.
100
10
Utah Securities vtc
100
7434 Nov 2
1334 Oct 31
Virginia-Carolina Chem
100
27*2 Nov 2
pref
pref
98
Oct
10
Virginia Iron C4C
46
Feb
3
100
100
Western UMon Telegraph. 100
Westlnghouse Elec & Mfg. .50
Do
1st preferred
60
Jan
106
Junel4
67
Aug 14
11434 Jan
3
67«4 Jan
4
52*4 Jan
3
Feb
94% Dec
99% July
4734 Mar
106*8 Feb
6712 Nov
170*2 Apr
114
Jan
7034
Dec
115*4
Deo
1365s May 31
z79% Mar
81% Nov
53*2 June
12984 Nov
121*4 Jan
115
123
Nov
130
Nov
19
11834 May25
24'4 Jan 22
57
Dec
50
June
May
7434 July
16*4 June
273s Dec
May 31
36
51
112UJan 26
108
Apr
114% Dec
Mar30
41
July
87
Mar
7284 Nov
105*2 Oct
715$ Mar
46
77
8334 Oct 30
9984 Jan
39% Nov
56
1
29
171*2 Junel3
Aug
19
May28
51*4
Apr
Dec
Jan
Mar
Apr
79
White Motor.
50
33«4 Nov 2
52i2Jan
18
45
Dec
593s
Willys-Overland (The)
25
17*2 Nov
38*2 Jan
18
34
Dec n325
June
MarlO
94
Dec
117
June
Do pref sub recta
full pd 100
Wilson 4 Co, Inc, v t c
100
Woolwortb (F W)
100
Do
100
Do
900
Do
a Ex-dlv.
and rights,
77
Oct 22
70*8 Jan
4
70
Nov
42% Nov
100
Oct
84U M ar30
114*2 Sept
151
Jan
22
119
126*8 Jan
118
Jan
17
123
June
373g Junel6
25
July
100
97*4 Junell
95
July
100
50
63
52
July
pref
pref A v t c
pref B vtc
63
23*2 Feb
91
Apr 16
..100
Wortblngton P 4 M v t o.lOO
55
t Ex-righta.
48*4
48*2 June 6
Oct 29
Do
Do
Marl2
1534 Dec
177*4 June
105
preferred
U S Smelting Ref 4 M.
Do
10
100*8 Dec
108*4 Sep
48*2 Dec
100
100
United States
Do
Jan
805s Aug 21
17
64*4 Oct 16
3834 Nov 2
86
Nov i
17
637s Dec
168*4 Mar
pref
U 8 Cast I Pipe 4 Fdy.___100
Do
pre/..
100
95
95
"5l"
United Alloy Steel
United Cigar Stores
14,200 "U S Industrial Alcohol
112% 114%
96
46
99% 101%
112% 113
8
Oct 29
Union Bag A Paper
100
Union Bag A Paper (new). 100
■
Oct
90
Underwood Typewriter... 100
100
39%
Dec
70
90
1,000
89
86%
June
May 9
"84
10*4
Apr
95*4 Mar
59
Oct 29
67
32
June
Oct
*9*2,
Jan
1697s May
42
38
67
42% July
97
July
114
20
90
10*4
June
101
100
75
38
10578 May25
Transue4 Williams Steel No par
"9%
Oct
534 Nov
11«4 Jan
100*8 May
1
100
*65
-r
3
75
Feb
200
10%
»
22
Apr
90
93
pref..
Jan
32*4 Apr
6512
,94*2 June 7
40
Do
Junell
Jan
July
1
1
93
110
•
100
49
*102
13%
pref..
138*2
110
*101
•
47%
Do
Stutz Motor of Am Inc.No par
78
-
39*2
89%
11%
136
*102
33
"55"
-
*9*2
*68
40
87%
-
200
115
*30
♦
-
10%
75
3912
••
*100
31
22*4
-
46
105
31
4134
«
38
96
*37*2
105
113*2 113%
*87
84>
*
.
36%
*84
167*2 Jan 26
101
Nov
6
Deo
15
118
Feb
*37*2
40*2
114
81%
95
96
*37*2
103*8 106*2
*15*4
*90
*91
38
105*4 107
114
49%
95
-
-
*10034 10134 §100% 100%
52
51
51%
*51*4
*48
z46
38
'
*39*2
*120*4 123*2
13%
13*2
51%
•
*90
«.
41
93*4
12%
141
50%
38
-
*68
114
*104
11%
137
52
38
75
*65
96
■
55
-
11,800
20*4
14212
Jan
95*4 Oct 19
'
Saxon Motor Car Corp... 100
Oct 31
Jan 31
111*4
Apr
60
dep...
30
46
148
Royal Dutch Co ctfs
131
1
58
21
100
pref
19%
96
52
Do
Nov
37*2 Oct 16
Ray Consolidated Copper. .10
1C0
30%
•19%
*128
Republic Iron A Steel
19%
141
110
100
100
2938
137*2 142*2
-
*37*2
141
Railway Steel Spring
Do
pref
*
500
6%
98U Oct 15 xl07
100
31%
37%
37%
*87
50*2
6%
pref
Public Serv Corp of N J... 100
Pullman Company
100
20
19%
*29%
96
12%
100
:
21%
46
13*4
2,000
71%
*37*2
13*4
38
98
"2l"
21%
*87
145*2 147
5534
55%
+'
98
"2l"
2,900
133%
73%
3934
37%
37
#
37%
70%
148% 151*2 *141% 146
152%
21
*39
98.
22*2
133
38
400
75
7*2
35
37*2
Do
•
Jan
43
4*4
48*2
68*4 Mar
109
100
24%
46%
89*2 June
Aug
33
118
24
Feb
Apr
Dec
June 7
Jan 25
Mar28
Jan
6
39
4*2
*56*4
Jan
20U Oct 10
26%
*30
44
100
New
36
May
4%
34%
64% Deo
17
67*2
109*4
117*2
122*2
Nov
37%
3638
78
15
9778June 8
89% Nov
100
...
National Lead
Do
Feb 17
127
69
112
25*8' Dec
Jan
43U Apr 30
101
100
2
Jan
40
Nov
100
National Biscuit
Jan
Dec
106*2 Jan
41U Nov
.100
Power
prel__
89%
67*2
61%
74*8
17
1438 Nov 2
Mldvale Steel A Ordnance..50
Montana
30
77UNov 1
100
pref
Oct 22
56U Nov 2
100
9*2 Mar
50*8 May 2 6
64*2 Jan
7338 Nov 2
Nov
70% Feb
Sep
Sep
Jan
75*2 Nov
»61% Mar ©125%
38% Dec
56%
10378 Junel3
100
Copper
c50%
3
100
Do
Feb
2
Maxwell Motor Inc tr ctfs. 100
Miami
013%
56
Mackay Companies
Do
pre/
Petroleum
Jan
12678 Nov
4
No par
Do
74
Jan
3678Mar23
16
Tire
30
100
Do
Dec
108*2
47%Mar21
49% Jan
4
77*2 June 6
Lee Rubber A
Mexican
Jan
37
2
Jan
106*2 Oct 29
No par
_
Nov
2978
1
Kennecott Copper
Lackawanna Steel
_
Nov
190
Aug
8
51
Nov
115
11
60*2 July23
4034 Oct 10
25
66% Nov
193
74»4 NOV
123
20% Oct 15
100
Nov
Apr
62% Feb
100
pref
Kelly-Springfleid Tire
120
42%
24% Nov
100
(The) v t o__25
72
Apr
11684 Mar
217s May22
31U Nov 2
Intern Harvester of N J..100
Int Mercantile Marine
2
54%
66*2 Junell
83.} Nov 2
100
26%
35%
Deo
80
92% Jan
26
37%
Deo
93
68U Nov 2
39*4
4%
35%
135
Dec
Dec
Granby Cons M 8 4 P....100
38*2
4%
2534
39*2
Dec
Dec
July
Nevada Consol Copper
110
Apr
110*2
2,900
50%
Dec
4
34i2Oct 16
Sep
,18
Jan
102
Oct
June
159
99U Nov 2
100
110
Oct
Apr
29*2 Feb
187*4 Oct
100
1st pref tr ctfs
7688
100*2
269%
Dec
19
Greene Cananea Copper.. 100
Gulf States Steel tr ctfa-.-lOO
Nov
29j4 Deo
24
61*4 Jan
9,700
49*2
100% Dec
Nov
101%
62
Jan
37
Nat Enam'g A
Do
pref
*
1,400
9134 Dec
152
100
A Cable No par
«,'•»*
Dec
88*2
4912
112
114
99% Mar
1247g Deo
43
4
Goodrich Co (B F)
Do
pref
Sep
50*4 Dec
108*4 Jan
120
Marl6
63*4
113*2 Dec
125
.
Nov
74
June
44*4 Oct
1
2434 Jan
9
17IS4 Jan 26
7U Nov
125U Oct 31
81% Oct 31
Feb
13U Aug
85
June
39*4 Nov
5378 Dec
Dec
144*4 Jan
Jan zlll
Sep
Jan
Nat Conduit
*
7
106
131
Sep
93
100
43
101% 101%
18
17*2
108
18
107
18%
*114% 123
100
44
100
44
Apr 16
30*4
12934
75*4
Oct 30
12,400
36%
*90
4434
*93
45*2
*101
108
18
100
44%
3
3
88*2 Apr
1958 July
46*8 July
38*8 Apr
74
pref.
'
100
*93
4
205
93U Oct 16
ll%Mayl0
pref tem etfs...... 100
10,200
21%
2
55*4 J an
16
Oct
4
1345s Jan 18
2
140
June
4778 Apr
89U Oct 31
2512 Oct 16
100
Dome Mines, Ltd
General Electric
3
18
No par
100
Cuban-American Sugar... 100
Do
pref
100
Distillers' Securities Corp. 100
1
102U SeptlO
100
pref
Nov
Dec
15
2
Oct 23
July
4178
Jan 25
7
83
126
30*2
62U
101*2
11578
6334 Mar
100
Cuba Cane Sugar.
Do
pref
Do
'
5
52U Jan 26
15
Nov
$ per share
415
Jan
Junell
135
38*2 Nov 1
Crucible Steel of America. 100
Do
Nov
Oct
156
100
pref
Do
2
Presume
1916
Lowest
% per share
515
Jan
4
"
*_
SH4RR
for
Year
100
Gaa AElec
pref
Do
Nov
62% Nov 1
25
Colorado Fuel A Iron
Columbia
5
647s Nov 1
100
No par
100
Chile Copper.,
Chino Copper
Oct
17% Oct 16
11% Nov 1
100
Do
pref...
Cerro de Pasco Cop
Chandler Motor Car
Do
*.
56
26%
*59
91%
3134
32%
«
78%
18%
46
'''«•
44
74
86%
160
JQO
Do
43%
32%
63
6434
*80
3,000
33*2
30%
20
160
26
74
31*2
*80
24%
*59
75*2
63
64
1,400
2,300
96% 103*8
15%
*18
68%
25*2
27%
16*2
19%
70
97% 102%
26
77
87*2
1,300
283a
26%
32%
65*2
99*2
68%
99%
68%
37*2
1,700
3,400
26%
163,950
98% 101
554,900
25
26% 45,700
21
22*4
3,600
300
53*2
53*2
40%
42%
2,700
33
19*2
99%
101% 102
28*4
25*2
80
75
99*2
*22
79
31%
6,500
31*2
32%
101% 102
103%
33
*59
38
9
21
77
32%
37
43%
*53
63
31%
37%
8%
31%
44*2
*74
37
10
55
*59
1,800
*8
23
*15%
75
9*4
55
81
75
9
44%
34
26,100
93*2 113,900
42%
*22
33*2
7*2
128*2
40%
57
80
87
42*2
45*4
45
7*2
127
76,000
1,300
40%
30*8
28%
99% 103%
23
*54
7%
37%
74*2
160
4134
38
102
31%
22%
56
35*2
74
70*8
*75
44*4
10*8
9%
28%
46
300
*93% 100
12538 128
83
87%
100
70
160
35
27
*55
16%
100
78
2,400
frn-+m
38*2
38
43
100*2 100*2
*44%
*15%
39%
*85
103% 10334
29
7*2
79%
150
38
38
37*2 37%
39%
39%
38*2
90
85
81
87
90
85%
93%
93%
*101*2 102
*101% 102
*101% 104
*101*2 104
94%
*101% 104
*93% 109
3738
34%
1,600
76
*74
*75
3934
94%
74*2
99% 100*8
82
79
*145
38%
7%
7%
39
40*4
99% 100
80
160
125% 130
85
81%
87
74
76
79
*140
99
35*2
131
83%
26%
80%
150
*93%
7%
7%
128
128% 134*2
9234
86*2
*75
150
170
*93% 109
35
36%
37%
7%
79%
80*2
80%
40
97
96
89*2
29*2
*150
*93*2 109
40%
73
*39%
92*2
28
*
82*2
80*2
*150
75%
*9934 103
73
93
31%
77'
*74
*90%
67*2
29%
8*8
135
132
59%
63
Central
84
o.lOO
pref
Do
27%
29*8
v t
Range
Highest
share
70*2 Oct 16
69% Oct 16
Corn Products Refining... 100
26%
27%
Do
100
800
6,500
27%
30%
pre!
65,650
87%
26
28%
Do
Consolidated Gas (N Y)__100
Continental Can
...100
28%
90%
31
30*2
-
100
31
16
38%
100
*
■
-
67
68*4
64%
69*2
10034 10034 *100% 102%
31
31%
31%
31%
*100*2 102*2 *100*2 102*2
31%
76*2
74*8
-
43%
90
per
Butte & Superior Copper... 10
19%
19*2
%
1
basis of 100-sAare lots
Lowest
lndustrIal&Mlsc.(Con.) Par
84%
*91
96
*91
PER
Range Since Jan.
On
Shares
$ per share
$ per share
76
77*2
SHARE
EXCHANGE
Friday
Nov. 1
31
$ per share
80
STOCKS
NEW YORK STOCK
Thursday
Wednesday
Oct.
Sales/or
the
SHARE,
Nov
May 9
b Par $10 per share,
JunelS
n Par $100 per share.
»
Certifl"
1786
-
Exchange—Bond Record, Friday, Weekly and Yearly
New York Stock
method of quoting bonds was changed and prices are
In Jan, 1909 the Exchange
•S'w
BONDS
Price
Week's
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
Friday
Range or
Ask Low
Bid
Range
N. Y. STOCK EXCHANGE
Week
Jan. 1.
High
Lots
High
No.
99.96
10643
9
100.02
951
100
V 8 4b 2d Liberty Loan
M-N
100
V 8 2e conaol
Q- J
1947
O 8 3 Ha Liberty Loan
U 8
U 8
0 S
U 8
0 8
0 8
U S
U S
U S
1942
registered.--<11930
23 consol coupon
dl930
3s registered--—-—*1918
3s coupon
—*1918
4s registered..
---1925
4s coupon
1925
Pan Canal 10-30-yr 2a.*1930
Pan Canal 10-30-yr 2s. -1938
Panama Canal 3» g
1961
Philippine Island 4s. 1914-34
109.02
100
Sale
9934
Oreenbrier Ry 1st gu g 4s. 1940
97
9934
Oct '17
93%
99%
Warm Springs V 1st g 5s..1941
Chic A Alton RR ref g 3s
1949
Q- V
99
100
98%
q-F
99
Sale
99
q- f
105
q- f
105
106
q- F
97
q-N
q-M
97%
99
105
Oct '17
Railway 1st Hen 3 Ha
.....
94%
95%
162
93
A-O
91% Sale
80%
91%
92%
80% Oct '17
975
M- S
90%
314
90%
80%
86%
95«4
93
96%
83%
65
97
97
83%
86%
93%
97
Oct '17
; Oct '17
93%
9334
92%
86
14
91
94
39
92% 100%
95% Sale
French Bepub 5H* secured loan
Sale
Japanese Govt—£ loan 4Hs.1925 F-A t 88
Sale
Second series 4Ha...
1925 J - J t 88
88
96%
88%
87%
88
Do
do
"German stamp".
Sterling loan 4s.
1931 j"-"j J"5" *78 "
87% Sale
Lyons (City of) 3-yr 6s
1919 M-N
88
Sale
Marseilles (City Of) 3-yr 6s—1919 M-N
Mexico—Exter loan £ 5s of 1899 Q- J X 48
77%
*
-
92% Sale
<**■
75
87
Sale
Temporary notes 5 Hs
1918
Temporary notes 5($b
1919
tTAese are prices on the basis of 15 to£
76
Sale
Sale
91
98/4*
95
93%
99%
9834
92%
99%
97%
Sale
97
1965
1963
97%
9734
100
101
98
97
97i4
97%
9612
1964
97%
98% Sept'17
101
101%
101%
93%
93%
100% IOII4 101%
93i2 Sale
93%
1958
1957
1959
9334
94
9334
93
935s
94
94
97% Jan '16
101
101%
100% 101
101%
101%
100i2 101
81
8ept'17
83I4 84
101
July'17
4% Corporate stock..-,-1956
New
4^a
1957
*H% Corporate stock
195?
SH% Corporate stock—1954
9 Y State—4s....
--1961
Canal Improvement 4s..-1961
Canal Improvement 4s
1962
;99% I III
100
Sale
76%
6
73%
'273
87
*108
9334
121
92%
923
10034 July'17
100
100
10
2
"43
101
101
11034
7
93% 102%
9334 102%
2
9334 102%
2
84
103%
104'2 103%
Sept'17
79% 78
50% June'17
50
—
1995 A
1995 A
-
O
hi995
84%
mm**m
7734
A1952
Charles A Sav 1st gold 7s. 1936
L A N coll gold 4s—
ol952
Sav F A W 1st gold 6s
1934
1st gold 5s
-.-.-1934
1918
1925
M- N
J - J
J - J
M-N
A - O
A-O
J - J
J r J
Registered
51925 Q- J
1st 50-year gold 4s.—..51948 A - O
>51948 Q- J
—1933
Sinking fund deb 5s.
86%
101%
77%
'77%
A-O
....
93%
98
76
107
99
8434
83
--
81%
87
80
80%
96%
80% Oct '17
93% May'17
9934 July'17
81
81%
80-%
9934
9934
85
Sept'17
87%
129% Aug '15
8034
********
78%
104%
75
77%
77%
********
115
****** m
101
*94%
80%
******
******
22
3
1
—
99
8834
90% Sept'17
79%
81
'89
Sale
9234 Mar'17
"79% Sale"
m--
28
...
79%
Oct '17
...
Oct '17
...
Oct
*99*4
J
F
1922 J
-
mm*m* m
90
—.1937 A-O
W
-
-
»
-
85
101
89
—
—
101
...
...
86
94%
100
100
...
...
Sept'17
....
....
103
Mar'17
....
97% June'17
....
104% Apr '17
Aug '17
95% 90
92
Sale
104
106
100
104
Oct *17
100
55%
77
9934 Sale
1939 M-N
70
1
....
5
91
9934
Consol 50-year 4s
1st guaranteed 4s
77
7934
8S34 Mar'17
....
72
Safe"
27
81
--
J -D
'
7334
76%
80
84
Apr *17
.....
85% N ov'16
76% Sale
-
1952 J
1937 J
1959 J
1959 J
96%
96% 100
95
96%
97%
9934
97%
Sept'17
103
20-year deb 4H»
Cairo Dlv 1st gold 4s
85
92
W W Val Dlv 1st g 4s
1940
C I St L A C consol 6s
1920
100*4110
1st gold 4s
*1936
96
103
78
78
Cln 8 A CI cons 1st g 5s. .1923
103
103
C C C A I gen cons g 6s„1934
Ind B A W 1st pref 4s
1940
97%
96%
104% 101%
90
97%
104
Registered
*1936
O Ind A W 1st pref 5s„ .41938
Peoria A East 1st cons 4s. 1940
Income 4s
120%
105% 113
CleveShort L 1st gu 4bis
100
..>1990
Col Midland 1st gold 4s
104%
94%
108%
104% 104%
99
76
94
80*4
92
Morris A Ess 1st gu
72
86%
N Y Lack A W 1st 6s
78%
94*4
84
87
....
14
136
95*4 103
118%
111
1021s July'17
101%
104*
105% Nov'16
105
05% Sale
'17
Oct
65%
82
'17
Jan
~ ~82*
105
66%
108
65%
77
May'17
90
96*4
May'17
70
90
25
July'15
88
Mar'11
96
'17
Jan
96
90
61
64
62
62
62
81%
83
84%
83
£3
83
87
——
100% 101
81%
Feb '17
100% 101
83% Mar'17
83%
1929 F
82%
Sale
5%
6%
74
5
Oct
81
Oct
74
102"%
84
85%
102% 102%
106% 110%
46
75
12%
30
93
102*4
2%
17*4
2
'17
9934 100*4 July'17
73%
100%
'17
7634
83%
73%
5% Oct '17
6%
Sale
81
74%
93
83%
5%
- A
M-N
J - D
A-O
J - J
93
87
79
70
79
Feb '17
J - J
62% 73% 74% July'17
M- N
71%
73% June'17
M- S
62
84
Nov'16
J - J
101% 105% 102% Oct '17
M-N
81
88
85% Aug '17
Q - F
88% May'15
Q - F
•91% III. 102% Jan *17
J - J
*102%
107% Aug *17
J - J
94
July'08
A - O
Q- J
41
51
40
Oct *1
A-O
10
12% 12% Oct '1
Apr
1961 A-O
1947 J - J
1935
Ft W A Den C 1st g 68—1921
Conn A Pas Rlvs 1st g 4a
1943
Cuba RR 1st 50-year 5s g—1952
91
75
118*4
91%
Nov'16
105% 107
93
Refund A Ext 4(48
Apr'17
June'17
82
1939 J
Spr A Col Div lstg 4a... 1940
62%
90
1931 J 1993 J -D
Cln W A M Dlv 1st g 4S..1991
8t L Div 1st coll tr g 4s. .1990
62
55
109
9534 Oct '17
80
-
General 5s Series B
102%
55
J
-
Day A Mich 1st cons 4^8.1931 J ClevCinCh A St L gen48.1993 J -D
101% 111%
11%
81
33
96
74
87%
100% 105%
84
87%
94
Feb *16
Del Lack A Western—
3(48-2000
1921
1923
Term A Improve4s
1923
Warren 1st ref gu g 3(48—2000
Construction 5s
J
J
-
D
J
F
-
A
M-N
F-A
77
78% 77%
77%
103% 100
103*4 Sept'17
98
Sale
92%
74%
98
98
96% 94% Sept'17
82% 102% Feb '03
77% 88%
103% 107%
98
102%
94%
99%
98?4 Feb '16
1940 J
a
Due Jan. dliue April. «Due May.
•
July'15
118
*87%
98%
74%
Oot *16
111
100
84
96% 102%
97%
97%
June'17
55
91
9534
85*4
78%
97*4
63%
63% Oct '17
63%
70
9734 Oct '17
90
85%
89
90
J
-
107" 107"
90
6
....
"77" Sale'
1992 MReglstered
.1992 M20-year convertible4^8.-1930 F -
1919 A-O
Trust Co certlfs of deposit
"l%
General gold 4Hs—
97%
64
90%
Colorado A Sou 1st g 48
Aug *17
9934
71
1941 M-N
C Find A Ft W 1st gu 4« g.1923 M- N
~70~ "79%
Sept'17
104% Jan '17
—-..1939 M-N
•
6734
Sept'17
94*4
108%
76%
Mar'17
63%
70
80%
107%
June'13
101% 100
100% Jan '13
68
89%
76%
87
Sale
.
J -D
"99"%
...
92
1941 M-
Cent Vermont 1st gu g 4a..el920 QChesa A O fund A Impt 5s. .1929 J -
69—,1930 J -D
99%
103% 109*4
5
97
105%
Aug'17
...
cons
99%
—
78
100
-
'17
76%
74%
64
61% 62% Oct '17
109
102% 112
109
Cln H A D 2d gold 4 Ha
1st A refunding 4s
—
97
105
-
Oct
98
'17
Oct
IIII "60 "
St P A S City 1st g 0s
90
99
79
101%
104
May'17
84
98
76% Sale
*
J
-
86% Sept'17
99%
Cln DAI 1st gu g 5s
...
93%
*100
87%
97
97
84
-
•Nojprioe Friday; latest this week,
106% Deo *16
107% 103% Sept'17
51987 Q-
Coal River Ry 1st gu 4s._ 1945
N ov'16
108
97
1937 M-N
30-year conv secured 58.-1946 A
Big Sandy 1st 4s
—1944 J
Feb '17
104
-
Am Dock A Imp gu 58.. .1921 J
Leh A Hud Rlv gen gu g 6s.'20 J
107
1932 J
111% N ov*16
85
Superior Short L 1st 5s g.01930 M- 8
Chic T H A So-East 1st 5s._I960 J - D
Chic A West Ind gen g 68—f1932 Q -M
101% N ov'16
103
-
1987 J
—
«94%
78
84
10318PsFeb *16
100%
J
A
J -D
J
...
99% Oct "17
J
97% 10434
111% Dec '15
....
J
-
88
88
97% Oct '17
100
98
112% 118%
102" 107"%
100%
Debenture 5s.—
.1930 M- 8
Ch St P A Minn 1st g 6s—1918 M - N
North Wisconsin 1st 6s
1930 J - J
4
M- N
J
Apr *17
97
„
1946 J
...
9834 107% 101% Oct '17
98
99% Oct '17
83%
Consol 1st g 6s
Canada Sou cons gu A 5s.
1962 A
Car Clinch A Ohio 1st 30-yr 5s '38 J -D
Central of Ga 1st gold 5a..pl945 F-A
Consol gold 5s
1945
Chatt Div pur money g 4s 1951
Mao A Nor Dlv 1st g 6s. .1946
Mid Ga A Atl Dlv 58
1947
"79"
'17
107% Nov'16
95
,
100%
Pitta Clev A Tol 1st g 63.. 1922 A
Buffalo RAP gen g 5s
1937 M- S
Consol 4^8—
1957 M-N
AHA West 1st g 4s gu—>>1998 A-O
Clear A Mah 1st gu g 5s.. 1943
Roch A Pitts 1st gold 68—1921
____
92%
97%
101%
*12
99% June'17
100
-
-
1988 J
Cons 0s reduced to 3Ha..1930
92%
84
84
-
91
102%
99% 103%
" Oct" "'17
102
Consol gold 5a—
..1952 M-N
Keok A Des Moines 1st 5s. 1923 A-O
94%
lOd"
'17
Jan
100%
CRIFANW lstgu 58-1921 A-O
Choc Okla AG geng5a..oi9l9 J * J
95%
79%
15
88
-
90%
68
78
100
1988 J
88
lOl" III.
—
118%
97% 105%
103% Apr *16
100
Sept'17
102% Oot .'16
100% Sept'17
87
Coll trust Series P 4a
1918 M-N
59
R I Ark A Louis lat 4 Ha.. 1934 M- S
Burl C R A N—1st g 58—1934 A - O ♦....
"l "88*4 ~96%
85%
'
_
115
88
Jan
J
1934 A-O
Chic St P M A O
78%
112
-
20-year debenture 5s
80*4 95%
99*4 107%
85
9334
81%
79%
84
■"**.
J
Refunding gold 4s
99*4 104%
80
96%
"
104% 111
StPaulAKCShLlst4H8'41 F-A
...
89
f* m
87%
CI Lor A W con 1st g 5s—. 1933 A - O
Monon River lstgu g 58—1919 F - A
Ohio River RR 1st g 58--.1936 J -D
93*4
"l "77% "89"
84*4
Sale
*94%
86
100
July'15
99% Deo '16
8834
88*4 Sale
mm-****
98%
91
-
Mil Spar A N W 1st gu 4s. 1947 M- S
St L Peo A N W 1st gu 5s. 1948 J - J
Chicago Rock Isl A Pac—
Railway general gold 4s
Registered
105
97%
80
77%
July'17
78
******
86
101% 118
101% Oot '10
65
Ashland Div 1st g 6s.—1925 M- 8
Mich Dlv 1st gold 08—1924 J - J
100%
98%
95%
86
101%
97% 104% June'16
88%
91
75
102% 113% 112% Aug'17
79
90
98%
97%
88%
86%
Sept'17
i—.1933 M-N
"2 "77% "89"
86
91% Oct '17
78
Aug'17
101%
88%
104% Oct '17
....
Mil L S A West 1st g 68—1921 M- 8
Ext A Imps/gold 58...1929 F-A
—
104%
"97%
109% Apr '16
10178 104
Sept'17
94%
95% 100
100
93
77
"99%
1933 M-N
Registered—
85% N ov'16
100
'17
Oct
86
101% 102
104% 105
83
57
100% 101%
81% Oot *16
84%
82
PLEAWVa Sysref 4s._ 1941 M-N
Southw Dlv 1st gold 3
Ha. 1925 J - J
Cent Ohio R 1st
cg4Ha_.1930 M- S
g 5s
1921
76
75%
90
—.1921 A-O
Registered
105
104% 104%
88% Oct '17
86% Oct *17
86% Sale
1879-1929 A-O
103% 110
78
87%
50
61%
98% 104%
77%
95%
102% Deo *16
....
72
Man GBANW 1st 3 Ha.1941 J
Mllw A S L 1st gu 3^8—.1941 J
84
1st consol gold 5s
83%
73%
97
Sept'17
Oct '17
6
Refund A gen 5s Series A. 1995 j'-D
Pitts June 1st gold 6s
1922 J - J
PJuno A M Div 1st g 3H8 1925 M-N
_
95
102%
100
97% July'17
84
1879-1929 A-O
1
81
M- S
Ala Mid 1st gu gold 5s
1928
Bruns A W 1st gu gold 4s. 1938
N Y A Long Br gen g 4s.
95
1987 M-N
Debenture 5a
20
********
68
1964 J -D
Registered
J
Registered-.
103
91
95%
86% 103
Mobile Dlv 1st g 5s
Gen RR A B of Ga col g 6s
Cent of N J gen'l gold 5s
9934
-D
94%
74
9934 10334
102
106%
100% 100% July'17
96%
100% Sept'17
99%
107
Deo'16
J
-
-
95
79
59
99% Oct '17
102
Aug'17
98
J
-
1879-1929 A-O
86
91
M- S
5s—.1942 M- S
General gold 5s
J
-
1879-1929 A-O
90
Cal-Arlx 1st A ref 4Ha"A"1962
Registered
20-yr conv 4 Ha
76%
87%
"99%
Registered
86
86
Sll Sp Oca A G gu g 4s
Salt A Ohio prior 3Ha
Oct '17
74
98%
107%
72% 82%
86% 105%
77% Sept'17
Oct '17
106% 100
100% 108
104% Sept'17
J
Sinking fund 5s
90
86
Gep unified 4($s
-
Sinking fund 6s
Bale
1955 J -D
Oonv 4s issue of 1910
1960 J -D
East Okla Dlv 1st« 4s— -1928 M- 8
Rocky Mtn Dlv 1st 4s_..1965 J - J
Trans Con Short L 1st 4s. 1958 J - J
S Fe Pres A Pta 1st g
Atl Coast L 1st gold 4s
85%
79
II11 "79"
M-N
Oonvgold4s
57
83
Nov
A1995
57
5634 57
84% Sale
O
Nov
A1995
Stamped..—
79
96
69*4
85
_
M995 Q- J
Adjustment gold 4s
Registered
87%
77
96%
J
1987 M-N
General 5s stamped ......1987 M-N
„
Atch Top A S Fe gen g 4s
Registered
88%
'
Stamped 4s
109% 117%
10
85
94
99% 106%
107% 117%
103
85
96%....
-
84
6934
72% Aug '17
J
-
80" "90%
78
J
-
78%
80%
70
J
-
90%
80
7412 Sale
10034 106%
100
102%
12
"OO"
78%
78%
92% Feb '16
Des PlalnesVal 1st gu 4Hsl947 M- S
Frem Elk A Mo V 1st 0s. 1933 A-O
8s deferred Brown Bros ctfs—
Craig Valley 1st
Registered
79
68
—1987 M-N
pl987 Q- F
General 4s
91%
105
Nov'16
72%
85
-D
73%
115%
100% 100*4
84%/ 86%
973g Deo '16
6934 Sale
82% 85
J
-
1934
General gold 3H«
70
IIII~8d%
-D
Cons extended 4Ha
1934
Chic A Nor West Ex 4s 1886-1926 F-A
F- A
Registered
1886-1926
101% 110%
101
78
J
Wis Valley Dlv 1st 6s
1920
Mllw A No 1st ext 4H8--1934
"45 101" 110%
61
101
17
84% Apr '17
77%
J
-
assum g 68—1924
La Crosse A D 1st 5s
1919
Wis A Minn Dlv g 58—-.1921
111
12
61%
101
96% Jan '17
Fargo A Sou
97% 106
61
92
1925 J -D
107%
"32" "|f"
100% Apr
72
C M A Puget 3d 1st gu 4s. 1949 J
Dubuque Dlv 1st 8 f 68.-.1920 J
10534
97
2
101
100
65
-
99
21
Mar'17
Sale
-
97% 104%
90
32
Sale
J
1956 J
1969 J
Convertible 4Ha
1932
Chic A L Sup Dlv g 58...1921
100%
97% 101%
90
76
61
1947 J
25-year debenture 4s
98
90
75
101
Gen A ref Ser A 4 Ha
a2014 A -O
Gen ref conv Ser B 5s
a2014 F-A
Gen'l gold 3H» Ser B
el989 J - J
J
General 4Ha Series C—el989
689
80%
Sept'17
July'17
76
25
97
345
June'17
35
97% Feb *13
J
-
Chicago Milwaukee A St Paul—
Gen'l gold 4s Series A...el989
Registered
el 989
80%
33
Sept'17
100
87
51
Ind A Loulsv 1st gu 48—.1956
98%
98%
98%
97%.
30%
27%
99
IIII "do"
1947 J
Chic Ind A Sou 50-yr 4s—
Chic L 3 A East 1st 4Ha
84
75
Chicago Great West 1st 4s.. 1959 M- S
Chic Ind A Louisv—Ref 6s. 1947 J - J
Refunding gold 5s
Refunding 4s Series C
99
92
84%
July'17
30
84%
Permanent 4s
75%
98
100*s 102%
98
99'%
July'16
33
Sale
99
O
-
39%
87%
89
80
'17
84
30%
1937 M- N
U S Mtg A Tr Co ctfs of dep
Guar Tr Co ctfs of dep
—
50
95%
53%
100
76%
9-2
92
Sale
22%
J
-
97
137
Oct
98
84
29%
J
35
'618
36
99
76%
86
92
90%
1927 M-N
1958 M - S
;
87
110% Sept'17
Highway Improv't 4 (is.. 1605
Ylrglnia funded debt 2-3s.—1991
Registered
97%
76%
81*4
"58% "62*4
15
100% Oct '17
98% Sept'17
96%
40%
264
110% 10934 Oct '17
Sept'17
10412 103
Canal Improvement 4Hs_1965
"
88*4
88%
82
76%
80%
100% Sept'17
*99
Canal Improvement 4s
1960
Canal Improvement 4H8.1964
Highway Improv't 4Ha_.1963
100
38%
90
96%
Chic A Mo Rlv Dlv 58— .1926
Chic A P W 1st g 5s
1921
1966
Ann Arbor 1st g 4s
80%
Purch money 1st coal 5s._ 1942 F - A
Chic A Ind C Ry 1st 5s. —1936 J - J
101
81
4
Oct *17
97%
9334
98
State and City Securities.
N Y City—4^sCorp stock-1960
Railroad.
22
Aug'17
87%
73
Sale
99% Sale
****
mum
90
87
35
87*4
M- S t
Tokyo City—5s loan of 1912
97%
U K of Gt Brit A I 2-yr 5s—1918 M- S
93%
8-year 5H temp notes.1919 M-N
92%
5-year 5 H temp notes
1921 M-N
77%
Oct '17
90
220
95
49% July'17
....
35
Gold debt 4s of 1904——1954 J -D
Paris, City of, 5-year 6s
1921 A-O
•
J
1934 A
•
93% 100%
7
92
4% Corporate stock
-
,
71
Sept'17
79%
1st consol gold 6s
86%
92%
4% Corporate stock
4% Corporate stock
76%
General consol 1st 5a..
97
95
AHa Corporate stock.
<tHa Corporate stock
J
Chic A E 111 ref A imp 4s g—1955
U 8 Mtg A Tr Co ctfs of dep..
100
91
Sale
91
1926 A-O
1931 A-O
4H's Corporate stock
4 (is Corporate stock
-
100
..
72%
65
97
86
93
ExfcernalIoan4H8----1949 F-A
Dominion of Canada ft 6s—1921 A-O
Oct '17
97
95
Exter dt 5s of '14 ser A-_-1949 F-A
do
A
A-O
General 4s
98%
82*4
M-N
87% Sale
J -D t 60_
67%
97%
Cuba—External debt 5s of 1904- !W- S
do
36
-
High
"80% "88%
Oct '17
100
1922 F
Low
'13
See Great North
Registered
94% Sale
71
No.
80% Sept'17
88% Sept* 16
96% 113% Feb '15
55% 58% Oct '17
....
Nebraska Extension 4s._.1927 M-N
F-A
High
84% Jan
82
*
.1919 A-O
Sinking fund 4s
Joint bonds.
Ask Low
80
82
1949 J
Illinois Dlv 3 Ha.
102%
J
- J
M- N
M- S
A-O
J - J
~99~
Iowa Dlv sinking fund 58.1919
85
Since
Jan. 1.
1949 J
_
Illinois Div 4s
85% Oct *17
Feb '15
100
80
1950
Chic B A Q Denver Div 4s.
98% Oct '15
97
Juiy'15
*m**m
*,
98% 101%
10434110
104% 111%
105%
105% 105%
Q-F
2d consol
96%
Oct '17
Range
Range or
Last Sale
Bid
70
71
71
J
-
-
con g
97
97% Oct '17
97%
90*4
96*4
q- J
Government.
Amer Foreign Secur 5s
1919
Anglo-Frencb 5-yr 5s Exter loan.
Argentine—Internal 5s of 1909.Bordeaux (City of) 3-yr 68-1919
Chinese (Hukuang By)—5a of 11
Do
1949 J
4a—-1969 J
gold 4fl_.
1969 J
R A A Div 1st
Foreign
Do
ending Nov. 2.
Poua Creek Br 1st 4s
99.74
99.76 Sale
Week's
Price
Friday
Nov. 2.
Chesapeake A Ohio (Con)—
100.30
U. S. Government.
J -D
11
BONDS
Since
I*
Last Sale
2.
Nov.
now—"and interest"—except for income and defaulted bonds.
§ Due June.
A Due July. *Due Aug. eDue
Oot. pDue
Nov.
« Due Dee,
# Option sale
Nov. 3 1917.]
New York Bond
BONDS
8*
N. Y. STOCK EXCHANGE
5*
Week ending Nov. 2.
Week's
Price
2.
BONDS
Since
Jan. 1.
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
Bid
Ask Low
\
Co
High
No.
Low
Bid
Leh V Term Ry 1st gu g 5a.. 1941 A-O
1922 J
equip g 4>$8
lot A re! 4s
98
J
-
1943 M-N
85%
9534 Oct *17
86% Oct *17
conv 5a
1935 A - O
9212 Sale
Alb A Susq conv 3}^S
757s Sale
1946 A - O
Rensa & Saratoga 1st 73..1921 M-N *102i2
D«nv A R Gr 1st cons g 4a__1936 J - J
65
Sale
92%
3
75
75%
65
67%
Sept'17
1936 J
70%
75
75
Improvement gold 5s
1st A refunding 5s
1928 J -D
75
79
76%
1955 F
-
52
Sale
52
Rio Gr June 1st gu g 5a
1939 J
-
95
37
Rio Gr Sou 1st gold 4a_._1940 J
-
Guaranteed
J
A
D
J
1940 J
Rio Gr Weet 1st gold 4s.
Mtgo A coll trust 4s A_
_
-
1939 J
*
-
J
67%
68
5778
57
N Y A Erie 1st ext g 4a
2d ext gold 5s.
I
1947 M-N
i.1919 M- S
3d ext gold 4^s
81%
67
NYLE&W 1st
74
Erie 1st cons g 4s prior
1996 J
Registered
Peon coll trust
50-year
conv
do
Gen
4s Series A 1953 A
SeriesB
-
Erie A Jersey-1st
Loug Dock
f 6s... 1955 J
cur
A-O
74%
73
73
85%
....
43% Sale
40
43%
1st consol gold 6a
111
67
cons g
87%
90
89
*82
~ nn
102%
J
~56% "69%
f».
95%
70
6%
•
"_4
"93% "97"
-
93%
99
1999 J
-
87%
1948 A-O
1955 F-A
-
J
J
-
J
-
J -J
J
-
-
-
-
95
92
....
95
•»»
-
1951
98% Jan
"89% ~98~%
-
Registered
1953 M- N
Cairo Bridge gold 4b
1950 J
Litchfield Dlv 1st gold 3a.1951 J
Loulsv Dlv A Xerm g 3
J
-
90%
•
J
80
~78% III*79%
feellev
IIII
.1923 J -D
Registered
Registered
Ref A Impt 5s
J
-
D
72%
-
Lake Erie A West 1st g 5a__1937 J
2d gold 5a
1941 J
1940 J
Oct
'17
100
100
Feb '11
92%
88
88
'09
,
94%
95
95
63
-
J
94
-
J
95
95%
96% Aug *17
80% Feb '17
89% Mar'17
93%
93%
84%
91
89
79
87
80
93
94
95% July'17
•No price Fr'day; latest bid and asked this week,
Oct '17
80
a Due Jan.
60%
62
30
38
95
413i
63
94%
Deo'16
61%
62%
61%
35
35
35
78%
54%
27% Oct '17
26%
31
49
49% Sept'17
49%
69%
3234
30
30
45
31
40
69%
69% Apr '17
70% Mar'17
69%
40%
69%
71
42
42
79
72%
50%
85
80
45%
"49"
9012
9984
98%
2738
30
70
40
56
60%
50
30
Nov'16
Oct '17
72% Sept'17
50% Oct '17
45
51
45% Feb '17
88
Deo '16
11
91%
88%
91%
89
3
88
87
87
-10
87
95
407
55
68%
55
99% Sale
99%
5638
100
14
July'17
60% Apr '17
85
*60%
nn
*80
---
100
94%
82
100
"73"" in.
9934 106%
55%
60
60
61
80
Apr '17
82
Feb '13
77% Deo '13
92% Deo *16
10034"Apr *17
93%
102
9434
July'14
73
18
100% 10134
93% 10334
'73" "86"
73
80% Oot '17
"70" "74"
71% Oct '17
78
87%
69%
109
~84~
Sep '15
106
1938 M- S
104% 114%
Feb '16
July'17
68" ~78%
93
July'17
93
93
90
90
90
82
Aug *17
Sept'17
102
Oct '17
68
55
*85
85
'
78%
85
96%
82
9134
101% 108
100% 104% 110% Mar'17
30
30
Aug'16
90% Feb '13
30
94%
Deo '16
ro
92
Oot
59
56
*30 ~ ~3<T
May'17
35
"26~ nn
July'17
93
Oct '17
36
36
94% Sale
77%
*16
94
37
68
215
72
93
15
99%
35
50%
94
113%
RR—
1935 M-N
2013 A-O
1998 F-A
Guar 3Ms
..1997 J
80%
83
89%
102
88
101%
80
91%
bDue Feb.
73
J
97%
77% Sept'17
89% Oct '17
74%
74%
74
*77'
74
79
79
92
1934
Sale
68
68
69
1998
....1998
Registered
76
89
74%
74%
SO
86%
74
Sept'17
18
85%
79
94%
Dec '16
69
66
Mich Cent coll gold 3Hs_. 1998
Registered
1998 F-A
68
"66"" "81"
65
80
69
80%
75
66
6734 Sept'17
Sept'17
75
80
96%
97
Mar'17
Battle Cr A Stur 1st gu 3a_ 1989 J -D
Beech Creek 1st gu g 4s. .1936
2d
81
95%
1936
guar gold 58
Registered
9o34 N ov'16
*88% IIII
104
May'16
*70%
1936
Beech Cr Ext 1st g 3HS.61951
Cart A Ad 1st gu g 4s
1981
89
N ov'16
76%
94
N J June R guar 1st 4a... 1986 F-A
2000 M-N
*75
68-1923 A-O
101
N Y A Harlem g 3He
N Y A Northern 1st g
0Due June,
h Due July
96% Apr '17
1936
Gouv A Oswe 1st gu g 58.1942 J -D
Moh A Mai 1st gu g 4s...1991 M- S
90
92
95% 102
J
-
1934
Registered
90%
101'
-
1997 J
Debenture gold 4s
Registered
*78% "91 "
80
99
92
'00
79
Oct
94% 100
82% 93
60
71%
'17
81
J
J
Oct
78%
80
94
61%
83" "95"
10
94% Aug'17
84
51927 Q- J
Lake Shore coll g 3Hs
95%
78%
82%
-
92% 102%
89
J
42
64
45
New York Cent A Hud Riv—
Oct
60%
91%
44
100% 10434 Aug *17
Consol 4s Series A
Ref A Imp 4Hs "A".
90
81
J
...2003JM-N
90
60%
Oct '17
100
Conv deb 6s
*17
Apr *17
95
-
Lehigh Val (Pa) cons g 4s..2003 M-N
General cons 434a
Nov'10
Jan
82% June'17
91%
108
Feb'15
86
100
St L A Cairo guar g
4s.... 1931 J - J
Nashv Chatt A St L 1st 5s.. 1928 A-O
New York Central
June'17
-
-
S
"79% "84%
80% N ov'16
89
North Ohio 1st guar g 5a.. 1945 A-O
Leh Val NY 1st gu g 4HS..1940 J
M-
New Orleans Term 1st 4s.._1953 J - J
N O Tex A Mexico 1st 08__.1925 J -D
Non-cum Income 5s A
1935 A-O
81
95%
71% 90
60% Sale
60
-44
J -D
87%
80
June'17
J
69
June'16
72%
78
J
-
77% Aug'17
88
1950 A-O
Apr 1950 J
1960 J
-
M-N
Jasper Branch 1st g 6s. ..1923 J - J
Nat Rys of Mex pr lien
4Hs. 1957 J - J
Guaranteed general 4s._.1977 A-O
D
A-O
J
J
71
90
45
A-O
65
92%
Apr '17
80
44
51%
1st g 5s. 1947 F-A
1927 J -D
Registered
92% Sale
103% Oct '16
80% Sept'17
45
F-A
~76% "83 "
90
D
108
60
Sept'17
79%
"74" ~80 "
M-N
65 '
114
-
Kansas City Term 1st 4s
Registered
"89" "94%
100
J
James Frank A Clear 1st 4s. 1959 J -D
Registered
St Louis Div 5s
J -D
1951 J
Kansas City Sou 1st gold 3a. 1950
92
90
....1951 J -D
J -D
Bt Louis Sou 1st gu g 4s. .1931 M- S
Ind 111 A Iowa 1st g 4s
1950 J - J
Int A Great Nor 1st g 6s
1919 M-N
1931
1931
gold 4s... 1929
Registered
1929
Rlv A G Dlv 1st g 4s...1933
Verdi V I A W 1st g 5s... 1926
Mob A Ohio new gold 6s.
1927
107% 117% May'10
Carb A Shaw 1st gold 4s._1932 M- 8
Chic 8t L A N O gold 58.. 1951 J -D
Gold 3^s
1951
Registered
1951
Joint 1st ref 5s Series A. 1963
Memph Dlv 1st g 4s
1951
M-N
Nat of Mex prior lien
4Ha.-1926 J - J
1st consol 4s
1951 A-O
N O Mob A Chic 1st ref 5s.. 1960 J - J
79%
91%
Sopt'17
55% Sale
6S..1920
72%
92
108
106
85
72%
80
Spring! Dlv 1st g 3^8...1951 J - J
Western lines 1st g 4s
1951 F-A
Registered
1951 F-A
A Car 1st 6s
75%
Aug '12
J
Nov'10
91% June'17
--
Gen con stamp gu g 5s.
~78% "95 "
June'16
J
75
--
72% Jan '17
-
-
81%
98% 109
77"" Mar'lo
g 5a.
*80 ""80 "
Feb '14
-
38.1951 J
79
1926
1965
...
Cent Br U P 1st g 4s
1948 J -D
Pac R of Mo 1st extg4s._1938 F-A
2d extended gold 5s....1938 J - J
St L Ir M A S gen con
A-O
9934
Apr *17
1951 J
Registered
Apr '17
91% Sale
88%
89%
5s.
May'14
..1951 J
g
Gold 3Hs
103%
79
*63%
..
*90" "90%
conv
Montgomery Div
64
103"%
100
Oct '17
39%
..
85%
100% 192
103%
Aug '17
.1923
cods g
89%
51%
103%
99
96% 105
102% 100
8934
1944 M- N
7434
83
100"
J
1990 J -D
85%
76% May'17
-
01990 F-A
74%
78%
8138
~98 " lOO"
98% Oct '17
97% May'16
103%
94
80%
Feb *05
97
85% Jan '17
J
Middle Dlv reg 6s
1921 F-A
Omaha Dlv 1st gold 3s...1951 F-A
St Louis Dlv A Term
....
10 in
~92%
94
92
84
J
-
1953 J
Registered
-
He. 1953 J
95
85%
96% 10834
92
7*434
D
-
81%
105%
74
Oct '17
Jan '17
74
70
105
96% Oct '17
94
Aug '17
8138 May'17
92
s
84
7434
74
73%
91%
85
89
"74
81
10834 10834
Oct '17
1st ext gold 6s.
General gold 4s
79%
60
'17
114%
88
1938
gu_1951
95% Sep *12
79
Oct
103
87
Unified A ref
79% Sale
74%
60% May'17
81
108% Jan '17
105% Aug '17
98
96
78%
1959 M- S
July'09
*67%
Apr '17
79
1945 M
Nov'15
A-O
104% 104%
89% 90%
10038 106
86
J - J
f 4s_____1941 M- N
1st A ref
92
A-O
1st refunding 48..'.
1955 M- N
Purchased lines 3148..... 1952 J - J
L N O A Texas
gold 4S...1953 M- N
94
106
Feb *17
4134
General 4a
Missouri Pac 1st
85%
**'17
July'17
Sept'17
Aug'17
85%
3d 7s extended at
4%....
Boonv St L A 8 let 5s
78
Oct
96% Jan '17
100% July'17
45
40-year gold loan 4s
92
"75" ~81~ ~7G~
113%
102% 107
85% 9734
96% 96%
100% 10C»34
103% 103%
4134
1951 M- S
*82% "88%
Sept'17
80
85_ "94%
110
80
refunding 5s
1st A refunding 5s
1st A refunding 6s
9%" 15%
80
86%
80
9334
Sept'17
....
103%
96% 103
July'17
74
Texas A Okla 1st gu g 5s.. 1943 M
Missouri Pacific
(reorg Co)
A-O
1st gold 3s sterling
86
103
Aug' 18
43
1st A
92
June'17
100
96%
D
...
78
84
-
M K A Okla 1st guar 5s_. 1942 M-N
M K A T of T 1st
gu g 58.1942 M- S
8her Sh A 80 1st gu
g 5s. .1942 J - D
N ov'16
90% Apr '17
97
Sept'17
f g 58.1925 J
Dall A Waco 1st
gu g 5S..1940 M- N
Kan City A Pac 1st
g 4s..1990 F - A
MoK AE 1st gu
g 5s_
1942 A-O
'14
82% Aug *17
s
1st A refunding 4s
2004 M>
Gen sinking fund
43^8...1936 J ■
St Louis Dlv 1st ref
g4s__2001 A-O
105%
93
....
M- 8
M- 8
90
90
O
1951
Registered
1951
Collateral trust gold 4a... 1952
Registered
1952
'17
80
J
A
-
Oct
88
67%
«.
June'17
81
*11
A St Louis—
1st gold 4s_.__
2d gold 4s
1st ext gold 5s
~S9% "99"
99% 115%
80
80
...
81
90%
Missouri Kansas A Texaa—
-
82%
-
M S S. M A A 1st
g 4s int gu.'26 J
Mississippi Central 1st 5s...1949 J
89% 10134
June'17
10934 Aug '16
7.9% 69% Deo '16
9%
9% Oct '17
-
J
MStPASSMcong4slntgu.l938
86% 98
108% 108%
113
124%
113
guaranteed
1st Chic Term
177
136% May'06
99% Oct '17
—
m
"99%
72%
Registered
96
June'16
85% Nov'15
86% July'17
82
M- S
1977 M- S
Refunding gold 4s
56% Oct '17
85% June'16
108% Jan '17
102
80
...
89
Aug '10
102% May'16
89% Aug'17
95% Mar'16
60%
75
98%
79%
Iowa Central 1st gold 5s. .1938 J -D
Nov'll
118
....
1937 F-A
gold 7s
^1927 J -D
Pacific Ext 1st gold 6s.... 1921 A-O
1st consol gold 5s...
1934 M-N
June'12
118
81
Jan
*89"
78%
1st A refunding
gold 4S...1949 M- S
Ref A ext 50-yr 5s Ser A.. 1962
Q - F
Des M'A Ft D 1st
gu 4s. .1935 J
Apr *17
90
80%
56%
J
1st
28^2
90
86%
85%
95
103% Apr '17
96% Aug '17
.
84%
Minneapolis
102
118
J
J
28%
97
99
90%
J
_
'17
97
89% Sept'17
101
104%
Midland Term—1st
,
121
-
...
81
111
-
Registered
1951
1st gold
1951
Registered
1951
Extended 1st gold 3^8...1951
60
Ailg '17
J
Illinois Central 1st
gold 4s_. 1951 J
'17
111
Feb
5s. 1937 J
103
106% 108
102% 120
103
114
4MS-1999 J
Col A H V 1st ext
g 4s
Col A Tol 1st ext 4s
Houston Belt A Term 1st
107
96
"84% "85"
87
IIII100%
J
Stamped
*17
89%
May'17
4s... 1936 M-N
Nov'17
Jan '17
89%
89
95% Feb *17
78%
78%
79% Oct '17
110
112% 110
10934 102% May'17
Sale
86%
87%
100
Mex Internat 1st cons
g 4s..l977
93% Oct '17
89%
-
Gen cons gu 50-year
6s_1963|A - O
L A Jeff Bdge Co gu
S
g 48...1945 M
Manila RR—Sou lines
102%
Jan
93%
110
Pensac A Atl 1st gu g 6s._1921 F- A
SAN Ala cons gu g 5a... 1936 F-A
82% 100%
108
94
88
83
.51952 Q- J
NACBdgegengug43^8.1945
100
101
82% Aug'17
100% Deo '06
89
Will A 8 F 1st gold 5s.. 1938 J -D
Green Bay A W deb ctfs "A"
Feb
Hocking Val 1st
Registered
107%
112% 112%
102% 106%
9334 Sale
-
Registered
109
102% July'17
J
-
_
N Fla A S 1st gu
g 5s
J
Pacific ext guar 4s £...1940 J E Minn Nor Dlv 1st
g 48.1948 A-O
Minn Union 1st g 6s
.1922 J - J
Mont C 1st gu g 6a.;
1937 J - J
Debenture ctfs 4'B"
Gulf A S 11st ref A t
g 5s_.61952
103
97
...
M- S *105
L A N-Soutb M joint 48.. 1952 J
93%
-
f g 6s.. 1931
a
99% 109
106% 106%
89% Aug '17
93
-
1937 J
84
95
-
...1937 J
68%
68%
50
108
Reduced to gold 4^8.1933 J Registered
..1933 J Mont ext 1st gold 48... 1937 J-D
Registered
1937 J -D
Registered
1st guar gold 5s
44
85% June'17
68
63
1933 J
Registered
.
Kentucky Central gold 4s. 1987 J - J
Lex A East 1st
50-yr 5s gu 1965 A-O
LAN AM A M 1st g4Hs1945 M- S
43%
28% Jan
Sale
97
*60
A-O
J
Hender Bdge 1st
4434
Oct
89
90
*97
88" "90"
45
60
85
90
July'17
99% Oct '06
100% 100% 10038 Oct '17
108.
....
HI
104%
90
90
106
90
95
*92%
87
100
85% Feb '17
St Louis Div 1st gold 6S..1921 M- S
44
74
" Apr" 17
2d gold 3s
19S0 M- S
Atl Knox A Cin Dlv 4s... 1955 M-N
Atl Knox A Nor 1st g 5s__1946 J - O
102% Mar'17
80%
87
73%
100
93%
102% 106%
100% Sept'17
94% June'16
103%
84
98
98%
106
100% 112
96%
104%
72%
89
90%
1931 M- N
J
113
'13
87%
June'17
——
D
Oot
74%
43%
100
56
-
1930 J
-
High
113
50%
June'16
92
-
N O A M 1st gold 63
2d gold 6s
103
*95~::::
-
1933 J
1919 J
Low
100% 114
175
103
-
-
E H A Nash 1st
g 6a
L Cin A Lex gold
4HJs
No.
Mar'17
7
July'17
Mt Vernon 1st gold 6s
1923 A-O
Bull Co Branch 1st g 5a...1930 A-O
Florida E Coast let 4^8... 1959 J -D
-
Registered
1940 J - J
Collateral trust gold 5s.__1931 M-N
High
100% Oct '17
1930 J - J
Paducah A Mem Dlv 4s__1948 F-A
103% 103% Aug *17
115
112% Aug *17
"86* "94"
J
Louisville A Nashv gen 68..1930 J -D
Gold 58
1937 M-N
Unified gold 4s
1940 J - J
104
79
1949 M- S
106% Jan *17
II11 "68%
M921 Q
104
5234
50% Sale
99
10078 100% Oct '17
1940 F-A
Registered
104
~94~ "94"
50
General gold 5s
let A re! 4tfs Series A...1961 J
Registered
1961 J
8t Paul M A Man 4s
1933 J
95
8834 Sept'17
Terminal 1st gold 5a
1943 M-N
Mid of N J 1st ext 5s
1940 A-O
WUk A East 1st gu g 58..1942 J -D
J
J
74%
m deb 5s
N Y A R B 1st gold 5s
1927 M- S
Nor Sh B 1st con g gu 5s_ol932 Q - J
Louisiana A Ark 1st g 5s... 1927 M- S
Dec '16
53
p
NYBAMBlstcong5s_ 1935 A-O
92
9934 105%
'17
50%
1937 F -A
Fort 8t U D Co 1st g 4H8..1941
Ft Worth A Rio Gr 1st
g 48.1928
Galv Hous A Hen 1st 5s
1933
Great Nor C B A Q coll 4s__1921
Guar refunding gold 4s_u_1949 M- 8
9434 Nov'15
2d gold 4^3
Ev A Ind 1st cons gu g 6s
1926 J
Evansv A T H 1st cons 6S..1921 J - J
1st general gold 58..
1942 A-O
98%
84
68.1922 M-N
gu
77%
99% 102%
IIII 106*
Dock A Impt 1st ext 5S..1943 J - J
N Y A Green L gu g 5s..1946 M-N
N Y Susq A W 1st re! 5a. 1937 J -
96%
97% June'17
-
consol g 6S...1935
Coal A RR 1st
1934 J -D
100% 100% 107% Deo '16
O
-
f 6a. .1957 J
s
..1949 M- S
..1937 M-N
84
Jan *17
Sept'17
84
IIII "86
Unified gold 4s
Debenture gold 5s
20-year
99% July'17
50% Sale
81%
9834
84%
104% 109%
98% 99%
98% 99
97% 100%
J
1932 J -D
74%
93% 100
95%
1953 A-O
8
Jan
81%
1938 J -D
Registered
105
100% 105
98% Mar'17
98%
98% Oct '17
97%
99
Chic A Erie 1st gold 5s..-. 1982 M-N
Clev A Mahon Vail g 5S..1938 J Qenessee River 1st
38
72
"93*34 105"
1922 M- 9
4s
Since
103% Aug '17
98
Sept'17
94
4s Series D... 1953 A-O
conv
General gold 4s
Range
Jan. 1.
105
67%
9934
104
74% Sale
-
08
Registered
1945 M- S
Longlsld 1stcon3gold5s.-)»1931 Q- J
1st consol gold 4a..
51931 Q- J
106% Mar'08
1st consol gen lien g 4s. 1996
J ...1996 J gold 4s._ 1951 F-A
49%
38
Aug'17
95
102
99
-
1996 J
Registered
84
IIII *90
-
fd 7s.. 1920 M- S
g
90
Deo '16
9934
92%
90%
O
1928 J -D
.1920 A
91
75% Juiy'ie
83%
9934 Sale
1923 M- S
4tb ext gold 5a
5th ext gold 4s
86
76%
©
86%
55
*17
82
O
-
65
Gold
69
Oct
J
1345 M- S
Ferry gold 4Hs...
98% Mar'17
Gold 4s
....1995 J -D
Det RivTun—Ter Tun
4^3 1961 M-N
Dul MIssabe A Nor gen 5s__1941 J - J
Dul A IronRange 1st 5s
1937 A - O
1937 A
8
J
-
Leh A N Y 1st guar g 4a
75
July'17
68
53
Dee Moines Un Ry 1st g 5a.1917 M- N
Det A Mack—1st lien g 4s.. 1995 J -D
Registered
52
*28
*"I
-
1933 J
'CJ
113
J
1933 J
1st int reduced to 4s
Aug '17
38
O
Dal Sou Shore A Atl g 5s... 1937 J - J
Elgin Jollet A East 1st g 5s. 1941 M-N
Erie 1st consol gold 7s
..1920 M- S
76%
-
Registered
Week's
Range or
Last Sale
Ask Low
100% 103
1941 A-O
Leh Val Coal Co 1st gu
g 58.1933 J
89%
61% Apr '11
J
1949 A
_
Registered
85% 99%
92% 107
1
92%
Consol gold 4t*s
-
95% 101%
75%
112% DCO T6
30-year
2.
T3
C
Price
Friday
Nov.
High
Delaware A Hudson—
1st lien
1787
g*8
Range
Range or
Last Sale
Friday
Nov.
Record—Continued—Page 2
•a
*
Due Oct.
Mar'16
89% Feb '16
80
" nn
tOptlonsale.
May'17
80
81%
101
June'17
101
102%
New York Bond
1783
BONOS
Price
Week's
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
Range or
Since
»
1993
Pine Creek reg guards
1932
EWftO con 1st ext 58-.ftl922
-O
J
D
101%
No
97%
M -N
BWAOTK 1st gug 58--1918
J
Rutland 1st con g 4 48.-.1941 J
98%
*98%
80>« Aug '17
Og A LOhara latgu 4agl948
..1990
Utlca A Rlk Rlv gu g 4s.. 1922
Lake Shore gold 3He
1997
Registered
.....1997
2d gold fls.
70
J
70t2
-
J
90%
97
J
-D
75%
7812
J
D
"86I2 "88"
Registered .........1931
85i2 Sale
M -N
-
20-year debenture 4s.
Registered
Debenture 4»
.
N Y Connect 1st gu 4 Ha A..1953 F
Conv debenture 6s....... 1948 J
1 4He'46
2d g 4a Income bond ctfa.pl 989 J
Consul gold 4s
1932 J
63
6218
62%
62%
82%
81
80'2
80 >8
80
94
Cray's Pt Ter
70'2 Oct
10-25-year
10-20-year
-
42
80
83
79
Mar
87
96-% Aug
96% 101
108% 122
87%
F
103
48..
1936 F
102%
-,
-
89%
..
Kept," 17
107
Oct
103
lOnij 110% Oet
70% Oft
70%
92%
68" *88%
96
'17
Apr
100%
ioo"i2110%
17
74
17
9014
Sale
89%
85
91%
....
84%
9S%
90%
91
92
89%
102
■
101
99%
101% 102%
99%
95
99%
25
125
2
16
17
J
97%
97%
98
,99%
98
99%
102%
Sept '17
76
87
Feb
17
87
76
81»4
81
Aug
17
80
80%
76
81%
81%
97
102%
87
77
86
8514
89%
89
Aug '17
76%
85%
91%
92%
Apr
|7
86
Oct
*17
84%
06% May'17
90%
102
N
N
ser
O
93
N
Series E 3Ha
A
1950 F
Erie A Pitta gu g 3 Ha B.. 1940 J
Series C
1940 J
1st gu g 4 Hs. 1941
*77" IIII
77
J
■
78
J
71
J
S
98
J
95
1942 M
4 Ha
Series C 4a...
S
PCC A St Lgu 4 Ha A... 1940 A
■
o
104
Deo
92%
91
8H% Feb *17
88
Apr
90%
88
Mar'17
89%
88
July" 12
99
88%
May' 14
May' H)
98% Apr
99% Feb
17
97%
Aug
gold
lien
So Car A Oa
Virginia Mid
W O A
W
July'17
98
102%
99
June* 17
99
99%
95% Oct
80% Oct
l«
J
-
1894
1944
F
1930
a
1953 J
f g 4h
80%
0511 May'17
95%
•
MUy.
it
*96
95%
80
-
O
1931
5a
Western Dlv
General
102
101
-
J
-
O
97% Oct
'17
Idf% IIII
103% Aug
1(14%
"97"% ioo%
17
90%
91%
93%
Mar'17
93%
93%
95
95%
Mar'17
95
99%
91% S"pt'l7
99
91% Oct
82%
....
94%
80
82%
....
101%
93%
00
Oct
17
60
64
89
Apr
17
89
89%
100%
90
34
Aug '17
93
97%
-
J
5!)
52
Aug ' 17
52
62
-
J
80
79% Oct
17
79%
83%
48
48
Oct
17
48
60
50
J
1947 J
-
Vandalla
4s.........1927 J
-
g
5a
g
1922
08
.....
F
19411 J
A f>r
91
90
Sept'17
63
58
Sept'17
90%
4a.
......
4 Due Aug.
91
"84% "80"
80t» Sale
82
100*2 103
J
100
30
85
95%
24
79*4
95%
17
104
Oct
17
103% |08%
100
Oct
17
100
85%
85% Sale
85%
86%
.
97%
Aug '17
92
100
90
Apr
A
80
88%
N
80
92
jiPuv
98%
Oct
J
«Uu« Uoi,
100
90
80
J
1957 M
58
89%
80%
79%
-
-
100%
58
85%
85
8012
-
-D
90
22
~June 17
1933 J
laSer A.._. 1955 F
f'onaol 4h Serlea B.
-
89%
89% Sale
A
-
80" "87%
17
!b?« J
...1929 J
la
Vnr B„|d Ag
extended
L»u« Juutf. A Due Jaiy,
80
J
D
J
Mar'Ofl
IIII ~87
8
<>2O08 M
enne g
18%
J
refund
Ttab A
45
O
-
l ine 1st
consoi
-D
-
...
ini'%
93
1947 J
A
00%
90% Oct '17
Jan
'17
96% 100
....
1928 J -1)
1952
V..V04
~90% "96%
A
4s
102
70
90
92%
-
lat con g 5a
88%
95% 100
91
J
F
it
80
-
1917
Del
17
91'
100
1950
refund
Mar
78
O
Plater A
101%
94% 102
95% July" I 7
91
96
03%
17
July 17
-
Onion Pacific let g 4a
06%
Feb
78
A
Buff 1st g 48..51946 J
1
91
78
70
80%
J
Ham A
9934 108
105
Mar' 17
O
-
1925
Tor
.'10
Oei
99«4 Sept' 17
105
92
16
87
A
Ser A
101%
102% June'II
100
191
4k g
07*%
'17
1st gold 4a
tr
104%
12
*97" "99"
100
17
Sep
73
Feb
W |»r lien g 3Ha
1. A
70" "74"
Sept'17
May
90
J
Tol P A W
65
Sepi' 10
70
100
-D
...1927 J
As.
101%
04
101% 107
102
10934
92
J
;.„..1935
lat gu g 4a_.__. J990
20-year
100
72
105
99
11*3% Julie 1 7
A
1935 A
lat g 5a
gold. 5s
M
Kan A
99
J
-
May'17
103
" "75 "
90% 108
101% Sept'17
50
N W lat gu 5el930 F
Tol A O C 1st gu 5h. ...I... 1935 J
05
100
V1ar
-
75
100
9^%
July'17
101%
90
J
17
July'17
99
62%
90%
95% 103%
83%
84 |
Mar'16
Feb
100
90%
—
90
'17
83% Jan
'98%
98%
17
96
81%
91% 100
J
-
6S
78%
90% 101%
66%
84
July'17
75
2000 J -D
...p2O00
g
A
A
-
1
16
IIII "it9%
A -O
Mln W A
lat
17
0 JL)uo Feu.
A
-
1939
I. lat g 4 Hs
La Dlv B 1. 1st
Onar
98
aiJue Jau.
F
1955 J
lat g 5a
2d gold I tic 5a
1st
91%
labfefc md <*ua
20U3
AO-year 5s...1958 A-O
Pac lat gold 5a.....'
2d
J
-
Bridge Ter gu g 5a
97X4 103%
90i8
•JSuprioe Friday;
J
,
102% icp
R
1936 M-N
88%
88%
9*
...
M-
1931
Ore Short
91%
91%
8
10234
60* *77"
17
8
1921
1st gu 5s.
gold 5a
I. M
Tex A
M-
1920 M-
D 4-5a
lat A ref 4a
92%
D
.1919
M-N
91
148
17
Oct
70
M- N
Ore R R A Nav con g 4s.. 1946
92 %
■
J
1927
aer
61
61
90% Aug
68
90
"sou
"95"
10
02%
60
95%
75
J
mpd
U3
QI
S
-
lar cy gu 4a.... 1924
of St
con
J
89%
83%
56
84
90
70
-
1st g 5h
20-year conv
N
.1953 J
J
1945 J
at
99%
o
4s pntd.
-
79%
32
Nuv'10
82%
Sale
....
1st gu 4a...1948
Meek
W
"93% *95"
A-O
Rich A
St
J
102%
93% ^"it |7
80
Oct '17
1)0% Apr
-
102%
96% 101%
IIII ~89 "
1945 J
Blr prior lien g 5b
Dan deb 5»
A
J
J
Mortgage gold ta.Rich A
96%
100% 100%
17
O
-
98%
17
102% Oct
99% 104
J
-
6b... .1925 J
99%
1945 M- N
Serles E 3 H« guar gold. 1919 F
g
98%
1942 M
...
I hi
91%
96% Oct
17
107% 107% Hept 10
67
-
M-
100%
10
90
J
..1940 A-O
1922 J - J
lat 3s
17
1942 A
89
.1938
1st g 0h
A Ohio
Mob A
5a
5a
g
Jan
105
59
J
1956 M-N
17
Series D 4s guar..
A
&
-
102"%
"
103
17
100% Aug
-
58.,.. J930 J
g
Registered
Series C guar
guar
Knox
lat
99~ "99"
Series B guar
Bertea F
lai
reo
Ga Midland
1st
92
50-year gold 4a.
'12
let
91% Oet
97
~60 " 8aie~
O
-
99%
17
'10
DO!
103% Aug '17
"82 ~ "M "
Coll
'12
"
98%
109% N nv'15
100% 101% Dee 10
4a
Con
100%
102
101
87%
102
16
99% Apr
95
1948 J - J
Yad lat g guar 4s... 1949 A -O
2d
Atl A
Tol St
88% Sept'17
"02~% *99%
93
15
90%
*89* "97"
' 17
93
92%
J
1933 J
Tol W V &Ogu4Hs A... 1931 J
Apr
93
83
....
90%
N
6a. 1927 M
..
100
1
1st gu 4a... 1943 M
cons
....
0
reduced to 3Ha.. 1942 A
Berlee C 3H*
1948 M
B
162
9614 Feb
A.. 1942 J
Int
Series
87%
93
1942 A
4
J
BerlesB
J
1948 J
Dativ lat g 4a....
Stiokatie Internal
98
93
10U% Jan
95
J
-
1918 J
1943 J
A 5a.
cons
,E T Va A Oa Dlv
97%
97
1942 M
1951
g 0a.....a
1st cons
99% Mar'17
93
J
4 Ha... 1935 M
1st g 4a
89%
93
Jan
95
80
J
-
A
tr g 48
1938 M1st g 4 Hk-5b...1996 J -
Louis dlv
F 5a
92" 160"
JOO
17
92%
J
-
Mob A Ohio coll
Mem Dlv
Va A Ho'w'n
O
gu g
4sSer,A..11950
gen
Series
O
Pitta Y A Ash fat
Develop A
J
-
1994 J
General 5a
N
Cln Leb A Nor gu 4s g
.5a
cone g
J
1955 J
1994 J
Regno ered
98% 107%
104%
A
1944 J
Guar 15-25-year gold 4a.. 1931
1937
.
98
4h..
1950 A -O
58... 1943 J - J
ref Is....
91
40-year guar 4s ctfs Ser E. 1952 M
Guar 3 Ha trust ctfs I)
4s g.
E 5a
D
1942 J
Ohio Connect
int
Series
81% July'17
87% Dee ' 16
Guar 3 He trust ctfs C
ex
1st
9D4 10!
A
Guar 3 H« coll trust reg A. 1937 M
Guar 3 H" colt trust ser B. 1941 F
I
go
N O eon gold
So l'ge RR
Tet
S
■
1921 J
Registered
Or R A
1st
Fran Terml
Tex A
-
guar g
So Pac Coast
99
99
89 '2
84% Sep
92
Aug
87%
931 j
17
Fel>
75
'17
auk
105%
96%
Ga Pac Ry
16
'17
Oct
92%
E Ten
Sept'17
Oct
17
96% 105% 10(1% Oct
104% 104% July'16
J.......1920
193* A
98%
*84% "9l"%
....
O
103% 103%
16
86% Dec
8012
94
104% 110%
90
J
91%
08
8
192) J
-
.....
104%
80
70
88%
5a... 1927 J - J
So Pac of Cal—On g 58... 1937 M N
Gen refund
Guar lat gold 4Ha..
J
67%
Sept'17
IIII
lat 7a.. 1918 A-O
J - J
No of Cat guar g 5a
Ore A Cat 1st
89
24
95
1U0
J
91%
91% May*17
Pennsylvania Co—
gu
1st gold 68
197i
100
95
-
1921
1st 6a
Morgan')) La 4 T
81%
87% Sept'10
88
Oct
17
73%
83
194 I J
lat gu g 5a
6!
33
J
U N J RR A Can gen 4a.. 1944 M
\V
41a Cen lhi
61 % June 17
10 i%
8
.
N
91
"7884 "883*1
97
B A T (' 1st g 5s Hit gu
O
Gen gold 4a lot guar... 1921 A
Waco A N W dlv lat g 68 '30 M-N
Atl A
6) <4
106
*90% II
A
•
5k red
guar
691*
00
88
J..
'14
80% "48
101
70
1933 M-N
1937 J - J
60
Sale
75
Feu
80%
88
J
-
83
91
Bunbury A Lewis int g<48_ 19.1a J
CI A P gen
97
1931 J
5a guar.
ex ten
J
93
79%
Phlla Bait A W 1st g 4a... 1943 M- N
Bod us Bay A Sou lat g 5s 1924 J • J
CIA Mar 1st
87
.*1929
4e. 1954
Ala Ot Sou lat
9S%
-
gu 4a g.
D
gold 3 Ha.
AH A Char A L 1st A 4H» 1944 J
lat 3<>-yr 5a aer B...... 1944 J
*17
Oct '17
89
80% Sale
89%
92
Oct
102%
100%
17
78%
Sale
A
90%
A
-
89
A
82
Stjle
97
95
90
-
guar
102
Sept' I 7
Oct
75
75
71%
-
79
83
97
Aug '17
95
"7834 Side"
-D
...1934 J
Cent Pac lat ref gu g 4a
1949 F
F
Registered
;.. 1949
8t
'15
97
8
M-
pi929
4a....
20-year Conv 58...
2d
Dei
97
D
*1949
3
D
I960 F
100%
83
"91% "96 "
D
coll)..*1949
Pac
cotiv
45
N
4s... 1942 M
gen guar g
D R RRAB'ge 1st
20-year
84
N
.1965 J
j...
--
98%
Pacific Co—
79
99% July'17
90%
lOH? July' 17
99% 101
93
Aug
17
90% ....
89%
91% 92% Oct '17
....1919 M-
4H8
J
79
1943 64
6a.
Consul gold 4s
J
J
-
82
1948 1*1
Consoi gold
94
84%
16
Sept
..t.
Sale
79
82
76
S
136%
117%
117% 135
Kept',17
84%
70
N
48... 1923 M
1,34
117% Sept' 17
85
7112
J
•
118%
117% May'17
84%
97%
J
Conaol gold
-
"93%
78%
115
D
g
Oa A Ala Ry I hi con 5a. .01945 J
Oa Car A No lat gu g 58.. 1929 J
Scab A Roan lat 5a
1926 J
Southern— 1st
1«
J
-
97%
84
'17
D
-
Ha.. 1955 J
87%
78% Oct
M
-
1946 J
87%
ids" IIII
A
Pacific Coast Co 1st g 5a
Pennsylvania RR lat
103% Dec '16
San
id 7% 107'*
17
123% May'17
-
-
82%
74
17
94% Dee
A
-
77" "so"
I 7
75%
75%
"78"I2 ~80 :
O
-
99%
J
•
Nov'16
S
F
83
65%
Sept'17
Oregon-Wash lat A ref 4s... 1961 J
Alleg V'al
"
77
109
-
lat co ft sot gold 4s
1968 J
Wash Cent 1st gold 48
1948 Q
Nor Pac Term"Co lat g 6s.. 1933 J
General 4 H«.
60
D
Registered certificates.. 1923 G
88
99-4
-
A A
"67%
107% Oct
-
8t P A N P gen gold 6a... 1923 F
80
'17
1943 J
Louisiana West
"67%
122
66%
82%
Consul
57
101 ig
F
f 4
57
83% Feb '14
101 %
60
a
70
lOTg
F
Paducah A ills lat
70
Apt
16
99% Deo ' 14
0
n20»7 G
86%
Oct
99% Juue'17
101
58. ..1918 J
at g
OllaA' OA N lat gug5a.,1924 M-N
Hons K A W T lat g 6a... 1933 M-N
Sept'17
A
o
4a.. 1996 J
Mar'1 ?
80
5
57%
J
75%
37%
09
A
1
Bt Paul A Duluth lat 68.. 1931
Aug
98
....
General lien gold 3a.....o2047 G
g
87
A-O
Through St L lat gu
G H 4 S A M 4 P 1st 58.. 1931 M-N
92% June 12
IIII
-
,
75
....
J
37 i
-
Mort
41
82%
70%
87
80
56%
M- S
•
68
47
60
45%
57%
71%
74
45% Sale
O
1949 J
82%
72%
1930 J
15
....
J
Duluth Dlv
May"
67
6612
...1997 Q
Registered
92
8v%
78%
July* 11
60
Bclo VANE lot gu g 4a. .1989 M- N
J
Nor Pacific prior lien g 4a... 1997 Q
Bt Paul
72
Aug'13
09* IIII
4a. 1944 J
....
77%
88%
70
10 25 year conv 4 H*-.-1938 M- s
o
Pocab C A C joint 4a... 1941 J
J
C C A T 1st guar gold 5a.. 1922 J
Registered
79
1959
4a
con g
2
71%
J
Southern
'17
Apr
O
-
....1932 M-
la
conv
110%
50
lat
78
71%
45%
57%
May'17
78
-
1st
....1932 J
conv la
84
40
N
1932 A
g
Consul gold 5s
41
8
1996 A
gen
64
87
D
-
1931 M
.
Plv'i lut Oho A
48
88
J
N A W- Ry lat cons g 4a.. 1996 A
Registered
52%
84
- A
6a.. 1934 F
g
1st land gr ext g 5a
74
10,3%
8
-
F
1941 M
gold 6a
gen
75%
Refunding 4a
100% 100%
'17
100% Feb
-
A
'14
61
61
IIII "75%
-
50%
'17
77% Aug '17
J
1955 J
J
"61" *03"
.....
8
New River 1st gold 6a
4a stamped
Adjustment 5a
Gold 4a (Cent
N
Improvement A ext
Oold
J
J MBeglstered $6,000 only..pi992 M-
-
July 17
98% Jan
1950 A-O
O
1950 A
A
<>1949 F
85
107
Providence Term 1st 4a... 1956 M-
65
Fla Cent A Pen I
84
50
J
W A Con East 1st 4 Ha... 1943
N Y O A W ref lat g 4a
q1992
61
68
O
-
J
54
88% Apr *17
-
1st 68.1922 J
-
1943
gu g Is
8 F A N P |.at ak fd g 5a
8eaboard Air Line g 4a
Registered
Providence Secur deb 48.. 1957 M
J
Atl Blrm 30 yr lat g 4a..el933
52 %
N
-
D
Car Cent
5612
O
-
71%
-
52%
52%
S
-
72
61
J
-
5a. 1947
8 A A A Paaa 1st
J
-
60
62
60
48
61
65%
60
62
52%
Oct
"6312 "74
57
60
64
50
57
A
57
61
60
1919 J
lat gu g
64
60
J
'17
Oct
52%
80
D
flept' 17
60
90
05
66
79%
88
July'17
65
-
66
Sept'»7
Prov A Springfield
Norf A West
99%
90%
88
66
90
111%
67
68
67
68%
Id
1952 J
J
56
66
J
Norf A Sou lat gold 5a
98% 100%
92 '8 Sept' 17
85
93%
79%
100% I0(»»2
17
54
-
General 4a
'
'17
50
J
1936
g 4a.
gu 5a.
1st
89
O
J
M
B
91%
-
-
R A
1st g 4a bond ctfs. .1989
95%
79% Apr *10
-
Fj 8 A M Ry ref
K C 4 M
8t L 8 W
Oct
103
100% 104
M-N
88
J
1945 J
Norfolk Sou 1st A ref A 5s. .1961
65
-
New England cons 6s.... 1945 J
4a..
85
*12
Boston Terminal 1st 4a... 1939 A
Consoi
O
M- N
'17
Boston 4a... 1942 A
ser
1929 A
86
79%
82
Oct
J M-
N H A Derby cons cy 6a.. 1918
67%
6a.. 1928
g
83
Bouaatonlc R cons g 5a,.. 1937 M- N
Naugatuck RR 1st 4a
1964 M- N
NYW'chesAH 1st
O
91 % J<*U
Y Air Line 1st 4a.. 1955 F
N Y Prov A
June'Os
A
50
Harlem R Pt Che# 1st 4a. 1954 M- N
B A N
102
K C
-
...1956 J
Cent New Eng lat gu 4a.. 1961
Hartford St Ry lat 4a.... 1930
'17
J
Non-conv deben 4a....1955 A
Non-conv deben 48
90
Feb '14
80%
A
...1955 J
Non-conv deben 4a
May
May'17
•
1954 J
Noo-conv deben 48
78
90
lat terml A untf 5s
J
-
Codb Ry non-conv 4s....1930 F
76
43
56%
112%
21 96% 104
98%
98%
98%
J
57%
111
17
Apr
71%
88%
60
94
45
43
111
104
75
124!
76
61%
J
48
J
75
O
84
55
195
23
57%
CO
43 % Sale
97
"657; "82"
58%
57% Sale
74%
60% Sale
101
95
87
-
'84% *84%
June I
56
88%
*17
65% Oct '17
....
O
"87 ~ "96%
17
87% Oct
"5978 ~6578
J
-
16
88% Oct
88%
J
-
1950 J
A
Sale
-
J
Nod eonv deben 4s......4956
Conv debentures He..... 1950 J
87%
87
87%
-
July
N
87
J
A
8
M-
J
-
J
O
...1955 J
-
1997
g 4a
J
1 oo's Juu
8
Non-conv del>en 4s......1947 m
Non-conv deben 3Ha...-1947 M
Non-coov deben 3 Ha.... 1954 A
J
.1997 J
77%
Nov'l 1
84
93
109
113
88
A
42
109
General gold 5s
1931
St L 4 S F RR cons g 48..1990
Soutbw Div lat g 58... 1947
K C Ft S A M cona
99%
99%
July'16
J
-
42
17
95%
81
80
65
17
'17
J
84i2
76t2
100
"if" "95"*
Fed
42
-
81
N Y N H A Hartford—
Noh-oonv deben 4s
Mar'12
24
Oct
65
Jan
Cum ad J us! aer A 68.... 51955
Oct
Income series A 6a..
h 1960
St Louts 4 San Fran gen 6s. 1931 J - J
'09
100
109
B 5a
ser
83%
50
1951 A-O
Atlantic City guar 4e g
1951 J - J
St Jus 4 Or lal lat g 4a..... 1947 J - J
Prior Hen
97
Mar'16
66%
60
High
90%
92% 103%
100% 103%
June'17
87
82
"99"
1940
1943 J
....
80
J
-
MX)
J
-
81 Luuta 4 Han Fran (reorg Co)—
Prior Lien ser A 4a..
1950 J
103%
103
797a July' 17
N
.1917-1925 J
Equip trust 4 Ha
96%
Oct
Sale
82
Low
'17
101%
A-O
gold 48.^
gen
Registered
Jersey Central coll
62%
J
-
2361 J
1916 22 M
Registered
N Y C Lines eq tr 5e
85%
130«8 JaD
90
82 U
1931 M -N
West Shore let 4s guar...2361
16
84is Sept'17
76
6712
84
o
-
J
877g
Nov 16
87
O
A ♦0
A
97 %
Reading Co
87
25-
99I2 Aug *17
-
S
-
1929 A
..
...1937
87%
78
88
881«
98t2 105
83
J
-
M -N
N Y Chic A St L 1st g 4s.. 1937
-
.
"80'
J
1940 J
J LAS let gold 3^8...1951 M
1952
91 Js
M
Registered
75%
Juiy'17
88
1231*
s
-
1940 i
1st gold 3 Hi 8
....
92%
M-N
f 4s 1937 J
a
lat consul gold 5s.
9712 July'16
17
75ia Oct
J
-
1931 Q
48
101%
J
-
M
1931
70%
104H Dec *15
103
May'17
i
-
Registered
Nov* 16
Pitta Sb 4 L E lat g 5a
95
Pitts A L Erie 2d g 5a. ..01928 A -O
J
Pitts MeK A Y 1st gu 68.. 1932 J
Michigan Central 5a
Philippine Ry lat 30-yr
17
J
-
2d guaranteed 6s..,.„. 1934 J
McKees A U V l8t g 68.1918 J
Nov'16
8512
M -N
Ka A A G R l8t gu C 58...1938 J
1934 J
61921
June'OO
78
S
Mabou CI RR 1st 5a
101%
2d guld 4 He
Since
No
High
17
92% Oct
17
92% Oct
Ask Low
91%
C 8t L 4 P lat cona g 58.. 1932 A-O
Peoria4 Pekln Ud I8t08g..l921 Q- F
Range
Jan. 1.
Last Sale
2.
Bid
L (Con.)
92
103
A -O
J
1931
25-year gold 4s
90
70%
80%
13 IS
£<0
Series O 4a guar
..1957 M-N
Series 1 cons gu 4H3---W>3 F - A
Pere Marquette 1st Ser A 5s 1956
lat Series B 4s
.1956
70* Apr
62 i2
J
-
Debenture gold 4a..... 1928 M
104%
I0i)% 100%
Week's
Range or
Nov.
2.
101
J
-
i
Rut-Canada 1st gu g 4a. 1949 J
8t L&wr A Adlr 1st g 58... 1990 J
98l4
P C C 4 St
Price
Friday
Is
EXCHANGE
Week ending Nov.
94
76%
loot* Feb '17
73%
-
-
High
Low
'17
91U Oct
A -O
N. Y. STOCK
Jan. 1.
7612 Aug '17
113
May'15
70%
-
Hlyh
Ask Low
Bid
▼ Cent A a K RR (Con.)—
NY4 Fu let cod» gu g 48
«j '-n
53
BONDS
Range
Friday
Nun. 2.
Laxt dale
[Vol. 105.
Record—Continued—Page 3
..
Mu«.
85%
13
95
ins%
85%
94%
97%
93
10
88% Apr '17
81% June'17
f Due Deo.
88
* "92"
81%
92
1 Option gate.
Nor. 3 1917.]
New York Bond Record—Concluded—Page 4
Week end!an
Nov.
a
Range
Last S<ile
2.
N. Y. STOCK EXCHANGE
Jan. 1.
Week eadlug
Nov.
]Inter st Period
2.
1
97
8
97
89
3
89
101
«9
S.'pt" 17
78
May 17
....
1945
Gen
Income 5s.
80
.
64
~
40
37
86
Wheel Div 1st gold 5s.... 192a J
Ex ten A Impt gold 5s
1930 r.
....
Refundiug U,3 series A.. 1966
»
....
....
Oct "17
8.3's
■
m-m «
75*4
99
-
105 '4
m
6
811*
L
m
m
»
mmmm
877s
Great Falls Pow
lot Mercau Marine
1st
A
f 6S...194I
a
99^8
70
76
July'17
Montana Power 1st 5a A...1943 J
77
Morris A Co 1st
76
76
995g
77
mmmm
82
f 4 448....
a
76
82
May'17
85
88*2
N Y Dock 50-yr.1st g 48....1951
72
Oct '17
71
Sup A l>ul div A term tst 4s'36
66
741,
83U
luiy'17
....
88I2
891, Oct '17
....
65
67
Street
.
conv
6-year secured
BkQCoA 8
1918
notes 5a
.1916-1941
eon gu g
Kings County E 1st
guar
5s.. 1941
94
Oct
90
80
4 4a
75
4 4s.. 1932
1957
1932
...
)
>
Stamped tax-exempt..... 1990
Metropolitan Street Ry—
Bway A 7tb Av tst c g 58.1943
)
.
eons g
....
75
i
75
....
....
.
1
98j8
Am Ag Cbein
74'z
87*8
97(4
3
51
95
>
21
70
9012
80
30
....
88
93
....
Oct
Am Hide A L
1st s f g 6s
Am Sm A It 1st
>
34
Am Thread
Am Tobacco 40-year g
Gold
4s
251,
Am
80*4
60
....
...1924
....
f 4s... 1927
....
....
-]
....
5s. 1945 M-]
98
....
Detroit City Gas gold.5s,.. 1923 J
767,
100
....
....
90'2 Feb
81
—
m
Sale
80
mm
1st ooll tr 4s....1919 J
Writ Paper 1st
mrn
101
•
5s
.
93'2
1932 M-
....
Aug
60
mm
Oct
70
53'2
58
Oct
50
33
37
80
103
93U
9814
^
90
9912
Liggett A Myers Tobae 7s.. 1944
54
'
mmmm
05V
95*8
93
3H4
03>2
-
■]
..
"
-
Ed Bleo 111 1st cobs g 5s. .1995 J
g 5s 1930 F
Pacific G A Bl Co—Cal G A E
07
:
....
93
....
Stand Gas A Bl
6s.. 1926 J
-
Trenton G A Bl 1st
g
Union Eler l.t A P 1st
United Fuel Gas 1st
Utah Power A Lt
Utlca Elec I
s
Nt 5s. ...1944 F
A P 1st g 58... I960 I
Utlca Oa* A Flee ret 4*.....1057
^Peatehevter t fe «»M X«
•
IOXO
J
t
83
ion
98
J
9012
90'2
■
96
1st sf
s
f 7s
♦
J
-
0
-
J
....
-
....
•
90
1037,
8U2
99*4
*»
m
110
m
m
---
.
mmmm
831,
...J
96
1
j
Oct
'17
Oct
115
111
92
94
991,
102
14
-
.
99
96»»
5
7612
105ia
103
mm
81 '2
10618
78
-mmm
99
71U
•
mm
-
"2I
100
Oct '17
II3M
17
Oct
94
701,
l7i
...Ji
105
101'2 Oct '17
mm
m
1041,
94
128
103
1041, ill
104I, 1101,
Oct '17
99'2 June'17
129
Ill
94
1
105
93t, 10012
111
35
94
791,
99*8 102
1
....1
1 !47»
106
99*4
85
85
041, 103
81
81
'13
99
93*4
03
100U 10414
901,
...
*
78t2 Aug '17
85
83
mmmm.
9512
99
97*14
9912 1041,
42
8634 927,
9578
00l2
119
1191,
M ar' 17
100
105
93
92U
May'17
85'2 Mar 10 -\.mm
7012
10014 100
05
90
95?s 1041,
2
104
-
nil, 11312 111
98
....
-
J
104*8
A
-0
97
-
Car Chert)
1st
.......el924
Electric 1st 5a Dec
IOU2 101'2
-
F
-
1922 J
-
Sale
*17
m
103
93
mm¬
98(4
96*4
44l2
80'2
90
....
Sept* 17
9312
0:i'4
9912
82*4 Aug '17
881? MHVI7
4312
„
51
Oct
17
J
70
S,,le
l02'4- Oct M 7
79
kldg
A
100
Sale
100
05
....
D
9113
1(»2
07
96*t
0812
07*4 Sale
J
99
99
101
93
10
991
2
j
106',
81*4
-rn¬
931,
881,
-mmm
mmm
102
94
9
mmm-
90*,
49
m
101
mmm
*332
79
10)1*
11
100
Oct "17
....
07*2
97*4
100
1001* 10471
98
99
mmmm
93
100
106
6
97
99
103
«»8
6
,
1011,
98's Oct "17
93
00
mm
1047, Oct '17
96*8
O
-
A
98
94
....
-D
J
....
Oct
98
....
J
1947
Sale
!J0
....
J
-
.....
....
97*4
Iron
&
94
64
I04*,
92*4
109
IOO84
971, 103
071,
98
97
5
100
July'17
102*4
1011,
Stool
1926 J
f 58
a
-
Mtifl a Stisq
Iron
Debenture
f 5a..... 1932
s
5s
..a
Cahaba C M Co lat gu 6s..
Col F A I Co gen * f 5a
.
.....
-
....
0
mmmm
1922 J
1943 F
Col Indus lat A coll As gu... 1934
F
.1
95
July'17
91
Apr *17
mmmm
-
-
8712
75*4
87i2
76*4 Oct
17
90
80
D
0
92
04
A
0
84'4
85
1st conn 5a Serlea A.
93 «4
(8)
....
....
Repot) I A 8 10-30-yr 5a « f
St L Rock Ml A P 5*8tmpd
....
-
J
1940 A-O
1955 J - J
Tenn Goal
0'2'8 10!
U 8 Steel Corp—- (coup.. .dl003 M-N
S F KHtO-yr 5sfreg ...,d!963 M-N
Victor Fuel 1st
«378
82'2
I A
RR
s
5s.. 1951
gen
f 5a.
J
1953 J
-
-
100
103l2
98 >4 Sale
....
97
88
.
a90
87
M- S
J
f 5s. 1957
a
90', 101
.mmm
----
1950 M- 8
Poeab Con Collier, lat
97', 105*4
77t,
88
mmmm
.....
Mldvale Steel A O conv a f 581936
103', I047»
•
M- N
Indiana Steel 1st 5a........ 1952 M- N
Lackaw Steel 1st g 5a......1923 A
0
951, mi 's
861, 102
811,
081, Aug '17
94i4
"
mm
"85 " "*08lfi
75
mm
^5
981,
981,
98t,
m
98)2
-mm-
Mar' 16
"2 "84** "94~"
8414
9814
97*8
13
97
8
971, !037,
97
101s,
89»2
03
43
891, I07»a
33
87
&ale
87
R8«4
9!
87
Oct *17
Sale
9512
901,
87
86
96's
05*4, Sept' 17
99',
J00'2
10!)12 103
75
80
84
$7
82
Sale
17
Apr
Deo
95
87
95*4
951, I0|l4
"45
R41?
....
95
247
80
1031,
9912 1071,
103
107
Aug *17
85
J
81
80
mmmm
84'4
96
99^8 Hnl/»
96*g
9318
91
OS's
88
J
82
95
mmmm
mmmm
5
9SU Fh'pt'17
....
A
mmmm
98
5'
08
Oct
104
3
12
17
III Steel deb 4 "^8
1
l8
14
75
851,
Ur lilvt oaiA C 1st gtia...51919
89'
bee
80>2
no
76
101
A
A
no
9SV»0I
82
9112
Elk Horn
1st .conv 5s.
08*4
90
811,
00
116'!
Fuel
9812
88
f>
-
J
6s....
98*4
Sale
8112 Sale
....
Cona foal of Md IstAref 5a
conv
98*2
89
D
J
mmmm
Horn Cm I
r
J
1926 M- 8
103',
Elk
J
1942 M-N
20 year p m A Imp a f 5a. 1936 J
95's
08
m
mmmm
1
10
mmmm
96ss Oct '17
....
1930 J
lat A ref 5s guar A.,.
102
90'2
»'
....
•
Aug '17
9412
A
J
58...1921
15-yr 5s... 1923 J
1051s
95
mmm
•
86
Westlngh'se E A M notes fis. 1917 A-O
mmmm
Sep
17
.11.
17
....
96
87
imml
091* Nov'16
93
mm
9«*» Oct
17
Aue
10!
June'17
001.
96
105
**<»'•
115
Am
16
85
"2 "85*" "90"
10!**
89
Cent
Dial Tel
mmmm
mm-*
mmm
mmmm
102
Metropul Tel A Tel tst
Mich State Teleph
N
..
.
-
.
98
mmmm
m
mm
m
ton*
86
96',
101
102
$ Duo
V Y
-
68's
s
J
-
1935 J
J
1924
F
A
lat
5a
•
t 4148.1939 M
Weat
Union Mill tr
Kd and real eat
g
cur
N
97
69
July'17
94i2
95
951,
98
Apr 'Ifl
92
....
99s,
J
P2i, Sale
921,
1.3
J
94
95
-
J
91
011,
I960 M-N
90
90
Oct
92i2
92*4
94s,
58... 193h J
4 4s....
Milt Un Tel gu ext 5s
101
Northwest Tel gu 4 4s (..1934
...1941
M-N
,
-
J
....
....
Sale
1011,
...i
69"
"'6
1017,
99s,
3
17
in
69*"
95
fofia
....
9'Is,
8914
98
-
1937 J
f 6a 194 1
2
73
-
a
199
921,
9H, *01
95<a 106*4
95
1017,
98*8 103
Nov' 16
J
.....
Sout h Bell Tel A T I ai
80
82
99
9sfig
73
90S, 101'2
....
38
....
06
07
00
J
f 5a 1918 M-N
lat 5a..
Telep 1st A gen
Tel
100
68lg
103
06
17I
D
Y A N J Telephone 5a g.. 1920 M-N
Par Tel A
98
.
J
J
Keystone Telephone 1st 5s.
87l4
98', 1011,
.
957s Stile
.....2397 Q- J
97'i 101
95'8
95's
D
1943
83
91s, Oct *17
1946 J
M
82
95
00i2
95
Ctitnb T A T 1st A gen 5s... 1937
■
94U
92*4
....
1st 30-yr 5s..
Registered
1011,
J
8
)4t....1033
Cormnerelal Cable 1st it 48.-2397 Q-
84
....
-
.........1936 M- 8
4a
39 yr temp coll tr 5s.
92
100
Telep A Tel coll tr 48... 1929 J
Convertible
103*8
100
Telephone
A
20 yr convertible 4
mmmm
•
mmm
Aug '17
"
•
"in '87
17
Oct *17
•
94
83
92*» Sept' 17
10|J* Vov'Irt
•
00
flepl'17
17
Tolograph
8078 102',
....
'08
July 17
07
94!«
*98"
19
17
0
I conv deb g 58 1924 J
Coal
103
94
100'*
-
88'2
1
"17
70'2 Sale
1920 w.ir'-'tra attch
Betb Steel 1st ext
mmmm
m
w
F
M conv 6s. 1926
m
•
mm
m
Oct
97t,
97*4
mm
A
A
h r 5a....1931
Refining -
IOD4
mm
Juiv' 17
P4
86
93
11
Sept '17
81
105
Mar'17
87
83
87's
95
Apr
99
84
19
06*4 Oct '17
119
83
100
M-N
108>4
mm
m
05
89
....
99
941,
84
9912
89
I00U Oct
99
-
Y Air Brake 1st conv 6s.. 1928
West
91
mmmm
96't !05>4
•
90
.1
...
06'4 97U Oct ;17
ion's 100
lOOlg
Sale
75
75
....
100
V
mmm*
mmm
75
M-N
Conv deb 6s
mmmm
m
100'a
J
U 8 Smelt Ref A
*
-
*17
Jan
897« Oct
98
85*2
r>
-
mmm
17
No prhw Friday. latest Did aad saabd. a Dos J«a. <4 Du« Apru.
•
831,
96*8 Oct
89*8
97s,
....
A
-
17
92»« Oct
100
95
1933 MN
-
Oct
977,
....
58.. 1932 M-
f 6s... 1936 J
17
>
99
mmmm
17
Oct
*
101 *2
3
....
...1949 m
g
78
90*, lO'H, July'17
84'2 102
971, May'17
84
JulV 17
847g
-
5a
Refunding A extension 5s
June'17
«
97
.
10
»...l
99*4 120
*
*17
89
85
-
J
J
mmmm
June',! 7
Oct
077, 100
A
.....1922 M-
conv a f
9S
95
"911, "96""
-
-
75l2
•
*801, *94if
mmmm
8312 Apr '17
88
A
6s A 1921
Stamped
"Jo" 1001,
•
June'17
IOU2 Apr
99
gu g 5s 1936 J Ind Nat Gas A OH 30 yr 5s1936 M N
Mil Fuel Gas 1st gu g 5s.. 1947 M-N
g 6a.. 1951
Syracuse Light A Power 5«.. 1954
76
90
Con G Co of Cb 1 al
Syracuse Lighting 1st
16
82
99i2
81
J
Va Iron CoalACoke 1st g 58.1949 M- 8
96
.
-
17
I05'2 June'17
961, Aug 17
...........1947 M«
F
Sept I 7
....
94*2 Sale
mmm-
9714101
13
90
93i2
83*2 Sale
cons g 6s.
1943 A Refunding gold 6s.......1947 M-
1919
95'k
Feb
93
92*4
Pac Pow a l.t tst a ref 20-yr
5a International Series...1930 F - A
Pat A Passaic O A El 5a ...1949 M-
conv 58
*17
98*4
98*4
911, Oct '17
....
Corp unifying a ref 5s ..1937 MPacific G a E gen a ref 5s.. 1942 I -
Cb O L A Coke 1st gu g 5s 1937 J
Oct
08*4 Oct
9078 Dec
110
....
-
NYAQ Bl L A P 1st cob
96
105
971,
76*4
-
Conv debeu gold 5a
con
1st A ref 5s series A
*17
95
•
F
Philadelphia Co
119
A
1952
1st
42
98i4 Sept: 17
03*8
NYGELHAPg 5s...... 1948 J
Registered
J
do wltlioui warrants attach
Standard Mtlltiig 1st 5s
1930 M-N
The Texas Co eonv deb 6a.. 1931 J - J
Union Hag A Paper 1st 5s.. 1930 J - J
*"
lOOig 1001, May-15
103
-
957,
86*4
100
mmmm
80
mmmm
mmmm
957,
86*4 Sale
96*4 9712
190
Sinclair Oil A
53
m
263
17
m
•
751,
73
97
rnmmm
931,
0
Lat robe Plan I
50
„
98
7(5
Newark Con Gas g 5s......1948 J
Peop Gas A C I at
-
F
fnteroeeao P 1st
mm
17
Aug
96
Sale
90
National Tube 1st 5s...
70
101
Oct
100*4
937,
mmm-
Sept' 17
1st Hen A ref 6s series C.. 1921 A-O
Nat Kiihid A St.pg 1st 5s... 1929 J
D
Nat Starch 20 yr deb 5s
J
1930 J
6I»2
101 •« Got
16
99
09
997,
1927 (VI
97
m
mmmm
891,
IOU2 Jan *14
98
981,
03
-
1951
Mexican Petrol Ltd
03*8
70
Feb '15
102
100
90
84
93
A
90
57*4
1
Oct
99*4
90
rn
Railway Steel Spring—
mm
m
...1951
•5a
101
60
96
77
77
Sale"
Sale
-D
...1944 A
100
mmmm
June'13
17
SOU
99'2 100
M-N
AgrleulCorp 1st 20-yr 6s
N
mmmm
mm
5s...... 1935 J
1st
5a...
100
82
mmmm
Rand
Lorlllard Co (P) 7s
mmmm
95
97I4 Sept 17
107
.....1925
1919
-
Powder 4 tis... 1936 J
71 *4
47*8
96*4 101
Sept'15
97"
84
Ed Bl 111 Bkn 1st con g 4s. 1939
LacGaa L of Si L 1st g5s..«19l»
Ref arid ext 1st g 5«.
.1934 A
Purchase money g 4a
F
1st a f 6s...193!
102(2 I0212
6>'2 80i«
31
7312
Oct '17
...
mm
84
....
86'4
mmmm
S»pt'17
7978
17
m
•»■*»
891,
101
lilt Paper Co 1st coo g 6s... 1918 F
Consol conv s f g 5s..
1935 J
mmmm
June'17
....
mm
mmmm
17
mm
83
Fnt
727s !78<2
9012 90<2
31
Mar'17
m
100
97'2
7914
mmmm
mmmm
*08
66
83
90
f 5s....1919 J • J
1940 M-N
99*4
75
•mm
Aug *17
Sale
76
Itigersoll
20
mmmm
17
June 17
A
79
mmmm
Sept' 17
1(H)
money 6s......1907
Milwaukee Gas L tst 4s
s
-
F
..1951
98*4
m mm
'■mmmm
July'17
98
82
17
84
m
mmm
87*4
95
03
1944 A-O
6s,
99
m
....
357g
96*4
84
mmmm
-
98*4
891,
mmmm
.17
85
64i2
89'2 Oct
871-t
101
8712
98tj 10:02
100
100*4
9D8 1027s
88
96U
83
mmmm
m
88U
797i
87
•
mmmm
"10
105*2 ' >c*
9314
....
General Baking 1st 25Tyr6s.l93H J -D
Oen Blectrlc deb g 3 44s....
F - A
Debenture 5s....
1952 M- 1
mmmm
103
-
-
•
E I du Pont
9U>4
--
-
88
mmmm
Mar'17
33
100
»
17
Sept'17
Oct >17
Aug
98
Corn Prod Ref s f g 5s...... 1931 M - N
1st 25 year s f 5s.
1934 M-N
Cuban Am Sugar coll tr 6s.. 1918 A - 0
Distil See Cor conv 1st g 58-1927 A - 0
94»2
100
95
»'»
•
Julv'17
62!, Oct
102
73
07
91
mm
mmmm
Foundry
oi)i8
95
9812 100
Kan City (Mo) Gas 1st g 5s. 1922
KlugaCoEl t. A P g 5s..... 1937
Convertible deb 6s
June'16
8912
Maldw Loen Works Isr 5s
I0.li,
94
7278 July'17
*•
Gas A Elec Berg Co c g 58.. 1949 J -)
Havana Blec eunsol g 5s
1952 F
Hudson Co Gas 1st g 5s.... 1949 M-l
Purchase
94
99"8
83
Leather 20-year g 5s.. 1925 A -0
g 4s....... 1951 F - A
30
80
-
tr
cona g
d'47
Cent
51
9(178
-
F
5s. 1933 J *
......51940 M-
1st A ref 5s ser A
Eq Q L N Y' lat
Apr '14
81
S
Cent
May'17
97
....1927 J Columbus Gas 1st gold 5s.. 1932 J *
conv deb 6s....1920 Q
CoosOasE LAP of Malt 5-yr5s'21 M-1
Columbia OA E 1st 54
Detroit Edison 1st coll
83
....
•
-
231
90
mmmm
•
m+mrn
93
01
July'17
Consol Tobacco
21
19'4
-i
Consol Gas
1st g 5a 1918
ser A
-
U S Rubber MVyr col tr 6s. .1918 J
Light
...1947 j
..
cons
1919 M
7312
97'2 July'17
79
Aug ' 17
77*8 Aug *|7
88'2 Nov' 16
17
89
A
9!>s8
91
17
20
....
r
Buffalo City Oas 1st g 5s.
1947 A
ClnclnGasA Blec IstAref 5g 1956 A
Detroit Gas Co
17
17
.
0
-
81 '8
—
'17
51
74
104
....
...1934
eons g
30-yr 5s
6J»4
U S Realty A
Bklyn Un Gas 1st
-
51
Nov'16
98*4 Aug
Site
61
5678
58
1928 A
.....1924 F
84*8
Mar'14
102 '2
Va Ry A Pow 1st A ref 5a.. 1934
g
Oct
0U2 Oct
7212
9678
debenture 5s... 1931 M-N
101
S uit'l 7
....
100
Rya Inv 5a Pitta lss.1926
Electric
Oct
101
mmmrn
J
116
17
71
....
1948
and
-
mmmm
May'17
85
Am Cot Oil
86(4
12'2
May'17
50
1942
Union Elev (Chic) lat g 5a .1949
Gao
100
101
'17
Industrial
c 5s.
75
100
8M4
82'2
&
1st
54
7
Oct
5s.. 1939 J
1st
Conv debeu 5s
....
5VS
81*8
99
a f 5a.. 1923
Undergr of Londoii 44s.... 1933
Atlanta G L Co 1st
100
93
84
mmmmmmmm
Wilson A Co 1st 25-yr s f 6s. 1941 A-O
101*8 101 *8
100
101*8
mm m m
13
94
86'
Third Ave Ry 1st g 5s.....1937
a
Manufacturing
87
mm
m
Feb ' 17
83
8712
.w....01960
United RR* 8an Fr
86*4
70
-
16
83
1966
Trl-oity Ry A Lt 1st
United
Sept' 17
797g
10IU
73
77i2
30
85ig
1935
Portland Gen Elec 1st 5s. 1935
St Jos Ry L H A P 1st g 58. .1937
St Paul City Cab cona g 5s.. 1937
Third Ave 1st ref 4s.......I960
United RysSt L lar u 48
St lamlft Transit gu 5s
mmmm
Sept* 17
1941
30-year adj lnc 5s .....a 1942
N Y State Rys 1st cons 4 4s. 1962
Portland Ry 1st A ref 5s
1930
Portld Ry Lt A P 1st ref 58.1912
Income 6a
10114
mmmrn
' 14
86
88
.1931
5s. ..1919
Montreal Tram 1st A ref 5a.
New Orl Ry A Lt gen 4 4a
N Y Munlcfp Ry 1st s f 5s A
NY Rys 1st R E A ref 4s...
AdJ Inc 5s
Oct
99
.
5s 1926
4 4s
Sile
Wash Water Power
'
►
92
55
12 >8
100
'
-
92
75
Jan
5U4
84'a
....
Col A 9th Av 1st gu g 5s.. 1993
Lex A v A P F 1st gu g 58.. 1993
Met W 8 El (Chic) let g la .1933
cous g
51
84*4 Sale
84
•
-
132
98
.
80
mmmm
87;%
88
100'8 Feb '17
75
....
5414 Sale
12*8
13
100
.
ex ten
-
mmmm
Aug'17
....
101 's
101*4-
83
Pub Serv Corp N J gen 5s
0
1959 A
Tennessee Cop 1st conv 6s.. 1925 M- N
04
mm
118
10
63
87
87
031,
1)0>4
67
84
....
89
86*4
807g
106
95
95
98
86
921,
10U,
Sale
....
A
-
1
80
87'4 Sale
80
July'17
70
+
92
101
m m
02
80
8512
Sopt'17
78
76
J
Manbat Ry (N Y) cottsg 48.1990
Refunding A
F
104
92
Nor Htates Power 25-yr 5s A 1941 A -O
Ontario Power N F lat 58... 1943 F - A
Ontario Transmission 5s
1945 M-N
77U
95U lOUs
100(8 Apr '17
Interboro-Metrop ooll 4 4s. 1956
Interboro Rap Tran 1st 5s
1966
Mllw Eiec Ry A Lt
73
77«2
.1951
Adjust Income 5s.
N Y A Jersey 1st 5s
m
9012 101
Miy'13
92s, Oct '17
93
92i4 Oct "17
88
86'2
8
17
6.)
1
FtSmltb Lt A Tr 1st g 58... 1936
Hud A Mannar 5s Ser A
1957
Mlboeap 8t 1st
mmmm
Niagara Falls Power 1st 5a. .1932 J-J
Ref A geu 6s...........a 1932 A -0
67
96 <4
75
....
.1927
cons g
mmmm
8914 101!%
May'17
1
Conn RyA L 1st A ref g 44sl95l
Det United 1st
95
92'4
9214
4s...... 1949
Chicago Rye 1st 5s.
9514
....
Nassau Blec guar gold 4fl. 195.1
guar
17
=-887a
83»4 91
'17
95 U Sale
....
4s.. 1949
g
Oct
93
1
BklyuQCoAS 1st 5s.. ..1941
Bklyn Ud El 1st g 4-5S..-1950
Stamped guar 4-5s.
1950
Stamped
-
Aug
807, Sept'17
Nlag Lock A O Pow 1st 5s.. 1954 M- N
>
5s.. 1945
g
gold 4a., __2002
Bk City 1st con <8
Stamped
-
Railway
Brooklyn Rapid Trau
1st refund
-
87
Apr *17
94
92
mmmm
....
1939 J-J
85
•
Sept'17
90*8
74*
4s. .1960
tst
86
90-2 Sale
85'2
80
cifs of deposit
WlsjCent 50-yr 1st
92
J
67i2
'Co
Winston Salem S B
92
94
01,
71
Trust
1949
847g
947s
83
91*4 8ale
gen 4s... 1949
1st consul 4s
86
90
00
Mtge Bond (N Y) 4a aer 2..1966 A-O
10-20-yr 5s series 3......1932 J - J
RR
4
88
98
O
-
85
58
8058
N
-
58
m
m
"
807,
J
f 58.. 1940 M
a
mmmm
92*4
N
84*,
661,
75
....
A
-
..1952 A-O
10U2 Sale
100
100
m
86
IOU4 Sale
101
2
Sale
86
Coll tr A conv 6s aer A part pd A. O
do
do
A-O
full paid...
J
Computing-Tab- Ree s f 6s.. 1944 J
Qranhy Ctins MSA Peon 6s A *28 M-N
Stamped
1928 M-N
86
82i,
100
Oct '17
Cblc Un Stat'n Isi gu 4 lis A 1963 J
Chile Copper IO-yr eonv.7s 1923 IW
86)4
64
100*4 Apr *17
9.1*8 100
Feb'17
98*4 905, Mar'17
Sept'17
58
5s........
...1955 J - J
Bldgs 5s guar tax ex..... 1960 A - O
Cerro de Pasco Copp cnv 6s 1925 M N
84l4
85»4
58
58
f 6s... 1926 A -O
a
lat 4a
68
....
Consul
.
mmmm*
----
99
Booth Fisheries deb
Bush Terminal
77
8414
75*4
Mar'17
....
m
High
No. Loud
High
Oct '17
67
S
-D
J
4)48*39
Braden Cop M coll trs f 68.1931 F
mmmm*
-W.--
July" 17
83's Sale
....
80
Oct "17
86
64
84
>
A
i005g
73
Ask Low
67
66
1925 M- 8
1926 M-
Armour A Co 1st real est
99>2 105«2
mmmm
|
4s......1948 M- S
tr g
Alaska Gold M deb 6s A
m
■mmmrn
76«4 Aug "17
911, Aug 15
104-18 101
1952
1937
P1943 *Nov
i
1946 M
t
58.^.-1926 A
g
80
Aug
Adams Ex cull
Conv deb 6s series B
78
----
12
Apr "17
84'4 Jan "17
71*4
mmm
Jan. I.
Miscellaneous
99
----
75
65
eer A 5s...
Wheeltug A L B 1st
80
76
gold 4s............1943
Western Pac 1st
80
7414
....
1941
Wash .Termi 1st gu 3 4a.... 1945
West NY&Pa 1st g 5a
mm
99>2 Sopt'17
1941
40-yr guar 4s..
West Mary laud 1st g 4s
Oct *16
105
99
1921
1st
97
89
35
90
Since
|<
Range or
Last Sale
Bid
100'2
10678
80
1st Ilea 50-yr g term 4a... 1954
Det & Cb Ext 1st g 5a.... 1941
Dee Moines Div 1st g 4s.. 1939
Om Div 1st g 3 4a_.
Tol A Cb Div 1st g 4s
92'2
....
Friday
Noo. 2.
High
35
Sept" 17
90
97U
«s
89
Sale
..1939
1st lien equip s fd g 5s
Low
35
8<ile
00
...
Debenture Series B
No
High
Ask Low
Bid
Vers Cru» & P 1st gu 4He.. 1934
Virginian let 5s Series A
1«<>2
Wsbssh 1st gold 58
1939
2d gold 5s
1919
I
Range
Week's
Price
BONDS
Since
si
Range Of
Friday
NOD.
2.
"3
Week's
Price
BONDS
H. Y. STOCK EXCHANGE
1789
8914 10H,
1011,
91
1001,
98
"140
91
931,
94s,
917,
6
91
103s,
90
90
3
60
99^4
101 >2
94
92*4 103
l|
P2t, 101*4
Sept' 17
Nov *16
106
.
0
Due Jdac.
A Due
July'.
A Due Aug.
e
Due Oct. pDue Nov.
Huo
Haa
l
AntlAn
aa
la
BOSTON STOCK EXCHANGE—Stock Record
1790
CENTUM
PER
Tuesday
Oct. 29.
Friday
Oct. 31.
Nov.
1
Nov.
4TnrK«
EXCHANGE
Range Sines Jan. 1
Year
Lowest
Highest
Lowest
Shares
2
Range for Previous
BOSTON STOCK
Week
PRICES.
Thursday
Wednesday
Oct. 30.
Monday
Sales
of the
PRICES—NOT
SHARE
Saturday
Oct. 27.
[Vol. 105.
Nsxt Pag*
In
Railroads
142
142
142
40*2
*142
38
40
22"
22
22
21
22
*160
162
*160
162
*2
.
15
*
5
5
*2
5
15
*2
5
30
5
*15
30
34
34
34
*150"
150
150
153
97
153
*56«4
52*2
83*2
*83*2
84%
*83*2
125*8
84*2
92
*89
91
*89
*50"
52
125
125*8
#
""3*4
3*2
i67s
"27
27
♦
*
*89
91
*3
♦90
98"
*90
♦98
98
3
'
38*2
50*2
14
14
547
247g
25*2
620 NYNH4
98
*98
:-
■
20
*10
20
*17
20"
98
*90
98
*90
•99
39
39
39
39
39
38%
39
50
49*2
Last Sale 20
Oct'17
Last Sale 96
50
50
50
50
50
80
80
79
80
79
79-
78
78
94i2
1*4
04*2
1%
9434
1 *4
9434
93%
93%
*1%
1%
9334
*1%
9334
1%
1*2
11134 *110*2 111*2
11334 11414 112*8 11378
*43
44*4
*44*4 45
9334
9334 94
93
64
64
*63*2 64
85
*83*2
*83% 87
9
9
1057,
60
60
"841?
pref.——.—
122
Oct
5
June12
Dec
3
July 2
Mar
Junel9
2
June
90
Oct 25
3
May 8
Oct 3l
14
42
Feb
Jan
150
Oct
108
5
Jan 27
140
Mar28
102% Apr
123
Sept
69% Sept
9
Oct
83
20
78*t Mar22
133
Jan
17
122
Jan
92%
100%
6%
31%
Jan
9
Mar 7
June26
July 3
z86
Jan
.
Sept28
Oct
98
4% Dec
26
Dec
97
Jan
Apr
3
135
Jan
6
84*2 Feb 13
110
Dec
50
105
9
Sept
2
52*4 Jan
Oct 24
96
38
13
7%
*7
169
83"
69
68
69
*68
*144
145
144
82
144
15
Jan
56% Mar 17
134% Dec
20
May
100*2 Aug
x55
Sept
0
69
9434 May 2
103% Jan 27
2% Jan
9
84
74
Jan
July
*88 ~
88
88
•»
i
89
105*8 lOfAi *105
106"
118
*110
120
79
77
*128
34
*13
1334
*13
1334
137
137*2
133
137*2
1334
*13
12934 131*2
124
130
48
50
28*2
28%
*13
4934
50
29
29
29
13%
1
12178 12212
44
25*4 25*4
105*4 10678
*114
114*2
6*4
4
16
Jan
18
95
June
80
100% Mar23
79
68
Nov29
81
Mar 30
78
143
July20
169
31
155
Sept
Sept
May
Do
pref
116
119
120
120*4 122
42
4284
42*2 4334
25
2534
25*4
25*2
103*4 106*2 IOI84 10334
*11234 113*4
*113*2 114
6
5*2
534
6*8
120
113
113
5
5*2
75"
13
13
2,263 Swift <fc Co
120*2 124*2
216
41
5
28
112*2 114
112% 117%
"
Do
..100
40
42
40*4
25
25
25
25*4
3,035 United Shoe Mach Corp.. 25
635
Do
pref——25
93*2
99%
95%
97*2
22,468 U S Steel Corporation.... 100
"¥*2
10
Do
pref
100
7,915 Ventura Consol Oil Fields.
5
*111% 112
5
5%
42
""5"
Jan
8% Dec
225
Dec
159% Apr
1
Marl6
11
Junel5
11
Junel5
10
Dec
40
Jan
17
35
Nov
Jan
9
95
00
Jan
10
Mar26
105
Septl9
92% Aug 7
124% MarlO
118
Oct
16
147
1
112
75
30
Nov
40
28
2
1
40
Nov
25
Jan
11
50
Jan
120*4 Dec
102% Jan
Dec
102
158% Apr
3
35% Dec
Jan
16
Feb
Mar29
15
16278 Apr 16
68
June 7
125
35
Jan
May 28
28
Jan
35
155*2 Jan 22
Oct 29
1
93*2 Nov 1
U278 Oct 16
19
46
Aug 20
112*2 Nov
Jan
23% July
160%Jan 25
Feb 15
Nov
%Nov
134 July 16
30
12%OCt 10
120*2 Nov 2
pref
«c8% Apr
22
32*2 June26
10
25
25
........
1,530 United Fruit..
1
129*4 Nov 1
—•—.100
Torrlngton
Nov
100
50
.44 Pullman Company
650 Punta Allegre Sugar......
25 Reece Button-Hole
33%
40
10
425 Nova Scotia Steel A C....100
129*4 13234
32
Telephone
pref.......
100
10 New Eng Cotton Yarn
100
Do
pref
..100
"""194 New England Telephone.. 100
21 Nlpe Bay Company
100
105
"75"
78
*
41% 42*4
25%
25*4
99% 102
.
...100
Linotype—.100
Do
117
129% 129%
30
30%
*13
13%
121
126%
40% 45
34
3378
34
34
34
50
Jan
170*4 Jan
102
85
Aug' 17
105
106
,
75
131
78*2
81
*132
"34"
226
19
Nov 1
25 Mergentbaler
Last Sale 92*2
79
*132*4 134
79
82
*118
120
—:
Jan
■97% Oct
243 Massachusetts Gas Cos... 100
89
*105
118
120
70
'
*93
42
4
July
Jan
127% Oct 31
(W H) let pref. 100
Mississippi River Power.. 100
*93
89
98
165
100
Electric...
Mexican
105*2 105*2
Jan
Jan
27
97*2 Jan
5
11®4 Aug
7
121% Jan 22
66
Jan
60
Jan
July'17
*93
Septl3
55% Feb
9
Aug
92
10
Sept"' 17
*88
8%Mayl6
88
8
June
20% June22
June'17
*93
120
¥0""
'r-4
*88
83% Oct 31
58
100% June 9
75
Julyl7
Sept12
Last Sale 33
Hr
*88
*105*8
"so"
.70
i
1
15
Oct 30
Lasl^Sale l".""
....
-
1
1
Nov
Oct
Dec
123
42
7
—
Last, Sale 11
2
*.75
2
*.75
1
Feb
Apr
114% Mar
12
3 McElwaln
82
*
40
.Dec
7
106
14
140 General
128*2
128
*69
143% 143%
Oct 31
Mar 8
126% June 9
121% Jan 24
128% Jan 25
110 Edison Electric Ilium.....100
169
80
112
*4 Dec
10
.
150 East Boston Laud
-
70
2
Apr
95% Mar
10
440 Cuban Port Cement.
7%
.
2
*.75
2
-
82%
*68
70
145
60
13
127% 127% *126% 127*2
97%
98
*9712
•.
82
59*2
4,521 Atl Gulf & W I S S Lines.. 100
190
Do
pref
.......100
97*2
Nov
Oct 22
64
pref
100 Art Metal Construe Inc...10
9434
60
165
169
98
9
2
110
92
Do
Nov 2
l%Apr
8*4 Jau
——100
312
93
97
.
pref...
93
54 Amoskeag Manufacturing....
26
Do
pref..
........
92%
9%
*8*2
Do
50
58 American Woolen of Mass.100
4134
86
60
♦68
6
Do
120 Amer Sugar
142
Do
pref
64
13%
169
*40*2
41%
92%
60.
7*4
169
83*
92
64
13%
*97*2
83'
41%
60
*144
44'
50
60
Refining.....100
....100
3,095 Amer Telep A Teleg
100
113*4
94
*12834 129*2
*97*2
112
*83
8
169
131
11234
64
*7
50
112
83*2
8*2
14
130
*97*2
♦
95
90*2 Oct 30
97% Oct
8
170 Amer Pneumatic Service—
1*2
110
98*2
60
*1*4
110
8%
7
169
169
50
1.50
76*2 Nov 2
"OH"- "99""
83%
14
*734
8
*734
*134*2 135*2
*33%
5
255 Amer Agrlcul Chemical. -.100
43
Do
pref
....100
110
95%
60
*13
*80*4
Aug
Aug
4% Feb
5
49*2 Nov 2
100%
9*2
9934
"l4
*60
li5
120
Jan
100
110
85
*83*2
*8*2
97*4
104
64
64
64
9*2
*8*2
100
♦14
*.75
Feb
369
100
103
104
110
*83
30
21*4 Septll
Vermont A Massachusetts. 100
10
10
*10%
io2"
103*4 *101
110
110
110*8 IIH2
112
113
11238 113
4.3
43*2
43*2 *41%
.92% 9334
9312
93*2
*10*2
*10*2
*103
107
169
34
200
July 3
38
Dec
Miscellaneous
*1*4
♦10*2
104
30
Dec
65*2 Apr
119
Marl6
Jan
Aug 31
78
93*2
93
.1*4
3
49*2
76*2
'
*106
..100
171 West End Street
50
213
100
Oct* 17
50
9
July 3
Hampshire. 100
33 Old Colony.......
100
Rutland, pref.
..——100
98
98
.
.
Do pref stamped
Hartford
3 Northern New
*90.
*90
51
100
—100
....
Mass Electric Cos
14%
257g
94
94
"216
3
14
82*2
*80
Maine Central.
23%
90*2
38*2
50
3%
15%
*10
40
120
100
20 Georgia Ry A Elec stampdiOO
Do
5
pref
100
Oct" 17
97*2
*91"
...100
...——
—
26
*90
150
Connecticut River..
-—
*—'
3
45
Septl7
Oct
Mar22
4
30
¥—.100
14
26*4
-
178 Fit cb burg pref__.__
125
*83*2
Oct
June28
.......
pref....
Chic June Ry & U 8
Do
pref
v
50*2
*
pref—..—
Do
June'17
50
Do
Oct 31
Boston A Wore Electric Cos-
95" "Oct' 17
Last Sale 125
20
*
*""25
2578
"1.534
*14*2
26*4
90*2
97*2
27
2
Aug' 17
Last Sale 90
91
22
160
153
Last Sale
.
100
~ NoV'l6
4%
172
19
Boston Suburban Elec Cos...
2""" Sept"'17
50
51
*50% 53
12438 1243s *-—125
*83%
*83%
*3
27.
*150
97
11
Jan
133
21
246 Boston A Maine.....
30
Last Sale 30
140
Jan
79
31
140
10 Boston A Providence..... 100
21"
"2l"
21%
Last Sale
153
175
3734 Nov 2
100
—100
100
25 Boston <fe Jowell
Last Sale
34
97
140
53
53
83*2
*31—
*150"
140
*_:■
97
140
♦
3734
90
*15
5
5
-
*_'.—
3734
*160
*15
30
38*4
21
160
*2
*2~..
♦I 50_
*80
22
....
♦15
90
90
38
90
*80
16 Boston A Albany
1,053 Boston Elevated
140
*.—
40
38%
160
23
♦22
♦160
142
140
144
41
*90
96
♦90
144
40
42*2
136% Jan
June
50
3
58% Jan
Feb
30*8 Mar 8
May28
28% Jan
27
115% Feb
79% Mar
135
121
Jan
5
Aug 30
87g Jan 26
25
1
Oct 26
4% Jan
25
84
10
3*4 Nov 2
*4 Septl2
51% Nov 1
6%Sfept
Mining
1
1
1
91
91
90
*334
*.25
.60
*56
89*4
90
334
Vis
378
*.25
*.25
.60
*43
14
14
14
50
45
*45
46
*9*2
k
6634
489
*14
*4378
49*2
*134
4
10
9*4
934
.50
20
.
*19*2
475
494
14*2
44*2
50*2
40*2
*4
*184
*4
4634
134
334
934
4%
134
4
10
5
4*4
10
10
6
5
*72
75
*71
74
*39
40
*39
40
39*4
*10
11
10
10
*9*2
*1*4
*5*4
*1
1*4
1*2
*54
87
*26*2
28
.
478
2
2
43
4584
3*4
134
3*2
134
334
*1*4
334
934
9
9%
9
2
■
70
*67
37
9*2
*37
*51
2*4
"14
*9
9*2
i84
*1*4
2
6*4
3
434
1*2
1*2
*1%
69
67
*17%
1834
2
2
2
*12
14
*12
22
'
"8*2
8
8
13l2
14*2
*.60
*.60
24*8
434
*134
478
2
6*4
3*4
*3
4*2
*3
5%
22%
4%
*1*2
5*8
*278
*334
•5*4
1*4
134
5
5*2
5
5*2
1*2
2*4
1*2
1*2
1%
*134
2
*1*4
*134
67*2
65*2
67
18*8
18*4
2Ke
13%
*2
41*2
*
18*8
2*2
12
2
62
65
2
2
11
11
2
22~"
13
*.60
Last Sale 70
8*4
12*2
8
13*2
2
*1%
2
41*2
3934
40*2
63*2
3934
40
37
39
35
61
60
62
59
60
17*2
18
16*2
17%
16
68
68
66
68
17*4
65
21*4
54
18
18
68*2
*2234
69
68
58
.90
578
*20
*2*2
*534
3*8
5
*1*8
*51
23
*21*2
22
*57
60
55
55
54
lKe
534
578
21
2%
3*4
.80
578
2:5%
3*8
3
*2"
5
5
*434
334
534
3*2
*4
3
334
83*4
3*2
3*4
4
m
4l2
*1*4
434
m
48
50
45
4734
4734
2%
48*4
2*2
13
*1212
13
4734
2%
12%
8078
*81
3*4
3
8184
3*4
2*4
*80%
3*4
*2*4
*
1
234
2
2
2
*35*2
36*4
"37"
.90
*.75
37
.90
Bid and asked prices.
^
2*4
*35%
*.50
2
1*4
*80
""
20
*1*8
4434
47%
2i2
2*2
12*2
80%
12
*78
3
2%
*
2
35*2
*.50
35*2
.75
« Ex-dlvidead had rights.
36*4
59
1678
66*2
2134
.75
534
"3
3*4
534
3*2
Last Sale 59*2 Mar'17
4
4
4*4
4%
48
2
.751
3*8
412
1*4
4834
2*2
35*2
1%
20
51
2*2
5*2
5%
13
54
.75
*2
13
2%
13
434
54
*19
*2
50*4
47%
2%
5
wis
5*2
5%
*21
.80
.75
.80
*65
2*2
19
2h2
*5
3*8
434
♦1*8
.90
2
6
3*s
3*8
578
*20
2l2
*5
6
.90
534
*20
22
*82*2
*3*4
*2*4
*22*4
60
*.90
.90
2%
*1234
68*2
23*8
2
32
1*8
46
48
2*2
12*2
47
4784
2%
.
2*2
12
12%
80
80
17
3
Jan
12
7% Jan
16
3
115
.
Nov
1
16
4% Oct 16
1
...
....
1
25
5
25
25
Oct
Jan
—
-
16 Nevada Consolidated.....
775 New Arcadian Copper.—
25
5
25
5
New River Company——100
Do
pref
100
180 Nipissing Mines
5
Butte
—
North Lake
OJibway
—
945 Old Dominion Co
362 Osceola
2,045 Pond Creek Coal
251 Qulncy
60 Ray Consolidated Copper.
85 St Mary's Mineral Land—
895 Santa Fe Gold A Copper—
35 Shattuck-Arizona
595 South Lake
25 Superior...
—
4,450 Superior A Boston Copper.
46
Dec
July
July
54% July
2
July
4*4 Dec
11% July
6
June
Jan
17
79
July
3
19
34*4 June
9
17
92
Mar
6
10% June
Mar22
2
76%Junel8
42
July
Sept
94
88
Jan
22*2 Nov 2
4% Apr
9
1*4 June 8
36
Apr 28
Jan 18
6
Aug 22
5
Jan
4
2
5
434 Jan 27
Oct 31
Nov
1
Jan
2
9% July
Jan
16
1% Aug 20
Nov
Oct
1
98
15
6
2
Jan
2
,
4
Dec
70-
July
Mar 12
32% Apr 3
89*4 Mar 6
18
1
2
Jan
2
10
5% Oct 18
Oct 31
Oct 30
Jan
5
30*8 MarlO
6% Jan
2
165s Mar 6
Oct 31
2% Oct 18
Feb
Dec
59
95
2
5
July
July
19
47
20
Mar
25
10
25
10
Nov
9
20
94% Feb 21
Oct
Jan
4*4 July
6
6434 Nov 1
21% Nov 1
.75
15
77
28*4 Junel 8
53
1*2 Jan
77% July
92% Mar20
9% Sept26
1
Nov
1% Aug
July
,67*4 Mar 12
684 July 2
11'4 Oct 18
16
3*4 July
10
24% Mar28
2*4 Jan
3
27g Jan 12
Oct 26
Oct
3
17% Apr
3
30
Mar20
Jan 25
.50
Jan
26% Mar 7
July 9
Oct
2
15%Jan 17
3
May23
5*2 Mar24
.
62
25
July
3% Mar
2*4 Feb
34*2 Nov 2
58% Nov 2
25
10
June
7
1*8 Oct 31
25
—
Dec
66
14
25
10
10
25
1,655 Shannon
July
42
510
16
25
25
10
Mining
Tamarack
15
25
Dec
84% Oct 31
68
Quicksilver
——
2,182 North
00
46% Jan
20*2 Jan
8% Oct 18
1*4 Oct 26
1,031 Mohawk
"~20Q
1*2 Apr 23
3*2 Nov 1
1*4 Oct 10
8% Jan
60
2
Jan
6
15
8% July 11
Dec
.50 June
1*8 July
11% Mar
81
July
20*4 June
61*2 Jan
1% July
7
July
24*4 July
4
Aug
12% July
1*2 Jan
35
Aug
4% July
1
3*4 Mayl6
1
Mayl2
2%Jan
9
.15 Jan
2,652 U S Smelt Refin A Mta— 50
4434 Nov 1
67*4 Jan
4
54*8 Jan
52*2 Jan
4
49
25
1,655 Trinity
400 Tuolumne Copper
pref...
3,115 Utah-Apex Mining
—
1,850 Utah Consolidated...-—-
60
6
47
5
12
10 Utah Copper Co
4,595 Utah Metal & Tunnel
10
7734 Oct 18
378 8ept27
21% Feb 20
118*8 May 26
2*2 Oct 31
65s Jan 16
—
1
25
25
25
-—
25
885
Do
15 Winona
552 Wolverine
Assessment paid,
Jan
Mayflower-Old Colpny... 25
Michigan
—;
25
2
34
68
25
325 Victoria
Oct'17
1
25
Consol
2
2
Nov
6
2
33
43
Mar
838 Aug
3
2
63
434 Oct 29
234
35*2
1
27%Jan
18
2*4
Last Sale .75
•
1*8
45
Nov
18
Feb 20
278Mayl6
2*2
2*2
*2
IKs
4512
79
400
Oct'17
*1*8
34l2
58*2
16%
134
6434
21*4
23*8
5
4778
•
*1
1*4
*57
2?*s
521?
48
*.75
'
.75
8*4
12%
36*2
60
18
63
18
1*8
1%
Oct'17
Last Sale .75
.70
*13s
*40*2
*63*2
1*4
Aug'17
*8
8*4
13*4
*.60
.70
.75
Last Sale
74
8*4
14
2
39
85% Jan 26
590
25
5
25
975 Mass
26
Oct
70
35 La Salle Copper
110 Mason Valley Mine
255 New Idria
22
8
17%
*
Jan
12
9
56
7% July
1% Aug
62
2
39*4 Oct 30
...
300 Keweenaw Copper
1,541 Lake Copper CO
3%
4*2
5*4
1*4
134
63
pref..
864 Isle Royale Copper
655 Kerr Lake..
2234
478
2
6*4
17%
Do
Sept27
18% Oct 16
Nov
Dec
*4 May
15*4 Junel 1
2% Jan. 20
8*2 Oct 17
Oct 31
Aug
10
29% July
62
25
Island Creek Coal
59
Mar 6
91
.
41% Jan 26
73
Jan
3
.40
100
100 Indiana Mining
84
2
2
70
2
1*4 Feb
2
1% Jau
Oct 30
100
Granby Consolidated
85 Hancock Consolidated....
9*2
13.1
62
*16
5
20 Greene Cananea
Oct'17
.*—■—•
2434
5
178
5*2
3*4
5*2
74
8
14
15
84
6
22
74
*82
D
*4
*1*4
1»4
Last Sale 59
58
*3
434
•
*134
2l4
67
*18
478
*178
*9
-
357 Franklin——
,39
9*4
*134 *
Nov
Jan
11%Jan
425
..
71
*36*2
12
43
108
10
...
Copper.
5
3,899 Copper Range Cons Co— 25
155 Daly-West——
20
2,715 Davis-Daly Copper
10
1,871 East Butte Copper Min.
10
5
*65
39
178
6
*4*2
4%
5
to
n
1
25
...
10 Cbino
9%
70
3
1*2
70
18s4
2*2
4l2
205 Centennial
Nov
2
25
Calumet A Arizona
275 Calumet A Hecla
40*4
4412
2
3%
*37*2
6
6 k8
43
334
5
3*4
434
684
22
14
47
934
74
*478
2
6*2
434
7
*8*8
*39%
27
*70"
.
40
25
5
*
39
26*2
6
*2*4
4134
10
10
Butte & Sup Cop (Ltd)...
"2,597
13
26
5
*3
*13
13
84*2
3*4
*18%
14
8412
6*4
*134
*13
85
2
6*4
68*8
14
55
....
—
435
85
*4*2
*6®4
*1*2
.
430
25
300 Butte-Balaklava Copper..
.40
430
46
5
.
425
*54
4?8
*1*2
30
Allouez—
—.
878
S34
*
.40
25
1,064 Amer Zinc, Lead & Smelt- 25
70
Do
pref—
25
5
2,255 Arizona Commercial
13
43
6378
66*2
58
*26*2
12
43
Last Sale 18*4
Oct'17
62
65%
6384
20
*41
*1<%
"""592
54
13%
—.
Algomah Mining
Sept'17
52
55
....
1,325 Alaska Gold
3*2
440
87
*3
.
.40
*85"
47s
■
345 Abmeek__,
86
3*4
39*4
10*2
134
*71
1*4
3%
8%
*55
58
*85
5*2
9*8
13%
14*2
4234
48
2
48
178
4*8
470
50
*40
425
84
87
810 Adventure Con
1*8
45
...
.50
*18*2
64*2
6634
*14
12%
9~
20
450
14*2
13*2
48
*.45
.45
66
51*2
13%
9*4
*19
480
14*4
10
9*8
.45
.50i
20*2
67*4
66*2
67*2
,
9*2!
*.40
55
*43
1%
.
Last Sale .25
.60
53*2
14
43
3*4
*.25
1
85%
338
89
3*8
56
56
57
1334
*.40
87
.60
55*4
1
1% iKe
1%
90 •
3%.
60
13*2
*19
4*4
*1
1*8
-—
-
.....—
Wyandott
ft Ex-rights,
9
Ex-dividend.
®
i?s
Oct 15
Mar28
Oct
16
2
Oct 22
2
Oct
32
Half-paid
Nov
6
2
5*8 Jan 25
8
53*2 Mar 6
1
.15 Aug 23
Jan
.
2*8 Jan
3
Feb
278 Dec
12% Jan
75
June
5% Dec
2*4 Jan
3*4 Mar
45
Oct
1*8 Aug
1916
.
Nov. 3
THE
1917.]
CHRONICLE
Baltimore
Outside Stock Exchanges
to Nov.
Friday
Week's
Last
Sale.
Range
of Prices.
Low.
High.
Sales
Low.
High.
99
July
4,350
100
Oct
Gt Nor-C B & Q 4s...1921
Mass Gas 4%s:
1931
93%
7,000
3,000
77% 102,000
94
7,000
86
86
Miss River Power 5s. : 1951
68
81%
83%
96
96 %
77
77
68%
1,000
81%
95%
76%
Oct
93%
84%
100
Oct
68
-
Aug
1932
93 %
93 %
94
93
79
79
79
5,000
79
Jan
1944
94 %
95%
9,000
94%
Oct
95
95
1,000
93
100%
Western Tel & Tel 5s. 1932
91
100 %
92
2,000
17,000
Jan
Jan
Feb
78
Oct
1934
Swift & Co 1st 5s
Mar
Mar
100%
82
Mar
102%
98%
Jan
Sept
99%
Aug
109
Jan
100%
Jan
90
Oct
Stocks—
Par.
for
Week.
Jan
Atlantic Petroleum
50
Baltimore Tube
100
Preferred
W
.
Sale
Stocks—
Par.
for
of Prices.
Week.
Price.
Low.
High.
Range since Jan. 1.
Low.
'«•
m
Low.'
1.
High.
4
100
4
Oct
40
38
40
Nov
85
—
-
Consol Gas, EL & Pow.100
86
40
85
Oct
123%
Jan
93%
Oct
109
Jan
Jan
94%
1
94%
102% 107
«•»
103
917
102
9%
46
Oct
127
114
7%
8%
3,898
94%
7%
Oct
7%
Cosden Gas preferred.
5
Davison Chemical, .no par
Houston Oil trust ctfs.100
3%
3%
3%
28%
19%
360
3%
Oct
18%
5%
95
100
Cosden & Co..
Mt V-Woodb Mills
v
25
Northern
100
Central
Oct
Jan
Jan
Jan
414
25
Nov
44%
Jan
550
•
12
Oct
23%
Apr
Oct
67%
Jan
a* v»
mi
m'm*
18%
57%
15%
15%
15%
125
15%
Nov
16
14
14%
22V
13
Mar
19
Jan
64%
66
314
60%
Mar
73
July
78%
78
78%
176
78
Oct
89
Jan
68
69
75
68
Nov
84
Jan
"25"
25
25%
495
25
Oct
21
21%
175
15
June
3
115
3
Sept
88
$3,000
'100
2,000
2,000
<4,
"65"
50
& Power. 100
United Ry & Electric
50
Wash Bait & Annap com_.
35
•» -> m
mt
t rlOO
Preferred vtr
95
Mar
Jan
5
Consolidation Coal
Wayland Oil & Gas.
Shares.
mk
100
Pennsyl Wat
Sales
Week's Range
Range since Jan.
Shares.
40
"40"
Preferred trust ctfs. .100
Last
High.
4
Bait Electric pref
Monon Vail Trdc new. .25
Chicago Stock Exchange.—Record of transactions at
Chicago Oct. 27 to Nov. 2, compiled from official sales lists:
Friday
L0w.
Price.
Jan
85%
99%
94%
Sept
New River 5s
United Fruit 4%s.—1923
U S Smelt Ref & M conv 6s
Sales
of Prices.
Jan
92%
102
Oct
N E Telephone 5s
Oct
Week's Range
Sale.
100% Sept
Nov
4,000
7,000
Friday
Last
99.94 415,400
100
"96 %
5s temporary receipts,._
At! G&W I SSL 5s..1959
all dollars per
are
of par value.
Range since Jan. 1.
99.70 99.60
100
Prices for stocks
For bonds the quotations are per cent
cent.
per
for
Week.
100
U S Liberty L'n 3 %s. 1947
U S Liberty L'n 4s._.1942
Am Tel & Tel coll 4S..1929
the
2, both inclusive, compiled from the official sales
share, not
Price.
Exchange.—Complete record of
lists, is given below.
Exchange Oct. 27 to Nov. 2, both inclusive:
Bonds—
Stock
transactions at the Baltimore Stock Exchange from Oct. 27
Record.—Transactions in bonds at Bos¬
Boston Bond
ton Stock
1791
3
3
.5
59
95
55
.
Oct
35%
23%
5
.
Jan
Oct
Jan
High.
.
Bonds—
American Radiator
100
77 5275
June
Amer
100
90
91
545
39
Feb
95%
Aug
Chicago Ry 1st 5s
1927
City & Suburban 1st 5s '22
100
Fisheries, com .new
Preferred
.100
21
22
ISO
21
Oct
25
July
Consol Gas gen 4%s.l954
87
87%
83
84
10
81
Feb
94
Apr
Consol Gas, EL&P 6s notes
97%
98
51%
51%
175
49
Mar
1%
100
Shipbuilding
292
Booth
Cal & Chic Canal & D.100
51%
Cnic City & C Ry pt sh com
Preferred
1%
18
292
18,
1
55
175
Chic Pneumatic Tool. .100
Chic Rys part ctf "2"i
51
10
160
Chicago Title & Trust. 100
185
185
185
92
Commonwealth-Edison 1Q0
Cudahy Pack Co com. .100
107%
105% 110
112
110
Deere & Go pref
Diamond Match
Hartman
51
10
9%
99%
...100
_l00
99%
108
108
24%
4%
Jan
5% notes
Consol Coal
Oct
35%
Jab
Cosden & Co series A 6s.
51
Nov
1%
57 % June
78
June
87%
_
105%
Oct
Jan
ElkhornFuel 5s
118
3,760
108
Feb
Apr
Georgia & Ala
100
450
Aug
Ga Car & Nor 1st 5s.
112%
519
142%
129%
100%
132%
Mar
Feb
96%
108
Nov
30
47
Oct
20
47
109
Nov
920
27-
"16%
1929
Jan
M St & St PC joint 5s 1928
June
June
98%
107%
Aug
"97%
Oct
Sept
110
Mar
Oct
95
Aug
97%
Aug
14,000
80
16,000
88
Oct
97%
97
Sept
99%
4,000
32,000
99%
Sept
96%
1,000
96
97%
93%
16,000
97%
Sept
Sept
1,000
93%
Nov
95
Sept
95%
95%
79%
1,000
96
96%
96%
6,000
1,000
Oct
95
Oct
99%
106%
95%
84%
67%
Oct
100%
11
National
Aug
Oct
130
37
Oct
106
Oct
155%
75
78
113
75
Nov
114
91
6
88
Nov
102%
Jan
137%
50
50%
122
125
154
59%
138
130% 141
"50%
i a
45
Income 4s
58
Funding 5s small.. 1936
Nov
340
Nov
115
Feb
12,010 cl.37%
50
1,311
122
16,665
Nov
239
Jan
Nov
101
Jan
165% May
126
Oct
210
80%
<
June
77
Oct
58
Oct
Jan
Feb
Feb
Jan
Jan
Jan
100
80%
Oct
90
Jan
4,000
82
81%
88
2,000
10,000
9,000
Jan
Jan
Nov
81%
Nov
88
Jan
Philadelphia Stock Exchange.—The complete record
of
transactions
the
at
Philadelphia Stock Exchange from
26,912
45
Nov
58
Oct
Oct. 27 to Nov. 2, both
sales
17%
65
99%
88
Nov
81
Sept
cent of par
are
all dollars
per
value.
•
May
107% May
:
Range since Jan. 1.
Last
Stocks—
for
of Prices.
Week;
Low.
Price.
Par.
,
Week's Range
Sale
84% May
Oct
Sales
Friday
Jan
117%
Nov
98
Prices for stocks
For bonds the quotations are
cent.
per
Jan
34%
Nov
195 xiom
44
1,067
inclusive, compiled from the official
lists, is given below.
share, not
per
Apr
300
45
Nov
1,577
19%
98
"93%
58%
80%
Jan
Jan
97%
65
44.
100
77%
Jan
Jan
272%
655
109% 110%
109%
88
77%
77%
Wash Bait & Annap 5s '41
Aug
5
17%
100
88
58
^
~
1949
Oct
Aug
77
65
18
100
United EL&P 4%s.l929
United Ry & E 4s.,._1949
Jan
88
142%
..100
;
122
83%
100
100
common..
Mar
272% 272%
97%
99%
Ward, Montg & Co, pref..
Preferred
118
Nov
120
91
_
Wilson & Co
Nov
50
30
943
.100
_
90%
626
75
Preferred.....
100
Sears-Roebuck com. 1 100
Stewart War Speed com 100
Swift & Co
^100
w
100
57
432
100
United Paper Bd com.
Preferred
90%
44
100
Union Carbide & Carb
Mar
110
Pub Serv of No 111
Union Carbide Co
Apr
78
40
44
Quaker Oats Co
58
Oct
102
People's Gas Lt & Coke 100
Prest-O-Lite Co Inc.
Preferred
12
Oct
58
120
new
com.
Jan
31
60
50
..new
10
10
60
90%
100
_
Carbon
Preferred
25
31
58
National Biscuit
11
31
com
Preferred
Jan
93
101%
107%
103%
103%
93%
102%
'
Preferred
Middle West Utilities
Jan
95
2,000
100% 100%
"
97
102
97%
______
Norf Ry & Lt 5s
1949
Sav Fla & W 1st 5s.__ 1934
35
Oct
97%
89%
93%
Mar
78%
118%
Feb
.
Feb
96%
89%
5s 1945
cons
Jan
96%
99%
Houston Electric 5s
■
1919
1918
102%
Oct
97
Elkhorn Coal Corp 6s 1925
1,301
Oct
21,000
20,000
81
82
Cosden Gas 6s.__
25
16,000
Oct
99%
89%
"§I"
Series B 6s
Jan
Feb
Oct
9%
87%
87
95%
102%
81%
83%
95%
102
_1923
6s
conv
220%
109
23%
Oct
18
Oct
47
Lindsay Light.
Feb
185
109
Corp.
Hart Shaff & Marx pref..,
445
High.
Low.
Shares.
High.
Bonds—
Chicago City Ry 5s._1927i
Chicago Rys 5s
1927.
Chic Rys 4s series "B"
_
_.
88
1st M 5s.'46
87%
89
21,000
58
58
6,000
Mar
90%
87%
Aug
Oct
97%
Jan
58
Nov
70%
Jan
99%
Alliance
Insurance
American
99.96
1.000
97
Oct
97
Oct
30
1,000
30
Oct
44%
Jan
95%
12,000
91
Nov
Buff & Susq Corp v t c.100
95
93%
Sept
103%
100%
Jan
95
91
"
Liberty Loan 3%s„-
97
91
30
Jan
Cambria Sieel
99.54 99.99
4,000
75,000
99:40
Oct
lOO.lOJune
Baldwin
'
u
-
''mi
'
Asphalt
20
99%
54
"60
.
240
49
Feb
28
53
1,126
17
17
100
56%
56%
"56%
25
100
Met W Slue El 1st 4s. 1938
58
58
59
79
79
80
5.000
2,000
87
87
3,000
87
Insurance Co of N A... 10
24%
24%
82%
83%
7,000
82%
Aug
11
Jan
Keystone Telephone.... 50
Lake Superior Corp
100
11
102
"i2%
11%
13%
103%
Jan
Lehigh Navigation
67%
J.
.*
_
—
—
—
-
_
Swift & Co 1st g 5s... 1944 !
Wilson & Co ldt 6s... 1941
Nov
70%
Jan
Nov
96
Oct
96%
89%
Jan
Oct
94%
93%
,95%
41,000
93%
98%
98%
98%
16,000
98%
.
Nov
Nov
Jan
Preferred
100
76
Apr
Feb
Aug
July
66
Jan
Feb
163
June
100
Nov
49%.
17
4,205
Pub Serv Co 1st ref g 5s '56
South Side EleV 4%s.l924
58
9%
54% June
18
60
Peop Gas L & C 1st 6s 1943
79
121
Mar
115
49%
22
Get
8
60
"50%
May
10
9%
58%
115
50
Battery. .100
35
33
9%
~
Locomotive-.100
Elec Storage
General
■
Milling.____.10
97
_
20
99% 100
20
10
American Gas of N J..100
30
_
"
Commonw-Edison 5s_1943t
Cudahy Pack
91% 317,000
58
..
Chic Rys 4s series C„
I
Chic Ry Ad Inc 4s..19271
91
__
10
67%
Jan
Oct
29%
Jan
Nov
70%
27%
Jan
226
56%
24%
520
11
JMay
14
Jan
5,716
11
Oct
24
Mar
July
Nov,
Feb
Jan
7%
12%
3,583
t57
7%
54%
58%
453
54%
Lehigh Val Traps pref..50
38
38
10
38
Midvale Steel & Ord
42
44
110
42
55%
65%
75%
90%
2
54%
75%
90%
50
87%
Oct
94
Jan
92
92
10
91
Sept
100
June
5,398
l43
Nov
Warrants
Lehigh
a:
Ex-dividend,
b Ex-50%
stock div.
cEx-25% stock div.
a
Ex-rights.
Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from "Oct. 27
to Nov. 2, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.
T
1
;
•
Friday
Week's Range
Sale
Stocks—
Par.
of Prices.
Price.
Low.
High.
for
Range since Jan. 1.
Week.
Shares.
Amer Wind Glass pref. 100
Columbia Gas & Elec
100
Northern
.50
Central
50
North Pennsylvania-...50
Pennsyl Salt Mfg______50
Pennsylvania
50
.......
.
Crucible Steel
Preferred
Diana
_.
_
com....
_
.
Mines
^
_
"30%
100
'
58
100
50
.....1
Preferred
2%
..50
100
105"
42
26%
J
50
...
_
—
^
4%
Nov
58
Nov
2%
8c
104
2%
14%
105
105
120
50
1,600
10
670
65
89
6c
'
112%
Mar
Oct
1
Apr
Feb
109
Nov
Jan
Wm Cramp &
3%
Jan
York
17%
Feb
120
Oct
128%
4%
345
4%
Sept
11%
11%
110
11%
Oct
41
46%
1,350
26%
28
26c
5%
—.-
^
53C
25c,
37c
z5*4
2%
6%
2%
1,545
40
71%
Jan
73%
.
Apr
7%
Jan
Jan
41%.
Jan
Jan
34%
34%
Jan
Oct
Oct
84
Jan
Jan
Jan
.
7%
Jan
Nov
67
3%
gJan
43
Nov
4%
4%
May
103%
Jan
5
Oct
Nov
7%
47%
Oct
226
Aug
Mar
Jan
2
205
Oct
3,067
69
Nov
91%
Mar
106%
43,520
93%
Nov
134%
May
27%
46%
Nov
9%
Oct
53%
Jan
73%
Sept
80
Feb
Feb
92
9
76
47
23
77
11
71%
78%
887
•
66
Jan
Jan
Apr
17%
Jan
do
do
small
56
Jan
Aug
June
47c
May
5,600
25c
5%
21
Nov
15%
do
small
Eqult I Gas L 5s
99,96 1,57.450
99
100
100
100
88%
89
Aug 100.5
Oct
4,000
88%
600
87%
100
Oct
Oct
104%
Jan
4,000
100
74%
8,000
74
Oct
84
1,100
70
Aug
86
Jan
5,000
103
Aug
107
Jan
Oct
99
Jan
91%
Jan
68
Jan
100% 100%
74
74
..1945
1928
92
92
3,000
92
Jan
81
82
3,000
81
Mar
Nat Prop'ties 4-6s small...
53
53
50
53
Nov
Pennsylv RR gen 4%s.l965
91%
92
6,000
91%
Nov
104%
101%
1,000
101%
Nov
108
Oct
28c
Jan
10c
lie
1,400
10c
Oct
21c
May
Philadelphia Co 1st 5s. 1949
Jan
Cons & coil tr 5s...1951
Oct
185
Oct
Oct
Jan
'
Pa & Md Steel cons 6s.1925
San Toy Mining
Oct
Jan
Mar
1.20
Oct
June
Nov
Nov
Jan
Mar
97%
97%
May
2%
166
8%
Keystone Telep 1st 5s. 1935
Lehigh Val gen con 4s.2003
1.55
17%
2%
4%
July
155
74%
104% 104%
Elec & Peoples ti ctfs 4s '45
do
99.63
87%
Baldwin Locom 1st 5s. 1940
30
1%
9
88%
..2007
Aug
Oct
'
8%
100
1942
Amer Gas & Elec 5s. .2007
Nov
23,400
50
57%
Feb
June
73%
206% 206%.
77
.
99.70
Second Loan 4s.
9c
166
40
46%.
.
89
Jan
Bonds.
U S
1,200
166
718
27%
Liberty Loan 3%s,1947
Aug
10c
100
2,883
93%
75
8%
10c
Union Natural Gas
4,340
5%
41%
7%
50
RossMining& Milling._.l
1
3% 4 3-16
4%
90%
Sons'... 100
Railways
41
May
300
2,274
69
Occ
72
74%
70
Oct
Oct
100
67
Nov
Nov
4%
40
206%
Coal....50
26%
10
705
3%
40
107
,72
Oct
.
Oct
Jan
Nov
4%
Westmoreland
June
8
*51
15
Apr
1% June
104
120
852
"67"
U S Steel Corporation.. 100
Warwick Iron & S.
10
75
4
8,582
West Jersey & Sea Shore, 50
1,785
85
26%
23
■
12%
79%
47%
67%
58%
Nov
83%
25%
22%
4,319
4%
.50
July
47%
90%
56%
51
47c
100
River Side Eastern Oil pref
30%
10
15
50
Pittsb Jerome Copper
1
Pittsb & Mt Shasta Cop.. 1
Pittsb Oil & Gas
20
40
4%
__
Ohio Fuel Supply......25
Oklahoma Gas new
25
...
United Gas Impt
120
"
51%
Preferred
United Cos of N J_.__ .100
Jan
13%
Mfrs Light & Heat
50
Nat Fireproofing com. ..50
Preferred
...50
Pittsb Brewing com
Jan
110
104
Independ Brewing com.50
La Belle Iron Wks com. 100
62
Nov
7c
Harb-Walk Refrac pref. 100
Preferred...^
Nov
89
25%
"27
4%
100%
89
32
.85
Nov
28%
150
36
'72
50
40
59%
30
35
Tonopah Mining...
High.
50%
28%
Tono-Belmont Devel._._l
,—
Low.
75 %
35
24%
Reading
248
'
9
28%
25%
1,179
58
.
"48%
Phil Rap Trans v t rcts.50
45%
40
,
"90%
Philadelphia Co (Pitts).60
Pref (cumulative6%)_50
Philadelphia Electric...25
100% 100%
30%
30%
40%
55%
50
Mlnehlll & S H___
Union Traction
Amer Wind Glass MachlOO
8
.
Valley.........50
Pnlladelphia Traction..50
Railways Co General... 10
Sales
Last
.....
t57
67%
:50
101%
1,000
99
Oct
85
1,000
85
Nov
86%
1,000
86%
Oct
97%
98%
61,000
97%
Oct
102
98
mim.
99
86%
«.
99
85
mumm-
98%
1,900
97%
Oct
102%
87%
102%
94
Jan
Jan
Mar
Mar
'
96
94
94
Nov
136 %
93
94% 104
1,909
94%
Nov
157%
Feb
West'h'e El & Mfg com.50
40
40
42
3,125
40
Oct
58% May
53
53
85,000
45
Apr
68
99%
99%
98%
Oct
do
May
Westinghouse Air Brake.50
U S Steel Corp com
100
103%
1,400
stamped. 1
Phila Elec 1st (new) 5s. 1966
dt|>
do small
Reading gen 4s.
Brewing 6s
1949
Pittsb Coal deb 5s....1931
2,000
100%
Jan
87%
1997
Spanish Am Iron 6s..1927
Bonds.
Pittsb
93
1966
m.*
m,
United Rys Invest 5s.1926
100
65
88
100%
66
Mar
x
Ex-dlvldend.
t Ex-dividend
and rights.
11.000
86%
Oct
Apr
May
Nov
96%
Jan
6.000
100
Nov
102%
Mar
4,000
65
Oct
74
Jan
[Vol. 105.
CHRONICLE
TIIE
1793
Sales
Friday
Last
Volume of Business at Stock
for
of Prices.
,
Other OH Stocks
State, Mvn.
& Foreign
States
Bonds.
Bonds.
Value.
Par
Shares.
4.025
26c
23c
33c
Crosby Petroleum
"~\x
...
3.655.000
Federal Oil
92,189.875
1,322.000
1 005.000
2,778,500
Friars Oil
5.621.318 S526.236.275
Friday
2,541.000
1.173.000
Sfi.7.50,500
1,015,754
...
Glcnrock OH
$5,560,500 $17,149,500
7,700
10.200
16
34
114
34
4.000
124
10,900
11
Jab
154
Mar
3,000
1
8epr
1 3-16
Sept
144
.....10
r
1
3 4
124
Humble Goose Cr OAR
Kansas-Utah Cons OH
Week
Salts at
ending
Nov.
Jan. 1 to Nov. 2
2.
Kcnova
York Slock
New
J
1
168,753.471
160.453,266
5,621.318
6,566.172
$526,236 275 $546,158,425 $14,786,987,630 $14,604,079,865
$219,100
$107,600
Bank Sha.es, par..—$1,000;
$10,000
Preferred
$1,000
"$18 4.1 "5,250
$740,950
State. mun.,.%c..bonds
RR. and misc. bonds..
5 560.500
7,336.000
260.566 500
257,114.000
25.065.500
412.823.000
690.559,000
$32,402,500
$857,530,750
Total
-
6,750.500]
$29,460,500
bonds.......
Northwestern Oil
Oklahoma Oil com
Preferred
TRANSACTIONS
AND
PHILADELPHIA
BOSTON.
THE
AT
EXCHANGES.
BALTIMORE STOCK
'
.
Omar Oil A Gas.
—
r...
W*ek ending
Not.
2
Shares.
1917.
Saturday
7.209
......
Monday
1
4,836
$34,300
$8,000
694
12.357
— .—
94,150
18,290
101,650
870
32,100
77,300
11,939
31.150
587
13.400
43,000
Wednesday———
28,1341
167,950
20,695
39,150
1,493
Thursday _t
29,413!
30.000
24,138
38.050
3,197
Friday
17,016
91,000
15,943
44,750
1.702
117.003
$586,850
95.841
$292 050
8.543
$202,400
—
r
United
the transactions in the outside
give
a
record of
security market from Oct. 27
It
covers
the week ending Fri¬
It should be understood that
transactions
the "Curb"
on
no
such reliability attaches
to those
as
on
the regularly
organized stock exchanges.
bers of the
Exchange
in business, and they
can engage
"Curb"
trustworthiness of this record of
give it for what it,
may
are
Sale.
Stocks—
Par
Sept
1.700
26c
"""74
64
20c
16c
18c
74
45
45
14,200
54
3,420
124
12 4
11,700
63c
63c
3-32
3-16
54
4
of
Ctfs
11-16
Feb
94
2.000
SX
May
12 4
Mar
22.400
9
13-16
7-16
4
4
13,000
4
3-16
4
63.060
4
17,500
June
42c
Booth
Shares.
5H
6 x/i
34,000
5%
100
5X
51
300
75
80
1,450
3
3.250
10
1,715
Car Ltg & Power.r. J...25
Carwen Steel Tool...,
2X
10
"gs"
Cities Service com.r... 100
201
Preferred
5
Everett Heanev A Cn.r.'O
3 40^
4 4
O of
(t)
54
2 200
4%
Oct
11,70ft
32c
r
14
14
Low.
18c
Intercontinental Rubb.100
4
Bradshaw Copper r
Brant Mines r..__
"
IX
7c
100O
57c
22 000
2 4
5-16
4
•7-10
54
54
54
54c
♦50c
1 13-16
14
1 1l-l"
Canada Copper Co Ltd. .5
14
1%
1%
Cash Boy
4c
4c
5c
...
1
41
......
Conso! Copper Mines
1 13-16
16c
16c
T....1
1 "40c"
Fortuna Cons rn
Gila Copper
Goldfield
24
..5
Consolidated
Heela
Mining..1.
International
Iron
_
r
500
3.400
4.20"
Fet,
3
June
Oct
16c
Mar
1-16
16c
Oct
Mining
3 4
120
Aug
44c
Oct
J6t$
Ate'
174
Oct
Oc*
1
Oc
2
Oc<
24
9-16
14.73"
4 X
Nov
6c
Ail"
14
1
oc<
2 4
13-16
Oc
3
Mar
May
1
Aug
4,20"
3-16
5.90"
9-16
Aug
8.00"
13c
Oct
49c
Mar
2 00"
7o
Oct
25c
Oct
50
8c
8C
50
50
•
5.3"0
r
5
.
50
4
2,700
43c
36
34
44
1
7-16
7-16
84c
8c
10.10"
34
1
I
4
.......
•At
Nov
1
7c
Oct
23c
4
An"
75c
Sept
8SC
Mar
28C
Jnn
18,30"
1-16
Oct
25 Xc Julv
1.50*
1,915
77
Nov
85
33
4,000
16
Feb'
62 4
July
5
575
4
Nov
134
Jan
4 X
21 X
5
3 H
7
H
16
13-16
13 X
5
United Motors.r. .(no par)
United Zinc S ue!t.(uo par)
U S Light A Heat r
10
51
4
18!
4
18
Stewart Mining
Success Mining r
1
Oct
Superior Cop (prosp't)
Oct
GOO
3%
4
Feb
9At
400
12*4
2
4
Feb
Oct
Oct
184
Aug
Oct
94
Jan
Feb
Ve-de Exten.r.50"
10
Oct
Feb
United
1,050
4
May
8
Oct
Unitv Gold Mines
Oct
21
July
Utah Nat Mines r.
Utlcn
Mines r.
51
4
22 H
9
Jan
Nov
35
May
Verde Comb Cop.r
301
X
Nov
13
75
Sent
87
Mav
West
300
%
11-16 Oct
51
Nov
500
3
June
11,500
16
Sept
100
2 X
400
24
Nov
IX
IX
850
1 V»
Oct
10
~~3X
4
Wright-Martin Alrc.r.. (f)
7X
7
8X
3,900
34 Nov
44 May
34
80
54
49
Jan
White
EndConsolldated. ?
Cans Mining... 10
Aug
July
Yerrlngton Mt Cod
Bonds
1
6
64
Mar
Rights
Illinois
Ohio
38c
Oc?
72c
7c
Oc1
5-16
'70"
3X
6c
Chic A W Ind RR6s
..191
.
4
Oct
4
26c
Sent
Feb
May
Jan
Feb
Jan
15c
9.20"
7-16
3 000
X
Sept
4
Jan
4
9-32
5.700
X
A.p"
11-16
Juir
14c
7.350
Oct
60c
lie
14
14
1.30"
4
14
4,
24
250
*14
l 11-16
.
5 1-16 5 1-16
15c
3 11-16
15c
34
15e
34
4,550
10"
23.50"
1.60"
21c
"32"
22c
1.40"
32
36
5,50"
34
34
1
14c
16c
4
4
20"
1
4
Aug
Aug
Oc
*1 X
Nov
5X
Fe"
7
Mar
Oct
62C
Mar
15c
3X
*19c
31 X
2X
4
54
Oc
Feb
Jan
28c
Sept
Oc
41 4
June
4
Jan
65c
74
A P"
14c
Oct
X
4
Fe"
12,30"
50"
Jan
14
5
Mav
*3*4
6.70"
1
14c"
10c
30c
14
Nov
84c
July
July
June
Aug
Apr
68C
72c
4,70"
60c
Oct
95e
1 1-32
9.00"
34c
Jan
20c
15-16
23c
13 00"
,14c
Julv
35c
Sept
OC
60c
Mar
lie
14 c
18c
974
934
98
83R.00"
97 X
94 4
935.00"
984
984
984
25 00"
144c
32,500
24
Mar
Sept
984
Feb
93 4
Oct
974
Aug
98*4
Sent
994
Aug
22,300
17
102
100
Julv
974
98
4
50 00"
97
Sent
964
974
64 00"
96>4
66 4
62
71
103.00"
62
Nov
9«4
58
52
60
98,506
52
Nov
944? Jan
100 4
July
•
17 H
£1
2
25
Standard Oil of N J... 100
Standard Oil of N Y... 100
18
900
16
Feb
21
June
3
2,200
2
Oct
3
Oct
208
30
202
Oct
250
320
95
297
Nov
435
Jan
230
12
225
Oct
445
Jan
518
530
5Q0
4?0
Oct
800
Jan
202
297
522"
232
54s
f-
1004 101
984
Aug
Aug
974 fOct
Oef
Jan
Jan
297
225
100
Standard Oil (Calif)... 100
105.00"
97 4
964
Oil
....
Pipe Line
Oil
11.50"
42.50*
34
Apr
Nov
1 9-16
12c
94 4
July
14
41
Ap-
42c
4
13c
974
Mar
2 4
Nov
X
60"
Sept
13-32
"7-16
1
Subsidiaries
Anglo-A mer Oil...
1
50i
Wllbert Mining....
Jan
Sent
34
1
2,700
23c
40
11c
f
16
17
9.70"
9.00"
4
Sept
1-32
10c
U S Tunasten r........ .1
.
1
July
Jan
94
Julv
25c
5-16
..
Mar
3 X
Standard
(t)
1
Tonopah Extension Mln. f
Tono.pah Mining
I
Troy-Arizona r
1
United. Eastern
.1
Tonop Belmont Dev r
l
4,4
2X
Former
May
104
2X
U 8 Steamship
34
18
6*4
14
38c
40c
1
Jan
7,500
80
51
1
June
41
4
1
100
16
V*
Standard Silver-Lead.
3.000
25.50"
Aug
76c
Oct
40
4
1
Aug
2 4
1,400
r
:
13
4,100
.
Sliver Pick Cons r
25
12H
COO
7V&
H 15-16
77
(t)
14
2X
SilverKlneConsof Utah
81c
?0c
X
1 00"
24c
......
I
Apr
20,000
%
1
16
13
8
Sept
Nov
4X
Aug
1
_
Sept
20 X
200
11
10
%
15,300
13
9-16
10
100
3H
3
13
7%
400
22 X
0
0
-
5%
,
84
74
68c
71c
1
79
50
E Aeroplane.r
Copper..T1
77
3H
Triangle Film Corp v t c.5
Union Carbide w l.r
United
Red Warrior r,
*"74
Provincial Mining....... 1
Jan
26
10
r
Portland Cons
Mar
7
St Nicholas Zinc Ext r..
Boat..(no par)
Sblnvards
July
14
Rochester Mines
2 H
Todd
I
Oct
13 M
r
5
Jan
10
Smith Motor Truck
Nixon Nevada...
Feb
Oct
5%
Niplsslng
146
N Y Transput tatlon
Submarine
2\i
Oct
Aug
54
Mar
*9
Mines
51
99 4
1414 June
65
4
Jan
Jan
Apr
Oct
25o
225
North Am Pttln A Paperrt)
r
45 00"
Oct
H
Pictures
38c
Apr
Sept
4
I-ead.r
28c
14
Oct
6c
31c
Newiay Mine" Ltd.r
.65
10
Prudential
72 70"
National Zinc A Lead r..I
July
199
r
St Joseph
9c
July
74
8,300
LakeJ'orp H t com r—j!0
Manhattan Transit..r.20
Peerless Truck A Motor
6c
8
Apt
0,510
13
Munitions
8c
Apr
4
46c
Opt
X
1X
4
Apr
Aug
Oct,
46c
2
1
84
.3%
3,800
22.50"
4
34c
29c
Mar
June
14.350
2.350
50e
1-IG
4
29c
1
62c
35c
"50c"
1
Jan
60"
44
60c
Nov
34
Oct
4
59 4
June
June
20 00O
H
9c
Feb
1 4
Oct
%
2 600
74
Keyst Tire & Rubb com. 10
Maxim
50
Sen«
X
7-16
5
Oct
21c
4
18c
"so"
69c
80c
70c
18c
X
4
r
Jan
450
7-16
—
Jan
July
Sept
24,70"
5
—
94
47.20"
4
r
Oct
15c
Oc,
Jan
Jan
*77c
31c
9,40O
..I
r„
Jan
2 4
Oct
7-16
r.
Mar
Oct
2
10"
Valley...
Aug
14
78C
1
Copier
Oct
Aug
124
4
I-'eh
7-16
Mar
Oct
•
64
24
Sent
3
1
Magnate Copper...
Marsh Mining r
42
OC,
Aug
H
1
24
Oct
IX
41
24
1
Magma Chief.r
Jan
24
Apn
IX
32.6,00
lie
Sept
IX
00"!
00''
8.20'
Nov
54
780
Jan
14
3-16
...1
Kirk Porphyry G M—
Louisiana
Consol
OC
4 11-16
I
Cop..I
.........
Apf
4.000
10.40
Jan
2
15-16
"rx
1
r
3
144 June
4c
3.10O
12.6,00
54
44
8c
,
1
Extension
Magma
44c
2
14
4 11-16
,'lOe
r
Josevlg-Kennecott
Kfwanas
40C
.14
1
r_..
Jerome Verde Cop..,
Jumbo
17-4
11-16
Jerome-Prescott Cop r... I
Jim Butler
174
25"
Mines
Blossom
42c
41c
in
Groat Verde Ext Cop r 25"
Green Monster Mining. 50e
X
Oct
58C
Oct,
5X
Oct
24
Nov;
48c
29.950
12.500
38c
174
10
r
24
July
OX
06''
2 20
16c
~
Nat Copper
82c
54c
1.90"
7-16 11-16 296 400
4
1
84
74
74
Jan
Oct
7.80
5
54
14
1 9-16
5
Emma Copper r....
42
5
River Mining r....l
Consol Arizona Smelt....5
12c
X May
10.70";
14
14
14
.....1
Coco
Jan
Oc
19.75C
16,
Jan
6 4
Sept
46c
*
7.20'
8 4
Mar
20c
Oc,
5c
2 00"
58c
64
64
53c
I
r
26 500
56C '
57c
1
2
Sept
4
Sep?
7c
14
14
.1
Calumet A Jerome Cop
First
5-16
50c
"sic
Butte Ramsiell Cop.r... 1
Caledonia Mining...
l
Consol-Hnmestead
7.000
25.700
14
14
Butte Cop A Zinc v t c.. .5
211
9
Oct
2H
13-16 June
19,100
11c
9c
...•
66
2114
.
Jan
33c
Oct
7c
Nancy Hanks-Montana
High.
24
4
X
10c
1
r
190
5
Sept
5
44
77X
Emotion Phonograph
Apr
74
44
27
100
Lube (Picnic il
H
r>x
Curtlas Aerop <fc M com(t)
Inter
2X
9
114
4
Boston A Montana Dev..5
Mother Lode
Week
High.
Low..
40
Charcoal Iron ol Am pf.tO
Chevrolet Motor
100
14
Aug
Mining Stocks
Monster Chief
Range since Jan. 1.
for
100
r
IX
44
27c
Oct
50c
Oct
Nov
'At
44
28c
Jan
24
Oct
34c
10
Alaskai-Brlt Col Metals..!
Mogul
Sales
Reduction Co (no par)
Preferred
Air
5'A
deposit
Oct
Nov!
9
Wyoming Wonder OH r..1
Aug
3-32
5-16
r...
Aug
31,500
National Leasing r......l
Aetna Explosives r (no par)
6'4
124
Oct
Aug
69c
1
new r
Aug
Sep'
I
Wyoming Un Ol!
54
52c
1,000
I
stk
Jan
Mar
4 15-16
~
,■
Jan
104
Aug
5X
Jan
75c
Oct
12'4
Jan
1
144
Nov
43
100
45
Sept
16c
Oct
6V8
Aug
5-32
1
Oc
16c
6,000
84
64
JtiB
July
GX
19.500
8
188
Nov;
30c
5
r
new
112
9,842
140 4
28c
McKfnlev-Darragh-Sav.. 1
of Prices
Price.
14
6c
Western OH r.... 1
Mason
Week's Range
Last
2.
transactions, and
be worth.
Friday
Week ending Not.
Jan
48c
I
r,.........
Cerro Gordo Mines
Exchange, for instance, only mem¬
permitted to deal only in securities regularly listed—that is,
securities where the companies responsible for them have
oornplied with certain stringent requirements before being
admitted
to
dealings.
Every precaution, too, is taken
to insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may he dealt in and any one can
meet there and make prices and have them included in the
llstsof those who make it a business to furnish daily records of
the transactions.
The possibility that fictitious transactions
may creep in, or even that dealings iu spurious securities
may he included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
It is out of the question for any one to vouch for the absolute
we
860
40.000
Cobalt Provincial Mln...l
On the New York Stock
1.700
41.600
Butte-Detrplt Cop A Z..1
day afternoon:
to
July
'
New York "Curb" Market.—Below we
inclusive.
1.80
7c
I
r...
Sapulpa Refining r.'S,.
Sequoyah OH A Ref
Victoria OH
Jan
Jan
112
54
Somerset OH
4'4
55c
90c
A
.
Aug
May
31,000
6c
Big Ledge Copper Co....5
Nov. 2, both
42 X
124
Atlanta Mines
to
Jani
X
17.500
1,3<»
6c
Acme Cop Hill Mines r.10
Total
11 X
18,200
334
14 1 7-16
...is
10.900
95.000
June
78c
1
—
Tuxpam Star Oll.r
23.674'
.....
Tuesday.
$126,450
Bond Sales
Shares.
Bond Sales.
Shares.
Bond Sales.
1
Sept
1 X
4 1 3-16
Penn Ohio Oil A Gas r.,10
Penn-RentucKy Oil
Rice OH
Baltimore.
Philadelphia.
94
Oct
80C
Pan Amer Petrol com.r_50
Red Rock OH A Gas
Boston.
X
Octj
1.20
....I
Osage-Homlnv OH
DAILY
July
7X
3-16
27
116"
Oklahoma Prod & Ref...5
$948,419,950
Jan
3-16
2.50O
I
r
Oct
4
6.80"
25,800
I
r
Sept
3
4
1.23
r....50
r.
19 4
Oct.
2X
84
1
r
Midwest Reftnlne
$17,149,500
Aur
10 x
9-32
1
Midwest OH r..........I
B >nds.
Sept
4
28
1IJ
Metropolitan Petroleum 25
value.,-
Government bonds...
Mar
X
74
5-16
Stocks—No. ehares...
Pai
m
tie
A
3-16
"7-32
(t)
r
Lost City OH r......, J
Merritt OH Corp r
Eichange.
.
Feb
3
Oct
Nov
5,100
1
1
r..
...
Oil.....
Kentucky Petrol Prod
1916.
1917.
1916.
1917.
r
July
4
■
I.
Internat Petroleum r...£!
Total
Mar
X
34
1
...5
r
r._.
144
Sep'
4
144
3-16
1.107.500
Jan
H
X
24
74
I
1,345.000
7X
4
5
Elkland OH A Gas
1,202,500
Aug
Sept
IX
1,500
Elk Basin Petroleum r
2,538,000
104,587.400
Jan
5X
75c
Oci
Julv,
8,700
2.633.000
937,000
132.296.500
Oct
22c
5.000
748.000
1,219.000
1.392,34 5
5.5(H)
Oct
4
1.085.000
85.934.000
1.124,534
Wednesday. ......
Thursday........—
June
3-16
•80.370.500
r
13 4
4
4
130.858.000
Esmeralda Oil Corp r
Nov
X
841,160
Tuesday...
Sept
19.250
912.325
Monday
52C
14 15-16
84
74
335,200
Saturday
Jul\
7X
3X
1.000
4
10 x
"~3~"
I
r
26c
25e
1
r
Cumberland Prod A Ref
Apr
4X
Nov
150
11.900
.
Aug
1H
Nov
10
99.000
84
34
Bonds.
$3,004,000
$540,000
$577,000
74
74
b
Cosden A Co.r
4
14
Oct
m
11.800
10'4
Boston-Wyoming-Oll.r—1
United
&c.,
2 1917.
Not.
14
10
7-16
5,800
14
10 4
9-16
1
Burnett Oil A Oas.r
Railroad,
Slocks.
Week ending
4
I
Allen Oll.r.
YEARLY.
AND
High.
Low.
Shares.
High
Low.
Bethlehem Oil A Gaa.r.10
WEEKLY
DAILY,
Range since Jan. 1.
Week.
Price.
NEW YORK STOCK EXCHANGE
AT THE
TRANSACTIONS
Week's Rangi
Sale.
Exchanges
220
242
*
this
r
720
222
Oct
345
Unlisted,
y
Ex-rights,
Jan
- i L'sted as a prospect.
I Listed on the Stock Ex*
w'ere additional transactions will be found,
o New stock,
Ex-c*h and stock dividends,
to When issued,
x Ex-dividend.
t No M<r value.
odd t«>ts.
change
week,
ti
z
Ex-stock dividend.
,
Not. 3 1917.]
FOREIGN
THE
TRADE
STATEMENT.—In
YORK—MONTHLY
NEW
OF
addition
the other tables given
to
New York City Realty and
in
Bid
following figures for the full months, also issued by
Custom
House.
>:*■
70
77
irner Surety
110
120
jond A M O
our
Ask
Ulfance E'ty
this department, made up from weekly returns, we give the
New York
1793
CHRONICLE
190
205
Nat
100
N Y Title 4
Go
'asualty
■
Merchandise Movement at New
.
$
1917.
Mtge
|
13.494.3161
14.019,504
14.970.425
PerShare
Oil Stocks
Standard
'■■
Par
13.902,16s
13,321.20)
11.190.794
H,314.256
122.231.660 108.520.942 178,614,369 273,627.773
10,584,750
12.392.700
Bid
luckeye Pipe Line Co... 60
Chesebrougb Mfg new...100
September
80,486,311 242,132,030 265,387.737
99,805,185
vtlautlc
9,469,365j 11,579,296
Continental Oil
.....100
Crescent Pipe Line Co...
1092384881 977,374.691 2200178035 2100027305 112.067.576115,572,516
50
450
........100
Colonial Oil
Pipe
Cumberland
*34
135
190
50
Line—100
Buieka Pipe Line Co.... 100
'
Cold Movement at New York.
Month.
Exports.
Imports.
1917.
1016.
1917.
1.930.781
February.
1.035.806
1.074.962
14.129.717
10.589.971
1,086.801
4.532.820
982.904
3.017,151
17,629.499
6.443.234
601.007
4.976.677
2,259.837
2.790 174
13.564.850
6.726.705
686.623
17.881.388
8.096,907
813.489
1.432.146
12,337,552
5.759.159
1,734.701
k.
11,773.501
11,331,810
2,051,454
925,958
59,456,016
81,992,328
55,997,059
6.50
500
Chicago A N W 4^8——k
Chicago R I A Pao4Ha
5.35
4.90
6.50
5 60
12*2
Colorado & Southern 58—
6.25 5.25
13 '2
Erle 5s...
6.25
5 50
6.25
5 50
*37
42
10
425
....100
*9
415
237
242
100
275
300
Louisville A Nashville 5s
5.40 5 00
185
195
Michigan Central 5s
5.40
240
250
Minn St PA
100
105
Missouri Kansas A Texas 6a.
6.50
217
Missouri Pacific 58—
6.30 5.50
6'>0
Mobil -A Ohio 68—
485
500
335
450
345
Line
Pipe
......
IPO
24,745,695
Equipment 4^8........
j
!
Equipment 4a—
Hocking Valley 4s...——5
Equipment 5s....
*,J
6.25
Illinois Central 5s......
5 00
6 00
5.00
5 50
5 00
Equipment 4^s.........
5.50
5.00
Kanawha A Michigan 4^8..
6.50
5.50
.*
8SM4«fl..J
—
520
525
235
Norfolk A Western 4Ha
440
450
Equipment 4s.
Pennsylvania RR 4)48-.-
05»
82
—.
—Robert Garrett & Sons, investment bankers of Baltimore, have pre
*n concise
has
._
and easily
understood"form for permanent reference, the provision
to most
seems
Pierce Oil
Ordnance Stocks—Per Share
38
Explosive* pref... 100
of their respective Investments,
net return
\etna
from
as
parison of yield from
non-taxabtes, and the second, showing the
Maryland State and
Hacke t,
Denver &
Rio Grande Railroad.
Presi¬
An embossed cover
edge paper lend unusual dignity to the production.
in pamphlet form,
"comprises 169
a
The work,
regarding
5.00
6.25
5 25
6.25
5.25
43
9
4s.—j
Par
............
independent oil companies, giving
dividends
properties
and
bonis, due Sept.
offering $920,000 of City of Cincin¬
1
1937-,
at
Fdry..l(K)
75
*15
50
*75
83
£1
*16
18
Forcings, loo
150
160
100
200
250
75
82
fohnson Tin Foil A Met. 100
100
130.
preferred—...——.100
82
90
MacAndrcws A Forbes..100
185
200
2d preferred100
50
62
Preferred....
Janada Fdys A
Colt
100
•55
65
100
279
donley Foil
96
luPont (E I) de Nemours
& Co common
100
95
100
450
550
101
106
..100
130
150
100
105
110
Preferred
...
.
—.
...
Preferred..
—>..
—
97l2
.100
94
98
Empire Steel & Iron com. 100
33
37
—100
68
72
Hercules Powder com...100
257
261
Preferred......
Short-Term
Notes—Per
Cent.
AmerTel&Tel 4!4« 1918F&A
Balto A Ohio 6s 1918
J&J
99%
997a
99%
1919——...J&J
97%
99%
97%
_
6s
.
.......100
ill
114
110
125
Canadian Pao 6s 1924.MAS 2
97%
98%
Preferred
100
penn Seaboard Steel (no pari
97
102
Chic A West lnd 6s'
18 MAS
9*%
98
99%
9*%
*45
48
Del. A Hudson 58 1920 F&A
97%
97?g
Phelps-Dodge Corp..... 100
270
290
Erie RR 6s
ScovllI Manufacturing... 100
375
410
General Rubber 5s 1918 JAU
Preferred
.
,
......
Beth Steel 5s
1919..,PAa 15
1919
A-O
50
*25
35
750
850
Oreat Nor 5s f 920... .MAS
35
55
Hocking Valley 6s 1918 MAN
Hit Harv 5s Feb 15 T8.F-A
60
*92
97
KCTertn Ry
50
100
*41
43
204
20 7
Laclede Gas L 5s J919-F&A
98
100
Mich Cent 5a
Amer Power A Lt com.. .100
50
53
Woodward
Iron.
100
Amer Gas A Eleo com—
—
New York City Banks and Trust Companies
Ask
Bid
Banks.
Ask
America*...
525
545
Manhattan *
315
325
Exch.
220
230
Mark A Fult
240
Trust
250
Amer
150
Bronx Nat..
150
175
Chat A Phen
Chemical...
Citizens,
«
285
295
175
185
375
»
•»
Columbia*.
-
*
-
735
.
200
290
-»
160
New
215
225
Equitable Tr
315
New York Co
150
190
Farm L A Tr
400
400
Fidelity
195
250
-
-
270
Park
435
385
375
t2O0
Pacific *
125
•
'■
People's*...
'
200
Prod
«•»
Fulton
•
"
450
200
Exch*.
....
220,
320
Guaranty Tr
310
Hudson
135
142
95
105
....
Law
395
410
Public—
230
"
Tit,A Tr
Lincoln Tr. j
95
105
Coal A Iron.
205
215
Sealxiard
440
375
2400
Second...*.
400
425*"
Metropolitan
Mut'1 (Westr
350
Colonial*..i
Columbia*..
320
Sherman
120
130
chesier)..
115
125
110
N Y Lire Ins
City
...—.
m
-
m
_
^
'
240
■
Commerce.; tl60
State*.——.
23d
100
Corn Exch*.
300
310
Ward*.
115
130
Cosmopol'n*
85
95
Union Exch.
150
160
60
70
Unit States*
500
350
East River..
■
mmim
A
N
m
Trust..
Y Trust.
.
TitleOuATr
940
960
575
590
290
305
h Ave*.. 42fM)
4700
Wash H'ts*.
Transatlan V
175
F
h
215
230
Wesrch Ave*
100
175*"
Union
Trust
370
385
Fi
t
950
975
West
Side*.
200
220
USMtgATr
420
435
O
field
Unlte<IS),ates
940
975
Westchester.
130
140
F
<
175
138
395
Ge mania*—
200
Go 1 am....
Yorkvllle*..
200
nwich*.
Or
Ha
Ha
335
•
-
-
»
220
540
565
125
135
Ft ret
144
Ex*
Brooklyn.
Coney isl'd*
185
G -im-Amer*
German
a*
255
270
140
150
Flatbush
350
—
Greenpolnt
.
.
165
585
600
120
Franklin
240
250
Hamilton.—
Kings Co...
265
275
625
650
Manufact'rs.
140
650
670
Hillside ♦...
255
265
Homestead *
485
500
105*
no
200
212
Mechanics' * ♦114%
Montauk*..
90
Liberty
375
400
Nassau
195
205
People's
Lincoln——
290
315
Natlon'ICity
265
275
Queens Co..
175
79
N Y N H A H 58. Apr 15 1918
87
62
Penn Co 4)4s 192L.JAD
a Trad.
Irving
;..
North Side*
.
Peorde's.—1
•
BhoKh
rjinfk«rt «rif ft
#bauge thlsweek.
ti
I New
(*)
are
stock.
RyAL.lOO
37
40
Southern Ry 5s
68
71
United.Fruit 5s 1918...M-N
94
Utah Sec Corp 6s 22
100
■90
Federal Light A Traction. 100
5
8
.100
30
40
Preferred..
.......
.
78
Great West Pow 5s 1946 JAJ
Ex-rtgfits
M-S 16
99
90
97%] 97*4
90%
9934
89
9012
96% 97%
Industrial
84
and
American
Miscellaneous
225
Brass...—..100
Mississippi RIv Pow com.,100
5
ltK)
34
37
JA.I
68
70
American Chlole 00m
Preferred
65
68
Am
100
90
North Texas Eleo Co com 100
Preferred
MO
50
Pacific Gas A Eleo com.. 100
100
84
88
preferred
:100
Paget 8d Tr L & P com. 100
82
84
Borden's Cond Milk com. 100
97
99
14
17
Preferred ... .......... loo
Celluloid Company..*-.100
Havana Tobacco Co.... 100
97
100
148
100
1
5
1922-J-D
Intercontlnen Rubb com. 100
/48
53
Preferred........
First Mtge 58 1951
—
North''n 8tat.es Pow com. 100
Preferred
———
—
I at
9%
68
Oraphopbone com—100,
07
69
92
Preferred............ 100
87
90
55
A mertcan f I arrl ware..... 100
70
76
Amer
40
—.100
54
57
Republic Ry A Light.... 100
24
26
100
58
South Calif Edison oora.. 100
82
86
Preferred...
Typefounders com. 100
Preferred
62
Preferred.
46
43
KK)
38%
.
UK)
——
......
Preferred
1st g 5s June 1
69%
130
Ti"
38
153
»:
8
1%
........100
94
98
Southwest Pow & L pref. 100
50
92
98
Internat Banking Co....100
160
*8
8
International Salt—....100
59
6f"
50
*28
Preferred
Standard Gas A El {Del).
10
30
1st gold 5s 1951—A-O
74
76
L A P com 100
2
3
Internationa) Silver pref. 100
85
91
100
10
18
Iron Steamboat
10
*2
5
7
—AAO
90
95
100
100
100
1st preferred...
..100
Western Power common. 100
Preferred
—......100
50
60
AAO
25
40
50
*60
70
Otis Elevator common... 100
45
50
74
79
Preferred..
Tennessee Ry
1st
2d
........
preferred..
preferred
...
United Lt A Rys com
6
8
30
33
58
11
280
2:k)
45
48
GenMs 1932
Lehigh Valley Coal Sales.
61
9
1st 5S 1932
Preferred-
......100
or at
.......—100
11
12
1st
preferred.
100
preferred
100
Royal Baking Pow com.. 100
61
64
2d
80
Stock Ex-
4
Remington Typewriter-
39
42
125
135
89
92
Common.
.
Preferred....
at auction
1919—M-S 2
Winches RppArms6«*18.MAS
140
f Sale
98
86
'
130
State banks.
t>
—
89
Rom Arms U.M.C 5s'f9FAA
100
200
Im
9884) 99%
la
United Gas A Elec Corp. 100
115
150
ver
99%
,
79
Preferred
Brooklyn.
Brooklyn Tr
lman
■
98
99
101
—
77%
————
Elec Bond A Share pref
265
210
200
'
-
York..
96 ■;
i
MorganAWright 5s Dec 1 *18
N Y Central 4 (481918.MAN
97 f2
202
*
205
Neth*.
.....JAJ
1918
Preferred.........—100
430
New
4%s'18.M&N
1921
Pub Ser Corp N J 5s *19.MAS
Com'w'lth Pow
325
100
~58:
100
-
300
335
Rys' 5 4s 1918—-JAJ
4H8
204
Preferred
270
100
Empire
100
Cities Service Co com—.100
760
Commercial.
'
*
-
90
150
.
Chase......
Chelsea Ex ♦
'
-
165
com
.
1020——JAJ
95%
96% 9714
100% 100%
97% 08
08% 99%
997,100%
96
97%
97 .99
95
98
94
28
76
100
........
Utilities
Preferred.
390
320
BryantPark*
Butch A Dr
'
B'way Trust
CentralTrust
300
Metropolis*.
Metropol'n *
200
250.
3S0
Preferred
Amer Public
Ask
York
Banktsj-s Tr.
310
Mutual *___
185
■295
Merchants..
400.
Bronx Boro*
Meeh A Met
182
175
Atlantic...*
Battery Park
Bowery *...
New
Bid
Go's.
Elec 6s
Gen
K C
Utilities
Public
Amer Li A Trao com....
Bid
17
Reynolds (R J) Tobacco. 100
Preferred
—100
284
..100
—-
bearer
ordinary,
,
Young (J S) Co..
Fire Arms
Patent
s
M fg
103J* and int., yielding
$750,000 of this issue have already been sold.
Banks-N.Y.
90
Amer Machine A
Brltish-Amer Tobao ord—£1
Preferred............
nati, Ohio.
4.50%.
95
113
Thomas Iron
companies.
are
102
450
100
Preferred-...........loo
various
98
90
109
,
capitalization,
—Messrs.- R. M. Grant 8c Co.
Ask.
Bid.
50 '350
Wilcox
A
Mis* (E W) Co common.
Winchester Repeat Arras 100
of the
5 50
Tobacco Stocks—Per Sha re.
98
—...—..100
-
6 50
Nflles-Bement-Pond eom.loo
pages.
descriptive booklet on the
information
5 50
5 45
94
Preferred
.Debenture stock.
—Carl H. Pforzheimer & Co., dealers in Standard Oil securities, are dis¬
detailed
6.25
American Cigar common. 100
Preferred
100
_.....
Eastern Steel
prominent Companies whose securities are dealt with in Canada,
6.25
Toledo A Ohio Central
76
6.75
Equipment 4 H>a_—'
„■
Southern Pacific CO 4)48-Soqthern Railway 4)4a.—
35
concise resume of the latest available information about
a
4 90
4 00
St Louis A San Francisco 5s.
159
,
—A. E. Ames & Co., investment securities, Toronto, Montreal and New
York, have issued
6.25
Carbon 8tee! common...100
dent of the Cliff Dwellers Club of Chicago, in a daintily, executed brochure
Just issued by the
5 00
6.50 5 50
25
1st
Kar'eton
5 00
5.25
*
-
155
Sabcock
com¬
municipal bonds with other
Is vividly described by
6 75
5.40
4t Louis Iron Mt A Sou 5a..
100
pilgrimage through the Rockies to the Mesa Verde National Park,
Colorado,
Equipment 4s...
6.25
5.10
.
i
Ulas Powder common... 100
i
municipal and corporation issues when held by in vestors within the State.
southwestern
4
American & British Mfg. 100
upon
taxable bonds and the equivalent yield required therefrom to net the s m
of income
74
Corp conv 68.1924
Preferred.
tributing
35
directly concern investors, and the effect
the relative income return
The circular contains two tables, the first showing the
and deckle
*30
10
Percent.
Bonds.
upon
—A
87
345
5.50
Seaboard Air. Line 5s—
Washington Oil.....
including the present 4% and the previous 3H % "Liberty Loan" bonds.
rate
105
335
......100
comprehensive circular on the Federal Income Tax, presenting
of the law which
t
Line Co.... ion
5 50
5.50
6 00
N Y Ontario A West 4
2"0
Union Tank
5 50
6 00
Equipment 454s........
New Jer. 100
Vacuum OH
5 50
6.25
New York Central Lines 58—
500
5 00
6 50 5.25
6.25
Equipment 4%"s
Standard OH (Ohio)..... 100
4wanA ) lech
100
Standard OH of
5 50
6 00
Standard Oil of New Y*k 100
a very
5.50
5.75 5.00
25
(Kentucky) ion
Standard Oil (N-braska) 100
CURRENT NOTICE.
pared
5.50
6.50
—
4tanda«-d Oil
1.240.464
11,039,632
Cble St Louis A N O 5s-
87
205
0.50
Standard Oil (Kansas)... U)t»
1,200,701
10,378,154i
135
205
145
5 20
305
--tonthwest Pa Pipe Lines
1,544.134
950,60")
19.179.282
5.75
Standard OH (California) 100 212
Standard Oil (Indiana).>100£600
2.128,888
901.838
5 20
6.75
38
100
4olar Refining
2.318.409
3
6.10
135
Equipment 4t$8——
Chicago A Alton 4s......
Chicago A''Eastern 111 5HS—
r
Equipment 4Hs..
Chic lnd & Loulsv 4 Hn
J
195
Prairie
3.090,143
1,598.288
1,245 018
—
480
Southern Pipe Line Co.. 100
4outh Perm OH
......100
4,209.111
4.329.050
July.....
6.10
Corporation... 25
Prairie Oil & Gas——10b
3.875.123
1,194.622
September
5 50
,Central of Georgia 5s——
*12%
pierce OH
5.132.662
9,819.730
877.460
—
5 50
6.75
70
ISO
Pann-Mex Fuel Co.—
$
1.034.038
April
May
June.—.
*12
5.75 5 25
6.50
Northern- Pipe Line Co.. 100
95
Ohio Oil Co
25 *300
1917.
f
:
200
*83
5.25
5.75
New York Transit Co...100
1.998.222
2.368.344
Total
$
—.100
Ask.
5,60 5.15
National Transit Co.-12.50
6.220.132
4.258 059
March
York.
Exports.
1917.
1910.
Preferred...
Illinois Pipe Line
..100
Indiana Pipe Line Co.... 50
International Petroleum. £1
10.494.074
13.025.093
...
Impons.
i
7
January..
Silver—New
130
125
lalena-Stgnal Oil com...100
Imports and exports of gold and silver for the 9 months:
Ask
*16% 17i2 Baltimore A Ohio 4^8.—
Buff Rocb A Pittsburgh 4Ha
775 825
400 425
j
Equipment 4s. ——
86
Canadian Pacific 4^8.—*.
*83
Caro Clinch field & Ohio 6s.
340 365
\nglo~Amerioan Ol. new. £1
14.052,313, 12.404,694
18.823.305
RR. Equipments—PerCtl Basis
Bid
"
10.256.450
August
76
11,663.270
10.800.297t
95.713.123
- \
176
1
99.988,117 303.906.525 175,656,880
95.614.439 210,181.903 243.808.629
V
160
Wea A Bronx
All bond prices are "snd Interest" except where marked "f"
Refining....... 100
Sorue-Soryunser Co
100
„
75
65
Titi* AM o
13,395,986
Total
205
Quotations for Sundry Securities
1916.
|
S
$
...
July
August
90
195
DSTltleQAi:
65
147.901.883 116.198.589 258,020.408 232.726.208
April..... 126.801.160 115.290.462 263.873.049 186.671.441
118.850.759 115.101.918 245.998.346 253.765.197
May.
June
154.901.984 143.086,378 274,287.250 243,448.500
March
80
New York.
97.834.888 193.084.535 223.464,135 224.934.940
January.. 128.344.239
February
1916.
1917.
$
*
195
(Brooklyn)
(7 S Casualty
Exports.
f
1916.
1917.
Realty Assoc
97
185
Surety
ASM
Bid
110
90
Bond-
Customs Receipts
York.
at
Imports.
16
55
Mtge
Ask
100
Lawyers Mtg
Ti"
tty Invest g
Month.
Surety Companies
Bid
•Per
share,
/Flat price.
ft Basis,
»Nominal,
100
d Purchaser also pays accrued dividend.
x
Ex-divldend.
v
Ex-rlghts.
eNew stesfc.
1794
CHRONICLE
THE
[VOL. 105.
mid fiailroait
%ulzl\\%mtz«
■
'
•
■
*2*
RAILROAD
The
following table shows the
gross
EARNINGS.
GROSS
earnings of various STEAM roads from which regular weekly or monthly returns
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 road3 whose fiscal year does not
begin with January, but covers some other period.
oan
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 1 nter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, 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 tne new
practice.
The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Latest Gross Earnings.
'Jan. 1 to Latest Date.
Jan. 1 to Latest Date.
ROADS.
Week
Current
Month.
Current
Year.
Year.
Year.
Year.
$
$
Vicksburg. September
Week
Previous
,
141,278
192,477
1,515,208
Month.
Current
Previous
Year.
Year.
Year.
%
S
1,295,336
Vicks Shrev & P- September
152,350 1,513,595 1,242,005
197,379
Ann Arbor
3d wk Oct
59,869 2,498,545
66,390
2,257.558
Atch Topeka & S F.¬ September 14021780 12768861 120899740 104495158
Atlanta Birm & Atl 2d wk Oct
73,596 3,026,040 2,440,629
86,079
Atlanta & West Pt- August
160,037
114,706
916,158
1,088,739
Atlantic Coast Line September 3,409,914 2,743,401 32,028,587 26,993,629
Chariest & W Car August
205,659
135,069
1,464,0271 1,242,962
Lou Hend & St L August
'
203.304
150.741
1,435,639! 1,122,754
a Baltimore & Ohio. September
12681071 11431809 98,641,568 89,155,283
-
—
B&OCh TerRR August
Bangor & Aroostook August
Bessemer & L Erie- August
183,488
159,008
1,335,120! 1,228,403
297,103
257,396 2,962,004i 2,550,235
1,524,038 1,372,459 7,942,890 7,236,282
Birmingham South. September
90,973'
93,316
851,1081
814,163
Boston & Maine
5,599,912 5,170,366 38,867,209 36,331,284
August
Buff Roch & Pitts.. 3d wk Oct
328,7511 280,201 11,983,045.10,341,691
Buffalo & Susq RR. September
148,495!
142,012
1,293,271' 1,258,347
Canadian Nor Syst. 3d wk Oct
872,300'
839,700 32,796,400 29,325,200
Canadian Pacific
3d wk Oct 3,429,000 2,932,000 118997 516 109595789
Caro CJinchf & Ohio September
354,411
282,186 j3,171,387' 2,293,147
Central of Georgia. September ,1,332,6251.241,711
1.169,968 9,564,442
Cent of New Jersey September [3,338,428 3,115,927 28,285,063 26,019,593
Cent New England- August
490,707
515,848 3,635,058 3,396,734
Central Vermont
i
August
401,200
401,618 2,904,583 2,954,086
Ches & Ohio Lines- 3d wk kOct 1,109,617
999,530 43,151,716 39,924,761
August
1,910,441 1,628,690 13,421,541 11,286,102
Chicago & Alton
Chic Burl & Quincy August
10956606 10216369 79,935,815 68,594.720
b Chicago & East 111 August
1,856,104 1,487,715 13,716,771 10,823,703
c Chic Great West-. 3d
wk Oct
377,392
416,332 13,153,074 12,791,518
Chic Ind & Louis v_ 3d wk Oct
189,421
168,870
7,335,280 6,556,620
Cine Ind & West
August
218,323
219,493
1,779,922
1,516,240
Chicago June RR_. August
283,116
238,113 2,152,290 1,821,771
Chic Milw&St P__ September
10382216 10147279 83,361,130 80,648,600
dChic & North West September
10148267 9,308,479 81,670,372 73.626,172
Chic Peoria & St L. August
189,730
157,053
1,397,047
1,117,889
Chic Rock Isl & Pac August
7,519,819 7.230,707 54,790,107 48,866,107
Chic R I & Gulf-_. August
298,963
330,002 2,421,284 2,103,084
d Chic St P M & Om September 2,067,587 2,076,859 15,975,025
15,309,325
Chic Terre H & S E August
344,096
247,430 2,409,211
1,744,265
Colorado Midland. August
138,421
189,178
902,883
990.965
e Colorado & South- 3d
wk Oct
399,689
384.940 14,533,198 12,609,208
Cuba Railroad
August
839,815
558,327
4,869,772 5,405,216
Delaware & Hudson August
2,946,281 2,354,162 19,630,590 17,623,081
Del Lack & West— September 4,926,045 4,412,131 42.7U1,468 38,198,594
Denv & Rio Grande 3d wk Oct
670,700
577,600 22,521,224 19,987,411
Denver & Salt Lake August
230,785
194,888
1,344,172
1,190,030
Detroit & Mackinac 3d wk Oct
24,167
22,127
1,068,763
1,002,508
Detroit Tol & Iront August
263,302
212,478
1,760,706
1,520.330
Det & Tol Shore L_ August
159,358
130,147
1,252,705
1,168,241
Dul & iron Range.. September 1,028,756
898,073 5,452,402 5,531,328
Dul Missabe & Nor August
2,518,205 2,083,452 8,933,556 8,641,419
Dul Sou Shore & Atl 3d wk Oct
67,955
80,037
3,468,431
3,014,215
Duluth Winn & Pac August
162,600
143,147
1,445,916
1,275,597
Elgin Jolict & East. September 1,306,638 1,203,242 11,890,099 10,581,016
E1 Paso & So West- August
957,037 1,188,357
9,300,262 7,926,288
Erie
September 6,850,487 6,395,011 58,778,118 55,512,502
Florida East Coast_ August
475,858
587,636
5,864,947 5,769,689
Fonda Johns & Glov September
95,622
87,003
805,951
751.415
Georgia Railroad— August
371,885
277,888 2,405,639 2,097,904
Grand Trunk Pae.. 1st wk Oct
159.869
111,219
4,243,452 3,567,000
Grand Trunk Syst. 3d wk Oct 1,254,304 1,200,044
52,306,815 47,885,639
Grand Trunk Ry 2d wk Oct 1,061,159 1,047,728 40,738,777
36,524,607
Grand- Trie West. 2d wk Oct
192,960
187,495 7,485,313
7,334,109
Det G H & Milw. 2d wk Oct
63,206
64,826
2,601,446 2,613,600
Great North System September 8,331,642 8,072,201
64,709,415 59,580,534
Gulf Mobile & Nor. August
247,723
184,102
1,495,002
1 380 597
Gulf & Ship Island
August
246,739
178,912 1,430,772
1,320.956
Hocking Valley
September 1.082,798
811,730 7,924,149 6,019,570
Illinois Central
September 7,525,564 6,461,004 64,232,607 53,558,586
Internal & Grt Nor August
1,037,1'52
859,097 7,563,734 6,301,629
Kansas City South. September 1,222,446
974.790 9,901,323
8,115,155
Lehigh & Hud Riv_ August
221,485
208,521
1,520,403
1,425,533
Lehigh & New Eng. August
360,302
242,622 2,405,005
1,942,907
Lehigh Valley
September. 4,703,999 4,308,962 39,965,605 36,193,457
Los Angeles & S L__ August
1,043,699 .992,725 8,342,635
7,726,751
Louisiana & Arkan. August
162,746
134,297
1,043.426
1,074,051
Louisiana Ry & Nav August
220,602
186,368 1,487,274
1,325,808
/ Louisville & Nash. 3d wk Oct 1,582,505 1,315,040 60,299,718
51.185,745
Maine Central.
eptember ■1,263.366 1,187,049 10,592.948 9.473 380
Maryland & Penn.. August
49,601
42,191
342,091
304,062
Midland Valley
August
270,673
179,189 1,863,796 1,303,540.
Mineral Range— 3d wk Oct
24,504
24,22 4
946,445
876,732
Minneap & St Louis 3d wk Oct
233,882
233,019 8.756,355 8,780,226
Minn St P & S S M 3d wk Oct
720,986
726,321 27,487,604 27,807,021
Mississippi Central- August
106,369
78,767
525,713
548,524
g Mo Kap & Texas. 3d wk Oct
961,873
910,849 33,461,589 28,128 632
Mo Okla & Gulf
August
164,821
136,815! 1,246,418
968 948
h Missouri Pacific— August
6,894,566 6,324,428:50.978,116 43,747,952
Nashv Chatt & St L September 1,342,238
1,146,541110,957,623 9,815,324
Nevada-Cai-Oregon 3d wk Oct
10,514,
13,8231
295,884
310,407 1
_
or
Previous
Current
Year.
%
,
Ala N O & Tex PacAla &
Previous
%
or
.
_
—
—
___
.
—
New Orl Great Nor. September
NO Tex&Mex Lines August
185.915
476,883
j New York Central- September
Boston & Albany September
n Lake Erie & W. September
Michigan Central September
Cleve C C & St L September
Cincinnati North September
Pitts & Lake Erie September
Tol & Ohio Cent. September
Kanawha & Mich September
Tot all lines,above|September
2,106,887
660,071
4,516,101
4,763,036
239,834
2,243,569
842.916
337,014
N Y Chic & St Louis August
N Y N H & Hartf- August
—
—
N Y Out & Western
N Y
September
Susq & West- September
Norfolk Southern- August
Norfolk & Western
September
Northern Pacific-__ August
Northwest'n Pacific August
Pacific Coast Co
August
V Pennsylvania RR
September
Bait Ches & Atlan September
Cumberland Vail. September
Long Island
September
Mary'd Del & VaiSeptember
N Y Phila & Norf September
Phila Bait & Wash September
~
W Jersey & Seash September
West'n N Y & Pa September
Pennsylvania Co... September
Grand Rap & Ind September
/Pitts C C & St L September
.
—
Total lines—
East Pitts & Erie September
West Pitts & Erie September
Ail East & West. September
Pere Marquette
September
Pitts Shawmut & N August
143,248
627,804
f
1,412,567
4,227,290
1,357,160
3,691,698
19235267 17889110 159731519 150777294
16,917,078
6,081,242
38,405,593
38,817,403
1,801,414
18,903,514
5,875,013
2,666,352
15,963,900
5,451,514
33,929,514
34,384,547
1,425,455
17,894,537
4,515,840
1,532,527 1,302,569 11,169.521
7,600,871 7,149,732 56,045,098
804,570
770,850 6,985,915
339,361
284,137 3,163,107
458,725
411,977
3,578,526
5,719,694 5,122,182 48,365,495
7,533,664 7,041,003 57,340,415
501,636
506,676 3,117,914
497,110
764,626 3,018,163
10,110,437
52,606,115
6,878,213
3,075,291
3,176,636
44,452,374
50,311,867
2,967,250
4,873,778
171918479
930,310
2,684,033
11,453,407
682,046
3,899,794
18,804,621
6,232,332
10,189,878
56,762,183
4,403,561
47,215,841
1,886,667
678,663
4,096,868
4,135,645
179,209
2,149,514
551,460
291,972
2,735,792
34944695 31858675 289199128 267078393
22998820
19969555 191945168
154,809
966,482
137,521
435,922
326,027 3,633,105
1,910,499 1,458,491 12,838,720
110,232
751.992
95,093
512,028
4.097,652
423,971
3,182,004 2,230,243 23,717,393
903,491
789,770 6,815,935
1,241,403 1,208,507 11,160,953
7,190,353 6,950,912 58,587,502
610.994
550,277 4,935,644
6,166,836 5,656,330 54,824,756
30521713 25795739 247741123 219629644
14152280 13317347 119917829 109742879
44673993 39113085 367658951 329372522
1,989,293 2,042,303 17,392,295 16,478,174
103,381
824,203
206,065)
Reading Co—
1,589,543
Phila & Reading. September
Coal & Iron Co_
September
Total both cos
September
_
Rich Fred & Potom
Rio Grande South..
Rutland
St Jos & Grand Isl.
St L Brownsv & M.
St Louis-San Fran.
St Louis Southwest.
Seaboard Air Line..
Southern Pacific
ft Southern Ry Syst.
Ala Great South.
Cin N O & Tex P
New Orl & No E.
Mobile & Ohio
5,607,963 5,259,333 50,283,009 !45,071,684
4,403,473 3,701,312 35,937,412 '28,896,094
10011436 8,960,645 86,220,421 73,967,778
August
396.995
283,137 3,167,557 2,512,829
2d wk Oct
12,976
428,058
468,513
12,907
August
403,450
353,180 2,843,225 2,652,366
August
165,792
1,542,068
1,320,867
194,524
September
295,618
496,129
2,879,461
2,663,473
August
5,459,959 4,859,906 38,128,408 33,655,970
3d wk Oct
391,133
345,962 13,300,701 10,446,917
August .... 2,293,844 1,969,095 19,447,605 16,703,6,10
17136201 15187750 141003970' 117203937
September
3d wk Oct 2,517,004 2,112,777 89,93?, 042 77,370,900
4,369,690
September
619,087
496,166 5,137,531
September 1,136,137
983,937 9,726,175 8,731,759
2,872,899
September
450,804
335,078 3,513,211
3d wk Oct
265,491
244,699 10,975,326 9,670,234
3d wk Oct
2.032,217
60,272
55,866 2.242,783
___
Georgia Sou & Fla
Spok Port & Seattle August
:
Tenn Ala & Georgia 3d wk Oct
Tennessee Central. August
Term RR Assn.St L August '
St L M B Term.. August
655,778
1,899
-.-
Texas & Pacific
165,349
322,033
267,463
501,180
109,380
170,100
76,918
September
September
3d wk Oct
August
August
September
September
868,852
3,541,720
265,222
1,002,908
166,799
1,076,312
1,571,416
3d
wk
Oct
Toledo Peor & West September
Toledo St L & West 3d wk Oct
Trin & Brazos Vail. August
Union Pacific Syst. September
11863 258
Virgiqian
Wabash
Western
-
Maryland-
Western Pacific
Western
Ry of Ala.
Wheel & Lake Erie.
Yazoo & Miss Vail.
4,421,754 3,294,259
96,331
100,173
1,098,686
150,270 1,158,514
264,368 2,574,876 2,364,813
238,137 2,011,829 1,604,493
565,182 17,298,110 15,702,501
884,894
952,647
107,450
146,013
5,704,334 4,772,790
544,527
608,629
74,255
10984 592 92.589.605 81,703,373
789,923 8,198,962 6,456,027
3,309,717 29,721,578 27,411,578
9,501,848
261,521 10.707.606
806.657
6,270,576 5,097,048
846,367
1,038,514
102,455
7,631,541
932,626 8,025,716
1,333,439 12,712,817 10,135,371
508,234
2,063
___
Current
___
^
Various Fiscal Years.
Previous
Year.
___
Year.
Period.
Canadian Northern
July
Duluth South Shore & Atlantic July
Mineral Range
July
Pacific Coast.
July
St Louis-San Francisco
July
Southern Railway System.
July
Alabama Great Southern
July
Cine New Orleans & Tex Paq July
New Orleans & North East'n July
Mobile & Ohio..:
July
Georgia Southern & Florida.
July
—
_
1
1
1
I
1
to
Oct
to
Oct
1
to
Oct
to
to
Aug
Aug
to
,183,200 13,251,800
,408,585
1,278,373
369,609
,354,164
Oct
917,907
1?509.054
1
to
1
to
1
to
1
1
to
10 ,496,587
9,291,520
21,36 ,911,071 30,153,310
1,438,923
,856,667
Sept 30
.412,689 2,865,735
Sept 30
970,203
,218,337
Sept 30
Oct
21
,333,041
3,658,172
to
Oct
21
799,657
882,469
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
2d
week
3d
4th
week Aug
week Aug
1st
week Sept
2d
week
3d
week
Aug
Sept
Sept
4th week Sept
1st week Oct
2d
week Oct
3d
week Oct
(29
(29
(30
(31
(31
roads)
roads)
roads)
roads)
roads)
(29 roads)
(23 roads)
(30 roads)
^29 roads)
(29 roads)
Current
Year.
Previous
Year.
*We
Jurrent
j
Monthly Summaries
%
21,985,612
14,328.835
15.332,610
15,562,006
20,008,991
15,173,499
16,197,889
16,486,251
13,500,148
13,934,648!
20,309.805
13,228,250
13,885,132'
14,146,523
18,822,876
14.570,110
14,870,725
14,948,609
Yr. Prev.
Cur.
+837,215
6.20
!
December
-216,811
+979,387
7.03
j
|
248,477
February —249,795
+ 1,675.807,
8.18
+ 1,100,585 8.32
+ 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 1 ■
Jaouary
248.185
March
April
May
.—248,723
248,312
242.111
June
July
August
September
and Cincinnati Hamilton & Dayton,
-
245,699
247,099
82,776
Previous
Year.
or
Decrease,
Mileage.
14,337,363
14,914,035
uw*™?*udes Cleveland Lorain & Wheeling Ry.
AATE
Increase
Year.
Yr.\
215,069i262,171,169 242.064,235
247.327
_
increase
or
Decrease,
.
j
$
!
+20.106.934;
8.31
307.961.074j' 267.115,289 +40,845.785115.29
+2,655.6841 0.99
,
247.317 321.317,560 294,068.345 +27.249.215, 9.27
248.120 326.560.2.871288,740.653! +37.819.634 13.10
247.842 353,825,032!308,132,969! +45.692.063114.82
241.550 35l.001.045i301.304.803 +49.696.242 16.49
244,921 353,219,982;306,891,957 +46,328,025 15.09
246,190 373,326,7111333,555,136 +39,771,575 11.92
81,514! 83,126,235' 76,306,391! +6,819,844
8.94
b Includes Evansville <fc Terre Haute,
c
Includes Mason City &
the Wisconsin Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, e Does not include earnings of
to1??X?3
Cripple Creek District Ry. / Includes Louisville & Atlantic and the Frankfort & Cincinnati, g Includes the Texas Central and the
t>t»s
j*
Includes the St. Louis Iron Mountain & Southern, j Includes the Lake Shore <fe Michigan Southern Ry., Chicago Indiana &
AJ?
•
'i aAr -R,u
i
Allegheny Valley & PittsburghjRR. ft Includes the Alabama Great Southern. Cincinnati New Orleans & Texas Pacific,
5kilonger include Mexican
a0s
Northeastern and the Northern Alabama. I Includes Vandalia RR. Jsn Includes Northern Ohio. RR. p Includes Northern Central.
no
j?.0 a.
•
roads in any of our totals.
Nov. 3 1917.]
THE
CHRONICLE
1795
Latest Gross Earnings by Weeks.—In
the table which
separately the earnings for the third week
of October.
The table covers 29 roads and shows 10.23%
increase in the aggregate over the same week last year.
follows
we sum
up
Gross
Profit in
Operating.
Receipts.
Reading Company—
Phila &
$
Reading.Sept '17
5,607,963
*16
5 259 333
9
mos
'17
1,009,481
2,092,402
50',283',009 12;494',785
Increase. Decrease.
1916.
1917.
'Coal & Iron
Co__Sept *17
9
$
Ann
Arbor
Buffalo Rochester &
Canadian Northern
;
Canadian Pacific.
—
_
_
____
Chesapeake & Ohio_
Chicago Great Western
Chicago Ind & Louisville
Colorado &
Southern
59,869
280,201
839,700
2,932,000
999,530
416,332
168,870
384,940
577,600
22,127
80,037
55,868
56,390
328,751
872,300
3,429,000
Pittsburgh.
1,109,617
377,392
189,421
399,689
_
Denver & Rio Grande
670,700
24,167
67,955
60,272
Detroit & Mackinac
Duluth South Shore & Atl_
Georgia Southern & Florida—
—
3,479
Grand Trunk Western
1,254,S04
38,940
14,749!
9
mos
93,100
2,040'
Total all Cos
12,082
"4,406"
.
"
'16
mos
*17
*16
.
-
9
•
54,260
89,339
117,076
4,211,129
4,368,850
2,228,858
,1565,500
2,853,271
1,265,309
25,927,789 12,574,500
26,895.999 11,436,734
663,358
1,587,962
13,353,289
573,885
8,648,129
8,450,949
....
_____
-
Gross
1,582.505
24,504
233,882
Minneapolis & St Louis
\
/
Central
720,986
961,873
265,491
10,514
391,133
2,517,004!
1,899;
Missouri Kansas & Texas.
Mobile & Ohio
Nevada-California-Oregon
St Louis Southwestern
Southern Railway System
_
Total
Income.
Income.
267,465
$
Caro Clinch & Ohio—
280
Sept '17
29,137
726,321
910,849
244,699
13,823
345,962
.
354,431
139,005
170,100!
265,222!
Sept'17
4,722,017
4,196,930
65,858
21,367
1,087,331
682,078
1,003,791
v
325,295
1,454,355
210,635
1,664,990
148,390
11,871,731
2.203,734
1,657,790
14,075,515
8,806,967
*16 37,079,238
8,326,898
5,268,548
5,508,145
37,158
14,831
'16
64,002
1,509,400
12,715,168
1,119,875
13,835,043
95,622
45,919
6,070
51,989
87,003
1,104,493
915,961
560,497
741,829
.
Fonda Johns & Glov—
Sept *17
'16
48,472
36,805
11,667
805,951
43,949
357,111
4,523
mos'17
25,773
382,884
'16
759,415
369,216
27,927
397,143
329,306
329,915
67,228
156,448
16,486,251|14,948,609 1,694,090;
__!
31,548
302,166
$
119,352
113,787
9 mos'17 39,931,740
24,087
3,701
261,521
185,210
135,154
1,769,409
1,329,0.86
403,113
1,026,920
164
9
t
103,606
1,361,296
Surplus.
Chesapeake & Ohio—
~3~, 309
45, m
404,227
2,063
565,182
146,013
262,186
Balance,
Taxes.'
5
46,205
3,171,387
2,293,147
'16
15,459,265
Charges &
'"
;
mos'17
9
5,335
51,024
20,792
2,112,777
501,180;
Maryland
Total (29 roads)
Net increase (10.23%).
Other
Earnings.
'16
Minneapolis St Paul & S S M
Tennessee Alabama & Georgia.
Texas & Pacific
Toledo St Louis & Western
1,315,040
24,224
263,01 9
Net
Earnings.
_
1,072,500
574,019
808,500
1.470,886
8,137,500
9,142,160
7,354,635 11,090,415
493,000
456,809
4,437,000
4,082,099
'3.6
'17
*16
Sept '17
>
Atlantic
Louisville & Nashville
Mineral Range.—
Western
437,038
177,984
4,259,875
1,240,112
'
Detroit Gr Hav & Milwauk.
Iowa
200,000
9,000
525,000
78,175
cos__Sept '17 10,011,436
1,646,519
'16
8,960,645
2,279,386
9 mos '17 86,220,421 17,279,660
'16 73,967,778 18.445,050
Reading Comp'y Sept'17
582,339
20.551
1,200,044
9,850,303
637,038
186,984
4,784,875
1,318,287
Total both
48.550
32,600;
497,000
110,087
Grand Trunk of Canada
Canada
mos
$
136,981
1,292,902
4,882,285
7,612,500
7,276,460
4,403,473
3,701,312
'16
'17 35,937,412
'16 28,896,094
Balance,
Surplus.
17,126,763
*16 45,071,684
Third. Week of October.
Rent, Int.,
Taxes, &c.
$
872,500
799,500
'1,537,642!
•
53,578
Hocking Valley—
Sept *17
1,032,798
398,036
17,921
415,957
219,074
196,883
'16
Net
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads reported this week:
-Gross
Previous
Year.
Year.
314,939
55,568
370,507
157,314
213,193
7,924,149
2,665,373
754,096
3,419,469
1,608,047
1,811,422
1,846,775
.1,006,277
2,853,052
"1,932,526
920,526
2,274,014
145,508
2,419,522
545,664
1,673,858
'16
6,019,570
Sept'17
5,719,694
'16
9
Current
Year.
811,730
'17
mos
Norfolk & Western—
Net Earnings
Previous
Earnings-
Current
Roads.
9
mos
5,122,182
2,241,455
'17 48,365,495
18,380,872
'16
Year.
168,267
2,409,722
2,002,572
44,452,374 19,539,823
20,983,444
1,646,695 21,186,518
596,066
1,813,656
6,798,177 14,185,267
4,830,518 16,356,000
Pere Marquette—
Atlantic Coast Line.a..Sept 3,409,914
Jan
1
to
2,743,401
32,028,587 26,993,629
Sept 30-
Baitimsre & Oiiio.b
Jan 1 to Sept 30
Jan
Central of
Jan
to
Sept 30
425,900
1,924,000
732,600
3,002,000
Septl2,244,342 12,134,160
3,747,151
__109393,516 100663,789 32,322,145
Pacific.a
1
625,619
7,860,222
83ptl2,681,071 11,431,809
3,440,504
3,637,514
.98,641,568 89,155,283 24,036,792 24,665,656
Canadian Nor Syst...—Sept 3,341,700
July 1 to Sept 30.
10,591,800
Canadian
757,427
8,260,285
3,187,900
5,129,759
34,216,371
10,707,000
3
to\'17
5,979,207
1,856,197
Sept. 30/*16
'5,798,538
2,061,948
to\'17 12,117,088
Sept. 30/'16 11,275,610
3,998,885
mo.
6 mo.
■
.
to
1,332,625
__11,169,968
Sept 30
1,241,711
9,564,442
c395,853
c3,058,835
13,362,981
1,429,994
11,536,337
664,666
5,086,778
585,291
4,186,783
Delaw Lack & West.b.Sept 4,926,045
Jan 1 to Sept. 30
42,701,468
4,412,131
38,198,594
1,821,549
15,353,340
1
South'n.b-.Sept 1,596,071
to
Sept 30
Erie_a
Jan
1
to
.Sept 6,850,487
6,395,011
58,778,118 55,512,502
Sept 30
Illinois Central.a
Sept 7,525,564
Jan 1 to Sept 30—
64,232,607
832,319
1,557,448
8,094,263 13,971,839
6,461,004
1,702,628
1,614,455
53.558,585 14,219,661.11,355,582
Lehigh Valley.b
__Sept 4,703,999
4,308,962
Jan 1 to Sept 3039,965,604 36,193,457
1,072,636
9,562,940
~ '
1,242,945
10,770,705
Maine
1,187,049
9,473,380
267.858
2,243,486
386,983
2,611,671
M_a__Sept 1,989,945
1,954,625
Sept 30
15,178,323 16,115,015
560,054
3,786,694
798,388
6,030,459
350,625
3,266,936
428,300
3,786,521
CentraLa..
Jan
1
to
Sept
Sept 30—
1,263,366
10,592,948
Minn St P & S=S
Jan
1
to
Chicago Division.a__Sept
Jan
1
to Sept
1,145,877
1,091,822
10,277,678
30
■
9,713,839
Nash Chatt & St
Jan
1
to
L.b_—Sept 1,342,238
Sept 30—— 10,957,623
N Y Susq & Western.a.Sept
Jan 1 to Sept 30
Southern Pacific.a
Jan 1 to Sept 30
339,361
3,163,107
'16
345,522
2,577,625
324,190
2,514.965
284,137
36,721
592,384
45,134
744,895
resulting from the War Revenue Act.
Southern
Railway.a
July 1 to Sept 30
Sept 8,130,032
23,253,252
Cine N O & Tex P.h.Sept
July 1 to Sept 30
•
Alabama Great
Sou.a.Sept
July 1 to Sept 304
N O &
Northeast.a—Sept
2,279,973
6,219,585
1,915,297
5,142,327
1,136,137
3,412,689
983,937
2,865,735
302,345
936,912
321,432
934,038
619,087
496,166
1,856,667
1,438,923
178,388
524,281
450(804
1,218,337
335,078
970,203
128,386
232,393
105,003
271,632
1,009,135
2,941,025
211,774
603;553
Virginian Ry.a
Sept
868,852
Jan 1 to Sept 30..,
8,198,962
789,923
6,456,027
336,986
3,680,349
400,252
3,095,749
Wabash, b.
3,309,717
1,158,530
9,054,357
1,230,208
9,085,520
409,397
2,718,233
459,881
2,729,956
——
Jan
1
Sept 3,541,720
to
Yazoo & Miss
Jan
1
to
Sept 30
29,721,578 27,411,578
Valley.a.Sept 1,571,416
Sept 3012,712,817
1,333,439
10,135,372
Surplus.
»
895,660
1,045,646
153,824
923,493-
,
5,741,046
6,619,148
122,153
2,158,055
678,299
610,785
7,899,101 ' 5,997,602
3,519,378
8,292,882
1,673,734
217,361
434,861
1,901,499
,
2,973,540
Net after
Other
Gross
Taxes.
Income.
Income.
Charges.
Balance,
Surplus.
S
$
$
$
$
Fixed
Pennsylvania RR
Sept '17 22,998,820
5,063,771
'16 19,969,555
1,799,955
1,947,137
mos'17
191945168
171918479
42,506,448
17,344,020
28,428
6,863,726
2,590,036
4,273,690
7,158,198
2,453,443
4,704,755
53,443,062 21,718,221 31,724,841
59,850,468 21,069,563 38,780,905
5,211,061"
37,261,202 16,181,860
'16
9
Bait Ches & Atl-
Sept-17
154,809
*16
mos
137,521
29,929
'17
966,482
113,845
3,370
-1,993
10,123
'16
9
930,310
158,390
12,456
14,949
31,798
16,849
27,936
20,520
7,416
123,963
145,934
170,832
def46,864
def34,932
1S0.S66
Cumberland Valley—
Sept '17
170,720
435,922
32,556
178,297
6,950
168,053
21,726
145,741
146,327
1,475,420
264,059
1,211,361
1,243,690
87,073
1,330,763
171,540
1,159,223
763,631
63,972
827,653
337,475
490,178
326,027
161,103
*17
3,633,105
1,394,820
'16
mos
7,577
80,600
'16
9
2,634,033
-
Long Island—
1,910,499
'16
"
mos
1,458,491
526,970
55,524
582,494
393,253
189,241
*17 12,838,720
3,594,467
464,465
4,058,932
3,237,817
821,115
'16 11,453,407
9
.3,402,753
455,036
3,857,839
3,528,901
328,938
Maryl'd Del & Va—
Sept '17
51
17,118
110,232
17,169
14,212
13,397
def5,139
117,109
defl2,325
124,951
def57,518
2,957
*16
9
mos
95,093
8,188
70
8,258
*17
751,992
103,255
1,529
1,194
10 4,784
67,433
149,011
124,382
7,0786.027
156,039
130,409
31,930
98,479
954,283
1,216,973
56,584
1,010,867
261,628
749,239
54,334
1,271,307
309,387
961,920
116,824
'16
682,046
66,239
N Y Phila <fc Norf—
512,028
*16
mos
423,971
'17
4,097,652
'16
9
3,899,794
33,293
122,796
Phila Bait & Wash-
Sept'17
3,182,004
2,230,243
550,868
117,981
1,056,154
663,849
329,705
'16
9
176,130
534,142
Ohio.a
Balance,
$
155,838
451,148
Sept 1,192,176
July 1 to Sept 30— 3,536,233
July 1 to Sept 30
Mobile &
Fixed
Charges.
Gross
Sept '17
6,527,904
18,506,090
1,804,915
Gross
Income.
Earnings.
_Septl7,136,201 15,187,750
3,127,012
5,732,507
141008,970 117203,937 44,034,670 36,904,005
Taxes for the month of September 1917 include $3,312,006, representing
approximately nine-twelfths of the estimated taxes for the year 1917,
1,879,191
Other
741,836
2,434,129
Sept'17
1,146,541
9,815,324
3,075,291
2,585,693
*16 18,268,511
1,712,890
14,937,593
Jan
■
9 mos'17 20 619,524
10,147,279
2,196,338
3,617,337
80,648,600 21,910,840 25,864,409
Colorado &
3,684,106
913,208
$
;
Sept'17
c442,505
c2,731,392
Chic Milw & St Paul_b_SeptlO,382,216
Jan 1 to Sept 30
83,361,130
1,135,299
1,994,582
Income.
Net after
Taxes,&c.
$
965,557
2,079,497
1,895,070
Denver & Rio Grande—
•
Georgia_b.__Sept
1
-
2,100,856
4,074,079
105,911
3,578,195
Gross
Earnings.
•
v
■
981,862
38,873
38,908
75,194
286,181
382,668
'17 23,717,393
'16 18,804,621
4,878,002
1,033,861
5,911,863
2,774,836
3,137,027
2,928,424
mos
939,330
4,543,942
1,043,503
5,587,450
2,659,026
93,900
43,074
6,683
49,757
2.090
83,503
741,822
266,892
58,191
?25,033
667,574
345.004
52,311
397,375
726,449
Phila & Camden Ferry-
Sept'17
'16
9
mos
*17
'16
'
42,973
6,238
47,667
1,183
49,211
'
48,028
16,202
i
308,881
11,290
386,085
51,786
146,454
West Jersey & Seashore—
Setft '17
15,867
182,373
903.491
198,2/10
'16
mos
789,770
207,171
9.612
216,803
61.186
'17
6,815,935
1,292,152
140,235
1.396,387
480,993
915,389
'16
9
6.232,332
1,454,018
89,617
1,543,635
539,250
1,004,385
155,617
Western N Y <fe Penn—
a
Net earnings here given are after deducting taxes,
Sept'17
b Net earnings here given are before deducting taxes,
c After allowing for uncollectible revenues and taxes,
operating income
for Sept. 1917 was $327,774, against $380,929, and for period from Jan. 1
to
Sept. 30
was
$2,446,222 in 1917, against $2,222,627.
•
Earnings.
$
Central of N.J
Sept '17
3,338,428
'16
3,115,927
'17 28.285,063
'16 26,019,593
Net
Earnings.
$
1,061,516
1,232,785
9,381,525
9,736,472
"
90,707
285,512
'4,085
863,503
35,399
893,907
*16 10,189,878
mos
2,097,615
38,155
2,135,770
1,203,507.
•
-
239,577
222:624 defl31,917
205,208
84,369
2,025,732dfl,126,825
1,894,948
240,824
Pennsylvania Co—
1,137,222
2,687,649
1,702,162
985,487
6,950,912
2,056,158
972,535
3,028,693
1,718,217
1,310,476
*17 53,587,502
9,687,611
9,447,338
14,025,449
*16 56,762,183
16,503,967
19,134,949
9,183,144 25,687,111
Sept'17
Gross
4,048
86,659
1,241,403
'17 11,160,953
'16
9
7,190,353
1,550,427
•16
Balance'
Fixed Chgs.
& Taxes.
Surplus'
9
mos
$
$
451,427
610,089
565,933
5,213,381
5,088,914
5,109,500
15,578,800 10,108,311
Grand Rapids & Ind—
666,852
mos
Gross
Earnings.
$
Net, after
Taxes.
$
Chic & Nort West—Sept *17 10,148,267
'16
9,308,479
9
mos
2,633,964
3,128,329
*17 81,670,372 19,483,021
'16 73,626,172 21,962,617
Chic St P M & O—Sept *17
'16
9
mos
2,067,587
2,076,859
'17 15,975,025
'16 15,309,325
N Y Ont & West—Sept '17
'16
9
mos
'17
'16
804,570
770,850
6,985,915
6,878,213
4,168,144
4,647,558
146,644
4,699
151,343
92,361
58,982
Fixed
Balance,
Surplus.
Charges.
473,219
712,714
3,672,015
4,524,065
235,266
249,036
2,031,925
2,171,761
193,355
187,719
1,868,968
1,982,979
112,621
122,027
951,806
1,140,493
237,953
463,678
1,640,090
2,352,304
„
80,734
65,692
917,162
842.486
5,188
144,053
69,130
74,923
778,843
53,809
832,652
645,184
187,468
4,403,561
855,157
49,627
904,784
641,252
263,532
*16
9
mos
Pitts Cln Chic & St L-
6,166,836
5,656,330
1,179,328
72,663
1,301,201
1,581,908
908,554
723,712
392,647
1,509,245
mos'17 54,824,756
11,490,979
10,823,857
605,900
12,096,879
7,460,204
4,636,675
571,458
11,395,315
6,609,905
4,785,410
Sept *17
$
1,740,432
893,532
893,798
2,234,531
7,703,356 11,779,665
7,924,853 14,037,764
138,865
'17
'16
9
610,994
550,277
4,935,644
Sept '17
'16
9
'16 47,215,841
—Total East P. & E.—
121,873
—Total West P. & E.—
—Total
858,196
All
Lines
Gross
Whole Penn
RR System
Net after
Gross
Net after
Gross
Net after
Earnings.
Taxes, &c.
Earnings,
Taxes, Ac.
Earnings.
Taxes, &c.
9
mos
17
'16
247741123
$
$
S
$
7,454,411
14,152,230
2,902,231
44,673,993
10,356,642
7,041,052
13.317,347
3,730,747
39,113,085
10,771,798
$
S
Sept *17 30,521,713
'16 25,795,739
50.850,660 119917,829
219629644" 56,428,545 109742,879
The return on property
22,057,090 367658,951 72,907,749
28,396,227 329372,522 84,824,771
investment for the system East & West was 4.98% for
the 12 months ending Sept. 30 1917, against 6.11% for the same period In 1916.
[Vol. 105.
CHRONICLE
THE
1796
Balance,
Fixed
Grim
Net after
Other
Gross
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
S
$
$
$
S
6
Sept '17 19,235.207
4,955,449
1,403,521
'15 17,889.110
6,170,077
1,331,671
6.363.970
7.507.748
3.339,805
3.413,981
3.024,165
4,093,767
Week
Company.
or
36.447.345 13,182,983 49.680,328 32,243.022 17,387,306
48,025,527 16,985,573 65,011,100 31,337.626 33,073.474
•16150,777.294
Boston A Albany—
87.779
233,473
432,005
519,784
33,244
486,540
Sept'17
2,106,887
*16
1,886 667
653.219
35.399
688.618
9 mOB '17 16,917,078
3,385,692
283.130
3,668.822
3,777,885def .109 ,065
5,111,699
309,732
5,421,431
3,707,516
1,713,915
117,711
10.157
127,868
91,244
36.624
'16 15.963.900
405,145
Lake Erie & Went cm—
660,071
Sept*17
'
*16
678.663
243,723
9,924
253,647
83,608
170 039
9 mos'17
6.081,242
1,459,242
112,130
1,571.372
560,519
•16
6;451,514
1,764,363
101,675
1,866,038
1,010,853
732,119
1,079,524
742,176
Michigan Central—
Sept '17
4,516,101
1,133,919
427,219
1.338.22.3
89,871
83,329
1.169,395
4.096,868
1,421.552
645.607
775,945
8,353.117
824,570
9.180,687
7,953,879
1,226,803
•16 33,929,514
10,322,480
829,726
11,152,206
6,170,028
4,982,178
.
Oleve Cine Chic A, St L—
534.925
Sept *17
4,763.086
1,139,849
173.929
'16
4,135.645
1,325:563
9,455,031
120 627
1,446.190
773,853
610,876
835,314
1.277.085
10,732.116
6,263,575
4,468,541
9,995,492
1,081,013
11,076,535
5,208,105
5,868,430
9 mofl '17 38,817,403
*16 34,384,547
1.313.778
OInc Northern—
I),
Electric tL
Ocean
jJuly
920
77.534
24,666
52.868
Savannah Electric Co
56.703
14.214
42,494
Second
145,146
234,026
Southern
133:464
277,377
Southern CalEdison.
92 .429
693 .665
419,788
9.384
1,425,455
398,835
12,006
410,841
Ave (Rec).
Boulevard. July
Sept '17
2,243,569
756.551
46,420
802.971
187,455
615,516
'16
2,149 031
1,085,102
124.544
1,159,646
229,858
929,788
9 mos '17 13,903,514
5,865.370
455.478
6.320,848
1.522,730
4,793,118
8,670,824
1,047,413
9,718,237
2,065,471
7,652,766
Tampa Electric
—
371 .1611
46.833
318 .207
288.107
453,731
4,381 ,385
5.910 905
3.469 738
4.035 .508
261 .855
4 .031,428
5 .180.552
671.861
334.44-1
186.591
126,075
312,666
55,582
'16
651.460
152,575
57.797
210.372
124,864
85.503
-'t mos'17
6,875.013
1,236.369
900,734
531.572
1,817,941
1,070.708
747.233
49,237
109.213
1,118,350
489,850
707,466
1,608,200
Sept '17
337,014
77.638
48.661
126,299
20.495.
99,804
'16
291,972
75;956
42,760
118,716
28,091
90,625
9 mos '17
2.666,352
626,404
618.123
1,244,527
243,462
311.314
598,957
16,4 15
698 .867
481 .37 5]
127 .933
5.652 ,132
204 .776,
75? .5621
6 ,132,482
190,782
712.404
2 .406,765
7 .594.988
1 ;704,818
*16
2,735,792
823,674
392,551
1,216,225
261,811
954,414
703,630
44,221
79.286
325.619
854,74 7
179.669
July
(September
Westchester Electric. July...
Westchester 8t R R._ August
62,814
26,4 i3
328,947
672.500
...
2,420 ,229
7,732 .106
249.004
1.707 .423
481,231
88.718
4.795 .808
44.640
21.076
316 ,364
255.825
2,861 .500
5,663 ,526
934 .843
167 .004
4,515,840
Michigan—
128,046
,326,527
677,495
317,030
162,737
July......
September
77,980
85,437
51,6*74
80,580
465 .724!
771 .398
,137,046
,581.573
440,984
710,657
August
32.204
30,149
228 .010
220,801
West Penn Power.. September
West Penn Kys Co. September
5,065,491
7,306,953
30.314,553
*16267.078,393 86,013,628 21.467.185 107,480.813 50,734,490 56,746,323
1,867,305
11.055,934
67,251,353
5,748,774
5.556.244
10.814,265
1,807,263
8,946,960
Sept '17 34.944,695
*16 31,858,675
»mos' 17289.199,128
12,863.197
17,344,455 84,595,813 54.281,200
tor 12 months to Sept . 31 1917 has been
N. Y. Central 6.00%: Boston A Albany, 6.52%; Mich. Cent.. 5.24%: Cleve. Cine.
Chic. A St. L., 6 .14%; Cine. Northern, 7.98%; Tolfedo A Ohio Cent., 5.52%;. Pitts.
A Lake Erie, 11.53%; Lake Erie A West., 3.7-8%: and Kanawha & Mieh., 7.93%.
Per cent return on operating Investment
•
g
Railroad
Yonkers
Total all linen—
York Railways... v._
Youngstown A Ohio.
...
545.124
b Represents Income from all sources,
c These
dated company.
/ Earnings now given In milreis.
companies.
figures are for consoli¬
g Includes constituent
^
.
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:
Net Earnings
-Gross EarningsPrevious
EXPRESS COMPANIES.
Current
—-Month
July
—Jan. 1 to July 31
1916.
1917.
1916.
$
••••"' '
1,199,169 11.142,352
9,946,834
603.725
5,749,467
5,157.905
of
1917.
1
Southern Express Co.—
Total from transportation.
$
1,278,750
647,710
Express privileges—Dr
Oper. other than transp'n—_
631,040
26,460
595,443
20,594
5.392,885
231,996
4,788,928
205,955
Total operating revenues.
657.500
616,038
5,624.881
4,994,884
Operating
610,210
544,247
4.585.714
3,954,885
Revenue from transport'^,
expenses
...
$
Alabama
Jan
Power, a
1
to
... -
_
Sept 30—
Sept
— —
Am P A Lt (sub cos only)
Jan 1 to Sept 30—
Net operating revenue—
rev. from trans.
47,290
71,790
10
53
70,438
14,322
1,039,167
1,465
276,720
Express
Loss23,158
57.414
760,981
taxos
Operating
.
income
'
105,478
RAILWAY
AND
PUBLIC
105.607
952.604
88,150
671,202
942.377
874,726
6,862,232
435,516
3,206.759
3,130,90S
Sept
7,545,356
Illinois Traction.a—_ —Sept 1,181,643
Jan 1 to Sept 30——v 9,806,324
Earnings.
New York Telephone.._Sept 5,104.623
Jan 1 to Sept 30..,— .45,173,718
itlco Railways...Sept
Jan 1 to Sept 30
1
to
Week
Company.
or
latest
date.
Current
Year.
Year.
Previous
Year.
Previous
Current
Month.
64,880
627.905
$
Atlantic Shore
(Sub cos only)..
Sept
395,473
Jan 1 to Sept 30—— 3,325,275
371,104
3,007,409
Earnings.
cAur Elgin A Chic Ry August
Bangor Ry A Electric September
Baton Rouge Elec Co September
Belt L RyCorp(N YC) July
Berkshire Street Ry. August
...
Brazilian Trac, L & P August
Brock & Plym St Ry. September
...
Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co
^
July
September
August
...
September
September
Cleve Painesv A East, August
Columbia Gas & El_ September
Columbus K»a) El Co August
...
Colum (O) Ry, PAL September
Com'w'th P Ry A Lt. September
Connecticut Co
August
...
Consum Pow (Mich). September
Cumb Co (Me) PAL September
Dallas
ElertHc Co
Dayton Polw A
September
D D E B A Batt (Rec) July
El Paso Electric Co.. September
42d St M A St N Ave July
Federal Lt A Trac.. August
Galv-Hous Elec Co.. September
Grand Rapids Ry Co September
Great West Pow S.\st August
Harrisburg Railways September
Havana .El Rv, L A P August
Honolulu R T A Land August
Houghton Co Tr Co. September
g
...
...
6 Hudson A Manhat.
September
Illinois Traction
September
Interboro Rap Tran. September
Jacksonville Trac Co September
Keokuk Electric Co. September
Key West Electric
September
Lake Shore Elec Ry. August
Lehigh Valley Transit September
September
Long Island Electric. July
Louisville Railway.
September
.
M'lw El Rv A Lt Co
August
Milw Lt.. Ill A Tr Co August
Monongahela Vail Tr August
Nashville Ry A Light September
195.788
198.215
74,833
1.435.994
647.057
.
17,285
62,913
100,762
170.522
Net after
Taxes.
402.303
465,077
57,140
656.818
728,150
112,516
18064090 /74O5f!05 (60505.000 /56013.000
95.354
12,496
97,383
11,699
2929,413 2715.702 17,808.736 16,859.553
39,805
33.801
331,951
24.196
200.491
72,342
105.056
1,028,913
192.518
912,304
6,088.224
307,896
722.055 14.147.730
46,304
356.811
56,718
606.751
732.727
7,882,742 6,508,647
689:872
74.428
547.505
92.681
349,881
289,9 "5
2.924,029
2,576,538
1695.725 1434,201 14,141,271 12,260,280
977,472 910,439
6,733,371
6.338,487
491,698 383,138
3,372,684
4,141,414
1594.961
281,195
270,012
2,321,650
144.236
1.239.782
...
4,418.915
465.599
259.929
4.618.891
183,511
104,730
86,834
31,669
302.040
609.745
205.708
10.495
167,567
234.155
78,549
1.165.163
178,139
86,847
1.054,483
2.148.439
1,860.553
686,129
144.534
606.217
29,348
266.330
2.389,872
541.150
5.107.470
177.507
295.410
123.427
1.438,220
1.840.955
210,085
206,901
1.811.617
139,149
2,297.435
4.515.782
1,190.521
976.4 1H
1,760.147
137,449
Fixed
Charges.
$
Balance,
Surplus.
6,152
6,963
28,901
31,405
332
171
4,746,322
1,096,254
43,873
41,588
494,558
•448,583
20,664
4,473
16,771
4.016
214,505
54,387
Aug'17
Asheville Pow A Lt.Sept '17
'16
12
'17
mos
<
■
9
■
mos
-
'17
'16
50.441
19,000
36.589
273.976
268.514
18,164
169,615
9.792
3.602
6,190
8,934
81,914
77,370
3.528
31.880
5,406
50,034
45,995
"16
168,564
'16
144,253
1,436,010
1,271,352
'16
9
•
mos
mos
*17
'17
'16
,
'16
'16
9
mos
'17
Cape Breton Elec.-Sept *17
■
9
mos
'17
'16
Carolina Pow A Lt.Sept '17
'16
12
mos
'17
'16
Sept *17
Chattanooga
'16
Ry A Light
9
mos
'it
'16
Sept '17
Cleveland
Elect 111 Co
'16
9 mos '17
'16
1,259
1,102
10,865
9,920
1,82.5
def8,135
4,581
74,026
440,699
200,593
112,500
58.724
13.255
14,217
171,565
169,887
*49,503
*21,839
*281,332
*194,429
29,539
29,528
270.706
266,503
defS6,459
56,228
117,340
121,280
932,098
1,360,243
21,056
324,079
287,766
def56,920
72,342
105,056
1,028,913
912,304
527,813
387.370
4,769,338
3,630,407
32.061
.
250,933
333,790
173,568
162,104
1,386.679
1,700,576
2,924,029
2,576,538
76,472
30,781
70,051
632,939
*16
529,425
Sept '17
491,699
383,138
4,141,414
'16
9
mos
'17
'1ft
7,626
28.590
9 mos '17
(Michigan)
'
6,551
6,568
110,379
105,326
112,058
831,921
1,043,986
Consumers Power
61,526
328,199
12,500
73,303
66,027
886,871
761,335
289.975
'16
def592
9,046
58,385
51,655
349.881
Connecticut PowCoSept '17
'16
9 mos '17
2.5.396
25,113
215,556
39,805
33,804
331,951
282,011
*16
Ry, Pow A Lt
.
14,177
15,614
i' 117,484
Sept '17
Columbus (O)
31,375
215,263
667
1,655,071
Plym'th—Sept '17
159,720
2,927
2,730
14,501
,
Caddo OAR Co (La) Sept'17
9 mos '17
A
19.135
18,425
104,361
108,794
30,328
39,505
250,387
350,994
55,724
64,618
465,943
566,257
11,699
12,496
97,383
95,354
Brock
16,191
12,755
160,118
139,320
38,135
Blackstone V GAE.Sept '17
Rouge Elec.Sept '17
9
5,711,923
189,761
19,710
17,285
170,522
154,298
Baton
941,798
883,085
5,187,555
74,833
647,057
605,775
'16
.
592,754
134,*85
80,836
I
'
'16
Bangor Ry A Elec.Sept *17
3.899.892
59,935
53.869
427.358
28,608
26,730
244,575
508,219 475.98K
4.331,854
1181,643 1042,159
9,806,324
8.874,798
3073,471 3007.107 29,752.929 27.448.579
54,794
50,147
507,848
466,870
20.418
191,977
1,436,794
1,534,552
1,017,970
9.933,877
6,808,177
.
West/
Lines/
'
22.986
12.659
180,006
269.787
189,748
1,501,292
4,362,589
Indies SS
'16
2,835,232
(subsid'y cos.) 8 mos '17 31,492,779
I
'16 21,656,911
mos
1.090 282
127.369
148,534
1,311,891
1.138,388
8 698.234
7,056.249
781.094
P21.S71
1515,231 1462,388 13.418.589 12,107,552
288,968
40,061
41,597
259,406
119,382
137,104
1,179.972
1,023.445
320.857
260,888
2.697,391
2,181,019
77.985
700,273
604.851
72,388
105.018
92,265
956.106
788,502
159,616
164,707
1,144,180
1,032,302
230,227
203.228
1,798,732
1,657.124
185,633
159,845
1.484.340
1,426,437
982.676
114,773
111,638
971,822
331.825
306.596
2.61 1,471
2.425,753
83.038
103,594
878.328
747,887
513.376
29,718
311,163
2,337
1,715
2,139,422
592.461
299,939
7.134
31,238
33.120
9
-
282,011
26.688
152.561
*16
$6.4S4
19,864
18,448
'17
Light A Power
Co—
154.298
.
Duluth-Superior Trac September
East St Louis A Sub. September
Eastern Texas Elec.. September
Lewist Aug A Waterv
36.528
217.103
80,836
19,710
977,409
281,071
1,354.072
605,775
163.70S
duly
Light September
September.
& etroit United Lines
Detroit Edison
$
1,047,973
122,040
133,795
*16
Sept'17
Abington A Rock-
Year.
18.378
Corp August "...
Ry
September
1,879,353
31,930
I
Southwestern Power A Light
Atl Gulf A
Adirond EI Pow
1,904,702
4,763,407
40,189,574 16,826.559 15,139,170
73,921
671,960
COS*
Name of Road
or
398,093
3.297,377
933,675'
UTILITY
Jan.
423,179
3.430,226
426,667
1,042,159
8,874,798
$
Latest Gross
$
130,940
1,072,163
Gross
ELECTRIC
Year.
-
'
1,039,999
845
$
.
195,767
1,409,119
Porto
Uncollectible
Year.
Year.
Companies.
Previous
Year.
$
Current
-
a
502.310
1,001,005
•16
Kanawha A
0
3 .885.362
234,284
997.556
318 .381!
79.667
Co..jSeptember
Union RyCoofN
g
2 .930.648
1,117 .117}
587.4 75
90.413
48.021
July
Anna p.
133.028
3 ,828.086
1 ,378,543
1,718 ,444
83 ,278
82,358
32,200
1584,592 15,070 ,970 14 ,120,967
223 ,472
230,141
26.020
257 .439
210,665
23.920
2226.060 21.990 .126 20 .013,194
4.804 .703
70.466
600.166
Twin
Bait A
253,997
352,261
141 .5371
44.823
Wash
'
9 ,033,988
21,210!
...
(September
.
845,879
.544
82.259
City Rap Tran. September
YC July.;.
Virginia Ry A Power.[September
Avenue
678,628
422,730
234.703
92.864
88,61-61
355,682
849,507
282,352
574.338
Third
Previous
Year.
161,045
51.3901
September
'July
.*
Staten Isl'd Midland.
Pittsburgh & Lake Erie—
date.
latest
282 402
8,33
"
1.801,414
257.034
239 8121
452,323
124,536
St Jos Ry, L, H A P. September
Santiago El L A Trac July
1,212
M6
r
1737,885
(September
55.496
842.916
560.563
252,878
32.874
24.478
Paducah Tr A Lt Co September
31.397
Pensacola Electric Co September
Phila Rapid Transit. ISeptember 2419.584
55.775
I'hila A Western Ry (July...—
501,149
Port (Ore) Ry.LAPCo. September
774.847
g Paget 8d Tr. LA P.-August"...
426.250
(/Republic Ry A Light September
Rhode Island Co..'-.. August
595,686
53,795*
Richmond Lt A RR. July......
76,614
Sept '17
S
809 ,291
433 .280
16.295
g
179,209
• mos '17
to
Year.
i
S
19.911
.
239.834
Toledo ft Onlo Central-
Year,
Year.
Northampton Trac.
August ...
Nor Ohio Elee Corp. September
North Texas Electric September
'16
429,172
1
Current
100.876
Newp N A n R.vO& E August —
62.570
54.178
N Y City Intelboro.. July
42.381
41.041
N Y A Long Island— July
16.768
15.447
N Y A North Shore.. July..
105,322
139,789
N Y A Queens Co. — July ......
New York Railways. August... 1136.769 1101.557
53.406
40,814
N Y A Stamford Ry. August
46,028
47,557
N Y WCKtehe* A Bost August
Bept '17
'
•16 17.894,537
Previous
$
130.285
Pacific Gas A Elec.;.
9 mos '17 38.405,593
•16
Current
or
Month.
New York Cent ml—
# sioi *17159.731.519
Jan.
Latest Gross Earnings.
Name of Road
3,372,684
59,099
40,824
454,581
340,333
42,209
42,862
413,915
387,084
33.646
17,716
16,171
294,608
268,406
152,452
146,131
189,676
189.372
1,789,923
1,862,645
74,594
2,533
def 19,773
67,287
63,117
69,196
418,006
656,902
13.065
17,475
142,156
122,275
677,896
115,082
115,786
1,112,027
673.308
1,189,337
73,586
,
Nov. 3
1797
CIIHONTCLE
THE
1917.]
Gross
Net after
Fixed
Balance,
Gross
Net after
Fixed
Balance•
Earnings.
Taxes.
Charges.
Surplus.
Earnings.
Taxes.
Charges.
Surplus•
S
$
S
$
$
$
•16
9 mos ' 17
'16
2.321,650
2.139,422
Sept '17
(Me) P & L
70.230
121.705
114.437
792.595
837.252
281,195
270.012
Cumberland Co
bl,475
45,339.
69.098
Sierra Pacific Elect. Sept
604.930
25.355
22.306
60.990
63.781
204.190
165.380
'17
265.180
418,315
229.161
600.166
703,630
5.652.132
6,132,482
361.596
427.926
3,483.023
3,630,298
79,667
79,286
752,562
712,404
33.430
35.982
331.008
317.980
162.071
167.241
1,381.852
1,193,255
45.455
63; 7 80
mos
_232.322
<
6.294
*16
9
183,191
609.404
6.788
28.600
South'n Cal Edison.Sept' 17
'16
'16
$
32,143
58.981
49.279
503.642
'17
~
•16
320,857
260.888
9 mos '17
'16
Sept *17
Suburban
Eastern Texas
*16
9 mos '17
'16
Sept '17
•
92.265
956.106
65.495
trie Co
9 mos '17
'16
44,816
324,3^6
563.944
30p,584
9.669
24,299
25,857
222,596
196,672
8,753
89,149
79.688
311.745
276,360;
37.211
31.316
359.255
47,492
788.502
300,819
18,202
51.296
9 mos '17
'16
526.164
17,997
186,208
4,348
1.396
27,106
460.629
165.398
Sept '17
89.685
50,557
45,225
536,409
491,748
311,763
257,581
43.238
58.892
Ft Worth Power
'16
mos
935,227
'16
12
79.502
*17
& Light
837.743
12.671
159,102
152,727
10,610
-
9
mos
'17
■
'16
9,969
119,241
5
7
32
34
67,345
57,098
38,084
36,588
20,510
478,607
335.575
143.032
514,084
328,453
40.853
18,219
111.638
39.389
1.5.842
23.517
Haverhill
mos
9
mos
161,275
343.952
135,860
27,325
26.390
V
309.927
971.822
6.707
42
8
10.656
48.543
627
576
6.322
6.012
303.436
275,801
128.742
133,216
55,553
•48.980
28.608
26.730
259,929
98,628
7,084
7,124
63,72.8
'16
244,575
103,419
57,181
Huntington
.
-
'16
36,213
12 mos'17
4,432
34.900
46,238.
10,862
26.819
\
563,345
15.957
19.635
327.320
50,400
Sept'17
Dev & Gas
13.998
Fixed Chgs.
Balance*
be Taxes.
Earnings,
Surplus'
$
340.938
201,429
139.509
268,780
1.873.744
2,122,139
1.462,388
'17 13.418,589
3,664.206
193,299
1,790.462
3,840,281
1,718,142
52,386
32,877
32.211
103,594
46.305
849,507
'16
9
"
83,038
878,328
747,887
Sept '17
Twin City R T
854,747
7,732,106
7,594,988
*17
mos
'17
'16
mos
54.794
15.901
15.778
292,751
349.937
2,627.246
2,902,212
19,505
14,098
127,404
115,309
292.090
419,498
404,935
289,6.30
125.131
167.620
200.110
149,827
1,356,714
1,207,532
1,609,217
14,831
168.031
15,400
'16
466.870
151,637
137,408
113,807
24.962
18,043
252.067
published during the preceding month will be given
month.
This index will not
the "Chronicle" in which it is
The latest index will be found in the issue of
The next will appear in that of Nov. 24.
include reports in the issue of
11,850
25,136
244.097
'16
109.679
36.812
43,179
'17
1,715.608
496.164
*16
1,519,842
586.969
212.327
22.986
2,354
2.033
4,295
35,274
41,498
mos
9 mos '17
20,418
183,511
*16
178,139
.
7.634
6,328
55,132
58,985
•
*16
19,858
17,487
Sept '17
12.659
3.950
*16
Key West Elec
Oct. 27.
5.280
12
Keokuk Elec Co
published.
374,624
Sept '17
Electric
10,495
104.730
3,564
35,581
22.425
86,847
28,800
22.648
.1,489
1,040
13,156
6,152
86,834
29.650
27:756
182,921
200,987
15,538
15,134
140.053
14,112
12,622
41,968
21,962
690
20,324
196,148
184.71.0
401
21,272
19,923
6,894
2.893
189,254
181,907
9
mos
'17
'16
.
Lewiston Augusta
Sept "17
& Waterville St Ry
'16
9 mos '17
6V6,129
'16
606,217
78.549
•
2,461
2,524
•
141,959
~
_
Lowell Electric
59,151
Sept '17
Light Corp
'16
9
mos
53,288
*17
519.377
'16
468,009
Sept'17
172.903
59,028
22.940
'16
Power Co
9
mos
151,339
118,997
120.564
106.882
'17
1.469.670
1,198,922
1,007.563
'16
kfiss River
1,286,437
1,022,654
960,288
62,366
353.820
693,574
143,504
12,115
191.359
Montana Powr Co—
301917
1916
Sept 30 1917
.
1916.
1,505,417
1,507,967
5,140,163
4,411.721
.
mos
*17
*16
Sept *17
'16
6 mos '17
(
*16
Nor Texas Elect
Sept '17
mos
825,031
2,718,103
2,376.636
'
210.085"
75.770'
•
40.980
206.901
79.193
41.887
1.811.617
1,760.147
630.071
368.385
678,736
383,055
34.790
37.306
261.686.
295.681
51.326
46.493
7.711
5.711
300.309
268.474
•-
44.127
28.382
252.878"
'16
9
316.263
1.032.301
981.158
~
Nashville Ry &Lt_. Sept *17
'16
9
1,047,394
1,141,294
3,750.404
3,357.794
161.045
'17
'16
122.741
1,718.444
1.378.543
29.126
262,386
259.668
37.372
444,580
257.877
517,545
~
1.737.885
1.584.592
'17 15.070.970
627.379
361.239
618.379
5,777,271
3.36,272
'16 14,120.967
6,081.733
3,040.269
2.571.201
3,041.464
Sept '17
155.206
94.664
'16
Pacific Pow & Lt
136.629
*17
1.587.427
1,432.101
69.492
813.648
38.956
34.415
426.450
396.030
12
mos
mos
.
'16
Paducah Tr & Lt__Sept '17
'16
9
mos
'17
*16
Sept '17
Pensacola
718.421
mos
223.472
230.141
52.072
66.599
defl 4.527
74,476
64,920
9.556
7.802
7.713
6,104
3,211
38.074
*
.
31.397
5.093
13,906
23,920
10.924
*17
'16
257.439
108.280
210.665
94.003
.Sept *17
119.021
*16
110.549
54.455
59.509
*17
1,328.437
1,262.517
616.568
613,720
12
mos
'16
Sept '17
Portland (Ore) Ry
'16
Light & Power
9
mos
'17
'16
313.964
43.577
23.963
20.833
19,614
24,597
204.199
254.189
82.259
70.466
'17
'16
24.454
177.545
178.811
698.867
598,957
45.430
419.861
440.936
215.662
186.747
110,068
24.207
828
23.570
defl.174
12.286
def21,223
25.035
23.396
229.026
.
30.727
216.740
190,009.
211,232
Railroad,
v
June 30
1917.)
Oct. 11, wrote in substance:
the preceding
and exceeded those of any ether year except that ended June 30 1914,
the gross was $142,718 more than in the year under review.
The
balance of income remaining after the payment of operating expenses, taxes
and fixed charges was the largest in our history, amounting to $1,482,404,
and exceeding the like balance in the previous year by $629,274.
A divi¬
dend of 4%, the same as in 1915-16, requiring$240,672, Was paid June 29.
An outstanding f'eaturs of the income account is the credit balance for
equipment hire, the company collecting $931,371 more than it paid out.
This was a result of conditions which unfortunately were responsible also
for the company's inability promptly to meet all the demands of its shippers
for cars.
When a railroad, such as ours, serving a producing area, delivers
more freight to connecting lines than it receives from them, it is unable at
times to prevent a so-called car shortage*.
The increase of $1,044,461 in operating expenses is made up largely of
greater expenditures for maintenance, which account for 75.62% of the
total increase, and was due to increased costs of material and labor used,in
keeping up the roadway'and equipment.
The average number of tons of freight per train in 1916-17 was 518.25,
against 455.76 in 1915-16, 405.30 in 1914-15 and 365.22 in 1913-14.
The marked variations in the year's fre ight traffic from that of the pre¬
ceding year were sub-tantial,increases in the volume of lumber, coal, coke,
iron, steel, tobacco, grain and live stock, and decreases in the volume of
stone, sand, cement, brick, cotton, flour, hay, sisal, fruits and vegetables.
Improvements.—The improvements and additions of importance included
the conversion of 21 tres tles into permanent fills; the laying of 81.191* cubic
yards of ballast and 4.857 tons of new 85-lb. section steel rail; the construc¬
tion of 38 new side tracks, &c.
The 1,000 new box cars were received and
Results.—The gross earnings were $991,828 greater than in
year,
when
-
placed in service; 90 flat cars, 24 gondolas and 18 box cars were
in the
company's shops.
constructed
and equipment increased $1,123,117;
$259,513 on road and $813,604 on equipment on account, viz.: of 1,018 new
box cars, $1,073,2
and other equipment, $164,435, less equipment retired,
Balance Sheet.—Investment in road
&c., $374,043.
"Other investments" shows a decrease
of $1,057,000, the amount which
held by the trustee of equipment trust, Series "J,".
the past year for the equipment purchased
through that trust, and D now in ludod in "Investment in Equipment."
During the vear $120,000 First Terminal Mtge. and collateral trust
bonds and of $304,000 equipment trust obligations, were paid.
on
June 30
1916
was
This amount was paid out during
OPERATIONS,
EARNINGS AND CHARGES.
1916-17.
1,160
Average miles operated.
1915-16.
1914-15.
1913-14.
1,122
1,122
1,122
Operations—
2.202,092
1,816.966
Passengers carried
1,876.095
1,777,784
69.057,123
Passengers carried 1 mile 67,854,648
54,932,768 55,511.193
2.205 cts.
2.205 cts.
A v. rate per pass. p. m.
2.188 cts.
2.219 cts.
7,111,225
6.321,104
Revenue tons moved....
7,148,933
6,842,318
Tons moved one mile
1682689,065 1597736,390 1454051,914 1598623,994
0.670 cts.
0.627 cts.
A v. rate per ton p. m—
0.633 cts.
0.626 cts.
323
359
Av. rev. train-load (tons)
460
408
$9,784
$11,584
Gross earnings per mile.
$11,083
$10,573
INCOME
ACCOUNT
Operating Revenues—
Passenger
Misc. pass,
Freight
train rev
_
Other transp'n revenue.
and express
Mail
1,618.639
1,631,778
Savannah Elec Co..Sept *17
mos
285.779
2(3.048
201.999
209.538
1,117.117
997.556
9
26.471
32.204
1,932.603
1,741,846
'17
*16
mos
27.984
27.305
330.789
320.672
24.432
501.149
453.731
124.536
109,213
9
70.206
69.571
1,858
4,381,385
4.031.428
'16
Sept '17
ft Joseph Ry, Lt,
Heat & Power
322,391
8.987
7.594
7.129
defl .601
26.020
24.478
'16
9
55.708
35,049
387.198
Ohio
Report—Year ended
President Fairfax Harrison,
282,107
3.206.069
Pacific Gas & Elect.Sept '17
'16
9
Mobile &
(69^ Annual
""266,140
29.417,
66.789
706.966
"
""""93,615
annual reports of steam
the last Saturday of each
on
14,229
Sept '17
have been
26,669
'17
REPORTS
Annual Reports.—An index to
def569
141,362
mos
1,292.995
railroads, street railways and miscellaneous companies which
123
50,147
507,848
'
9
Kansas Gas &
ANNUAL
140,784
'16
Traction
Portland Gas & C
289,249
'16
5,637
186.536
Sept '17
Jacksonville
_•
168,614
186.822
Net
Sept '17
9
18,348
17,441
180.838
102,427
8.632
15.626
33.067
349.452
3.255
'16
10,339
11,556
*86,207
662,905*def372,471
668.561
'16 12.107,552
Harrisburg Rys
*5.136
219,912*def328,074
462.079
mos
57.679
81.526
510.001
517.484
1,515.231
Detroit Unit Lines.Sept *17
'16
9
.
220.550
26.980
37,277
41,629
476,572
402,520
'17
'16
mos
Earnings.
$
73,189
84,236
Sept '17
& Spencer Ry.
29,006
513,730
407,217
4,556
9,256
'16
No Car Pub Servf
Inci
Salisbury <
46.649
110.532
Gross
64,916
10.878
15.268
"
'
12
47,916
9 mos *17
/■
•/*:•;:•*i6
208,092
65.492
Traction
.
104,328
Yadkin Riv Pow Co. Sept' 17
*16
148.652
,
33.135
31,850
Sept'17
*16
9 mos,'17
Houghton County
mos
.*•
" 17
mos
38.502
447.022
335.860
212.848
894.329
388.671 defl21,261
716.407
2.846,420
250.838
2,008,638
'17
'16
3
525,801
581.278
1,023.731
924.701
6,665
30.664
226,264
206,278. ;
*17
'16
9
*16
,
Third Ave Ry Syst.Sept
def5.289
27.345
127,211
297,383
230.509
'17
mos
278.660
52,237
219,381
2.441,905
2,126,985
*16
12
39.320
"
'16
982,676
'17
*16
Sept'17
;*16
;
Gas Light
3mos Sept
'17
mos
:
*16
Texas Pow & Light. Sept *17
22,634
9
\
9
185.631
114.773
Railway
Electric Light
'16
v
29.261
'16
Houghton Co
;
23,399
158,709
154.349
Sept *17
Grand Rapids
*17
Vvv
.M-1
20,792
158.741
154,383
159.845
1,484.340
1,426,437
9 mos'17
'16
mos
*16
35,256
20,797
23.406
185.633
Galveston-Houston Sept *17
Electric
'16
9
39.947
417,168
375,434
50.548
427,356
400.557
'16
Gas Works
Sept *17
Tampa Electric
16.601
116,314
57,350
Sept '17
'17
13,854
'
Fall River
mos
'16
30,619
26.195
5,121
'16
(Brockton)
9
Tennessee Pow Co..Sept *17
6,592
Sept '17
Edison Elec III
.
36,480
63.150
33.968
34.610
;
'
582,536
105,018
'16
V
t!
77.985
72,388
700.273
604.851
Sept *17
Electric
EI Paso Elec-
301.975
107.966
9C6.932
873,528
2,697.391
2,181.019
East St Louis &
*241.077
188.230
*264,024
1,764.917 *2.153.667
1,726.299 *2.088.163
5.066
28,364
4,254
31,728
40.198
290.810
209,209
Incidental, &e__
FOR
1916-17.
$1,484,645
39,001
10,655,490
116,529
369.354
194,846
Total oper. revenue..$12,859,866
Maintenance of way,&c. $1,467,755
YEARS ENDING
1915-16.
$1,218,798
36,069
9,998,658
109,596
328.698
176,219
$1,185,363
2,486,541
2,993,980
446.770
Transportation expenses
Transp'n for investment
4,280,486
378,386
29,918
Cr. 19.096
Cr.63,692
Total oper. expenses.
$9,578,198
$8,533,737
expenses
Miscell. operations
1913-14.
$1,522,933
38.864
10,708,321
138.621
357.603
236.241
$11,868,038 $10,982,149 $13,002,583
Maint. of equipment...
Traffic expenses
General
JUNE 30.
1914-15.
$1,223,754
34.061
9,120.432
106.781
311.067
186,054
429.098
4,094,740
373,441
28,24 6
$1,060,127
1,868,535
460.405
4,168,852
349,192
31,189
Cr.4,644
$1,509,993
2,704.888
503.836
5,003.564
354.910
44,954
$7,933,656 $10,122,14$
1798
THE
1915-16,
Uncollectibles
Operating income.
$2,880,438
416,519
$2,463,919
66,946
107,944
$3,182,491
$2,727,708
$2,571,863
$584,018
$558,573
Miscellaneous
213,703
1,380,090
151,795
240,672
10,829
funded debt
on
do
equip,
oblig'ns..
Dividends (4%,)
Additions A betterm'ts.
Total
*
sur. or
BALANCE
SHEET
are
JUNE
Cash.
.
.
48,010
951,044
Equip, trustObllg.
Accounts A wages.
1,674,172
1,172,737
278,192
518,024
4,040
Matured int., Ac.
Miscell. accounts.
Accrued interest..
158,391
Taxes accrued
303,501
238,302
762,765
Operating
576,980
Accrued
698,058
212,682
307;il6
245,184
325,656
reserves
deprec'n.
Unadjus.,Ac.,acCts
Add'ns to property
244,512
205,929
310,314
-
198,784
646,146
3,641,962
469,225
3,449,571
620,314
505,249
Total....
After
302,868
277,505
Profit and loss._.a7,060,443
.......
5,822,852
-53,576,490 51,940,897
Total ...J
53,576,490 51,940,897
adding
$53,754 results of operations of land department and
deducting miscellaneous (net) items aggregating $47,067.
Securities issued or assumed
unpledged were $1,714,200, and pledged,
$501,000.—V. 104, p. 452.
a
Harrison, Oct. 8, wrote in substance:
Remits.—All of the important revenue items,
except mail pay, were sub¬
stantially larger than in the preceding year, the increase
ip operating reve¬
nues
being $352,155, or 14.40%,
Freight earnings increased $171,660,
or 11.67%, and
passenger, $163,912, or 25.03%.
Operating expenses increased $272,927, or 14.88%, the ratio of
expenses
to gross revenues being
substantially the samer-75.31, against 74.99 last
year.
Two-thirds of the increase in operating
expenses represents in¬
creased expenditures
for'maintaining the property, the outlay for mainte¬
nance of way and structures
advancing 33.46% and for maintenance of
equipment 19.58%.
•• <
Transportation expenses consumed 35-07 cents of each dollar of
revenue,
compared with 36.62 cents last year, a reduction of
4.23% in the transpor¬
tation expense ratio.
The cost of fuel per locomotive mile increased 30.23
%,
reflecting the higher price of coal.
The average freight-train load was
increased 9.37% to 394.16 tons.
Charges to transportation expenses for
injuries to persons declined from $57,964 to
$37,527, a decrease of 35.26%.
The credit balance for hire of
equipment was no less than $233,757,
against $72,244 last year. The unusual business
activity which produced this
result deprived us of full use cf our cars on
our own lines, cars
being scarce
in producing territories and
accumulating and congested at consuming points.
Dividends totaling 5%, the same as for the
preceding year, were paid on
the
first and second preferred stock.
profit and loss surplus was $1,792,882
The
on* June 30 1917, against
$1,554,301 on July 1 1916.
Traffic and Business Conditions.—The demand for cotton,
lumber, grain,
fruits
and vegetables at higher
prices than have prevailed for years has
greatly stimulated business activity and travel in the
territory served by the
company's linas.
The new industries established
during the year along
our lines included an
agricultural lime plant, a canning factory, an ice and
cold storage plant, 2 flour
mills, 4 feed mills, 2 oil distributing plants, 8
lumber mills, 4
woodworking plants and 23 other enterprises.
on
in road and equipment increased $265,264,
road and $159,887 on
equipment.
Bonds, &c.—The treasury was reimbursed in part for
expenditures on
capital account through the sale of $162,000 First
Mtge. 5% Treasury bonds,
■allowing the current loans and bills payable to be cleared
away.
Equipment trust obligations were reduced from $903,000 to
$765,000
by the payment of $138,000 maturing,
EARNINGS,
Operations—
&c.,
FOR
1916-17.
Miles operated
402
Passengers carried_
Passengers carried 1
YEARS
19x5-16.
ENDING
JUNE
1914-15.
402
30
402
395
748,386
647,652
650,518
848,305
37,403,225
30,310,728
29,466,454
37,627,575
Rects. per pass, per mile
2.181 cts.
2.161 cts.
2,192 cts,
2.208 cts.
Tons freight carried
1,221,701
1,170,849
1,052,778
1,246,307
Tons fr't carried 1 mile166,944,582 159,336,145 134,632,314 153,946,255
Rate
mile
0.984 cts.
0.923 cts.
0.951 cts.
$6,958
$6,076
$5,505
Miscellaneous
108,562
Operating
8,414
Miscellaneous.....
$1,471,091
654,867
241,882
77,568
$1,280,068
645,941
224,945
$1,454,363
830,691
244,956
68,750
$2,445,408
$270,527
467,120
86,264
$2,215,773
$294,555
Maint. of
$2,797,563
Ac,
equipment..:
way,
Traffic expenses
Transportation
General
$361,039
558,587
1
.
expenses
expenses.
Miscell. operations, Ac.
■■
Total oper. expenses.
Net earnings
895,5,021
110,672
5,124
_3,768
;
64,819
$2,598,760
$318,223
508,529
101,824
1,059,710
123,676
3,559
420,101
84,899
919,225,
120,239
4,643
$552,042
31,520
$471,055
72,244
31,452
$253,405
79,467
29,091
$817,319
$574,751
$361,563
$508,478
$276,850
$271,900
23,040
$271,900
27,225
$271,900
Operating income....
233,757
income
Total gross income
$611,555
140,501
$1,843,662
$372,111
$2,115,522
$483,238
136,220
118,706
.
$347,018
134,484
26.975
Deduct—
Interest
Int.
on
on
bonds
equip, obligations
35,176
Additions A betterments
------
Miscellaneous
63,541
First pref, dividends
_
(5%)34,200
Second pref. dividends.
(5%)54,200
Total
Balance,
deductions
sur.
or
$463,966
60,024
760
57,419
(5)34,200*(2^)17,100
(5)54 ,200*(2.H)27,100
$443,365
$401,504
def___sur.$353,353sur.$131,386 def.$39,941
*
31,410
1,279
54,915
(5)34,200
(5)54,200
$447 904
sur.$60,574
The above dividends are deducted
byfthe company from profit and loss
but shown for comparative
purposes,
137,822
91,177
37,159
reserves
120,767
747,295
731,926
27,187
deprec'n.
Unadjusted., Ac..
68,918
63,674
187,568
325,387
Reserves for divs.
44,200
44,200
60,693
Add'ns to property
37,139
Profit and loss...al,792,882
1,554,301
Agts. A conductors
Accrued
97,823
Total .........14,260,095
14,050,871
Total
36,490
........14,260,095
deducting $114,771 net miscellaneous debits.—V. 103,
88,417
.
14,050,871
p.
1789.
^American Malting Co., New York.
{Report for Fiscal Year ending Aug. 31 1917.)
Pres. Wm. B. Franklin, N. Y., Oct. 16, wrote in substance:
Results.—The profit on malt, barley and other products dealt
in, in¬
cluding interest on securities owned, loans and balances, was
$1,146,602,
and after deducting interest on mortgage
bonds, $54,534, proportion of
bonus paid for extension of bonds written off to
Aug. 31 1917, $9,765,
taxes, $61,498, and amount expanded in betterment and
maintenance,
$94,337, the total profits for the year were $926,468.
From the foregoing
amount the directors set aside for depreciation
3% on the value of .build¬
ings and 10% on the value of machinery, amounting to $256,850,
leaving
net profits for year, $669,618.
Cash.—During the yea*1 we derived cash other than from earnings
amounting to $585,168, viz.: From sale of unused property, $596,579; less
expenses and additions, $11,411.
1
Bonds.—The sinking fund has received credits of $512,000 from the sale
of the above unused
property, $50,000 as called for by the terms of the First
Refunding Mortgage, $35,949 from cash and $1,444 interest, a total of
$599,392.
With this amount and the previous valance of $608, or
$600,000,
the sinking fund purchased and canceled 600
bonds, which, with accrued
interest thereon, cost $599,667, leaving a balance in
sinking fund of $333.
Deducting the par value ($600,000) of bonds canceled during the year
those
previously
as
outstanding, leaves the company's
shown in the balance shedt below.
bonded
in¬
Working Capital.—The net increase in working capital was $541,900,
viz.: Total earnings for 1916-17 (before
deducting depreciation and pref.
dividends), $926,468; amount received from sale of property (net), $585,168, and received from sinking fund, $275, total $1,51 ,910; less dividends
paid, $324,044; bonds canceled, $600,000; unexpired insurance,
taxes, Ac.,
$44,968, and for amortization account, $998; balance, $541,900.
Preferred Dividends..—Quarterly dividends paid on first and second
pre¬
ferred stocks for the year aggregated $324,044: No.
No.
Aug.
INCOME ACCOUNT FOR
1915-16.
incl. int.
on
•
1913-14.
7
securities
owned,loansA balances $1,146,602
Deduct—Int. on bds.,Ac.
$54,534
Bonus for bonds ext'd
Taxes
deductions
$220,134
$926,468
256,850
Balance...
Depr'n of bldgs. A mach.
Preferred dividends
Balance,
sur.
or
$673,633
e$99,548
44,919
74,013
46,693
$306,960
$147,349
67,834
99,498
$265,173
$408,460
$295,986
$10,974
$325,310
$330,776
100,800
89" 528
x9,765
61,498
94,337
Betterment A maint.
Total
324.044
sur.$82,lll
BALANCE
1917.
j\.SSCtS
"
'"U
Pl'ts,good-will, Ac. 13,568,629
Securs. other
cos..
18,018
Cash
Accts. A bills
Collateral
81,730
2,103,580
rec,
loans..
Inventories
44,968
2,030,767
...
Bonds
purchased.
Sinking fund.
14,153,797
>
332
1917.
S.
8,559,000
105,000
105,000
984,313
3d pref. stock
128,876
5,767,124
5,767,124
900,000
272,000
1,354,007
45,497
1,075,853
40,000
^
608
Common stock...
1st
refunding 5s..
1st mtge.'6s......
100,660
147,178
30,237
11,250
21,820
funds.__T
3,426
100,000
100,666
256,850
2,392,173
2,046", 599
Total .........18,496,147
18,282,084
Accr'd int.
19,253
Dividends
419
Reserve
18,496,147 18,282,0841
23,427
25,260
bds.
39,000
.
128,876
1,228,000
Notes payable.
Accounts payable.
Accrued taxes....
Deprec'n
Profit
Total...
1916.
$
8,559,000
2d pref. stock
x623,872
(at cost)
treasury.
31.
1st pref. stock.
4,000
20,250
Am.M. Corp. stks.
in
219,338
......
on real est.
held
'
Liabilities—
350,000
...
Taxes A Insurance
bonds
on
SHEET AUG.
$
80",406
def.$89,826 sur.$241,248
1916.
•
$656,086
$145,406
80,803
320,349
def.sur.$345,574
After crediting $13,110 interest credited
Proportion written off to Aug, 31 1917.
Mtges.
31.
1914-15.
on
malt, barley,
Ac., products dealt in,
x
,
YEARS ENDING AUG.
1916-17.
Profit
e
1, Nov. 1 1916, $43,320;
1917, $75,155, and No. 4,
2, Feb. 1 1917, $97,037; No. 3, May 1
1 1917', $108,532.
on
reserve.
and
loss...
x Includes $616,844
(14,222 shares) 1st pref., $3,555 (77.4 shares) 2d
pref., $3,263 (223.56 shares) 3d pref. and $209 (12 shares) common stock.
—V. 105, p. 1709, 1311.
,
.
United States Steel Corporation.
*
$1,833,853
Hire of equipment
98,596
{Earnings for the Quarter and Nine Months end. Sept. 30 1917.)
$2,106,780
$690,783
138,741
Taxes accrued, Ac
Other
90,442
980,987
110,601
.
120,086
Special deposit.
$6,579
Operating Revenues—
Freight
$1,642,751
Passenger
818,779
Mail, express, &c._.._256,096
Incidental, Ac
79,937
Total oper. revenue.-
141,920
216.650
0.945 cts.
Maintenance of
Mat'd Int. A divs.
101,045
1913-14.
_
per ton per mile
Gross earnings per mile.
303,715
95,795
371,851
101,920
Unexting. bonus..
OPERATIONS,
90,932
Net
(23c? Annual Report—Year ended June 30 1917.)
*..x2pJtal Accounts.—Investment
53,398
292,464
Accounts A
298,297
...
debtedness $900,000,
Georgia Southern & Florida Ry.
$105,377
74,064
wage
Taxes A Int. accr.
41,801
156,097
Mater. A supplies.
After
903,000
145,710
Traffic, Ac., bals.
17,301
131,029
Cash
from
Pres. Fairfax
249,265
__
phys. prop.
Traffic, Ac., bals.
3,553,000
Traffic, Ac., baL.
3,249,000
250,000
371,355
661,732
1,900
ree..
1,084,000
5,838,000
Loans A bills pay.
169,571
Misc.
$
233,300
Agents A conrluc'rs
435,428
Material & supp.. ,1 ,164,366
Miscell. accounts^
815,381
Unadjusted,
Ac.,
account
470,469
Loans & bills
Traffic, Ac., bals.
Notes..
1,084,000
6,000,000
765,000
225,336
Equip, tr. oblig's.
8,696
3,750
tional equipm't.
Other Investments
6,016,800
6,016,800
28,650,000 28,770,000
Loans & bills pay.
75,075
410,914
Special deposits..
Bonds
1916.
$
stock....
1 ,334,932
Sinking fund, Ac.
15,000
30.
Liabilities—
Funded debt...
1,057,493
404,883
Misc. phys. prop.
69,165
154,146
69,165
Advances for addi¬
here included for
1917.
Capital
684,000
15,000
a
1916.
Assets—
$
S
Road A equlpm't-47 ,010,984 45,885.741
Inves. inaffll. cos.
961,515
1,002,6X6
Other investments
493
684,000
64.907
$2,642,950
$2,751,172
sur.$84,758def.$179,309
are deducted from
profit and loss, but
comparison.
1917.
1,382,702
111,367
240,680
23,738
3,238
$2,581,108
$2,575,424
def...sur.$1,230,901 sur.$607,067
GENERAL
203,182
174,836
240.672
Dividends
the sake of
2,000,000
Advances, Ac
250,047
1,386,103
134,638
240,672
5,391
deductions....
Balance,
$48,107
$566,560
$534,245
129,917
203,779
1,392,110
138,988
IIire of equipment
$
2,000,000
First pref. stock..
Second pref. stock
Stocks
1916.
S
Common stock...
Notes
$2,660,762
Rents St. L. & Cairo RR
rents
1917.
Liabilities—
3
12,501,497
Bonds
$2,925,200
186,761
70,529
!,812,009
1916.
3
Advances
Total gross income
Int.
BALANCE SHEET JUNE 30.
1917.
Assets—
Road A equipm't.12 ,766,761
Invest, in affil. cos.-—
Deductions—
Other
[Vol. 105.
1913-14.
$3,048,493
385,591
2,140
2,717
$2,754,957
931,371
125,681
Hire of equipment..
income
Other
1914-15.
$3,334,301
406,384
1916-17,
$3,281,668
524,685
2,026
Net earnings
Taxes accrued
CHRONICLE
The financial
(tabular) statement of the Corporation and
its subsidiaries for the quarter ending Sept. 30 was
given out
Tuesday after the regular monthly meeting of directors.
earnings" for the late quarter, as therein shown,
"were, arrived at after deducting all expenses incident to
operations, comprising those for ordinary repairs and main¬
tenance of plants, taxes including an estimated allowance
of $63,733,013 for war income and excess
profits taxes (against
$53,918,872 for the previous quarter), and also interest on
bonds of the subsidiary companies."
There is also noted in supplementary data (see income
account for 9 months below) a further item of $12,716,724
for "additional allowances (estimated) for the first
quarter's
war
income and excess profits taxes, against $33,865,000
allowed for that quarter during the 3 months
ending June 30
1917."
These items are additional to the charge (amount
not stated) originally made on this account
during the first
quarter before stating the amount of net earnings.
The company on Oct. 31 declared, as for the two
quarters
just preceding, in addition to the regular quarterly dividend
of l\i% on common stock, an extra
3%, payable Dee. 29
to holders of record Nov. 30,
contrasting as follows:
on
The "net
Extra Dividends Paid with the Regular \M%
Dec. 1917.
3%
Sept. 1917.
3%
June 1917.
3%
Quarterly
on
Common Shares.
Mch. 1917.
Dec. 1916.
Sept. 1916.
1M%
1%
*%
-
Nov. 3
1917.]
THE
,
CHRONICLE
A special extra 1% dividend was also paid July 28 1917,
amounting to $5,083,025, for Red Cross (V. 104, p. 2457).
Unfilled orders on hand Sept. 30 1917 amounted to
9,833,477 tons, against 9,522,584 tons Sept. 30 1916.
See
"Trade and Traffic Movements," Oct. 13 1917 (page 1496).
RESULTS
FOR
QUARTERS ENDING SEPT. 30.
Sink, fund
S
22,276,002
bonds of
on
sub. cos., deprec. and
extraord. replace. fds_
Int. on U. S. Steel Corp.
11,159,843
8,867,392
7,028,034
6,017,922
5,288,436
224,612
5,376,233
225,000
5,458,495
245,136
5,536,717
1,747,267
1,636,819
1,576,058
Div.onpf.stlc. (1%%)-
16,215,892
69,601,175
6,304,919
14,368,484
24,342,160
6,304,919
Div.
11,436,806
13,340,091
8,935,911
6,304,919
"2,541,513
bonds
Prem.
—
on
bonds redeem-
on U. S.
Corp. bonds,1,838,564
209,394
Sinking funds
Steel
Total
.
deductions--..
Balance..
on common
Percent.
18,511,455
49.,732,329
6,304,919
stock._ 21,602,856
(4 X%)
Surplus for quarter...
(2 X%)
21,824,554
(H%)
------
.
18,037,241
51,859,450
89,479
The net earnings are in all cases reported by the company after de¬
ducting "all expenses incident to operations, comprising those for ordinary
a
repairs and maintenance of plants and interest on bonds of the sub. cos,"
Allowance is also made before showing the net earnings for the quarter
ending Sept. 30 1917 for estimated proportion of extraordinary cost of
facilities installed by reason of war requirements.
Also in all three quar¬
ters in 1917 allowances are made, prior to stating the earnings, for taxes,
including an estimated allowance for war income and excess profits taxes,
this allowance for the last quarter amounting to 863,733,013, contrasting
with $53,918,872 for the quarter ended June 30 1917.
From the income for the 6 months ending June 30 1917, as a supple¬
mentary charge, there was deducted during the quarter ending June 30
1917 $33,865,000, and during the quarter ending Sept. 30 a further $12,716,724 on account of allowances for war income and excess profits taxes
upon the earnings of the quarter ending March 31 1917.
These allowances
are additional to the charges, amount not stated, originally made on
this
account against the earnings of said quarter before stating the net earnings.
NET EARNINGS FOR NINE MONTHS ENDING SEPT. 30.
1917.
Net
Earnings—
1915.
1916.
1914.
•
$
18,794,912
19,196,396
22,722.316
$
1,687,150
3,638,578
12,457,809
7,286,409
30,773,551
31,284,562
60,713,624
25,423,676
27,554,899
28,147,473
x90,579,204
22,760,668
23,548,725
21.934,391
81,126,048
25,650,006
29,746,903
30,420,158
27,950,055
12,048,218
12,869,099
13.793,327
20,457,596
Third quarter
—x68,243,784
85,817.067
Total nine-months—271,944,006 227,656,739
38,710,644
79,118,508
22,276,002
60,727,979
January
February.—
$
36,074,425
33,416,171
43,630,422
—
—
March
-.
gas producers for the twelve open-hearth furnaces was
The work is progressing
satisfactorily, and it is expected will
far advanced before cold weather sets in to materially
improve this situation.
The cost is estimated at $1,000,000.
be
xll3,1'21,018
'28,521,091
April
May
June.
Second quarter
July
August
September.-..-.
Acquisitions.—During the
year your company purchased 90% acres of
Washington Co., Pa., about 5 miles from your Monessen works.
company acquired during the year, on favorable terms, a large
in the Bennett
Mining Co. of Minn., which gives assurance of a
better supply of ore for you blast furnaces.
Notes Canceled.—During the year the
remaining $2,000,000 of coupon
notes have been redeemed and canceled.
V. 102, p. 2081.
On Jan. 2
1917, the $375,000 outstanding notes of the Pittsburgh Steel Ore Co. were
purchased from the holders and canceled.
The company now has no
debts except those incidental to its current
operations.
Depreciation Reserve.—The reserve for depreciation of plants, buildings,
&c., has been increased by $963,339.
Your directors also deemed it
prudent to charge against this year's profits $500,000 on account of ex¬
tinguishment of the mine of the Pittsburgh Steel Ore Co.
Liberty Loan, &c.—Your company subscribed for $1,000,000 of the
Liberty Loan 3lA% bonds issued by the Federal Government, and were
allotted $300,000, as shown by the balance sheet.
The investment in
liberty bonds on employees' account on June 30 1917 amounted to $202,950.
The sum of $50,000 was contributed to Red Cross.
Pittsburgh Steel Ore Co.—To enable this subsidiary to liquidate advances
made to it from time to time by your company, for the purpose of purchas¬
ing and canceling its 6% coupon gold notes, and for expenditures made for
additions and betterments, steps were taken during the year to increase the
capital stock of that company from $750,000 to $1,200,000.
The new
land
S
4",941,337
5,655,611
7,397.433
7,132,081
—
17,994,381
6,920,879
6,845,823
6.690,894
9,320,576
11,343.070
7,475,993
7,584,926
7,215,083
After deducting amounts required for taxes, including war income and
excess profits taxes
(estimated)., namely, for the 1st quar. in 1917, an
not
$63,733,013.
$46,581,724,
stated; for the 2d quar,, $53,918,872, and for the 3d quar.,
In the last six months additional allowances, aggregating
were made on account of these taxes as applied to the earnings
of the first quarter.
See above.
was
Earnings
as
1917.
Minn., Ore Mine, &c.—The operation of your iron ore mine in Minnesota
pursued vigorously dftring the season, the ore mined and shipped
showing satisfactory increases over the previous season.
The developments in the mine having demonstrated to your directors
the inadvisability of continuing the lease of that part of the property
described as leasehold No. 1, notice was served on the owners, oh May 24
1917, of the intention to relinquish same.
The necessary instrument
releasing the company's interest therein has been duly executed and all
royalties accruing to the expiry date paid.
The total royalties advanced
on this leasehold,
as well as the cost of exploratory work thereon, have
been charged against the profit and loss account for the year.
Dividends.—Regular quarterly dividend payments on the preferred stock
were made throughout the year.
The regular quarterly dividends on the
common stock likewise were paid, and, in addition, an extra dividend of
20%.
(V. 104, p. 77.)
was
,
$745,853
-745,522
746,977
April
744,648
M!ay
742,835
June
742,738
July ——739,795
August
739,119
September—739,397
—
— —
-
1915.
$805,462
796,408
795,226
792,541
790,558
791,918
783.717
January
February..
,
1917.
9 Mos. to Sept. 30—
Net earnings..
$880,026
872,480
872,055
863,526
863,445
859,441
784,672
778,792
776,325
780.413
778,535
,
$819,372
819,129
818,106
820,036
838,607
840,175
'• 836,749
836,778
843,075
1916-17.
Total sales
Mfg., &c., cost (incl.
replacem'ts, &c.)_
Prov. for deprec'n--
bd?. redeemed
on
1916.
,,
$
1915.
$
1914.
$
y271,944,006 227,656,739
673,837
$
79,118,508
total
deductions—_ 55,593,38 5
Balance. —..-.-.'„216,350,621
60,727,979
20,551,971
16,708,138
663,440
22,076,560
16,476,758
735,408
39,288,726
46,836,432
18,914,757
64,808,568
180,820,307
(12%%)
83,723,325
Common
Percent—..
Total
dividends.
—
.
18,914,757
29,227,393
(5%%)
Extra
com.
div.
48,142,150
(Red
18,914,757
~
18,914,757
15,249,075
(3%)
18,914,757
quar.
Made
quar..
during 3d
Balance
33,865,000
12,716,724.
......-—sr80,962,547srl32,678,157sr20,915,025dfl 1,359,402
on
account of these taxes for the first
above.—V. 105, p.
1626, 1528.
.
quarter of 1917; see
,
(Report for Fiscal Year ending June 30 1917.)
Results.—There
throughout the
year,
Pittsburgh, Sept. 25, wrote in sub.:
steady demand for the company's products
from both domestic and export customers, and your
was
a
Jdants were operated continuously to maximum capacity. over net sales
the year were $33,066,083, an increase of $11,218,048 The 1915-16.
or
The net
profits for 1916-17 (after setting aside $1,507,279 for depreciation
of plants and for extinguishment of mines, and $1,823,548 for estimated
war profits tax) were, $7,811,444, an increase of
$3,247,377.
Products Shipped—
Hoops, bands and cotton ties.
nails, fencing, &c
Pig iron and billets.
Miscellaneous products
Wire rods, plain wire,
1916-17.
$2,618,275
17,387,285
11,867,999
1,192,524
1915-16.
$1,260,842
14,506,902
5,364,608
715,683
Total
$33,066,083
$21,848,036
Maintenance, &c.—During the year there was expended for maintenance
$1,265,506. and for betterments and improvements $85,800, all of which
was charged to operating expenses.
Construction Completed.—The two open-hearth furnaces under construc¬
tion were completed and put in operation, one on Oct. 8 1916, the other
on
Nov. 6
1916.
NfFrom time to time during the year the output of the open-hearth furnaces
reason of a lack of natural gas for fuel
andjfinishingjinills was reduced by
$7,790,390
21,054
$4,544,909
19,158
,$846,515
$7,811,444
$4,564,067
$858,160
------
j$l
543,939
cancel'dlease of
ore
lands &c. writ'n off
Prov. for war prof. tax
166,922
1,823,548
50,000
Balance..
Other incomeNet profs, all sources
Pref. dividends
$343,279
73,272
11,645
$416,551
(7)$735,000
(2)140,000
____(7%)$735.000(14)$1,470,000
Common dividends. (28) 1,960,000
(4)280,000
Balance,sur ordefsur$5,116,444 sur$2,814,067 sur$858,160 def$458,449
BALANCE SHEET
CONSOLIDATED
1917.
S
Ǥ
JUNE
1916.
A. ssds''
30.
1917.
TAabilllics—-
1916.
.
$
$
Preferred stock
10,500,000
10,500,000
Invest'ts (at cost)-
Common stock
7,000,000
7,000,000
19,353,635
784,050
42,005
Cash
3,541,405
1,003,597
Coup, gold notes
Bills & accts. rec._
3,103,336
2,398,512
Accounts payable-
2,229,319
2,384,000
1,865,372
Inventories
5,817,850
3,830,736
Depreciation
res.-
1,463,339
500,000
Res.,war prof, tax
1,823,543
loan..
Special deposits
500,000
__
...
1,019,378
44,457
mine property.584,620
Repairs, >kc., res641,733
321,563
Proflt and loss- ,.--10,496,917
5,380,473
Adv. ore contracts,
&C
419,408
-
Total
-—-.—
Investments
lies, for exting't of
259,089
Miscellaneous-78,255
p.
.34,739,476 27,951,403
include
Liberty.
V.
Loan
Total
34,739,478 27,951,408
bonds.
See text above.
1527, 1714.
•
„
Carbon Steel Co.,,
V.
105,
.
Pittsburgh.
(23d. Annual Report—Year ending Sept. 30 1917.)
MeKnight
says
in substance:
Business.—Our business for the fiscal year has been very satisfactory,
notwithstanding the shortage of natural gas and difficulty in procuring
adequate labor and deliveries of raw materials, the net profits (from the
regular line of products), less sundry adjustmerits, were $2,234,545, which
largely exceed those of any previous year.
During 1915 and 1916 we had
on our books several contracts with the English Government for high ex¬
plosive shells, the work of manufacturing the shells having been done by
outside firms, while your company had no such contracts during the present
year, having confined its operations entirely to its regular line of products.
Natural Gas Supply, cfee.—-Early this year the natural gas companies noti¬
fied us that they would be unable to supply natural gas for industrial pur¬
poses during the coming winter.
We therefore authorized the installation
of
*
Pittsburgh (Pa.) Steel Co. (and Subsidiary Companies).
Pres.Wallace H. Rowe,
$1 ,713,298
,168,299
201,720
and
y After deducting allowances for war income and war excess profits taxes
(estimated), viz.: amount not stated for the 1st quar. of 1917; $53,918,872
for the 2d quar., and $63,733,013 for the 3d
quar.
During the six months
ending Sept. 30 1917 an additional (estimated) allowance of $46,581,724
has been made
$2,220,155
1,373,640
President Charles
......
V
taxes of 1st quar.: viz.;
Made/during 2d
$5,739,169
1,194,260
34,163,832
.
5,083,025
war
9,311,396
Adv'd royalt's pd. as
«
Cross),l%,pd.July 28
9,429,709
mine property
Undiv. earns., 9 mos__srl32,627,296srl32678,157sr20,915,025dfll,359,402
Deducted Acct. Mar ..31 Quarter—
Add'l allowances for
15,608,867
500,000
$11,428,387
1,053,587
Selling ex. .taxes,&cI
charges (net).j
Prov. for exting't of
37,923,549
22,804,430
39,829,782
-
1913-14.
Int.
Dividends—
Preferred (5X%)~
1914-15.
$21,848,036 $11,649,864 $11,024,694
20,674,357
983,339
Gross prof, on oper
Short-terra
29,855,550
16,233,882
747,000
YEARS ENDING JUNE 30.
1915-16.
$33,066,083
Ileal est.,piant,&c.20,495,105
*
For sinking funds, depre¬
ciation & reserve fds_. 38,943,382
Interest
15,976,166
Prem.
.
1914.
INCOME FOR NINE MONTHS TO SEPT. 30.
Deduct—
:: ■
^
Before Arriving at Net
Above.
$470,000
$500,000
unissued stock in the treasury of the railway company.
..
1916.
of this subsidiary
To reimburse
increased during the year from $30,000 to $1,000,000.
your company for advances made by it to the railway company,
of the new stock was issued and delivered to your company, leaving
Donat 'n to Red Cross
•
Interest Charges of Subsidiary Companies Deducted
March
m
stock has been issued and delivered to your company.
Monessen Southwestern Railway.-?-The capital stock
x
amount
sufficiently
CONSOLIDATED INCOME ACCOUNT
First quarter-.-,
—
complete unit of
authorized.
interest
1914.
$.
38,710,644
$
85,817,067
$
purposes, and as your directors were advised that probably the difficulties
would continue and increase rather than
diminish, the construction of a
Your
1915.
1916.
1917.
3 Mos. to Sept. 30—
Net earnings (see text) _a68,243,784
Deduct—
1799
a
modern
gas
producer plant, which when completed will cost about
$325,000 and should produce gas at a cost lower than that of natural gas.
Replacements and Improvements.—The company is expending this year
about $600,000 for necessary replacements and improvements, which in¬
cludes the cost of the new gas producer plant, and also the installation of
special machinery and facilities to enable the company to carry out its con¬
tracts
cost
with
the
United
States
Government
of these
and
others.
We
believe
the
improvements should be charged wholly against surplus in¬
which now represent a fair value as
appraised by the company's engineers.
Therefore a reserve account in
the above amount to cover these improvements has been created and
charged against the surp. acct. for the fiscal year, and as the improvements
are completed the reserve acct. will be reduced and eventually absorbed.
Taxes.—Knowing that there will be heavy charges against the company's
net earnings this year, particularly for Federal income and war profits taxes,
your directors have also created a reserve account to cover extraordinary
expenses, which must be paid out of this year's
earnings.
This account
figured upon the earnings from month to month, and at the close of the
fiscal year amounted to $611,424, which has been charged directly against
surplus account.
There have been no payments made out of this fund,
and whether or not it will be necessary to make additional orovision for
Federal income and war profits taxes cannot be ascertained at present.
Dividends—Suit.—In March last an extra dividend of 2% was declared
on the common stock payable from the surplus and net earnings of the
pre¬
vious year.
Following the notice of the dividend, a holder of 2d pref. stock
filed a suit in the U. 8. District Court, claiming that the 2d pref. stock was
entitled to share equally with the common stock in the distribution of earn¬
ings after the common stock had received in any one year dividends of 6%.
The case was tried on April 16 1917 before the Hon. Charles P. Orr, Judge
of the U. S. District Court for the Western District of Penna., who decided
stead of increasing the capital accounts,
Hercule3 Powder Co.,
that the pref. stocks during any fiscal year were entitled only to dividends
in the amounts stated on the face of the certificates, and accordingly the
STATEMENT OF INCOME FOR NINE MONTHS ENDING SEPT. 30.
ann. rate on
total investment—,—
Prop'y & plants.. 12.816,699
Cash
4,520.341
Inventories
—
Bonds and mortgages
BilL and accounts payable
Profitand loss
-
„
——
(3) Gross sales
Net profits irom operation
-
Dividends
Total
paid.
1,813.235
"348,423
1,650
pay-roil
Average No. of employees
Est. val. & tonnage of orders
contracts on hand (net tons)
4,665.20!
Bills payable—...
440 016
589,767
Acc'ts
payable...
1,581 0 6
1.561.253
Preferred dividend
46,812
46,812
7.721,12.4
Deferred credits..
57,298
246.303
1,537.303
Reserves
product.
7,420 969
2.235 488
charges.
CO 544
707
+3.049,356
+ 8,097,001
+2,206,101
+430,000
+ 1,464.812
+943
,
207.321
"—31.010,225 42,1.30,394
American
255,000
6,981
41,664
Profit and loss
Total
31,010.225 42,130,394
Type
Founders
Co.,
New
Our business
during the past year has been very satisfactory, the sales
profits having each increased more than 12% over the preceding
After payments of dividends on the pref. stock the earnings were
equal to nearly 6% upon the common stock.
To aiq in the prosecution of the war the company subscribed for a liberal
amount of both Lssues of Liberty bonds, offering them to its employees
on weekly
payments.
"
As a result of the European war, particularly since the entry of this
country into the conflict, shipping conditions have become greatly congested
and the difficulty in obtaining merchandise within a reasonable length of
time has made it necessary for the company to carry ample stocks of mer¬
chandise in order that it might continue its usual prompt service to cus¬
tomers.
Liberal stocks of merchandise are being carried in ail oLour 21
selling bouses.
'
The company has erected a producer gas plant and Ls now manufacturing
the gas that is required in large quantities for heating its metal.
These new
facilities will result in a
considerable
saving.
The manufacture and sale of the Kelly two-revolution job press has mora
than doubled during the year, and will continue as an important depart¬
ment of our business.
In order to effect this increased production it has
been necessary to add to the equipment of machinery in that, department.
A building adjacent to the manufacturing plant has been acquired for
and
net
year.
storage purposes.
.
The National Paper & Type Co., engaged in export business, in which
this company has an important interest, has had a phenomenal increase in
sales the past year and a very large increase in its not
With unusual activity in nearly every industry, with
earnings.
phenomenal crops,
high prices, we believe Our
considerable increase in sales and net profits during
the largest the country has ever known and at
company will have a
the current fiscal year.
FOR
RESULTS
YEARS
ENDING
AUGUST
|
8,25$.000
62.432
shipments (net tons)---
INCOME
ACCOUNT
93,479
YEARS
FOR
+8.0,03.000
.
SEPTEMBER
ENDING
Net profits (after deducting adj. in 1916-17, $4,357)$2.234.545
& Steel
Mf£. Co. stk_
Total income for years ending Sept. 30
Preferred
dividends—1st
pref.
(8%),
2d
pref. (6%). $90,000
dividends—4%
30.
*$3,100,947
10,200
1914-15.
$350,443
160.000
dividend,(7%)
165.242
163,972
Bal. for year, surplus.
$79,399
$35,872
$25,206
$33,456
Common dividend
Preferred
(4%)
BALANCE
*
.
,1917.
Assets—
.
1917.
Liabilities—
$
Plant
5.159 0 '0
5 016,032
2,665 031
2,546,851
$3,100,947
$40,000;
$130,000,
1
—
receivable.
852 007
811,389
Notes receivable-
575.196
544.743
.a-
313,188
291,418
Accounts payable. "
755 267
70) 00 !
Notes payable
Miscellaneous....
190,65*1
216,892
—
——
10.511,413
10.199,378
Total
—
—
246.512
1,165 000
•
27.30 4
$
4.000 000
2.360 600
1.615.Q00
»
—
*958,193
Scrip,
Surplus
Total
1916.
.8
Capital stock.com. 4.000 000
Capital stock.pmf. 2,360,600
Debenture bonis. 1,701,309
1937 b is. for 8'ibse
49,300
Cash—...
Accts.
160.000
SHEET AUGUST 31.
1916.
$
$357,428
207,718
1,065,000
11.882
903,178
10,511,413
10.199,375
,
,
$2,244,745
1913-14.
1915-16.
$361,114
160.000
165.242
,.
1915-16.
1910-.7.
Dividend—Kittanning iron
+55,451
+51,815
31.
$404,641
160.000
165.242
1916-17.
Net earnings.-
Stocks and bonds.
Total
York.
(25th Annual Report—Fiscal Year ended Aug. 31 1917.)
President Robert W. Nelson, Nov. 1, wrote in substance:
M(ise.&raw mater
and
1,913,130x11.893.296
14.471,872 15.292.962
Includes also in 1916 contract advances.—V. 105, p. 1001, 493.
—194.006
28,443
5,350 000
7.071.431
x
—-2557666
1,52.3,912
5,350 000
1.200 000
—-i...
+ 1,030,468
891,291
def.69,792
—
Preferred stock.—
559,475
Total
+ 1,205,893
"719,000
3.238,010
3,397.703
Deferred
5,000,000
5,000.000
464,000
697,285
-su; .2.979.563
9.620,913
2,234.545
430,000
(2) Capital stock
354,675
.
1,231.143
$
7,150 000
loans..
Finished
Dec.
25,250
1,385,143
1
1916.
$
7,150 000
occurs..
receivable.
+ 755,392
-
Cash
1917.
Common stock
16,490 001
Materials & eupp.
+ $667,864
or
/
Investm't
Acc'ts
/
Inc.
30.
Collateral
1916-1917—
315.100
1911-12.
SEPT.
Liabilities—
.
$5,766,766
7.99%
1916.
1917.
orders
on hand amounts to $8,258,000.
Improvements.—In 1912 it had become evident to your directors that
changes must be made In the quality of the production of your mills,
lb
was useless in the production of soft steel products to try to compete with
large corporations controlling their raW material.
Your directors, therefore,
have consistently carried out the policy of devoting the efforts of your com¬
pany entirely in the direction of alloy steels and special steel products,
where quality counts more than quantity.
[As to bonus payments, &c., see a subsequent page.
1.070.492
10.06%
SHEET
BALANCE
Contracts.-*A conservative estimate of the value of contracts and
1916-17.
£6,434.630
41.50%
18,19%,
all expenses incident to manufacture and sale, ordinary
and extraordinary repairs,
maintenance of plants, accidents, deprecia¬
tion, <fcc.
b An estimated amount has been set aside for the Federal muni¬
tion tax, corporation income tax and excess profits tax.
now
—
12.90%
4.50%
After deducting
a
jprice of the KLtanning Iron & Steel Mfg. Co. stock/has been paid
since Sept. 30. leaving the company entirely
free of all floating debt, ex¬
cepting current monthly accounts.
Bitnds, <%c.—Ail the bonds of the Carbon Iron Co. aggregating $700,000
which matured April 1 last have been paid and canceled
(V; 104, p. 805).
There has also been redeemed and canceled $18,000 of the 5% sinking fund
gold bonds of the company, so that only $324,000 of this Issue are now out¬
standing.
Of the total amount of these bonds authorized, namely $2,000.000, $206,000 have been redeemed and canceled, leaving $1,4(0.000 un¬
issued in the company's treasury.
In January last there was paid the
balance of the 1st Mtge. of $20,000 covering the E. M. Hill property, and
arrangements have baen made with the mortgagee to pay at the next interest
period on Nov. 1 $40,000 on account of the mortgage held by him, which
will leave a balance of only $100,000, which may b.e paid off at any time.
He suits.—On Oct. 1
1916 there was a credit in the surplus account of
$2,397,273, to which has been added the net profits from operations for the
year ($2,238,903 less adjustments $4,357, or $2,234,545), and a dividend of
6% ($10,200) on 2,040 shares of stock of the Kittanning Iron & Steel Mfg.
Co., making a total credit of $4,042,019.
Against this amount there has
been charged $430,000 in dividends; depreciation of plant and equipment,
$6,032; a contribution to the American Red Cross war fund, $15,000; a
reserve for replacements and
improvements, $600,000, and a reserve for
extraordinary expenses, including Federal income taxes not yet determined,
$611,423, leaving a balance to the credit of surplus account on Sept. 30
1917 of $2,979,563, or a net increase during the year of $582,290.
U.S. Liberty Bonds.—Your company subscribed for $100,000 of the first
issue of [ilA % U. 8. Government Liberty Loan bunds, but was allotted only
$27,500, which was taken by (he company's employees, and are being paid
for by them in monthly installments.
Your directors have recently auth¬
orized the purchase of $200,000 of the second issue .of 4% Liberty Loan bonds.
Accourit* and bills receivable-
$691,831
38,20%
10.00%
equiv. to
chase
Years ending Sept. 30—
(1) Heal estate, plant and equipment-
$2,048,481
239.30%
40.00%
b73.65%
60.00%
Dividend paid (9 mos.).
Net earns, (all sources),
Following this decision, however, which seemed to
remove any uncertainty with regard to the rights of the respective classes
of stock, your directors declared on the common stock a regular quarterly
dividend of W%% and an extra dividend of 2^%, payable Aug. 15, and a
regular quarterly dividend of 1H% and an extra dividend of 2 lA%, payable
Nov. 15 1917. making total disbursements in dividends during the year of
8% on 1st pref., 6% on 2d pref. and 10% on common. (V.104. p. 1206).
Aew Controlled Company.—:The company has purchased (at $131.25 a
share) 51% of the capital stock of the Kittanning Iron & Steel Mfg. Co.,
a corporation which owns a blast furnace and valuable coal lands at Kittan¬
ning, l'a.
This should prove a very valuable asset, not only since assuring
a supply of pig iron, but also by reason of the coal acreage, which is now
being rapidly developed, and from which it is expected that your company
will receive its full supply of coal after Dec. 15 1917 (V. 104, p. 223b).
The item of bills payable of 857,750, representing the balance of the pur¬
&C.—YEAR
YEAR 1911-12.
$12,832,400
Balance for imp. or for
common dividends.
$3,949,437
Amt.a vail, for divs.equiv.
court handed down.
ASSETS,
310.983
$5,974,427
$996,966
305.135
earns,
to annual rate on com.
1914.
$8,675,567
$2,359,464
receipts...
$34,707,230 $43,875,019
(ail sources) $4,230,312 $13,113,275
Bond int. & pref. div.—
280.875
280.875
aNet
pursue that policy, but in view of the cornplicatioas which had developed
with regard to the rights of the various classes of stock action by your
directors in this matter, under advice of counsel, could not be safely taken
until after the suit above referred to had been tried and the decision of the
BUSINESS,
1915.
Gross
,
IN
1916.
1917.
regular annual dividend of 0% on the 2d pref. stock on July 30 1917.
(V. 104. p. 1289. 1901.)
You were advised at the last annual meeting that the policy of your direc¬
tors would be to pay quarterly dividends of 1 ^ % on the common stock as
earned and extra dividends from time to time as deemed best for the good
of the company and its stockholder^.
Your directors fully expected to
COMPARED WITH
Wilmington, Del.
(Results for 9 Months1 Period ending Sept. 30 1917.)
dividend on the common stock was paid on May 22 1917.
Vour directors
also declared and paid the two regular serni-annual dividends of 4% each
on the 1st pref. stock on March 20 and Sept. 29 1917. respectively, and the
DEVELOPMENT
7
[VOL. 105.
CHRONICLE
THE
1800
After deducting $80,000 1917 dividend scrip issued less $49,616 1917
dividend scrip retired.—V. 104, p. 1265, 1047.
x
$130,000
Common
paid Aug. ($120,000);
4% Nov. ($120,000), and also an extra 2% call¬
ing for $60,000
iUU.UUO
.(10)300,000
Depreciation of plant and equipment
a
"
6,032]
Reorganization exp.* bond premiums, doubtful
accts. and losses on former sub. companies
Reserve for Federal income tax
611.424
\
Reserve for extraordinary exp. and war prof, taxes/
Reserve for replacements and improvements
600.000
GENERAL INVESTMENT NEWS.
(6)180,000
476 361
J 50 .000
—
Balance, surplus, for
years
war
fund
15,000
$582,290
ending Sept. 30--.
Previous surplus carried forward
$2,264,586
2.397,273
Total profit and loss surplus Sept. 30
.*In2lides
in
,
$2,979,563
132.687
$2,397,273
1915-16 contracts for high explosive shells from English
In 1916-17 no such contracts have been obtained (see text
above).
"
-
BALANCE
1917.
SEPT.
SHEET
30.
1916.
1917.
1916.
'
Assets—
Liabilities—
S
Real estate, plant,
6,434.6301
equipment
Good-will
6,344,412
1,070,492
502,640
1,385,143
1,178,208
24,855
materials,
American Light & Traction Co., New
16,610
charges.
Investments—
Other Investments
Cash
8
.
602.000
f. bonds (Car¬
Pres.
says
5.000
1,231,143
1,005,073
10,435,033
9.060.1S8
Common
Balance,
:
is still passing through a period of high operating costs—
Erevalent in all lines of business. It ispurchases show recessions from the
felt, however, that material costs
reached their maximum.
Recent
ave
high point.
160 000
the midwinter season
Accts.
629.535
404,230
the largest in our
payable
*67,750
dlv.Nov.
15
120.000
10,500
Replace' ts,
359
&c.
Insurance. &c—
061\
The period of high mater al costs for this company began in
of 1916-17.
The increase in gross business is much
history, and with one exception the net earnings for the
year ending Sept. 30 1917 were larger than for any corresponding period.
While the war revenue b II. as finally passed, is not as favorable to your
company as
the Senate bill originally drafted, still it Is not so drastic in its
handicap on earnings, as to imperil dividends.
The increase in the normal
the so-called excess profits provision, do not apply to your company;
611,424
tax and
1447184
203,700/
2.979,563
2.397.274
Total
10,435.033
9.060.188
"Bills payable" has since been paid. Compare V. 104,p.
▼ .105, p. 74.
x
Pref.Div.
Alanson P. Lathrop, N. Y., in circular of Nov. 1,
342 000
Exc. prof.&c.,tax
10 000
Net
in substance:
140 000
Accrued Interest..
Reserves—
267.750
Other
1915-16.
324.000
Surplus
Total
Earns.from
Sub. Cos.
Income.
Profits.
(6%).
Dividend.
Surplus.
1916-17.$4,577,348 $820,604 $5,028,779 $851,172 $1,939,362 $2,235,245
1915-16. 5.184.616
573.076
5.557.933
851.172
1,757,993
2,945.768
There were also deducted stock dividends on the common stock amounting
to $1,939,363 in the year ending Sept. 30 1917, against $1,757,992 in
1915-16, leaving a balance of $295,882 in 1916-17, against $1,187,776 in
Real estate mtges.
Com.
19.205
Iron
Mfg.
Co
3,000.000
York .—Earnings
Tax.—
Sept.60.
The eompan\
Bills payable
U .S. Liberty bds.
Steel
3,000.000
It
Dividends Declared—Excess Profits
—Usual
bon Steel Co.I.¬
(at cost)
&
1,500 00(1
(Carbon Ir. Co.)
5%
mill supplies,<fcc.
Kittanning
500 000
J.' 1.500 000
1st & 2d M. bonds
receivable
Deferred
S
500 000
Common stock...
-
Accounts and bills
Raw
$
1st pref. stock
2d pref. stock
Dismantle.—
pany's request for permission to dismantle and dispose of the property.
is claimed the road is being operated at a loss.— V. 105. p. 289.
Yr.end.
Government.
& Jacksonville Ry.—Plan to
The Illinois P. U. Commission will on Nov. 5 hold a hearing on the com¬
„
Contribution to American Red Cross
RAILROADS, INCLUDING ELECTRIC ROADS.
Alton
166. 259.—
holding companies being exempt from these particular provisions.
The
subsidiary companies will all be subject to the increase in the normal tax,
but only four will be subject to the excess profits tax.
These taxes, how¬
ever, have been, to a large extent, taken care of by anticipatory charges
made during the current year, on the basis of the Act of March 191 7. which
provided for a tax of H% on all incomes in excess of 8% on invested capital.
It is difficult to compare earnings at present by quarterly periods, due to
the enactment oI new
adjustments required to meet the changes caused by
Nov. 3 1917.]
CHRONICLE
THE
laws.
In adjusting charges in conformity with the law as it exists
to-day.
we find that the third
quarter of 1917 shows improvement over the second
quarter, and the fourth quarter should show even more of an improvement.
Chicago Rock Island & Pacific Ry.—Bonds—Wages.—
This company's application for
authority to issue $1,000,000 General
Mtge. 4% bond* and $1,148,200 of its First & Refunding bonds came
up for
hearing before the Illinois P. U. Commission on Oct. 30, but was
postponed
For the year ended Sept. 30 1917 net earnings show a decrease of
$529,153.
against an increase of $1,423,400 in cost of material, labor and taxes, as
follows- For coal and oil, $607,700; for labor, $262,400; and for
taxes,
until
above period is
The directors
company's lines, in response to de¬
advanced, making a monthly increase of
$17,000.
The hours per day and days per month were reduced.—V.
105,
1617, 1522.
business of the subsidiary companies for the
$2,077,300.
p.
on Oct. 2 declared the regular quarterly cash dividend of
1H% on the pref. stock: a quarterly cash dividend of 2Yi% on common
stock, and a stock dividend to holders of common stock at the rate of 2 H
ahares of
common
all pavable Nov.
stock
Cincinnati Bluffton &
Atlanta & St. Andrews Bay Ry.—•New Control.<—
Cincinnati Dayton &
It is reported that President Asa G. Candler has disposed of his interests
this company and has resigned his office; R. A. McTyer, Gen.
Mgr.;
Walter T. Candler, Tress., and Walter White; Sec., have also severed their
connection with the company.
•
shippers along the line, assurances having been given that the
purchaser
the entire line from Dayton to -Mandate about 107 miles.
The
Delphos and Mandale about 11 miles has been owned
by the
Cincinnati Findlay & Port Wayne Ry., which was also
part of the old O.
will operate
Baltimore & Ohio RR.—Fire at Baltimore.-
line between
This company's piers
Nos. 8 and 9 at Baltimore, Md., were practically
destroyed by fire on the night of Oct. 30, causing a loss which is unofficially
estimated at $4,000,000. based upon the original cost of the piers and the
materials awaiting shipment.
The piers and contents, it is stated, were
practically covered by insurance carried by the railroad.
Extracts
from
Statement
by
Vice-Pres.
A.
W,
Thompson,
Oct.
H.& D. system—See C.
Cincinnati
say
just
now
what
we
will do
1916-17.
Other income
L.
V.
A.
Ramsey has been made Secretary to succeed. Edwin Wagner.—
104. p. 255.
Boise (Idaho) RR,, Ltd.—Cancelation of Bonis.—
Holders of the First Mtge. 5% Sinking Fund gold bonds (the GermanPhila. Trustee) of (his company (predecessor of the present
Boise Rij.y, ordered to present their bonds for final cancelation, indorsement
pro rata payment of amounts distributed as proceeds from the sale
of said pronerty, had and confirmed under foreclosure decree and
proceed¬
ings, on or before Nov. 10 1917 to H. E. Dalton, Special Master at Boise,
Boston
on
Elevated
record shows:
Dividends—
!
Per cent
—i—
'9$. '99. '00. '01. '02-'13. '14. '15. '16. '17
4H 5H 6 y'ly
5 *5H
5
3H
2X
The "Boston News Bureau"
of Oct. 30 says: "It has been evident for
rapidly approaching when the $23.8(9.000
The company for 1917 may show 4%
earned for the shares.
Of this 3 M % "Will have been distributed
during the
fiscal period ending Dec. 31.
"The influences grinding this property down have been at work con¬
tinuously for 10 years.
The reduction below the full 6% in 1914 was a
warning of what was coming;
Boston Elevated paying no dividends, is in
a condition where one of two things must
happen.
Either the State must
take over the property, paying stockholders a
price tjiat certainly will not
work out at less than $1-25 per share, or else the road must be
given an
opportunity to earn money enough to rehabilitate its credit.
Its credit
has declined to a point to-day where it obviously can sell no securities of
any kind except at a ruinous discount.
"If the public authorities of Massachusetts have
any intelligence for
measuring or comprehending financial facts, one of the first jobs they tackle
should be the Boston Elevated problem."—V. 105, p. 1417, 908.
.
fully
a
year
that the time
stock would receive
no
was
dividends.
1916-17,
.
1915-16.
$
$
211,981
178.611
615,922
Interest charges.
621.810
Pref. divs. (6%) 1,073,850
Bal.,
993.035
surplus. 1,301,473
1,638,725
t
Light Co. below.
Bethel (Conn.) St. Ry.;—Receivership.—
Judge L. F. Burpee in the Superior Court at Lanbury, Conn., on Oct. 30
appointed Judge James E. Walsh, of Greenwich, receiver of the company
on
application by Albert H. Flint, of New York, alleging that the payment
of a $1,000 note was overdue.—V. 105,
p. 1208.
Denver & Rio Grande RR.—-New
Nov. 1 elected
Officers.—The directors
tl,ie following officers:
1
E. L. Brown, Denver, re-elected President; James Russell, Vice-Presi¬
dent, Denver; Finley J. Shepard, Vice-President, New York: R. F. Watkins, Treasurer, succeeding Thomas II. Marshall, who was made As¬
sistant Treasurer, both of Denver: J. P. Howland was re-elected
Secretary
and Assistant Treasurer. New York.-j-V. 105, p. 1617,1522.
Das Moinss Union Ry.—Payment
of Bonds.—
Holders of this company's bonds, due Nov. 1, were
requested to present
same at maturity at the Central Trust
Co., N. Y., to receive money
the
due thereon.—V. 86, p. 337;
V. 102.
Empire State RR. Corp.,
Oct. 29 decided to omit
Co.—Earnings.—
;
3,426,293
Danbury &
18).
Ry.—Dividend Omitted.—The direc¬
the'regular quarterly divi¬
dend usually declared at this time.
The annual dividend
tors
Div.
Community Traction Co.—To Operate Toledo Lines.—
and
105, p.
544,923
See Toledo Railways &
town Trust Co.
Idaho.—V
707,256
with
Secretary.—
1915-16.
Total income_3,209.113
105, p. 1103, 606.
that
Bartlesvilie (Okla.) Interurban Ry.—New
Ry .—Delphos
—V.
v
-
Dayton
Sept. 30 Year—
$
$
Earns, (sub.cos.)2,501,857 2,881,370 Exp., taxes, &c.
pier No. 9.
We may rebuild on the present foundations or build on new
foundations in order to secure a wider waterway.
It may be possible we
will decide to rebuild No. 7 instead of pier No. 9.
These matters, however,
wiil develop quickly.
Reports from bur police department indica+e beyond question of doubt
the fire was of incendiary origin, as there were five explosions at one
time.
[The fire destroyed 150 carloads of flour and much other miscel¬
laneous freight, and also wrecked'the British steamer Kerry Range, valued
with cargo at $1,500,000.1—V. 105, p. 1203. 908.
&
Commonwealth Power, Ry. & Light
pier No. 6, which is completed, will more than offset the loss of pier No. 9.
We have arranged to put up temporary buildings at various places in the
terminal to handle the business.
We may have to rent, for a time, some
other pier in the neighborhood, and the city has kindly offered to help us
out with the loan of a pier, as has also the Merchants & Miners' Go.
Pier No. 8 will be rebuilt immediately.
The material was ordered by
I cannot
II. & D. in V. 104, p. 2451, 2641; V.
105,p.389.
Hamilton
See Cincinnati Hamilton & Chicago Ry. above.— V.
105, p. 908, 715.
31.
The destruction of piers Nos. 8 and 9 will not stop our business at Locust
Point and we will go righ^ on receiving freight for export as usual at the
Point.
We practically have lost only one-half of pier No. 8. and the new
telegraph before daylight.
Chicago Ry.—Sale Confirmed.—
This property recently the Delphos Division of the
old O. H. & D. road
has been b.d in at foreclosure sale under the 1st
mtge. of 1892 at the upset
price $275,000 by Herbert Shaffer representing John
Ringli tg, and the. sale
has been confirmed
by the court.
The line extends from
Dayton to
Delphos, Ohio, 94.9 miles.
No opposition to the sale Was presented
by
The road, it is stated, is now on a sub-tan-,
new President, having taken office
financial basis.
Ben Steele is the
Nov. 1.—V. 101. p. 526.
on
to Dismantle
Kansas
in
tial
Chicago RR.—Plan
Herman Sonken. President of the Sonken-Galamba
Iron & Metal Co. of
City, Mo., which recently purchased this
property at receiver's
sale for $310,000. is quoted as
saying that the road will be dismantled at
once and the materials sold.
Compare V. 105, p. 1309.
every-100 shares of common stock outstanding;
1 1917 to stockholders of record Oct. 10 1917.—V. 105,
on
1211, 500.
p.
later date not set.
a
The wages of the telegraphers on this
mands for an increase, have been
$553,300.
The total increase in gross
1801
p.
1346.
Syracuse.—Successor.—
This company was incorporated in New York State on Oct. 29
with
$3,750,000 (par $100) to take over the property of the Empire United Rys.,
Inc., recently sold under foreclosure per plan in V. 104, p. 863; V. 105,
p. 909.
The authorized stock is divided as follows: $1,000,000 6% cum,
pref. A stock; $1,250,000 6% non-cum. pref. B stock; and $1,500,000
common stock.
The new company takes over, subject to their
outstanding
bond issues of $2,500,000 and $250,000, respectively, the
Syracuse Lakeshore & Northern and Auburn & Northern divisions.
The Rochester Syra¬
cuse & Eastern has been separately reorganized as the Rochester 8c
Syracuse
RR., Inc. (see below; also plan In V. 10 t, p. 2119).
The directors on Oct. 30 authorized the issuance of $500,000
3-year 6%
notes, dated Nov. 1 1917, due Nov. 1 1920.
Int. payable M. & N. at the
Equitable Trust Co., N. Y.
Denom. $1 „000.
Of this Issue, $350,000 were
sold to the reorganization managers to be disposed of.
The only bonds are
the two old issues above mentioned.
:
Directors.—11. S.
Holden, William Nottingham, Ilarral S. Tenney,
Frank R. Ford, Joshua Bachman, Charles E. Hotchkiss,
Harry J. Clark,
Jabez C. Nelson, Thos. H. Meachem and Walter 11. Lippincott.
Empire United Railways.—New Company.—
See Empire State
Railroad Corp. above.—V. 105,
p.
909.
Evansvill© & Indianapolis RR.—Fare Increase Decision.
Judge A. B. Anderson of the Federal District Court of Indianapolis on
24 granted Receiver William Kappas authority to increase
passenger
freight rates and also switching charges.
A local newspaper says:
"The order sought by Mr Kappes, and which was granted, in effect, asked
the Court for instruction to violate the 2-cent passenger law and
subject
himself to prosecution by State officials.
In case of prosecution of the
receiver the Federal Court must enforce Its own order by an Injunction
against the State's action.
In that event the law would be attacked as to
its constitutionality and a hearing testing the State law would be held
before three Federal Judges."—V. 105, p. 1419, 1309.
Oct.
and
Bristol
(Tenn.)
Traction
Co.—Service
Abandoned.—
This property, recently sold at receiver's sale for
$70,000. has ceased
operating and it Ls reported that the cars, tracks and other equipment will
be disposed of.
The lldlston Valley line, it Ls said, will, however, continue
to be operated.
It is anticipated that a jitney automob.le service will
replace the-railway for (city and suburban transportation of passengers.
—V. 105, p. 1206.
Erooklyn Rapid Transit Co —Appeal Denied
Grand
—
The Appelate Division of the Supreme Court of New York on Oct. 27
handed down, without comment, a decision denying the
company's appeal
from the order of the P. S. Commission to furnish 250 additional cars for
use on the surface lines.
Employment of Women.—
This company
in order to
fill
vacancies
among
subway
guards,
caused by the war, has undertaken the employment of women to fill such
vacancies.—V. 1.05* p. 1707, 1616.
•
•
Canadian Northern Ry.—No Income Interest.—The di¬
announce that the
earnings for the
rectors
half-year ended
June 30 1917
are
interest to be
payable
.insufficient to enable them to declare any
on the 5% Income Charge Convertible
Debenture stock on Nov. 2.
No distribution was made
last year.
'
'
t
•
Refunding.—The $1,750,000 1-year (Terminal) notes dated
Sept. 1 1916, biought out by Wm. A. Read & Co., N. Y.,
have been
paid off and
issued to refund the
The
old'notes
were
a new
issue of short-term
notes
same.
*
£511,000 bonds of the Mt. Royal Tunne
& Terminal Co., whose property was described in the
"Railway Age Ga"
zette" of May 11 1917.
See also V. 105, p. 1209.— V. 105. p. 1522, 1616.
Central
Argentine Ry., Ltd.—Strike, Settled.—
Settlement of the strike on the Argentine
railways has been effected, but
although the strikers have returned to work they have notified Pres. lrig
oyen of their dissatisfaction with the 10% wage advance.— V.
105, p. 1418,
605.
Whether the notes
loan
Ohio.—V.
105, p.
1418,
Vice-President with headquarters
1208.
or
an
not made
Issue.—Holders of
are
receiv¬
being taken
are
up
with
money
obtained from
a
new
extension of the old loan, or with funds from other sources, Is
public.
Equipment- Notes Series "D."—Blair & Co. and the Equi¬
Co., each of N. Y., in August last offered, at
prices ranging from 100 and int. to 92.56 and int., yielding
from 5% to 6%, according to maturity, $2,500,000 Equip¬
ment notes, Series "D," dated Aug. 1 1917, due $125,000
F. & A. 1918 to 1927, inch, but redeemable as a whole at
102)4 and int. on any int. date on 40 days' notice.
Int.
F. & A.
Denom. $l,()00c.
Trustee, the Equitable Trust
table Trust
Co. of N. Y.
These notes
A circular shows:
the direct
obligation of the company and are issued in°
Mikado type super-heater locomotives and 1,000
$3,491,850, the rail¬
way company pays $991,850. or about 28%. in cash, and issues its equip¬
ment notes for the balance, $2,500,000.
The title to the equipment re¬
mains in Blair & Co., as vendors, until ail the notes have been paid.
payment
are
for
40-ton box cars.
15
Of the total cost of this equipment.
Wage Advances.—
This company has
granted increases in the rates of
pay
and
for its engineers
firemen, effective Oct. 1 last.
The new schedules will
500.000 yearly to the company's pay-roll.—V. 105, p. 1708,
Chesapeake & Ohio Ry.—New Vice-President.—
M. J. Gaples has been made resident
at Columbus,
Ry.—Maturing Note
ing cash for the principal of their note3 at the Bankers
Trust Co., N. Y. Blair & Co., N. Y., who placed the issue
are paying the coupons.
part
secured by
Trunk
the $4,000,000 5% notes of 1915 due Nov. 1 19.17
add
about
1522.
Hocking Valley Ry.—New 2d Track Construction.—
A press report states that this company has authorized construction of
second track at an estimated cost of $1,300,000 as follows: Between Dela¬
and Marion, O., 21 miles- Crawford and Gary, 2 miles, and Le Moyne
Cummings, 4 miles.— V. 105, p. 99/', 909.
ware
Chicago Milwaukee & St. Paul Ry .—New Gen. Mgr.—
and
James T. Gillick has been appointed Gen.
Mgr. to succeed P. C. Hart,
assigned to other duties.
Macy Nicholson, formerly connected with the
Great Northern
Ry., has succeeded Mr. Gillick as Asst. Gen. Mgr.—V.
105. p.
Chicago Railways Co.—New Director.—
H.
Hudson Companies.—Note Issue.—
See
1617,1308.
H.
Hettler has been elected
resigned.—V. 105, p. 1208, 1103-
a
director to succeed Edward S.
Hunter,
Greeley-Hudson Securities Corp. under "Ind." below.—V.105,p.l208.
Illinois Central
RR.—Additional Bonds.—
Illinois P. U. Commission has authorized the company to issue:
$6,360,000 4% Refunding Mtge. bonds due in 1955 to take up short
term indebtedness, making $47,100,000 outstanding; and (.6) $8,206,100
The
(a)
of the Illinois Central and Chicago St.
to pay
Interstate
Railroad
p.
1708, 1617.
will
(of Va.).-"Earnings.—
obliged to sell the Boston & Maine and other securities which I believe it
should retain, and which I believe with intelligent handling could be
retained by getting the court and the Commission to modify the original
"Railway & Industrial Section" received
for the year ending June 30 1917:
too late for the October issue, reports
Gross
June 30
Years—
Earnings.
1916-17-—
1915-16.
.$413,806
308,422
1045.
—-
—-V. 104, p.
Net, after
Other
Taxes.
Income.
$91,492
$115,245
66,338
103,992
decree
Balance,
Surplus.
$14,609
25,215
Interest, Dividend
Rents Ac,
Paid.
§100,369
§91,758
66,353
45,593
Jamestown Westfield & Northwestern RR .—Bonds.—
recently applied to the New York P. S. Commission for
.
The city authorities at Laurel, Miss., have rejected this company's pe¬
tition for an advance in the rates for city fares to 6 cents.;—V. 104, p. 452.
Lehigh Valley Transit Co.—Exchange of Stock.—
The New Jersey P. U.
and if the company
Is granted, will
$8,000,000 to $12,000,000 men¬
the pref, stock from $2,500,000
1917.—V.
—
Light & Power Co.—New Plant.—
have been awarded a contract
station.—V. 105, p. 998, 909.
Pacific Gas & Elec. Co.,
—Month
a
Gross
that sleeping-car trains
Mexico City and vera Cruz, and
announces
now running
that the regular
a
9,293,699
8,039,234
pref. stks.
$5,777,271
$3,206,070
1,112,426
$6,081,734
$3,040,270
1,035,911
$142,203
$164,780
$1,458,775
$2,005,553
accr. on
Pere
Marquette Ry —Earnings for September and
ending Sept. 30 1917.—
September. 6 Mos.'17.
Ry. & Light Co.—Earnings.—Bertron,
Griscom & Co. report foi* the 9 months ending Sept. 30:
Gross
Net (after
Misc.
Bd., Ac., Renew.A xBalance
Sept. 30.
Earnings.
Taxes).
Deduces. Interest. Replace'ts. Surplus.
1917——.$5,752,366 $2,094,591 $31,813 $1,406,699 $163,703 $492,376
1916
5,327,217
2,045,299
52,786
1,364,704
174,822
452,987
x This amount before distribution subject to a deduction of $16,667 per
month beginning June 1 1916 and ending June 1 1918, as an additional
reserve for repairs, maintenance and renewals and replacements.—V. 105,
p. 819T, 499.
9 Mos. end.
Bonds.—Arrangements
The lien and priority of the mortgage securing these bonds will remain
unimpaired and unchanged.
The present holders are privileged to extend their bonds at par in accord¬
ance with the above, and, upon presentation thereof at the office of Drexel
& Co., Phila., on or after Dec. 1 1917, new coupon sheets and extension
After having covered
Orleans
of
with interest at 5% per annum,
payable quarterly (Q.-J.), the company reserving, however,
the right to redeem the said extended bonds at 105 and int.
oh Jan. 1 1923, or at any subsequent interest period.
The
entire capital stock ($1,500,000) is owned by the Reading
Company.
Pres. Agnew T. Dice in circular of Oct. 17, says:
can
Monongahela River will, it is estimated, cost about $2,000,000, including
equipment and transmission lines, connecting it with Fairmont, Clarks.burg and vicinity.
Initial installation to be 20,000 k.w.; ultimate 75,000
to 100,000.—V. 105, p. 1522; 1209.
RR.—Extension
Jan. 1 1918, to Jan. 1 1938,
com¬
Monongahela Valley Traction Co.—Plant Capacity, &c.
6 Mos.'17.
$184,530 $1,235,229
140,820
844,268
186,667
$267,189 $1,807,915
have been made to extend the $797,100 First Series and also
the $1,125,000 Second Series 5% mortgage bonds maturing
connec¬
The company's new steam power plant of concrete, brick and steel con¬
struction to be located about 5 miles north of Fairmont, W. Va., on the
Six
.
Perkiomen
tion with the inspection of the company's lines by certain
.State Commissions and the I.-S. C. Commission follow a reasonable atti¬
September.
Oper. revenue.Sl ,989,293112,117,088 Taxes,&c.,chgs
earnings.
$579,907 $3,998,885 Int. accruals.
Other income.
12,632
75,194 Prior pref.div.
Gross inc..
$592,539 $4,074,079
Bal.,surp_.
—V. 105, p. 1420. 1310.
1617, 1420.
tude in the question of rates in the immediate future, which, with a marked
-change in public sentiment, appears a reasonable expectancy.—V. 105,p.
1618, 1522.
■
Net
Due May 1 1942
Due Nov. 1 1951
about 3,000 miles of the 7,300 of the system, we
unqualifiedly express admiration for the management ana physical
condition of the property.
The high state of efficiency of equipment has
contributed greatly in keeping down "conducting {transportation" costs,
the receiver during one and one-half years of receivership having rebuilt
thousands of freight cars.
Another gratifying feature is Increasing good¬
will of people in the different States.
The crops have been good except wheat on western part of the system,
and It is expected this business will be further fortified by very large acre¬
age of new winter wheat which, from present conditions, indicates an in¬
crease of about 25% over last year.
There Is every evidence of prosperity over the whole line, and we believe
all those interested in the property can look forward to the future with*
^confidence.
This confidence cannot rest securely, however, unless the
-
'
Missouri Kansas & Texas Ry .—Payment-of May 1 Cou¬
pon.—Receiver Charles E. Schaff gives notice that coupons
ror interest matured May 1 1917 on the following bonds will
be paid at the office of Agent for Receiver, 61 Broadway,
N. Y. City, on and after Oct. 29 1917:
New
966,212
$618,380
$336,273
117,327
Months
The Wisconsin RR. Commission has granted this company increases
averaging 22% in the rates for steam heat and electrical energy to large
105, p. 1309.
directors, Harry Bronner, Chairman of the finance
mittee, is quoted as follows in substance:
$1,584,592 $15,070,970 $14,120,968
$627,379
$361,239
123,937
Ry. & Light Co.—Rate Increases.—
RR.—Inspection Report.—In
$1,737,886
$261,628 for 9 months 1916.
b Includes proportion ($9,802 for Sept.
1917 and $88,221 for 9 mqnths to Sept. 30 1917) of additional income
tax of 4% on net income for year 1917
estimated at $117,628.—V. 105,
p. 1618, 1523.
decree
If this is granted the line, it is stated, will either be sold or
Pacific
.
Includes $25,799 in dispute on account of rate litigation in Sept. 1917,
against $27,750 in Sept. 1916 and $246,962 for 9 months 1917, against
consumers.—V.
Missouri
1916.
a
junked.
The high cost or coal, motor travel, motor-truck freight hauling,
due to good roads, are given as the causes of the action.
(V. 96, p. 1489.)
—V. 105, p.
1917.
Balance, surplus—-
Mexico (Mo.) & Santa Fe Ry.—Dissolution.—
Missouri Kansas & Oklahoma RR. First Mtge. 5s
Boonville Railroad Bridge-Co. First Mtge. 4% bonds
1916.
$1,563,418 $14,677,224 $13,791,628
393,746
329,340
21,174
1,110,506
Divs.
are
The directors voted Oct. 22 to ask the Audrain Circuit Court for
Milwaukee Electric
—
Int. & amort, of disc't—
Pullman service will shortly be resumed between San Antonio, Tex., and
Mexico City.—V. 105, p. 290, 73.
of dissolution.
income—..
Net income
Ry.—Sleeping Car Service Resumed.—
company
San Francisco.—Earnings.—
$1,696,829
income
b Oper. exp. and taxes..
advised that the $1,500,000 2-year collateral 6% gold notes, due
1917, have been paid off, and will be replaced by a new issue of
notes, the details of which will be given later.-—v. 103, p. 666.
This
6% First Mtge.
41,057
Gross revenue.-..-—
Other
are
regularly between
new
of September—- —9 Mos. end. Sept. 30—
1917.
1
Mexican
Co./N. Y., for the
20-year bonds dated Nov. 11917, the company having elected
to exercise its option to convert the notes in this manner.
The bankers handling the matter are E. H. Rollins & Sons,
N. Y., &c., and Brooks & Co., Scranton, Pa,
Details of
the new issue will be cited at a later date.—V. 105, p. 607.
Memphis Street Ry.—Notes Paid Off.—
We
be used in payment of improvements made in 1916 and
998.
p.
at the Bankers Trust
2He. a mile for mileage books and to 2Mc. for one-way
(The) Manila RR.—Extension of Time.—Holders of this
company's (Southern lines) 1st Mtge. 4% gold bonds are
notified that the time within which deposit for extension
till May 1 1959, with an increase in sinking fund contribu¬
tions, under the supplemental' indenture of July 1 1916,
has been extended to Nov-. 1 1918. See V. 104, p. 1801.
Nov.
105,
$15,000,000 Mtge.—
company's $1,750,000 6% mtge. notes, dated Nov. 1
1914 and due Nov. 1 1917, are now being exchanged, $ for $,
Whitcomb & Kavanaugh, Boston, Mass.,
.
1384.
Ohio Service Co.—Refunding—New
105, p. 1617, 1316.
Manchester Trac.',
p.
This
The Maine P. TJ. Commission has authorized this company to Increase
for the construction of a new power
the contract.—V. 94,
Northern Ohio Traction & Light Co.—New Securities.
This company has applied to the Ohio P. TJ. Commission for authority
to issue $1,532,000 First Mtge. 5% bonds at 85 and $500,000 pref. stock
to be sold at par.
Proceeds of the new securities, if authority for issuance
$3,500,000 and the common from $5,500,000 to $8,500,000.
The shareholders of both companies will vote Nov. 27 on ratifying the
increase in stock and dissolution of traction co.—V. 105, p. 1708, 1419.
tickets.—V.
has agreed to charge no more than 5 cents, any effort
to increase fare would violate
to
passenger rates to
Commission has denied this company's application
for authority to increase rates from 5 to 6 cents.
The Commission held
that the franchise of the company is a contract between city and company,
&c.—
Maine Central RE .—Rate Increase
ever
Northampton Eastern & Washington Trac.Co.—Fares.
A Philadelphia paper says: "There was a sale of 10 shares of this com¬
pany's stock on Oct. 30 at 38, off 3 points from the last previous sale on
Oct. 17.
The high price this year was 46 on July 21.
Holders of the pref. and com. stocks no longer have the privilege of
exchanging at the rate of $48 and $28 per share for cash or for notes of the
new Lehigh Power Securities Corp.
and there is small demand for the
stocks.
Only about 20% of the pref; Issue remains in the hands of the
public, nearly 80% having been deposited under the agreement.—V. 105,
p. 1617, 606.
Louisville Ry.—Stock Increase,
r.
against the policy of surrender.
In fact, I don't think the company
have surrendered.
I am sure it was only fear that prompted
the old directors to give up.
The directors had little to lose by surrendering
the New Haven stockholders' rights in the Boston & Maine, and they had
much to gain by getting a clear bill.
Since then things have changed.
Government officials look differently
upon these matters and so does the public.
In fact, there is a strong feeling
on the part of the Government that the operation of railroads as a unit is
distinctly for the national welfare.
With this in mind, I feel that we should exert our energy in an effort to
retain the Boston & Maine and other important holdings that would be of
value to the New Haven, and I hope that pref. stock will not be issued on
the basis of compeliing the surrender or sale cf any securities held by the
company in order to redeem the pref. shares.—V; 105, p. 1708, 1420.
This company
Laurel (Miss.) Light & Ry.—Rate Advance Denied.—
,
I am
should
authority.to execute a mortgage of $5,000,000 and to issue $1,000,000
5% 30-year gold bonds.—V. 100, p. 2167.
The enlargement in capital stock from
tioned last week (page 1708) will increase
[Vol. 105.
I have no intention of obstructing or impeding the financing of New
Haven notes by the issuing of pref. stock, but I do hope that the directors
see the wisdom of not tieing the company down so that it may be
Louis & New Orleans RR. 5% bonds
made.-—V. 105,
for improvements already
The revised statement for the
.
CHRONICLE
THE
1802
contracts will
be attached and the bonds returned to the holders.
The
extended bonds may be made full registered at any time.
Any holders not desiring to avail themselves of the privilege of extending
the office
their bonds may receive the principal thereof upon presentation at
of Drexel & Co., Philadelphia, on and after Jan. 1 1918.
•
Kindly detach and forward to George Ziegler, Sec. Perkiomen RR. Co.,
Reading Terminal, Phila., Pa., the attached form stating the amount of
bonds held by you and whether or not you desire to have them extended.—
[Both series of bonds were guaranteed by the former Phila. & Reading
RR., but the guaranty lapsed with the foreclosure sale of that company's
property in 1896.
It was not thought necessary for the new Reading
Company to assume the guaranty.—Ed.]
«
Philadelphia Co., Pittsburgh, Pa —Sub. Co. Fare.—
See Pittsburgh & Beaver Street
Ry. below.—V. 105, p. 1709, 1618.
Pittsburgh & Beaver Street Ry.—Fare Increase.—
This company, all of whose $235,000 (par $50) capital stock is owned
by the Philadelphia Co., on Oct. 6 last put into effect a six-cent fare on its
lines, which operate in and between Baden, Beaver County, and Leetsdale,.
Allegheny County, Pa., 14.99 miles.-—V. 87, p. 347.
Pittsburgh & West Virginia Ry.—Dividend
—
quarterly dividend of 1M % has been declared on the
pref. stock,
payable Dec. 1 to holders of record Nov. 5.
In Sept. last an initial quar¬
terly dividend of 1H% was paid.
A
Change in Annual Meeting.—
Stockholders will vote
meeting to the first
Nov. 20 on changing the date of the annual
Monday in May.—V. 105,
Rates.—Government
Tax
on
p.
1618, 607.
Rail Charges.—
Effective on and from Nov. 1, an additional 8% on passenger
tickets and
3% on freight will be charged by the railroads, to be turned over to the
Government, acting under the new War Tax Law.—V. 105, p. 1709,1618.
New York Central RR.—West Side Matters.—
The "Engineering News-Record" of Oct. 25 contains an editorial regard¬
ing the West Side (N. Y. City) improvement problem and in another
column presents the general features of the city s new proposals for the
solution of the difficulty.—V. 105, p. 1618, 1309.
New York
New
Haven
& Hartford
Richmond & Rappahannock River Ry.—Receiver.—
appointed receiver of the company
application of E. R. F. Wells, trustee, for the 1st Mtge. bonds, the in¬
on which is in default.
Bonds auth. $500,000; outstanding June
30 1916 $458,000.
The road operates between Richmond, Va., and
Pamunkey, 16 miles.—V. 101, p. 449.
Pres. Thomas B. Love was on Oct. 25
RR.—Pref.
Plan—Importance of Retaining Control of Boston
RR.—N. L. Amster, Boston, is quoted as saying:
Reading Company.- -Extension of Bonds.See Perkiomen RR. above.- -V. 105, p. 1210.
&
Stock
Maine
on
terest
Nov. 3
1917.]
THE
Rochester Syracuse & Eastern RR.—
deposited Bonds.—
CHRONICLE
This
According to the report of receiver Allen filed with Justice Hubbs in the
Supreme Court, at Syracuse, N. Y., it is said the bondholders who failed
to deposit their bonds with the protective committee will receive about
$305 per $1.000 bonds.—V. 105, p. 1210.
Rochester & Syracuse Ry., Inc.—New
Mortgage.—This
incorporated in September last (V. 105, p. 1210)
as successor of the Rochester Syracuse & Eastern Ry., for¬
mally took over the property on Oct. 31 and has executed
a $5,000,000 mortgage to the Trust & Deposit Co. of Onon¬
daga.
See plan in V. 104, p. 2642, 2119.—V. 105, p. 1310.
company,
St. Joseph South Bend & Southern RR.—Death of Pres.
Moses L.
Scudder, President, died
on
Union Street Ry.—New Power House.
of Un-
...
United Railroads of San
Benditures for additions and betterments from July 1 1915 to Aug. 31 1917.
eing in addition to $139,193 authorized by decision of the Commission
dated Aug. 29 1915.—V. 105, p. 1618, 1523.
United Rys. Co. St.
Nov. 1 this company announces a flat
wage advance of one
per hour for its 3,000 motormen and conductors except in the case
of first year men who will receive an advance from 24 cents
per hour to
26 cents.
Pres
McCulloch states that the
wage advance will mean an
increase of $130,000 per annum to the payroll.—V. 105,
p. 1618, 1523.
1919. for definitive certificates.
Passenger Service.—
on
p.
■
Begun.—
has been incorporated under the laws of Ohio, with an
capital stock of $4,500,000, as a merger of the Stetbenvilie &
East Liverpool Ry. &. Light Co., the East Liverpool Traction & LJguting
Co., and the Ohio River Passenger Ry. Co.
For approval of merger, &c.,
see
"Electric Ry." Section, p. 39.
company
authorized
Steubenville & E. Liverpool Ry. & Lt. Co.—Merger.—
See
Steubenville East
Liverpool & Beaver Valley Traction Co. above.
73.
if the
day for
a day
helper^ $3 80 a day for a day foreman, $3 70 for a night helper, and $4
for a night foreman.
Switch tenders now draw $50 a month.—V. 105,
1718.
Waycross (Ga.)
moval Enjoined.—
Street
&
Suburban
Ry.—Track Re¬
: ;
Judge Evans in the Macon (Ga.) courts on Oct. 25 signed a temporary
injunction restraining this company, the Waycross Savings & Trust Co.,
recent purchaser of the property, and the Southern Iron & Equipment
Co.,
from removing the tracks and discontinuing service.
This action was taken
on the petit ion of former Gov. Gilchrist, owner of a park reached by the line.
It Is set out in the petition that the properties were recently sold under
foreclosure to the Waycross Savings & Trust Co. (see V. 104. p 2453) for
$14,000, property estimated to be worth approximately $150,000. and that
the trust company in turn sold it to the Southern Iron & Equipment Co.
It was shown that preparations are being made to take up the tracks and
restore the streets to their former status.
Compare V. 104, p. 2453.
INDUSTRIAL
(Ohio) & Beaver Valley
Co.—Merger Company Incorporated.—
—V. 105. p.
797.
p.
by a referendum vote on a nation-wide strike of switchmen
increase is not granted within 30 days.
The Chicago standard of wages now in force provides for $3 50 a
Steubenville East Liverpool
This
93,
Members of the Switchmen's Union of North America, it is
announced,
will shortly submit demands to the railroads of the United States for
wage
increases amounting to 50%.
The demand for the advance will be fol¬
the Charleston-Savannah extension of this road will
Receiver A. C. Hume, on Oct. 25 began action in the local Federal court
against the City of New York to recover $1,750,000 claimed to be due the
company because of alleged dilatory tactic on the part of city officials in
hampering the completion of the railroad and also because of losses on
account of an alleged failure on the part of the city to carry out a contract,
and further, damages for the "intrinsic value" of the broken contract.
The litigation grows out of the 25-year franchise granted the company
May 20 1909 to operate a surface railroad over the Queem-boro Bridge and
through villages on the south shore of Long Island to a point where Central
Ave. cuts the Nassau County line.
The company went into the hands of
receivers Jan. 21 1911.
Receiver Hume was appointed Dec. 21 1914 to
succeed Paul T. Brady and Willard V. King.—V. 97, p. 445.
Traction
Co.—Subsidiary Co.—Refunding.—•
Wages.—Demand of Switchmen for 50% Increase.—
be inaugurated on Nov. 5.—V. 105, p. 1709, 1310.
South Shore (L. I.) Trac. Co.—Suit vs. City
Service
See Ohio Service Co. above.—V.
lowed
Seaboard Air Line Ry —Definitive Notes.—
The Guaranty,Trust Co., N. Y., gives notice that it is prepared to
exchange the outstanding temporary 2-year 5% gold notes, due Sept. 15
Passenger service
Louis.—Wage Increase.—
Effective
cent
W. N. Neff has been appointed General Manager of the system and Vice-
See that company
Francisco.—Depreciation Fund
The California RR. Comm. has authorized the
company to use $310,807
depreciation fund in order to reimburse the treasury in part for ex-
United
effective Nov. 10, to succeed James Russell,
contemplates the construction of a new 7 story power
Bedford. Mass., to cost about $650,000.—V. 98. p. 525.
of its
Oct. 29.—V. 101, p. 775.
who becomes Vice-Pres. of the Denver & RiO Grande.
below.—V. 105. p. 1420, 998.
company
house at New
St. Louis Southwestern RR.—New General Manager.—
Pres. of the Texas Company,
1803
AND
MISCELLANEOUS.
Acadia Sugar Refining Co., Ltd.,
Halifax.—Reorg.,&c.—
Sec. D. R. Turnbull announces that at an informal meeting of the share¬
holders resident in Canada to be held at the office in Halifax, on Oct.
26,
"the directors will explain the
company's present position and will place
before the meeting certain suggestions which have been made to them:
(1) as to a possible purchase of the company's business; (2) as to a reorgani¬
zation of the company."
The meeting will be asked to appoint a committee
later meeting its recommendation as to the best course to
in the circumstances.
•
company came into difficulties, owing to the destruction by fire
of its plant, although later replaced, with funds received from bank ad¬
vances.
permanent
financing, wp,s
not
possible, also through
recent
competition.—V. 101. p. 2146.
to
report to a
pursue
,
.
This
Texas Midland RR.—Valuation.—
The views of Judge Prouty on the valuation of this company's
property
given at length on page 675 of the "Engineering News-Record" of
Oct. 11 1917.—V. 104, p. 164.
are
Alliance (Ohio)
Railways & Light Co.—Agreement for "Com¬
munity
Ownership" Outlined—An agreement has been
reached between the special Traction Committee of the City
of Toledo and the company, whereby a "community owner¬
ship" system is outlined. The agreement contemplates the
creation of a new company, to be known as the
Community
Traction Co., which will operate under a 25-year franchise,
this franchise providing that at the end of five years the
traction property may be purchased or leased by the city.
After the valuation of the property, the question of enact¬
ing the proposed ordinance will be voted on at a referendum.
The plan, prepared with the personal co-operation of
Henry L. Doherty, is summarized in the "Doherty Daily
News" substantially as follows:
Separate Company.—There Is to be a separation of the street railway
company from the electric and gas properties of the Toledo company.
The traction properties are to be controlled
by the Community Tracion
Co., the capital stock of which is to equal the value of the street railway
properties as determined by valuation.
This stock will be held by five
trustees, and the stock will be voted by them.
In return for its equity
in the Community Traction Co., the Toledo
Rys. & Light Co. is to receive
trust certificates.
(2)
Stock
be sold
Ownership.—The stock of the Community Traction Co. will
public in $10 shares, and may be bought by any one upon
It is further provided that this stock must always
income of 6%. unless this cannot be obtained without increasing
to
the
the installment plan;
yield
an
the fare to
more
company, which went into the hands of a receiver
on charges of using the mails to defraud
in connection with the circulation' of literature regarding the flotation of
the company's stock.
The enterprise, capitalized at $2,500,000, was en¬
gaged in the manufacture of tires for but a brief period, and, it Is under¬
stood, had no financial backing.
■
»'
of the capital stock of the company issued and outstanding,
plus a premium
of 6%.
In addition, the city shall assume all debts and obligations of the
contracted in good faith.
(4) City Lease.—At any time after five years, the city may lease the prop¬
erty of the Community Traction Co. by paying 25% of the purchase price
plus a monthly rental of ^ of 1% on the unpaid balance of the purchase
price.
In order to acquire the property, the city will also have to pay at
company
least
2% annually toward such purchase.
(5) Ertmsv-ns, Ac.—The Toledo Rys. & Light Co. agrees to purchase
within (he first IS months $1,000.000 qf additional stock in the
Community
Traction Co., the proceeds to be used to pay for extensions and better¬
ments
of
during the first rive years.
operation,
maintenance,
Further funds
are
created
to
take
regulating the issu¬
with
of
Equalizing Fund.—The fare established when the ordinance goes into
continue for six months, or until the
company accumulates a
fund of $150,000, after deducting taxes, allowances,
dividends, Ac., known
as the "Equalizing Fund."
The minimum level of this fund will be $100,000 and the maximum $200,000.
At the minimum the company may put
into effect the next higher rate of fate, but if the Council
rejects the In¬
creased fare, the matter must be arbitrated.
When the fund reaches the
maximum, all surplus is to be deposited in the amortization fund (see be¬
low), or the City Council may decrease the rate of fare.
The levels of this
fund are subject to change when the capital stock exceeds $7,500,000.
(8) Amortization Fund.—This is to be similar to a sinking fund
When¬
ever the franchise has only 15 more years to run, wth no
provison for its
renewal made, the
ompany is to pay yearly into this fund not toexceedin
any month more than H of 1% of the capital value, and the total to be
raised during the 15 years is not to be more than 75% of such value.
(9) Supervision.—The City Council is to have supervisory powers in
regard to service.
There are provisions forarbitrating all matters in dis¬
pute, and arbitration is to be enforced by withholding one-sixth of the divi¬
dends until the company complies with the award.
(7)
effect shall
Doherty believes the community plan as outlined
above points the way to a solution of the street railway prob¬
lem in cities, and possibly other public utility problems as
well.—V. 105, p. 910, 291.
Cotton
below.—V.
105, p.
182, 390.
Oil
Co.—Speculation in
Oil Slopped by New York Produce Exchange.—
Cottonseed
,
See issue of Oct. 13, p. 1473.—V. 105, p. 911,608.
-
American International
Corp.—Acquisition.—The fol¬
lowing official notice has been made public:
This corporation has purchased control of G. Amsinck & Co., Inc., and
assume direction and management of the operations of the
will
Mr.
A.
corporation.
Ruperti will remain
as President and director and Dr. Charles A.
Vice-Pres. and director.
The board of directors will be increased
five of whom will represent the American International Corp.
G. Amsinck A Co., Inc., are successors to the old export and import
house of G. Amsinck & Co., which has
developed a very large business with
South and Central America.
The corporation has approximately 5.000
Holder
as
to seven,
trading accounts in South America and Central Arperica, with agents in
every important Latin-American country.
It has been a very important
factor in the development of American trade with Latin America.
The
importance of the company is shown by the fact that its export and Import
business last year amounted to over $36,000,000.
The American Inter¬
national Corp. will use this corporation as a medium for expanding its
rapidly growing commercial business, and will probably extend its opera¬
tions to other parts of the world.—V. 105, p. 1106, 999.
American
Pipe
Mfg.
Co.—Default—Committee.-De¬
fault having been made in the payment of the interest and
sinking fund due Oct. 1 1917 on the Collateral Trust certifi¬
series "A," due Oct. 1 1927, the following committee
invites deposits of said certificates on or before Dec. 15 1917
with the Land Title & Trust Co., Phila., as depositary:
cates
Collateral
Lincoln
&
K.
The
,
Committee.—Claude
Trust
Pass-more
and
R.
M.
A. Simpler,
William H. Haines,
Slinson, with Prichard, Saul, Bayard
Evans, counsel.
company
Construction Co.
changed Its name on Mar. 1 1909 to American Pipe &
See V. 105. p. 1311, 1421, 1619, 1709.—V. 104, p. 166.
American Rolling Mill Co.—Slock
Dividend.—
A press dispatch from Cincinnati on Oct. 27 says that this company has
a stock
dividend of 5% on the common stock, payable Feb. I
declared
to holders of record Jan.
a
Mr.
Power Co.
American
depreciation and renewals.
or
transfers.
The highest fare contemplated is to be a 5-cent fare
free transfer, but this is graduated down to the minimum, which i«
a 5-cent cash fare.
10 tickets for 25 cents, one cent charge for a transfer
with ticket fare, and no rebate.
ance
Tallassee
care
on the Community
company's lines may never
less than 5 cents:
Changes in fare will be made by adjusting
the number of tickets purchasable for 25
cents, and by
over
do. of America, Pittsb.—Sub. Co. Plant.—
Aluminum
See
Fares.—The cash fare
(6)
be
in March last, have been indicted
than 5 cents.
(3) Purchase Provision.—At the end of five years, the city may at any
time purchase the traction properties for an amount equal to the par value
Tire & Rubber Co.—Receivership, &c.
The organizers of this
v
Toledo
American Steel
to
1.—V. 105, p. 1709, 999.
Foundries, N. Y.—Earnings, 9 Months
Sept. 30.—
Net v
Other
Deprec.
Etc.Prof.& Interest.
Balance,
Period—Earnings.. Income.
Charges. Inc.Tares. Sk.Fd.,&c. Surplus.
1917
$6,377,502 $214,915 $808,591 $1,500,000 $597,040 $3,686,786
1916,
2,643.680
87,473
378,066
608,958
1,744,129
—V. 105, p. 1211. 999.
9 Mos.
*
American
Sugar
Refining
Co .—Company
Purchases
100,000 Tons of Louisiana Raw Sugar.—The U. S. Food Ad¬
ministration, in a statement issued Oct. 24 1917, says in brief:
As a result of a two-day
conference between representatives of the
Louisiana sugar producers, headed by lion. John M. Parker, Federal Food
Administrator for Louisiana. George M. Rolph, of the Sugar Division of the
Food Administration, and Earl D. Babst, President of the American Sugar
Refining Co., a contract has been settled between the Louisiana producers
the American Sugar Refining Co. for the sale of 200.000.000 lbs. of
sugar involving $13,000,000.
f
and
Louisiana
Shipping has been engaged, through the efforts of the Transportation
Division of the Food
Administration, for the transport of one-half of this
the Philadelphia. Boston and New York refineries.
The first
should leave Louisiana ndxt week for New York.
The Louisiana producers expressed their satisfaction at the terms settled
upon.
The prices will enable t he refiners to sell sugar at a steadily reducing
sugar
to
cargoes
price, starting from 8.35c. per lb.,
7.25c. about the end of the year.
Eastern seaboard, and
w
reducing
^
-
to
,
CHRONICLE
THE
1804
The retail price of sugar is giving the Food Administration much concern.
The prices from the manufacturers are fixed and the wholesalers will come
Refiners and distributors of sugar are being given
instructions not to supply retailers who are charging exorbitant prices.
AGWT in 1908 to apply substantial parts of its available resources to reduc¬
tions of its capitalization, and that policy is likely to continue.
[As to commandeering of ocean-going vessels and operation of foreign-
under license on Nov. 1.
Organization is being perfected to report to Washington any exorbitant
prices by retailers.
With the refiners' price of sugar at 8.35c., the whole¬
salers' price of standard bulk sugar will be about 8.60c. and freight in the
Northeast, decreasing, as stated above, toward the end of the year.
At the conference Oct. 23, Pres. Earl D.Babst said in part:
In explanation of our anxiety to make such a large purchase, I desire it
to be understood and known that four out of our six refineries are absolutely
built
remaining refining industries of this country.
To-day the refineries be¬
longing to the Warner, Federal, Arbuckle and Savannah sugar refining
companies are closed.
I know that with the exception of the four refineries
that have Hawaiian "raws," all the remaining refineries are about to be
closed.
This means that we, as refiners, are to-day carrying on our pay-roll at
New Orleans, and at these other refining points, our employees and organi¬
zation, with the prospect of having to carry them until Jan. 1 1918 at large
millions of dollars, or else of disbanding those organizations and
throwing those men and their dependents upon their own resources.
I
mention this as showing, and as an earnest of, our sincere desire to buy
Louisiana raw sugar at this time, at any price which the Government will
expense of
alf of us to pay, refining half and in New and distributing it
£ermit it to northern refineries of it refining Orleans and movingon a other
the com¬
petitive basis at any price which will show no loss to us.'
Now, this situation as to the refiners themselves is merely preliminary to
a further
development of the sugar situation.
We sell refined sugar to
eighty different lines of manufactures.
A lot of these lines of manufacture
are going to be affected by this lack of raw sugar and by the closing of these
refineries.
It means, in a progressive procession, the closing down of hun¬
dreds of confectionery, preserving ana other lines of industry.
The American Sugar Refining Co. is now under Government control, as
are all the other sugar refineries in the country, and neither this company
nor any of its officers have ever had anything to do, nor were ever con¬
sulted, in the fixing of the beet price of 7 tic., which has now become the
basic price for the United States.
{Since the season of 1900-01 the Louisiana crop has ranged from 122,768
tons in 1915-16 up to 355,530 tons in 1904-05, the proportion thereof pur¬
chased by the American Sugar Refining Co. having ranged from 10-3%
(22.404 tons) in 1914-15 to 58% (178,764 tons) in 1907-08, closing with
39.1% (106,115 tons) for season of 1916-17.]
Compare also important
statements in V. 105, p. 1585, 1667.—V, 105, p. 1710, 1524.
American Telephone & Telegraph Co.—Balance Sheet.
Assets—
Sept. 30'17. Dec. 31'16.
Associated Cos.'
Stocks
$
$
..485,561,600 452390,926
Bonds ......581,000168,088,355
Notes
87,197,900/
Telephones ......17,806,031 16,779,578
Real estate
509,147
508,400
Furniture A fixt's.
245,831
216,902
Long dis. tel.plant 61,773,340 53,457,978
Employees' stock
purchase plan.. 5,754,451
9,153,950
Spec, dem'd notes
Of sub.,cos
39,528,943 21,520,000
Current aco'tsrec. 17,963,764 15,408,693
Sinking fund bal..
138,301
•„
Temp, cash Invest.
244,400 20,000,000
Demand deposlt8_28,666,868165,237,661
Special deposits..
Sept. 30T7. Dec. 31'16
T/f/77*47lJlp<t~~~«
7,241,692/
©
c
Baldwin
4% conv. bonds, 2,856,000
"
4J4%
4H%
conv.
3,127,000
bds.13,19i5,600 13,890,100
Notes to associ¬
ated cos.....
Divs.pay'le <pald)*7,929,922
Interest A taxes._ 3,327,335
Currentacc'ts pay. 2,740,051
1,982,269
1,700,000
7,912,072
2,783,841
2,177,966
2,000,000
Surplus
84,502,135 79,002,166
Total
....751,213,268 722761,444
Note.—The following coupon
notes of associated companies endorsed
by this company are owned by the public and are not included in the above
""
she
statement in either assets or liabilitii
ies: (1) due Feb. l 1918, $10,954,000;
al, 115,654,000.
(?) due July 1 1920, $4,700,000; total, $
Compare V. 105,
1710, 1619.
_
_
_
new
Bethlehem
Shipbuilding Corp., Ltd.—Merger.—This
under
Corp.
and Moore Shipbuilding Corp., under name of Bethlehem
Shipbuilding Corp., Ltd., with authorized capital stock of
$15,500,000. The Bethlehem Steel Corp. owns the entire
share capital.
See V. 105, p. 1619.
company, incorporated on Oct. 15, has been merged
the laws of Delaware with the Harlan & Hollingsworth
The various plants, to be operated include: Union Plant, San Francisco;
Sparrow's Point Plant, Sparrow's Point, Md.; Harlan's Plant, Wilmington,
Del.; Moore Plant, Elizabeth, N. J.; Fore River Plant, Quincy, Mass.
Officers.—E. G'. Grace, Pres.; H. S. Snyder, H. E. Lewis and J. W.
Powell, Vice-Presidents; B. H. Jones, Sec.; E. B. Hill, Treas.; F. A. Shick
Comp.; W. M. Tobias, Purch. Agt.; J. M. Gross, Traffic Mgr.
Strike at Fore River Shipbuilding Plant.—
Machinists employed at the company's shipbuilding plant at Quincy,
Mass.. went on strike Oct. 31, owing to dissatisfaction with the wage scale
ratings given them by the company.
The men contend that first-class
com
mechanics are classed as helpers
pers.—V. 105, p. 1711, 1619.
Bethlehem
Mortgage Not
Pennsylvania Steel Co. First
Mtge. 5% bonds, due Nov. 1, are being paid off at the Girard
Trust Co., Phila.
No new securities are being issued in
place of them.
An official statement says:
The authorization by the stockholders of the Corporation, at the last
annual meeting, for the creation of a $200,000,000 mortgage was in line
with a plan for the reconstruction of Bethlehem's financial structure and
the funding of all of the numerous small issues of bonds outstanding on the
various Bethlehem properties, including those of the old Pennsylvania Steel
Co. and the Maryland Steel Co. properties.
The mortgage so authorized,
however, has not been executed or any bonds issued under it, nor do we
have at this time any thought of proceeding with the plan as outlined.
Bethlehem
for past
infringements
become
a
licensee
the SeparationCo.
royalty basis.
on
on a
s ore
The^company also produced 3,878,675 lbs. of zinc for the month of
Oct. 1917.—V. 105, p. 1421, 1311.
Arizona Copper Co .—Strike Settlement.—
The President's Labor Commission wires in part as follows- "The strike
in the Clifton-Morenci-Metcalf copper district of Arizona is settled and the
prompt resumption of copper production is assured.
The President's
a settlement which will
open up the
Important mines of the Arizona, Detroit and Shannon Copper companies.
The normal monthly output of this district is about 10,000,000 lbs. of
copMediation Commission has devised
lie requiring a working force of
Ser, since July."—V. 105, p. 718.about 6,000 mem
Atlantic Gulf & West Indies
Regarding Dividend Position
These mines have been
SS. Co.—Official State*
of the Company.—Pres.
Galen L. Stone says:
At the meeting of the directors on Oct. 26, considerable time was devoted
a discussion of the wisdom of
payment of an additional or extra dividend
on the common
shares.
There was a moderate preponderance of sentiment
the directors against such payment, certainly at this particular
on the subject was taken and the matter was not even
formally presented for vote.
It is obvious that from the viewpoint of
conserving the financial strength
bf the corporation there would be no objection to the payment of an extra
dividend of $10 or even $20 per share.
From the shareholder's point of
view, it is equally obvious that, with our present tax laws, the individual
shareholder might have to
give up as much as 50% of his extra in taxes;
The»e and other considerations of
relatively small importance were thor¬
among
time, and no vote
oughly discussed.
^However, the larger view of the question—namely, that
with the employment of its
large
having to do
resources in the future in the extension of
industry of this country and in
situation which will
develop when its ships
meeting the very complex
are returned to the company
/ th© Shipping Board, and after the construction of the
enormous amount
of additional tonnage in all the yards of the
world, which is certain to follow
from the preparations now being made, were the
considerations which in¬
duced the directors to refrain from taking action at this time
Since Oct. 15 the operating subsidiaries of the Atlantic
Gulf & West Indies
lines are, of course, acting as agents for the
Shipping Board.
It cannot be
expected that these companies will earn as much under the
requisition rates
established by the Shipping Board as they have been
earning during the
recent months.
In fact, it would be
unreasonable, perhaps, to
expect
affected, with the
? extent that these shipping companies
public interest,
are
should make for any period of long dura¬
tion
turnings at the rate of about $1,500,000 per month. It is to be ex¬
pected that the Atlantic Gulf & West Indies group will make a very satis¬
factory return, nevertheless, to its shareholders under the
requisition rates.
itiH
lam.
"..v- .»vw.
and even In view of fVia for laws as fuain
the tax
they stand at present"
The failure to pay an extra dividend on the
common snares
±
yu viio cuuuuuu shares cannot fail,
in the larger view, to be regarded as a bullish rather
than a bearish argu¬
ment on those shares.
This large surplus retained in the treasuries
of the
atran
-
qttt
that
Ltd.—See
company
the
company has $600,000,000 of work on hand at
present , being all it can possibly handle, of which about 90%,
or
$540,000,000, constitutes
war
orders.
The labor situation at Bethlehem, Pa., Mr. Schwab says, is easy, in the
that the company is not having trouble, "but of course," he adds,
"there is
a
scarcity of labor."^-V. 105, p. 1711, 1619.
Beckers
Liquidation Trust.—Partial
Distribution.—
W. Beckers and Charles Thurnauer, as trustees, under date of Oct.26,
that, acting under the provisions of the deed of trust dated Aug. 21
announce
1917, they have arranged for a partial distribution of the cash held by them,
by *which every holder of record of certificates of beneficial interest will
sum of $13 in cash upon presentation to the
Equitable Trust Oo. of N. Y.
The trustees also have now on hand a further
amount of the pref. stock of National Aniline & Chemical Co., Inc. (V. 105,
receive for each share held the
p. 1003., 824), received pursuant to the contract of April 5 1917, distribution,
of which will hereafter be made In due course, together with additional stock
and cash to be hereafter received.
Compare V. 105,
Black & White Town Taxis, Inc.-
p.
999.
a,
—-
a.
.1.
1
-
.
_
_
-Incorporated.
3la. on Oct. 18 to
incorporated under the laws of Del
taxi and cab business, with an authorized capital stock of $3,The Corporation Trust Co. is the Dela. representative of the
company.
What relation the new company will bear to tbe Black & White
Cab Co. of N. Y. (V. 105, p. 500) is not yet made public.
This
company was
a
Borden's
President
«
Corp.,
•
Orders.—Chairman Charles M. Schwab is quoted as saying
that
flotation process and also
Anaconda Copper Mining Co.—Production (In Lbs.)
,1917
Oct.
1916
Decrease. I 1917
10 mos>—1916
Decrease.
22,300.000
31,500,000
9,200,0001211,325,000. ,282,400,000 71,075,000
5.®
Shipbuilding
850,000.
American Zinc, Lead & Smelting Co.—Settlement.-
to
Corp.—Bond Payment-
_
It Is reported that this company has entered Into an agreement with the
Minerals Separation Co., Ltd., by which it agrees to pay the latter $250,000
ment
Steel
Yet Executed.- -The $1,000,000
conduct
.
production of locomotives were broken last week."
reported to be now employing 20,000 men.
For data
orders, &c., see V. 105, p. 1619, 1211.
sense
Depree. A contin¬
gency reserves-.33,397,922 31,092,680
...761,213,288 722761,444
1266,
The company Is
regarding
7,595,000 15,455,000
Empl.'s ben. fund
Total
p.
Production.—
n
records for the
coupon
notes 1918...
Works.—Record
Iiared with 1,989 for 1916 andB. Johnson is quoted: "It is true that all
2,666 in 1906, the previous record year,
this connection Pres. Alba
above.
4% bonds, 1929 78,000,000 78,000,000
5% bonds 1946.79,334,600 80,000,000
5% bonds West.
T. & T, Co. 9,985,000
9,985,000
j
Locomotive
Production of locomotives for this company for the week ending Oct. 20
amounted to 72 locomotives, a rate of more than 3,700 per year as com-
Capital stock....'396,496,100 395603,600
Cap. StkJnstaU'ts 29,871,435
32,019
Collateral Bonds—
foreign-registered vessels in coastwise trades, see V. 105.
or
1421, 1671.]—V. 105, p. 1421, 1619.
closed^ to-day by_reason of the lack of raw sugar supplies, the refinery at
A fifth refinery will be
New Orleans, at Brooklyn and two at Philadelj
lp]
closed probably during this current week for the same reason.
That situa¬
tion Is one not only true of our company, but is true of practically all the
[Vol. 105.
Condensed
Arthur
Milk" Co.—Directors—Status.—
M. Milburn in
a
letter to
stockholders
dated' Oct. 23 says in substance:
At the annual meeting of stockholders of this company on Oct. 17 the
llowing directors were elected: Lewis M. Borden, Walter M. Gladding,
Edgar L. Marston, Theodore F. Merseles, Albert G._Milbank, Arthur
W. Milburn, John J. Mitchell and George L. Nichols.
The new members
of the board elected are Theodore F. Merseles of New York, Vice-Pres.
and Gen. Man. of the National Cloak & Suit Co., and John J. Mitchell
of Chicago, Pres. of the Illinois Trust & Savings Bank.
At the .organization meeting of the directors, Arthur W. Milburn was
elected President and operating head of the company in place of S. Fred¬
eric Taylor, who retires after an active service of over 30 years.
The posi¬
tion of Chairman of the board was created; and Albert G. Milbank was
elected Chairman.
The other officers elected were: Walter M. Gladding,
Vice-President; Franklin D. Shove, Treasurer; Shepard Rareshide, Asst.
Treas.; Sidney J. Pearson, Secretary, and William P. Marsh, Asst. Sec'y.
Mr. Gladding retires as General Sales Manager to take, in addition
to
his
duties
as
Vice-President, the chairmanship of the newly-created
advisory committee of three; the other two members being Albert T.
Johnston, Assistant to the President, and Shepard Rareshide, Asst. Treas-'
urer and Director of Efficiency.
The duties of this committee will be im¬
portant, and it is expected that it will contribute largely to the efficient
development of the company, especially in its dealing with the new and
constantly increasing problems which, in common with all large businesses,
now confront ours.
Charles S. Parsons takes Mr. Cladding's place as
head of the selling departments, and Robert L. Cleary will take on en-
and our stockholders and employees may be assured of an active, efficient,
harmonious and aggressive management, which will maintain and increase
prestige of the Border* name.
Notwithstanding the very poor showing of the Farm Products Co., the
manufacturing operations of the business during the last fiscal year, em¬
the
bracing the manufacture and sale of condensed, evaporated and malted
milk and confectionery In domestic and foreign markets, enabled our man¬
ufacturing companies to make a profit sufficient to pay the usual dividends
and add to the surplus of Borden's Condensed Milk Co.
The prospects
of the Farm Products Co. for this year are, owing to thepresent unsettled
conditions in the fluid milk business, still uncertain.
The general condi¬
companies give every promise of a suo
tions affecting the manufacturin
cessful year.
Time has shown t le wisdom or the complete separation of
the two branches of the business, with the better opportunity thereby given
each management to deal with its own separate and peculiar problems.
[It was reported in September last that the Borden Farm Products Co,
because the increased price
milk had reduced the volume of sales.]
would close 20 of its 23 creameries on Oct. 1,
for
Postponement of Price Advance.—
Announcement was made Oct. 31 that,
through the efforts of the Federal
Food Commissioner, the increase in the price of milk scheduled to go into
effect Nov. 1 was postponed until Nov. 4, further conferences being held
in the meantime.—V. 105, p. 1711, 1619.
,
Borden's Farm Products Co.—Status.—
See Borden's Condensed Milk Co. above.—V. 105, p.
1711! 500«
British-American Tobacco Co., Ltd.—Offering.—
See Imperial Tobacco Co. of Canada below.—V. 105, p. 1711,1000*
Nov. 3
Brooklyn Union Gas Co.—Rehearing
has asked the P. S.
extra dividend
share has been declared on the stock in
semi-annual $5 per share, both payable Nov. 15
of $5 per
record Oct. 31.
to holders of
St. Louis.—Army Contracts.—
Co., Inc.,
Shoe
Brown
awarded contracts for 392,000 pairs of march¬
pairs of field shoes, and has distributed the orders
among some twenty companies at a price of $4 65 per pair.
For further
data regarding similar contracts see V. 105, p. 1620.
The U. S. Government has
ing shoes and 593,000
Buckeye Pipe Line
An
extra
dividend of 3%
Co.—Extra Dividend.—
(SI 50 per share) has been declared on the
addition to the regular quarterly dividend of
payable Dec. 15 to holders of record Nov. 24.
$10,000,000 stock, par $50, in
4% ($2 per share), both
r?912?i3.Mar* 14. Jun'14.
§iv.—
Percent. .40
yrly.
Extra dividend, now
—Y. 104, p.
10
,,
8
declared
Sep' 14. Dec'14. Mar. 1915 to Dec.1917.
6
: 4
16% p. a. (4% Q.-M.)
>
———
3%, payable Dec. 15 17
2120.
Burns Bros.
(Coal Dealers), N. Y. C.—Action Rescinded,
Setting Aside $2,125,000 Common Stock to Retire Pref. Stock.—
The shareholders on Oct. 30 voted to rescind the resolution
passed in May last setting aside $2,125,000 unissued com¬
stock to be sold and the proceeds applied for the retire¬
ment of pref. shares now outstanding.
None of this stock
mon
has been sold.
Explanatory Circular Signed by Secretary C. R. Runyon Jr., New York, Oct. 19 1917.
that our earnings and cash resources may be
sufficient to accomplish the retirement of the outstanding pref. stock
without a sale of the common stock.
The board considers that it would
be more advantageous to retire the outstanding pref. stock out of treasury
funds and has accordingly rescinded its previous action so as to release the
unissued common stock and make it available for stock dividends or other
Digest
of
The indications now are
lawful
corporate purposes.
,
appraisal recently made by
An
'
.
.
.
.
,
_
„
,
^
the American Appraisal Co. of the fixed
property and plant shows a reproduction value in their present condition,
(allowing for depreciation) of $5,936,066.
This property has been carried
The board has directed the President to
This will increase the book value of
$2,932,273.
the books at
upon
amend the balance sheet
accordingly.
about $3,000,000 and will give the company a like amount of
additional surplus, which may be distributed by the board in its discretion
among the holders of common stock.—V. 105, p. 1711, 1620.
the assets by
Butte
&
Superior Mining Co.—Production.—
Ore {tons)
October 1917
-
12,000,000
233,000
105,615,000
■. ;;/'-
1,946,000
Chevrolet Motor Co.—Nine Months' Results.—
1917.
1916.
Incerase. .
95,084
51,070
44,014
Sales
$46,178,325 $24,703,720 $21,474,605
$ Months ending Sept. 30—
Number of cars sold--'
-
9 Mos. end. Sept. 30—— 12 Mos. end. Dec. 31.
1917.
1916.
Increase.
1916.
1915.
(sub.
cos.)
*$1,201,283 $1,035,730 $165,553 $1,551,226 $1,042,634
Acer.bnd. int., after
deducting int. on
All the outstanding ($63,800) 6% Collateral Trust convertible debentures
(non-personal liability), dated April 1 1914, have been called for payment
1918 at 110 and int. at Equitable Trust Co., N. Y.
These deben¬
tures are to be replaced by a new issue of $2,500,000 10-year 6% 1st M.
sinking fund conv. gold bonds.
See V. 105, p. 1422, 912, 609.
Canada Land &
Canadian Explosives Co.—Directors,
&c.—
company, which was incorporated in Nov. 1910 and whose plant
destroyed By explosion Oct. 26, causing damage variously estimated
at from $800,000 to $1,500,000, is reported to have outstanding $440,000
bonds, $4,650,000 7% pref. stock and $3,404,300 common stock.
Its
directors and officers are: Wm. McMaster, Pres.; C. C. Ballantyne, Bartlett McLennan, K. W. Black well,, J. H. Plummer, Thos. Cochrane, Lon¬
don, Eng.; F. J. Shad and H. McGowan, Glasgow, Scotland; Lammot du
Pont, H. G. Haskill, Wm. Coyne of Wilmington, Del., U. S. A.
The
company recently declared a cash div. of 200%.
V. 105, p. 1711, 609.
This
Carbon Steel Co.,
See "Annual
management
the resolutions
The
has
issued a
special report
for current bonuses have been
which announces
abandoned. This
your
involved in the munition contracts alone about equaled
amount of the company's regular business for the
and the net profit realized, after deducting all ex
has paid the following dividends: No. 36,
1917, 5%; No. 38, Aug. ,8 1917, 2M%,
Nov. 1 1916, 5%;
making a total of
12H%, or $500,000.
'
'
The mining operations at Cobalt have progressed steadily, and your
mine will have produced about 1,250,000 ounces of silver during the year,
which is less than previous years on account of the decrease in the production
of high-grade ore.
,,
operations of the Coniagas Reduction
Co., Ltd. (the stock of which
owned), have been materially restricted owing to the difficulty at times
supplies, due to war conditions.
At the same time the Re¬
duction Co. has found it advantageous to purchase more ore than usual
from other mines, the reduction of which has largely appropriated the smelt¬
er's capacity and has thus resulted in the accumulation at the smelter of a
large stock, which accumulation (much of it at low prices) now amounts
to materially over 2,000,000 ounces of silver in process of reduction and
refining.
It is expected to realize on much of this silver at profitable prices.
At Porcupine the directors", after careful investigation, have purchased
the three Ankerite claims, lying about two miles south of the Dome mines,
for $150,000, of which $10,000 has been paid, and have also purchased the
Maidens-McDonald claims for $22,100, and have spent on the prospecting
and developing of these five claims about $70,000.
A contract has been let
for sinking a shaft on the Ankerite property, and this, together with accom¬
panying development work, will probably amount to $150,000 during the
coming year.
.
There is also falling due two years' war tax of undetermined amount.
in obtaining
Connecticut Brass
See Connecticut
Corp.—Merger.—
Brass & Mfg. Corp.
Connecticut Brass & Mfg.
below.—<V, 103, p, 2081.
Corp .—Merger Announced—
Notes
have
$1,000.
,
„
_
the Connec¬
2081,1689),
the merged com¬
This corporation was incorporated in Oct. 1917 to take over
ticut Brass Corp, of West Cheshire, Conn, (compare V. 103, p.
and the Pilling Brass Co. of Waterbury, Conn., both of
panies being old established properties.
The plant of the Connecticut Brass Corp. is especially equipped in the
manufacture of sheet brass in coarser grades and to do stamping work.
The Pilling Brass Co. produces a very thin brass especially in demand in
the manufacture of automobile radiators, brass ferrules, novelties, etc.
Tbe present capacity of the two companies is about 1,500,000 lbs. per
month.
Improvements now under way will increase the capacity to about
3,000,000 lbs.
Issued.
Capitalization—•
Authorized.
$600,000
Two-Year 6 % Convertible gold notes
$600,000
none.
First 8% Preferred stock, par $100---^—600,000
400,000
Second 8% Preferred stock, par $100
409-009
2,000,000
Common stock,
$10
^
2,000,000
par
pref. stock Is to be held in reserve for the conversion of notes
at any time prior to May 1 1919.
There is no mortgage upon the property,
nor can any be made without the consent of two-thirds of the note holders.
The first
Consolidated Earnings of
Gross earnings
Net after taxes
entire aggregate
preceding five years,
year your mine
No. 37, May 1
Denom. $100, $500,
conapany.
The gross sum
considered to have had a prosperous year,
year ended Oct. 31 will show substantial
profits, still .your directors consider it advisable to conserve the funds of the
company instead of paying a dividend on Nov. 1 next. ' During the past
and
market for $1 to $2 per share.
Your plant was antiquated
and greatly out of repair.
The declaration of war in Europe in 1914 at
first greatly depressed business, your company operating at a loss.
To-day the surplus is approximately $3,000,000, of which about $1,250,000 is cash in banks.
The bonded debt amounts to only $324,000, and a
purchase money mortgage Of $140,000, given in connection with the pur¬
chase of a 30% increase in your real estate in the heart of the Pittsburgh
manufacturing district.
The book value of your stock is at present over
$150 per share.
The works have been extended, the equipment brought
up to date.
The raw material interests have been put upon a substantial
basis by the purchase of the controlling interest in a blast furnace property
owning its coal and ore supply, which will insure a stable supply of such
materials, and this at a price which your board believes will be paid
through its own earnings in approximately 6 months of ownership.
The one underlying condition which brought about this great change
was the supplying of munitions
to the British Government, amounting
to $9,000,000, and yielding a profit of more than $2,000,000 over and above
a reasonable profit upon the steel which entered into the manufacture of
these munitions.
The President of your company obtained these con¬
tracts.
All of the necessary machinery and equipment were installed and
the hazards of manufacture undertaken by the sub-contractors, who made
and finished
the shells from the steel and other raw materials furnished
the
Ont.—Dividend Omitted,
W.Leonard, St. Catherines, Ont., Oct. 16, says:
was
dated Oct. 20
selling on the
by
Coniaga-s Mines, Ltd., Cobalt,
Purchased.—Liggett & Drexel, New York & Boston,
purchased and will shortly offer an issue of this com¬
pany's $600,000 ttvo-year 6% convertible gold notes, due
Nov. 1 1919, but callable on 60 days' notice at 102 up to
May 1 1918 at 101^ tillNov. 1918 and at 100 till May 1919.
Interest is payable M. & N.
The notes are convertible into First Pref.
Stock, $ for $, at the option of the company only, prior to May 1 1919.
(Compare "Annual Reports'):
April 1 1912 your company showed a bonded debt of $700,000
floating debt of approximately $1,000,000.
The common stock
On
a
period in 1917) $130,000 for extra war
While your company can be
and the annual report for the
The
properly witnessed to Walter D. Uptegraff, Chairman, Pittsburgh, Pa.
Committee.—W. D. Uptegraff, Chairman (Chairman of board of direc¬
tors of Union Switch & Signal Co.; director of Westinghouse Air Brake Co.),
Westinghouse Bldg., Pittsburgh, Pa.; Paul Mack Whelan (John Muir &
Co.. members N. Y. Stock Exch., 61 B'way, New York); Woodward Babcock (Harris, Winthrop & Co., 15 Wall St., N. Y. City); E. F. Dunham
(Dunham & Co., 43 Exchange Place, N. Y. City); James C. Bennett,
(Comptroller and Secretary of Westinghouse Elec. & Mfg. Co., 165 B'way,
N.Y. City).
A circular signed by Geqrge W. Shera and Annie S. Johnston, the orig¬
inal complainants in the bonus restraining suit, and Runyon & Autenrieth,
15 Exchange Place, Jersey City, N. J. their attorneys, have also sent out
circulars soliciting the co-operation of the shareholders.
Special Report.—An official explanation,
deducting maintenance and depreciation of plants and equipment,
accounts, proportion of unacquired shares, and ex¬
for doubtful
of C.-T.-R. Co., and (for
taxes.—V. 105, p. 501.
is
special report makes no mention of cash bonuses already paid to officers,
amounting to $512„518, which is in excess of 10% of the entire capital stock.
The management also proposes to appoint a committee of stockholders to
submit a plan for the payment of bonuses to officers.
It is important to
your interests to see that such committee represents you.
Each stockholder who can not individually or through personal attorneys,
attend the annual meeting at Pittsburgh Nov. 12, should send proxies
1917, says in substance
35L940
$690,694
4,005
258,378
penses
Pittsburgh.—Report.—
Reports" on a preceding page.
Independent Stockholders' Committees—Paymentof Bonuses.—
The committee, named below, in circular of Oct. 30, says;
that
♦After
reserve
344,373
$777,352 $161,548 $1,206,853
262,384
$938,899
—Pres. R.
was
,
Net
Irrigation Co. Ltd.—Successor Co.—
Alberta Land Co. below.
bonds-„
earnings—
treasury
—
Jan. 1
See Southern
501.
—
of 2% has been declared on the stock in addition to
both payable on or about Nov. 15 to holders
p. 391.
Corporation, Ltd.—Bonds Called
,
Computing-Tabulating-Recording Co.—Earnings.—
the regular quarterly l%%
of record pet. 31.—V. 105,
Canada Copper
105, p. 1423
Net earnings
By-Products Coke Corp.—Stock Dividend.—
A stock dividend
approved, and following such approval the bonus (of $512,5181 was paid
out from time to time during the year 1916 as the work under the several
contracts was completed and the net profits ascertained.
[The President
receiving, it appears, $391,239 and four other officers the balance.]
In October 1916 when your company had completed all its contracts
with the British Government, our general business had reached a con¬
dition where the salaries being paid, in the opinion of your board, were
totally inadequate in view of the responsibilities entailed.
The President
had undertaken the management in 1910 as Chairman of your board, but
served without salary until Oct. 1912, when he was made President with a
salary of $6,000 a year; the salaries of the other officers had been in propor¬
tion.
New companies were paying more generous compensation, and ten¬
tative offers had been made to some of our officials.
Your board in October 1916 increased the salaries of its executive offi¬
cers [the President to receive $18,000] but,
to avoid heaw commitments
at a time when the prosperity in the steel business was exceptional, but its
duration problematical, adopted the suggestion of the President, and
entered into an agreement whereby for the coming fiscal year, after the
company should earn the required dividends on the pref. stock and 6 %
upon the common stock, a sum equal to 20% of the net profits remaining
should also be paid to theJPresident for distribution among the officers of
your company.
As before, this matter was reported to the stockholders
at the annual meeting in November 1916 and was by them unanimously
approved.
[The President voluntarily agreed to relinquish these additional
bonuses unless the shareholders at the annual meeting in November 1917
should again authorize the same.]
In the fall of 1916 many of the stockholders thought your company
should pay dividends upon the common stock at a higher rate.
Your board
deferred such action, however,
largely because of legal complications
growing out of your company's incorporation in West Virginia in 1894,
which resulted in there being considerable doubt as to the prospective
rights of the several classes of stock.
Slightly more than 5% of the stock opposed the proposal to re-incor¬
porate under the laws of Pennsylvania, and the plan was therefore aban¬
doned and no further steps taken thereunder.
[The opinion, handed down by Judge Woods in U. S. Circuit Court for
Southern District of West Virginia, Feb. 24 1917, temporarily restraining
the proposed additional bonus payments says in subst.:
"The very large
bonuses paid in lieu of salaries are complained of as a misappropriation
of the funds of the corporation.
The Court does not hold, at this time,
that this payment was a misappropriation; that will be a matter to be de¬
termined upon the final hearing.
The whole transaction may be satis¬
factorily explained.—Ed.]—V. 105, p. 74.
—V.
41,000
.
business.
The arrangement for extra compensation was reported to the stockhold¬
in detail by your board on Oct. 18 1915, (and was by them unanimously
Silver {oz.)
394,100
.
-
lOmos. in 1917-..--.—V. 105, p. 1524, 1422.
Zinc {lbs.)
munitions
its
of
ers
Boston, Mass.—Extra Dividend.—
Brookside Mills,
An
addition to the regular
including bonuses, was over $2,000,000, and represented a sum
equal to more than 40% of the company's entire capital.
Yet this work
interfered in no way with the company's regular business, which grew
rapidly and was greatly benefited by the publicity and financial success
penses,
Sought.—
Commission for a rehearing of its order
giving the gas companies permission to adopt the British thermal unit
standard instead of the present candle power standard.
Compare Consoli¬
dated Gas Co. of N. Y. below.—V. 104. p. 2120.
This company
1805
CHRONICLE
THE
1917.]
Both Companies for Year ending Sept. 30 1917.
$3,542,4311 Int. on notes
$36,000
579,4141 Surplus
[Stockholders of Connecticut Brass Corporation, it is said
will receive one share of new common for each two shares now
543,414
unofficially,
held.]
1806
CHRONICLE
THE
Consolidated Arizona Smelting Co.—Results 9 Mos.9
mos. to
Sept. 30.
1917.
Copper prod, (lbs.) 13.930,000 7,101 000
Gold produced (oz.)
8Uve" prod. (lbs.).,
Net
»
176,530
97.116
6,815
4.355
*$685,776
profit*
Before making allowance for new Federal
Fajardo Sugar Co., Porto Rico.—Earns. (Incl. Sub. Cos.)
July 31 Years.
1916.
1917.
1916.
$566,724
taxes.—Y. 105.
Consolidated Gas Co. N. Y.—Rehearing
p.
companies operating in New York City might adopt the British
illuminating gas as an alter¬
the present candle power standard.
"The Gas Age" of N. Y. in its issue of Nov. 1 publishes comprehensive
data regarding this matter on pages 421.424. Incl. Compare V.105.P.1712.
thermal unit -tandard In the manufacture of
of
Consol. Gas Elec. Lt. & Pow. Co. of Bait.—Earnings.SMos.eftd.Sep.30.
1917Fixed charges...$498.026
Dividends
2S7.716
Surplus for quarter after deducting dividends
$168,903
—V. 105, p. 1712, 1306.
1916.
1917.
I
.
Gross income-$2.140.054 $1,822,392
Tot.net aft.tax.
954,645
823,4211
Consumers'
Gross
Years—
—V.
Net.after
Other
Interest
Taxes.
Income. Charges.
Earnings.
1916-17
1915-16
0„
$371,123
Jlb&l
$138,764
Gas Co. of Toronto.—Earnings.—
Sept. 30
$4,296,349 $953,306 $25,000 $46,271
3,637,806
50,998
919,577
Balance,
Surp/u*.
Divs.
(10%).
—V.
'
Dividends.
quarterly dividends No. 10-11-12 and
preferred stock on Nov. 1 to stockholders of record
This leaves about 21% accumulated.
V. 98, p. 75.
paid on the
Crucible Steel Co. of America.—Results.—
Attg. 31 Years—
1916-17.
1915-16.
Gross profits$16,161,237 $16,528,748
Depreciation & renewals $3,375,000
$1,915,240
Contingencies
794,5,0
—
lDof
$2,991,602
$1,316,322
$3,707,862
$1,624,525
$634,112
--$12,786,237 $13,818,938
ar^ coSb0.n.d8
Preferred
$609,486
(7)1,750.000
S595.282
$503,879
dividends-(30Ji)7,562,500(8 Vd)2125000
-
—
50.755
def..sr.$4,719,858S$l l,098.655sr$3,073.750 def$734.96l
"Applying the rates for war taxes called for by the bill
recently passed by Congress to the profits made by the company during
the first eight months of 1917, the sum of money required to meet these
taxes bv the Oruc ble Steel Co. of America and its associate companies will
be at the rate of between $6,000,000 and $7,000,000 per annum, which, of
course, must be paid in cash."—V. 105, p. 1212, 719.
Balance,
(1 %) 333.720 (17(2)584,010
p.
ft"
sur. or
The report says:
$114,589
38,440
79,813
for
Ac.
war,
taxes in 1916-17
181,572
947,028
1886, 1595.
Co.—Earnings.—
1917.
1917.
1916.
1916.
$112,422
$95,967
Increase.
$16,455
Ford Motor Co.—Decision as to Accumulated
Surp'u*.—
Judge George S. Hosmer in the U. S. Circuit Court at Detroit on Oct. 31
a decision In favor of the plaintiff in the suit
brought bv the
Dodge brothers, John F. and Horace E. Dodge, of Detroit as
minority
stockholders against the company to compel Mr. Ford to distribute about
$60,000,000 of accumulated surplus to the company's stockholders.
It was announced some time ago that the defendant
planned to employ
the funds in dispute In the enlargement of
plant facilities, including the con¬
struction of a blast furnace and smelter
plant on the River Rouge near
Detroit.
It is understood that appeal will be taken to the U. 8.
Supreme
Court.—V. 105, p. 1213,611.
j
General Motors Corp.—Results.—2 Mos. end.
Sept. 30.
Two Months ending Sept. 30—
Undivided
1917.
1916.
35.263
Increase.
24.936
10.327
$13,687,233
$2,003,525
$35,168,000 $21,480,767
$6,375,000
$4,371,475
profits
Cash in
amounted
banks and
in sight drafts with documents attacued
$21.600.000.—V. 105, p. 1525. 1423.
to about
Oct. 23
on
Great Western Electro-Chemical Co.—Stock Increase.—
Shareholders will
1913-14.
1914-15.
$5,220,921
$1,464,616
48,443
....
Balance
Fed.
Cars and trucks sold (No.)
Net sales
Contoocook Mills Corp., Boston.—Accum.
Oct. 29.
40.000
available
handed down
380,379
488,200
Bal.
1915-16.
$98,275
Int.onbillepay.,&c.
Cr.
&c
103,
"
Depreciation, Ac-
Federal Mining & Smelting
$495.^40 $436,294
104. p. 2555. 2120.
was
S.
1916-17.
$4,327,044
1,725,439
Month of September—
Month of Sentembrr—
Net earnings after depreciation, &c
—V. 105. p. 1525.
A dividend of 7%. being deferred
13,
of
692,008
Dividends
Sought.
1915-16.
1916-17.
Income...$1,462,678
Net Income
tweets.
This companv has applied to the Commission Tor a rehearing of the order
Of the Commission adopted on Oct. 13. 1017. providing a method by which
native
Gross
Pureh.
719, 610.
the gas
[VOL.105.
vote Nov. 28 on
increasing the authorized capital stock
common and $1,000. 00
pref..
common and preferred.
Oi the
stock, $375,000 of preferred and $250,000 of common is now offered
for subscription pro rata to shareholders of record on the basis
of $100 for
each share of
preferred, accompanied by two-thirds of a share of common
without extra charge.
Subscriptions are payable 25% Nov. i5, 25% Dec.
15 and 50% Jan. 1.
Pres't Mortimer Fleishhacker says in sub tance:
"During February last you were notified of an enlargement of our plant
at Pittsburg. Cal., and were offered the
remaining pref. >tock then in the
from
to
$2,500,000. consisting of $1,500,000
$5,000,000, to embrace $2.5OO.0OO each
new
treasury, with certain common stock.
This stock was all subscribed and
has been issued and the work of this addition
practically completed.
Since
that time it has been deemed wise to build a
plant for the hardening of oils,
thus utilizing the hydrogen gas
produced in our process, which heretofore
has gone to wa-.te.
The company has also found it necessary to increase
the capacity of the
potassium chlorate plant 100% in order to take advan¬
tage of the large and favorable market for both of these
product*.
These
increases in production make it necessary to secure additional work¬
ing capital.
Cuban Ports Co.—Probable Basis
The following notice was issued
the bond and stockholders of the
of Settlement.—
v
Oct. 9 by the committee representing
company:
"The committee representing
the bond and stockholders who have been conducting negotiations for the
past four years to obtain a settlement with the Government ofCubahave
to-day received information intimating that a set t lenient seems likely to
be effected on the following basis
that 5% Internal Bonds of the Cuban
Government secured against 50% of the Port dues, which will be taken
over and administrated by the Government, will be issued
to an amount
equivalent to (he present outstanding bond issue of the company.
Subject
to this, it is,understood that the assets of the company will be transferred
to the stockholders."—V. 105. p. 610.
Cumberland
Pipe
Line
Co.—Dividend Increased.—Ail
annual dividend of $10 per share has been declared on the
$1,500,000 stock, payable Dec. 15 to holders of record Nov.
30.
This compares with $5 annually in 1914,1915 and 1916.
—V. 105, p. 822, 502.
;
;
Curtiss Aeroplane & Motor Corporation.—New Plant—
Serial Bonds.—The large new plant at Buffalo is expected
to be
ready for full operation on or about Nov. 15.
The cost
successfully financed by the sale of
$4,000,000 1st Mtge. gold serial 0s, dated Oct. i 1917.
of this plant has been
"In order to
provide funds for the additions to the plant and working
capital mentioned above, the board of directors has decided to offer to
pres¬
ent stockholders th is $375X00 new
pref. stock and $250,000 new common."
Greeley-Hudson Securities
sold.
of
Interest is payable A. & O. at the Bankers Trust Co.
Denom. $1,000.
Subject to call on any interest
Tax-exempt in New York.
Buffalo,
trustee.
date at par.
The plant complete will cost about $4,000,000 fn round figures.
This
sum was raised by the issue, on Oct.
1, of $4,000,000 of first mtge. 6%
short-term bonds, secured by the new plant itself, but constituting no lieD
th(5 old plant
on
or
Equitable Building, has leased for
basement, and second floor In the
Building. 244 Madison Ave.—V. 105, p. 1620, 1525
Gulf States Steel Corp.—All
Except
Stork Converted into Common Stock.—
As
the
result
of
the
higher
dividend
other property of, the Curtiss (to.
The flotation of tlmse notes at
par was successfully accomplished in the
midst of the preparation for the Liberty Loan.
Of the total, $1,000,000
was
personally subscribed by the directors of the Corporation itself.
The
money was raised, moreover, only a short time after the company had
successfully raised $2,100,000 of working capital by the issue of 63.000
shares of common stock at 34, practically all of it subscribed
by the stock¬
holders at 35.
The company is known to have something more than
$50,000,000 in
Government orders for planes, training planes, spare parts,
&c., on its
books.—V. 105, p. 1620, 1000.
common stock
(amounting in 1917 to 8% and 1 M% extra, with 1 % to Red Cross)."holders
pref. stock have largely availed themselves of their privilege
the same into common stock $ for $, so that as or thU date
the $4,000,000 of 2d pref. stock has been reduced to about
$952,500 (as
of the 6% 2d
of converting
against $1,68.5.000 on Dec. 31 1916 and $3,112,0,9 on Dec. 31 1915). and
the $5,000.000 of common stock has been
correspondingly incicased to
$8,047,500.
The $2,000,000 7% 1st prer. stock Is subject to call at 110
beginning In 1918.—V. 105. p. 1620, 1313.
Harroun Motors
Corporation.—Financing Plan.—
According to an unconfirmed report, financing plans have been completed
for this company and the directors have authorized an
Issue of $1 000,000
bonds which are security for a loan of $650,000. the
proceeds of which
Delaware County Electric
Secretary-Treasurer.—V.
105,
p.
914.
Detroit
Edison
Co.—To
Issue
stockholders will vote Nov. 22
on
All the outstanding 6% First Mtge. gold
bonds, dated June 1, 1909 have
been called for redemption Dec.
1 at 102 and int. at Chicago Title &
Trust Co., Chicago.
The bonds were offered by McCoy & Co., Chicago.
See V. 89. p. 473.
Hendee Mfg.
Years—
Aug. 31
Net
Co., Springfield, Mass.—Earnings.—
1916-17.
Sinking
fund
Preferred
authorizing the issue of
An official circular
the authorization of these convertible deben¬
may be on hand for use if necessary from time
It is impossible to stop extension work
completely, but the man¬
agement is making no expenditures at this time except where
necessary to
complete the work already begun or needed for additional business that
cannot be turned away.
If, and whenever, any convertible bonds are issued
(,he stockholders will be given an opportunity to subscribe lor the same in
proportion to their stock holdings .-'-V. 105, p. 292, 183.
same
to time.
~DommionIroir&
This
Steel Corporation.
corporation has granted
a
general
wage
—
Wage Increase.
increase of
employees, making the fifth advance since Jan. 1 1916,
10%
for
its
aggregating 53%.
East Ohio Gas Co.—Additional Stock.—
The Ohio
P.
U. Commission
has
authorized the
company to issue $20 000,000 additional capital stock at not less than 95, the
proceeds to be used
to retire $16,821,000 1st Mtge. 5% bonds, due
1939. at
105;—V.105,p
Eastern Steel
1620
Co.—Extra Common Dividend.—
An extra dividend of 5% has been declared on the
common stock
1 to holders of record Nov. 17.
The regular
Dec.
pavable
quarterly 2K% on the
and 1 Vx % on 1st & 2nd pref. was declared
payable Jan. 15 I918and
15 1917 to holders of record Jan. 2 and Dec.
1, respwtively --V 105
common
Dec.
p.
^
610. 5G2.
Federal
A
Dyestuff & Chem. Corp.—New Plan Discussed
plan is under consideration looking to the reorganization of
this
which went into the hands of receivers last month
See V
in*
p. 1525, 1423, 1213.
v* AU0,
new
company,
1915-16.
$539,755
profits....
$209,980
150.000
reserve.
dividends
Inc.
or
Dec.
+$329,775
+150.000
154.056
156.632
—2.576
..$235,699
$53,348
+$182,351
Hilo (H. T.) Gas Co.—New Plant in Operation.—
Bonds.—The
in substance:
The directors recommend
ture bonds so that the
820.
Debenture
$9,000,000 convertible debenture bonds.
dated Oct. 29 says
p.
j
(B. & S.) Heinemann Timber Co.—Bonds Called.—
Balance, surplus
V. 105, p. 1213.
y.
Co —Control.—
Philadelphia Electric Co., below.—V. 99.
are
to increased production.
L. H. Moses, A. L. Harroun and
H. F. Lea have been added to the
directorate, the last named being elected
"
See
$952,503 2d Pref.
attaching to the
applicable
The New York "Times" of Oct. 31 says:
•
company, now located in the
from Jan. 1 next, the store,
Heckscher
authorized issue of these bonds is limited to the $4,000,000
The bonds will mature $1,000.000 each on April, July and Oct. I
1918 and April 1 1919.
&c.—
Guaranty Securities Corp., N. Y.—Removal.—
Thi«
10 years
•The total
now
Corp.—Am Notes,
This company was incorporated last May, under the
plan (V. 104. p.
1801) submitted to the stockholders of the Hudson
Companies, and has
made an Issue of $2,000,000 6%, gold notes, dated
Aug. 1 1917 and due
Aug. 1 1931.
Interest payable F. & A. at Harvey
Fisk A Sons, N. Y,
City.
Denom. $1,000 &c.
The Guaranty Trust Co. is mortgage trustee.
See plan in (V. 104. p. 1801).
This company on Oct, 2 turned
on gas
from its
new
Hocking Coal Co.—Bonds Called.—
plaut.
'
.
Eleven ($11 000) First Mtge. 6%, 20-year sinking fund gold bonds dated
1912 (outstanding $176,000) have been called for payment Jan. 1
1918 at 105 and int. at Empire Trust Co., N: Y.—V. 101, p. 1555.
July 1
Holly Sugar Corp.—Tenders for Pref. Stock.—
The Columbia Trust Co., N. Y., as trustee, having on hand *500.000,
will receive tenders until Nov. 13 for the sale on Dec. I of this
company's
preferred stock at not exceeding 110 and int.—V. 104, p. 2237.
Hopkins & Allen Arms Co.—Sold.—
This company's plant at Norwich. Conn., has been sold to James A..
Wright of N. Y.. representing the Belgian Govt., for $65,000, and the sale
has oeen confirmed by the Court.
The plant will be turned over to the
Marlin Rockwell Corp., which will complete the order for rifles for the
Belgian
Govt.
Compare V.
105,
p.
1713,
1621.
Imperial Tobacco Co. of Canada, Ltd.—Stock Offered.—
The National Provincial Bank of England, Ltd., and Lloyds
Bank, Ltd., and their branches, as bankers, offered for sub¬
scription on or before Oct. 20, as authorized by the Inter¬
national Financial Society, Ltd.,at 19 shillings per sh. (about
93%) 1,000,000 ordinary shares of $5 each, forming part of
the $27,002,500 issued ordinary shares.
Subscriptions pay¬
able Is. Od. per share on application; 4s. Od. per share oil
allotment; and 14s. Od. Dec. 10 1917.
in London on Oct. 16, said in brief:
An advertisement
Incorporated by letters patent under the seal of the Secretary of State
for Canada ou April 3 1912.
Present share capital:
Authorized.
Issued.
£1.999.995 In cumulative 6% preference shares of £1 each___ £1.650.000
$30,000,000 la ordinary shares of $5 each
$27,002,500
Nov. 3 1917.]
THE
CHRONICLE
There are no debentures or bonds.
The issued preference shares and
Miami
500.000 of the ordinary shares are
the London Stock Exchange.
so offered lately formed part of the holding of British-American
Tobacco Co., Ltd.. which company still holds the majority of the ordinary
shares of Imperial Tobacco Co. of Canada, Ltd., and seven of its directors
are also directors of the latter company. (See V. 105. p. 1711.)
quoted
Copper
Co.—Production
—1916
Decrease.
on
The shares
The business has been for years
ended Sept. 30 uniformly successful and
steadily progressive, as shown by the following statement of profits com¬
piled from published balance sheets duly audited by Deloitte, Plender,
Griffiths & Co., chartered accountants: net profits, 1913,. £483,432; 1914,
£530,144; 1915, £475,361; 1916, £566,428.
These profits do not include
the interest of the company id undivided profits earned by associated
companies.
The various reserves set aside by the company amount to over
£375,000. in addition to which the company carried forward over £200.000
Sept. 30 1916, after paying dividends aggregating 7% for the year ended
that date.
on
1807
■
--
,
"
,
Four quarterly interim dividends aggregating 6% have already been
paid in respect of the year ended Sept, 30 1917. and presuming a final divi¬
dend of 1 % (as last year) is declared a return of over 7 H % is shown upon
theprice of 19s. per share.
The shares now offered were purchased by the International Financial
Society, Ltd., at the .price of 17s.
per-share, and of this offer, including
of the expenses they pay^a commission
,
,
of 3d.
_
r
_
per share, and the Whole
duty, and fees on transfers and an underwriting commission of 9d.
duty,
share, plus a brokerage of 3d. per share.
Where figures in sterling are quoted the same have been converted from
stamp
ip
per
dollars at the fixed rate of $4 86 2-3 to the £.
Directors.—Sir M. B. Davis, President; P. R. Walters, D. C. Patterson,
and W. J. Brennan, Vice-Presidents; G. G. Allen, H. 8. Bourke, C. 8.
Campbell. K.C.. Col. Sir A, C. Churchman, Bt., H. Cunliffe Owen,
T.Gracey, L.Hignett. J.Hood, F.B.Jack, A.G.Jeffress and O.S.Perrault.
Secretary and offices.—O. S. Perrault, 900 St. Antoine St., Montreal.
—V. 105. p. 1713,
7
.
Jones Bros. Tea Co.
-Earnings {Grand Union Tea Co. and
Globe Grocery Stores).—
I
1917—September—1916
$1,031,676
$830,008
105. p. 1103, 1002.
1917—9 months—1916
$7,052,061
$201,6681 $8,585,492
Increase.
$1,533,431
—V105
1425
p
I
{In lbs.).-—
2-186-668134»735>386
1004
Minerals Separation
See American Zinc, Lead &
Decrease.
1917-—10 mos.—1916
8,770,055
43,505,441
Co., Ltd.*—Infringement Claim.—
Smelting Co. above.—V. 105,
p.
1424, 1214.
Mining Corp. of Canada.—Results for Cal. Year 1916,—,
Year—
1916
*
„Net.
Olh.Inc. Taxes,Ac.
Divs.
Surplus.
--.$3,2/6,006 $1,853,418 $230,575 $233,162 *$570,625 $1,2S0.207
27 Vs %
•
•
"Taxes, &c.," include provincial Government royalties, taxes, managers'
business profits war tax.
commissions and
Since
Janv L1917 the company has paid two dividends and bonuses,
aggregating $933,778.
Motor Starter Corporation.—New Company.—
This company was incorp. in N. Y. in October 1917 to take over the pat¬
of Henry K. Stewart, one of the founders of the Stewart-Warner
ents
Speedometer Corporation, and It will also take
over the Stewart
plant at
Long Island City.
The company, which has an authorized capital stock
of $2,000,000, will manufacture not only self-starters but other electrical
equipment for automobiles.
The directors are: E. P. Swenson (Pres.),
Williams (V.-P.), S. W. LaBrot (Treas.), Richard Delafield, Samuel
McRoberts C. P. Northrop, Charles V. Rich, F. A. Swenson and Frank
s,
F. M. Altz is Secretary.
A. Vanderlip.
National
Aniline
Chem.
&
See Beckers Liquidation Trust
Co., Inc.—Distribution.—
above.—-V, 105,
1003, 824.
p.
'
National Carbon Co., Inc.—Deposits. &c.—Pres. James
Parmelee in a circular to shareholders dated Cleveland,
Ohio, Oct. 29
A large
says;
majority of the stocks of all the companies interested have been
deposited for exchange for stock of Union Carbide & Carbon Corporation.
In response to some inquiries received I would
say that the new company
has in view
lines ot business, the nature of which cannot be announced
It is understood that an initial dividend of $1 per share will
payable on Jan. 2 1918 on the stock of the new company.
P'urther deposits of the stock will be recoived at office of Bonb ignt &
Co., Inc., 19 Nassau St., N. Y., on or before Nov. 20.
See also Union
Carbide & Carbon Corporation below.—-V. 105, p. 1424, 1314.
new
at this time.
—V.
be declared
Lehigh Coal & Navigation Co.—Status.-—
The Philadelphia "News Bureau" says: "The decline in Lehigh Coal &
Navigation >tock and rights is ascribed to market ccndith ns.
It is under¬
stood that the annual report of the company for i917 will be fat the best
ever issued, due to the activity in mining and transportation;
Further¬
more, it may be stated that the company is in strong cash position and not
In immediate need of funds."—V. 105, p. 1713, 720.
Luckenbach Company, Inc.—Bonds Called.—
All the outstanding ($350,000) First Mfcge. 6% Marine Equippent
dated May 1 1915, have been called for payment Dec. 1 at 102 and
Equitable Trust Co., New York.—V. 104,
p.
bonds,
int. at
1268.
Magno'ia Petroleum Co.—Stock Holdings.—
See Standard OH Co. of N. J. below.—V. 104, p. 1493.
Manomofc Mills, Naw Bedford, Ma.53.—Extra
Dividend.—
Hopkins & Allen Arms Co. above.—V, 105,
The directors
announce
p.
Co.—Dividend
—V.
Deferred.
that under prevailing conditions they feel it to
has been paid quarterly since.—V. 90, p. 702.
Massachusetts
Gas
Companies.- ■Earnings for Septemending Sept. 30.—3 Mos. end Sept.30—
1916.
1917.
September1916.
1917.
Boston Consolidated Gas.
$121,864
6,579
Citizens' Co, of Quincy..
9,275
Newton&WatertownG .L.
11,755
New Eng. Coal & Coke..
e.15,421
lb,4^1
New Eng Gas & Coke Co.
Go.) Merged f
Merged
Federal Coal & Coke
Boston Tow Boat...
$280,443
$123,437
6,504
5,898
9,970
54,825
44,992
8,322
8,959
East Boston Gas
mow
w—lnow N.E.I
IFuel&Tr
JFuel&Tr.l
National Refining Co.—Extra Dividend.—
of record Nov.
1424, 1108;
the best interests of the company to take no dividend action at the present
time.
On Aug. 15 i9!6 an initial dividend of $1 was paid and $1 per share
her and Three Months
Subscriptions must be delivered to Secretary W. J. Judge, Room 1209,
26 Broadway, N. Y City, before 3 p. m. Nov. 26 1917: accompanied by
(in N. Y. Exchange) for payment In full.
Certificates for (or
warrants for fractional parts of) stock subscribed for will be delivered on
and after Nov. 27 1917.—V. 104, p. 211.3,
An extra dividend of 2 lA % has been declared on the common stock in
addition to the regular quarterly \H%* both payable Nov. 15 to holders
Marlin-Rockwell Corp.—Acquisition.—
Massachusetts Consol. Mining
April 28 1917
capital stock was increased from $16,000,000
to $32,000,000, all one class, of which 148,039 shares $100
each were then and still are outstanding.
Of the new
stock 37,010 shares are now offered for subscription at
par to shareholders of record April 28 1917, or their trans¬
ferees, in an amount equal to one-fourth of their holdings.
checks
This company has declared an extra dividend of 2% on its stock, along
with the regular quarterly 2%, both payable Nov. 6 to holders of record
Oct. 30.
A like amount was paid in Aug. last.—-V, 105, p. 502.
See
National Fuel Gas Co.—New Stock.—On
the authorized
16.681
21,888
17.682
62,205
z.zotj
Men
now
•Btl
Fuel&Tr
l&Tr.l
$279,377
15,167
15,044
17,157
181,287
147,425
22,301
15,561
Total
$450,736
Increase in
1,026.572
8.88%
7.14%
11.96%
12.16%
$1,425,471
$693,319
12.35%
15.10%
Citizens'Co. of Quincy..
Newton & Watertown—
23.59%
17.34%
13.35%
16.44%
13.03%
.6.86%
17.63%
15.22%
Stores
mos, to
1017.
Sept. 30.
-Earnings 3
Bond
105.
p.
1916.
1917.
interest and
mos.)..?2,126,317
Dividends
(8)2,800.000(19)6650000
Balance, surplus..
$552,667 $1,539,511
taxes (3
—..
115,000
reserve........
—V.
to Sept. 30.-
Fed. tax, incl. war
$5,593,984 $8,304,511
taxes,
mos.
1916.
Net after ordinary
115,000
.
503.
New York Dock Co.—New Fiscal Year.—
The company's
calendar year.
fiscal year has been changed to correspond with the
The next report will be issued in 1918.—V. 105, p. 393.
Niagara Alkali Co. of Buffalo, N. Y.—Stock Increase.—
Corporation,
N.
then outstanding."
Assents should be sent to the
The face value of the out¬
standing notes of the 24 series aggregates $33,345,074, of
which there remains unpaid about $23,477,000.
Bankers Trust Co., 16 Wall St.
President Alexander New under date of Oct. 30 furnishes
general review of the progress made in the distribution of
funds arising from the sale of assets; together with a general
outline of remaining assets, and concise financial statements
of the respective stores owned and directed by the corpora¬
tion.
He says in part;
a
York P. 8. Commission has authorized this company to in¬
authorized capital stock Prom $1,750,000 to $5,000,000.
The
as yet ratified.the action.—V. 102, p. 349.
Niagara Falls Gas & Electric Light Co.—Bonds.—
Under the OlafUn reorganization plan there was paid by the
reorganiza¬
paid amounting to $5,782,614.
Since the Mercantile Stores Corporation was organized, there has been
realized and distributed to noteholders additional sums amounting to
a new
gas
special dividend of 2% has been declared on $2,400,000 stock in
to the regular quarterly 2%, both payable Nov. 6 at the New
England Trust Co., Boston, Mass.,,to holders of record Oct. 30.
In Aug.
last 3% extra was paid.—V. 105, p. 503.
~
A
addition
North American Co.—Sub. Co. Rates Advanced.—See Wisconsin Edison Co. below.—V. 105. p.
to the payments already made, there will be paid before
1918 rhe total sum of $1,085,000 to noteholders, as follows* Series
John A. Buck has been elected President to succeed the late Captain
William Matson.—V. 99, p. 898.
Pacific Telep. & Teleg.
The Calif.
$100,000: Series No. 6, $50,000: Series No. 9, $150,000: Series No.10
$200,000: Series No. 11, $120,000; Series No. 12, $50,000; Series No. 13,
$125,000; Series No. 18, $160,000; Series No. 21, $75,000: Series No. 22,
$35,000.
Without undertaking to forecast the amount which may ultimately be
realized from the "free assets" [i. e., not pledged to secure specific issues of
serial notes.—Ed.J, we think ft Is safe to estimate that they should yield
sufficient to pay, in some form or another, at least 5% on the face of all
the outstanding notes of Mercantile Stores Corporation, amounting at this
,
Co.—V.
Co.—Stock Purchase.—
Commission has authorized the company to purchase
105. p.
5.000 sharee
& Telegraph
1314, 915.
Packard Motor Car Co.,
Detroit.—Earnings
1915-16. I
1916-17.
profits—$5,400,691 $6.198,5841Common divs. $910,636
Prer. divs.(7^ )
560,000
455,000|BaI., surplus- 3,930,055
—V. 103, p. 2243. 1986.
Aug. 31 Yrs.~ 1916-17.
Net
1915-162
$395,602
5,347,95
Pan-American Oil Corp .—Incorporated.Incorporated in Del. on Sept. 28 last with an author¬
$38,578,750 to locate and develope oil lands.
This company was
ized capital stock of
Philadelphia Electric Co.—Control.—
This company
has applied to the New Jersey P. S. Commission for
approval of the acquisition of a controlling interest in the capital of the
Delaware County Electric Co. (V. 99, p. 820), Bala & Merion Electric Co.
and Cheltenham Electric Light, Heat & Power Co.—V. 105. p. 1622, 1527.
Pickering Land & Timber Co.—Bonds Called.—
^
that liquidation of the units composing the chain
of stores would be disastrous.
The value of a retail dry goods ordepartment store cons'sfc* in large measure in its status as an organized, active
entitv, having pr p irly assorted merchandise, and with active receivables.
[Compare state ne it on nage 174 of "Railway & Industrial 8ectlon,"
showing amount still unpaid Oct. 10 1917 on the several series of notes.]
Further data will be given in the "Chronicle" another week.
Compare
V. 105, p. 1526, 1002, 914.
RR.
before Aug. 1 1918 at $60 a share trust certificates representing
of 4% prer. stock of the United States Long Distance Telephone
In addition
No. 3,
110J, 1003.
Paauhau Sugar Plantation Co.—New President.—
$9,867,479.
has applied to the N.Y. Commission
the proceeds to be used in building
plant and also for the extension of mains,—V. 82, p. 872.
Press reports state that this company
for authority to Issue $300,000 bonds,
tion committee 15% in cash on the race of creditors' claims, the total thus
time to $'•'3,345.0^5.
It is clearlv evident
its
shareholders have not
majority in number and in principal amount of all of the
1
paid in Feb., May and Aug. last.
Nonquitt Spinning Co.—Special Dividend.—
Y.—Extension of
are asked by the
trustees to consent to an extension of the maturity of the
notes from Dec. 1 1917 to Dec. 1 1919, as provided by the
trust deed, upon the assent in writing of the holders "of a
Jan.
was
Confectionery Co.—Plant Closed.—
New Jersey Zinc Co.
3
1615, 1526.
Notes.—Holders of the serial notes of 1914
»
A like amount
New England
crease
9.99%
10.07%
$262,908
Gas Output.
Boston Consol. Gas Co..
East Boston Gas Co...-
notes
1.
393.
The New
285,842
portation Co
Mercantile
p.
Owing to the inability to obtain sugar, the company has closed its plant
temporarily, throwing out of employment between 1,100 and 1,200hands,
mpare
(compare V. 105. p. 1585).—V. 73, p. 85.
105.
1585).
New Eng. Fuel & Trans¬
—V. 105, p.
105,
Seventy-four bonds of Series A and 16 of Series B have been called for
payment Dec. 1 at 10114 and int. at Michigan
or Merchants' Loan & Trust Co., Chicago.
Trust Co., Grand Rapids,
Pittsburgh Brewing Co.—Special Dividends.—
A
on
special dividend of 1% (50 cents per share) was paid on the pref. stock
Oct. 31.
Pres. C. H. Ridall,
in a letter to shareholders dated Pitts¬
burgh, Pa., Oct. 26, says;
My attention has been called to an advertisement in the newFrsjere in
Which a brokerage firm of this city announces that conditions warrant the
payment of back dividends on the pref. stock of this company, as well as the
[Vol. 105.
CHRONICLE
THE
1808
payment of a permanent dividend on the common stock, predicting an
advance in the prices of stock, and soliciting proxies of stockholders in the
name of such brokerage firm.
In view of these advertisements, I deem it advisable to say to you that
the directors and the management of your company are all as desirous as
fou are to again place will be done as soonon athe finances warrant.
dividend paying basis,
you that this the common stock
as
assure
and
inexpedient to declare or pay dividends not justified
by the fiscal condition of the company.
While business has been normally
prosperous for the past year, the increased cost of labor and materials, to
say nothing of the enormous additional revenue tax imposed upon breweries,
are all important factors which must be taken into consideration.
Including the special dividend of 1% (50 cents per share) paid on the
However, it seems
mentions
Total
now
do
to be issued
speedily pay off, and after this is done, we will take up the question of
payment of dividends on the common stock.—V. 105, p. 1622, 721.
Pittsburgh Coal Co.—Prices Fixed for Bituminous Coal by
/
&c.—
Fuel Administration,—Prices, Wages,
See
"Banking &
Financial Department"
on
a
'
preceding page of this
and compare "Chronicle" of Oct. 13 and 20, pages 1475 and
The "Goal Trade Journal," N. Y., Oct. 31, also devotes page
the price revision matter.-—V. 105, p. 1527, 1101.
ssue
Plymouth
Cordage
Co., North
Plymouth,
1586.
1313 to
Mass.—
Construction has begun on the company's new 7-story warehouse with a
•fcorage capacity of 200,000 bales of fibre and 50,000,000 lbs. of rope and
twine.—vT105, p. 1425, 1314.
Portage Rubber Co .—Increase in Stock.—
The shareholders will vote Nov. 20 on Increasing
*
the authorized capital
stock to $10,000,000, to consist of $5,000,000 each of com. and pref. stock.
After increasing the capital stock on July 11 1916 the company had an
common capital stock of $2,000,000, $500,000 of which was
outstanding and $1,000,000 of pref. stock, convertible into common stock,
all outstanding.
Prior to July 14 1917 the entire outstanding pref. stock,
except 80 shares, had been exchanged for common and the company had
sold to stockholders $500,000 common stock, so that there was then out¬
standing $2,000,000, the entire authorized common stock, and the treasury
authorized
held
practically $1,000,000 of authorized pref. stock.
This treasury stock
having been changed to consist of $500,000 com. stock and $492,000 7%
cum. pref, stock (callable at 125 & div.) was recently offered to the share¬
holders for subscription and has now all been taken.
The Cleveland "Plain Dealer" on Oct. 10 said: "The increase to be voted
on Nov. 20 is to provide for future growth, and stockholders will be re¬
quested to waive their rights to subscribe for any part of the increased
authorization, so that in the future the preferred can be sold to the public
generally without asking stockholders from time to time to purchase; it is
not the intention of the company to sell any more common stock, except
a certain amount that is to be set aside and sold to employees on an easy
payment plan."
For data in this connection see recent letter of Pres. James
Christy in V. 105, p. 394.
,
Public Service Co. of Northern Illinois.—Notes Offered.
—Lee, Higginson & Co. and Halsey, Stuart & Co. are offering
at 97^ to
yield 7%% $1,500,000 2-yr. 6% Collateral gold
notes, dated Oct. 1 1917, due Oct. 1 1919, but redeemable
all or part at any time upon 30 days' notice at 1003^ and
int. if redeemed before Apr. 1 1919, and at 100 and int. on
and after that date.
The bankers report:
without deduction
$1,000, $500 and
$100c*.
Trustee, Illinois Trust & Savings Bank, Chicago.
A direct obligation of the company and collaterally secured by $2,000,000
first & refunding M. 5% gold bonds pledged at 75.
These bonds are a
mortgage on the entire property now owned or hereafter acquired, and
are a first mortgage on important parts thereof.
Additional notes may
be issued only upon pledge of said bonds in like ratio.
These notes precede
In lien $5,000,000 6% gold debentures, $7,672,000 pref. stock paying 6%
dividends, and $12,075,000 common stock paying 7% dividends.
Organization.
The company operates in 13 counties in northeastern
Illinois, having a combined population (1910 Census) of 759,655, excluding
Chicago.
The company supplies electricity for light and power, also gas,
These Notes.—Interest is payable A. & O. in Chicago
the normal Federal income tax of 2%.
Denoms.
for
water
and
heat.
Customers
on
Dec.
31
1916
numbered
144,093,
an
increase of 16,602 or 13.02% over the previous year.
On July 1 1917 in order to assure itself of an adequate
supply of coal, this
joined with Commonwealth Edison Co. and Middle West Utilities
in Williamson County, 111.,
and Sullivan County. Ind., whereby this company secured the right
permanently to the greater part of the coal produced from such mines.
250,000
3,000,000
(100%)
.....
$6,750,000
3,250,000
00.000,000
250,000
Pref. Stock Provisions.—The preferred (a. & d.) stock of the new corpora'
tion is entitled to annual cumulative dividends of 7% only, payable quar¬
terly; is redeemable at 110% on Jan. 1 1928 or any div. period thereafter;
is entitled in case of voluntary dissolution or liquidation to 110%; is pro¬
tected by a sinking fund commencing Jan. 1 1928; is not entitled to sub¬
scribe to or participate in any increase, dividend or distribution of common
stock: is not entitled to vote except in the event the pref. stock dividends
be defaulted for three successive dividend periods, or if the corporation shall
fail to maintain total net assets of 1 2-3 times its pref. stock then outstand¬
ing, and then only during such default or failure.
The corporation shall
not increase its pref. stock, mortgage or encumber its assets or issue bonds,
debentures or evidences of indebtedness maturing later than one year from
date of Issue, without the corisent of 75% of its pref. stockholders.
Exchange of Stock.—Stockholders desiring to avail themselves of the right
of exchange will on Nov. 1 1917, or immediately thereafter, deposit or de¬
liver the stock held by them with the Dollar Savings & Trust Co. of Youngs¬
town for exchange into stock of the new corporation.
Exchange of stock
should be made prior to Dec. 1 1917, as on that day the war revenue stamp
tax on stock certificates becomes effective.
'
'
Dividends.—There will be no break in the dividend payments, that is,
the regular dividend on the common stock of the Republic Rubber Co. will
be (was) paid on Nov. 1 1917 to the holders of record Oct. 25.
The regular
pref. dividend will be paid by the corporation on Dec. 1 to stockholders
record Nov.
of
20.
Notwithstanding the fact that the corporation was organized in N. Y.,
its stock, both classes, will be tax-free in Ohio, due to the fact that more
than two-thirds of its property will be located in Ohio and the corporation
itself will pay the tax on its property to the State precisely the same as
though it were an Ohio corporation.
Subscription Rights.-—While the $3,000,000 of pref. stock of the corpora?tion has been fully underwritten, yet, in the underwriting agreement the
right was reserved to offer this stock to the stockholders of the Republic
company and the Knight company for subscription at par and dividend.
The right to subscribe must be exercised on on before Nov. 15.
Payments
for the stock subscribed for must be made on or before March 1 1918.
In connection with the exchange of common stock wherever fractional
shares result, adjustments of such fractions will be made on the basis
of
perkshare.
$35
Prospects.—The Republic company will do a gross business of about
$12,000,000 in 1917.
With the acquisition of the Knight company and with
the increase of capacity contemplated, it is estimated that the new corpo¬
ration should do a gross business in 1918 of
approximately $18,000,000.
Earnings of the company for 1917 have in the main been very satisfactory,
notwithstanding the unusual industrial conditions which have operated
rather against than for profitable operation.
Directors (and
Officers).—John C. Wick, Henry M. Garlick, C. H, Booth,
Robert
Bentley, M. I. Arms (Treas.), John Tod, R. E. Cornelius, Thomas
Petersen (V.-P0,
Y. City.
C. F.
Garrison is Secretary. Compare Y. 105, p. 1622, 1527.
•
L. Robinson (Chairman), Guy E. Norwood (Pres.), L. T:
T. Harrington and William M. Coleman of N.
John
(R. J.) Reynolds Tobacco Co .—Stock Increased.—
The shareholders
on
Nov.
1 unanimously ratified the
proposed increase
to con¬
Com¬
in capital stock from $20,000,000 to $40,000,000.
The new stock
sist of $10,000,000 pref. and $10,000,000 new class B common.
■■
<-
(100%) $3,500,000
199,620
50,380
...
to remain in treasury
Total
the
New Pref. Stock,
Per $100 a Share.
...
,
to
The stock
only the number of shares given for each old share.
new are supplied by Ed.j.
issues old and
Existing Stock (par
New Com. (no par).
$100)
No. of Shares.
Outstanding.
Republic, common...$3,770,700 ( 5 for 1)
188,535
Preferred
3,500,000
Knight, common
527,900
(2.1 for 1)
11,085
Preferred
250,000
New stock to be sold to syndicate
pare
V. 105, p. 1622, 1110.
Santa Cecilia Sugar Co.—Plan Consummated.—
The readjustment committee, Robert L. Curran chairman, gives notice
that the plan of readjustment has been consummated and that holders of
the certificates of deposit of the Columbia Trust Co. N. Y. for First Mtge.
6% gold bonds, preferred and common stock and voting trust certificates
for common stock, may now receive the new securities and cash (if any)
to which
they are entitled.
See plan in V. 104, p. 1596.
corporation which has been organized under the laws of Dela.,
Sugar Coporaiion has acquired direct
ownership of the properties formerly owned by the company.
Compare
V. 105, p. 295.
.
The
new
under the name of Santa Cecelia
company
Co. in acquiring certain operating coal mines
CONSOLIDATED FUNDED DEBT STATEMENT
(OUTSTANDING)
Underlying div. bonds.*$1 1,252,000]These 6% col. notes...
1st & ref. 5%, due 1956-t 15,041,000(6% deb., due 1918-1922
$1,500,000
5,000,000
Savage Arms Corporation.—Earnings.—
Quarters (in 1917) ending—r 9 mos. end'a
Mar. 31 '17. June 30 '17. Sept. 30 '17. Sept. 30 *17.
Total
earnings—.
Federal
gency
♦Excluding $3,466,000 underlying bonds deposited under the first ferefunding mortgage.
t Excluding $2,000,000 First & Refunding bonds deposited as collateral
security for the 2-yr. notes.
.
Dec. 31 '15. Dec. 31 *16. Sept. 30'17.
$6,903,228
$7,783,157
$8,561,455
3,000,213
3,153,858
3,274,674
3,304,200
1,461,461
1.492,280
1,497,818
1,566,768
the entire funded debt, incl. these notes,
Earnings— Yrs. Ended
earnings.
Gross
Net after taxes
Interest charges
Annual interest on
Dec. 31'14.
$6,656,898
requires
Net earnings for 12 moths ending Dec. 311917 (3 months est.).
_
Samuel
Insull is President of the
Quissett (Cotton) Mill
company.-—V. 104,
p.
1,709,650
3,417,000
765, 1262.
Corp. —Extra Dividend.—
An extra dividend of 10% has been declared on the $1,250,000 common
stock in addition to the regular quarterly 2%, both payable Nov. 15 to
holders of record Oct. 31.—V. 104, p. 458.
Republic Rubber Corp.—Organization of New Merger
Corporation Announced.■—Exchange of Stock, &c.—Pres. Guy
E. Norwood of the Republic Rubber Co. of Youngstown,
Ohio, in a letter to the shareholders, of the company an¬
nounced the organization of this new merger corporation
under the law? of New York State which will acquire a
controlling interest in the Republic Rubber Co. of Youngs¬
town and the Knight Tire & Rubber Co. of Canton, Ohio.
The letter in part follows:
Amalgamation.—A committee representing your company, some time
since, took an option on a controlling interest in the common and preferred
stock of the Knight Tire & Rubber Co. of Canton, Ohio, whose plant has
capacity of about 600 tires a day, which could easily be increased to 1,000.
This capacity added to that of your company, with some additions, would
enable the two to produce about 3.500 pneumatic tires per day.
It is
also proposed to triple the truck tire capacity.
The committee also took
an
option on a controlling interest in the stock of your company, the
purpose being to organize a new company for the purpose of acquiring a
controlling interest in the capital stock of both corporations.
To carry out this plan a large amount of new money had to be provided
for additions to the two plants, and also for additional working capital.
To accomplish this the Executive Committee has organized a new company
and exercised the options and has caused the new company to authorize the
issuance and sale of $3,000,000 of its 7% cumulative pref. stock.
The
committee has further entered into an underwriting contract for the sale
of this amount of stock.
This new corporation has been organized in
N. Y. With an authorized capital stock of 350,000 shares divided into
100,000 shares of $100 each of 7% cumulative pref. stock, and 250,000
shares of no par value common stock.
It is proposed that the new corporation shall acquire at least a controlling
Interest in the stock of the Republic Company and in that of the Knight
Company by an exchange of stocks on the following basis.
[The circular
$2,031,858
17,043
Interest
tax
$462,106
14,891
contin-
&
v
(IM)f
(1^)7,012
(1)4)6,262
(1^)132,532(1^)133,282
$2,291,528
(5 M)26,250
(43^)20,286
(3)265,814
$431,204
$1,979,178
Balance for dividends
$1,264,815
First preferred dividend
(1^)8,750
Second pref. dividend..
(13^)7,012
Common dividends....
Balance, surplus
1,000,000
250,000
750,000
reserve...
$3,339,792
48,264
$845,828
16,330
;
$579,498
$447,215
(1^)8,750
$1,249,053
(1^)8,750
$298,921
It is stated unofficially that! the company has contracts now on
its books
1918.
capacity operations of both its plants until the close of
—V. 105, p. 1715. 503.
insuring
Saxon Motor
Car
Corp.—Bond Issue—Disbursement.—
a group of bankers are planning?to
The details are not yet available..
plan is also under consideration to pay a disbursement to the com¬
pany s creditors.
Upon its completion, 10% will be paid,"and a like
W"e
are
advised unofficially that
purchase an issue of $600,000 bonds.
A
amount on Feb. 1
the
indebtedness
1918.
to
Aug.
The creditors will receive definite extensions.on
1 1918.
IS3
,
Shipment of Cars.—For Oct. and 10 mos. to Oct. 29 1917:
10 Mos.
October.
All in 1917—
Cars shipped
—V.
"18,548
1,800
(approximately).
105, p. 1215, 1101;
Sayre Electric Co.—Note Offering.—
Paul & Co., Phila., are offering a new issue of $50,000 of this company's
1-yr. 6% secured notes.—V. 101, p. 928.
Scovill Mfg. Co.—Dividend Reduced.—
A monthly
dividend of $5 per share was paid on the stock on Nov. 1 to
24.
This compares with $10 per month in 1917,
holders of record Oct.
except in Aug. when $15 per share was paid.—V. 105, p.
1314, 394.
Sears, Roebuck & Co.—Sales.—
10 months
—Y. 105, p. 1424, 1214.
Increase.
$4,163,494
28,613,118
1916.
1917.
$20,375,589
139,531,416
October
$16,212,095
110,918,298
Semet-Solvay Co., Syracuse, N. Y.—Stock Dividend.—
A stock dividend of 2 % has been declared on the stock in addition to the
regular quarterly 2%. both payable on or about Nov. 15 to holders of
record Oct. 31.—V. 105, p. 1622.
j
Shannon
Copper Co.—Strike Settlement.—
See Arizona Copper Co. above.—V. 105, p.
Sharon
Steel Hoop
1622, 185.
Co.—Sale-
See Youngstown Pressed Steel Co. below.- -V. 104, p. 2656.
Shawinigan Water & Power Co.—Stock Increased.—-1
The
shareholders
voted
Oct.
31
to
authorize
an
increase
in the'out-
standing capital stock from $15,000,000 to $20,000,000, the total auth. amt.
Nov. 3 1917.]
'
THE
CHRONICLE
Pres.J. E. Alfred remarked that the company had no Intention of making
During the year your company has made material progress along many
lines.
Although its first releases were made in Nov. 1915 it started the
present year with a very large business, which it has held in the face of the
fiercest competition of the older
companies and of new flotations with
their cutting of prices.
any distribution at the moment, and assured the shareholders that no fur¬
ther offering would be made unless it was considered absolutely necessary
and to the advantage of the shareholders.
business in Canada, Mr.
V. 105. p. 1527. 1425.
The future of the hydro-electric
believes, offers great possibilities.—
Aldred
An increase
of capital stock to
$8,000,000 was authorized in February
last, and some of the new capital stock has been issued, but enough of
original capital stock has been acquired by the
company in its treasury,
so that the total amount of stock
outstanding is $5,000,075 par valuewithin $75 of the original capitalization.
Cash from current earnings has been devoted to
strengthening the com¬
„
Sloss-Sheffield Steel & Iron Co.—President to Retire.—
the
It is announced that President Waddill Catchings is to retire from office
Dec. 31 to become
V. 104, p. 1904.
on
partner in the firm of Goldman, Sachs & Co.—
a
Southern Alberta Land Co.—Plan
pany in every direction, so that to-day, with but $75 increase in its capital
stock, the company has added to its property since Jan. 11917 the following
(1) Over 2-3 of the capital stock of New York Motion Picture Corporation,
which, in turn, owns 57% of the capital stock of the Keystone Film Co.; (2)
the remainmg 43% of the capital stock of the
Keystone Film Co.; (3) over
Operative, &c.
The
liquidator announces that the reconstruction scheme having now
become operative, holders of fully-paid ordinary shares are entitled within
21 days from Oct. 1 to claim as of right an allotment at the rate of five
shares of £1 each in the new company (which has been registered under
the name of "Canada Land & Irrigation Co., Ltd."), credited with 16s.
paid up in exchange for each four shares of £1 each of their holdings.
The
claim forms should be signed and returned to Wm. J. Challis, liquidator,
6'Austin Friars, London, E.C.2, as soon as possible with (a) a remittance
of Is. per share; and (6) the share certificates in respect of the present
holding.
Allotment letters, which will constitute a receipt for the amount
95% of the capital stock of Majestic Motion Picture Co.; (4)
their present holding.—V.
99,
efficient
and factories in the world.
It controls negatives of
photoplays
which have been great successes and which are
constantly in demand.
A statement certified by Haskins & Sells,
public accountants, will be sent
to all stockholders and certificate holders in the near future.—V.
104.
2656, 2250.
p.
Troy (N. Y.) Gas Co.—Stock Increase.—r
President Edward Murphy is quoted as saying the
company has not made
plans to issue the additional $2,000,000 of stock at the present time,
some time.
See V. 105, p. 1626.
473.
p.
60% of the
most
studios
entitled in respect of
of the number to which shareholders are
excess
over
capital stock of Reliance Motion Picture Corporation.
Your company, in consequence, controls some of the
Said on application anddue course. Applicationshare be made for surrenan acknowledgment of may certificates shares
ered, will be posted in
in
1809
ans'
Southern
California
Edison
and that such action will not be taken for
Co.—Earnings.—G. Ul-
bricht of 30 Broad St., New York, reports:
—Month
Gross
,,
Balance
.
revenue
depr'n
ited to
$5,652,133
$3,483,023
435,561
$3,630,298
$452,254
188,229
$3,918,584
1,764,917
$3,814,462
1,726,299
$241,077
Total income
$703,630
$427,956
24,298
$264,024
$2,153,667
$2,088,163
$264,024
$2,271,446
$6,132,483
tended indefinitely, but may be terminated Nov. 20, on or before which day
further deposits of the stock of the National Carbon Co.,
Inc., will be re¬
ceived at office of Bonbright & Co., Inc., 19 Nassau St., N. Y. City.
184,164
Incorporated.—The Union Carbide & Carbon Corp. was
incorporated at Albany on Nov. 1 with 3,000,000 shares of
authorized capital stock, all of one class, with no par value,
the "active" (or "stated") capital being given as $15,000,000.
The incorporators include: C. G. K. Billings, M.T. Herrick,
C. A. Coffin, 120 Broadway. Compare V. 105, p. 1426,1718.
cred¬
reserve.
*117,778
*23,872
Bal. for depr'n & surp.
$264,949
$2,088,163
*
Includes additional revenue credited to depreciation reserve under
the city of Los Angeles contract.
•
Note.—Gross revenue in 1917 affected by sale of gas properties in June
1916 and change to wholesale basis in Los Angeles May 1 1917.
Actual
increase in electric output was 7%, which is reflected in surplus.
Union Mills, Inc. (of New York).—Offering of Common
Stock.—Kidder, Peabody & Co. are offering, at $50 per
share, 20,000 shares of common stock without par value, of
this New York company, successor to the Massachusetts
company of. similar name, long established in the manufac¬
ture of underwear, both fleece and ribbed goods, and sweater
coats.
The company's eight mills are located throughout
New York State.
Complete data, with balance sheet and
description of properties, &c., may be found in V. 104, p.2349.
Merger.—
This company recently applied to the Calif. RR. Commission for author¬
ity to purchase the capital stock and property of the Ventura County Power
Co. (V. 105. p. 296).—V. 105, p. 1215, 1110.
Standard
Oil
of Indiana.—Decision.—
Co.
See Standard Oil Co. of Kansas below.—V. 105, p. 1216,
Oil
Standard
of Kansas.—Decision
Co.
The Kansas Supreme Court
has handed down
a
395.
—
special decree permitting
the Standard Oil Cos. of Kansas and Indiana to produce oil in tnat State.
Under a journal entry in the old ouster suit against the Standard (Oil Co.)
the companies of Kansas and Indiana were prohibited from engaging in the
oil business in Kansas as producers.
The decree permits the companies to
become producers as well as refiners
Oil
Standard
and distributers.—V. 104,
J.—Archbold
of N.
Co.
p.
1904.
Shares.
'.
Stock—
$18,241,450.
6,000 Standard Oil of N. J.-
The holdings include, with others:
Shares.
Value.
'
Stock—
Oil.
10,000
Int. Niokel com.....
522,175
459,700
2,500 American Int. Corp..
137,950
3,000
Brooklyn Union Gas.
391,200
4,500 Southern Ry
132,210
3,660 Ohio Oil Co
4,643 Standard Oil of CaL.
4,575 Standard Oil of N.Y.
12,000 Anglo-American
1,050 Prairie Pipe Line
—V.
5,000
Union Pacific
6,500 C. M. & St. P.
940,000
com..
388,864
3,166
196,298
Mid vale Steel
222,875
Speedometer Co.
For Nine Mmths ending Sept.
30—
Results w
Chicago.
1916.
1917.
,
Net profits after deducting 6% income tax in 1917,
agst.2% in 1915 and $190,000 est. war taxes in 1917$1,650,000 $1,880,000
The net profits for the quarter ended Sept. 30 1917, after deducting 6%
income tax, but not allowing for war tax, were $640,485, and for the 9 mos.
ended Sept. 30 1917, $1,840,390 (before allowing for war taxes).
BALANCE
*
Real estate, buildings, machinery,
• &c., after depreciation, reserve.'—
Patents, trade-marks, &c
Inventories (at cost)..
•
Accounts receivable, &c
—President Colonel Samuel P. Colt
est basis, it gives me pleasure to announce that out of a total of approxi¬
mately $12,000,000 of the three issues $7,000,000 were surrendered for
redemption.
It will be recalled that we made the offer at that time in the hope that it
would facilitate subscriptions to the second Liberty Loan.
I have reason
to believe that a substantial part of the proceeds was so reinvested.
The
funds for the redemption of these bonds were set aside for that purpose
when we sold $60,000,000 5s to Kuhn, Loeb & Co. early in the year.
Compare V. 105, p. 1528, 826.
United
SHEET.
.....
Cash
Prepaid insurance, &c.
Total..
//ft/?,ft?,IffAPS—**
Common
1,368,658
1,347,298
294,006
■
109,920
91,183
56,460
$1,897,723
9,132,968
2,320,919
1,165,917
112,711
105,429
.....$16,756,763 $15,390,277 $14,735,667
...
'
stock
Notes payable
2,997,028
$2,574,165
9,132,968
2,166,843
J..
Accounts payable, &c
Accrued taxes, &C
Surplus
'
_-_.._$l,0,000,000 $10,000,000
a700,000
700,000
272,639
301,860
,
198,293
192,975
5,585,831
4,195,441
—
$10,000,000
600,000
369,117
114,750
3,651,800
Total......
.$16,756,763 $15,390,277 $14,735.667
The company on Oct. 22 paid off $100,000 notes, leaving a balance of
$600,000 outstanding.
It is also understood that a like amount will be
paid in November.
a
Sale of Plant.—
See Motdr
Starter Corp.
This company
1715, 395.
Swift Canadian Co. Ltd.—Stock Increase.
a
year
capital stock from $3,000,000 to $5,000,000.
Swift & Co., Chicago.—Sub Co. Stock Increase.—
Tallassee Power Co., Badin, N. C.—Power
Development.
This company (a subsidiary of the Aluminum Co. of America, Pittsburgh,
Pa.) is undertaking the development of 30,000 h.p. (hydro-electric) on the
Yadkin River, near Badin, N. C., completion being expected about May 1
1918.
The company at last advices had a nominal capital stock of $100,000.
A statement by J. W. Rickey, Chief Hydraulic Engineer of the Aluminum
Co., says in substance: "Several months ago we awarded contract for build¬
ing the dam and power house at the Yadkin Falls dam site on the Yadkin
River near Badin, N. C.
The spillway portion of the dam will be 465 feet
long.
The power house will contain three vertical turbines, each to develop
10,000 h.p. when operating under 50 ft. head.
The combined discharge of
all of the flood gates allowing the pond level to rise four feet above normal
is 250,000 second feet.
The plant is scheduled for completion May 1 1918.
Triangle
Film Corporation, New York.—Interim Re¬
port.—A circular dated Oct. 20, signed by Pres. H.E. Aitken
HJ 0. Davis, says in substance:
and V.-Pres. and Gen. Mgr.
1626, 1528.
Reduced—Rates.
on
its $2,600,-
and continues to increase.—V. 104, p. 2457.
"
60.
last
,
This company reports operating,revenues for Aug. 1917 of $37,377, an
over Aug. 1916; net earnings. $25,828, an increase of
6.64%, compared with Aug. 19)6.
The net earnings for the year 1917 to
date are $212,731,compared with $161,419 in 1916.
For the 12 months
ended Aug. 1917, the net earnings are $330,101, an increase of 31.37%
increase of 16.85%
over
the
same
period in 1916.—V. 105, p. 916, 614.
Westfield Mfg. Co.— Bonds Called.—
Thirty-four (S34.000) debenture 6% serial gold bonds, dated Aug. 25
1915, have been called for payment Dec. 1 at 101 and int. at Equitable
York.—V. 104, p. 263.
Trust Co., New
Whitman Mills,
New Bedford, Mass.—Extra Dividend.
3%
per
share has been declared
on
the $2,000,000
addition to the regular quarterly 2%, both payable Nov. 15 to
holders of record Nov. 6.
In Aug. last an extra of 1 % was paid.—V. 105,
stock in
395. '
Wisconsin Edison
Co.—Subsidiary Coi Rates Advanced
RR. Commission has granted the subsidiary companies
and the North American Co., operating in Milwaukee,
Racine and surrounding territory, relief from increased prices for coal, by
permitting the utilities to increase by 31-1 OOths of a cent perk.w. hour their
charges for electric current in excess of 1,000 k. w. to any One customer.
The companies requested that no attempt be made to increase the price of
electric service to small customers.
The Commission also granted the
companies' petitions to abolish all flat or seasonal rates for steam heating,
and permitted an increase in the retail price of low-pressure steam or
14 cts. per 1,000 lbs. and of high pressure steam of 20 cents.
The Commis¬
sion in a previous order had permitted the Wisconsin Gas & Electric Co.
to Increase its hot water heating rate at Kenosha 37H %.—V. 104, p. 2562
The Wisconsin
of
See Swift Canadia.. Co. Ltd. above.—V. 105, p. 1426, 1315.
Co,—Divs.
Western Power Co. of Canada, Ltd.—
p.
ally or subsidiary of Swift & Co. of Chicago, on Oct.
certificate with the Secretary of State of Canada increasing its
Lt.
reduced the quarterly dividend due Nov. 1
An extra dividend of
p.
Corp.—Earnings—Extra Dividend.
000 capital stock, par $20, from an annual basis of $4 80 per share to $3
An appeal for higher gas rates is proposed.
The company's gas consumption is said to have increased 50% in the
This company, an
17 filed
Steel
Washington(D.C.)Gas
■
above.—V. 105,
States
See "Annual Reports" on a preceding page,—V. 105, p.
Sept. 30 '17. Dec. 31 *16. Sept. 30 '16.
$
S
$
$2,873,705
9,134,806
of Redemption Offer.
announces:
Under our offer of Oct. 8 to holders of United States Rubber 10-year
Collateral Trust sinking fund 6s, Morgan & Wright and Canadian Consoli¬
dated Rubber Co. 5% debentures, to buy the same on about a 3.85% inter¬
a
,
Scranton, Pa.* announce that an extra dividend of 2%
paid on the stock on Oct. 1 last.—V. 93, p. 669.
United States Rubber Co.—Success
599,820
3,100 C. M. & St. P. pref..
2,500 Lackawanna Steel...
105, p. 1715, 1528.
Stewart-Warner
United States Lumber Co.—Extra Dividend.—
was
730,950
...
Gypsum Co.—Earnings.—
Brooks & Co.,
$360,520
3,988,560
1,356,608
1,681,462
1,192,839
196,680
States
It is expected that the net earnings of this company for the current year
will be between $800,000 and $900,000, compared with $637,000 in 1916
and $501,000 in 1915—"Chicago Economist" Oct. 6.—(V. 105, p. 723.)
Value.
4,000 Anaconda Copper...
4,000 National Fuel Gas Co
Philadelphia.—Dividend Omitted.
Owing to high operating costs, the company has omitted the regular
quarterly dividend of 2% usually paid at this time.
This is the first time
since the company was organized in 1867 that the dividend has not been
paid.
At times the company, it is said, has been far behind in its deliveries.
United
The statement of the N. Y. Tax Appraiser of the value of the estate of
66,478 Magnolia Pet. Co...$18,241,450
Union Transfer Co.,
.
Holdings.—
John D. Archbold up to the time of nis death (V. 103, p. 2161), gives a
net value of $38,498,247, including 66,478 shares of Magnolia Petroleum
Cos of Texas, valued at
Corp.- -Deposits:—D ividend .-
See National Carbon Co. above.
The time for deposit of shares of Union Carbide Co., Linde Air Products
Co. and Prest-O-Lite Co. with the Central Trust Co., N. Y.< has been ex¬
1916.
$450,286
209,209
Other income
Additional
1917.
1916.
$600,166
$361,596
88,690
earnings
Net earnings
Interest
Union Carbide & Carbon
9 Mos. end. Sept. 30—
of September
"1917.
the
company
Wyandotte County (Kan.) Gas Co.—Bonds.—
This company is
the cost of
cover
said to be contemplating the issue of $332,000 bonds to
rehabilitating its old artificial gas plant.—V. 99, p. 613.
Youngstown (Ohio) Pressed Steel Co —Acquisition.—
This
new corporation, incorporated with $1,000,000 auth. capital
stock
purchased the fabricating department of the Sharon Steel H oop Ca.—
The new corporation will erect a plant on another site and ex¬
pand materially In fireproofmg lines.
W. W. Galbreath is the President
of the new corporation.
has
V. 105, p. 1527.
[VOL. 105.
THE CHRONICLE
1810
by Wall Street and Cotton Exchange houses.
Europe
bought to some extent and latterly prices have rallied
To-day prices closed unchanged to 4 points
March
has
(jpommrmal Tinier
%Xiz
somewhat.
™
higher.
Prices end slightly higher for. the week.
prices were as follows:
oommercialTept^
Friday Night, Nov. 2 1917.
largely for account of the Govern¬
ment.
Government purchases sidetrack everything else,
in many branches of business, notably in steel andiron.
Moreover there is a scarcity of fuel, cars, raw materials and
labor, which naturally militates against business.
So do
the current high prices.
The high cost of living is still a
universal drawback.
Conservatism and economy are being
Trade is brisk, but it is
generally practiced than they were a year ago.
more
Then
the fundamental con¬
Regulation of prices
has become a fixed and widely extended fact.
Differentials
in the pig iron trade are awaited with keen interest.
There
is a check on corn exports.
None, it seems, can be exported
now unless a license is obtained before the corn is bought.
The United States Government purposes to know where food
is going.
Apart from the inevitable drawbacks due to
scarcity already mentioned, the effect of a big decline in
stccks, owing to the Italian reverses, must be taken into
account, accompanied as it has been by restrictive measures
on short selling at the New York Stock Exchange and the
establishing of minimum prices for stocks at the Montreal,
Toronto and
Pittsburgh stock^exchanges.
These things
interest the whole commercial world, because they have a
political as well as a business bearing.
And naturally they
have had more or less depressing effect for the time being.
But the Italian army is being reinforced by the Allies and
more cheerful
news from Italy would undoubtedly have a
favorable effect, directly or indirectly, on business in general.
Supplies of food are increasing.
Flour, meat and eggs are
cheaper.
The Government is trying to check the rapacity
of retailers everywhere and sugar seems likely to be more
the country was at peace.
Naturally
ditions of trade are very different now.
ouisiana
Elentiful and cheaper before long, furnish only appears tons
planters are to although it 50,000 that
sugar
tons that the Government intended to
purchase from them.
Corn, oats and cotton have declined
during the week. To-day too the business world was cheered
by an advance in the stock market.
Business conditions in
this country may be described as in good shape although the
pace is not so rapid as it was before the United States entered
the war and became so large a buyer of various supplies
needful for its prosecution.
Its orders naturally tak8
priority over those of private consumers.
instead of 100,000
NEW YORK.
STOCKS OF MERCHANDISE IN
Nov.
mats.
93,067
bales.
2,750
barrels..
6,100
Cotton
hemp...
...
Flour
,M
628,508
tons.
No.
bales.
4
'
•
"
1917.
...
.
1916
Nov. 1
986,996
1,421,667
13,488
676,413
12,193
bags.
Hides*
Mania
Oct. 1
1917.
bags.1,722,293
Coffee, Brazil
Coffee, Java
Coffee, other..—
Sugar
29,276
636,854
17,053
18,000
109,453
72,669
625
5,813
13,200
53,800
*
♦Not published during war.
LARD higher; prime Western 25.90 @26c.; refined to the
Continent, 27c.; South America, 27.25c.; Brazil, 28.25c.
Futures have declined in spite of some advance now and
and also in spite of the fact that
have been comparatively small.
to the prospects
effect on Nov. 1.
On the 30th inst. both lard and pork dropped 50 points.
Liquidation of lard, pork and ribs has been a feature. All
packing plants are now under Government control.
On
and after Nov. 1 control, it was announced, would be abso¬
lute, operations of the plant being regulated by license.
then in the price of hogs
of cash products
stocks
Cash buyers are inclined to hold off, owing
of regulative measures which were to go into
Under
suchi circumstances, the market has been nervous.
To-day prices were irergular, advancing on November and
declining
however.
DAILY
January.
The latter is higher for the week,
Closing prices were as follows:
on
CLOSING
PRICES
Sat.
October delivery...cts.24.87
January delivery
22.30
OF LARD FUTURES
Mon.
Tues.
Wed.
24.80
22.40
24.77
22.40
24.75
22.42
IN
CHICAGO
Fri.
Thurs.
23.60
22.92
$47.50@$48; clear, $48@$52; bee*
products firm; mess, $31 @$32; extra India mess, $50@$52.
Cut- meats lower; pickled hams, 10 to 20 lbs., 24^c.; pickled
bellies, 32@34c.; Liverpool reports the general market dull,
with scarcity of spot offerings and lighter export clearances.
Argentina shipments are increasing, and it is believed that
Holland will contribute moderately at an early date and
also American clearances will become larger.
There is a
scarcity of supplies, but the high prices and scarcity of
offerings restrict consumption.
To-day pork declined, with
January quoted at $42.65, but it shows a rise of $1.78 for
the
week.
Butter,
creamery,
44J^@45c.
The
Elgin
PORK lower;
Butter Board
the
war
istrator.
mess,
closed
on
the 30th inst. for the duration of
in compliance with a request by the Food Admin¬
Cheese,
State,
23c.
Eggs,
fresh,
48@49c.
COFFEE lower; No. 7 Rio, 7%@8c.; No. 4 Santos, 9 J^@
934c.; fair to good Cucuta, 1034@10 V2q.
Futures have, for
the most part, hardly budged, the fluctuations have been
b6 slight.
Trading, as a rule, has been light, but at times
it has livened up a trifle.
March has been bought of late
more ffeely.
That is due to fears of a shortage in ocean
tonnage next snnng.
That might cause a considerable re¬
duction of supplies.
But on any little rbe trade interest
have shown a disposition to sell, offsetting the buying o;
Closing
July
cts 7 78(37 80
7 86(37.87
April
.7 53(37 51 August
7 62<37 b3 8epi,eml»er ..7.93(37.94
7 27637 28 May
7 35(37 36 June....... 9.70@9.71
March ,cts 7.44(37 45
09 37 11
7.19<®7 20
Govern berets."
December
January
February
SUGAR firm;
centrifugal, 96-degrees test, 6.90c.; molasses,
89-degrees test, 6.02c.; granulated, 8.35c.
moderate, pending further developments.
Trade has been
Release of neutral
will relieve the situation some¬
shortage is delaying the delivery
of beet root sugar.
There has been much discussion of the
Government purchase of 100,000 tons of Louisiana sugar.
Some doubt whether the deal would actually go through.
It is now said that it will not.
Only half will be delivered.
Some Louisiana planters are represented as maintaining that
this sugar is worth more than the price allowed by the Food
Administrator, 6.25c.
The latest ruling in the sugar
department of the sugar administration permits the planter
to sell clarified sugar at over 7.25c. but under the cane
refiners maximum price of 8.35c.
And some think that
Louisiana planter will prefer to take advantage of this ruling
rather than sell their raw sugar at 6.35c.
The International
stocks held here for export
Unfortunately
what.
car
Sugar Committee made the following announcement: "Until
further notice the International Sugar Committee determines
the basis to be 6.90 delivery duty paid for 96 centrifugal
New York.
No basis is yet determined for other
refining
points."
The American Sugar Refining Co.
issues this reminder: "Every one, manufactures and house¬
holders should use sugar sparingly for the present.
The
sugar,
supply is limited and will be until the new crop of cane can
tropics.
The supply v ill then
be harvested in Cuba and the
be
In the meantime the people of the New England
coast states should use
sugar
sparingly."
ample.
and
Atlantic
sharp comment on the rapacity of retail grocers in
their dealings with householders, in some cases charging as
much as 15 to 17 cents per lb. for sugar that cost 8.60c.
There is
In New York
City the price has been around 11 cents, but
retailers, it is charged, have been imposing
householders to their heart's content.
A Havana
cable says the exportation of refined sugar
to neutral
countries has been prohibited.
The United States Food
Administration'issued a statement announcing that of the
26,500 tons of sugar recently released to the American
market by France, 12,000 tons was neutral sugar, recently
bought for France, and 14,500 tons bought for France
months ago through the British Royal Commission.
The
additional 16,500 tons of sugar which is expected to he
released to the market this week, is owned by the Russian
in New Jersey
upon
and French Governments.
^
OILS.—Linseed steady; eity raw, American
;
seed, $1 12@
Cocoanut,
Lagos 21 @
$1 16; Calcutta $1 40.
Lard, prime $2 @$2 05.
Cochin 21@22c., Ceylon 16@16lAa.
Palm,
Soya
bean- 16@16^c.
Cod, domestic 90@92c.
Spirits of turpentine 54@55c.
Strained rosin, common to
good, $6 85.
Cottonseed oil cloxed lower on the spot at
18 90c.
The stronger position of hog products of late has
steadied prices for cottonseed oil, although trading has been
light.
Some stress is laid on the excellent demand for com-
22c.
Sound lard. 60(3 19 00 January were as follows:
Closing prices 18 37(318 38 April—cts
ov
Dec.
18.35® 18.501 Feb
_18.25@ —
May
lMarcb----18.25@18.26
PETROLEUM
firm; refined
in barrels,
—
@18.50
—
cts
ctslS
@19.00
10 45@$1145;
Naphtha, 73 to
76 degrees, in 100-gallon drums and over, 47^c.
Gasoline
firm; motor gasoline, in steel barrels, to garages, 24c., to
consumers, 26c.; gasoline, gas machine, steel, 41c.; 72 to 76
degrees, 28@32c.
Increasing production is reported in the
Caddo, La., field.
The crude oil output is below the needs
bulk, $5 50@$6 50; cases, $15 50@$16 50.,
of the trade.
A tax of 5% on cost of
transportation has
strength to prices. .This tax is tp be paid by the
refiner.
Increasing activity is reported in Kentucky fields
Coal shortage is still a serious factor.
added
Pennsylvanladark $3 ?>(»
2 57
Mercer black
2 23
Crichton
1 5<»
Horning
2 69
Wnoster
2 3**
Thrall
2 00
Strawn.2 00
De <ioto
1 on
Calwll
Lima——_-J2 08 Illinois. above 30
$2
2 08
degrees
1 98 Kansas and Okla¬
homa
2
Princeton
2,12
Somerset. 32 deg— 2 40 Caddo. La., light. 2
Ragland
1 10 Caddo, La., heavy. 1
2
Elertra
2 00 Canada
North
Sout h
Lima
12
Indiana
....
—
Moran
Plymouth
——
— r„
—
2 00 He. Id ton
2 O.lUlenrfeUa
00
00
00
48
1 20
2 00
TOBACCO has been in good demand, hut there is some
dissatisfaction in regard to the way in which supplies are
control at least a certain pro¬
Many contend that there is no actual
But the smaller manufacturers seem
to find it hard to get supplies, and if lids state of things
continues, it is contended, some of them win be forced out of
business.
The ouestion arises, Is -this desirable?
Might
not a policy of discriminating against the smaller concerns
prove a boomerang ia the end?
The more buyers, the better
the prices in the long run.
And vice-versa. Prices now are
generally firm. The outlook ^eems rather dubious as to
getting further supplies from Amsterdam.
This fact natur¬
ally strengthens the price of Sumatra.
In Cuba there is
said to be a brisk business in Vuelta, Remedios and Partido,
although here there is not much being done at the moment in
being distributed by those who
portion of the crop.
scarcity of tobacco.
Havana tobacco.
selline, it is said, at;
for around 26 to 26J^c., and some sales of cast-
COPPER in second hands has been
easier prices
Nov. 3
THE
1917.]
CHRONICLE
ing have been made for November and December delivery
at the regulation price of 23HCThereis a fair demand for
future delivery.
Electrolytic for the first quarter of next
year is/offered, it is stated, at 23He.
No Lake copper is
offered in any position.
Lead higher on the spot at 5H@6c.
on smaller offerings and a better demand.
Tin higher on
the spot at 66c., owing to the scarcity of supplies and much
higher cables.
Total arrivals 2,060 tons; afloat, 4,300 tons.
Spelter lower on spot at 7 H @8 He., being statistically weak.
STEEL
requirements by the Government are increasing
steadily.
Naturally private consumers have to wait.
If
steel could be had the outside private consumption would be
large.
Prices are unchanged.
At the same time, some of
the mills are getting in better shape to handle new business,
what ever may be said about others.
Some will be able to
take business for the first quarter of 1918 before long.
Cer¬
tain mills are catching up with their business for the fourth
quarter.
Of course, if the Government should greatly in¬
crease it? orders, the schedule would be upset again. Ship¬
building in 1918, it is estimated, will require from 1,500,000
to 2,000,000 tons, or anywhere from one-half to two-thirds
of the country's capacity.
Besides the Government will,
want a good deal of ste3l for shells.
The labor question is
an all important one with shipbuilders.
As is well known,
there is a scarcity of labor in this branch of business.
Some
300,000 men are wanted.
How to get them is the question.
As regards the steel business in general, it is pointed out that
only those manufacturers who have big Government con¬
tracts, or who are supplying material to Government con¬
tractors, are reaily active.
Others would have plenty to do
if they could get the raw material.
The trouble is that they
cannot.
Meantime it is an interesting question as to just
how prices will be fixed by the Government on iron and steel
as
yet untouched by Federal action.
From 100,000 to
200,000 tons of shell steel are to be bought for the Allies.
The United States Army wants 1,500,000 tons of shell steel
of two to eleven and a half inch rounds.
This is being
arranged.
The United States Navy wants a similar amount.
PIG
IRON
consumption exceeds production.
Wash¬
ington, meanwhile, has given no inkling as to what differen¬
tial prices of the various grades and deliveries will be.
Still
the tentative prices established recently seem to answer the
purpose for the time being.
The foundries have plenty to
do.
Consumption is very large.
Large as the production
is the consumption threatens to overlap it.
Naturally
this
causes
some
coneern
1811
In order that comparison may be made with other
years,
give below the totals at leading ports for six seasons:
we
1917.
Receipts at—
G tlveston
72,377
14,861
67,632
3.724
31,068
Friday Night, Nov. 2 1917.
as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
224,873 bales, against 251,964 bales last week and 235,539
bales the previous week, making the total receipts since
Aug. 1 1917 2,023,161 bales, against 2,869,681 bales for the
same period of 1916, showing a decrease since Aug. 1 1917
of 846,520 bales.
Mon.
Galveston
9,333
Texas City
Port Arthur, &c.
New Orleans.
Mobile
Tues.
Wed.
13,141
Sat.
•
20,865
10,305
3.902
Fri.
5,780
—
-
-
Total.
9.129
Thurs,
68,553
3,902
-
34
192
4.246
499
55.821
5,051
1".506
1.500
39.808
7,000
9,676
3,422
14,460
158
8.645
12", 429
1,044
620
11,221
1.134
5", 956
5",313
10,787
Pensacola
mm
mm'mm
6",453
12,827
1,296
458
mm
mm
mm
mm
mm
.
Jacksonville
-
Savannah
-
6,603
5.580
7.000
2.124
5,569
■
■
Brunswick
Charleston
Norfolk
N'port News, &c.
530
613
1,525
294
1,704
1,606
2,676
•
"815
-
•
143
3.793
104
2.328
309
1,518
'.
——
....
—.
—
—
.
Totals this week.
30.700
41,962
3.188
3,846
8,350
275
226
840
Baltimore
Philadelphia....
104
"723
....
3,640
4,710
.
;
...
"792
1,942
783
2,515
....
New York
Boston
i",6ii
1,682
1,059
2,166
.....
Wilmington
48,409
43,535
23,064
....
37.203 224,873
The
following shows the week's total receipts, the total since
Aug. 1 1917 and the stocks to-night, compared with last year:
1917.
•
1916.
Stock.
Receipts to
Nov. 2.
This
Week.
Galveston..
Since Aug
1 1917.
68,553
Texas City
Port Arthur, AcNew Orleans—
3.902
192
55.821
—
Mobile..
5.051
Pensacola-
1.500
39.808
Jacksonville..
Savannah..
Brunswick
7.000
9.676
Charleston
3,422
14.460
Wilmington
Norfolk
104
N'port News, &c_
New
8.350
York
3.188
3,846
Boston
Baltimore-
Philadelphia
Totals
....
-
Week.
Since Aug
1 1916.
697,724 109,471 1,116,861,
11,852
108.3711
8,563
14,919
18.219
9,889
614.844
387,823 94,879
2,505
50.331
42,392
1,155
6,705
15,450
1,900
25,296
488.461
433,502 40,013
5.000
65,000
49:500
90.022
5,372
81.314
4,927
63.116
38,639
200.649
87,525 27,693
1.489
8,515
2.136
72.287
11.216
26.763
17.724
4,003
967
41,977
7.268
264
1.291
2,961
224.873 2.023,161
This
?25,901 2.869.681
1917.
1916.
223.028
5.300
369.443
63.533
206.957
350,994
14,025
20,201
•
„
10,660
»
-
-
14,500
54.218
46,041
54.918
5.000
175.750
16,000
65.961
53.197
69.468
98,634
8,775
23,360
5.501
109.026
6,965
2,142
4,750
179.472
950,905 1,306,854
524,469
14,460
104
27,693
19,926
16,884
9,276
2,663
Tot. this week
224.873
325.901
231,002
317.633
55.821
5.051
39,808
7,000
9.676
Savannah
...
Brunswick—_
Charleston,&c
Wilmington
3.422
__
Norfolk.
<
....
2,800
8,948
6,900
103
41,012
77.071
13.361
78.608
25.500
21.294
23,943
30.911
4,021
.
5.653
502,894
Since Aug. 1. 2,023,161 2.869.681 2,344,679 1,632,448 4,201,854 5.099,377
The exports for the week
ending this evening reach a total
bales, of which 45,749 were to Great Britain,
13,336 to France and 13,288 to other destinations. Exports
for the week and since Aug. 1 1917 are as follows:
of 72,323
Week ending Nov. 2
From Aug.
1917.
Exported to—
Exports
from—
Great
1 1917 to Nov. 2 1917.
Exported to-
Great
Britain. France
Other.
Total.
Britain.
France.
Other.
Total.
a
Galveston-:
10,742
253,453
10,742
Pt. Arth.,&o
11,74
11,748
Brunswick 1
38,917
73,282
68,423
Pensacola..
"54",480
Wilm'gton.
Norfolk
Boston
19,784
163,470
36,448
...
York.
33,801
2,546
1,58
37,935
....
Baltimore..
11,948
8,87.-
359,922
7,509
237.328
21,367
1,929
53,751
181.513
63,423
23,218
28,218
21,000
37,010
40.784
95,465
300.945
900
48.106
10,75
3,41
49,817
11,948
Phlladel'ia.
79,714
2.017
189,533
21,367
1,929
..-
Savannah.,
New
26,755
5,492
NewO.'lean
Mobile
53,235
4.301
4,301
Fran..
io:09'2
10.092
Washington
27,042
27,042
San
Detroit-.-.
Total
Total
955
956
45,749
13,28'
72,373
893,255
217,13'
281.277 1.391.67#
83.12°
1916
Total 1915.
13,336
27,787
66,44' 177,35c
909,467
273.496
585.79A i.768.759
49.425
...
33,419
34.55
580;928
231.017
530,22711,392.172
117.402
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
give
New
us
York.
On
Shipboard, Not Cleared for-
Great
Nov. 2 at—
Galveston
New Orleans..
....
Oer-
Britain. France,
22.021
4,072
4,983
311
Other
f
Cont't.
many.
4,667
6,713
—
Savannah
Charleston
Mob'Is-
8.572
HIlj
lslood
e'.ooo
Other ports...
THE MOVEMENT OF THE CROP,
1912.
181.520
N'port N.,&c.
4.094
New Orleans.
Mobile
Norfolk
New York....
COTTON
1913.
154,942
31,850
72,760
32,305
111,445
20,500
28,085
30,346
34.747
1,622
5,867
All others....
TexasCity,&c
made for the first half of next year.
Shortage of coke hampers
production of iron.
Unfortunately the coke outlook is
not very promising.
Even when coke was $14 a ton it
was not easy to get it.
And now the price is down to $6
a ton
and no differentials between furnace and foundry,
production to say the least has not been stimulated.
1914.
1915.
109.471
26.771
94.879
2,505
40.013
5.000
5.372
4.927
153.423
21,222
39,248
6,541
47,98i
2.000
13,516
7,121
15,515
4,778
6.288
Sales have been
in, the market.
1916.
68,553
...
14.000
63.665
15.294.
28.972
30.290
"800
IIII
4",000
Total 1916— 101.001
Total 1915—
18.611
7,500
10
3,000
1,000
1,200
200
4.000
Total 1917..
IIZI
Coast
wise.
Leaving
Total.
Stock.
39,171
11,106
3.000
1.000
183.857
195.851
176,472
53,218
9.629
.54.718
73.634
95.477
10,572
200
25.000
18,000
—
1
100
,16,180
,65.311
65.216
842.85#
12,910 108,049
23,394 218,678 1.088.176
20,760 134,977 1,199,022
Speculation in cotton for future delivery has bsen fairly
irregularity of prices, but on the whole
with a downward trend, partly owing to a decline in the stock
active at the old
market and
the
Italian
reverses.
On temporary
upturns,
too, the South has shown rather more disposition to sell.
Also there has been more or less trade selling.
This has pre-
sumably meant the closing out of hedges as spot cotton was
secured at the South.
Exports have slackened.
There was
a rumor that ocean freight room to Liverpool would be raised
to $8.
Exports of cotton goods are delayed until it can be
determined just how the Trading:-wjth-the-Enemy Act is to
be applied to this branch of business.
The establishing of
minimum prices at the Pittsburgh, Montreal and Toronto
Stock Exchanges had a more or less depressing effect.
So
did a rumor tnat measures may be taken at the New York
Stock Exchange to stop short selling.
With the filling of
October engagements, the spot demand at the South has
been somewhat less urgent.
Moreover, there have been. re¬
ports of freer offerings at the South.
And some look for a
smaller American consumption, owing partly to the draft,
the Child Labor Act and, in a word, the scarcity of labor,
which thus far is not being made good by the employment o,
women.
Coal shortage may also tell.
Also, it is expected
that the movement of the crop will increase materially before
long. Jt may have a depressing effect.
For general specu¬
lation is not there, and it is believed will not be there to miti¬
gate the effect of hedge selling on prices.
And a good many
think that exports must be curtailed.
Neutrals are out of
the question.
The embargo settled that.
And, as is well
known, England and France are curtailing.
Italy and
Russia may take less.
11 is said that ocean freights are scarce
than ever.
Some think the recent rise in Liverpool was due
more to a fear of higher freights than anything else/although
cold weather at the South and a retarding of the crop move¬
ment had some effect.
Japanese interests have latterly sold
January and March to some extent. The speculative world
hesitates to take hold of cotton at this high level. And some
do not like the looks of the price chart.
In other words,
rallies do not go over the former top; they fall short.
This and other symptoms make not a few believe that the
market is tired.
They think it wants to go down and is
only held up by temporary scarcity of supplies at home and
,
abroad and
a
certain amount of bullish
manipulation. Also,
is said to be
The idea is advanced that if a decline should
dislodge large quantities of "spots"
South, with effects on prices not difficult to conjec¬
Spiners' takings are well behind those of last year,
speculation in the actual cotton at the South
at the
ture.
increas¬
ing, even if not so rapidly as could be desired.
One crop
estimate
was
issued
the
other
day
at
12,000,000 bales of lint cotton, or counting 1,400,000 bales of linters,
a total of
13,400,000 bales.
The South sells on upturns.
On the other hand, however, spinners have undoubtedly
bought on declines.
The quantity brought into sight thus
far is far behind that of last year.
Some crop estimates are
11,000,000 bales of lint cotton and below.
With 27,500,000
men in the Allied armies, many believe the world's consump¬
tion cannot fail to be large.
The home consumption, ac¬
cording to the latest Government report, is larger than it was
last year.
The visible carry-over from last year was rela¬
tively small. Next year, who knows what may happen?
There is no certainty that a big crop will be raised.
Poor f ertilizing is a handicap not to be ignored. Besides peace or a
strong probability of peace may dominate the market some
time during 1918. And with peace will come a vast work of re¬
construction to offset years of destruction. Germany would
make desperate efforts to regain lost markets in the Far East
and in South America, where she has been supplanted by
Japan and America.
Liverpool prices have been very strong.
Manchester has reported a good demand. An excellent trade
is being done in cotton goods in this country at firm
and rising prices.
Picking at the South has been greatly
interfered with by exceptionally cold weather.
Early in the
week it was 10 to 20 degrees in Oklahoma, 12 to 32 degrees
in Texas and 18 to 32 degrees in other parts of the belt.
Negroes cannot be induced to pick cotton in such weather.
Spot markets at the South have been generally strong.
Some have reported a higher basis than ever.
That is to
say, Southern spots are far above the parity of New York
futures.
And at times December here has been 100 points
over
March.
That of itself speaks volumes.
The New
York stock is so small that recently it will be recalled October
was 150 points over January.
The season is so backward
that contrary to the usual experience near months have been
at substantial premiums over distant months.
Spinners en¬
tered the season with light stocks.
They have had to pay
practically any price demanded to get supplies.
To-day
prices advanced, owing to a better stock market, heavy
Liverpool buying, some trade buying and covering of shorts.
Spot markets were reported firm, though rather less active.
Middling upland closed at 28.75c., a decline of 120 points
and
Saturday, Monday,
earnest, it would
in
stocks
home
at
and
abroad
gradually
are
for the week.
quotation fof middling upland cotton in the
for the past week has been:
The official
Sat.
Middling uplands
YOR K
Mon.
Tues.
27.85
28.55
28.85
Fri.
Wed. Thurs.
28.60
Oct. 27 to Nov. 2—
28.75
28-75
Nov. 2 for each of the past 32 years
15.10
1917-C-..—28.75 1909-C
1916—-
1908---- 9.40
1907
.11.00
18.80
.11.95
—
1915--
-14.10
11.75
1905—
1904
1903
9.40
14.55
1911
1910
1899
-
10.40 1898
10.95 1897
10.15 1896
10.50 1895—
8.65 1894
1906
1914—
19131912—
1902
r_
-
-
7.88
9.56
7.44
1893
'5.31
1890
.
.
6.00 1889
8.19 1888
8.94 1887--,
5.75 1886
AND
SALES AT
NEW
a
Saturday.
Monday
Tuesday
Wednesday.
Thursday
Friday
_.
__
Spot.
Quiet, 35 pts. dec.jsteady
Quiet, 75 pts. dec__ Steady
Quiet, 70 pts. adv.. Firm
Steady, 30 pts. adv. Steady
Quiet, 10pts. dec
ISteady
Quiet
ISteady
26.59-.82 25.85-,
26.10-.93 26.61-.20 26.39-.74 26.40-.74 25.85-/20
Closing
February—
26.62-.67 26.00-.
26.88-.93 26.96-.73 26.45-.48 26.58-.60
.
Range
.
9.19
Ranger—. 26.27-.45 25.55-.
26.28-.32 25.72-.
Closing
Total.
5",256
5",200
9.000
follows:
Oct. 27.
Oct. 29.
Tuesday, Wed'day, Thursd'y,
Oct. 31.
Oct. 30.
Nov. 1.
Friday.
Nov. 2.
25.60-.02
25.92-.31 25.15-.95 25.33-.22 25.86-.55
25.96-.01 25.20-.31 26.18-.22 25.99-.07
26.25
26.41
—
—
26.60-.64 26.37-.41 26.17-.20 26.26-.28
April—
26.00
26.45
25.63
26.10
Closing
—
26.27
—
26.10
—
~~
26.15
25.90
Range..-..
25.90-.00
—
May—
Range.—..
26.05- 20 25.47-.
25.70-.48 26.22-.75 25.97-.31 25.99-.30 25.47-175
Closing
26.05-.08 25.62-.
26.41-.48 26.24-.25 26.07-.10 26.15-.16
June—
28.45
25.35-.
Range.—".
26.24
25.52
25.90
Closing.—.
July—
—
—
25.35-145
—
26.10
25.90
25.98
—
—
Range
25.90-.03 25.29-.
25.57-.25 26.10-.52 25.81-.05 25.86-.12 25.29-152
Closing
25.90-.92 25.52-.
26.24-.25 26.09-. 10 25.90-.93 25.98-.00
August—
Range
25.50
25.00-.
25.36
25.50
25.24-.
25.94
--
25.70
—
Closing
25.00-.70
—
25.70-.72 25.68
25.79
September—
Range
25.00
Closing
/ 27c.
126C.
•
THE VISIBLE SUPPLY OF COTTON
to-night,
as
made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequentl
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
up
(Friday),
add the item of exports from the United States,
we
including in it the exports of Friday only.
1916.
1915.
1914.
342,000
611,000
916,000
724,000
Stock at Manchester.
19,000
31,000
31,000
53,000
70,000
85,000
21,000
46,000
Total Great Britain
392,000
695,000 1,070,000
*1,000
*1,000
*2,000
*1,000
226.000
150,000
2,000
5,000
o77,000
37,000
158,000
185,000
*1,000
*1,000
791,000
*20,000
*120,000
201,000
3,000
22,000
19,000
*15,000
467,000
406,000
Nov. 2—
1917.
•
bales-
Stock at Liverpool
Stock at London
__
■
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
i.
Stock at Trieste
154,000
4,000
57,000
11,000
..
European stocks
India cotton afloat for Europe
Total
Amer. cotton afloat for
Europe._
Egypt, Brazil,&c.,afloat for Eu'pe
618,000 1,076,000 1,538,000 1,191,000
91,000
29,000
35,000
50,000
334,902
493,036
635,720
400,000
950,905 1,306,854
878,891 1,158,599
52,000
197.000
441,000
1,333,999
1,091,734
,27,551
128
51,000
120,000
304,000
36,000
178,000
*580,000
Stock in Bombay, India
Stock in U.S. ports
I
Stock in U. S. interior towns.----
U.S. exports to-day
Total visible
381,000
226,000
Total Continental stocks.
- -
28,000
*110,000
513,000
833.022
926,724
17,248
supply—
-.3,691,796 4,714,724 5,175,897 4,044,896
totals of American and other descriptions are as follows:
bales.
Liverpool stock
635,720
493,036
950,905 1,306,854 1,333,999
878,891 1,158,599 1,091,734
2,882,896
282,000
East Indian, Brazil, &c.—•
Liverpool stock
121,000
136,000
227,000
19,000
9,000
*35,000
stock...
Continental stock
India afloat for Europe..-
31,000
12,000
*87,000
70,000
15.000
*98,000
25.80-.83
91,000
28,000
197,000
441,000
*110,000
513,000
1,162,000
2,882,896
4,714.724 5,175.897
4,044,896
4.64d.
A aAA
120,000
304,000
178,000
..*580,000
Total East India, &c
American
Total visible supply
.3,691,796
Middling Upland, Liverpool...
21.27d.
Middling Upland, New York
28.75c.
Egypt, Good Brown, Liverpool__
33.35d.
Peruvian, Rough Good, Liverpool
29.00d.
Broach, Fine, Liverpool
20.30d.
Tinnevelly, Good, Liverpool
20.48d.
a
52,000
51,000
1,028,000
776,000 1,129,000
2,663,796 3,938,724 4,046,897
Stock in Bombay, India
Estimated,
21,000
17,000
*100,000
29,000
35,000
50,000
36,000
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
*
128
7,551
______j
442,000
29,000
*300,000
334,902
833,022
926,724
17,248
—2,663,796 3,938,724 4,046,897
American
Total
70,000
*369,000
41,000
294,000
400,000
port stocks
Total
689,000
475,000
221,000
22,000
*191,000
Manchester stock
6.91d.
11.13d.
'
18.90c.
11.90c.
19.00d.
lO.OOd.
14.25d.
10.55d.
10.67d.
lO.lOd.
6.50d.
6.62d.
7~.60d"
8.75d.
4.25d.
4.30d.
Revised.
have been 39,000bales.
figures for 1917 show an increase over last week
of 192,069 bales, a loss of 1,022,928 bales from 1916, a de¬
crease of 1,484,101 bales from 1915 and a decline of 353,100
The above
\ "
bales from 1914.
•
-
■
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.
Closing Quotations for Middling Cotton on—
December—
______
—
26.15-.83
—
26.50
Continental imports for past week
ORLEANS CONTRACT MARKET.—The high¬
Saturday, Monday,
—
25.81-.64 26.32-.91 26.05-.42 26.10-.44 25.55-191
Manchester stock
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
Range
Closing
26.75
25.80
26.45
Closing
March—
to-day
9.62
3,800
9,000
NEW
26.83
26,15
U, S. exports
.
3,800
Total.
—
26.77-.55 27.24-.90 27.00-.35 27.09-.42 26.55-/90
9.88
.10.31
9.81
YORK
Contract
28.55
—
27.52-.55 27.25-.28 27.08-. 12 27.40-.41
,
stocks
Market
Closed.
—
28150
—
27.18-.60 26.55-.
U.S. interior
SALES.
Futures
27.68
27.25 .28 26.69
Range
U. S.
glance how the market for spot and futures closed
days.
Closed.
—
Closing
January—
Range
8.31
are
Spot Market
27.55
December—
Continental stock
American afloat for Europe
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
same
27.87
26.99
27.60
Closing
8.44
The total sales of cotton
week at New York
on
28.55
Range
8.31
_c
1892.
1891
Week.
Nov. 2.
Nov. 1.
Oct. 31.
November—
London
MARKET
show at
Oct. 30.
American—
have been as follows:
1901-c
1900
Friday,
Tuesday, Wed'day, Thursd'y,
Of the above,
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
The
Oct. 29
Oct. 27
Stock in Alexandria
New York market each day
NEW
and closing prices at
week have been as follows:
FUTURES.—The highest, lowest
New York for the past
widespread.
start
[Vol. 105.
THE CHRONICLE
1813
Week
ending
Wed'day. Thursd'y.
Nov. 2.
Friday.
•
January—
•;
Range
Closing
March—
Range.
Closing
Range
Closing
25.19-.38 24.66-.26 24.89-.65 25.30-.94
25.29-.30 24.73 — 25.60-.65 25.39-.42
25.40- .46
HOLI¬
DAY.
25.15-.48
25.27-.30
'
July—
Range
Closing
25.25-.58
.
25.05 — 24.80-.40 25.42-.75
25.18-.2i 24.63-.66 25.50-.55 25.29-.32,
—
—
—
25.25-.38
25.19r.31
Tone—
Spot
Options
Steady
Steady
27 %
27.40
27.20
New Orleans...
27.75
27.75
27.75
27 %
27 %
27%
Charleston
27
Wilmington
27 H
27
Norfolk
27.75
28.00
27.50
28.00
SteadyVery st'y
Steady
Steady
Quiet
Steady
27.50
Baltimore
Philadelphia
Augusta
Memphis
...
...
28.85
27.44
28.10
28.50
28.50
Houston
Little Rock
27 TO
27.75
26.94
26.15
26.50
27.62
26.63
27.50
28.80
27.50
28.50
27.05
27.30
27.75
27%
27%
27H
27
&
27.63
27.75
28.00
29.10
27.50
27%
27%
27@21% 27%
27%
27
Savannah
27.15
27.56
27.75
27.50
27 %
Dallas
Steady
Steady
27.15
27.40
27.25
27.40
27.75
27.25
Galveston
Mobile
25.58-.64
.
25-40-.56 24.75-.48 24.97-.77 24.47-.09
25.46-.49 24.87-.92 25.75-.77 25.59-.60
May—
.
25.39-.79
25.61-.80 24.89-.63 25.08-.00 25.64-.21
25.62-.68 24.99-.05 25.95-.00 25.74-.77
■
28.25
29.00
27.75
28.25
29.00
27.63
27.38
28.50
28.50
27.38
28.50
26.85
27.05
27.75
26.55
26.65
26.70
27.00
27.75
27.50
Nov. 3
THE CHRONICLE
1917.]
AT THE INTERIOR TOWNS the movement—that is,
the
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,
v's.
Movement to Nov. 3 1916.
Movement to Nov. 2 1917.
Receipts.
Week.
Receipts.
Stocks.
Nov.
Week.
2.
Week.
Season.
2,884
61
2,562
30,766
1,855
1,775
18,385
5,379
13,342
57,522
2,771
Selma
2,329
1,500
15,931
'3,239
9,603
32,418
14,017
8,695
2,675
14,782
1,277
35,365
9,099
28,017
115,219
3,517
20,789
11,404
54,110
11,189
2,871
Little
Pine
Rock..
Bluff—
6,000
38,783
2,000
473
10,341
278
8,491
42,289
4,063
80j084
20,847
229,752
18,950
Atlanta...
_._
Augusta—__
32,800
11,431 114,508
593
13,987
6,813 18,643
Columbus
1,798
Macon—___
9,903
Rome....
3,958
69,109
14,110
12,874
86,469
2,734
9,483
191
La., Shreveport
Miss.,Columbus
Clarksdale*
793
3,563
12,000
54,307
5,000
Greenwood...
15,006
47,610
10,123
..
17,660
23,261
24,634
47,152
13,759 134,550
5,548
6,145
8,815
2,585
42,618
403
5,000
83,357
26,512
94,849
2,049
32,963
5,288
38,296
8,611
61,282
12,645
1,251
25,169
1,000
1,435
6,599
968
2,617
2,233
34,841
17,783
172,217
33,944
2,000
9,861
1,600
407
..
1,793
4,950
2,300
6,637
2,908
1,430
,
232,805
44,255
283
6,168
2,000
Natchez.
Vicksburg....
Yazoo City
Mo., St. Louis.
N.C.,Gr'nsboro
4,458
27,900
26,883
9,122
10,977
5,099
11,058
Meridian
117,883
13,889
12,287
Athens—
66,123
18,138
51,806
15,238
2,479
20,637
14,798
4,219
29,000
Ga., Albany...
3.
424
2,421
1,349
4,500
22,728
17,771
Montgomery..
Nov.
7,690
26,131
318
202
Stocks
Week.
Season.
Ala., Eufaula..
Ark., Helena..
Ship¬
ments.
Ship¬
ments.
Towns.
4,367
9,166
7,676
36,078
214
1,737
4,500
21,500
10,486
25,859
1,250
8,611
607
2,248
24,422
1,636
9,898
1,320
6,777
933
4,139
9,048
3,000
60,521
2,400
17,200
2,133
12,045
319,785
30,820
4,796
816
3,561
1,444
62,908
5,292
8,019
2,686
8,991
2,000
12,220
3,945
Raleigh
O., Cincinnati.
2,534
34,799
475
213
1,954
2,088
18,780
4,588
Okla., Ardmore
3,000
15,050
1,400
10,500
4,551
500
7,036
8,228
493
500
1,500
9,652
3,000
13,449
1,308
1,500
5,817
903
17,746
1,375
11,328
6,691
2,528
19,635
3,122
5,000
28,967
4,500
14,500
7,545
51,054
628
3,046
1,574
7,444
30,550 137,265
78,744
427,487
2,500
Hugo
Oklahoma
15,249
1,715
2,500
Chickasha
35,057
32,812
31,201
...
B.C. .Greenville
Greenwood...
1,498
5,234
Tenn. .Memphis
57,450
217,634
6,753
29,200
664
4,128
56,747 205,352
3,873
37
'
Nashville.
1,044
___
l'.OOO
m'-**
796
w
-
-
»■_
432
13,168
1,500
2,059
2,000
45,509
4,200
7,800
700
14,932
400
3,350
558
21,034
431
2,279
Clarksyille...
3,216
22,154
1
5,718
58,954
Honey Grove.
2,904
35,586
77,817
861,686
4,903
25,968
1,000
17,069
Tex., Abilene..
Brenham
Dallas
....
Houston
Paris.—
San Antonio.
.
4,026
31,496
5,976
1,924
6,771
7,059 13,555
63,177
7,395
15,841
3,399
4,311
29,474
6,389
2,787
2,435
63,640 162,921 121,973 1,328,316 123,349 260,877
73,814
7,708
8,030
7,755
7,595
4,189
2,628
4,165
800
731
1,316
787
32,729
1,829
Total, 41 towns348.5902,456,117244,482878.891427.7463.662.747374.226 1158599
1813
Abilene, Tex.—There has been
no rain during the week.
ranged from 22 to 88, averaging 55.
Brenham, Tex.—Rain on one day of the week, with rainfall
of three hundredths of an inch.
Highest thermometer 91,
lowest 29, average 60.
Luting, Tex.—It has rained on one day during the week,
The thermometer has
to the extent of three hundredths of an inch.
Minimum
thermometer 28, maximum 90, mean 59.
San Antonio, Tex.—There has been rain on two days during
the week, the precipitation being three hundredths of an inch.
The thermometer has
averaged 60, ranging from 32 to 88.
Palestine, Tex.-—There has been rain on two days during
the week, the precipitation being eleven hundredths of an
inch.
Average thermometer 58, highest 88 and lo west 28.
New Orleans, La.—Dry all the week.
Average thermom¬
eter 64.
v.,■;■■■
'V'.
Shreveport, La.—There has been rain on two days the past
week, the rainfall reaching two inches and four hundredths.
The thermometer has ranged from 29 to 85.
Vicksburg, Miss.—It has rained on one day of the week,
the precipitation reaching eleven hundredths of an inch.
The
thermometer has ranged from 31 to 82, averaging 58.
Mobile, Ala.—Cotton picking is over.
It has rained on
two days during the week, the rainfall being fifty-two hun¬
dredths of an inch.
Lowest thermometer 36, highest 86,
average 62.
Selma, Ala.—It has rained on one day during the week,
the precipitation being six hundredths of an inch.
The
thermometer has averaged 54, the highest being 79 and the
lowest 30.
iy.v
"-y.-Savannah, Ga.—We have had rain on three days during
the week, the precipitation reaching fifty-two hundredths
of an inch.
The thermometer has ranged from 39 to 82,
averaging 65.
Charleston, S. C.—The week's rainfall has been thirty-two
hundredths of an inch, on one day.
Average thermometer
58, highest 77 and lowest 41.
Charlotte, N. C.—Rainfall for the week one inch and eight
hundredths.
The thermometer has averaged 54, the high*
est being 77 and the lowest 32.
Memphis, Tenn.—Picking has been interrupted, but is
making good progress generally.
It has rained on three
days during the week.
The precipitation reached one inch
and forty hundredths of an inch.
The thermometer has
averaged 51, ranging from 28 to 79.
The following statement we have also received by tele¬
graph, showing the height of the.river3 at the points named
at 8 a. m. of the dates given:
■
*
*
Last year's figures are for GreenviUe.
The above totals show that the interior stocks have in¬
creased
during the week 104,108 bales and are to-night 279,708
same time last year.
The receipts at
all towns have been 79,156 bales smaller than the same^week
last year[ f
bales less than at the
^
p
OVKRLANL
^1OVEMENTT1T)"R THETWEH.'' AhU)
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports Friday night.
The results for the
Aug., 1 in the last two years are as follows:
up
week and since
"
'
I
•'
Nov. 2.
Via St. Louis.
Via Mounds, &c._
Via Rock Island
Memphis
-Above zero of gauge.
...
3.4
...
zero
of gauge.
9.9
6.0
Below
Above
zero
of gauge.
of gague.
5.0
3.6
4.9
Vicksburg
zero
RECEIPTS FROM THE PLANTATIONS.—The follow¬
Aug. I.
392
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.
2,943
1,011
16,594
14,065
7,125
2,190
1,823
3,1,065
15,788
102,382
143.262
1,623
35,948
17,852
157,861
535,247
132,386
610,057
15,384
3,815
.15,442
143,988
25,155
107,538
7,370
7,922
19,707
37,499
142.060 182,381 176,839
261,941
34,641
276,681
34,999
169,728
21... 160,421 230,375 284,998
287,143
542,558
355,449
693,690
440,329
28... 185.430 285,561 306,456
Oct.
495
-
Week
32,684
99,545
1917.
40,311
258,566
97,387
5
Including movement by rail to Canada,
a
12
Revised.
19
The
foregoing shows the week's net overland movement
against 97,387 bales for the week last
year, and that for the season to date the aggregate net over¬
land exhibits a decrease from a year ago of 181,763 bales.
has been 40,311 bales,
Aug. 1.
Week.
224,873
2,023,161
Net overland to Nov. 2
40,311
Southern consumption to Nov. 2_
80,000
258,566
1,173,000
Receipts at ports to Nov. 2__
.345,184
104.108
Total marketed.
Interior stocks in excess
'
3,454,727
523,949
..449,292
...
Week.
Aug. 1.
325,901
97,387
79,000
2,869,681
502,288
53,520
4,379,010
804,865
505,808
440,329
1,069,000.
------
5,183,875
3,978,676
-
takings to Nov. 2 82,469
460,573
128,419
745.927
Movement into sight in previous years:
r-
Week—
•
1915—Nov.
1914—Nov.
5—
1913—Nov.
7
6
26
—
—
—
—
Since Aug. 1Bales.
444,412 1915—Nov". 5:„___
529.150 1914—Nov. 6
676,392 1913—Nov. 7
been
which
BaJes.
4,108,444
3,422,231
5,777,638
telegraph this evening indicate that temperature has
low as a rule during the week, with frosts in Texas
are
cotton.
stated to have killed
or
Picking is completed in
severely damaged growing
a
1917.
1916.
1915.
—
.
411,183
497,366 150,836 267,946 219,387
575,202 185,622 361,750 362,834
650,579 253,736 436,693 381,833
736,530 292,114 461,452 368,756
834,620 312,455 457,820 373,476
918,630 364,942 428,889 361,920
251,964 305,928 245,558
224.873325,901 231,002
878,891 1,158,599 1,091,734 328,981379,421 328,048
-
994,688 352,753 357,063 321,616
Nov.
2
—
1.—That the total receipts
since Aug. 1 1917 are 2,547,110 bales;
in 1916 were 3,674,546 bales, and in 1915 were 2,959,236
bales.
2.—That although the receipts at the outports the
past week were 224,873 bales, the actual movement from
plantations were 328,981 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the
plantations for the week were 379,421 bales and for 1915
they were 328,048 bales.
The
above statement shows:
number of localities in
Texas and in some districts elsewhere.
Galveston, Tex.—Cool and dry weather prevailed through¬
the week, with freezing temperatures extending nearly
GOODS .FROM GREAT
give the exports of cotton yarn,
COTTON
OF
EXPORTS
BRITAIN.—Below
we
goods, &c., from Great Britain for the month of September
and since Aug. 1 in 1917 and 1916, as compiled by us from
the British Board of Trade returns.
It will be noticed that
we have reduced the movement all to pounds.
WEATHER REPORTS BY TELEGRAPH.—Advices to
us* by
Receipts from Plantations
1915
830,921
439,165
964,982
544,591
693,994 1,053,374
774,873 1,105,079
208,398 324,221 282,775
207,029 322,759 275,396
235,539 340,497 277,910
■
.
North, spinners'
Sinec
Since
and SSpinners'
Takings.
Came into sight during week.
Total in sight Nov. 2
Towns.
1916.
from the plantations
-1916-
-1917-
V
Interior
at
1917.
1915
1916.
Sept.
14
Total to be deducted
In Sight
Stock
Receipts at Ports.
ending
Deduct Shipments—
Overland to N. Y., Boston, &(
Between interior towns......
*
3.4
a310,524
75,144
___12,316
.10,987
Via Virginia points
Via other routes, &c
8.7
-
Above
Shreveport
Since
178.009
80,440
-
_______
1916.
Feet.
4.3 , ■ "
Nashville..
.74,952
Via Louisville
Via Cincinnati
Nov. 3
3.9
zero
60.521
24,587
Aug. 1.
33,944
.13,751
of gauge_
Above
Week.
Since
Week.
2 1917.
Feet,
v
.
New Orleans
—1916
1917
—
Shipped—
Nov.
■■'•vv
r:;'v
Total
Cloth.
Yarn & Thread.
of All.
OOO's
1917.
1916.
1917.
1916.
1917.
1916.
1917.
lbs.
omitted.
lbs.
yds.
lbs.
lbs.
lbs.
lbs.
1916.
lbs.
August.
18,766
17,750
469,083
424,317
87,679
79,312
106,445
97,062
Sept...
11,074
16,486
420,448
461,697
78,671
86,298
89,745
102,784
282
Sundry articles
Total exports of cotton
manufactures....
...
463
7,594
Stockings and socks.
8,189
204,066
208,498
out
which either killed or severely damaged growing
Cotton picking is well advanced and is completed
in a number of localities.
No raim during the week.
The
thermometer has averaged 61, ranging from 42 to 80.
to the coast,
cotton.
The
foregoing shows that there have been exported from
the United Kingdom during the two months 204,066,000
pounds of manufactured cotton, against 208,498,000 pounds
last year, a decrease of 4,432,000 pounds.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
brief but comprehensive statements indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
The following
gone out
Nov. 2
Of which other
A
5,183.875
177.000
62.000
225.000
36.000
8.882,126
3,691.796 4,714.724
4.714,724
Nov. 2.
17,000
24.000
11.000
11,000
12.000
17.000
52.000
316.000
205.000
50.000
303.000
198.000
55.000
359.000
231.000
70.000
342.000
221.000
39,000
-
-
-
American
453.470
afloat
36.000
109.000
65.000
36.000
279.000
214.000
76.000
258.000
203.000
Of which
American
50.000
LIVERPOOL
decease,
increase,
1,389
Peruvian
bales;
increase, 757 bales; African increase. 747 hales;
Brazilian d crease, 1,3839 bale.,: EgvpTitn decrease,
Indian decrease, 13,170 bale*; total decrease, 16.664 bales.
Net
We-.t Indian
Increase, 3.021
2 095 bales:
TAKING.—American
STOCK
Inc-eme, 723 oales:
total
East
13.043
oaies.
bales.
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
<
The tone of .the
4,167.402
3.332.402
835,000
each
3.542.655
2.834.656
708,000
308,423
232.423
76.000
Total takings to Nov. 2a
Of which American
3.'198*251
5,168.194
4,000.219, 7,234,452
3,691,796*
Oct. 26.
24,000
234,000
182.000
American
Amount
4,541.386
3,499.927,
1 2,814.776
—
555*808
American in sight to Nov. 2—
449.292 3.978.676
28.000
67.000
201.000
Bombay receipts to Nov. 1
1.000
61,000
28.000
Other India shipments to Nov. 1
40.000
Alexandria receipts to Oct. 31-640.000
180.000
2.000
63,000
32.000
Other supply to Oct. 31*
Deduct—
19.
16,000
...
Total imports of the week..
Of which American
Season.
Week.
Season.
Visible supply Oct. 26
Visible supply Auk. 1
Visible supply
Of which
Of which
supply...
Oct.
16,000
took
exporters took
export
Forwarded .'
Total stock
1916.
1917.
Week.
12.
Oct.
Sales of the week
Of which speculators
Actual
Week and Season.
Total
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Sales,
of sight, for the like period.
Cotton Takings.
[VOL. 105.
CHRONICLE
THE
1814
347,470
106.000
Spot.
Saturday.
Market,
*
Embraces receipts in Europe
12:15
a
This total embraces since Aug.
P. M.
from Brazil. Smyrna, West Indies, &c.
1 the toal estimated consumption by
and 1,069.000 bales in 1916—takings
not being available—and the aggregate amounts taken by Northern and
foreign soinners 2.369,658 bales in 1917 and 3,098,402 bales in 1916, of
which 1,661,658 bales and 2,263,402 bales American,
b Estimated.
'
Tuesday.
Wednesday.
Firm.
.Monday.
Quiet.
Thursday.
Friday.
More
Quiet.
i
Moderate
(
i
demand.
demand.
Southern mills 1,173,000 bales In 1917
20.42
21.42
21.62
21.00
20.90
21.92
22.27
21.92
3000
Mid.UpI'dH
Good
20.42
40.00
30.00
40 00
3.000
21.27
mid-
uplands.
HOLI¬
General
EGYPTIAN COTTON CROP.—The Alexandria
Produce Association issued
of information
Lower
Oct. 5 the following summary
the cotton crop received during September:
These
picking the extent
unfavorable conditions caused some damage to second
impossible to estimate at present.
First picking became gen¬
eral about Sept. 15. and the results are distinctly superior to.1916, both a-'
regards quantity and improved ginning yields, which are 5 to 7% superior.
Second pickings have been very severely attacked by boll worm.
»
Upper Egypt and Faymm.—Temperature has been rather unfavorable.
There have been some cool days, and fogs have been reported.
Some dam¬
age has been done by boll worm.
First picking has given results distinctly
of which it is
superior to 1916: second picking will be less owing to damage caused by
4
pts. adv.
1
Quiet at
3 to 6 pts.
advance.
advance.
advance.
Steady,
62 Quiet, 2@6
Quiet
at
pts. pts. dee. on 4 to 14 pts.
adv. on
new. 10
19@27 pts. @68
•id v. on new adv.on new
I0@ 20 pts
unch. to 10 and 50 pts.
fee. on old
i
p.m.
pts. ad v.on
on
points
old.
new
old
on
on
10 pts.
old.
old
The
prices of futures at Liverpool for each day
are
given
below.
The
f
MOVEMENT.—The
receipts of
India notton at Bombay for the week ending Oct. 11 and for
the season from Aug. 1 for three years have been as follows:
COTTON
and
in new
■■■>■(
Unsettled,
20@36 pts.
Irregular,
7 4S@52 pts
Unsettled,
Finn, 30@
Market
to
pts. adv.
decline.
prices
are
Thus: 20 02 means 20 02-1OOd.
given in pence and 100ths.
Sat.
Oct. 27
BOMBAY
unch.
16@20 pts
\
\
opened
better than 19lf,
Ginning yields about 5%
worm.
Irregular,
Steady,
Futures.
Market
and the end of the month, but
Fogs were also reported.
damp during the third week.
and
boil
DAY
Egypt.—Temperature during September has been rather irregular,
and favorable at the commencement
warm
cool
on
on
Sales
Tues.
Mon.
■
Wed.
Fri.
Thurs.
A
to
Nov. 2
12%
4
12%
12%
12%
4
12%
4
4
12%
4
12%
m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
p.m. p.m. p.
d.
d.
d.
d.
d.
d.
d.
d.
d.
33
21
52
14
15
33
09
27
13
19 82
13
01
38
01
00
19,
96
14
03
19
d.
93
81
18
89
84
06
82
01
90
19 44
74
63
00
72
67
89
65
84
76
19
25
55
46
82
58
50
73
48
68
62
d.
d.
New Contr't
February._
Since
Since
Since
20
March
1915.
1916.
1917.
Oct. It.
Receipts at—
January
Week.
Aug. 1.
Aug. 1.
37.000
118.000
9.000
160.000
7.000
Bombay.
Week.
Aug. 1.
285.000
April
HOLI¬
May
Week.
DAY.
Old Contract
.
02
63
.
'
SHIPMENTS
AND
RECEIPTS
OF
of the two previous years:
at.
50
50
40
40
50
18
45
35
25
35
85
85
85
75
75
85
18
27
07
07
17
67
67
67
57
57
18
11
91
91
01
51
51
51
41
41
Mar .-Apr
234.863
713,074
1
Week. Aug.
To Liverpool
To Manchester
9,184
To Continent and India.
284.171
,844,390
208.379
825,512
,
2,125
Since
Week. Aug.
1.
3.828
34,166
10,249
19,119
Since
Week. Aug.
1.
28,299
6,495
1.
350
9.217
2.233
3.665
28,386
3,176
29.601
20.481
exports
...
11,309
7.689
47.721
15,404
91,644
7.972
i
3.511
To America
63.534
5*244
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct. 10 were
cantars and the foreign shipments 11,309 bales.
234,863
wr
MANCHESTER
MARKET.—Our cable from Manches¬
evening states that there is
good inquiry for cloth,
We give
prices for to-day below and leave those for previous weeks
of this and last year for comparison:
advance
for forward
has checked
a
business in yarn.
1917.
1916.
8% lbs. Shirt¬
Aug.
23 %
24
28
to
s.
finest.
d.
s.
25
13 6
25 %
13 7b@17
@
@17
Cot'n
8% lbs. Shirt-
d.
9
10%
Mid. i-
32s Cop
Uv's:>
ings, common
d.
d.
14
21
Twist.
d.
'
d.
d.
d.
8.
Cot'n
Mid.
common
finest. '
8.
Up's.
d.,
d.
@
15% 8
8
@10 6
9.51
@
15% 8
8
@10 6
9.62
@10 6
9.47
26% 14 0
@18
0% 18.62 14%
@
28
14 3
@18
6
12
27
@
28% 14 6
@18
19
27
29
15 0
@19
0
20.52 15%
26
28%
30
15 0
@19
1%
20.42 15%
32
15 6
@19
9
21.27 15%
@
15% 8
19.37 14%
@
15% 9
0
@10 10%
10% 20 07 14%
@
15% 9
2
@11
0
@
16% 9
3
@11
1% 10.57
@
16% 9
5
@11
6
,11.14
16% 9
6
@11
6
11.13
i
I
:
8
'
-
9.93
10.11
■
Nov
2
to
17.82 14%
26%
2514
ings,'
16.90 14%
Oct.1
5
!
30
@
_
-
67
.
51
Friday Night, Nov. 2 1917.
■
some
increase in busi¬
Offerings are not very large,
but on the whole the outlook is improving, owing to increas¬
ing receipts of wheat.. The Food Administration is expected
to fix local jobbers' profits.
Mills are steadily reducing
prices to a Government basis.
Some quote the best grades
at $11 35, the high price was $18.
The Food Commission
here is working to benefit consumers.
Western flour mills
are
and
shipment.
apparently conforming to Government requirements
rather lower plane.
The
that if they do
not obey their supplies of wheat will be jeopardized.
The
mills, as a rule, seem disposed to adopt a sensible policy and
follow instructions.
Many of them have sent checks to mill
agents as refunds on flour previously sold at prices some¬
what higher than the designated basis of profits.
The Food
prices
are
being readjusted to
a
Food administration has made clear to mills
Administration is determined to reduce the cost of flour to
Spot premiums are likely to vanish before long.
quotations is expected in conformity; with
Government requirements.
And the retailer w ill be
consumer.
A uniform basis of
the
under
32s Cop
Twist.
.
May-June.
,
1
but the
50
ness
Since
ter this
00
Flour has been in fair demand with
Exports (bales)—
Total
42
90
BREADSTUFFS
io.
week
Since Aug.
32
00
1915.
1916.
Receipts (cantars)—
This
42
10
•
1917.
Alexandria, Egypt,
52
19
Jan .-Feb..
COTTON.—The following are the receipts and shipments for
the week ending Oct, 10 and for the corresponding week
19
Oct.-Nov__
ALEXANDRIA
October
observation arid efforts
will
be
made
to
check
the
rapacity of a certain class.
In a word, the flour situation is
mending, even though it be but gradually.
In Liverpool
oriees have been very firm, with a good demand, and light
local mill offerings.• Foreign arrivals have been free, but
consumption keeps pace with them.
Stocks of foreign flour
there are of only fair size and the local mills are offering
sparingly.
France and Italy are absorbing the floating
quantity.
The total output last week at Minneapolis,
Duluth and Milwaukee was 459,000 barrels, against 317,000
barrels the previous week and 408,000 barrels for the same
week in 1916.
The total from October 1 to October 27 is
3,612,000 bbls., against 3,141,000 bbls. up to that time last
year.
harmony with the desire of the
Government to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipments are
suspended until further notice.
COTTON
New York
FREIGHTS.—Current rates
are as
for
cotton
follows, quotations being in cents
per
from
pound:
Liverpool, 5.00c.; Manchester, 5.00c.; Havre, 8.50c.; Genoa, 10.00c.Leghorn, 8.50c. nom.; ChrLstiania, 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.
'
Interest centres on the
Unfortunately receipts are far
behind those of last year.
No very large quantity of Cana¬
dian wheat has yet arrived, although an increase in the avail¬
able supply for the week of 5,450,000 bushels was mostly at
Buffalo and Eastern points and is taken to be largely Cana¬
dian wheat.
Before long the arrivals of Canadian wheat
are
expected to be much larger.
The Canadian crop is
Wheat
SHIPPING NEWS.—In
question
trading is
of
very
moderate.
distribution.
stated at 231,730.200 bushels, or nearly
20,000,000 bushels
than last year;
Crop reports from the West are favor¬
able.
The acreage is large and if we have reasonably good
more
Nov. 3
weather
THE
1917.]
CHRONICLE
next winter wheat yield might easily be the
record.
The largest ever known was 684,990,000
bushels in, 1914.
At Liverpool the undertone has been
steady on an expectation of lighter world's shipments and
the fact that the floating quantity is small.
Broomhall
says that the problem of ocean- tonnage is viewed with ap¬
prehension. At the same time Liverpool reports an increased
largest
the
on
Continental
demand.
And
small
For
wonder.
the crop
outlook is very dismal in
is that the Allies have
Europe. A rumor from Argentina
purchased its fen tire new crop of
dispatch from that country said: Credence
Is given to this rumor which has been current for some time
but lacked confirmation that with a great shortage in both
Italy and France it would be expedient for the Allies to pur¬
chase this crop which offers an exportable surplus, of a
goodly amount. This crop is estimated by the Govern¬
ment at 240,000,000 bushels, with an exportable surplus
of 176,000,000 biushels.
These figures seem too high.
There has always been a tendency for official figures to
exaggerate.
The accepted amount for export is 144,000,000 bushels.
Storage facilities will be light and therefore
it will be necessary to have quick shipments, and it is be¬
lieved that with the combined efforts of the entire Allied
nations, the tonnage will be forthcoming.
In France the
weather has latterly been continued cold and wet.
In
Italy it has been bad for the same reasons.
In Russia the
weather continues bad owing to rain, snow and cold.
Farm
work has stopped and movement of the crop and late thresh¬
ing have stopped.
The Russian agricultural outlook gen¬
erally is considered bad.
Farmers are described as in¬
different owing to the poor marketing of the last crop at a
great loss to themselves.
The invasion by the# enemy
caused a loss of great stores or grain that were being held
in reserve.
In Australia the outlook for the crop is reportfed
only fairly favorable.
Much stored grain in Australia has
been ruined by pests, particularly field mice.
Spain though
it has a large crop has forbidden exports.
In the United
Kingdom the weather like that on the Continent has been
wheat.
A
This has retarded the movement of the crop
wet and cold.
held
field work.
In the Scandinavian peninsula
supplies are light and there is practically no grain arriving.
Seeding of winter wheat continues in Oklahoma and West¬
ern Kansas.
Receipts are increasing somewhat.
At pri¬
mary markets they are now averaging over 1,000,000 bush¬
els a day.
and
DeeemberdeHvcry inelevat°r-cts-118^
No. 2 red
Oats
No. 1 spring...
—229
Indian Corn has at times deeiinfed and then rallied,
229
ending
continued
117 %
113
11834
113%
fluctuate
to
within
115%
110%
117%
113%
very
narrow
pected to increase shortly.
Early in the week they were
by bad weather.
Export trade has slackened
noticeably. Premiums in the sample market have shown a
tendency to decline.
The available supply is increasing.
The increase is slow, to be sure, but still there is an increase.
Last week it was 987,000 bushels, as against 2,689,000 in
retarded
the
week
same
considerable
last year,
disparity
But it is only a
that the movement shows
so
compared with that of last
as
question of time when it
increase
must
a
year.
more
rapidly./ Not much export trade is looked for until the trade
adjusts itself to the new conditions made necessary by the
agreement between the Wheat Export Co. and the grain trade.
For the time being, exporters have withdrawn from the mar¬
ket.
Wheat exports will evidently take precedence over
oats exports.
At primary points on the 29th and 30th
inst. the receipts of oats were over 2,000,000 bushels.
That
was larger than of the same days last week and also last
year.
On the other hand, the available supplies are still small, the
total in North America being only 24,074,000 bushels, against
65,408,000 last year;
Houses with Eastern connections have
bought December to some extent.
After all, too, the in¬
crease in the available North American
supply for the week
was small.
The total is over 40,000,000 bushels smaller,
as we have seen, than a
year ago.
In Liverpool prices have
been strong with export offerings smaller and importers
bidding steadily.
The piilitary needs are large, and France
and Italy are bidding freely at advancing prices.
Still,
barley and rye have been dull and easier in Liverpool with
arrivals and the floating quantity both increasing.
To-day
prices declined moderately with little business.
No. 3 white
sold 1 to 1
cents over December, or 59 H to 59%c.
The
cash demand has fallen off and premiums show a downward
fcendpney.
DAILY
/.v..;CLOSING
PRICES
OATS
OF
Standards..
CLOSING
DAILY
cts.
—
—
No. 2 white...;....
PRICES
OF
May delivery in elevator.
The
following
are
—
66%
66%
66%
66%
66%
66
60%
66%
OATS
FUTURES
IN
CHICAGO.
Mon.
Tues.
Wed. Thurs. Fri.
Sal.
.
December delivery in elevator.cts.
NEW
YORK.
Tues.
Wed. Thurs. Fri.
66%
66%
66%
66%
.......
IN
Mon.
Sal.
YORK*
229
229
229
229
have
bounds, with a trend toward rather lower prices.
Cash
houses have been selling December.
The receipts are ex¬
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
.cts-226
225
225
225
225
225
-
li8%
113%
May delivery in elevator.........112%
up
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
1815
DAILY CLOSING PRICES OF CORN FUTURES IN CHIC AGO.
Sal.
Mon. Tues.
Wed. Thurs. Fri.
58%
59%
58%
58%
60%
60
58%
58%
59%
58%
59%
60%
closing quotations:
FLOUR.
Winter, low grades..
1
......
>
Spring, low grades...._
v
Winter patents......
I Kansas straights, sacks. 11 00® 11 25
Wi»ter straights
..10 45® 10 75 Kansas clears, sacks
...
Winter clears.......
ICity patents
1170
..10 85® 11 35, Rye flour...
Spring patents
.—10 00® 10 30
Buckwheat flour
Spring straights.....
..
Really the price movement has kept within a rather
restricted range.
Old cash corn early in the seek declined
5 to 7 cents at Chicago with No. 2 yellow selling at $2.05
lower.
against $2.15 last Friday.
It is believed that
a
soft corn will come into market, owing to recent bad weather.
This may cause lower prices.
In fact most of the Chicago
trade lean to the view that there is bound to be a sharp
decline
sooner or
later.
crop
*-
Standard
...
yellow.———-Cts-220
Mon.
No
2. white
No. 3. white..
No. 4.
....
218
215
Wed.
215
white
:
indicated below
216
Corn, per
bushel—
No. 3 mixed——f. o. b.
• ....
No. 2 yellow kiln dried—$2 16
No. 3 yellow..
2 15
Argentina................
Rye, per bushel—
New
York....
1.
c.
....
f.
....
Western.............c. I. f$l 86
Barley, malting....;
Barley, feeding—..
1 25@1 30
1 05
...
prepared by
are
us
from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour.
Receipts at—
Wheat.
Corn.
bbls.mib* bush. 60 lbs. bush. 56 lbs
Minneapolis
•
Oats.
bush. 32 lbs
633.000
3,018.000
601
000
136.000
10.000
1,306 000
924 000
400 000
12.000
277 000
126.000
532.000
148.000
1 000
11*600
1,30 <.000
173 000
*21*66()
Toledo
82*666
133.000
156.000
..
3.000
67 000
*6*000
...
61 000
5.000
22 000
13 000
146 000
364 000
4,000
69 0(H)
43 000
71.000
Detroit
Cleveland
Rye.
bush.hfilbs.
547.000
.
Duluth..---Milwaukee
Barley.
bushAXlbs
3.243.000
185.000
Chicago
150 000
512 000
62 000
15.000
115 000
130 000
480 000
87.000
5.000
City.
799 000
272.000
503.0(H)
Omaha......
451.000
262.000
792.000
St.
Louis
Peoria
......
Kansas
31.000
%.
-
»
m-
m
■
Total wk. '17
357.000
1.560 000
7.038 000
2.384 000
844 000
Same wk."'16
3*0,000
9.912.000
1.729 000
7,952 000
3.251 000
696 000
Same wk.
502 000
19.76S.000
2.810.000
7,984.000
4.344.000
998.000
1917
4 .014 000
71.652 000
1916.
4.835 000 144.886 000
30.291.00(1 104.728,000 (1.497,000
43.720 000 102,825 000 53.573 000
9.147 000
1915.
4,875 000 160.593
43.501 000
78,516 000 51.10'). 000
8v501.000
'15
7.239.000
Since Aug. 1-
Total
000
9.809.000
receipts of flour and grain at the seaboard ports for
the week ended Oct. 27
1917 follow:
Flour.
Wheal.
Corn.
Barrels.
Receipts at—
Bushels.
Bushels.
Oats.
Bushels
Barley.
Bushels
Rye.
Bushels.
New York...
36 000
624.000
33 0(H)
1,303 000
705 0(H)
728 000
Philadelphia.
11 000
636 000
48.000
Baltimore
51.000
591.000
35.000
556 000
607.000
...
New Orleans*
194.000
171 000
865 000
N'port News
*22
107.600
000
116*660
58.000
Montreal
28 000
646 000
1 000
62 000
3*1*660
Boston......
32.000
2.0(H)
2.000
130000
1 000
1.000
'17
281 000
3,269.000
893 000
2,921.000
230 000
828 000
Total wk.
SinceJan.ri" 17.642.000 169.298 OOP
319 000
4.869 000
Thurs. Fri.
215
......
...
The statement of the movement of breadstuffs to market
NEW YORK.
Tues.
451 Graham flour
2 25
cts.
66
66
65]
65
..............
*
Sat•
No. 2
Hard winter. No. 2
Oats, per bushel, new—
Since Jan. 1 '16 22.024 000 332.439 000
DAILY CLOSING PRICES OF CORN IN
~
10 35® 10
Wheat—per bushel—f. o. b.
N. Spring, No. I, new
$2 29
N. Spring, No. 2—.......
...
Red winter. No. 2, new
2 26
Week 1916..
week.
—
GRAIN.
That would not be unnatural with
the largest on record.
It is said that country
shippers are disposed to make sales at prevailing premiums.
With good weather the m'ovement of soft corn is likely to
be increased very noticeably.
Many are looking for a
libera] movement of the crop in January and the tendency
is
to
reduce the premium on January over May.
It
has been something over 2 cents.
A good many think
that is too high.
The decrease in the North American avail¬
able supply last week was only 163,000 bush, as agains
1,531,000 bush, in the same week last year.
Arrivals
at
terminal
markets^ are gradually
increasing.
The
industries arp not buying old corn at all freely unless obliged
to.
They dislike to pay the wide difference in prices.
At
the same time there is very little outside business in Chicago.
It is well understood that no wild bull speculation will be
encouraged.
11 is not believed that there w ill be a very large
business in corn until the new crop begins to move freely.
On the other hand, it ife true that the available North Ameri¬
can supply is down to 1,882,000 bushels, or about 2,000,000
less than a year ago and 2,500,000 bushels less than at this
time in 1915.
And few are looking for a very large move¬
ment of the crop until the beginning of the new year unless
the, weather should be very good for maturing and marketing.
Of late the weather has been bad for moving the crop.
Rains and snows over much of the belt have interfered with
husking and marketing.
New crop corn for early shipment
at times has been quite strong at high premiums over futures.
In Liverpool prices have been firm, owing to scarcity and
the firmness of Argentine quotations.
Cargoes and parcels
arriving off coast are quickly snapped up.
The world's
clearances are small and it does not look as though the
American movement would be large in the immediate future.
Liverpool notes with some concern the smallness of American
receipts and the reports that American interests are absorbing
all offerings of new crop corn. To-day pricer broke 2t o3H
cents on small trading.
The weather of late has been better.
The latest order from the War Board prohibits the exporta¬
tion of corn unless a license is obtained before the corn is
sold.
Prices on December are nearly 4 cents lower for the
the
....
Spring clears....
good deal of
on
through bills of lading.
.
"V.660
47,327.000 126.495 000 15,40'» 000 11.240 000
706 000
1.905 000
129 000
452 000
52.687.000 158.510 000 24.399 00<j 11
015,00p
the week
annexed statement:
THE DRY GOODS TRADE.
from the several seaboard ports for
The exports
ending Oct. 27 are shown in the
[Vol. 105.
CHRONICLE
THE
1816
New York, Friday Night, Nov. 2 1917.
feeling throughout the dry goods trade is one of
conservatisrq, business shows little indication of becoming
active.
Merchants are confining their efforts to providing
for immediate needs only, and are not inclined to anticipate
the future.
There are too many uncertainties surrounding
the situation as regards supplies and prices for them to stock
up heavily.
Mills, on the other hand, are not worried about
the falling off in demand from regular consuming sources, as
they are well supplied with Government business, and manyare being taxed to the utmost in filling these requirements.
They also have considerable business on their books, still
unfilled, for civilian account which was booked earlier in the
season.
Merchants who were fortunate enough to place
such orders will likely reap handsome profits on the goods,
as, when they were contracted for, prices were lower than those
now current.
Deliveries, however, are very backward, as
mills are being greatly handicapped by the growing scarcity
of labor, and in many cases are finding it almost impossible
to keep up full operation.
Government agents continue to
buy goods on a large scale, and every division of the market
is feeling the effect of these purchases.
According to re¬
ports, the scarcity of blankets, particularly those for immedi¬
ate delivery, has become acute with no early relief in sight.
As the
New York.-
Corn.
bushels.
54,000
Boston..
40",666
Philadelphia
-Ill—
658",003
Baltimore
435,943
307",6i3
865,000
Newport News
1,571,604
4,449,731
Total week
1916
Week
bushels.
82,851
63,987
43,618
959,601
_
bushels.
barrels.
Peas,
Barley,
Rye.
bushels. bushels.
Oats,
Flour,
Wheal,
bushels.
Exports from—
-
83,618 1,300,943 371,600 82,851
256,341 1,558,392 352,122 327,270
872*,595
14",51"
2
for the week and since
The destination of these exports
July 1 1917 is as below:
'
\
Corn.
Wheat.
Flour.
Exports for Week,
Since
Week
Oct. 27.
Juty 1
Oct. 27
1917.
1917.
1917.
Barrels.
and
Barrels.
Since
Juty 1 to—
So. & Cent. Amer.
Indies
West
■
Brit.No. Am .Cols.
countries..
Other
Total
....
1917.
Bushels.
1
13,285,498
11,978,667
3,570
4,177
Bushels.
3,315,016
2,419,621
127,428
......
14,941
32,190
3,404
25,304,002
1,571,604
1,925,586
6,057,185
83,618
256,341
...
1016....
Total
July 1
1917.
Bushels.
Bushels.
951,205
90,876
113,166
2,652
19,606
Since
Oct. 27
1017.
July
341,158
1,230,446
748,081
42,085
41,533
United Kingdom.
Continent.
Week
Since
Week
5,880,410
872,595 17,958,850
4,449,731 107,308,494
With the
majority of the mills devoting their looms to Gov¬
ernment
The world's
the week
and 1916 are
shipments of wheat and corn for
ending Oct. 27 1917 and since July 1 1917
shown in the following:
Corn.
Wheat.
01916.'
1917,
Exports.
01916.
1917.
Week
Since
Since
Week
Since
Since
Oct. 27.
July 1.
July 1.
Oct. 27.
July I.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.•
NorthAmcr*
5,439,000
Russia
Danube
09,836,000 129,890,000
6,552,000
252,000
630~,000
....
324",000
3,996,000
20",640"666
Australia...
720,000
21,060,000
260,000
8,078,000
728,000
1,308,000
6",429",000 47",804",000
14,227,000
32,000
17,443,000
13,752,000
India
Bushels.
Bushels.
10,892,000
Argentina
Oth. countr's
"84.000
2,866,666
1,407,600
966,001? 17,728,000 68,113,000
Canadian Government has officially prohibited the
manifests and exports until after ten days.
This Is effective
America.—The
♦North
of both
Issuance
during the continuance of the war.
Revised.
a
<
quantity of wheat and corn afloat for Europe on dates
The
mentioned
was as
follows:
Corn.
Wheal.
United
United
Kingdom.
Continent.
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels<
Bushels.
Oct. 27 1917—
Not avail able
Oct. 20 1917--
Not avail able
Oct. 28 1916..
Not avail able
visible
The
supply
of grain, comprising the
seaboard ports Oct. 27 1917 was as
GRAIN
Oats.
Corn.
Rye.
Barley.
bush.
bush.
bush.
bush.
425,000
2,369,000
356,000
293,000
191,000
bush.
York
Boston
9,000
5,000
585,000
37,000
1,000
792,000
732,000
983,000
30,000
Philadelphia
Baltimore..
1
Newport News
New
follows:
STOCKS.
Wheat.
State»—
United
New
stocks in
accumulation at lake and
at principal points of
granary
29,768,000
38,984,000
Oct. 30 1915..
61,000
Orleans
»
^
»
•'«.
~
72,000
416,000
939,000
■
«•«.«.*.
•
412,000
68,000
106,000
2,831,000
14,000
683,000
116,000
643,000
Toledo
385,000
5,000
6,000
Detroit
147,000
10,000
215,000
101,000
26,000
44,000
3,473,000
151,000
3,000
608,000
79,000
231,000
214,000
908,000
1,834,000
1,296,000
850,000
10,000
Galveston
Buffalo
Chicago
Milwaukee
Duluth
m.
v
—
5,000
818,000
369,000
88,000
1,138,000
70,000
17,000
17,000
7,000
271,000
,34,000
694,000
49,000
858,000
St. Louis
City.
Peoria
Indianapolis
...u
280,000
Omaha
On Canal and River...
16,000
Total Oct. 27 1917......*14,524,000
165,000
1,000
«,
«.
m
«m
-
591,000
.
42,000
47,000
63,000
3,725,000
Lakes
On
m.
557,000
Minneapolis.
Kansas
~
174,000
10,000
......
1,492,000 16,624,000 3,308,000 4,157,000
Total Oct. 20 1917
*9,712,000
1,626,000
Total Oct. 28 1916
60,470,000
2,361,000 45,580,000 1,795,000 3,760,000
Total Oct. 30 1915
22,579,000
3,288,000 15,730,000 1,342,000 3,465,000
16;204,000 3,417,000 3,824,000
1
'
1
grain not included above:
Oats, 42,000 New York, 136,000
24,000 Duluth; total, 202,000 bushels, against 2,251,000 In 1916; and
barley, 319,000 in New York, 8,000 Baltimore 34,000 Duluth, 69,000 Buffalo;
total, 430,000, against 248,000 in 1916.
*
Including Canadian wheat, now duty-free.
Note.—Bonded
Buffalo,
Canadian—
Montreal
3,532,000
Ft. William & Pt. Arthur..
5,862,000
Other
Canadian..
Total Oct. 27 1917
13,102,000
14,572,000
Total Oct. 28 1916*
20,397,000
23,251,000
Total Oct. 30 1915
♦
23,000
178,000
3,000
268,000
3,000
268,000
3,463,000
245,000
3,708,000
Total Oct. 20 1917
23,000
3,886,000
29,000
3,498,000
1,000
323,000
749,000 13,574,000
31,000
3,338,000
41,000
662,000
14,000
36,000
Including Canadian at Buffalo and Duluth.
...
Canadian
Total Oct. 27 1917
Total Oct. 20 1917.
14,524,000
13,102,000
1,492,000 16,624,000 3,308,000 4,157,000
23,000
3,886,000
3,000
268,000
27,626,000
1,515.000 20,510,000 3,311,000 4,425,000
24,284,000
1,655.000 19,700,000 3,418.000 4,147,000
Total Oct. 28 1916
80,867,000
3,110,000 59,154,000
Total Oct. 30 1915
.,-45,830,000
neglected, and retailers who find their stocks
running low are haying difficulty in replenishing them.
Prices generally are firmly maintained, and in view of the
strength of raw material and decreasing supplies, they are
likely to go higher.
Owing to the high cost of fine staple cot¬
ton, it is said to be imperative for combed-yarn mills to get
much higher prices than those, prevailing at present.
Ex¬
port trade continues quiet.
There are plenty of inquiries
in the market from South and Central American countries,
but sales are held incheck by the scarcity ofjsupplies, inade¬
quate shipping facilities and high prices. / Inquiry from far
Far Eastern countries is light.
DOMESTIC
COTTON
GOODS.—Only a moderate
staple cotton goods as buyers are con¬
fining purchases to immediate requirements only. While
they realize that the supply of goods is limited and that prices
are likely to go higher they are satisfied to simply buy as
they need.
Whenever goods are required, however, the
prices asked are readily paid.
Cotton goods are now playing
the chief role in the textile trade as they are being used as
substitutes on a larger scale than ever before for other cloths
which are more difficult to obtain.
Many mills are sold
ahead for the remainder of the current year, and are unwilling
to accept large orders for delivery beyond this time.
They
appear to have abandoned hope of lower prices for raw
material, and in view of the further reports of heavy crop
deterioration as a result of the recent freeze they are uncertain,
as regards their ability to secure sufficient supplies to meet
their requirements.
Therefore they are not in a ppsition to
guarantee deliveries at specified times' very far ahead.
Jobbers have been more active in their efforts to replenish
their stocks, and report an improved demand from retailers
from many sections of the country.
Colored goods have
been selling quite freely, while an improved demand is also
noted for print cloths.
Gray goods, 383^-inch standard are
quoted at ll%e.
WOOLEN GOODS.—Aside from
an
improved demand for
spot goods from the clothing trade, there have been no new
developments in the markets for woolens and worsteds.
Prin¬
ces are firmly maintained, and despite the outlook for some
relief in the raw material situation through shipments of
wool from Australia, no lowering in quotations for the'manu¬
factured product is looked for.
Demand from the Govern¬
ment continues to be the chief factor in the situation, and
manufacturers are devoting most of their attention in pro¬
viding for these requirements.
Cutters-up who failed to *
provide for their spring needs have been endeavoring to do
so and have been obliged to pay much higher prices than those
which prevailed at the opening of the season.
Although
mills are unwilling to accept business or name prices, inquiry
for next fall goods is increasing.
*
FOREIGN DRY GOODS.—The smallness
qf the availa¬
ble
supply of goods, and the inability of importers to place
orders with mills, continue to be the main factors in the mar¬
kets for linens.
There is a good inquiry for various fabrics,
but as the goods are" not to be had, business is quiet.
Con¬
sequently the trade is devoting more attention to domestic
and imported substitutes, many of which are also becoming
scarce.
It is claimed that the imported makes have a much
better finish than the domestic lines, and that their lasting
qualities are also better, with the result that they have been
more readily taken.
Arrivals of linens from abroad are grad¬
ually growing smaller and importers' stocks are dwindling.
Some of the larger dealers are said to have placed4iontr i c
s
with mills abroad, but as the prices are so much ower- th a r
those now prevailing, it is doubtful -whether or not they^w
receive the goods.
According to rumors, arrangements
have been made with the Government to receive sufficient
Summary—
American
less
or
demand is noted for
6,775,000 133,698,000 185,369,000
Total
needs, civilian requirements are of necessity being
more
1,836,000 4,422,000
3,319,000 19,068,000 1,356,000 3,501,000
goods to be used in the manufacture of aeroplanes.
Despite
the high level of prices, there is an active inquiry for burlaps.
Owing to the scarcity of spot goods, however, business is
confined largely to goods afloat.
Light weights are quoted
at 13.25c. and heavy weights at 17.00c.
Nov. 3 1917.]
THE
CHRONICLE
1817
Page.
jTjTI MP QSTY PSWTtVTSflT
MUNICIPAL
There
market
was
BOND SALES IN OCTOBER.
during the month of October, the attention of the
banking interests and investment houses being concentrated
the second
on
market for
character
Irrespective of the loan, the
"Liberty Loan."
municipals has been dull, although bonds of this
to be in
seem
greater demand by the investor than
corporation bonds, which is due naturally to the non-taxable
feature of the
Rate.
Maturity.
"*1943"""
10,000
100
6
1927
57,0001
100.526
6
1937
1921-1930
77,000/
547. .Daviess
6
5
5
County, Ind
4H
729. .Dawson Co. S. D. 85, Mont—
547_ .Dunbar, Neb—
729. .Durham, No. Caro. (3 issues).
547- .Dyer Spec. Sch. Dist., Ark
729. .Edgewater, N. J
x—
820- .Elkhart County, Ind
636- .Evanston,
820- .Ferguson,
6
6
5
6
5
1937
1947
1918-1922
1937
al923
dl925-1927
1937
4H
111
Iowa
—
636- .Floyd County,, Iowa
730- .Franklin School Twp., Ind
438- .Franklin ville, N. Y
al928
5M
1919-1924
(11922-1927
1925-1937
5
5.
636. .Gallatin Co.S.D.No.76,Mont.
820- .Gastonia S. D. No. l.No.Caro.
636. .Gloucester, Ohio
6
(11925-1927
$34,-
730- .Guilford County, No. Caro
636. .Haddon Heights, N. J
5
160,231, but this included several large blocks of bonds,
820. .Hamilton City S. D., Calif
5
October
compiled
from
which
during
disposed of
were
In October 1916 the total
was
issue of $10,000,000 4s put out by the
was an
Our totals deal only with
city of Philadelphia.
of
that
show
$18,666,500 of municipal bonds
in the United States.
among
records
our
issues
new
long-term bonds actually offered and sold
We
last month.
reported in these columns during October the
also
disposal
of
$6,000,000 of long-term bonds in addition
over
the $18,666,500 mentioned above, but these were sales
to
made in
a
previous month and not reported until October.
Temporary loans negotiated last month, including $19,735,000 temporary securities (revenue bonds, revenue bills,
corporate stock notes and tax notes) issued by New York
City, amounted to $31,508,000.
Of the New York City
total $10,000,000 corporate stock notes were sold at public
sale
Oct. 11.
on
Debentures sold
of Canada last month aggregated
The
following is
loans put out
191T.
1916.
$
$
Gen.fund bonds(N.Y.C.)
Total..,,
39,698,091
52,936,006
3,069,864
3,266,959
§,621,742
14,341,648
None
4,590,000
700,000
400,000
None
5,000,000 13,000,000
63,545,009
None
None
57,333,395 21,218,573 106,975,745
♦Inoluding temporary securities issued by New York City, $19,735,000 in October
1917, $21,810,548 in October 1916, $9,275,000 in 1915, $1,200,000 in 1914 and $51,-
1913.
281,465 in
"
!
„
The number of
municipalities in the United States emitting
long-term bonds and the number of separate issues made
during October 1917
218 and 267, respectively.
were
contrasts with 346 and 448 for
This
September 1917 and 454 and
525 for October 1916.
For
comparative
purposes
we
add the following
table,
showing the aggregates (excluding temporary loans and also
debentures issued by places in Canada) for October and the
ten months for
a
439637.
637637637730.
637637637.
548.
548.
730.
1
series of years:
637-
For the Ten
October.
$18,666,600
34,160,231
1917
Month of
Months.
•
1904
1913.
39,698,091
$376,133,693
402,548,332
434,829,036
423,171,790
327,902,805
1912
27,958,999
345,871,920
1911
26,588,621
341,092,191
1910
27,037.207
258,958,249
1897—
1909—.
16,377,836
288,767,287
1890—j.
1916
1915
28,332,219
*
1914
15,126,967
.
1908
1905
♦
case
.$10,299,995
12,196,885
5,488,424
9,779,197
$208,221,652
123,942,878
123,167,279
109,103,198
113,615,626
1900
1899....
1898
1896—
257,310,946
209,516,322
1894
167,971,622
1893
148,937,223
1892
following table
amount of
1901
7,915,496
—
In the
1902
14,078,829
1906—.——
give
we
a
Months.
16,421,185
9,314,854
4,906,607
6.872,293
4,688,463
—
1903
9,793,358
14,819,277
—
1907—
For the Ten
October.
104,341,291
88,057,166
113,259,756
6,697,012
8,685,435
11,839,373
11,766,420
—
60,917,879
98,950,928
99,140,271
52,813,939
75,350,254
list of October loans
$18,666,500 issued by 218 municipalities.
of each loan reference is made to the
icle" where
an
account of the sale is
Name.
Page.
Rate«
1634._Agawarn, Mass
1634.-Akron, Ohio (2 issues)
1634--Akron Sch. Dist., Ohio
1635—Allen County, Ind
1729—Allen County, Ind. (6 issues)—
1819—Andover, N. Y
1635—Ashland, Ohio
1819—Asheville, No. Caro
1437—Auburn, N. Y
1635--Athens, Ohio..
1635—Ayden. No. Caro
1729—Baldwin County, Ala
1635--Beaverhead Co. S. D. No. 33,
.
.
—
Mont
-
.
Mont
5
4%
4' '
Maturity.
Amount. 1
1918-19482
$25,000
135,650
500,000
100,000
95,120
6.000
1918-1937
1918-1937
1918^1929
5
1919-1927
1925-1936
1918-1927
1919-1937
6
6
5
5
5
a
1924
1947
6,300
^
dl 927-1937
1932
•<
1918-1935
4%
1918-1937
4%
1918-1927
4%
1918-1927
4%
1918
4.9511918-1927
5
1937
5
1918
6
1927
6 **1927,& 1932
5H
1945
4%
1937
4%T^ al924
4HIdl937-1957
6
1918-1921
6
14%
1927
|, 1637
196,000
200,000
135,000
15,000
75,000
Price.
101.22
1922-1937
-
—
—
821. -McMinnville, Ore
821. -McMinnville, Ore
-
637. .Marlinton, W. Va.—439. -Marshall County, Ind
5H
6
6
4H
439- -Martin County, Ind
821. -Meriden (City),Conn
730. -Miami, Okla
-
4%
4y2
6
821. -Miami County, Ohio (3 iss.)__
821. .Miami County, Ohio
548- .Milwaukee, Wis.
637. .Milwaukee, Wis. (3 issues)--.821. -xvlineral County, Mont-821, -Minneapolis, Minn
x
730- -Mobile, Ala
548- -Montgomery, Ohio
821. .Morristown, Tenn
6
5
4H
4H
6
4%
5
6
5
333. .Mount Kisco, N. Y_
4%
333- -Mount Kisco, N. Y__r
4%
333- -Mount Kisco, N. Y
—x- 4%
548- -Newark, Ohio
5
638. -New Barbadoes Twp., N. J__ 5
821. -New Boston Vil. S.
821. -New York City
dl923-1947
£)., Ohio.- 5
3
-
821. .Noble County, Minn
821. -Norfolk, Va
549. -North
Tonawanda, N. Y.-x821. .Norwood City S. D., Ohio
638. .Oakland, Neb„
549. -Oasis Sch. Dist., Calif
731. -Ocheyedan, Iowa
731. -Olean, N. Y
821_ -Orange Twp. R. 8. D., Ohio..
821. -Orrville, Ohio.:
638- .Pemberton Twp. S.D..N. J-822. _Pend Oreille Co. S. D. No. 5,
Wash.
5
4%
5
5
5
6
5%
5
5
5
4%
5
1927""
1919-1928
1942
1918-1927
1918-1927
1918-1937
1918-1937
dl927-1937
1918-1937
1947
1918-1927
1937
1921-1937
1921-1927
1921-1926
1918-1927
1918-1935
1925-1931
/on or aft.)
\Jan .2 '18/
(Z1918-1920
1918-1927
(11922-1937
1929-1932
1932
1918-1942
fll920
,
1918-1928
1917-1933
dl922-1937
822- .Pensacola, Fla
638. -Philipsburg, Mont
731. .Pine Co. C.S.D.No.46,Minn—
638. .Plain City, Ohio
549. -Polk County, Fla
638. .Poplar, Mont
6
1918-1920
6
(11927-1937
6
1925-1923
5%
1964
6
1927-1941
6 * (Z1932-1937
731. -Port of Portland, Ore
6
1918
731. -Poughkeepsie, N. Y
4\i
1918-1946
731. .Prince George's County, Md— 5
1947
731. -Pulaski County, Ind
4%
al923
639. .Randolph County, Ind
4%
1927
822. -Ravenna, Ohio
1918-1936
639. .Reading, Mass
4%
549. -Red River Bridge Dist., Ark-- 534
1918-1937
549. .Rio Vista Joint S. D., Calif— 5
"al~928 "
440. -Rittman. Ohio
5 j
al922
440- .Rittman, Ohio
5 f
a 1927
440. -Rittman, Ohio
5
639- _San Diego, Calif
5 *'■ 1918-1956
1919-1928
822. .Scioto Twp. Rural S. D., Ohio. 5 ^
731. .Selma Graded S. D., No. Caro. 5 'S
1918-1934
441. -Shawano, Wise
5
640. .Shawswick Sch. Twp., Ind— 4%
""1931"""
a 1926
822. .Sheridan Co. 8. D. No. 6,Wyo. 5
822. .Shorewood, Wise.
1918-1937
4%
822- -Sidney, Ohio
5
dl9184922
731. -Snohomish Co.S.S.No.64,Wash. 5
822. -Stealey Heights, W. Va._
6
731. .Stevens Co.S.D.No.92,Wash.. 5/4 (21918-1927
549. .Stillwater, Minn
5
1918-1927
640. -Taunton, Mass
5
1918
'
822_ .Tenafly, N. J
5
1918-1926
639. -Texas (64 issues)
5
640. .Trinidad, Colo
4% (21927-1932
640. -Tulare County, Calif
5
640. -Tulare County, Calif.
5
640. -Tunica, Miss
6
1919-1927
822. -Union County, Ohio (4 iss.)
5
§49. .Valley Stream Fire D., N. Y__ 534
731. .Warren, Ohio
6
(21933-1937
823. .Washington C. H., Ohio (2 iss.) 5
1918-1927
731. -Washington County, Ind
434
(21922
550. -Watertown, Mass
434
1918-1924
550. .Watertown, Mass
434
1918-1923
823. -West Hoboken, N. J. (2 issues)
641. .White Plains, N. Y
5
1922
641. -White Plains, N. Y. (2 issues). 534
1918
823. .Willoughby Vil. S. D., Ohio
(2 issues)
534
1823—Woodlawn (Boro.) S. D., Pa— 434
1918-1937
-
—
-
-
102.38
100.371
100
100.05
100.047
100.526
102,273
100
100
-
—
100
3,200
100.125
8,000
101.027
18.000
101.808
100,000
101.18
25,000
101.165
5,000
3,820 *100
100.06
6,300
98 <•
20.000
100.29 ;
75,000
1,000
43,500
4,500
12,000
16,600
6
—
-----
pagejn the "Chron¬
4
6
4%
to the
In the
given.
5
6
1635—Bemidji Ind. S. D., Minn
1729--Benton County, Iowa
1635—Binghamton, N. Y
1635—Binghamton, xx. Y
__x>iiiguaxuwju, N.
i
1635--Binghamton, N. Y
1635--Binghamton, N. Y. (3 iss.)—
1729—Bollver, N. Y
1437—Bristol, Va
1546
Bristol County, Mass
1819.-Burton, Ohio
1729—Calhoun County, Fla
1635—Canaan Twp. Rur. S. D., Ohio
1729.-Cape May, N. J
1635--Cass County, Ind
1547--Charleston, So. Caro
1635—Chattannooga, Tenn. (2 issues)
1819_-Chouteau Co. S. D. No. 79,
1635--Cincinnati, Ohio..--
4Vx
(11922-1937
6
1923-1937
5
1922-1942
6
1919-1928
.Jay County, Ind
4H
.Jefferson Co. S.D.No.16,Mont 6
(11927-1937
.Kansas City, Mo.....;
1935
4%
1922-1944
.Kenmore, N. Y__
5
1922-1939
.Kenmore, N. Y
I
5
(11922-1937
.Kimball, Neb
1
6
.Lacrosse, Wash
.La Crosse, Wis.
"19TSML927
6
.Lake County, Ind
al923
4%
.La Mesa, Calif-----6
,1928-1937
.Lambertville, N. J
4H
1918-1937
.Lawrence, Mass
4%
.Lebanon,. Tenn
6
.Legget Consol. S. D., Miss— 6
1918-1927
.Lockport, N. Y
4%
.Logan County, Ohio
5
(11922-1927
.Lorain, Ohio
5
.London Village S. D., Ohio— 5%
01941
.Lucas County, Ohio (5 issues). 5
1918-1937
.Lynn, Mass—
4%
.McDowell County, W. Va____ 5
1918-1938
—
Monlb of
1927-1951
1918-1927
4%
5
(11927-1957
5
1918-1927
4%
5
97". £6"
104.946
*100
100
1.360,000
2,109
100
1,000
10
6CO.COO
140,000
12,600
10,000
10,000
142,900
8,000
1,500
7,600
101.691
102.63
100.10
102.81
102
100.791
100
100
100
101.33
14,000
100
270,000
10,000
100
100
30.000 7H00.54
1,200
100
52,000
1,800
6,000
3,000
25,000
7,300
250,000
14,900
20,000
1,080
19,150
225,000
20,650
10,000
100.84
100.20
100
100
100.03
100
f
-
•
100
100.138
100.462
100.307
100
100
40,000
15,000
62,200
350,000
100
14,600
100
100
100.803
102
6,000 TilOO
150,000
100
100.42
23,529
9,000
100.35
100
9,000
20,000
6,160
100
13,000
102.108
12,600
28,000
75,000
25,000
3,000
10,000
24,000
18,000
4,500
182,319
62,000
101.25
101.501
100.066
100.14
100.083
100.88
105.02
lbY.405
[492,000
100
\ 73,000
859,010
None
55,098,350
_
$
23,525,768 12,034,217
423,850'
Bonds of U.S.Possess'ns.
1918.
$
34,160,231 28,332,219 15,126,967
(U.8.).18,666,500
♦Tempor'y loans (U.S.).31,508,000
Canadian loans (perm't).
1914.
I
637-
821.
730637821.
years:
1915.
820_ .Highnxore, So. Dak
820. .Holmes County, Miss. (2 iss.)_
820. .Indiahoma, Okla
820- .Isanti County, Minn. (4 iss.)..
820. .Jackson County, Ark
730.
comparison of all the various forms of
a
—
547- .Hennepin County, Minn.
439.
1937
5
5
820. .Harris County, Tex
821-
only $423,850.
in October of the last five
■
Permanent loans
throughout the Dominion
547- .Hamilton County, Ind
636- .Hardin County, Ohio
5M
$320,000
380,000
1932 ""
1918-1954
1927
1918-1927
Figures
Priec.
635- .Concord, No. Caro
635. .Concord, No. Caro
820. .Corvail is. Ore
729- .Cross Creek Twp. S. D., Pa
729. .Davenport, Iowa
4%
4H
6
5
security.
Amount.
4%
.
little activity shown in the municipal bond
very
Name.
635- .Cincinnati, Ohio
635. .Cincinnati, Ohio
729. .Clay Sch. Two., Ind. (2 issues)
635- .Columbia Township,No. Caro.
*100
3,000
2,800
20,000
5,800
2,100
200,000
200,000
32,000
23.500
250,000
840,000
9,000
242,085
600,000
1,700
15,000
8,500
3,500
1,500
72,000
74,000
25.000
3,500,000
27,000
936,000
26,000
120,000
35,000
1,000
5,000
75,000
8,000
10,000
15,000
101
102.50
102
100.172
100.562
100.279
10b"068
100.214
100.10
100.206
100
100
97.333
100.11
101.182
101.032
*100
100.796
i"ob".i5"
103.67
100
100.54"
104.261
100.125
100
100
100
2,000
100
40.000
102.51
10,000
2,500
107*1!"
13,000
95.066
150,000
100
25,000
100.351
50,000
100.234
50,000
106.62
35,000
100.25
4,000
100.10
63,000
100.016
6,108
101.18
55,000
100.788
260,000
102.174
35,000
2,000
1,100
4,000
100.003
682,200
104.60
5,000
95.909
22,000
28,000 M00
100.007
14,000
100
3,200
75,000
214,700
100*.14".
100
10,000
100.016
15,000
100
1,000
34,000
75,000
8,800
165,400
30,000
300,000
600,000
9,000
100
100.29
100
100
94.01
101.368
100.61
101
100
48,020
100
5,000
101.932
25,000
21,500 »100.18
5,793
100.315
100.31
7,500
6,000
100.283
78.114
29,500
100.06"
54,193
100.10
7,500
100,000
102.946
—
5
5
Price
Amount1
Maturity.
1918-1927
1920-1939
Rale.
Page,
Name.
1732..Wyandot County, Ohio
1641—Zanesville, Ohio—
$11,300
Page.
a
267
102.34
(Aug.)-.—
1640-.Stratford. Okla (2 is. Feb.)—
1731—Terre Haute. Ind
Average date of maturity,
d Subject to call in and after the earlier
mature in the latter year,
k Not including $31,508,000 of tem¬
year and
loans reported, and which do not belong in the list.
sinking fund as an investment,
h And other considerations.
porary
REVISED
The
FOR
TOTALS
following items, included in
number of the issue of
page
for these eliminations may
We give the
same.
be found.
v
Name.
,
1635..Columbus, Wis. (June list)..
1634..Covington, Ky. (January list
1636..Craven County, No. Caro. (March list)
1636—Crittenden County, Ark, (August list)
....
Amount.
-
1641..West Liberty,.
3,500
565.000
25.000
20.000
6.000
1732:.Williams Co.. Ohio (4 iss.)
100,000
Rate.
5
; 6
5
1819..Arcliboid. Ohio (June)
5
1635—Baker Sen. Twp., Ind
~
5
1635..Baltimore, Ohio (August)
5
6
1819..Bannock Co. S. D; No. 6. Ida
"
1635..Beckham Co., Okla. (Aug.).. 6
...
1635..BessejiM rjs. D.,Mieh. (Aug.). 534
6
1729.. Big Lake Twp., Minn. (Aug
16351.Blackgum Twp., Okla. (Aug.) 6
1729..Brookvilie VII. S. D.,0. (Aug.) 5
1729..Brown County. Tex.
(May).
6
1635—Brown Sch. Twp., Ind
Maturity.
(Aug.)
$5,000
1925-1927
3.100
5.000
2.500
1922
a
1920
1942
a
1938
1925-1937
5
1942
1635..Campbell Co., Tenn. (Feb.).. 5
1942
1635..Campbell Co., Tenn. (May).
.111 928
1819..Canton. Ohio..
1927
1819..Canton, Ohio—
5
1918-1922
1810..Canton, Ohio
5
1819—OarryallTwp.S.D.,Ohio (June) 5
1729__Chariton Co. Dr. D. No. 15.
1937
Mo. (August)
5
1920-1936
1635..Clay County, Iowa
5
1729-Cleves, Ohio
5
1922-1932
1821..Clinton Sch. Dist., Okla
5
1927
1820—Coldwater, Ohio (3 iss., July). 5
1941
1820—Collingswood S. D., N. J
5
1635—Colorado..
436
dl922-1937
1729 .Columbus, Neb. (August)
5
1918-1921
436
1635 .Columbus, Wis
1918-1927
1635..Coshocton, Ohio (August).
5
1918-1927
1635—Coshocton, Ohio (August)
5
1927
1729—Council Bluffs, Iowa (April).. 5
1922-1952
1635—Craven County, No. Caro
5
1919-1926
1635—Crawford County, Ohio
5
1636— Delta County, Mich. (Aug.).. 5
"1937""
1820..Des Moines. Iowa (Jan.)_.._. 436
1918-1920
1729—Douglas County, Kan. (July). 4>6
1918-1922
1636—Dujuth, Minn. (May)
4
1918-1937
1636..Elgin. Ill
5
1918-1942
1820—Elko. Nev. (March)
6
1918-1937
1729..Ellsworth. Kan. (Aug.)..
436
1927-1936
1730..FallsCity, Neb. (July).....r_ 5
1730..Flora S. D. No, 13, So. Dak.
(Aug.)
5
1636..Garden City, Kan. (July)
4H d 1932-1937
1636..Garden City S. D.. Kan.(Aug.) 436 d1927-1937
1918-1922
1636—Giles County, Tenn. (Aug.)._. 6
1922-1937
1730.. Holt on, Kan. (Jan.)..
4 36
1918-1927
1637..Howard County, Ind. (Aug.). 436
1932
1730-Hudson Sch. Dist., Wis
5
1919-1921
1637..Huron County, Qhio (Aug.).. 5
1918-1927
1637..Hutchinson, Kan
4 36
1933-1936
1637..Iowa City, Iowa
5
1937
1730 —Jackson, Tenn. (June)....... 5
1937
1820..Jefferson City. Mo. (July)
436
1820 .Junction City. Kan. (Jan.)
4)6 dl927-l937
1820., Kansas (10 issues)
5
1924-1928
1730..Kansas City, Kan. (March).. 436
1922-1937
1820—Klrksville 8. D., Mo. (June).. 5
Vista County, Iowa...
......
""
„
own.
4
Pa..
1821
Loekhart, Texl
1637 —London. Ohio (Aug.)
1637 —Mel'herson, Kan.. (Jan.)..'
1637
Mangutn, Okla, (Feb.)
1730..Marinette. Wis. (June)
6
536
436
6
—
—
■ >
1821..Medina, Ohio (5 iss., Aug.)
1321 ..'Memphis, Tex. (May)....
5
1918-1927
1918-1928
1918-1927
1942
1924
5
d'l 927-1957
5
536
1637..Mesa City, Ariz. (June)
1730—Michigan Sch.City,Ind.(Aug.) 5
1821
Middletown, Ohio.....
5
1730..Missouri Vallev ind. S. D., la. 5
1730-Mitchell. Nib
5
dl925-1927
275.000
29.500
25.000
258.000
25.000
100.000
60.000
1641—Saskaiehewan S. D.s (6 issues)
50,000
.
100.684
100
fob""""
1 CO.333
*100
100
10021
100
100
*100
100.166
108.80
100
100
100.125
52.000 h100
31.500
47.5.0
100
100.052
25.000
100
40.000
34.000
100
45.000
100.444
39.106
100
70.000
100.625
100.82
100
101.916
villages.
100
face
98.75
120.000
1918-1927
8.000
1918-1927
1922-1937
225.000
-.
436
4
1638—Plymouth, Ohio (2 iss. Aug.)..
1822—Ponierov, Ohio
5
1919-1957
100""'"
100
100
92.50
1822..Portsmouth, Ohio
5
1822..Portsmouth, Va. (March)
4
1822 —PottawnttomieCo., Ka|n.(Aug.)436
1731 —Kiehland Bar. S. D., La.(Aug.) 5
1731-Richland Sch. Twp., Ind
5
1822.. Riley Sch. D., Kan. (July)
436
1731 —Ronun. Mont
_'6
1731 —Roswell S. D., N. Mex. (May) 5
1639—Salina. Kan, (March)
4 36
1731—Saiina S. D., Kan. (Aug.)
436
100.000
100
100
1927
15.000
100
10.350
a!919
5
100.077
7.000
1930-1934
25.000
32.000
73.000
1919-1928
1920
5.000
2.000
1919-1928
16.800
100
100.814
95.25
100
14.900
dl927-1937
a
dl927-1947
1937
1933-1937
100
lbb"
100.000 h100
30,000
100
25,000
in
The
were
30.000
2.250
94.51"
14.700
—
14.000
44.000
5
100
125.000
1.600
30.000
1937
—
2.300
$423,850
Figures,
of).—Population
Bonds.—Syndicate
of).—Population
the
1916.—
Dissolved.—See
"
Figures, 1916.—
\
^
province four cities, 29 towns and 23
census
records show that the city of St. Boni¬
982 females in June 1916, as
New York
5,000
1638-Perth Atnboy. N. J
1822..Pierce County. Wise
are
females is not
*
15.000
1937
91"121
compared with 829
In the other cities the excess of males over
so
great.
.
>
City.—Budget for 1918 Adopted.—The Board
Apportionment on Oct. 31 adopted the 1918
budget calling for expenditures amounting to $240,519,858, an increase of $29,405,721 oyer the final figures for
1917 ($211,114,137) but $276,261 less than thetentative
budget for 1918, whicn was $240,796,119.
The total for
1918 includes $8,463,756, the amount apportioned to New
York City as its share of the direct State tax.
The 1917
budget did not include any direct State tax.
The reductions
in the 1918 figures were made up as follows: Department of
Education, other than personal service, all boroughs, $218,161; Tenement House Department, $36,240; Bellevue and
allied hospitals, $20,(XX); Board of Estimate, Bureau of Con¬
tract Supervision and Bureau of Personal Service, $780;
Police Department, $780 and Fire Department, $300.
A statement issued concerning the Board of Education
of Estimate and
35.000
6
131.000
29.000
100
4.900
1918-1922
1927
was
there
100 025
18.000
1918-1919
(Province
in June 1911.
50.000
6
5
536
Price.
Amount.
Maturity
the only city in Manitoba with a greater number
of females than males.
In Winnipeg for every 1,000 males,
101.170
100.60
50.000
10.000
6
51.5% for the 10 years.
or
There
100
1947
1937
MUNICIPALITIES IN
1916
188,172
100
a!922
1932-1935
for that month $28,950,149.
population of the Province of Manitoba, as shown by
census was, according to the "Monetary Times,"
553,860, as compared with 461,630 in 1911 and 365,688 in
1906, an increase of 92,230 or 20% for the five years and4
the
100.75
100
5
100
for September.
are
The
100
11.000
5
indicated)
compares
Municipal
Manitoba
100
65.000
15.000
.1937
100
5=r
100
Irrig.
Dist., Ore
French
102*167
1918-1930
5
1.600
150.000
dl9i9-1937
reference this week in our editorial columns.
46.600
436
100.534
35.000
65.500
36,800
incorporated villages, as against an equal number of cities,
towns and 84
incorporated villages in 1911.
Males
outnumbered females in all the cities.
The female popula¬
tion exceeded the male in the towns of Irvine, Morinville,
Olds, St. Albert and Vegreville.
For every 1,000 males
there were 930 females in Calgary and 960 in Edmonton;
in 1911 the proportion was Calgary 645, Edmonton, 845
females to every 1,000 males.
In the total city population
of 1916 there were 943 females to 1,000 males, as against
718 to 1,000 in 1911.
4.000
20.000
;
27
100
200.000
-
100
100
«J00
population of
with 374,66$ in 1911 and 185,412
in 1906.
For the five years, 1911-1916, the population
increased 121,862, or more than 32.5%, as compared with
an increase of 189,251, or 102.07% the five years
1905-1911.
In the ten-year period 1906-1916 the population increased
by 311, 113 or 167.8%.
In 1916 the Province contained 6 cities, 49 towns and 96
This
496,525.
50.000
1923-1937
8.500
7.900
117,500
1927
the Province of Alberta in June 1916 had a
100.10
100
"1918-1936
102.53
2,500
... — _—
According to figures issued by the census office at -Ottawa
and published in a recent issue of the "Monetary Times/'
100
13.000
(Province
Alberta
100
60.000
20.000
1927-1931
5
5
5
......
100.40
NEWS ITEMS.
■;
97.50
100
dl922-1937
1937
1936
100
57.300
5
5
5
5
5
5
Total debentures sold in October—.
100
30.000
1937*
1732—Wolsey; S. D. No. 25, Sask——
10.000
125.000
6
—
1732-Sully S. D. No. 3924. Sask
1823-.Swift Curent, Sask
1^.000
12.300
11.000
27,500
69.000
75J000
3.000
56.488
15.000
—
1823—Saskatchewan S. Ds. (13 iss.)_
1732—Shawinigan Falls, Que
100.63
100
25.000
Ross land. B.O
.
1823..Saskatchewan 8. Ds. (7 iss.)
100
30.000
5
—
1731—Okolona, Miss
1638—Osceola County. Iowa
1731. .Payette-Oregon
Slope
9.000
lo.cno
5.772
—
1638..Montgomery Co.. Ohio (Aug.)
1638..Montgomery Co., Ohio (Aug.)
1730—Montgomery County, Tenn..
1730—Morgan County. Tenn. (Apr.)
1638-Mounds Twp. 8. D. No. 34. 111.
1821..Mower County., Minn
1638--Napier Consol. S. D., Iowa
(May)
.i.
1638—Neola Ind. 8. D., Iowa (July).
1638
New Boston. Ohio
1731..New Mexico (State of) (Mar.)
1638—Oakland. Iowa (May)
790,000
30.000
6.000
16.000
100.125
20.000
20,000
15.000
...
—
1823-
40.000
22.294
9.783
100.10
100
10,000
12.,00
120.000
436
Rale.
6
5
Page.
Name.
1732—Chatham, Ont. (3 issues)
1823.-New Glasgow. N. S
1732—Riverhurst, Sask
100 10
100
4.250
15.000
164.000
22.000
:K 80.000
2.500
15.000
,
issues will make the total sales
100 50
85,000
45,000
*5.000
*8.800
*3.900
4.500
1918-1927
01923
436
5
105.882
100
100
OCTOBER.
100
4.000
5.000
1729 —Bryan, Ohio
1637.. Littlest
100
4.000
1918-1944
a 1922
5
——..
...
100
19.655
1926-1935
200.000
10,000
25.500
1918-1932
DEBENTURES SOLD BY CANADIAN
100
175.000
1920-1926
436
1937
5
dI937-1947
5
1927-1935
(not including temporary loans)
101.33
100 10
1.500
1.500
30.000
100
—
6.500
30.000
85.000
5
-
These additional September
Price.
Amount.
1919-1936
100
Nor.
D.,
......
40,000
103.000
-—
1732-York Co. S. D. No. 12, Neb.,
following additional sales for
...
12,000
50.000
6.000
-----
All the above sales (except as
Page.
Name.
l634._Afton, Iowa (August)
1729..Alvardton, Ohio.........
1729.. Arch bo Id, Ohio (June).
,
S.
Price.
100.805
94.07
100
•
536
01937
1823-Wright Co.. Iowa (2 iss.)
.5
1823—Wright Co.. Iowa (2 iss.)
6
1920-1926
1823—Yellowstone Co. S. D. No. 3,
Mont.-...,-6
d 1922-1937
previous months:
1635—Buena
Graded
Caro
20.000
150.000
50.000
25.000
list)
1731..Roseau Co. Ind. 8. D. No. 12, Minn. (May list)
1639. .St. Lucie Spec. Tax S
D. No. 11, Fla. (May list)..
1639—Scrantoh, Pa. (September list)..
(June)—_—
1823-West Salem. Ohio (2 iss.)
1823..Wilson
1937
1942
536
Ohio.
1782 —West Salem, Ohio
„
(March
We have also learned of the
—
$6,000
140.000
275.000
100.000
.....
17'79..Douglas & Grant Cos. Jt. 8. D No. 55. Wash. (Sept. list).
1821..McDowell County. W. Va. (March list)
1637..Mesa City, Ariz. (July list)......
1637..Missouri Valley Ind. S. D., Iowa, (April list)..
1821..Oakland Heights Sep; 8. D., Miss
(August list)..
1638—Peace Township, Minn. (June list)
Va.
—
in which the reasons
our paper
Page.
1822..Portsmouth,
1640—Thomasville, Ga.
....
1731..Tiverton Twp. S. D., Ohio
1640--TravisCounty. Tex....
1640..Tyler, Tex. (April)
1640..Utah. State of (July).a-.
1640—Warren County, Va. (Aug.)—
1640—Washington, Iowa
1731—Washington Sch. Twp., Ind.
(Aug)—
1640-Washington C. H., ObiorJuly)
1732—Watert own Fire Dist., Conn.
(Aug.)-.-..
1«23—Waukee Consol. Ind. S. D., Ia.
1641..Waurika, Okla..
—
1782-West Bend S. D.. Iowa (Aug.)
totals for previous
our
months, should be eliminated from the
* Taken by
MONTHS.
PREVIOUS
Arrunmt.
$20 000
390.000
1.200
1937
5
6
436
436
5
5
Iowa
D.,
S.
Consol.
Maturity.
1922-1937
1923-1937
dl918-1937
5
5
436
1640..Spencer, Iowa (May)
1640—Strahan
*$18,666,500
issues)
separate
Rrle.
5
Name.
1731—Sedalia, Mo. (July)
——
1639—Seattle. Wash
1731—SkaminaCo.S.D.No. 18,Wash.
100.008
100.000
Total bond sales for October 1917 (218 municipalities,
covering
[Vol. 105.
CHRONICLE
THE
1818
100
city
requirements
says:
requested by the Board of Education for 1918 aggre¬
$44,449,610 42, of which amount $36,776,432 08 is for the purposes
The total amount
gates
Nov. 3 1917.]
THE
CHRONICLE
of
the General School Fund.
The total amount appropriated for the
General School Fund for the
year 1918 is $36,219,711 87, which amount
represents an increase of $1,151,788 90
the corresponding appropri¬
ation for the current year, and a cut of $536,720 21 in the
corresponding
request.
The total allowance for the Special School Fund is $7,110,651 16,
which amount represents an increase of
$748,126 63 over the corresponding
appropriation for the current year and a cut of $561,527 19 under the
corresponding request.
The total allowance for both funds for the year,
over
1918 represents an increase of $1,899,915 53 over the budget for 1917.
1
The chief item of increase in the General School Fund are
$970,485 06 for
the day elementary schools and $50,971 79 for the
day high schools. The
only extension of educational activities provided for in the budget for 1918
Is an item of $78,000 for the Americanization of foreigners.
In addition
to the increase for
janitorial service, the chief items of increase in the Special
School Fund are $43,165 34 for
increasing the salaries of 433 persons in the
official and clerical staffs, $324,141 94 in the fuel
account, and $216,693 22
for general
New
repairs to school buildings*
York
State.—New
Governor Whitman on Oct. 30.
John J. Merrill at present
head of the Corporation Tax
Bureau, was appointed to fill
by Mr. Knapp's elevation to the Presi¬
dency of the State Tax Commission.
Tillamook
County
(P.
O.
Tillamook),
Ore.—Bonds
an
opinion enjoining Tillamook County from selling the $412,000
5% road improvement bonds voted at an election held on
June 4 last, and of which $200,000 were offered for sale on
Aug. 17.—V. 105, p. 522.
The Portland "Oregonian" of
Oct. >27 publishes the
following concerning the court's
decision:
The court held that the petition calling for the
special election was
in that it did not specify the
length of time the bonds should
run,
faulty
and the
court also held that a record of the
County Court, which by statute is made
absolutely conclusive as to the regularity of proceedings held precedent to
such order, is not so conclusive that the
Legislature has no power to pass
such a statute.
"The Legislature," says the court. " is powerless to make
the resulting fact conclusive evidence of the
preceding fact upon which it is
necessaily predicated."
Referring to the insufficnecy of the petition ,in stating the length of time
which the bonds would run, the court
says:
"While it probably would be presumed that each registered, voter care¬
fully read
a petition which was being circulated for any purpose before he
name to it, experience teaches that but a
very small percent¬
of persons do so, relying upon what is told them as being requested by
the applications."
fesThe opinion goes on to state that "the legislative
assembly evidently
recognizing this trait of character," enacted a law requiring that a petition
praying for the calling of an election to issue bonds for the construction oj
permanent roads in a county should set forth and specify the length of time
the bonds should run "and having done so, the
requirement is a condition
precedent to an exercise of the right which is-not complied with by adopting
a
sliding scale ranging from two to 20 years."
It was such a sliding scale
that was provided for in the Ti'llamook bond issue in
question.
subscribed his
age
United
Banks
BANNOCK
COUNTY SCHOOL DISTRICT NO. 6 (P. O. Soda
Springs), Idaho.—BOND SALE.—The $30,000 building bonds offered
on Sept. 7 have been awarded to the
State of Idaho at par for 6s.
BEAVER
Oct.
States.—Regulations Governing Deposit of Funds
Amended.—See reference to this in
editorial
our
columns this .week.
"V:.;
BOND CALLS AND
and interest
any
REDEMPTIONS.
aiid all bonds known
Street Improvement and
1
CITY, Furnas County, Neb.—BONDS NOT SOLD.—Up to
sale had been made of the $5,000
5% 10-20-yr. (opt.) water¬
on Oct. 2.
Denom. $500.
Date Aug. 1 1917.
Int.
Due Aug. 1 1937; optional after
Aug. 1 1927.
W. E. Bratt is
ann.
no
City Clerk.
,
BELL
COUNTY (P. O. Belton),
POSED.—Petitions will be circulated,
election to
an
bonds.
Tex.—BOND ELECTION PRO¬
reports state, asking the Commis¬
vote on the proposition to issue road
:
BINGHAM
LAKE
.
SCHOOL
DISTRICT
(P.
O.
Bingham
Lake),
County, Minn.—BONDS VOTED.—At a recent election
authorized, it is stated, the issuance of $38,0000 building bonds.
Cottonwood
this district
BINGHAMPTON, Broome County, N. Y.—BONDS DEFEATED.—
creek-impt. bonds failed to carry at a re¬
The question of issuing $262,000
cent election.
/
:
BURLINGTON
SCHOOL
DISTRICT
Moines County, Iowa.—BONDS
(P. O. Burlington),
Des
PROPOSED.—According to local papers
(P. O. Burnet),
DEFEATED.—
The question of issuing $100,000 road bonds Wyas defeated at the
election
held Oct. 20.
Denom. $500.
office, Galveston,
Bank, New York,
on
or
on
Jan.
at the National
City
Dec. 1.
■'
■;,/
.
Int. A. &; O.
Due Oct. 1 1927.
Levi Lavengodd, Twp. Trustee, for $6,500 5% school
bldg. warrants.
Denoms. 8 for $500, 1 for $1,000 and 1 for $1,500.
Date Nov. 15 1917.
Prin. and semi-ann. int. (M. & N.), payable at the Wabash
Valley Trust
Co., Peru.
Due $500 on Nov. 15 from 1918 to 1925, incl.; $1,000 Nov.
15 1926 and $1,500 Nov. 15 1927.
Cert, check for $500, payable to the
above
Twp. Trustee, required.
CALEDONIA,
Marion
Bids must be unconditional.
County,
Ohio.—BOND OFFERING.—Sealed
by J. K. Rogers, Village Clerk, for
$10,000 6% coupon electric-light bonds.
Auth. Sec. 3939, Gen. Code.
Denom. $500.
Date Nov. 1 1917.
Int. M. & N. at the Caledonia Bank¬
ing Go.
Due $500 each six months from May 1 1919 to Nov. 1 1928, incl.
Certified check for $200, payable to the Village Treasurer, required.
Bonded debt (excl. this issue) Oct. 31 1917, $5,500.
Assessed valuation,
$625,000.
;
:v
bids will be received until 12
m.
Nov. 26
CAMBRIDGE,
Middlesex County, Mass.—TEMPORARY LOAN.—
a temporary loan of $200,000 issued in
anticipation of revenue
maturing Dec. 1 1917, was awarded, it is stated, to Edmund Bros. &
Co., of Boston, at 4.34% discount.
teaSUti
On Oct. 31
and
CAMPBELL
COUNTY
(P.
O.
Gore), Sequoyah County, Okla.—
BOND ELECTION POSTPONED.—The election which
was
to have taken
place on Oct. 22 to vote on the proposition to issue $20,000 road bonds
postponed.
!
was
*
CANTON, Stark County, Ohio.—BOND SALE.—The following three
issues of 5% bonds, aggregating $17,700, were purchased on
Sept. 17 by
the city's own Sinking Fund Trustees:
$5,000 motor truck bonds.
Denom. $1,000.
Due Sept. 1 1928.
8,800 street impt. bonds.
Denoms. 1 for $800 and 8 for $1,000.
Due
Sept. 1 1927.
3,900 sewer bonds.
Denoms. 1 for $900 and 3 for $1,000 part yrly. on
Sept. 1 from 1918 to 1922 inclusive.
Date Sept. 1 1917.
Int. M. & S.
CARRYALL TOWNSHIP
Paulding
awarded to
SCHOOL
DISTRICT (P. O. Antwerp),
SALE.—The $4,500 5% refunding
11—V. 104, p. 2473—have been
the Antwerp Exchange Bank Co. at par.
County,
OhiO.--B0ND
without
success
on
June
CAUSEYVILLE CONSOLIDATED SCHOOL DISTRICT
(P. O.
Meridian), Lauderdale County, Miss.—BONDS VOTED.—The ques¬
of issuing $1,100 building bonds carried, it is stated, by a vote of 33
tion
to 21 at an
The official notice of this bond call will be among the advertisements elsewher
in this Department.
Date Oct. 1 1917.
BUTLER SCHOOL TOWNSHIP (P. O. Peru), Miami
County, Ind.—
WARRANT OFFERING.—Bids will be received until 2 p. m. Nov. 15
by
bonds offered
presentation
upon
•
BURTON, Geauga County, Ohio.—BOND SALE.—On Oct. 1 $1,000
6% refunding bonds were awarded to Joseph Merriman and W. Hale.
•
"Water-Works,
City-Hall Bonds," issued
1888, Mar. 31 1894 and Feb. 25 1896,,
at the Treasurer's
as
refunding bonds.
Texf-BONDS
BURNET COUNTY
Galveston, Texas.—Bond Call.—This city will redeem at
par
30
works bonds offered
the Board of Education is considering the issuance of
Invalid.—The State Supreme Court on Oct. 26 rendered
in
AURORA
SCHOOL DISTRICT NO. 19 (P. O. Aurora), Hamilton
County, Neb.—BOND ELECTION.—The question of issuing $15,000
20-yr. school-bldg. and equipment bonds at not exceeding 5M% int.will
be submitted to a vote on Nov. 6.
F. E. Edgerton, Secy. Bd. of Ed.
sioners'. Court to call
Chairman
of State Tax Com¬
mission.—The appointment of Walter H. Knapp of Canandaigua as President of the State Tax Commission, to suc¬
ceed Martin Saxe,
recently resigned, was announced by
the vacancy caused
1819
election, held Oct. 23.
CHAGRIN FALLS,
Cuyahoga County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Nov. 19 by F. E. Lamson, Vil. Clerk,
$13,500 5% coupon cemetery bonds.
Auth. Sec. 3939 Gen. Code.
Denom. $500.
Date Nov. 1 1917.
Prin. and semi-ann. int. (A. & O.),
payable at the Chagrin Falls Banking Co.
Due part each six months be¬
ginning April 1 1919.
Cert, check on some solvent bank in Cuyahoga Co.
for 5% of the amount of bonds bid for, payable to the Vil. Treas., required.
Bids to be made on farms furnished by the above Clerk and must be un-!
conditional.
Purchaser to pay accrued int.
'
;
;
for
Spokane, Wash.—Bond Call.—The following special im¬
provement bonds have been called for payment at the City
Treasurer's office:
•
TO
Name and
Up to and
Including.
Dist. No.
BE
Grade
516.
7
Browne's Add., 675..1835
NOV.
15
1917.
Up to and
Dist. No.
Pave.
Alley,
PAID
Name and
Including.
Bryant St., 870
51
Cedar St., 214
Monroe St.,
34
.25
Madison St., 719
Post St., 653
10th Ave.,
662......
28
Washington St., 856..
84
Grade.
Arthur St., 882..33
Blaine St., 103......
19
>
Dist. No,
' Up to and
Including.
Walk.
Bridgeport Ave., 476...18
Howard St., 678."
1025
Name and
(Concluded).
.....42
34
Main Ave., 1077
Water. Main.
20
18th Ave., W44
Hogau St., W47.
10
^pwpr
39
Rich Ave.,.660
16th Ave., 663
...15
16th Ave., 855
..._15
49
3
Atlantic St., 716.......
7
Alley,
Alley,
964......
7
1080...
3
Fifth Ward, 3
24
CHARLESTON, So. Caro .—BOND OFFERING.—Proposals will be
received until 12 m. Nov. 15 by J. Ross Hanahan, Chairman Commrs. of
Public Works, for $75,000 4M % 20-40-yr. (opt.) coupon water-works bonds.
Deqom. $1,000.
Date Oct. 1 1917.
Int. Apr. and Oct.
Purchaser to
deposit with the above Chairman within 24 hours after notification an
amount equal to 5% of successful bid and to pay for and receive the bonds
on or before Nov. 20 1917.
Accrued int. to be paid by successful bidder.
These bonds are part of an issue voted March 22—V. 105, p. 1545.
CHARLTON COUNTY (P. O. Folkston), Ga.—BOND ELECTION
PROPOSED.—An election will be held shortly, it is stated, to vote on the
prbposition to issue $100,000 road bonds.
CHOUTEAU COUNTY SCHOOL DISTRICT NO.
BOND
this
PROPOSALS
week have been
ANDOVER,
as
AND
NEGOTIATIONS
follows:
APLINCTON
(P.
CONSOLIDATED
O., Aplington),
INDEPENDENT
Butler County,
SCHOOL
Iowa.—BONDS
OFFERED SHORTLY.—This district will shortly offer for sale
an
DIS¬
TO
BE
issue of
$10,000 building completion bonds.
"
ARCHBOLD, Fulton County, Ohio.—BOND SALE.—An issue of
$2,500 5% town-hali-ext. bonds offered on June 20 was awarded on that
day to the Peoples State Bank of Archbold at par.
Denom. $500.
Int.
J. & D.
Due $1,000 on Dec. 1 in each of the years 1925, 1926 and $500
on
Dec. 1
1927.
ASHEVILLE, Buncombe County, No. Caro.—BOND SALE.—On
30 the $196,000 5% gold funding bonds—V. 105, p. 1546—were
awarded to Edmunds Bros, of Boston at 100.52 and int.
Other bids were:
Chas. N. Malone & Co., Asheville, $196,940 and interest.
E. H. Rollins & Sons, Chicago, 100.052 and interest.
Bolger, Mosser & Willaman, Chicago!Par and int., less $3,000.
F. C. Hoehler & Co., Toledo,
f
Sidney Spitzer & Co., Toledo, par and int., less $3,724.
Oct.
COUNTY (P. O. Jefferson), Ohio .—BOND OFFER¬
ING.—Proposals will be received until 1 p. m. Nov. 12 by B. E. Brainard,
Clerk, Bd. of Co. Commrs. for $5,000 5% ditch impt. bonds.
Auth.
Sees. 6442 to 6535, Gen. Code. Denom. $500. Date Oct. 1 1917. Prin. and
semi-ann. int. (x\. & P.) payable at the Co. Treas. office.
Due $1,000 yrly.
on Oct. 1 from 1918 to 1920, incl., and $2,000 Oct. 1 1921.
Cert, check for
$100, payable to the Co. Treas. required.
Bonds to be delivered and pida
for within 10 days from time of award. Purchaser to pay accrued int.
»Official circular states that there is no litigation pending or threatened
and that the county has never defaulted in the payment of principal or
interest on any of its bonds.
Total bonded debt (including this issue),
$1,242,500; sinking fund, $118,401.
Assessed valuation, $96,124,474.
ASHTABULA
Mont.—BOND SALE.—On Oct.
79
15 $1,000 6%
(P. O. JHghbuilding bonds
awarded to the State Board of Land Commrs. at par.
Denom. $100.
Date Oct. 15 1917.
Int. ann. in October.
Due Oct. 15 1927, subject to
call at any
Allegany County, N..Y.—BOND SALE.—On Oct. 11
an
issue of $6,000 electric-light-plant bonds was awarded to Geo. B. Gibbons
& Co. of N. Y. at 100.05 for 4.90s.
Denom. $250.
Date Oct. 1 1917.
Int. ann. in October.
Due $500 yrly. on Oct. 1 from 1918 to 1929 incl.
TRICT
wood),
were
interest-paying date.
Ohio.—BOND OFFERING.—C. J. Neal, Director of
proposals until 12 m. Nov. 20 for the following coupon
registered (purchaser's option) bonds:
$50,000 4M % city's portion street impt. bonds.
Date Aug. 1 1917.
Due
$2,000 yearly on Aug. 1 from 1918 to 1942, incl.
250,000 414 % water works bonds.
Date June 1 1917.
Due $10,000
yearly on June 1 from 1918 to 1942, incl.
700,000
5% electric light bonds.
Date Nov. 1- 1917.
Due $35,000
yearly on Nov. 1 from 1922 to 1941, incl.
Denom. $1,000.
Prin. and semi-ann. int., payable at the American Ex¬
change National Bank, N. Y.
Certified or Cashier's check on some sol¬
vent bank for 3% of the amount of bonds bid for payable to the City
Treas. required.
Separate bid for each issue required.
Bids to be made
on blank forms furnished by the Director of Finance.
Purchaser to pay
CLEVELAND,
Finance will receive
or
ccrued int.
CLEVELAND, Ohio.—BONDS AUTHORIZED.—On Oct. 1 the City
passed an ordinance providing for the issuance of $100,000 5%
water-works bonds.
Auth. Sec. 3916 and 3917, Gen. Code.
De¬
nom. $1,000.
Date Dec. 1 1917.
Prin. and semi-ann. int. payable at the
American Exchange Nat. Bank of N. Y.
Due $5,000 yrly. on Jan. 1 from
1919 to 1938 inclusive.
■
On Oct. 8 the City Council passed an ordinance authorizing the issu¬
ance
of $50,000 4^% coupon park bonds.
Denom. $1,000.
Date Feb.
1 1917.
Prin. and semi-ann. int., payable at the American Exchange
Nat. Bank, N. Y.
Due $2,000 yearly on Feb. 1 from 1918 to 1942, incl.
s-
Council
coupon
,
.
.
BOND ELECTION.—An election will be held Nov. 6*to vote on the ques¬
tion of issuing
$1,2.50,000 jail bonds, it is stated.
CLIFTONVILLE CONSOLIDATED SCHOOL
DISTRICT, Noxubee
County, Miss.—BOND OFFERING.—Proposals will be received until Nov.
Tyson, Clerk Bd, of Co. Supervisors (P. O. Macon), for the
$3,000 6% building and equipment bonds.
Denom. $1,000.
Date Oct. 3
1917.
Prin. and semi-ann. int. (A. & O.) payable at place to suit purchaser.
Due $200 yrly. Oct. 3 from 1918 to 1923, incl., and $300 yrly. Oct. 3 from
6 by John A.
Cert,
1924 to 1929, incl.
These bonds are tax-exempt in Mississippi.
check for $200, payable to Pres. Bd. of Co. Supers., required.
Purchaser
CLINTON SCHOOL DISTRICT (P. O. Clinton), Custer County,
Okla.—BOND SALE.—An issue of $15,000 5% building bonds has been
purchased by the Treasurer of Custer County at par and int.
Denom,
$1,000.
Date Sept. 5 1917.
Int. M. & S.
Due $5,000 in 1922, 1927
and 1932.
Ohio .—BOND SALE.—The three
Mercer County,
COLDWATER,
bonds, aggregating $22,294 48, offered without success
105, p. 93) were awarded on July 16 to the People's Bank
Co. of Coldwater at par and int.
Issues of 5% 10-year
June 26 (V.
on
COLLINGSWOOD
SCHOOL
DISTRICT
O.
(P.
FREEPORT, Cumberland County, Me.—NO BONDS
Fidelity Trust Co., of Portland, advises, under date
—The
print bonds at own expense.
to
[Vol 105
CHRONICLE
THE
1820
Collingswood),
Camden County, N, J.—BOND SALEl—An issue of $9,783 5% schoolequipment bonds was awarded on Sept, 6 to H. L. Crawford & Co. of
N. Y. for $9,850, equal to 100.684.
Denoms. 19 for $500 and 1 for $283.
Date June 30 1917.
Int. J. & D.
Due in 24 years.
GALION
(P.
O.
Gallon), Crawford
County, Ohio.—BOND OFFERING.—Further details are at hand relative
offering on Nov. 12 (date changed from Nov. 5) of the $55,000 5%
coup, school bonds. Bids for these bonds will be received until 12 m. on that
day by C. C. Coyle, Clerk Bd. of Ed. Denom. $500. Date Sept. 25 1917.
Int. A. & O. Due $1,000 Oct. 1 1918, $500 on Apr. 1 and $1,000 on Oct. 1
from 1919 to 1954, incl.
Certified check on some solvent bank for $500,
to the
payable to the Clerk of Board of Education, required.
Bonds to be deliv¬
ered and paid for within 15 days from time of award.
Purchaser to pay
accrued int. Bonded debt, excluding this issue Oct. 27 1917, $130,667 80.
Assessed valuation 1917, $8,250,000.
GARNET TOWNSHIP (P.
Braa
O. Alamo), Williams County, No. Dak.—
be received until Nov. 5 by Christian
OFFERING.—Bids will
BOND
int.
CORVALLIS, Benton County, Ore.—BOND SALE.—On Oct. 22
$10,000 6% fire-protection bonds were awarded to Morris Bros., Inc., of
Portland, at 102.81 and interest.
Purchaser to furnish blank bonds.
Denom. $500.
Date Oct. 1 1917.
Int. J. & J.
Due, $1,000 yearly July 1
from 1921 to 1930, inclusive.
DISTRICT
SCHOOL
CITY
PURCHASED.
of Oct. 31, that
school bonds reported in other papers
they did not purchase the $25,000
as having
been awarded to it.
Township Clerk, for $3,500 20-yr. road bonds at not
Denom. $700.
Date "when sold."
Int. annually.
COUNTY
GARVIN
exceeding 7%
(P. O. Pauls Valley), Okla.—BOND SALEFirst Nat. Bank of Pauls Valley has purchased
BOND ELECTION.—The
5% 25-year court-house and jail bonds.
These bonds were sold subject to the result of an
Nov. 13.
J. D. Mitchell is County Judge.
issue of
an
Fia.—-BONDS VOTED.—
The proposition to issue the $500,000 road construction bonds—V. 105, p.
1438—carried, it is stated, at an election held Oct, 9.
COLUMBIA COUNTY (P. O. Lake City),
CRANE CONSOLIDATED
SCHOOL DISTRICT (P. O. Crane),
Harney County, Ore.—DESCRIPTION OF BONDS.—The $15,000 5%
building bonds recently awarded to the State of Oregon at par—V. 105, p.
1331—are in the denom. of $1,000 and dated Aug. 15 1917.
Iht. F. & A.
Due Aug. 15 1937.
NO. I )P. O. Gastonia),
SALE.—On Oct. 10, $25,000 5H%
SCHOOL DISTRICT
GASTONIA GRADED
County, No. Caro.—BOND
Gaston
election to be held
20-yr. school building and equipment bonds were awarded to Cummings,
Prudden & Co., Toledo and Bray Bros, of Greensboro at par.
Denom.
$1,000.
Date Oct. 10 1917.
Int. A. & O,
GRAND RAPIDS, Kent
County, Mich.—BOND
OFFERING.—Sealed
Nov. 5 by J. C. Shinkman, City Clerk
$197,500 5% sewer const, bonds.
Denom. $100, $500, or $1,000 to
suit purchaser, and bids should express the desire of the purchaser as to
what denomination he wishes and amount of each.
Date Nov. 1 1917.
Int. semi-ann. at City Treasurer's office.
Due $39,500 yrly. on Nov. 1
from 1918 to 1922 incl.
Cert, check for 3% of the amount of bonds bid
bids will be received until 3 p. m.
for
DADE COUNTY (P. O. Miami), Fla.—BIDS REJECTED.—BONDS
RE-ADVERTISED.—All bids received for the $140,000 5% Special Road
and Bridge Dist. No. 3 road and bridge building bonds offered on Oct. 24
(V. 105, p. 1636) were rejected. The bonds have been re-advertised to be
sold as 6s at 11 a. m. Nov. 20.
Ben Shepard is Clerk Board of Co. Comms,
DALLAS, Tex.—BIDS REJECTED.—'The following bids received for
the $500,000 4% gold site-purchase, pchool-bidg. and equipment bonds
offered on Oct. 24—V. 105, p. 1547—were rejected:
National City Co., N. Y., the Mississippi Valley Trust Co., St. Louis,
and E. II. Rollins & Sons, Chicago, $455,400 and int.
W. A. Myrick, Dallas, $452,900 and interest.
Kauffman, Smith, Emert Invest. Co., St. Louis, $452,850. R. M. Grant & Co., Chicago, $450,850.
Field, Richards & Co., Hornblower & Weeks and R. W. Pressprich & Co.,
$450,700.
Harris Trust & Savings Bank, Chicago, $445,200.
Stern Bros. & Co., Kansas City, Mo., $443,935.
DEFIANCE COUNTY (P. O. Defiance), Ohio.-—BOND OFFERING.—
F. Miller, County Auditor, will receive bids until 12 m. Nov. 6 for
$7,800 6% ditch bonds.
Auth., Sees. 6489 to 6492, Gen. Code.
Denoms.
7 for $1,000 and 1 for $800.
Date Nov. 1 1917.
Principal and semi-annual
interest M. & S., payable at the office of the County Treasurer.
Due
J.
$2,000 March 1 1918, $3,000 March 1 1919. $2,800 March 1 1920. . Certi¬
fied check for $200. payable to the County Auditor, required.
Bonds to
be made on forms furnished by county.
Purchaser to pay accrued interest.
Iowa.—BOND SALE.—The Continental & Commercial
been awarded $258,000 4H% bridge bonds at.
DES MOINES,
Nat. Bank of Chicago has
par.
Date Jan. 1 1917.
Denom. $1,000.
Int. J. & J.
Due Jan. 1 1937.
DULUTH,. Minn.—BONDS TO
BE OFFERED SHORTLY.—Local
state that this city proposes to offer for sale shortly the $150,000
(unsold portion of an issue of $200,000) 5% gold coupon bridge repairing
bonds.
Principal and semi-annual interest (J. & J.) payable at the
American Exchange Nat. Bank, N. Y.
Due $30,000 yearly Jan. 1 from
1924 to 1928, inclusive.
,
papers
ELKHART COUNTY (P. O. Goshen), Ind.—BOND SALE.—On
Oct. 29 the $10,000 4t£% 11 1-3-year aver, road bonds (V. 105, p. 1729)
were awarded to the St. Joseph Valley State Bank of St. Joseph at par and
int.
There were no other bidders.
an
ELKO, Elko County, Nev.—• BOND SALE.—This city has disposed of
issue of $50,000 6% funding bonds at 108.80.
Denom. $1,000.
Date
Int. J. & J.
Due $2,000 yrly. from 1918 to 1942, incl.
March 1 1917.
ERIE COUNTY
(P. O. Erie), Pa .—BOND ELECTION.—An election
the question of issuing $1,400,000 road bonds.
will be held Nov. 6 to vote on
EUREKA,
Lincoln
County,
OFFERING.—II.
Mont.—BOND
G
Pomeroy, City Clerk, will sell at public auction at 8 p. m. Nov. 5(date
changed from Oct. 26) $16,000 6% 10-20-yr. (opt.) coupon waterbonds—
V. 105, p. 1438.
Denom. $1,000.
Date July 1 1917.
Prin. and semi-ann..
int. (J. & J.) payable at the City Treas. office or at the option of holder at
some bank in N. Y. City designated by City Treas.
A cert, check by some
responsible bank for $800, payable to the City Treas., required.
chaser to pay accrued int.
Bonded debt, incl. this issue, $35,500.
floating debt.
Sinking fund, $520.
Assess, val. 1916, $275,535.
EVANS
COUNTY
(P.
O.
Claxton),
Pur¬
No
Ga.—BOND ELECTION PRO¬
POSED.—An election will be held shortly, it is stated, to vote on the ques¬
tion of issuing $50,000 court house building
bonds.
FARIBAULT,
Rice
County, Minn .—BONDS PROPOSED.—Local
papers state that an ordinance providing for the issuance of $15,000 5%
permanent improvement revolving fund bonds was placed on first reading
at the meeting of the City Council on Oct. 23.
Denom. $50, $100, $500
and $1,000.
Date Dec. 1 1917.
Due part on Dec. 1 1918, 1919 and 1920.
FERGUSON, Marshall County, Iowa.—BOND SALE.—On Oct. 25
$1,200 hYi% electric-light and fire-engine bonds were awarded to Schanke
& Co. of Mason City at par.
Denom. $100.
Date July 1 1917.
Int.
J. & J.
Due July 1 1927, subject to call after 5 years.
Bonded debt, this
issue, $1,200.
Floating debt, $150.
FINDLAY,
Hancock
County,
Ohio.—BOND OFFERING.—Further
paving
details are at hand relative to the offering of the following 5 % street
bonds offered on Nov. 12.
V. 105, p. 1636:
'
$4,440 Prospect street paving bonds.
Due $840 Oct. 1 1918 and
1927, incl.
7,080 Larkin street paving bonds.
Due $780 Oct. 1 1918 and
1927, incl.
6,040 Frazer Street paving bonds.
Due $640 Oct. 1 19.18 and
1927, incl.
6,880 Baldwin Ave. paving bonds.
Due $580 Oct. 1 1918 and
1927,
Denoms. 1 for 840 and 9 for $400.
$400 yearly on Oct. 1 from 1919 to
Denoms. 1 for $780 and 9 for $700.
$700 yearly on Oct. 1 from 1919 to
Denoms. 1 for $580 and 9 for $700.
$700 yearly on Oct. 1 from 1919 to
Denoms. 1 for $411 and 9 for
paving bonds.
Denoms.
D,ue 3950 0ct- 1 1918 and $400
1
on
for $950
and
9 for
Oct. 1 from 1919 to
16,800 Cary Street paving bonds.
Denoms. 1 for $2,400 and 9 for $1,600.
Due $2,400 Oct. 1 1918 and $1,600 yearly on Oct. 1 from 1919 to
1927, incl.
Proposals for these bonds will be received until 12 m. on that day bv A. E.
Risser, City Aud.
Auth. Sec. 3914, Gen. Code.
Date Oct. 1 1917*.
Int.
payable at the City Treasury.
Cert, check for 3% of the
amount of bonds bid for, payable to the City Treasurer, required.
Bonds
to be delivered and paid for within 10 days from time of award.
Purchaser
to pay accrued int.
Total bonded debt (incl. this issue), $709,740; floathb? debt, $29,000: water works (incl. in above), $267,500; sinking fund,
$35,549.
Assessed valuation. $54,000,000; true valuation (est.), $60,-
semi-ann.,
HAMILTON
DISTRICT, Glenn County,
CITY SCHOOL
Calif.—
SALE.—Cyrus Peirce & Co. of San Francisco have been awarded
$20,000 5% building bonds, it is stated, for $20,027 70, equal to 100.138.
BOND
HAMMOND, Lake County,
received until l2 m. Nov. 8 by
Ind.—BOND OFFERING.—Bids will be
Edward A. Aubrey, City Controller, it
"
COUNTY
HARRIS
(P.
IN PART.—Stern Bros. &
is
pumping-plant bonds.
stated, for $22,000 4H % 20-year
Tex.—BONDS AWARDED
City, Mo., have purchased, it is
Houston),
O.
Co., of Kansas
reported, $225,000 5% 10-40-year (opt.) coupon road-improvement bonds
at par and int.
These bonds are part of an issue of $1,100,000 voted
June 27, of which $600,000 are reported to have been sold.—V. 105, p. 733.
HENRYETTA, Okmulgee County, Okla.—BONDS DEFEATED.—
of issuing the $32,000 sewer, $128,000 water-works and $15,bonds failed to carry at an election held Oct. 25.
The questions
000 fire-dept.
HIGHMORE,Hyde County, So. Dak .—DESCRIPTION OF BONDS.—
5% electric light plant bonds recently sold to the State of
Dakota—V. 105, p. 1730—are in the denom. of $500 and dated
Nov. 1 1917.
Int. J. & J.
Due in 20 yrs., subject to call after 5 years.
The $10,000
South
COUNTY
^HOLMES
O.
(P.
Lexington), Miss.—BOND
SALE.—On
$15,000 Pickens-Richland Road District and $25,000 Special Road
No. 2 road 6% bonds (V. 105, p. 1331) were awarded to the
Merchants & Farmers Bank & Trust Co., of Lexington, at par and int.
Oct.
1
District
Date Oct. 1 1917.
Denom. $1,000.
Int. J. & J.
Due part yearly.
IBERIA PARISH (P. O. New Iberia), La .—BONDS NOT SOLD.—No
bids were submitted for the $60,000.
Road Dist. No. 4 road bonds offered
Oct. 25.—V.
on
105, p. 1331.
INDlAHOMA, Comanche County, Okla.—BOND SALE.—G. W. &
J. E. Piersol of Oklahoma have been awarded $15,000 6% water-works
bonds at par.
Denoms. $1,000 and $750.
Date Nov. 1 1917.
Int.
F. & A.
Due $3,750 Nov. 1 1922, 1927, 1932 and 1937.
IRONWOOD,
Gogebic
County,
ELECTION.—The
bonds will be
Mich.—BOND
question of issuing $360,000 water-works-plant-construction
submitted to a vote, it is stated, on Nov. 12.
IRWIN
INDEPENDENT
building-completion
SCHOOL DISTRICT
Iowa.—BONDS VOTED.—The election
CONSOLIDATED
(P. O. Irwin), Shelby County,
held Oct. 16 resulted, it is
stated, in favor of the question of iss xin$ 20,030
bonds.
.
(P. 0.TCambridge), Minn.—BOND SALE.—On
5% county-ditch-construction bonds, aggregating
$62,200, were awarded to the Minneapolis Trust Co. for $62,700, equal to100.803.
Date Nov. 1 1917.
Due serially from 1923 to 1937.
ISANTI
COUNTY
Oct. 27 the four issues of
ITASCA COUNTY (P. O. Grand Rapids), Minn.—BONDS PRO¬
POSED.—Local papers state that the Board of County Commissionersi s
m*.
contemplating the issuance of $1,300,000 road bonds.^3^,
JACKSON
COUNTY
)P.
O.
Newport), Ark.—BOND SALE.—On
No. 2 road constr. bonds were
Denom., $1,000.
Date Jan 1
Oct. 12 $350,000 5 25-yr. serial Road Dist.
awarded to James Gould at 102 for 6s.
Int. J. & J.
1918.
JEFFERSON CITY, Cole County, Mo.—BOND SALE.—The Mercan¬
tile Trust Co., of St. Louis, was awarded in July $34,000 420-year
renewal bonds.
Denom. $500.
Date July 1 1917.
Int. J. & J. Due
July 1 1937.
JUNCTION CITY, Geary County,
Bank of Junction City has been
Nat.
(opt.)
$500.
Kans.—BOND SALE.—'The First
awarded $45,000 4K% 10 20-yr.
refunding water bonds for $45,200,
Date Jan. 1 1917.
Int. J? & J.y
Denom.
*
equal to $100,444;
STATE.—During the monthnof
the following ten issues of 5% bonds, aggregating $39,165 62,
KANSAS.—BONDS PURCHASED BY
were
purchased by the State of Kansas at par:
Bonds,
Atwood
Date
Purpose
Amount.
of Issue.
$20,000 00
Barton Co. S. D. 66-5,000 00
Barton Co. S. D. 81-1,500 00
Glasco
4,320 00
Jackson Co. S. D. 581,000 00
Mahaska
1,000 00
Marion Co. S. D. 872,500 00
1,145 62
Sedgwick County
900 00
Seward Co. S. D. 20-1,800 00
Stevens Co. S. D. 17_
Place Issuing
$400Due $411 Oct. 11918 and $400 yearly on Oct. 1 from 1919
to 1927, incl.
15,910 Putnam Street paving bonds.
Denoms. 1 for $1,510 and 9 for
$1,600.
Due $1 510 Oct. 1 1918 and $1,600 yearly on Oct. 1
from 1919 to 1927, incl.
6,160 College Street paving bonds.
Denoms. 1 for $760 and 9 for $600.
Due $760 Oct. 1 1918 and $600 yearly on Oct. 1 from 1919 to
1927, incl.
,
1917 $172,801,790.
GRESHAM, Shawano County, Wise.—BONDS VOTED.—The ques¬
tion of issuing $14,000 water-power and electric-light-plant-purchase bon d
carried, it is stated, at an election held Oct. 22.
September
i
Denoms. 1 for $640 and 9 for $600.
on Oct. 1 from 1919 to
4,011 West Lincoln Street paving bonds.
1927, incl.
valuation
Assessed
$600 yearly
incl.
4,550 Washington Ave.
payable to the City Treas. required.
Official circular states that the
city has never defaulted in the payment of any of its bonds.
Bonded
debt Oct. 1 1917 $4,566,660, no floating debt, water-works bonds (incl.)
$1,561,000, special assess, bonds (incl.) $447,000, sinking fund $475,948.
for
of Issue.
Elec. light
Building
Building
Paving
Building
Park
Building
Spec, impt,
Building
Building
«
■
of
Due.
Issue.
1937
Aug. 1 1917
Aug. 1 1917
Aug.15 1917
Nov. 1 1915
Aug. 1
Aug. 1 1917
May 1 1917
July
May
July
T8-'27
Jan.
Jan.
*18-'27
1923
Jan.
*23-'30
Sept. 1
Aug. 1
Aug.15
Sept. 1
1917
1917
1917
1917
Jan.
1
July
Jan.
T9-'28
T8-'32
T8-'25
T8-*27
'18-'28
KELLEY CONSOLIDATED SCHOOL DISTRICT (P. O. Kelley),
Story County, Iowa.—BOND SALE HELD UP.—J. L. Johnson, Sec'y
Bd
of Ed. advises us that the sale of the $45,000 4H% building bonds
22 to Geo. M. Bechtel & Co. of Davenport—V. 104,
2368—has not yet been consummated because of pending court action.
awarded on March
p.
KENMORE, Summit County, Ohio.—BOND OFFERING.—Sealed
bids will be received until 12 m. Nov. 10 by W. W. Shank, Village Clerk,
for $12 000 5H% coupon municipal bldg. bonds.
Denom. $500. Date
Nov
1 1917.
Prin. and semi-ann. int., payable to the Village Treasurer.
Due $8,000 yearly on Nov. 1 from 1943 to 1945, incl.
Certified check on
some solvent bank in Ohio for 10% of the amount of bonds bid for, payable
to the Village Treasurer, required.
Bonds to be delivered and paid for
within 10 days from time of award.
Purchaser to pay accrued interest.
KIRKSVILLE SCHOOL DISTRICT (P.
Mo.—BOND SALE.—William
O.Kirksville), Adair County
R.Compton Co. of St. Louis were
awarded
Nov. 3
1917.]
THE
CHRONICLE
June 1 $25,000 5% building and improvement bonds at $100.82. Denom.
$500.
Date June 1 1917.
Int. J. & D.
Due $5,000 June 1 1922; $1,000
yrly. June 1 from 1923 to 1927 incl., and $1,500 yrly. June 1 from 1928
to 1937 incl.
on
KNOX COUNTY (P. O. Vincennes), Ind.—BONDS NOT SOLD.—No
bids
received
were
offered
on
for
the
$18,340
10-yr.
4H%
highway impt.
bonds
Oct. 24.—V. 105, p. 1637.
KUTZTOWN, Berks County, Pa .—BOND OFFERING.—Bids will be
received until 7 p. m. Nov. 5 by R. P. Albright, Boro. Secretary, for $59,000
4H % coupon tax-free water bonds.
Denoms. 140 for $100 and 90 for $500.
Date Oct. 1 1917.
Prin. and semi-ann. int. (A. & O.) payable at the Kutztown Nat. Bank.
Due $8,000 Oct. 1 1922, $2,000 on Oct. 1 from 1923 to
1927, incl., and $2,050 yearly
on
Oct. 1 from 1928 to 1947, incl.
LAFOURCHE PARISH (P. O. Thibodeaux), La .—BONDS VOTED.—
proposition to issue $50,000 5% 25-year road bonds carried, reports
state, at an election held in Road District No. 3 on Oct. 23.
The
LAKE COUNTY (P. O. Waukegan), 111.—BONDS VOTED.—By a
3,689 to 2,022, the question of issuing the $500,000 highway bonds
carried, it is stated,"at an election held Oct. 30 (V. 105, p. 1332).
vote of
LAKE
WORTH, Palm Beach County, Fla.—BONDS VOTED.—Re¬
of issuing $30,000 bridge-
ports state that at
a recent election the question
construction bonds received a favorable vote.
LEWIS AND CLARK, JEFFERSON AND BROADWATER COUN¬
TIES JOINT SCHOOL DISTRICT NO. 43 (P. O.
Clasoil), Mont.—
BOND
1831
$32,000 (3 issues) Dayton & Covina road-construction bonds to Seasongood
%JP-*%er Co- of Cincinnati for $32,022, equal to 100.068.
23,500 Miami Street road-impt. bonds to Rudolph Kleybolte & Co. of
Cincinnati for $23,550 50, equal to 100.214.
MIDDLETOWN,
Butler
County, Ohio.—BOND SALE.—The $5,-
772 20 5% street-impt. bonds offered on
Sept. 28—V. 105, p. 1017—were
awarded on that day to the Hatfield Coal Co. of
Middlletown at par and int.
MINERAL
COUNTY (P. O. Superior), Mont.—BOND SALE.- -The
are the bids received for the $9,000
6% 10-20-yr. (opt.) gold
Alberton Highway bonds offered on Oct. 25:
Hanchett Bond Co., Chic_*$9,307 00 F. C. Hoehler &
Co., Tol_$9,182 70
C.W.McNear & Co., Chic.
9,285 00 Elston & Co., Chicago
9,105 30
Graces & Blanchett, ToI._
9,252 00 Wells &
following
Dickey Co., Minne¬
apolis.
9,098 00
Superior State Bank
9,090 00
Peters Trust Co., Omaha.- 9,005 00
Bosworth, Chanute & Co.,
9,185 40
Denver
8,935 00
John Nuveen &
Co., Chic.
Hargrove, Spok.
Melholland & Hough
Sweet, Causey, Foster &
Co., Denver
*
This, bid was rejected.
9,235 00
9,200 00
9,200 00
Ferris &
Date Oct. 1
1917.
----------
Int. J. & J. in New
York,
MINNEAPOLIS,
Minn.—BOND
SALE.—On
1-20-year serial special street-impt. bonds (V. 105,
(100.206) as 4*As.
Oct.
p.
"
it is stated, for $242,585 06
MONROE COUNTY (P. O.
31
1637)
$242,085 06
were awarded
Bloomington), Ind.—BOND
OFFERING.—Proposals will be received until Nov. 17 by A. W.
Aukerman, District Clerk, for $4,000 6% 5-10-year (opt.)
coupon building
and equipment bonds.
Denom. $100.
Interest annual.
All bids other
than by or on behalf of the State Board of Land Commissioners must be
accompanied by a certified check for $500, payable to the District Clerk.
LIBERTY TOWNSHIP (P. O. Girard), Trumbull
County, Ohio.—
BOND ELECTION.—An election will be held Nov. 6 to vote on the
question
OFFERING.
—Bids will be received until 2 p. m. Nov. 5, it is
stated, by
David E. Anderson is Town Clerk.
of
issuing $15,000 5% 7-yr. town-hall bonds.
LOCKHART,
Caldwell County, Tex.—WARRANT SALE.—J. L.
Arlitt, of Austin, recently purchased $11,000 6% 1-10-year serial sewer
improvement and extension warrants.
,•
LOCKPORT, Niagara County,
N.
Y.—BOND
SALE.—On
Oct.
30
the $10,000 1-10-year serial hospital improvement bonds (V. 105,
p. 1730)
awarded to H. A. Kahler & Co., of N. Y., at 100.14 for
4%s.
Bids
were also received from Geo. B.
Gibbons & Co.,
Farson Son & Co. of
were
N.Y., A. J. Hart of Albany and Isaac W. Sherrill Co. of Poughkeepsie.
LONDON VILLAGE SCHOOL DISTRICT (P. O. London), Madison
County, Ohio.—BOND SALE.—An issue of $4,500 5Mj% 24-year aver,
school bonds was awarded to Seasongood & Mayer of Cincinnati at
105.02,
it
is
stated.
LORAIN, Lorain County, Ohio.—BOND SALE.—On Oct. 17 the fol¬
lowing 5 %bonds, aggregating $38,299 95, were awarded to Sidney Spitzer
& Co. of Toledo for $37,916 65, equal to 98.99.
$20,299 95 refunding sewer bonds (3 issues).
5,000 00 general sewer bonds.
l0,OO0 00 school bonds.
3,000 00 cemetery bonds.
k
-
'•
The above bonds are not new issues but securities which
Sinking Fund as investments.
LORAIN,
Lorain
were
held in the
County, Ohio.—BOND ELECTION.—An
will be held Dec. 4 to vote
improvement bonds.—V.
on
election
the question of issuing $175,000 Black River
105, p.
1637.
LOVELAND VILLAGE SCHOOL DISTRICT
(P. O. Loveland),
Claremont County, Ohio.—BOND OFFERING.-—Sealed bids will be
received until 12 m. Nov. 8 by H. E. Coffey, Clerk, Treasurer Board of
Education, for $15,000 5% coupon school-building bonds.
Auth. Sees.
7625 to 7628, Gen.
Code.
Denom. $500.
Date JSTov. 8 1917.
Int.
M. & N., payable at the Loveland Nat. Bank.
from 1919 to 1948, incl.
Certified check for
Due $500 yearly on Nov. 8
5% of the amount of bonds
payable to the above Clerk of Board of Education, required.
Bonded debt, incl. this issue, Oct. 27 1917, $46,000.
Assessed valuation
1917, $1,004,240; tax rate (per $1,000), $18 00.
bid
County Treasurer, for $4,626 50 6%
MOOSE LAKE TOWNSHIP (P. O. Moose
Lake), Carlton County,
Minn.—BOND ELECTION.—The question of issuing to the State of Minne¬
4% road-impt. bonds will be submitted to a vote on Nov. 6.
sota $5,000
MORRISTOWN,
Hamblen
Date
Oct.
15
1917.
Int.
semi-ann..
Due
$500 in
MOUNT
JOY,
Lancaster
County,
election will be held Nov. 6 to vote
on
Pa.—BOND
(P. O. Austin), Minn.—BOND SALE.—Wells &
awarded on Sept. 15 the $46,660 5%
bonds offered on that day.
Denom.
$1,000.
Date Oct. 1 1917.
Int. Jan. & July.
Due serially on Jan. 1
from 1923 to 1937, incl.
of Minneapolis were
Ditch
No.
1
construction
NEWARK, Licking County, Ohio.—BONDS AUTHORIZED.—It
reported that
an
(P. O. Welch), W. Va.—BOND SALE.—On
$492,000 5% Brown's Creek Magisterial District road bonds were
awarded to James E. Caldwell & Sons of Nashville at par.
Denom. $1,000.
Date Jan. 1 1917Int. J. & J.
Due serially from 1918 to 1938.
1
These bonds
part of an issue of $565,000, of which $73,000 have been
retained by the county for Sinking Fund purposes.
A similar issue of
bonds ($565,000) was reported sold on March 30 to
Weil, Roth & Co.
and Field, Richards & Co. of Cincinnati.—V.
104, p. 1517.
year (opt.) school bldg. and equip, bonds (V.
it is stated, to the Kauffman, Smith, Emert
at 101.032.
5% 8-14105, p. 1333) were awarded,
Investment Co. of St. Louis
NEW YORK CITY.—BOND SALE AND TEMPORARY LOANS.—
During the month of October the City Sinking Fund purchased at par
$3,500,000 3% assessment bonds, due on or after Jan. 2 1918.
In addition to the $10,000,000 corporate stock notes disposed of at public
sale on Oct.-11 (V. 105, p. 1548) the following revenue bills,
special revenue
bonds, corporate stock notes and tax deficiency notes were sold in October:
■\
Int. Rale.
Maturity.
Amount.
Revenue bills of 1917
—ZH% Dec.
5 1917
$10,000
do
do
do
i
„4H% Nov. 30 1916
6,000,000
—
Total
revenue
Special Revenue
bills of 1917
bonds of 1917.-
do
do
do
do
do
do
do
do
do
do
do
-4%% Feb. 15
*3%
/on
or
(Jan.
2
*3%
/on
or
(Jan. 2
A%% Jan. 15
do
—
25.—V. 1C5, p. 1637.
'
McMINNVILLE, Yamhill County, Ore.—BOND SALE.—On Oct.
23 the $3,000 general street impt. and $2,800 sewer
impt. bonds—V. 105,
1548—were awarded as follows to the McMinnville Nat. Bank: $3,000
issue at 101" for 5/^s; $2,800 issue at 102.50 for
6s.
Other bids were (all
p.
for
6% bonds):
Bidder—
$2,800
Issue
Issue
$3,073.60
Bank of Commerce, Oregon City
Morris Bros., Inc., Portland—T_
$2,860,50
2,815.00
2,815.00
2,806.00
-,
Keeler Bros., Denver
Durfee, Niles & Co.. Toledo..----.
MADISON COUNTY (P. O.
3,061.00
3,01,5.50
3,006.00
Madisonville), Tex.—BOND ELECTION.
—The
question of issuing $100,000 road bonds will be submitted to a vote,
it is stated, at an election to be held in Precinct No. 1 on
Nov. 19.
MAD
RIVER
$6,010,000
$125,000
250,000
19181
after
500,000
1918j
1918
100,000
$975,000
Corporate Stock Notes—
Various municipal purposes—
Rapid
—
*3%
fon
-
—
*3%
[on
.*3%
Jon
before]
1,500,000
/June 30 19181
/on or before]
\June 30 1918J
250,000
or
$250,000
[Dec. 31 1917)
supply.
transit.
or
before]
250,000
[June 30 1918)
Docks
Total corporate stock notes.
Tax
before]
-
.*3%
Water
or
— -
notes
*3%
/on
IJan.
or
2
after \
1918/
$2,250,000
$500,000
*
Purchased by the Sinking Fund.
During October there was taken by the Sinking Fund $4,500,000 3%
"general fund" bonds maturing Nov. 1 1930, and issued in accordance
with a law passed in 1903 for the purpose of releasing the surplus revenue
of the sinking fund of the old city of New York.
NOBLE COUNTY
(P. O. Worthington), Minn.—BOND SALE.—On
Oct. 29 the $27,000 5% ditch-construction bonds were awarded to Wells &
S3,000
1
1918
after]
Total spzeial revenue bonds of 1917
are
McKEAN COUNTY (P. O. Smithport), Pa .—BONDS NOT SOLD.—
No award was made of the $125,000 414% road bonds offered on Oct.
is
issue of $.1,000 fire-repair bonds has been authorized.
NEW BOSTON VILLAGE SCHOOL DISTRICT
(P. O. Portsmouth),
Scioto County, Ohio.—BOND SALE.—On Oct. 29 the $25,000
McDOWELL COUNTY
Oct.
ELECTION.—An
$20,000 water-
the question of issuing
MOWER COUNTY
Dickey Co.
Judicial
1920
Certified check on some solvent bank in Ohio for 5% of
the amount of bonds bid for, payable to the Village
Treasurer, required.
Purchaser to pay accrued interest. •
-
SALE.—The
supply-improvement bonds.
.
$500.,
and $500 1921.
Tenn.—BOND
Assess, val. 1917, $2,425,000.
McCONNELSVILLE, Morgan County, Ohio.—BOND OFFERING.—
Denom.
County,
$15,000 5% 20-year coupon sewerage bonds offered on Oct. 5, have been
awarded to the First Nat. Bank of Morristown for $14,600 (97.333) and int.
Denom. $500.
Date Oct. 1 1917.
Int. J. & J. at the Hanover Nat. Bank,
N.Y. Bonded debt, including this issue, $326,000.
Sinking fund, $65,000.
for,
Joseph T. Sheridan, Village Clerk, will receive bids until 12 m, Nov. 19 for
$1,000 5H% street-improvement bonds.
Auth. Sec. 3939
Gen. Code.
R. F. Walker,
10-year improvement bonds.
RURAL
SCHOOL
DISTRICT, Champaign
County,
Ohio.—BOND ELECTION.—The question of
issuing $6,000 school-house
bonds will be voted upon at the general election on Nov. 6.
Dickey Co. of Minneapolis for $27,215, equal to 100.796.
Other bids were:
Minneapolis Trust Co—-..$27,211 IMerch. Tr. & S. B., St. Paul_$27,105
Kalman, Matteson & Wood. -27,180 iChas. S. Kidder & Co., Chic. 27,076
NORFOLK, Va .—BOND SALE.—Harris, Forbes & Co. of New York
purchased
at private sale on Oct. 15 $936,000 414 % municipal-dockconstruction and improvement bonds;
These are coupon bonds with the
privilege of registration as to principal and int., or as to principal only.
Denom. $1,000.
Date Oct. 15 1917.
Prin. and semi-annual int. (April
and Oct.), payable at the City Treas. office.
Due Oct. 15 1920, opt.
Oct. 15 1918.
Total bonded debt, $10,932,550; water debt, included,
$1,592,235.
Sinking furid. $1,750,365.
Assess, valuation, $91,524,650;
real value of property (est.), $115,000,000.
The sale of $700,000 of these
bonds was reported in V. 105, p. 1638.
.
MANATEE COUNTY (P. O. Bradentown), Fla.—BOND
ELECTION.
—The question of issuing $200,000 6% coupon Special Road & Bridge Dis¬
trict road and bridge-building bonds will be submitted to a vote on Nov.
6.
Denom.
$1,000.
30 years.
Int. semi-annual.
Due $40,000 in 10, 15, 20, 25 and
Wm. M. Taylor, Clerk of Board of County Commissioners.
MARSHALL COUNTY (P. O. Plymouth),
Ind.—BOND OFFERING.
—Proposals will be received, it is stated, until 2 p. m. No. 26 by George
W. Huff, Co. Treas, for $14,500,
$10,500,$34,100, $14,000 and $10,900
414% 10-yr. highway bonds.
MEDINA, Medina County, Ohio.—BOND SALE.—The five issues of
5% coupon paving bonds, aggregating $56,488, offered on Aug. 11—V. 105,
p. 414—were awarded on that day to local investors at
par.
M. & N.
MENARD
COUNTY
(P. O. Petersburg), III.—BOND ELECTION.—
An election will be held Nov. 6, it is stated, to vote
on
$55,000 road bonds.
MERIDEN
the question of issuing
street and pavement
Day & Co. of Boston at
Other bids
were:
R. M. Grant & Co., N. Y-.$200,540
Blodgett & Co.. Boston
$200,352
Merrill,01dham&Co.,Bost. 200,380 Harris, Forbes & Co., Bost. 200,186
National City Co., N. Y.— 200,375
♦Less $1,500 for expenses.
MIAMI
G. L. Austin & Co
*200,000
COUNTY
awarded
as
follows:
school bonds—V. 105, p. 1440—were awarded to C. W. McNear & Co. of
Chicago for $124,405, equal to 103.670.
Other bidders were:
Seasong'd & Mayer,Cin.$124,320 00 |Prov.Sv.B.& Tr.Co.,Cin..$122,508
Field, Rich'ds & Co., Cin. 123,840 00 Sid. Spitzer & Co., Cin.. 122,472
Kauffman, Smith, Emert
TillotsoD, Wolcott & Co.,
Invest. Co., St. Louis. 123,051 00
Cincinnati
122,472
Hornbl'er & Weeks, N.Y.. 122,590 40 Otis & Co., Cleveland—* 1£1,S26
00
75
00
50
SEPARATE SCHOOL DISTRICT, Lauderdale County, Miss.—BOND OFFERING.—Proposals will be received until
2 p. m. Nov. 6 by W. R. Pistole, Clerk of Chancery Court (P. O. Meridian),
for $9,000 6%
building and equipment bonds.
Denom. $500.
Date
April 1 1917.
Int. ann. on April 1 payable at the Co. Treas. office.
Due
$500 yrly. April 1 from 1922 to 1935, incl. and $1,000 April 1 1936 and 1937.
Cert, check lor $250 required.
This district has no indebtedness.
Assess,
val. 1917, real est., $149,995; personal property, $26,270; railroad
property
(est.), $113,000.
These bonds take the place of the $6,000 issue sold on
Aug. 7.
See V. 105, p. 734.
OAKLAND
HEIGHTS
„
—BOND ELECTION
I
-
Odebolt), Sac County, Iowa.
PROPOSED.—Reports state that an election will be
held shortly to vote on the question of issuing building bonds.
ORANGE
ville),
TOWNSHIP
Carroll
RURAL
SCHOOL
DISTRICT
(P. O.
Lees-
County, Ohio.—BOND SALE.—On Oct. 27 the $8,000
5% 3 1-3-year aver, school bonds—V. 105, p.
1549J—were awarded to the
First Nat. Bank of Bowerston at 100.125 and int.
Other bids
F. C. Hoehler & Co., Tol__$8,010 001Stacy & Braun, Toledo
W. L. Slayton &
(P. O. Troy), Ohio.—BOND SALE.—On Oct. 29
the four issues of 5% road bonds, aggregating
$55,500, V. 105, p. 1548,
were
County, Ohio.—BOND SALE.—On Oct.
Norwood), Hamilton
29 the $120,000 5% coupon
ODEBOLT SCHOOL DISTRICT (P. O.
(City), New Haven County, Conn.—BOND SALE.—On
31 the $200,000 4V£% 2-11-year serial
coupon
bonds—V. 105, p. 1730—were awarded to R. L.
Oct.
100.279 and int.
NORWOOD CITY SCHOOL DISTRICT (P. O.
Co., Tol__
8,005
were:
$8,000 00
601
ORRVILLE, Wayne County, Ohio.— BOND SALE.—On Oct. 8 the
$10,000 5% 1-10-year serial street-impt. bonds—V. 105, p. 1124—were
awarded to Seasongood & Mayer of Cincinnati at par and Int.
THE
1823
OUACHITA
PARISH
(P.
O.
La.—BOND ELECTION.—
$400,000
Monroe),
An election will be held Nov. 20 to vote
on
[Vol. 105.
CHRONICLE
the proposition to issue
drainage-system bonds.
PAWNEE COUNTY (P. O. Pawnee City). Neb.—BOND OFFERING.
—Reports state that H. W. Scott, County Clerk, will receive sealed bids
until 10 a. m. Nov. 8 for $50,000 5% 5-20-yr. opt. funding bonds.
Int.
semi-annual.
Certified check for $200 required.
SCOTTSBURG,
Scott
Ind.—BOND
County,
OFFERING.—J.
G.
Martin, Town Clerk, will receive bids, it is stated, until 7 p. m Nov.13
for $5,600 5% 12-year town bdnds.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 6 (P. O. Sheridan,
R. F. D. No. 1), Wyo.—BOND SALE—On Oct. 22 the $3,200 5% 9-year
coupon building bonds—V. 105, p. 1549—were awarded to the State
Wyoming at par and int.
James N. Wright & Co. of Denver bid par
aver,
of
for 6s.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 5, Wash.—
BOND SALE.—On Oct. 27 the 82,000 5-20-yr. (opt.) building improvement
bonds were awarded to the State of Washington at par for 5s.
W. .D
Perkins & Co. of Seattle bid 100.125 for 6s.
1917.
1
Denom. $500.
Date Nov.
Int. M. & N.
PENSACOLA,
Escambia County, Fla.—CERTIFICATE SALE.—
23.$40,000 6% certificates of indebtedness were awarded to the
Citizens & Peoples Nat. Bank, Pensacola, at par.
Other bids were:
Banking Savings & Trust Co., Pensacola
$39,200
Sidney Spitzer & Co., Toledo
39,085
American Nat. Bank, Pensacola (for $8,000)
8,001
Denom..$1,000.
Date Oct. 1 1917.
Int. A. & O.
Due $8,000 Oct. 1
1918 and $16,000 Oct. 1 1919 and 1920,
On Oct.
__
—-
PIERCE COUNTY (P. O. Ellsworth), Wise.—BOND SALE.—KaiMatteson & Wood of St. Paul were awarded on Sept. 1 at par the
$15,000 4% 2 1-6-year aver, coupon bridge-building bonds.—V. 104,p. 2669.
man,
POLK
COUNTY
O.
(P.
election will be held Nov.
ELECTION.—An
the proposition to issue $150,000
Bartow),
10 to vote
6% 10-30-year serial road bonds,
Fla.—BOND
on
j
POMEROY, Meigs County, Ohio.—BOND SALE.—The $7,000 5%
10-year refunding bonds offered on Sept. 1—V. 105, p. 735—were awarded
Pomeroy National Bank at. par.
to the
PORT
HURON,
St. Clair County, Mich.—BONDS VOTED.—By a
vote of 2.380 to 311
stated, at
a recent
the question of issuing fuel yard bonds carried, it is
election.
SHOREWOOD
PORTSMOUTH,
&
Norfolk County, Va.—BOND SALE.—Weil,' Roth
awarded on Mar. 8 $32,000 4% fire-apparatus
Date April 1 1917.
Int. A. & O.
Due
April 1.
Co., Cincinnati,
bonds at 95.25.
$4,000 yearly
BOND
were
Denom. $1,000.
on
SALE NOT
CONSUMMATED.—The City Auditor advises us
that on account of a defect in the law authorizing the issue, the sale of the
$150,000 4% 30-year gold site-purchase and scbool-bldg. bonds awarded
early in the year to Cummings, Prudden & Co. of Toledo—V. 104, p. 1078—
was
not
He further states that the bonds will be issued
consummated.
next year.
.
POTTAWATTOMIE
COUNTY
(P.
O.
Westmoreland),)
Kans.—
BOND SALE.—An issue of $73,000 434% funding bonds was awarded on
Aug. 7 to D. E. Dunne & Co. of Wichita.
Denom. $1,000.
Date Jan. 1
1917.
Int. J. & J.
Due $5,000 yearly.
QUINCY, Norfolk County, Mass .—TEMPORARY LOAN.—On Oct
30 a temporary loan of $200,000 issued in anticipation of revenue and ma
turing Mar. 1 1918 was awarded to S. N. Bond & Co. of N. Y. at 4.85%
discount plus $3 premium.
.
,
Milwaukee),
Milwaukee
County,
incl.; $3,000 from 1923 to 1927, incl.; $4,000 from 1928 to 1932, incl., and
$6,000 from 1933 to 1937, incl.
Total bonded debt, including this issue,
$171,000.
Assess, valuation 1917, $5,712,075.
SIDNEY, Shelby County, Ohio.—BOND SALE.—On* Oct. 29 the
$214,700 street-impt. assess, bonds—V. 105, p. 1441—were awarded to
Stacy & Braun of Toledo at 100.14 for 5s.
Other bidders were:
Name—
"
For b%s.
For 5)4?'
Tiliotson & Wolcott Co., Cleveland.,—
$218,049 32
Hayden, Miller & Co., Cleveland
215,995 00
J. C. Mayer & Co., Cincinnati
1216,632 00
Davis Bertram & Co., Cincinnati
/
Sidney, Spitzer & Co., Toledo
217,085 00
219,359 00
Field, Richards & Co., Cincinnati
219,660 00
Cummings, Prudden & Co., Toledo
f
Seasongood & Mayer, Cincinnati
i 217,045 00
220,155 00
Weil, Roth & Co., Cincinnati
(
Spitzer, Rorick & Co., Toledo
214,721 00
217,240 00
Breed, Elliott & Harrison, Provident Savings Bank & Trust Co. and
William R. Comptcn & Co., all of Cincinnati, jointly bid $214,914 75 for
534s, a premium of $214' 75 for $92,500 for 5s, and a premium of $214 75
$122,200 for 534s.
The Feibel-Elischak Co. of Cincinnati bid for $100,000
of the issue on a 5.075% basis.
Rudolph Kleybolte & Co. of Cincinnati
submitted a bid of $215,288 88 for 5s, but did not comply with the pro¬
<
„
—-
—
———
visions of the cfficial notice.
PORTSMOUTH, SCIOTO COUNTY, Ohio.—BOND SALE.—An issue
of $25,000 5% levee bonds offered on Sept. 21 has been awarded to Seasongood and Mayer of Cincinnati at 100.814.
Denom. $500.
Date Sept. 1
1917.
Int. M. & S., payable at the office of the City Treasurer.
Due
$5,000 yrly. on Sept. 1 from 1930 to 1934 incl.
East
(Formerly
Wise.—BONDS OFFERED BY BANKERS.—The Wisconsin Trust Co. of
Milwaukee is offering to investors $75,000 4)4 % general fund bonds. Date
Oct. 1 1917.
Due yearly on Oct. 1 as follows: $2,000 from 1918 to 1922,
SILVER BOW COUNTY (P. O. Butte), Mont.—BONDS AUTHOR¬
24 the Board of County Commissioners authorized the
IZED.—On Oct.
issuance
$500.
of
$15,000
Date Nov.
SOPERTON,
road
6%
1
improvement
bonds.
$100 and
1919.
Denoms.
Due part yearly, beginning Jan. 1
1917.
Montgomery
County,
Ga.—BONDS
DEFEATED.—
The question of issuing $10,000 electric light bonds failed to carry at an
election held Oct. 24.
SOUTHEAST
*
SCHOOL
TOWNSHIP
(P. O. Valeene),
Orange
County, Ind.— WARRANT OFFERING.—Reports state that bids will be
received until 1 p. m. Nov. 10 by George Holaday, Twp. Trustee, for
$1,200 5% 4-year school warrants.
'
SOUTH ZANESVILLE, Muskingum County, Ohio.—BONDS NOT
SOLD.—Up to Oct. 29 no sale had been made of the $3,845.23 5% street
impt. bonds offered on Sept. 22.—V. 105, p. 928.
SPENCER COUNTY (P. O. Rockport), Ind.—BOND OFFERING.—
Reports state that Alvin P. Branch, County Auditor, will receive bids unti
Dec. 7 for $18,000 434% 10-year infirmary bonds.
STAMFORD,
Fairfield
County,
Conn.—MATURITY OF
BONDS
CHANGED.—The maturity of the $50,000 434% gold coupon bonds ad¬
vertised to be sold
follows:
as
on
Nov. 12 (V. 105, p. 1731) has been changed to read
Due $2,000 yearly on
Dec. 1 from 1918 to 1942 incl.
SALE.—On Oct. 29
(V. 105, p. 1639) were awarded to
Seasongood & Mayer, of Cincinnati, for $6,109 (100.016) and interest.
Breed, Elliott & Harrison, of Cincinnati, bid par and interest.
The official notice of the offering of these bonds will be found among the
advertisements elsewhere in this Department.
RILEY SCHOOL DISTRICT (P. O. Riley), Riley
County, Kans.—
BOND SALE.—The Itiley State Bank was awarded on July 1 an issue of
$14,900 434 % building bonds at par.
Denom. $1,490.
Date July 1 1917.
Int. J. & J.
Due $1,490 yearly July 1 from 1919 to 1928, incl.^g
*«*
—V.
RAVENNA,
Portage
County,
Ohio.—BOND
the $6,108 street-improvement bonds
RINGTOWN,
election will be
Schuylkill
held Nov. 6 to
County,
ELECTION1.—An
Pa.—BQND
vote on the
question ofl'issuing $5,075 4%
5-307year (opt.) tax-free water-system bonds.
ROCHESTER, N. Y.—NOTE OFFERING.—Bids will
be received
until
2:30 p. m. Nov. 8 by II.
D. Quinby, City Comptroller for $10,000 East
$100,000 water works-impt., $100,000 sewage disposal,
$35,000 Lower Genesee River land purchase and $15,000 Brown Street
grade crossing notes, payable 4 months from Nov. 12 1917 at the Union
Trust Co., N. y.
Notes will be drawn with interest and will be deliverable
at the above trust company on Nov. 12.
Bids must state rate of interest
and designate to whom (not bearer) notes shall be made
payable and
Side trunk sewer,
denominations desired.
N.
ROSWELL SCHOOL DISTRICT (P. O. Roswell), Chaves
County,
Mex.—DESCRIPTION OF BONDS.—The $100,000 5% building and
equipment bonds awarded on May 25 at par and cost of printing bonds to
the Citizens' Nat. and First Nat. banks of Roswell—V.
105, p. 1639—are
in the denom. of $500 and dated June 1 1917.
Int. June and Dec.
Due
June 1
1947, subject to call after 10
STEALEY
W.
105, p. 1228—were awarded to the Clarksburg Trust Co. of Clarks¬
burg
for . $50,010—100.066—and
interest.
Denom.
$500.
Interest
annually on Sept. 1.
STILLWATER COUNTY SCHOOL DISTRICT NO.
5 (P. O. Park
Mont."—BOND OFFERING.—Proposals will be received until 2
12 by H. A. Searles, Cierk, Board of School Trustees, for
$5,000 10-20-yr.
(opt.) coupon building a,nd equipment bonds at not
exceeding 6% int.
Denom. $500.
Int. annual.
All bids other than by
or on behalf of State Board of Land Com'rs. must be
accompanied by a
certified check for $200, payable to the above Clerk.
City).
p.
STOCKPORT,
Morgan
County,
Ohio.—BOND
by J. W. Hodge, Supt. Co. Board of Instruction (P. O. Fort Pierce), for
$12,000 6% coupon building bonds.
Auth. Chap. 6542, Special Acts 1913.
Denom. $1,000.
Date Oct. 1 1917.
Int. A. & O.
Due $4,000 Oct. 1
1922, 1927 and 1932.
Certified check or cash for $500, payable to the
County Board of Public Instruction, required.
This district has no in¬
debtedness.
Assessed val. 1917 (est.), $30Q,000.
,
SALEM'
Columbiana County, Ohio.—BOND OFFERING.—George
City Auditor, will receive proposals until 12 m. Nov. 22 for
5% funding bonds.
Auth., Sec. 3916, Gen. Code.
Denom.
$10,000
$1,000.
Date Oct. 1 1917.
Interest semi-annual.
Due $1,000 yearly on
April 1 from 1928 to 1937, inclusive.
Certified check for 2 % of the amount
of bonds bid for, payable to the City Treasurer,
required.
Bonds to be
delivered and paid for within ten days from time of award.
Purchaser to
pay accrued interest.
SANGAMON COUNTY (P. O.
Springfield), III.—BOND ELECTION.
—Reports state that an election will be held Nov. 6 to vote on the question
of issuing $500,000 road bonds.
SANTA FE SCHOOL DISTRICT (P. O. Santa Fe), Santa Fe County,
New Mex.—BONDS NOT SOLD.—No satisfactory bids
the$2£L000 5
were received
for
%^H>-3 0-year opt. high-school-bldg. bonds offered on Oct. 20.
TALMAGE
Neb.—BOND.
SCHOOL
DISTRICT
ELECTION
(P. O. Talmage), Otoe County,
PROPOSED.—Reports state that a petition
has been circulated asking the Board
vote
on
the
of Education to call
question of issuing $23,000 building bonds.
SANTA MONICA. Los Angeles County, Calif .—BOND ELECTION.
on the question of
issuing $100,000
state.
SAUGATUCK TOWNSHIP (P. O. Saugatuck),
Allegan County,
Mich.—BID.—The Fruit Growers State Bank of Saugatuck submitted a bid
of par for the $25,000 5% 1-25-year
(serial) road bonds offered on Sept. 10.
No award had been made up to Oct. 24.
Denom. $500.
Date Sept. 1
1917.
Interest annually in January.
SCIOTO TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. O. Lock-
bourne R. F. D. No. 1), Franklin County, Ohio.—BOND SALE.—On
Oct. 22 the $5,000 5% 2-11-year serial
coupon school-impt. bonds—V. 105,
p. 1639—were awarded to the Scioto Bank of Commercial Point at
104.60
and interest.
Other bidders were:
First Nat. Bank, Circlev__$5,027
501 Davies, Bertram
Adelphi Bkg. Co., AdelphL 5,020 001
Cincinnati
SCOTT AND LOGAN
POSED.—For particulars
&
Co.,
$5,002 00
COUNTIES, Kans.—BOND ELECTION
PRO¬
regarding tlection to vote on the issuance of
$250,000 bonds to purchase the Colorado Kansas & Oklahoma
RR., see
item in last week's issue of our
paper under "General Investment News,"
page 1707.
/
election to
Dec. 31 from 1918 to 1925, incl., and $800 Dec. 31 1926.
TOLEDO, Ohio.—BOND ELECTION.—An election will be held Nov. 6,
the question of issuing $2,800,000 40-year sewer
it is stated, to vote on
bonds (V. 105, p. 929).
TODD COUNTY (P. O. Long Prairie), Minn.—BOND OFFERING.—
Proposals will be received until 1 p. m. Nov. 5 by E. M. Berg, County
Auditor, for $35,000 County Ditch Nos. 40 and 41 construction bonds. /
TOM
GREEN
COUNTY
(P.
O.
San
Angelo),
Tex.—BONDS DE¬
FEATED.—The proposition to issue $200,000 road bonds failed
20.
to carry
at the election held Oct.
TWIN FALLS COUNTY (P. O. Twin Falls), Idaho—BOND ELEC¬
TION.—An election will be held Nov. 17, it is stated, to vote on the
proposition to issue $1,000,000 road-construction bonds.
TYLER
SCHOOL
DISTRICT
(P.
O.
Tyler),
Lincoln
County,
Minn.—BONDS VOTED.—The question of issuing $45,000
building bonds
carried, it is stated, at a recent election.
UNION
COUNTY
O. Marysville), Ohio.—BONDS AWARDED
or 5% road bonds,
aggregating $75,620,
Oct. 4 (V. 105, p. 1549), the following issues
were awarded recently, it is
stated, to Spitzer, Rorick & Co. of Toledo at
par and interest:
$17,160 Wenger road bonds.
$3,600 Bethel & Raymond rd. bds.
13,100 York road bonds.
14,160 Delaware
&
Bellefontaine
IN PART.—Of the
offered without
(P.
seven
success
issues
on
road bonds.
VALLEJO, Solano County, Calif.—BOND ELECTION PROPOSED.-—
Reports state that an election will be held this month to vote on the ques¬
tion of issuing $50,000 recreation centre bonds.
WAITSBURG, Walla Walla County, Wash.—BOND OFFERING.—
Proposals will be received until 7:30 p. m. Nov. 14 by J. B. Loundagin,
City Clerk, for $50,000 gold coupon water-works bonds at not exceeding
6% interest.
Denoms. not less than $100, nor more than $1,000.
Prin¬
cipal and semi-annual interest (J. & J.) payable at the fiscal agency of the
State of Washington in New York, or at such
place as shall be agreed upon
between the city and the purchaser.
Bonds to mature as follows: $20,000
in 10 years and $30,000 in
20 years from date of issue; or $20,000, due in
10 years, optional after one year, and
$30,000 due in 20 years, optional after
10 years from date of issue.
Certified check for 2% of bonds bid for,
payable to the "City," required.
All bids must be unconditional.
These
authorized by vote of 191 to 12 at an election held
Aug. 20.
debt, excluding this issue, $13,494 51.
Local improvement bonds
(additional), $8,500.
Assessed valuation 1916, $597,278.
bonds
were
Bonded
C*
O.
Passaic),
Passaic County, N. J.—BONDS
$13,250 5% coupon funding bonds
NOT SOLD.—No award was made of
the
SCOTTS BLUFF, Scotts Bluff
County, Neb.—BOND OFFERING.—
Proposals aviII be received until 4 p. m. Nov. 6 by M. O. Sohus, City
Clerk,
it is stated, for the $15,000
city-hall, $10,000 water-main and
water-works
an
TENAFLY, Bergen County, N. J.—BOND SALE.—On Oct. 17 $8,800
5% refunding bonds were awarded to W. J. Wright at par.
Denoms. 1 for
$800 and 8 for $1,000.
Date July 1 1917.
Prin. and semi-ann. int.—•
J. & D.—payable at the First Nat. Bank of Tenafly.
Due $1,000
—Ah election will be held Dec. 4 to vote
public-park-site-purchase bonds, reports
ELECTION.—On
Nov. 6 the question of issuing $10,o00 street-improvement bonds will be
submitted to the voters.
W. H. Broomhall is Village Clerk.
on
_
Nov.
m.
yearly
years.
ST. LUCIE COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
8-9,
Fla.—BOND OFFERING.—Proposals will be received until 2
p. m. Nov. 3
Holmes,
HEIGHTS
(P.
O.
Clarksburg), Harrison County,
Va.-—BOND SALE.—On Oct. 12 the $15,000 6% street-paving bonds
5%
$22,000
5-20-yr.
(opt.)
bonds
authorized
at
Aug. 28.
'
"
^
,
an
election
held
offered
on
Oct. 22.—V. 105, p. 1640.
WAPAKONETA CITY SCHOOL DISTRICT (P. O.
Wapakoneta),
Ohio.—BOND ELECTION.—Reports state that an
Auglaise County,
election will be held Nov. 6
tp vote on the question of
bonds.
issuing $5,000 school
Now 3 1917.]
the chronicle
WASHINGTON C. H., Fayette County, Ohio.—BOND SALE.—On
Oct. 24 two issues of 5%
street-impt. bonds, aggregating $21,500, were
awarded
to Tillotson & Wolcofct Co. of Cincinnati at 100.18 and int.
Denom. $500 and $200.
Date Oct. 1 1917.
Int. A. & O.
Due part of
each issue yearly on Oct. 1 from
1^18 to 1927, incl.
WAUKEE CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Waukee), Dallas County, Iowa.—BOND SALE.—Geo. M.
Bechtel & Co.,, of Davenport, have been awarded the $20,000 schoolbuilding bonds offered on Sept. 21 (V. 105, p. 1229).
Denom. $1,000.
1823
$27,500 6% Drainage District No. 107 bonds.
Date Oct. 1 1917.
Int.
M. & N.
Due $3,800 May 1 1920, 1921 and 1922; $4,000
May 1 1923, 1924 and 1925, and $4,100 May 1 1926.
YELLOWSTONE^ COUNTY SCHOOL DISTRICT
(P. O.
NO. 3
Billings), Mont.—BOND SALE.—The Merchants Loan Co. of Billings
awarded on Sept. 10 $1,600
6% 5-20-yr. (opt.) school bonds at par.
was
Denom. $400.
Int.
ann.
in Sept.
Int. P. & A,
WEST PARK,
Cuyahoga County, Ohio.—BOND OFFERING.—Bids
m. Nov. 26 by Fred Feuchter, Village Clerk, for
following 5% coupon bonds:
$30,000 30-year sewer-construction bonds.
Denom. $1,000.
Date Feb.15
will be received until 12
the
1917.
■:
35,000 30-year water-works improvement bonds.
Denom. $1,000. Date
April 15 1917.
8,948 street-improvement bonds.
Denom. $894 80.
Date Mar. 15
1917.
Due $894 80 yearly on Mar. 15 from 1918 to 1927, inclusive
5,596 street-improvement assessment bonds.
Denom. $559 60.
Date
Mar. 15 1917.
Due $559 60 yearly on Mar. 15 from 1918 to
1927, inclusive.
Interest semi-annual.
Certified check on some bank other than the one
making the bid for 5% of the amount of bonds bid for, payable to the City
Treasurer, required.
Bonds to be delivered and paid for within 15 days
from time of award.
Purchaser to pay accrued interest.
Ohio.—BOND SAL#.—The two
street-impt. bonds, aggregating $7,900, pffered with¬
9—V. 104, p. 2477—were awarded on 8/pt. 5 to the
WEST SALEM, Wayne
issues of 5% 10-year
v
out success
June
on
County,
Citizens' National Bank of Wooster at par and interest.
WILLIAMS,
CANADA,
Coconino
Ariz .—BOND
County,
.<
ELECTION.—-The
Juestion of issuing $90,000 bonds will be / submitted to a vote on Nov. 6.
H. Lee is Town Clerk.
WILLOUGHBY VILLAGE SCHOOL DISTRICT (P. O. Willoughby)
Provinces
COTEAU ST. PIERRE,
Qu
DEBENTURES CANCELED I—The
Secretary-Treasurer advises us that the $200,000 6% 40-year school deben¬
on Oct. 2—V. 105. p. 1229—have been cancelled.
NEW GLASGOW, N, S.—DEBENTURE SALE.—An issue of
$29,000
5% 10-year debentures has been awarded, it is stated, to W. F. Mahan &
Co. at 91.121.
ROSSLAND, B. C.—DEBENTURE SALE.—The $30,000 6% 20-yea
school debentures offered on Aug. 14—V. 105, p. 312—were de¬
on Sept. 4 to F. W. Hunt at 94.51.
coupon
livered
SASKATCHEWAN SCHOOL DISTRICTS.—DEBENTURE SALES.
—The following 20 issues of debentures, aggregating $58,000, issued
by
various school districts in the Province of Saskatchewan, are
reported by
the Local Government Board as having been sold from Oct. 15 to Oct. 26:
School Districts—
Rase No. 3925
Amount.
__$2,000
1,900
--
Fairyland No. 3907
Purple Hill No. 3874..
Seasongood & Mayer of Cincinnati for $7,721, equal to 102.946.
South Trail No. 3891
East Butte No. 3846
Garrott No. 3939-----.
WINNEBAGO COUNTY (P. O. Rockford), III.—BONDS VOTED.—
Reports state that the question of issuing the $145,000 road-impt. bonds
carried at the election held Oct. 30-—V. 105, p. 1334.
\
WRIGHT COUNTY (P. O. Clarion), Iowa.—BOND SALE.—Geo. M.
Bechtel & Co., of Davenport, have been awarded the following bonds:
(100.574) and interest.
pay attorney's fees.
;
Date Oct. 1 1917.
Prin. and semi-annual int. (J. & J.) pay¬
able at the County Treasurer's office.
Due $4,000 yearly
Jan. 1 from 1922 to 1930, inclusive, and $6,000 Jan. 1 1931.
23,500 5% funding bridge bonds.
Date Oct. 1 1917.
Int. J. & J.
Due
$3,500 Jan. 1 1925 and $4,000 yearly Jan. 1 from 1926 to 1930,
bridge
Purchaser
,
for
$42,241
blank
bonds
bonds
furnish
to
and
.
inclusive.
9,300 6% Drainage District No. 94 bonds.
Date Oct. .1 1917.
Int.
M. & N.. Due $1,100 May 1 1920, 1921 and 1922; $1,500
yearly May 1 from 1923 to 1926, inclusive.
NEW
Purchaser.
Goldman & Co., Regina.
2,100
1,200
1,600
2,000
2,000
1,800
Seamans No. 2423
10,000
Henderson No. 3869
1,600
Belle Butte No. 3843
1,900
Kisiatino No. 43.
8,900
Duval No. 2864
7,000
Webster No. 37851,800
Cornwall No. 698-_
2,500
Windcrest No. 3938-——2,200
Ballymena No. 3943
2,000
Equity No. 3941
St. Casigunda 1069
—
$42,000 5% funding
Municipalities*
tures offered
Lake County, Ohio.—BOND SALE.—'On Oct. 16 the two issues of 5*6%
coupon bonds, aggregating $7,500—V.
105, p. 1641—were awarded to
WILSON GRADED SCHOOL DISTRICT (P. O. Wilson), Wilson
County, No. Caro.—BOND SALE.—On Sept. 28
35,000 5H% serial
building bonds were awarded to Sidney Spitzer & Co. of Toledo for $35,187
—100.534—and expenses. Denom. $1,000. Date Oct. 11917. Iht. A.& O.
and
mitted to the voters at the next municipal election.
.
.
its
BRANTFORD, Ont.—DEBENTURE ELECTION PROPOSED.—A byTL.authorizing the issuance of $40,000 subway debentures will be sub¬
'■ V:'."
■
r.___
Hay & James, Regina.
Gt. West Life Assur. Co., Winnipeg
G. M. Gripton, St. Catherines.
Bond & Debenture Corp., Winnipeg.
Hay & James, Regina.
Goldman & Company, Regina.
Great West Life Assn. Co.,Winnipeg
ii
it
it
Canada Landed & Nat. Invest. Co,
Victoria^Plains No. 67_.____ 1,000
Sunny Corner No. 3930-.--- 2,500
Clear Ridge No. 3944-—2,000
S. J. Norrish, Spring Hill.
VOTED I— Tfce question of issuing
$2,500 patriotic debentures carried, it is stated, at an election held Oct. 15.
SUDBURY.
SWIFT
On t.—DEBENTURES
Sask.—DEBENTURE
CURRENT,
issue
SALE.—An
of
$30t000 debentures has been purchased by the City Sinking Fund.
FINANCIAL
LOANS.
$50,000
STAMFORD, FAIRFIELD CO., CONN.
4V2% SERIAL COUPON BONDS
How Loss to Your Estate may
be Avoided
Two of the bonds will be paid on the first day
of December in each year after the date of issue
until all are paid.
Very often losses to estates managed by individual executors
and trustees
occur through lack of knowledge and experience
through any intentional dishonesty.
The indi¬
vidual executor and trustee may have the best intentions, and
The bonds will be dated the 1st
day of Decem¬
ber, 1917, in the denomination of $1,000.00 each,
payable in United States Gold Coin at the present
standard of weight and
National' Bank,
now
rather than
fineness at the Atlantic
at
No.
257 Broadway,
in
Notice
is
Stamford
No.
by the Treasurer of the City of
the
at
303-307
Main
Stamford
Street,
1917, for the said bonds.
less
than
par
and
National
Stamford,
Bank,
No
No bid will be received
Trust
accrued
need
run
interest.
the, risk of having his
improperly, when the
Company, with its thoroughly and
estate
managed
The
highly specialized facilities for handling
right is reserved to reject any and all bids.
Each
bid must be accompanied by a certified check or
be appointed exe¬
trust
for two per cent of the amount of the bonds bid
business,
cutor
bank draft to the order of the City of Stamford
for!.
one
Connecti-
NOVEMBER 12TH.
cutt, until twelve o'clock,
for
duties has been
hereby given that sealed proposals
will be received
his training for such
inadequate.
yet manage the estate improperly because
the City, County and State of New York.
and trustee under will.
may
WILLIAM N. TRAVIS,
City Treasurer.
Bankers Trust Company
BOND
.
REDEMPTION
Member Federal Reserve System
Astor Trust Office
Downtown Office
Wall
16
CITY OF
NOTICE
WORKS,
MENT
&
GALVESTON, TEXAS
TO
Street
Fifth Ave.&42d St.
NEW
YORK
CITY
REDEEM WATER¬
STREET
CITY
IMPROVE¬
HALL
BONDS.
Notice is hereby given to the holders! of any and
all bonds of the City of, Galveston, known as the
Galveston Waterworks, Street Improvement and
City Hall Bonds, and issued on the following days,
to-wit, January 1, 1888, March 31, 1894, and
February 25, 1896, said bonds and all of them
being issued under and by virtue of an ordinance
of the City of Galveston, adopted October 4th,
1887, and each of said bonds being for the sum
of $1,000; that the City of Galveston will redeem
at par all of the hereinbefore named and described
bonds upon their presentation at the office of the
Treasurer of said City of Galveston, Texas, or at
the National City Bank of New York, in the City
of New York, On December 1, 1917, and any of
the bonds herein described and designated, which
are not presented for redemption as aforesaid, on
December 1, 1917. shall cease to bear interest
from and after said date.
This notice is given in
pursuance of Section Two of the ordinance of the
City of Galveston by virtue of which ordinance
said bonds hereinbefore described and designated
were issued.
I. H. KEMPNER,
Mayor-President of the Board of Com¬
missioners of the City of Galveston.
H. O. STEIN,
,
Treasurer of said City of Galveston.
Dated October 30, 191.7.
JO file
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many years.
copy or a
In
These file
to
covers can
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its
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subscribers
a
new
binder of the
and far superior to the old style binders used for
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new
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•
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[VOL. 105.
CHRONICLE
THE
1824
ifmantial
Jfinawtal
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25th, 1917.
<f&4 Trustees, in conformity with the Charter of the Company, submit the following statement of Us affairs on the
3lst of December, 1916.
/
The Company's business has been confined to marine and inland transportation insuranceI
i^remlumson 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
..—..—.......$8,990,877.68
Total Premiums-..—
$7,855,092.25
/premiums marked off from 1st January, 1916, to 32st December, 1916
STONE & WEBSTER
^ntet
Interesti
550,385.62
Rent
$
'Loe&ee paid during the year....
Less* Salvages
$3,360,156.87
..-..........$322,138.57
Re-insurances...586,832.53 $
public utility developments.,
FINANCE
BUY AND SELL securities.
908,971.10
DESIGN steam power stations, hydro¬
$2,451,185 77
developments, transmission
electric
rSe-tamirance Premiums and Returns or Premiums
$1,389,298.73
......
.........
Expenses, Including compensation of officers and clerks, taxes, stationery,
advertisements, etc....
......................
.........
$
lines, city and interurban railways,
740,899.72
gas
industrial
plants,
plants
and
buildings.
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be pa
1 to t&«:
holders 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, o?
Shelf legal representatives, on and after Tuesday the sixth of February
next, from which date &iS
interest thereon will cease.
The certificates to be produced at tbe time of payment and canceled.
A dividend of Forty per cent. Is declared on the earned premiums of the Company for the year ending
81st December, 1916, which are entitled to participate in dividend, for which, upon application* certificate*
Will oe issued on and after Tuesday the first of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
ANSON W. HARD,
ANTON A. RAVEN,
SAMUEL T. HUBBARD.
JOHN J. RIKER,
)HN N BEACH,
'
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON,
ICHOLAS BIDDLE,
WILLIAM H. LEFFERT8,
JUSTUS RUPERTI
JAMES BROWN,
WILLIAM JAY SOHIEFFELCHM
CHARLES D. LEVERICH,
JOHNCLAFLIN,
SAMUEL SLOAN,
GEORGE H. MACY,
GEORGE C. CLARK,
WILLIAM SLOANE.
NICHOLAS F. PALMER,
CLEVELAND H. DODGE.
LOUIS STERN,
WALTER WOOD PARSONS.
CORNELIUS ELDERT,
WILLIAM A. STREET,
CHARLES A.PEABODY,
RICHARD H. EWART,
^
fDMUND L. BAYLIES,
.
G STANTON FLOYD-JONES.
PHILIP A. S. FRANKLIN,
HERBERT L, GRIGGS
GEORGE E. TURNURE,
JAMES H. POST,
CHARLES M. PRATT,
CONSTRUCT either from our own de¬
signs or from designs
neers or
REPORT
of other engi¬
architects.
public utility properties,
on
proposed extensions or new projects.
MANAGE railway, light, power
and gas
companies.
BOSTON
NEW YORK
CHICAGO
GEORGE C. VAN TUYL, Jf.
DALLAS B. PRATT,
RICHARD H. WILLIAMS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT. President.
WALTER WOOD PARSONS, Vice-President,
CHARLES E. FAY, 2d Vice-President.
ASSETS.
United States and State of New York
Bonds
...$
iffcock
New
and
Warrants of tho City of
York
and
1,773,550.00
8,588,575.20
367.185.00
...........
..
.....
266,399.25
THE
106,624.24
174.943.9C
-
Premiums
Termi-
on
.»«»
75,000.00
868,035.06
1,068.547.73
miums.
.
Com¬
158,309.94
-
Profits
of
373,669.04
•
*,
„
Settled",? "including
Ordered
Re¬
Withheld for Unpaid Pre¬
.
—
.
... .
...
.
"
Suspense
Account
Certificates of Profits Outstanding-.•
5,899.7$
Engineers
7,668,850.00
Operators
A
Contractors
Managers
2,808,785 77
fywin®
135,000 00
of
$17,458,990.74
and Industrial
Properties
Public Utility
$13,548,488.63
Thus leaving a balance of—
Accrued Interest on the 31st day of December, 1916, amounted to
Rents due apd accrued on the 31st day of December. 1916, amounted to
Ee-tasurance due or accrued, in companies authorized in New York, on the 31st
.....$3,912,602.06
$49,286.30
.......
.......
ia uae basis of these increased valuations the balance would be
REPORTS—VALUATIONS—ESTIMATES
$25,933.03
of
December, 1916, amounted to.....
._$ 245,472.83
Hctet The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
$
63,700.00
1lfte Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by....................
—.$1,988,969.80
day
43 EXCHANGE
MELLON
CHICAGO
——$6,285,864.09
j.
NATIONAL
BANK
Engineering
PITTSBURGH
RESOURCES
j
Power,
and
Street
Railway
We
are
lic
prepared
Utility
Bonds
and
First
Mortgage
Preferred Stocks.
LIABILITIES
$6,000,000
4,087,115
987,148
4,940,200
116,880,255
...
^
....
Valuations,
00
times to
Pub¬
at
Issues; of
Entire
offer
$132,894,7201)1
Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c
Circulating Notes.
Deposits
Water, Gas*
Properties,
Light,
Ice
8,000,000 00
4,654,372 57
19,864,435 11
Cash
erf
Electric
48 92
3^}% Certificates of Indebtedness
Expert Operators and Engineers
V
.$100,375,863 41
Overdrafts
&
YORK.
141 BROADWAY ,NEW
Loans, Bonds and Investment Securities
^
Management Corporation
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 11, 1917
Due from Banks
PLACE, NEW YORK
LONDON
General
U. S.
Purchasers
Financiers
22,557.84
1,2I0.2<?
:•
.... ...
.
Income Tax Withheld at the Source.
206,311.98
...
.......
...
1,135,785.41
Interest
pensation, etc.
deemed,
......
and
....
Premiums Unpaid
Certificates
Bills Receivable.....
Cash in hands of European Bankers
to pay losses under policies payable
Profits
Unpaid..
Dated
Claims not
8,900.000.00
Premium Notes
In foreign countries
Cash In Bank
Return
Taxes
of
.........
3,632,239.08
J
2.000.000.00
Companies
EeaJ Estate cor. Wall Street, William
Street and Exchange Place
Steal Estate on Staten Island (held
under provisions of Chapter, 481,
Laws of 1887)
Unpaid
Re-Insurance
Special Deposits in Banks and Trust
and Losses Unset¬
tled in process of Adjustment..._.$
Premiums on Unterminated Risks
Certificates
Stocks of Trust
Companies and Banks
Stocks and Bonds of Railroads......
©the! Securities....
(Engineers
LIABILITIES.
Estimated Losses
670,000.00
and
Reports
"
General
Engineering*
52
78
00
71
$132,894,720 01
Alex. O, Humphreys
Alten 8. Mi >r
■ •
HUMPHREYS&MILLER, Inc.
ENGINEERS
Power—Light—Gas
DllnolsTrast&Sad^sBiiiilc:
NEW YOB®
l«4 BROADWAY
CHICAGO
Capital, Surplus and Undivided Profits
Pays Interest
on
Time
Deposits, Current and Reserve
Accounts.
change.
Deals in
Transacts
Has
on
$16,400,000
•
hand at all times
oellent securities.
Foreign Exa
-
General Trust Business.
a
variety of
ex-
Buys and sells
Government, Municipal and
Corporation Bonds.
ihintnB engineers
H. M. CHANCE
Mining Engineers and
&. CO.
Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed,
Drexel Bldg.
Appraised
PHILADELPHIA
Nov. 3 1917.]
THE
CHRONICLE
5ru£rt Companies*
Cotton
John D.Herklotz
XIX
Chas. O. Corn
August Schierenberg
Paul Schwara
Frank A. Kimball
The NEW
ENGLAND
TRUST COMPANY
Herldotz, Corn &
COMMISSION
Co.
MERCHANTS
Rhode Island
Hospital Trust Company
BOSTON, MASS.
Providence, R. I.
SURPLUS, $2,000,000
CAPITAL, $1,000,000
Safe Deposit Vaults
15 William Street
New York
Authorized to act
as
CAPITAL
Executor, and to receive and hold
$3,000,000
SURPLUS-
3,500,000
money or property in trust or on
deposit from Courts of
Law or Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
MEMBERS OF
New
York
Cotton Exchange
Orleans Cotton Exchange
York Produce Exchange
New York Coffee Exchange
Also acts as Trustee under Mortgages
New
and as Transfer
Agent and Registrar of Stocks and Bonds.
New
Interest Allowed
on
London Commercial Sale Rooms (Coffee E.)
Geo. H. M°Fadden & Bro.,
COTTON MERCHANTS
'
WILLIAM A. GAM WELL, V.-President
HENRY L. SLADER, V.-President
i
JAMES R. HOOPER, President
ARTHUR ADAMS, Vice-President
JOHN H. WELLS, Secretary
JOHN E. WILLIAMS, Asst.
ALEXANDER COCHRANE, Vice-Pres.
FREDERICK P. FISH, Vice-President
PHILADELPHIA
NEW YORK
HENRY B. HAGAN, Asst. Secretary
ERNEST A. HARRIS, Asst. Secretary
GEORGE H.
LADD, Asst. Treasurer
RALPH S.
RAYMOND MERRILL, Asst. Treas.
CHARLES E; NOTT, Asst. Secretary
Officer
Safe Deposit Vault
FREDERIC ZEREGA & CO.,
BOARD OF
Havre Correspondents:
COMMISSION
de
et
Milan Correspondents:
DIRECTORS
667
GWATHMEY &
20-24 EXCHANGE PLACE, NEW YORK
MEMBERS
.
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
Howard O.
Isaac
B. Merriman,
C. Gardiner,
Charles
Sturges,
Alfred
K. Potter,
Walter R.
Hobbs
Arthur Adams
Franklin
Alfred Bowditch
James
J. D. Cameron Bradley
S. Parker Bremer
David P. Kimball
W.
George H. Davenport
Francis W. Fabyan
Frederick P. Fish
Gage
Morris Gray
Herbert M.
Henry
H. Swan,
Rowland Hazard,
Walworth Pierce
Frank H.
Frank
Callender,
Holbrook,
James E. Sullivan,
Benjamin M. Jackson,
Frank W. Matteson,
Robert A. Leeson
Ernest
William L. Hodgman.
Edward
George Wigglesworth, Chairman
Sydney Harwood
REINHART & CO., LTD.
Lyman B. Goff,
Stephen O. Metcalf,
Alexander Cochrane
.McFADDEN & CO., LTD.
Alexandria Correspondents:
Robt. H. I. Goddard,
Henry D. Sharpe,
Pearce,
Herbert J. Wells,
ARTHUR F. THOMAS, Asst. Trust
R. B. GAGE, Manager
CAPRON, Asst. Secretary.
RICHARDS, Asst. Secretary.
Edward D.
ORRIN C. HART, Trust Officer
Liverpool Correspondents:
Secretary
HARRINGTON, Asst. Trust Officer
G. A.
FREDER'K W. ALLEN, Treasurer
EDWARD B
25 Broad St.
.
PRESTON H. GARDNER, V.-P. & Trust Officer
THOMAS H. WEST JR., Vice-President
Deposits Subject to Check.
HENRY N. MARR, Secretary
121 Chestnut St.
d'lMPORTATION
HERBERT J. WELLS, President
HORATIO A. HUNT, Vice-President
OFFICERS
Chicago Board of Trade
SOCIETE
DIRECTORS.
R.
Hooper
William
•
Royal C. Taft,
J. Arthur Atwood,
C. Dart.
<
Lovering
Henry H. Proctor
Edwin M. Richards
Arthur R.
L.
I860
Sears
Sharp
Shattuck
1917
The United States Life
NEW YORK COFFEE EXCHANGE
Insurance Co.
NEW YORK PRODUCE EXCHANGE
CENTRAL
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
City
PHILADELPHIA
BOSTON,
FALL RIVER,
PROVIDENCE.
NEW BEDFORD.
ROBERT
UTICA, N. Y..
WELD & CO..
LIVERPOOL.
CO.
MOORE
TRUST COMPANY
Delmonico Building
125 West Monroe St.,
CHICAGO
Finance Committee.
-
$6,000,000
Surplus & Profits
2,500,000
Capital
-
Deposits
-
-
-
Good men, whether experienced In life insurance
WILLIAM
Cotton Association.
RAY
&.
CO,
not, may make direct contracts with this Com¬
pany,
received
upon
favorable
terms
for
a
limited territory, if desired, and
secure
for themselves. In addition to first year's commis¬
Members New York Cotton Exchange
Asociate Members Liverpool
WILLIAM H. PORTER, Banker.
ED. TOWNSEND, Pres. Imp. & Trad. Nat. Bank
or
Accounts of banks and bankers
MERCHANTS
CLARENCE H. KELSEY, Pres.Title Gu.& Tr Co,
50,000,000
-
56 Beaver Street, New York
COTTON
Issues Guaranteed Contracts*
OF ILLINOIS
JOHN P. MUNN, M. D., PRESIDENT.
MERCHANTS
COTTON
82-92 Beaver Street, New York
IN THE CITY OF NEW YORK
sion
Thoroughly equipped to handle all business
pertaining
to
banking,
and
invites
the
accounts of banks,
corporations, firms and
a
renewal interest insuring an Income for the
future.
Address the Company at its Home Office
,
No. 277
Broadway, New York City.
individuals.
Successors to
GEO.
COPELAND
COTTON
& CO.,
BROKERS.
delivery contracts executed
the New York and Liverpool Cotton Exchanges
Orders for
on
CHARTERED 1853
New York
25-26 Cotton Exchange
future
United States Trust Company of New York
^factors
JAMES TALCOTT, Inc.
Founded 1854
Production
of
Mills
Sales Cashed With
WALL STREET
45-47
Financed
or
Without
Guarantee
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on
New York City
225 FOURTH AVE.
$2,000,000.00
$14,534,092.74
Capital,
Surplus and Undivided Profits,
It holds, manages
deposits.
and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD
WILLIAM
Public Utilities
SHELDON, President
W.
KINGSLEY, Vice President
M.
WILLIAMSON
PELL, Asst. Secretary
,
,
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secretary
"
TRUSTEES
in
growing*
munities
com¬
bought
and financed.
^ffTheir
ities
JOHN
ROCKEFELLER
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
WILLIAM
A.
STEWART,
Chairman of
PAYNE WHITNEY
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM
STEWART TOD
the
Board
OGDEN
MILLS
CORNELIUS
HENRY
N
BLISS JR
W. de FOREST
F»
VINCENT A8TOB
WILLIAM
HOFFMAN
CHARLES
F.
WILLIAM
SLGANJ"
secur¬
offered
to investors.
L. F. DO
FINANCE
Middle
West
Utiiities Co.
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 254
72 West Adam St.
CHICAGO, ILLINOIS
Fourth Avenue
NEW YORK
Established
over
60 Years
[VOL. 105.
THE CHRONICLE
XX
^financial
jftoncial
jfmatufal
6%
C. W. McNEAR & COMPANY
Gold Bond.
MUNICIAPL BONDS
Kentucky & Indiana Term. 4j^s
INVESTMENT SECURITIES
Bruns.-Balke-Coll. 7% pfd. Stk.
Chicago Junction Railroad 4s
Hotel
New Morrisson
Utah Power &
times
Light 7% Pf.Stk.
Chicago
AM ES,
Net^Earnings
3
Light Co. 5s
Chicago.
76 West Monroe St.
of
Pacific Power &
Investment Securities
Bolger, Mosser & Willaman
29 So. La Salic St.,
Chicago
EMERICH&CO,
105 So. La Salle St.
Powell, Garard & Co.
Interest; Charges
CHICAGO
First Nat. Bank Bldg.
MILWAUKEE
'
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
tnd Established Corporations.
Buy and Sell Bonds suitable for investment.
Company
Wollenberger & Co.
Specialists
U. S. Government Bonds
INVESTMENT BANKERS
CAPITAL, $500,000
CHICAGO
134 So. La Salle Street
CHICAGO
NEW YORK
CHICAGO
QOp/
O
208 So. La Salle St*
Of the Banks in
Cr/ONew York City use
NATIONAL
PAPER
SAFETY
George La Monte & Son
Cotton
CHICAGO
Execute Orders for Future Delivery
B the New York, Liverpool and New Orleans
Cotton Exchanges.
Also orders for
COFFEE AND SUGAR
At the New York Coffee Exchange.
7% Pref.
HIGH-GRADE
Members of New York & Boston Stock Exchange?
111 West Monroe Street
CHICAGO
COFFEE EXCHANGE BUILDING
W.G. SOUDERS & COi
SQUARE
INVESTMENT
BONDS
EMERY, PECK & R0CKW00D
NEW YORK
MILWAUKEE
DETROIT
„
GOTTON MERCHANTS
109*412 Continental & Commercial Bank
208 South
Advances Made
on
La
CHICAGO
CHICAGO
Hopkins, Dwight & Co,
COTTON
Bld&
Salle Street
Cotton
Consignments.
BONDS
INVESTMENT
KING, HOAGLAND & CO.
and
Successors to
COTTON-SEED OIL
COMMISSION MERCHANTS
(Established 1863.1
Allerton, Greene & King,
208 S. LaSalie Street,
W.T. HATCH & SONS
CHICAGO, ILL.
Room 52. Cotton Exchange Building,
RAILROAD, MUNICIPAL AND
YORK.
fcBHMAN, STERN & CO., Limited, New Orleans
71
Broadway,
CORPORATION BONDS
List
BROS.
LEHMAN
INVESTMENTS
R. E, Wilsey & Company
PROVISIONS
Hubbard Bros. & Co.
NEW
MASS.
Lehigh Pow. Sec. Corp. 6% Notes
At the Chicago Board of Trade, and
COTTON SEED OIL
At the New York Produce Exchange.
Liberal
BOSTON,
Dubuque Electric Co. 1st 5s
Nebraska Power Co.
COTTON
/
BANKERS
Commonw. Lt. & Pow. Co. 1st 6s
16 to 22 William Street, New York
HANOVER
PRINCE & CO.
H.
F.
Utility Bonds
1856.
COMMISSION MERCHANTS
AND
BANKERS
10$ South La Salle Street
Municipal, Railroad and Public
Henry Hentz & Co.
GRAIN
Building
& TAYLOR
INVESTMENT
Hew York
In
Borland
Successors to
YARD
Established
105 So. La Salle St.
TAYLOR, EWART & CO.
FOR THEIR CHECKS
31 Broadway
120 Broadway
on
•
NEW
Application.
New York
-
MEMBERS OF
YORK
STOCK
EXCHANGE
Nos. 16-22 William Street, New York.
Devitt, Tremble & Co. Inc.
Members of the Stock, Cotton, Coffee
and Produce Exchanges,
New
York.
DominicK & DominicK
on the above Exchanges, as well
In New Orleans, Chicago and foreign markets.
Orders executed
as
INVESTMENT BONDS
FIRST
27
RICHMOND, VIRGINIA
Capital and Surplus,
-
Established 1870
115 BROADWAY
BANK
NATIONAL
PINE STREET
NEW YORK
$3,000,000
John M. Miller Jr., President
Members New York Stock
CHICAGO
W. M. Addison, Vice Pres. & Cashier
Exchange.
DETROIT
PHILADELPHIA
Chas. R. Burnett, Vice Pres.
Dealers in
INVESTMENT SECURITIES
Correspondence IittUed
Consolidated Gas
Co. of
N. Y.
6% Conv. Debs.
Due Feb.
1,
Elston & Company
1920
GAS AND ELECTRIC BONDS
SEAS0NG00D, HAAS&MACDONALD
Members New York Stock Exchange
60 Broadway
•
New York
St. Louis
Philadelphia
39 South
La
Milwaukee
Salle Street
CHICAGO
Municipal Bonds
Send for
MUNICIPAL
our
List of "Tax secured" Bonds
Yielding 4.10% to 6%
THE HANCHETT BOND CO.
39 South La Salle Street
CHICAGO
@FedFRASER