The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
finattrial
IV
o m m e rria
I N C L U D I N G
B a n k &: Q u o t a t i o n
S e c tio n
R a ilw a y &
R a ilw a y
S e c tio n
B a n k e rs ’ C o n v e n tio n
E a r n in g s
VOL. 107
3
I n d u s tr ia l S e c tio n
S e c tio n
Pre
1. Twelve Months (52 times)........................... 87
Chicago Office—39 South La Sallo Street, Telepliono Majestic7396.
L ondon Officf,—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r * ,
F ro n t. P in e and D cp e y s te r S ts., N ew Y o r k .
00
P u b lis h e d e v e r y S a t u r d a y m o r n in g b y W I L L I A M
B. D A N A C O M P A N Y .
J a c o b S e ib e r t J r . , P r e s id e n t a n d T r e a s u r e r ; A r n o l d Q . D a n a , V l c o - P r c s l d e n t a n d
S e c r e ta r y . A d d re s s e s o t b o t h , O lt lc e o f th e C o m p a n y .
CLEARING HOUSE RETURNS.
T h e fo llo w in g t a b le , m a d e u p b y te le g r a p h , & c . , In d ic a te s t h a t th e t o t a l b a n k
c le a rin g s o f a l l th e c le a rin g h o u se s o f th e U n i t e d S ta te s f o r th e w e e k e n d in g t o - d a y
h a v e be e n $ 0 ,1 5 0 ,8 2 6 ,1 3 7 , a g a in s t $ 7 ,4 2 7 ,1 1 0 ,1 8 4 la s t w e o k a n d $ 5 ,5 0 0 ,6 8 4 ,1 5 8
th e c o rr e s p o n d in g w e e k la s t y e a r .
Clearings— Returns by Telegraph.
Week ending Noo. 3 0 .
New York____
Chicago______
Philadelphia -
Boston_______
Kansas City—
St. Louis-------San Franclsco.
Plttsburgh-----Detroit..............
1918.
1917.
Per
Cent.
$ 2 ,5 3 3 ,4 1 8 ,1 1 2
3 7 8 ,3 4 2 ,9 0 4
2 8 8 ,3 2 8 ,1 7 1
2 2 8 ,1 2 7 ,9 4 0
1 4 3 ,8 0 2 ,5 7 8
$ 2 ,2 4 1 ,0 1 5 ,1 5 9
3 3 0 ,5 9 8 ,0 3 3
2 3 2 ,9 2 1 ,2 1 5
1 8 0 ,9 3 9 ,7 3 2
1 1 4 ,4 5 0 ,9 8 2
1 1 2 ,8 4 0 ,2 8 8
6 9 ,7 2 0 ,0 2 4
5 3 ,9 0 3 ,0 0 0
3 0 ,7 3 0 ,4 5 3
3 0 ,5 9 3 ,5 9 2
4 8 ,0 8 0 ,2 8 9
+ 1 3 .0
+ 1 2 .4
+ 2 3 .8
+ 2 6 .1
— 0 .5
+ 0 .3
+ 3 8 .0
+ 8 4 .5
+ 3 1 .3
+ 8 1 .7
+ 3 .7
$ 3 ,4 8 8 ,4 7 7 ,4 2 7
8 2 0 ,3 8 8 ,9 4 1 '
+ 1 5 .4
*120.000,000
0 1 ,1 9 7 ,8 0 2
9 9 ,5 7 3 ,0 5 0
4 8 ,2 1 2 ,3 0 2
5 5 ,5 8 0 ,4 2 8
4 0 ,8 0 8 ,9 8 5
Baltimore____
Now Orleans..
E le v e n c it i e s , f i v e d a y s .
O t h e r c it i e s , f i v e d a y s _____
T o t a l a ll c it i e s f i v e d a y s .
A l l c it i e s , o n e d a y ------------------T o t a l a ll c it i e s f o r w e e k .
5 4 ,0 3 6 ,4 6 2 ,0 2 2
8 3 5 ,4 1 5 ,2 0 8
+
1.8
$ 4 ,8 7 1 ,8 7 7 ,2 3 0
1 ,2 7 8 ,9 1 8 ,9 0 7
$ 4 ,3 0 8 ,8 6 6 ,3 6 8
1 ,1 9 1 ,8 1 7 ,7 9 0
+ 1 3 .1
+ 7 .3
$ 0 ,1 5 0 ,8 2 0 ,1 3 7
8 5 ,5 0 0 ,0 8 4 ,1 5 8
+
11.8
* P a r t ly e s t im a t e d .
T h e f u ll d e t a ils f o r t h e w e e k c o v e r e d b y t h e a b o v o w il l b o g i v e n n e x t S a t u r d a y ,
W o c a n n o t fu r n is h t h e m t o - d a y , c le a r i n g s b e in g m a d e u p b y t h e c le a r i n g h o u s e s
a t n o o n o n S a t u r d a y , a n d h e n c e In t h e a b o v o t h e la s t d a y o f t h o w e e k h a s t o b e 1
a ll c a s e s e s t im a t e J , a s w e g o t o p r e s s F r id a y n i g h t .
D e t a il e d fig u r e s f o r t h e w e e k e n d in g N o v . 23 s h o w
Week ending November 2 3 .
Clearings al-
Now York___. . . 3 ,0 0 5 ,4 2 0 ,0 4 8 3 ,4 7 0 ,1 8 3 ,7 2 1
Philadelphia____
4 7 8 ,3 2 1 ,3 7 5
3 0 7 ,0 2 3 ,2 6 1
1 5 8 ,1 2 2 ,0 4 3
Pittsburgh---------9 1 ,6 2 7 ,0 9 0
8 4 , 5 8 1 ,5 4 5
Baltimore......... 4 0 ,0 3 6 ,5 7 7
2 5 ,8 1 0 ,5 8 6
Buffalo--------------2 2 ,2 0 3 ,7 3 7
4 .8 0 0 .0 0 0
Albany............—
4 ,0 8 3 ,3 8 7
1 7 ,8 1 0 ,9 5 1
Washington-------1 1 ,2 6 9 ,1 9 7
8 ,7 9 0 ,9 2 4
Rochester______
0 ,0 2 3 ,6 0 1
4 ,2 1 1 ,5 9 2
Scranton_______
3 ,6 0 8 ,9 3 4
5 , 1 9 3 ,8 7 0
Syracuse _______
4 ,3 0 5 ,5 5 1
2 ,4 1 8 ,2 0 1
Reading________
2 ,3 9 7 ,3 3 7
3 ,2 7 0 ,0 4 0
3 ,1 6 6 ,9 9 4
Wilmington_____
2 .100.000
2 ,1 2 9 ,2 4 1
Wilkes-Barre____
4 ,4 6 1 ,0 6 6
4 ,4 7 0 ,9 9 8
Wheeling_______
3 ,2 4 0 ,7 9 1
2 ,8 3 2 ,4 8 3
Trenton_________
1 ,1 0 7 ,0 8 4
1 ,5 2 1 ,1 4 9
York......................
2 ,2 2 0 ,1 2 4
1 ,8 1 5 ,2 2 0
E rlo......................
9 0 0 ,0 0 0
9 0 5 ,4 2 1
Oreensburg_____
1 ,6 8 1 ,7 8 4
1 ,2 4 3 ,5 9 5
Chester________
8 4 0 ,3 0 0
9 5 5 ,8 0 0
Binghamton____
9 2 9 ,5 4 4
5 8 0 ,0 0 0
Altoona________
2 ,4 3 4 ,3 7 2
2 ,1 4 5 ,2 9 1
Lancaster______
4 0 1 ,5 0 3
4 3 6 ,2 8 7
M ontclair______
Total Middle. 4 ,7 1 9 ,2 1 5 ,3 0 3 4 ,0 5 8 ,8 9 4 ,9 4 4
To
w Eng
Inc. or
D ec.
1916.
%
$
+
+
+
+
+
+
+
+
+
1 2 .3 4 ,3 0 4 9 0 2 ,8 5 0
3 0 .3
3 0 7 1 8 3 ,9 7 2
7 2 .0
8 7 0 8 4 ,6 3 1
8 1 .4
4 7 1 6 2 ,7 4 2
1 5 .9
17 1 7 9 ,2 0 4
2 5 .0
5 1 1 2 ,1 2 8
5 8 .0
10 2 0 0 ,5 0 5
3 2 .8
6 3 9 3 ,1 8 3
1 4 .8
3 2 6 3 ,4 3 1
+ 20.0
3 5 1 3 ,3 7 2
+ 0 .9
2 1 0 2 ,1 0 5
+ 3 .3
2 4 9 4 ,7 3 3
— 1.4
2 ,1 4 3 ,7 8 3
— 0 .1
4 ,1 8 1 ,9 0 1
+ 1 4 .7
2 ,3 0 0 ,1 3 0
— 2 3 .3
0 6 8 ,1 0 8
+ 2 2 .3
1 ,0 8 2 ,8 0 2
— 0 .0
0 1 5 ,1 5 1
+ 3 5 .2
1 ,4 5 4 ,0 9 0
— 12.1
7 8 9 ,0 0 0
+ 6 0 .3
0 1 4 ,2 6 5
+ 1 3 .5
1 ,7 1 0 ,9 7 7
+ 5 .8
5 1 1 ,2 0 7
$
,1 1 2 ,5 2 4 ,9 9 1
1 7 6 ,1 0 1 ,2 2 2
5 4 ,1 0 7 ,8 0 1
3 4 ,3 5 0 ,9 1 5
1 0 ,6 7 0 ,4 8 8
4 ,7 0 5 ,4 5 6
7 ,3 2 7 ,8 2 0
4 ,0 4 4 ,5 8 2
2 ,5 7 4 ,3 3 8
2 ,4 7 0 ,7 4 1
1 ,7 0 7 ,9 8 0
1 ,9 4 1 ,5 3 9
1 ,4 3 3 ,7 0 8
2 ,4 1 2 ,4 2 1
1 ,8 9 6 ,6 2 8
8 5 2 ,1 7 5
9 7 5 ,8 3 0
3 8 7 ,4 5 5
7 9 5 ,8 2 3
6 1 0 ,0 0 0
4 4 5 ,9 0 4
1 ,3 0 6 ,8 5 0
3 5 8 ,0 5 4
+ 1 0 .3 4 ,8 1 3 ,6 3 0 ,9 9 0 2 ,4 2 4 ,1 7 8 ,9 0 7
3 7 3 ,4 5 0 ,3 7 9
1 3 ,0 8 8 ,2 0 0
7 ,9 9 8 ,4 8 4
5 ,2 2 9 ,9 2 0
3 .4 0 0 .0 0 0
2 .7 0 0 .0 0 0
4 ,2 8 3 ,0 3 8
2 ,4 0 0 ,5 1 2
2 ,3 0 4 ,7 0 3
1 ,2 9 3 ,4 8 1
7 0 0 ,0 0 0
6 9 9 ,5 0 9
2 8 0 ,7 2 7 ,0 1 8
1 2 ,3 0 4 ,4 0 0
0 ,5 7 5 ,5 9 9
4 ,4 0 8 ,4 3 9
3 ,6 8 4 ,1 0 8
3 ,4 9 8 ,1 4 0
3 ,4 7 0 ,1 7 7
2 ,3 8 0 ,4 2 3
1 ,2 8 3 ,3 0 4
7 8 4 ,5 2 0
7 3 2 ,8 9 0
: — 4 ,5
0 0 0 ,000
1 5 7 ,2 1 8 ,7 4 8
7 ,0 5 5 ,2 0 0
6 ,2 3 1 ,9 4 8
2 ,9 1 9 ,4 8 8
2 .8 7 7 .0 0 0
1 .7 7 5 .0 0 0
2 ,0 2 0 ,8 5 5
1 ,4 2 8 ,3 4 5
1 ,2 7 7 ,9 0 4
0 9 4 ,1 9 7
0 4 3 ,5 0 8
3 4 3 ,9 5 8
4 1 7 ,0 1 4 ,2 9 2
3 2 8 ,5 8 4 ,7 4 4
+ 2 7 .1
2 8 5 ,1 8 7 ,8 2 2
1 8 4 ,9 8 6 ,2 1 1
2 ,000 ,000
+ 3 0 .2
+ 5 .9
+ 21 .6
+ 1 7 .0
— 7 .7
+ 3 .8
+ 2 2 .4
— 3 1 .0
— 1.0
+ 0 .8
- “10.8
Note.—For Canadian cloarlngs see "Com
mercial
C ity
S e c tio n
NO. 2788
Clearings al—
(8 t i m e s ) .................................................... 2 2 0 0
(( 1236 ttlme8)'
i m e s ) ....................................................
.......................... 62 09 00 00
C T w o M o n th s
S
t a n d i n g Business
B u s i n e s s Cards
C a r d s /<gix
T h r eMonths
e M o n th s
Standing
W o r c e s t e r ________
F a l l R i v e r ________
N o w B e d f o r d ___
L o w e l l ____________
H o l y o k e __________
B a n g o r ____________
and
Week ending November 2 3 .
< & h xom d z.
T e rm s o f A d v e r tis in g — P e r In c h S p a c e
Transient matter per inch space (Id agate lines)................................... $d 20
Portland______
S ta te
SA T U R D A Y, N O VEM BER 30 1918
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Year............................................................................................*10 00
Chicago_____
For Six Months........................................................................................ 6 00
Cincinnati___
European Subscription (including postage).......................................... 1 3 00
Cleveland___
European Subscription six months (including postage)...................... 7 60
Detroit______
Annual Subscription in London (including postage)............................£ 2 14 s. Milwaukee . .
Six Months Subscription in London (including postage)...............................£1 11s.
Indianapolis____
Canadian Subscription (including postage)..........................................$ 1 1 60
Columbus___
Toledo______
Subscription includes following Supplements—
B ank and Quotation (monthly) |R ailway and I ndustrial (3 times yearly) Peoria______
Grand Rapids___
R ailway E arnings (monthly)
E lectric R ailway (3 times yearly)
D ayton _____
S tate and city (semi-annually) |B ankers’ Convention (yearly)
B o s t o n _________
P r o v i d e n c e ___
H a r t f o r d ...........
N e w H a v e n ___
S p r i n g f i e l d ___
E le c t r ic R a ilw a y S e c tio n
2 4 2 ,8 3 8 ,0 4 7
9 ,9 2 6 ,7 0 0
1 0 ,0 1 3 ,9 1 8
5 ,1 4 1 ,4 0 0
3 ,9 5 0 ,1 4 0
2 ,3 5 5 ,7 7 0
4 ,0 3 0 ,4 1 2
2 ,3 5 0 ,7 5 1
1 ,9 3 2 ,2 9 2
9 8 7 ,9 9 0
1 ,0 1 7 ,7 2 1
and Miscellaneous Nows."
Evansville___
Springfield, 111..
Fort W ayn e____
Akron_______
Lexington___
Youngstown____
Rockford_______
Canton______
Quincy______
Springfield, Ohio.
South B end..
Bloomington____
Mansfield___
Decatur_____
Danville_____
L im a _______
Lansing________
Jacksonville, 111.
Ann Arbor______
Adrian__________
Owensboro_____
Tot.Mld.West.
San Francisco___
Los Angeles..
Seattle_______
Portland____
Spokane_____
Salt Lake C lty.t
Tacoma_________
Oakland________
Sacramento_____
San Diego______
Fresno__________
Stockton _______
Pasadena_______
San Jose________
Yakima________
R e n o ___________
Long Beach_____
Total Pacific..
1918.
1917.
Inc. or
D ec.
$
$
%
5 0 8 ,7 7 6 ,7 1 7
0 4 ,6 9 8 ,5 4 0
9 7 ,2 8 1 ,7 1 0
8 7 ,0 8 1 ,7 4 7
3 2 ,0 6 3 ,6 5 1
l S ,6 4 7 ,0 0 0
1 1 ,5 8 3 ,0 0 0
1 3 ,9 0 9 ,3 9 8
4 .0 0 0 . 0 0 0
5 ,9 4 7 ,1 7 8
4 ,3 4 0 ,6 8 2
4 ,0 3 3 ,0 4 9
1 ,8 9 4 ,4 8 2
1 ,1 8 8 ,5 8 8
7 ,4 6 7 ,0 0 0
4 9 2 ,5 0 4 ,0 0 2
4 1 ,0 7 8 ,4 4 6
8 8 ,6 9 1 ,0 9 2
5 5 ,5 2 0 ,5 0 0
2 0 ,7 2 0 ,8 9 8
1 3 ,3 3 1 ,0 0 0
9 ,2 1 7 ,1 0 0
1 0 ,8 6 6 ,8 8 1
3 .8 5 0 .0 0 0
4 ,7 5 9 ,9 7 1
3 ,5 9 2 ,8 0 7
2 ,9 5 1 ,8 2 0
1 ,6 7 9 ,3 7 8
1 ,3 5 5 ,4 7 4
5 .8 7 8 .0 0 0
1 ,0 7 0 ,7 9 4
3 ,1 8 8 ,5 8 4
2 ,0 8 6 ,3 3 8
2 .4 0 0 .0 0 0
1 .2 8 0 .0 0 0
1 ,0 7 0 ,7 0 9
1 ,1 3 4 ,6 6 4
1 ,1 1 7 ,4 1 8
1 ,0 2 2 ,4 2 6
6 9 9 ,7 2 9
+ 15.5
+ 57.5
+ 9.7
+ 56.9
+ 2 0 .0
+ 23.7
+ 25.7
+ 2 8 .0
+ 3.9
+ 25 .0
+ 20.8
+ 36.7
+ 12.8
— 12.3
+ 27.0
— 6 .6
+ 0.5
— 2.1
— 16.7
— 3.0
+ 4 .2
+ 8.1
+ 3.1
1916.
7 5 8 ,2 1 5
1 ,0 6 8 ,3 1 4
4 7 7 ,8 1 4
2 7 2 ,2 7 4
1 2 9 ,7 3 6
0 1 6 ,6 2 8
+ 3 5 .9
— 3.3
+ 23.1
+ 9.2
+ 13.0
+ 10.5
— 3.5
+ 57.6
4 0 3 ,0 5 2 ,1 9 7
3 6 ,5 7 4 ,0 3 2
6 3 ,0 2 5 ,0 0 9
5 4 ,2 4 4 ,1 0 2
2 3 ,9 2 0 ,5 1 5
1 2 ,3 7 1 ,4 6 3
9 ,4 3 9 ,1 0 0
1 0 ,6 9 3 ,0 9 5
5 .3 0 0 .0 0 0
5 ,0 5 7 ,3 5 0
3 ,4 2 0 ,1 4 6
2 ,5 4 1 ,8 7 6
1 ,5 0 1 ,2 7 3
1 ,5 3 5 ,7 2 3
4 .9 1 8 .0 0 0
6 2 2 ,4 2 1
3 ,3 2 0 ,0 8 8
1 ,4 1 5 ,7 2 0
2 ,7 5 3 ,9 4 3
1 ,0 5 0 ,2 3 6
9 0 1 ,4 8 0
8 9 0 ,2 3 5
8 5 5 ,3 5 7
7 8 3 ,6 8 6
7 5 0 ,9 7 7
5 5 3 ,9 1 8
7 0 0 ,9 3 8
1 ,2 2 2 ,9 4 5
3 9 8 ,2 3 1
3 2 7 ,5 5 3
9 1 ,9 0 8
3 9 2 ,8 7 6
2 9 7 ,0 9 2 ,7 0 3
2 6 ,1 8 9 ,5 5 0
2 9 ,3 2 5 ,5 3 3
2 8 ,7 0 0 ,6 0 8
1 + 0 4 7 ,5 1 2
8 ,3 9 5 , 2 8 7
6 .9 2 3 . 0 0 0
5 ,8 8 5 ,6 4 7
3 ,1 0 6 , 7 3 5
2 .7 9 5 , 7 2 3
1 ,9 9 9 ,4 2 3
1 ,5 2 8 ,8 4 3
9 2 1 ,1 6 8
1 ,0 9 6 ,7 9 6
2 .3 7 6 . 0 0 0
7 3 6 ,5 2 1
1 ,5 1 4 ,3 6 8
9 4 2 ,8 5 8
1 ,7 4 7 ,2 7 1
6 7 7 ,7 8 2
7 5 2 ,0 6 7
6 4 6 ,4 0 9
5 3 4 ,2 0 0
4 8 0 ,4 0 2
4 1 2 ,8 1 4
4 1 1 ,5 8 5
4 4 0 ,0 0 0
6 7 8 ,7 0 8
2 1 6 ,7 2 7
2 4 9 ,0 3 7
5 4 ,3 6 3
2 4 9 ,1 0 3
9 3 7 ,5 6 1 ,7 5 2
7 8 1 ,0 5 7 ,6 7 2
+ 2 0 .0
7 1 5 ,2 2 6 ,3 9 3
4 4 0 ,8 2 8 ,9 2 3
1 3 6 ,8 3 0 ,3 7 5
3 3 .7 8 0 ,0 0 0
4 5 ,2 8 5 ,3 2 3
3 4 ,7 6 0 ,2 2 4
9 ,0 9 8 ,5 6 4
1 9 ,2 8 9 ,5 1 9
5 .5 0 0 .0 0 0
8 ,2 0 3 ,8 0 1
4 ,8 8 0 ,7 1 3
2 ,0 7 6 ,7 0 0
3 .5 0 0 .0 0 0
2 ,2 9 2 ,0 4 6
9 7 3 ,6 9 0
1 ,0 5 8 ,3 5 6
1 .3 9 7 .0 0 0
7 0 3 ,5 6 9
1 ,0 5 6 ,4 9 7
1 2 5 ,3 1 0 ,1 1 7
2 9 ,5 9 4 ,0 0 0
2 6 ,9 7 5 ,4 0 2
2 1 ,7 8 7 ,2 8 2
8 ,7 5 3 ,7 2 1
1 9 ,7 8 0 ,1 3 6
3 ,8 2 0 ,2 6 9
5 ,6 2 4 ,1 1 0
4 ,5 2 6 ,4 6 0
2 ,3 2 1 ,5 3 4
3 ,7 4 0 ,9 0 2
2 ,2 8 8 ,8 3 7
9 4 5 ,2 6 1
1 ,6 6 3 ,5 9 9
1 ,0 0 3 ,3 2 8
5 0 0 ,0 0 0
7 9 3 ,9 8 7
+ 9 .2
+ 1 3 .8
+ 6 7 .9
+ 5 9 .5
+ 3 .8
— 2 .5
+ 1 7 .4
+ 4 5 .9
+ 7 .8
+ 3 .0
— 3 6 .4
+ 3 9 .3
+ 4 0 .7
+ 3 3 .1
8 1 ,2 3 3 ,1 5 8
2 8 ,3 7 3 ,0 0 0
2 0 ,0 7 4 ,5 0 1
1 6 ,3 0 1 ,0 6 1
0 ,4 7 4 ,8 6 1
1 6 ,3 3 0 ,4 3 5
2 ,3 9 4 ,2 4 7
4 ,5 3 2 ,1 2 1
3 ,1 2 4 ,0 9 5
2 ,2 0 2 ,3 6 7
2 ,7 9 3 ,4 1 3
1 ,9 0 2 ,1 7 9
9 9 7 ,6 7 0
1 ,1 4 6 ,7 5 8
7 3 7 ,4 8 0
4 7 0 ,5 2 2
6 1 7 ,6 6 7
5 2 ,7 6 0 ,5 6 0
1 8 ,9 2 0 ,8 2 4
1 0 ,7 6 8 ,8 7 8
9 ,0 3 5 ,1 2 0
3 ,4 5 0 ,1 6 6
8 ,0 2 3 , 7 0 5
1 .6 5 6 .6 7 6
3 ,1 2 4 , 6 3 8
1 .8 1 6 .6 7 7
1 ,5 5 3 ,9 9 0
1 ,8 3 8 ,0 2 8
9 8 1 ,8 0 1
8 4 0 ,4 3 8
7 5 0 .0 0 0
4 5 0 .0 0 0
2 5 0 ,9 4 0
4 4 9 ,0 9 4
3 1 0 ,0 8 6 ,3 7 7
2 5 9 ,4 4 1 ,0 3 5
+ 1 9 .8
1 8 9 ,7 0 5 ,5 3 5
1 1 6 ,6 7 1 ,5 3 5
1 .0 0 0 .000
3 ,2 0 5 ,3 4 1
2 ,0 4 3 ,7 3 3
2 ,0 0 0 ,000
1 ,2 4 1 ,7 9 4
1 ,1 1 5 ,2 2 2
1 ,2 2 6 ,8 7 2
1 ,1 5 2 ,2 3 0
1 ,1 2 0 ,9 7 6
9 5 0 .8 7 0
5 8 0 ,0 0 0
9 3 3 ,5 0 4
1 ,1 6 6 ,0 3 4
5 3 9 .8 7 0
3 1 5 ,9 3 0
8 5 ,0 0 0
9 7 1 ,6 2 8
000 ,000
+ 9.6
— 10.0
— 6 .5
+ 0.1
Kansas City____
Minneapolis____
Omaha__________
St. Paul______ _
Denver__________
Duluth__________
St. Joseph______
Des Moines_____
Sioux City______
Wichita................
Topeka________
Lincoln ________
Davenport______
Cedar Rapids___
Fargo....................
Colorado Springs
Pueblo__________
Fremont_______
Hastings_______
Aberdeen_______
Waterloo_______
Helena__________
Billings________
Tot.otherWest
St. Louis_______
New Orleans____
Louisville_______
Houston________
Galveston]______
Memphis_______
Fort Worth_____
Richmond______
Atlanta________
Savannah ______
Nashville_______
Norfolk_________
Birmingham____
Augusta------------Jacksonville____
Knoxville_______
Little Rock_____
Chattanooga____
Charleston______
Mobile..................
Oklahoma______
Macon__________
Austin__________
Vicksburg
Jackson . .
Muskogee______
Tulsa'.
Dallas
Shreveport___
Total Southern
Total all______
' Outside N: Y- 3,521,090
392,465,822 1,462,770J80
2028
THE CHRONICLE
[Von. 107.
the $19,412,000,000 appropriated at the first or extra
session of the same Congress, makes a total of over
$55,000,000,000. These figures are so vast that it
IN DECEM BER.
is
hardly possible for the mind to grasp them. Some
In order, to get more complete returns, we have
deferred the issuance of Part 2 of our State and conception, however, of the magnitude of the task
City Section until the coming month. It will ap assumed may be gained by recalling that this
$55,000,000,000 equals nearly one-third of the esti
pear D ec. 21. ______________________
J
mated wealth of the country at the time of the
T H E R E T I R E M E N T O F M R . M cA J IQ q /
census in 1912 which was $187,739,071,090.
It is our judgment that in the retirement of Sec
With these figures before him, the reader will see
retary of the Treasury William G. M cAdoo the that we are not exaggerating when we say that no
country loses the ablest finance Minister it has ever other Finance Minister has ever been confronted
had. W e think it would be entirely safe to go further with such an Herculean financial undertaking. As
and say that in modern times no country has had events have shown, M r. M cAodo was equal to the
the good fortune to have an abler man in charge of requirements. The money had to be raised in part
its exchequer.
by taxation, in yet larger part by the floating of new
Whatever other functions the chief financial officer loans— in unheard-of amounts in both instances. Only
of a great government may be supposed to have, that a man of resolute will and inflexible purpose was
of keeping the Treasury in easy condition certainly fitted to grapple with the problem, and of course an
ranks foremost. Judged by that standard, Mr. intelligent understanding and a comprehensive grasp
Wilson’s Secretary of the Treasury met the require of it was likewise necessary. Of course also executive
ments with signal success. The moment the United ability of the highest order was an indispensable pre
States entered as an active participant in the world requisite. M r. M cAdoo had all these qualifications.
war, such a task in raising money on a huge scale He was pre-eminently the man of the hour, towering
was imposed upon the Secretary of the Treasury head and shoulders, for conspicuous ability in these
as has never before, it can be truthfully affirmed, respects, above every other member of the Cabinet.
fallen to the lot of any other man. Neither Great As upon so many other occasions in the country’s
Britain nor France nor Germany was called upon to history, the right man was in the right place.
At such a juncture the timid, the hesitating, man
raise so much money in so short a time.
Having entered the war, the United States at once would have done incalculable harm— might have
threw its entire resources into the balance. A wrecked the war and brought defeat instead of suc
program was mapped out for employing these re cess. But, fortunately for the country, M r. M cAdoo
sources (which it is our good fortune to possess on a has no such inherent defects. He acted instantly.
greater scale than any other country) without stint He would not brook delay of any kind. What is
and without limit— not alone our man power but more, he had foresight and from the first made sure
our physical possessions as well, latent and actual, of having the enormous sums of cash required, in
including, if need be, all our savings and accumulated hand, well in advance of the needs. His capacity
wealth. We provided for the raising of an army of for quick action had been first demonstrated
huge size within a very short space of time and for at the time of the outbreak of the war in August
sending this army 3,000 miles across the seas, which 1914. The situation then required instant resort to
task was so well fulfilled that, at the time of the the emergency provisions of the Aldrich-Vreeland
signing of the armistice on N ov. 11— only a little law in the issuance of bank note currency. M r. M c
over a year and a half after the declaration of war Adoo without hesitation put the machinery in mo
against Germany on April 6 1917— we had over tion which prevented what might otherwise have
2.000. 000 fighting men on the soil of France with developed into a panic. The same qualities were
2.000. 000 men more in training camps in this coun now to serve him and the country in still higher de
try. We provided for equipping these men with gree. He insisted from the first that one-third of
all the military essentials. At the same time we the cost of the war must be raised by taxation, and
laid down a ship building program absolutely without he had his way. That was another one of his attri
parallel and engaged in various other undertakings, butes, namely that he had not only the ability
all forming indipensable links in the general scheme to see the burdens ahead but to make others see
and requiring expenditures of billions upon billions them and acquiesce in the means adopted for taking
of dollars. Besides this we arranged to feed our care of them. The citizen accepted the tax proposals
European associates in the war, and in effect also out of patriotic motives because Mr. M cAdoo made
to finance their needs— at least their needs in making it so plain that, however burdensome, they were
purchases in this country. This last we did by ex imperative to the successful conduct of the war.
tending credits to them, and as illustrating the mag Congressional committees might demur to minor
nitude of this latter task it is only necessary to say details or to certain features of his plans, but the
that up to date our loans to the Allies have aggregated plans themselves went through in all their essential
parts.
no less than $8,184,576,666.
In the matter of borrowing money by floating
All of this involved outlays of a prodigious char
acter. Large though the expenditures of the bel loans, he again displayed perspicacity of the first
ligerent countries of Europe have been, none ap order. The issuance of certificates of indebtedness,
proached ours in extent. Where previously we had which are obligations of a temporary character, as a
been dealing with millions it was now necessary preliminary to and for the purpose of paving the way
to provide billions. The magnitude of the financial for loans in permanent form, one after another,
requ rements can be judged from the fact that the was a new development in American finance, and
appropriations passed at the session of Congress was used by M r. M cAdoo with a master hand.
which terminated on Thursday of last week (N ov. The permanent loans followed each other in quick
21) aggregated $36,298,000,000 which added to succession and one and all proved a great success.
S T A T E A N D C I T Y S U P P L E M E N T TO B E IS S U E D
N ov. 30 1918.]
THE CHRONICLE
The first consisting of 82,000,000,000 of 15-30 year
334s was quickly and heavily oversubscribed,
though the oversubscription was not accepted.
The Second Liberty Loan came only a few months
later and consisted of 4s, the offering being $3,000,
000,000 but with provision in this case that 50%
of oversubscriptions should be accepted; $3,808,
766,150 were placed on this occasion. The Third
Liberty Loan came in the spring of the present year
with the rate of interest 434% . Subscriptions
reached $4,176,516,850 and were all accepted. A
chief incident in connection with this loan was that
the bonds of the Second Liberty Loan bearing 4%
interest but exchangeable into the bonds of the
Third Liberty Loan bearing 434% during the whole
of the campaign for the latter were selling several
points below par, and the Third Liberty Loan bonds
themselves, when dealings on the Stock Exchange
began, on M ay 10 1918,openedno higherthan 99.10.
The Fourth Liberty Loan came in October 1918,
and, despite the fact that the rate of interest was
again fixed at 434% , and notwithstanding the Third
Liberty 434s were selling below par, the aggregate of
the subscriptions, all of which were accepted, reached
no less than $6,989,047,000. These bonds, when
dealings began, opened at 98, and the market was
held at that figure until the present week, when the
attempt to maintain a fixed price was abandoned
and the quotation dropped to below 97, the closing
figure yesterday being 96.96. The unbounded con
fidence entertaned by the Secretary of the Treasury
in himself and in the country, and by the country in
the Secretary, is well illustrated by these huge sub
scriptions for bonds at par which from the moment
of their issuance sold at a heavy discount. Any
other man would have yielded to persuasion and
raised the rate of interest to a higher figure, as he
was urged to do, rather than risk the possibility of
partial or total failure of the loan. Failure, however,
is impossible to a man of the commanding genius
of Mr. M cAdoo.
It should be added that $879,000,000 has also
been obtained through War Savings Stamps. Alto
gether, therefore, through the four Liberty Loans and
the War Savings Stamps, $17,852,000,000 in popular
loans has been raised by the nation during the nine
teen months since the declaration of war against
Germany. It must be admitted that this is a
wonderful achievement, especially as in addition
further extraordinary amounts had to be raised by
taxation. Through the skilful handling of the
finances by the Secretary of the Treasury in these
ways, the Government during the whole of the period
since the nation’s entry into the war has at no time
been short of cash, and has never had the slightest
occasion for feeling any concern about raising all the
money needed, whatever the amount. It would, in
deed, be difficult to find a flaw in the Secretary’s
handling of the financial operations of the Treasury
Department. The President in accepting Mr. M cAdoo’s resignation did not exaggerate a bit when he
declared that the country had “ never had an abler,
a more resourceful and yet prudent, a more uni
formly efficient Secretary of the Treasury.” M r.
Wilson was stating the literal truth when he paid
this just tribute to Mr. M cA doo’s management of
the Treasury Department.
We are not able to take the same view of M r. M c
Adoo’s conduct as Director-General of the Railroads.
The freight congestion of the railroads which de
2029
veloped towards the close of 1917, so that these iron
highways were no longer able to fulfill adequately
their functions as public carriers, was in large part
the fault of Government itself in having insisted
upon priority orders for all its goods and shipments,
as well as for the shipments of those who were doing
work or furnishing supplies of any kind for the Gov
ernment. The intense cold which came at the same
time served merely to intensify the situation. The
Government having taken over control of the rail
roads, M r. M cA doo’s wonderful executive ability and
intimate grasp of affairs indicated him beyond every
one else as the one man who could most speedily
bring order out of chaos. He did not disappoint
expectations in that regard. The carriers had long
been in need of moderate advances in traffic rates
to overcome the rising cost of operations, but the
Inter-State Commerce Commission had stood in
the way.
M r. M cAdoo being now virtually dictator over the
roads, and recognizing the imperative necessity of
better rates, proceeded with his accustomed energy
to put the higher rates into effect, brushing aside
the Inter-State Commerce Commission with its
narrow views and small prejudices. But the rate
advances he decreed were not in any sense moderate
ones. By a stroke of the pen he pushed up rates
in prodigious fashion. His own act in having first
granted tremendous advances in wages had created
the necessity for the great increases in railroad rates
referred to.
By the general advance in wages, which the
Director-General announced in June, $475,000,000
was added to the annual pay-roll of the railroads.
But since then other and still further advances have
been proclaimed, one class of employees after
another being taken up, in not a few instances without
even a request to that effect having come from the
employees affected. The total addition to date, we
should judge, must reach $700,000,000 per year or
over, and the movement is still going on, the latest
increase being that of certain station agents where
the Director-General has followed a favorite prac
tice of fixing first a minimum wage and then adding
a large amount to that, the minimum in this instance
being put at $70 and the further addition at $25.
These must all be regarded as unnecessary and
unwise moves, however pleasing they may be to
the employees benefited. The June addition of
$475,000,000 should have been altogether avoided.
The locomotive engineers and the other train hands
affected had had two previous large advances and
were in receipt of very good pay as it was. It is
true they threatened to tie up the railroads from
one end of the country to the other if their demands
for further increases were not granted, but public
sentiment would not have tolerated such action for
an instant, and they ought to have been told that
if they made the attempt they would have to take
the consequences and be conscripted for military duty.
The result therefore is that the railroads have
been saddled with heavy payrolls and it will be a
most difficult task to reduce the burden. If there
were assurance that the present high freight rates
could be maintained, the roads might perhaps work
out their salvation. But there is only too much
reason to fear the contrary. The Western farmer
at present has a Government guarantee of $2 44
per bushel for his next year’s crop of wheat. Sup
pose, now, the price of wheat gets down again to a
n o r m a l fig u r e , s a y s 75 ce n ts a b u s h e l.
n o t th en b e c la m o r in g b y th e fa r m e r
fr e ig h t ra tes
I n te r -S t a te
a tta in
[Vol. 107.
THE CHRONICLE
2030
a g a in a n d w ill n o t an a c c o m m o d a t in g
C om m erce
his
W ill th e re
fo r th e o ld
end?
We
C o m m is s io n
very
m u ch
h e lp
fe a r
h im
th a t
to
M r.
M c A d o o b y h is la v is h g e n e r o s ity t o th e e m p lo y e e s
h a s s to r e d u p t r o u b le fo r th e ro a d s fo r y e a r s t o c o m e .
A t all e v e n ts th e resu lts a re su re t o b e t h o r o u g h ly b a d .
e x p e r ie n c e e v e r y w h e r e “ e m p h a tic a lly c o n d e m n s G o v
e r n m e n t o w n e r s h ip a n d o p e r a tio n o f th e r a ilr o a d s ” ; it
p o in t s o u t h o w a p o lit ic a l m a ch in e w o u ld b e c o n
s t r u c t e d , a n d d e cla r e s t h a t th e p u b lic in te re s t re
q u ire s
“ th a t
th e
G overn m en t
as
fa r
as
p o s s ib le
s h o u ld k e e p o u t o f b u sin ess u n d e r ta k in g s .”
I n a c t io n
m ay
s o m e tim e s
r e s u lt as p o s itiv e
a c t io n .
be
as c o n c lu s iv e
of a
I t is n o t n e c e s s a r y , in
o r d e r t o r e a c h d isa ste r, t h a t a p e rso n in a b u r n in g
The
THE FINANCIAL SITUATION.
e x p e d ie n c y o f th e immediate r e tu r n
h o u se sh all d e te r m in e t o p erish ; h e w ill p erish u n less
o f th e
h e a c ts a ffir m a t iv e ly fo r s a fe t y , a n d in th is m a tte r
ra ilr o a d s t o th e ir o w n e r s m ig h t w ell b e q u e s tio n e d in
a c o u r se o f ir r e s o lu tio n a n d d r iftin g m a y c a r r y th e
v ie w o f th e t r e m e n d o u s in c re a s e in th e p a y -r o lls o f
c o u n t r y t o th e c a ta s t r o p h e o f p u b lic o w n e r sh ip ju s t
th e ro a d s t h a t h as b e e n e s ta b lis h e d d u r in g th e b r ie f
as s u re ly as a d e lib e r a te p u r p o s e c o u ld d o it .
p e r io d o f G o v e r n m e n t c o n t r o l w ith n o p r o v is io n fo r
g e t t in g w a g e s d o w n a g a in t o a n o r m a l b a sis w ith th e
re tu r n o f p e a c e .
A s n o t e d in th e p r e c e d in g a rticle ,
d e a lin g w ith M r . M c A d o o ’ s a cts as S e c r e ta r y o f th e
W a r fie ld a n d h is a ss o cia te s o f co u r se p e r c e iv e th is .
T r e a s u r y a n d D ir e c t o r -G e n e r a l o f R a ilr o a d s , th ese
M r.
C o n g r e s s , h e p o in ts o u t , n o t o n ly m a d e n o p r o v is io n
f o r tu r n in g th e u se o f th e ro a d s in t o a p e r m a n e n t
h o ld in g , b u t , o n t h e c o n t r a r y , s p e c ific a lly p r o v id e d
fo r th e ir re tu r n ; “ th e 21 m o n th s w a s n o t a llo w e d b y
w a g e a d v a n c e s w o u ld s eem n o w t o a g g r e g a te in th e
C o n g r e s s fo r th e ir e x p lo it a t io n , it w a s g iv e n in o rd e r
n e ig h b o r h o o d o f $ 7 0 0 ,0 0 0 ,0 0 0 p e r a n n u m , a n d fu r
t h a t th e ir a ffa irs m ig h t b e a d ju s te d fo r th e ir r e t u r n .”
th e r a d v a n c e s a re still b e in g a n n o u n c e d fr o m w e e k t o
M o s t p la in ly s o ; a n d as th e “ C h r o n ic le ” h as in d i
w eek.
O b v io u s ly
th e
m ove
by
S.
D a v ie s W a r
c a t e d , th e e a r ly clo s e o f th e w a r h as b e e n a h a p p y
of
e v e n t in th is r e s p e c t, as o th e r w is e , c o m in g b e fo r e
R a ilr o a d S e c u r itie s is in te n d e d t o in su re ca re fu l c o n
tim e h a d c o n fir m e d th e h a b it o f h o ld in g th e r o a d s
s id e r a tio n o f th e c o n d it io n s o f r e tu r n a n d d o e s n o t
c o n te m p la te a n y th in g ra sh o r h a s ty in th e p rem ises,
a n d h a d p ile d h ig h e r th e d iffic u ltie s in th e w a y o f
re tu r n in g th e m , th is is o n e seriou s re a so n w h y tim e
f o r th e A s s o c ia t io n w a s fo r m e d fo r th e e x p ress p u r
s h o u ld n o t b e fr itte r e d a w a y , b u t th e p ro c e ss o f r e t u r n ,
p o s e o f p r o t e c t in g in v e s t m e n ts in th e ra ilr o a d s , n o t
th r o u g h a n y a n d all its p r e lim in a r y s ta g e s , s h o u ld
t o p u t t h e m in a d d it io n a l je o p a r d y .
b e g in fo r t h w it h .
fie ld
and
th e
N a t io n a l
A s s o c ia tio n
of
O w n ers
I n th e m e a n
tim e th e A s s o c ia t io n is r e n d e r in g a n im p o r t a n t ser
v ic e in k e e p in g th e s u b je c t o f th e r e tu r n o f th e
p r o p e r tie s s o p r o m in e n t ly b e fo r e th e p u b lic .
W e m a y g o fu r th e r a n d s a y t h a t it is w ell a n d
T h e v a lu e o f o u r m e r c h a n d is e e x p o r t s f o r O c t o b e r
1 9 1 8 , w h ile less th a n f o r th e p r e c e d in g m o n t h , o r th e
m a te d 5 ,0 0 0 m illio n d o lla r s w o r th o f ra ilr o a d se cu ri
c o r r e s p o n d in g p e r io d o f 1 9 1 7 , is n e v e r th e le s s o f
la rg e m a g n it u d e .
T h e im p o r t s e s ta b lis h a n e w h ig h
r e c o r d f o r O c t o b e r , a lth o u g h th e a m o u n t is e x
tie s , a n d t h e r e fo r e th e p r o b a b le m a jo r it y o f d ir e c t
a n d a g r e a t p r o p o r t io n o f in d ir e c t o w n e r s o f th e r o a d s ,
in 1917 as w e ll.
h a s a fix e d d e te r m in a tio n in t h a t r e s p e c t, a n d h as
as in d ic a t e d is d u e in g r e a t m e a su r e , in b o t h ca se s,
e x p re s s e d t h a t d e te r m in a tio n b y r e ta in in g as co u n se l
t o t h e h ig h e r p r ic e b a se s th e cu r r e n t y e a r , th e in
fo r t u n a t e t h a t th is A s s o c ia t io n , r e p r e se n tin g an e s ti
a g r o u p o f d is tin g u is h e d la w y e r s ,
h e a d e d b y E lih u
c e e d e d b y s e v e r a l p r io r m o n t h ly t o t a ls in 1918 a n d
cre a se d
T h a t th e s h o w in g is as fa v o r a b le
r e s tr ic tio n s
p la c e d
upon
th e
o u t flo w
of
be
c o m m o d it ie s b y th e G o v e r n m e n t in th e in te re s t o f
a llo w e d t o re s t id le , a n d th e p u b lic m u s t n o t b e
p e r m it t e d t o fo r g e t it , n o w t h a t th e p r o b le m s b e fo r e
t e n d in g t o r e d u c e q u a n t it a t iv e s h ip m e n ts o f m a n y
th e c o u n t r y h a v e ch a n g e d fr o m th o s e o f a c t iv e w a r
a r tic le s .
t o t h o s e o f r e c o n s t r u c t io n .
th e e x t e n t o f o u r c o m m e r c e , m e a su r e d b y v a lu e , is
R o o t.
The
s u b je c t
of
th e
r e tu r n
s h o u ld
not
T h e m a t t e r e x te n d s fa r
c o n s e r v in g s u p p lie s fo r o u r t r o o p s o r fo r h o m e u se,
F o r th e c a le n d a r y e a r t o th e e n d o f O c t o b e r
b e y o n d th e q u e s tio n o f in d iv id u a l rig h ts a n d o f a
p r o d ig io u s in a m o u n t , th e o u tw a r d flo w
sou nd
fa llin g v e r y little u n d e r th e h ig h m a r k o f la st y e a r
fin a n c ia l
p u b lic
p o li c y ,
v a s t ly
im p o r ta n t
t h o u g h th a t is; it in v o lv e s th e p o s s ib ility o f c o n
and
fir m in g a p o lit ic a l m a c h in e in w h ich lu rk th e m o s t
s e rio u s d a n g e r s.
I f w e a re r e a lly t o u n d e r ta k e a
G o v e r n m e n t c o n t r o l o f ra ilr o a d s , th e th in g w ill n o t
record ed .
s t o p th e r e .
A s th e s itu a tio n is a t th is h o u r , seizu re
th e
in flo w
N ow
s u rp a s s in g
of goods
a n y t h in g
h e r e to fo r e
th e q u e s tio n n a t u r a lly
com es u p ,
w h a t w ill b e th e e ffe c t u p o n o u r fo r e ig n c o m m e r c e
o f th e ch a n g e d s itu a to n a risin g o u t o f th e ce s s a tio n
o f h o s tilitie s in E u r o p e ?
T h a t th e r e w ill b e a n y
a n d c o n tr o l n o t o n ly s h o w n o sig n s o f r e la x in g , b u t are
im m e d ia te g r e a t d r o p in th e v o lu m e o f e x p o r t s
a c t u a lly e x te n d in g , d e s p ite th e e n d in g o f th e w a r.
n o t t o b e e x p e c t e d , fo r n o w th e d u t y d e v o lv e s u p o n
is
I n s p e a k in g t o th e S o u th e rn L a n d C o n g r e s s a few
us t o a id in e v e r y w a y t h o s e w h o w e r e , a n d still a re ,
w e e k s a g o M r . W a r fie ld s a id (as a p ro c e ss w h ich it
s e e m e d t o h im s h o u ld b e e s p e c ia lly r e p u g n a n t t o th e
o u r a llies in th e w a r u n til t h e y ca n o n c e m o r e r e ly
u p o n th e ir o w n en e rg ie s t o s u p p ly th e ir n e e d s .
p e o p le in th e S o u th ) t h a t “ th e g r a d u a l e n c r o a c h m e n t
T h is m ea n s t h a t v a s t q u a n tit ie s o f fo o d s t u ffs a n d
o f s u ch a s y s te m u p o n p r o p e r t y r ig h ts a n d p erson a l
r e c o n s t r u c t io n
lib e r t y , th e r e s tr a in t e n ta ile d t h e r e b y , a n d th e p o liti
A re tu r n t o n o r m a l c o n d it io n s , h o w e v e r , w ill c o m e
m a te r ia l
w ill
have
to
go
fo r w a r d .
c a l c o n t r o l th u s m a d e p o s s ib le , m u s t fin a lly re su lt in
e v e n t u a lly a n d t o w h a t an e x te n t w e w ill th e n h o ld
a o n e -p a r t y c o u n t r y , th e fo r e r u n n e r o f a fo r m
th e in c re a s e d tr a d e s e cu re d
of
in c o m p a r a t iv e ly n e w
A n d e v e n th e “ T im e s ”
m a r k e ts o n ly t h e fu t u r e ca n t e ll.
I n c o n n e c t io n w ith th e fo r e g o in g it is a m a t t e r o f
o f th is c i t y , a lw a y s as s ta u n c h a s u p p o r te r o f th e
in te r e s t t h a t th e B u r e a u o f F o r e ig n a n d D o m e s t ic
g o v e r n m e n ta l a u t o c r a c y t h a t c o u ld b e fin a lly o v e r
th r o w n o n ly b y r e v o lu t io n .”
p re s e n t A d m in is tr a tio n as its a cts p e r m it, h as fe lt
C om m erce
c o m p e lle d ,
a n n o u n c e d an im p o r t a n t r e v is io n a n d e x te n s io n o f
t w ic e
w ith in
th e
past
w eek,
to
p rin t
o f th e
q u a r t e r ly
and
C om m erce
a n n u a l fo r e ig n
h as
le a d in g e d ito r ia ls a g a in st th is o w n e r sh ip a u t o c r a c y .
th e
I t a p p r o v in g ly cite s P r e s id e n t R e a 's d e c la r a tio n t h a t
s ta t is tic s , e ffe c t iv e in th e n ea r fu t u r e ; p r o b a b ly on
m o n t h ly ,
D ep a rtm en t o f
tr a d e
Nov. 30 1918.]
J a n .l.
t o th e
THE CHRONICLE
M o r e t h a n 1 ,5 0 0 n e w ite m s w ill b e a d d e d
e x p o r t c la s s ific a tio n a n d th e n u m b e r o f
F or
th e
2031
m on th
th ey
w e re
$ 7 5 ,5 4 1 ,8 1 5 ,
a g a in s t
im p o r t ite m s m a te r ia lly in c r e a s e d , th is b e in g o n e
$ 7 8 ,1 7 6 ,0 0 0 a n d $ 7 1 ,1 9 6 ,0 0 0 , r e s p e c t iv e ly , o n e a n d
t w o y e a r s a g o , a n d f o r th e p e r io d s in c e J a n . 1
o f th e s te p s t a k e n , it is s t a t e d , t o e n la rg e t h e p r a c
a g g r e g a te d $ 7 6 0 ,2 3 9 ,0 9 1 , a g a in st $ 8 7 0 ,7 9 1 ,0 0 0 a n d
t ic a l u se fu ln e ss o f th e D e p a r t m e n t t o th e b u sin ess
$ 6 2 6 ,0 1 9 ,0 0 0 .
c o m m u n it y .
th is y e a r is o f v e r y s a t is fa c t o r y v o lu m e , e v e n
A fu r th e r s te p in t h a t d ir e c t io n
w ill
T h e e x p o r t b a la n c e f o r t h e m o n t h
if
b e a m o r e g e n e r a l a ss e m b lin g o f ite m s u n d e r g r e a t
m u c h less th a n t h e p h e n o m e n a lly h e a v y o n e o f a
g r o u p s in s te a d o f th e p re s e n t a lp h a b e t ic a l a rra n g e
y e a r e a rlie r.
m ent b y
w ith th e e x c e p t io n o f t h a t o f S e p t e m b e r , t h e h e a v ie s t
c o m m o d it ie s .
C o n g re s s p r o v id in g
A
b ill is n o w
fo r th e
p e n d in g in
p u b lic a t io n
o f annual
I t s ta n d s a t $ 5 4 ,0 1 2 ,6 2 3 , w h ic h is ,
o f a n y m o n th
o f th e c u r r e n t y e a r .
T h e O cto b e r
tr a d e s ta tis tic s b y ca le n d a r in s te a d o f fis c a l y e a r s ,
1917 b a la n c e , a t $ 7 6 ,9 1 7 ,0 0 0 , w a s th e h e a v ie s t f o r
th u s m a k in g th e m c o n fo r m t o th e b u sin e ss y e a r o f
s u ch a p e r io d in th e h is t o r y o f t h e D o m in io n .
v ir t u a lly
fa c ilit a t in g
th e te n m o n t h s o f 1918 th e n e t e x p o r t s a re $ 2 4 2 ,
c o m p a r is o n w ith th e resu lts fo r m o s t fo r e ig n c o u n
3 3 3 ,7 4 9 , a g a in s t $ 3 4 0 ,9 1 2 ,0 0 0 la s t y e a r — t h e r e c o r d
trie s w h ich a re n o w c o m p ile d u p o n t h a t b a s is .
b y a c o n s id e r a b le m a rg in — a n d $ 2 2 6 ,0 8 9 ,0 0 0 in 1 9 1 6 .
a ll A m e r ic a n
in d u s tr ie s ,
and
F or
T h e su m o f th e m e r ch a n d is e e x p o r t s fo r O c t o b e r
I n 1915 th e r e w a s a m o d e r a t e s iz e d fa v o r a b le b a la n c e ,
th is y e a r w as $ 5 0 3 ,0 0 0 ,0 0 0 , th is c o n t r a s t in g w ith
$ 5 4 2 ,1 0 1 ,1 4 6 in th e m o n t h o f 1917 a n d $ 4 9 2 ,8 1 3 ,9 1 8
in 1 9 1 6 .
F o r th e te n m o n th s o f th e cu r r e n t ca le n d a r
b u t p r e v io u s ly a n a n n u a l e x c e ss o f im p o r t s , in la rg e
a m o u n t s , w a s e x h ib it e d .
y e a r th e a g g r e g a te a t $ 5 ,0 6 3 ,0 0 0 ,0 0 0 c o m p a r e s w ith
$ 5 ,1 4 6 ,0 4 9 ,8 9 7
la s t
year
and
$ 4 ,4 4 3 ,2 3 9 ,9 9 7
tw o
P r e s id e n t W ils o n in t e n d s t o sa il f o r E u r o p e e a r ly
n e x t w e e k t o a t t e n d th e o p e n in g o f th e P e a c e C o n
years a g o.
T h e s e t o t a ls a p p e a r p h e n o m e n a lly h e a v y
b y c o m p a r is o n w ith th e 2 ,0 0 0 m illio n o u t c o m e o f
fe r e n c e .
1913.
a re la c k in g it is e x p e c t e d th a t t h e P e a c e C o n fe r e n c e
I m p o r t s in O c t o b e r , w h ile s o m e 15 m illio n s
P r e s e n t p la n s
W a s h in g t o n
la te in
p r o v id e
J an u ary.
fo r
h is r e tu r n
to
W h ile o ffic ia l d a t a
u n d e r th e S e p te m b e r t o t a l, s e t b y 26 m illio n s a n ew
w ill
record
h o lid a y s , t h e P r e s id e n t g o in g in a d v a n c e t o c o n fe r
w ere
fo r
th e
p a r tic u la r
$ 2 4 7 ,0 0 0 ,0 0 0 ,
p e r io d
a g a in st
cov ered .
$ 2 2 1 ,2 2 7 ,4 0 5
They
a
year
con v en e
im m e d ia t e ly
a ft e r
w ith th e E n t e n t e s ta t e s m e n .
th e
C h r is tm a s
I t is a t th e s e p re lim i
a g o a n d $ 1 7 8 ,6 5 8 ,7 3 0 in 1 9 1 6 , w ith th e te n m o n t h s ’
nary
a g g r e g a te
our
t r e a t y a re e x p e c t e d t o b e fr a m e d w ith a v ie w o f
h is t o r y ,
at
$ 2 ,5 6 9 ,0 0 0 ,0 0 0 ,
and
c o n tr a s tin g
$ 2 ,0 0 9 ,8 3 3 ,3 9 8
one
th e
h e a v ie s t
in
c o n fe r e n c e s
th a t
th e
b roa d
o u tlin e s
of
th e
w ith
$ 2 ,5 0 4 ,0 2 1 ,9 0 8
and
p r o m p t a d o p t io n s o o n a ft e r th e c o n fe r e n c e o f fic ia lly
tw o
years
The
con ven es.
and
e a rlie r .
N ew sp aper
c o r r e s p o n d e n ts
fr o m
th is
n e t re s u lt o f o u r fo r e ig n tr a d e in O c t o b e r w a s a
c o u n t r y w h o a re t o a t t e n d t h e c o n fe r e n c e w ill s ta r t
b a la n c e o f e x p o r t s o f $ 2 5 6 ,0 0 0 ,0 0 0 , w h ic h c o m p a r e s
w ith $ 3 2 0 ,8 7 3 ,7 4 1 in 1917 a n d $ 3 1 4 ,1 5 5 ,1 8 8 in 1 9 1 6 .
o n M o n d a y , a n a v a l v e s s e l h a v in g b e e n p la c e d a t
th e ir d is p o s a l.
F o r th e te n m o n th s o f 1918 m e r c h a n d is e e x p o r t s
e x c e e d e d im p o r t s b y $ 2 ,4 9 4 ,0 0 0 ,0 0 0 , a g a in s t $ 2 ,
o f N a t io n s is lik e ly t o fig u r e b e fo r e t h e P e a c e C o n
P re ss a d v ic e s fr o m
P a ris d e c la r e t h a t a L e a g u e
6 4 2 ,0 2 7 ,9 8 9 in 1917 a n d $ 2 ,4 3 3 ,4 0 6 ,5 9 7 in 1 9 1 6.
T h e g o ld m o v e m e n t o f th e m o n t h w a s o f v e r y
fe r e n c e a t . a v e r y
r e s tr ic te d
r ito r ia l a s p ir a tio n s o f th e v a r io u s p o w e r s h a v e b e e n
p r o p o r t io n s a n d n e tte d
a g a in s t u s .
re a ch e d
a s m a ll b a la n c e
E x p o r t s w ere $ 2 ,0 0 0 ,0 0 0 , b u t im p o r ts
o n ly
$ 1 ,5 0 0 ,0 0 0 ,
c o n s e q u e n t ly
th e
n et
o u t flo w fo r th e m o n t h w a s $ 5 0 0 ,0 0 0 a n d c u t d o w n
e a r ly
s ta g e
o f th e
p r o c e e d in g s
in s te a d o f b e in g re le g a te d t o t h e c lo s e a ft e r th e t e r
s a tis fie d .
say,
T w o d is t in c t v ie w p o in t s , th e s e d is p a tc h e s
have
now
been
d e v e lo p e d
on
th is
s u b je c t .
T h e A m e r ic a n v ie w is t h a t th e c o m in g c o n v e n t io n
t o $ 2 1 ,7 0 0 ,0 0 0 th e n e t g a in f o r th e te n m o n th s o f
w ill n o t b e lik e t h e V ie n n a C o n g r e s s w h ic h d e v o t e d
1918.
its e lf
T h is
com pa res
$ 1 7 2 ,3 5 9 ,4 3 6
r e s p e c t iv e ly .
and
w ith
im p o r t
$ 3 7 8 ,9 1 2 ,5 0 4
in
b a la n c e s
1917 a n d
of
p r in c ip a lly
to
a rra n g in g
w hat
ea ch
Pow er
1916
s h o u ld r e c e iv e as a re s u lt o f a N a p o le o n ic u p h e a v a l.
F o r th e 52 m o n th s s in c e J u ly 1 1914
T h e A m e r ic a n v ie w is b a s e d u p o n t h e t h e o r y t h a t
o u r n e t g a in in g o ld h as b e e n $ 1 ,0 4 9 ,0 0 0 ,0 0 0 .
th e p re s e n t w a r w a s fo u n d e d o n c e r ta in h ig h id e a ls
S ilv e r e x p o r t s c o n t in u e d la rg e d u r in g t h e m o n t h ,
re a c h in g $ 3 2 ,0 0 0 ,0 0 0 , m a in ly t o
a n d w a s n o t a s tr u g g le f o r t e r r ito r ia l g a in s ; h e n c e , it
m ade
is m a in t a in e d , id e a ls s h o u ld c o m e b e fo r e te r r ito r ia l
m e ltin g
a s p ir a tio n s in t h e d e lib e r a tio n s o f th e C o n g re s s a n d
o f s ilv e r d o lla r s .
A g a in s t th is th e r e w as a n in flu x
o f $ 7 ,5 0 0 ,0 0 0 , le a v in g a n e t o u t flo w o f $ 2 4 ,5 0 0 ,0 0 0
th e s e id e a ls h a v in g b e e n fir s t d e fin e d s h o u ld th e re
up
in
part
of
b u llio n
I n d ia a n d
secu red
by
th e
a ft e r b e th e m a in g u id e in n a t io n a l a s p ir a t io n s .
T h e A m e r ic a n v ie w se e m s t o h a v e th e s u p p o r t in
a n d in c re a s in g t o $ 1 3 5 ,0 0 0 ,0 0 0 th e n e t e x p o r t fo r
th e ten m o n th s o f 1 9 1 8 . T h is c o n tr a s ts w ith b u t
$ 3 1 ,1 1 7 ,1 4 4 in 1 9 1 7 .
*
th e m a in o f E n g la n d a n d F r a n c e , th o u g h t h e r e is
a ls o a n o t h e r v ie w p o in t (s till q u o t in g P a ris d is
C a n a d a ’ s e x p o r t s in O c t o b e r e x h ib it e d a m o d e r a te
th e V ie n n a C o n g r e s s w h e r e b y in d iv id u a l a s p ir a tio n s
p a tch es)
w h ic h
clin g s t o th e o ld p r o c e d u r e u n d e r
d e c lin e fr o m th e p r e c e d in g m o n t h b u t e x c e e d e d a ll
f o r t e r r it o r y s h o u ld h a v e fir s t c o n s id e r a t io n .
o th e r m o n th s o f 1 9 1 8 , a n d q u it e g e n e r a lly b y a p p r e
u r g in g t h a t t h e t e r r ito r ia l q u e s tio n s h o u ld c o m e fir s t
c ia b le
of
s a y t h a t it is h ig h ly d e s ira b le t o sig n a p e a c e t r e a t y
1 9 1 7, h o w e v e r , th e r e is a ra th e r im p o r t a n t fa llin g
e m b o d y in g th e e s se n tia l d e ta ils a t th e e a rlie st p o s
a m ou n ts.
C om pared
w ith
th e
m o n th
T hose
o f f in ^ a m o u n t, w h ic h is a c c o u n t e d fo r b y d e cr e a s e d
s ib le m o m e n t s o as t o
s h ip m e n ts o f a g r ic u ltu r a l p r o d u c ts a n d m a n u fa c tu r e s
p e r io d u n d e r w h ic h t r o o p s a re h e ld fo r th e d u r a t io n
in ^ a b o u t e q u a l r a t io .
o f t h e w a r a n d r a ilr o a d s , te le g r a p h s , te le p h o n e s a n d
T h e o u t flo w o f m e r ch a n d is e
te r m in a te t h e o ffic ia l w a r
fo r O c t o b e r r e a c h e d a v a lu e o f $ 1 2 9 ,5 5 4 ,4 3 8 , a g a in st
o t h e r a v e n u e s f o r p u b lic c o m m u n ic a t io n s a re sim i
$ 1 5 5 ,0 9 3 ,7 4 4 in 1 9 1 7, w h ile fo r th e t e n m o n th s o f
la r ly
th e c a le n d a r y e a r e n d e d O c t . 31
peace
$ 1 ,0 0 2 ,5 7 2 ,8 4 0 ,
1917
and
c o m p a r in g
$ 8 5 2 ,1 0 8 ,0 0 0
w ith
in
1918 it w a s b u t
$ 1 ,2 1 1 ,7 0 3 ,0 0 0 in
1916.
Im p orts
a lso
s h o w e d c o n t r a c t io n , a lth o u g h less c o n s p ic u o u s ly s o .
a ffe c t e d
u n til
a greem en t
on
p eace
is
e sse n tia ls
d e c la r e d .
An
w o u ld
relea se
e a rly
th e
a rm ie s , in c lu d in g t h e A m e r ic a n tr o o p s h o ld in g th e
o c c u p ie d
r e g io n s .
2033
[Vol. 107.
THE CHRONICLE
T h e fo r m e r K a is e r c o n tin u e s t o re sid e a t A m e r o g e n
a n d “ fr e e d o m fr o m B e r lin ” is n o w th e c r y in th e
C a s tle in H o lla n d w h e re h e h a s b e e n jo in e d b y th e
R h in e la n d .
fo r m e r
are n o t y e t fix e d , b u t it is in t e n d e d t h a t t h e y sh all
K a is e r in .
L lo y d
It
is
u n d erstood
th a t
P re m ie r
G e o r g e o f B r ita in a n d P r e m ie r C le m e n c e a u
T h e fro n tie rs o f th e p r o p o s e d n e w S ta te
in c lu d e th e w h o le in d u s tria l r e g io n .
T o th e S o u th
o f F r a n c e w ill c o n fe r fo r m a lly a t L o n d o n t o m o r r o w
u n io n w ill b e s o u g h t w ith th e R h in e P a la tin a te a n d
(S u n d a y )
H e ss e .
to
d e m a n d in g
d iscu ss
th a t
th e
p rocedu re
H o lla n d
o v e r t o th e A llie s .
tu r n
n e ce s s a r y
th e
fo r m e r
fo r
K a is e r
F r a n c e a n d G r e a t B r ita in are
a
T h e “ B e rlin e r T a g e b la t t ,” in an a p p e a l fo r
c o n s titu e n t
a s s e m b ly ,
says:
“ At
th e
p re s e n t
m o m e n t G e r m a n y is g r a v e ly th r e a te n e d fr o m w ith in
u n d e r s t o o d t o h a v e a g re e d t h a t s u ch a d e m a n d b e
a n d fr o m all sid e s.
m a d e a n d th e D u t c h G o v e r n m e n t is sa id t o b e r e a d y
d esire t o e x p lo it G e r m a n y 's d e fe n s cle ss n e s s t o th e
t o co m p ly .
u t m o s t a n d c o n tin u e th e w a r in o r d e r t o re a liz e p la n s
C o lo n e l
I t is r e p o r t e d t h a t M a r s h a l F o c h a n d
H ouse
w ill
a tten d
th e
c o n fe r e n c e .
The
T h e r e is o b v io u s ly in F r a n c e a
o f c o n q u e s t fo r w h ich th e F r e n c h N a tio n a lis ts h a v e
a t t it u d e o f th e B r itis h P r im e M in is t e r is in d ic a te d
lo n g b e e n a g it a tin g .
b y th e fo llo w in g e x t r a c t fr o m a s p e e c h h e d e liv e r e d
h as n o t fu lfille d th e im p o s s ib le a rm istic e te rm s t o th e
at
su re
le tte r , t h e y w ish t o p r o c la im th e r e c o m m e n c e m e n t o f
t h a t in th e fu t u r e m e n w h o a re t e m p t e d t o fo llo w
th e e x a m p le o f th e ru le r w h o p lu n g e d th e w o r ld in to
th e w a r a n d fin a lly t o a n n e x th e le ft b a n k o f th e
N e w c a s t le
y e ste rd a y .
“We
m ust
m ake
O n th e p r e te x t t h a t G e r m a n y
a n d fea rless a c t io n m u s t in su re t h a t th is c r im e w ill
R h in e , w h ich n o w u n d e r th e te r m s o f th e a rm is tic e is
o n ly te m p o r a r ily o c c u p i e d . A ll r e p o r ts s h o w t h a t a t
te m p ts w ill b e m a d e t o w in o v e r th e p e o p le in th e
never
o c c u p ie d te r rito rie s t o s e p a r a tio n .
w a r w ill k n o w w h a t a w a its t h e m .
be
r e p e a te d .
The
J u s t, relen tless
s u b m a r in e
w a rfa r e
w as
S h o u ld P r e s id e n t
n o t c o n fin e d t o s in k in g s h ip s , b u t w a s a b r u ta l crim e
W ils o n n o t s u p p o r t su ch a p o lic y o f r o b b e r y , a less
a g a in s t h u m a n it y .
o p e n m e t h o d w ill b e u s e d — th e fo r m a t io n o f a b u ffe r
S o m e o n e m u s t b e h e ld r e s p o n
s ib le f o r th e lo s t liv e s o f m illio n s o f o u r b e s t y o u n g
S t a t e .”
m en.
H u n g a r y is q u o t e d b y a p ress d is p a tc h fr o m V ie n n a
I f n o t , t h e n , th e r e is o n e ju s t ic e f o r p o o r ,
w r e tc h e d
crim in a ls
e m p e r o r s .”
and
A d v ic e s
a n oth er
by
w ay
fo r
k in g s
o f A m s te r d a m
and
s ta te
F orm er
E m p eror
C h a rle s
of
A u s tr ia -
as d e c la r in g t h a t th e r e is p re ssin g n e e d in A u s tr ia
fo r a ss is ta n ce fr o m
A m e r ic a a n d th e A llie s .
The
t h a t th e fo r m e r K a is e r , w h o is s u b je c t t o fr e q u e n t
d a n g e r o f B o ls h e v is m , h o a d d e d , w a s v e r y g r e a t in
fit s o f v io le n t w e e p in g , w ill s o o n
h is c o u n t r y .
le a v e th e c a s tle
t o u n d e r g o t r e a tm e n t fo r h is s h a tte r e d n e rv e s in a
s a n ita r iu m
n ea r A r g h e m .
He
p r o b a b ly
f o r s o m e w eek s a t th e h o m e o f D r .
R in k u m .
In
w ell in fo r m e d
w ill liv e
L in g b e e k at
circ le s a t T h e
In L o n d o n th e s e c u r ity m a r k e ts h a v e p re se n te d
a r a th e r b e t t e r a p p e a r a n c e .
N e v e rth e le s s in e v e r y
H ague
d ir e c t io n a s p ir it o f c a u tio n is o b s e r v a b le , a n d th e
it is e x p e c t e d th a t th e A llie s w ill jo in in in d u c in g
b a n k s as w ell as th e T r e a s u r y are n o t d is p o s e d t o
H o lla n d t o e x p e l W ilh e lm , o ffe r in g h im th e c h o ic e
e n c o u r a g e th e e a rly re tu rn o f s p e c u la tiv e c o n d it io n s .
o f r e tu r n in g t o th e G e r m a n fr o n t ie r o r o f s u rre n d e r
in g t o th e E n t e n t e .
A c o m m it t e e , w h ich fo r sev era l w eek s h as b e e n a t
w o r k c o n s id e r in g w h a t m o d ific a t io n s o f re s tr ic tio n s
on
C o n d it io n s
h ig h ly
in
th e
d is o r g a n iz e d .
S o ld ie r s '
and
T e u t o n ic
At
co u n tr ie s
a B e rlin
W ork m en ’s
c o n t in u e
m e e tin g
C o u n c il,
H err
o f th e
B a rth ,
S to ck
E xchan ge
b u sin ess
m ay
w ith
p r o p r ie ty
b e r e c o m m e n d e d , h as d e c id e d t o p o s tp o n e u n til th e
s itu a tio n b e c o m e s b e tte r c la rifie d a n y s p e c ific r e c o m
m e n d a t io n s .
A ll th a t m a y b e h o p e d fo r a p p a r e n tly
S e c r e ta r y fo r S o cia l P o lic y in th e E b e r t M in is t r y , d e
is
c la re d t h a t a c o u n t e r -r e v o lu t io n w a s in fu ll s w in g .
a n d t h a t in th is w a y b u sin ess m a y b e r e s to r e d t o a
S everal
g en era ls
had
issu ed
c o u n t e r -r e v o lu t io n a r y
th a t
p re -w a r
th e
r e s tr ic tio n s
b a sis
w ith o u t
w ill
any
be
re la x e d
su dden
g r a d u a lly
o r s p e c ta c u la r
p r o c la m a tio n s a n d a t t e m p t e d t o d is s o lv e th e S o ld ie r s '
d is p l a y o f s p e c u la tio n .
and
e s t s se e m t o a g ree th a t it is n o t y e t tim e t o co n s id e r
W o r k m e n 's
C o u n c ils .
M any
of
th e
la rg e s t
A ll E n g lis h fin a n c ia l in te r
in d u s tr ia l p la n ts in B e r lin a lr e a d y a re b e in g s y s t e m
fr e e a n d u n lim it e d s p e c u la tiv e tr a d in g .
a t ic a lly te r r o r iz e d b y th e w o r k in g fo r c e s w h o d e m a n d
lis h m e n t o f fo r m e r a rb itr a g e d ea lin g s b e tw e e n N e w
T h e e s ta b
e x o r b it a n t w a g e in c re a s e s, s h o r te r h o u rs a n d o th e r
Y o r k a n d L o n d o n is d e cla re d b y th e c o r r e s p o n d e n t
c o n c e s s io n s c a lc u la te d u lt im a te ly t o fo r c e th e e m
o f th e N e w Y o r k “ J o u r n a l o f C o m m e r c e ” t o b e o u t
p lo y e r s t o s h u t d o w n .
of
B a v a r ia h a s b r o k e n re la tio n s
w ith th e B e rlin G o v e r n m e n t .
A d is p a tc h fr o m
M u n ic h s ta te s t h a t a m essa g e h as b e e n se n t t o th e
B e rlin F o r e ig n O ffic e b y K u r t E is n e r , th e B a v a r ia n
P r e m ie r , s ta tin g t h a t th e B a v a r ia n fo r e ig n o ffic e
h a s b r o k e n its re la tio n s w ith B e r lin , “ o w in g t o th e
t h e q u e s t io n , e v e n fo r th e q u ite r e m o te fu tu r e .
A s th e re s u lt o f an in v e s t ig a tio n h e r e p o r ts a b e lie f
t h a t if s u ch d e a lin g s w ere a llo w e d th e re w o u ld d e
v e l o p a b ig d e m a n d fo r A m e r ic a n se cu ritie s, as
E n g lis h h o ld in g s a rc v ir t u a lly n il. B u t n u m e ro u s
e ffo r t s o f B e rlin t o d e c e iv e th e p e o p le b y w ith h o ld in g
o b s t a c le s e x is t w h ich fir st m u s t b e a rra n g e d b e fo r e
a r b itr a g e tr a d in g o n a p re -w a r b asis m a y s a fe ly b e
t h e t r u t h a b o u t c o n d it io n s .”
u n d e rta k e n .
T h e G e r m a n F o r e ig n
I n th e fir st p la c e , is th e ste rlin g e x
M in is te r , D r . S o lf, h a s m a d e th e ch a rg e t h a t th e
c h a n g e p o s itio n w h ich still is e n tir e ly a r b itr a r y a n d
H am b u rg
e m p h a s iz e s th e u n d e s ir a b ility o f B ritis h e x p o r t a tio n s
S o ld ie rs ’
and
W o r k m e n ’ s C o u n c il is
in
in d e p e n d e n t c o m m u n ic a tio n w ith th e R u ss ia n S o v ie t
of
G o v e rn m e n t.
in its e lf is an o b v io u s h a n d ic a p t o a n y free in te r
T h is ch a rg e a p p e a r s t o b e b a s e d on
c a p it a l,
e x c e p t fo r
n e ce s s ito u s
p u r p o se s .
T h is
w ireless
c h a n g e o f s e cu ritie s b e tw e e n L o n d o n a n d N e w Y o r k .
in te r c h a n g in g
L ik e w is e , is th e r e s tr ic tio n o f B ritis h ca p ita l issu e s.
m essa g es w ith th e B o ls h c v ik i w h o s e r a d io g r a m s are
B e y o n d th e se is th e f a c t th a t w h ile th e w a r h as b een
th e f a c t t h a t th e m a rin es in ch a rg e o f th e
s ta t io n
at
H am b u rg
a re
c o n s t a n t ly
p r o m p t ly r e p r o d u c e d in th e o ffic ia l o r g a n , “ T h e R e d
w o n it h as n o t y e t b e e n p a id fo r , th e T r e a s u r y still
F l a g ,”
r e q u ir in g th e p ro c e e d s o f £ 2 5 ,0 0 0 ,0 0 0 in w a r b o n d s
fo r p rop ag an d a p u rp oses.
A d is p a tc h fr o m
C o lo g n e s ta te s t h a t th e q u e s tio n o f th e s e p a ra tio n
o f th e R h in e la n d fr o m th e G e r m a n E m p ir e a n d th e
fo r m a t io n o f a d is tin c t S ta te is b e in g a g it a t e d .
B o ls h e v is m s ta n d s in th e fo r e g r o u n d o f th e a g it a tio n
w e e k ly .
F in a n c ia l L o n d o n is r e c o g n iz in g , t o o , t h a t m a n y
r e a d ju s tm e n ts
m ust
d e m o b iliz a t io n
th a t m u s t f o llo w
accom pan y
th e
so
w id e sp re a d
p r o m p t ly
th e
N ov. 30 1918.]
THE CHRONICLE
ending of hostilities. It is estimated that so far as
labor
is
involved
this
demobilization
will
include not alone 4,000,000 soldiers but 3,000,000
munition workers; besides this there will be the labor
adjustment necessitated by the fact that' in the
United Kingdom alone 1,250,000 women are to-day
doing men’s w ork. The British Government appears
to have taken time by the forelock and to have
prepared more definite plans to meet the new labor
situation than has been the case with our own Govern
ment. It has in the first place established labor
exchanges. These will be the chief organizations for
distributing labor. There also are numerous semi
private similar organizations. Until soldiers find
employment they are to receive on discharge a gratuity
based on their length of service; and both soldiers
and munition workers, if unable to obtain employ
ment, will receive what is known as unemployment
pay from the Government providing for a minimum
of 24 shillings weekly for men and 20 shillings for
women, this pay to be continued for a stated period.
Other arrangements include land grants for soldiers
and a liberal scheme for promoting house building. It is
estimated that 500 small houses at present are needed in
the United Kingdom to meet the demand for homes.
The British Treasury will continue to sell war
bonds on the continuous distribution plan, though
with the ending of hostilities difficulty, it is to be
expected, will be experienced in obtaining the full
£25,000,000 per week which the Chancellor has
declared will continue necessary. Sir Robert Kindersley has announced that the war savings or
ganization which has been so successful in promoting
the national thrift campaign will continue its opera
tions indefinitely, selling war savings certificates.
The five-year maturity period of the certificates will
now, at the option of the buyer, be extended to ten
years. The original cost is 15s. 6d. and will draw
20s. after five years and 2Gs. after ten years, and
the certificates will be saleable meanwhile at a price
increasing Id. each month. The British Treasury
has given formal notice that notwithstanding the
armistice there must be no new issues of capital
without Treasury sanction. The only new develop
ment in the English bank consolidation movement tgt
ported during the week has been the absorptioii by'
the National Provincial & Union Bank of England
of Biggerstaff’s Bank, a small private institution
established in 1790.
Sales of war bonds through the banks for the week
ending N ov. 23 amounted to £22,251,000 (against
£27,480,000 the week preceding), making the total
of the continued issue to date £1,280,165,000.
Through the post offices, the preceding week’s sale
aggregated £073,000 (against £672,000 the week
before that), bringing the total under that head up
to £44,071,000 and thus making the grand total
of recorded sales £1,330,230,000. The sales of war
savings certificates of £1 each for the week were
£2,743,000, bringing the total ultimate indebtedness
in this direction up to £261,632,000.
The correspondent of the “ Evening Post” in Lon
don cables that the original budget estimate of war
expenditure to the end of the fiscal year, next March,
will be fully justified, especially if to the cost of de
mobilization there be added the war bonuses and pen
sions. Even the disbanding of the munition work
ers, he points out, will be costly, since it is impossi
2033
ble Suddenly to turn them 'adrift. It is impossible
also to foresee the expenses involved in the army ar
rangements pending the conclusion of peace and the
establishing of order iq Russia, and other ravaged
countries, even conceivably including Germany. In
the latter country, the correspondent points out,
there is apparently a state of semi-bankruptcy,
though the natural resources and the industry of the
people promise ultimate prosperity; hence, it seems
probable, the correspondent argues, that Germany’s
financial reparation njust be aided by the Allies in
the shape of providing foreign credits and enabling
Germany to make remittances abroad. Otherwise
the German exchange would be unable, to stand the
strain. The same correspondent explains that there
are no special plans jn London for immediately sup
porting the war bonds except arrangements where
large sums are devoted monthly to the sinking funds
when the loans are under the issue price. Funding
of the Treasury bills and bonds iyill follow later,
when cessation of Government borrowing will auto
matically occasion improvement in' the bonds and
will be followed in the next budget by provision for
a huge sinking fund designed to provide for the grad
ual extinction of the debt, a feature which means fur
ther financial strain.
.
British revenue returns for the week ended N ov.
9 showed a slight falling off, while there was an in
crease in the outgo. The week’s expenses totaled
£44,654,000 (against £49,104,000 for the week
ending N ov. 2), while the total outflow, including
repayments of Treasury bills and. Other items,
amounted to £142,926,000, comparing with £139,
947,000 last week.
Receipts from all sources
equaled £142,425,000, as contrasted with £139,
388,000 a week ago. Of this total, revenues con
tributed £10,032,000, in comparison with £10,
476,000 the previous week;, war savings certificates
totaled £2,700,000,'against £2,000,000, an.d other
debts;incurred £7,674,000, against £2,856,000. War
bonds were £28,157,000. This compares with £23,
555,000 last«week. Sales of Treasury bills amounted
to £8.1.,76?,000.
week ago the total was £82,
681,000. Treasury bills outstanding aggregate £1,
121,810,000, which compares with £1,121,647,000
in the preceding week. The Exchequer balance
now stands at £11,201,000, against £11,387,000, a
decrease of £186,000 for the week.
*
The advent of peace is not as yet retarding mater
ially the success of the new French Liberation Loan,
which is the official designation of the latest issue.
The amount subscribed now largely exceeds subscrip
tions to any previous war loan. A submarine in the
Seine, according to cables from Paris, daily receives
subscriptions of more than q million francs. A credit
amounting to $25,000,000 has been arranged in
Japan for the French Government, according to the
Financial Commission of the Imperial Japanese Gov
ernment in America., The Japanese bankers’ syn
dicate which some time ago financed a new credit for
the British Government is handling the new issue of
French bonds. The latter are to appear in denomi
nations of Japanese currency. The issue is intended,
it was announced, to adjust the payments for goods
ordered in Japan by the French Government. The
bonds will be known as the French Government Yen
Exchequer bonds of 1918. They will mature in 1921,
will bear 6% interest and be offered at. 98,
2034
THE CHRONICLE
Preliminary surveys have been made of the coal
fields of Lens by the French authorities. These indi
cate that it will take from eight months to three years
to put all the mines into operation again. T o aid
iii the work of general after-war reconstruction, the
Ministry of Munitions of France will be transformed
iiito a Ministry of Industrial Reconstruction. Louis
Loucheur, its present head, will retain his portfolio
as head of the new institution. Finance Minister
Klotz was authorized early in the week to introduce
a bill in the Chamber of Deputies to facilitate the
changing of munition factories to a peace basis and to
permit them to undertake orders from the post of
fice and telegraph and telephone administrations for
the rebuilding of the merchant marine and for the
manufacture of agriculturel implements. The G o v
ernment will advance credits of 2 ,000,000,000 francs
so that the factories may be kept going.
Albert Kallin, the German “ shipping king," head
of the Hamburg-American Line, committed suicide,
according to cabled advices after an altercation with
the former Kaiser, in which the shipping man tiied
to show that it was necessary for German trade
prospects that a rapprochement bo concluded with
England. According to Berlin papers received at
Rotterdam, Ballin devoted his last hours to drawing
up a program to enable Germany’s shipping to sur
vive his country’s military collapse. Rallin after
deliberation with the shipowners’ associations had
written a memorandum based upon an understand
ing that Germany would retain at free disposal her
commercial navy. By way of compensation she
would undertake to build merchantmen for the
Entente and espcially for England during a certain
period to the exclusion of all other shipbuilding.
The prices mid tenns of delivery were to be settled
by agreement. This plan did not seek to prejudice
the eventual chartering o f Gennan ships for the
transport of foodstuffs for the Entente. Cabled
advices by way o f Holland state that the project
already has been forwarded to the new Government
which has discussed it with experts. It is rumored
that the Government has adopted a program in
its general outlines.
Indications of the improvement o f affairs in Italy
is contained in an official decree authorizing the re
opening of the Italian commercial bourses on Dec. 2.
Conditions in that country, however, still are bad.
The Italian Bureau of Public Information in New
York announces that another cut in Italian food
rations has been necessary, victory meaning that
5 ,000,000 additional mouths must be fed in redeemed
territory. The Italian food allotment was vigor
ously enforced by a card system, Dr. Felice Ferrero,
Director of the Bureau, explains in a formal state
ment a day or two ago. Each person is now al
lowed 17 pounds of bread and 13 pounds of other
food per month. Some of the allowances are fresh
meat, 8V2 ounces a month; frozen, 15 ounces a
month; butter, C o u n c e s a month; sugar, 10}^
ounces; rice, 4 pounds, 6 ounces; cheese, 8 ounces;
lard, 10 ounces, and olive oil, 6H ounces.
No change has been noted in official discount rates
at leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 5J^% in
Switzerland; 6% in Petrograd and Norway; GY z%
in Sweden, and 4 Y i% in Holland and Spain. In
(V ol . 107.
London the private bank rate continues to be quoted
at 3 17-32% for sixty days and ninety days. Call
money in London has been reduced to 3 % , from 3 Y ^ %
last week. A cable dispatch by way of London,
dated N ov. 26, announces that the rate of discount
of the Bank of Bombay has been fixed at 6% , and
that the rate of discount of the Bank of Bengal has
also been fixed at 6% . So far as we have been able
to learn, no reports have been received by cable
of open market rates at other centres.
The Bank of England in its statement for the week
announces another addition to its stock of gold of
£076,137, although there was a small loss in total
reserves, namely £92,000, as a result of an increase
in note circulation of £767,000. There were sub
stantial increases in the deposit items, in consequence
of which the proportion of reserve to liabilities
showed a further reduction to 16.20%, against
16.48% last week and 19^g a year ago. The expan
sion in public deposits totaled £759,000; other de
posits were increased £1,076,000 and Government
securities £841,000. Loans (other securities) regis
tered an increase of £1,112,000. Threadneedle
Street’s gold holdings aggregate £75,845,656. This
is by far the largest total for the corresponding week
of any year since 1912, and compares with £56,506,
642 in 1917, £56,043,042 the year before and £36,
414,802 in 1913, the year prior to the outbreak of the
war. Reserves now stand at £28,305,000, as against
£31,879,592 a year ago and £36,836,757 in 1916.
Loans total £100,992,000. Last year the amount
was £91,342,329 and in 1916 £104,270,976. Clear
ings through the London banks for the week were
£408,940,000, as against £411,370,000 a week ago.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out
of the Bank for the Bank week, inasmuch as the
Bank has discontinued such reports. We append a
tabular statement of comparisons:
HANK OF ENGLAND’S COMPARATIVE STATEMENT.
1914.
1916.
1915.
1918.
1917.
Dec. 2.
Dec. 1.
Nov. 29.
Nov. 27.
Nov. 28.
£
£
£
£
£
Circulation. _______ 65,990,000 43,077,010 37,658,285 34,275.105 35,926,730
12,577,097
50,300.517
Public deposits___ 30,427,000 41,526,139 56,236,730
Other deposits------ 143,749,000 122,742,622 109,268,585 93,525,478 167,970,906
Government secure. 62,629,000 58,814,870 42,188,117 29,840,118 31,289,646
Other securities___ 100,992,000 91,342,329 404,270,976 90,481,248 113,121,447
Reserve notes & coin 28,305,000 31,879,592 36,836,757 35,413,564 53,933,947
Coin And bullion__ 75.845,656 58,506,642 56,043,042 51,238,669 71,409,677
Proportion of reserve
29.87%
24.01%
to llAbilltles____
19.40%
22.25%
16.20%
5%
Bank rate.............. ..
6%
6%
5%
5%
The Bank of France in its weekly statement shows
a further gain in the gold^item this week of 9,844,350
franca. This brings the Bank’s total gold holdings
up to 5,462,094,375 francs, comparing with 5,333,
394,419 francs last year and 5,045,547,120 francs the
year before; of these amounts 2,037,108,484 francs
being held abroad in 1918 and 1917 and 1,280,921,624
francs in 1916. During the week silver increased
313,000 francs, bills discounted rose 57,380,000
francs, advances were swollen 233,976,000 francs and
Treasury deposits were augmented by 56,786,000
francs. General deposits , on the other hand, fell
off 1,148,607,000 francs. Note circulation regis
tered the large contraction of 1,119,172,000 francs,
bringing the amount outstanding down to 29,073,
312,000 francs. In 1917 at this time the total was
22,690,883,885 francs and in 1916 16,119,495,805
francs. On Nov. 7 1918, immediately preceding the
signing of the armistice with Germany, the amount
was 30,821,245,000 francs, while on July 30 1914, just
N ov. 30 1918.]
THE CHRONICLE
2035
previous to the outbreak of war, the total stood at statement in fuller detail is given in a subsequent
6,083,184,785 francs. Comparison of the various section in the “ Chronicle.”
items with the statement of last week and correspond
ing dates in 1917 and 1916 are as follows:
■
A distinct easing up in local money circles is to be
BANK OF FRANCE’S COMPARATIVE STATEMENT.
noted
this week. Time funds have become available
C h a n g e s --------------------------------- S ta tu s a s o f --------------------------------f o r W e e k . .Vod. 28 1918.
N o v . 29 1917.
N o v . 30 1916.
for periods extending up to 12 months. In a few
G o ld H o l d in g s —
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
In Franco...........In c.
9.S44.350 :?.424,985,891 3,296.285.934 3.764,625.496 instances commitments were arranged at 5 ^ % ,
Abroad...............
No change 2,037,108,484 2,037,108,484 1,280,921,621 though 6 % remained the going rate.
Interior banks
9,844,350 5.462,094,375 5,333,394,419 5,045,547,120
T o ta l.............Inc.
have been quite free lenders through New York
Silver--------------- Inc.
313,000
319,462,819
246,910,321
313,837,957
Bills discounted.Inc.
57.380,000
816,111,600
841,180,058
645,116,149 institutions, putting out six months’ funds in fair
Advances----------- Inc. 233,976,000 1,090,163,500 1,141,329,979 1,345,649.112
The
Note circulation.Dec.1,119,172,000 29.073,312,000 22,690,883.885 16,119,495,805 volume at 6 % on regular mixed collateral.
Treasury deposlts.lnc. 56,786,000
131.2S2.000
28,260,808
55,033,318
Stock
Exchange
committee
is
working
on
adjust
General deposlts.Dec. 1,148,607,000 1.816.043,000 2,778,855,500 1,916,838,368
ments and has issued
a new ruling re
After an interval of two weeks, a statement was moving the limit of Sept. 16 as the maximum level
received by cable on Monday from the Imperial of loans which may be carried so far as concerns
Bank of Germany as of Nov. 7, showing the follow temporary borrowings by members of the Exchange
ing changes: Total gold increased 244,000 marks; to finance for purposes of distribution the purchase
Treasury notes expanded 124,841,000 marks; other of bonds and notes for thei own account. One
notes increased 952,000 marks; advances gained 3, result of the strain in loans seems to have been
447.000 marks, while investments showed an e x the sale of Liberty bonds obviously for the
pansion of 8,660,000 marks and circulation the large purpose
of
transferring
the
proceeds
into
amount of 297,703,000 marks. There were de other classes of securities. Commission houses
creases of 24,537,000 marks in coin, 1,235,620,000 report quite an extensive movement in this
marks in bills, 26,071,000 marks in securities, 1,407, direction, and it is possible that it has served as
872,000 marks in deposits and 38,140,000 marks in incentive for the modification of the Stock Exchange
liabilities. On Thursday another statement as of loan position. The Stock Exchange Committee has
N ov. 15 was cabled over and indicated increases of itself nothing to do with the supply of loanable funds;
176.439.000 marks in Treasury notes, 1,698,878,000 its concern is merely to provide equitable distribu
marks in bills discounted, 5,624,000 marks in ad tion, the total amount which the local banks may loan
vances, 2,298,000 marks in investments, 54,447,000 to Wall Street being arranged by the Money Com
marks in other securities, 495,063,000 marks in note mittee. The latter committee, therefore, must first
circulation, 977,913,000 marks in deposits and 455, increase the supply before the Stock Exchange Com
574,000 marks in liabilities. Total coin and bullion mittee can permit members to expand. There is no
decreased 7,018,000 marks; gold declined 29,000 scarcity of money, the offerings for Stock Exchange
marks, while notes of other banks were reduced business exceeding the demand. In fact considera
2.118.000 marks. Total gold on hand is given as ble amounts frequently remain in the hands of brok
2.550.234.000 marks, as against 2,403,904,000 marks ers at the close of the day. Commercial paper has
for the corresponding week in 1917 and 2,516,757,000 joined in the general easing movement, discounts hav
marks the preceding year.
ing been reduced about % % during the week.
Preparations for the next Liberty Loan are under
Last week’s statement of New York Associated way, the Treasury on Wednesday having announced
banks and trust companies, issued on Saturday, the issuance of $600,000,000 (minimum) of certifi
showed a substantial increase .in reserves as a result cates of indebtedness payable M ay 6 1919, and carry
of a contraction in loans of no less than $109,407,000. ing 4 ^ % . The subscription period, which begins
Net demand deposits increased $8,662,000, to $3, on Dec. 5, will continue to Dec. 10, These certifi
820,894,000 (Government deposits of $331,987,000 cates are issued in anticipation of the Fifth Liberty
deducted). Net time deposits, however, were re Loan, which it is expected will be distributed in
duced $725,000, to $153,303,000. Cash in vaults April. Heretofore the first issue of loan certificates
(members of the Federal Reserve Bank) expanded have matured about one week after the loan campaign
$965,000, to $107,457,000 (not counted as reserves). closed. Treasury officials have indicated that pub
Reserves in the Federal Reserve Bank of member lic loans hereafter will be subscribed during the period
banks registered an expansion of $69,301,000, to of not more than three wrecks, the length of the
$583,362,000. Reserves in own vaults of State banks Fourth Liberty Loan drive. The offering of Treas
and trust companies declined $38,000, to $10,329, ury tax certificates dated N ov. 7 and due March 15
000, although the reserves in other depositories closed on Wednesday night. Secretary M cAdoo in
(State banks and trust companies) increased $89,000, a statement declared that uncertainties with respect
to $9,059,000.
The gain in aggregate reserves to pending revenue legislation make it impracticable
totaled $69,352,000; thus bringing the total up to and inexpedient to borrow further at this time in
$602,750,000, as against $573,864,000, in the cor anticipation of taxes. About $700,000,000 has been
responding week of 1917. Surplus was expanded subscribed on the last tax certificate issue.
$68,251,250, which once more carried the total of
Dealing with specific rates for money, call loans
excess reserves up to nearly the $100,000,000 mark, this week covered a range of 5 @ 6 % , against 5 % @
or in exact figures $97,063,980, comparing with 6 % last week. On Monday 5 % % was the high
$113,383,690 last year. Reserve required increased and ruling rate, with 5 }^ % low. Tuesday the
$1,100,750. Circulation is $35,565,000, a decline maximum went up to 6 % , but the low declined to
of $50,000. The figures given above for reserves 5 % , while renewals were made at 5 H % . Wednes
are based in both instances on 13% reserves for day’s range was 5@5J/£% and 5 Y i% the renewal
member banks of the Federal Reserve system but basis. Thursday was a holiday (Thanksgiving
not counting cash in vaults held by these banks, D ay). On Friday the single rate for all business
which last Saturday was $107,457,000. The bank was 5 % . These figures apply to mixed col-
THE CHRONICLE
2036
[Vol . 107.
bility of a change from restrictions either on Stock
Exchange dealings in th at city or in the form of
purchases of foreign securities. There has been
an increased supply of bills connected with the
withdrawal of American bank balances from the
British centre. Referring to quotations in detail,
sterling rates on Saturday were a shade easier and
demand declined to 4 75 7-16@ 4 75% and cable
transfers to 4 76 7-16; sixty days remained at 4 73% @
4 73% . M onday’s trading was dull and nom inal,
with demand bills again fractionally lower at 4 75
7-16@ 4 76%; cable transfers were not changed from
4 76 7-16 and sixty days from 4 73% @ 4 73% . N o
new feature developed on Tuesday; continued delay in
cable transm ission was still an influence in the inac
tiv ity , while reports th at our banks were drawing
down their balances held in London explained the
slightly easier feeling in sterling exchange. The open
market discount rate in London for long bills is about
33^% ,"against 4% @ 4% % for prime acceptances here.
One reason for the drawing down of balances is
that m oney in the local market is around 6% , while
the interest allowed on deposits by London institu
tions is only 3% . Pre-holiday dulness character
ized trading on W ednesday and the market was at
tim es at a com plete standstill; rates, which were
largely nom inal, continued at 4 73% @ 4 73% for
sixty days, 4 75 7-16@ 4 75% for demand and
4 76 7-16 for cable transfers. Thursday was a
holiday (Thanksgiving D ay). On Friday the mar
ket ruled quiet but steady and w ithout essential
change. Closing quotations were 4 73% @ 4 73%
for sixty days, 4 75 7-16@ 4 75% for demand and
4 76 7-16 for cable transfers. Commercial sight
q u o ta tio n s fo llo w :
Delivery
Spot Delivery
bills finished at 4 75% @ 4 75% , sixty days at 4 72% @
within
Thirty
Ninety
Sixty
30 Days. 4 72% , ninety days at 4 71 @4 71% , docum ents for
Days.
Days.
Days.
4%, bid
Eligible bills of member banks......... --45$d@44$ 4%>@44$« 4*/$,@4
Eligible bills of non-member banks. . ~44$@4%, 44$ @44$ 44$@4 4$ 4%, bid paym ent (sixty days) at 4 71% @ 4 72 and seven-day
6 bid
5 4$@5
54$ @5
Ineligible bills......... .............. ........
grain bills at 4 74% @ 4 74% . Cotton and grain
N o changes in rates, so far as our knowledge goes, for paym ent finished at 4 75% @ 4 75% . There
have been made the past week by the Federal R e were no im ports or exports of gold reported during
serve banks. Prevailing rates for various classes of the week.
paper at the different Reserve banks are shown in the
following:
In the Continental exchanges, this week has again
DISCOUNT RATES OK FEDERAL RESERVE BANKS.
been one of restricted business. A prominent factor in
the dulness was the continued difficulties in cable com
munication . Contrary to general expectations, no im
CLASSES
■
<
3
ft
0
OF
N
DISCOUNTS AND LOANS C
portant im provem ent has been noted in cither French
J
§
o 1
a. c
cq
or Italian exchange, and francs ruled only fairly steady
1
Discounts—
with lire still pegged. Exchange operators are still
Within 15 days, Incl. member
banks’ collateral notes___ 4 4 4 4 4$ 44$ 4 4$ 4 4 44$ 4 4$ 44$ 44$ marking tim e, pending the developm ent of coming
$ 5
16 to 60 days’ maturity__ 44$ 44$ 44$ 44$ 5 44$ 44$ 44$ 44$ 5
61 to 90 days’ maturity__ 44$ 44$ 44$ 44$ 5 44$ 44$ 44$ 5 5 6 5
im portant events in the international situation and
Agricultural and live-stock
paper over 90 days______ 5 5 5 54$ 54$ 5 54$ 54$ 54$ 54$ 54$ 54$ the final peace adjustm ents.
N o information is as
Secured by U. S. certificates
of Indebtedness or Lib
yet forthcom ing as to when a resumption of quota
erty Loan bonds—
Within 15 days, including
tions for German and Austrian exchange m ay be
member banks’ collat
eral notes___________ 4 4 4 «4 244$ 4 4 4 4 24J$ 4 44$
16 to 90 days’ maturity__ *44$ 44$ 44$ 24)$ '44$ 244$ '44$ 44$ 44$ '44$ 44$ 4!$ perm itted, but all authorities agree that this will
Trade Acceptances—
l.to 60 days’ maturity....... 44$ 44$ ■
’44$ 444$ 44$ 44$ 44$ 44$ 44$ 44$ 44$ 43.pi not be possible until peace is declared and a stable
61 to 90 days’ maturity .. 44$ 44$ 44$ 44$ 44$ 44$ 44$ 44$ 44$ 44$ 44$ 44$
form of Governm ent established in these centres.
1Rate ot 3 to 44$% for 1-day discounts In connection with the loan operations
of the Government. Rates for discounted bankers’ acceptances maturing within The steady m ovem ent against exchange of the Cen
15 days, 4%; within 16 to 60, days 44$ %; and within 61 to 90 days, 44$%
JRate of 4% on paper secured by Fourth Liberty Loan bonds where paper re tral Powers in neutral markets gives som e weight to
discounted has been taken by discounting member banks at rate not exceeding
the opinion that one means of liquidating Germ any’s
interest rate on bonds. ’
•
»Rato for trade acceptances maturing within 15 days, 44$%.
* Rate for trade acceptances maturing within 15 days, 44$ %; 16 to 90 days, 44$ % huge war debt m ay be an arbitrary reduction in the
a Fifteen days and under, 44$%.
value of the mark to one-half or less its normal value.
Note 1. Acceptances purchased In open market, minimum rate 4%.
A similar recom m endation has frequently been heard
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
A little over a m onth
Note 3. In case the 60-day trade acceptance rato is higher than the 15-day dis in regard to Russian finances.
count rate,trade acceptances njaturing within 15 days will be taken at the lower rate.
ago the indirect exchange for marks in London de
Note 4. Whenever application is mado by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day clined to 30.80 marks to the pound.
Exchange on
paper of the same class.
Berlin in Stockholm fell from 54 kronen to 52 kronen;
Sterling exchange continues to display lack of in C openhagen from 56 kronen to 53.25 kronen, and
response to the ending of hostilities. Advices from Christiania from 58.25 kronen to 53.25 kronen. The
ondon indicate that there is no im m ediate proba low record touched during the war for reichsmarks
Francisco
j San
City.
j Dallas.
j Kansas
j Minneapolis.
Louis.
|St.
|Chicago.
|Atlanta.
1
|Richmond.
j
lateral loans, “all-industrials” being still quoted
at % of 1% above this range. For mixed
m aturities a decidedly easier tone has be
come apparent and lower rates have been quoted
than for quite some tim e. Early in the week offer
ings of six m onths’ m oney at 6% were placed on the
m arket, while later a substantial loan was reported
to have been negotiated for ninety days at 5% % .
This is the first tim e in m any m onths that funds in
any considerable volum e have been available for
fixed date loans. It is estim ated th at fully $30,
000,000 has been placed in the form of tim e loans
in the N ew York m arket this week. Tim e loans
from sixty days to six m onths continue to be quoted
at the fixed rate of 6% , though 5% % would prob
ably secure funds on exceptionally favorable loans
for sixty and ninety days. Last year sixty days was
quoted at 5% % , ninety days and four m onths at
5% @ 5% % and five and six m onths at 5% % .
Commercial paper rates have also been lowered,
and coincidental with the lowering in call rates
some transactions in the best names were put through
at 5% % . A range of 5% @ 6% is now quoted for
sixty and ninety days’ endorsed bills receivable and
six m onths’ names of choice character, against 6%
a week ago. N am es not so well known are still at
6% . Brokers reported a greater diversification in
the demand, there having been a good inquiry for
packers, iron and steel, textile and other paper.
A fair volum e of business was recorded.
B anks’ and bankers’ acceptances showed a per
ceptible increase in activity. • D em and loans on
bankers’ acceptances continue at 4% % . D etailed
44
1
was 35.97 marks to the pound in June of 1917. As
to Russian rubles, although conditions in Russia are
still in a state bordering upon chaos, a more hopeful
view is being taken regarding the eventual rehabilita
tion of that country. A reflection of this sentim ent
was seen in the activity and strength in ruble cur
rency notes which advanced to 23. The official
London check rate on Paris finished at 25.98, com
pared with 25.973/6 last week. In N ew York sight
bills on the French centre closed at 5 45% , against
5 45%; cables at 5 45, against 5 45; commercial
sight at 5 46% , against 5 46% , and commercial
sixty days at 5 51% , against 5 51% on Friday of a
week ago. Lire were not changed from 6 37 for
bankers’ sight bills and 6 35 for cables. Rubles
continue to be quoted at 14 for checks and 15 for
cables. Greek exchange remains as heretofore at
5 16% for checks and 5 15 for cables.
In the neutral exchanges no new feature of m om ent
has developed, and here also trading was extrem ely
dull and light in volum e. Swiss francs were again
the firmest feature of the list, advancing to 4 94
for checks, while Copenhagen, Christiania and
Stockholm remittances were steady and fractionally
higher. Spanish pesetas ruled firm with a slight
net advance for the week, while guilders were well
maintained.
Bankers’ sight on Amsterdam finished at 41% ,
against41% ; cables at 42% , against 42%; commercial
sight at 41 13-16, against 41 11-16, and commercial
sixty days at 41 5-16, against 41 5-16 the preceding
week. Swiss exchange closed at 4 92 for bankers’
sight bills and 4 90 for cables. Last week the close
was 4 98 and 4 96. Copenhagen checks finished at
26.50 and cables at 26.80, against 26.50 and 26.80.
Checks on Sweden closed at 28.00 and cables at 28.30,
while checks on Norway finished at 27.30 and cables
at 27.60, against 27.30 and 27.60 last week. Spanish
pesetas closed at.20.00 for checks and 20.10 for cables.
This compares with 19.95 and 20.02 a week ago.
As regards South American quotations, the rate
for checks on Argentina finished at 44.87% and cables
at 45.12% , against 44.60 and 44.75. For Brazil
the check rate is 26.60 and cables at 26.75, com
pared with 26.35 and 26.50. Chilian exchange
continues to be quoted as 12 15-32, and Peru at
50.125@ 50.375.
Far Eastern rates are as follows: Hong Kong,
79.90@ 80.00, against 78@ 78% ; Shanghai, 123@
123% , against 122@122%; Yokoham a, 56% @ 56% ,
against 55@55% ; M anila, 50% @ 50% (unchanged);
Singapore, 56% @ 56% (unchanged); Bom bay, 36%^
@ 36% (unchanged); and Calcutta (cables), 36% @ 37
(unchanged).
The N ew York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,766,000 net in cash as a result of the cur
rency m ovem ents for the week ending N ov. 29.
Their receipts from the interior have aggregated
$7,413,000, while the shipm ents have reached
$2,647,000. Adding the Sub-Treasury and Federal
Reserve operations, which together occasioned a loss
of $78,984,000, the combined result of the flow of
m oney into and out of the N ew York banks for the
week appears to have been a loss of $74,218,000, as
follows:
Week ending Nov.
29.
Sub-Trcas. & Fed. Res. operations..
Total.........................................
2037
THE CHRONICLE
N ov. 30 1918.]
Into
Hanks.
37.413.000
28.434.000
Out of
Hanks.
Net Change in,
Bank Holdings.
32,047,000 Gain 34,760,000
107,418,000 Loss 78.984,000
S35,847,000 3110,065,000 Loss 374,218,000
The following table indicates the am ount of bullion
in the principal European banks:
Nov.
Gold.
£
England.. 75,845,656
Francea.. 136,999,035
Germany. 127,511,700
Russia *.. 129,650,000
Aus-Hun c 11,008,000
Spain___ 88.986.000
Italy------ 38.439.000
Netherl’ds 58.035.000
Nat. Bel.h 15.380.000
Swltz’land 15.190.000
Sweden... 15.176.000
Denmark. 10.335.000
Norway.. 6,738,000
—
28 1918.
Silver.
£
Total.
Nov.
Gold.
£
£
75,845,656 56,506,642
12,760,666 149,759,035 131,851,437
1,119,560 128,631,260 120.195.000
12.375.000 142.025.000 129.650.000
2.289.000 13.297.000 11.178.000
25.698.000 114.684.000 78.227.000
3.200.000 41.639.000 33.343.000
600,000 58.635.000 56.975.000
600,000 15.980.000 15.380.000
15.190.000 16.125.000
15.176.000 11.922.000
130,000 10.465.000 10.584.000
6,738,000 6,489,000
29 1917.
Silver.
Total.
£
56,506,642
9.840.000 141,691,437
6.062.000 126.257.000
12.375.000 142.025.000
2.340.000 13.518.000
28.642.000 106.869.000
2.600.000 35.943.000
593,400 57,568,400
600,000 15.980.000
16.125.000
11.922.000
158,000 10.742.000
6,489,000
£
Tot .week. 729,293,391! 58,771,560788,064,95l'678,426,079 63,210,400741,636,479
Prev.week 726,965,409 00,411,060787,376,529670,053,482 63,364,400 739,417,882
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board of Trade Journal” for Dec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h August 6 1914 in both years.
.
THE PEACE CONFERENCE.
To say th at the Peace Conference which will
assemble at Versailles, next m onth or in January, will
constitute a landmark of the highest im portance in
the history of Europe and therefore in the history
of the w orld, is merely to state what has been proved
by the experience of all great wars. The Congress
of Vienna in 1814 and the Congress of Berlin in 1878
did much towards shaping the course of European
history during the generation which followed each
of them . Both of those conferences, in their arrange
m ent of the ultim ate treaty of peace, m ade sweeping
rearrangements of sovereignty and territory; each
m ay be said to have changed the map of Europe—
th at of 1814 reconstructing very extensively the
boundaries of Central, Northern and W estern Europe;
th at of 1878 being of chief importance for its creation
of new States in Southeastern Europe.
In a very im portant measure the coming Peace
Conference at Paris will have the same task. The
status of Alsace-Lorraine will certainly be changed.
The Austrian Empire has already disintegrated, atid
certain independencies provisionally created from it
remain to be form ally recognized. The border
betw een Austria and Italy will have to be redrawn;
the relative status and area of Turkey, her European
possessions, and the several Balkan States, m ust be
determ ined. Independent Poland is to be created.
W hat the action of the Conference will be or can be
in regard to Russia, it is im possible to conjecture
in advance; indeed, it is by no m eans clear how Russia
will be represented at the Conference, if at all. It is
at least- conceivable that some of the constituent
States of the recent German Empire will claim recog
nition of their independent sovereignty or of new
political affiliations.
In the present Conference, questions larger even
than those of territorial readjustm ent will press for
decision. It is widely recognized that in m any
respects the paramount task of the Conference will
be to construct some kind of international agreement
and international machinery to determine in ad
vance the broadest questions of international rela
tions, to enforce certain large principles, and in
particular to provide for the prevention of another
war like this. Prim arily, as everyone knows,
the discussion has centred on the more or less
indefinite proposal of a League of N ations through
which peace m ight be preserved and the m utual
rights of the various Governm ents defined and
safeguarded. In one form or another, this project
has found a place in the declarations of responsible
2038
THE CHRONICLE
European statesm en, and it has called forth some
what specific outlines of purpose and policy by
President W ilson.
A t the m om ent it is quite impossible^to say how
far and how definitely the Peace Conference will be
able to proceed in framing such international or
ganization. M r. W ilson has expressed the opinion
that such a League could not be effectively created
either before or after the treaty of peace; that it
would have to be a part of it. In any case, however,
the decisions of the Conference itself on all the
im portant points involved will presumably have to
be referred for discussion and ratification to the
legislative bodies of the contracting States.
U ntil the general plan is form ulated, it is difficult
to conjecture how far even the Governm ents which
should agree on general principles could be brought
into similar unanim ous agreem ent on questions of
specific policy— m aintenance of arm am ent, for in
stance, submission of disputes to a central tribunal,
enforcement of that tribunal's decrees, regulation of
the law of the ocean and the laws of war— which
m ight appeal differently to the individual interests
or prejudices of different countries. The strong
probability seems to be th at the Peace Conference
will hold two and perhaps three distinct and inde
pendent sessions; one to settle the im m ediate ques
tions involved in the treaty of peace with Germany
and her allies, another to form ulate the general plan
of future international procedure, and the third,
possibly, to draw up details.
To our own people a peculiar and unusual interest
has been imparted to the discussion by President
W ilson’s intention to depart next week for Europe
with a view to personal participation in the Confer
ence. T hat decision has been discussed from two
points of view; first, in the light of the President’s
own announced ideas regarding the League of N a
tions, and second, in the light of C onstitutional
precedent and tradition. The second consideration
has evoked much warm debate. We make some
remarks on the subject in a subsequent article, but
m ay note here that there is actually no precedent for
such absence, except for the trips of Presidents
Roosevelt and Taft to Panam a in American warhips
during the vacation of Congress. B ut even in that
case, the President did not set foot on foreign soil,
and the unwritten law against actual visits to a
foreign country was recognized.
The Constitutional pundits have naturally found
difficulty in determining the bearing of our written
law, because the C onstitution m akes no reference to
such a contingency. Indirect prohibition of such
absence has been argued from the fact that the
C onstitution, in providing for action on Congres
sional bills by the executive, declares that such bills
shall be subm itted to the President for signed
approval or veto, adding that "if any bill shall not
be returned by the President within ten days (Sun
days excepted) after it shall have been presented to
him, the same shall be a law, in like manner as if he
had signed it, unless the Congress by their adjourn
m ent prevent its return, in which case it shall not
be a law .”
Clearly, if the President were in Europe during
that ten-day period— and he apparently contem
plates an absence of at least a m onth— the general
purpose of the provision could not be filfulled easily,
if at all. As to w hat would happen, critics do not
agree. N o provision is made for the exercise of
[V ol . 107.
Presidential powers by the V ice-President except in
case of the “President’s disability,” and although it
is nowhere stated what would constitute disability, it
would be a wide stretch of inference to apply it to
m erely physical absence. In any event, new Con
gressional legislation would be required. The one
plain fact is that, since such a bill could hardly be
presented to M r. W ilson under the circumstances,
and since the above Constitutional provision only
states that it shall become a law if “not returned by
the President within ten days after it shall have
been presented to him ,” it could not become a law.
A pparently it would have to be subm itted again to
him after his return, and acted upon according to
the C onstitution.
In the case of a prolonged absence, there is no
doubt that serious consequences m ight result; they
m ight arise even in a brief absence. This makes the
precedent one which m ost citizens instinctively dis
like. That it would cause no actual difficulty in
the present case is probable enough, because our
legislative habits are adjustable. The real question
then is, whether the necessity for the President’s
personal presence at Versailles is such as to supersede
the actual or potential dangers of such absence from
the United States. On th at point, opinions differ
rather widely.
That President W ilson will introduce difficulties
into the Conference itself, through insisting on his
particular formula of the League of N ations and ad
hering to it against the will of other Governm ents,
we consider altogether improbable. His outlines of
the ends which ought to be achieved were framed in
very general terms; in any case, they were bound to
constitute merely a basis for discussion at the Con
ference. In the m ain, controversy has centred on
the second of his fourteen proposals. It reads as
follows:
“Absolute freedom of navigation upon the seas
outside territorial waters, alike in peace and in war,
except as the seas m ay be closed in whole or in part
by international action for the enforcement of inter
national covenants.”
The argument has been raised that this would strip
England of her system of defense through her sea
power as exercised in this and other wars, and that
in the present war it would have prevented the block
ade of Germany, which played so im portant a part in
Germ any’s defeat. Some such apprehension has been
expressed in England also; but always with a clear
understanding that ^freedom of the seas” requires
close and careful definition. The Allies’ reply to
the President’s suggestion on the m atter was that
“they m ust reserve to them selves com plete freedom
on this subject when they enter, the Peace Confer
ence.” It would, wre think, be inconceivable that
they should enter it with any other understanding.
B ut this only means that the law of the seas, like all
other proposed innovations in the relations and prac
tices of the different nations, will have to be deter
m ined as a result of discussion and prevalent con
sensus of opinion in the Conference itself.
THE PRESIDENT’S PROPOSED ABSENCE FROM
TIIE COUNTRY.
In view of the peace arrangements which m ust ere
long be stated in a formal treaty or treaties and in
view also of the expected personal absence of the
President, there is an interest never before felt in
thefm anner and lim itations of treaty-m aking and in
Nov. 30 1918.]
THE CHRONICLE
the relation of the Executive to legislation. A
Washington dispatch of last Saturday tells us that
the town house of Prince Joachim Murat is to be at
the President’s disposal during his stay in Paris, and
adds that if he makes this building his temporary
home “ the chief executive functions of the Govern
ment of the United States will be exercised there,
and for the time being it will become, in effect, a
new White House.”
According to the Constitution, the President must
be a native of the United States and for the past
fourteen years a resident here; but he is not consti
tutionally required to live in Washington, and in
1790 there was no Washington and no district
exclusively controlled by Congress. No express
provision of the Constitution forbids his residing in
Paris or in Pekin; residence in one place or another
is determined only by propriety and by the con
venience and necessity involved in performing his
official functions. Therefore, by going abroad, or
even by remaining abroad for such time as pleases
him, he cannot violate anything except tradition,
precedent, or propriety, so long as he keeps up to
his Official duty.
He is required to have views as to expedient legis
lation and “ from time to time” to give information
to Congress and “ recommend” measures for consider
ation. Custom has led to doing this by annual
messages, supplemented by various special communi
cations. M r. Wilson has caused bills to be prepared
and presented, and has then driven them by every
means available; this is certainly a broadening of the
duty to “ recommend,” yet the mandate does not
specify either the precise manner or the maximum
force of the recommending. He has gone personally
before Congress rather then by written communica
tion; this also is unusual, yet it is not forbidden, and
it is to be viewed, like the other, as a matter of
expediency and propriety.
As to the work of Congress, it is distinctly required
that every bill, joint resolution, or vote of any kind
in which both branches must concur (except mere
questions of adjournment) “ shall be presented to the
President” and get his approval before becoming
law. Were he absent (say, in Paris) bills could
perhaps go to him by mail or by messenger, but
they must be “ presented,” and clearly this could not
be done by wireless or cable; the bills must go to
him in material substance upon paper. How could
this possibly be accomplished except by carriage on a
ship, or how could approval or disapproval be effec
ted except in like manner? Any bill not “ returned
by the President” within ten days after being “ pre
sented to” him (Sundays not counted) becomes a
law, unless adjournment prevents return. It is not
hard to see that awkward questions might arise, in
some instance at a date not far from adjournment,
over this ten-day provision; for example, the question
whether a bill is “ presented to” an absent Executive
when it is started towards him or only when|it has
been received by him, and similarly as tojiis^exercise
of the veto.
One story from Washington has intimated that
possibly Mr. Wilson might appoint a deputy to act
in his absence, but this seems impossible, since the
Constitution recognizes no such officei’Iand grants
no such power. In case of the President’sJdeatli, of
his removal from office, of his resignation, or of
“ inability to discharge the duties and powers of the
said office, the same shall^devolve on^the Vice-
2039
President.” Conceding (what is one of the novel
points raised by the projected absence) that M r.
Wickersham is correct in saying, in his discussion
of the subject on Tuesday evening, that “ if the Presi
dent is out of the country it requires little argument
to demonstrate that he would be unable to perform
the duties imposed upon him,” the deduction that
his absence automatically puts the Vice-President in
his stead does not clearly follow. It all turns upon
the meaning of “ inability,” since the Constitution,
distinct and final as the clause seems to be, does not
define that important word. An illness sufficiently
severe would clearly constitute inability within the
intent of the proviso. So would an undeniable lapse
from sanity; but imagine the President taking on a fit
of the sulks, child-fashion, and refusing to perform
his duties. It seems inconceivable that the framers
of the Constitution contemplated, or that any ra
tional construction of language can admit, that a
voluntary act of the President can constitute the
“ inability” provided against; yet how does an
absence so voluntary and needless that opinion is
divided about its expediency and propriety differ (in
the legal aspect of the subject) from such a voluntary
act as the imagined fit of sulkiness, and does it not
seem clear that the inability contemplated is an in
voluntary one?
With the advice and consent of the Senate, the
President “ shall” appoint “ Ambassadors.” He is
not in terms forbidden to send out somebody as his
personal representative for gathering information
or for communicating his views abroad; but there is
no constitutional warrant for any Ambassador or
representative, for treaty-making or otherwise, ex
cept through the regular process of appointment and
confirmation.
The President is empowered to “ make treaties,”
whether for arranging peace or otherwise, in con
junction with the Senate; he and the Senate form
the treaty-making power. But what is it “ to make”
a treaty ? It could not be expected, even in the most
prosaic times, that the President would or should
send in successive notes to inform the Senate that
he was thinking of making a treaty or of inserting
such and such provisions in some treaty then in
contemplation. Reason and practicability seem to
imply that he may and should first frame a document
and then submit it for the Senate’s part in accepting,
rejecting, or amending; that he should write out the
document, and then, jointly with the Senate, pro
ceed to complete the making.
It appears from the foregoing that a number of
questions at once novel and difficult may arise
because of so unprecedented a step as this proposed
absence, and that these cast grave doubt upon the
wisdom and propriety of the absence. Whether
the President’ s personal presence in Europe is in
dispensable or could be useful in any manner or
degree may be left to individual opinions; but it
must at least be admitted that the situation which
some say needs him abroad in person also makes it
difficult for him to be absent. Can he do his difficult
and non-transferable work while absent, and how?
Most persons will agree with Mr. Wickersham in
saying that the fact “ that these questions have never
arisen for actual decision is a tribute to the wisdom
of our Presidents in conforming with the traditions
of their great office, with that ^unbroken custom
which ripens into law, and in [not suffering the
whisperings of personal ambition to lead them to
2040
THE CHRONICLE
depart from the paths of accustomed action, thereby
avoiding the creation of new, uncertain, and perhaps
dangerous questions of constitutional right and
power. ”
But one thing is past doubt and may better be
understood and remembered by everybody, in this
country and elsewhere, namely: that from this time
forward the power and duty of Congress, both as a
complete body and in the Senate separately, will
be asserted and exercised as they have not been for
several years past, in treaty-making as also in general
legislation, especially in legislation bearing upon the
vast problems which must be faced and dealt with
during the reconstruction period. Under stress of
war, Congress almost abdicated; but the war is over
and Congress will now resume. The resolution
substantially to that effect, adopted unanimously
by the Republican side of the Senate, really runs
farther than a declaration of intent to reform, for
the subject and the situation are such that this is
a notice to the world and has so challenged attention
that it operates practically as a commitment. Here
is one instance in which one Congress practically
binds a successor. The next Congress will certainly
accept and abide by this pledge of reform, and its
influence will not be absent from the short session
to begin on M onday next.
[V ol . 107.
Our prime duty is that of creating an atmosphere
of Liberty. We stand for that as no other nation
does. We were in the war with no suspicion of
self-seeking; we are asking no compensation, costly
as has been our part and costly as it must continue,
and we are supposed to know best what political
and social liberty is, and by what system of Govern
ment it can best be secured; and to be able and eager
to show others how to obtain it for themselves.
Obviously, then, we should have no greater care
than to hold ourselves to the task of maintaining the
spirit and purpose with which we began. We
entered the war perhaps rather lightly. It was still
across the sea; its horrors, of which we were told,
were hardly more real to us than the smoke of the
battle fields. The cry of the oppressed and the
suffering gradually reached our hearts. The pos
sibility of danger to ourselves grew more real. The
welfare of humanity was threatened; civilization
itself was going into the discard. When at last
the challenging thrust of the submarines reached
us, the response was instantaneous and unquestion
ing. There was to be seen again what the great
Frenchman, De Gasparin, wrote of us at the outbreak
of the War of the Rebellion: “ The Uprising of a
Great People.” For the second time America has
shown her strength of heart even more than her
strength of hand; neither will be questioned hereafter.
It remains only now to maintain the initial spirit.
A M E R I C A ’ S " P R I V I L E G E O F C O N T R I B U T I N G ,”
A year ago, after six months of service, the nurses
IN
T H E L IG H T OF T H A N K S G IV IN G D A Y .
in a unit among the first to go abroad, were gathered,
This recent notable phrase of President Wilson in one of the darkest hours of the war, in their great
sets in high light the situation to-day. In a large hospital in an open field, in the late autumnal wet
sense the war is not yet won; we have only won and cold of Northern France, to be addressed by
the privilege of contributing to the winning. Our their leader. They were reminded that they had
part is now to be a large one in bringing in the con come over with little thought of the seriousness of
ditions of a peace that shall be neither repressing the task and with the feeling that they could return
nor oppressive, a peace such as the world under its home if any emergency arose, in any case probably
load of sorrow and loss and bewilderment shall find in six months. Now it was apparent that they
the work of righteousness, and as such will lead to were there for the war; that all personal consideration
whatever must be held second to that; and that it
quietness and strength.
The Allies are promptly responding to the call would only be possible for them to meet the strain
for food; our part in that response will undoubtedly if they kept in mind the enthusiasm and devotion
be as generous and prompt. The injuriousness and with which they had first faced their task six months
wickedness of the war, and even the entire absence of before. The nurses instantly responded; not one
any expression of regret for the evil the enemy have faltered or flinched; and they have held to it to this
wrought, will not check the impulses of a large- day of their great reward. They have shown the
minded people who have long since learned the joy only way in which as a nation we can hope to meet
of feeding the hungry and helping the distressed. the task now before us.
The pressing and portentous task is to protect
That requires no emphasis and awaits no urgent or
the people of the European States against them
personal appeal from any who know America.
But a much more difficult and quite as important selves. They have been restrained so long that, as
task is before us. Even the completest victory by a common impulse, they repudiate all restraint.
cannot live on defeat. Opportunity must be charged Europe is Pandora’s box; the lid is suddenly off and
with achievement; and opportunity does not long the spirits are out; if there are good ones among them
wait. We have no right to assume that we are to they are carried off with the bad. The wonder is
be the chief administrator of peace, or that we have not that there are Bolsheviki in Russia, but that
the skill to be the chief healer. Have we, indeed, they are not in evidence everywhere, and are every
in our brief “ co-operation” had sufficient chastening where equally wild. Whole nations have lived in
as a people to take our place beside those who have an atmosphere of falsehood, of repression and of
suffered so deeply to be accepted either as able to ignorance, from which multitudes have found escape
sympathize, or fitted to guide? “ A guide, counsellor only in emigration to far distant lands. They have
and friend” is certainly what the suffering peoples suffered the horrors of war, and many those of con
want, but that, beyond question, they will wish to quest; and now one and all face famine and want
choose for themselves; our part must be to be pre from which they see no escape. Is it any wonder
pared to do what we can. Happily, great as our if reckless disorder, or even anarchy, should have
losses seem to us, we have been let off far more them in its grip? Steadiness, patience, self-control
easily and much sooner than we had reason to ex and the most convincing evidence of help that is at
pect, thanks to the unhesitating and patient courage once wise, sympathetic, efficient and unselfish are
of England and France.
I essential if we would be other than aliens. No task
Nov. 30 1918.]
THE CHRONICLE
is' more difficult than this, because it is so vast, so
various, so intangible, so remote and so complex,
and requires so high an order both of wisdom and
of character. Yet it must be met if the world is
to have peace.
Then there are the purely economic difficulties.
The bill of costs of the war is still quite beyond reck
oning. That presented with the armistice is stag
gering. But what is that at its greatest compared
with the total of the world’s capital that has been
consumed or destroyed by the war? And that
capital is the one instrument with which the business
of the world can be resumed now that opportunity
has come. All that can be said is that those who
have must help those who have not. Much of the
world’s wealth still remains; the raw materials of
industry and of life still exist; the machinery of pro
duction and of supply, while greatly deranged, is in
large part available; whether or not want will long
continue, and suffering and disorder greatly spread,
will depend upon the strength of the impulse for
mutual helpfulness; and the part of America in
creating and sustaining this spirit is to be larger
than that of any other people. We have greater
strength than others, we have suffered far less than
others, we have shown a readiness to help, not indeed
so great as some others, but as representing the
greatness of our resources with possibilities to-day
quite beyond others. And, if all is to be said, we
have even greater interests, economic no less than
historical, than any other. Our industrial and com
mercial welfare and the challenge of our new place
among the nations of the earth will require our
grappling this task of helping others in their material
need to the full measure of our power.
Such considerations as these emphasize the su
preme necessity of our setting an example in those
things on which the existence of liberty depends.
We have not only to do our part in making the world
safe for democracy. We have yet to show what
democracy in a worthy sense really is. We must live
as we talk. A free people must show that they can
be unhampered by their freedom. Their liberty
must be uncontaminated by license. Their order
must be a self-ordering that is always order. Their
morality must be virile enough to bear exposure at
home and to stand transportation abroad. ’ They
must be able to secure respect for their laws because
they obey them themselves. They must live up
to the Golden Rule in' their individual intercourse
that they may secure its practice by the nation in
dealing with others.
All this is so obvious that it needs no argument,
but it is none the less in need of being spread before
all as the condition on which alone we can have
“ the privilege of contributing” in what is waiting
to be recognized as the greatest task our race has
confronted, and which, above all else, is to disclose
“ the play of those moral forces, discerned through
all events and in all ages, now creating, now destroy
ing, always transmuting, which have moulded and
remodeled institutions and have given to the human
spirit its ceaselessly changing forms of energy.” *
The impulse which at the call of the President has
sent the country to its Thanksgiving Day services
with a devotion deeper and more thankful to God
than any it has felt since the surrender at Appo
mattox may be counted upon to sustain the moral
forces which are to be so greatly needed.
♦ A c c o r d in g
L ord A cto n ,
to L ord A cto n ,
p a g o ^ x ix .
as
rep orted
by
M r.
B ryce.
"L e tte rs
of
THE
2041
RUSSELL
SAGE
AN D
M IL L IO N S — S O C IA L IS M
DEM OCRACY.
In a very ordinary home, as mansions are rated
in Fifth Avenue, on N ov. 4, there died, at the
advanced age of ninety years, a woman who had
known exacting want and great wealth— Mrs.
Russell Sage. She was the sole legatee of her
husband, Russell Sage, who died in 1906 leaving an
estate valued at 870,000,000 to $75,000,000. It is
said that despite many large benefactions during b,er
lifetime the estate had increased in amount during
her ownership, or trusteeship, for so in fact she
regarded her title. Her will discloses that after a
principal bequest to her brother of some $8,000,000,
and other minor legacies, the entire residuary estate
goes to sundry charitable and educational institu
tions, a number of which, it is estimated, will receive
endowments of about $800,000. All these are
prominent and enduring factors in the life of the
people, most of them located in the East, but some
in the South and remote West,
At a time when the Federal Reserve Board in
forms us that the belligerent nations have spent
directly on the war just closed a sum aggregating
two hundred billions of dollars, at a time when in
some of these countries a frenzied socialistic govern
ment is engaged in confiscating accumulated wealth,
it is important to consider the course of this American
estate, that we may learn something of the spirit
and form of “ democracy” as evidenced in our social
and economic life. Let us first give attention to its
origin. Russell Sage started in life a poor man.
He engaged first in some of the common forms of
business that are now pursued by many. As by
ability, thrift and industry, his fortune grew he
naturally entered into corporate forms of enterprise,
railroads and other. But perhaps his leading
characteristic as a financier was close adherence to
personal ownership and conduct, which in the course
of time constituted him one of the largest individual
money loaners in the United States.
If we reflect upon this part of his business life we
shall discover principles which will be variously
interpreted by those who see, or foresee, a coming
battle between wealth and want. Russell Sage was
a large loaner of what is known as call money. He
received therefor enormous rates of interest; and he
is credited with having an uncanny intuition as to
when this money to cover margins would be needed
by speculators and brokers, and he was always
ready. This use of funds encouraged speculation.
We have just seen how a committee by reason of
war conditions has put a curb upon such loans.
This speculation by some has been considered a
crying evil tending to disorder legitimate trade.
By others it is shown that speculation on the ex
changes, in shares and commodities, tends not only
to steady and legitimatize trade, as it aggregates and
extends beyond possible* personal supervision; and
increases values by increasing volume. So that the
economic question is one of open debate and indi
vidual judgment. This, however, remains— those
who carried on these speculative ventures paid for
the privilege and from this source a large single
ownership and estate arose. And we see at once,
for we must hasten, that the withdrawal of a part
of the profits of speculation into the ownership and
keeping of a single man, made possible the endow
ment of educational institutions that are free to all,
2042
THE
C H R O N IC L E
and that were there no rights of accumulation and
ownership such a condition could not ensue.
Mark this, if there were State ownership there
could not be any trading in corporate shares. And
whether there be “ speculation” , and we are using
the term in a meaning that will embrace the evils
charged, or only the buying for permanent holding
and investment— without buying and selling in the
open market of shares in enterprises under personal
direction of representatives of owners, without one
or both, all “ industry” would become perfunctory.
M ore, the State could only take therefrom for its
current needs; and there could be no accumulation
of funds for benefactions for large and commandingcharitable and educational institutions, which are
not only free to all, but which lead all other like
activities by their worth and eminence. We argue
then that private ownership enables the with
drawal of charges for the use of funds accumulated
to the end of larger accumulation that could occur
under no other form of ownership and hence could
not return to the people in these special and strong
beneficences. And if this be doubted we have but
to compare our State supported institutions of
learning with the size and character of those thus
specially endowed.
But the charge is made that such huge accumu
lations by one tend to prevent accumulation on a
lesser scale by the many, that the people suffer by
reason of aggregated wealth. And the charge is not
without some weight. Let us examine the facts
as indicated by this particular estate. While
Russell Sage was a great individual money loaner,
it must be remembered that he was also and at the
same time an owner of shares in going concerns.
His fortune, therefore, while under his personal
ownership and his own direction and control of that
ownership, as far as the shares were concerned, was
actually employed in scores of enterprises he did
not entirely own and could not personally direct.
If then his husbanding of shares d id tend to lessen
opportunity for others to acquire and own shares,
w ith o u t su ch rig h t e x iste n t th ere c o u ld be o p p o r t u n it y
himself included, and this is exactly the
condition that would prevail if the State owned all.
And this covert antagonism to “ wealth” resolves
itself into this, can “ democracy” exist where there is
no “ opportunity,” and can opportunity exist where
none have the right to the proceeds and accumu
lations of their own toil? During his lifetime, then,
none of this vast sum measured by millions was
withdrawn from production, was employed in useful
industries, made possible the acquisition of shares
by creating new enterprises, and gave to the people
at large the collateral benefits of such employment.
The paramount question here to be considered under
State ownership as opposed to private, is, how could
the State project these multiform new enterprises
on which the welfare and advancement of the people
depend, and how could ft collect and abstract from
taxes upon the labor of all, a sinking fund for these
untried experiments, without forever impoverishing
the masses, and without bearing the losses which
would inevitably occur (as they now occur) by
reason of chimerical schemes that result iu disaster?
This discloses another truth overlooked. This
right to ownership which may result in c e n tra liza tio n
of power, also results in a d i s s i p a t i o n , as well as a
distribution, of power. Balance the losses of the
would-be rich, through trade, “ speculation” if you
fo r n on e,
[Vol. 107.
will, with the gains of those who win, who “ make
good.” And then against the free man, and the
strong man, developed under this system of private
ownership and control, contrast the hopeless, aim
less, propertyless man, under State ownership and
control; try to vision a “ democracy” where the
people rule by direct consent and participation, with
a socialistic State ruling by irresponsible authority
and ignoring the individual save to condemn him
to slavery.
But Russell Sage died, an old man, and childless.
He was not noted for his own benefactions. We
have shown, however, that his investments in securi
ties employed his wealth to useful ends. His wife
inherited all. The active mind of the financier no
onger served to augment this fortune. It increased
by its own accretions, even faster than the good
woman could spend it. Then she. too, died. And
out of a kindly spirit, with consecrated purpose born
of wisdom and love, with a sense of trusteeship during
a life of economy and benevolence, these “ securities”
now pass into endowments to various good uses,
serving perpetually the double purpose of keeping
alive going industries, and applying the increment to
the free use of the people. The peculiarity of this
estate in its history is perhaps that the couple was
childless. But if there had been heirs, the descent
would not have altered the fact that the securities
represent ownership in going industries— and the
further fact would be that further “ accumulation”
would be subject to not only a saparation of interests
in life with a separation of ownership, but the whole
would he imperiled by the uncertain qualities of the
descendants to use and manipulate principal and
income in a wise and helpful maimer. The old
saying that it is only three generations from shirt
sleeves to shirt-sleeves often applies. And now that
we have seen the destruction and absorbing costs of
war, we know that the unexpected may happen, and
that the currents of trade and circumstances of life
are stronger than the will of any one man, and that
all human effort tends toward equilibrium.
Let us put the extreme—if this man’s loaning of
money on change resulted in, say, the oppression of
the grain grower of the West, as some would charge,
his son may attend an Eastern college that most
probably could not exist save for these benefactions
and others like them. We admit the inadequacy of
this as a reason for such an economic system, even
as we admit the folly and waste of many endowed
educational processes. But we deny that the sys
tem, taken as a whole, can exist without giving un
limited opportunity to every man by reason of his
own energy, to attain his own independence. And
here is a good point to reiterate, that without inde
pendent men we cannot have independent States,
large or small, and cannot have true “ democracies”
which are the antonyms of “ social unions” ruling
as irresponsible autocracies.
And further, the lesson of this estate, and others
similar to it, shows that in so far as the State now, by
penalizing taxation and onerous inheritance laws,
seeks to confiscate “ accumulation" and prevent it in
future, by so much it is destroying “ opportunity” to
the citizen, stifling his natural energies, curbing the
growth and expansion of his abilities, and lowering
the level of common advance. We do not deny
there are evils connected with our present individu
alistic economic system, but they are inseparable
from the greater general good. W ejnight do with
Nov. 30 1918.]
THE
C H R O N IC L E
out the special schools and Foundations, but we
cannot do without the “ opportunity” for the out
flowing of that resistless urge which is in every man
to make the most out of himself. Midas, it will be
recalled, could not eat gold, though he could turn
all ihings into it.
And “ accumulation” benefits
the other fellow, and there is nothing to take its place.
T H E O P P O R T U N IT Y O F T H E C H U R C H .
It is not in line with our policy to comment on
religious matters save in the most general way.
But religion is a part of life, and the church is a wellnigh universal institution, flourishing in every coun
try. There has appeared recently a statement by a
dignitary of the Roman Catholic Church, in answer
to alleged incipient criticism of the Pope and Papacy
for not denouncing German atrocities. In this state
ment occurs these words: “ The Church is supreme in
her own domain, and the State is supreme in its own
domain, and therefore the Pope must be most cau
tious in expressing views when those views have po
litical complexion. He used his most efficacious
means of protesting against Germany’s actions,
without imperiling the relations of any Catholic to
any Government, whatever it might be.” We in
troduce the quotation, not for the purpose of review
ing or spreading, even inadvertently, what appears
to be a controverted religious matter, but to empha
size the clear distinction here made between Church
and State. History will not fail to record the several
efforts of the Pope during these troubled years to
bring about mediation and peace, and in this we do
not believe the Church as an institution transcended
its province or duty.
What we wish here to examine, and in no contro
versial spirit, is the opportunity of the Church, as
an institution, regardless of its varying creeds, now
opening in an era of peace. The Church stands, the
world over, as religion organized, and so may, in
its separate domain, become a means for the promo
tion ^and permanency of peace. And so, if we are
£ot in error in believing that all creeds embody a be
lief in a divine creative power, which we may call
the “ Fatherhood of G od,” the Brotherhood of Man
must be a corollary thereto, and the Federation of the
World a conscious evolution of a common unity.
We tread upon difficult ground in what we seek to
show. As a preliminary thereto let it be said that,
while we have been fighting for democracy and the
independence and elevation of man to “ liberty under
law,” not only in our country but throughout the
world, the State has come to exercise a supremacy
never before existent, that in fact it has become
necessary to create one form of autocracy to overcome
another, albeit totally unlike the other in principle,
form and purpose. This supreme State has, to some
extent (we say this guardedly) been compelled by
the exigencies of occasion, to ask of the individual a
submission of his inner belief to his outward act.
The conscientious objector and the pacifist, to desig
nate two classes only for illustration, have been asked
to forego what is termed propaganda in the interest
of winning the war. And, possibly, we may say that
the Church has acquiesced in this decree. Meas
urably, since the war is won, peace having come,
must be maintained; and being now embraced, can
not be an evil in itself; and there will be a lessening
of restrictions in this behalf. But this is only a symp
tom and manifestation of a deeper truth, which is,
that both the Church and the State can only exer
2043
cise their separate supreme and rightful powers in
time of peace, and through devoted free men.
What wo term the free State, the democracy we
seek to set up over the world, can know the individual
only in the relation of citizen. Conversely, the
Church cannot know him as citizen, but only as indi
vidual. But since the citizen can exist only by
virtue of the existence of the individual, both are
concerned, though in different ways, with the
supremacy, the dignity, the divinity, of man. T o
teach this becomes the privilege and duty of the
Church; to guard and preserve it, to provide for its
regnancy, is correspondingly the duty of the State.
And if world peace is the ultimate of our present
endeavor, then the “ pulpit” is the forum of a feder
ated world. How broad this is, how magnificent its
sweep, how elevated its power, appears when we
contrast this sacred sublimity with the petty animad
versions and opportunism of a church militant or a
church controversial.
Our ground is difficult by reason of the beliefs of
certain creeds as to the necessity of what we shall
broadly term “ mediation.” But are not all these
varying shades of doctrine swallowed up in the
divine estate of this man out of whose soul both
Church and State emanate? Is he not arbiter of his
own destiny through these creations from himself?
And as he rises in stature out of the turmoil of con
flict, in the light of universal liberty, in the enfolding
care of perpetual peace, does he not appear to be
the only solicitude of the Church as he is of the
State? And is there here not a common ground for
the unity of all religions as well as the comity of all
States? The lesson is man triumphant. He is not
the cringing creature of one more than he is of the
other, the abject slave of neither. He is, at last, a
freeman.
Nov/ wc apprehend that the leading and liberal
elements of every religious creed of our modern and
now, hopefully, free world, will accept the statement
that ordinances, rituals and ceremonials are not the
soul of any religion. And as this New Man rises
in this New Day, his old arch-enemy, Fear, disap
pears. He alone has love; and having love he has
faith to the uttermost. And believing now, as never
before, in his power to rule himself so must be believe
in his power to save himself. Slavery and supersti
tion have been ball and chain upon the marching
feet of man. Stricken off by the new democracy
and peace, they are left behind forever. In the
splendid idealism that lifts upon the front of time
there is no war either of mind or strength. And if
peace endures, man must love his neighbor as him
self; and when he does so the Church and the State
become agencies of human service. And “ autoc
racy” no longer has its home in either.
C A N A D IA N
EUROPE
R E C O N S T R U C T IO N
NOT
L IK E L Y
ORDERS FRO M
TO B E
Canada,
LARGE.
29 1918.
M r. Watson Griffin, the veteran chief of the
Commercial Intelligence Service of the Canadian
Government frankly warns manufacturers that any
expectations of lavish “ reconstruction orders” are
falsely based. “ The total area of-Belgium ,” said
M r. Griffin, “ is little more than half that of our
small province of N ova Scotia. A great part of
this area was not laid waste by the Germans. Ant
werp and Brussels, the chief cities, were not de
stroyed. The area of France, overrun by GerO tta w a ,
N ov.
THE
3044
C H R O N IC L E
mans, was not large, although it contained valuable
natural resources and some important towns. Many
small towns and villages were destroyed but only a
few large towns.
“ When we look at the development of Western
Canada and consider how quickly several large cities
and a multitude of small twns and villages were
built by individual effort, although there were no
large factories near at hand and a considerable part
o f‘the supplies had to be transported long distances,
t does not seem probable that it will take long to
complete reconstruction in Belgium and France,
close as they are to the great manufacturng centres
and with all the associated powers co-operating.
The conditons are similar in Poland and Serbia,
with the difference that they are farther from the
great manuacturing centres of the Allied Powers.”
M r. Griffin was more hopeful of trade develop
ment for Canada in the matter of food contracts.
He thought no difficulty would be experienced in
selling food at h gh prices for years to come and pre
dicted that this would become a source of very great
revenue to the country.
O P E N IN G
UP
C A N A D A 'S
U N KN O W N
NORTH.
29 1918.
One of the most promising national tasks which
the Dominion Government will take up as soon as
opportunity offers is the investigation of the mineral
deposits of the Northwest Territories. Nearly a
million square miles of the non-agricultural “ top
deck’ ' of Alberta, Saskatchewan, Manitoba and
the Dominion-owned areas stretching to the Arctic
Circle is absolutely unexplored. In the region
of the Mackenzie River, which includes 3,550 miles
of natural riverway navigable for steamboats, there
is known to exist one of the largest areas of possi
ble oil-bearing country yet unexplored anywhere
on earth. It is estimated that the rocks— the
Devonian strata-—which are believed to be the
source of this oil, cover an area of not less than
300,000 square miles. The Mines Department
of the Government is convinced that the exploitatidn of this field cannot long be deferred, inasmuch
as the United States Geological Survey estimates
the present oil reserves of the republic to be suffi
cient for the present rate of output for only about
thirty years.
It has been convincingly shown by Government
experts that the mineral resources of the great ex
panses beyong the furthest line of settlement in
clude gold, silver, copper, lead, zinc, iron ores,
coal, gypsum, salt, oil and gas. Placer gold is
found in nearly all the streams flowing into the
Mackenzie River; on two of its tributaries, more
than five million dollars worth of gold has been
extracted. Lode gold is known also to occur in
quartz veins in the neighborhood of Athabasca and
Great Slave Lakes, in this region.________________
O tta w a , C a n a d a , N o v .
< & u x x m t gxrnxts am t § i s c u s s i o n s
■
CONTINUANCE OF WAR SAVINGS SYSTEM IN
ENGLAND.
Concerning the continuance of tho war savings organiza
tion in England, the “Journal of Commerce” in a special
cable from London on Nov. 22 said:
Sir Robert Kindersley announces that the War Savings Organization,
which has been successfully promoting the national thrift campaign, will
continue operations, selling war savings certificates, whose five-year ma
turity will now be optionally extended to ten years. The original cost of
15 shillings 0 pence will become 20 shillings for five years or 26 shillings for
ten years, but the certificates will be salable meanwhile at a price ascend
ing a penny monthly.
[Vol. 107.
CONTINUED OFFERING OF BR ITISH TREASURY
BILLS.
Tho usual offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the dis
count basis recently prevailing, namely, 6%. The bills
aro dated Nov. 26.
N EW CREDIT TO BELGIUM.
A further credit of $5,600,000 was extended to Belgium by
the United States on Nov. 23, making the total placed at its
disposal $198,120,000. With this new credit the aggregate
aid to the Allies since this country’s entry into the war has
been raised to $8,184,576,666, apportioned as follows:
Great Britain, $3,945,000,000; France, $2,445,000,000;
Italy, $1,210,000,000; Russia, $325,000,000; Belgium, $198,
120,000; Greece, $15,790,000; Cuba, $15,000,000; Serbia,
$12,000,000; Rumania, $6,666,666; Liberia, $5,000,000;
Czecho-Slovaks, $7,000,000.
NO CAPITAL ISSUES IN ENGLAND W ITHOUT
TREASURY SANCTION.
According to a special cable to the “Journal of Com
merce” from London, Nov. 22, tho British Treasury has
given notice that notwithstanding the signing of the armistice
there will be no capital issues without Treasury sanction.
CREDIT TO FRENCH GOVERNMENT BY JA PA N .
Announcement that a credit of $25,000,000 has been
arranged in Japan for the French Government is said to have
been made by the Financial Commission of the Imperial
Japanese Government in this country. It is stated that
the credit is intended to adjust the payment of goods ordered
in Japan by the French Government. The bonds, which
will be known as the French Government Yon-Exchequer
bonds of 1918, will be offered at 98; they will mature in
1921; will bear 6% interest and will be issued in denomina
tions of Japanse currency. The bonds being handled by tho
Japanese bankers’ syndicate, which had previously financed
a credit for tho British Government.
FRENCH DECREE PROHIBITING IMPORTS OF GERMAN
MONEY.
The French Government, according to Paris advices of
Nov. 26, has issued a decree prohibiting the importation of
German bank notes, coins or any other monetary medium.
BANKS IN GERMANY A N D AUSTRIA REPORTED AS
EXPORTING SECU RITIES TO SW ITZERLAND.
A cablegram from Basel on Nov. 19 to the daily press said,
that it was learned thire the banks of Germany and Austria
were secretly exporting large sums in securities to Switzer
land since tho signing of tho armistice. This, it is said, is
being dono because of tho fear that a heavy tax will be levied
by the Allies when peaco is declared and a further tax im
posed by the Governments of Gormaily and Austria.
2.
An official decree has been issued in Italy, according to a
cablegram from Romo, printed in “Financial America,” of
Nov. 25, authorizing the reopening of the Italian commercial
bourses 6n Dec. 2.
IT A L IA N BOURSES AUTHORIZED TO REOPEN DEC.
STUDY OF GERMANY'S F IN A N C IA L SITU A TIO N AT
WASHINGTON.
Press dispatches from Washington on Nov. 18 reported
that a study of Germany’s financial situation has been under
taken by Government agencies at Washington with a view
to throwing light on tho ability of the Gorman nation to
pay big sums as reparation for devastation of invaded
countries. Those dispatches said:
Unofficial reports Indicate that Germany’s national debt, represented
mainly by war bonds held wltnln the Empire. Is now nearly $35,000,000,000,
or more than two-fifths of tho estimated national wealth.
Although there has been no official announcement or Intimation of tho
aggregate amount which tho Allies will expect Germany to pay, It is certain
to run into billions of dollars, and, necessarily, tho terms of payment must
accord with Germany s ability to pay. This ability will be measured by
the nation’s power to revive hor peaco-timo Industries and trade, and to
tax this for State purposes. Financial observers hero say some claims
for restoration and restitution set forth by interests in a few Allied nations
are extravagant, because they are beyond Germany s ability, even though
this is estimated at the highest.
The victorious Allies will not concern themselves greatly, it Is believed,
with Germany s redemption of her own national debt, slnco this Is largely
Internal. Comparatively small amounts of German war bonds aro owned
outside Germany, and perhaps tho largest sums aro held by citizens of the
United States, formor German subjects. Officials here (Washington! who
Nov. 30 1918.]
THE CHRONICLE
have known internal conditions in Germany in the past do not believe the
Government will repudiate the internal indebtedness, but think rather that
taxes will be mado so heavy as to force citizens to turn in their bonds in
settlement.
In this way tho debt would bo canceled without actual
repudiation.
There is some discussion in official circles here of the advisability o f the
Allies requiring payment o f an indefinite amount for reparation, this sum
to be determined in the future by commissions, as the physical reconstruc
tion progresses in Belgium and France, and the actual cost o f tho work
becomes more clearly determined than now. It is pointed out that future
prices cannot be measured accurately at present. Interest on the part of
American officials in the subject is somewhat, indirect, however, inasmuch
as tho Government expects none of the payments to go to its credit.
Whatever may be the weight o f tho final burden o f reparation and resti
tution to bo placed on Germany, the enormity of the task ahead of her
may bo illustrated by comparison of her national debt with that o f the
United States. Germany has 60,000,000 population and $80,000,000,000
of estimated wealth to pay $35,000,000,000 of war debt already created.
The United States has 110,000,000 population and an estimated national
wealth of $250,000,000,000 to pay nearly $18,000,000,000 already created,
or approximately S23,000,000,000 within another six months. This means
that the per capita burden will bo at least three times greater in Germany
than in tho United States.
TO-MORROW {DEC.
1)
DAY OF THANKSGIVING IN
CANADA.
A proclamation fixing to-morrow (Sunday), Dec. 1 as a
day of “Thanksgiving to Almighty God for the victories
that have been won by tho Allied armies” has been issued
as follows in Canada:
George tho Fifth, by tho Grace o f God, o f tho United Kingdom o f Great
Britain and Ireland and o f the British Dominions beyond tho Seas,
King, Defender o f the Faith, Emperor o f India.
To all to whom these presents shall come, or whom the same may in any
wise concern— Grcoting:
A PROCLAMATION.
E. L. Nowcombc, Deputy Minister o f Justice, Canada.
Whereas it seems to Us fitting that a day should be set apart as a day of
solemn thanksgiving to Almighty God for the victories that bavo been
won by the Allied Armies and for tho Armistice that has been signed by
tho contending nations,
Now know ye that we by and with tho advice o f Our Privy Council for
Canada have thought fit to appoint and do appoint Sunday, the first day
of December in this present year to ho observed throughout our Dominion
of Canada as a day o f solemn thanksgiving to Almighty God for tho vic
tories that havo been won by the Allied Armies in tho war against the
Central Powers of Europe and for tho Armistice that has been signed by
tho contending nations Involving a general surrender by the enemy.
And we do invite all our loving subjects throughout Canada to set apart
the said day for this purpose.
Of all which our loving subjects and all others whom those presents
may concern, are hereby required to take notico and govern themselves
accordingly.
In testimony whereof, we havo havo caused these Our Letters to be made
Patent, and tho Great Seal o f Canada to bo hereunto affixed. Witness:
Our Right Trusty and Right Entirely Beloved Cousin and Counsellor,
Victor Christian William, Duke of Devonshire, Marquess of Ilartington,
Earl of Devonshire, Earl o f Burlington, Baron Cavendish o f Ilardwicko,
Baron Cavendish of Keighley, Knight o f Our Most Noblo Order of the
Garter, One o f Our Most Honorable Privy Council, Knight Grand Cross of
Our Most Distinguished Order of Saint Michael and Saint George, Knight
Grand Cross o f Our Royal Victorian Order, Governor-General and Com
mander-in-Chief of Our Dominion o f Canada.
At Our Government House, in our City of Ottawa, this fifteenth day of
November, in tho year of Our Lord ono thousand nine hundred and
eighteen, and in tho ninth year o f Our Reign.
,
By Command,
THOMAS M U LVEY,
Undersecretary of State.
WAR SAVINGS AND TH RIFT STAMP CAMPAIGN
IN CANADA.
Tho Canadian Government plans to inaugurate a war
savings and thrift stamp campaign. It was announced
on Nov. 20 that the first war savings stamp had just boon
issuod to tho Govornor-Genoral. Tho Montreal “Gazette”
of Nov. 21 had tho following to say regarding tho stamps to
bo put out by tho Dominion:
Tho Government will become tho repository of the nation's savings up
to a total of $50,000,000. Savings will be placed with tho Government by
means of the purchase of war savings stamps. The stamps arc to bo
redeemable in January 1924. They are to be sold by tho Government at
a price which will work out to an Interest rato o f somewhat bettor than
4 H % . compounded semi-annually, or 5% simple intorest if computed at
tho end o f the period. Thus in December .1918, or January 1919, a fivedollar war savings scamp may bo bought for four dollars. After January
tho purchase price of a war savings stamp will bo increased month by
month, but at tho end of five years from December 1918, all stamps will be
redeemed at $5 oach. Stamps o f lowor denomination, to bo known as
thrift stamps, will be on sale. When sixteen o f them havo been accumu
lated they can bo exchanged for a war savings stamp worth five dollars
at tho end of tho period.
The plan is expected to work out to the great advantage o f both tho
peoplo and tho nation. In all the nine provinces strong local oragnizations are being formed. These will in turn organize tho municipalities,
and the process of organization will bo further carried out until it will
ombraco so far as possible every individual in tho country.
CA N A DIA N ORDER-IN-COUNCIL REMOVING RESTRIC
TIONS ON NEW M U N IC IPA L SECURITY ISSUES.
As indicated in theso columns last week, page 1956,
Canada has removed the war-timo restrictions on the issue
of securities of provincial governments, municipalities,
commissions and local governments. Tho following is
tho Ordor-in-Council rescinding the restrictions:
2045
AT THE G O VERN M EN T HOUSE AT OTTAWA.
Wednesday, Nov. 20 1918.
Present: His Excellency the Governor-General in Council.
Tho Minister of Finance having reported that, in view of the armistice,
it is now no longer necessary that the restrictions with respect to borrowing
money prescribed by tho Order in Council of the 22nd December 1917
(P.C. No. 3439) and tho Orders in Council in amendment thereof, should
apply to provincial governments, municipalities, commissions or local
governments.
Therefore, His Excellency the Governor-General in Council, under and
in virtue of the provisions of the War Measures Act 1914 is pleased to make
tho following regulation, and the same is hereby made and enacted ac
cordingly:
Regulation:
The provisions of the Order in Council of the 22nd day of December
1917 (P.C. N o. 3439), and tho Orders in Council in amendment thereof,
shall not hereafter apply to provincial governments, municipalities, com
missions or local governments.
RODOLPHE BOUDREAU,
Clerk of the Privy Council.
PROPOSED CA N A DIA N CREDIT FOR RECONSTRUC
TION WORK ABROAD.
Sir Thomas White, tho Canadian Minister of Finance,
declares to bo without foundation the story emanating from
a Montreal financial weekly that Canada will forego all
claim for indemnity against Germany if a billion dollars is
expended in Canada for material to be used in reconstructing
Northern France and Belgium. Tho Montreal “Gazette”
of Nov. 26 in making this statement adds:
Asked in regard to the matter. Sir Thomas said the question of indem
nity as against Germany has no bearing upon the right which Canada
asserts of participation with the other Allies in the business arising out o f
the restoration by the Allies of France, Belgium and other devastated
countries.
The position is that the Prime Minister took with him to England a
memorandum, prepared by the Minister of Finance, offering an extensive
credit in Canada for the purchase of materials and supplies to be used in
the work of reconstruction. In return for this credit, which would be ex
pended entirely in Canada, the Government would accept the securities of
an international commission backed by the inter-Allied credit or the securi
ties of one or more of the nations concerned. Such securities might be
collaterally secured by any indemnities to which the nations in question
might be entitled from Germany.
So far as the Dominion is concerned, there would therefore be no ad
ditional interest charges owing to the increase in national debt incurred In
establishing the credit here. Tho Interest which the Dominion would re
ceive upon such a credit would be equivalent to the interest which the Do
minion would pay upon loans to tho Canadian people for the purpose of
raising the money.
The Minister of Finance has received a cable from Sir Robert Borden
stating that the proposal has been taken up with the British authorities.
There is reason to believe that it has been well received. It Is probable
that the Canadian representatives will join the committees, one of which is
being established for country requiring extensive reconstruction work.
Sir George Foster, Hon. Mr. Perley and Messrs. Jones, Robertson and
Draper are acting as a committee to forward the Interests of Canada in
tills regard.
.
RESULTS OF OFFERING OF SEVENTH AUSTRALIAN
WAR LOAN.
The successful floatation of the Sovonth Australian War
Loan is evidenced by the fact that while tho amount sought
to bo raised was £40,000,000, applications were received for
£42,677,640. The London “Financial News” of Nov. 7
in reporting tho rosults of tho loan said:
The Commonwealth Bank of Australia has cabled advice of the result
of the Seventh War Loan issued by the Commonwealth Government in
Australia. The amount desired was £40,000,000, but applications amounted
to £42,677,640, it being anticipated that £43,000,000 will easily be exceeded.
Applications total 223,863, divided among the six Australian States as
follows:
Amount.
Applications.
£16,035,025
. . . 76,292
New South Wales..
13.960,905
. . . 71.019
V ictoria__________
5,678.100
. . . 33,851
Queensland______
4,215.050
. . . 22,265
South Australia___
1,492,575
. . . 9,271
Western Australia.
1.295,985
. . . 11,155
Tasmania_________
Grand total.............................................................. 223,853
£42,677,640
The seven War Loans thus floated in Australia aggregate £186,994,940,
while a noteworthy feature of tho present loan is that tho number of applica
tions is larger than for any previous issue.
Previous references to the loan appeared in our issue of
Oct. 19, page 1517, and Oct. 26, page 1611.
FOREIGN EXCHANGE RULING AS TO REM ITTANCES
TO BELGIUM, ALSACE AND LORRAINE.
Concerning remittances by dealers in foreign exchange
to points in Belgium, Alsace and Lorraine, Fred I. Kent,
Director of tho Division of Foreign Exchange of the Federal
Resorvo Board, yesterday issued the following ruling:
New York, Nov. 29 1918.
Notice is hereby given that It will be in order for "dealers” in the United
States to make remittances to points in Belgium, Alsace and Lorraine, that
are occupied by Allied troops, against regular Customers' Statement of
remitters assuring non-enemy interest.
Attention is also called to tho fact that no remittances are permitted to
bo mado to points within enemy or ally of enemy teritory.
THE CHRONICLE
2046
M O D IFICATION OF RESTRICTIONS AFFECTING BOR
ROWING OF STOCK EXCHANGE MEMBERS.
A modification of the restrictions of the so-called “Money
Committee” affecting borrowings by members of the Stock
Exchange, to the extent of permitting financing, for pur
poses of distribution or purchase of bonds and notes, was
announced yesterday in the following advices sent to mem
bers by Secretary*George W. Ely of the Exchange:
NEW YO R K STOCK EXC H AN G E.
New York, Nov. 29 1918.
To the Members: The special committee appointed by the Governing
Committee, on Nov. 4, to consider the money situation with relation to
borrowings by members o f the New York Stock Exchange and their firms,
believing that it will prove o f benefit to the financial situation, has recom
mended to the Money Committee o f the banks that restrictions covering
temporary borrowings by members o f the Exchange, to finance, for pur
poses o f distribution, the purchase o f bonds and notes for their own ac
count, be removed.
The Money Committee of the banks has acquiesced in this request. The
necessity, however, for continuing former restrictions, in regard to other
securities, still exists.
The Money Committee o f the banks and this committee expect that no
member o f the Exchange will, by reason o f the removal o f the above re
strictions, unduly increase the loan account o f the banks. Should this
expectation not be fulfilled it might become necessary to reimposo the
restrictions. In accordance with the above arrangements, and in addition
to the present required information, members must daily report to the
Secretary s office the amount o f money borrowed against purchases of
bonds and notes made on and after Nov. 30 1918.
GEORGE W . E L Y , Secretary.
[V o l . 107
Assets.
♦Mortgage lo a n s........................ ..................... .
$140,883,44ll37
U. S. Government bonds and certificates____
. 14,850.008105
Securities pledged as security for deposits of
Government funds:
U. S. Government bonds.................. .......... $430,000 00
Farm Loan bonds_______________________
400,000 00
-------------------------------------- 830,00000
Cash on hand and in banks......................................................
3,343,987 33
40,527 81
Accounts receivable______________
Furniture and fixtures__________________________________
223,387 09
Other assets____________________________________________
305,836 68
Total assets.......................... ..................................... ......... $160,477,188[33
211,609] 09
Excess of expenses and interest charges over earnings___
Total.
.............................................. $160,688,797^42
Liabilities.
Capital stock:
U. S. Government............
$8,892,130 00
National Farm Loan Association_________ 6,963,140 00
15,145 00
Borrowers through agents________________
Individual subscribers___________________
104,805 00
Total capital stock...................... ............. ................. ..
$15,975,220 00
Farm Loan bonds outstanding...................... ......... ......... .
140,122,200 00
U . S. Government deposits_____________ _______________
830,000]00
Bills payable (money and bonds borrowed)_______________
680.000]00
Accounts payable (duo to borrowers, deferred payments on
loans in process o f closing)____________________________
919,111 57
Reserved for interest on farm loan bonds due Nov. 1 1918..
2,010,703"72
Other liabilities____________ _____ __________________ ____
151,562 13
Total liabilities.
$160,688,797.42
Following a meeting of the Money Committeo at the ♦Represents mortgage loans plus accrued interest less amortization
Federal Reserve bank on Tuesday last the possibility of the payments.
______________________________
removal of some of the restrictions was rumored. No an
nouncement was forthcoming then, however, beyond the
FEDERAL LAND BANK OF SPOKANE.
statement by Benjamin Strong, Governor of the Reserve Concerning the Federal Land Bank of Spokane, Wash.,
bank, that the business had been largely routine.
the “Pacific Banker” in its issue of Nov. 9 said:
COMMISSIONS
ON
THE PH ILA D ELPH IA
EXCHANGE.
STOCK
The Governors of the Philadelphia Stock Exchange on
Nov. 20 decided to make the minimum charge for buying
or soiling any security 50 cents. Heretofore the Philadel
phia “Press” points out, on some low-priced stocks the
charge has been as low as cents for afsinglo share, which
was too small to cover postage and incidental expenses.
LITTLE ROCK BRANCH OF FED ERA L\RESER VE BANK
OF ST. LOUIS.
In reporting the organization of the Little Rock branch
of the Federal Reserve Bank of St. Louis, tho Federal Re
serve Board in its November “Bulletin” says:
Tho Federal Reserve Board on Oct. 3 announced the following named
gentlemen as directors of the Little Rock (Ark.) branch o f tho Federal
Reserve Bank of St. Louis: Moorehead Wright, President Union Trust
Co., Little Rock; Georgo W. Rogers, Vice-President Bank o f Commerce,
Little Rock; Ed Cornish, Vice-President Amreican National Bank, Littlo
Rock; W . L. Hemingway, President Mercantile Trust C o., Little Rock;
John M . Davis, Bank Commissioner o f State o f Arkansas.
Messrs. Wright and Rogers are directors appointed by the Federal
Reserve Board, while the last three gentlemen aro tho directors appointed
by the Federal Reserve Bank of St. Louis. M r. Davis, who will resign his
present office as Bank Commissioner o f the State of Arkansas, will bo
Manager o f the branch.
$139,378,150 LOANED TO FARMERS BY FEDERAL
FARM LOAN BANKS.
In accordance with the provision of the Farm Loan Act
requiring that tho Farm Loan Board “shall from time to
time require examinations and reports of condition of all
land banks} established under the provisions of this Act,
and shall publish consolidated statements of tho results
thereof,” tho Farm Loan Board mado public on Nov. 25
the second consolidated statement of the condition of the
twelve Federal Land banks as of Oct.[31 1918. The state
ment of condition shows that the banks have made loans
to farmers to the amount of $139,378,156. Thoir capital
stock has increased from $9,000,000 to $15,975,220. Thoy
have issued Farm[Loan'bonds to the amount of $146,122,200.
They hold among their assets United States Government
bonds and Treasury certificates to tho amount of $14,
850,000. Their excess of expenses and interest charges over
earnings is $211,609 09, which is a reduction of over $200,000
since the previous semi-annual statement, and amounts to
less than 1K% of their present capital. Three of the banks
show an actual surplus. Before the close of the present
month two banks, it is stated, will begin the ro-payment of
the stock originally subscribed by tho Government. The
total payments by borrowers overdue on Oct. 31 amounted
to $86,073, of which $51,117 was less than 30 days’ overdue,
and only $10,730 was 90 days or more overdue. Tho fol
lowing is the consolidated balance sheet of the twelve Fed
eral Land banks at the close of business Oct: 31 1918:
On Nov. 1 the Federal I,and Bank of Spokane experienced the heaviest
bond interest payment date in its history when $546,875 was payable,
representing half-yearly interest on approximately $20,000,000 of its bonds.
The sale of bonds, according to D . G. O’Shoa, President, illustrates tho
volume of business the bank lias done in eighteen months. Bonds now
out bear interest variously at 5 and 4 H % • The Farm Loan Bureau in
Washington recently announced a cut in tho rato to 4 M % . Bonds sold
at 5% , however, will continue to bear interest at that rato. The total cost
to tho farmer borrower for loans made through the land bank Is H of 1 %
above the rate paid on the bonds. As yet there has been no indication that
tho loan rato will be cut in proportion to the bond rate. Tho Spokane
bank completed October with $1,260,180 of new business, making a grand
total of loans paid to dato of $21,659,900. Applications for loans have
been received from 26,737 farmers for a total of $60,785,000 and 6,269 were
rejected and withdrawn. Bank officials havo oxamined, approved and
cured defects in 10,161 titles without charge. Tho Spokano Land Bank
now has 418 national farm loan associations duly incorporated, chartered
and doing business as separate corporations withinloasy reach or every
farmer in its district.
LONDON STILL FIN A N C IN G BULK OF WORLD'S
TRADE, ACCORDING TO LEOPOLD FREDRICK.
Leopold Fredrick, Director of tho American Smelting &
Refining Co., Treasurer of the Braden Copper Co. and Chile
Copper Co., gave out the following statement on Nov. 28
concerning Great Britain’s financial position:
Whether London or New York will continue after the war to predomi
nate in financing world trade is a question that has caused keen discussion
in banking circles.
Tho popular belief is that New York to-day Is the centre of world finance
and that wo have succeeded in wresting from London thoir premier position.
The question was discussed at a recent mcoting of the Council on Foreign
Relations held at the Metropolitan Club. P. W . Wilson of tho London
"Dally Nows” in a very ablo speech regarding futuro relations between
the United States and Great Britain, declared “ that the financial centre
of tho world has passed from London to Now York.”
This did not coincide with the views that I held, which views were
prompted by knowledge of the actual condition of tho money markets both
in New York and London. M y speech at tho mcoting was in tho nature of a
reply to M r. Wilson. A t that tlmo I set forth my reasons for bolloving that
London still holds the financial supremacy. Since that time I have made a
careful Investigation and ascertained tho approximate amount of accep
tances outstanding against foreign trade in this country. I havo also
canvassed many authorities on tho London acceptance market. Tho con
clusions I havo been ablo to draw from this aro, as I said in reply to Mr.
Wilson, "that only 60 far as loans mado by tho United States to tho Allies
are concerned, has the financial centre been shifted to Now York; however,
so far as the financing of exports and Imports of the world aro concerned,
London is still supreme.”
The following table shows the estimated amount of acceptances out
standing against international business both in London and .in New York:
L o n d on .
Acceptances of all London Clearing House banks, colonial
banks, foreign agencies and private bankers outstanding
in the neighborhood o f__________________________________ $500,000,000
New York.
Acceptances of New York national and Stato
banks and trust companies................................ $270,000,000
Acceptances of foreign trade corporations and
foreign agencies established in New York___
55,000,000
Acceptances of private bankers_______________ 40.000,000
T otal......................................................................$365,000,000
Deduct acceptances issued for the purpose of
financing domestic trade.................................... 155,000,000
Leaving a total of acceptances representing the financing of
Imports ana exports through New York................................ $210,000,000
N ov. 30 1918.]
THE CHRONICLE
The foregoing figures show that London Is away ahead and 1 believe that
even with the much-needed improvement of tho machinery for financing
international trade, London will still, for many years to come, outdistance
New York. Wo aro lacking here tho large number o f merchant-bankers,
old established accepting houses with business ramifications all over the
globe. We here will be satisfied if we can hold the Central and South
American and Far Eastern business. Although dollar exchange has made
great strides since tho war, tho New York discount market is still in Its
infancy. For the present, there is tittio likelihood that we will get, except
occasionally, the financing of tho Continental trade o f Europe. It is
hardly likely that, say, an Amsterdam merchant importing goods from
France will seek accommodation in Now York; ho will go as heretofore to
London. It may be possible, I think, that this handicap o f location will
bo partly overcome in tho future with tho aeroplane development, which
would narrow down tho time consumed by tho mail in transit.
I dwelt especially upon tho great ability of the English to maintain tho
sterling rate for so long at the -‘pegged" figure, and the discount policy of
tho London market, which during the momentary stringency in New York
In tho last few months, enabled it to render great services to the Allied
nations in assuing tho burden of financing a vast amount o f exports and
imports of the world.
In order to retain their business, tho English bankers have made great
sacrifices during tho last six months. They are paying on foreign check
accounts 4 '4% interest and keeping the discount rate at 3J^%. They
know that trade flows where money is cheapest. We have to take our
hats off to the English. They understand international finance.
M ODIFICATION OF RESTRICTION OF CAPITAL
ISSUES COM M ITTEE.
“Financial America” had tho following to say regarding
tho modification of wartime rulings by tho Capital Issues
Committee
Modification of war time restrictions upon tho flotation of capital issues
and the practico of direct extension of loans to war industries by the Gov
ernment has been ordered by tho Capital Issues Committee and tho War
Finance Corporation, it was said to-day.
in accordance with a resolution recently passed by tho Capital Issues
Committee, the Government h is withdrawn the preference given security
issuos for the financing of industries in war manufacture. Instead tho
machinery o f the committee now is being used for the disposition of "issues
of securities for nocossary public works.” Theso include highways, schools,
bridges, irrigation projocts and other economic necessities. Government
sanction of security for theso purposes, however, is made contingent upon
whether tho labor and material aro available for tho projects.
Tho change in policy of tho War Finance Corporation provides for tho
discontinuance o f loans made to war industries by tho Government and for
tho diversion of Government funds to food production and other industries
necessary after tho war. Officials also said that loans to peace time in
dustries are being mado by tho corporation through tho banks instead of
direct as heretofore. ______________________________
LETTERS BETWEEN PRESID EN T WILSON AND
SECRETARY OF TREASURY MCADOO ON
LATTER'S RESIGNATION.
Wo made mention last week (page 1957) of tho fact that
William G. McAdoo had resigned, both as Secretary of tho
Treasury and Director-General of Railroads. Mr. McAdoo’s action, although there had been recent rumors with
regard thereto, came as a surprise to banking and business
circles generally, and brought expressions of regret from
various quarters. Benjamin Strong, Governor of tho
Federal Reserve Bank of New York, was ono of those who
deplored Mr. McAdoo’s severance of his Governmental
relations. Mr. Strong is quoted as follows:
I am truly grieved that an intimate association of over four years with
Secretary M cAdoo is so soon to be ended. lie has performed great services
for his country in the finest and highest spirit o f patriotism, for whicii the
nation will always be grateful, but which will not appear at their true
value until, in later years, the history of his administration Is written and
understood.
One striking evidence of his sound judgment illustrates his methods and
explains his success— he has surrounded himself in the Treasury with men
of great ability and wide experience, and then has trusted them and gained
their respect and affection.
It is a sad exhibition of the stupidity with which some of our public affairs
are managed in this country that our Government, the richest in tho world,
does not recognize that its important officials should be adequately com
pensated .
2047
become effective upon the appointment and qualification of my successor
so that he may have the opportunity and advantage of participating
promptly in the formulation of t ie po’ icies that should govern the future
work of the Treasury. I would suggest that my resignation as DirectorGeneral of Railroads become effective Jan. 1 1919, or upon the appoint
ment of my successor.
I hope you will understand, my dear Mr. President, that I would permit
notliing but the most imperious demands to force my withdrawal from
public life. Always I shall cherish as the greatest honor of my career the
opportunity you have so generously given me to servo the country under
your leadership in these epochal times. Affectionately yours,
W . G. McADOO.
The President, The White House.
The President’s reply follows:
TIIE W HITE HOUSE,
Washington, Nov. 21 1918.
My Dear M r. Secretary: I was not unprepared for your letter of the
14th, because you had more than once, of course, discussed with me the
circumstances which have long made it a serious personal sacrifice for you
to remain in office. I knew that only your high and exacting sense of
duty had kept you hero until tho immediate tasks of the war should be
over. But I am none the less distressed. I shall not allow our intimate
personal relation to deprive me of the pleasure of saying that in my judg
ment the country has never had an abler, a more resourceful and yet pru
dent, a more uniformly efficient Secretary of the Treasury; and I say this
remembering all the able, devoted, and distinguished men who preceded
you. I have kept your letter a number of days in order to suggest, if I
could, some other solution of your difficulty than the ono you have now
felt obliged to resort to. But I have not been able to think of any. I
cannot ask you to make further sacrifices, serious as the loss of the Gov
ernment will be in your retirement. I accept your resignation, therefore,
to take effect upon the appointment of a successor, because in justice to
you I must.
I also, for tho same reasons, accept your resignation as Director-General
of Railroads, to take effect, as you suggest, on tho 1st of January next, or
when your successor is appointed. Tho whole country admires, I am sure,
as I do. tho skill and executive capacity with which you havo handled the
great and complex problem of tho unified administration of the railways
under tho stress of war uses, and will regret, as I do, to see you leave that
post just as the crest of its difficulty is passed.
For tlie distinguished, disinterested, and altogether admirable service
you have rendered the country in both posts, and especially for the way in
whicii you have guided the Treasury through all the perplexities and prob
lems of transitional financial conditions and of tho financing of a war which
has been without precedent alike in kind and in scope, I thank you with a
sense of gratitude that comes from the very bottom o f my heart.
Gratefully and affectionately ycurs,
WOODROW WILSON.
Hon. William G. McAdoo, Secretary of tho Treasury.
Mr. McAdoo’s announcement of bis retirement was made
at one of his weekly conferences witli a score of newspaper
men in his private office at the Treasury, on Nov. 22. The
press dispatches thus reported the announcement:
The men for an hour had been discussing with him questions concerning
future policies of the Treasury and Railroad Administration and were
about to arise to leave when M r. M cAdoo, seated at his desk, remarked
casually:
“ Now, gentlemen, I have just one other little thing to say which may be
of interest. I am retiring from public life.”
This came so utterly unexpectedly that none of the men uttered a word of
comment, and the little map and paper bestrewn office which has served
as the Secretary’s workroom for more than five years was still until Mr.
M cAdoo, in his usual tone, explained further:
“ Copies of the correspondence with the President will explain the reason
why I have been compelled to take this action, and there isn't any other
reason why I did it.”
Just a few minutes before the press conference Mr. M cAdoo had called
in his Treasury advisers and broken the news to them. Utmost surprise
was expressed by his co-workers. There had been only one rumor recently
of the possibility of Mr. M cA doo’s resignation and that was to the effect
that he might be appointed Secretary of War while Secretary Baker went
to Europe as the President's emissary. That report was specifically de
nied at the time and it was said that M r. M cAdoo had no immediate in
tention of quitting either as Secretary of the Treasury or as DirectorGeneral of Railroads.
Resolutions favoring Government ownership of railroads
and expressing regret at the resignation of Mr. McAdoo as
Director-General of Railroads were adopted unanimously
at tho session of the American Federation of Railroad Workers
at Boston on Nov. 23. On the question of Government
delegates were instructed to impress upon the
Wo take occasion to give herewith tho letters which passed ownershipofthe
their local organizations the desirability of urging
between Mr. McAdoo and President Wilson tendering and members
Representatives in Congress to favor it. On the 25th
accepting tho resignation. Tho following is Mr. McAdoo’s their
the Director-General’s office received a telegram signed by
letter:
representatives of employees of railroads operated out of
TIIE SECRETARY OF TIIE TREASURY.
St. Louis, pledging the employees to give $2,000 a month
Washington, Nov. 14 1918.
Dear Mr. President: Now that an armistico has been signed and peace as part of tho Director-General’s salary to keep him from
is assured, I feel at liberty to apprise you o f my desire to return, as soon as
retiring. “We are opposed to your resignation,” said the
possible, to private life.
havo boon conscious, for some time, o f tho necessity for this step, but, telegram, “and are heartily in sympathy with your financial
of course, I could not consider it while tho country was at war.
straits.” The telegram was signed by J. H. Kirkland and
For almost six years, I have worked incessantly under tho pressure of
great responsibilities. Their exactions have drawn hoavily on my strength. H. J. Garrigan, representing Wabash employees, and O. E.
The Inadequate compensation allowed by law to Cabinet officers (as you Sumner, representing Missouri Pacific employees.
know I receive no compensation as Director-General of Railroads) and
Mr. McAdoo, when advised of the St. Louis railwaymen’s
the very burdonsomo cost of living in Washington havo so depleted my per
action at Altanta, during an inspection tour of the South,
sonal resources that i am obliged to reckon with the facts of tho situation.
1 do not wish to convey tho Impression that there is any actual impair acknowledged the compliment by stating “Well I’m glad
ment of my health because such is not tho fact. As a result of long over
somebody appreciates my financial straits.”
work I need a reasonable period of genulno rest to replenish my energy
1
But more than this, I must, for tho sake o f my family, get back to privato
life to retriovo my personal fortunes.
I can not secure tho required rest nor tho opportunity to look after my
long neglected privato affairs unless I am relieved of my present respon
sibilities.
I am anxious to havo my retirement effected with tho least possib
inconvenience to yourself and tho public so.*vice but it would, I thin
be wiso to accept my resignation now, as Secretary of tho Treasury,
FIRST OFFERING OF TREASURY CERTIFICATES IN
A N TIC IPA TIO N OF F IF T H LIBERTY LOAN.
The first issue of Treasury certificates of indebtedness
which are to be put out in anticipation of the Fifth Liberty
Loan to be floated during the coming spring, was announced
3048
THE CHRONICLE
by Secretary of the Treasury McAdoo on Nov. 27. The
Secretary’s announcement relative to the Government’s
financial program as to Treasury certificates and bonds
during the next six months is given in another item in to
day’s issue of our paper. The certificates offered this week—
$600,000,000—will be dated Dec. 5, and will mature May 6
1919, and will bear interest at 4 XA % - Subscriptions to the
offoring will close Dec. 10. The certificates will be issued
in denominations of $500, $1,000, $5,000, $10,000 and
$ 1 0 0 ,0 0 0 .
SECRETA RY M CA D O O ’ S A P P E A L TO B A N K S TO PUR
C H A S E TR EA S U R Y CE RT IFIC ATE S I N A N T I C I
P A T IO N OF N E W LOAN.
In a letter dealing with the Government’s financial pro
gram for the next five months, Secretary of the Treasury
McAdoo appeals to the banking institutions throughout the
country to participate in the proposed Treasury Certificates
offerings to bo made in advance of another Liberty Loan,
which he indicates will be forthcoming in the Spring. The Sec
retary’s letter, issued co-incident with a now Treasury certifi
cateoffering, has been addressed to every incorporated bank
and trust company throughout the United States; in it ho says
that tho minimum amount of each fortnightly issue of cer
tificates will in all probability be not less than $500,000,000
nor more than $750,000,000. His letter follows:
Washington, D . C ., Nov. 27 1918.
Dear Sir:— I am sure that every patriotic banker as woll as every patri
otic citizen in tho United States recognizes tho imperative duty o f financing
tho Government not only to tho conclusion of tho armistico but until peace
has boen determined and war bills have been paid. Until the peace treaty
is signed, a splendid army o f American heroes must bo kept on duty in
Franco as a guaranty that the kind o f peace for which America lias fought
will bo secured. Tho expense o f maintaining our forces in Europe, both
upon land and upon sea and other war bills, must be paid. They cannot
bo paid unless the Treasury continues to have tho adequate support of
tho bankers and people o f America.
I am sure that 1 do not have to emphasize tho appeal to tho patriotism
of America. That patriotism is not of tho incomplete or unfinished sort;
it will not be content with half doing tho glorious work wo have so auspi
ciously begun. It will be content only with a realization of all of tho fruits
of our glorious victories, and this cannot bo accomplished until the war
has been financed and peace—the handsomo peace which America wishes
to secure to tho world— has been escorted back to America as well as
to the other nations of tho world.
.
It is, therefore, necessary that a rational program o f Government financ
ing shall bo executed. Tho policy adopted in February last and again in
Juno of laying before tho banking institutions of tho country as nearly
as may bo the requirements of tho Government during tho period prior
to tho Third and Fourth Liberty Loans, met with very gratifying response
which provided adequately for tho necessities of tho Government without
strain or inconvenience; and I am writing now to inform you of tho program
for tho ensuing five months, so far as one can bo made at this time, in order
that every bank and trust company in the United States may havo adequate
notice and bo able to prepare itself to meet patriotically the requirements
of tho Government. I am sending a similar letter to every bank and trust
company in tho United States.
Tho expenditures of tho Government, excluding transactions in the prin
cipal of tho public debt during this fiscal year beginning July 1 1918 to and
including N ov. 23 1918, a period of less than five months, amounted to
$8,213,070,568 65, according to tho Treasury daily statements. Such
expenditures during tho current month of November to and including
Nov. 23 amounted to $1,577,148,144 93, or at the rato o f nearly 32,000,
0 0 0 ,0 0 0 for tho month.
Tho proceeds of tho Fourth Liberty I.oan in excess of tho amount of
Treasury Certificates issued in anticipation of that loan havo been exhausted
and tho remaining installment payments to bo niado on subscriptions to
tho Fourth Liberty Loan will but llttlo more than cover tho Treasury Cer
tificates o f Indebtedness issued in anticipation of that loan and as yet
unpaid. Evidently somo time must pass beforo the readjustment rrom a
war to a peace basis can reflect itself in material diminution of tho daily
cash outgo from tho Treasury. Indeed tho wise policy of prompt liquida
tion o f contracts might actually residt for a timo In the acceleration of
demands upon tho Treasury, while strengthening and making moro liquid
the banking position of the country.
Uncertainties with respect to pending revenue legislation make it im
practicable and inexpedient to borrow further at this timo in anticipation
of taxes. In this period of readjustment it would bo difficult to set in
motion any plan for the continuous salo of Government bonds, and it
seems that tho wise policy will bo to plan for one more great popular cam
paign in tho spring for tho sale o f bonds, which should be of short maturi
ties, and meanwhile to provide for tho Government’s necessities by the
issue o f Treasury certificates at fortnightly intervals. Tho first issuo of
tho certificates will bo dated Dec. 5 1918 and will mature AI ay 6 1919,
with interest at 4 H % : and similar issues, it is expected, will be made on
Thursday of every other week following Dec. 5.
It is not at this moment possible to forecast tho cash disbursements of
the Government during tho period of somo five months which must inter
vene beforo the proceeds of another great public loan could reach the
Treasury, nor, therefore, to announce at tills time tho minimum amount
of each fortnightly issue o f certificates further than to say in all probability
it will not bo less than $500,000,000 nor moro than $750,000,000. The
Federal Reserve banks will adviso all national and Stato banks in their
respective districts of tho amount o f certificates which thoy are expected
to take from timo to time in pursuance of this program, which amount
can bo figured roughly to equal 2 4ia% of the gross resources of each bank
and trust company for every period of two weeks, or a total o f 5% monthly.
I appeal with confidence to tho patriotic bankers to continue to furnish
tho financial assistance imperatively required by tho Government to sup
port America’s sons on land and soa until tho final consummation of their
wonderful victories.
Cordially yours,
W. G. McADOO, Secretary of the Treasury.
[V
o l
.
107.
CHICAGO ASSOCIA TION OF CR ED IT M E N TO FURTHER
D IS T R IB U T IO N OF T R E A S U R Y CE RTIF IC ATES.
A resolution in which they plaeo their facilities at the
service of the Treasury and tho Federal Reserve banks in
furthering the distribution of Treasury certificates of
indebtedness, issued in anticipation of taxes, was adopted
by the Chicago Association of Credit men on Nov. 16. Tho
following is the resolution:
The board of directors of tho Chicago Association of Credit Men, real
izing that to meet the taxes imposed on business profits by the pending
revenue measure will require the vest efforts of the community to avoid
straining the financial structure at the periods set for payment;
Having urged early in the year tho serial payment plan, they now view
with appreciation the measure incorporated in tho Act providing for ser
ial payment;
Having urged through their war tax advisory committee the issue of
tax-anticipation certificates of indebtedness to be available throughout the
year, notes with satisfaction the action of the Treasury in issuing through
the Federal Reserve banks 4 H % tax-anticipation certificates for the
purpose of further relieving the strain on the financial structure at taxpay
ing periods;
Hereby place their facilities at the service of tho Treasury and the Fed
eral Reserve Bank in furthering in any way within their power the distribu
tion of these certificates, strongly urge all taxpayers to avail themselves of
this form of short-term income-producing reserve to tho end that there may
not be an undue demand for credit at payment dates, but that the burden
may bo further spread and thus promote a safer credit condition.
A C T IO N
BY SENATE FIN AN CE COM M ITTEE
P E N D I N G W A R R E V E N U E BILL.
ON
It was stated on Nov. 27 that tho rovision of tho ponding
war revenue bill had substantially boon completed that
night by the Sonato Financo Committoo and that Senator
Simmons plans to roport it to tho Sonato somo time next
weok. In reviewing tho action of tho past week it may
bo noted that tho Committoo on Nov. 22, acting ontho
recommendation of Secrotary of tho Treasury McAdoo cut
$500,000,000 from the bill; on tho same day it eliminated
the so-called luxury taxes lovying 20% on tho cost of articlos
above a stipulated figuro, estimated to yiold $184,795,000;
likewise it struck out tho House tax of 2 conts a gallon on
gasolino, estimated to yiold about $40,000,000; it also re
duced from 10 to 5% rates on many articlos classed as semi
luxuries, and estimated to yiold $200,000,000; it further
more reduced about ono-lialf tho House rates on tobacco,
lowering tho taxes from that source by about $54,000,000
Still further reductions woro effectod by tho Committeo on
Nov. 23. Tho tax on brokers was reduced from $100 to
$40. The tax on custom house and ship brokers was re
duced from $50 to $40; on circuses, from $200 to $100, and
tho 5% tax on cosmetics and porfumes was made payable
by tho manufacturer. The proposed 2-cent stamp tax on
bank checks was eliminated. Tho proposed tax of 1% on
the gross salos of mail-order houses with sales in excoss of
$100,000 was stricken out. Tho House tax of $20 on pro
prietors of places of public exhibitions for profit was re
duced to $15. That section of tho House bill amonding
the Harrison drug act was ontiroly eliminated.
On Monday of this week, Nov. 25, the Committoo, by
a party vote, fixed tho total of war taxos to bo lovied for tho
fiscal year 1920 at $4,000,000,000, thereby en dorsing tho
proposal of Secretary of tho Treasury McAdoo whose plans
also call for a yield of $6,000,000,000 for 1919 through
the proposed taxation. Tho voto was 10 to 7. Beforo
adopting tho $4,000,000,000 limit for 1920 tho Committoo
rejected,- by a voto of 9 to 8, a proposal by Sonator Gore
(Democrat) to lot tho $6,000,000,000 lovy for 1919 apply
to 1920, and use tho $2,000,000,000 surplus toward paying
outstanding Government obligations. Concerning tho 1920
tax proposals, tho New York “Timos” in Washington
advices of Nov. 25 said:
Tho reason for putting tho $4,000,000,000 rovonuo amendment in tho
present bill, according to Sonator Simmons, is simply to givo corporations
and individuals an opportunity to know approxiamtely how much tax thoy
will bo called upon to pay in 1920.
Republican members of tho Committeo predicted to-night that if tho
amendment for 1920 wero insisted upon by tho Democratic majority it
woidd mean tho defeat of tho rovonuo bill In tho Sonato. Thoy Intend to
fight for a rovonuo 1)111 that embraces taxes for 1919 alone. Tho 1920 tax
yield, thoy Insist, must bo provided for in another bill next year. Tho
Republicans do not intond, thoy say, to allow tho Democrats to keep
Congress from going into session next March. Thoy maintain that an
extra session will bo imperative to deal with aftcr-tho-war legislation.
“ Tho Democrats havo offered a theoretical measure for 1920 rovonuo,
said Senator Penrose, who is slated for the Chairmanship of the Finance
Committeo on tho reorganization of Cqngrcss by tho Republicans. “ Thoro
is no logical reason why it should bo made a part of tho 1919 bill. In fact,
it has no business tliero whatever. How aro wo to know now what tho
revenue requirements aro to bo in 19207 We may need $3,000,000,000,
or wo may need $5,000,000,000."
"This War Revenue bill, if loaded down with tho 1920 amendment,, will
not pass tho Sonato. Of that I am suro. Tho Republicans aro intent on
seeing that adequate war rovonuo legislation is passed, but thoy will not
accept an irrelevant piece of legislation such as this 1920 rldor.”
N ov. 30 1918.]
THE CHRONICLE
2049
On the 25th Senator Simmons’s amendment exempting
$203,179,038 RAISED I N U N ITED WAR FUN D
persons or partneships engaged in trade or business from the
war excess profits tax was adopted, as was likewise an amend The campaign for theCAMPAIGN.
United War Work Fund resulted in
ment providing that a corporation with a net ineomo of not the raising of $203,179,038.
Announcement of the amount
moro than $20,000 a year shall not bo taxed more than 30%, realized
in
the
campaign
was
made
on Monday last, Nov. 25,
instead of tho maximum lovy of 35-% in the House bill. A by Dr. John R. Mott, Director-General
of the campaign,
furthor amendment awas greed to providing that corporations
stated that the result “was tho largest sum ever provided
whoso profits are made from personal servico exclusively who
through voluntary offerings in the history of mankind.”
shall bo taxed in tho same manner as partnerships. On the His
statement said:
same day tho House provision increasing the admission taxos The campaign is over and the result is the largest sum ever provided
voluntary offerings in the history of mankind. When the unfa
on moving pictures to 2 cents on each 10 cents paid was through
circumstances which attended this great effort are borne in mind,
changed to tho 1 cent rate under existing law. The Com vorable
tiie result becomes all the more remarkable. No great campaign was ever
mittee also reduced from 10 to 5% tho rato on receipts of preceded by such a brief preparation. Even tho scant two months left
for this purpose were cut into for threo weeks by the Fourth Liberty Loan,
lessors and licensees of moving picture films.
near the threshold of the campaign itself, by a general Congressional
In its continued revision of tho bill on Nov. 26 the Com and,
election.
More serious still was the nation-wide spread of the deadly influenza
mittee struck out the proposed Federal license tax on tho use epidemic,
had a death toll of twice as many lives as America has laid
of automobiles and motor cycles, which ranged from $10 to down in thewhich
war. The speaking program had virtually to be abandoned.
$50 annually in tho House bill, according to horsepower, and Our men are now face to face with the three gravest tests—the test o f
the test of demobilization, and the test of readjustment. The
from $5 to $25 under the plan previously adopted by the Sen- victory,
timely generosity of the American people makes possible the meeting suc
ato Committee. Tho tax on patent medicines and similar cessfully
of these trying experiences. We can prevent the period of de
mobilization becoming one of demoralization. Wo can make sure that the
articles was again changed by the Committee in its consid coming
months, with their great vacant spaces, shall be months not of
eration of tho bill on Nov. 26. Instead of the 3% tax pro physical, mental and moral weakening for our men, but months of charactervided on manufacturers’ sales, at tho requests of tho interests )u lc!ing, of growth in useful knowledge, of increase in working efficiency
of preparation for assuming tho larger responsibilities of citizenship
involved tho Committoo decided to smpose a stamp tax upon and
which await them on their return to their home communities.
Tiie signing of the armistice, which thrilled and absolutely absorbed the
retail sales of 1 cent for each 25 cents paid by consumers for minds
and hearts of tho people, claimed spontaneous celebrations. In
such articles.
addition, certain States devoted the following day to a peace holiday,
Over the protest of Republican members of the Com lh o confused or conflicting statements regarding the policy of demobiliza
tion as given out near the close of the campaign undoubtedly constituted
mittee the Democrats on tho 26th began work on the tax another
handicap, notwithstanding the clear and satisfying deliverances
provisions for 1920. Chairman Simmons presented his on the subject
which were made by the War Department.
The
campaign
furnished the most impressive example thus far af
1920 program (reforred to in these columns last week, page forded o f religioushasunity
co-operation. When before have tho leaders
1959) and it was printed for use and a vote later on adoption. and the many millions ofandfollowers
of the Protestant, Roman Catholic
and
Jewish
religious
bodies
of
a
nation joined forces for tiie accomplish
Amendments perfecting the program of raising $6,000,000, ment o f a common, unselfishgreat
object? The campaign has generated in
000 in 1919 were adopted on the 27th and by a strict party many a community an atmosphere of truer understanding— an atmosphere
voto tho Committee formally approved Chairman Sim in which men come to loathe to differ and to determine to understand.
It is a great thing for any people when, without weakening or sacrificing
mons’s plan to limit tho revenue to $4,000,000,000 in 1920. any
vital principles, they make up their minds or resolvo that they will seek
With the seven Republicans of tho Committee voting solidly to understand
those from whom they may have conscientiously differed.
To all who have so generously given of their time and effort, from the
in opposition, tho ten Democrats adopted Chairman Sim I resident
and his associates to the humblest giver, tho Campaign Com
mons’s plan for 1920 to reduco tho normal income tax rate mittee sends thanks, not for itself but for those to whom the gifts will mean
for individuals and corporations from 12 to 8%, to abolish .so much in these next crucial months, tho bravo men of our army and navy,
tho 80% war profits rate after 1919, and to reduco tho excess
1ho amount which it was sought to riaso in the entire
profits rates in 1920 to a minimum of 20% and a maximum country was $170,500,000, while the quota of New York
of 40%, or two-thirds of tho 1919 rate. Chairman Sim City was $35,000,000. On Nov. 21 the city was short ap
mons’s plan for 1920 revenue was adopted without change. proximately threo and a quarter million dollars of its quota;
Its provision for reduction from 12 to 8% in tho normal rates tho promise was then made by guarantors to underwrite
on individual incomes also provides that tho rato shall one-half of tho deficit on condition that the campaign work
bo 6% in 1919 and 4% in 1920 on tho first $4,000 of taxable ers raised tho other half. At the meeting of the team cap
income. Chairman Simmons said Secretary McAdoo did tains and tho heads of the various divisions on Monday af
not approve tho 1920 program in its entirety, as he desired ternoon of this week, it was announced that in the four addi
tional days of the campaign there was an increase of $2,900,
higher normal rates to continue on both individual and cor 000
toward tho quota, making the deficit $370,097. At
poration incomes, and also opposed continuation of the .the
end
of the meeting it was disclosed that the guarantors
excoss profits taxation plan. Tho Republicans announced of the deficit
John D. Rockefeller and John D. Rocke
thoir intention to oppose inclusion of 1920 rates in the bill feller Jr. Thowere
following
were the totals reported by the
and may filo a minority report.
Greater Now York Committee on tho 25th:
Teams--------- ----------------- $581 ,4021Students and faculties
$10,179
On tho 27th it was reported that Internal Revenue Com In
d u stria l.........................
820,4731Brooklyn ..............
743,042
missioner Roper had made plans for collecting next year’s Ilouse-to-house................ 311,6921Queens . ............ .. .
186.S10
Earn-and-give..................
157,022|Bronx..........................
42,711
taxos under tho existing law, because of tho fear that tho Women’s organizations... 9.0311Richmond..............
12,350
ponding bill may not bo enacted in time to permit tho print
Total
for
all
divisions___________________
ing and distributing of now forms by Jan. 1.
.$2,874,772
Previously reported_______________________
.31,755,131
In its action on tho bill yesterday (Nov. 29) the Committee Guaranteed
by underwriters to meet deficit.
. 370,097
adopted an amendment abolishing tho zone rates on secondGrand
total
for
New
York
C
ity____________________________$35,000,000
class mail mattor, with tho proviso that tho rates shall be
Tho subscriptions from States, foreign countries, tho army
i y 2 cents a pound boyond a 200-milo radius. This chargo
navy and insular possessions are shown in the following
it proposes would go into operation with tho enactment of and
tho bill. Tho Committee also voted to reduco tho postago table:
Department—
Quot*.
To Date.
rato on lotters from 3 cents to 2 conts, tho old rato of 2 cents Northeastern............................................................$14,833,500
$19,081,613
to becomo offectivo July 1 noxt. Tho Committee also de " aster“ .........................................- ........................... 75,020,000 74,599,709
68,739,434
cided to incorporate' in the bill tho so-called child labor ~ cnt,r a l .................................................. - ................. 57,970,000
6,820,000
9,459,056
amendment, offered by Senator Lodge, providing for a 10% Southeastern............................................................
Southern.......................... ................. ....................... 5,115,000
9,356,580
W
estern.............
...............
.......................................
8,525,000
10,346,300
tax on tlio products of child labor. Tho amendment re
618 346
ducing second-class mail rates was offered by Senator Smoot, Army and N avy...........................................................................
Total
.............................................................................. ........$188,672,730
of Utah, Republican. It provides that upon enactment of F oreign..........................................
.................................................
1,842,000
tho bill the oxisting zone system, which many publishers
attacked as unjust, would bo abolished, and that thereafter _ . : : .................................................................................. ---$190,514,730
the Philadelphia War Chest District__________
7,500,000
tho second-class rato shall bo at tho old scale of ono cent per Expected from
from tho other War Chest campaigns now being «ompound within a radius of 200 milos from mailing points and Expected
ductcd in Pennsylvania___________________________________
000
cents per pound outside tho 200-milo zono. Tho Expected from AVar Chest campaign in Minneapolis.........” . 1,135^000
Additional
from
New
York
City,
announced
yesterday______
3,529,308
amendment, it is stated, is designed to meet tho gonoral
desire of nowspapor publishers for a fair rato within thoir o t a l ............................................................................................ $203,179,038
principal distribution areas and also to make more oquitablo lTho
fund is to be apportioned among the following:
tho socond-cla** rates outsido of tho 200-milo limit.
Young Men’s Christian Association, Young Women’s Chris
0
500
THE CHRONICLE
3050
tian Association, National Catholic War Council (including
the work of the Knights of Columbus and the special war
activities for women), the Jewish Welfare Board, American
Library Association, War Camp Community Service and
Salvation Army. _______________________
A L I E N PROPERTY C U S T O D IA N A N N O U N C E S T H A T
A R M I S T I C E DOES NOT A FF E C T H I S F UN C
TION OR POLICY.
Notice to the effect that “the signing of tho armistice
does not change tho functions nor affect tho policies of tho
Alien Property Custodian in any way,” was issued on Nov. 20
by A. Mitcholl Palmer, Alien Property Custodian. In his
warning Mr. Palmer said:
The United States and Germany are still at war, and the trading-withthe enemy Act Is still in force. Tho Alien Property Custodian will, there
fore, continue to perform the duties which that Act lays upon him and
will carry out the evident intent of the Congress with relation to enemy
property until final peace shall come.
As long as the Trading-witli-the-Enemy Act is in force it remains the
duty of all persons having the custody or control of enemy property in this
country to make report thereof to the Alien Property Custodian. Despite
tho fact that the time for making these reports has long since expired,
reports sre still coming to this office anti there is much property in the
country not yet reported. Attention is called to this fact because persons
having the custody of enemy property are making themselves liable to
prosecution under the act for failure to report it and this liability will con
tinue even after tho treaty o f peace shall have been made.
Some misunderstanding of our policy with respect to sales of enemy
property seems to have arisen. That policy was announced at the time
Congress passed the amendment to the Trading-with-tho-Knemy Act,
empowering the Alien Property Custodian to sell enemy properties at public
salo, and It has been adhered to strictly ever since. Speaking generally,
only two classes of property have been or will be sold. These are:
First, the enemy interests in partnerships, branches, or agencies to which
licenses to do business have been refused, or to which licenses have been
granted for the purpose of liquidation. In theso cases, in order to liqui
date, we have been compelled to sell property of various kinds.
Second, the enemy-owned shares of stock or other interest in American
corporations where the enemy holding is large enough to influence or control
the maragement of American industrial and commercial concerns.
It is perfectly clear that in granting the power of sale the Congress in
tended that the enemy interest in such corporations should be placed in
American hands for fair value after public sale thereof. At the time the
armistice was signed a large number of such properties were ready to bo
sold by tho Alien Property Custodian, and these sales will bo proceeded with.
Investments of individual German subjects, either in stocks, bonds,
mortgages, real estate or other property in America, will not bo sold except
they fall within the two classes herein mentioned.
SEIZURE
B Y A L I E N PROPERTY C U S T O D IA N
E X C H A N G E SEAT S OF A L IE N S .
OF
Tho seizure by A. Mitcholl Palmer, Alien Property Cus
todian, of fourteen enemy owned seats on various exchanges
in the United States was announced on Nov. 26. Tho
seats are to be sold privately to Americans, under tho
Executive Order issued by President Wilson on Aug. 29
and published in our issue of Sept. 7, page 944. It is ex
plained that “the purchasers must bo satisfactory to tho
exchange, a consideration which makes a public sale not
practicable.” Among the seizures is one New York Stock
Exchange seat held by Ilenry Budge of Hamburg, Germany,
who was admitted to membership in the Exchange in July
1882. For several years he was a momber of the inter
national banking house of Hallgarten & Co., retiring from
tho concern about 1903. Tho latter severed all its German
connections with the entry of the United States into tho war.
Five of the seats aro owned by members of the New York
Cotton Exchange, viz.: Franz Schutto Jr., admitted to tho
Exchange March 1906; Emanuel Ilaac, admitted Feb. 1912
Herman Hagedorn, admitted Dec. 1870; Heinrich Muller,
Pearse, admitted May 1908; and Paul P. Schmitz, admitted
in Dec. 1904. All the foregoing are of Bremen, Germany.
Threo seats on tho New Orleans Cotton Exchange aro like
wise among those taken over by tho Alien Property Cus
todian, these being held by Messrs. Haas and Franz Schutto
Jr. (whose seats on tho Now York Cotton Exchango havo
been seized) and Alfred Nioponberg of Bremen. The other
seats taken over are:
Maritime Association of tho Port of New York, estate of Herman Sielcken
(now dead), of West Baden, Germany.
New York Butter, Cheese and Egg Exchango, estate o f Karl Thalmann
(now dead) of Mannheim, Germany.
New York Produce Exchange. Paul Strauss of Budapest, Ilungary;
and Claus tlelnrich Wilhelm Volckens of Hamburg.
New York Coffee Exchange, Edward Ludwig Behrens o f Hamburg.
CONTROL OF I N D U S T R Y B Y G E R M A N B A N K S .
o l
. 107.
in an addross at tho Quarterly Club dinner at tho Metro
politan Club in Now York on Nov. 6. At tho same time
ho thanked the bankors of tho country for tlioir genorous and
hearty co-operation in tho work of his offico. Mr. Palmer
said ho was the custodian of botween $700,000,000 and
$800,000,000 of enemy money and property, and that ho
hoped to bo given tho power to use this money to pay tho
just claims of Amorican citizons against tho Gorman Govern
ment duo to its illegal warfare. In part ho said:
I want tho bankers of this country to help mo to crush the strangle hold
which Germany, through its bankers and agents, has had upon many of tho
essential industries of this country. I want to Americanizo ovory Germanowned Industry In this country. I want to see every factory, every work
shop and overy manufacturing plant that is enemy-owned placed in the
hands of 100% Americans for all time. Tho Americanization of Germanowned industries in this country is a big task, and to bo successful, I must
have tho hearty and patriotic co-operation of tho bankers and business
men of this country.
In tho next fow weeks wo will soli aproximatcly S200.000.000 worth of
enemy-owned concerns in this country at public auction.
They include groat woolen mills in Now Jersey, largo drug, chemical and
other companies, lace works, machinery plants and a magneto company.
Moro sales will follow.
These sales offer an excellent opportunity for tho bankers of America
to demonstrate their patriotism in no uncertain manner. Thoy havo aided
our country nobly in raising funds to finance tho war. Thoy can continuo
this patriotic effort by helping to Americanize tho great German-owned
industries in this country. 1 feel that I can count on their co-operation in
this great task of Americanization.
Whatever accounting is to bo mado when tho war is over for enemy prop
erty taken here during tho war, so far as that accounting affects investment in
American Industry, will lie for tho money value thereof, and not for tho
thing itself. Without attempting to prophesy what may bo done with tho
proceeds, for this must roniain to bo settled by tho treaty of peace, it is
safe to say that tho businesses which tho Germans built up in America will
l)o lost to them forever.
Not very long ago I sent a form letter to tho bankers of this country,
asking them, among other things, to look out for anything that might be a
cluo to enemy-owned money or property. The replies I received to this
letter wore numerous. Thoy kopt a largo correspondence force busy for
weeks.
For weeks following tho sending out of this circular letter, reports of
enemy-owned money and property, duo in largo port to clues sont in by
tho bankers, flowed into tho offico of tho Alien Property Custodian in
groater volume than at any other period sinco tho organization of the
Alien Property Custodian’s offico a littlo moro than a year ago.
Under tho provisions of tho “ Trading with tho Enemy Act” , all money
and cash itoms demanded and received by tho Alion Property Custodian
must bo deposited forthwith in tho Treasury of tho United States.
All other property taken possession of by tho Custodian is deposited in
banks and trust companies throughout tho United States and in its insular
possessions. Wherever a responsible bank or trust company reports enemyowned property other than monoy, such bank or trust company is desig
nated a depositary for such property from tho account of tho enemy to tho
account of tho Alien I’roporty Custodian. Whero tho property is reported
by others than banks and trust companies, a strong depositary is designated
in tho locality most convenient for tho handling of such property. In
selecting depositaries for property reported by individuals, preference is
given to those institutions which aro members of tho Federal Poservo
system. In casos of continuing trusts where bank or trust is tho fiduciary,
tho same bank or trust company is designated depositary, and as fiduciary
accounts to itself as depositary. For purposes of conveyance, depositaries
aro required to make quarterly reports, accounting for all receipts and disburosomonts during tho quarter, and remitting tho net balance, after
deducting a reasonable commission, to tho office of tho Allen Property
Custodian at Washington, where such funds are deposited in tho Treasury
of tho United States.
Tho co-operation and assistance of over five hundred banks and trust
companies throughout tills country and in its insular possessions has mado
possible tho quick and accurate handling o f nearly S500.000.000 of property
during tho first year of tho activities of tho Custodian. If it had not boon
for such co-operation, It would havo been necessary for tho Custodian
to maintain an enormous office, with a clerical forco running into tho thous
ands, and storage vaults of groat magnitude. Under tho conditions which
havo existed in Washington for a year and which aro now more congested
than ever, it would havo been impracticable, of not impossible, to havo
taken actual custody of tho vast onemy properties which aro now being
administered by tho Custodian. Tho depositaries aro vitually nearly
20,000 activo trusts which aro already oponed on tho books of tho Cus
todian. Tho services of tho depositaries, which havo been freoly offerod
and loyally performed, havo boon especially valuable becauso of tho knowl
edge and oxportness of their officers in tho various parts of tho country
and in its Insular possessions.
Long boforo the war. tho German Government, through its agents in
this country sought to control practically overy Important and essential
industry. It was part of her plan to colonize, subdue and control tho world.
Sho planted a groat and Industrial and commercial army on American soil,
and that army had bocomo so largo and so powerful that when tho war
broko out in 1914, Germany bolioved it would bo strong enough to keep
America out of tho war. Germany planted that army in every Stato of
the Union, and its tontaclcs stretched out across tho Pacific to Hawaii
and tho Philippines, in tho Atlantic and tho Virgin Islands, to Porto Rico,
down to Panama and up to Alaska, without any part of Amorican soil free
from its touch.
This great German industrial organization exploited our great resources
and husbanded them for thoir own use and their own power. They kopt
secret from America tho processes and patents which might some day bo
used against them, and built up industry after Industry, totaling possibly
two billion dollars in money value and billions more in potential political
value.
Forty years ago Germany was essentially an agricultural country. At
tho boginning of tho war it was essentially an industrial country, with an
external trado second only to that of Groat Britain.
Tho industrial organization of Germany completed, tho great German
banks turned thoir attention to other fields. They established agencies
in every country in tho world and their representatives soon began to creop
Into tho directorates and management of largo industrial concerns in ovory
part of thO world. In many instances theso branches of tho groat German
banks financed tho building and operation of largo Industrial plants for tho
groat Industrial loaders of Germany.
Tho activities of tho German bankers, who in reality aro agents of tho
German Government, aro summed up In tho following torso manner by
A. Mitcholl Palmer, Alien Property Custodian, has
appealed to the bankers of tho country to co-operate with
him in Americanizing tho great German-owned industries
of this country. Ho said ho would continue tho Americani
zation of theso industries until ovory iota of onomy ownership
was completely wiped out and tho business placed in tho
hands of 100% Americans. Mr. Palmer’s appoal was mado
[V
N ov. 30 1918.]
THE CHRONICLE
O. D. Snow, in a Department of Commerce jmblication called “ German
Foreign Trade Organization."
“ The aims of the German banking system regarding foreign trade
expansion were to assist the German export merchant In overy way by
facilitating export and providing food and employment for the domestic
population, to develop tho Gorman colonies, to further German cable
connections, to compete for a share in foreign loans, to found industrial
enterprises abroad, to start and promote international commercial relations,
to strengthen German influence in foreign countries, and last, but not
least, to pursue a careful financial policy for tho purpose of financial pre
paredness in the case of war.
“ The Deutsche Bank, founded in 1870, was the pioneer in this campaign
of foreign expansion. In the statutes o f this great bank the following
outline o f Its export program is found:
“ ‘ The object of tho company is to carry on banking business of all
kinds, particularly in the furtherance and facilitation o f commercial re
lations between Germany, the other European countries, and overseas
markets.’
“ The Deutsche Bank I found endeavored to carry out its objects in this
country in a large degree. I found that its investment in the large indus
trial and public utility corporations of the country was approximately
$25,000,000. 1 believe that the final round-up will show a much larger
sum. In some of these companies the Deutsche Bank interest was small.
In others it was large and influential. Offhand I would say that this
bank had investments in more than 100 of the largest industrial, railroad
and utility concerns of this country.
“ The Di.sconto Gessellschaft followed on the trail of the Detuscbe Bank,
but in a smaller degree, its investments in tho Industrial concerns of this
country being upward o f $5,000,000. Tho Drcsdener Bank had invest
ments of approximately $3,000,000."
It must not be taken for granted that, after tho war, the competition
of Germany in foreign trade, and in tho domestic trado o f the United
States, can be despised. We must not underestimate it. There is no
reason to suppose, for instance, that the great German banks will abandon
their plan and policy of assistance to German overseas trade. Just before
tho war Germany, with six billion dollars of external trade, was second
only to Great Britain. The statutes of the Deutsche Bank state its
object as “ the exploitation of banking business of all kinds in particular
to promote and facilitate commercial relations between Germany, other
European countries and overseas markets.”
The German bank makes loans to foreign houses solely in order to learn
their way of manufacture and their clientele and then to transmit tills
information to its own clients. The great banks— the Disconto, the
Drcsdener, the Deutsche, and several others—establish communities of
interest, form tacit syndicates, enter into secret arrangements under cloak
of apparent rivalry, and adopt an industrial policy all for tho purpose of
directing tho placing of capital in colonial undertakings and industrial
adventures in other countries, the United States among the rest. This
has been clearly disclosed by the investigations of tho Alien Property
Custodian. It is moro than likely that this sort o f thing will continue
after tho war.
The German banks go much further in tho actual control o f trade and
industry than American bankers. While they perform tho functions of
deposit and credit, which are tho distinctive functions of American banks,
they are also financing companies. In this latter respect they take the
place of investment companies, stock and bond houses, in this country.
Article 2 of the statutes o f the “ National Bank” reads, "The object of the
company is tho exploitation o f business of all kinds: banking in its true
moaning, financial operations, credit issues, industrial and estate business.”
The managers, directors and representatives of the big German banks
go on boards o f directors of their customers to an oxtont unheard of hero.
Tho Deutsche Bank, for instanco, in 1911 was directly represented on tho
boards of 111 Industrial companies. In short, it can truthfully be said
that the operators o f tho banks are the real directors of German Industry.
It is hardly likely that American bankers will bo convinced that this
is tho true function o f banks in this country, nor that industrial leaders
would assent to such as overlordship. Hero tho relation between them is
a co-operative ono and properly so.
Nevertheless, it is tho encroachments o f German bank-controlled business
in this country that both American bankers and American industrial leaders
must combat. They aro already entrenched hero in tho form of German
ownership of controlling shares of American corporation. American
bankers have a real red-blooded part to play in ousting them. Tho Alien
Property Custodian is endeavoring now to show them tho way. It cannot
bo effectively done by a passive interest in tho financing o f American
purchasers of theso German interests in American corporations. There
m ist bo an active and constructive effort made not only to loan tho funds
to effect those purchases, upon proper banking lines, o f course, but Ameri
can bankers should aid in every possible way in finding the American
purchasers and in encouraging them to buy. This is a proper function
for tho great banks of America, those of tho largest resources and with tho
organizations powerful enough and pervading enough to do this work
effectively. It is more than war service, the need for which is rapidly
p issing IT events on tho other side aro correctly read. It is a matter of
self-defense of our industrial interests. Without tho active champion
ship of the bankers o f tho country, this opportunity to restore American
business to American owners will bo lost.
C A N A D I A N L I V E STOCK A N D P A C K I N G I N T E R E S T S
W OULD STRENGTHEN IN D U S T R Y I N RELATIO N
TO A F T E R - W A R D E M A N D S .
A t a conference of live-stock men and meat packers in
Ottawa on N ov. 20, a resolution was adopted urging that the
Dominion’s Department of Agriculture be empowered to
outline for adoption by the Government a system of loans to
farmers similar to that in European countries and in the
United States. Among other things the live stock and pack
ing interests urged that, “ in view of the demand for agricul
tural products that exists in France, Belgium and Italy, tho
Government take steps to establish credits in France for
those countries.” Tho resolutions, which have for their
aim tho strengthening of the position of tho Canadian indus
try in relation to the after-war demands for livestock prod
ucts in Europe, have been submitted to Sir Thomas W hite,
acting Primo Minister, and his colleagues in the Cabinet,
and aro printed as follows in tho Montreal “ Gazette” of
N o v . 21:
2051
Whereas the war debt of Canada can best be paid off by developing its
natural resources, particularly as having reference to the Canadian live
stock industry.
And whereas, in view of tho existing acute shortage of animal products
of all kinds existing in England and European countries to-day and the
certainty that theso cannot be replaced for many years, this convention of
livestock producers and packers meeting in conference with officials of the
Department of Agriculture resolve:
1. That a policy of rural credit sanctioned and supported by Federal
Governments, has proven of enormous assistance to agriculture in Euro
pean countries, and also has recently been adopted by the United States
and that such loans to farmers of Canada would assist greatly in equalizing
markets, improving and increasing all herds and flocks, and in the better
finishing of meat animals, that the Department of Agriculture be em
powered to immediately outlino such a system for approval and adoption
by this Government.
2. That in view of the demand for agricultural products that exist in
France, Belgium and Italy, the Government take steps to establish credits
in France for these countries.
3. That with the view of establishing immediate commercial connection
in Europe, in order to secure the maximum of business for Canada, the
Government appoint a representative, preferably M r. II. B. Thomson,
in the continuation of his present capacity, whose business it would be to
obtain the fullest possible recognition for Canadian interests in supplying
such products.
4. That tho Government be requested to provide the necessary mar
keting facilities which will mako possible the development of a perma
nent and extensivo export trade in chilled beef and other meat and animal
products, and that immediate stops be taken in connection with the Gov
ernment’s program of shipping and railway transportation to provide
adequate controlled temperature space in railway cars at the terminal
harbor fronts and on ocean-going vessels.
5. That the Government give authority and the necessary financial
support to tho Department of Agriculture in launching a propaganda
throughout Canada, first, for the maintenance and immediate increase
of production in livestock and, second, for a campaign of education for
the improvement of the breeds of livestock.
Sir Thomas White receivod tho deputation in his office. With him
were lion. N. W . Rowell, Hon. A. K. Maclean, Hon. J. D. Reid and
Hon. T . A. Crearar, Minister of Agriculture who introduced the deputa
tion.
In his reply, tho acting Primo Minister expressed approval of the move
ment to increase production of every kind, and while financial considera
tions prevented him accoding to somo of the points suggested, he asked
that the plans for tho necessary educational propaganda be submitted
to the Minister of Agriculture and, if they proved feasible, he had no
doubt that tho campaign would lie annroved by the Government.
W H E A T P R I C E FOR 1,000,000 TONS TO BE M A R K E T E D
BY AU STR ALIA.
London~advices received by the daily press in the United
States under date of N ov . 28 via Montreal said:
W . M . Hughes, Australian Premier, has received a cablegram from
W . A . W att, the Treasurer of the Australian Government, stating that,
in view of the fact that another wheat harvest is due and will require pay
ments aggregating at least £10,000,000, the Australian Wheat Board con
siders it desirable to sell 1,000,000 tons of wheat at a minimum price of
57 pence (approximately $1 18) per bushel, provided that Australia is per
mitted to compete in the world markets and is able to reserve the rest of
the wheat supply on hand.
.'•a
SU G A R C E R T I F I C A T E S TO BE D I S C O N T I N U E D D E C . 1.
An order calling for the discontinuance on Dec. 1 of the
distribution of sugar under the certificate system was issued
by the U . S. Food Administration on N ov . 27. This, it is
pointed out, does not affect the policy with regard to the
conservation of sugar. Domestic consumers, it is said, will
be expected to observe the voluntary ration of four pounds
a person a month and public eating places would be required
to use only four pounds of sugar for each ninety meals served.
The rationing of four pounds monthly goes into effect Dec. 1,
as noted in these columns last week. Concerning the dis
continuance of the sugar certificates, the Food Administra
tion in New York yesterday received the following advices
from the Food Administration in Washington:
We have reasonable assurances that the available supply of sugar i
sufficient to discontinue the certificating plan on Dec. 1, provided that
manufacturers and dealers limit their purchases to a 30-day supply from
tliis date on until the free arrival of Cuban raw sugars which we expect
between Jan. 1 and Jan. lo . On Jan. 31 this 30-day restriction is auto
matically canceled.
StsiLd
Tho elimination of tho certificating plan does not change the*zoning
restrictions as fixed by the. Sugar Division.
L I G H T - W E I G H T HOGS E X C L U D E D FROM E X PO R T —
N O V E M B E R PR ICES C O N T I N U E D .
Tho exclusion of hogs weighing less than 150 pounds for
utilization in the export trado was determined upon on N o v .
22 by the U . S. Food Administration after a conference with
Governor Stuart, Chairman of tho Agricultural Advisory
Committee. Tho continuation of this program, it was
announced, will be determined at a ineoting of tho Agri
cultural Advisory Coinmitteo and representaitves of ttie
hog producers, packers, commission men, Department of
Agriculture and Food Administration, to be held in Chicago
D ec. 3. The exclusion of hogs weighing under 150 pounds,
which cannot bo utilized for export trado, it is explained, is
necessary for tho maintenance of price stabilization. The
Food Administration urgos that thoy bo retained on the farm
until they reach propor marketing weight. This, it is
2052
THE CHRONICLE
pointed out, is of primo importance, as all pork which can
be produced in the next fow months will bo urgontly noeded
to supply the wants of our export program of pork products.
On N o v . 15 tho U . S. Food Administration announced
that tho November prico basis for hogs would continuo
through Decomb or.
R E P E A L OF C A N A D I A N R E G U L A T I O N S R E Q U I R I N G
USE OF S U B S T I T U T E S FOR W H E A T .
BU T C H E R S
[V ol . 107
REQUIRED
TO
LABEL
ALL
MEATS.
Retail butchers in tho counties of New York, Bronx,
Kings, Queens, Richmond and Westchester aro to be in
cluded within tho operations of the label law beginning
D ec. 16, tho order affecting beef, veal, mutton, pork and
certain by-products thereof and dressod poultry. Tho
New York “ Sun” of N ov . 23 said in part:
These meats, when axposed for salo in retail shops, singly or in gross,
must havo signs attached showing tho kind, grado and retail price o f tho
The Canadian Food Board in the following order has various cuts. Even livers, kidneys, tongues and oxtails must be tagged.
The State Food Commission, in a resolution, sot forth tho necessity for
repealed the regulations requiring the use of substitutes for
making the label law embraco retail butchers by declaring that in the six
wheat flour:
counties there is a practico of certain retailors "which is detrimental to tho
CANADA FOOD BOARD.
public interest” of selling meats "in kind, quantity and quality other than
Order No. 71.
their truo kind, quantity and quality." and that "such practico interferes
Wheat Flour Substitutes.
with the distribution and sale of such necessities at a reasonable pries."
In exercise of the powers conferred by order o f His Excellency tho Gov
The label law as applied to certain staplo groceries went into effect on
ernor-General in Council, dated the 12th day o f March, 1918, P.C . 596, Jan. 9 last in these counties and the Food Administration investigators
and o f all other powers enabling, the Canada Food Board hereby orders:
claim that it has generally been observed.
1.
All orders and rulings o f this Board requiring the sale, purchaso, and The Commission declared that tho terms “ kind,” commonly recognized
use or consumption o f substitutes for wheat flour aro hereby repealed.
“ kinds” or ‘ cuts” in butcher shops which shall bear labels aro as follows:
Dated at Ottawa, tills 14th day of November, 1918.
For beef the following only: Sirloin, top round, bottom round, prime
C AN ADA FOOD BOARD.
rib, chuck rib, chuck steal:, cross rlo, top sirloin and stew m e a w h ic h
snail include shoulder, shin, leg, neck and thick flank.
For veal tho following only: Neck, shoulder, breast, loin chops, rib
“ F A I R P R I C E ” S C H E D U L E TO BE D I S P L A Y E D B Y chops, rump, cutlets and leg.
RETAILERS.
For lamb or mutton tno following only: Leg, loin chops, rib chops,
chucks and stew, which shall include neck, breast and shanks.
Regulations requiring retail food stores and markets in
For pork tho following only: Loins, middle chops, end chops, smoked
Greater New York, Wostchostor and Nassau Counties to ham, smoked shoulder and bacon.
For internals, such as livers, kidneys, tongues and oxtails, and for por
display a “ fair prico” schedule beginning N ov . 25 havo boon
tions trimmed out usually by tho slaughterers, ihe term 1kind" as herein
put in forco by the Federal Food Board and the Stato Food used shall mean in addition to the above names tho namo of the animal
Commission. The schedule which has been resorted to in from which it was taken.
The signs must bo printed or written in English, in letters large enough
tho campaign against profiteering, will bo printed onco a
to be read ten feet away. If one-third or more of the retailor's customers
week. Concerning the schedule the Now York “ Sun” of speak a foreign language, tho signs must be in that Ianguago also.
N ov. 25 said:
Violations of tho label law constitute a misdemeanor punishabl* by a
It will show ttie fair maximum price paid by tho retailer to tho whole fine of from $100 to $1,000 or one year’s imprisonment.
saler, the maximum margin allowed to the retailer, tho fair maximum prico
to tho consumer and tho exact price each storo is charging tho consumer.
W A R N I N G A G A I N S T U N D U E PR O FITS O N T H A N K S
The regulations adopted by the Federal Food Board and the Stato Food
GIVIN G TU RKEYS.
Commission calling for tho posting o f tho schedule stipulate the various
items o f food which must be quoted as followsA warning as to the limiting of profits on turkeys was
Meat, fish, oeans, rice, oats, corn meal, raisins, prunes, flour, sugar,
broad, milk, butter, cheeso, eggs, potatoes, onions and cabbage. Tho items issued to retailers on N o v . 26 by tho Federal Food Board of
may be ineroased from time to time.
Now York. In its statement tho Board said:
Any dealers who charge in oxcess o f the margins prescribed by the Fed
Tho Federal Food Board urges upon tho meat dealers of Now York that,
eral Food Boards or by the county food administrators will lie prosecuted notwithstanding any shortage in the supply of turkeys during the Thanks
and there will be frequent inspections for tho purpose of determining giving holidays, care be taken to ask only a minimum of fair profit. There
whether tho retailers aro toeing tho mark. Tho fact that a retailer may ask aro few cold storage turkeys in tho market tills year and tho indications
or exact margins in excess of those prescribed by the board will bo regarded are that, in view o f the largo Government purchases for the soldiers and
as prima facie evidence of profiteering and therefore unlawful.
sailors, the supply of tho fresh killed birds will bo somewhat limited.
"The Board wishes it known," reads an official statement of the Board,
The maximum margin between the wholesale price, which to-day is from
"that although the war is ended there will bo no relaxation of the activities 44 cents to 46 cents a jiound for good Western turkeys, and tho retail
of the Board and tho State Food Commission in curbing profiteering in purchaser’s price should not exceed 9 cents a pound on tho cash and carry
foodstuffs."
basis. Dealers are urged, wherever possible, to further limit this margin
Tho Federal Food Board will print and distribute each week “ fair price to aid in securing a more general celebration of tho Thanksgiving spirit
schedules" to some 20,000 retailors in Greater New York. It already has of this year.
approved a sample bulletin boaro on which tho schedules may bo posted.
Complaints wore received last year that certain unscrupulous dealers
All dealers wishing to obtain these bulletin boards should communicate sold cold storage for fresh killed turkeys.
with the Board.
The following table, compiled by tho Trado Division of
The Board explains that among tho advantages accruing to both doalor
and consumer by the new regulation are the following:
tho Fodoral Food Board showing changes in tho cost of
1. Tho rotailer is definitely advised o f the maximum margin which he
commodities that go to mako up a Thanksgiving dinner,
may lawfully ask or exact upon each sale.
2. The retailer charging fair prices is protected against uujust price w a s p r in te d in th e N o w Y o r k “ T im e s ” o f N o v . 26 :
criticism and complaint.
Commodity—
Noo.’ 17. ATor.’ lS.
Commodity—
Nov.' 17. No».’ 18.
.15 Turkeys ______
.45
.50
3. Tho retailer is protected against excessive prices on tho part of the Cranberries__ _. - .18
Sweet potatoes__ - .05
.35
.40
.075 Dressed fowl__ . . .
wholesaler from whom he buys.
Onions__________ . .03
.05 Eggs, fresh___
.84
.65
4. A "silont salesman” is placed at the sorvlce o f tho retailer, thereby Benpers_________ - .15
.20 M ilk ................. . . .
.14
.17
Cabbage________ .
conserving his time.
.05 B read ________ . . .
.09
.10
035
Potatoes________ . .05
.05 Flour ............... . . .
.077
.075
5. The consumer is protected against oxcossive prices at retail.
Pumpkin________ . .45
.50 Sugar________ . . .
.10
.105
6. Tho consumer is constantly and definitely advised, at tho time and (,'arrots_________ - .06
.08 C offee________ . . .
.28
.30
placo o f each purchaso, o f tho fair maximum margin allowed to tho rotailer,
A fair menu for a small family, according to this table,
of tho fair maximum wholesale and retail prices, as defined by the Now
York Fedoral Food Board, and o f tho exact price actually and uniformly tho “ Times” pointed out, is found to havo advanced from
charged by the rotailer.
$5 85 last year to $6 84 at tho prosent pricos.
7. Tho retail merchandizing o f tho essential staple food products is mado
an evident, determinate and regulated transaction, with due protection
afforded Doth buyer and seller.
C H A N G E S I N FOOD A L L O W A N C E S FOR VESSELS.
The Food Administration officials are anxious that retailers and con
On N ov . 23 tho W ar Trade Board announced the following
sumers shall report to it in writing any apparent or known excessive charges
at wholesale or retail. Thoy promise that all such communications will changes in food allowances for vessels which under tho
receive immediate consideration, information along these lines should bunker rules and regulations are required to obtain bunker
bo addressed 'Now York Federal Food Board, 6 West 57th Street, Now
licenses:
York C ity."
Tho bulletin boards on which tho "fair price schedule” will bo posted
Wheat products, 18 ounces per man per day, instead of 10 ounces.
from week to week must be placed in such a postion that the buyer can
Sugar, 4 ounces per man per day, instead of 3 ounces.
readily see what is on it. If one-third o f a retail storekeeper’s customers
Beef, 24 ounces per man per day, instead of 16 ounces.
speak a foreign language tho schedule must bo in that language as well as
These are the only changes in food allowances that can
in English.
Under the Stato label law tho items appearing on tho list must bear signs bo mado for tho present, says the Board, and tho additional
setting forth the kind, grado and retail prico of tho various articles when allowances of the three articles mentioned does not, it is
exposed for sale.
EGGS TO BE SOLD B Y N E W YO R K C I T Y .
Announcement that the City of Now York will sell in tho
public markets and health stations of the city eggs placed in
storage by tho Commissioner of Markets last spring has
boon made by Market Commissioner Jonathan C . D ay,
Chairman of the M ayor's W ar Board of Food and Fuel
Control. The Now York “ Commercial” of N ov . 2G quoted
M r . D ay as saying:
The prico fixed for tho selling o f tho candled storago grado A eggs will
be 5 cents each, retail, until further notice. It Is a saving to the ultimate
consumer, os compared with retail prices In most portions of the city, of
10 to 12 cents a dozen.
stated, in any way affect tho present total allowance of all
food articles of 9 pounds per man per day.
FOOD
A D M I N I S T R A T I O N D E S I G N A T E S DEC. 1 -7
A S “ CONSERVATION W E E K .”
To bring before tho American peoplo in a forciblo manner
the need for saving food and sharing it with tho Allies and
liberated nations, tho Food Administration has named tho
coming weok— Dec. 1 -7 — as “ Conservation W eok.” An
announcement says:
Conservation Is vital to tho relief of strickon Europo. Our harvest sea
son has come and gono, and whatovor food Is oxportod must come from our
surplus and from our savings, very largely tho latter. Certain feods,
N ov. 30 1918.]
THE CHRONICLE
such as moats, fats and dairy products, it is truo, aro produced throughout
tho year, but even these depend largely on feeds and foddor, supplies of
which are limited and cannot be replenished until another harvest.
Tho original pledge made by the Food Administration in behalf of the
peoplo o f the United States was 17,500,000 toas o f food to bo shipped over
seas by July 1 1910. This amount of food is 50% greater than last year.
With Belgium and France liberated and millions in south central Europe
clamoring for food, tho United States is now undertaking to increase its
exports from 17,500,000 to 20,000,000 tons. Tho Mediterranean Sea
routes aro now sufficiently safe for bringing wheat from India and Aus
tralia, honce our exports will consist largely of fats, moats and feed. Feed
is essential for milk production, o f which the stricken netions are in critical
need.
Conservation week as planned will include a message from M r. Hoover
to the peoplo through churches, fraternal bodies, clubs, schools, posters,
window displays, and tho press. An effort will bo made to warn of the
serious results abroad If we fail to heed the requests for continued conser
vation. Food, we aro reminded, is tho only effective weapon with which to
combat famine, still threatening hungry millions. And never has there
boon so great an opportunity for women and children as well as men to show
their truo spirit of democracy in sending relief by daily acts o f food saving.
Conservation week is intended also to impress upon every one that stoping hostilities or even the ultimate signing of peace terms produces no extra
food and that human lives will continue to be sacrificed unless food is saved
in this country and properly distributed among those who have pitifully
little or none.
______________________________
FOOD A D M I N I S T R A T I O N ’S REQUEST FOR
T I N U A N C E OF FOURTH M E A L .
Applications to export raw cotton to other destinations will bo considered
and granted freely, and where agreements exist international licenses will
be granted in accordance therewith. 'K'fesU;
The regulation affecting the exportation of raw cotton (W. T. B. R. 265,
Oct. 11 1918) which required that the grade and staple be specified on
applications to export raw cotton and that the applicant also disclose
the existence of an actual sales contract, or that there had been a freight
allotment or engagement, is withdrawn, effective N ov. 22 1918.
COTTON F AB RIC PRICE C H A N G E CONCERNING
G I N G H A M TR AD E .
The “ Official Bulletin” of N o v . 19 reports the issuance
of the following statement by the Price-Fixing Committee
of the W ar Industries Board:
1. The agreement between the representatives of the cotton industry
and tho Price-Fixing Committee dated July 1 1918 and recently extended
to remain in effect until January 1, as the basis of the maximum prices
that can be asked, has been amended in respect to ginghams as follows:
2. Stipulation in schedule authorized in Aug. 1918 to the effect that
sales in gingham shall be made only for delivery prior to April 1 1919
is cancelled.
3. Sales of this commodity as well as of any other cotton commodity
may be made for any delivery period agreed on between buyer and seller
at prices under no circumstances in advance of the published schedule.
DISCON
In emphasizing the need for continued conservation of
foodstuffs the U . S. Food Administration has asked that tho
American people give up afternoon teas and lato suppers.
In urging tho discontinuance of the Fourth meal, it said:
Since the conservation of sugar and all cereals is of vital importance, tho
Food Administration is asking that afternoon toas be discontinued until
food conditions are less serious. Tho consumption o f sandwiches, cakes
and sugar, which usually accompany afternoon tea, is an unnecessary
waste of foodstuffs.
While tho Food Administration recognizes tho valuo of social gatherings
whoro refreshments are served, it believes that tho hours for these functions
can and should be so regulated that they take tho place o f one o f the three
regular meals. Indeed, such a meal may well servo as a lesson in intelligent
food conservation. In Franco and England no meals aro served .after
9:30 o clock at night, and in both countries public eating placos aro closed
for a definite period during tho afternoon. The Food Administration now
asks the United States to fall into line.
Tho Administration also says:
The real work of farm llfo leaves little time or appetite for afternoon teas
and lato suppers. Nevertheless the request o f tho Food Administration
that tile fourth meal be discontinued until food conditions aro less serious
suggests to all people simple hospitality. Company for dinner or supper
should moan to tho earnest woman a real chanco to teach conservation
in an agreeable form. Tho church supper or community dinner, too,
presonts an opportunity to demonstrate how good is a dinner of simple
home products and when well cooked, and should bo a substitute for one
of tho three regular meals.
The extra meal and lavishness in food ought to bo considered an offonso
against humanity and good taste, so long as war-torn Europe needs to be
comforted and fed.
REMO VAL OF RESTRICTIONS A F F E C T IN G C H R I S T M A S
BUYING.
Tho withdrawal of restrictions on Christmas buying have
been withdrawn by tho Council of National Dofenso. An
nouncement of this was made as follows on N o v . 24 by
Grosvonor B . Clarkson, acting director of tho Council:
Before the arndstico the Council of National Dcfonso, composed of tho
Secretaries of War, Navy, Interior, Agriculture, Commerce and Labor,
entered into an agreement with representatives o f leading industries and
rotall interests to tho effect that the salo of Christmas goods should undergo
certain restrictions in regard to the employment o f labor during tho Christ
mas season and tho conservation of transportation and delivery facilities.
Certain other agreements wore likewise entered into.
The Council o f National Defense now believes that as ono of tho steps
essential to tho rapid establishment o f normal after-the-war conditions
it should, and it hereby does, lift its ban in connection with holiday buying,
In tho desire to giv6 a natural Impetus to tho re-employment o f those
normally engaged in tho production of holiday material and in tho holiday
trado. Tho Council Is further impelled to this decision by reason of tho
necessity now confronting us to get our military forces and munitions
factory workers back to the ordinary pursuits of life with the least possiblo
shock In making tho change.
Tho restrictions were referred to in our issuo of July 27,
page 362.
_____________________________ _
W I T H D R A W A L OF R E G U LA TIO N S A F F E C T IN G
E X P O R TA TIO N OF R A W COTTON.
W o referred last week, page 1964, to tho removal of tho
rostriotions on tho exportation of raw cotton to Great Britain,
Franco, Italy, Belgium and Japan. Tho following is tho
official announcement regarding tho withdrawal of tho
restrictions made by tho W ar Trade Board on N o v . 22:
Tho War Trade Board, In co-operation with tho Committee on Cotton
Distribution of tho War Industries Board, make tho following announce
ment:
On and after Dec. 2 1918, no individual licenses will bo required for
tho exportation of raw cotton to Great Britain, Franco, Italy, Belgium,
or Japan. A special export liconse (No. UAC-57) will bo issued to tho
proper customs officials at points of exit, who will bo authorized to pass
shipments in accordance therewith.
E$The regulation governing exports of raw cotton to Spain (W. '1'. B. It.
319, Nov. 15 1918), whereby tho quantity exportable to Spain was limited
and allotted among tho various shippers, is withdrawn, effective Nov. 22
1918, and applications will bo considered looking toward tho granting of
freely.
2053
GOVERNORS OF COTTON GROWING ST ATES URGE
H OL D IN G OF COTTON FOR NOT LESS
T H A N 35 CENTS.
A proclamation calling upon farmers, merchants and busi
ness men of tho South to “ organize and unite with the de
termined purpose to withhold from salo all cotton until
a price can be obtained that will cover tho cost of produc
tion, plus a reasonable profit” has-been issued by the G ov
ernors of tho cotton growing States. It was further resolvod “ to urge tho farmers and dealers'l’not^to sell cotton
for less than 35 cents a pound, basis middling.” According
to tho Atlanta “ Constitution” of N ov. 24 tho proclamation
embodies the resolutions on tho subject adopted by the
Cotton States Marketing Board at its conference in A t
lanta on N o v . 7. The proclamation is printed as follows
in tho “ Constitution:”
We, the Governors of tho several cotton States, recognizing the justice
and wisdom of the action taken by tho Cotton States Official Advisory
Marketing Board in the cotton conference held in the State Capitol of
Georgia on Nov. 7 1918. as shown in tho following resolution as adopted:
“ Whereas, the recent heavy break in cotton prices is wholly unjustified
by existing conditions and the great disturbance incident to the heavy
break in the market has temporarily paralyzed the agricultural and business
interests of the South and entailed heavy loss to the cotton producer by
reason of the price being below the cost of production,
“ Therefore, be it resolved, That the farmers, merchants, bankers and
business men organize and unite with tho determined purpose to withhold
from sale all cotton until a price can be obtained, that will cover the cost
of production, plus a reasonable profit. That when such price is obtained
we further urge that cotton be sold only to meet pressing obligations and
wherever possible borrow money to meet such obligations, and in this
connection we urge that the Federal Reserve banks throughout the country
be just as liberal as is consistent with good business in rediscounting notes
secured by cotton. We further heartily recommend to the farmer of the
South that by reason of the great need for increasing food and feed crops
that they materially increase their acreage of these crops for the year 1919,
and to accomplish this end by reducing their cotton acreage. AA'e urge
that the widest publicity be given the action of this conference and that
tho authorities and agencies in each State be especially charged with the
duty of organizing each State into county and school districts for the
purpose of carrying out the action embodied in these resolutions.
“ Be it further resolved, to urge the farmers and dealers not to sell cotton
for less than 35 cents a pound, basis middling."
We do, therefore, jointly call upon the citizens of the cotton States to
carefully consider the foregoing resolution as adopted and in so far as it
may bo possible each of you are requested to lend your aid to the end that
a price may be obtained for our chief staple equal to the cost of production,
plus a reasonable profit.
AV. P. HOBBY,
Governor of Texas.
HUGH M . DORSEY,
Governor of Georgia.
RICHARD I. M ANNING,
Governor of South Carolina.
CIIAS. II. BROUGH.
Governor of Arkansas.
TIIOS. AV. BIC KE TT,
Governor of North Carolina.
THEODORE G. BILBO,
Governor of Mississippi.
*
CIIAS. HENDERSON,
Governor of Alabama.
SIDNEY J. CATTS,
*
Governor of Florida.
The “ Constitution” of the 24th also prints the following
statement made by President J. J. BroAvn of the Cotton
States Marketing Board:
The bears are in our midst seeking to discredit your past efforts against
their Federal price-fixing scheme. And now they try to frighten you— for
what? W hy, to make you sell and break tho market, of course.
You opposed Federal price-fixing of cotton because every Southern
Senator and Congressman advised the cotton farmer to keep cotton away
from Federal price-fixing.
Every commissioner of agriculture, marketing director and farmers’
union president of tho Cotton States in joint conference with these Con
gressmen in AVashington had ample evidence that the best interest of the
South demanded that we resist Federal price-fixing on cotton, and they,
therefore, opposed it with all their might.
Legal Federal price-fixing of cotton is dead.
2054:
T h e bill Introduced by Congressman C ox, o f Indiana, to price our cotton
at 15 cents per pound will now never be resurrected.
T h e export restrictions have now been m odified and speculative short
selling has been prohibited, and these changes will strengthen the market.
H old you r nerve— act as your sons did in the fron t lines in France.
T ell the pirates they shall n ot pass.
FELT
M IL LS
[Vol.
THE CHRONICLE
A U T H O R I Z E D TO S U P P L Y
DEMANDS.
C IV ILIA N
The felt mills of the United States, all of which have been
operating to 100% capacity on Government work exclusively,
have been released from the obligation of submitting to the
Felt Section of the War Industries Board any further
application for permits to produce and sell their merchandise.
B. M. Baruch of the War Industries Board, in making this
known Nov. 22, said:
The folt m ills have been notified that they can resume the manufacture
o f felts for civilian purposes. This now enables the felt m ills to produce
m aterials that aro sorely needed both by industries that require felt in
connection with the finished items they produce, and will likewise benefit
the consuming p ublic, requiring felts o f various types.
So far as the supply o f felt controls the situation, the action taken will
enable the piano ano musical instrument manufacturers to resume their
activities. The felt shoe and slipper manufacturers will benefit to a like
extent as well as other industries which have been com pelled to d o without
the m aterial.
____ _______ _____________________
R E S T R I C T I O N S ON M A N U F A C T U R E OF M E N ' S STRA W
H A T S REMOVED.
REMOVAL
OF
R E S T R IC T IO N S O N T I N
FOOD C O N T A I N E R S .
107
U SE D
FOR
Restrictions placed on the use of tin plato in the manu
facture of food containers have been removed, according to
the “Official Bulletin” of Nov. 14, by joint agreement
botween the War Industries Board and the Food Adminis
tration. In view of the signing of the armistice by Germany,
it was felt that these rigid rules, which became effective
Oct. 1, could be relaxed. Tho various trades affected by
the removal of these restrictions aro: manufacturers and
packers of baking powder, ground spices, powdered cocoa,
chocolate, candy, coffee, coffee substitutes, tea, spaghetti,
pickles, condensed milk, salt, lard, and lard substitutes,
macaroni, sirups and molasses.
BLACK
H A R N E S S L E A T H E R PRICES
C O N T I N U E D DEC. 1.
TO
BE
DIS
Tho Prico Fixing Committee of tho War Industries Board
announced this week that at a meeting botween tho com
mittee and tho representatives of tho black harness bather
manufacturers it was agreed that tho existing maximum
prices on black harnoss leather should bo discontinued on
Dec. 1 1918, the present date of their expiration. The
Committoo added:
the announcement to this effect tho Prico Fixing C om m ittee
The War Industries Board, through its Chairman, B. M. In making
to express its appreciation o f tho hearty co-operation it has always
Baruch, announced on Nov. 22 the removal of conservation wishes
received from tho black harness leather group o f tho Tanners’ Council in
restrictions governing the manufacture of men’s straw hats. solving
tho harness leather probloms o f tho war needs o f tho Governm ent.
This action was decided on after conferences between the
War Service Committee representing the National Asso
ciation of Men’s Straw Hat Manufacturers and F. H. C O N T I N U A N C E OF AMNADX ISMK IUNMS . PR ICES O N H I D E S
Montgomery, Chief of the Hat Department of the Felt Advices regarding tho continuance of maximum prices
Section of the War Industries Board. The conservation on hides and skins have been receivod as follows from tho
program went into effect Oct. 25 last. Its removal will
Leathor and Leathor Goods Division of tho War
enable straw hat manufacturers who have not completed Hide,
Board by tho Tanners’ Council:
their stocks for next season to introduce new styles which Industries
M r. Baruch has ruled that maximum prices on foreign hides and skins
were barred by the conservation restrictions.
shall continue until Jan. 1 and on doestic hides ami skins until Fob. 1,
F U R N IT U R E CONSERVATION SCHEDULE
RESCINDED.
and that prior to these dates the question will be decided as to whether
these maximums shall bo continued longer.
T ho W ar Industries Board, however, m ay discontinue maximums at
any time it m ay judge them no longer necessary.
The War Industries Board announced on Nov. 25 that the
furniture conservation schedule which was to go into effect M A X I M U M PR ICES FOR S O U T H A M E R I C A N
Jan. 1 had been rescinded. This action, it is stated, has
REFRIGERATED H ID E S .
been taken because there no longer exists the pressing and The following statement by the War Industries Board
imperative necessity for the conservation of material, labor regarding maximum prices for South American Ilefrigorated
and transportation for strictly war needs. It is added hides of November and December take-off appeared in tho
that the freeing of the furniture industry from the con
Bulletin” of Nov. 8:
servation restrictions and the raising of the barrier against “Official
T ho Price-Fixing Com m ittee o f tho W ar Industries Board has established
the semi-annual furniture exhibit, which is a feature of the maximum prices for frigorifico hides o f N ovem ber and Decom ber tako-off
$61 for steers and $44 for cows.
furniture trade, announced by the War Industries Board at Several
other grades o f best Argentine, Uruguay and Southern Brazil
last week, will enable the furniture industry, it is believed, wet-salt hides
have been established at corresponding maximums for
to get back quickly on a normal basis. The schedule applied N ovem ber and December shipment.
Other foreign hides and skins, for N ovem ber and Decem ber shipmont,
to the manufacture of bedroom, dining room, and upholstered remain
unchanged as compared with tho maximums for August, Soptomber
furniture, chairs, parlor frames, extension, library, parlor and October
shipment, except Argentine and Chilean wet-salt horsohides,
and bedroom tables. Active patterns were reduced 50% which have been slightly altered.
M axim um prices on foreign hides and skins shall remain unchanged for
and no new patterns were to be introduced during the war. N ovem
December shipment (subject to any action which m ay bo
Beveled mirrors were eliminated, bedroom mirror plato taken byberthoandinter-Allied
executive com m ittee), with the exception o f tho
following grades (which list o f grades m ay bo am ended), on which tho
reduced 25%, and dining room arm chairs and toilot table maximum
prices shall be as follows (tho prices on frigorifico steers and cows
chairs discontinued. Metal ornamental tacks and nails, apply to Novem
ber and December tako-off):
metal ornamental trimmings and metal wheel castors were Buenos Aires frigorifico
steers, $61 Argentine gold per 100 kilos f. o. b .
,
eliminated. There were detailed instructions for packing ship.
Buenos Aires frigorifico cows, $44 Argentine gold per 100 kilos f. o. b .
furniture worked out with a view of protecting the furniture ship.
and saving transportation space and lumber.
M ontevideo frigorifico steers, $61 Argontino gold per 100 kilos f. o. b .
M A X I M U M PR ICES O N N E W E N G L A N D
*
TO BE D I S C O N T I N U E D DEC. 1.
SPRUCE
The Price-Fixing Committee of the War Industries Board
announces that in accordance with the requost of the repre
sentatives of the industry and the recommendation of Chas.
Edgar, Director of Lumber of the War Industries Board,
the Price-Fixing Committee has decided that the existing
maximum prices on New England spruce shall be discon
tinued after Dec. 11918, the date upon which these maximum
prices aro now fixed to expire.
W A R I N D U S T R I E S BO A RD N O T TO F I X M A X I M U M
G L Y C E R I N E PRICES N O W .
The Price Fixing Committee of the War Industries Board
on Nov. 22 announced that in accordance with a recom
mendation of the inter-departmontal committee on glycerino,
the Price Fixing Committee does not deem it necessary at
the present time to fix maximum prices on glycerino. This
action, it states, should in nowise bo construed to affect any
agreement now in existence botween the producers of
lycerine and the various Government departments.
ship.
M on tevideo frigori’ico cow s, $44 Argontino gold per 100 kilos f. o. b . ship.
ltivcr Plata frigorifico type steers, $58 Argontino gold f. o. b. ship, 10%
shrinkage guarantee.
ltivcr Plata frigorifico typo cow s, $43 Argentine gold f. o . b. ship, 10%
shrinkage guarantee.
River Plata frigorifico type kip, S47 Argentine gold f. o. b . ship, 10%
shrinkage guarantee.
River Plata frigorifico typo calf, $38 50 Argentine gold f. o. b. ship, 10%
shrinkage guarantee.
.
Argentine city special m atadero steers 28 'A conts c. and f. N ow Y ork
and Boston.
Argentine city special m atadero cow s, 2 0 K conts c. and f. New Y ork or
Boston.
Buenos Aires and M ontevideo frigorifico kip, 15-25 pounds, $49.
Buenos Aires and M ontevideo frigorifico kip, not over 32 pounds av
erage, $47.
Buenos Aires and M ontevideo frigorifico bulls, $42.
M orris & C o. San Salvador hides and Swift & C o. Asuncion hides, prico
shall be relative to regular frigorificos.
M ontevideo city matadero steers, 2 8 cents c.an d f. N ew York or Boston.
M ontevideo city matadero cows, 22 cents c. and f. Now York or Boston.
Buenos Aires matadero kip and extremes, 22 conts e. and f. Now York
or B oston.
M ontevideo city matadero kip and extremes, 23 conts c. and f. Now
Y ork or Boston.
Argentine and Uruguay saladero steers, $57 50 Argentine gold per 100
kilos f. o . b . ship.
.
Argentine and Uruguay saladero cows, $40 Argontino gold per 100 kilos
f. o . b. ship.
u ^
Nov. 30 1918.]
R io Grande saladcro steers, $56 50 Argentine gold per 100 kilos f. o . b.
ship.
Kio Grande saladcro cotvs, $40 Argentine gold per 100 kilos f. o. b. ship.
Sao Paulo frigorifico hides, 26M cents, weighed and delivered at New
Y ork.
A go-between m ay not chargo a brokerage to botli buyer and seller. N o
one owning a lot o f hides or skins m ay charge his custom er a brokerage when
selling same. Brokerage on foreign cattle hides and skins shall not exceed
2 % . T he brokerage on foreign goatskins, sheepskins and other skins (ex
cepting cattle hides and skins) shall not exceed 3 % .
Shipments o f dry kips under 12 pounds and dry salted kips under 15
pounds, when mixed with com m on dry hides (such as B ogota, Orinocos,
P orto Oabcllas, La Gualras, Central Americans, & c.), shall be sold at twothirds the price o f the hides, or reject e l , at buyer’s option. Shipments o f
dry kijis under 14 pounds, mixed with hides from M exico, W est Indies, and
Peru, shall bo sold at two-thirds price, or rejected, at buyer’s option.
Horsehides.
1. Chile and Buenos Aires city G . S. hides, not under 25 kilos average,
$7 50 c. and f. shipping weight, free o f ponies, colts and glues. Headless
and seconds at 50 cents less.
2. Chile and Buenos Aires Province o f Cam pos horsehides, about 18 to
20 kilos averago, $5 75 c. and f. shipping weight, free from ponies, colts,
and glues. Headless and seconds at 50 cents less.
3. All China dry horsehides, $3 50 for N o. 1, about 16 to 17 pounds aver
age; $2 75 for N o. 1, about 12 to 13 pounds averago; $2 50 for N o. 1, about
10 pounds average. N o. 2 at 50 cents less. N o. 3 at half price.
R E M O V A L OF R E S T R IC T IO N S O N E X P O R T S OF
L E A T H E R URGED B Y T A N N E R S ' C O U N C I L .
A report on “The World’s Trade in Hides, Skins and
Leathers” has just been issued by the Tanners’ Council of
the United States. According to the “Journal of Com
merce” of Nov. 21, recommendations for steps to be taken
for the advancement of the United States’ share in this
trade aro made in a letter of submittal accompanying the
report, signed by E. A. Brand, General Secretary. This,
the “Journal of Commerce” says, states in part:
It can bo safely estimated that in 1013 the United States produced nearly
as much leather as all o f Europe com bined. Our principal article o f export
in that year was glazed kid, and in this we held the bulk o f the w orld’s
trade. Since the war we have made great progress in the exportation o f
solo, ca lf and kip and patent upper leather.
Germany's principal article o f export in 1013 was ca lf and kip upper
leather, though she had also made some progress in the production and
exportation o f patent and glazed kid leather. Despite the general im
pression that German industries have long been highly organized Tor the
oxport trade, there was no “ cartel” in the shoo and leather industry in
that country until within the last tw o or three years, when war conditions
led to the formation o f a combination under pressure from the Governm ent.
Great Britain, prior to the war, was not able to produce sufficient loather
to m eet homo demands and the requirements o f her oxport shoe business.
H owever, it is believed that the growth resulting from the war will probably
mako her self-sufficient so far as solo leather is concerned, and it is not
improbable that she will make considerable progress in the production
and exportation o f the finer grades o f upper leathor. Although Franco is
a leading producer o f goat and kid leather, her trade in finished loather is
confined largely to a few high grades, and it is not believed that she will
become a form idable com petitor o f American producers.
The United States depends upon tno outside world for about 4 5% o f
the cattle hides, practically all o f the goat skins, and a considerable pro
portion o f the sheep skins consumed. T he bulk o f our supply o f goat skins
comes from British India and China, and the United States is b y far the
largest consumer o f these skins. As regards China, tho available supply
o f goat skins is not even known. In tho circumstances it is believed that
some sort o f constructive stops should bo taken at oneo to Insure gotting
our share o f the world s supply o f hides and skins.
Indeed, in view o f tho probable international com petition for avallaole
supplies o f raw stock after the war, and the obvious desirability o f assuring
adequate quantities for tho use o f American tanners, it may be found
advisable to form an im port organization for the control o f this branch o f
the trade. The legal aspect o f such a com bination would, o f course, have
‘ to bo given careful consideration.
It will bo noted that Germany in 1013 depended upon tho Allied countries
fo r 48% (by quantity) o f stock for hides and skins consumed by that
country. It is o f interest to noto tho large increase in tho net imports into
Germany o f hides and skins— amounting to about 4 0 % — from 1010 to 1013.
As regards tanning materials, the hom o production o f Germany was only
about one-fifth o f her requirements. W ith respect to importations, tho
official import figures for 1913 showed that practically all o f tho bark,
ground and unground, came from British possessions and that 03% or
tho chrom ic iron imported in the year named came from Fronch and British
territory. Furthermore, ic has been ascertained that tho great supply
o f quebracho upon which she m ust depend is now in Allied hands.
W ith respect to tho German leather industry it should bo pointed out
that that country is now, so far as shoes for tho civilian population aro
concerned, mainly on a fiber and wooden basis; and it can bo safely assumed
that it will take sovoral years at least for Germany again to supply homo
demands, to say nothing o f branching out into the export field.
W ith regard to Germany’s raw stock, she could bo somewhat crippled
by tho cutting o ff o f supplies from Allied sources, but in m y opinion such
action, o f more than a temporary character, is m ost unlikely. M any o f
tho things that are planned during the heat o f war arc changed when the
belligerents put down their arms and com e to fix the terms o f peaco. It
cannot bo imagined that any country, no m atter how badly beaten, will
not find means to prevent its own econom ic ruin.
T ho leather Import trade outside o f Europe, tho United States and Can
ada is negliblc.
W ith ro-'pect to tho part wo played in European
trado, it is clear that we have a largo share, and that this has been built
up as a result o f tho superiority o f certain brands o f American leather sent
to consumers in that section o f the w orld. It is belie veil that this trado
can best bo held b y a continuance o f individual efforts o f tanners rather
than through a collective organization. In short, it does not seem to mo
that there is any need at this tim e for tho organization o f an export com
pany for tho tanning industry.
.
| W hat is most needed at this tim o is tho adoption o f an oxport policy by
our Governm ent that will rem ovo the restrictions on tho exports o f our
leathor, and particularly o f glazed kid. Otherwise tho splendid markets
built uplthrough tedious efforts o f our people will bo forever lost.
2055
THE CHRONICLE
Finally, in connection w ith the m atter o f forthcom ing custom s ta riff
adjustments, some sort o f protection or reciprocity should be provided for
Am erican tanners. It does not seem quite fair that the products o f our
tanners should be m et b y a high ta riff law in some countries and an abso
lutely free hand given to the same countries to invade markets o f the
U nited States and m ake inroads in the trado o f our own people.
WAR
I N D U S T R I E S BO A R D W I L L N O T
ON T A N N IN G E X T R A C T S.
F IX
PRICE
______
The following statement by B. M. Baruch, Chairman of
tho War Industries Board, appeared in the “Official Bulle
tin” of Nov. 23:
T he W ar Industries B oard announces that inasmuch as tho Governm ent
requirements for leather have been curtailed considerably through the sign
ing o f the arm istice, no price will bo fixed on tanning extracts made from
dom estic raw materials.
It was announced that all restrictions relative to distribution o f tanning
extracts production are withdrawn.
A t tho request o f representatives o f the industry the official connection
between the W ar Industries Board and the chestnut extract manufacturers
will be continued during the reconstruction period, and all possible assist
ance will be given the industry in getting back to normal status.
A t the suggestion o f E . J. H aley, C hief o f the Tanning Materials and
N atural D ye Section o f the Chemical Division o f the W ar Industries Board,
tho extract manufacturers will consider tho practicability o f operating under
the W ebb export law, which perm its the organization o f industries for the
purpose o f controlling exports o f tho products o f those industries, to dispose
o f any surplus quantities o f stock produced in anticipation o f Governm ent
m ilitary requirements.
T.
C . Powell, manager o f Inland T ra ffic, W ar Indus r es B oard, and
representative o f the Railroad Administration, notified the extract manu
facturers that the zoning system controlling and restricting shipments o f
chestnut woods to be used in the production o f tanning extracts would be
withdrawn. Orders will be issued to tho railroad agents to ignore all
previous instructions regarding such shipments and to accept shipments
for all points. It was the general opinion o f the manufacturers that abol
ishment o f the zone system would work no hardship on tho industry.
I M P O R T R E S T R I C T I O N A S TO H I D E S A N D S K I N S
M O D I F I E D A S TO P U R C H A S E S M A D E BEFORE
JUNE
15 1918.
Tho War Trade Board on Nov. 22 announced that
W .T.B.R. 141, issued June 16 1918, restricting the importa
tion of hides, skins and leather has been amended to permit
tho issuance of licenses for the importation of any hides and
skins, not including fur skins, from any country, provided
the War Industries Board shall certify that such skins were
bought and contracted for by tho American importer prior
to Juno 15 1918, and that title has actually passed or that
th 'porter has become irrevocably bound for payment
of
"chase price. All skins imported under the terms
of th
will bo subject to allocation by the Bureau of
Imports > i ' War Trade Board. This announcement
supersedes .T. .R. Nos. 223, 274 and 317.
R E - E X P O R T A T I O N S TO B O L I V I A
PERU.
FROM C H IL E A N D
The adoption of tho following regulations regarding the
re-exportation to Bolivia of commodities exported from the
United States to consignees in Chile or Peru was announced
by the War Trade Board in a ruling (W. T. B. R. 312)
issued under date of Nov. 15:
W here a license shall have been issued for the exportation o f any com
m odity to Chile or Peru, based upon an application containing the state
ment that the goods shall not be re-exported, such agreement as to re »
exportation shall not be enforced as to re-exportation o f said com m od ity
to Bolivia if the original consignee named in said application shall execute
and file with the W ar T rade Board, W ashington, I ). C ., an agreement
in the following form :
Agreement.
“ T he undersigned, a consignee o f com m odities im ported into Chile or
Peru from the United States o f America, hereby agrees, in consideration
o f the consent given to him to re-export such com m odities into B olivia,
as follows:
,
,
„
,
“ That no sale o f such com m odities will be m ade, nor any o f such com
m odities in any way transferred to or for the benefit o f any person, firm
or corporation In Bolivia on the enemy trading list o f the United States,
nor to any other person, firm or corporation in B olivia designated b y tho
W ar T rade Board as an undesirable purchaser or consignee.
“ And that any person, firm or corporation to whom any o f such com
m odities are .sold b y the undersigned, and also any subsequent purchaser
thereof, shall be bound b y the same agreement and shall purchase and hold
such com m odities only subject thereto.”
Copies o f such form o f agreement (form X -214) m ay be obtained upon
application to the W ar T rade Board, W ashington, D . C ., or to any o f its
branch officos, or at the offices o f the W ar T rade Board representatives
in Valparaiso, Chile; Lim a, Peru, and La Paz, Bolivia.
Such agreements, when signed, should bo forwarded imm ediately o
the W ar Trade Board, W ashington, D . C ., or delivered to one o f the War
T rade Board representatives in one o f the above cities for forwarding.
F U R T H E R R E M O V A L S B Y W A R T R A D E BO A RD FR O M
E X P O R T C O N S E R V A T I O N L IS T .
In making known on Nov. 21 that further removals from
tho oxport conservation list had been ordered by the War
Trade Board, it was announced that the changed situation
arising out of the signing of tho armistice made it possible
for the Board to alter many of its regulations governing the
exportation of certain commodities, which tho continuance
of tho war had heretofore made it necessary to conserve
2056
THE CHRONICLE
much more strictly than present circumstances require.
For the war needslofAtho United States and the Allies the
War TradefcBoardfchas limited the exportation of many com
modities which^may^now be spared for general export trade,
as they are no longer needed for war purposes. It was
stated on the 21st that in pursuance of this policy the War
Trade Board in a new ruling (W. T. B. R. 339) whs revising
as rapidly as possible its rules of conservation, and in con
formity with such revision the conservation list will be
materially abbreviated. Tho Board is now in a position
to grant many export licenses which heretofore have been
refused for reasons of conservation. There are now, and
for some time to come thero will be, certain commodities
the exportation of which must be carefully controlled because
of tho general world shortage, but even for the exportation
of theso commodities licenses will bo granted as freely as
possible. The issuance of licenses will be greatly facilitated
if exporters will state on their applications whether the
licenses are],required for business which is actually in hand,
subject to export license, together with the dates of their
orders. Tho Board says:
In connection with the foregoing, exporters should be advised that,
while it is no longer necessary to conserve com m odities for war purposes,
it m ay becom e necessary to regulate the exportation o f certain com m odi
ties essential to the rehabilitation o f E urope and Siberia: and exporters
should be further advised that it m ay becom e necessary to place restric
tions upon tho exportations o f bulky com m odities b y reason o f the scarcity
o f tonnagejavailable. T he return o f troops, tho carriage o f supplies for
troops not yet returned, and the carriage o f com m odities required for the
relief and reconstruction abroad, make demands upon the w orld’s tonnage
o f such m agnitude that it is impossible as yet to determine when there will
be an increase inlthe tonnage engaged in unregulated trade.
Tonnage continues to be the controlling factor, and when reconstruc
tion Is well under w ay, it m a y 'b e co m c necessary to subject certain raw
materials to rationing.
T h e W ar Trade B oard also calls attention o f exporters to the fact that the
T rading-W ith-tlie-E ncm y A ct still remains in full force and effect.
WAR
T R A D E BO ARD A N N O U N C E S T H A T E X P O R T
L I C E N S E S A R E V A L I D U N T I L USE D.
The War Trade Board stated on Nov. 19 that, excopt as
hereinafter set forth, all export licenses issued on or after
Nov. 15 1918, andlall export licenses which were unexpired
on the 15th day of Nov. 1918 would be valid until used,
unless revoked, notwithstanding such licenses are stamped
as expiring on Nov. 15 1918, or subsequently thereto. Its
statement says:
C ollector o f Custom s and the Post Office Departm ent have been advised
accordingly: and therefore they will accept licenses (excepting those here
inafter set forth) when£,the. expiration date is specified on the license as
N o v . 15 1918, or later.
T h e foregoing rule does not apply to licenses for the exportation o f any
com m od ity to N orw ay,?S w eden, Denmark proper, European H olland,
Iceland, Faroe Islands, Switzerland, or Greece; and Collectors o f Custom s
and the Post Office Departm ent will not accept licenses for the exportation
o f any com m odity to such countries except in accordance with the regu
lations with respect to the expiration date o f export licenses (W . T . B . R .
N o . 241. issued Sept. 27 1918.)
W . T . B . R uling-N o. 32, issued Feb. 8 1918 (Rules and Regulations o f
the W ar Trade B oard, N o. 2, page 4 3), is hereby rescinded.
T h e regulations with respect to the preparation and filing o f shipper’s
export declarations remain in effect. (Journal N o. 4, W ar Trade Board,
pages 11 and 12: Rulesjand Regulations o f the W ar Trade B oard, N o . 2,
pages 29-31: W ar Trade Board Ruling N o. 26, Issued Jan. 31 1918, concern
ing exportations b y rail to Canada and M exico: W . T . B . Ruling 162,
issued July 10 1918, prescribing the procedure for partial shipments under
export licenses; and W . T . B . Ruling 219, Issued Sept. 23 1918.)
WAR
T R A D E B O A R D R E S C I N D S C E R T A I N RESTRIC
T I O N S O N D E C K CARGOES.
Tho War Trado Board made known on Nov. 18 that it
had roscinded War Trado Board Ruling 220, issued on
Sept. 10 1918, with respect to certain restrictions on deck
cargoes on unarmed vessels proceeding without convoy
from Atlantic and Gulf ports, and cortain classes of cargo
carried by sailing vossels. Tho restrictions heretofore
imposed upon certain classes of cargo carried by auxiliary
motor vessels have also been rescinded.
L I C E N S E S FOR E X P O R T S TO M E X I C O .
[Vol. 107.
orders to the prospective exporter in the U nited States, with instructions
to attach the original visecd order to his application to tho W ar Trade
B oard for an export license covering the com m odity specified in such order,
or file the original viseed order with the W ar T rade B oard at W ashington,
D . C ., and thereafter, in filing applications for licenses to export tho com
m odities specified on such order, refer to tho order b y the Consulate stam p
serial num ber, which will bo affixed to the order, and also the Consular
address, as “ M azatlan, Serial N o . 4782.”
In cases where Am erican Consular Officers are not easily accessible to
the prospective im porter, a statement to that effect should be attached to
tho order, giving the name o f the nearest place where a Consular O fficer is
stationed.
_________________________________
L U M B E R ORDERS FOR R A I L R O A D S G I V E N P R I O R I T Y
R A T I N G OVER THOSE FOR O T H E R CL A S S E S .
The War Industries Board, through Judge Edwin Parker,
Priorities Commissioner, has issued a rule giving to lumber
orders for the railroads a priority rating higher than that
accorded any other class of orders. This action, it is an
nounced, is taken to permit construction delayed by the
war. In announcing this B. M. Baruch, Chairman of the
War Industries Board, states that lumber priorities for the
War Department are canceled by the new order, whilo lum
ber priorities for the Navy, Shipping Board Emergency
Fleet Corporation and the Labor Department’s Bureau of
Industrial Housing and Transportation are all accorded an
equal priority—an automatic rating of Class A-5. The
following is the order addressed to lumber manufacturers
as published in the “Official Bulletin” of Nov. 19:
T ho “ rules governing priorities in production and delivery o f lum ber,”
appearing on pages 6 to 8, inclusive, o f Circular N o. 54, issued b y the Pri
orities D ivision under date o f Oct. 25 1918 (Governm ent p rint), aro hereby
amended as follows:
I. Paragraph numbered 1 o f said rules is hereby amended so as to read
as follows:
“ All orders placed after clearance through the lumber section o f the
W ar Industries Board (a) b y or for tho N a vy Departm ent or somo one o f
the divisions or bureaus thereof, or (b) b y or for a contractor or agent o f
said department or som o one o f the divisions and bureaus thereof, or (c) b y
or for the United States Shipping Board Emergency Fleet Corporation,
or (d) b y or for builders o f ships or other water craft under direct con
tracts with said Fleet Corporation, or (e) b y or for Bureau o f Industrial
H ousing and Transportation o f the United States Deportm ent o f Labor
or the United States H ousing Corporation, shall have and be accorded by
tho mills, receiving or holding tho ssm o an equal priority to it; an autom atic
rating o f Class A -5, unless a different specific rating shall have been given
to one or m ore o f said orders as hereinafter in paragraph 6 p rovid ed .”
II . Paragraph numbered 3 o f said rules is heroby repealed and thero is
substituted therefor the follow ing paragraph:
“ 3. All orders heretofore or hereafter placed b y any railroad com pany
in the United States (except private railroads not operated as com m on
carriers) shall have to be accorded b y tho mills receiving or holding tho
same an autom atic rating o f Class A -3. All o f the said orders shall take
the rating herein named w ithout tho necessity, either o f an indorsement
or affidavit b y the officer or party placing the same, and without reference
to the purpose for which tho lumber embraced in tho order is to bo used.”
Explaining the order, Judge Parker says:
It will be observed that tho effect o f tho abovo amendments is (a) to
cancel all autom atic ratings on orders placed b y or for tho W ar Depart
ment or any one o f the divisions or bureaus thereof, or b y or for a contractor
or agent o f said department or any ono o f the divisions and bureaus thereof
(including orders for m ilitary cars); and (b) to give to all railroad orders here
tofore placed and now unfilled in whole or in part, or hereafter placed,
whether through tho lumber section o f the W ar Industries Board or other
wise, and whether or not tho railroad is under tho jurisdiction o f tho United
States Railroad Administration, a priority rating higher than tho rating
accorded to any other class o f orders.”
P A P E R R E S T R I C T I O N S W I T H D R A W N E X C E P T A S TO
D A IL Y NEWSPAPERS.
The withdrawal effective immediately of all lestrictions
affecting the publication of periodicals, excopt daily, Sunday,
and weekly newspapers, was announced by tho War In
dustries Board on Nov. 27. It is stated that publishers of
daily and Sunday newspapers, in recent conference with
tho Board, requested that control over the use of newsprint
paper be continued for tho presont. Daily publishers have
been urged to send in Novomber roports without delay.
It is explained that regulations affecting their business may be
withdrawn within sixty days, but that complete reports
should bo on file in the event this work is turned ovor to
another department. Restrictions governing weekly news
papers will be lifted Dec. 1, tho Board said, because the
amount of paper consumed by theso publications was not
sufficient to affect materially the newsprint situation.
Restrictions on tho manufacture of wallpaper also are
withdrawn, effective at once.
In view of tho increasing scarcity of many commodities
of prime importance and necessity to tho United Statos, and
which at the same time this Government desires to share
with Mexico, it has become necessary for the War Trade A L L O C A T I O N OF STEEL B Y G O V E R N M E N T TO E N D
Board to allot such commodities for oxport to Mexico, in
D E C . 1.
order to equalize the distribution tliroughout tho neighboring
republic in an equitable and orderly manner consistent with The allocation of steel by the Government will be dis
the maximum amount of such commodities as can bo spared. continued by tho War Industries Board on Dec. 1, according
to an announcement made by J. Leonard Replogle, Director
In making this known tho Board on Nov. 19 said:
After Dec. 1, it is announced,
Prospective im porters in M exico will facilitate the granting o f licenses of Steel Supply, on Nov. 26.
f o r export b y the W ar Trado B oard b y presenting copies o f their orders purchasers will deal directly with tho industry.
Steel
fo r supplies in triplicate to the nearest American Consular Officer, who
manufacturers, however, are to mako weekly roports to Mr.
will vise such orders and retain ono co p y for his file, returning the original
and one co p y to the applicant. T he im porter should forward both viseetl Replogle of production and shipments until Deo. 31.
V io v .
30 1918.]
S CH E D U L E
THE CHRONICLE
OF W A G E IN C R E A S E S G R A N T E D
A N T H R A C I T E COAL M I N E R S .
TO
In our issuo of Nov. 2, page 1715, we referred to the re
adjustment of wages in tho anthracite coal fields in order to
stabilize them with reference to tho bituminous and other
related industries. Tho order in the case of tho wages of
the anthracito miners was made effective N ov. 1, and in
general terms provides for an average wage increase of SI
a day. The now sehedulo is given as follows in tho “Official
Bulletin” of Nov. 14:
Tho new wage schedule will bo as follows:
(a) Contract hand and machine miners shall bo paid an advance of 40%
on tlioir gross earnings.
(b) Consideration miners shall be paid an advance of 25% plus $1 per
day for each day worked.
(c) Contract miners laborers shall be paid an advanco of 40% on their
earnings. As this increase o f 10% over tho agreement of Nov. 17 1917
Is less than SI per basic shift, tho difference between said increase of 10%
in tho rate and SI per basic shift shall be assumed by tho operator.
(d) Consideration miners laborers shall bo paid an advanco of 25% plus
SI per day for each day worked.
(e) Day machine miners laborers who received not less than $2 72 per
day shall be paid an advanco o f 25% plus SI per day for each worked.
(f) Outside blacksmiths, carpenters, electricians, machinists, firemen,
hoisting engineers on shafts and slopes whore employment is limited by law
or by the award of the Anthracito Coal Strike Commission to S hours per
day, and engineers working on a 12-hour shift asis, shall bo paid an advance
of $2 per day for each day worked. All other outside company men who
received 81 54 or more per day shall be paid an advance of $1 80 per day
each day worked.
(g) Inside engineers and pumpmen working on a 12-hour shift basis
shall bo paid an advance o f 82 20 per day for each day worked. All other
lnsido company men who received 81 54 or more per day shall be paid an
advanco of $2 per day for each day worked.
(h) All employees paid by the day who received less than SI 54 per day
shall be paid an advanco of 81 20 per day for each day worked.
(i) Monthly men coming under the agreement of May 5 1910 shall re
ceive an advance per day for each day worked, equivalent to that provided
for their respective occupations under paragraphs (f) and (g).
(j) The advances of $2 20 per day, 82 per day, $1 80 per day, 81 20 per
day, and 25% plus SI per day provided above, aro to bo applied to a day
whether 8 hours or more, as established under tho agreement o f May 5
1916; any proportionate part of a day to bo paid a proportionate part of
ths advances herein provided.
(k) Tho employees of stripping contractors, paid by tho day, working
on the basis of a 9-hour or 10-hour shift, shall bo paid tho same increase
per hour for eacli hour worked that is provided for outside company men
working on an 8-hour basis.
Tho increases aro based on tho wage scale o f May 5 1916, which is tho
contract under which miners and mine operators arc operating, and which
was modified May 17 and Dec. 17 1917 on account of war conditions.
Wages in various mines aro not identical to the cent, and an absolute
Interpretation of tho scale in dollars and cents as to every niino worker is
therefore impossible.
A memorandum was submitted to tho conference
of national labor adjusting agencies, as being fairly typical of tho general
situation.
In somo instances the wago increase received will bo materially less, and
in somo instances materially moro, than tho tabulation, which is as follows
Occupation.
Base,
Adjustment,
Rate,
Outside—
per hour.
per hour.
per hour.
Blacksmith____________ 80.32 80.35
$0.25
$0.57 $0.60
Carpontor_____________
.32
.35
.25
.57
.60
Shaft engineers________ .36
.40
.25
.61
.6o
Firem en______________
.23
.28
.25
.48
.53
Machinery repairmen__
.30
.32
.25
.55
.57
Laborers____________ __ .195 .235
.225
.42
.46
Inside—
Contract minors, averago
per st$irt, Aug. 18___
*$o.63
$1.00
*$6.63
.26
Contract laborers______
$0.40 3 0 % + 1.00 *$3.70
3.10
Consideration miners__
.40
.45 2 5 % + 1.00 * 5.00
5.50
.32
Company miners_______
.35
.25
.57
.60
Inside laborers_________
.26
.29
.51
.54
.25
♦Per day.
Wages of tho anthracite miners, according to tho findings of tho confer
ence, have been on a basis which tended to encourage tho movement of
minors to other occupations. The report o f the conference, o f which Dr.
Felix Frankfurter is tho head, to Secretary Wilson was made public last
Monday.
With reference to tho same subject, tho Anthracite
Bureau says:
Novor before wore such wages to bo earned in tho anthracito industry
as undor tho high scales which wont into effect Nov. 1. Not only is tho
pay greater than over for tho work performed, but there is assurance of
full time for every mine worker and every prospect that this condition will
prevail indefinitely. The public needs more anthracito than can bo pro
duced with tho existing labor shortage.
Whiio, as the mine workers well understand, wages in different parts
of tho region aro not exactly tlie.samo, varying somowhat with mining and
oilier conditions perfectly well recognized, average wages for an eight-hour
day, according to figures before the Federal Fuel Administration, run about
as follows: Contract minor, 86 63; consideration miner, 85 to 85 50; con
tract laborer, S3 70 to 85 16: company miner, 84 56 to 84 80: Inside laborer,
84 08 to 84 32; common lalxirer, 83 36 to S3 6o; shaft engineer, 84 88 to
85 20; fireman, 83 84 to 84 24; blacksmith or carpentor, 84 56 to 84 80,
and machinery repairer, 84 40 to 84 56.
PRICES FOR CRUSHED STONE, S A N D STONE, A N D
GRAVEL— ALSO H E M L O C K .
Tho Price-Fixing Committeo of tho War Industries Board
on N oy. 15 announced that at a meeting of tho committeo
held on Nov. 7, a maximum prico of SI 50 per ton (2,000
pounds) f. o. b. cars plant was fixed for all Government
purchases of crushed stono (other than railroad ballast or
screenings) for tho period ending Dec. 31 1918, within the
2057
metropolitan Philadelphia district, i. e., for the State of
Now Jersey, south of and including the State of Delaware,
and the State of Pennsylvania, east of and including Harris
burg. The Price Fixing Committee also mado the following
announcement concerning maximum prices for sand, stone
and gravel.
At a meeting of the Price-Fixing Committee held on Thursday, Oct. 31,
the following maximum prices were fixed to cover purchases, whether by
the Government or otherwise, and to bo effective for the period ending
Feb. 28 1919, for the Norfolk district, i. e., the State of Virginia, south
of and including Petersburg, and the States of North Carolina and South
Carolina:
For deliveries in full barge lots f. o. b. point of origin or f. o. b. cars plant,
per ton of 2,000 pounds net; sand, 80.50 per ton; gravel, $0.95 per ton;
crushed stone, 81 30 per ton; crushed granite, $1 75 per ton— not including
railroad ballast or screenings.
The Price-Fixing Committee of the War Industries Board
authorizes the following:
Upon the request of the industry, the Price-Fixing Committee has agreed
that the existing maximum prices upon Pennsylvania hemlock should be
continued provisionally for 30 days, which means that these prices shall be
continued until Dec. 20 1918, unless it is deemed expedient to remove
restrictions before that date.
RESCIN DING OF PRIORITY L IS T
IN D U S T R IE S BOARD.
BY
WAR
The rescinding of the entire “preference” or “priority”
list under which essential war industries were given prefer
ence in the matter of shipments was announced by the War
Industries Board on Nov. 19. The classification of indus
tries as essential or less essential to the winning of the war
is thereby abandoned, the priority ratings now applying
only to the Navy, the Emergency Fleet Corporation, rail
roads, telegraph and telephone companies, B. M. Baruch,
Chairman of the War Industries Board, in announcing the
revocation of the priority list, said:
Tho Priorities Division of tho War Industries Board announces the
formal cancellation of all outstanding priority ratings, whether by certificate
or automatic rating, excepting thoso for tho Navy, the Emergency Fleet
Corporation, railroads, telegraph, and tclophono companies.
The order becomes effective as of Nov. 22 1918. It in no wise implies
cancellation of orders, priority directions, and requests, whatever their
form, having been entirely disconnected from tho placing of orders; their
solo purpose and function being to define the relative importance of orders
whon placed. Furthermore, the full forco and offect of the directions
prior to that date are retained and preserved for tho protection and benefit
of those who have respected and observed them.
Tho effect of cancellation will be to divert to civilian needs on an equable
basis vast quantities of materials in tho obtaining of which the military
program of the national had prior claim.
Applications for priority certificates may still be made, but will be
granted only when the need is urgent and where it is clearly in the public
interest. Nevertheless the Priorities Division, under the ne.r order, not
only recognizes the paramount needs of the Navy, Emeigeurv Fleet
Corporation, railroads, telegraph and telephone companies, but urges the
industries of tho country without resort tu priority assistance to speed up
the production and delivery of order, for the repairing of public utilities,
manufacture of farm implements, and equipment for the production and
distribution c f food, pc^rolo up, and nat iral gas pipe linos, and <ther facil
ities, and tho operation, repair, maintenance, or expansion of mines, cokeoven plants, ore reduction plants, smelters, and furnaces employed in the
production of fuels, metals, and metal products.
Eliminates List N t. 2.
Tho order further eliminates completely preference list No. 2, issued by
tho Priorities Division for tho guidance of all Governmental agencies and
others interested in the production and supply of fuel and electric energy,
tho supply of labor and the supply of transportation. From time to time,
however, tho Priorities Division will promulgate such rulings and make
such suggestions and requests in connection with priorities in the production
and supply of fuel, electric onergy, labor and transportation as changing
conditions may require.
Tho order expresses strong appreciation of the whole-hearted support
accorded tho priority regulations by the industries of the country during
tho period of active hostilities. Public interest, it goes on to say, demands
that tho flow of materials, equipment, supplios, fuel, transportation and
labor shall now, as promptly as possiblo, but without unnecessary disturb
ance, bo turned back to normal channe’s.
Tho following is the text of the order:
W AR INDUSTRIES BOARD, PRIORITIES DIVISION.
Circular No. 58 (Issued Nov. 20 1918), Embodying Rules and Regulations
Covering Priority in Production.
Superseding Circular No. 4 (Issued July 1 1918) and All Amendments
Thereto; Also Canceling Preference List No. 2 (Circular No. 20).
Rules and Regulations Covering Priority in Production.
Tho Priorities Division of the War Industries Board recognizes the whole
hearted support accorded by the industries of this nation to tho regulations
governing priorities pro nulgated during the poriixl of active hostilities,
and expresses its deep sense of appreciation for that united co-operation.
The public interest; as well as tiio interest of tho individual industries,
demands that tho flow of materials, oquipment, supplies, fuel, transporta
tion and labor, which has heretofore been divortod to war industries, should
now as promptly as possiblo, without unnecessarily disturbing the equilib
rium of industry, bo redivortod to its accustomed and normal channels.
To that end the War Industries Board will, as far as it consistently may,
co-opcratj with industries, and tho restrictions upon tho production of
poaco-ti no necessities and civilian requirements resulting from giving
precedence to war production, will as rapidly as practicable bo removed.
With this In view, the existing rules and regulations promulgated by
the Priorities Division of the War Industries Board, especially those em
bodied In circular No. 4 and supplements 1 and 2 thereto, are modified
in the following particulars;
2058
THE CHRONICLE
Revocation o f E xisting P riority Ratings and E xceptions Thereto.
Section I. Effective as o f Nov. 22 1918, all 'priority certificates and all
automatic priority ratings heretofore issued aro hereby revoked, save such
as have been issued covering:
(a) Orders placed by the United States Navy Department.
(b) Orders placed by the United States Shipping Board Emergency Fleet
Corporation, and
(c) Orders placed by railroads, telegraph companies and tclephono
companies.
R evocation o f P riority D o es N ot Im p ly C ancellation o f Orders.
Section II. Emphasis is hero given to the fact that priority directions
and requests, whatever their form, have been entirely disconnected from
the placing of orders, their sole purpose and function being to dofino the
relative importance of orders when placed. The provisions of Section I
hereof, revoking the existing priority directions therein mentioned, do not
in any wise operate as a cancellation of the order itself, or otherwise affect
tho order savo to cancel the priority rating thereon as of Nov. 22 1918.
The full forco and effect of the directions prior to that date aro retained
and preserved for tho benefit and protection of all who havo respected
and observed them.
.
Cancellation o f Rules Providing f o r A u tom atic Ratings.
Section III. Effective Nov. 22 1918. all rules and regulations heretofore
promulgated by the Priorities Division providing for automatic priority
ratings are hereby revoked and canceled.
A p p lic a tio n f o r the Issu a n ce o f Priority Certificates M a y Still be M a d e.
Section IV. While applications for tho issuance of priority certificates
may still be made to the l riorities Committeo on application form 1’ . G.
No. 15, still such applications should bo mado only where the need is urgent
and where it is clearly in tho public interest that under tho present or then
existing conditions priorities should bo granted. With tho lessening de
mands for materials to bo used for war purposes, tho need for priority
assistance will constantly grow less. It is, however, in tho public interest
that the filling of orders for tho Navy Department o f tho United States,
tho United Shipping Board Emergency Fleet Corporation, railroads,
telegraph companies and telephone companies and orders hereafter placed
by tho War Department of tho United States, be expedited as much as
possible, ami that all possible assistance bo rondered toward stimulating
tho construction of railroad locomotives and tho manufacture of other rail
road materials, equipment and supplies; tho manufacture of telegraphic
and tclophonic instruments and equipment; tho repairing o f gas, light,
water and power plants operated as public utilities; tho manufacture of
marine equipment; tho manufacture of farm implements and tools, imple
ments, machinery and equipment required for tho production, harvesting,
distribution, milling, preserving, canning and refining of foods and feeds;
the manufacture of binder twine and rope; tho production of petroleum
and natural gas, and tho manufacture o f supplies and equipment required
for tho production thereof, including pipo lines, storage tanks, tank cars
and refineries, and tho operation, repair, maintenance or expansion of all
mines, coke oven plants, oro-rcduction plants, smelters and furnaces
employed in the production of fuels, metals and metal products. The
Priorities Division therefore requests the industries of tho country to speed
up tho production and delivery of tho orders for these purposes and uses
to insure delivery when ro piired without tho necessity for tlioso placing
the orders requesting priority assistance.
Preference List N o . 2 Revoked.
Section V. Preference List No. 2 (Circular No. 20) and all supplements
and amendments thereto issued by tho Priorities Division of the War
Industries Board for tho guidance o f all Governmental agencies and others
interested in (1) tho production and supply of fuel and electric energy;
(2) the supply of la.ior, and (3) tho supply of transportation service by
rail, water, pipo lines or otherwise, is hereby effective Nov. 22 1918,
revoked and canceled. The Priorities Division will frorr time to time
promulgate such rulings and make such suggestions and requests in con
nection with priorities in the production and supply of fuel, electric energy,
labor and transportation as changing conditions may require.
To certify which witness my official signature this 20th day of Novem
ber 1918.
EDW IN B. PARK ER, P riorities Com m issioner.
Approved:
BERN ARD M . BARUCH, Chairm an W ar In dustries Board.
JOHN D. R Y A N RESIGNS A S A IR C R A F T H E A D — S A I D
TO FAVOR E X O N E R A T I O N OF M E N A C C U S E D I N
H U G H E S REPORT.
Tho resignation of John D. Ryan as Director of Air Ser
vice and Second Assistant Secretary of War was announced
on Nov. 22 by Secretary Baker, to take effect at Mr. Ryan’s
convenience, Secretary Baker expressing only the hope that
it would be after plans for contract cancellation and demobili
zation have matured.
President Wilson called upon Mr. Ryan, who was presi
dent of the Anaconda Copper Co., to take chargo of aircraft
production last May, after charges of delay and deficiencies
in the program had been aired in the Senate. Resigning his
private connections, Mr. Ryan becamo Director of Aircraft
Production and Chairman of tho Aircraft Board. Three
months later he was mado Director of Air Service and Assist
ant Secretary of War, with completo chargo of aeronautics.
His perfected program was just gotting into full swing when
tho armistice ended the war. Improvement shown under his
administration was commented upon by Charles E. Hughes,
in his report on the searching aircraft production inquiry ho
conducted for the Department of Justico at tho President’s
request. Mr. Ryan’s letter of resignation, addressed to
Secrotary of War Baker, was as follows:
D ea r M r . Secretary. — With the signing of tho armistice ami tho consequent
reduction in the program of aircraft production, I beliovo my work hero
has become relatively unimportant. I havo not taken over the actual
direction of military aeronautics and my connection with it has not mado
any real change in its operations.
I feel strongly that now tho war is over my duty lies in tho lino of my
former work. Labor and industry of tho country must bo quickly adjusted
[Vol . 107.
from a war to a peace basis, and the copper production is ono of tho most
vital to tho country’s welfare. I beliovo l can do much in helping to
tiring about stable conditions, anti that I should take up tho work immedi
ately. I therefore resign as Second Assistant Secretary of War and Direc
tor of Air Service, to take effect as soon as convenient to you.
I desire to express to you my sincere gratitude for tho opportunity given
me to serve in tho war. I have had at your hands tho greatest assistance
and encouragement in all the work I havo had to do. I shall always prizo
the association with you and with tho War Department.
Sincerely yours,
JOHN D. R YA N .
Secretary Baker’s letter of acceptance follows:
N ov. 22 1918.
M y D ea r A ir . R yan. — I havo just received your letter of Nov. 21. Realiz
ing the very great importance of tho production and distribution of copper
in the re-establishment of our national civilian Industry, and your own
intimation relative to this great business, I reluctantly acquiesce in your
desire to return to it and to terminate your relations as Second Assistant
Secretary of War and Director of Air'Servico.
Your unfailing courtesy has been a sourco of great personal happiness to
me, and your services to the country as Director of Air Service havo been
conspicuous; the sense of sureness and executive efficiency which your
advent contributed to tho air service made from the first a marked improve
ment in tho entire prospect. Tho armistice, of course, has interrupted
the constructive development of that groat program. It had, however,
advanced beyond tho experimental stages, and oven in so new an art as tho
air service America's contribution within a year and a half was substantial
and would, in a short time, have been determinative.
1 shall set your own judgment as to the most appropriate time for tho
termination of your office, expressing only the hope that you will continue
until the plans for contract cancellation and demobilization are sufficiently
matured to allow those who aro to carry them out to have definito and
fixed principles for their guidanco.
Cordially yours,
NEWTON I). BAKER,
Secretary o f W ar.
William C. Potter, Mr. Ryan’s chief assistant, lias also
resigned. Mr. Potter is a banker, mining engineer and rail
road man, and was formerly General Manager of tho Ameri
can Smelting & Refining Co.
A special dispatch from Washington to tho New York
“Tribune”, dated Nov. 20, stated that Mr. Ryan was
“moving for a complete exoneration of tho four officers of
the Aircraft Production Service who ware found censurablo
by Charles E. Hughes and Attorney-General Gregory.”
Mr. Hughes and Attorney-General Gregory, at the termina
tion of the Hughes investigation, concurred in recommending
that the Secretary of War determine whether or not Colonel
E. A. Deeds should be called before a court-martial, and that
Lieutenant-Colonel J. G. Vincent, Lioutenant-Colonol
George W. Mixter and Second Lieutenant Samuel B. Vrooman Jr., had violated Section 41 of tho Criminal Code.
Colonel Deeds was relioved from active duty whon tho in
vestigation began, but tho threo other officers havo been
retained at their posts since tho Hughes report was pub
lished. Tho article in the “Tribune” said in part:
It is known that Mr. Ryan considers that Conoid Deeds’s alleged
offense should not make him tho subject of a court-martial, and that ho
considers that a mountain has boon mado out of a molehill in tho matter
of the particular item of misleading publicity that is debited tc Colonel
Deeds, in view of the long lino of superheated puoilcity that issued from the
War Department in regard to aviation, and that tho case against tho colonol
in other respects was based on imperfect ovldonce, the missing links in which
can be supplied, and will put quite a different aspect on tho matter.
Mr. Ryan holds that on account of more technical plfxle the four officers
who have been publicly indicted by Messrs. Hughes and Gregory are
pilloried in the public gaze, though net even tho investigators charge them
with any serious moral wrongdoing, and that thereby their contributions
to tho success of tho air service, as well ns tlie reputation of tho service,
are belittled.
Absolutely contrary to tho general opinion, M r. Ryan takes tho position
that whatever degree of success the production end ef the aircraft service
finally attained was entirely duo to his predecessors. Whatovcr their
faults or the faults cf tho system under which they worked, and howover
much ho may havo remedied tho one and corrected tho other, Mr. Ryan
has repeatedly Stated that they dcservo credit for tho following achieve
ments:
In tho first twelve months after motor production began there were
turned out in this country more airplane motors than England manufac
tured in tlie whelo first, three years of the war.
One year after the first Liberty motor contracts were let they were being
manufactured at tho rate of 1,000 a week, which is probably as many air
motors as England end Franco combined Were putting out, oxelusivo of
some of tho smaller motors, after four years of effort.
Threo of the Liberty motor plants were turning out approximately 250
each a week, as against a maximum production of 53 English Rcll-Royces
in a week.
.
When the armistice was signed, about eighteen months after America
entered the war, an industry that was practically non-existent in this
country at tho beginning of the war had produced about 37,000 motors
and about 12,000 planes of all kinds, and had so advanced motor produc
tion beyond domestic plane capacity that motors were being supplied in
large numbers to England and France.
Notwithstanding all tho criticisms, and fault-finding of the Do llavilands, hostilities came to an end with something over 2,000 of them in
Franco and giving such a good account of thomsolves that they were
easily tho best two-seaters on the battlefront.
C H A I R M A N H U R L E Y DISCUSSES OUR M E R C H A N T
M A R I N E A N D LA FOLLETTE S E A M A N ’S ACT.
In an article entitled “American Ships on tho Pacific,”
published in the November issue of “Asia,” Chairman
Edward N. Hurley of tho United Statos Shipping Board,
gives his views on tho La Eolletto Act, and other matters
Nov. 30 1918.]
THE CHRONICLE
connected with our now merchant marine. M any businoss
mon, especially thoso engaged in shipping, havo shown
anxiety about laws relating to our now merchant ships and
have asked questions concerning policies on wages, owner
ship, operation, costs, competition and the liko. M any
of them believe that new legislation will bo needed to keep
our ships on the ocean. M r . Hurley reminds tho public
that tho Shipping Board was created somo months before
our entry into tho war. Its chief function is to build up an
American merchant marine and Congress gavo it full scope
for investigation and the recommending of further legis
lation. Therefore, tho chief task to-day is to secure real
information about tho operation of ships, and create an
intelligent American opinion on ships, so that if now legis
lation is needod it may bo wise. M r . Hurley says:
One of the chief obstacles supposed to hamper us in tho operation of our
now ships is tho La Follctto law, also known as tho Seamen's Act. I think
it well to give my viewpoint on tnis much-debated law.
It is unfortunate that sea wages havo occupied so much of our thought
in connection with merchant ships. Tho La Folletto Act is a high-wage
law and has, therefore, been a burning question. It seems inevitable that
ali discussions o f American shipping must begin with a debate about a
coolio and a bowl o f rice, and in many cases never get any further. Head
shipping testimony before Congress and this problem o f wages dominates.
Talk with shipping mon and you will find it is over-presont in their thoughts.
Now it may bo that they aro right—that in the futuro, after we havo
made practical efforts to operato American ships with American crows, paid
American wages and living under American standards, we shall need cheaper
labor to hold our own in competition.
But if that proves true, then tho American merchant marine will run
counter to most of our industrial experiences. Wo haul freight on tho
railroads anti tho Great Lakes cheaper than any nation in tho world, and
tu) It with American labor under American conditions. Most of our foreign
trade in manufactured goods consists of products made by tho best-paid
American workmen—automobiles, typewriters and offico machinery, agri
cultural implements, steel and other metal products. Wo havo ioarned
at homo, as business men, that it almost invariably pays to raiso living
standards and wages, and I believe that this is as truo upon the oceans as
it is upon land.
Wages aro by no means tho only factor in management. If you have an
up-to-date plant and run it at high efficiency witli a scientific cost system
and can create a largo, steady volumo of business through intelligent sales
work and good service to your customers, wages may bo an entirely secon
dary matter—indeed, by utilizing these other elements o f good manage
ment, you may bo ablo to incroaso wages. That is true in manufacturing,
and I beliovo it to bo truo of merchant shipping. Perhaps I am wrong.
It is natural for mo to bo guided by past experience as a manufacturer
in approaching a new task, and so my thought on merchant marine policy
has run in these directions rather than to cheap labor. Thcro is so much
opportunity for efficiency in tho design and operation of our ships, the
rearrangement of our ports, tho building up of trado volumo, tho use of
machinery in handling freight, and tho saving of money by quick turn
around of ships, that wo havo studied these matters first. It was logical
to turn to them during tho period when wo were building our ocean trans
portation plant, with its terminal facilities. Ilad wo been apprehensive
over tho coolio and ids bowl of rice wo might have overlooked opportunities
to incorporate economically now dovices in tho design of our ships and port
machinery. So my policy thus far might bo stated as follows:
First. Build tho ships and win tho war.
Second. Make our merchant marine as good an American machine as
possible and truly American in operation and living standards.
Third. Put tho support of an intelligent American public behind our
merchant marine.
Fourth. Then if we cannot keep thoso ships on tho ocean without the
coolio and his bowl of rice, it will bo time to go to Congress and ask for help.
Tho La Folletto Act has not yet been tested, by reason of abnormal con
ditions in ocean transportation caused by tho war. Most arguments
advanced against it, as well as for it, aro now theoretical, and wo need tho
light of practical experience to guide us in changes if they aro necessary.
I am oven a littlo prejudiced in favor o f that law because it raisos human
standards in tho ocean transportation industry. I personally beliovo that
good human standards aro not only desirable, but also that thoy actually
work better than poor human standards.
Mr. Hurley also pays a high tributo to tho British merchant
sorvico saying:
It lias long been tho dominating force in ocean commcrco and will con
tinue to bo after tho war. Autocracy might havo throttled tho world
without tho British merchant marine, mobilizing tho men and food of the
British Empire. Wo owo British merchant ships and sailors a great debt
for transporting our man-power to France. After tho war wo may havo
moro merchant tonnago than Great Britain, temporarily, but tho lessons
of tho war will not be lost on John Bull lie is bound to bring his merchant
marine up to first place as an economic and military necessity. I believe
wages and living conditions in tho British merchant marine will bo placed
on higher standards as a result of war experience and the groat stimulus
to betterments that has grown out of tho war. Bargain-hunting for ocean
transportation and other services has got both John Bull and ourselves into
difficulties.
______________________________
WAR
IN D U S T R IE S BOARD TO A C T A S CLEARIN G
HOUSE OF IN F O R M A T IO N R E L A TIN G TO
CONTRACT A D J U S T M E N T S .
In announcing on Nov. 14 that by agreement with all
tho war-making agencies of tho Government the War In
dustries Board is to bo promptly advised of revisions and
adjustments of all war contracts of tho Government in excess
of $100,000, B. M. Baruch of the War Industries Board said:
Under this arrangement tho War Industries Board is to bo tho bridge
whereby the industrial resources of the United States, which have been tied
up in tho war program of the nation, aro to be carried back to a peace basis
and rapidly diverted to the normal needs of industry and trado.
While it has never been the function of tho War Industries Board to
mako contracts, and while, therefore, tho War Industries Board cannot
assume responsibility for any o f tho financial adjustments with contractors
incidental to cancellations, tho Board will undertake by advlco and recom
2059
mendation to so control the situation as to stabilize the flow of materials,
labor and plant facilities back to peace channels.
To this end, the facilities section of the War Industries Board will act
as the clearing house of ali information relating to contract adjustment.
It will receive information concerning contracts to bo canceled from the
various departments of the Government, and, through the various com
modity sections of the Board, keep in constant contact with the various
industries. At all times will there be contact maintained with the Labor
Department also, so that as labor is released from the war industries by
contract cancellations immediate demand for its services can be located
elsewhere. Bearing in mind the fact that for some time to come there
must bo continued those parts of the war program necessary to maintain
tlie existing military establishment here and abroad, it will likewise be a
function of the facilities section to divert, where possible, the materials,
labor and facilities released by one department to the requirements of
another department.
Tlie interior machinery set up by tho War Industries Board for this
purpose is explained in the following memorandum sent out to all section
chiefs of the Board by George N. Peek, acting Vice-Chairman of the Board:
1. Herewith attached, marked " A ,” copy of the procedure that has been
agreed upon with the Army on the above subject.
2. You will note it is clearly the intention that the commodity sections
shall continue to be the point of contact with organized industry. The
recommendation of the commodity section is required before the Govern^
ment purchasing agency' proceeds with final negotiations for reducing re-'
quirements, in order to insure the best method of handling the reductions,
considering the stability of all industries and localities.
3. It must be borne in mind that although the commodity sections will
in every way assist by making recommendations, as explained in the pre
ceding paragraph, it is not proposed that the War Industries Board participate
in negotiations or share in the responsibility for the details of the financial
adjustment with contractors in such matters as disposition of raw materials
on hand, damages, depreciation, &c. (For your information, however, we
attach, marked “ B ," memorandum as to the steps taken by the War
Department in this matter.)
4. Notwithstanding the definite distinction that has been made between
tho cancellations that require the concurrence of the War Industries Board
and those that do not require such concurrence, it is not the intention to
preclude the possibility of the Government procurement departments
obtaining assistance of the War Industries Board commodity sections
whenever they can be of service, as explained in paragrapli 2.
5. The section chiefs will be charged with the responsibility of notifying
other sections of the War Industries Board of recommendations that may
involve other contracts for component parts, and also of furnishing the
executive secretary of the requirements division with proper data in order
that tho necessary records may centre in one place.
6. Where there is an opportunity to discriminate between cancellations
in various localities the section chief will secure tne approval of the director
of facilities before finally clearing the reduction or cancellation, in order
that each locality may be protected, so far as possible, from an unnecessary
number of cancellations at one time. In order that the director of facilities
may have up-to-date information at all times the executive secretary of
the requirements division will notify him of all cancellations or reductions
in such detail as he may require.
7. Whenever tho commodity section, for any reason, deems it desirable
that the transaction be considered in conference between the head of the
department in which it originates and the Chairman of the War Industries
Board, the matter will be immediately called to the attention of the Chair
man.
8. Records of meetings and reports of commodity sections will be ren
dered as heretofore.
GEORGE N. PEEK,
Acting Vice-Chairman War Industries Board.
SECRETARY OF LABOR WIL S O N URGES CON
T I N U A N C E OF W A R LABOR BOARD.
The desire for the continuance of the National War Labor
Board has been expressed by Secretary of Labor Wilson
in a communication addressed on Nov. 21 to William
II. Taft and Frank T. Walsh, Joint Chairmen of the Board.
Last week we referred (page 1967) to the fact that Mr.
Walsh had tendered his resignation. Secretary Wilson in
his letter says:
While an armistice has been declared, we have not yet reached the status
of peace. That will not be reachod until tho President’s proclamation has
been issued after the peace treaties have been signed and approved by the
Senate. In the meantime many problems of production and readjustment
will have to be dealt with. For these reasons it is desired that tho National
War Labor Board continue its activities.
P L A N S FOR N A T I O N A L E M P L O Y M E N T A G E N C IE S
CANADA.
IN
In reporting that satisfactory progress towards the estabment of a national system of employment agencies, controlled
by the Dominion and Provincial authorities, had been made
on Nov. 22 at a conference between the Minister of Labor,
representatives of his department and representatives from
the Provinces, the Montreal “Gazette” of Nov. 22 said:
Tho plan again agreed upon, with regard to tho cst iblishment of agencies,
will result in tho organization of two largo employment clearing houses,
controlled by tho Federal Governinent, ono in tho East and one in the West.
Ottawa and Winnipeg havo been chosen as tho cities in which these clearing
houses will be located. The duty of theso agoncies will be to maintain the
balance of labor in the various provinces so that one province will not have a
deficit at the time another has a surplus. The Provinces will also establish
clearing houses, which will bo maintained by tho Provincial Governments,
for the purpose of distributing labor between the various cities and towns
of tho province as it is necossary.
Matters of detail, such as officers’ routino, tho addition of statistical
forms and records, &c., were settled to-day. Those matters wero important
to tho proper co-ordination of tho Provinces into one organization.
Representatives of the Department of Soldiers Civil Iie-establishment,
and tho Great War Veterans’ Association wero present at the conference in
tho afternoon, and ways and means were discussed to delineate the func
tions of the employment buroaus in relation to tho returned soldier. A
substantial agreement was reached and a comprehensive plan for both
departments, in relation to unemployment outlined.
2060
THE CHRONICLE
LABOR'S D E M A N D S A S TO HOURS A N D W A G E S D E
F E N D E D B Y F R A N K P. W A L S H A N D F R A N K
R. MORRISON OF LABOR F ED E RA TIO N .
Several pronouncements have been made this week by
Frank P. Walsh, Joint Chairman of tho National War Labor
Board, regarding tho wages and working hours of labor.
Prompted by tho contentions of William H. Barr, President
of tho National Founders’ Association, concerning the ina
bility of manufacturers to continuo under the presont de
mands of labor (roferred to in our issue of Nov. 16, pago
1885), Mr. Walsh was quoted on tho 25th as saying:
I consider it most deplorable that immediately following tho patriotic
outburst of our people over the victorious close of the war that a man,
assuming to speak for large employers, should have for his first utterance
that the workers of America must be deprived o f idle eight-hour day, im
plying that the eight-hour day was something that was extonded to labor
as a war measure.
The so-calied basic eight-hour day, which is criticised as being a mere
scheme for raising wages, will disappear when the actual eight-hour day is
installed with a fair living wage for eight hours work. When men insist
upon working more than eight hours a day it is because they cannot make
enough to live upon in comfort ,'uring eight hours.
As to wages. It may bo a startling fact to some, but nevertheless the
research o f our Government shows conclusively that prior to the war tho
great majority of the common laborors of tho country were earning far
below enough to live upon.
Tho National War Labor Hoard fixed the minimum rate for common labor
at ‘12'A cents per hour, a bare subsistence wage. If tho industries of the
country are to be on a self-sustaining basis after the war and common
laborers are not to bo forced to live in part upon charity, it is obvious that
there can be no reduction o f wages, at least in the field of common labor.
When the cost o f necessit ies o f life diminishes to a pre-war level (which I
doubt will occur within less than five years), then the workers in the averago
industry will be receiving only a fair return for their work if present wage
standards are rigidly maintained. Otherwise not. The reconstruction
problems in inuustry are manifold, and must bo met in the highest spirit
of fairness and accommodation.
Mr. Walsh was further credited with saying on Nov. 27
that labor must not bo oxpocted to roturn to tho pro-war
basis of wages and working hours. The Now York “Tribune”
in Washington advices under date of Nov. 27 reports his
assertions as follows:
The only hope for a safe, orderly national development, ho declared, was
in the maintenance o f present wage levels and continuous improvements
•of labor conditions.
Investigations conducted by the War Labor Board, Mr. Walsh said,
show that the lowest possible wage on which a worker and his family can
subsist in health and reasonable comfort was 72 A cents an hour based on
tho eight-hour day. This wohld bo $34 SO for a forty-eight hour week.
Mr. Walsh predicted that there would be no return to the pre-war level
of costs of necessities within five years, at least, and said that, even with
tho reduction in living costs, tho present wage standards must bo main
tained, for then “ the workers in the average industry will bo receiving only
a fair return for their work.”
Besides the warning of Samuol Gompers, President of the
American Federation of Labor, that any proposed reduction
in wages or lengthening of working hours would bo fought by
organized labor (see our issue of Saturday last, pago 1975),
Frank R. Morrison, Secretary of the Federation, has issued
a similar edict. In a statement mado by him on Nov. 25 he
said that any decrease in wages will mean a loworing of
living standards, and this he declared tho workmen will
resist. In his statement ho said:
Regardless of tho wishes o f individuals or groups, any reduction of present
wage scales in this country will be opposed by tho workers, who will not
accept wage reductions, for the simple reason that this procedure will
lower their standard of living, and by standard o f living I refer to substantial
food, clothing, housing, and ail necessaries to a well-ordered life.
The cost of living is not a theory with the workers, it is a “ plain, unvar
nished tale,” that cannot be explained away by sophistry. Tho United
States Bureau o f Statistics shows that living costs are mounting higher and
higher. Its report for August this year shows an increase of 2% over last
July, an increase of 15% between August last year and August this year,
and an increase o f 70% during tho five-year period between August 1913
and August 1918.
The right to live comes first, and workers will resist any attempt to re
duce their living standards, in view of present costs, even though some em
ployer talks o f capturing the markets o f the world.
I am hopeful that tho best thought among employers and other elements
o f our citizenship will agreo that nothing will create more internal turmoil
than a denial that the highest possiblo living standards for workers is the
first requisite for tho America we dream to havo.
The eight-hour day should be accepted by every manufacturer, not only
because the transition to a peaco basis may bo orderly through tho quick
assimilation of workers, but for the larger reasons that havo so often been
advanced in favor of a shorter work day.
FEDERAL
W A R R IS K IN S U R A N C E R A T E REDUCED
TO O N E -H A L F OF 1 % .
A 75% reduction in Government war risk insurance rates
on hulls, cargoes and seamon’s insurance was announced
by Secretary of tho Treasury McAdoo on Nov. 12, tho rate
having been reduced from 2% to one-half of 1%. It was
explained by Treasury officials that although tho submarine
had been abandoned, risk still existed on account of floating
mines and tho possibility that somo submarines may run
amuck. The announcement regarding tho reduction said:
Secretary M cAdoo announces very marked reductions in the rates
charged for war-risks insurance for hulls and cargoes between all points,
and similar reductions on seamen’s compensation Insurance for masters,
2, ficers, and crews o f vessels.
[V ol . 107.
The rate for trans-Atlantic voyages on vessels and cargoes was reduced
from 2% to one-half of 1% , and the other reductions affected by tho now
schedules aro quite as largo in proportion.
This action was taken in view of tho signing of tho armistico providing
for cessation of hostilities.
In referring to tho reduction in tho Federal War Risk
Insurance rate from 3 to 2% on May 8 last wo noted that
tho latter was tho lowest rate established up to that date
by tho War Risk Insurance Bureau of tho Troasury De
partment, and was indicative of tho lessening of tho Gorman
submarine activities. On Aug. 15 1917, becauso of the
increasing menace of tho U-boats the rate had been advanced
from 5 to 6K%» On Oct. 6 1917 tho rato was reducod to
5%; on Nov. 23 1917 it was lowered to 4%, and on March
18 1918 it was mado 3%. Then followed tho reduction
already mentioned to 2% May 8 1918, and now to Yi of
1% .
NEW
_________
B O U N D A R IE S
__________
FOR U N I T E D
ZONES.
STA TE S
TIM E
Tho Inter-State Commerce Commission on Nov. 18
announced new and official boundaries for timo zones in
the United States, unifying existing lines and moving, thorn
slightly westward. Tho order, which becomos effective
at 2 a. m. Jan. 1 noxt is pursuant to tho Daylight Saving
Act, which, besides providing for tho turning ahoad of tho
timo pieces during tho summer months also mado pro
vision for permanent United States standard timo and
required tho commission to define tho limits of tho standard
timo zones which had been fixed only by custom of cross
continent railroads or by local law. The lino fixed by tho
Commission separating tho Eastern and Central timo zones,
beginning at the Great Lakes, follows tho boundary of
Michigan through Toledo, Fromont, Clydo, Bollovue,
Monroovillo, Willard, Shelby Junction, Mansfiold, Gabon,
Marion, Columbus, Lancaster, Dundas and Gallipolis,
Ohio; Huntington, Konova and Williamson, W. Va.; Dun
gannon, Va.; Bristol, Va.-Tenn.; Telford, Tonn.; Asheville
and Franklin, N. C.; Atlanta, McDonough, Macon, Perry,
Amoricus, Albany and Thomasvillo, Ga.; tho north boundary
of Florida to River Junction and tho Apalachicola Rivor
to the Gulf of Mexico.
Between Contral and Mountain timo tho lino begins at
the Canadian boundary, Portal, N. D., running through
Minot and Goodall, N. D., and following the Missouri
River to Pierro, S. D.; then through Murdo Mackensio,
S. D.; Long Pino, North Platte, McCook and Republican
Junction, Neb.; Phillipsburg, Plainvillo, Ellis, Dodgo City
and Liberal, Kan.; Waynoka, Clinton and Sayro, Okla.;
Sweetwater, Big Springs and San Angelo, Tex., and tho
100th meridian to the Rio Grando.
Botween Mountain and Pacific timo zones tho lino is fixed
following the eastern boundary of tho Blackfeot Indian
reservation in Montana and tho continental divido to
Helena, Butto and Dillon, Mont.; Pocatello, Idaho and tho
Oregon Short Lino to Ogden and Salt Lako City, Utah;
thence the Los Angeles & Salt Lako Railroad and tho west
and south boundaries of Utah to tho 113th meridian; thenco
to Soligman and Parker, Ariz., and along tho Colorado
River to tho Mexican boundary.
All of Alaska is left within a singlo timo zono, tho Com
mission holding that it cannot deal with this matter, nor
with the omission of tho Hawaiian Islands from tho terms
of tho daylight saving Act. Municipalities along tho lino
separating the Eastern and Contral zones aro to be governed
by Contral timo except Fromont, Clydo, Bellovuo, Mon
roeville, Willard, Shelby Junction, Gabon, Lancaster,
Dundas and Gallipolis, Ohio; Dungannon, Va.; Bristol,
Va.-Tenn.; Ashovillo and Franklin, N. C.; McDonough,
Macon, Perry and Thomasvillo, Ga., which will take Eastern
timo. Between the Central and Mountain zones, cities on
the lino will take Mountain timo oxcopt Portal, Flaxton and
Minot, N. D.; Murdo Mackenzie, S. D.; Phillipsburg,
Stockton, Plainvillo, Ellis and Liberal, Kan.; Waynoka,
Ralph and Sayro, Okla.; Swcotwator, Big Spring and San
Angelo, Tex.
All municipalities on tho boundary botween Mountain
and Pacific timo zonos will use mountain-standard time.
As pertinent to tho matter wo roprint tho following from
tho Now York “Sun” of Nov. 22:
STANDARD T IM E .
Thirty-flvo Years of Its Satisfactory Uso in Amorica.
To the Editor of “ The Sun. — Sir:
The 18th of November marked tho thirty-fifth anniversary of tho adop
tion of standard time in tho United States. At noon on that day in 1883
the United States Naval Observatory flashed tho signal that put that
system Into operation without a liltch.
N ov. 30 1918.]
THE CHRONICLE
AVo of tho present generation probably do not appreciate the valuo of
standard timo as an aid in simplifying the conduct o f tho railroads as much
as do old timers, who recall how tho use of local time standards on railroads
caused endless confusion. Prior to 1883 there were half a hundred sepa
rate standards of timo in effect. They operated in such a manner that a
traveller from one town might reach his destination simultaneously with
another traveller from a town a thousand miles east or west, but two or
threo hours earlier or later on tho time table.
Through the initiative of William F. Allen, a young railroad man who
died in November 1915, standard time became a reality instead of a theory.
Ho drew up the specifications and, thanks to his ingenuity, the country is
divided into four time sections, Eastern, Central, Mountain and Pacific.
Tho difference in each pair o f adjoining sections is one hour.
Mr. Allen’s relation to tho present system o f time was stated by Pro
fessor John K. Rees of Columbia in 1886:
“ Mr. Alien stood in very much tho same relation to the standard timo
movement as Morso did to tho electric telegraph. Tho scientific theory
upon which the system was based is weii known; what was needod was tho
presentation of tho system in such shape as to convinco practical men of
its feasibility. This Mr. Allen did, and tho manner in which it has been
accomplished and tho results attained have been a surprise to men of
science, who looked for the result eventually, but had hardly exepeted it
in this generation.”
Much credit also is duo to Charles F. Dowd of Saratoga, who has been
mentioned as having first suggested its principles. The claim has been
made that M r. Dowd was the father of tho system and Mr. Allen the gen
eral through whose efforts it was finally adopted by the railroads of the
United States. M r. Dowd, it is said, worked out the genoral foatures
of tho system and continued the work of bringing it to public attention
by'discussion and publication. It was finally brought to maturity by the
patience and industry o f Mr. Dowd of Saratoga Springs.
.
APPRECIATION.
New York, Nov. 21.
__________________
W . B. COLVER OF FEDERAL TR AD E C O M M IS S IO N ON
RECONSTRUCTION PROGRAM.
Various subjects were dealt with in an address delivered
by William B. Colver, Chairman of the Federal Trado
Commission, at the tenth annual convention of tho American
Specialty Manufacturers’ Association at Cleveland on
Nov. 21. Naturally, Mr. Colver had something to say
regarding tho operation of tho Fedoral Trado Commission
Act and tho Clayton anti-trust law, but he also reverted to
tho readjustments which aro to follow tho world war. In
his pronouncements on this point he stated that “a recon
struction program for the United States looking to tho
building on top of the present credit balances, unending
mountains of international credits, will tend, not only to
make tho United States tho most hated nation in tho world,
but to mark her for destruction. It means commercial
imperialism.” Wo also quoto from his romarks tho fol
lowing rolativo to tho reconstruction program:
Tlio reconstruction program must bo founded upon an understanding
of tho profound cliango resulting from tho war, in tho relation of tho United
States to tho peoples and nations o f the world and in tho no loss fundamen
tal change in tho relation o f tho people of tho United States to their own
Government.
Internationally, tho United States finds itself a groat creditor nation.
Other nations and peoples .are indebted to it in terms of billions of dollars.
It must largely robuild Europe and for a timo feed it and all before Eu
rope’s ability to pay can bo established.
If wo were, as formerly, a debtor nation and had obligations abroad
evidenced by tho foreign holding of American securities, it might bo pos
sible, for a timo, profitably, to foster a “ favorablo” balance of trado—
that Is to say, to export more in valuo than wo import, and credit the
balance upon our obligations abroad.
But, a nation cannot bo a creditor nation and an exporting nation with
out taking goods in exchange for its exports, and eventually, liquidating
Its credit balances through surplus imports, except that it build up abroad,
a constantly Increasing credit balanco.
To loavo tho prosont credit balances unliquidated and to add to their
lxugo total by an excess o f exports over imports, would bo to build up a
world-wido commercial empiro.
Commercial imperialism was what Germany sought and upon tills
foundation was built tho war machine of Germany. Tho pan-Germanic
program for world-wido economic and financial domination was Germany’s
doatli warrant. Being unable to feed tho monster by peaceful trado ex
pansion, slio was compelled to invoke war.
*
*
*
*
*
*
*
*
It would seem thon, that Reconstruction in tho international sense,
would argue for a fair exchange o f commodities between nations with such
adjustments that wo export those things o f which wo have tho greatest
surplus and which through nature’s bounty and American Industry,
energy and invention, wo aro aide to sell most cheaply, taking in oxcliango,
those things which wo most dcsiro from overy quarter of tho globo and
which through nature’s arrangement, cannot bo advantageously produced
hero. This, with a fair field in tho world’s markets for competitive goods,
would make oacii transaction profitable both to buyer and seller and would
permit tho gradual liquidation o f such part o f tho money debt that tho
world owos tho United States as may not bo usefully employed as inter
national credits and working capital for tho facilitation of our world com
merce.
As a trophy of war tho United States will have a great merchant marine
which, operated at cost by tho nation, can carry your goods over every
sea as a great public utility for the service of American manufacturers
and merchants.
Tho ncoded factors In rebuilding foreign trado on permanent foundations
are, first o f all, a knowledge of tho business methods, tho people and tho
needs and tastes of those with whom wo would trade. AVo must givo them
what they want and as they want It. AVo must go on tho theory that
“ tho customer is always right." Now comes cost o f production, quality
of goods, transportation and banking facilities. Comparatively low cost
of production is essential as tho bulk o f international commerce is in staples
and sold on price basis.
Naturally our ships, to give low freights on exports, must bring back
froight-rovonuo producing cargoes.
Tho transaction will bo more profitable as we export less o f our precious
r a w 4 m a t o r l a l aI1d moro o f our finished products.
As to certain basic raw
2061
materials, notably metals, the export may well be kept, for a timo at least,
under control. Certainly the manufacturers of tho United States must not
be made to bid against a world desperately in need of our own basic raw
materials.
It does not accord with your Ideals to consider that cither the scalping
o f a market or a dumping upon it is a real building up of business. Profit
lies in repeat orders and good-will in the foreign market based on quality
goods and fair dealing, will come to be the great national asset as to foreign
trade.
Under section 4 of the AVebb law the Federal Trade Commission is re
quired to enforce such a code of business ethics in the export trade. AVe
know such a code is your desire and wo are at your service.
In the domestic aspect reconstruction must likewise proceed from an
understanding of changed relationsnips. The nation emerges from the
war with a victory dearly bought in blood and treasure. An enormous
national debt remains.
This debt takes the form of billions of dollars of bonds to represent the
money cost of tho war, ana an everlasting obligation to the young men
of tho United States and to their children and to their children s children,
which tho nation has incurred when it put in jeopardy their lives, when they
crossed tho sea and shed their blood gladly that liberty, democracy, and
the right to life, liberty and the pursuit of happiness might bo everlastingly
preserved.
These two debts must be liquidated. The money debt must be paid.
To tho payment of the billions of dollars of Liberty bonds are pledged the
natural resources of the nation and the first fruits of man’s labor and of
nature’s bounty. This would seem to mean that an end has come to the
exploitation of the nation’s natural resources, and that the surplus above
a generous roturn for capital and energy and initiative shall be devoted
to the liquidation of the national debt.
The second debt, the blood debt, owing to our millions of young soldiers
of the Army of Liberty and no less to their mothers, and their wives and
children, must be paid by making this country— and in so far as our voice
shall bo hear— making the world safe for democracy, which is to say safe
for human rights, the right of every child to be well-born, well-fed and wellclothed, and the right of every child to have a fair opportunity in life.
Reconstruction, then, seems to mean a high and honorable place in the
family of nations—and not a lust for empire and, at homo, opportunity
for all, special privilege for none—and this carries with it in the fullest
measure the completest protection and validation of the rights of prop
erty, which in turn for such protection must be regarded as the useful
servant of mankind.
FLORIDA S E N A T E R A T IF IE S N A T I O N A L
PROHIBITION A M E N D M E N T .
By a Aroto of 25 to 2, the State Senate of Florida in special
session adopted a concurrent resolution ratifying the national
prohibition amendment. The resolution uoav goes to the
House, and if adopted Avill, according to our records, make
Florida the fifteenth State to ratifyjthe proposal. The other
fourteen States are: Mississippi, Virginia, Kentucky, South
Carolina, North Dakota, Maryland, Montana, Texas,
Delaivare, South Dakota, Massachusetts, Arizona, Georgia
and Louisiana.
Governor Catts of Florida in convening tho Legislature
in special session also urged that body to enact a laAv Avhich
Avill prohibit the bringing into the State of intoxicating liquors
after Jan. 1 1919.
•
S E N A T E C O M M I T T E E DROPSJCHARGES OF
D IS L O Y A L T Y A G A I N S T LA FOLLETTE.
Investigation of the alleged disloyal speech of Senator
La Folletto at St. Paul more than’a year>go was abandoned
on Nov. 22 by tho Senate Elections Committee on a vote
of 9 to 2. It is thought Income quarters, however, that a
contest might develop Avhen the majority report of the com
mittee is submitted when the Senate reconvenes on Dec. 2.
Committee members Avere quoted as saying that, however
much tho speech of Senator :La Folletto, on Avhich the pro
ceedings Avero brought, might bo deplored, there Avas no
basis for expulsion from the Senate. The Committee acted
on tho motion of Senator La Folletto’s attorney, Gilbert E.
Roe of N cav York, formerly hisllaw partner, to dismiss the
proceedings. Four Democrats joined Avith five Republicans
in voting to dismiss. Senators Pomerene and Walsh, both
Democrats, voted in the negative, and three committee
members Avero absent.
After Senator La Follette’s speech at St. Paul, Minn., on
Sept. 20 1917 before the Non-Partisan League, charges were
filed Avith the Senate Committee by the Minnesota Public
Safoty Commission. Proceedings seeking Senator La Follotte’s expulsion fi’om the Senate Avere asked by the Minne
sota Commission, which asserted that Mr. La Follette’s
speech contained utterances of “a disloyal and seditious
nature,” created treasonable sentiments in Minnesota, and
Aveakened support of tho Federal Government during the
Avar. The charges characterized Senator La Follette as “a
toachor of disloyalty and sedition,” and declared he Avas
guilty of giving aid and comfort to the enemy and hindering
tho Government in the conduct of the Avar. The widely
circulated report of the St. Paul speech Avas later corrected
by tho Associated Press, Avhich published an apology and
stated that the report was Avithout foundation of fact. But
in tho meantime tho Senate had acceded to demands that
THE CHKONICLE
2062
[V o l .
107.
Senator La Follette bo charged with voicing disloyal senti votes in favor of tho resolution; 6 Socialists and 1 Democrat
ments and the matter was placed before the committee on voted against.
In keeping with tho spirit of tho now ordinance, Polico
privileges and elections.
Commissioner Enright has ordered that henceforth all per
F URTH ER RED FLAG RIOTS B Y U N IF O R M E D M E N — mits for massmeetings shall provide specifically that thero
is to bo no display of banners likely to cause rioting. There
M A Y O R A S K S SECRETARY B A K E R TO CURB
aro reports that, the red flag being barred, tho Socialists
SOLDIERS.
Following further riotous outbreaks by men in uniform, plan to adopt a bluo flag as their official emblem. Com
directed against Socialist mass meetings in this city, Mayor menting on this report,’ Police Commissioner Enright stated
Ilylan on Wednesday appealed to Newton D. Baker, Secre in a nowspaper interview that the polico were obtaining
tary of War; Josephus Daniels, Secretary of the Navy; Major- pledges from owners of halls not to rent their places to
Gen. J. Franklin Bell, Commander of tho Department of the Socialists. As quoted in tho “Evening Post,” of this city
East, and Rear Admiral Nathaniel R. Usher, Commandant on Nov. 26, Commissioner Enright said:
I understand that the Socialists are going to adopt a bluo flag as their
of the Third Naval District, asking that the Federal authori official
symbol. The police have got quite a number of owners o f tho larger
ties take immediate steps to stop the disorder. The Mayor halls about
the city to agree to refuse the Socialists the use of their places
meetings. We expect in time to bring about a general boycott through
asked that the men in uniform bo kept in control until they for
the co-operation of building owners and lessees.
are discharged from service and referred to a letter he had
say, though, that if tho soldiers and sailors would mind their
received from Richard E. Enright, Police Commissioner, ownI must
business, and leave tho maintaining of law and order In New York
complaining of the conduct of the men. The Commissioner to the police we’d have a great deal less trouble.
wrote that if necessary to preserve order tho police might use Algernon Leo, leader of the Socialist Aldermen, is re
not only their night sticks and revolvers, but machine guns. ported to have said that tho attack on tho Socialist meeting
The principal disorders this week occurred when a Social was incited and organized as an attack, not upon tho red
ist mass meeting was held in Madison Squaro Garden to pro flag, but of one political party upon another. “It was an
test against the execution of Mooney, tho San Francisco labor interesting exhibit of organized rowdyism with emphasis
leader, and to send greetings to tho Socialist revolutionists of on tho ‘organized,’ ” ho said. “Young boys in uniform can
Germany, Austria and Russia. A crowd of several hundred easily be worked up to this sort of thing.” The uniformed
soldiers and sailors tried to force their way into the hall, with policemen, so far as they wore able, did good work in trying
tho announced purpose of preventing the display of the red to maintain order, said Mr. Leo, and added:
was a large number in tho attacking party, and I can understand
flag. Mounted policemen had to be called to disperse tho thatThere
police don’t like to arrest men in uniform, as magistrates are likely
military rioters. A similar demonstration occurred at Palm to dismiss
them, no matter what tho charge Is. Tho remarkable combina
Garden the following night. Through some misunderstand tion of enthusiasm
and self control exhibited at the meeting by tho audienco
of
twelve
to
fifteen thousand persons, in spite of tho sinister and persistent
ing the Provost Guard or Military Police, who are supposed attempts to preclpitato
to assist in maintaining order among the uniformed men, was held by the Socialists. a riot, mado tho meeting tho most remarkable ever
not at the scene of trouble.
It is said that tho Socialist Party organization plans to
In his letter to tho Federal authorities the Mayor said in take
steps for a test caso of tho rod-flag order.
part:
The Chicago polico havo also taken action to bar tho rod
Unfortunately, tho soldiers and sailors assumo that while they are In uni
flag. Chicago’s now soldier Chief of Polico, Colonel John
form they are privileged to conduct themselves as they pleaso.
Their recent conduct, however, makes it necessary for me to appeal J. Garrity, was quoted on Nov. 26 as saying: “Thero won’t
directly to you and advise you of tho imminent danger to law and order bo any rod flag parades in Chicago while I am Chief of Police.
not only In Now York City, but in other largo cities wliero soldiers and
sailors in great numbers aro allowed the freedom o f the city without re The only flag anybody needs to fly in this city is tho Stars
straint.
and Stripes.” _ _ _ _ _ _ _ _ _ _ _ _ _
It has now been necessary for mo to issue orders to the police to accord
the same treatment to tho men in uniform as to citizens when they becomo
disorderly and incito riots.
The sympathy of the people is with tho soldiers and sailors because of the
noble and patriotic service they havo rendered, but until tho Federal author
ities make some other arrangement tho citizens of Now York expect tho
police to deal with the soldiers and sailors the same as any other persons who
act in a disorderly and unlawful manner.
I appeal to the Federal authorities to mako immediate arrangements
whereby tho soldiers and sailors are kept under their control while they
aro in uniform, and until they aro discharged from tho army and navy.
S.
strong protest against their conduct bo made to tho Secretary of War, the
Secretary o f the Navy, tho General commanding the Department of tho
East, and the Commandant of tho New York Navy Yard.
Prior to the signing o f the armistice tho polico of this city treated the
soldiers and sailors with tho utmost consideration and toleration. They
were givon tho widest possible latitude during tho celebrations which fol
lowed the first and second announcements of tho signing o f the armistice,
in defcronce to what was bolioved to bo tho patriotic feelings o f our pcoplo
and their desire to show their appreciation of the work of tho army and navy.
On many occasions, at these times, tho conduct o f tho soldiers and sailors
was thoroughly reprehensible, and in many instances flagrantly lawless,
but In order that nothing should mar the general feoling of joy at tho coming
of peace, actions were overlooked which would, under norma' circumstanes,
have been the occasion for stern treatment.
Tho approaching demobilization in the so-called “ Good-bye” camps in
this vicinity presents serious problems. Released from the rigorous disci
pline which they have been under for varying periods, and thrown back
onto civil life in large bodies, without restrictions, they aro bound to respect,
or a very definite aim, they promise unless we receivo decisive co-operation
from tho Federal Government, to promote serious disorder and make diffi
cult work for the police force of this city. Tho past two encounters we
havo had with them invited tho same rigorous measures that aro demanded
in dealing with lawless and riotous elemonts, whatever their character, and
if tho use of night-sticks, revolvers or perhaps even machine guns aro neces
sary to preserve tho public peace, the polico will bo compelled to employ
them.
______________________________
In response to many Inquiries mado by telegram, lotter and otherwise,
coming from tho press, from shippers, from Individuals and security hold
ers, and in number Impossible to mako reply otherwise than by public
statement, it seems necessary that such statement be mado:
The railroads must bo returned under plans which shall:
1. Protect aliko tho shipper, tho traveling public, labor and tho security
owner.
2. Provide adequato means for Governmental regulation, including super
vision of railroad security issues. Tho Inter-State Commerce Commission
is the authorized agency to which this will be likely entrusted. I.pgislatlon by the Congress is necessarily required for tho direction of that Com
mission, if continued by tho Congress as tho regulating body.
3. Provide for the retention of such methods of administration as may
have been found to be effective during Federal control, such as joint use
of important terminals, but Increase rather than diminish the advantages
to be secured from individual initiative. To concentrate to the extent
of its destruction and to limit reasonable competition essential to constant
and continuing improvement of service will retard business, industrial,
and agricultural growth essential during reconstruction and thereafter.
It is not difficult to limit tho extent to which this shall go.
4. Provide for taking caro of the obligations to tho Government of each
railroad incurred or to be incurred during tho continuance of Federal
control. The railroads cannot bo returned with their credit impaired.
If it is, it will be costly to the shipper and to tho public. The higher their
credit tho cheaper can money be secured by them for purposes of hauling
freight and passengers. The contract mado by Director-General Burleson
with the telephone company provides that its obligations to tho Govern
ment shall bo paid in twenty years in yearly installments. Loans mado by
the Government to tho railroads aro made on call.
In reply to tho question whether tho association has matured its plans and
what will now be done, it may be stated that plans havo been discussed but
not matured. Such plans as may bo worked out will be submitted to tho
commltti e-> of the association. This association, through its mem, hrs dp.
directly and indirectly, by institutional and individual membership, rep
resents $5,000,000,000 of tho outstanding $17,000,000,000 of securities
of tho railroads. It represents through such membership 30,000,000
peoplo of the country of the 50,000.000, nearly one-half of tho total popula
tion, who own or aro interested in railroad securities. Its management Is
vested in an Advisory Committee of 150 members from sixty-seven cities
and thirty-six States, an Executive Committee of thirty-three members,
an active Sub-Executive Conunittco of nine members, a Financial Com
mittee of sevonty named from thirty-four cities and thirty States, a General
D A V I E S W A R F I E L D ON P L A N S W H I C H SHOULD
GOVERN RETU RN OF RAILROADS.
Following his announcement of Nov. 22 regarding the ap
pointment (mentioned in last week’s “Chronicle,” page
1979) of prominent lawyers, headed by ox-Senator Elihu
Root, as Advisory Counsel to tho National Association of
Owners of Railroad Securities, S. Davies Warfield, President
of the Association, before returning to Baltimore on Nov. 24
Commissioner Enright in his letter to the Mayor said in issued
a statement stipulating tho conditions under which
part:
Tho continued lawless conduct of uniformed soldiers and sailors In this railroads under Government control must bo returned to the
city calls for immediate attention, and I respectfully recommend that a owners. His statement follows:
NEW
YOR K A L D E R M E N BA R RED FLAG.
Following Mayor Hylan’s order of Nov. 18 instructing
the polico of New York to prevent the display of the red
flag in public demonstrations, the Board of Aldermen on
Nov. 26 passed a resolution providing that no red or black
flag or banner, ensign or sign bearing upon it any inscrip
tion opposed to organized government or sacriligeous in
its nature, or opposed to public morals, shall be displayed
in public parades or public assemblies. The penalty pro
vided for a violation is a fine not to exceed $100 or imprison
ment for not less than ten days, or both. Thero were 58
Nov. 30 1918.]
THE CHRONICLE
Committee of fifteen representing ten States, many of this latter committee
being shippers.
Tlioro are five Vice-Presidents, one from each of tlio following cities:
San Francisco, Chicago, Galveston, Atlanta, anti Newark. Any plan
that may bo developed will bo finally acted upon by the above mentioned
committees, originating with the Sub-Executive Committee in consultation
with tho advisory counsel of the association, who will play an important
part in these proceedings, and other counsel. What will bo done will be
also in consultation with accredited representatives of the shippers, such
as the Committee of Nine recently named at tho convention held in Cin
cinnati, of tho National Industrial Traffic League, which represents trade
bodies, and individuals and associations of shippers, to tho extent o f upwards
of upward of 300,000. It should be recognized that the return of the rail
roads calls for important legislative action by the Congress, to provide
for their proper and safe return under plans which w ill promote continuing
efficiency, protect tho various interests concerned, and produce sane
methods o f regulation.
This association on tho faith of the intention and the provision made by
tho Congress, as expressed through tho Federal Control Act, that the
railroads will be returned within a “ reasonable time after the war,” believes
that its duty to its members demands that it tako as prompt action as the
importance o f tho subject permits and render such service as it can in the
solution of problems incident to such return. And also to perform its
duty to the public in order that such plans as may bo suggesteed shall make
such return permanent. It has no fight to make. The questions involved
are far too great to approach this subject in any such spirit.
Tho National Industrial Traffic League passod resolutions
at tho time of tho appointment of tho committeo mentioned
by Mr. Warfield against Government ownership and against
tho continuance of Federal control longer than necessary,
and recommended that Congress pass tho necessary legisla
tion to return tho railroads. Tho committeo appointed was
authorized to do what is cssontial to represent tho loaguo in
bringing about such result.
PROMPT RETU RN OF RA IL ROADS SOUGHT B Y
SA M UEL U N TERM Y E R .
Samuel Untermyer, sonior General Counsel of tho National
Association of owners of Railroad Securities, in outlining the
immediate tasks to -which tho Association will devote itself
states that one of its ain s v ill bo to put a stop to tho further
carrying out of the far-reaching program for unifying the
railroad systems. Altogether, the Association has throe
objocts in view, not the Fast of which is the prompt return of
tho railroads to their owners as nearly intact as possible.
Tho following is tho statement made by Mr. Untormyer on
Nov. 25:
2063
after the status quo that existed prior to the war has been fully restored
and any action taken by tho Railroad Administration that would tend to
embarrass this free choice by the people between Government ownership
and private ownership should be discouraged, and, if possible, prevented.
Thus far little irreparable harm has been done in tho way of unification
and obliteration of tho identities of the roads, but unless the comprehensive
program that has been outlined is stopped now, the opportunity of tho
people for a free expression of their decision will be greatly handicapped
and tho roads will be forced into Government ownership to prevent a con
dition of bankruptcy duo to Government action on almost any terms that
Congress may determine to impose, regardless of the true value of the
properties and without just compensation.
No advocate of fair play, regardless of his economic views on Government
ownership wants to see such a result and I am in hearty accord with the
determination of the Association to secure the immediate return of the
properties to their private owners, and to prevent their being taken without
just compensation for their use during Federal control. The dictates of
common honesty require that the promise of the Government be now
redeemed. If after that, the Government decides to acquire the properties
by the orderly Constitutional process of just compensation and the people
approve, that will be another story. We will cross that bridge when we
come to it. The duty of the hour is to stop dismemberment, and emas
culation of the properties and to return them to their owners.
Mr. Warfield, when shown on the 26th the statement of
Mr. Untermyer, said:
Of course, Air. Untermyer is entitled to his personal views in connection
with tho methods rightly to bo adopted in handling the two questions
involved. Since these are his personal views it is not necessary to deal
with them particularly as many others hold distinctly different opinions.
I might say in passing that, personally, I am unalterably opposed to
Government ownership and do not believe tho question will be settled in
tho manner indicated by my friend Untermyer.
S A M U E L REA'S V I E W A S TO RETU RN OF RAIL ROADS
— REJOINDER OF S. D A V I E S W A R F IE L D .
Tho view that “it is not a time for precipitate action” so
far as the question of the return of the railroads is con
cerned, is expressed by Samuel Rea, President of the Penn
sylvania IIR. Mr. Rea, whose views were given in a state
ment issued on Nov. 25, points out that the country is still
subject to war influences, inasmuch as there are yet nearly
2,000,000 American soldiers abroad. He is quoted as
saying:
The experience of the world and that in our country convince me more
than ever that the financial and political results in every country em
phatically condemn Government ownership and operation of the railroads.
The question is, what policy is the best for the future to enable the rail
roads not merely to exist, but to obtain the additional capita) essential
to insure the future progress of the country? Transportation can be either
Little can bo profitably added to tho very clear and concise statement the greatest obstacle or the greatest benefit to progress.
[roferred to in another itemj made by Air. S. Davies Warfield concerning
The return of the railroads to their owners is in the discretion of the
tho purposes and program of tho National Association of Owners of Rail President, but Congress indicated a period of twenty-one months following
road Securities, of which V r . Warfield is the head. Its present purposes the ratification of the peace treaty, in order to give time for adjustments.
may be said to bo three-fold.
The most experienced minds in railroading, finance and public policy should
The immediate tasks to which tho association is about to apply itself therefore, be devoted to formulating a basis for our future railroad policy,
will bo:
which can be carried out without rupturing the business or social relations
1. To put a stop to tho further carrying out of tho far reaching program of the country.
for unifying tho railroad systems of the country on which the Railroad
It is much too optimistic a view to imagine that we are not now sub
Administration has emb r :ed and which involves expenditures and credits ject to war influences, with practically two million men abroad and with
of many hundreds of millions of dollars belonging to the security holders, none of the peace terms worked out and the problems of reconstruction and
which the roads do not need under private ownership and for which many feeding and financing the foreign nations still before us. Therefore,
of them cannot afford to pay.
nothing on this great problem of dealing with twenty billions of railroad
2. To halt the diversion of traffic and abandonment of roads and parts property affecting the entire country and its foreign relations, and affecting
of roads incident 1 to the process of unification and dismemberment, so also the interests of railroad owners and railroad employees, should be
that it may remain possible to return the roads as Congress iutonded.
undertaken except after the most caregul consideration. Such vastly
3. To secure their prompt return to their owners as nearly intact as important questions as labor, wages, taxes, &c., and railroad rates must
possiblo and in a financial condition that will not foreo them into bank be considered.
ruptcy as tiie rcsidt of expendit res made by tho Railroad Administration
I prefer to keep an open mind until we have had an opportunity to care
at tho expense o f tiie roads and w ithout their consent.
fully weigh the situation. You are also aware that the Federal control
1 think it will be agreed !>■ all fair-minded men, regardless of whether contracts for taking over the railroads have not been agreed upon, except in
they are for or against Government ownership, that tho good faith of the a very few instances, and that the necessary adjustments and financing
Government is pledged to this action, and overy day it is longer deferred under those contracts have not yet been undertaken. It is not a time
it will complicate the <•■ rr. im <,nt of that promise.
for precipitate action or expressing opinion upon a very complex situ
The honest advocates s well s the opponents o f eventual Government ation which should not be dealt with like patchwork.
ownership of public utilities will agree in insisting that if tho Government
is to acquire the routs it ■ , t bo accomplished by tho Constitutional
means of adequate compensation to their owners and not by subterfuge
or indirection nor by ‘ strong :,m i" methods o f confiscation or quasi
confiscation under cover <r i> i forms.
When tho Nation I As' , i tion of Holders of Railroad Securities re
tained me to defend it a i ,-t the oppressive terms that were first pro
posed by the oper tin.: contr , l tendered the railroads by the Government,
which were afterward materi dly modified as a result of long months of
negotiation and protest, the o,u , nittce fully understood my views on this _ Unfortunately, Mr. Rea appears not to havo carefully read the statement
that ho apparently criticizes. Only general conditions for tho return of the
economic question
I accepted the retainer
c l was and am satisfied that the then railroads wore discussed by me. Ilis attention is particularly called to the
proposed operating contr a t >
injust anti ruinous to tiie security owners following portion of the announcement, viz.:
“ Any plan that may be developed will bo finally acted upon by the
and that If the r ilroicl c m lives were permitted to accej t It in its then
above mentioned committees, originating with the sub-executive com
form out of fe. r or timid it lest they go counter to an impatient and un
mittee In consultation with the advisory counsel of the association, who will
reasonable public sen timet t in imio of war, it would mean semi-confisca play an important part In these proceedings, and other counsel. What
tion.
will be done will follow consultation with accredited representatives of
It was a time when moral courage was needed and tho Association sup shippers, such as the committee of nine recently named at a convention
held in Cincinnati of the National Industrial Traffic League. . . .
plied the courage in which, the i iIroad executives were sadly lacking.
“ It should be recognized that the return of the railroads calls for action
Even in its |resent great!;, modified form, 1 regard the contract as burden by the Congress to provide for their proper and safe return under plans
which will promote continuing efficiency, protect the various interests
some and unfair
and produce sane methods of regulation.
I have accei tod tiie preset I retainer because I hold it to be tho bounden concerned
“ This association, on the faith of the intention and the provision made by
duty of the Gov eminent to make ood to the owners of railroads tiie promise the Congn ss. as expressed through the Federal Control Act, providing
that was made them by tin I m i ral Control Act under vhh h their proper that the railroads be returned within a “ reasonab e time after the war.
ties were taken purely as a war n.< sure, that they would be returned intact. be iieves that its duty to its members demands that it take as prompt
as the importance of the subject permits and render such service
Only after the Cover, he ot has redeemed that promise should the action
as it can in the solution o f problems Incident to such return, and to per
struggle over Government ownership begin on its merits. The Railroad form its duty to the public in order that such plans as may be suggested
Administration should not be permitted in tho meantime, under cover of shall make return permanent.”
war necessities which have di-u.j peered, to continue its so-called process _ If Mr. Rea regards this plan of action as “ precipitate" we do not agree
of unifying the r: ilroad sjsie, ,>i the country, so that the express mandate with him. Furthermore, the 250 men composing the various committees
of the law for their return ii the same condition of repair and equipment of the association, coming from nearly every State in the Union and three
cannot bo carried out.
times as many cities, might be safely entrusted with formulating suggestions
1 realize that there are grave differences of opl Ion among patriotic men for the return of the railroads. The membership of these committees
as to the wisdom of the policy of Government ownership and that the represents the best thought in the financial, business, industrial and rail
people should lie granted the opportunity to pass squarely on the question road life of the country. The legal and other requirements and time of
S. Davies Warfield, President of the National Association
of Owners of Railroad Securities, in answer to Mr. Rea’s
contentions on the 26th, argued that the Association’s plan
of action was not precipitate. Mr. Warfield’s statement
follows:
3064
THE CHRONICLE
return might be also safely left to the Advisory Counsel headed by Mr.
Hoot and his associates of well-known lawyers, Messrs. Milburn, Miller,
Johnston and Bond, and to other counsel, Messrs. Untermyer, Walter and
Brown.
Plans for the return o f the railroads will necessarily bo comprehensive
and far-reaching. They will deal not only with tho question of Govern
mental control and regulation under private ownership, but also with tho
financial structure o f the railroads as they emerge from Federal control
back to private control and operation under such rules, regulations and laws
as tho Congress may enact, and discussion by tho Congress of the return
of the railroads will necessarily tako much time and bring out all possible
views on the railroad situation.
N A T I O N A L I N D U S T R I A L TRAFFIC L E A G U E OPPOSED
TO G O V E R N M E N T CONTROL OF RA IL RO A DS —
C. A . P R O U T Y ’S VIE W S .
A resolution in which it placed itself on record as opposed
to tho continuance of Government control of tho railroads,
was unanimously adopted by tho National Industrial Traffic
League in convention at Cincinnati on Nov. 21. Accoi'ding
to the Cincinnati “Enquirer” the resolution was offered by
H. C. Barlow, Traffic Director of the Chicago Association
of Commerce, and Chairman of tho Executive Committee
of tho League. After stating that tho Loague was opposod
to Government control of railroads and in favor of private
operation of tho lines, the resolution, tho “Enquiror” reports,
proposed that effort be mado to bring about special legis
lation for the protection of both the public and tho railroads
tliemsolves before the roads are returned to private control.
It also urged that the President of tho Leaguo appoint a
committee of nine members to formulate legislation and seo
that such action as might bo takon was fully carried out.
In stating that Judge Charles A. Prouty, Diroctor of
Servico for tho Railroad Administration and a former
member of tho Inter-Stato Commerco Commission, had
expressed himself at the convention as opposod to tho idea
of Government ownership of railroads, tho “Enquirer” of
the 23d quoted him as saying:
[V ol . 107
to tho adoption of a consolidated classification, and new rate tables to bo
applied in the various territories aro now being agitated.
Are these matters that concern tho Administration in tho operation of
tho roads during the war period? The Railroad Administration is sur
rounded by astute railroad men who, while employed by the Government,
still have in mind that their interests aro centered in tho railroads as in
dividuals, and they aro laboring to the end of bringing about changes which
aro inimical to shippers interests and which heretofore havo not been
countenanced by tho Inter-State Commerce Commission and State com
missions. Once put into effect, it will be difficult to unscramble them,
with tho result that shippers will bo engaged in endless litigation in bringing
order out of chaos. This brings mo to the point of raising the following
questions:
1. Is the Railroad Administration, in promulgating these changes,
doing so strictly as a war measure and as a temporary expediency?
2. Are the shippers convinced that this is tho object and purposo of the
Railroad Administration?
3. Are tho changes already mado and those proposed in tho Interest of
the shipping and general public?
4. Is the National Industrial Traffic League to sit by and permit, with
out protest, these radical changes?
Our whole rato structure is being rovised pretty much as tho railroads
themselves desire. Elimination or a modification of pratices of long stand
ing are taking place which will result injuriously to tho shipping public, yet
we sit supinely by and note the changes without raising a voice in pro
test. Aro wo really awake to the situation, and if so, what action are we to
tako? Increase after increase in rates is being mado, either directly by
way of specific advances, or indirectly by changes in classification, tho
elimination of exceptions and by raising tho carload minimum weights, &c.
Do all these originate in the mind of tho Director-Gcnoral, or aro they
individual ideas of the officers of tho railroads serving tho Government and
in the interests of the railroads themselves if tho roads were operated indi
vidually as heretofore?
Matters are drifting to a serious state and tho shippers must tako some
stand to protect their interests in looking forward to tho future operation of
tho railroads after the war; and they should indicate at this time, if in view
of tho developments under Government operation, they are desirous of so
continuing, or if their interests aro best served under private or individual
ownership.
M E E T I N G OF R A IL R O A D E X E C U T I V E S DEC. 4.
Railroad executives aro to meet in this city on Wednesday
next (Dec. 4) at tho Chamber of Commerco to discuss tho
railroad situation in relation to Government control. It is
stated that the subjects to bo taken up are tho returning of
the railroads to private ownership, tho manner in which a
moro unified system of transportation may be effected and
the settlement of tho financial relations between the Govern
ment and the railroads.
Tho railroads were placed under Government control as ono of the meas
ures toward winning tho war. That has been accomplished, and now it Is
our duty to arrange the affairs of the roads in a way to bring tiio greatest
benefit to all concerned— the public, tho shippers and the railroads them
selves.
I know many wrongs have existed and continue to exist, and it is my
purpose in appearing before you to obtain your views of them. I hope JOHN J. M I T C H E L L OF CHICAGO A D V O C A TE S GOV
you will tell me, as a member of the Director-General's staff, how certain
E R N M E N T O W N E R S H IP OF RAILROADS.
existing errors may be corrected.
I realize that tho shippers have not been enjoying tho advantages they
should have receivod. At tho same time, however, in the past you havo
enjoyed things you should have been denied. It now is not a matter of
what you did havo, but what you should havo. You are entitled to a good
deal moro than you are getting now, but do not look to me to help you get
what you should not be given.
Tho Government is in control o f the railroads o f tho country to put their
affairs on a proper basis, and we need tho help of tho shippers in this stu
pendous task. If you beliovo you should bo granted certain things tell
me what they are and how to get them for you. But do not ask for any
thing without telling mo how to get it.
The Administration needs co-operation, and needs you to help dovlso
Events which have transpired since tho period of tho war havo led mo
somo manner in which tho public, tho shippers and tho railroads can get
together for tho common good. This applies particularly to tho fixing to completely chango my views toward government control or ownership
of rates, and in that matter abovo all a representative of tho public should of railroads and transportation utilities. I was opposed to such a pro
position in tho beginning, but now boliovo that tho salvation of tho railroads
have a volco along with tho railroads and tho shippers.
These aro critical times, and tho call upon overy ono is urgent. You lies in government control.
A reversion of tho properties to tho original owners would mean a kind
should not consider cost, but should bo willing to help without regard to
"Of chaos and inability to meet conditions of labor, railroad credit, and
anything else.
1 am doing this work without a dollar of pay, because I seek to seo tho rates, and the people as a whole will stand moro from tho government or
experiment of Government control of railroads given a fair trial. I have municipality than they will from privato owners of transportation proper
never believed in tho theory, and do not beliovo in it to-day, but I stand ties.
Under present conditions it would mean almost bankruptcy for a number
ready to bo convinced.
Tho Railroad Administration has been criticized on tho point that it is of lines to be given back to their original owners. Their credit has been
destroyed.
Under the heavy expenses which they aro now operating they
trying to increase revenues, but those who aro making this comment do
not realize that the Administration now is about 5100,000,000 behind in tho would not bo ablo to borrow money and they would not bo ablo to maintain
amount it must pay to the owners of tho railroads, and by tho end of tho rates or cause a readjustment of wages without serious difficulties. These
things the government can do.
present year that sum probably will be 5200,000,000.
Tiio roads have spent millions in establishing agencies not only in this
country but in different countries abroad. They havo built up good will
made their roads known and established avenues of traffic. All theso
results have been dissipated through tho present government control,
lie said no reduction of wages was contemplated by tho Railroad Adminis which has completely changed tho courso of traffic and undone all tho
tration, but that much overtimo pay would be eliminated and the work special work by which each road established its Identity and earning power.
Tho Government with its credit behind tho properties could borrow
brought to a higher standard o f efficiency. The cost of fuel and other
money at 4 K-% against tho present chargo of 0% . Tho Government alone
operating expenses also would bo reduced, lie said.
can rcgulato wages and raise or lowor rates In accordance with what it
may deem fair dealing. Tho roads tried for years to advanco rates to a
point adequate to meet increasing oxpensos. but wore unable to do so,
and only the taking over of tho properties last year and tho Government s
increase in freight ana passengor rates saved the roads from bankruptcy.
Tho Government has substantially nullified tho Shorman law and through
its pooling arrangements, or what amounts to the same thing, can save
expenditures that tho privato corporation could not under existing laws.
The Government can economize in the use of terminals, the routing of
freight ana passengers, and secure tho best economic results, if thoso who
direct the policies are willing and competent to do so. Private owners
The Railroad Administration was created to tako over tho railroads of could not do these tilings.
In the end, if expenses run beyond incomo after guaranteeing bond
tho country and operate them during the period o f tho war and for a
limited period thereafter; furthermore, the President was given authority Interest and reasonable return to investors in tho properties, appropriations
to initlato rates and make such changes in the operation o f the roads as can be made to meet tho deficits and tho excess charges bo raised through
taxes. In this way tho well to do will carry tho burden Instead of it being
was deemed wise and necessary.
This seems to me to be as far as ho could legally go. It is a fact, how- distributed among tho small taxpayers. There Is In tho air a spirit bred
over, that the advances in rates already made and tho changes in rules and by the war and special ovonts in Europe that cannot bo Ignored and it
regulations aro moro or less of a permanent nature. Rate adjustments points toward Government and municipal ownership or control.
In Chicago If the peoplo want a 5-cont faro there is ono courso open
havo been ignored, demurrage rules have been rovised and many other
important changes have takon placo. Consideration is now being given and that is for tho city to tako tho properties and ralso in general taxation
In making known the fact that John J. Mitchell, President
of the Illinois Trust & Savings Bank of Chicago and a
director of four railroad boards, including tho Pennsylvania,
had changed his views with regard to Governmental control
of railroads, and had reached tho conclusion that Govern
ment ownership or operation of the railroads furnishes tho
only adequate solution of tho railroad and utilities situation
as it now exists, the Chicago “Tribune” of Nov. 20 quoted
him as saying in substance:
Judgo Prouty is also said to havo oxprossod a belief that
tho great expense of operating tho railroads would declino
from this time on. To quote again from tho “Enquirer:”
Tho question of Government control of tho railroads was
also the subject of a lotter read at tho meeting by F. E.
Williamson, Traffic Commissioner of the Buffalo Chamber
of Commerco and Chairman of tho Committeo on Rato
Construction and Tariffs of tho National Industrial Traffic
Leaguo. Tho letter was ono which had boon written by
Mr. Williamson to G. M. Freer, President of tho Leaguo, on
Oct. 31, and in part is given in tho “Enquirer” as follows:
N o r. 30 1918.]
THE CHRONICLE
the $2,000,000 or $3,000,000 necessary to provide for the Increased wages
and operating costs over and above the appraised value o f the properties
and a fair return on private Investments.
This viow of the railroad situation you will find is general among the
conservative railroad Interests o f the West. We have all been obliged to
change our opinions because o f changed conditions.
KANSAS
TO D I S P U T E A U T H O R I T Y OF D I R E C T O R G E N E R A L OF R A I L R O A D S .
The Topeka “Capital” of Nov. 24 is authority for the
statement that now that the war is over the Kansas Public
Utilities Commisoion intends to resume contiol over intra
State railroad traffic, which has been denied by the Federal
Railroad Administration during the war time emergency.
An ultimatum, it is stated, was sent to D. R. Lincoln,
Chairman of the Kansas City Freight Committee of the
United States Railroad Administration on Nov. 23 by Judge
A. E. Helm, counsel of the Kansas Public Utilities Com
mission. The “Capital” proceeds as follows:
Unless the Railroad Administration allows the Stato Commission to
control the railroad affairs as the laws provide, legal proceedings will be
started to forco the Federal Administration to relinquish its authority as
far as Intra-State business is concerned, according to Judge Helm.
It is pointed out by Judgo Helm that during tho alleged war tiino emer
gencies the Utilities Commission allowed the Railroad Administration to
have its own way In the regulation o f traffic, both inter-Stato and intra
state, but now that that emergency does not exist there is no reason why tho
Stato should ijot take control again and regulate its own traffic.
Since the Government took control of tho railways and put them under
the stringent war time regulations, which havo existed, but little control
has boon oxereised by the Utilities Commission. Tho rules laid down by
Director-Goneral M cAdoo. while at times seemingly useless and unfair,
according to Judgo Helm, have been allowed to apply, without question
on tho part of tho Commission.
R A I L R O A D S A V I N G S REPORTED B Y D IR ECT O RGENERAL McADOO.
In a statement issued Nov. 24, in which he points out tho
marked economies in tho operation of the railroads by tho
Government as shown in reports submitted to him, the
Director-General of Railroads says:
2065
mately that amount, and, if so, whether .the plan was
proper. A statement issued in the matter says:
The Commission after a public hearing announced its conclusion that,
if tho amount of increased revenue was needed, the plan proposed was
proper ana preferable to any other method that had been suggested.
The Commission pointed out that under this plan the greater increase in
rates would bo applied in the Eastern territory, which is the territory " o f
lowest rates, of the greatest cost of operation and greatest increase in those
costs," and stated that while the plan would be a departure from the
original zone relationship established by the Commission, that departure
appeared, under the circumstances now presented to the Commission, to
be justified.
The Commission raised for the Director-General’s consideration the
question whether the increase in rates could be obviated by a reduction is
the amount which the express company is required to pay the Railroad
Administration for the express privilege; but as the Director-General ha«
heretofore announced, such change in the contract is not practicable in
view of the relative cost to the Railroad Administration of handling the
express business and in view o f the heavy increase in tho operating costa
attributable to the railroad handling of that business.
The fact that the Eastern territory is the rogion of greatest cost o f
operation and of greatest increase in such cost is duo to the fact that in that
region there is the greatest percentage o f short-haul traffic on which rela
tively the terminal and other costs are greatest. Another important
advantage in increasing the rates in the Eastern territory to a greater extent
than other parts o f the country is that it will havo a tendency to restore the
proper balance between express and freight rates, which has been disturbed
in recent years by the greater increases in freight rates that havo been
granted in that territory than in other parts of the country, which has
resulted in the transfer from freight to express transportation o f much
traffic which ought to move by freight.
This Eastern territory has been swamped with express traffic for the
past two years, a great deal o f it having been diverted from the regular
freight trains, causing congestion of terminals, overcrowding of passenger
trains, and producing a volume of traffic which prevented giving good
express service on shipments which were usually handled in that way.
It is expected the increased express rates will have the effect o f transfer
ring considerable o f the ghort-haul business to motor trucks and back to
tho freight service where it really should be handled. It is also anticipated
that another result will be the transferring of the handling of some of the
smaller packages to the parcel post. It will increase the rates in some of
tile Middle Western States, whero the express rates have been unduly low;
in fact, in some cases where they have been lower than tho freight rates
and considerably lower than tho express rates in surrounding States which
had adopted the Inter-State Commerce Commission basis of rates made
for the express.
Tlie express company increased the wages of their employees to the extent
o f about $10,000,000, beginning July 1, w'hlch used up approximately the
increase of 10% in express rates effective July 15. It soon became evident
that many express employees were still underpaid and the question o f their
wages is now being presented to tho Board of Railroad Wages and Working
Conditions and it is expected that the further increased wages will practi
cally consume all o f the Increased revenue which will come to tho express
company after Jan. 1 under this order.
Figures mado public by tho Director-General show savings of $25,286,207
per annum In three regions—the Southern, Southwestern and Northwestern
— in the conduct of transportation facilities, both passenger and freight,
by unification of terminals and cutting down of train service without in
tho least interfering with tho proper quick dispatch of cars.
Striking reductions along this lino havo taken place in tho Northwestern
region, whero $25,229,352 45 a year has been saved. According co tho
report of R. II. Aishton, Regional Director for this section, mado to tho
Director-Goneral, this curtailment in expenditures was made up as fol I N C R E A S E I N
WAGES GRANTED B Y R AILR OAD
lows:
A D M I N I S T R A T I O N TO S T A T I O N M E N .
Reduction in passenger train service, $20,155,954; elimination of dupli
cation in freight train servico, $1,338,726; unification of terminals at
Chicago, $940,765 90; unification o f terminals at Minneapolis and St.
Paul, $465,653 60; unification o f terminals at Omaha, $212,970; unification
o f terminals in tho Duluth-Superior district, $126,376; unification of termi
nals in the St. Louis-East St. Louis district, $437,465 45; consolidation of
live stock agencies at Kansas City, $12,948; economies in the handling of
ore in tho Lake Superior district, $660,000; joint switching, $489,618 30,
and miscellaneous economies. $388,874 20.
B.
L. Wincholl, Regional Director for the Southern region, reports that
In addition to economies previously effected, a saving of $17,000 a year
has boon brought about in the terminal arrangements and rearrangements
at Louisville, Ky.
In tho Southwestern rogion, B. F. Bush, tho Regional Dirictor, reports
that through tho consolidation o f freight yards and depots there will bo
a total annual saving to the Government o f $39,766 a year. Of this sum
tho consolidation of the freight depot and freight yards of tho Missouri,
Kansas & Texas Railway with thoso of tho Houston Belt & Terminal Com
pany wipes out an annual expenditure of $30,000.
R A I L R O A D A D M I N I S T R A T I O N ORDERS I N C R E A S E D
E X P R E S S R A T E S B E G I N N I N G J A N . 1.
Announcement of the issuance of a general order by
Director-General of Railroads McAdoo initiating increased
express rates effective Jan. I 1919, was mado on Nov. 20.
This announcement followed tho issuance by President
Wilson on Nov. 16 of a proclamation talcing under Federal
control the American Railway Express Co. and placing it
undor tho jurisdiction of Director-General of Railroads
W. G. McAdoo. The proclamation was published in our
issue of Saturday last (page 1978). In tho territory north
of tho Ohio and Potomao Rivers and east of the Mississippi
River the increase in express merchandise rates ranges from
16 to 17 cents per hundred pounds regardless of tho distance
hauled in that territory. The increase in tho remainder of the
United States will range from 10 to 12 cents per hundred
pounds on merchandise. The increase on food products
will be about threo-quarters of the increase on merchandise
shipped by express.
The Director-General submitted this plan for increased
express rates to tho Inter-State Commerce Commission for
its advice. He indicated to tho Commission that it was
necessary to raise approximately $24,000,000 additional
revenue, which under tho contract would go practically
half to the railroad revenue and half to the express revenue,
and inquired whether tho plan proposed would yield approxi
On order establishing a basic minimum rate of $70 per
month for railroad station agents, and granting a flat wage
increase of $25 in the case of all rates of $70 and over pre
vailing Jan. 1 1918 was issued by Director-General.of Rail
roads W. G. McAdoo on Nov. 23. The order affects
approximately 2,500 station agents who are not telegraphers.
Eight hours is to be considered a day’s work with pro rata
pay for two hours’ overtime and time and a half for over
time exceeding ten hours. The wage advance does not
apply to men receiving $30 or less a month for special
services requiring only a portion of their time. Exceptions
also are made for a few agents who received $50 or less a
month, for whom a straight advance of $25 is granted,
without application of the $95 minimum. The following is
the announcement made by the Railroad Administration:
Director-General McAdoo to-day announced his award, effective Oct. 1,
with respect to rates o f pay, rules for overtime and working conditions upon
railroads under Federal control for the agents whose regular assignment
does not require the sending or receiving of railroad train orders by tele
phone or telegraph. The order applies to approximately 2,500 employees.
There is established, first, a basic minimum rate of $70 per month, and
to this basic minimum and to all rates o f $70 and above In effect as of
Jan. 1 1918 prior to the application of General Order No. 27. there is
added $25 per month. Tho only exceptions to this basis are to those
individuals who are paid $30 per month or less for special service wliich
only takes a portion o f their time for outside employment or business, and
also to all agents who receive $50 per month or less, a straight advance of
$25 per month is granted.
Eight consecutive hours exclusive of the meal hour constitutes a day’s
work. Overtime for the ninth and tenth hour of continuous service to
bo paid pro rata. All after the tenth hour to be paid for at the rate of
time and ono-half. The usual provisions with respect to right of appeal
in cases of individual grievances are established.
The Text of the Award.
The text of the award follows;
U N ITED STATES RAILROAD ADM INISTRATION.
Washington, November 23 1918.
SUPPLEMENT NO. 11 TO GENERAL ORDER NO. 27.
Effective Oct. 1 1918, superseding General Order No. 27, and in lieu
thereof as to the employees herein named, the following rates of pay, rules
for overtime, and working conditions upon railroads under Federal control
aro hereby ordered:
ARTICLE I.
Rates of Pag.
For agents, except as provided for in Article IV. whose regular assign
ment does not require the sending or receiving of railroad train orders or
messages by telephone or telegraph, establish a basic minimum rate of
3066
TIIE CHRONICLE
seventy ($70) dollars per month, and to this basic minimum rate and all
rates of seventy ($70) dollars and above, in effect .as of Jan. 1 1918, prior
to the application of General Ordot No. 27, add tvvonty-fivo ($25) dollars
per month, establishing a minimum rate of ninety-five ($95) dollars per
month.
•
ARTICLE II.
Maximum Monthly Wage.
No part of the increase provided for in this ordor shall be applied to
establish a salary in excess of two hundred and fifty ($250) dollars per
m onth.
ARTICLE III.
Preservation of Hates.
(a) Tho minimum rates and all rates in excess thereof as herein estab
lished, and higher rates which have been authorized since Jan. 1 1918,
except by General Order No. 27, shall be preserved.
(b) Employees temporarily or permanently assigned to higher rated
positions shall receive the higher rates while occupying such positions;
employees temp >rarily assigned to lower rated positions shall not havo
their rates reduced.
ARTICLE IV.
Exceptions.
(a) The provisions o f this order will not apply in cases whore amounts
less than thirty ($30) dollars per month are paid to individuals for special
service which only takes a portion of their time from outside employment
or business.
(b) For agents (except those provided for in Article I, and in Section A,
Article IV) whose compensation as'of Jan. 1 1918 was upon a commission
basis, or upon a combination of salary and commission (not including
express or outside commissions). and for agents at tho smaller stations
whore the salary as of Jan. 1 1918 prior to tho application o f General Ordor
No. 27, was $50 per month or less, adu $25 per month to the rates in effect
Jan. 1 1918, prior to the application of General Order No. 27.
ARTICLE V.
Hours of Service.
Eight (8) consecutivo hours, oxclusivo o f tho .meal poriod, shall consti
tute a day’s work.
ARTICLE VI.
Overtime and Calls.
(a) Where there is no existing agreement or practice more favorable to
tho employees, overtime shall be computed for tho ninth and tenth hour
of continuous service pro rata on tho actual minute basis, and thereafter
at tho rate of time and one-half time. Even hours will be paid for at the
end o f each pay period. Fractions thoreof will bo carried forward.
(b) Employees who are notified or called to work outside the eight
consecutive hours, oxclusivo of tho meal poriod and continuous service
constituting their regular assignment, shall be paid a minimum allowance
of three hours for two hours work or less; if held over two hours, time and
one-half time wdl bo paid, computed on the minuto basis.
(c) Exclusive of employees whoso regular assignment includes Sundays
and— or holidays, employees notified or called to work on Sundays and—
or holidays will be paid not less than tho minimum allowance of threo
hours, ana where no existing agreement or practice is moro favorable
such employees will be paid at their regular rates.
(d) Employees will not bo required to suspend work during regidar
hours to absorb ovorcime.
ARTICLE VII.
Discipline and Grievances.
(a) An employeo disciplined, or who considers himself unjustly treated,
shall have a fair and impartial hearing, provided written request is pre
sented to his immediate superior within five (5) days of the date of the
advice of discipline, and tho hearing shall bo granted within five (5) days
thereafter.
(b) A decision will be rendered within soven (7) days after completion of
hearing. If an appeal is taken, it must bo filed with tho next higher
official and a copy furnished the official whose decision is appealed within
five (5) days after date o f decision. Tho hearing and decision on the
appeal shall bo governed by tho time limits o f the preceding section.
(c) At the hearing, or on the appeal, the employees may be assisted by
a committee o f employees, or by one or more duly accredited represen
tatives.
(d) The right of appeal by employees or representatives, in regular order
of succession and in tho mannor prescribed up to and Inclusive of tho
highest official designated by the railroad to whom appeals may be made
is hereby established.
(e) An employee on request will bo given a letter stating tho cause of
discipline. A transcript o f the evidence taken at tho investigation or on
tho appeal will be furnished on request to the employee or representative.
(f) If tho final decision decrees that charges against employee were not
sustained, tho record shall bo cleared of tho charge; if suspended or dis
missed the employeo will bo returned to former position and paid for all
time lost.
(g) Committees o f employees shall bo granted loavo of absenco and free
transportation for the adjustment o f differences between tho railroad and
the employees.
ARTICLE V III.
Rules for Application of this Order.
(a) It is not tho intention of this order to change tho number of days per
month for monthly paid employees. Tho increases per month provided
for herein shall apply to the samo number of days per month which wero
workeo as of Jan. 1 1918.
.
(b) The pay of female employees, for tho same class of work, shall be the
same as that of men. and their working conditions must bo healthful and
fitted to their needs. The laws enacted for tho government of their employ
ment must be observed.
ARTICLE IX .
Interpretation of this Order.
Tho rates of pay and rules herein established shall bo incorporated into
existing agreements and into agreements which may bo reacho in tho
futuro on tho several railroads, and should differences arise between tho
management and the employees of any of tho railroads as to such incorpor
ation, intent, or application of this order prior to the creation of additional
railway boards of adjustment such questions o f difterences shall bo roforro l
to tho director of tho Division of Labor for decision, when properly pre
sented, subject always to review by tho Director-General.
Agreements or practices, except as changed by this order, remain in
effect.
W. G. MeADOO,
Director-General of Railroads.
[Vol . 107
ORDER PROVIDING FOR W A G E INC REASES TO R A IL
ROAD TELEGRAPHERS.
Supplementing the announcement made in these columns
last week, page 1978, regarding the increases granted by
tho Railroad Administration to telegraphers, telphono
operators, agent telegraphers, agent tolephoners, towermen,
lever men, tower and train directors, block operators and
staff men on railroads under Federal control, we give below
the 6rder governing tho increases; while bearing da to, Nov.
16, it was made retroactive to Oct. 1:
U N IT E D
STATES
R A IL R O A D
A D M IN IS T R A T IO N .
Washington, D. C., Nov.
SUPPLEM ENT
E ffe c tiv e
O c t.
1
O p e ra to rs
NO .
1918
10 T O
fo r
(ex cep t
G EN ER AL
p o s itio n s
h o ld
S w itc h b o a r d
by
ORDER
10 1 9 1 8 .
N O .
T o lo g ra p h e rs,
O p e r a to r s),
A gen t
27.
T o lo p h o n o
T e le g r a p h e r s ,
A g e n t T o le p h o n e r s , T o w e r m e n , L o v e r m e n , T o w e r a n d T r a in D ir e c to r s ,
B lo c k
O p era to rs a n d
o v e r t im o ,
and
S t a f f m o n , t h o f o l l o w i n g r a t e s o f p a y , r u le s f o r
w o r k in g
c o n d itio n s
upon
r a ilr o a d s
u nder
F ederal
c o n t r o l, a re h e r e b y o r d e r e d , su p e r s e d in g G o n e r a l O rd er N o . 2 7 , a n d
i n lie u t h e r e o f .
A R T IC L E
(a )
I.
A l l e m p l o y e e s h e r o in s p e c i f i e d s h a ll b o p a i d o n t h e h o u r l y b a s i s .
(ft)
To
d e t e r m i n e t h o h o u r ly r a t o fo r p o s it io n s h o ld b y
e m p l o y e e s , o t h e r t h a n t h o s e p r o v id e d fo r in
P aragrap h
m o n t h ly p a id
( o ) , A r t i c lo V I I I ,
m u l t i p l y b y t w e l v e t h o r e g u la r m o n t h l y r a t o in e f f e c t a s o f J a n .
p r io r t o
th o a p p lic a tio n
o f G en eral O rder N o .
27
1 1918,
(o x c lu s iv o o f a ll c o m
p e n s a t i o n f o r e x t r a s e r v ic e s ) a n d d i v i d e b y t h o n u m b e r o f r e g j d a r l y a s s i g n e d
w o r k in g d a y s fo r th o y e a r
by
1 9 1 8 ; th e n d iv id o th o d a ily ra to t h u s o b ta in e d
t h o r e g u la r ly a s s ig n e d o r e s t a b l i s h e d n u m b e r o f h o u r s c o n s t i t u t i n g a
d a y ’s w o r k , o x c lu s i v o o f t h o m o a l h o u r .
(c) T o d e t e r m i n o t h o h o u r ly r a t o f o r
p o s itio n s
h o ld
e m p l o y e e s , o t h e r t h a n t h o s o p r o v i d e d fo r in P a r a g r a p h
by
w c o k ly
p a id
( a ) , A r tic lo V I I I ,
m u l t i p l y b y f i f t y - t w o t h o r e g u la r w e e k l y r a t o in e f f e c t a s o f J a n . 1 1 9 1 8 ,
p r io r t o t h o a p p l i c a t i o n o f G o n e r a l O r d e r N o . 2 7 ( o x c lu s iv o o f a ll c o m p e n s a
t io n f o r e x t r a s e r v i c e s ) , a n d d i v i d e b y t h o n u m b e r o f r e g u la r ly a s s i g n e d
w o r k in g d a y s fo r th o y o a r 1 9 1 8 ; th o n d iv id o th o d a ily ra to t h u s o b ta in e d
by
th o r e g u la r ly a s s ig n e d or e sta b lis h e d
n u m b e r o f h ou rs c o n s titu tin g a
d a y 's w o r k , o x c lu s i v o o f t h o m e a l h o u r .
(d )
T o d e t e r m i n e t h o h o u r ly r a t o fo r p o s i t i o n s h o ld b y d a l l y p a i d e m
p lo y e e s ,
o th e r
th an
th o so
p r o v id e d
f o r in
P aragraph
(a ),
A r t i c lo
V III,
d i v i d o t h e r e g u la r d a i l y r a t e in e f f e c t a s o f J a n . 1 1 9 1 8 , p r io r t o t h o a p p l i c a
t io n
of
G eneral
O rder
N o.
27
(o x c lu s iv o
o f a ll
c o m p e n s a tio n
fo r
o x tra
s e r v ic e s ) b y t h o r e g u la r ly a s s i g n e d o r e s t a b l i s h e d n u m b e r o f h o u r s c o n s t i t u t
i n g a d a y ’s w o r k , e x c lu s i v e o f t h o m o a l h o u r .
( e)
W h ero
th e re a re n o
r e g u la r ly
a s s ig n e d
o r e s ta b lis h e d d a ily
h ou rs,
fo r t h e p u r p o s e o f c o m p u t i n g t h o h o u r ly r a t o , t o n h o u r s s h a l l b e u s e d a s
t h o d iv is o r .
( / ) In d e t e r m i n i n g t h o h o u r ly r a t o , fr a c t i o n s lo s s t h a n o n o -f o u r t h o f o n e
c e n t s h a l l b o a s o n e -f b u r t h o f o n e c o n t ; o v e r o n o -f o u r t h a n d u n d e r o n o - h a l f ,
a s o n o -h a lf c e n t; o v e r o n o -h a lf a n d
u n d e r t h r e o - f o u r t h s , a s t h r o o -f o u r t h s
o f o n o c o n t; o v e r t h r e o -fo u r th s , a s o n o c o n t.
Method o f Obtaining Hourly Rate as of Jan.
1 1918.
M o n th ly .
E x a m p le s :
I . $ 1 0 0 m u ltip lie d
by
12
e q u a ls
$ 1 ,2 0 0 ,
d iv id e d
by
307
days
e q u a ls
$ 3 .9 0 8 7 , d iv id e d b y 8 e q u a ls 4 8 .8 6 c e n ts .
H o u r ly r a t o 4 9 c o n t s .
I I . $ 1 0 0 m u l t i p l i e d b y 12 e q u a l s $ 1 , 2 0 0 , d i v i d e d b y 3 1 2 d a y s e q u a ls
$ 3 .8 4 6 1 , d iv id e d b y 9 e q u a ls 4 2 .7 3 c o n t s .
III.
$100
m u ltip lie d b y
$ 3 .2 8 7 6 , d iv id e d b y
H o u r ly ra to 4 2 .7 5 c o n t s .
1 2 e q u a ls $ 1 , 2 0 0 , d i v i d e d
10 e q u a ls 3 2 .8 8 c o n ts .
b y 3 6 5 d a y s e q u a ls
H o u r ly ra to 3 3 c o n t s .
Weekly.
Examples:
IV .
*
$20
m u lt ip lie d
by
52
e q u a ls $ 1 ,0 4 0 ,
d lv i d o d
$ 3 .3 3 3 3 , d iv id e d b y 8 e q u a ls 4 1 .6 6 c o n t s .
V.
$20
m u ltip lie d
by
$ 2 .8 4 9 3 , d iv id e d b y
52
e q u a ls
by
312
days
e q u a ls
H o u r ly ra to 4 1 .7 5 c o n t s .
$ 1 ,0 4 0 ,
d iv id e d
10 e q u a ls 2 8 .4 9 c o n t s .
by
365
days
e q u a ls
H o u r ly r a te 2 8 .5 c o n t s .
Daily.
V I.
$ 3 0 0 p er d a y d iv id e d b y
8 o q u a ls 3 7 .5 0 c ts .
$ 3 0 0 p er d a y d iv ld o d b y
9 e q u a ls 3 3 .3 3 c t s .
$3 00 per day divided by 10 equals 30.00 cts.
A R T IC L E
H o u r ly r a t o 3 7 . 5 c t s .
H o ir ly r a t o 3 3 . 5 c t s .
Hourly rato 30
cts.
II.
Rates of Pay.
F o r p o s i t i o n s h o ld b y T o l o g r a p h e r s , T o l o p h o n o O p e r a t o r s (o x c o p t s w i t c h
board
o p e r a to r s),
L overm on ,
Agont
Tow er
and
T e le g r a p h e r s .
T r a in
Agont
T e lo p h o n e r s ,
B lo c k
O p o ra to rs a n d
D ir e c t o r s ,
T o w o r in o n ,
S ta ffm o n ,
w h o w e r o o n J a n . 1 1 9 1 8 , p r io r t o t h o a p p l i c a t i o n o f G o n e r a l O r d o r N o . 2 7 ,
r e c e i v i n g le s s t h a n
3 5 c e n t s p e r h o u r , e s t a b l i s h a b a s ic m i n i m u m
ra to o f
3 5 c e n t s p e r h o u r , a n d t o t h i s b a s ic m i n i m u m r a t o a n d a ll h o u r ly r a t o s o f
3 5 c e n ts a n d a b o v o , a d d
13 c o n t s p e r h o u r , e s t a b l i s h i n g a b a s ic m i n i m u m
ra to o f 4 8 c o n ts per h o u r .
A R T IC L E
III.
Preservation of Rates and Classification.
(a )
T h e m i n i m u m r a t e s a n d a ll r a t o s In o x c o s s t h e r e o f , a s h o r o ln e s t a b
li s h e d ,
and
h ig h e r r a t o s w h i c h
havo
been
a u t h o r i z e d s in c o J a n .
1
1918,
o x c e p t b y G o n e r a l O r d e r N o . 2 7 , s h a ll bo p r e se r v e d .
(b)
T h o e n t e r i n g o f e m p l o y e e s in t h o p o s i t i o n s o c c u p ie d In t h o s e r v ic e
o r c h a n g i n g t h e i r c la s s i f i c a t i o n
le s s
fa v o r a b lo
ra to
of
e s ta b lis h e d .
(c) W h e r o e x i s t i n g
pay
pay
or
o r w o r k s h a ll n o t o p o r a te
c o n d itio n
of
r o ll c l a s s i f i c a t i o n
o m p lo y m o n t
t o e s t a b li s h
th a n
d o o s n o t c o n fo r m
is
to
a
h e r o in
A r t ic lo
I I , e m p l o y e e s p e r f o r m in g s o r v ic o in t h o c la s s e s s p o e iflo d t h e r e i n , s h a ll b o
c la s s i f i e d in a c c o r d a n c e t h e r e w i t h .
A R T IC L E
IV .
Exception.
T h o p r o v i s i o n s o f t h i s o r d o r w ill n o t a p p l y in a n y c a s e w h o r o a m o u n t s
le s s t h a n $ 3 0 p e r m o n t h a r e p a id t o i n d i v i d u a l s fo r s p e c ia l s o r v ic o w h ic h
o n l y t a k e s a p o r t io n o f t h e ir t i m e f r o m o u t s i d e o m p l o y m o n t o r b u s in e s s .
ARTICLE V.
Hours o f Sirvice— Overtime and Calls.
(а)
E i g h t c o n s e c u t i v o h o u r s , e x c lu s i v e o f t h o m o a l h o u r , s h a ll c o n s t i t u t e
a d a y ’s w o r k , o x c e p t t h a t w h e r o t w o o r m o r o s h i f t s a r o w o r k e d , e i g h t c o n
s e c u t i v e h o u r s w i t h n o a llo w a n c e fo r m o a l s s h a ll c o n s t l t u t o a d a y ’s w o r k ,
(б)
O v e r tim o s h a ll b o c o m p u t e d a t th o ra to o f t im e a n d o n o -h a lf t im e .
E v e n h o u r s s h a l l b o p a id fo r a t t h o e n d o f o a c li p a y p o r io d , fr a c t i o n s t h e r e o f
w i l l b e c a r r ie d fo r w a r d .
Nov. 30 1918.]
THE CHRONICLE
(c) When notified or called to work outside o f established hours, em
ployees will ho paid a minimum allowance of two hours at overtime rate.
(d) Employees will not bo rcqidred to suspend work during regular hours,
or to absorb overtime.
ARTICLE VI.
United. Stales M ail.
When the carrying of United States Mail and Parcel Post by the em
ployees herein specified becomes unduly burdensome or interferes with
tho proper operation of trains, they will be rclioved from such work.
ARTICLE VII.
Discipline and Grievances.
,
(а) An employee disciplined, or who considers himself unjustly treated,
shall havo a fair and impartial hearing, provided written request is pre
sented to his immediate superior within fivo (5) days of tho date of the
advice of discipline, and the hearing shall bo granted within fivo (5) days
thereafter.
(б) A decision will bo rendered within seven (7) days after completion
o f hearing. If an appeal is taken, it must bo filed with tho next higher
official and a copy furnished tho official whoso decision is appealed within
fivo (5) days after date o f decision. Tho hearing and decision on tho appeal
shall bo governed by tho time limits of the preceding section.
(c) At tho hearing, or on tho appeal, the employees may bo assisted by a
committee of employees, or by one or more duly accredited representatives.
(d) Tho right of appoal by employees or representatives, in regular order
of succession and in tho manner prescribed, up to and inclusive of the
highest official designated by tho railroad to whom appeals may bo made
is hereby established.
(e) An employee on request will bo given a letter stating the cause of
discipline. A transcript of tho evidence taken at tho Investigation or on
tho appeal will bo furnished on request to the employee or representative.
(/) If tho final decision decrees that charges against the cmployco were
not sustained, tho record shall bo cleared of tho charge; if suspended or
dismissed tho employee will bo returned to former position and paid for
all time lost.
(g) Committees o f employees shall lie granted leave of absence and freo
transportation for tho adjustment of differences between tho railroad and
tho employees.
ARTICLE VIII.
Rules for Application o f This Order.
(a) Tho foregoing basis will not lie applied to positions wliero tho com
pensation as of Jan. 1 1918 was upon a commission basis, or upon a com
bination of salary and commission (not including express or outsido com
missions) . The Hoard of Railroad Wages and Working Conditions will
consider and mako individual recommendations as to tho correct salary
for such positions when presented to it in tho manner prescribed in Sup
plements No. 6 and No. 6-A to General Order No. 27.
(b) Tho pay for female employees, for tho satno class of work, shall
bo tho samo as that of men, and their working conditions must be healthful
and fitted to their needs. Tho laws enacted for tho Government o f their
employment must bo observed.
(c) Vacations witli pay are abolished, effective Jan. 1 1919.
ARTICLE IX .
Interpretation o f This Order.
Tho rates of pay and rules herein established shall bo incorporated into
existing agreements and into agreements which may be reached in tho
futuro, on tho several railroads; and should differences ariso betweon the
management and tho employees of any of tho railroads as to such incorpora
tion, intent, or application of tills order prior to tho creation o f additional
railway boards of adjustment, such question of differences shall bo referred
to tho Director of tho Division o f Labor for decision, when properly pre
sented, subject always to roviow by the Director-General.
Agreements or practices, oxcopt as changed by this order, remain In
effect.
W . G. McADOO,
Director-General o f Railroads.
THEODORE N . V A IL PERSONAL A D V IS E R TO POST
M A S TE R-G E N E RA L BURLESON I N TELE
PHONES A N D CABLES CONTROL.
2067
GO V E R N M E N T CONTROL OF CABLES TO BE
CONTESTED.
Following tho assumption of control by the Government
of the cable properties to which we referred last week (page
1972) it was announced on Nov. 22 that the Postal Tele
graph Cable Company would contest in the court the Gov
ernment’s seizure of its properties and the proposed con
solidation of its land lines with those of the Western Union
Telegraph Company. Clarence II. Mackay, President
of the Postal Telegraph Commercial Cable Company in
making this known on the 22nd said:
Senator Watson was right in his statement in the Senate yesterday that
the seizing of the cables is contrary to the letter as well as the spirit of the
law. AVe shall contest that seizure in court. The Supreme Court of the
United States said, in 147 U. S. 165, after reviewing various decisions;
We have no doubt the principle of these decisions applies to a case wherein
it is contended that the act of the head of a department under any view that
could be taken of the facts that were laid before him was ultra vires and
beyond the scope of his authority. If he has no power at all to do
the act complained of, he is as much subject to an injunction as he would
be to a mandamus if he refused to do an act which the law plainly required
him to do.
I see that Mr. Burleson announces that he proposes to merge or con
solidate tho AVestern Union and Postal, lias he no fear of the Sherman
Anti-Trust Act of Congress of July 2 1890? That Act is still very much
alive. If the two companies themselves started out to consolidate or merge
they would promptly be met by an injunction by the Attorney-General
of tho United States, and would face jail. The joint resolution of Con
gress authorized tho taking over of the telegraph lines for “ national se
curity and defense,” but did not authorize or intimate in the slightest
degreo that any merger or consolidation was contemplated, expected, or
would bo tolerated, or that the Postmaster-General could override the
acts of Congress. AVe shall contest this in the courts if attempted.
AVe shall file in a few days in the Court of Claims our demand for proper
compensation for the use of our land lines. The compensation given by
the Postmaster-General to the AVestern Union will result in a loss to the
Government of about $2,300,000 annually. The compensation given by
him to us will result in a profit to the Government of about $2,589,000 an
nually. Our profits are to be used to pay AVestern Union losses.
In August our profits were $320,000, of which Mr. Burleson allows us to
keep $140,000, and then turns the remaining $180,000 over to the AVestern
Union. Our profits in September were $310,000, of which M r. Burleson
allows us to keep $(40,000, and turns the remaining $170,000 over to tho
Western Union. This is like taking my pocketbook out of my pocket
and extracting half of the contents and handing it back with the remain
ing contents. Is this “ due process of law" as guaranteed by the Con
stitution of the United States? The proposition would be ludicrous were
It not so outrageous. I think that something will collapse, and it won't
bo tho Postal Telegraph Company.
CU S TOM OF RECE IPTING FOR TELEGRAMS D IS
C O N T IN U E D .
It Avas announced on Nov. 25 that Avith the approval of
tho Post Office Department, the Western Union and Postal
Telegraph companies had discontinued, as an experiment,
tho custom of obtaining receipts from all persons to A\rliom
telegrams are delivered.
D E T A I L S CONCERNING RE D U C TIO N I N
N I G H T MESSAGES.
R ATES ON
Tho action of Postmaster-General Burleson in ordering
a reduction in telegraph rates on night letters Avas referred
Theodoro N. Vail, President of tho American Telephone to in these columns on Saturday last, page 1975. The fol& Telegraph Co. is to become tho personal adviser of loAving is the statement, giving details Avith regard to the
Postmaster-General Burleson in the organization of tho tele order:
Burleson on Tuesday, Nov. 19, issued an order to
phone, telegraph and cable systems under Government Postmaster-General
into effect Jan. 1 1919. reducing tho “ night message” telegram rate, the
control. Announcement of this was mado as follows in a go
effect of which is to enable Atlantic Coast and Pacific Coast States to inter
communicate for 50 cents. The lowest charge heretofore has been $1.
statement issued on Nov. 25 by the Postmaster-General’s This
night message telegram will cost a minimum of 20 cents for ten words
office:
and 1 cent for each extra word for the shortest distances, and 50 cents for
Theodoro N. Vail, President o f tho American Telephone & Telegraph
C o., has consented to give Postmaster-General Burieson the benefit of Ids
wide experience in the organization of the wire system under Government
control. Mr. Vail will be consulted by the Postmaster-General as his
personal adviser, and will prepare for tho Postmaster-General, for his
assistance in directing tho wire control, a comprehensive report on tho wire
sorvico, with a view to the more extended use o f the telephone, telegraph
and cable during Government control.
The years of study which M r. Vail has given to tho problem of universal
wire service and a unified and extended cable system and his pre-eminence
as an authority on tho organization o f electrical communication will render
his sorvico and assistance o f great value to tho Postmaster-General.
In making known that Mr. Vail had been called upon by
tho Postmaster-General to assist in tho working out of wire
service problems, the following lotter to Mr. Vail was made
public:
OFFICE OF THE POSTMASTER-GENERAL.
Washington, Non. 22 1918.
Theodore N. Vail, Esq., 195 Broadway, New York, N. Y.:
M y Dear M r. Vail: I desire to avail myself of your broad knowledge and
experience on tho subject of electrical communications, with a view to a
moro extended use of telephone, telegraph and cable during tho period of
Government control of land wires and American cable properties.
I take it that your studies of tho past years have included in tho con
sideration of the problem o f universal wiro sorvico, with which you havo
dealt in your annual reports, tho problems associated with a unified and ex
tended cable system. Will you, then, bo so kind as to give mo the benefit
of your studies and observations having special consideration to tho prob
lems as now presented, to tho end that I may have beforo mo for considera
tion suggestions growing out o f your large experience?
Sincerely yours,
A. S. BURLESON, Postmaster-General.
ton words and 2 cents for each extra word for the longest distances. A
comparison of tho day rates for 10 words with the night message rates
follows:
AVhero day message rate is 25-2, night message rate is 20-1
do
do
do
do
30-2.
25-1
do
do
do
do
do
25-1
do
35-2,
do
do
do
do
do
30-1
do
do
40-3,
do
do
do
do
35-1
do
do
50-3,
do
do
do
do
40-1
do
do
CO-4,
do
do
do
do
45-2
do
do
do
75-5,
do
do
do
50-2
do
do
do
100-7,
Other night message rates remain as at present.
A very great increase of traffic between distant points is expected to result
from this low rate. A letter may take four or fivo days with no alternative
now but tho payment of one dollar. This gives tiio alternative of one-half
dollar service, and brings the distant parts of the country about three days
closer together.
*• t
'■
t •>
These “ night messages” are made subject to post-office carrier delivery.
Tho rato on ordinary telegrams, though sent at night, is not affected
by this order.
__________________
E X -P R E M IE R
A S Q U I T H ’S V I E W S
N A T IO N S .
ON
LEAGUE
OF
A dispatch from London on Nov. 22 said that apropos tho
American Congressional discussions which Avero quite
lengthily roported by English neAvspapers, ex-Premier As
quith had mado this statement concerning tho project of
tho League of Nations.
No nation ought to bo called upon to surrender or impair its effective
and completo sovereignty over its own affairs and interests.
2068
THE CHRONICLE
No nation should be allowed to dictate to another forms of legislation
or administration or a schemo o f government.
No nation, and no combination o f nations, ought to bo in a position to
prescribe for the rest what its fiscal policy should be. That is a very burn
ing question. Each Government must be allowed to tax Its people, frame
its tariff and carry on its financial system with primary regard to its own
interests anil the interests o f those for whom it is the trustee.
It would bo a very serious handicap to tho adoption o f a League of Na
tions if it were to be supposed that by associating one’s country with a
great international combination one should be called upon in any way to
surrender the completo power of self-determination and independent
government.
You cannot have a Lcaguo o f Nations in any but an academic sense,
which means an ineffective sense, unless those entering arc prepared to
recognize that in all countries participating the basis of government should
not be autocracy but complete, unfettered freedom at home.
Next, they all should be prepared to combine their naval, military and
econmoic forces against any member or group of members cherishing and
trying to carry into effect aggressive ends.
War, under modem conditions— and this will be increasingly true as the
world develops— is a form o f international suicide. That is the motive
powor for a formation o f a League of Nations.
IN T E R N E D G E R M A N S TO"BE S E N T H O M E B Y GR EAT
B R ITAIN .
Viscount Georgo Cavo, replying foNtho Government to a
discussion in the House of Lords regarding German immi
grants jtf ter petmolms^been signed, outlined the policy as
follows, accordingHio London advices on Nov.~21:
A largo number o f Germans are interned in this country and cannot be
sent homo now, but when peace is declared it is intended to send them homo.
In order to prevent their return to this country the Government proposes to
introduce beforo the ratification o f tho peace treaty a bill which would
give tho Ministry the samo power o f exclusion in time of peace as it pos
sessed during tho war.
JOHN W . D A V I S CO NF IR M E D A S A M B A S S A D O R TO
GR EAT B R IT A IN .
Tho nomination of John W. Davis to bo Ambassador to
Great Britain and of Alexander C. King of Atlanta, Ga., as
Solicitor-General?to succoed Mr. Davis wore confirmed on
Nov. 21 by tho Senate. Tho resignation, owing to ill-health,
of former Ambassador Walter Hines Pago' and tho solection
of Mr^Davistas his successor wero referred to" in our issuo
ofJOct. 5, page 1343.
** “~
“ F LOA T E D \ T0" VICTORY ON A ' W A V E OF O IL,” : S A Y S
EARL CURZON.
r In addressing a banquot’given on Nov. 21 by tho British
Govornmont to tho Inter-Allied Petroleum Conferonco, Earl
Curzon,rmomber of tho British*War'Cabinet, declared that
tho Allied causo*had been1'“floated torvictory on a wave of
oil,” because if it'had not been for tho''great fleets of motor
trucks tho war could not iiavo beeriwon. Inthe last oighteen
months tho’Council, it is said, has dealt with 13,000,000 tons
offoil.1,5 The Londonfdispatch from which" tho foregoing was
taken said furthor:
[V ol . 107
Allied armies. An American battalion was given the honor
of leading the procession and received an enthusiastic ovation.
The following messago of congratulation was sent to the
Bolgian ruler by President Wilson:
At the moment that you re-enter Brussels at tho head of your victorious
army, may 1 not express the great Joy that it gives to mo and to tho Ameri
can peoplo to hail your return to your capital, marking your final triumph
in this way, which has cast your nation so much suffering, but from which
it will arise in new strength to a higher destiny?
In his reply to the Parliament’s address of weleomo,
King Albert declared Belgium’s intention henceforth toclaim full independence as a Stato in placo of its former
position of guaranteed neutrality. The King also announced
the Government’s intention to institute various internal
reforms, including equal suffrago for all men of mature ago.
An Associated Press dispatch from Brussels gavo this ac
count of tho King’s speech:
“ The Government proposes to the Chambers to low-or, by patriotic
agreement, the ancient barriers and to make the consultation of tho nation
a reality on the basis of equal suffrage for all men of tho mature age re
quired for tho exercise of civil rights.”
This statement aroused a storm of applause from all of the mombers.
Referring to the Flemish question, King Albert said:
"Tho necessity of a fruitful union demands tho sincere collaboration of
all citizens of the samo country without distinction of origin or languago.
In this domain of language the strictest equality and tho most absoluto
justice will preside over tho elaboration of projects which the Government
will submit to the national representatives.
“ A reciprocal respect for the interests of tho Flemings and the Walloons
ought to bo an Integral principle of tho administration and should givo to
each tho certainty of being understood when I10 speaks his own language
and assuro to him his full intellectual development, especially higher
education.”
In regard to the future status of Belgium I10 declared:
“ Belgium, victorious and freed from the neutrality that was imposed
upon her by States which have been shattered to their foundation by war,
will enjoy completo independence.
"Belgium, re-established in all its rights, will rule its dostinios according
to its aspirations and in full sovereignty.”
In speaking of tho manner in which tho war had been brought to a suc
cessful conclusion. King Albert referred with gratitude to the great effortsof all tho Entente countries and of the United States, "a new and stalwart
ally, which added tho weight of her effort, so groat and enthusiastic, to
that of the other nations and caused our formidable adversary to totter.”
Near the close of his address the King paiil a further glowing tribute to
tho Entente nations and made a striking reference to America, which, ho
declared, had saved Belgium from famino.
The administrative services of the Belgian Govornmont
have also returned to Brussels from Havre. Tho now Bol
gian Ministry, a press dispatch states, will comprise six
Catholics, threo Liberals and throo Socialists, including tho
Socialist leader, Edouard Anseelo. Premier Cooreman will
rotiro. Baron do Broquoville will be Minister of tho Intorior
and Gonoral Janson Minister of War. M. Hymans will
retain the portfolio of Foreign Affairs and Emilo Vandcrvolde
will continuo as Minister of Justico.
Regarding tho intention of Belgium to throw off tho con
dition of guaranteed neutrality imposed upon her in 1839,
an official statement issued by tho Belgian Legation at Wash
ington on Nov. 12 said:
In December 1916, Earl Curzon sail., the oil situation was critical.
Stocks w'cre so depleted that tho British fleet was obliged to restrict opera
tions. At tho time when tank ships were being sunk in increasing numbers
tho idea was conceived of carrying oil in tho double bottoms of ordinary
cargo vessels, and 1,000,000 tons wero transported in this manner. When
the armistice was signed the stocks of oil in Allied countries had been
brought up to a point o f absoluto safety. This achievement, ho said, re
flected tho greatest credit on the Petroleum Council and on the great oil
companies that had subordinated their own interests to tho Allied cause.
Tho result, Earl Curzon said, had been one o f the greatest triumphs of
tho war.
,
Senator Berenger o f France said that tho Germans expected to win be
cause they owned great coal doposits, but tho Allies won with oil. It was
a victory o f automobiles over railroads. Tho United States, by its ready
response to the needs of tho Allies, he added, had rendered a servico to
France anil the other Allies which would never be forgotten. LieutenantCommander Burstow replied in behalf o f tho United States.
The members o f tho Conference have been visiting Scotland during tho
past few days, attending the formal opening of a pipe lino laid across Scot
land along tho Clyde-Forth Canal to secure a continuous supply of fuel
oil for tho British naval base at Rosyth. Tho primary object of this pipe
line, which can deliver 100 tons of oil per hour and Is tho longest in Europo,
was to avert tho necessity o f tank steamers going around Scotland to the
east coast and thus to diminish the loss of tank steamers by submarine
attacks.
Construction was begun In March and completed on’ Nov. 11. Rear
Admiral II. II. D. Tothill, Fourth British Sea Lord, who performed tho
opening ceremony, said that tho speedy completion o f tho schemo was
largely duo to “ our good friends in tho United States who went over tho
pipe line and provided pipe and also tho necessary hustle and determination
to overcome all difficulties.”
In tho courso of its visit the Council inspected tho Scottish shale indus
try, which is now annually yielding 70,000 gallons of oil and 60,000 tons
of ammonia.
The note of Dec. 2-1 1917, addressed by the Belgian Government to the
Pope in reply to the Pontifical messago, advances as one of tho indispensable
conditions of a just peace, as far as Belgium is concerned, political, economic
and military independence without condition or restriction.
These words aro explicit. Tho Belgian Govornmont is opposed to the
re-establishment of obligatory, permanent neutralization, which would
fetter its freedom of action without insuring pcaco to tho nation. It aspires
to complete independence, to the rights common to all free pooples.
This status will free Belgium from foreign control and glvo her the right
to mako such arrangements for her defense as would seem, under tho given
conditions, to be most effective and to regulate furthermore, according to
hor own interests, her economic relations.
Belgium must be allowed freedom to determine hor own destiny: she must
bo free to adopt of her own volition a policy which shall keep hor outside
of the great International competitions anil permit her, if some now danger
snoulil threaten, to take any necessary measures to defeat the hostile
designs directed against her.
Tho future of the country will depend on the wisdom and tho will of tho
nation, as well as upon tho constant interest of all tho groat Powers in a
free, strong Belgium. •Tho Interest of tho Powers In the maintenance of
her independence is in itself a substantial and durable guarantee to which
treaties add but a formal, external confirmation. What weight anil what
confidence, for examplo, could Belgium attach to tho renewal by Ger
many of an agreement which has been so brutally and cynically broken?
Such a promise would bo purely derisive.
Moreover, the events of tho last four years render a return to tho status
quo of 1S39 impossible. It would entail a perpetual intrusion by Germany
upon tho domestic life of the nation. The enomy, tho Invader, tho occu
pant of yesterday, would not fall to keep a Jealous watch over tho execution
of the obligations which he had Imposed upon tho country, and would
subject it to a regime of superintendence and investigation intolerable to
public opinion and certain to cause serious difficulties.
K IN G
PRE SID EN T
ALBERT RETU RN S TO BRUSSELS— C L A I M S
FUL L IN D E P E N D E N C E FOR BE L G IU M .
Tho formal rc-ontryfof King Albert into Brussels occurred
on Nov. 22, and was mado'tho occasion of, great/"rojoicings
by tho populace. Tho coromonios includod a Stato visit
to tho Parliament*House, whore tho King arul'royal family
listonod to an address^ of welcome, and witnessed a*'great
parade participated in by detachments^from. the different
WIL SON EXPRESSES S Y M P A T H Y
D A N E S OF SCHLESWIG.
FOR
In response to a petition from Americans hailing originally
from tho province of Schleswig (or Slosvigi, and ondorsed
by thousands of other Americans of Danish doscont, Presi
dent Wilson has addrossod a letter to tho Rov. K. C. Bodholdt of Racine, Wis., tho originator of tho potition, assuring
him of his sympathy with tho Danes of tho provinces hold
Nov. 30 1918.]
THE CHRONICLE
2069
by Prussia since 1864. The President’s promise does not
it is said, affect the status of the Kiel Canal or the German
U-boat bases at eithor end. The canal lies wholly within
the provinco of Holstein, south of the Eider River and canal
which formed the boundary between the two Elbe provinces
before they were united to Prussia. Tho full text of the
President’s answer to tho petition follows:
Government, who is a member of both the Directorate and
the Council of Ministers, retained his post as Premier. The
activities of the radical wing represented in the All-Russian
Government forced the militarist and conservative elements
to adopt counter-measures, according to Lieut .-General
Horvath, prominent among the leaders in the anti-Bolshe
vik movement in Siberia. These measures, he said, included
THE W HITE HOUSE.
the arrest of many members of the left of the Social Revo
Washington, Nov. 12 1018.
lutionists.
“The Government, in the face of this accom
M y Dear Air. Bodholdt:— In addressing myself to you I wish to include
not only M r. Cari Plow o f Petaluma. Cal., and Mr. Jens Jensen of Chicago, plished fact,” General Horvath explained, “found it advisa
who with you have been the chief spokesmen o f Slesvig in this country, but ble to declare the Directorate abolished and to transfer
all tho Slesvigors who have signed tho petition directed to me as well as temporarily the superior authority to a supreme Governor
the greater number o f Americans of Danish race who have indorsed the
whose power is limited by the Council of Ministers. In
petition.
The statement you have given me signed by former residents o f Slesvig other words, there is mutual responsibility.”
and indorsed by a still greater number o f Danes, all now American citizens,
The change in the Government, it was said, had been ac
voices anew an unforgotten injustice. Tcan but assure you that your appeal
to America’s sympathy and passion for justice will not go unheeded, for cepted by the people and the troops without disorder. The
it founds itself wisely upon tho rights o f men to rulo themselves and to success of the coup, General Horvath was quoted as saying,
chooso the manner In which that self-rule shall be exercised. I do not
rests with the United States. France and England, he be
doubt, that your voice and that o f your former countrymen will be heard
and heeded wherever the thought o f the nations turns to the righting of lieved, would not withhold recognition of the new order,
old wrongs kept fresh by the lengthened oppression o f the intervening years. since the personnel of the Ministry and the policy of the Gov
It is for the whole world which has borne the burders o f war to share in
the adjustments o f peace. Not America alone, but all the peoples now ernment remained unchanged.
On Nov. 22, however, another Vladivostok dispatch
quickened to a newer sense o f the values o f justice must join in tho relief
o f a grievance whose continuance would traverse tho principles for which reported that the three Coassack officers, who, on Nov. 18,
moro than a score o f nations are now fighting.
Please accept on behalf o f the Slesvigers in this country my thanks for arrested two members of the All-Russian Directorate
the faith o f which their petition is an ovidenco and on behalf o f your race Avskentieff and Zenzinoff, and two prominent citizens of
in the old country, my earnest wish for tho hastening o f the day when right Omsk, Argunoff, and Rogovsky, precipitating the change
and Justice shall prevail to deliver them from oppression.
in the All-Russian Government, which made Admiral
Cordially and sincerely yours,
WOODROW WILSON.
Kolchak
dictator, were to be tried by court-martial. Premi r
Rev. K. C. Bodholdt, 816 Union Street, Racine, Wls.
Vogodsky, in a manifesto, declared that the officers “at
The text of tho petition presented to tho President by tempted to prevent the supreme power from functioning,
Americans hailing from Slesvig and indorsed by thousands and arrested the President of the Russian Government.”
of Americans of Danish descent follows:
The court-martial was to be held in accordance with the
To the President.
procedure on the fighting front, the sentence to be con
At this moment o f glorious dawn, when a new day seoms to be breaking
upon the world with promise o f a universal readjustment on the basis of firmed by the supreme ruler.
justice and right, wo, American citizens hailing from the German province
Gen. Semenoff, who has been the anti-Bolshevik leader
Slesvig, turn to you with an urgent appeal that you bring before the world in the Trans-Baikal region, it was reported in the same dis
the case o f our oppressed kinsmen in the old country.
What they ask, and what wo ask on tlicir behalf, implies no taking of patch, has interrupted wire communication between Omsk,
territory from one nation for the enlargement or aggrandizement of an the seat of tho All-Russian Government and Vladivostok.
other. While wo know that Danes all over the world, without regard to
political allegiance, are with us, our appeal is made regardless of them and He asserts his jurisdiction over the Amur, Usuli, and Transwithout thought of gain or loss to Denmark. All we ask for our race in Baikal district, and has established his headquarters at
Slesvig, and all they ask for themselves, Is that they be granted tho right Chita. Gen. Semenoff and Admiral Kolchak, tho supreme
for whicli you have spoken with such convincing power— tho right o f deter
mining for themselves whether they are to give allegiance to Germany or head of the All-Russian Government, for some had not been
to Denmark.
on frieldly terms, it was stated. Semenoff, however, was
There can bo no less question or hesitation about the validity o f their friendly toward Gen. Horvath, one of Admiral Kolchak’s
demand, because it was explicitly reserved to them by Point 5 of tho
treaty n ado at Prague in 1866. Is It not meet that to-day, when othor strongest supporters.
“ scraps o f paper” torn by Germany are being pieced together again, this
Tho first proclamation of Admiral Kolchak as Dictator
one as well be made binding once more?
and
Commander of the All Russian Army and Fleet was
Wo think that wo know what you feel about the subject so close to our
hearts— closer than over because we ourselves are no longer victims of the addressed to the people of Russia, and dated at Omsk,
tyranny against which we protest. Wo can see more than one reason why, Nov. 18. It declared the aims of the dictatorship to be:
until now, tho name of Slesvig has not been included in any one o f those
heart-stirring utterances o f yours that are being made the fundamental
documents for tho world's rebuilding Into a safe refuge for true democracy.
But now wo believe that all such reasons have lost their binding force.
Now, when the fetters are falling from the limbs of one nation and race
after another, tho time has come, wo believe, to add the name of Slesvig
to those that have a valid claim to the support and sympathy not only of
this great nation but o f all tho world’s victorious democracies.
As Americans wo pray you: Speak and speak soon, in order that those of
our people who are less fortunate than we may be granted the simple ele
mentary rights o f self-determination and self-government for the preserva
tion of which wo and our children aro now working at home and fighting
abroad.
_______________________
The creation of a fit arm.y, tho conquest o f Bolshevism, the organization
of right and order, so that the people can select the form of Government
they desire without hindrance and be able to achieve their ideas of liberty.
The proclamation appealed for united action in the struggle
against Bolshevism and continued:
The All Russian Government has gone to pieces. Having decided to
boar the burden of the cross I declare I will not follow the road of reaction
or the road of a party struggle which would lead to oblivion.
According to newspaper accounts, Admiral Kolchak
was commander of the Russian Black Sea fleet before the
revolution. He was compelled in June 1917 to surrender
command of that fleet to the revolutionists. He did this
REPORT DIC TATOR I N CHARGE OF A L L - R U S S I A N after throwing overboard his sword, which the Japanese
GOVERNMENT A T O M SK.
had left him when the Russians evacuated Port Arthur in
Conflicting news lias come recently from Omsk, in Siberia, the Russo-Japanse War. Later in 1917 he visisted this
the seat of tho All-Russian Government set up early in Octo country at the head of a naval commission from the Kerensky
ber by members of tho original Constituent Assembly. A Government and discussed possible co-operation between the
report from Vladivostok dated Nov. 19 stated that, through a Russian and allied fleets.
coup on tho part of the Council of Ministers, Admiral Kol After the Bolsheviki gained the ascendancy in Russia he
chak had become virtual dictator and commander of the All went to Siberia, where in May of this year he was elected
Russian army and fleet. Two Ministers, M. Avksentieff Director of the Chinese Eastern Railway and co-operated
and M. Zenzcnoff, who opposed Admiral Kolchak’s dicta with General Orloff, in an effort to free the eastern portion
torship, were reported to havo been arrested. A portion of of that railway from the Bolsheviki. He then came into
the Directorate of the erstwhile Ufa Government, which contact and clashed with General Semenoff, anti-Bolshevist
formed the administrative body of the now Government, leader in Siberia, now in command of the anti-Bolshevist
and to which tho Ministry was responsible, supports Admiral army in tho Baikal region. General Semenoff, however,
Kolchak, it was said. Telegrams received at Vladivostok was recently reported as recognizing the authority of the
from Omsk stated that the move was “due to extraordinary Omsk Government.
ciroumstances and danger menacing the State.” The Admiral Kolchak, in a press dispatch during last July,
Council of Ministers assumed authority and transferred it to was quoted as declaring belief in the necessity for an Allied
Admiral Kolchak. Tho latter accepted the responsibility, expedition into Russia to suppress Bolshevist outlawry and
and, it was announced, entered upon his duties as “Supremo render possible representative elections, so as to secure
Governor.” General Horvath, General Ivanoff, Minister proper self-government to the country.
of War of tho Omsk Government, and General Renoff, Washington advices on Nov. 21 stated that Senator King
former Commander of tho All-Russian forces, announced that of Utah, upon receipt of the news of the formation of the new
they recognized tho now authority. The coup occurred on All-Russian Government under Admiral Kolchak, introduced
Nor. 18. M. Vologodsky, head of the Western Siberian I a resolution providing for recognition of this Government by
THE CHRONICLE
3070
the United States and the Allies as the de facto Government
of Russia. The resolution provided for joint military aid
for the overthrow of the Bolshevik Government, and as
sistance to the Russian people in establishing an orderly
Government. It was referred to the Foreign Relations
Committee.
The assumption of power by Admiral Kolchak at Omsk is
said to be regarded with satisfaction by both Russian and
American officials. The fact that the coup d’etat by which
by which Admiral Kolchak was proclaimed dictator was car
ried out not by himself but by the Ministry of the Omsfc
Government was regarded as evidence that the Admiral
would not alter the policy proclaimed by the new Govern
ment. Since Admiral Kolchak stands for the authority of
the Constituent Assembly and since men like Premier Vo'ogodsky and Michaeloff, Social Revolutionist, are remaining
in the Omsk Cabinet, it is thought likely that no disturbances
will be caused by the rise of Admiral Kolchak to power.
Q UIC K A I D
TO RUSSIA
URGED B Y PRINCE LVOFF.
[V ol . 107
German army to restore order, and the Boisheviki were de
feated. Tho Germans, however, remained, and at length,
on the pretense that the Ukrainian Government was plotting
a general massacre of German officers and soldiers, arrested
the heads of the Government, dispersed the Assembly, and
set up the Skoropadski regime in its stead.
The overthrow of the Kiev Government, it is said, is
viewed with considerable satisfaction in Washington and
other Allied capitals. With the Ukraine in the control of
forces friendly to tho Allies, and the Dardanelles and the
Black Sea open to the Allied fleet, a path is opened into the
heart of Russia not only for the dispatch of supplies for the
relief of the people, but of troops also if it should be thought
best to supplement in this way the efforts of the Allied forces
operating from Archangel and Siberia.
U K R A I N I A I N ACCORD W I T H T H E E N T E N T E .
An Amsterdam dispatch datod Nov. 26 stated- that
Premier Gerbel of Ukrainia has declared in an interview
that Ukrainia is already in full accord with the Entente,
whose representatives aro expected at Kiev soon, according
to a Kiev dispatch to the “Rhenish Westphalian Gazette,”
of Essen. He added that the Ukraine will belong to the
now Russian Federal State.
Prince George E. Lvoff, Premier of the first Russian Pro
visional Government after the downfall of the Czar, who is in
Washington seeking to influence the American Government
in favor of extending aid to the anti-Bolshevist forces in Rus
sia, was quoted in Washington advices to the New York
“Times” on Nov. 23 as saying that military and economic
Allied intervention on a large scale is necessary to save that
A M E R I C A ' S W A R LOSS A T SE A.
country from the Bolshevist elemonts now in control.__In an
interview with a representative of the “Times,” Prince Lvoff From the beginning of tho European war, Aug. 3 1914, to
said:
the signing of the armistice Nov. 11 1918, the authenticated
I think a sense o f justice will dictate to the Allies the necessity of or loss of American merchant vessels from acts of the enemy
ganizing in Versailles the defense o f Russian interests. This work cannot
bo done alone by Russia. The country as a whole Is not able, as affairs was 145 vessels of 354,449 gross tons, with the sacrifice of
stand now, to sond plenipotentiary representatives, but the Allies, I am 775 lives, as shown by the official records of the Bureau of
sure, will see that there is ample representation for the people themselves. Navigation, Department of Commerce, as made public
Bolshevism still continues to control a considerable part o f Russia. Sen
tence upon Bolshevism and Its crimes has already been passed by all the on Nov. 24. These returns do not includo tho losses of
civilized nations, but the sourco and character o f the Bolsheviki’s power vessels of the American Navy or of tho American Army, and
still remains not clearly understood by many people abroad. At the mo lives thus sacrificed recorded by the Navy and War Depart
ment o f greatest weariness o f the war they promised peace, bread, and
liberty to the people, and a great many followed them. Instead o f peace, ments. They do not include, it is stated, several cases of
they gave a never-ceasing war; instead o f bread, hunger without precedent the loss of merchant vessels in which it is not yet established
In Russia; instead of liberty, a bloody tyranny such as we never knew in
whether the loss was due to acts of the enemy. A summary
the worst years of the reign o f the Czars.
The Boisheviki are indulging in a perpetual revolution. Their aim is a of tho losses, according to periods before and after the
universal social eruption. They are interested in Russia chiefly as a hearth United States entered the war and according to the methods
where they may keep up by all means the fire o f a world conflagration.
From the outside it would seem as though Boisheviki display strong power, of destruction to which tho enemy resorted, with number and
but this impression is not correct. Almost all the branches of their admin gross tonnage of ships destroyed and number of lives lost,
istration are In a state o f chaos and they are unable to enforce, even by the is given below.
most cruel and sanguinary measures, tho submission o f the border lands and
The following table covers the period from tho beginning
the execution of their decrees.
Tho Allies have decided to feed their vanquished foes. Can they let of the war, Aug. 3 1914, to April 5 1917, inclusive:
Russia die o f starvation? Can they quietly permit tho enormous supply
o f grain stored in different parts o f Russia to be left without using on ac
count o f anarchy prevailing there? And when, with such conditions, shall
tho victors procure the grain to feed hungry Europe?
The Allies require order from Germany. Can they tolerate the nest of
anarchy in Russia, the domination o f the Boisheviki, who are aiming co
kindle class hatred and tne struggle with the arms of tho proletariat against
other groups of the population ?
The Russian army Is in need o f munitions and artillery. The first need
of Russia consists in additional man power for the Czecho-Slovaks and in
supplies for the Russian army.
If Russia might have had the sufficient and timely support of such a
kind, she would havo settled herself her Inner affairs a long time ago, but
without such assistance from outside, even her liberated parts will fall into
the hands o f the Boisheviki.
U K R A I N I A N G O V E R N M E N T O VER TH RO WN B Y PROA L L Y COSSACKS.
The overthrow of the Ukrainian Government headed by
General Skoropadski, the capture of Kiev, its capital city,
and the dispersal of the Ukrainian National Assembly were
announced in advices received Nov. 20 by way of Copen
hagen. The forces which accomplished the overturn were
said to be Cossacks from Astrakhan under the command of
General Denikine, leader of anti-Bolshevist forces. A pro
visional Government has been established at Kiev. __ ___
_ The Ukrainian Government which_has_thus been ovcrthrown was established last May, when General Skoropadski
was made the virtual dictator of the country by the aid of
German bayonets, and its downfall was presumably due to
the withdrawal of the German forces on which it relied for
support. The Ukraine separated from northern Russia and
became a republic during the disorders following the downfall
of tho Kerensky Government in 1917._ Overtures were at
once made to Germany for peace, and the defection of the
Ukraine was blamed at the time for the acceptance by
Russia of the disastrous Brest-Litovsk Treaty. Civil war
soon followed in the new “republic,” in which tho Bolshevik
Red Guards, reinforced from Russia, contended for control
of the Government with the White Guards representing th'e
more conservative elements. The latter at last called in the
Mined—
Gunfire, Ac.
— Torpedoed—
■Total----- Lives
No. Gross. No. Gross. No. Gross. No. Gross. Lost.
9,675
6
4
Steam ____ . 6
25.988
24,649 16
60,312
67
1.904
2
S a il______ —
4,927
3
1
6,831
T o t a l... .
6
25.988
5
11,579
8
29,576
19
67,143
~67
The following table covers the period from April 6 1917,
the entry of the United States into the war, up to the armis
tice of Nov. 11 1918,. _
inclusive:
Mined—
Gunfire, Ac. -----Total----- Lives
— Torpedoed—
No. Gross. No. Gross. N o. Gross. No. Gross. Lost.
2
8,116 22
38,272 69 236,745 707
Steam . . . . . 45 190,357
—
57
50,561 57
50,561
S a il____
1
........... - T ota l. . . . 45
190,357
2
8,116
79
88,833 126
287,306
708
The totals for the entire period, Aug. 3 1914 to Nov. 11
1918, inclusive, are given
below:
__
Mined—
Gunfire, Ac. -----Total----- Lives
— Torpedoed—
No. Gross. No. Gross. No. Gross. No. Gross. Lost.
17,791 28
6
62,921 85 297,057 774
Total steam 51 216,345
1,904 59
______
1
55,488 60
57,392
1
Total sa il.. . .
Grand total 51
216,345
7
19,695
87
118,409 145
354,449
775
The killing at sea of 703 porsons on American merchant
ships is chargeable to submarine torpedoes, 38 wore killed
by gunfiro and 34 were victims of drifting enemy mines.
As against the foregoing lossos of American shipping, a
Washington dispatch on Nov. 16 reportod that nearly 3,000
merchant vessels were built in home yards botwoon April 6
1917, the date of tho declaration of war by tho United States,
and Nov. 11 last, tho date of tho armistice. Tho oxact num
ber was 2,985, of 3,091,695 gross tons, of which 506 vessels,
aggregating 2,056,814 gross tons, were ocean-going steel
steamors. Ocean-going wooden vessels numbered 403, of
753,156 gross tons, and non-soagoing vessels number 2,076,
with a gross tonnage of 281,725.
C A S U A L T IE S OF A M E R I C A N A R M Y I N W A R TOTAL
236,117.
A cabled announcement by Gonoral Pershing, mado public
by General March, Chiof of Staff, on’Nov. 23, that tho total
casualties in tho Amorican army duo to tho war wore 236,117,
came as a distinct shock and a groat surprise to tho public,
Nov. 30 1918.]
THE CHRONICLE
2071
and also, it is said, to the War Department officials on this A . B. A . D EC ID E S W H A T P R IV A T E CONCERNS A R E
side. The total includes over 50,000 dead and no loss than
ELIG IB L E FOR M E M E R S H I P — A D V E R T I S IN G
179,625 wounded. The latter figuro, however, is said to
D EFINED.
include large numbers of mon so slightly injurod that they A meeting ofI N theJOURNAL
Administrative
of the
did not go to hospitals. The total losses as announced wore American Bankers’ Association was held Committee
at
the
Association’s
divided as follows:
offices in New York on Nov. 20, 21 and 22. At the annual
Killed and died of wounds________________________________________ 30,154
Died of diseaso__________________________________________________ 14,811 coevention of the Association in Chicago in September the
Doaths (unclassified)___________________________________________
2,024 Committee was increased from five to nine members to allow
W ounded_______________________________________________________ 179,625
for section representation thereon and this was the first
Prisoners_______________________________________________________
2,103
The
1,160 meeting of the committee since its enlargement.
Missing.......................................
committee
now
comprises:
Total.....................................................................................................236,117
President Robert F. Maddox, Atlanta, Ga., Chairman.
Tho surprise created by General Pershing’s announcement Ex-President
Charles A. Ilinsch, Cincinnati, O.
Vice-President Richard S. Hawes, St. Louis, M o.
was duo to the fact that up to that date only a little over First
W. P. Sharer, Zanesville, O.
80.000 names had been included in the published casualty C.
J. Bell, Washington, D. C.
lists, which had led the public to expect that, even allowing J. AY. Flatten, New York, N. Y ., representing the Trust Co. Section.
V.
Brooklyn, N. Y ., representing the Savings Bank Section.
for the delay in forwarding the names, the total would proba OliverA. J.Lersner,
Sands, Richmond, Va., representing tho National Bank Section.
bly not oxceed a hundred thousand. It developed, howover, C. B. Ilazlewood,
Chicago, 111., representing the State Bank Section.
that tho fivo cables which aro used to send tho casualty lists Every member was present. General Secretary Fred. E.
are weeks behind tho lists as compiled and filed on tho other Farnsworth and General Counsel Thomas B. Paton were
side. These cables, it is said, liavo a maximum capacity of also in attendance. The Executive Council at its meeting
about fivo thousand names a day, allowing an average of in Chicago having referred to the Administrative Committee
ton words for each name with tho accompanying particulars. Avith poAver the question of who are eligible to membership
In practice, however, not nearly this numbor liavo boon sent. in tho Association, a sub-committee took the matter in hand
To supplement the cables, General Pershing somo timo ago and their recommendations were unanimously concurred in
adapted a system by which the names of men only slightly by tho Administrative Committee. The action follows:
action taken at the Chicago Convention referring to the
injured were separated and sent over each week by courier. Pursuant to the
Committee the matter of determining what firms, corpora
Ono such list recently received is said to havo contained Administrative
and individuals are entitled to membership under the provisions of
16.TOO names. . A f t e r the e*oce of hostilities, also, orders tions
Article II, Section i, giving membership to private bankers and banking
the sub-committee recommended to the Administrative Committee
wero given to send all future data in regard to casualties in firms,
plain English instead of code, to simplify handling, Tho as “follows:
That in the opinion of your Committee,'corporations and firms engaged
necessity of collating and preparing the lists for publication in the following lines of business are hereby declared eligible, namely:
Dealers in commercial paper: dealers in investment securities: dealers in
on this side, and tin mechanical limitations of tho news papers real
estate mortgage securities; title companies; safe deposit companies; and
in handling tho names have been other causes of delay. Tn Morris
Plan banks.”
spite of all efforts, therefore, considerably less than half tho Announcement having been made that Jerome Thralls,
total number of casualties has been published so far. Tho Secretary of the Clearing House and National Bank Sections,
War Department has announced that future daily casualty Avould soon leave to accept a position with the Discount
lists would bo increased in size and contain approximately Corporation of New York, a resolution, as folloAvs, was
3.000 names. Even at this rate, however, tho publication unanimously carried:
of the remainder of tho total list must take somewhere in the Whereas, Xlr. Jerome Thralls has tendered to this Committee his resigna
tion as Secretary of tho Clearing House Section and as Secretary of the
neighborhood of two months. So far behind havo the cabled National
Bank Section of the American Bankers' Association,
casualty lists been that many porsons havo received word Therefore,
Be It Resolved, That this Committee is desirous of expressing
deep appreciation of the services rendered by Mr. Thralls to the American
of the inipry or death of relatives or friends in letters from its
Association since his incumbency as Section Secretary. Through
fellow-soldiors in France before getting the War Department’s Bankers’
ability and splendid energy he has not only accomplished much in
official telegram. Tho Department denies, however, that his
advancement of the interests of the Association, but has been a continuous
inspiration to all with whom he has been associated. AA'e believe
tho notifications havo been held up on this side. Tho do- sourcetiieof achievements
of Mr. Thralls in the development of the National
lay, it was said, was solely due to tho inability of the cablos that
Bank and Clearing House Sections have contributed in large measure
to carry tho lists.
to tho present high prestige and influence of the American Bankers’ Associa
In him we lose as much as the Discount Corporation of New York
Tho number of those killed in action or dead from wounds tion. and
we have every reason to believe that in tho new field of activity
reported in the casualty lists so far published in the news gains,
in which he will engage, success in high degree will accompany him. This
papers is only a little more than three-fifths of tho total of Committee highly commends him as distinctively worthy of the confidence
of his new associates.
36,154 reported by General Pershing. The large number of andBeesteem
Further Resolved, That this resolution be spread upon the minutes
dead from these causes whose names are yet to bo published of tiiisItmeeting,
and that a copy of the same, signed by the President and
was considered surprising. Apparently casualties have been the General Secretary, be forwarded to Mr. Thralls.
very heavy lately in tho campaign in Pershing’s First Army The matter of advertising in tho “Journal” A\ras taken up
in tho Argonne and tho battles fought by tho 27th and 30th and discussed and a resolution Avas passed defining tho
Divisions under Major-General George W. Peid in Picardy. character of advertisements to be accepted. Under this
There was also a wide discrepancy in tho total of missing resolution, the “Journal” may publish tho advertisements
and prisoners reported in General Pershing’s cablegram and of “all firms, corporations or individuals avIio sell either
tho total of missing and prisoners whose names havo been manufactured articles or other necessities to banks or bank
printed in the daily casualty lists furnished to tho press by ers;” also advertisements “from brokers, private bankers
the War Department. General Pershing gives a total of or investment departments of financial institutions, to be
only 3,323 in these classifications, while the War Depart limited to advertisements containing matter pertaining to
ment lists, whose figures are several weeks behind the final the sale of bonds, securities, undenvriting syndicates, re
figures furnished by General Pershing, make the total 8,348. organizations and notice to security holders.” There shall
The explanation is not at hand, but it is supposed that Gen bo nothing in the advertisements soliciting the deposit ac
eral Pershing has corrected his lists so as to take from tho counts of banks.
number previously reported as prisoners the soldiers who The affairs of the Association Avere discussed in detail at
havo been repatriated since the armistice and have returned last Aveek’s meeting and consideration was given to the many
to the American lines. He has also had opportunity to problems presented. Tho General Secretary reported the
check up on those reported missing, many of whom may Association membership as 19,206. The matter of a place
for holding the spring meeting of the Executive Council and
havo been located in hospitals and returned to duty.
Tho official figures showed also nearly double the number the next annual convention of tho Association Avas discussed
of deaths from disease that had so far been made public. and action deferred, announcement to be made at a later date.
No explanation has been forwarded by General Pershing, I T E M S A B O U T B A N K S , T R U S T C O M P A N I E S , & c .
but it was assumed that the unexpected increase was duo to No sales of bank stocks Avere made at the Stock Exchange
tho wido distribution of American and Allied hospitals to
at auction this AAreek. Fifty-seven shares of trust com
which the men wero sent, making it a slow process to assem or
pany stock Avero sold at auction. A sale of 27 shares of
ble the data.
Trust Company stock Avas made at 370, an ad
In discussing tho achievements of tho American army, Guaranty
of 19 points over the price paid at the last previous
General March stated that our troops had taken in round vance
public sale, Avhich Avas in September 1917.
numbors 44,000 German prisoners and 1,400 cannon. In Shares.
TRUST COS.— N . Y. Low. High. Close. Last previous sale.
Trust...................... 370
370
370
Sept. 1917— 351
comparison with those figures the total American loss in 2710 Guaranty
N. Y. Life Insurance & Trust- 871 871
871
April 1915— 951
prisoners and missing—2,163 prisoners and 1,600 missing— 20 United States Trust............. 900 900 900
July 1916— 1013
was considered strikingly low.
2012
THE CHRONICLE
The trustees of the Equitable Trust Co. of this city
elected W alter C . Teagle as a trustee. M r . Teagle is
President of tho Standard Oil of New Jersey. BrigadierGeneral William A . M an n , U . S. Arm y, retired, has become
identified with tho Equitable Trust C o ., in connection Avith
its overseas department.
[Vol . 107.
The banker sits in tho centro of tho business world in contact with all
lines of employment in a position of fundamental responsibility of trust
and confidence. Ho is tho natural counsellor of business men. Nobody
is in a better position for leadership. Ho ought to bo a student of economic
principles and be guided in his intellectual efforts to tho end that ho as a
member of his profession may rendor efficient service in tho organization
of which he is an essential member.
Tho First National Bank of Boston announces that its
S.
Stern was electod a Vice-President of tho Columbiaforeign department, through its Argontino branch at Buonos
Trust C o. of this city and Herbert I. Elfo was made Assistant Aires and oxtensive banking connections throughout tho
Manager of tho Harlem branch of the company, at a moeting world, has unexcelled facilities for tho officiont handling of
held N o v . 20 . M r . Stern is Manager of tho Foreign Depart foreign banking business.
ment.
An action bearing on tho suspension of John M uir & Co.
A t a special meeting of tho stockholders of the Foreign from the New York Stock Exchange for one year from July 11
Trade Banking Corporation, hold N o v . 12, tho number of last was decided in the New York State Supremo Court last
directors was increased from five to seven and at a subse week when John Muir was awardod a verdict of $64,810
quent meeting of the Board of Directors ot that company, tho against Charles A . Burbank, a former partner. W ith regard
following directors wore elected: Cecil P . Stewart, President, to tho suit “ Tho Odd Lot Review” published by tho firm says:
In July 1917 John Muir advanced Burbank tho money on a note to buy
American Merchant Marino Insurance C o.; and Paul
Salombier, Head of tho silk importing firm of Salembier a seat on tho Now York Stock Exchango, and Burbank bccamo a member
of tho Exchango and of tho firm. Upon tho sovering of Burbank’s con
& Villato.
nection with tho firm early this year, John Muir demanded payment of
The State Banking Department has granted permission
to the Guaranty Trust C o. of N ew York to open a branch
office in Brussels, Bolgium, for which steps will bo taken
immediately by that institution. It is the purpose of the
Guaranty Trust C o. to have this new organization available
to take part in working out the problems of reconstruction in
Belgium, and to bo of service to both American and Bolgium
interests in tho work of rehabilitation. W . L . Honnold,
who has boon tho Now York Director of the Commission for
Reliof of Bolgium, has been solccted as a special represen
tative of tho company to invostigato conditions in Northorn
France and Belgium. Edward do Lim a, formerly an Assist
ant Manager of tho Foreign Department at the M ain Off'ico
of the company in Now York and at the presont time Secre
tary of tho Paris office, will bo one of the Managers of the
Brussels branch.
A special meeting of the stockholders of tho East River
National Bank of this city has been called for Dec. 4 to
vote upon tho question of amending tho articles of associ
ation so as to provide for the increasing of the par value of
tho capital stock of the institution from $25 per share to
$100 and the reducing of the number of shares from 10,000
to 2,500. A t the same meeting the shareholders will also
bo asked to give their consent to tho increasing of tho capital
stock from $250,000 to $1,000 ,00 0, such increase to be
represented by 7 ,5 00 shares of a par value of $100 each; and
moreover to authorize the directors to issue tho whole or
any part of the enlarged capital stock at $100 or $150 for
each sharo in cash with the understanding that should tho
shares be issued at the higher figure, $50 thereof shall be
added and credited to tho surplus fund of tho bank; and
furthermore, that in the event of the increased stock being
issued at $ 100, present stockholders be given the privilege
of exchanging four shares of old stock for one of tho new,
and if issued at $150, six shares of old stock for one share
of new stock.
Tho deposits of tho Battery Park National Bank, 2 Broad
way, this city, were $10,889,103 on N o v . 1, tho first call
by the Comptroller for a statement since tho institution
increased its capital stock on Oct. 1 to $1,500 ,00 0. Surplus
and profits stood at $1 ,549,180 and aggregate resources
$1 0,810,775. Tho bank was organized in Oct. 1904 with a
capital snd surplus of $300,000, this was increased to $6 00,
000 in July 1916 and on Oct. 1 1918 tho combinodcapital
and surplus was increased to $3,049 ,18 0 to allow for the
expansion of business. Elias A . de Lima is President,
Richard C . Corner, Edward R . Carhart and Edwin B . D ay,
Vice-Presidents and Arthur I I . M erry, Cashier.
To meet tho demand for its latest book “ When Prices
D rop,” the National Bank of Commerce of this city has* had
an additional edition printed and a free copy will bo sent to
inquirers on request. This study of post-war problems
carefully considers the peace readjustments in prices, wages
and commercial policies. President James S. Alexander
of the National Bank of Commerce has written the foreword.
The following has come to us from Willis S. Paine, formerly
New York State Superintendent of Banks:
his note. Burbank refused to pay the indebtedness or to transfer tho
Exchango membership. The residt was tho suit which has just culminated
in tho verdict in favor of John Muir for tho full amount claimed.
Tho semi-annual statement of tho Anglo South American
Bank, Ltd. (New Y ork agency 60 W all Street, this city
head office London), recently published in this country,
shows a doposit lino of $136,377,363; surplus and undivided
profits of $11,413,570, besides capital stock at $11,250,000
and aggregate resources of over $214,560,000. This insti
tution has made steady progress in tho foroign field and
arrangements can be made with tho Anglo South Amorican
Bank to finance American commerce with Latin-American
and European countries through tho American exporter’s
own bank. The Anglo South American Bank maintains;
oloven branch officos in Chili, elevon in Argentina, ono in
Uruguay, four in Spain and ono in Franco, besides corres
pondents in all the other South American countrios and all
over the world. Tho bank is well qualified to rondor service
to financial institutions having no diroct connections in
those countries.
II. I. Kudo of tho Yokohama Bank has been transferred
to tho Now York office of the Yokohama Spocio Bank, Ltd.
M r. Kudo comes from Seattle, W ash ., whoro lie was con
nected with tho branch of the bank in that city.
Tho Logan Trust Co. of Philadelphia has becomo a mem
ber of tho Federal Reserve Bank of Philadelphia. Tho
company has a capital of $ 1 ,000,000 and surplus and un
divided profits of ovor $450,000. This is tho twonty-sovonth
State institution to become a mombor of tho Philadelphia
Reservo Bank.
Two new directors have been elected to tho board of tho
Excelsior Trust & Savings Fund Co. of Philadelphia—
namely Arthur Shipton and Edward V . O’Hanlon. Samuel
C . Abernethy has been elected Vice-Prosident in placo of
Harry Foster, resigned.
Further dotails are now at hand relative to tho proposod
consolidation of tho First National Bank of Syraucso and
the Trust & Deposit Co. of Onondaga of that city, roforrod
to in theso columns in our issuo of N o v . 16. The name of
tho consolidated institution is to bo the First Trust & Do
posit C o., with a capital of $2,500,000 and not $2,000,000,
as stated in our issuo of N o v . 16. Tho basis on which tho
consolidation is to bo effoctod and upon which tho stock
holders of both institutions will bo asked to voto at spocial
meetings (that of tho Trust Company Doc. 6 and of tho
First National Bank D ec. 27) is as follows: Tho Trust &
Doposit Co. of Onondaga shall increase its capital stock from
tho present amount, $ 1,000,000, consisting of 10,000 shares,
to $2,500,000, consisting of 25,000 shares. Of tho now
shares 10,000 will bo takon by tho shareholders of tho First
National Bank as tho consideration for tho sale and transfer
of all of tho property and business of tho bank to tho trust
company. Tho romaining 5,000 shares of tho now stock
will bo offered, in proportion to their rospectivo holdings,
to tho Trust Company stockholders, including tho bank stock
holders who have acquired trust company stock as a part
of tho consolidation. Tho 5,000 now shares are to be sold
for $175 per share.
flov. 3u 1918.]
THE CHRONICLE
J. G . Godde3, formerly associated with the Union Bank
of Canada, has been appointed Manager of the Department
of Foreign Exchange of the First National Bank of Cleve
land. The latter announces that in anticipation of the
manifold and involved problems of trade relationships which
are coming with the establishment of peace, it is enlarging
this department with specialized service. Cleveland, it is
expected to have an important part in the nation’s trade
expansion, and manufacturers and business men of the city
are invited to considt M r . Gcddes upon all points connected
with foreign trade. Tho First National Bank, with a few
of tho largest banks in this country, own and control tho
American Foreign Banking Corporation, and through this
connection the First National Bank has many important
services which it is able to render to Cleveland manufac
turers, exporters and importers in their trade relationships
with the countries throughout tho world.
2073
Provincial Government securities, in contrast with $2 8 ,5 7 3 ,
322. Interest-bearing deposits totaled 8345,552,764, a gain
of about 899,50 0,0 00, and indicative of tho spirit of thrift
among Canadians in war times. The bank’s profits in the
year were S2,56 2,720, equal to slightly more than 1 6 % on
the stock. In tho preceding year the profit amounted to
82,477,969.
F.
J. Cockburn, II. B . Mackenzie, G . C . Casselsand D . R .
Clarke have been appointed Assistant General Managers of
tho Bank of M ontreal, to take care of tho expansion in busi
ness. M r . Cockburn’s duties will tako in Quebec, M exico,
Maritimo Provinces and Newfoundland branches, of which
he remains Superintendent. M r . Mackenzie will continue to
supervise the branches of his old bank, the Bank of British
North America, now part of the Bank of Montreal system.
M r. Cassels continues at tho head of the London offices, of
which he has been Manager, and M r . Clarke will have charge
of Ontario branches.
L.
A . Goddard, President of tho State Bank of Chicago,
was elected Vice-President of tho Illinois Bankers’ Asso
D.
C . Rea, Toronto Manager of the Royal Bank of Can
ciation at a special meeting of tho Executive Council of tho
ada, and two other officials recently sailed from Vancouver
Association on N ov . 9. M r . Goddard fills tho vacancy
to Vladivostok with a view to establishing a branch at the
caused by tho recent death of Nelson N . Lamport and his
attor point. If tho opening of such a branch is considered
election puts him in lino for the presidency of tho association.
advisable, the bank will proceed with its establishment.
M r . hampert also held a seat in tho association’s council.
This vacancy was filled by tho election of George F . Emery,
The financial statement of the Merchants’ Bank of Canada
Cashier of the Live Stock Exchange National Bank.
(head office M ontreal), covering the six months period from
April 30 to Oct. 31 , was issued by that institution on N o v .
A consolidation, which when consumatod, will give to 18 and is highly satisfactory, showing as it does large gains
Louisvillo one of tho strongest banking institutions in the over tho corresponding period of 1917. Total assets for
South, was announced on N o v . 19. W o refer to the pro tho six months aggregate 81 65 ,924,436, an increase of $3 5 ,
posed amalgamation of the National Bank of Kentucky of 355,733 over the same period of 1917. Of this total the read
Louisvillo (capital 81,645,000) with tho National Bank of ily available portion amounts to 872,44 8,2 77, an increase of
Commcrco of that city (capital 81,000 ,00 0) under tho title 816,933,191 over last year. A n important featur of thisof the former institution. The enlarged bank will have a gain of 816,933,191 in liquid assets is the increase of 813,91 3,
capital of 82,000,000 with surplus and undivided profits in 837 under the headings of securities of tho Dominion and
oxcoss of that amount and deposits aggregating upwards of Provincial Governments and of Canadian municipalities
8 2 5.00 0. 000. Under tho merger plan, tho stockholders of and British, foreign and colonial Governments, showing that
the National Bank of Commerce, wo understand, will receive In tho matter of war finance the Merchants’ Bank of Canada
8 1 .0 0 0 .
000 of stock in tho consolidated bank, or sharo forhad done its full share in assisting the Canadian and Imper
sharo, and the stockholders of tho National Bank of Ken ial Governments. Current loans and discounts amount to
tucky 81,000,000 of the now stock, or in the proportion of 886,029,341, which is a gain of 817,959,150 over tho same per
ono sharo for each 1.6 shares of tho National Bank of Ken iod of last year, and note circulation at 815,180,243 shows an
tucky and in addition each shareholder will receive about increase of 81,717 ,38 0, with the issue in excess of paid-up
860 in cash for each share of stock hold, representing the capital more than covered by a deposit in tho Central Gold
remaining 8645,000 of tho capital of that institution. Tho Roservo of 88 ,500 ,00 0. Deposits for tho six months amount
now bank will have two principal executives— namely to 81 32 ,941,581, against $9 7,357,619 on Oct. 31 1917, being
Oscar Fenloy (President of tho National Bank of Kentucky), a gain of $3 5,583,962, or over 3 6 % .
Chairman of tho Board; and James B . Brown (President of
tho National Bank of Commerco), President. Tho National
THE ENGLISH GOLD AND SILVER MARKETS.
Bank of Kentucky was founded in 1934, becoming a national
W e reprint the following from tho weekly circular of
bank in 1900. Tho National Bank of Commerco was organ
Samuel Montagu & C o. of London, written under date of
ized in 1867. In tho early part of the current year (see November 7 1918:
our issuo of Fob. 23 1918) this institution took over tho
GOLD.
The Bank of England gold reservo against its note issue shows an in
Gorman Bank of Louisvillo, with a capital of 8250,000.
crease of £225,940 as compared with last week's return.
The West African output for September, 1918, amounted to £115,152,
Tho directors of the Citizens & Southern Bank of Savannah as compared with £127,108 in September, 1917, and £120,526 in August,
1918. A reduction in the output of gold is not confined to British terri
on N ov . 20 elected William Murphoy a Vice-President and tory alone. The report compiled by the Bureau of the United States Mint
director of the bank. M r . Murphoy has been for some time and the Geological Survey, made public on Oct. 1 last, gave the production
assistant to the President and Secretary of tho board, and of the United States during the calendar year 1917 as 4,051,440 ounces.
The value, S83.750.440, compares with $92,590,300 in tho preceding year,
has been in charge of the bond and trust department. In a falling off of over 9 H % . California stands first with 1,012,461 ounces.
assuming tho duties of his now offico M r . Murphoy will Alaska is second, with 709,729 ounces. This district is one of the least
and doubtless will repay more extended efforts to test its min
continuo to have charge of tho bond and trust department. prospected,
eral wealth.
SILVER.
•
M r. Murphoy is district Liberty Loan Chairman and has
No change has taken place in the state of tho market, though the recent
successfully conducted tho four Loan campaigns in his
rodi}ction in insurance rates will doubtless be reflected in tho price of silver.
district.
News has been cabled officially from India that the weather outlook is
gloomy. It is stated that rain is insufficient everywhere and that famine
conditions are expected in the Bombay Presidency. We learn by mail,
A resolution was adopted by tho Atlanta Clearing House leaving Bombay on Sept. 18 last, that a moderate amount of silver in the
Association on N o v . 13 providing that, “ effective N ov . 28 shape of ornaments was then arriving from up-country for realization, owing
1918 a service chargo of 50c. per month will bo mado on tho to tho insufficient rainfall. At present the untoward course of events does
not seem to be shown in the currency returns, where the silver holding from
checking accounts of individuals, firms or corporations week to week increases but slowly, notwithstanding fresh purchase# in
maintaining monthly balances averaging less than 81 00.” America.
Indian Currency Returns.
Tho chargo is not applied to any account against which no
(In Lacs of Rupees.)
Oct. 22.
Oct. 15.
Oct. 31.
check is drawn for the current month, nor to savings accounts. Notes in circulation___________________ ___ 13,470
13,573
13,643
Reserve in silver coin and bullion (within and
Tho first chargo under this rulo to be mado Dec. 27 1918.
without India)_______________________ ___ 2,821
2,925
2,991
Gold coin and bullion in India___ ____ __ ___ 2,037
2,037
2,040
Gold
coin
and
bullion
out
of
India______
___
12
12
12
The Bank of Montreal’s statement for its last fiscal year
The stock in Shanghai on the 2d inst. consisted of about 24,300,000
shows the institution to bo in a strong position for tho read ounces in sycee and 11,400.000 dollars, as compared with about 26,600,009
justment period ahead. Total assets amounted at tho end of ounces in sycee and 11,800,000 dollars on the 19th ultimo.
Cash quotations for bar silver per ounce standard:
tho yoar to 8558,413,546, an increase of more than 8154,
Nov. 1.......................................49.Hd.JNov. 7.
49Md.
400,000 over tho figure twolve months before. Liquid as Nov. 2...................................... 49jjd Average
49.5d.
Nov. 4 ---------------------------------49Hd. Bank rate
— 5%
sets amounted to 8370,351,651, against 8276,298,397 a year Nov. 5 _____________________ 49Hd. Bar gold, per oz. standard.. 77s. 9d.
boforo, and wcrooqual to 7 1 .2 8 % of tho total liabilities. Tho Nov. 6 ---------------------------------49Hd.
No quotation fixed for forward delivery. The quotation to-day for cash
bank held at tho ond of tho yoar 846,870,586 Dominion and delivery is the same as that fixed a week ago.
E N G L IS H F IN A N C IA L M A R K E T S — PER CABLE.
Name of Company.
The daily closing quotations for securities, & c., at London,
as reported by cablo, have been as follows the past week:
London,
W e e k e n d in g Nov. 29.
Silver, per oz.... ................d.
Consols, 2)4 per cents.........
British, 5 per cents........... .
British, 4)4 per cents..........
French Rentes (In Paris)..fr.
French War Loan (In Paris) fr.
Nov. 23. Nov. 25. Nov. 26.
T u es.
Sat.
Mon.
48)4
48 44
4844
Holiday
. 60)4
"
. 94)4
99)4
62.90
62.90
62.90
87.80
87.80
87.85
Nov. 27. Nov. 28. Nov. 20.
T h u rs.
W ed .
48 44
60)4
94)4
99)4
62.90
87.55
48)4
F r i.
48)4
59)4
94)4
99)4
62.90
87.55
The price of silver in Now York on the same days has been:
Silver in N. Y., per oz___ ctsl0144
101H
101 44
C o m m e r e t a t a n d 1 - 5. %-Vvv
..........10144
101 VS
iiaueo us IXctos
A u c tio n Sales.— Am ong other securities, tho following
not usually dealt in at the Stock Exchange were recently sold
at auction in Now Y ork, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
Shares. Stocks.
Per cent.
27 Guaranty Trust...................370
10 N. Y. Life Ins. & Trust___871
94 Hurlburt M. Truck, com.,
no par.... ..................-S3 per sh.
100 Fcd’l Util., Inc., com.$144 per sh.
20 U. S. Trust................... -.900
500 Atlantic Potash, pref_______\S2G0
500 Atlantic Potash, common__ J lot
1,250 Liberty Farms Corp. v. t. c.l
preferred______________)$5,000
1,000 Liberty Farms Corp.,v.t.c. |lot
common...... ..................J
B y Messrs. M illett, Roo &
Shares. Stocks.
S per sh.
10 Hamilton Woolen__________ 93
2 Dartmouth Mfg., pref.,ex-dlv_. 84
40 Boston Wharf____ _____
82
1 Quincy Mkt. C. S. & W., pref.,
dlv.on___________________ 80
1 Boston Athcneum, S300 par_410
f
Shares. Stocks.
Zpersh
100 rights to subscribe to Logan
I r o n & S t e e l, p r e f ................
25c.
5 0 C e n tra l T r . & S a v ., S50 e a c h . 70
1 Philadelphia Trust________ 740
102 Real Est. Trust, pref............. 90
2 M e r c h a n t s -U n lo n T r u s t .............. 9 0
4 C o m m o n w e a lt h T . I . &
T __2 3 0 )4
380 Amer. Brewing, common___ $1
25 W est
End
T r u s t ________1 6 0 -1 6 0 44
3 East Pa. UR., $50 each........58
6 Ridge Avenue Pass. Ry____ 20044
5 United Gas& Elec., 1st pref. 40
24 East Palestine Rubber, S25
each
____________________________ 5 0 c .
Bonds.
Per cent.
$7,000 John Wanamakcr 1st 5s (un
guar.), 1923.................... .......... 97
$3,000 U. S. Public Service 1st 6 s,
1927
_________ _______ 93
$ 1 ,0 0 0 C o o k I n le t C o a l F ie l d s i s t s ,
1921, Aug. 1904 coupons on........$3 lot
C an adian B a n k C le a rin g s.— Tho cloarings for tho weok
ending N o v . 21 at Canadian cities, in comparison with tho
same week in 1917, show an increase in tho aggregate of
2 1 .4 % .
Week ending November 21.
Clearings at—
1918.
1917.
$
104,812.295
83,456,214
72,720,582
12,007,370
9,057,453
5,857,322
0,075,843
8,053,991
7,090,915
2,777,418
2,033,808
3,431,204
3,711,349
5,334,314
1,025,724
1,074,478
2,319,273
3,001,041
1,118,200
930,054
014,018
510,809
1,064,381
1,118,928
896,130
s
81,005,009
57,985,709
75,708,420
10,046,308
5,749,900
4,975,401
3,101,750
10,598,371
5,439,902
2,003,207
1,864,458
2,098,598
3,708,800
4,645,050
832,394
1,139,115
2,051,001
1,792,517
900,201
1,002,512
391,004
718,809
700,400
842,011
751,582
Inc.or
Dec.
1915.
1916.
S
s
%
+ 29.3 91,800,709 59,188,829
+ 43.9 58,307,212 45,205,491
—3.9 00,804,849 54,818,984
+ 25.5 7,259,453 5,734,351
+ 68.0 5,521,236 4,100,775
+ 17.7 4,312,700 3,119,887
+ 95.9 2,840,5S0 2,111,732
—24.0 7,090,415 5,213,910
+ 30.3 4,719,057 3,236,730
+ 34.0 1,959,981 1,449,130
+ 9.1 1,000,000 1,463,558
+ 63.5 1,978,240 1,642,380
— 1.5 2,954,508 2,280,731
+ 14.8 3,991,070 2,779,379
089,709
+ 23.2
837,053
050,337
—5.7 1,101,172
— 12.5 2,113,707 1,751,528
+ 07.4 1,868,464 1,416,640
787,480
507,218
+ 16.5
721,977
631,083
—6.0
213,973
+ 55.8
327,928
—28.9
801,855
491,977
644,329
+ 30.3
432,472
545,854
+ 32.8
572,590
+ 18.8
Total'Canada_______ 341,300,320 280,900,008 + 21.4 272,180,081 199,368,763
D IV ID E N D S .
Tho following shows all tho dividends announced for the
future by largo or important corporations.
Dividends announced this iveek are printed in italics.
Name of Company.
Railroads (Steam).
Atch. Topeka Sc Santa Fe. com. (quar.)
Atlantic Coast Line Co., Conn, (quar.)__
Boston & Albany (quar.)____________
Canadian Pacific, common (quar.)____
Chesapeake Sc Ohio.._____ _________
Chicago Great Western , preferred.............
Chicago A North West., com. (quar.)___
Preferred (quar.).................................
Chicago Rock Island A Pacific, 7% pref..
Six per cent preferred..........................
Railroads (Steam) (Concluded.)—
Cin. N. O. A Texas Pacific, pref. (quar.)
Cleveland & Pittsburgh, guar. (quar.)..
Special guaranteed (quar.)......... —
Cripple Creek Cent., pref. (qu.) (No. 52)
tDelawarc* Hudson Co. (quar.)-------Erie A Pittsburgh (quar.).... ................-Ilockl ig Valley_____________________
f Illinois Central (quar.)_____________
Peterborough Rapid Transit (quar.).........
Maino Central, preferred (quar.)_____
Ma hattan Railway (quar.)............. —
Mobile it- Blrmi >gham_______________
New York Philadelphia & Norfolk____
Norfolk & Western, Common (quar.)
Pennsylvania (quar.)________________
Phlla. Germantown & Norristown (qu )
Pittsburgh Bessemer Sc Lake Erie. pref.
Pittsburgh Sc West Virginia, pref. (qu.).
Pittsb. Youngst. & Ash., pref. (quar.)..
Reading Company, first pref (quar.)..
Southern Pacific (quar.) (No. 49)_____
Southern Railway, preferred...............
Union Pacific, common (quar.)_______
Street & Electric Railways.
Baton Rouge Elec. Co., cum. (No. 7 )..
Preferred (No. 15)____ ___________
Central Arkansas Ry. Sc Lt., pref (qu.).
Shares. Stocks.
Per cent.
Cities Service, com. & pref. (monthly)
100 Interocean Submarine En-1
Common (payable In common stock).
glneerlng, Inc., pref___ ) S100
300 Interocean Sub. Eng., Inc., I lot
Cities Service, com. & pref. (monthly)..
common____________ )
Common (payable In common stock).
Detroit United Ry. (quar.) (No. 58) —
3,333 The H. K. II. Silk, pref____ 75
6,358 The H. K. II. Silk, com........60
Eastern Wisconsin Elec. Co., pref. (qu.)
Bonds.
El Paso Electric Co., com. (quar.) (No. 30)
$435,000 John Cort., Inc., coll.
Fra ikf.A So'wark (Phila.) Pass. Ry. (qu.)
trust 6s, dated Jan. I 1915-.S5,000 lot Indianapolis Street Ry..........................
Ironwood A- Bessemer Ry. A Light, pf.(qu)
S71.490 Claim against Assets Real
ization Co., with Int. from Jan. 1
Norfolk Railway Sc Light____________
Northern O io Elec. Corp., prof, (quar.)
1918___________ ______ S10.100 lot
Nor. Texas Elec.Co.,com.(qu.) (No. 37)
Hagen, Boston:
Rochester Ry. * Light, pref. (quar.) —
Preferred, Series B (quar.).................
Shares. Stocks.
S per sh.
San Joaquin L. Sc P., pf. (qu.) (No. 10)
20 Miss. River Power, com______ 14
Seco d A Third Streets Pass., Phlla. (qu.)
5 Atlantic Coast Co___________ 115
United Rys. A Electric, Baltimore, pief—
5 Rausch Mach. Tool, com______ 30
7 Merrimac Chemical__________ 9844 Wash.(D.C.)Ry.&Elec..corn. * pf.(qu.)
3-20ths U. S. Worsted, 1st pref__ 3.20 West Penn ltys., pref. (quar.) (No. 0)..
West Penn Tr.& W.P.,pf.(qu.) (No. 10)
Wlsconsln-Mlnn. Lt. & Pow., pref. (qu.)
B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per sh.
4,450 Mid-Continental Oil..........S10 lot
33 Acason Sales_____________ 100
300 Frankfort! Grocery, S10 each 12 K
20 Riverside Traction, coin.,
S50 each........................16-1644
8 Riverside Traction, pref., $50
each ................................... 30
4 Elizabeth & Tren. Ry., pref.,
S50 each..........- ........ .......33
18 Elizabeth & Tren. Ry., com.,
$50 each________________ 25
103 Industrial C. S. & Ice, $50
each____ ______________ 6
40 Phil. & Gulf SS., $50 cach-_$l lot
25 Am. Union F. Ins., S50 each $3 lot
12 Phil. Bourse, com., $50 each,
6)4-6 44
200.Loan Society of Phlla., $10
1 44
».>. f
each__________
• 5 Cook Inlet Coal Fields......... $1 lot
M 8 Chester & Phlla. Ry., $50 each 5
Canada—
Montreal_____________
Toronto______________
Winnipeg____________
Vancouver________ __
Ottawa..........................
Quebec................ .........
Halifax______________
Calgary..........................
Hamilton____________
St. John____________
Victoria.... ........ ...........
London..........................
Edmonton ........... .........
Regina.................... .......
Brandon........................
Lethbridge___________
Saskatoon____________
Moose Jaw______ ____
Brantford...... ........ .......
Fort William_________
New Westminster_____
Medicine Hat_________
Peterborough.... .......... .
[V ol . 107
THE CHRONICLE
2074
Per
When
Cent. Payable.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
144 Jan.
2
Jan.
♦344 Dec.
*3
Dec.
144
$1.50
244
244
2
75c.
1
2
It)
31
31
31
4
2
2
2
31
31
Books Closed.
Days Inclusive.
Holders of rec.
Dec. 1 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders
Holders
Holders
♦Holders
♦Holders
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
Oct.
Dec.
Nov.
Nov.
Dec.
3In
9
30a
30a
0a
Dec.
Dec.
Dec.
Dec.
Dec.
14a
2a
2a
13
13
Banks,
Gree ipotnl National (Brooklyn)________
Extra___________________________
Miscellaneous.
Acmo Tea, first preferred (quar.)..........
Acme White Lead A Color Works, pf. (qu.)
Ahmeck Ml ting (quar.) (No. 28)--------Ajax Rubber, Inc. (quar.)___________
Allouez Mi d ig (quar.)..........................
American Bank Note, preferred (quar.) —
American Beet Sugar, pref. (quar.)___
American Ca r, preferred (quar.)_______
American Chicle, preferred (quar.).........
American Cotton OH, common (quar.)
Preferred................................... .......
American Express (quar.)___________
American Hide A Leather, preferred —
Amer. Internat. Corp., com. A pref.(qu.)
American Laundry Mach , common___
American Linseed, preferred (quar.) —
American Multigraph (quar.)-----------Extra (payable In Lib. Loan bonds)..
Amer. Pow. Sc Lt., com. (qu ) (No. 24)
American Radiator, common (quar.)...
American Sewer I’lpo (quar.).................
Amer. Smelting A Itefg., com. (quar.)-Preferred (quar.)............ ......... —
American Stores, first preferred (quar.)..
Amer. Sugar Refining, com. & prof, (qu.)
Common (extra)__________________
Amer. Sumatra Tob., com. (in com.stk.)
American Telegraph A Cable (quar.)___
American Telephone & Telegraph (quar.)
American Thread, preferred___________
American Tobacco, common (quar.)..
Armour A Co., preferred (quar.) (No. 2).
Associated Dry Goods, first prof, (quar.)
Second preferred (quar.).................. Atlantic Refining (quar.)____________
Atlas Powder, common (quar.).... ........
Common (extra)__________________
Autosales Corporation, preferred (quar.)..
Baldwin Locrmoti e Works, preferred----Be’.dl g Paul Cortlcelli, preferred............
Bethlehem Steel, common (quar.)_____
Common It (quar.)....... ...................
Cum. conv. pref. (quar.)..................
Non-cum preferred (quar.)...........
Blacksio e Val. G. A El., com.(qu.) (No.25)
Preferred (No. 13)........... ..................
Booth Fisheries, common (quar.)_______
Preferred (quar.)................................
Borden's Condensed Milk, pref. (quar.)
Bra .dram-IIe derson. Ltd., com. (quar.).
Preferred (quar.).................................
Brier 11111 Steel, common (quar.)_____
Common (extra)__________________
Preferred (quar.)....... .................... .
Brooklyn Union Gas (quar.)....................
Brown Shoe, common (quar.)________
Buckeye Pipe Line (quar.)........... ........
California Packl g Corp.. com. (quar.)._.
Calumet Sc Arizona Mining (quar.)___
Calumet A Hecla Mining (quar.).........
Cambria Steel (quar.)------ ---------------Extra........................................ ........
Carbo i Steel, common (quar.).................
Comma /■(extra)......... ........... ...........
First preferred.... ................................
Second preferred (annual)__________
Ce/ite inlal Copper Mi iig............. ........
Cetlral Leather, preferred (quar.)..........
Century Steel....................... ......... .....
Cerro do Pasco Coppor (quar.) (No. 12)
Extra_________ ____ ____________
Charcoal Iron of America, common (quar.)
Preferred........................................ .
Chicago Telephone (quar.)_____ ______
Childs Co., preferred (quar.)........... .......
Cleveland-Akron Bag, common (quar.).
Common (extra)............. ............. —
Coiorado Power, common (quar.).........
Common (extra, pay. In L. L. bonds)
Preferred (quar.)........................— .
Columbia Grap'topho >e Mfg., coin, (quar.)
Preferred (quar.) (No. 3)___________
Computl 'g-Tabulating-Recording (quar.).
Connecticut Power, prcr. (guar.) (No. 23).
Connecticut River Power, preferred___
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
1K
8744c
50c
1
2 44
87>4c.
♦2
144
244
1U
IK
2
$3
IK
75c.
$1.35
$1.50
144
IK
50c
144
2 44
244
Nov. 30 Holders of rcc.
Dec. 2 Holders of rec.
Dec. 2 Holders of rec.
Dec. 1 Holders of rec.
Dec. 20 Holders of rec.
Dec. 10 Holders of rcc.
Dec. 31 ♦Holders ot rcc.
Dec. 2 Holders of rec.
Jan. 2 Holders of rec.
Dec. 2 Holders of ree.
Jan. 1 Holders ot rec.
Jan. 1 Dec. 3 to
Nov. 30 Holders of rec.
Dec 19 Holders of rec.
Nov. 30 Holders of rec.
Dec. 4 Nov. 21 to
Dec. 2 Holders of rec.
.Vov. 30 Holders of rec.
Dec. 2 Holders of rcc.
Dec. 12 Holders of rec
Ian. 2 Holders of rcc.
Nov. 30 Holders of rcc.
Jan. 2 Holders of rec.
Nov. 20a
Nov. 9a
Nov. 9a
Nov. 15a
Nov. 27r
Nov. 30a
Dec. 13
Nov. 6r
Dec. 20a
Nov. 15a
Dec. 10a
Jan. 1
Nov. 15a
Nov. 30a
Nov. la
Dec. 3
Nov. 15
Nov 15a
Nov. 20a
Nov. 20a
Nov. 30a
Nov. 18a
Dec. 2a
4
3
IK
44
fK
44
n
2
1K
♦244
♦4
3
IK
75c.
144
2
1K
IK
144
*$3
$1
IK
144
144
IK
Dec.
Dec.
Nov.
Dec.
Dec.
Feb.
Feb.
Dec.
Dec.
l )cc.
Jan.
Jan.
l )ec.
Dec.
Dec.
Dec.
Dec.
1tec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Deo.
Nov. 20a
Nov. 20a
Nov. 15a
Nov. 15a
Nov. 15a
Jan. 15a
Jan. 15a
Nov. 15a
Nov. 20a
Dec. 2a
Nov. 29
Jan. 1
Nov. 15a
Nov. 15a
Nov. 20a
Nov. 22a
Nov. 22a
Nov. 22a
Nov. 30
Nov. 29
Nov. 29a
Nov. 18
Dec. 2
Dec. 2
Nov. 20a
*3
♦2
Jan.
Jan.
*1K Dec.
37 44c. Doc.
*$2
Dec.
SI.50 Dec.
♦o 1.50 tec.
*75c. Ian.
144 Doc.
IK Jan.
144 Ian.
1
Dec.
3
Dec.
144 Kill.
1K ian.
90c Deo.
14* Deo.
1Ki Ian.
2
Dec.
51 Dec.
1
Dec.
Dee.
3
44 Dec.
144 Dec.
IK Dec.
*IK Jan.
IK Jan.
K Jan.
Dec.
15/
IK Dec.
2
Jan.
1244c. •Jan.
5(J Dec.
♦ i« Jan.
144 Nov.
IK Nov.
Dec.
5
Dec.
2
Deo.
3
Dec.
♦SI
*344 Jan.
344h Dec.
2 lb Ian.
2 H Ian.
2
Jan.
IK Jan.
Dec.
$1
3
Dec.
50c. Jan.
IK Jan.
144 1tec.
1
Dec.
1K Jan.
144 Jan.
344 Jan.
IK Jan.
144 Jan.
m Dec.
$2 i tec.
Dec.
SI
$2
1tec.
•SI 5 Dec.
75c. Dec.
75c. Doc.
Jan.
2
Jan.
3
Mar
«4
July
0
Dec.
♦31
IK Jan.
>ec.
35o
Dec.
$i
2 fie. Dec.
20c. tec.
30c. Dee.
*2
lice.
1K Dec.
IK Deo.
444 Dec.
44 Ian.
441 Dec.
IK 1ICC.
SI.75 Jan.
1K Jan.
*1
Jan.
144 Dec.
3
Dec.
2 Holders of rec.
2 Holders of rec.
30 Holders of rec.
1 Holders ol rec.
1 Holders of rec.
1 Holders of rcc.
1 Holders of rec.
1 Holders of reo.
2 Holders of rec.
10 ♦Holders of rcc.
2 ♦Holders of rec.
1 Doc. 21 to
2 Hoi tors of rec.
1 Holders of rec.
2 Holders of rec.
2 Holders of rcc.
2 Holders of rcc.
2 Holders ot rcc.
1 Holders of rec.
1 ♦Holders ot rcc.
2 Hoi lers of rec.
1 Nov. 10 to
10 Holders of rec.
16 Holders of rec.
2 Holders of rec.
2 ♦Holders of rcc. Dec. 21
2 ♦Holders ol rec. Dec. 21
1 ♦Holders of rec. Nov. 21
1 Holders of rcc. Nov. 20
31 ♦Hoi lers ot rcc. Dec. 7
15 Holders of rec. Nov. 30a
31 ♦Holders of rcc. Dec. 17
2 ♦Holders of rcc. Dec. 10
31 Holders of rec. Dec. t la
2 Holders of rec. Dec. 10a
2 Holders of rec. Dec. 20
2 Nov. 15 to Dec. 5
2 Nov. 15 to Deo. 5
2 Holders of rcc. Nov. 30a
2 Holders of rec. Deo. 14a
31 Holders of rec. Dec. 10a
5 Nov 28 to Deo. 6a
2 Holders of rec. Dec. 10a
1 Nov. 21 to Dec. 1
1 Nov. 21 to Dec. 1
2 Holders of rcc. Nov. 22a
31 Dec. 22 to Dec. 31
20 Dec. 10 to Dec. 20
10 Nov. 28 to Dec. 5
2 Nov. 14 to Nov. 22
2 ♦Dec. 21 to Jan. 1^
2 Holders of rec. Dec. 2a
2 Holders of rcc. Dec. 2a
7 Holders (tf rec. Dec. 3a
2 Hoi lers of rec. Nov. 30a
15 Holders of rec. Dec. 20a
1 Nov. 15 to Nov. 30
2 Holders of reo. Nov. 15a
1 ♦Holders of rcc. Dec. 14
30 Holders ot rec. Nov. 9a
31' Hoi lers of rec. Nov. 9a
15 Nov. 21 to Dec. 14
10 Dec. 1 to Dec. 9
10 Dec. 1 to Dec. 9
30 ♦Hoi lers ol rcc. Dec. 16
1 ♦Hoi lers of rec. Dec. 7
11 Hoi lers of rcc. Dec. 2a
2 Holders of rec. Dec. 10a
2 Holders of rec. Dec. Ilia
2 Holders of rec. Dec. 10a
2 Holders of rec. Dec. 10a
2 IIol lers ot reo. Nov. 25a
2 Holders of rec. Nov. 25a
2 Hoi lers of rec. Dec. 1la
2 Holders ol rec. Dec. 14a
it llul lers of ree. Nov. 30a
2 Holders of rcc. Oct. 31a
2 IIol lers ot rec. Nov. 30a
2 Dee. 21 to Jan. 1
2 Dec. 21 to Jan. 1
2 Dec. 21 to Jan. 1
2 Holders of rec. Dec. 12a
1 Holders of rec. Nov. 20a
11 Holders of rcc Nov. 23
10 IIol lers of rcc. Nov. 30a
23 Holders of ree. Dec. d5a
31 •Holders of rec. Dec. 7
11 Holders of rcc. Nov. 30a
14 Holders of rcc. Nov. 30a
15 Holders of rcc. Jan. 10
15 Holders of rec. Jan. 10
31 IIol lers of rec. Sept. 26
30 Holders of rcc. July 20
31 ♦Holders of rec. Dec. 7
2 Holders ot rec. Dee. 10
1 Holders of rec. Nov. 20
2 Holders of rec. Nov. 22a
2 Holders of rec. Nov. 22a
31 Hoi lers of rec. Dec. 10
31 IIol lers of ree. Dec. 10
31 ♦Hoi lers of rec. Dec. 30a
10 Nov. 30 to Dee. 10
30 Dec. 22 to Jan. 1
30 Dee. 22 to Jan. 1
15 Holders of rec. Dec. 31a
20 Holders of rcc. Nov. 30a
10 IIol Icr3 of rec. Nov. 30a
1 Hol lers of rcc. Dec. 10a
1 II illers of rcc. Dec. 10a
10 ♦Holders of rcc. Dee. 24
2 IIol lers of roc. Nov. 25a
1 Holders of rcc. Nov. 30a
Nov. 30 1918.]
Name of Companj.
Miscellaneous (C
ontinued)—
Per When
Cent. Payable.
Books Closed.
Days Inclusive.
5c. Dec. 17 Holders of rec. Nov,30a
Dec. 16 Holders of rec. Nov. 7a
2 ♦Holders of rec. Dec. 14
16 Nov. 26
to Dec. 16
10 Holders of rec. Nov 30
81.50 Dec. 14 Holders of rec. Nov. 20a
Copper Range Co. (quar.)------------------8Xc. Dec. 1 Nov. 16 to Dec. 1
Cosden A Co., preferred (quar.)--------to
Dec. 16
75c. Dec. 16 Nov. 24
Crescent Plpo Line (quar.)......................
c. Dec. 10 Holders of rec. Nov. 30
Cresson Cons. Gold Min. A Mill, (mthy)
3
Dec. 14 Holders of rec. Nov. 30a
Crex Carpet____________________
X Dec. 20 Holders of rec, Dec. a
Holders of rec. Dec. 14a
2X lan.
Cuban-Amerlcan Sugar, com. (quar.)..
I X Jan. 2 Holders of rec. Dec. 14a
Preferred (quar.)-----------------------------Dec. 16 Holders of rec. Nov. 30
Cumberland Pipe Lino________________
25c Dec. 30 Holders of rec. Dec. 10
Davls-Daly Copper Co. (No. 2 )........... .
Deere & Co., pref. (quar.)........................
IX Dec. 10 Holders of rec. Nov. 15a
Dec. 16 Holders of rec. Nov. 30a
Diamond Match (quar.)______________
i x Jan. 1 Holders of rec. Dec. 14
I X Jan. 1 Holders of rec. Dec. 5
(
♦4H Dec. 16 ♦Holders of rec. Nov. 30
_____________
X Jan. 25 ♦Holders of rec. Jan. 10
<fc
I X Dec. 2 Holders of rec. Nov. 25
Eastern Steel, common (quar.)______
2X Jan. 16 Holders of rec. Jan. 2
st and d preferred (quar.)..............
IX Dec. 16 Holders of rec. Dec. 2
Eastman Kodak, common (quar.)____
2X Jan. 2 Holders of rec. Nov. 30
Common (extra)___________________
7X Jan. 2 Holders of rec. Nov. 30
Preferred (quar.)__ _______________
I X Jan. 2 Holders of rec. Nov 30
Dec. 21 ♦Holders of rec. Dec. 14
............
Doc. 11 Holders of rec. Dec. 2a
81
81.50 Dec. 11 Holders of rec. Dec. 2a
Preferred.
Dec. 16 ♦Holders of rec. Dec. 7
♦3
Holders of rec. Nov. 25
/4
I X Dec. 1 Nov. 21 to Dec. 1
IX Dec. 15 Holders of rec. Nov. 25a
IX Dec. 16 Holders of rec. Dec.
I X Dec. 2 Holders of rec. Nov. 15
Federal Utilities. Inc., pref. (quar.) —
I X Nov. 30 Holders of rec. Nov. 26
--------------11 l-3/i Jan. 10 Holders of rec. Nov. 18
Dec. 31 Holders of rec. Nov. 30a
Dec. 31 Holders of rec. Nov. 30a
___________
I X Dec. 2 Holders of rec. Nov. 14a
Dec. 2 Holders of rec. Nov. 20a
2X Feb. 1 Holders of rec. Dec. 31a
Common (extra)_______________
I X Jan. 2 Holders of rec. Dec. 18a
Preferred (quar.)..........................
Generitl Cigar Inc , pref. (quar.).
I X Dec. 2 Holders of rec. Nov. 25a
2
Jan. 15 Holders of rec. Dec. 7a
General Electric (quar.)--------------Jan. 15 Holders of rec. Deo. 7a
Extra (payablo In stock)----------$2
Nov. 30 Holders of rec. Nov. 1
Gillette Safety Razor (quar.)-------Nov. 30 Holders of reo. Nov. 1
Extra---------------------------------------iH c. Dec. 10 Holders of rec. Nov. 25
Globo Oil (monthly)_____________
I X Dec. 16 Dec. 1 to Dec. 16
Goodrich (11. F.) Co., common (quar.).
Feb. 15 Holders of rec. Feb. 5a
Preferred (quar.)-----------------------------I X Jan. 2 Holders of rec Dec 20a
3
Goodyear Tiro A Rubber, com. (quar.).
Dec. 1 Holders of rec. Nov. 20a
------I X Dec. 31 Holders of rec. Dec. 15a
/5
Dec. 31 Holders of rec. Dec. 15a
I X Deo. 31 Holders of rec. Dec. 15a
Dec. 17 Holders of rec. Nov. 30a
Great Northern Paper----------- --------------I X Dec. 2 Holders of rec. Nov. 25a
----IX Jan. 2 Holders of rec. Dec. 14a
m Jan. 2 Holders of rec. Dec. 14a
------......... ..................... .......
I X Jan. 2 Holders of rec. Dec. 14a
Nov. 25 Holders of rec. Nov.
a
Greone Cananea Copper (quar.)j--------2X Jan. 2 Holders of rec. Dec. 16a
I X Jan. 2 Holders of rec. Dec. 16a
First preferred (q u a r.)...
I X Jan. 2 Holders fn rec. Dec. 16a
Second preferred (quar.).
87Xo. Dec. 1 Holders of rec. Nov. 26a
Hurblson-Walkcr Rofrao., com. (quar.)
I X Dec. 2 Holders of rec. Nov. 21a
I X Jan. 20 Holders of reo. Jan. 10a
Preferred (quar.)-------------------nart.Scbulfncr A Marx. Inc., com. (qu.)
Nov. 30 Holders of rec. Nov. 20a
Hartman Corporation (q u a r.)...
IX Dec. 2 Holders of rec. Nov. 20a
SI
Jan. 2 Holders of rec. Dec. 16a
Haskell A Barker Car (q u a r.)...
4
Dec. 2 Holders of rec. Nov. 22
5c. Dec. 20 Dec. 7
to
Dec. 19
_______________
Dec. 31 Dec. 1
to
Dec. 22
Illinois Pipe Lino_______________
S3
Nov. 30 Nov. 29
to
Nov. 30
Imperial Oil. Ltd________________
3
Dec. 16 Holders of rec. Dec. 2a
Indian Refining, common (quar.)
Preferred (quar.)-------------------I X Dec. 16 Holders of rec. Dec. 2a
2
Dec. 2 Holders of rec. Nov. 11a
Inland Steel (quar.)........................
International Cotton Mills, com. (quar.)
SI
Nov. 30 Holders of rec. Nov 15
Preferred (quar.)_____________
IX Nov. 30 Holders of rec. Nov 15
Internat. Harvester, pref. (qu.) (No. 1).
I X Dec. 2 Holders of rec. Nov. 9
SI
Dec. 2 Holders of rec. Nov 14
International Nickel, common (quar.)..
11)
I X Dec. 1 Holders of rec. Nov. 29
Nov. 21
to
Nov. 30
<fr
l X Dec.
♦50c. Dec. 31 ♦Holders of rcc. Dec. 7
-------IX Jan. 2 Holders of rec. Dec. 20a
25c. Dec. 16 Holders of rec. Dec 2a
/15
Deo. 1 Holders of rec. Nov 11a
Kings County Elec. Lt. A Power (quar.)
Dec. 2 Holders of rec. Nov. 20a
Dec. 31 Holders of rec. Dec. 17a
Dec. 31 Holders of rec. Dec. 17a
Dec. 31 Holders of rec. Dec. 17a
3
Dec. 2 Holders of rec. Nov. 23
Preferred (quar.).
IX Deo. 2 Holders of rec. Nov. 23
l x Nov. 30 Holders of rec. Nov. 20a
Nov. 30 Holders of rec. Oct. 31a
Jan. 2 Holders of rec. Dec. 19
3
Liggett & Myers Tobacco, com.
Dec. 2 Holders of reo. Nov. 15a
50c. Nov. 30 Holders of reo. Nov. la
Lindsay Light, common (quar.).
17 Xc Nov. 30 Holders of rcc. Nov. la
Preferred (quar.)........................
I X Dec. 2 Holders of rec. Nov. 22a
I X Jan. 2 Holders of rec. Dec. 7a
GO).........
Jan. 2 Holders of rec. Dec. 7a
3
Mahoning Investment (q u a r.)...
Dec. 2 Holders of rec. Nov. 21
Manatl Sugar, common (quar.).
2X Dec. 2 Holders of rec. Nov. 15
Dec. 2 Holders of rec. Nov. 20a
2m Deo. 2 Holders of rec. Nov. 20a
a
Dec. 10 Holders of rec. Nov. 25
c. Dec. 2 Nov. 21
Maryland Coal of West Virginia...
to
Dec. 1
c. Dec. 2 Nov. 21
to
Dec. 1
Extra_________________ __________
Massachusetts Gas Cos., preferred.
Dec.
Nov 16 to
Dec. 1
IX Nov. 30 Holders of rcc. Nov. 20a
2 X Dec. 31 Holders of rec. Dec. 4a
15c. Dec. 1 Holders of rcc. Nov. 15
c. Dec. 1 Holders of rec. Nov. 16
Dec. l Holders of rec. Nov. 24
25c. Dec. 1 Holders of rec. Nov. 15
-------17Mc. Dec. 1 Holders of rec. Nov. 15
........... — .......... ........
Holders of rec. Nov. 16a
IX Dec.
Moline Plow, first preferred (quar.) —
I X Dec. 1 Holders of rec. Nov. 16a
Second preferred (quar.)-----------------Jan. 2 Holders of rec. Dec. 14
25).
I X Jan. 2 Holders of rec. Dec. 14
25)....................
Dec .dll Holders of rcc. Nov. 30a
Montreal Cottons, Ltd., com. (quar.).
IX Dec.dll Holders of rec. Nov. 30a
Preferred (quar.)___________________
75c Nov. 3C Holders of rec Nov. 15a
National Acme (quar.)_______________
IX Jan. 15 Holders of rec. Dec. 30a
IX Nov. 3C Holders of rec. Nov. 16a
i
IX Dec. 2 Holders of rec. Nov. 22a
I X Dec. 31 Holders of rcc. Dec 11a
2
Jan. 1 Holders of rec. Dec. 16a
National Gluo, com. A pref. (quar.)___
to
Jan. 1
2
Dec. 31 Dec. 21
National Grocer, common (quar.)____
z
to
Jan. 1
Dec. 31 Dec. 21
Preferred____________ _____ _________
National Lead, common (quar.)______
IX Deo. 31 Holders of rec. Dec. 13a
National Lead, preferred (quar.)_____
IX Deo. 11 Holders of reo. Nov 22
National ugar Refining (quar.)______
I X Jan. 2 Holders of rec. Dec. 9
3
Jan. 2 Holders of rcc. Deo. 20a
National Surety (quar.)______________
50c Dec. If Holders of rec. Nov. 30a
National Transit (quar.)........................ .
50c Dec. 1( Holders of rec. Nov. 30a
Extra....................................................... .
Nebraska Power, preferred (quar.)___ IX Dec. 1 Holders of rcc. Nov. 20
)
3X Dec. 2 Holders of rec. Nov. 25a
Consolidated Arizona Smelting (quar.).
Consolldated Gas (quar.)..............
IX
Jan.
Consol. Gas, El. L. &P.,Ball.,com.(quar.) *2 Dec.
3
Continental Oil (quar.)_______________
0
lOc. Dec.
Continental Refining, com. (monthly).
10
1
2
6
duPont E.l.) deNemours&Co.,com.(qu)
Debentureslock(quar.)
*1
EasternShoreGas Elec., pref. (quar.)
1
2
FreeportGas, preferred(quar.)
Galena-Signal Oil, preferred.
New preferred
*2
2
2
2
2e
1
Great WesternSugar, common(quar.)
Common(payableInL. L. bonds)
Preferred (quar.)
$2
10
2
8
1
HornSilverMines
6
InterstateElec. Carp., pref. (qu.) (No.
Interstate Iron Steel, pref. (quar.)
IslelloyaleCopperCo. (quar.)
Jewel Tea, Inc., preferred(quar.)..
Common(extra)..
Preferred (quar.).
Lehigh ValleyCoal Sales (quar.)..
Preferred(quar.) (No.
1
2
1
2
2
$1
$2
1
1
10
10
10
2
1
20
Minnesota Sugar, common (quar)
Preferred (quar.)
Montana Power, com. (quar.) (No.
Preferred(quar.) (No.
8
1
1
1!4
1
Per When
Cent. Payable.
BooksClosed.
Days Inclusive.
20
2
20
2
2
2
2
1
1
Dec.
Holders of rec. Dec. 2o
Jan. 15 Holders of rec. Jan. 4
Dec.
Holders of rec. Nov. 22a
4
Jan. 15 Holders of rec. Dec. 21
Holders of rec. Dec. 2a
3
Dec.
Jan.
Holders of rec. Dec. 13
5
Jan.
Holders of rec. Dec. 14
Jan.
Holders of rec. Dec. 14
Holders of rec. Nov. 20
Dec.
Ogilvlo Flour Mills, Ltd., pref. (quar.)..
81.25 Dec.
Holders of rec. Nov. 15a
Ohio Cities Gas, common (quar.)______
Dec. 15
_______
* i x Jan.
Dec. 29
.............................................. SI.25 Dec. 3 1 Dec.
Dec. 29
$4.75 Dec. 31 Dec.
________________________________
Dec. 20
He Jan. 3
Oklahoma Production A Refining (quar.)
Dec. 7
Dec. 31
__________ *82
to
Dec. 14 Dec. 7
Dec. 15
Pabst Brewing, preferred (quar.)---------50c. Dec. 16 Holders of rec. Dec. 2a
Pacific Mall Steamship, common______
Dec. 16 Holders of rec. Dec. 2a
81
Common (extra)_____________________
Dec. 16 Holders of rec. Nov. 30a
-----Nov. 30 Holders of rec. Nov. 25a
Pennsylvania Lighting, common----------Holders of rec. Dec. 19
Jan.
-----Philadelphia Electric (q u a r.)................- 43.75c Dec. 14 Holders of rec. Nov. 23
Jan.
Holders of rec. Dec. 16
50c. Dec. 14 Holders of rec. Nov. 30a
Pittsburgh Brewing, common (quar.) —
Nov 30 Holders of rec. Nov. 20a
Preferred (quar.)____________________
Jan.
Jan. 1
Dec. 21
to
Pittsburgh Rolls Corp., common----------Dec.
Holders of rec. Nov. 15a
Pittsburgh Steel, pref. (quar.)................Dec. 5 Holders of rec. Nov. 15a
Porto Rican-American Tobacco (quar.).
3
Dec. 4 Holders of rec. Nov. 13a
Pressed Steel Car, com. (qu.) (No. 33).
Nov. 30 Holders of rec. N ov. la
Quaker Oats, preferred (quar.)------------3
Jan. 15 Holders of rec. Dec. 31a
___________
l
Jan. 15 Holders of rec. Dec. 31a
_______________________
Feb. 28 Holders of rec. Feb. la
_____________________
Dec. 23 ♦Holders of ree. Dec. 2
__________________
Dec. 30 Holders of rec. Dec. 14a
—
Holders of rec. Dec. 7a
Dec.
_____________________
Jan. 15 Holders of rec. Jan.
3
a
32)______________
Holders of rec. Jan. 15a
Feb.
Republic Iron A Steel, com.(qu.) (No. 9)
Jan.
Holders of rec. Dec. 14a
Preferred (quar.) (No. Gl)----------------50c. Dec.
Dec. 20
Dec. 10 to
St. Joseph Lead (quar.)________________
Dec. 15 Holders of rec. Nov. 30a
Savage Arms Corp., com. (quar.)---------Dec. 15 Holders of rec. Nov. 30
First preferred (quar.)---------------------Dec. 15 Holders of rec. Nov. 30
Second preferred (quar.)------------------Dec.
♦Holders of rec. Nov. 23
----------------Jan.
Holders of rec. Dec. 14
Dec. 30 Holders of rec. Dec. 15
Dec. 1 to
Dec.
Dec. 20
Solar Refining__________________________
Dec. I to
Dec.
Dec. 20
5
Extra________________________________
Holders of rec. Nov. 15
5
Dec.
Southern Pipe Line (quar.)------------------to Jan. 1
Dec. 31 Dec. 13
5
__________________
Dec. 31 Holders of rec. Dec. 14a
5
South Porto Rico Sugar, com. (quar.)..
Dec. 31 Holders of rec. Dec. 14a
Preferred (quar.)____________________
Dec.
Holders of rec. N ov. 22a
Southwestern Pow. A Light, pref. (qu.)
Dec. 31 Holders of rec. Dec. 16
3
IFesf
Nov. 30 Holders of rec. Nov. 19a
Standard Milling, com. (qu.) (No. ) . .
Nov. 30 Holders of rec. Nov. 19a
Pr .erred (quar.) (No. 36)----------------Holders of rec. Oct. 7
Dec.
Standard Motor Construction--------------Holders of rec. Dec. 15a
1
Jan.
Standard Oil Cloth, Inc., com. (quar.)..
Holders of rec. Dec. 15a
Jan.
Common (extra)_____________________
Jan.
Holders of rec. Dec. 15a
Preferred A and B (quar.)----------------Dec. 16 Holders of rec. Nov. 15
Standard Oil (Calif.) (quar.) (No. 4 0 ) -3
Nov. 30 Nov. 5 to Nov. 30
Standard Oil (Indiana) (quar.)------------3
Nov. 30 Nov. 5 to Nov. 30
Extra________________________________
Dec. 15
3
Dec. 14 Dec. 1 to
Standard OU (Kansas) (quar.)------------3
Dec. 14 Dec. I
Dec. 15
to
Extra________________________________
Dec. 15
Jan.
to Jan. 2
3
Standard Oil (Kentucky) (quar.)---------Nov. 21
Dec.
Dec. 20
to
Standard Oil (Nebraska).................. ..........
Dec. 16 Holders of rec. Nov. 20
5
Standard Oil of New Jersey (quar.)-----3
Dec. 16 Holders of rec. Nov. 22a
Standard Oil of N. Y. (quar.)--------------Nov. 30 to
Dec. 18
3
Jan.
Standard Oil (Ohio) (quar.)------------------Dec. 18
Nov. 30 to
Jan.
Extra________________________________
Holders of rec. N ov. 5
Dec.
Standard Sanitary M fg., com. (extra)..
Holders of rec. Nov. 15a
Dec.
Steel Products, preferred (quar.)..
Holders of rec. Nov. 20a
Dec.
Studebaker Corp., common (.quar.)-----Holders of rec. Nov. 20a
Dec.
Preferred (quar.)____________________
Holders of rec. Dec. 20a
Jan.
----------------------------Dec.
to Jan. 9
Jan.
A
132)............—
Dec. 31 Holders of rec. Dec. 2
Texas Company (quar.)-----------------------Dec. 31 ♦Holders of rec. Dec. 9
.................................
Dec. 31 ♦Holders of rec. Dec. 9
________________________________ ♦3
Jan. 15 Holders of rec. Jan. 2
/
Tobacco Prod., com. (pay. in com. stk.)
Jan.
Holders of rec. Dec. 21
Preferred (quar.) (No. 24) ..................
a
Holders of rec. Dec.
Todd Shipyards Corp. (quar.) (No. 10). SI.75 Deo.
*5c. Jan.
♦Holders of rec. Dec. 11
-------------------Dec. 13 Holders of rec. Nov. 30
26).
Holders of rec. Dec. 14a
Jan.
Underwood Typewriter, common (quar.)
Jan.
Holders of rec. Dec. 14a
5
Common (extra)_____________________
Holders of rec. Dec. 14a
Jan.
Preferred (quar.)____________________
Deo. 16 Holders of rec. D ec.l a
Union Bag A Paper Corp. (qu.) (No. 9 ).
Dec. 9
Nov. 21
to
Dec.
-------Dec. 9
Nov. 21 to
Dec.
________________________________
Dec. 16 Holders of rec. Nov. 29a
United Cigar Stores of Amer., pref. (qu.)
Holders of rec. Nov. 15
Dec.
United Drug, 2d pref. (quar.) (No. l i t .
Jan.
Holders of rec. Dec. 14a
United Dyewood, common (quar.)
Holders of rec. Dec. 14a
i x Jan.
Preferred (quar.)---------------------Dec. 16 Holders of rec. Dec. 2a
United Paper Board, common-----Jan. 15 Holders of rec. Jan. la
l
Preferred (quar.)---------------------Holders of rec. Nov. 11a
He. Dec.
United Profit Sharing......................
Holders of rec. Nov. 11a
lK c . Dec.
Extra------------- -------- -----------------Dec. 25
to
Dec. 25 Dec. 14
U. S. Gypsum, preferred (quar.)..
4
Dec. 16 Holders of rec. Dec. 2a
U. S. Industrial Alcohol, com. (quar.)..
c. Jan.
Holders of rec. Dec. 16
.........
Holders of rec. Dec. 16
5c. Jan.
__________________________
Dec. 2
Dec. 30 Nov. 30
to
U. S. Steel Corp., com. (q u a r.)...
Dec. 2
Dec. 30 Nov. 30 to
Common (extra)---------------------Dec. 5
Dec. 5 Nov. 16 to
Virginia Iron, Coal A Coke---------Holders of rec. Dec. 13
Jan.
Wabasso Cotton Co. (quar.) N o. 4 -----Holders of rec. Nov. 20a
3
Dec.
Waltham Watch, preferred..............
Dec. 31
to
$4
Dec. 31 Dec. I
Washington Oil (annual).?..............
Holders of rec. Dec. 2
c. Dec.
Holders of rec. Dec. 2
c. Dec.
-------------------------Jan. 1
to
4
Dec. 31 Dec. 21
Western Grocer, common--------------Jan. 1
to
3
Dec. 31 Dec. 21
Preferred________________________
Holders of rec. Nov. 30
Dec.
Nov. 30
Holders
of
rec.
Jan.
...................... .......
Holders of rec. Nov. 30
Dec.
----------------------Holders of rec. Nov. 15
Dec.
1
Whlte(J.G.)ACo.,Inc.. pf.(qu.) (No.G2)
Holders of rec. Nov. 15
Dec.
Whlte(J.G )Eng.Corp.. pf.(qu.) (No.23)
Dec.
Holders of rec. Nov. 15
Whlte(J.G.)Mgt.Corp.. pf.(qu.) (No.23)
Dec. 31 Holders of rec. Dec. 14a
SI
Whlto Motor (quar.)........................
♦Holders of rec. Dec. 14
Jan.
♦SI
Holders of rec. Nov. 26
Woods Manufacturing, common (quar.)
i x Dec.
Holders of rec. Nov. 26
Dec.
5
Common (bonus)---------------------Holders of rec . Nov. 11a
Dec.
Woolworth (F. W.) C o., common (qu.).
Holders of rec Dec. 10a
Jan.
1
Wool worth (F. W .) Co., pref. (quar.)..
♦Holders of rec Dec. 20
Jan.
♦Holders of rec Dec. 20
Jan.
---------------------------
PackardMotor Car, preferred(quar.)
PennsylvaniaWater &Power (quar.)
Pierce-ArrowMotor Car, preferred(quar.)
QuakerOats, common(quar.)
Common(extra)
Preferred (quar.)
QuincyMining(quar.)
6 Railway Steel-Spring, common(quar.)
Preferred (quar.)
ReallyAssociates (No.
SI
Grasselll Chemical, common (quar.)
Preferred (quar.).
Nameof Company.
Miscellaneous (C
oncluded).—
New York Air Brake (quar.) (No. G 4)..
NewYorkDock, preferred______________
N . Y . A Queens Elec. L. A P., pf. (qu.)
NewYork Transit (quar.)______________
Niles-Bement-Pond, common (quar.)..
NorthernPipe Line_____________________
Nova ScotiaSteel &Coal, common............
Preferred (quar.)_____________________
6 OhioCitiesGas, preferred(quar.)
OhioOil (quar.)
Extra
OsceolaConsol. Mining (quar.)
2
ElginNational Watch (extra)-.
2075
THE CHRONICLE
5
2X
1
2IX
IX
♦12
IX
IX
IX
IX
2
IX
1
IX
g
2
IX
2
2
1
1
♦2IX
2
IX
IX
IX
IX
IX
IX
Scovlll Manufacturing (extra)
*2X
Sears, Roebuck&Co., preferred(quar.).. 1X
Sherman-WilllamsCo. ofCan., pref. (qu.) IX
5
20
1
2
20
1
1
20
20
2
SouthPennOU(quar.)
a
2
IX
PennsylvaniaPipe Lines (qu.) 2
8
$2IX
1
IX
2X
South
2
2
1
1
1
2
20
10
1
1
10
1
2
2
2
1
1
2
IX
1
IX
♦2ix
2X
♦2
10
IX
SubwayRealty(quar.)
Swift Co., (quar.) (No.
Tide Water Oil (quar.)
Extra
TonopahExtensionMining
Tooke Bros., Ltd., pref. (quar.) (No.
UnionStockYards (Omaha) (quar.)
Extra
U. S. Steamship (bi-monthly)
Extra
WaylandOil &Gas, common(quar.)
Preferred (extra)
6
8
2
20
1
1
1
1
IX
IX
IX
IX
IX
2
IX
IX
IX
1
X
1
IX
10
IX
2
6
IX
6
6
2
2
2
2
2
2
2
2
2
11
11
10
10
10
10
10
2
2
2
2
2
2
1
2
2
2
West'house. Church, Kerr &Co.,com.(qu.) IX
1
Common(extra)
1X
Preferred (quar.)
X
IX
IX
Wolrerl eCopperMining (quar.)..
2
X
WorthingtonPump&Mach., pf. A(qu.) *\x
*1X
PreferredB(quar.)
6
♦ From unofficial sources, a Transfer books not closed for this dividend.
Less
British Income tax. d Correction. e Payable In stock. /Payable In common
stock,
Payable in scrip,
On account of accumulated dividends. 1 Payable in
Liberty Loan bonds.
Red Cross dividend,
Payable in U. S. Liberty Loan
bonds,
Payable In Canadian Government Victory Loan bonds, t De
clared subject to the approval of Director-General of Railroads,
The New York
Stock Exchange has ruled that stock will not be quoted ex-divldend on this date
and not until further notice,
Ex-dividend on this date.
Declared 7 % , payable
In quarterly Installments of
each on Jan. 2, April 1, July l and Oct. 1 1919
to holders of record on Dec. 16 1918, March 15, June 16 and Sept. 15 1919, respeo-
g
414%
n
I
h
r
s
IH%
8
m
I
Vu Declared % on first pref. stock, payable 4% as above and 4 % on Sept. 30 1919
to holders of record Sept. 26.
2076
THE CHRONICLE
[V ol . 107
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by tho Fedoral Resorve
Board giving tho principal items of the resources and liabilities of the Member Banks. Definitions of tho different items
contained in the statement were given in the weekly statement issued under date of Doc. 14 1917 and which was published
m the “Chronicle” of Dec. 29 1917, page 2523.
R E S O U R C E A N D U A B . U T V IT E M S O P ^ B E ^ N K S
STATEM EN T
L O C A T E D IN C E N T R A L R E S E R V E
Further investments in Treasury certificates offset in part by disposal o f United States bonds, also continuous withdrawals of Government
deposits accompanied by substantial gains in net demand deposits are indicated by the Federal Ueservo Board’s woolcly statement of condition on
Nov. 15 o f 752 member banks in loading cities.
States
14.1 m
___
______
______ _________________________ ___ p _____^
__|
„ „ „ ( ■ uumuua uu
Increase
the banks in tho central reservo cities. The ratio o f United States war securities and loans supported by such securities to total loans and invest
ments shows a rise for the week from 21.6 to 21.9% . For the contral reserve city banks a rise in this ratio from 23 to 23.7% is indicated
Barge disbursements by tho Government caused the net withdrawal during tho week of 177.7 millions of Government deposits, 61.2 millions
representing withdrawals from central reserve city banks. Time deposits declined 2.9 millions, while not demand deposits wont up 107.3 millions
of which 55.7 millions represent tho gain at the contral reserve city banks. Total reserve balances with tho Federal Reserve banks declined 80.3
millions, while cash in vault increased 2.3 millions.
1. Data for all reporting banks In each district.
Member Banks.
NewYork Philadd. Cleveland.
Number of reporting banka___
44
105
S
S
CJ. S. bonds to secure olrculat’n 14,402,0
50,311,0
Other U . S. bonds, including
Liberty bonds______ ______ 21,784
363 ,222,0
459 ,423,0
. . certlfs. of Indebtedness.. 80,119
Total U . . securities______ 116,305
872 ,956,0
631 ,586,0
Loans seo. by U . . bonds, An- 111,119
All other loans A Investments. 796,325 4,234 ,940,0
Reserve with Fed. Res. Bank. 64,538
606 ,115,0
Cash in vault_________________ 25,310
131 ,167,0
Net demand deposits________ 690,706 4,513 ,654,0
Time deposits_________________ 100,535
263 ,316,0
Government deposits................ 112,771
416, ,269,0
08
8
8
53
Two ciphers (00 omitted.
Chicago 31. Louis Mlnneip Kan.Cilv
81
45
32
11,492,0
24.109.0
15.465.0
17.655.0
,965,0
,573,0
,030,0
,759,0
,124,0
,530,0
,892,0
,060,0
537.0
310.0
51.230.0
29.868.0
105.207.0
38.028.0
391.045.0
33.974.0
20.187.0
331.093.0
56.294.0
18.434.0
35.829.0
41.625.0
92.919.0
22.471.0
310.780.0
26.846.0
16.287.0
223.573.0
91.214.0
19.473.0
33.095.0
24.682.0
75.432.0
23.839.0
375.808.0
31.042.0
12.839.0
257.930.0
73.429.0
25.903.0
3
$
$
$
$
35
10,977
11,400
28,746
8,630
261,470
73
S
6,369,0
13.715.0
45
53
S
S
17.929.0 34.505.0
752
S
267.690.0
24.839.0 25.069.0 30.706.0
887.297.0
31.790.0 12.475.0 63.057.0
953.683.0
70.344.0 55.473.0 128,268,0 2.108.670.0
8,783,0
7,243,0 13.061.0 1.202.810.0
459.243.0 190.789.0 558.554.0 10,594,803,0
42.866.0 16.824.0 53.065.0 1.188.672.0
16.037.0 12.773.0 24.104.0
385.986.0
384.465.0 142.609.0 428.177.0 9.647.617.0
57.879.0 25.084.0 122.287.0 1.448.387.0
21.043.0 11.436.0 13.828.0
869.423.0
22,668
8,776
215,173
43,200
6,670
2. Data for banks In each Central Reserve city, banks In all other Reserve cities and other reporting banks.
Two ciphers (00) omitted.
NewYork.
Chicago. St. Louis. Total Central Res. Cities. Other Reserve Cities. Country Banks.
Nov. 15. Nov. 8. Nov. 15. Nov. 15. Nov. 15. Nov. 8. Nov. 15. Nov. 8. Nov. 15. Nov. 8
Number of reporting ban k s...
71
44
71
14
129
129
453
453
S
S
$
S
$
S
S
U. S. bonds to seouro clrculat’n
36,879,0
36,879,0
1,119,0 10,555,0
48,553,0
48,553,0
170,818,0 171,205,0
Other U. S. bonds, including
Liberty bonds........................
309,379,0 314,840,0 73,573,0 24,901,0 407,853,0 421,919,0 396, ,731,0 410, 704.0
U. S. certlfs. of Indebtedness.- 440,211,0 381,250,0 32,750,0 18,833,0 491,791,0 436,605,0 397, ,210,0 386, 109.0
Total U. . securities______
786,469,0 732,969,0 107,442,0 54,289,0 948,200,0 907,077,0 964, ,759,0 968, 168.0
Loans seo. by U. S. bonds, Ac.
586,510,0 573,430,0 72,752,0 18,535,0 677,797,0 667,405,0 454 ,314,0 456, 874.0
All other loans A investments. 3,896,670,0 3,917,033,0 872,807,0 271,217,0 5,040,694,0 5,074,960,0 4,681 ,257,0 4,693, ,151,0
Resorve with Fed. Res. Bank.
577,662,0 618,295,0 106,265,0 22,566,0 706,493,0 749,326,0 416 ,974,0 459, 008.0
Cash In vault_________________
116.5S0.0 118,676,0 34,857,0
6,615,0
158,052,0
161,186,0 185 ,952.0
180, ,482,0
Net demand deposits________ 4,199,132,0 4,166,137,0 750,717,0 180,771,0 5,130,620,0 5,074,895,0 3,814 ,179,0 3,775 ,380,0
Time deposits_________________
211,362,0 20.8,707,0 140,959,0 53,478,0 405,799,0 403,253,0 837 ,597,0 845, ,144,0
Government deposits________
383,622,0 434,298.0 48,300,0 21,752,0 453,674,0 514,784,0 368 ,917,0 458, ,472,0
Ratio of combined reserve and
oash to total net deposits___
25.4
24.5
17.0
18.1
23.7
23.0
20.5
20.5
8
8
S
170
Total.
Nos. 8.
170
S
48,319,0
48,319,0
82,713
64,679
195,711
70,705
872,852
65,205
41,982
702,818
204,991
40,832
80,879
64,847
200045
75,538
873,724
80,594
42,004
690,012
202,852
73,818
752
S
267.090.0
752
S
268.077.0
887.297.0
919.592.0
953.683.0
887.021.0
2.108.670.0 2.075.290.0
1.202.816.0 1.199.817.0
10594 803 0 10,651,835,0
1.188.672.0 1.268.928.0
385.986.0
383.672.0
9.647.617.0 9.540.287.0
1.448.387.0 ' ,451,249,0
869.423.0 1.047.074.0
19.8
21.6
21.9
The Federal Reserve Banks.—Following is the weekly statement issued by the Fedoral Reserve Board on Nov. 23:
Liquidation in some volume o f bills discounted and bought, also considerable net withdrawals o f Government deposits, accompanied by a
more than corresponding increase in members’ reservo deposits are Indicated in the Federal Reserve Board’s wookly bank statement issued as at
close o f business on Nov. 22 1918.
IN VESTM EN TS.— The week witnessed net liquidation o f 78.1 millions of discounts, secured by Government obligations, while holdings of
other discounted bills declined 10.3 millions and those o f purchased paper 9.1 millions. The incroaso of 5L7 millions in United States short-term
securities is caused primarily by a temporary advance bo tho Government by tho New York Bank of 00 million dollars covered by Treasury
certificate. Total earning assets show a decline o f 43.1 millions.
DEPOSITS.— Government deposits declined 133.2 millions, while members’ reserve deposits show an increaso of 154.1 millions. Net deposits,
mainly because o f the increase in the “ float,” declined 32.9 millions.
*
’
RESERVES.— Of the total increaso of 6.4 millions In cash reserves, 3.5 millions represents an increaso In gold holdings. Tho banks’ roserve
percentage shows a riso from 49.9 to 50.5%.
NOTE CIRCULATION.— For the first time since M ay 17 the Federal Raserve note circulation shows a decline for the week, tho total of
2,555.2 millions being 7.3 millions less than the week before. On the other hand, the banks’ aggregate liabilities on Federal Reservo bank notes
in circulation increased from 72.9 to 80.5 millions.
CAPITAL;— Increaso in the capital o f member banks, also accessions to membership of State banks and trust companies, account for an
increase o f $122,000 in the Federal Reserve B anks paid-in capital, which for the first timo is shown in excess of 80 million dollars.
Tho figures of tho consolidated statement for tho system as a whole aro given in tho following table, and in addition
wo present the results for each of the seven preceding weeks, together with those of the correspondiug wook of last year,
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of
the twelve Federal Reserve banks. The statement of Federal Reserve Agents’ Accounts (tho third table following)
gives details regarding the transactions in Federal Reserve notes between the Comptroller and tho Resorve Agonts and
between tho latter and the Federal Roserve banks.
FEDERAL RESERVE BAN K OF NEW Y O R K .— Tho weekly statement issued by tho bank subdivides some certain ltoms that aro included
under a more general classification in the statement prepared at Washington. Thus, “ Other deposits, & c.,” as of Nov 22 consisted of “ Foreign
Government deposits,” $93,070,119: “ Non-member bank deposits,” $6,304,223, and “ Duo to War Finaneo Corporation,” $8,812,605
C o m b in e d
R esources and
L ia b il it ie s o f t h e
F ederal
R eserve
B a n k s a t t o e C l o s e o f B u s in e s s
Nov. 22 1918. Nov. 15 1918. Nov. 81918. Nov. 1 1918. .Oct. 25 1918. Oct. 18
RESOURCES.
Gold In vault and In transit___________
Gold settlement fund— F. R . Board___
Gold with foreign agencies____________
3
371.498.000
435.892.000
5,829,000
3
375.527.000
433.885.000
6,829,000
5
.
S
386.437.000 383.833.000
435.452.000 449.248.000
5,829,000
5,829,000
$
376.679.000
415.676.000
5,829,000
1918.
$
382.160.000
416.413.000
5,829,000
Oct. 10
1018.
$
372.022.000
448.720.000
a, 890
nnn
P|U
UU
006
Oct. 4
N o v . 2 2 1918
1918.
$
878
nnn
419,665,000
ic oqq nnn
70 74
4
Total gold held by banks_________
Q /'ty
Q,uuu
nnn
813,219,000 815,241,000 827,718,000 838,910,000 798,184,000 804,402,000 827,471,000
/ uo,
Gold with Federal Reserve Agonts____ 1,163,917,000 1,166,579,000 1,145,640,000 1,149,859,000 1,184,998,000 1,173,521,000 1,157,000,000 1,181,485,000
at atm
non
K ,oJUtU
arm nnn
r onn nnn
Gold redemption fund_________________
A
A 7AR nnn
78,129,000
74,957,000
73,233,000
U
oj,U
UU
63,460 000
UU
4u,#U0,UUU
40,300,000
11J\
7
04
Nov. 23 1917.
S
tin nis nnn
386,662,000
can nnfk
59
97
oao
A/ |U
nnn
"07,4U
VV
623,948,000
1
R.io nnn
11,54V,UuU
1
Total gold reserves_______________ 2,060,265,000 2,056,777,000 2,046,591,000 2,052,229,000 2,045,132,000 2,035.313,000 2,031,236,000 2.025,434,000 1,604,704,000
Legal tender notes, sliver, Ao..................
55,992,000
53,039,000
54,248,000
53,456,000
53,037,000
52,122,000
54,058,000
52,372.000
51.937,000
9
1
9 774,0/1,000
Total reserves___________ _______ 2,116,257,000 2,109,816,000 2,100,839,000 2,105,635,000 2,098.169,000 2.087,685,000 a ,UOO,
nQQ uOj ,U
nnn
n 871 nnn 1,658,762,000
UU 3,U/
Bills discounted: Secured by GovernOA4 non nnn
non
TTiont
i iA QR |nnn
9 ,vu**»
on i uu
nnn
no*) ai ,U
nnn
U
lCUu war
n(W nhllffnflnnq
Ul/llgiHlUug. _ . . . . . . . . . . . . i ko n non i ,OUO»*xAU,U
vH/ l|uivivul
UUU 1 iS
u 1tU'J3,417
UU 1,262,757,000 1,304,383,000
1,251,787,000 | 656,002,000
All other_____________________________ 429.132.000 439.392.000 480.271.000 493.043.000 453.747.000 425.799.000 450.086.000 453.240.000
Bills bought In open markot___________
368.784.000 377.877.000 374.522.000 377.072.000 398.623.000 370.136.000 338.620.000 311.990.000
209,905,000
9 88
1 8^84.1n
8
7
1
11
*7
Total bills on hand________________ 2,078,219,000 2,175,685,000 2.171,760,000 2,123,019,000 1,944,787,000 2,058,692,000 2,093,089,000 2,017.023,000
U. . Government long-torm securities.
29,134,000
29.478.000
29.479.000
29.472.000
28,251,000
28.205.000
28,214,000
28.289.000
17. S. Government short-term securities 148,180,000
93.449.000
91.956.000
83.750.000 322,060,000
00,193,fV)0
67.738.000
50.514.000
All other earning assets________________
27,000
23,000
28,000
107
nnn
n nnn
35,000
24,000
AVf nnn
865,907,000
53.962.000
57.850.000
ill
,144,0110
Total earning assets______________ 2,255,560,000 2,298,640,000 2,293,223,000 2,241,276,000 2.295,122,000 2,154,832,000 2,187,684,000 2,102,028,000
Uncollected Items (deduct from gross
deposits)______________________
nnn 798 A n nnn
nj. arnnn
819,010,000 717,785,000 687,468.000 684,315.000 856,923,000 am ^17 ,uuu
979,141,000
8
188
8
000,014
5% redemp. fund agst. F. R . bank notes
All other resources_____ _______________
4,525,000
24,175,000
4,008,000
18,169,000
3,924,000
18,790,000
3,703,000
17,075,000
3,692,000
16,879,000
3,425,000
AO*/ |nnn
UUU
7fi7
04
3,177,000
lt)i ar* nnn
18
99
7 (\
2,679,000
18 9A9 nnn
1
•Hi
O
000
90/ /7,Uvw
nna
9537,000
>o i non
Total resources___________________ 5,219,527,000 5.148,418.000 5,104.244.000 5.052.114.000 5.270.785.000 5.063,216.000 5.011,134.000 4,809.386.000 2,956,130,00*
* Includes tunoaot formerly shown against Items due from or duo to other Federal Reserve banks net.
Nov. 30 1918.]
THE CHRONICLE
2077
Nov. 22 1918. Nov. 15 1918. Nov. 8 1918. Nov. 1 1918. Oct. 25 1918. Oct. 18 1918. Oct. 10 1918. Oct. 4 1918. Nov. 23 1917.
S
LIABILITIES.
S
S
S
S
S
$
S
$
67.136.000
78,903,000
80,025,000
79,360,000
79.190.000
78,950,000
Capital paid In....................................
79,824,000
79,057,000
79,903,000
1,134,000
Surplus........... .....................................
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
113.174.000 246.401.000 160.256.000 249.397.000
78.218.000 179.868.000 230.889.000 197.359.000 196.411.000
Government deposits__ ____________
Due to members—reserve account----- 1,604,033,000 1,449,949,000 1,545,990,000 1,442,493,000 1,683,499,000 1,506,727,000 1,508,334,000 1,496,815,000 1,426,648,000
620.608.000 573.727.000 527.796.000 543.975.000 702.107.000 585.090.000 514.110.000 512.227.000 215.169.000
Collection items......... .......... .......... .
23.291.000
Other deposits, incl. for. Gov’t credits. 113,987,000 113.385.000 114.941.000 111.827.000 117.001.000 112.634.000 108.256.000 103.907.000
Total gross deposits____________ 2.451.782.000 2.383.462.000 2.348.989.000 2.347.692.000 2.580.825.000 2.384.319.000 2.361.589.000 2.310.308.000 1.861.519.000
F. R. notes In actual circulation-------- 2.555.215.000 2.562.517.000 2.558.196.000 2.515.504.000 2.507.912.000 2.502.488.000 2.478.378.000 2.431.004.000 1.015.892.000
80.504.000
8,000,000
72.930.000
63.338.000
68.864.000
58.859.000
55.666.000
52.031.000
F. R. bank notes In circulation, net Itab.
40.305.000
3,583,000
50.867.000
48.472.000
47.237.000
45.086.000
42.865.000
40.552.000
39.046.000
37.732.000
All other liabilities_________________
Total liabilities............................. 5,219,527,000 5,148,418,000 5,104,244,000 5,052,114,000 5,270,785,000 5,083,216,000 5,011,134,000 4,899,386,000 2,956,130,000
71.2%
51.8%
50.6%
50.9%
51.4%
Gold reserve against net deposit llab..
49.7%
51.2%
50.8%
51.7%
50.8%
78.3%
49.6%
50.2%
Gold res. agst. F. R. notes In act. clrc’n
50.5%
50.9%
49.8%
50.7%
50.0%
Ratio of gold reserves to net deposit and
50.9%
74.9%
50.1%
50.2%
51.3%
Fd. Res. note liabilities combined —
50.6%
50.8%
50.6%
50.9%
Ratio of total reserves to net deposit and
50.5%
64.7%
Fed. Res. note liabilities combined..
50.6%
51.5%
49.6%
50.4%
49.9%
51.1%
49.8%
Ratio of gold reserves to F. R. notes In
actual circulation, after setting aside
60.5%
35% against net deposit liabilities...
59.4%
60.9%
62.3%
61.3%
59.6%
60.0%
59.6%
$
Distribution by Maturates—
$
S
.
S
S
S
S
1-15 days bills discounted and bought. 1,208,215,000 1,353,310,000 1,354,320,000 1,336,423,000 1,198,861,000 1,343,320,000 1,425,804,000 1,358,365,000 526,620,000
1-15 days U. 8. Govt, short-term secs.
69.029.000
15.688.000 250.906.000
11.402.000
10,750,000
18,481,000
15,701,000
9.153.000
5.000
1-15 days municipal warrants----------2,000
518.000
2,000
33.000
7,000'
7,000
31.000
31.000
10-30 days bills discounted and bought. 175.680.000 168,765,000 176,019.000 188.642.000 221.020.000 249.254.000 203.960.000 175.342.000
66,295,000
16-30 days U. S. Govt, short-term secs.
137.000
117,000
6,022,000
5.412.000
1.420.000
73,000!
101,000
10,000
5,000
10-30 days municipal warrants.........
7.000
5.000
2,000
31-00 days bills discounted and bought. 338.876.000 301,7*60*0661 304,615,000 291.511.000 279.786.000 265.599.066 273.091.000 264.546.000 146.900.000
10.335.000
31-00 days U. S. Govt, short-term secs.
617.000
707,000
4.841.000
9,132,000
10,684,000
42,000
163,000
6.000
31-60 days municipal warrants.............
5.000
7.000
135.000
15,000'
15,000
7.000
7,000
9,000
61-00 days bills discounted and bought 337.346.000 334,095,000} 319,973,000 284.735.000 232.891.000 188.485.000 174.622.000 193,457,000, 120.481.000
2,023,000
01-00 days U. 8. Govt, short-term secs.
8,851,000
2,194,000j
3,557,000
8,109,000
8,676,000
8.104.000
5.692.000
61-90 days municipal warrants----------3.000
*"’ 65*1,666
10,000
5.000
• 10,000
11.000
11.000
20.102.000
Over 90 days bills disc’ted and bought.
5,611,000
21.708.000
12.229.000
12.034.000
15.612.000
17,755,000' 16,833,000
25.313.000
66,793,000
Over 90 days U.S.Govt.short-term secs.
64.199.000
62.319.000
41.300.000
41.220.000
63,569,000: 61,913,000
35.408.000
Over 90 days municipal warrants-------3.000
113.000
10.000
10,000
6,0001
6,000
10,000
Federal Reserve Notes—
Issued to the banks_________ _______ 2,768,777,000’2,761,812,000 2,743,686,000 2,710,680,000 2.697,090,000 2,667,024,000 2,623,339,000 2,583,418,000} 1,102,287,000
Held by banks_____________________ 213,562,0001 199,295,000, 185.490,000 195,176,000 189,178,000 164,536,000 144,961,000 152,414,000|| 86,395,000
In circulation........... ................... 2,555,215,000!2,562,517,000*2,558,196,000 2,515,504,000 2,507,912,000 2.502,488,000 2,478,378,000 2,431,004,000} 1,015,892,000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller............. 3,660,540,000 3,629,140,000 3,609,760,000 3,561,280,000 3,525,460,000 3,488,640,000 3,414,220,000 3,304,480,000} 1,540,720,000
Returned to the Comptroller............... . 591,693,000] 580,183,000! 572,078,000 562,931,000 560,860,000 557,446,000 555,671,000 550,217,000.1 229,293,000
Amount chargeable to Agent........... 3,068,847,000'3,048,957,000,3,037,682,000 2,998,349,000 2,964,600,000 2,931,194,000 2,853,549,000 2,814,263,000,1,311,427,000
In hands of Agent............................... 300,070,000( 287,145,000} 293,990,000 287,669,000 267.510,000 264,170,000 235.210,000 230,845,000,} 209,140,000
Issued to Federal Reserve banks.. 2,768,777,000 2,761,012.000i2,743,686,000 2,710,680,000 2,697,090,000 2,667,024,000 2,623,339,000 2,583.418,000 1,102,287,000
IIow Secured—
By gold coin and certificates................. 211,626,000 210.170.000 198.176.000 200.176.000 207.176.000 201.239.000 208.167.000 20S,239,000| 243.111.000
By lawful money .................. ..............
By eligible paper................................. 1,599,860,666 1,595,233",000 1,598,040,666 l.s’o'o,8*2*1*666 1,5*12*,*092*666 1,49*3*,*5*0*3*666 1,4*6*0*.*3*3*9*,666 l,4*dl*,933*,006 478,339,666
Gold redemption fund--------------------78,793,000
32,524,000
78,352.000
81,776,000
78,053,000
77,477,000 113.060.000]
78,586,000
78,609,000
With Federal Reserve Board............... 878,498,000 878.051.000 868.878.000 867.907.000 899.213.000 894.229.000 871.356.000 860.186.000] 348.313.000
Total.............................................. 2,768,777,000'2,761,812,000 2,743,086,000 2,710,680,000 2.697,090,000 2,667,024,000 2,62.3,339,000 2.583,418.000}, 1,102,287.000
Eligible paper delivered to F. R. Agent. 2,006,800,090 2,120,296,000'2,116.238.000 2,060.562.000 1.901.642.000 2.012.927.000 2.049.522.000 1.942,433.000^ 532,411.000
a Net amount due to other Federal lloservo banks. 6 This Item Includes foreign Government credits, t Revised figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS NOV. 22 1918.
Two ciphers (00) omitted.
notion.
New York. Phtiadel. Cleveland. Richm’d.
Atlanta. Chtcaso. St Lcuu Mtnntap Kan. Cuy Dallas. San Fran
S
f
%
$
277,341,0
194,0 28,264,0 2,311,0
32,209,0 32,657,0 32,983,0 12,384,0
2,011,0
525,0
204,0
408,0
Total gold hold by banks____ 37,548,0
Gold with Federal Res. Agents.. 65,436,0
0,641,0
Gold redemption fund...............
311,501,0 33,259,0 01,772,0 14,899,0 13,469,0 199,712,0 30,557,0 21,187,0 26,087,0 8,977,0 54,191,0 813,219,0
282,650,0 79,221,0 133,130,0 59,973,0 44,956,0 204,702,0 53,131,0 57,531,0 47,850,0 22,523,0 117,814,0 1,168,917,0
24,992,0 7,700,0 3,250,0 5,897,0 4,917,0 11,790,0 3,332,0 3,732,0 3,715,0 2,155,0
78,129,0
8,0
Legal-tender notes, silver, Ac__
109,625,0
3,725,0
619,203,0 120,180,0 198,152,0 80,769,0 63,342,0 416,204,0 87,020,0 82,450.0 77,652,0 33,655,0 172,013,0 2,060,265,0
45,029,0
59,0
808,0
132,0 1,178,0
485,0
023,0
200,0 1,525,0 1,988,0
234,0
55,992,0
Total reserves........................
Bills discounted: Secured by Govt
war obligations......... ...........
All other.................... ..........
Bills bought In open market___
113,350,0
664,232,0 120,988,0 198,637,0 81,392,0 63,548,0 417,729,0 89,008,0 82,509,0 77,784,0 34,833,0 172,247,0 2,116,257,0
120,908,0
12,578,0
15,448,0
555,534,0 140,472,0 95,473,0 69,306,0 32,742,0 116,878,0 42,984,0 21,655,0 22,804,0 15,971,0 39,576,0 1,280,303.0
95,312,0 15,890,0 16,380,0 18,049,0 38,357,0 66,548,0 34,064,0 22,222,0 48,831,0 29,749,0 31,152,0 429,132,0
172,204,0 20,586,0 52,754,0 •2,657,0 13,112,0 36,015,0 3,429,0 5,336,0 8,613,0 3,585,0 35,045,0 368,784,0
Total bills on hand......... ....... 148,934,0
1,413,0
If. S. long-term securities.........
4,416,0
(J. S. short-term securities_____
All other earning assots.............
..........
Total earning assets............... 154,763,0
Uncollected Items (deducted from
gross deposits)_____________ 04,470,0
823,050,0 182,948,0 104,607,0 90,012,0 84,211,0 219,441,0 80,477,0 49,213,0 80,248,0 49,305,0 105,773,0 2,078,219,0
125,0 8,867,0 4,003,0 3,461,0
1,399,0 1,362,0 1,088,0 1,234,0
519,0 4,510,0 1,153,0
29,134,0
94,558,0 0,299,0 7,706,0 2,785,0 4,022,0 12,612,0 5,070,0 2,914,0 2,909,0 1,901,0 2,988,0 148,180,0
—
—
27,0
27.0
.............
..........
.........
.........
.........
..........
..........
* t----919,007,0 190,609,0 173,401,0 94,031,0 88,779,0 236,563,0 86,700,0 52,252,0 92,024,0 55,209,0 112,222,0 2,255,560,0
6% redemption fund against Federal Reserve bank notes.........
All other resources....................
220,0
1,105,0
%
6,670,0 10,364,0
2,103,0 43,506,0
204,0
321,0
1
161,004,0 85,220,0 76,516,0 63,145,0 43,506,0 71,751,0 70,745,0 25,719,0 77,692,0 33,408,0 42,829,0
1,101,0
4,700,0
275,0
0,230,0
Total resources...................... 333,908,0 1.750,104,0 406,328,0
LIABILITIES.
6,600,0
Capital paid In...........................
20,726,0 7,459,0
75,0
Surplus............ .................... —
649,0
Government deposits................. 7,086,0
10,655,0 32,808,0
Due to members—Reserve ace’t. 108,538,0 685,823,0 70,275,0
Collection Items--------------------- 53,039,0 162,202,0 64,990,0
Oth. deposits Incl. for Gov’t cred.
108,187,0
Total gross deposits............... 168,663,0
F. It. notes In actual circulation. 150,983,0
F. R. bank notes In clrc'n—Net. 3,050.0
3,637,0
All other liabilities....................
t
t
t
¥
?
7,574,0 24,531,0 2,206,0 8,366,0
300,0
5,720,0 174,365,0 28,118,0 12,588,0 25,496,0
233,0
233,0
175,0
816,0
291,0
Total
s
RESOURCES.
Gold coin and certlfs. In vault.. 3,377,0
Gold settlement fund____ ____ 33,763,0
408,0
Oold with foreign agoncics_____
323,0
946,0
185,0
1,556,0
198,0
839,0
709,0
1,591,0
253,0
658,0
188,0
220,0
560,0
1,086,0
221,0
766,0
232,0
1,478,0
S
371,498,0
435,892,0
5,829,0
819,010,0
4,525,0
24,175,0
449,822,0 240,309,0 196,870,0 731,343,0 247,364,0 160,888,0 249,146,0 124,437,0 329,008,0 5,219,527,0
8,884,0 4,044,0 3,175,0 11,103,0 3,785,0 2,916,0 3,654,0 3,139,0 4,540,0
80,025,0
216,0
38,0
40,0
116,0
1,134,0
12,346,0 3,241,0 7,240,0 8,385,0 13,877,6 3,753,0 6,6*31,6 3,959,6 3,193,0 113,174,0
115,246,0 51,947,0 40,784,0 229,169,0 50,899,0 50,408,0 74,433,0 32,340,0 88,171,0 1,604,033,0
54,865,0 45,074,0 24,683,0 61,955,0 54,902,0 12,438,0 40,127,0 19,942,0 26,391,0 620,608,0
454,0
14,0
11,0 1,912,0
2,0
40,0
352,0 2,995,0 113,967,0
966,867,0 168,073,0 182,497,0 100,262,0 72,718,0 301,421,0 126,132,0 66,613,0 121,193,0 56,593,0 120,750,0 2,451,782,0
718,784,0 222,908,0 248,597,0 131,960,0 115,609,0 398,554,0 110,935,0 87,483,0 112,160,0 59,847,0 197,397,0 2,555,215,0
23,701,0 5,033,0 6,111,0 1,696,0 3,719,0 13,533,0 4,568,0 2,326,0 9,165,0 3,255,0 3,387,0
80,504,0
19,317,0 2,857,0 3,733,0 2,231,0 1,609,0 6,516,0 1,944,0 1,512,0 2,974,0 1,603,0 2,934,0
50,867,0
Total liabilities...................... 333,908,0 1,750,104,0 406,328,0 449,822,0 240,309,0 196,870,0 731,343,0 247,364,0 160,888,0 249,146,0 124,437,0 329,008,0 5,219,527,0
♦Difference between net amounts duo from and net amounts due to other Federal Reserve banks, z Net amount due to other Federal Reserve Banks. ♦ Overdraft.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOV. 22 1918.
Tata.
Two ciphers (00) omitted.
! Boston j New York 1‘htlaan Cleveland liichm'd. Atlanta Chicaco. St. Louie Minneap Kan. Cuy Dallas San Fran
%
it
*
¥
*
1
J
J
1
*
S
i
Federal Reserve notes—
*
*
Received from Comptroller— 232,540,0 1,195,840,0 313,780,0 301,200,0 184,580,0 183,040,0 505,260.0 151,280,0 112,480,0 152,700,0 99.920.0 227,320,0 3,660,540,0
Returned to Comptroller........ 45,031,0 | 260,206,0 | 55,811,Oj 30,427,0 32,844,0} 24,628,0} 39,923,0 24,893,0 17,643,0 24,107,0 20.198.0 15,982,0; 591,693,0
Chargeable to F. R. Agent------ 187,509,0
In hands of F, R. Agent______ 20,520,0
935.634.0 '257,969,0 270,773,0 151,736,0'159,012,0:465,337,0 126,387,0 94,837,0 128,593,0 79,722,0-211,338,0 3,068,847,0
111.200.0 j 25,520,0] 9,620,0 9,900,0} 40,565,0 40,500,0 j 8,855,0 6,350,0 8,420,0 18,620,0 _____ | 300,070,0
Issued to F. It. Bank_______ 160.989.0
Held by F. R. Agent—
5,000,0
Gold coin and certificates___
9,436,0
Gold redemption fund--------Gold 8ctt. Fd., F. It. Board.. 51,000,0
Eligible paper, min. req'd___ 101.553.0
824.434.0 232,449,0 201,153,0 141,836,O'118,447,0424,837,0:117,532,0 88.487.0 120,173,0 61.102.0 211,338,0 2,768,777,0
1
I
11.581.0 .......... 211,626,0
.........
2,503,0' .......... 2,000,0 13.052.0
158.740.0
..........! 18,750,0
13,910,0] 12,555,0 14,380,0 1,973,0 2,683,0! 1,676,0 2,500,0 2,679,0 2*,4*9*0’,6 3.258.0 11,253,0! 78,793,0
110,000,0' 60,666,0 100,000,0 58,000,0 39,770,0 203,026,0 48,631,0 41.800.0 45.360.0 7.684.0 106,561,0! 878,498,0
541,784,0!153,228,0i128 K)23,0 81,803,0j 73,491,0,220,135,0 64,401,0 30.956.0 72.323.0 38,579,0} 93,524,0 1,599,860,0
160,989,0
824,434,0 232,449,0 201,153,0 141,836,0 118,447,0}424,837,0jll7,532,0 88,487,0 120,173,Oj 61,102,0211,338,02,768,777,0
Total_____ _______________
Amount of eligible paper deliv
ered to F. R. Agent________
F. It. notes outstanding_______
F. R. notes held by banks..........
148.934.0 823.050.0 156,367,0 163,398,0 88,629,0' 73,581,0 219,441,01 63,828,0 44,630,0 80,248,0} 49.305.01 95,395,0 2,006,806,0
166.989.0 824.434.0 232,449,0 261,153,0 141,830,0 118,447,0 424,837.0 117,532,0 88,487,0 120,173,0 61,102,0 211,338,0 2,768,777,0
10,000,0]| 105,650,0 9,543,0 12,556,0 , 9,876,0 2,838,0, 20,283,0} 6,597,0 1,004,0 8,013,0 1,255,0 13,941,0 213,562,0
F R notes In actual clrcula'n.. 150,083,0
718,784,0 222,000,0 248,507,0 131,960,0 115,609,0 398,554.0 110,035,0 87,483,0 112,100,0 59,847,0 197,397.0 2,555,215,0
2078
THE CHRONICLE
[V o l . 107,
Statem ent of New York City Clearing House Banks and Trust Companies.—The following detailed statement
shows the oondition of the New York City Clearing House members for the week ending Nov. 23. The figures for the sep
arate banks are the averages of the daily results. In the ease of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARIN G HOUSE
M EM B ER S.
Week Ending
Nov. 23 1918.
Loans,
Discounts,
(Nat. Banka Nov. 1] Investments,
{State Banks Nov. 1>
<&c.
[Trust
Members of Federal
i Reserve Bank.
Bank of N Y, N B A Bonk of Manhat Co.
Merchants’ NationalMech & Metals N at.
Net
Prom.
Capital.
Co’s
Average.
Average.
Silver.
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Depositarles.
Additional
Deposits
with
Legal
Depositarles.
Net
Demand
Deposits.
Net
Time
Deposits.
National
Bank
Circulalion.
Average.
Average.
Average.
S
Average.
$
Average.
Average.
Average.
Nov. lj
Average.
S
2,000,000
2,500,000
2,000,000
6,000,000
1,500,000
25)000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,009,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000,000
1,000,000
1,000,000
1,500,000
11,250,000
2,000.000
25,000,000
1,000,000
5,000,000
1,090,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000
(fold.
Legal
Tenders.
•5
5.525.500
7.165,700
2,809,700
11,137,700
6,859,700
51,380.200
9,623,200
951.000
108,600
5,571,300
24,376,700
1,097,500
3,0.81,400
18,278,000
2,992,200
2,316,800
8,548,600
8,023,000
18,591,200
100,800
4,018,200
31,008,600
5,647,300
392,900
664,000
15,522,900
2,223,700
871,100
753,900
2,008,600
1,372,600
408.990
3,716,100
4,132,800
1,028,100
1,326,500
2,518,300
16,283,200
4,628,600
27,428,900
1,283,200
6,850,500
1,306,400
10,769,900
1,170,100
614,300
4,383,200
1.L73.000
1,142,000
12,009,800
S
47,178,000
61,568,000
27,684,000
164,601,000
29,595,000
629’,089,000
81,164,000
17,035,000
3,005,000
112,606,000
418,244,000
15,574,000
93,592,000
142,391,000
42,509,000
31,309,000
99,923,000
36,430,000
192,209,000
3,287,000
18,938,000
334,447,000
105,481,000
11,340,000
6,717,000
334,327,000
20,177,000
5,824,000
6,757,000
14,750,000
12,425,000
7,518,000
49,826,000
71,982,000
14,068,000
13,434,000
38,110,000
265,071,000
61,586,000
468,334,000
10,935,000
84,289,000
27,572,000
99,375,000
28,849,000
19,689,000
52,101,000
16,170,000
43,373,000
123,597,000
S
S
5
5
24,000
96,000
99,000
160,000
299,000
292,000
514,000
939,000
78,000
70,000
219,000
191,000
8,305,000
175,000 1,041,000 1,861,000
411,000
167,000
341,000
380,000
8,244)000 3,045)000
863,000 2,222,000
136,000
272,000
482,000
707)000
88,000
124,000
74,000
224,000
11,000
51,000
78,000
7,000
598,000
154,000
554,000 1,234,000
255,000
201,000
563,000 1,620,000
49,000
294,000
217,000
610,000
464,000
475,000 1,025,000 2,945,000
4,163,000
199,000
565,000
693,000
112,000
34,000
702,000
372,000
552,000
153,000
776,000
933,000
1,087,000
166,000 2,381,000 4,657,000
70,000
322,000
48,000
220,000
55,000
342,000
396,000 1,234,000
2,000
148,000
14,000
40,000
82,000
23,000
250,000
546,000
12,000
767,000
692,000
589,000
1,030,000
456,000 2,388,000 1,545,000
58,000
29,000
172,000
622,000
33,000
15,000
108,000
15,000
2,600,000 3,565,000 1,378,000
824,000
51,000
160,000
465,000
491,000
52,000
42,000
)66o
40,000
24,000
145,000
170,000
131,000
325,000
234,000
832,000
2,000
5,000
162,000
146,000
37,000
21,000
158,000
176,000
315,000
259,000
391,000
149,000
175,000
21,000
529,000
6,000
43,000
146,000
592,000
12,000
60,000
•301,000
272,000
72,000
32,000
168,000
562,000
140,000
142,000
51,000
692,000
40,000
76,000
186,000
283,000
1,780,000
119,000
315,000 2,667,000
90,000
43,000
46,000
166)000
23,000
40,000
272,000
713,000
57,000
76,000
281,000
556,000
56,000
10,000
14,000
146,000
74,000
39,000
153,000
203,000
17,000
19,000
30,000
331,000
59,000
36,000
64,000
630,000
2,000
114,000
237,000
107,000
100,000
125,000
502,000 2,069,000
3,746.000
19,000
59,000
265,000
4,974,000
7,472,000
3,185.000
28,063,000
3,317,000
118,083,000
8)752,000
1,882,000
474,000
12,194,000
40,387,000
1,769,000
18,303,000
17,8 (8,000
4,553,000
8,994,000
15,035,000
3,511,000
21,425,000
582,000
2,185,000
21,415,000
15)207)000
1,390,000
805,000
38,001,000
2,291,000
'948,000
981,000
2,025,000
1,509,000
1,037,000
6,661,000
10,440,000
1,504,000
2,084,000
3,288,000
27,622,000
6,673,000
45,873,000
1,136)000
9,236,000
2,286,000
7,544,000
1,961,000
1,942,000
4,263,000
1,245,000
4,771,000
15,689,000
................
Average for w eek.. 192,900,000 355,796,400 4,616,055,000 35,931,00ojl3,467,000 20,235,000 38,423,000 552,311,000
Chemical National.Atlantic National —
Nat B utch* Drovors
American Exch N at.
Nat Bank of Comm. _
Pacific........................
Chat * Phenlx N at. .
Hanover National .
Cltlnena’ National.
Metropolitan____ __
Corn Exchange.........
Importers & Trad Nat
National Park............
East River National.
Second National____
Irving National.........
N Y County National
Continental...............
Chase National--------
Lincoln National____
Garfield National___
Seaboard National..
Liberty National____
Coal & Iron National
Union Exchange Nat.
Brooklyn Trust C o ..
Bankers Trust C o ...
3 Mtge * Trust Co
O
Fidelity Trust Co___
Columbia Trust C o ..
Peoples Trust Co____
New York Trust C o.
Lincoln Trust C o____
Metropolitan T rust..
Nassau Nat. B’klyn.
Irving Trust Co.........
Farmers Loan & T r . .
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
conditl
conditl
conditl
eondlti
on
on
on
on
Nov. 23 ...
Nov. 16 _____
Nov. 9 ______
Nov. 2 ....................
4,545,815,000
4,653.190,000
4,608.912.000
4,583,744,000
Not Mem ben of Fed eral Reserve
State Banks.
Greenwich__________
N Y Produce E xch..
Stats _____________
Totals, avge for wk
500,000
250,000
1,000,000
2,000,000
1,476,800
816,600
1,206,500
548,300
14,899,000
5.021,000
20,347,000
32,390,000
3,750,000
4,048,200
72,657,000
Totals, aotual conditl on Nov
Trust Companies
2
79,000 111
36,401,000'13,681,000'20,426,000!36,949,000
35,808,000 13,233,000 20.665.000 36.786.000
35,714.000 13.450.000 20,362,000 37.048.000
35.502,000 12,581,000 18,698,000 33,687,000
Bank
600,000
278,000
676,000
1,502,000
100,000
42,000
494,000
645,000
3,056,000
1,281,000
71,557,000 3,007,000
73,237,000 2,936,000
73,097,000 2,941,000
77,152.000 3.009.000
1,149,000
1,285,000
1,356,000
1,146.000
Not Mem ben of Fed eral Reserve
S
$
32,494,000
1,723,000
49.378,000
280,000
21,205,000
156,149.000 14,778,000
24,571,000
598,993,000 15,268,000
62,649,000
4,784,000
13,670,000
549,000
2,642,000
89,160,000
5,886,000
297,169,000
4,934,000
14,306,000
65,000
79,351,000
7,584,000
134,475,000
31,021,000
230,000
27,084,000
107,070,000
25,790,000
160,867,000
3,994,000
3,816,000
15,170,000
152,440,000
1,651,000
716,000
102)221)666
10,170,000
245,000
25,000
4,924,000
299,323,000
9,849,000
17,296,000
,
6,769,000
14,620,000
100,000
10.341,000
31,000
6,312,000
162,000
140,000
46,375,000
66,063,000
1,728,000
11,370,000
426,000
12,760,000
475,000
22,950,000
4,803.000
209,534,000 13,474,0001
41,722,000
6,946,000
380,726,000 22,499,000
8)250,000
448,000
06,305,000
8,701,000
1,450,000
22,635,000
3,651,000
49,712,000
14,252,000
1,670,000
12,216)000
1,716,000
31,601,000
1,153,000
9,315,000
628,000
36,120,000
1,008,000
106,729,000 10,028,000
2,189,000
150,000
964,000
51.000
4,859,000
50,000
650,000
8,271,000
)
196,000
1 000)000
1,100,000
210,000
393,000
238,000
70,000
800,000
411,000
396,000
................
50,000
................
................
3,726,003,000 153,801,000 35,519,000
................
3,712,817,000 152,203,000
3.703,293.000 152.935.000
3.667.756,000,150.010.000
3.593,680,000 149.477,000
210,000
15,000
484,000
215,000
1,278,000
301,000
1,190,000
290,000
80,000
1,280,000
2,411,000
259,000
924,000
494,000 1 ,773,000 100.000
14,919,000
4,826,000
21,034,000
32,970,000
35,565,000
35,615,000
35.824.000
38,098,000
5,000
58,000
3,353,000
5,664,000
439,000
73,749,000
63,000
938,000 3,469,000
1.103.000 3,120.000
1,093,000 2,957.000
1,068,000 2,806,000
5,626,000
5,405.000
5,684.000
4,964,000
195,000
368.000
234,000
801)000
74,289,000
73,826.000
73,204,000
71,913,000
68,000
64,000
62,000
52.000
Bant
11,947,900
5,236,200
39,636,000
23,824,000
95,000
197,000
119,000
177,000
236,000
67,000
555,000
398,000
2,303,000
1,140,000
560,000
455,000
21,875,000
12,780,000
463,000
575,000
Totals, avge for wk
9,000,000
17.184,100
63,460,000
292,000
296,000
303,000
953,000
3,443,000
1,015,000
34,655,000
1,038,000
63,149,000
63,501,000
04,161,000
63.470,000
291,000
293,000
293,000
547,000
298,000
312,000
303,000
300.000
323,000
324,000
314,000
314,000
854,000
994,000
1,029.000
697,000
3,433,000
3,565,000
3.088.000
3,087,000
1,893,000
1,107,000
1,168,000
1,015.000
33,878,000
35,203,000
33,445,000
33.951.000
1,032,000
1,039,000
928,000
923,000
2
1,445,000
435,000
144,000
294,000
4,896,000
583.362.000
514,061.000
547,841,000
525.944,000
5,000,000
4,000,000
Totals, actual conditl on Nov.
1.795,000
3,683,000
5 886,000
Title Ouar & Trust. .
Lawyers Title * T r ..
Totals, actual conditl on Nov. 23
Totals, actual conditl on Nov. 16
S
779,000
..............
................
Grand aggregate.avge 205,650.000 377,028,700 4,752,172,000 39,279,000 15,044,000 21+62,000 42,729,000 561,418,000 1,454,000 a 3 ,834,407,000 154,902,000 35,510,000
Comparison prev wk.
— 7,643,000 + 211,000 — 115,000 — 411,000 + 433,000 — 5,600,000 — 158,000
— 4,570,000 + 3,519,000 — 115,000
Grand ag’gate. actual condition Nov. 2 3 . . . 4,680,521,000 39,699.000:15,128,000 21,687,000 41,272,000 592,421,000 2.088,000i b3,820,984,000 153,303.000 35,565,000
Comparison prev wk. .................... .................... -109,407,000 + 662,000 + 298.000 — 405,000 + 372,000 + 69390000 + 613,000
+ 8,662,000 — 725,000 — 50,000
Grand
Grand
Grand
Grand
ag’gate,
ag’gate.
ag'gate,
ag’gate.
actual condition
actual condition
actual condition
actual condition
Nov. 1 6 . ..
Nov. 9 . . .
Nov. 2___
Oct. 2 6 . . .
4.789,928.000 39,037,000 14,830.000 22.092.000 40.900,000
4.746.200.000 38,918,000 15.109.000 21.769.000 41,634,000
1.724,372.000 39.058,000 14,007,000; 20.080.000137.190.000
4,770,335,000’39,098,000'13,852,000121,873,000'41,926,000
523,031.000
556,558.000
533,995.000
025,750,000
1,475.000
1,402,000
t, 816.000
1,985,000
3,812.322.000 154,028,000
3.774,405,000 150,985.000
3,699,553,000 150.152.000
3,796,383,000ll48.779,000
35.615.000
35.824.000
36.098.000
36,048,000
a U. S. deposits deducted, 5323,744,000. b U. S. deposits deducted, 5331,987,000.
STATEMENTS OP RESERVE POSITION.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks ___
Trust companies*
b.
'■*
Total Nov. 23.
! Total Nov 10. 1
Total Nov. 9.
Total Nov. 2.
S
8.614.000
1.844.000
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
Cash
Reserve
Reserve
from
in
PreviousiVeek in Vault. Depositaries
$
S
$
$
$
552,311,000 552,311,000 488,994,420 63,316,580 —5,294,810
5,664,000, 14,278,000, 13,274,820 1,003,180
+ 243,380
3,443,000 5.287,000 5,198,250
88,750
+ 20,950
10.458.000 561.418 .000 571,876.000 507,407,490 64,408,510 —5,021,480
10.320.000 567,018.000 577,338.000 507.908.010 69.429,990 + 11.321.810 !
10.280.000 544,960,000 555.240,000 497,131.820 6 8 , 108,180 + 5,672.110
10.243.000 532,912,000 543.155.000 490,718,930 62,436,070 —21,006,50011
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc or Dee.
from
PreviousiVeek
t
$
$
%
S
$
b
583,362,000 583,362,000 487,232,300 90,129,700 + 68,084,840
816,980
8.563,000 5,626,000 14,189,000 13,372,020
+ 256,660
117,300
1,766,000)j 3,433,000 5,199.000, 5,081,700
—90,250
10.329.000 592,421,000 602,750.000 505,686,020) 97,063,980 +68,251,250
10.367.000 523.031.000 533,398.000 504,585.270 28,8l2.730i—38,529 220
10.288.000 556,558,000 568,844,000 499,502.050 67.341.9501 13,160,820
9,887,000 533,995,000’543,882,000 489.700.8701 54,181,1301—79,606,680
* Not members of Federal Reserve Bank.
■
'•* a This Is the reserve required on net demand deposits In the case of State banks and trust companies, but In tho case of members of the Federal Rosorve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Nov. 23. $4,614,030; Nov. 18. $4,588,050; Nov. 9. $4,493,850: Nov. 2, $4,421,130.
b This is the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which wai as follows: Nov. 23, $4,566,090; Nov. 16, $4,509,240: Nov. 9, $4,500,300; Nov. 2, $4,484,310.
c A m o u n t o i o a sh In v a u l t , w h ic h is n o lo n g e r c o u n te d as re s e rv e fo r m e m b e r s o f th e F e d e r a l R e s e r v e B a n k , w a s as fo llo w s .
Nov. 23, $108,056,000; Nov. 16. $108,076,000; Nov 9. $103,523,000: Nov. 2, $105,594,000.
d A m o u n ts o f ca sh in v a u l t s , w h ic h Is n o lo n g e r c o u n te d as re s e rv e f o r m e m b e rs o f th e F e d e r a l R e s e r v e B a n k , w a s as fo llo w s :
Nov. 23, $107,457,000; Nov. 16. $108,492,000; Nov. 9, $107,174,000; Nov. 2. $100,448,000.
Nov. 30 1918.]
THE CHRONICLE
The Stato Banking Department reports weekly figures
showing tho condition of State banks and trust companies
in Now York City not in the Clearing House, as follows:
2079
STATE B AN KS A N D TRUST COMPANIES IN N E W YO R K C IT Y .
State Banks.
Week ended Nov. 23.
Nov. 23
SU M M A R Y OF STATE DANKS AN D TRU ST COM PANIES IN GREATER
N E W YO R K , NOT INCLU D ED IN C LEARING HOUSE ST A T E M E N T .
(Figures Furnished by Slate Banking Department.)
Nov. 23.
Loans and investments............. ...................................... $718,031,800
Speclo.....................................................................................
8,509,000
Currency and Lank notes__________________________
14,900,100
Deposits with tho F. R . Bank ol New York_________
57,993,100
Total deposits______________________________________ 702,562,800
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies in N . Y . City, exchanges and U. S. deposits 676,801,200
Reservo on deposits_____________
123,726,100
Percentage of reserve, 20.7% .
RESERVE.
-------Stale Banks------Cash in vaults....................................... $15,217,300
Deposits in banks and trust cos____ 13,385,100
Total
.$28,602,400
11.89%
10.45%
22.34%
1918.
Differences from
previous tceek.
Capital as of Sept. 10
Surplus as of Sept. 10
Loans and Investm’ts
Dec. $11,379,200
Inc.
9,900
Dec.
66,300
Inc.
1,673,000
Dec. 17,189,500
Inc.
Dec.
431,300
12,500
Currency <& bk. notes
Deposits with the F.
R . Bank of N . Y ._
Reserve on deposits.
P. C. reserve to dep.
14.13%
6.15%
$95,123,700
20.28%
The averages of the New York City Clearing House banks
and trust companies combined with those for the Stato banks
and trust companies in Greater Now York City outside of
the Clearing House, are as follows:
C OM BIN ED
W eek
E nded—
RESULTS OF BAN KS A N D TRUST COMPANIES
GREATER N E W YO R K . (Two ciphers omitted.)
L oans
and
In v e s t m e n ts
D em a n d
D e p o s its .
$
S
July 27............... 5,058,802,7 4,239,295,8
Aug. 3............... 5,137,068,5 4,295,324,2
Aug. 1 0 ............... 5,231.510,0 4,297,646,1
Aug. 17............... 5,281,063,9 4,317,718,7
Aug. 24............... 5,230,921,4 4,314,490,2
Aug. 31.- ........... 5,173,081,5 4,406,150,0
Sept. 7________ 5,249,106,5 4,475,183,9
Bept. 14.............. 5,233,177,2 4,418,249,8
Sept. 2 1 ............... 5,294,283,6 4,427,043,3
Bept. 28............... 5,296,960,1 4,450,212,9
Oct. 5............... 5,373,198,8 4,537,675,4
Oct. 1 2 ............... 5,413,086,8 4,435,747,6
Oct. 19............... 5,380,267,9 1.487,786,5
Oct. 26............... 5,457,805,1 4,520,403,6
Nov. 2 .................. 5,499,400,2 4,304,815,8
Nov. 9 __________ 5,471,164,4 4,430,932,2
Nov. 16............... 5,489,226,0 4,515,340,9
Nov. 23............... 5,470,203,8 4,511,208,2
S p e c ie .
$
75,037,7
74,037,6
73,349,2
72,6.50,0
72,410,2
71,853,1
70,700,1
71,038,6
70,472,1
70,816,0
09,970,7
09,765,2
70,376.0
71,255,2
69,092,6
68,979,4
69,440,7
69,250,6
L eg a l
T en d ers.
$
87,536,0
88,453,1
87,040,8
90,058,1
80,509,3
86,335,2
87,712,1
88,345,3
90,532.8
94,623,1
91,434,6
85,254,7
92,445,8
94,750,5
85,425,1
89,755,9
91,559,5
92,303,2
T o ta l
C a sh i n
V a u lt.
IN
R eserv e in
D e p o s i
t a r ie s .
$
S
102,573,7 561,439,9
102,490,7 578,552,0
160,390,0 557,064,2
102,708,1 549,748,1
158,979,5 551,742,5
158,188,3 558,574,4
158,412,2 583,554,8
159.383,9 554,898,2
107,004,9 571,118,2
165,439,1 567,573,3
161,405,3 587,014,3
155,019,9 574,142.4
102,821,8 580,295,4
160,005,7 619,305,3
155,117,7 585,223,0
158,735,3 591,280,8
161,000,2 610,910,4
161,553,8 603,681,3
*
Included with "Legal Tenders” are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of “State banks and trust com
panies in New York City not in the Clearing House,” furnished
by tho Stato Banking Department, tho Department also
presents a statement covering all tho institutions of this
class in tho City of New York.
For definitions and rules under which tho various items
aro mado up, see “Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require
ments of Stato banking institutions as amended May 22
1917 wero published in tho “Chronicle” May 19 1917 (V.
104, p. 1975). Tho regulations relating to calculating the
amount of deposits and what deductions aro permitted in
tho computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).
$
24.300.000
43,041,800
474,879,500 Dec.
9,552,300 Inc.
26,288,900 Dec.
43.481.000
568,037,400
98,111,300
22%
Nov. 23
Differences from
previous week.
1918.
$
S
$
99,050,000
166,698,000
5,618,300 1,944,184,000 Dec. 25,341,000
110,600
13.028.600 Inc.
6,900
108,400
18.766.600 Inc.
915,400
Dec.
373,900 188,509,500
Dec. 14,223,500 1,919,704,700
Dec.
935,100 ' 273,579,000
Inc.
0.1%
18.1%
Dec. 4,002,300
Dec. 25,119,700
Dec. 3,579,200
Dec.
0.1%
Boston Clearing House Banks.—We give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
•— Trust Companies—
$66,245,500
28,878,200
Trust Companies.
Differences from
previous week.
BOSTON CLEARING HOUSE M EM B ER S.
Nov. .23
1918.
$
4,704,000
539.948.000
480.488.000
119.900.000
13.570.000
16.567.000
80.397.000
68.253.000
Loans, dlsc’ts <fe Investments.
Individual deposits, lncl.U.S.
Duo to banks_______________
Time deposits______________
Exchanges for Clear. House.
Due from other banks...........
Cash In bank & In F. R . Bank
Reserve excess In bank and
Federal Reserve Bank____ 17.503.000
Changes from
previous week.
Nov. 16
Nov. 9
1918.
1918.
$
S
34,000
29,952,000
26,145,000
3,872,000
55,000
268,000
1,408,000
10,696,000
4.738.000
569.900.000
506.633.000
116.028.000
13.515.000
16.299.000
78.989.000
57.557.000
$
4,746,000
575.312.000
512.053.000
119.352.000
14.159.000
15.097.000
76.169.000
65.548.000
Inc. 13.089,000
4.414.000
11.110.000
Dec.
Dec.
Dec.
Inc.
Inc.
Inc.
Inc.
Inc.
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Nov. 23, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. “Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
Two ciphers (00) omitted.
Week ending Nov. 23 1918.
Members of
F.R. System
Capital___________________ $28,475,0
77.297.0
Surplus and profits______
Loans, dlso’ts & investm’ts 718.382.0
25.483.0
Exchanges for Clear .House
Due from banks__________ 127.503.0
Bank deposits_____ _______ 159.243.0
Individual deposits______ 459.239.0
4,685,0
Time deposits____________
Total deposits__________ 623.167.0
U.S.deposits (not Included)
48,604,0
Res’ve with Fed .Res.Bank
Rcs'vc with legal deposit's
18,168,0
Cash In vault*__________
66.772.0
Total reserve A cash held
46.689.0
Reserve required_______
20.083.0
Excess res. & cash in vault
Trust
Cos.
Total.
$3,000,0
7,498,0
25.575.0
374.0
12,0
379.0
15.081.0
15,460,0
’ *2,128*6
799.0
2.927.0
2.261.0
666.0
$31,475,0
84.795.0
743.957.0
25.857.0
127.515.0
159.622.0
474.320.0
4.685.0
638.627.0
38.435.0
48.604.0
2.128.0
18.967.0
' 69,699,0
48.950.0
20.749.0
Nov. 16
Nov. 9
1918.
1918.
$31,475,0
84.780.0
743.046.0
23.343.0
126.027.0
153.683.0
461.998.0
4.603.0
620.284.0
60.169.0
46.870.0
2.062.0
18.550.0
67.482.0
47.510.0
19.972.0
$31,475,0
84.788.0
750.896.0
26.065.0
125.029.0
153.286.0
460.636.0
4.757.0
618.679.0
89.647.0
55.821.0
2.497.0
18.007.0
76.325.0
47.185.0
29.140.0
* Cash In vault Is not counted as reserve for Federal Reserve bank members.
Non-Member Banks and Trust Companies.—Following ia the report made to the Clearing House by clearing non
member institutions which are not included in the “Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week ending Nov. 23 1918.
Net
Capital. I Profits.
[Nat. banks Nov. 1
State banks Nov. 1
iTrust cos. Nov. 1
Loans,
Discounts,
Investments,
etc.
Gold.
Legal
Tenders.
Silver.
National
Bank
A Federal
Reserve
Notes.
Members of
Federal Reserve Bank.
Battery Park Nat. Bank----Columbia Bank-----------------
Average.
Average. Average. Average. Average.
$
$
$
S
$
$
$
1,500,000 1,549,200 11.441.000
117.000
16,000
12,000
16,000
1 ,0 00 ,000
651.200 13.549.000
265,000
331.000
23,000
2 0 0 ,000
196,500 4.194.000
126.000
62,000
4.000
’ *9*666
500.000
W. R. Grace A Co.’s bank...
757.100 4.689.000
4.000
4,000
200 .000
609.100 8.229.000
223.000
45.000
300.000
First Nat. Bank, Brooklyn..
663.100 8.197.000
70.000
105.000
5.000
11,000
300.000
Nat. City Bank. Brooklyn..
595,000 6.497.000
121.000
2 .000
51.000
25,000
400.000 1,325,800 10.243.000
First Nat. Bank, Jersey City
278.000
81,000
80.000
284,000
250.000
Hudson Co. Nat., Jersey City
761.200 4.771.000
158.000
41,000
55,000
7,000
4,650,000 7,108,200 71,810,000
172,000
356,000
644,000 1,459,000
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
469,500 2.424.000
Bank of Washington Heights.
71,000
37.000
178.000
500.000 1,088,400 10.409.000
264.000
291.000
429.000
379,656
500.000
198,800 5.330.000
151.000
419.000
11,000
63.000
200 .000
548,000 8 .00 1 .0 0 0
95.000
124.000
277.000
865,700 22.878.000
Mechanics' Bank, Brooklyn. 1,600,000
117,000
494.000
307,000
833.000
2 00 ,000
226,600 4,646,000
North Hide Bank, Brooklyn..
11,000
125.000
11.000
265.000
Total____ _____________ 3,100,000 3,397,000 53,687,000
614,000
803,000 1,134,000 2,401,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Ham <on Trust Co..Brooklyn
Mechanics’ Tr. Co., Bayonne
500.000 1,030,700
377,900
200 .000
7.862.000
7.736.000
Total...............................
700,000 1,408,600 15,598,000
Grand aggregate.... ............
8,450,000 11,913,800 141,095,000
—706,000
$42,130 decrease
7.350.000 11.035.300 141.801.000
7.350.000 11.035.300 142.524.000
7.350.000 11.035.300 147.072.000
7.250.006 11.035.300 147.623.000
C o m p a r is o n p r e v io u s w e e k .
Grand aggregate Nov. 16__
Grand aggregate Nov. 9 ...
Grnnd aggregate Nov. 2 ...
Grand aggregate Oct. 26__
n U. 8. deposits deducted, $5,855,000.
Reserve
with
Legal
Deposi
taries.
Additional
Deposits
with Legal
Deposi
taries.
Net
Demand
Deposits.
Net
Time
Deposits.
Bank
Circula
tion.
Average. Average.
$
$
875.000
60,000
1,330,000 1,557,000
675.000
335,000
633.000
840.000
460.000
608.000
463.000
550.000
446.000
850.000 3,012,000
286.000
917.000
Average.
Average. Average.
$
S
$
6.633.000
78.000
192,000
11,695,000
354.000
4.278.000
83.000
2.945.000
570.000
4.661.000 3,657,000
5.939.000
474.000
288,000
5.304.000
439.000
118,000
6.715.000
382.000
3.837.000
5*72*666
194.000
6,647,000 7,250,000
52,007,000 6,227,000 1,174,000
130.000
673.000
264.000
890.000
1,508,000
235.000
69,000
457.000
440.000
2.193.000
11.217.000
4.715.000
7.598.000
25.139.000
4.265.000
468.000
276.000
39,000
319.000
3,700,000 1,340,000
55,127,000
1 ,102,000
374,000
315,000
16,000
2 1 ,0 0 0
17.000
72.000
85,000
176,000
262,000
390,000
250,000
84,000
5.247.000 1,218,000
4.330.000 3,328,000
331,000
37,000
89,000
261,000
652,000
334,000
9,577,000 4,546,000
16,000
Nationa
::::::
_____
1,117,000 1,196,000 1,867,000 4,121,000 10,999,000 8,924,000 all6,711,000 11,875,000 1,174,000
+ 87,000 + 155,000 —199,000 —27,000 — 106,000 + 554,000
+ 18,000 + 73,000
—3,000
T ,030,000
1.027.000
1.631.000
1.770.000
1,041^666
1.185.000
1.277.000
1.521.000
2,066,000
2.132.000
2.129.000
2.124.000
4.148.000
4.154.000
3.981.000
4.190.000
11.105.000
11.397.000
11.482.000
11.447.000
8.370.000
9.264.000
8.387.000
11,926,000
116.693.000
114.625.000
113.397.000
117.757.000
11,802,000
11.755.000
11.761.000
11.585.000
1.177.000
1.191.000
1.199.000
1.198.000
2080
THE CHRONICLE
Wall Street, Friday Night, Nov. 29 1918.
T h e M oney M arket an d F in an cial S itu a tio n .— In the
absence of important financial or industrial developments
this week affecting the security markets the attention of
W all Street has been focused chiefly upon news from the
National Capital. This seems to have had a depressing
effect upon sentiment and therefore upon the markets with
the residt that the volume of business in investment securities
has diminished and prices for all classes have declined.
The resignation of M r . M cAdoo from the Cabinet and as
Director-General of Railroads was a surprise in both
financial and railway circles and opened the way for consider
able discussion as to causes and attendant circumstances.
Neither M r. M cAdoo nor the President has taken the public
into his confidence, however, either upon this or otlior
important matters in which there is universal interest.
The beginning of a change from actual war on an enormous
scale to a state of peace is seen in the cancellation of con
tracts for war material, in tho cessation of military training,
in camps and colleges at home, and in tho assurance that
returning troops will soon be conspicuous in our midst.
Thus we are confronted with hew problems of a complex
nature which must be met and dealt with. This will require
careful consideration and perhaps self sacrifice on tho part
of all those who would avoid the possible unfavorable results
of a brief, thrilling, completely successful military campaign
upon return of tho participants therein to civil and domestic
life.
F oreign E x ch a n g e .— Sterling exchango has ruled quiet
and without noteworthy feature otherwise. The Continen
tal exchanges have also boon without activity and moro or
less irregular, with Swiss francs the firmest feature.
To-day’s (Friday’s) actual rates for sterling exchange were 4 73 % @
4 73% for sixty days, 4 75 7-16@4 75% for checks and 4 76 7-16 for cables.
Commercial on banks, sight 4 75 % @ 4 75%, sixty days 4 7 2 % @ 4 72%,
ninety days 4 71@4 71 % , and documents for payment (sixty days) 4 71 %
@ 4 72. Cotton for payment 4 7 5 % @ 4 75% and grain for payment
7 5 % @ 4 75%.
To-day’s (Friday's) actual rates for Paris bankers' francs wero 5 51 % (_
5 51% for long and 5 46 % @ 5 46% for short. Germany bankers’ marks
were not quoted. Amsterdam bankers' guilders were 41 7-16 for long and
41 13-16 for short.
Exchange at Paris on London, 25.98 francs; week’s range, 25.98 francs
high and also 25.98 francs low.
Exchange at Berlin on London, not quotable.
Tho range for foroign exchango for the week follows:
Cables.
Sterling, Actual—
Sixty days.
Checks.
High for tho week__ 4 73%
4 76%
4 76 7-16
Low for tho week__ 4 73%
4 76 7-16
4 75 7-16
Paris Hankers' Francs—
High for the week__ 5 51 %
5 45
Low. for the,week__ 5 51%,
5 45
Amsterdam Bankers' Guilders—
High for tho week
41 7-16
42%
41%
Low for tho week__ 41 5-16
Domestic Exchange.— Chicago, par. Boston, par. St. Louis, 25@
15c. per $1,000 discount. San Francisco, par. Montreal, $15 00 per
$1,000 premium. Cincinnati, par.
4
S ta te an d R a ilro ad B o n d s.— Sales of Stato bonds at tho
Board are limited to $10,000 N . Y . Canal 4s, 1962, at 98,
and $26,000 Virginia 6s deferred trust receipts at 60 y 2 to 65.
Except for spirited trading in a few speculative issues,
the market for railway and industrial bonds has been un
usually dull. Prices have been relatively steady, however,
as of a list of 22 notably active bonds 9 have advanced.
The latter include A m . Tel. & T e l., Atchison, B . R . T .,
M o . P ac., Rubber, Steel and Inter. M er. M a r. issues.
Tho latter advanced 2 %■ points on tho same announcement,
which carried tho preferred shares up nearly 17 points.
On the othor hand, Intor. M ot. 4)/£s declined 1 x
/ > and Ches.
& Ohio conv. 5s, Rock Island ref. 4s and B alt. & Ohio gold
4s are down a point ot moro.
In addition to those mentioned, .the active list includes
Burlington, Chic. G rt. W e st., St. Paul, Interboro. R . T .,
M o . P ac., New York C ont., So. Pac. and U . P . bonds.
U n ited S tates B o n d s.— Sales of Government bonds at
tho Board include Liberty Loan 3}4 s at 99 to 99.96; L . L . 1st
4s at 96.10 to 96.50; L . L. 2d 4s, at 94 .80 to 96.10; L . L . 1st
4 3 4 s at 97.92 to 98.50; L . L. 2d 4 ^ s at 96.70 to 98; L. L. 3d
434s at 96.60 to 97 .9 8 , and L. L . 4th 434s at 96.72 to 97.92.
For to-day’s prices of all the different issues and for the week’s
range see third page following.
R ailroad an d M iscellaneous S to ck s.— As may be in
ferred from the foregoing the important influences of the
week have not lent themselves to tho constructive side of
the stock market. On the other hand the market was ex
ceptionally weak on M onday, since which it has been highly
irregular, with the general tendency in favor of recovery.
To-day the latter movement was particularly strong es
pecially in the railway group whore gains of from 2 to 4
points were general, Southern Pacific leading with a recov
ery of 4. In only a few cases, however, do gains equal the
[Vol . 107.
losses and Canadian Pacific closes 234 points lower than
last week, New Haven 234 and Reading nearly 2.
In tho industrial list the range has been wider. Baldwin
Locomotive is down 7 points, Studebakor 634, Steel (exdiv. to-day) 3J4, Texas C o. 334 and Moxican Pet. 334- On
M onday Inter. M er. M ar. sold over 8 below its closing
price last week but it recovered 2034 points on announce
ment of Government interference with tho negotiations
for a transfer to British interests. The higher figures have
not been maintained, howevor, tho stock closing nearly.£4
points down.
For daily volume of business see page 2089.
Tho following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
Rangesince Jan 1 .
Rangefor Week.
Sales
STOCKS.
for
Week ending Noe. 2 9 . W
Lowest. Highest.
Highest.
eek. Lowest.
Par. Shares S pershare. S pershare. S pershare. 3 pershare.
Sept
Ja n
10 0 6 1
Nov
A d a m s E x p r e s s _____ 10 0
4 18 5
Nov
A l b a n y & S u s q --------- 10 0
A m S m e lte r s S e c u ritie s
37 9 3 % N o v
P r e fe r r e d series A ------500 85
Nov
A m S u m a t T o b a c p f . 10 0
300
1% N o v
A s s e ts R e a l i z a t i o n . . . 10
Nov
20 0 13
A s s o c D r y G o o d s __ 10 0
300 66 % N o v
A s s o c ia te d O i l ______ 100
7% Nov
20C
A t l a n t a B l r m & A t l .1 0 0
10C 1 0 4 % N o v
B a r r e t t , p r e f -------------- 100
1% Nov
D a to p i la s M i n i n g ------- 20 1,8 0 0
8
Nov
80C
B r u n s w ic k T e r m ’ l - -1 0 0
50C 1 7
Nov
B u t t e r l c k _________ 100
Nov
C a s e ( J I ) p r e f e r r e d - 100
10C 8 9
Nov
30C 18
C e n t r a l F o u n d r y . _ .l() fl
10C
8% N ov
C h ic a g o & A l t o n ____100
Nov
10C 7 5
C h ic S t P M & O m . - l O O
10C 6 1 % N o v
d u e t t .P e a b o d y A C o . 100
70C
8% N ov
C o n s I n t e r - S t a t e C a l l . 10
10 0 56
Nov
C o n t i n e n t a l I n s u r ------- 25
20 0 3 0 % N o v
E l k H o r n C o a l _______ 50
10 0 4 3 % N o v
P r e f e r r e d __________50
100 1 1 % N o v
F e d e r a l M i n & S m e l t . 100
P r e f e r r e d ________ 100
300 3 9 % N o v
Nov
G e n C h e m ic a l p r o f . .1 0 0
32 10 1
G e n e r a l C i g a r I n c — 10C
845 4 3 % N o v
9
Nov
G u l f M o b & N o r c tfs 10C
10C
G u l f S S te e l 1 s t p r e f . 10C
10C 95 % N o v
Nov
I n t H a r v e s t p f (n e w ) 10C
20 0 1 1 4
4
Nov
10 0
I o w a C e n t r a l --------------101
300 3 4 % N o v
J o w e l T e a I n c __ .. 1 0 C
Nov
10 10 0
K i n g s C o E l L A P - - 10C
Nov
K r e s g c (S S ) C o p r e f-1 0 C
10 0 10 5
I.a c le d e G a s .......................- 101
10C 8 6 % N o v
Nov
L i g g e t t & M y e r s . . _ 10C
100 1 8 7
Nov
L o r il la r d ( P ) . . ............-1 0 C
20C 15 2
Nov
M a n h a t t a n ( K i e v ) R y 10C
22C 10 0
M a r lin -R o c k v t c .n o
20C 8 1
Nov
Nov
M ic h ig a n C e n t r a l __ 100
5 92
Nov
N a t i o n a l A c m e ______ 50
200 30
N a t i o n a l B i s c u i t ____100
40 0 1 0 5 % N o v
N a t R y s M e x 2 d p f . _ 10 0
8% N ov
300
N O T e x A M e x v t c .l O O
Nov
800 32
N Y C h ic A S t L o u i s . 10 0
800 28
Nov
Nov
N e w Y o r k D o c k ____10 0
900 2 2
N o v a S c o t ia S . A C . . 1 0 0
Nov
10 0 59
20 0 4 2
Nov
O h i o F u e l S u p p l y ------- 25
O w e n s B o t t l e - M a c h . .2 5 1 ,4 0 0 5 4
Nov
5% N ov
P e o r ia A E a s t e r n ____10 0
20 0
Nov
20 0 53
l ’ lt t s C C A S t L ____IO C
P i t t s F t W a y n e A C . 10 0
5 125 % N o v
P i tt s b u r g h S t e e l , p re f 10C
10 0 9 1 % N o v
P o n d C r e e k C o a l _____ 1C
Nov
100 15
Nov
S a v a g e A r m s C o r p . _ 10C
10 0 *5 9
S o R o r t o R ic o S u g a r . 10C
Nov
10 0 135
S t a n d a r d M i l l i n g __ 10C
20 0 1 1 6 % N o v
Nov
S t u t z M o t o r C a r . .n o
2 ,5 0 0 43
T h i r d A v e n u e R y __ 100 3 ,2 0 0 1 4 % N o v
T o l S t L A W e s t t r r e c ..
5% N ov
20 0
T ra n s u e A W i n s .n o
Nov
40 0 3 7
U n d e r w o o d .......................... 100
10 0 1 0 9 % N o v
Nov
U n i t e d D r u g ............... .... 100
200 7 8
S e c o n d p r e f e r r e d .. 100
Nov
500 8 4
U S R e a l t y A I m p t . . 10C
300 1 9 % N o v
W e lls , F a r g o E x p r e s s 10C
10 0 7 4
Nov
W ils o n A C o , p r e f . . . 10 0
Nov
10 0 98
par
par
par
27 61
26 18 5
29
27
25
25
26
29
29
25
23
25
26
23
29
27
29
25
25
25
27
29
29
27
25
25
26
25
29
25
26
23
29
25
25
25
27
23
26
25
23
26
26
27
26
27
25
23
29
26
29
29
29
20
25
25
23
23
23
25
23
23
25
25
29
93 %
87%
1%
13
68
8
10 4%
1%
8
18 %
89
18
8%
75
6 1%
9%
56
31
43%
11%
41
10 2
44%
9
95%
11 1
4
34%
10 0
10 5
86%
18 7
15 2
10 0 %
82
92
30%
100
8%
32%
30
22%
59
42
55%
5%
53
125 %
9 1%
15
*5 9
(3 5
116 %
45
16 %
5%
37 %
10 9%
79
84
20
74
98
N o v 2 7 48
N o v 26 18 0
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
N °v
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
29
25
26
25
25
23
29
26
27
23
26
27
29
27
29
27
25
25
27
29
23
27
27
25
26
27
29
25
26
23
29
25
25
23
25
23
27
23
23
23
23
29
26
27
25
25
29
20
29
29
29
25
25
29
27
23
25
25
26
23
26
25
29
89
81
1
12
54
7%
99%
1
6%
7%
73
18
7
69
45
7%
44
22
37
9%
27
99%
34
8
95%
10 7
2%
28
87
10 4%
82
16 4%
14 4 %
94
75
80%
26%
90
4%
17
13 %
18 %
50%
40
54
4%
25%
12 4 %
90
15
53
12 0
84
37
14 %
4
36%
10 0
09
77
8
63%
90%
80
J u l y 18 5
Nov
M ay
Ja n
M ar
M ay
Apr
Nov
Ju n e
Ja n
Ja n
M ay
Ja n
Nov
Apr
Sept
Ja n
Sept
Feb
Ja n
M ar
Apr
Ja n
Ju n e
Ja n
M ar
Nov
Oct
Ja n
Oct
Aug
Nov
Ju ly
Aug
Aug
M ar
Oct
Fo b
Ja n
Aug
M ay
Apr
Oct
Ja n
Ju ly
Oct
Nov
Apr
Ju n e
Oct
Apr
Nov
Ja n
Sept
Ja n
Oct
Nov
Ju n e
Oct
Apr
Ju n e
Ju n e
M ar
Sept
Sept
Nov
Ju n e
Nov
Ju ly
Oct
Ju n e
Nov
Nov
Ju n e
Nov
Nov
Apr
Nov
Oct
Nov
Ju n o
Nov
Nov
Nov
Oct
Oct
Ja n
Ju n o
M ay
Ja n
Nov
Nov
Nov
Nov
Nov
M ar
Fe b
M ar
Nov
Sept
Ju n o
M ay
Nov
Nov
Nov
Nov
M ay
Aug
Ju n e
Aug
Nov
Nov
Aug
Ju n
Ju n o
M ay
Ja u
Oct
Nov
Ja n
Aug
M ay
Nov
Nov
Nov
Oct
Jo n
M ar
96
10 3
2%
15
71
10 %
10 4%
2%
16 %
18 %
90%
41%
11
78
65
13
57
3 1%
43%
15
44%
10 3 %
58
10
10 2
114
5%
40%
10 4
10 6
90
19 5 %
200
10 3 %
87
95
33
10 9%
10 %
35
30
27
70
46%
70 %
6%
58%
13 0
98
20
80%
16 2
118 %
48%
21%
7%
42
111%
79
84
26
83%
98%
O u tside M arket.— Business in the market for outside
securities this week was very dull, with tho tone irregular.
Price movements for tho most part wore narrow. Koystono
Tire & Rubber com. continues active, and after an early
loss from 2434 to 2334, moved up to 2534, with to-day’s
heavy transactions carrying tho prico up to 2 7 % , a now high
record. Curtiss Acropl. & M otor com . broko some five
points to 10, a now low record, but recovered to 1334 fm ally. M otor stocks were easier. United M otors from 3 3 34
dropped to 3234 and ends the wqok at 33. Aetna Explosives
com. lost a point to 5 % , a new low figuro, and ends the week
at 534- Burns Bros. Ice com. declined at first from 4534 to
43 and rose to 46,' with to-day’s transactions at 45. General,
Motors now deb. stock, “ w. i . , ” gained 2 points to 82, reac
ted to 78 and sold finally at 80. Oil stocks woro heavy. In
Standard Oil issues Galena-Signal Oil com. dropped 22 points
to 85 on the passing of the dividend. Standard Oil (Ind.)
declined from 700 to 690, recovering finally to 695. Stand
ard Oil (Calif.) receded from 235 to 225 and ends tho week at
227. Standard Oil of N . J. declined from 598 to 581.
Standard Oil of N . Y . moved down from 290 to 276 and sold
finally at 281. In tho othor oil shares Houston Oil com. lost
4 points to 70 and closed to-day at 72. Midwest Refining
old up from 131 to 135 and down to 129, tho clo«o to-day
being back to 131. Oklahoma Prod. & Refg. weakened from
934 to 834 and recovered finally to 9 )4 . Merritt Oil de
clined from 23 to 2134- Stanton Oil was an activo issue,
weakening from 2 to 134 and closing to-day at 134. Bonds
wero dull. The now Norfolk & Western conv. 6s, “ w. i . , ”
sold for the first time to-day up from 104)4 to 107. The
“ rights” were actively traded in from 9-16 to 15-16 and down
to )4, with the close at 13-10. Russian G ovt. 634s lost 7
points to 06 and sold finally at 68. Tho 5)4s yielded some 9
points to 62.
A completo record of “ curb” market transactions for tho
week will bo found on page 2089.
New York Stock Exchange—Stock Record. Daily, Weekly and Yearly
2081
OCCUPYIN G TW O PAGES
For record of sales during the wenk o f stocks usually Inactive, see preceding page.
h ig h a n
Saturday
Nov. 23
D
Lon
PER SNARE
SALS PR1CBS--PER
ay
Noo. 20
Monday
Nov. 25
HARE, NOT PE R CENT.
Wednes
Nov. 27
day
Noo. 28
Friday
Nov. 29
Salesfor
the
Week
Shares
Range since Jan. 1.
On basis of 100-share lots.
STOCKS
N EW YORK STOCK
EXCH A NG E
Lowest.
|
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
| Highest.
pershare
vershare S92versh9a3re S pershare •S 92*2
94
Par $ per share. 3 per share. S per share %per share
Railroads
99% Novl2
81 Mar23
75
Dec l07*i Jan
7,700 Ateh Topeka A Santa Fo_. 100
93
90*4 93*,t
90 >1 93%
93*2
92% Nov 12
80
Jan30
75
Dec 100*1 Feb
Do
pref______________ 100
400
87% 87%
871* 871a 87*4 87% *87% 88
88
88
JaD
89%
Apr22j
109
Nov20
100
i79%
Dec U 9
Atlantic
Coast
Line
R
R
_.
105
105
350
05
*100
1043a
1013.1
5103
105
103
105
Jan
49
Jan24| 62 Novl2
85
38*4 Dec
52% 54% 17,800 Baltimore A Ohio_______ 100
52*8 53
55
51% 54
511* 54%
56*2
64*2 Novl3
100
53
Apr25
76% Jan
Do
pref......... — —
48*4 Dec
1,900
57
57
50*2 57
57
57
68
58*4| 57
57%
30
June26
Jan
48*4
Jan
2
82
100
Brooklyn
Rapid
Transit..
36
Deo
38%
39%
8,900
363» 381a
39%
37%
36% 37 It
371a 38
Dec 107% Mar
£155% 100
14,400 Canadian Pacific________ 100 135 Mar25 174% Oct 14 126
16238 16218 158 162% 1561* 1601a 158% 100
62%
Novl2
Jan
49%
Jan
15
100
42
Nov
65%
Chesapeake
A
Ohio--------57
9,000
58
59*4
55*4
573i
57*2
58
~
58
56
5718
11 N ovl2
6
Apr 9
6
Dec
14% Jan
834
8%
8%
8%
1,100 Chicago Groat Western.. 100
8
8
8
8U
*8
8i2
32 Novl2
18*8 Apr 9
41% Jan
Do
pref....... ................... 100
17*2 Deo
3,000
27% 27*8
% 20*2 27%
25% 26
*25
28
25*8
Jan
54*4 Sept 7
92
37*4 Apr22
35 Nov
44% 40
10,000 Chicago Mllw A St Paul.. 100
45%
44
40
47
48*s
44% 47
66% April
86% Novl2
62*2 Deo 125% Jan
Do
pref_____ _________ 100
78
5,500
81%
783.4 80
78
79*2
78% 80
80% 80%
89*8 Mar25 107 Nov 9
85
Dec 124% Jan
3,100 Chicago A Northwestern.. 100
101 101
007« 101
100%
100 101
98*2 101
Jan29 137% Dec 172% Feb
Do
pref..................... .. 190 125 Julyl5 137
*130 137*2
100
131 131
133 *129*? 137 *130 137*2
32% N ovl2
18
Apr22
3812 June
16
Dec
25% 20%
25*2 27*4 10,300 Chic Rock Isl A Pac temp ctfs.
25*8 20%
26*3 2634
26*2
88
N
ovl2
___
568
4
Jan
15
84% Apr
82%
preferred
temp
ctfs.
44
Dec
80
5,000
80%
80*2
81% 82
78*2
80%
78% 80*8
Apr
75 Nov 12
46
Jan15
0% preferred temp ctfs. ___
71
08
69%
5,000
35% Dec
07% 08
65
07%
69
68
68
65
Jan
26
Feb21
40 Nov 8
24 Nov
*31
40
51
200 CIov CIu Chic A St Louis.. 100
38
38
30
*35
40
35% 35% *31
Jan
70 Nov22
58% May 7
100
80
*68
75
75
*68
Jan
27% Nov 12
18
Apr22
30
18 Nov
*23%
200 Colorado A Southern_____ 100
23% 23*4
*23
25
23
•24*2 26
23
55 Nov 4
47
Apr 3
100
67*i Jan
54
*50
*51
47
Oet23
40 Mar
*42
100
46
*41
46
87 Nov 151% Jan
*108 115
400 Delawuro A Hudson......... 100 100% April 119% Novl2
1141a 1147a 112 112
112 112 *108
*175 180
160
Apr 17 185 Sept 4 167*2 Dec 238 Mar
100 Delaware Lack A Western. .50
•175 180
175 175 *170 180 *175 180
Jan
7 Nov21
Jan 4
*5
7*2
5
Dec
7%
GOO Denver A Rio Grande__ 100
17
*5*2
6
6
6
*5*2
6
7*2
Jan
13% Jan 2
10
5
Apr23
9% Dec
10%
2,700
Do
prof_____________ 100
41
10% 10%
11
11
% 10
9% 10
Jan
23%
N
ovl2
19
17%
19
E
r
ie
..________
__________
100
14
Aprl7
18
27,300
13%
Dec
34%
18%
18% 18*4
17% 18*2
17*2
Do 1st pref__________ 100
36*2 Novl2
30*4 31%
8,900
23*8 Janl6
2934 31%
18% Dec
30*2 31*2
49% Jan
31
31*2 29% 30%
22
27% Novl2
22
*21*2 22%
300
Do 2d pref__________ 100
18*z Jan25
15*8 Dec
*22
25
39% Jan
24
20% 20% *22
95
90% 97*2
86
Janl5 10G% Novl2
98*2 18,000 Great Northern pref_____ 100
79*4 Dec 118% Jan
94% 98
97
93
94% 97
£31
31% 11,100
34% Novl4
Iron Oro properties..No par
32% 33*9 33
33*2
2518 Janl5
22% Nov
32% 33
38% Mar
32% 33
99
99
99
02
Jan 7 105% Nov 12
1,000 Illinois Central__________ 1O0
98'g 99*2 90
85% Dec 106% Jan
100% 102
99*2
99
*7%
8
8
♦7%
2,100 Interboro Coos C orp..N o par
9% Jan 3
Sept20
7%
6% Dec
7%
7%
7*2
7*2
7*2
17% Jan
*32
34%
29 SeptlO
47*2 Jan 3
Do
pref_____________ .100
*32*2 34*2
400
33*2 34
34
39% Doc
33*2 33% *32
72% Jan
19*2 20
24% Novl2
19% 19%
3,100 Kansas City Southern__ .100
19% 19%
15% Aprl7
13*2 Nov
25% Jan
19*2 19*2
19*4 19%
*53
59
55
59*2 Novl2
Jan 5
400
54% 54 % *53
Do
p ro f...................... .100 . 45
40 Nov
68*i Jan
*54
59
*50
58*2
11
11% Novl3
7% Oct 10
10*2 10*2
1,100 Lake Erie A Western____ .100
Nov
10% 10*8 *10
11
11
11
11
26% Jan
22
*20
25
Oct22
*20
24
24
.100
23
Oct
6334
*20
24
573g 58*2
59
00
65*8 Nov 12
10,200 Lehigh Valley......... .......... -.5 0
55
Janl5
50% Dec
56% 58%
% Jan
00
60%
58% 60*8
117 117
110
Jan 2 124% Novl2
700 Louisville A Nashville.. . .100
103
Doc 133% Jan
117 117
no
116*8 *110 117 *110 119
15% Nov 12
12
12
11*2 12*2
1,000 Mlnneap A St L (new) .. .100
7% Aprl7
6% Dec
32% Jan
12% 12%
11
*11% 12
*5%
6% Nov 12
*5%
5%
Jan
5*2
900 Missouri Kansas A Texas .100
*53.t
5%
4^8 J&0 5
3*2 Deo
5*4
11
0
%
5*2
*11
12
13% N ovi2
300
6*8 Jan29
11*2
Do
pref____j ________ .100
7 Nov
20*a Jan
12
12
13
11*2 11% ♦11
24% 20% 31,700 Missouri Paolflo tr otfs.. .100
2434 20
20%
31% Novl2
Jan
25
19% Nov
20
Janl5
84
24% 20
25% 26%
57% 58*4
62 Nov 9
Jon
50
2,300
41
Janl5
55*2 57%
37*2 Doc
01
Do pref tr otfs_____ .100
50
50*4
56*2 57
76
78% 22,800 New York Central......... - .100
84% Novl2
76*2 78%
62% Dec 103% Jan
75
77
67% Janl5
77
78%
75
70*2
34% 35*2 28,100 N Y N H A H artford... .100
27
April
45'8 May29
62% Jan
34*4 35%
21*2 Sept
33*4 35
37
37*2
33*2 37%
21
21
21
24% Nov 9
*20
1,000 N Y Ontario A Western. .100
17 Nov
29% Jan
21% 22
21
18*4 Jan22
21
20*2 21
£103 105%
92% Det 138% Jan
102
Jan24 112% Novl2
4,600 orfolk A Wes tern_____ .100
10734 108*8 105% 107*4 100 107*8 100 106%
92% 94*2 93% 95
93% 90% 15,200 Northorn Paolflo.............. .100
75
Dec 110% Jan
81*8 Jan24 105 Novl2
95
97
92
95
46% 47
50*8 Novl2
40>« Dsc
57% Jan
40*2 40%
0,000 Pennsylvania....... .......... ..
50
43*4 June27
46*2 40%
47% 477g
401a 47*4
18% Nov 12
10% 10*2
10*2 10%
12
Dsc
2,000 Pore Maryuette v t ___ .100
9% May 1
36% Jan
17
17
15*2 10%
15% 10*2
03
64 Nov 9
00
*00
200
52*8 Apr 3
00
Do prior pref v t ___ .100
45 Nov
73*i Jan
____ ____
50 NovlS
43
*43% 45
44
1,500
30
Apr 5
87
Oct
43
Do pref v t _______ .100
67 June
44% 40
43
34
34
34*2
40% Nov 14
33% 34%
22% Jan 2
18% Dsc
30*4 13,200 Pittsburgh A West Va___ .100
35% Jaae
33% 35*2
35*2 36*8
78
82 Nov 14
Jan
78%
*70
79
500
63% Apr
61
JanlO
68
*70
78
77
Do
pref_____________ .100
77
78*2 79
81% 84% 90,300 Reading________________ ..5 0
82% 84
96*4 Oct23
00'g Nov 104% Jan
81% 83%
70*8 Janl5
80%
85% 80%
81
*37
38
38
39 May 15
Jan
35
Jan12
34 Nov
*37% 37*8 *37
200
38
Do 1st pref_________ ..6 0
45
38
*37*2 39
*30
♦30
38
40
40 July 6
33% Dsc
35 Mar 30
38
20C
45*2 Jan
38
Do 2d prel__________ . . . 5
38
39
*38
38
5
17 Novl2
12
Dec
13% 13%
9% Apr 3
13% 13%
13*4 14
1,800 St Louls-San Fran »r otfs .100
26% June
14%
14
13*8 13%
25 NovlJ
22
Dsc
Jan
*19% 25
19
Oct 2
32
*19*2 20*4
200 St Louis Southwestern___ .100
22
*19*2 25
♦20
19% 20
Jan
*30
84
Dsc
*30
37
37
100
40*2 Jaa 3
28
Oct 2
63
38
38
♦34
38
*30
*30
12 Novl2
Jan
9%
9%
9*2 2,200 Seaboard Air Line______ .100
7% Dos
9%
9*4
7
Aprl7
97g
%
9
18
078
%
£
20% 21
*20
20*]
21
•*>
1,300
10% Doc
15*8 Apr 19 25% Novl2
39*2 Jan
21%
%
Do
pref........................ .100
19*2
£97 103*4 240,400 Southern Pacific Co_____ .100
73% Doc
102 103*2
98*2 100*4
80*8 Jan24 110 Nov 7
9**i Mar
97*2 102%
97% 100*8
6
28
30% 65,800 Southern Hallway.............. .100
34% Nov 12
2934 30*4
H
27% 29
28*4 28%
33% Jan
27% 29%
20% Apr30
11'a Dec
65% 07
75% Novl2
09% 09%
57
Jan21
07% 09*2
3,900
31% M at
661 073.1 6534 07
Do
pref_____________ .100
70*2 Jan
21
23
227g 23
21*2 21»<
20
20% 22*4
14 May 4
27*8 Nor 8
3.70C Texas A Paolflo......... ...... .100
11% Nov
19% Jan
£
62
*48
52
52
*48
52
*48
61
*48
52
05% Jan31
*48
Jan
39% Junel3
•2
Doc
Twin City Rapid Transit. .100
•5
128 132*4 45,400 Union Paolflo______ _____ .100
1297g 132*4 127% 130*2 120% 129% 128 130
109% Janl5 137% OctlW 101% Dec 149% Jan
72% 72% *73
74
73
73
73*8 73*8
73
70% Novl2
700
69
Jan 3
73*4
69% Doc
Do
prof_____________ .100
85 Jan
.
*83«
*8%
9
9
9*2
9
97g
9%
9%
9%
12 Juae27
700 United Railways Invest. .100
4% Janl5
4% Doe
11% Jan
O
*15% 10
*15*2 17
10% *15
15
17
20 May 7
OOC
11% Doc
16% 10%
10*8 Apr 9
23% Jan
Do
pref____________ .100
9%
9%
9
9*4
9*2
9*2
9%
7
Apr26
9%
11% July 8
7 Nov
9%
2.80C Wabash ............................ .100
13% Jan
g
37% 38
30% 373,
44% Jaa 2
30% Deo
30% 38%
37*2 38*4
Jan
36% Nov25
68
38% 38*2
8,200
Do pref A .................... .100
*23
*22% 24
24
23
23
23% 24
26*2 Jun*26
24% 24%
ooo
18
Doc
80*i Jan
20% Janl5
Do pref B . .................. .100
12% 13*2
13
13%
12% 13%
13
13%
17% Feb 15
13% 13*.
12
Dos
Apr
12% Oct S
9,700 Western Maryland (new) .100
23
*24
30
32 JuaeJ2
20*2 27
31
*25
30
*27
25
25
40(
20
Jan2C
20
Doe
41 Mar
3
Do 2d pref.................. .100
22
21% 21%
24% Nov 12
21% 21%
21*8 21% *21
13
Jan 2
10*2 Dee
May
1,300 Western Paolflo................ .100
21*2 22%
02
64 Juae27
01
61*2 01%
01
46
Jan 3
36*2 Dee
*02
03
800
01% 01*2
48 July
Do preferred________ .100
10
10
12% Nov 12
10% 10*4
9%
8
Apr22
7*t Dec
9%
1,400 Wheeling A Lake E R y. .100
22% Jan
10
9%
*9
9*2
22
21
*10
*18
26 Novl2
21
16% Nor
21
20(
17*8 Aprl7
60% Jan
19*2 19% *19
*19
Do
preferred............. .100
*32
*32
35
40
39% Oct22
*32
50( Wisconsin Central............ .100
34 May 2
*34
34
35
S3
Doc
34% Jan
37
34
Industrial
Miscellaneous
c
11
4.100 Advaneo, Rumeiy_________100
7% N ot
100
18*i Jan
57
587*
57% 59
6278 Novl9
57
19
Ovt
25%
585s
55«| 57
3.800
17% Jan
50i2 58
Do pref___ ____
100
*03
* %
00
60% Nov 8
Jan 2
80
Jan
♦03
.50
49
45*8 Dee
. Ajax Itubberlno__________ 60
3%
5% Nov 6
%
312 3% 8.700 Alaska Gold Mines________ 10
11% Jan
%
1 Deo
3%
3%
%
1% Apr27
2
%
2
3 % June21
2
2% 0,700, Alaska Juneau GoldMln’g.10
2
.10
1% Deo
8*i Mar
1% Apr 1
37
M ay24
25t4 20
%
24% 25%
%
17% Janl5
83% May
24*2
25*4 25%
16
Dee
7,200, Allls-Chaltnors Mfg v t 0 ..1100
00
81
79%
81
%
80*8 80%
80
72% Jan 4 86% May24
80
807a Mar
80% 80%
000
65
Deo
Do preferred v t ____ 100
100 100% 2.30Q Amer Agricultural C h em ..l00
100 100
72
100 100*2 100 100*2 *99*2 101
Jan 2 106 Oct 17
100
78
Dec
95*2 May
*90 100
08% 598
90
98
*95
99
98
98
100
89*8 Jan 17 101 Aug27
91
Deo 103% Jan
550
Do
prof________
52
49*2 55
48
50
51
49*2 52%
84
Peb27
48 Nov26
63
Dec 102% Feb
53*4 59*8
19,900 American Beet Sugar-------- 100
♦82
*82
*81
90
*89
90
90
90
90
*81
91% May 8
100 z82 Septl3
98
Jan
78*i Dec
Do
pref._______
41*2 4234
42% 43%
40*4 42%
40*4 42*?
34% Janl5
41k 42% 25,200 American Can------------------- 100
50% M ayl7
63 May
39*2 Nov
90*2 *95
*95
07
90
90
95
95
97% Nov 8
97
*90
100
87
Dec 111*2 June
400
89*4 Jan23
Do
pref________
80*s 81%
79*2 81%
80*4 81
88% Sept27
81
81*2
79% 81% 13,800 American Car A Foundry . 100
67
10% June
Feb
68*4 Janl4
107 107
107 107
Jan 3 111% Sept30 100 Nov 118% May
100 106
200
Do
pref_____. . .
39
39
40*8 *39*2 40%
39
Jan 16
38% 39%
44% Oct 18
21 Dec 10*2 Jan
39% 30%
25
2,100 American Cotton Ol---------- 100
92*2
*8212
*8212
88
89
85
Nov
6
89
*82
100
78 Mayl*"
♦82*2 92*2 *82*2
80
Deo 101*2 Jan
Do
pref________
14% 14%
14
14*2 15
14*2
13% 14
22% Sept 4
15
15
11% JanlO
10 Feb 17% Mar
3.200 American Uldo & Leather. 100
73
70
78
75
76%
74
947s Aug24
Jan 2
69% 72% 12,500
100
50
76
Jan
43*4 Deo
78*2 79
Do
pref-----------40%
37
41
40
40
42
38
40%
40
49
Oct2S
*40
100
878 July
167i Aug
3.700 American Ice---- ----------------100
11% Jen 2
54
52%
51
53
55
52
54
54
54%
51
61
Oct21
66 July
38% JanlO
35
Dec
Do
preferred.............. 100
2.700
54
52
573i
54
52% 63*4
54% 50
60% Oct 14
53*4 54%
40
Oct
100
62*4 Aug
9.400 Amer International Corp.100
51*2 Septl3
39% 40
39*2 40%
39
39*2
39*2 39*2
Jan 7 43 Aug 10
40% 40%
27
29% Aug
8.700 American Linseed_________ 100
15*4 Feb
81
8131
81
81*2 81%
81
81
81
80*4 81%
100
69% Jan 7 83% Nov 14
48
Feb
1.200
76 Nov
Do
pref________
59% 01%
01%
5934 01% 7.400 American Loem otive____100
03*8
00
00*2 03%
03
71% May 16
40% Dec
100
53*2 Janl5
82
Jan
100*2 100*2 *100 103
*100 102%
100*2 100*2 *100% 103
100 r95
Jan 4 102 Nov 1
200
93
Dee 1007s Jan
Do
prof-----------*4
4
4
5
4%
4
4
4
4
4
19% Mar
2% Sept28
13% Feb 6
700 American Malting_________ 100
8*4 Dec
*40
48
*40
48
48
48
*40
*43%
48
*40
39 Sept25
58% Feb 6
71% July
50
Deo
Do 1st pref......... ........... 100
142
142
142
142 *__
142 *
Feb2l 144 Mayl4
100
90
American Shipbuilding
88 Nov
93 Nov
793t 82% 58,200 Amer Smelting A Refining. 100
80% 83%
81*8 83% £80% .S212
9434 Oct 18
83*4 84%
73 May28
07% Dec 11234 June
*100
107
108
■107 108
►105% 100% *100*2 107*2 107
100 103 Sept25 110% Novl2
100
r99% Nov 117% Jan
Do
prof-----------88*2 90*2
87
90
88
90%
88*2 91
91
91
Janlo
95 Nov 19
75 June
100
60's Dec
7,800 Amer Steel Foundries____100
68
109*8 111
109% 111%
JanlO 116 M ay 15
110*8 110% 100% 110*4 109*8 111
89% Nov 126% June
5,500 American Sugar Refining.. 100
98
*112%
114
113 113*2
113% 114
112% 112% 112% 113
106
Dec 121>i JaD
700
100 108% Mar23 114 Nov29
Do
prof...............
101 103
103 103
100% 105
101*4 101% 100*2 101
30 May
62*2 Dec
100
00% Jan 5 146 May24
12,400 Am Sumatra Tobacco____100
103*4 104
103% 103%
103% 101% 103 103% 103 104
95>» Dec 128*2 JaD
7.100 Amer Telephone A Teleg.100
100
90% Aug 5 109% Feb 1
185*2 185*2
188 190
>185 192
192% 192% *188 194
123
Dec 220 Mar
100 140% Jan 5 196*2 Novl2
1,000 American Tobaoco______ 100
99
99%
09
98^4 9834
*98 100
00
99% Nov22
92 * Soptl4
89
Dec 109>4 Jan
510
Do prof (new)_________ 100
49%
49*2 50*8
49
40
49%
49% 51%
40% 50
60% May24
6354 June
100
14% Janl5
37*8 Feb
6,000 Am Woolen of Mass______ 100
95
95
94% 91%
90*2 *95
95*2
Jan 4
05% 95% *95
96 Nov 9
87 Nov 100 June
100
92
400
Do
pref..............
34
29*4 29*2 *29
30
30
39% Aug28
29*2 30
54*2 Mar
100
20*« Apr
17 Nov
30*4 30%
1.100 Am Writing Paper pref__ 100
*12%
12% 13
13
12% 13
1234 Nov
13%
13
13
*13
21Ja July 3
41% Jan
10*2 Dec
.25
1,000 Am Zinc Lead A 8
*42
*42
48
48
45
45
Jai
63% July 1
72*2 Jan
41
-----48
40*2 40*?
39*2 Dec
..2 5
200
Do
prof..............
043g 05%
04
05%
0378 05% 55,900 Anaconda Copper Mining.60
x74% Oct 13
041* <15*2 03*2 05*8
87 May
51% Nov
{.60 £59% Jar
100*8 100*8 103 100% 103 105% 100*2 108*2
100% 107
120% FeblS
87% Sept 121*i Jan
97% Jan
8,700 AM Gulf A W I 8S Line - 100
'
*66
70
70
Jan 5
70
66
Jan
*05
07*2 07*2 *00
05
08
54
Feb
5.8
67% Nov20
100
Do
pref_____________ 100
73
72% 75%
72*4 75%
75*2
78%
76*2 July
75
43
Feb
66% Janl5 10134 May 18
70% 72% 113,000 (laidwin Locomotive Wks 100
Oct 21
Jan 2 101
93
93
Deo 102*i Jan
100
Do
pref________
100*4 100*2 101
Jan 4 109
100*8 100*2
82
Dec 136
Jan
Octl8
too
85
'100 101
1,200 Rarrott Co (The)_________ 100
02
02
04*8 04*8
02*2 02*2
96 May 16
Deo 615
Jan
100
02%
02%'
400 Bethlehem Steel Corp____100
60% Novl3
01% 04%
02*2 04
01% 03%
94 May 16 rO0*i Dec 156 June
100
59% Novi 2
02% 03%
Do class B common..100
01%
03% 48,500
90% Janl5 1067* Apr29
93
Deo ie i
Oct
105% 105% 105 105*2 105 105% 105 105
105% 105% 1,200
Do cum conv 8 % pref ___
..
•^1, >11*
>>9',
t '.. 1 -7f|n Booth Fisheries .
23%
2'
Jan*’ !' 2#% Sere "
Vs
•Bid and aaked prices, no sales on this day. t Ex-rlghta. i Less than 100 shares,
Ex-dlv. and rights. * Ex-dlvldend. * Before payment of first installment.
S
20
9934
*120
25
7%
20
54
112
2*4
9
6*4
8*2
79
11
5
*12
0
0
0
0
>5
0
9
9
20
202
9
18*2
3
tc
02
3 4
*2 2
25 20
3
2
00
334
2
3
2
25
79
0
>4
166
66*4
on', °Vi VVi
a
na*
*2
New York Stock Record—Concluded—Page 2
2082
For record of sales during the week of stocks usually Inactive, see second page preceding.
PRICES—per an a IS, NOT PS*« Cent. Sales/or
the
Monday Tuesday Wednesday Thursday Friday W
eek
Nov. 25
Nov. 26 Nov. 27
Nov. 28
Nov. 29 Shares
$ pershare $1perlshare 1 8 pershare 3 pershare 3 pershare
146
152
HIGH A VO LOW SAl t »
Saturday
Nov. 23
3 per share
*148 152
145*8 1481.1
8
8%
8
8*8
8*8
185s 19%
19
20
19
50
48% 49%
48%
2012 20%
18%
183S 20%
63
63
6212 62% *62
593g 61%
61*8 62
59%
*103 103 *103 106 *102%
*34% 36
32%
3314 34%
9912 10178
99 %
98% 9934
19
1912 20*i
18*2 20
375g 3734
38
%
37*2 38
%
35% 37
37*2 3778
37
36%
37%
98% 9938 98
08
98%
*67
71
69
*65
69
4738 4778 4578 47%
4534
*102 10312 *101*2 103 *101%
5612 573j
541.1 57%
89*4 90
*89% 89% *89%
30'8 3034 29% 30%
29%
81
81
80
80
80%
46
4638 4434 46%
45%
1334 137s
12% 13
12%
29
2934
29
29
293«
149 14938 147 149% 147
124*2 125*4 123 127
123
*8212 83*2 —
83*4
—
55
55
52
51
55
*10212 108 *10212 108 *101%
79
79
76
77*4 78
47*2 48
45
44% 47
6734 6734 63
65
64
47*2 46
4634 46%
4758 4858 46
46
48%
*12
11*2 13
% 13
52
48
501.1 52
53%
*110 116
10834
109% 112
26
2&*2 21% 25
2212
10678 1077s 99 108%
9934
3134 32*8
3034 3134 30%
31*4 31*2
29%
29% 31
62 is G234 62% 63% *6212
61
61
58
58
60%
35
35*2
% 353g
%
72
72
71
71
71
20*4 21*8 *20*2 21%
%
36U 36*4
38
*91
95
91
*91
95
*75
78
*75
*75
77
*6312 7412 64
64
64
25*2 27
25% 2634 26
51*2 5214
51% 5134 51%
20*4 20*2
19%
19
20%
160% 165
154%
154% 162
*104 107 *104 107 *105
24
25
24%
24% 25%
43
4312 423g 43%
4212
*73
78
*70
73%
76
*10312____ *103%
*103%
13U 133s
13
13%
133g
42
40%
40% 41%
*83
92
*^3
*83
92
61
61
61%
61
61
104 104 *103 108 *103
__18
18
17%
17% 18
105 105*8 104 105
104%
5618 56*8 *55
55%
60
42*8 4234 39% 42
3912
„7%
7*2
7
7%
7%
*32
34
3234
*32% 34%
4734
3734
37
35
146% *145
8
8
20%
!2 U
48%
49
19%
10
64*4 *63
60%
5734
105% *103
3334
99% ,22
20
19%
37%
38%
36
36
38
38
101% 100%
*08
70
45%
47%
103 *101*4
54%
56%
*90
94
28%
30%
79
80*.
45*4
46%
12
13
2834
29%
149% 14834
126% 124
83
83*4
52
531.,
108 *101%
*78
77
46%
47
64%
66%
47%
48%
47
49
*11
14
52%
52
110 *110
25*4
25%
103% 1081,
313g 30*4
30
30*4
*623.,
64
5S% *57%
35*4
35%
70%
72
20*4
20%
36% 36
*82%
91
75
77
*63%
64
27%
25%
51
53%
20
20%
161% 155%
107 *105
25
253a
4334 42%
*73%
76
*103%
14%
14
41%
41
*83
92
6134
63
105 *103
1734
18%
105 *103
54%
55%
42
40%
7
7
33
*3312
100
5434
4714
12
34
34
20
3534
*3534
4214
8%
19%
48%
19
64%
61
105
33%
100%
20
38
36%
38
100%
70
47%
103
55*4
92
30
80
46%
123.,
29
149%
128
83
53
108
79
47
65
4734
48%
13
52%
115
29%
119%
31%
30%
64
60
35%
71
20-%
36
95
75
64%
27%
521.,
20%
161%
107
25%
431.,
76
14
9934
2
884
ta,*Bld and asked prices; no sales on this day.
s
\\
M
H
q
a
m
0
w
0
5
a
a
s
w
0
0
£
100
145%
1.30C
8
3,101
20
2.10C
49%
4,20C
3,00(1
18%
63
30C
58% 19,600
105
33%
4,620 Cerro de Pasco Cop___ No
103
3,100 Chandler Motor Car______100
20% 15,300 Ch.le C oppor___________ 25
38%,
3,95C Chino Copper ___________
4.00C Colorado Fuel A Iron____100
37%
39
5,00C Columbia Gas AElec......... 100
100%
4,400 Consolidated Gas ( N Y ) ..1 0 0
70
30C Continental Can, Inc_____ 100
47% 43,300 Corn Products Refining.. 100
102
10C
Do
pref______________ 100
55% 35,200 Crucible Steel of Amerlca.100
30C
Do
pref______________ 100
29% 2 0 ,IOC Cuba Cane Sugar____ No Par
79%
1,700
Do
pref______________ 100
45% 10,300 Distillers’ Securities Corp.100
12%
9,100 Dome Mines, Ltd__________10
29
3,80C Oaston W A W Ino..N o par
153
2,714 General Electric__________ioo
126
9,000 General Motors Corp......... 100
600
83
Do
pref_____________ 100
52%
4,500 Goodrich Co (B F )........... 100
106
78%
1,200 Granby Cons M 8 A P____100
4,600 Greene Cananea Copper.. 100
46%
67%
1,300 Gulf States Steel tr otfs._10O
4,800 Haskoll A Barker C ar..N o par
47%
47% 22,800 Inspiration Cons C opper..20
12
2,200 Xnternat Agricul Corp____100
53
1,800
Do
p r o f.............. ........
115
1,100 Intern Harvester (new)___100
53,800 Int Mercantile M arine.. 100
28
118 367,000
Do
prof.......................... 100
31%
6,400 International Nickel (The)25
30%
2,500 International Paper............100
64
600
Do stamped pref_____ 100
58%
90(1 Kolly-Sprlngfield Tire____25
35% 32,400 Kennecott Copper____ No par
70%
1,300 Lackawanna S te e l........... 100
20%
900 Leo Rubber A Tire___No par
700 Loose-Wiles Biscuit tr ctfs.ioo
36%
.95
100
Do 2d pref.................1 0 0
200 Mackay Companies......... 100
64%
200
Do
pref...........................100
27% 11,700 Maxwell Motor, Inc______ 100
51%
5,220
Do 1st pref.................... 100
19%
2,300
Do 2d pref......... .......... 100
159% 122,400 Mexican petroleum______ 100
Do
pref______________ 100
24% 25
7,000 Miami C opper...................... ft
423, 44
21,500 Midvale Steel A Ordnanco.50
*73
300 Montana Power__________100
78
*103%
4,850 Nat Conduit A Cable No par
13% 14%
41
43
3,000 Nat Enam’g A Stamp’s . . . 100
*83
92
Do
pref______________ 100
62
62%
2,500 National Lead___________ 100
*103 105
100
Do
pref...........................100
17% 17%
5,400 Novada Consol Copper____6
106% 106%
1,500 New York Air Brake____50
*54
300 North American Co______ 100
58
24,200 Ohio Cities Gas (The)____25
40% 42
7%
1,400 Ontario Silver Mining____IOO
7%
400 Pacific Mall S3...................... 6
----
par
5
100
75
1,000
112% 113%
51% 52
6,500
30% 31%
1.50C
41% 42% 10.60C
*100 103%
30C
153, 16%
9,30C
45% 46
3.40C
83
84
90C
58
1.80C
58%
*95 100
*91
*119 126
500
70
72% 21,100
*102 104
150
21% 21%
0,500
73
16,000
75
♦99% 99%
100
98% 101
3,900
8%
5,300
8%
158 169%
1,300
*15
600
15%
33% 34
10,300
45
2,000
45%
47% 60% 143,900
♦75
99
36
36
1,900
§95
95
50
14
14
5,200
178 183
12,200
75% 77% 27,600
993,
*95
♦74
76
100
2,300
38% 39
102% 1031.,
8,700
*10-1 120
1433, 144
600
*13% 14
300
*42
46
98% 100% 15,600
♦94% 90
67% 71% 12,900
106 106
1,225
45% 45%
1,100
*423, 47
200
z94
961., 573,600
111% 111%
1,100
7534 781, 25,300
*13% 16
51
521.,
5,800
*110 112%
200
88
2,700
88"
41% 42%
8 ,0 0 0
70
*50
45
45
900
23% 24% 58,600
*8 6
88
700
67
68
12,800
120 120
300
113
113
100
52
52
200
*85
91
91
*67
68
700
Do
p re f.._____ _______100
People’s G L A C (Chic).. 100
Philadelphia Co (Plttsb)..60
Pierce-Arrow M Car___No par
Do
pref.......................... 100
Pierce OH Corporation_____ 25
Pittsburgh Coal of Pa____100
Do
pref.......................... 100
Pressed Steel Car............... IOO
Public fierv Corp of N J IOO
Pullman Company_______ 100
Railway Steel Spring......... 100
Do
pref......................... 100
Ray Consolidated Copper. 10
Republlo Iron A Steel____100
Do
p r e f........................ 100
Royal Dutch Co ctfs dep____
Saxon Motor Car C o r p ... 100
Sears, Roebuck A Co____100
Shattuck Aria Copper......... 10
Sinclair Oil A Ref’g___N o p a r
Sloss-Sheffleld Steel A IronlOO
Studobaker Corp (T h e)..100
Superior Steel Corp’n____ 100
Do 1st prof__________100
Tenn Copp A C tr ctfs.No p a r
Texas Company (The)____100
Tobacco Products C orp.. 100
Do
pref....... ..............
1(3)
Union Bag A Paper Corp.100
United Alloy Steel____ No p a r
United Cigar Stores____100
United Fruit........................ 100
U S Cast I Pipe A Fdy____IOO
U S Industrial Alcohol..ICO
United States Rubber____100
Do 1st preferred_____ 100
U 8 Smelting Ref A M ......... 50
Do
pref............................ 60
United States Steel Corp.100
Do
pref...........................100
Utah Copper...........................10
Vlrglnla-Carollna C h em ..l00
Virginia Iron C A C ............100
Western Union Telegraph. 100
Westlnghouse Eleo A M fg.60
White Motor.........................60
Wlllys— Overland (T h e).. 25
Do pref (new)..............100
Wilson A Co, Ino, v t 0 ...1 0 0
Woolworth (F W ) ................100
Do
pref...........................100
Worthington P A M v t o .1 0 0
Do pref A ______ ______ IOO
Do pref B ____________ 100
} Less than 100 sbaros. t Ex-rtghts. a Ex-dlv. and rights.
Lowest.
Highest.
$ per share.
$ per share.
108 Fob 5
8 Nov25
16% Jan 2
36% Jan 3
12 J.in 7
36 Jan 5
56% Nov29
1021** M arl4
29% Mar 6
68% Jan
14% Apr 4
36% JuuelQ
34% Jan 29
28% Mar26
82% JulylS
65% Oct 7
29% Jan 15
z90% Jan 7
62 Jan 12
86 Jan 31
27% Apr 10
78% Mar25
x33 Jan 2
6 JunelP
25% Oct 11
127% Jan 7
106% Jan 15
75% Oct JO
38 Jan 2
06 Jan 10
74 Jan 25
38% Jan 17
63 Oct 30
34 Jan 5
42% Jan 15
10 Jan 8
38 Jan 6
104 Oct 14
21 Jan 15
83% Jan 2
27 Jan 15
24% Jan 15
58 Jan 22
41 Apr 2
29 Mar25
70 Nov 13
12 Apr 2
17% Jan 8
53 Feb 15
71% JunelS
67 Jan 4
23% Jan 15
50% Nov29
19 May27
79 Jan 5
87 Jan 15
24 Nov23
42% Nov25
64 June26
Mar 19
13 Nov25
37% Jan 7
88 Nov21
43% Jan 7
99% M ar 2
17% Nov25
99% Nov 4
37‘2 Aug 16
35% Mar26
4% Jan 22
23% Jan 21
63*4 Oct 30
80 Jan 8
39% Jan 2
21 Apr 12
34 Jan 16
89% Jan 20
15 Scptl3
42 Jan 16
79% Jan 2
55% Nov26
93 Apr 27
2
95
100% Jan 7
45% Jan 7
95 Jan 2
21 Nov23
s72% Jan 16
92% Jan 2
70% Mar23
4% Aug22
133% June 8
14% Oct 9
26% Apr 11
39 Jan 24
33% Apr 24
80% July 3
34% Mar25
95 Feb 16
12% Jan 2
136% Jan 7
48% Mar26
*87% Mar 19
85 Jan 24
36% Oct 30
83% Mar28
101U Jan 6
116% Jan 16
11% Apr 6
Mar26
97 Nov 4
94 Oct 11
61 Jan 15
*95 Jan 15
32% Apr 12
42% Apr 12
88% Mar25
108 Mar26
7534 Nov22
11 Sept 10
33% Jan 2
98 Jan 16
60 Jan 5
77% Aug 2
38% Jan 17
69 Jan 11
36*4 Jan 2
15%Jan 16
76 Jan 3
45% Jan 2
110 Mar25
111 Oct 2
34 Jan 4
85% Feb 6
59 Jan 18
11
6 Par $10 par shire,
Lowest
161% Oct 26
12% JulylO
33% M ayl 4
12% Dec
59 Nov23
33% Nov
24% Nov 9
68 Oct 18
29*2 Nov
73% Feb 27
103 Novl2
Novi2
25
Deo
108% N ovl2
60 Nov
24 Oct 18
11% Nov
47% M ayl6
64% May24
41% Oct 17
25% Nov
105% N ovl2
76% Dec
95 Feb 19
76 Nov
50% N ovi6
18
Feb
103 Oct 3
74% May 16
91% June 4
83
Dec
34 Novl2
83 Feb 18
64% May24
11% May
15 Nov 1
39 Feb 13
28
Feb
158% Oct 18 118
Dec
164 Aug21
74% Nov
88 Feb 1
72% Dec
69% Oct 18
32% Dec
10334 N ov 12
86 ~Oot 23'
58% Nov 8
34 Nov
111% Apr 25!
77 Nov
49% July30
58% Oct 18
38 Nov
19 June20,
7% Nov
65 Junel8
20U Nov
121 Novl2
33 Oct 10
17*a Dec
125% Nov 6
Feb
35 Nov 7,
24*2 Dec
45% May 15
18% Nov
65% Jan 3
63% Nov21
41% NOV12
26 Nov
91% M ayl6
68 Nov
23% Nov20
10% Nov
42 Oct 19
92 Novl6
78% Feb 28
70 Nov
65 May28
42% N ovl2
19% Nov
69% Nov 8
32% Nov 9
13 Nov
194 Oct 19
67
Dec
104% N ovl2
33% Jud 31
25 Nov
61 MaylO
39% Dec
81% Novl3
* Jiilv26
21% July 5
13% Dec
64% May20
24
Fob
99% Feb 20
90V Mftv
64% Oct 19
105%M ayl8
09
Dec
21% MaylO
16 Nov
139 May22
98 Nov
57% Nov22
39 Dec
48 Oct 18
31% Oct
13 Junol7
35% Nov 7
18
Feb
72U Oct 28
124*2 Oct 28
87 Nov
61 Nov 6
35 Deo
35% Oct 29
24% Deo
51% N ovl2
25 Dec
103 Nov20
88 Nov
19% Oct 10
58% Feb 28
37tj Deo
84 Feb 19
74 Dec
73 Augl3
49
Deo
100 Aug 6 x90 Nnv
109*2 Mar 6
132% Novl2
108% Deo
72% Nov29
36% Nov
104 Nov23
88% Deo
20% MaylO
19% Nov
90 MaylO
6(1 Feb
102% 8eptl7
89 Deo
145 Oct 18
69 May
18 Novl3
4% Nov
169 Oct 14 123% Deo
18% Feb 19
15 Deo
39 Feb 6
26% Deo
71% May24
33% Nov
72% Nov 8
33% Nov
Hfi Nov
100 Nov 9
45% May 3
30% Nov
100 Sept27
96
Dec
21 July 6
11 Nov
203 Oct 18 114% Deo
80% Nov20
42% Deo
101 Nov 9
80 M ayl3
69% Deo
44% MaylO
34% Deo
105% Nov22
110 Julyl8
148 Oct 19 *105 Deo
19 May 7
10 Nov
47*4 Feb 1
137 May 24
98% Nov
99 Mar 21
76*8 Novl2
46 Deo
108 Novl2
91
Dec
60% Oct 10
40
Dec
46% N ovl3
43% Nov
110% Aug 28
79% Dec
112% Oct 23 102% Dee
93 Oot 19
70% Deo
16% Nov 12
60% Nov 8
26 “ Nov
111 Nov 9
97 Dec
46
Feb
73% July27
95% Apr 16 *76
Deo
*7% MaylO
33% Deo
64% Feb 20
52% Deo
49 Nov 9
33% Nov
30 Novl2
15 Nov
89% Nov 19
69 NOV
73 Nov22
42 Nov
128% Oct 21
99% Deo
115 Sept 9 113 Dec
09 Aug 28
23% Feb
91% Apr 0
88 Nov
70*8 July26
60 May
39
02
1011
1
2
2
£
Industrlnl&MIsc. (Con.) Par
Burns Broa............_...............
Butte Copper * Zinc v t c ..5
Butte A Superior Mining-.1 0
California Packing____ No par
California Petroleum_____ 100
Do
pref.......................... 100
Central Leather.................... 100
PER SHARE
Rang* for Previous
Year 1917
X
4
0
O
14%
41%
92
62%
105
18
105
54%
423,
7
34
*112 ’ 115
112% 115% 112 113
113% 114%
52*2 63
48
49% 51
52%.
50% 523.,
*31
3212 30% 31%
31
31% 31%
31
4234 43*2
40% 4338 40% 43
41% 44%
102*8 10218 102 102 *101 103% 102 102
153,1 16%
1678 17
15% 16%
15% 16%
45
455s
44% 45
45
47
461., *45
*8178 83
*82
*81% 83
*82
83
83
62
62
60
55% 58
60%
58
58
*98 102
*95 100
*95 100
*95 100
*91
____
*90
*91
*126U 128*2 126% 126% 125% 126% 126 126
67*4 6734 65% 67%
06% 681.,
69
71%
104 104 *101 105 *101 104 *102 105%
21
2112 21
21% 2134 21% 21%
21%
7612 7678 75
74% 76%
77
74% 76%
------ ------ *99
99% 99% *99% 993,
101 101*2 100% 103
99% 102
101 102%
8*2
8*2
8%
8% 10
8%
8%
8%
160 161
158 158% 158 158 *158 165
*15
15*4
15
15
15% 15%
15%
15*8
34*8 35
32% 34«.,
32% 33*4
33% 34
*47
4738 46
45
47
45% 45%
45%
6412 5638 53
53% 55%
49% 553s
56
*92*4 99
*92% 100
*89 100
*80
99
3634 37
34% 3634 34% 35%
36
36
*95 100
*94 100
*95 100
*95 100
14*a 1412
13% 14%
13% 14%
14
14
183*2 185
180% 183% 179 182% 180 184
74% 763g 7434 76%
77
77%
74% 77
♦93
99
*94
*95
993, *93
993,
*731 76l2
73% 73% *74
76
39
39
38% 39
38% 39%
38% 38%
10234 104
102 103
102 103% 101% 103%
*106 120 *106
120 *106 120 *106 120
*144 146 *143% 146
143 144 *140 145
*1312 15
13
13% 13%
13% *12% 15
*42
46
*42
*42
46
46
IOOI 102
100% 102% 100% 101% 100% 102
*93
96
*94
*94% 90% *94% 96
96
67U 68
65
65
67
681.,
67
67%
10578 10578 105
105% 104% 104% 106 106
46
46
45% 45%
45% 46
46
46
*4234 45
*42
45
*43
47
45
45
99*2 10038
983g 100%
98% 100%
98% 100%
11138 1113s 111
111% 111% 111% 111% 111%
7534 77%
76*4 771
76
78%
76*4 79
*13*4 1512 *13
15% *13% 15% *14
15%
531 54
52
50
52
52
52%
53%
*110
112% *110 112%
[13 *110
*80
62
59
60
*58
60
59
60
86
87
I
85
87
87% 90
88
42l8 4234 41% 4234 41% 42*4
42
43%
*55
70
*50
70
*55
70
*50
70
45 ! 46
45
46
*45
45
46
47
2334 25*4
22% 24%
22% 24
23% 24%
87
88
80
*86
86
87
87
88
69S4 7212
6 6 % 70
6 6 % 6 8 %,
67% 69%
*120 123
120 *118 121
120
120 *113
*110 115 *110
115 *110 115
115 *110
____ ___ *51
5134 51%
53
*51
53
___ ___ § 8 6
*85
91
*85
91
86
67% *6 6
67%
66
66% *66
................
9934
*143%
8
20
X483,
18%
63
58%
*102%
33%
*100
19
*37%
36
37%
100%
70
45%
102
53%
____
283,
79%
44%
12
28%
152
122
82%
51
*101%
78
46%
*05
463,
46%
12
*50
*110
27%
114%
31%
30%
*63.
58%
34%
70
20%
36%
*82%
75
*63%
26
50%
193,
152
PER SHARE
Range since Jan. 1.
On basis of 10O-share lots.
STOCKS
N EW YO R K STOCK
EX CH A N G E
Highest.
125% Apr
52u Jan
41
104%
27»3
63*4
Fob
Mar
Mar
Mar
477# Aor
134% Jan
37%
112%
91%
117%
55%
94%
44%
July
Jan
July
Jan
Jan
Jan
Oot
171% Jan
146% Jan
93
Jan
40 June
66% June
21% May
60% July
inn% Oot
47% Mar
49% Jan
* June
771
50% May
103% June
30 ” Jan
27% Jan
64
Jan
89% Feb
67% Jan
61% Jan
% Jan
40
Jan
106% Jan
74
43% Apr
07% June
109% Jan
39 Juno
40% Oct
63% Mar
li4
Jan
26% June
166 " Mar
72% Mar
143% Apr
7% Sept
30% June
98
Jan
106% Jan
42
Jan
64% Sept
90 Aug
83% Jan
167% Jan
68 June
101
Jan
32% Apr
94% Juno
105% May
73% Nov
68
Jan
238% Jan
29% Mar
69% Mar
74% Mar
110% Jan
mas* jad
51% June
102% July
19% Juno
243
Jan
80% Ang
105 Mar
112
Jan
49% June
127% Aug
154% Jan
24% June
171% June
07 Aug
114% Jan
07% Jan
52% Jan
136% May
121% Jan
118% May
46 ' May
112% Jan
77 Mar
99% Jan
68 May
70% Jan
52% Jan
38% Jan
100 Mar
84% Mar
151
Jan
128% Jan
37% June
97% Jun0
63 Jun„
n Par $100 per share, x Ex-dlvIdend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2083
In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now—" and Interest"—except for Interest and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 2).
I «3a
Price
Friday
Nov. 29.
a
U. S. Government.
O S 3J5a Ltberty Loan.. 1932-47 j
O S 4s converted from 1st Libert7 Loan___________ 1932-47 j
{J S 4s 2d Liberty Loan.. 1927-42 M
U S 4}5s converted from 1st
Liberty Loan________ 1932-47 J
D S 4J5s converted from 2d
Liberty Loan...............1927-42 M
0S455a3d Liberty Loan..l92S M
H S 4^ s 4th Liberty Loan. 1938 A
U S 2s consol registered__<11930 Q
CJ 8 28 consol coupon____ <11930 42
•J
Q
0 S Pan Canal 10-30-yr 2s.*1930
0 8 Pan Canal 10-30-yr 2s reg '38 G
0 S Panama Canal 3s g___ 1961 42
Registered_____________ 1961 Q
0 S Philippine Island 43.1914-34 l
Q
Bid
Week's
Range or
Last Sale
Ask Low
D 99.00 Bale 99.09
flange
Since
Jan. 1
High Wc.l Low High
D 96.10 Sale 9.6.19
N 94.89 Sale 94.30
91.96 3310. 37.20 102.50
93 59 142 93.00 93.50
96.10 1635 ) 4.00 100.00
D 97.92 Sale 97.92
93.50 370 93.8) 99.00
N 95.76 Sale 93.79 98.00 5453 93.10 93.U
S 96.78 Sale 95.09 97.93 11752 9 4.70 99.10
O 96.95 Sale 95.70 97.92 13252, 93.70 93.10
J 98
93% Aug’ 18
97 09
J 93
93% Aug’ 18
97% 93%
105%
F
105 107
F
103% 103% N jv’ 15
105 107
__
_
F 98
98 Juue'18
93
98
N 98 . . . . 99 July’ 13 __ _ 97% 99
M 84 ____ 85% Oct’ 13 __ - 85 85%
M 83 - - - - 80 Sopt’ 18 ___ 85 89
F
100 Fob '15 —
...
--
Foreign Government.
99% 291
Amor Foreign Seour 6s____ 1919 F A 1)3*2 Sale 90%
90% 1612
Anglo-French 5-yr 63 fitter loan. A O 93% Sale 96
Argentine Internal 5s of 1909___ M 3 89 - - - - 89 N)V'13 - - - 1019% 5 4
Berdoaux (City of) 3-yr 6s.. 1919 M N 100% Salo 1)0
712 N )v’ 13 —
Chinese (Hukuang Ry) 5s of 1911 J D : 63 71
95% Sept’ 18 __ _
Cuba—External debt 5s of 1901- 41 8 68 71
Exter dt 5i of 1914 ser A ..1949 F A . . . . 92% 93% Oct '18 . . . .
81 Apr '18 __ External loan 455s_____ 1949 F A 80 82
93
17
Dominion of Canada g 5s__ 1921 A O 98 S ale 97%
97
65
Do
do
..1926 A O 07 Sale 96%
93% 6)
Do
do
..1931 A O 93 Sale 97%
French Reoub 555ssecured loan. . . - 104% Sale 103% 104 5L3
Japanese Govt—£ loan 4 55s. 1915 F A X 87% 83% 90% N)V'13 ___
Second series 4 55s______ 1925 J J X 87% 92 92% Nbv'13 __ _
87 Sale 87
83
7
Do do “ German stamp” . . _
Sterling loan 4s_________ 1931 1 J t 75% . . . . 74% N)V13 __ _
Lyons (City of) 3-yr 6s____ 1919 M N 100% Sale 100% 100% 61
Marseilles (City of) 3-yr 6s.. 1919 M N 100% Sale 100 % 109 % 30
61
Mexico—Exter loan £ 5s of 1899 Q J X 62% ........ 62
8
53
1
Gold debt 4s of 1904........1954 J O 5o*a __ __ 53
93% 297
Paris (City of) 5 year 63 ___ 1921 A O 98% Sale 93%
tfafcyo City 5s loan of 1912_____ M s 8L 82% 81 N)V'18
0 K of Gt Brit A Irelan l—
90% 892
6-year 5 55% notes______ 1919 M N 99% Sale 99
93
39 5
*-year 8 55% notes______ 1921 M N 97% Sale 97%
Convertible 555% notes..1919 e A 101% Sale 101 % 1 0 1 % 1132
JTtaese are prices on the bails of S5to£
•tats and City Securities.
W Y City—155s Corp stock I960 VI 3 93% Sale
4,*5» Corporate stock-----196 4 M 3 93% 99%
4 55s Corporate stock-----1966 A O 93% 99%
455s Oorporato stock JuI/1967 . _ . . 102% Sale
455s Corporate stock___ 1965 J D 104% Sale
455s Corporate stock___ 1963 M 3 104 Salo
4% Corporate stock____ 1959 A N 93% __ 4% Corporate stock..>..1958 M N 93% 91%
4% Corporate stock____ 1957 IY1 N 9.4% 94%
4% Corporate stock rog..l951 M N 92% 91
Now 4 55s..................... 1957 M N 193 Sale
455% Corporate stock... 1957 (VI N 102% 10 4
355% Corporate stock...U 54 (VI N 31% —
0 Y State —4s.................... 1961 IY1 3 03 99
Canal Improvemout 4s...1961 i J 93 191
Canal Improvement 4s...1962 J J 93 Sale
Canal Improvement 4 s... 1989 J J 93 ---- Canal tmorovement 455s. 1964 J J 107 —
Canal Improvement 4 55a. 1965 J J 93 - - - Highway Improv't 4 55s..1983 M S *107 . . . .
Highway Improv’t 455s.. 1965 A 3
Virginia funded debt 2-3s... 19)1 J J __ 78 ,
65 Sale
RailroadAnn Arbor 1st g 4s_______ 6199 5
Atchison Topeka A Santa Fe—
Gen g 4 s ..____ _______ 1995
Registered________ . . . 1995
Allustment gold 4s____ 61995
Q J
A O
A O
Nov
Stamped ___________ 41995 M
Oonv gold 48___________1955 J
Conv 4s Issue of 1910____ I960 J
East Okla Dlv 1st g 4s.. . 1923 61
Trans Con Short L 1st 4s 1953 J
Cal-Arlz 1st A ref 455s''A" 1962 A
B Fe Pros A Ph 1st g 6s...19 42 M
Ait Coast L 1st gold 4s___ 41952 M
Gen unified 4 55s_______ 1961 J
Ala Mid 1st gu gold 5s__ 1923; M
Bruns A W 1st gu gold 4s. 1938 J
Charles A Sav 1st gold 7s. 1938! J
L A N coll gold 4s____ .01952 M
SavFA W 1st gold 5S___ 1934 A
1st gold 5)......... ..............193 4 A
Balt A Ohio prior 355s....... 1925 1
Hectored--------------- 11925 Q
lit 60-year gold 4s_____ 41948 A
Registered_____ ____ 419 48 Q
--•10-yr conv 455s________ 1933
Refund A gen 5s Series A. 1995 j
Pitts Juno 1st gold 6s___ 1922 J
P Juno A M Dlv 1st g 345s 1925 M
P L E A W VaSysref 4s.. 1941 M
Southw Div 1st gold 3 %S-1925 J
Cent Ohio R 1st Og 4 55) .. 19 51] M
Cl Lor A W con 1st g 5s.. 1933 A
Mohou River 1st gu g 5s.. 1919 F
Ohio River RR 1st g 3 s... 1918 J
General gold 5s______ 19 47 A
Pitts Olov A Tol 1st g 6s.. 1922 A
Buffalo R A P gen g 5s___ 19 47 M
Consol 455s..__________1957 A
All A Wes't 1st g 4s gu___ 19 )3 A
Clear A Mah 1st gu g 3s.. 1943 J
Rooh A Pitts 1st gold 6s.. 1921 F
Consol 1st g 6s_____ .1922 J
Canada Sou oons gu A 5 s ... 1962 A
Car Clinch A Ohio 1st 40-yr 5s '38 >
Central of Ga 1st gold 5s...pl9l5 F
Consol gold 5s_______ .19 55 M
Chatt Olv pur money g 4« 1951 J
Mao A Nor Dlv 1st g 5s.. 1946 1
Mid Ga A Atl Dlv 58____1917 J
Mobile Dlv 1st g 5s.. ...4916 1
<OMt RIl A B of Ga coll g 3a. 1917 A
Cent of N J gen gold 5s.. . 1937 /
Registered.............. 'ip)37 ■l
Am Dock A Imp gu 6)...1921 J
Loh A Hud Rlv gen gu 5s '2(1 1
N Y A Long Br gon g 4s .1911 M
Cant Vermont 1st gu g 4s ..<1 ).'C <4
Ohesa A O fund A lmpt 5a ..192 ) J
1st consol gold 5a_______ 19 i'J A
Registered__ ____ ___ i 9 :jp A
*No price Friday;
latest thUweek.
N
D
D
3
J
J
3
S
3
D
N
J
J
N
O
O
J
J
O
J
D
J
N
N
J
S
0
V
D
O
O
s
95% 99%
91% 93%
97% 105
37% 93%
3 77* 93%
877, 93%
102% 103%
91% 104%
93 103%
85 9.4%
85 94
35 93 4
9)%
93% 104
94% 104%
76 85
99
99
9 4% 98%
97% 93%
9 114 97%
105 103%
104% 104%
I<UI« L07 1
100*8 101 %
71
63
1 51
50
59
87% Sale 85
87% 47 79
85 —
80% Apr '18
70'2
73% 79 s 82 N )v’ 18 __ 71%
73*2
73% 82
79%
79 %
2 70,
75 85
72 Oct '18
7n*
99 93
93% Njv'13
82
90% 93 '91% N jv’ 18
91*2
83% ____ 83
81
1 74 *8
85% ____ 85% Nav’ 13
79 ~
94 mmmm 99% July 17
8)
88
87
87
12
85% 85% 85%
86% 10 74
95% ____ 98% Nuv’ 18
95%
30 89
73 Oct ’ 18
110%
129 % Aug 15
79% Sate 79%
79%
1. 09%
107 s
115 July’ 17 . . . .
94% ___ 105 July 15
91% S ilo 9)%
91% 33
___
. .
33% Sale 82%
85
44
92% Mir’ 17
85 Sale 85
85% 27
33 Sale 87
0 )
32
92%
89% 83% 83 N)v'l3
79 79% 30
1
30
37
87% 87% Nbv'14
35%
100 a.jr 17
92%
94% Aug'13
90 'a
53
95*2
90% D it '17
89 ___ 33 May'18
99
09 s M >r'i8
99% 197
87%
00 s o it 17
76%
07 N >v 16
80
10 4% F b '16
____ 102 101 Miy'lS
__ 10 4* Sept’H
9 > 9 5 , 05%
95%
3
80 81
32% N)V13
99%
09 a Sept' 1,3
93% S il • 'H%
1
9 4%
72% 89
72% N )v’ l3
81%
9) Mty'13
85%
97 * J inj 17
87%
34% Vug'18 : : : :
8 4%
87% N )V13
107 193 105% 105%
6
N
O
J
A
O
O
D
A
N
D
J
J
J
N
J
J
J 99% 10)
J
1
94
V
75
J 91%
N' 101 105
N — —
a
9
93%
9 3%
93%
93% 12
93%
93% 10
192% 10 4% 14
102% 104% 39
4
10 4
103%
93 N)V't3 __ _
93 N )V' 13
94%
93% 16
89% Oct '18 ___
103
104
l
104% 101%
5
84%
84%
1
90 July'13 __ _
93% July 13
93
93
19
97% Oct '13 _ __
103% Oct '13
104% Iune'18
106% Oct '13
100 1 J me' 18 __ T
74 D jo '17
G)%
05
25
94% 99%
38% 97
78 39%
34 102
53% 72
90% 100
90% 94%
84
8)
93% 99
9)% 97%
)8% 99
94 104%
80% 92%
83% 92%
77 90
73% 76
84 102%
34 104
40 62
40 54
81% 9J%
82%
63
93% N>v’ H
1)) V ir 13
1)0% J 10 '13
91% N >v'l8
10L
1)1
101% Jaa’ 17
Due Jan. ADanAirll.
e
Gl%
90
30
82
73%
82%
87
96%
91%
83
36%
Cheiapeake Sc Otilo (Con)—
General gold 4V$l . ____ 1992
Registered___________ L992
2 0 -year convertible 4 s__ 1930
30-year conv secured 5s..1916
Big Sandy 1st 4s_______ 1941
Coal River Ry 1st gu 4s.. 1915
Cralg-Valley 1st g 5s____ 1910
Potts Creak Br 1st Is____1946
R <fc A Dlv 1st con g 4s...1939
2d consol gold 4s_____ 1939
Greenbrier Ry 1st gu g 43.1940
Warm Springs V 1st g 5s.. 1941
Cnio Sc Alton RR ref g 3s__ 1919
Railway 1st Ilea 3 % ,____ 1950
Chicago Burlington & Qslncy—
Denver Div 4s_________ 1922
Illinois Dlv
—........... 1919
Illinois Dlv 4s__________ 1949
Iowa Dlv staking fund 5s.1919
Sinking fund 4s______ 1919
Joint bonds. See Great North.
Nebraska Extension 4s__ 1927
Registered___________ 1927
General 4s_____________ 1958
Chic & E 111 ref & Imp 4s g._l955
IT 3 Mtg Jc Tr Co otfs of dep..
1st consol gold 6 s_______ 1934
General consol 1st 5s____ 1937
U 3 Mtg v&Tr Co otfs of dap.
Guar Tr Co ctfs of dep
Purcb money 1st coal 5s.. 1942
CnlcA Ind C Ry 1st 5s__ 1936
Chicago Great West 1st 4s..1959
Calc tad A Loulav—Ref 6 s. 1947
Refunding gold 5s______ 19 47
Refunding 4s Series C ___ 1947
Ind A Loulsv 1st gu 4s__ 1956
O lie In 1A Sou 50-yr 4s___ 1956
Ohio LS A East 1st 455s___ 1989
Chicago Milwaukee A St Paul—
Gen'l gold Is Series A....«1939
Registered__________ e1939
Permanent 4s__________ L925
Gen A ref Sar A 4 3fs___ U2014
Gen ret conv Sar B 5s._. i20l4
Gen'l gold 3 >51Ser B___ *1939
General 4 55s Series C ....el989
25-year debenture 4s____ 1934
Convertible 455s_______ 1932
Chic A L Sup Dlv g 5s___ 1921
Chic A Mo Rlv Dlv 5s...1926
Chic A P W 1st g 5s......... 1921
C M A Puget Sd 1st gu 43.1949
Dubnjue Dlv 1st s f 6 s__ 1920
Fargo A 3ou assum g 6 s .. 192 4
La Crosse A D 1st 5s.........1919
Wls A Minn Dlv g 5 s ..__ 1921
WIs Valley Div 1st 6 s___ 1920
Milw A Nor 1st ext 455s..1934
Cons extended 4 55s___ 193 4
Chic A Nor West Ex 4s 1836-1926
Registered............ 1336-1926
General gold 3 553 ______ 1)37
Registered__________ pl937
General 4 s . . . . _________ 1937
Stamped 4s__________ 1937
General 5s stamped_____ 1937
Sinking fund 6 s____ 1379-1929
Registered______ 1879-1929
Slnklug fund 5s....... 1379-1929
Registered............1379-1929
Debenture 5 s_________ .1921
Registered________ ...1921
Sinking fund deb 5s_____ 1933
Registered___________ 1933
Des Plaines Val 1st gu 4 55s '47
From Elk A Mo V 1st 6s..1933
Man Q B A N W 1st 355s.1941
Milw A S L 1st gu 355s...1941
Mil L S A West 1st g 6s . . . 1921
Ext A Imp s f gold 5s__ 1929
Ashland Dlv 1st g 6 s ...1925
Mich Div 1st gold 6 s__ 192 4
Mil Spar a N vv Istgu 43.1947
St L Peo A N W 1st gu 53.1943
Chicago Rock Isl A Pac—
Railway general gold 4s... 1933
Range
Since
Jan. 1
Low
82
Sale
Sale
77
72's
6312
73 >8
92>2
*53% 62
4US Sale
99)3
73 3
83
99
93 %
Sale
Sale
83%
99 >8
995s
93U 98
High
83
Mar’ 17
81
82
80 >8
83
75
Nov’ 18
851s Nov'16
90% Feb '16
84% Jan '13
73%
76i2 Nov'18 ----- 78
71 Oct '17
8 8 % Sept’ 16
11314 Feb '15
53 Oct’1 8 ___ ! 50
53
40
41% 10 3514 4712
86)4
•99%
99%
73>2
73%,
33 Nov’ 18!.
93% Oct’ 18 .
93% Nov’ 18;.
97%
71%
80
98
97
93%
93%'
91
Mar'ISj.
89% 95%
91
91
78
89
25
30%
22
30
93 191
72
72
86 >8 87
86%
87 I
30% 30
30%!
30
29 Nov'18! 100
72
75%
75
97
32
63%
Oct '181.
Aug'ISj.
Oct '18;.
N jv ’ 18|.
Feb '13 jMar'17: 65
101
101
100% Apr '17 .
84% Apr '17j.
70
N jv'161.
96% Jan '17,.
97 % Deo '161-
79
79%
5
99%
80
'93’ * 98’
95 100
97% 97%
85 83%
81% 8 8 %
89
— ; 89
85% 85%
67% 74
71
— -- 71
79% 88
79% 82%
99% 103
104 104
87 SUe
81% 83%
162
102%
"94%
96
95
100
92%
94%
97
97
93
93
102%
14! 72
84%
93
. . . . | 7!!, 71%
96
Is"4 ioi'
13
9
Nav'13
Sept’ 18 ___
N jv'13
N,,V16
N jv’ 13
May'13 . . . .
July'13 . . . .
July'13 _ J
67% 12
May'17----M ir'll
N)V'l3 . . . .
Nav'lS
4
32
-----
109%
Cln H A D 2d gold 4 55s...
96%
g
100
191 ‘ 109"
------
88
92*4
0 5 07*4
8 ) 04
3 Qia 13!
94%
96
96%
I 82 , 80%
----- 86
80%
25 I 8 ;
73
87
84>t
87*2
1 )8%
70% 82%
76% 88*%
54% 81
74 91
66
77% 8 8 %
6 6 % 81
7 1 % 89
97
97
92
94
9 5 % 100%
74% 80
97% 99%
92*4
85
80
83*2
9978
78%
88%
99%
99%
'4
81*2
10L 1)3
9 )% 104%
S5 130
83*2 84
9 O2 99*4
85 " 04*8
72 *4 72 %
90 90
May,
Week's
flange or
Last Sale
102
ss
•iS
90*8 09 8
)9 " 9.9'i
83
10)
Price
Friday
Nov. 29.
89*4
89%
93%
78
97 8 9
109 100
Due
BONDS
N. Y. STOCK EXCHANGE
Week Ealing Nov. 29.
35a M ir’ 17
W W Val Dlv 1st g 4s___ 1940 I
C I St L A O consol 61 ___ l >20 A
1st gold 4s.................. t in s Q
Registered________ tl931|Q
Cln 3 A Cl cons 1st g >s.. I )2 5; J
C C O A 1 gen cons g 6 s .. 1931 I
Ind B A W 1st pref 4s___ 1940 A
O Ind A 4V 1st pref 5a...Jt)43 tj
Peoria A East 1st oous 4s. 1940 A 1j,
Income 4s__________ .I990j Apr
Clevo Short L 1st gu 455s ...1961] A O
Colorado A Sou 1st g 4s___ 192) iF a :
Refund A Ext 4 55s.......... 1J45 A .V
Ft W A Den C 1st g 6a...1921'I O
Conn A Pas 111vs 1st g 4s__ l) 41; A O
Cuba RR 1st 50-year 5s g ... 1952
Del Lack A Western—
Morris A Ess 1st gu 3353.2990
N Y Lack A W 1st 6 s .. . . . 1921
Construction 5s______ 1923
Term A Improvt 4s___ 192 3
Warren 1st ref gu g 3 55s..2000
Due Juno,
h Due July.
102 lU
81% US
85% S3
99%
95
53
104
62%
100%
05
53
105
70
79
59
65%
80
79
74%
83%
36%
69% 65 Oct '13;
Sale 76
76 i
75% June'17
8 4 Nov'16
99 3ept'l3i
87 Dei '17
88% Mav 15
402 s Jan '17
103
103
94 July 03
5J%
83%l
Site
109%
)1
Feb '16
71 Oct'18
102 N)V 18
96 Oct '18
92% Oct'18
102% Feb '08
* Dae tug. s Due Out. j> Due Nov.
q
Due Deo. 1 Option
sale
Price
Week's
Range
Friday
Rangeor
Since
Noe. 29 Last Sale
Jan. 1
Bid AskLow High No L High
BONDS
N . Y . STOCK EXCH ANG E
Week ending Nov. 29.
3n
3
5
010
Dolawaro & Hudson—
2
94%
94%
91%
7
87%
1st A ref 4s______________ 1943 M NT 8712 Sale 87%
3
96%
96%
95
96
20-year eonv 5s......... ........ 1935 A O
75'2 77% 77% Nov'13
103% Sept’ 18
ivn N 102
Denver A Rio Graude—
8
73%
J J
7312 Sale 73
80% 79% Nov’ 18
C odsoI gold 4t$s......... ......1936 j
J
81
90 Nov’ 18
83
15
01%
1st A refunding 5s_______ 1956 F A
59is 61% 61%
92
82
87% Nov’ 16 ____
61% Apr’ 11
39 July’ 17 . . . .
75
Sale 73
73
Rio Gr West 1st gold 4 s ..1939 J J
571s 63% 61% Nov’ 18 —
Mtge A coll trust ‘Is A . . 1949 A O
82 Dee ’ 16 — 75
67
Det A Mack—-1st lien g 4a..1095 J D
89
75% July’ 10
83%
837g
83-18
96% June’ 18 ____
Dul Mlasabe A Nor gen 5S..1941 J J 931$
95 1003a lOOlj Nov’ 18
105% Mar’OS
Dul Sou Shore A Atl g 5s__ 1937 J J 80 ____ 87 Mar’ 18 ____
99 ____ 99 Nov’ 1.8 —
Elgin Joliet A East 1st g 58..1941 IYI N
11
101%
Erlo 1st consol gold 7s______ 1920 M S 10U2 Sale 101
801a
73% Oct ’ 18
M N
96% Juno’ 18 —
96ig 100
2d ext gold 5s____________ 1919 M s
93% Jan’ 18
90
3d ext gold 4t$s..................1923 IY) s
96is 99’8 99% July’ 17
94% Nov’ 15
81 "
% July’ is
N Y L E A W 1st g fd 7s .1920 M s 100
j
73
74%
70
73
84 Dec ’ 16
63
60
1st consol gen Hen g 4s. 1996 j
59i2 Sale 58%
j
—
3
81%
Penn coll trust gold 4 s .. 1951 F A
82-18 ____ 81%
30
52l.i Sale 51%
51
60-year conv 4s Ser A . . 1953 A O
19
53%
do Series H......... ......1953 A O
5212 Sale 52%
69
58
Sale 51%
57
Gen conv 4s Series D . . . 1953 A O
96 ____ 92 Nov’ 18
Chic A Erie 1st gold 5s__ 1982 M N
____
5
Sale 101%
102
J J 102
97 Oct ’ 18 ---- 87 102
Genesee River 1st s f 6s__ 1957 J J
110% Nov’ 17
105
Jan’ 18 —
Coal A RR 1st cur gu 6 s .. 1922 IYI N
90 ____ 103
102*2 JuIyT7
85
Jan’ 18 ____
85%
N Y A Green L gu g 5s__ 1946; M N
1
78
Sale 78
78
N Y Susq A W 1st ref 5S..1937 J J
2d void ! Us
1937
100% Dec'06
60
Juno’
18
52
F A
Jan’ 17
97
99 108
108
Jan’ 17
86
70% 67
Oct'18 ____
67
Wilk A East 1st gu g 5s. .1942 j i)
23% Jan’ 17
97 Nov’ 1.3
Evansv A T H 1st cons 6s 1921 J J
91 100
65
73
108 N.iv’ l l
7
13
100
Florida E Coast 1st 4% s 1.1959 J
Great Nor C I I A Q coll 4 s .. 1921 J
J
St Paul M A Man 4s......... 1933 j
1st consol g 6s________ 1933 j
Reduced to gold 4H a.l933 j
Registered________ 1933 J
Mont ext 1st gold 4s___1937 j
j
A
Minn Union 1st g 6s_____1922 j
Mont C 1st gu g 6s............. 1937 j
1st guar gold 5s......... 1937 j
Will A 9 F 1st gold 5s 1938 l
J
J
81
75
95*2 180
95 U Sale 95
94V. Nov’ l S -----5
92%
92% 92%
92
j
D
87-lg
1081.1
10314
92is
85%
89%
84%
____ 89%
____ 111
118
1031.1 91%
99 102%
90% 89%
J
()
83
80
J 100%
J 107%
J
Feb
J J
J J
J J
A O
F A
J
Illinois Central 1st gold 4s 1951 i
J
1 J
1st gold 3 ^ 8 ........................ 1951 J
J
Extended lat gold 3 Us
1951 A o
o
1st gold 3s sterling
_
1951 M s
9
Collateral trust gold 4a___1952 A o
<)
1st refunding 4s......... ........ 1955 M N
Purchased lines 3 U s......... 19.52 J
j
L N O & Texas gold 48__ 1953 M N
Registered....................... 1953 M N
Cairo Brldgo gold 4 s .. 1950 J D
Litchfield Dlv 1st gold 3s. 1951 J J
Loulsv Dlv A Terra g 3% s 1953 J
Registered________ . 1953 J
Middle Dlv reg 5s_______ 1921 F A
Omaha Dlv 1st gold 3s__ 1951 F A
St Isails Dlv A Term g 3s. 1951 J J
Gold 3 % s........................ 1951
J
R egistered.._____ . 1951
J
Sprlngf Dlv lat z 3 Wa _ 1951
J
Western lines 1st g 4s . .1951 F A
Registered............. .......... 1951 F A
Bellev A Car 1st 6s____.1923
D
Carb A Shaw 1st gold 4 s .. 1932 IYI s
Chic St L A N O gold 5 s . . 1951 J D
Registered_____________ 1951 J D
Oold 3 % s ........................ 1951 J D
J o
Joint 1st rof 5s Series A . 1963 J D
Moraph Dlv 1st g 4s__ 1951 J D
Registered............. .......... 1951
D
8t Louis Sou 1st gu g 4s._19.31 M s
Ind III A Iowa 1st g 4n______1950 J J
Int A Great Nor 1st g 6 s .. .1919 M N
James Frank A Clear 1st 1s 1959 J 1)
Kansas City Sou 1st gold 3e.l950 A J
Registered........... .............. .1950 A o
Ref A impt 5s............. Apr 1950 j
J
Kansas City Term 1st 4s. . . I960 J J
Lake Erie A West 1st g 5S..1937 1 J
2d gold 5s........................ 1941 J
J
A o
Leh Val N Y 1st g’u g 4 U s .-1910 J J
Registered......... .................. 1940 J J
Lehigh Val (Pa) cons g 4 s ..2003 M N
General coxw 4 % s _______ 2003 (V! N
J
J
SO
100%
108
136%
95
98's
109%
93
79*4 69%
8
S'4
81%
79% 80
84%
84
85
10
75%
74i8
82
89 %
69
71*4
693*
72
69%
79
75*$
84 ’
73
77
74%
7,8
60
64%
73%
. . . . 75
95
90%
Sale 89%
93
92
75%
90
84
80
.80
85
75
71
81% 80%
77
72
7.3
79
73%
83
95%
53%
61
66
66% 83%
61%
65
76%
72*2
97
63%
94% 95
82
78
77%
79% 93
95% 96-8
771.1 90
63
77
80
90
63
03
50
75
61%
83%
73
96% 97%
90 100%
82
90
100
78
96%
93%
87
99
101%
78%
90%
95
Nov 18
May’ 18
Nov’ lS
May'06
Sept'18
Aug TO
Deo '16
Oct ’ 18
Nov’ 1.8
84%
49%
64%
75% 81%
42
58
42% 59
48% 62
82
93
93
96
102
98
103"
103
85
74
85
31
60
61
62
07
____
__ _
____
____
6
Oct’ 13
Feb’ lS
Apr’ 17 ____
8
89%
Sopt’ 17 —
Oct’ 18
Nov’ 15
Junc’ 17
5
85
M ay’ 18 ____
Nov’ lS ____
Feb’ 18
Nov'18
l-’eb’ 14
Nov’ 1,8 ____
Aug 12
Jan'17
Oct’ 18
Oct’ lS
July’ 18
Leh A N Y 1st guar g 4s____1945 M
M
Long Isld 1st cons gold 5S..M931 Q
Q
General gold Is_________ 193.8 j
VI
Gold 4a
1932 j
M
Debenture gold 5s_______ 1934 j
20-year p m deb 5s______ 1937 M
Guar refunding gold 4s__ 1949 (VI
(Y1
A
N Y A R B 1st gold 5s____1927 M
Q
M
Louisville A Nasbv gen 6 s .. 1930 j
Gold 5s........... .....................1937 M
Unified gold 4s___________1940 J
J
Collateral trust gold 5s__ 1931 M
E If A Nash 1st g 6s......... 1919 J
M
J
2d gold 6 s ...................... 1930 j
F
(VI
2d gold 3s........................ 1980 IYI
91%
95
81% 89%
92%
95
9%
7
75
83
74
86
73% 73%
73% 78%
67% 75
87"
95
75% 77
72%
79%
77% 87
70
71
71% 82
72
72
78
73
01%
73%
53%
62
63
58%
62
75
79
3 93
9U
90
90
65% 65%
85%
70%
96
70%
89 Feb '18
89
Apr’ 17
95%
95%
80
80
1
90
95%
I
05
Oct’09 . . . .
7
84%
13
81%
2
88 '
Feb ’ 17
Oct ’ 18
Nov’ 18
Oct* 17
Nov’ 18
Nov’ 18
58
05
73% 91%
71% 831*
78 " 92
80%
84%
74%
85
89%
94%
817g
90%
Duo Jan. 6 Due Feb
0
0
Price
Week's
Range
Friday
Rangeor
Since
Nov. 29 Last Sale
Jan. 1
No. Low High
\Low High ____
Bid
107% 100
113
102% Silo 102%
99 101 100
105
79%
72 ___ _ 70
July’ 18 ____
____
Oct'18 ____
j
j
J
s
s
96
J
J
87%
D
70%
s
88%
D
s
78
D
77%
77%
N
S
77
S
O
95
S
92
J
93%
s
87*2
D 108
N 100%
88%
83%
N
99%
D 100%
N
89
J 103%
j
93%
76%
A
s 100%
S
54%
82
N
D
%
S
%
J
O
92%
5
86%
J
J
93
78
99%
97%
O
S
iyi N
M s
M s
J D
Minneapolis A St Louis—
1st gold 7s
86%
68%
J
A
J
O
M
Kan City A Pae 1st g I s .. 1990 F
Mo K A F, 1st gu g 5s____1912 A
IYI
M K A T of T 1st gu g 53.1942 M
J
M
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A . . 1965 F
1st A refunding 5s Ser Bo. 1923 F
F
General -Is............................ 1975 IYI
Missouri Pae 1st cons g 6 s .. 1920 M
r.i
M
F
Cent Br U P 1st g I s ...’ ..194 8 J
F
j
A
A
J
J
Rlv A O Dlv 1st g 4s
1933 IYI
Vcrdl V I A W 1st g 5 s ...1 9 2 6 ill
Mob A Ohio new gold ____1927 J
1st ext gold (is___________Til927
General gold 4s___________1938 M
Montgomery Dlv 1st g 53.1917 F
J
St L A Cairo guar g 4s___ 1931 J
A
J
Nat Itys of Mox pr lieu 4 )$s. 1957 J
Guaranteed general 4s__ 1977 A
J
A
J
J
A
N
A
O
N
S
D
S
63
Q
Conv deb 0s_____________ 1935
Consol 4s Series A ............. 1998
Ref A Imp 4tjs " A "
2013
New York Cent A Hud Rlv—
M orUra.ro 3v*s.- _ _
Registered...................... 1997
Debenture gold Is_____..1934
0
IYI N
F A
A O
J
IYI
M
Lake Shoro coll g 3 U s____1998 F
F
Mich Cent coif gold 3 %%.. 1998 F
F
J
J
J
J
J
A
J
J
M
F
IYI
N Y A Northern 1st g 58.1923 A
Due June.
h
Due July,
n
J
N
N
A
A
A
A
D
J
J
J
J
O
D
D
8
A
N
O
Due Sept,
101
93%
00
93%
60
101
ii
Jan ’ 17
95
Doc’ 16
74
Nov’ 18
Sept'IS
Nov’ 1,8
M ay’ 18
Oct’ 18
Nov’ 16
2
.*15 40*2
10
13
Apr’ 17
Oct’ 18
Nov’ 18
Oct’ 13
Nov’ 18
50
36
Nov'18
30
Sept’ 18
M ay’ 18
Nov’ 18
J uly’ 17
Aug’ 17
Oct’ 18
Sale
ft738
507s
1
2
2
1
89%
95%
91
07%
100
58
31
90%
83
77
101
92
05
102%
95
71
78
78
30
30
21
40
57%
91% 103%
82%
69
87%
77
no
76
06% 71%
74% 89%
79
79
71
61
00%
61
02% 69%
96% Apr ’ f7
95% Nov’ 10
104 May’ 10
7 0 % ____
89
75*2
68
72%
93% ____
73% Oct’ lS
89% Feb ’ 16
80 M ay’ 17
95% Juno'18 __
Due Oct.
40
84
55
87
85
1001*
104% 110% Mar’ 17
30
Oct’ 18
50
96% Feb’ 13
92
60
53
62
58
49
100
97
50%
73
37
32
40
42
34
60%
28
44 79
89
2 89%
94%
Nov’ 18 ____1 51
01% 310
%
Nov’ 18 ____1 98
Oct’ 18
58
Apr’ 17
Feb '13
Doc’ 13
Oct’ 18
78%
Apr'18
9012
102 July’ l l
8 2 V 81% Nov’ 18
72%
80% Oct’ 17
11 00%
76
70
76%
9734
57
90
40
41
25t.t
88%
94%
91
02
100
58
82
100
81% 97%
86
81
%
81)
79%
53 lg
50%
40
92
101%
95
71
93
90
78
104
7114
89
Salo
93%
Salo
100
8 5 % -------
o
00
111
100
90
101 162
3
80%
92%
99
93
100*8 100%
101% 282
100% Sale 100
79
77
79% Nov’ 18 ____ 1
85
85
86
15
1
15
76
75
70
70
66% Aug T8
88
89%
io'
87% 88
79 Nov’ 18 ____|
71
71
Salo 69%
00% Oct'18 ____1
66%
09%
69%
69%
62% 69% 75 Mar’ 17
1007 J i
92%
95
60
Feb* 15
8134
X2
75% 72%
35
37
41
32
44
44
47% 42
34% 32
30
40
37%
30
69%
*70
70
60
60
38% 58
53
62
71*2 87
55
50% 59
65
30%
30% 50
100
78%
84
100 10112
57% 68%
83
Nov’ 18
%
95
Hept’ lS ____ 102 103%
Nov’ 18
78
73
Nov’ 18
96
90
Nov’ 1.3
83% 88
68%
Feb’05
96%
Aug’ 18
95
Mav’ 16
Julv’ 18
%
"%
1
7212
34%
27
41%
38%
32%
A
83%
A
91%
A
91%
64%
a
N
99%
S
N
A
D
63
A
81*3
J
O
95
O
J
81
J
N 75%
S
80
D 103
J 95
S
71
A
84%
D
84
J
76%
O
J 100%
J
31
O
J
30
O
21
J 68
D
56
70
72%
91% Juno'17
0
Iris__ 1938
71%
97 97"
71
100
101 Julv’ 18
103 Oct '16
78% Nov’ 18
48-1
fi!78
D
A
N
5
79%
85
Sftnt’ 18
Feb '17
Apr T2
Oct’ lS
July'18
1927 j I) 101%
A
101
M N
80
77
(VI S
43% 52
F
50%
j
8 134 86*2
D
R
Sale
88
M N
63 ’
J J
89% 95*2
J J
90
1st gold 4 8 ...........................1990 J
2d gold 4s______________ 01990 F
M
1st A refunding 4s........... .2004 M
95
71%
85
109
9.3
26 81
93% Jan T8
60 Jilly’ 1H
____
_
77 Mnr’ 10
80
70
91%
Oct’ 18
Nov’ 18
89%
Jan’ 17
Nov’ 18
Aug*18
94%
Q
j
J
Gen sinking fund
Oct’OO
103% Apr ’ 18
92% Apr ’ IS ____
100
Aug’ 10
9
Con cons gu 50-year 5s .1963 A
L A Jeff Bdge Co gu g 4s__ 1945 51
1
97
Jan’ 18 ____
4
77%
78%
84 Nov’ 18 ____
93*2
115 111
105 100
89% 88%
90%
102% 9812
100%
102
90
97% 103%
90% 101
70
98
89
88
79%
80
93
101
79
3
Oct’ If
Mar’ 17
85
102%
Nov'18 ____
Oct'13
78
1071o 100
104%
89
9012
100
____ 57's
85*2
95
Atl Knox A Nor 1st g 5 s .. 1946 J
113 103%
Hender Bdge 1st f g 6 s .. 1931 M
83
Kentucky Central gold 4s. 1987 J
78
101
Lex A East 1st 50-yr 5s gu 1965 A
95%
88
L A N A M A M 1st g 4 Hs 1915 M
88
82
Q J
95
N Fla A S 1st gu g 5s_____1937 F A
90%
95
J J 831
97%
Pensac A At! 1st gu g 6 s .. 1921 F A 101% 104 101%
92
96%
9134 94*4
92%
85
95 Nov’ 1.8
70% Oct’ lS ___
a
J
J
J
82%
80
80
____ 100% 100%
____ 104% 103
____
Leh V Term Ry 1st gu g 5 s .. 1941 A
A
Loll Val RR lOyr coll 6s..n l923
Leh Val Coal Co 1st gu g 5s. 193.1
97
97
- f - - 86% 89%
—
106 111
80% Nov’ 16
75
Oct’ 18
92 Nov’ 10'____
6">
73
84% Silo 84
81%
81
88 ' 90
88
83
80%
80
80%
90
95
92
89
84*8 93
s o ' 99
81%
90% 91% 89%
•No price Friday; latest bid and asked this week,
Apr’ 18
Nov’ lS
Apr’ 17
Nov’ lS
M ay'16
Nov’ lS
58% Sept’ 18 ____
02 Oct ' 1,3 ___
90
95%
90
65%
00%
68
70
43%
81
. . . . 80 July’09
....
....
80% 79% oct’ 18
J
.1
82% Nov’ 13
83
j
j
j
j
91%
88%
98%
771*
1031)i
100%
7 100%
05
79
D
Debenture ctfa " U " ...................
Gulf A 9 I 1st ref A t g 5s. .51952
nocking Val 1st cons g 4 Ha 1999
Registered______ _____ _ .1999
Col A 11 V 1st ext g 4s____1948
Col A Tol 1st ext 4s........... 1955
J
.1
1
92
93%
79
85%
71
1011*
[V ol . 107
Bonds
Sold
__ Sold
Interest
Period
BONDS
N . Y . STOCK EXCH ANGE
Week ending Nov. 29.
Bonds
New York Bond Record— Continued—Page 2
2084
*
Nov’ 16
Option sale.
72
79%
9 5 % 95%
Non-conv deben 4s____1955
Non-conv deben 4s____1950
Harlem R-Pt Ches 1st 48.1954
HA N Y Air Line 1st 4 s..1955
. Cent New Eng 1st gu 4s_.1961
Hartford St Ry 1st Is____1930
Housa ionic II cons B 5s— 1937
N Y Prov A Boston 4 s . . .1942
N Y W '’chesA B 1st ser 14 Ms 1910
J
F
J
J
A
J
IYI
F
J
M
M
l\1
A
J
A
J
J
IYI
J
|YI
J
J
J
O
J
I)
D
S
N
N
J
J
O
J
J
S
M
j
j
s
N
O
O
O
N
J
.1
N
j
A
G l% ____
55 ____
8 2 % ____
85 ____
9 1 % ------74
Salo
67 ____
8S78 91%
88% 90
60%
70
101
103
94
74
73%
88
88
83%
N ov'18
Jan '18
N ov'10
Nov’ 10
Apr '18
74
2
Nov’ 18
Nov’ 18 ____
N ov'18 ____
Nov'17
9 0 % ------102 ____
1 02% ____
1 02% -----8 8 % ____
104%
103
130%
123%
99%
Dec ’ 15
M ay'17
Jan '09
M ar'12
Aug '17
94
92
75%
70
73%
71
82
92%
81% 92%
9812
'
75
7 2 % ____
84% 85
82
84
78 -----72% Sale
82
82%
7 8 % ____
79% July'17
85
85%
11
85% Nov’ 18 ____
85 Nov'17
72%
72%
5
81
82
12
78%
79%
3
74%
01
71% 82%
80
70
98% July'17
90 N ov'18
77% 90
74
11
60
55
56%
63
59%
J
N
J
94
J
A
50
J
J ____ 60
60
O
J
7 3 % ____ 73
N
A
79%
J
55% 66
66
S
N
90 ____ 100%
N
80 . . .
O
J 58
59% 60%
O
J
90 ____
7 0 % ____
Oct ' 18 ____
Sept' 18
N ov'18
Nov' 18
59%
3
1
13
Oet '17
95
July’ 18
Aug’ IS
Dec '17
66
7234 80
75% 87%
00
55
50
52
55
00
55
02
82
03
01
60
95
J
Pitts Sh & L E 1st g '5s......... 1940
Reading Co gen gold 4s_____ 1997
Registered_____________ 1997
Jersey Central coll g 4s___1951
00
00
09
73
GO
09
63%
7
45
05%
&
i
J
M
J
F
F
J
A
G II * S A M & P 1st 5 s .. 1931
70
IVI
H & T C 1st g 5s Int gu.._1937 J
A
M
J
j
A
0
M
F
j
1
i
J
161
90
f
F
77
<>114
90
J
F
74 75
'17
1
77
79
7
951 '"2
1
971
0
• No price Friday: latest bid and asked,
’18
a
Due Jan.
b D u o Feb
f D u o Ju n e .
Atl
&Chari A L 1st A 4Msl944
2d 4a
194*
Bonds
Sold
j
j
o
j
J
N
J
a
89% 96%
93
100 ____
J
J
A
General gold 5s________ 1931 j
J
A
IVI
K C F t S & M Ry ref g 4sl936 A
K C &M R
B 1st gu 5s. 1929 A
M
2d g 4s Income bond ctfs.pl9S9 j
Consol gold 4s___________ 1932
1st terminal & unifying 5 s .1952 j
.1
J
J
Seaboard Air Line g 4s_____ 1950 A
Gold 4s stamped________ 1950 A
Adjustment 5s__________01949 F
A
Atl Blrm 30 yr 1st g 4s..el933 M
J
J
May’ 15
N
A
O
F
N
j
A
J
J
J
A
J
Ga Car & No 1st gu g 5S..1929 J
1
Week's
Range
Price
Since
Friday
Range or
Jan. 1
Nov. 29 Last Sale
No. Low High
Bid AskLow High____
85% 88%
70% 73%
J
40
50
93%
O
J
90
88
Sale
J
J 85% 89
<; ____ 86%
J
71% 73
J
J
T
99% Dec '13
88% Feb ' 14
j
76
Sale 70
%
8
(3 63% 73
s
00 Apr IS
D ____ 65
60
67
Sale 67
68%
A
08%
60
SO ------- 8l->s June’ 18
N
8U*> 84*2
A 109 111 108% Oct '18 ____ 105% 108%
Nov’ 10
A 105% ____ 122
New River 1st gold 0s____1932 A O 107% ------- 106% Nov’ 18 _
105 106%
87
88% 87
N A W Ry 1st cons g I s ..1990 A O
87
88%
79
A O
____
J
8
4
%
Dlv’ l 1st lien A gen g Is. 1944
84% Nov’ 18
84%
71
10-25 year conv Is_____ 1932
D
12 3 Mav'17
10-20-year conv 4s_____ 1932 M 5
117% M ay’ 17
% ____ 104% Sept’ 18
10-25-year conv 4 Ms___1938 M f>
103%. 105%
Pocah C A C Joint Is___1941 J D
85% 90
83% Nov’ 18
85%
76
C C A T 1st guar gold 5s. 1922 J j
9 5 % ____ 103 Sept'10
SO ____ 80 Nov’ 18
Solo V A N E 1st gu g 4 s .. 1989 M N
80
72
Northern Pacific prior lien
87% Sale 86%
railway A land grant g 4s. 1997 Q J
90
79
Registered....................... 1997 Q J ------- 85
79% Oct '18
7834 80
62
63
General lien gold 3s_____a2047 Q
62
62%
40
Registered____________ O2017 Q
50
60
58 Oct '18
58 '
58
90
90% 90%
%
Ref A Imp 4 Ms ser A ......... 2017 J J
1
901a
D
7 5 % ------- 74 Aug '18
St Paul-Duluth Dlv g 4 s .. 1990
~
A 103% 104% 103 Nov’ 18
St P A N P gan gold 0 s . . . 1923
100% 103
Registered certificates.. 1923 Q A 100% ____ 103% Sept
94 ____ 107
St Paul A Duluth 1st 5 s .. 1931 F F
Oct'10
D
1st consol gold 4s........... 1908
75 ____ 77% N ov'18
%
77%
Wash Cent 1st, gold Is____1948 Q IVI 65% 85
36% Dec' 10
Nor Pac Term Co 1st g 0 s .. 1933 J J 106% 109% 107 Nov’ 18
106% 108%
Oregon-Wash 1st A ref 4s__ 1901 J J
79
Sale 78%
65% 80%
Pacific Coast Co 1st g 5s____1940 J D
85% 88
84
Nov’ IS ......
90
82
Paducah A Ills 1st s f 4 M s .. 1955 J J ------- 95 100% Fob’ 17
Pennsylvania RR 1st g 4 s .. 1923 M N
95% . . . 95%
.,
93% 95%
Consol gold 5s........... ........ 1919 M 5
97% 100
100 100
Registered_____________ 1919 Q M
9 7 % ____
Consol gold 4s___________ 1943 iVI N
901.1 Salo 90%
got,
90%
88
fY
1
N
Consol gold Is............. — 1948
90% 91% 92 Nov’ 18
92%
83
Consol 4 Ms______________ 1900 F A
99% Sale 99%
99%
t 92% 99%
General 4138....... ................ 1905 J D
92% Sale 92%
93%
78 85% 96%
AUeg Val gen guar g 4 s . . . 1942 M 8
80% 88% 87% Nov’ 18
85
87%
1) R RR A B’ge 1st gu Is g . 1930 F A
8 1 % ------Phtla Balt A W 1st g 4 s .. 1943 M N
8 0 % ------- 92
Aug’ 17
Sodus Bay A Sou 1st g 53.1921 J J —
102 Jan '93
Sunbury A Lewis 1st g 4S.1930 J J
80 ____
84% . . .
U N J RR A Can gen 4s .1944 M 8
y2 Deo ’ 17
Pennsylvania Co—
Guar 1st gold 4 Ms----------- 1921 J J 97% Salo 97%
,
3 90% 98%
J
9
5
U
____
Registered_____________ 1921
■»7% July’ 18
95% 97%
7 6 % ------- 87 Feb 17
Guar 3 Ms coll trust reg A. 1937 M S
7 6 % ____ 78 July’ 18
Guar 3Ms coll trust ser 11.1041 F A
78
70
D
J
7
4
%
____
Guar 3 lie trust ctfs C — 1912
81% July'17
Guar 314s trust ctfs D — 1944 J D 7 5 % ____ 37% Dec '10
83% 91
Guar 15-25-year gold 4 s ..1931 A O
82% July'18
82% 84
84 ____ 84 June’ 18
40-year guar Is ctfs Ser E.1952 iyj N
84
84
80% 87% 86 Oct ’ 17
Cln Leb A Nor gu Is g — 1942 M N
8 0 % ------- 90% May’ 17
Cl A Mar 1st gu g 4 M s ... 1935 IYI N
9 5 % ____ 0034 Mav’ 17
Cl A P gen gu 4 Ms ser A . 1942 J J
90% 96%
Series B ___________ ___ 1942 A O 8 9 % ------Int reduced to 3 M s .-1942 A O 8 6 % ____ 90% Feb ’ 12
8 2 % ____
Series C 3 Ms....................1948 M N
8 0 % ____ 88*2 Fell *17
Series D 3 Ms....... .......... 1950 F A
Erie A Pitta gu g 3Ms B ..1940 J J
73 ------- 88 A pr '17
Series C . . _ .................... .1940 J J 73 ____ 90% July );'
Gr It A I ex 1st gu g 4MS-1941 J J 84 ____
81
81
Ohio Connect 1st gu 4s__ 1943 M S 8 2 % ____ 78 Oct ’ IS
78
78
Pitts Y A Ash 1st cons 58.1927 M N 95% .
93 May'lO
Tol W V A O gu 4 Ms A . .1931 j
j
85% 95
98% Apr ’ 17
Series B 4M s______ ...1 9 3 3 J J 8 5 % ____ 92 Dec '17
Series C Is......................1942 M s
78 ____
P C O A St L gu 4Ms A . .1940 A 0
93% Sale 91%
95
2 91% 95
Series B guar.................1942 A 0
95 100
93
Oct’ 18
91% 93
Series O guar......... ........ 1942 M N 91
99
Series D 4s guar_______ 1945 M N 89% 93
90% Sept* 18
91
88
8erles E 3 Ms guar gold. 1949 F A
8 9 % ------- 90% Scpt’ 18
90%
87
Series F guar 4s gold...195 3 J
89% 93
91
91 Sept
91
Prov A Springfield 1st 5s. 1922
Providence Term 1st 4s__ 1950
W A Con East 1st 4 !< s ...l9 4 3
N Y O A W ref 1st g 4s___ 171992 M
M
i
Norfolk Sou 1st A ref A 5 s .. 1901 F
At
Norf A West gen gold Os____1931
(Con.)—
P C C & St L
Series G 4s guar_______ 1957 M
F
C St L & P 1st cons g 5S..1932 A
(>
2d gold 4 H s .
......... &1921 M
Pere Marquette 1st Ser A 5 s .1956
|
74% Aug '18
87 Feb '
55 ------53 ____
54
58%
55
60*2
59% 60
55
55%
92
91
0
63
70
8 0 % ____
____ 102
88% 99
S
s
60
70
BONDS
N . Y . STOCK E X C H A N G E
Week ending Nov. 29.
Interest
Period
Price
Range
Week's
Friday
Since
Range or
Nov. 29
Last Salt
Jan. 1
Bid AskLow High No. Low High
O
7 0 % ____ 74% Mar' 18
72% 74%
D IOU2 ____ 113 May* 15
90
2 951.1 98%
O
9 0 % ____ 96
J 80 ____ 83 N ov'18
0714 83
(Con.)—
N Y Cent A II II HR
N Y & Pu 1st cons gu g 4s. 1993 A
J
H W & O con 1st ext 5S..A1922 A
J
J
ltut-Canada 1st gu g 4s. 1949 J
.1
A
Utica & 111k Rlv gu g 4s. .1922 J
i
Registered............ .......... 1997 J
Debenture gold 4s_____ 1928 M
25-year gold 4s..... .......... 1931 IY!
IYI
J
Mahon C'l RR 1st 5s......... 1931 J
Pitts A L Eric 2d g 5 s .,.a l9 2 8 A
Pitts McK A Y 1st gu 6 s .-1932 J
.1
iY!
O
4s ....................................... 1940 J
1
J L A S 1st gold 3 ^ s - . .1951 M
1st gold 3M s___________ 1952 IYI
20-year debenture 4s__ 1929 A
N Y Chic A St I, 1st g 4 s .. 1937 A
A
Debenture 4s_________ 1931 r/i
West Shore 1st 4s guar___2361 J
Registered_____________ 2301 J
M
j
F
N Y N IX A Hartford—
Non-conv deben 4s______ 1947 IYI
Noa-conv deben 3 Ms____1947 (VI
Non-conv deben 3 Ms____1954 A
Non-conv deben 4s______ 1955 J
Non-conv deben Is______ 1950 IYI
J
Bonds
Sold
Interest
Period
BONDS
N . Y . STOCK EXCH ANG E
Weok ending Nov. 29.
2085
New York Bond Record— Continued— Page 3
N ov. 30 1918.]
D
78%
D
85%
s
I) 103
84%
A
A
86%
76
91%
n
o
j
oj
J
n
J
98%
j
J
o
s
J
J
D
J
J
J
J
()
69% Sale
75
Sale
92%
73
76%
93
82%
95
98
80
J
i
s
D
D
A O
J J
J J
J 89%
20-year conv 4s_________ 1927 J
M s
85%
J 104%
10-year temp secured 6s. 1928 I
J D 85
F A 101
J 97
1st consol g 58________ 1946 J
J O 85%
Utah A Nor gold 5s
1926 J J 91
1st extended 4s.........1933 J
J 82
j
o
Duo O c t.
99%
100
99
___
95
72%
102
99
98
83
92
79
621?
44
99
90
73%
50
99
25
80%
Sl%
81%
91%
81%
88
63
63
5512
66
60
41
67%
82%
76
55
5
Aug’ 18
65
81%
73%
50
147
86
33
43
A
N
J
7
79%
Due
100 Oct 16
103% Aug’ 17
93 Nov’ IS
93 Nov’ IS
100% Oet ’ 17
100 Apr 'IS
102% Oct ’ 17
96% Feb ’ 18
107% Sept’ 16
93% Aug ’ 17
80%
80%
3
91 Nov’ 10
S4%
85
87'
90
9012
100% Aug ’ 10 . . 3
69
70%
59
75
75
2
92 July’ 18
74 Nov’ 18
93 Nov’ IS
84% Oct’ lS
93% Oet'18
70 Oct ’ 18
81% Mar’ 16
75
Feb’ 17
96 Mar’ 18
95
95
1
92% Nov’ 18
51 M ar'18
100% Nov’ l-S
100 Oct ’ 18
91% Oct ’ 18
68 Jan '18
95 Jan '18
73 Sept’ 12
98% Nov’ IS
102'- June’ ll
93 Anr ’ 18
104% Dcc'16
94% Nov’ lS
81% Sopt’ 18
70% Nov'18
937* M ar' 7
1
99%
95
82
99%
92
65
93
99
92%
81
80
90
50
83%
5612
32
18%
70
87
95
70
88% Sale
J
* D u e ,A u g .
95
104%
91%
92% 95%
90%
90% 93
78% 80
78
85
85
Sale
96*2 Sale
J
J
A Q ua Ju ly .
12
5
29
Sale 77
78%
90
Feb’ 14 ____
85% 519
Sale 83%
Sale 99%
103% 1408
84%
11
Sale 84%
....
86%
86% 86%
10
76
76
2
78
101 100
Oct’ lS
96% 90'Tt Jan*18
95 Nov’ 18
91
91
95
93% 96
93
97
N
J
n
x
J
Consols 4s Series B ........... 1957 M
Vera Cruz A (’ lrt <ru 4%r. 1934 I
62%
79
71%
48%
Mar* 16
89
69%
Oct ’ 18
Jan’ 18
Dec'17
89
June’ IS
87
94
o
J
J
&
63
64%
80%
71%
49%
103
94% 9S
93
IYI 90
91
S
E Tenn reors Hen v 5s___ 1938
52
o
Ga Midland 1st 3s . ..1910
J 101%
Ga Pac Ry Isr g 0s______ 1922
J 100%
87
Mob
Itlr prior lien g 5s_ 1915 J
____
Mortgage gold Is______ 1945 J
91%
Rich A Dan deb 5sstmpd.l927 A o
M N
98%
So Car A Ga 1st g 5s.........1919 M N
Virginia Mid Ser D 4-5s 1921 M 9
92%
Series E 5s......................1920 r.i S
91%
Series F 5s......................1926 M S
96
General 5s_______ _____ 1930 IYI N
Va A So'w'n 1st gu 5 s ..2003 J J 86%
82
1st cons 50-year 5S..195S A O
W O A W 1st cy gu 4s___ 1921 F A
J J
87
A O
F A
89
J
77
St I. M Bridge Ter gu g 5s 1930 A O
D
90%
Texas A Pac 1st gold 5s____2000
46
2d gold Income 5s_______ c2000 M a r
La Dlv B L 1st g 5s........... 1931 J J
W Min W A N W lstgu 6sl930 F A
J 95
Tol A Ohio Cent 1st gu 5 s .. 1935 J
A O
87
74
D
6S%
Kan A M 1st gu g 4s_____1990 A O
2d 20-vear 5s_________ 1927 J J 87
Tol P A W 1st gold 4s
. .1917 J J 35
Tol St L A W nr Hen a 3 Ms. 1925 J J
54%
50-year gold 4s......... .......... 1950 A O
F A
E T Va .t Ga Dlv g 5s. ..1930
87
87%
69%
45
99
97%
87%
81%
87
88% 92
93
95
96% 100%
J
97 Nov’ IS
91 ' 97%
J
78 May’ lO
o
90 May’ 17
N 100%
100%
103
10 onib 103
74
o
74%
80 62
77
Sale 73%
87%
o
85% Aug’ lS
85% 85%
74%
74
75
N
5 637g 77
60
65
57 Nov’ 18
j
50% 57
67% Sale 67
67%
70
D
9 57
62
63
65
Sale 62
18 52
J
o
9812 Jan* 14
J
66%
66%
14 5412 66%
J
100 100
72
67 July’ 18 _ _ i 67
80
O
71%
72% 75% 74%
74%
I 68% 75%
O
57% Sale 56%
14 49
58
01
A
62
62%
63
5 . 51% 66
O
64
74
74
74
i 73
75
79
s
72 %
76
Oct’ lS
77
J
75
J
93'
101
Dec’ 15
J
95 Nov’ 18
021? 95
J
90%
90%
93
94 June'IS
J
“ 94
87
91% June’ IS
96
91% 91%
M
j
A
J
A
M
J
J
J
J
J
J
J
A
j
\1
M
A
92 Nov’ 18
95 Nov’ 18
98% Oct’ lS ____
Sale
86%
Sale
87-%
102
Sale
80%
89
___
N o r.
94
81%
95%
90%
41
86
Nov’ 18
81%
Julv'17
90%
Sept’ IS
M a v is
90%
100
93
07%
90
52
84
55
18s8
Oct ’ 13'
Jan’ 17j
Oct’ 18;
Scpt’ 18'
Nov’ 18!
Aug’ 17
Nov'181
Nov'18:
Mar’06
1
5
70
82
75% 88
Sfilo 109%
86
75
85
71
88
90
9634
95 ” 95
85%
87
93
93
93
Too
100
93% 96%
71%
81%
*75% 86%
86% LOO
73
59
80
65
92
87
64% 74
87% 93
82% 84%
95
91
70%
70
90
97%
92%
63
100%
98% 101%
91% 91%
68
68
95
95
96
91%
86
51
100
96%
98%
93
93
93
81%
67%
94%
81%
72%
85D
90
01
86
95
82%
79% 92%
46%
41
80
86
90
93
93
93
07% 69
89% 90
67% 84
56%
45
18
18
Apr ’ 17
88
Oct ’ 18
85
Sept’ 17
91
22 84
89%
93
Oct’ lS
.J 83
18 82% 90
90
11 751, 87%
86
104%
44 101% 104%
Nov’ IS . . 78-T* 85
997. 104
101
97
1 94% 97%
86%' 13 80% 90%
Dec’ 17
89
Fcb’ 18
89
80
80
80% June'IS
80% 80%
35 Rent’ 17
80
85
58
88%
85%
89
86
103%
85
101
97
85%
98
89
f
Due Dec.
1 O i h I o d s a le .
2086
New York Bond Record—Concluded— Page 4
[V o l . 107 .
S •3
BONDS
N. Y. STOCK EXCH AN G E
W e e k e n d in g N o v . 2 9
P ries
F rid a y
N ov. 29
3; 1
V ir g in ia n l a t 5a aerlea A ____ 1962 IYI N
W a b a s h l a t g o l d 5 a ___________1939 M N
A
2 d g o l d 5 a ...................................1939 F
J
J
S
l a t lie n e q u ip a I d g 5 a ____ 1921 M
J
J
J
J
J
J
0
O m D l v la t g 3 H a _ _____1941 A
T o l A C h D l v l a t g 4 a _____1941 IYI s
F
A
l a t 4 0 y r g u a r 4 a ______ . . . 1 9 4 5 F
A
O
W e s t M a r y l a n d 1st g 4 a _____1952 A
W e s t N Y A P a 1 st g 5 a _____1937 J
J
G e n g o l d 4 a .......................... .... 1943 A 0
M
A
J
F
M
M
J
W l s C e n t 5 0 - y r 1st g e n 4 a . . _ 1949 J
S u p A D u l d l v A t e r m l a t 4a ’ 36 M
s
0
J
A
s
s
J
J
N
S t r « a t R a ilw a y
B r o o k ly n R a p id T r a n g 5 a _ .l9 4 5 A
1 s t r e fu n d c o u v g o l d 4a___ 2 0 0 2 J
6 - y o a r s e c u r e d n o t e s 5 s - . . 1918 J
J
3 -y r 7 % secu red n o t e s .- M 9 2 I J
B k C t y 1st c o n s 5 s . . 1 9 1 0 -1 9 4 1 J
Q
J
J
J
J
J
W e s t e r n P a c la t a e r A 5 a ___ 1946
W h e e l in g A L E l a t g 5 a _____1926
W h e e l D lv la t g o l d 5 a _____1928
E x t e n A I i n p t g o l d 5 s ____ 1930
R e f u n d in g 4 H a s e r ie s a . .1 9 6 6
R R 1 s t c o n s o l 4 s __________ 1949
J
F
F
F
F
N a s s a u E le c g u a r g o l d 4 s . 1951 J
C h ic a g o I ly a 1st 5 3 ...... ............ 1927 F
O o o n R y * L la t & ro f * 4H 9 1 9 5 1 J
B k l y n Q C o A S 1 s t 5 s ____ 1 9 4 1
B k ly n U n E l 1st g 4 - 5 S ...1 9 5 0
S t a m p e d g u a r 4 - 5 s ........... 195C
K in g s C o u n t y E 1 s t g 4 s . . 1941]
D e t U n it o d l a t c o o s g 4 H a . . 1932
F t S m it h L t A T r 1 st g 5 S . . . 1 9 3 6
H u d A M a u h a t .5s s o r A ____ 1957
A d ju s t I n c o m e 5 s __________ 1957
N Y A J e r s e y 1 st 5 s ..............1932
I n t o r b o r o - M e t r o p c o l l 4 M s . 1950
I n te r b o r o R a p T r a n 1st 5 a ..I 9 6 0
J
M
F
F
A
J
A
S t a m p e d t a x - e x e m p t ______ 1 9 9 0 A
M a n il a B lew t t y A U a ( 3 d . . 1953 M
M e tr o p o lita n S tre e t R y —
J
M
M
M o t W 8 E l ( C h ic ) la t g 4s . . 1938 F
F
R e f u n d in g A e x t e n 4 H a . . 1931 J
J
M on tron l T ra m
1st * rot 5 s . 1 9 (1 J
J
A i k C ow
S id
92
S a le 9 2
96
S a le 9 5
8 U 2 3 9 % 8 9 '2
90
93
9612 _____
95
65
875a 102
9 9 t2
77
80
69
73
76
J
A
A
A
A
J
A
J
J
J
3
A
A
O
J
O
o
s
D
s
s
A
N Y S t a t o R y a 1st c o n s 4 H a -1 9 6 2 M
P o r t la n d R y 1st A r e f 5 s _____1931] M
P o r t li l R y L t A P 1 s t r o f 5 a . 1942 F
J
S t J o a R y L H A P 1 s t « 8 a . . 1957 M
j
T h ir d A v o i s t r e f 4 s ...................I 9 6 0 J
A d i I n c o m e 5 s ___ _________ a l9 6 L A
T h i r d A v o R y 1st n 5 s ..............1937 J
T r t C I t y R y A L t 1 st s 1 S s . . 1923 A
U n d e r g r o f L o n d o n 4 H s _____1933 J
I n c o m e 6 s ................................. 1948
U n it e d R y a I n v 5a P it t a I s a . . 1926 VI
U n i t e d R y a S t L 1st g 4 s . . .1 9 3 4 J
V
U n it o d R R a S a n F r a f 4 s . . . 1 9 2 7 A
N
N
A
J
N
J
o
J
o
J
N
J
O
_____
63
60
5 5 '$ 6 9
6 7 'a 7 2
6 9 '4 8 3
72
78%
86
_____
953,t
8.3
717$
9 7 '$
95*i
S a le
92
1
S3
S e p t ' 18
S e p t '1 3 . . . J
A u g ’ IS
95*4 113
O c t ’ 18
79%
05
9 2 '4
96
9434
89
33
69
93*2
97
9 6 5$
83*2
78
7 3 '2
68
87*2
88*4
72
55
80*2
85*2
85
68
65*$
88
87*2
88*4
80
4S %
143l
87
43
77%
73*4
74%
80
69%
25
90
58%
85
81%
84%
80
6114
8712
88
83
74
86
76
83
74
74
98
81%
9 9 >2
82
06
747$
43%
45
Sate
65
99
72
72
l
78
J u l y ’ 17
65
N 0 V I 8 ____
8
87*2
8 7 '2
87*2 N o v ’ 18 . . . .
7 6 '$
84
6 .)
17*2
37
51
80
81**
83
80
5512
34
97
9 3 >4
76
62
66
J
51
A
J
D
N
O
J
9 3 '4
9 4 '$
90
82
C o n s o l G a s c o n v d e b 6 s ____ 1920 Q
C o n s G a s E L A P o r B a l t 5 - y r S s '2 1 M
D o t r o lt C i t y G a s g o l d 5 s . . .1 9 2 3 J
J
M
51
F
N
J
J
103
93
3
50
S a le
lo t
96
69
52
57
25
29
25
91
85
N
6
765$
Jan T 4
68
03*4
203
19
O c t 18 . . . .
74
54
8 H 4 187
N o v ’ 18
5
83*2
J u l y ’ 18
80
O c t ’ IS
80
30
S e p t ’ 17
M i r ’ 14
C o n v d e b 6 a aerlea B ----------1926
96
A
51
J
G
A
51
J
J
F
J
F
O
O
9
J
F
O
N
D
D
A
i
A
P a c if i c G A E l C o — C a l G A E—
C o r p u n if y in g A r e f 5 6 . . . 1 9 3 7 \1 N
P a c if i c G A E g e n A rut 5 a . . 19 4 2 J
J
P a c P ost a L t 1 st A r o f 2 ()-y r
A
F
P a t A P a s s a ic G A E l 5 s _____1949 \I 3
P e o p G a s A C I s t c o n s g 0 a . 1913 A O
R e f u n d in g g o l d 5 s . ..............1947 \1
o n G - L A C o k e 1 st g u g 5a 1937 J
J
J
C o n O G o I>r C h 1st r u g 5 a l9 3 0
In d N a t G a s A O il 3 0 - y r 5S 1930 M N
M u F u e l G a s 1st g u g 5 s . . 1947 VI N
s
90
100
95
707$
9 8 l2
92
871»
96
76
100
8 7 -2
C h lo U n S t a t ’ n la t g u 4 H a A 1 9 6 3 j
C h il e C o p p e r 1 0 -y r c o u v 7 a . 192:; M
R e c t a ( p a r t p a id ) c o n v 0a aer A 1a
C o l l tr A c o n v 6a a er A . . 1932 A
J
N
O
O
79*4
90
90
93
G r a n b y C o n s M 3 A P c o n 6a A ’ 2 8
S t a m p e d ____________________ 1 9 2 8 ' m
G r e a t F a lla P o w la t a f 5 a . . . 19 1 0 ; vr
I n t M e r c a n M a r in e 3 f 6 a ___ 1941
M o n t a n a P o w e r la t 5a A _____ 1 9 4 3 j
M o r r la A C o la t a f 4 H *_____1 939
N
O
D
J
S
s
N
J
A
J
J
o
M a y ’ 17
44
N o r S ta tc a P o w e r 2 5 - y r 5a A 19 41
O n t a r io P o w e r N F la t 5 a ___ 19 43 F
•No priceFriday; Lna.sc. bul andasked,
W ils o n A C o la t 2 5 - y r a f 6 a . 1941
6474 N o v ’ 18
95
J u l y ’ 17
55*4
32*2
90
92*2
76
56
G6
>1
56
34*2
A u g *18
O c t ’ 18
M a r ’ 18
A u g ’ 18
66
J u l y '1 8
25
25
25
77
M a y ’ 18
25
25
O c t ’ IS
H ig h
O c t ’ 18
33
30
6
18
13
87
87%
0
81*2
96
N o v ’ 18
N o v ’ 18
55
87*2
90
1I0
80
82%
81
85%
81*2 8 4 %
81
83%
90
82%
85%
83
58
90
111
85%
85
84
1 00
97
93
98%
91
81
83
9 4
67
94%
99
S 9*»
91*2
80%
84
103
83*2
90%
98 '
S a le
97*2
90
S ilo
112% S a le
8 5 % S a le
80
S a le
83% 85
9 8 % 107*?
9 3 % 1 02
90% 96
102
S ilo
91*4 3 d e
81
87%
N o . L ow
00
i
79
75%
H ig h
66%
39
36
89
90
83
86
4
M a r ’ 18
90
112%
87
87%
84
100
S o p t '1 8
S e p t ’ 18
10 4%
91%
N o v ' 18
58
58
15
91
85
3 7 10 2 % 1 1 8 %
117
73
89*2
77
48
87*2
l
85
1 91
100
97
91
94
90%
104%
807
90
47
85*2 0 2 %
75
81
S e p t ’ 18
65
94%
1 90 %
N o v ’ 18
99
O c t ’ 17
1
N o v ' 18
83
O c t ’ 18 . . . .
85*2
N o v ’ 18
83*2
93
16!
32
07
98*2
99*2
91*2
87*2
105
119*2
73*2 8 6
9 0 % 100
!
M a n u fa c tu r in g
&
I n d u s tr ia l
97%
C o n v d e b e u 5 a . . ..............- . 1 9 2 4 F
A m C o t O il d e b e n t u r e 5 a . . . 1931 M
A m H id e A L la t a r g 6 a _____1919 M
N
3
A m T h r e a d la t c o ll t r 4 a ____ 1919
J
J
G o ld 4 a .......................................1951
A m W r i t P a p e r la t a f 5 a ___ 1 9 1 J
B a ld w L o c o W o r k s la t 5 s . .1 9 40
C e n t F o u n d r y la t a f 6 a _____1931
C e n t L e a th e r 2 0 - y e a r g 5 a . . 1925
F
J
M
F
A
A
J
N
A
O
C o r n P r o d R e f a 1 g 5 a ........... .1 9 3 1 IYI
1st 2 5 -y e a r a f 5 a . _________1931 M
DLatll S e c C o r c o n v l a t g 5 a . 1927 A
N
N
O
S IP .
81%
I n t A g r ic u l C o r p la t 2 0 - y r 5a 1932 M
41
L o r illa r d C o ( P ) 7 a ...................1944
63
54
2 1*4
70
M e x i c a n P e t r o l L t d c o n 6a A 1921
V
O
___
62*2
68
N a t E n a m A S t p g la t 5a_____1929
J
D
N
97%
101
89
100
91%
99%
117
71%
85%
99%
82
95%
81
101
99%
87
101
80
73
1017$
96
74%
94
75%
O c t ’ 18
91%
91
110*4 111*2 11 0 %
110%
987$
101
S a le
86
88*2
99
10 0 %
91%
99%'
117
75
SO
8 0 % S a le
100
82
S a le
9 5 % S a le
80*’
101
S a le
9 9 % S a le
88
88%
100
82
6,3% 7 3
101%
96
75
S a le
95
101%
N o v ’ 18
100
N o v ’ 18
O c t ’ 18
86*2
N o v ’ 18
82
96%
M a r ’ 13
101
100
88%
M a y ’ 17
6 0 ; 90 % 100
89%
80
9 8 % 101
25
16
96% 99 %
11 7 %
71
74*2
li
90
79
___ 1 977$ 1 0 1 %
1 80
84*i
25 9 3
97*4
3
5
97 % 101
100
95
75
88*2
65
II
::::i
661a
80
74
68*2
93*2
77%
99
1
27
O
175
95
97
11
10 1 0 7
1 65
N o v ’ 13
95
95%
0
100%
89
8
26
115
105*1 181*2
95
98
94%
8
32
3
5
10
9 4 '$ N o v ’ 18
90
J u n e ’ 18
82
82
l
39
104*2
O c t *13
N o v ’ 13
S ep t* 18
931* "
1
F e b ’ lH l_____
52*2
27*2
90
91
76
56
58
50*2
59
38%
95
96
SO
60
66
55%
25
22
22
77
25
26*2
27
30%
85
89*2
75
95
90%
32
108
99
91*2 9 5 %
93*i 90%
89% 98
91*2 9 3 %
94
94
P ie r c e O I 5 -y e a r c o n v 0 3 -7 1 9 2 0
1 0 -y e a r e o n v d e l) 6 s ___ 5 1 9 2 4
S in c la ir O il A R e fin in g —
la t a f 7a 1 9 2 0 w a r r a n ts a t t a c h
do
w it h o u t w a r r a n ts a t t a c h
S t a n d a r d M illin g la t 5 a _____1930
T h e T e x a a C o e o n v d e b 6 a . .1 9 3 1
UnlOQ B a g A P a p e r la t 5 d . . 1930
J
J
D
J
F
F
M
J
J
A
A
N
J
J
U n io n O il C o o f C a l la t 5 a - .1 9 3 1 J
J
U S R u b b e r 1 0 -y r c o l t r 6 a . . 1918 J
la t A re f 5a s e rie s A ..............19 47 i
U 3 S m e lt R e f A M c o n v 6 a . 1926 F
V - C a r C h o r a la t 1 5 -y r 5 a . . . 1923 J
D
J
A
O
W e s t E le c t r i c la t 5e D e o _____1922 J
J
99
1 00
88%
S ain 1 00
S a le 8 7 %
9 3 % S a le
9 5 % S a in
90
93
100
S a le
89
90%
87
94
93
91
65
S a le
9 9 % 10 0 %
8 5 % S a le
9 9 % 100
95% 96
99
101)
93
03*2
95
93
100
S3
83
90
65
1 00
85%
1 00
96
100
97%
99*2
05%
J u n e '1 8
10 0 %
O c t ’ 18
A u g ’ 18
O c t ’ 18
65
N o v '1 8
80
100
96
97%
9 5 % 101*2
83
90*2
95
80
99*2
48
81% 95%
___ 1 8-1
93*4
17
; m u 2 101 %
80% 8 8
83
83
90
90
6
68
45
1 00
101
120
88*2
70
l
92% 100
7
90
97%
5
2
947$ 9 8
C o a l. I r o n & S to o l
la t A r e f 5a g u a r A _______ 1942 IYI N
2 0 -y r p m A I m p a f 5 s — 1936 J
J
J
D
C a h a b a C M C o la t g u 6 a . . 1922
C o l F A I C o g e n a f 5 a ........... 1943 F
A
96%
87
85%
90
S a le
90
85*4
90
91*2
85
75*2
83*2
89
95%
39
89%
85
85*2
90
M a y ’ 18
8 6 % J u l y 'I 8
101
86
N o v ’ 18
2
7
15
80
78%
90
85
93%
87%
90
86%
83
80
7j
95 2
95
|
nr,
97
78
99
98*2
91*2
95
84*2
104*2
97
96
7 7 V* 76*2
947$
96*3
3 lie
9534
87*2
A u g ’ 18
97
99%
I n d ia n a S te e l la t 5 a __________ 1952
M
N
N o v ’ 18
99
O c t ’ 13
O c t ’ 18
A p r *17
97
N o v ’ 18
S e p t ’ 18
A u g '1 7
73
9 7 '1
88%
34%
73
99
94%
88%
L a c k a w S te e l la t g 5 a ..............1923 A
la t c o n s 5a aerlea A _______ 1950 IYI
M id v a l e S te e l A O c o n v a f 5a 1930 M
O
3
S
86
63
94%
97%
76%
9 4%
R e o u b I A 3 1 0 -3 0 -y r 5a a f _ 10 4 0 A
S t L R o c k M t A P 5a a t m p d . 1955 J
T e n n C o a l I A R R g e n 5 a . . 1951 J
O
)
J
a f 1 0 -6 0 -y r 5a r e g ------- d l 9 0 3
M
N
J
V a I r o n C o a l A C o k e 1st g 5a 1949 M
J
3
Arn T e le p A T e l c o ll t r 4 a ___ 1929
C o n v e r t i b le 4 a ........................1930
J
S
s
957$
87*2
io
7
7
14
8634
76%
95%
83
93*2 100%
71% 8 5
" "
1 00
71
7 5 's
98
8 9 i2
SUe
S x lo
89
94
M a r ’ 17
J u l y ’ 17
90
N o v ’ 18
70
N ) V ’ 18
981$ O c t T 7
2
78
90
92
91
70
70
90
90
91*4
SO
97*2
90
101 '$ N 0 V I 6
a
J
O
R ange
S in ce
Jan. 1
f t
A sk L ow
79
63
32
33
32% 30
70
9 4%
99% 100 2
93%
90
91
86% 90
05
N Y D o c k 5 0 -y r la t g 4 a . j . . 1951 F
N ia g a r a Falla P o w e r la t 5 a . . 1932
R e f A g e n 0 a ........................_u 1932
W eek ’ s
R ange or
L a st S ale
- 27
37
1(H)
I iil v '1 7
103!$ 10312 1007$ N o v ’ 18
83
8 5 ’$ 8 5
N o v ’ 18
937$ 9 6
S e p t ’ 17
85
N
85
961 2
S t a n d G a s A E l c o u v s f 6 s . . 1926 J
J
S y r a c u s e L ig h t A P o w e r 5 s . 1954 J
T r e n t o n G A E l 1 s t g 5 s . . . . 1 >4 ‘ VI
O n io n M ice L t A P 1st. g 5 s . . 1912 M
51
U n it e d F u e l G a s 1st s f 6 s . . 1936 J
U t a h P o w e r A L t 1st 5 s ____ 1944 F
U t ic a E le c L A P 1st g 5 a . . . 1950 J
J
W n st.eh ea rer T .te v o i d 5 s . .
|050 1
86
82
72
99
70
9 7 *2’ J u ly * 17
S a le 1 0 3
95%
95*2
90
9 31*
9 4
D
101%
81*2 J u l y ’ 18
99
11
30
30%
S
P a n - A m ? e t A T r la t c o n v O a ’ 1 9 - 2 7 .1
P u b S e r v C o r p N J g e n 5 a . . 1959 \
M
68
s
3
3
32
5 7 '$
90
60
76*4
P ric e
F rid a y
N ov. 29
B id
M
A r m o u r A C o l a t rea l e a t 4 H a ‘ 3 9 J
95
o
a !
*10 ,
M is c e lla n e o u s
A d a m a E x c o l l t r g 4 a ________1948
80
K ln g a C o E l L A P g 5 s _____1937
P u r c h a s o m o n e y 6 s ............. 1997
C o n v e r t i b le d e b A s . . ........... 1925
E d E l III B k n la t c o n g 4 a . 1939
L a o G a s L o f S t L 1st g 5 s . . e l 9 l 9
R o f a n d e x t 1 st g 5 s ............. 1934
M il w a u k e e G a s Is 1 st 4 s _____1927
N o w a r k C o n G a s g 5 a ............. 1948
N Y Q E L H A P g 5 s ____ 1948
P u r c h a s e m o n e y g 4 s ____ 1949
E d E le c III l a t c o n s g 5 s . . 1995
? !
BONDS
N . Y. STOCK EXCH AN GE
W e e k E n d in g N o v . 2 9
M a y ’ 13
12
85
80
8 6 I4 N o v ’ lS . . . J
6 7 ~ A u g ’ 18
81
o
s
S a le
8 /%
7 2 12
7234
65
S a le
63
S a le
17*2 S a le
85
100
5 3 l 2 S a le
80
S a le
89
8 2 :$ 83*2
75
80
j
G a s a n d E le c t r ic L ig h t
A t la n t a O L C o la t a 5 a _____1947
B k l y n U n G a s 1st c o n s g 5s .1 9 4 5
O ln c l n O n a A E len la t A r a l 5 s 1950
C o lu m b i a G A E 1st 5 s ........... 1927
88
65
96
96%
95
89%
9912 1 01
85
8512
717$
66%
22
23
80%
E q u l t T r ( N Y ) In te r c t f j ____
V a R y A P o w 1st A r s t 3 a . . 1934 j
H ig h
H i i h N o . L ow
9 4
15 84*4 96*2
3! 9 0
97%
96
80
89%
N o v ’ 18 _____
A u g '1 3
90
90
N o v ’ lS _____
96
100*4
S e p t ’ 18
63
65.
S e p t '17
A u g ’ 12
A p r ’ 17 : : : :
D e o ’ 17 1_____!
A u g ’ 18
07
Us
J i n 'I S
A t lg ’ lS
_____1
867$
16
O c flS
F c b '1 7 _____
M a r ’ 17 . . . J
5
63
69
5
N o v ’ 18
5
81
787$
1
J
J
J
R ange
S in ce
Jan. 1
f t
73 s 80
76 '
84
82
. . . .
661a (Sale 6 43.4
99
97*4 109
8 5 !$ C0
45
8 5 % S a le 857$
94
96
93
. . . .
92
100
_____
98% 9 9 S
63
76
63
69
S a le 6 9
7 3 % 82
72
80
81
80
787$
7612
J
J
N Y M u n t c lp R y 1st s f 5 s a 19110 J
N Y R y a 1st R E A r e f I s . . . 1942 J
W eek 's
R a n g e or
L a st Sale
97
95 '
89*2
1 05
96
90
10
17
M V 1 7 _____1 ......................
97%
95%
95
86
89
76*$
88%
9 4
94*2
100%
99
96%
80*2
S a le
9 4*2
86%
88
S a le
S ilo
80*2
95
88%
9 4
81
95%
99%
98
70
S ilo
80
85*2
N o v ’ 18
.. .
86%
89
88%
95
N o v ’ 18
95*2
N o v ’ 18
97 “
92
:
1 9 4 % 90*2
1 86
96*2
19
80*2 9 2
1
i
14
92% 98%
___ 1 3 0
81
1 92*2 97*2
223
10 0 %
997$
96
87
J
M
M
J
7 - y e a r c o n v e r t i b l e 6 a ____ 1925 F
C e n t D la t T e l la t 3 0 - y r 5 a . . 1943 J
C o m m e r c ia l C a b le 1st g 4 s . . 2 3 9 7 Q
C u rn b T A T
1st A g e n 5 s _ . . 1 9 3 7 J
J
F
M
M
J
J
J
M ic h S t a t e T e i e p h la t 5 a ___ 1924
N Y A N J T e le p h o n e 5a g . 1920
N Y T e le p la t A g e n a f 4 H a 1939
P a c ific T e l A T e l la t 5 a ____ 1937
3 o u t h B e ll T e l A T la t a f 5 a . 1941
W ea t U n to n c o ll tr c u r 5a . . . 1 9 3 8
F d a n d real eat g 4 H -$ _____1950
N orth w ea t T e l gu 4
DuoJaa. d DuoApril. « DuoMay. g DuoJune.
h
J
J
A
N
N
J
MJ
IYI
g . . 1934 J
Dae July, ft Duo Aug. o
A
D
j
N
N
j
85%
85*2
1
83
80
85%
35% 85%
14
80
777, 88
85
86
N o v ’ 18
81% 86
92
S i l o 917$
92
51
H2
92*2
9 4% S a le 9 4
K6
!)71.
9 4%
63
102 % S i l o 10 1 %
9 3 % 105
102*2 3 2 9
—
9 8 % 99*2
99
99*4 M a y ’ 18
N o v '1 7 --------1
6 8 '$
08 %
93’ % 9 6 % 9 5
N o v ’ 18
95
85
901 > 9 8
91
91
N o v ’ 18 ___ 1 85*4 91
95
97
97
98
100
A u g ’ 18
87% S ilo 87%
4
84
91%
92
96
96%
12
87
96*2 9 6
9 6 *2
93
93
2
80
9312 01
97
93%
9 1 % S ill) 9 1 %
5
8 7 % 93*2
91%
6
90
9 1 % 91
80
92%
99
1 0 1 % S e n t ’ 1 7 !_____
94
N o v ’ 16 _____ 1
. . . .
DueOct.
v
DuoNov. q Duo Dec. s Optionsale.
B O S T O N S T O C K E X C H A N G E — S to c k R eco rd
N ov. 30 1918.]
Satesfor
SHARKPRICKS—NOTPERCKNTUMPRICKS.
the
Monday Tuesday Wednesday Thursday Friday Week
Shares.
Nov. 25. 1 Nov. 26. | Nov. 27 I Nov. 28
Nov. 29
Saturday
Nov. 23.
145
145
75*2 76
102
32
*130
75
100
32
*1G8
*
*14
135 *140
75%
75
102
33
31
*160
3
30
*14
*
* _
*85
*110
64
*100
*70
*87)2
*2
12
37>2
*90
112
*22*4
*95
49
*57
30% *
30U *
138 *
138 *
100
*83
*85 100
*115 125 *110
OH
62*2 03*2 *01*2
___ *106
*100
74
*70
74
*70
*87*2
*8712
2
2l4
2*4
%
12
12
11*2
37%
37%
33%
95
*90
95
112% 112 112 *112
23% *22
24
*22
100
*95 100
*95
49
49
49
49*2
58
*57
59
*57
30*4 *
138 *___
85
85
120
125
62%
03
*100
74
*70
*87
90
2%
12
10%
35
34*2
*90
*110
*22
24
101
*95
49
49
59
57%
30%
138
85
120
63
*100
97*4
*.80
*5
*11012
*112
103
*49
9412
*85l4
*80
*10
*105>2
*67
23%
13*2
12
101
101
97%
90*2
1
*.80
*5
5*4
111
109*2
114
113
104
103
50
*48*2
95
95
90
*85*4
____
81
18
*16
107
101%
*07
24%
23*4
13%
13*8
12*2
1212
5%
5
186 *180
II *58
149% 148*2
30%
29%
7
6*2
22%
22*2
3%
3*2
93
*92
86
84
08%
65*2
135
135
—
*88*2
101
98
1
51
no '
113
104%
50
95
90
81
18
106
101
97%
1
23*2
13%
12*2
5*2
185
59*2
118
30
7
2312
3%
93
8500
135
____
100%
97
*.85
*5
no
113%
103*4
*49l2
94*2
*S5%
*80
*16
108%
*07
23%
13*2
12
4%
184
59*4
149
29*2
*0*2
*22*2
*3*4
*91
85
*00*2
134
*88*2
93*2 94
94*2
00
00
00*2
127
120*4 126*4
47
45*2 40
13
13
*12
38
38%
38%
124% 120 124
*52
53
53
142 144*2
144
44
43
43%
20
26
20*8
98*8 100%
100*4
111*2 112% 112*8
8
8
7%
94%
*58
*125
40*2
*12%
37*2
122%
52
144*4
43%
26*8
295%
*111*2
8
94%
00
126*2
46%
13
38%
125*4
53
145
43%
20*4
97%
112*2
8%
1
*.75
77
77
3%
3%
*.25
.30
*47
48
*12% 13%
*47
51
13
13*2
.40
*.35
*20
21*2
00
66
452 452
*12% 13
40
45
2%
2%
4%
4%
10
10*4
4
4%
80
*77
44% 45%
*.75
78
334
.30
47*2
*12%
1
78
3%
.30
%:
13%
47
13%
.40
20*2I
67
460
13
40
3
5
10*2
4%
80
47
*5
180
59%
149
30
*612
22*2
*3*2
93
80
08*2
135
*8812
48
13
*1312
.40
*1912
07i2
*452
* 12*2
46
%
5
10%
*41.1
*78*2
*47>2
7*2
*.60
50
*82
26
%
*.00
*5*2
*212
*312
♦4-U
3*8
*33«
55
*1734
2
10
12
6 .1
1
77
4
.40
48
13
*.75
76
3%
.30
47
13
14
.40
13
*.35
19
06%
450
*12%
46
2%
4%
10*8
4
*76
*44%
7*2
*.60
49
*82*2
25*2
6
21
2
67%
455
13
40*2
278
5
10*2
4*4
80
48*2
7»2
.75
50
53
26
5'8
**00
*8i2
13
♦.50
*1
39
*50
*15
*07
*21
*46
*.40
*312
l>2
.12
7%
31.1
3
.7 7
40
45
3%
8*4
b'At
6
2*4
4
6*4
3U
%
56
18*2
2
10
15
70
8%
13
.80
1%
39
59
10
09
21%
47
.45
4
1*2
.12
7%
3*2
3*4
3
.7 7
40%
40
3%
9
2%
*2l2
3
.85
21
21%
*.00
.75
2'4
.75
*14
100
101
97%
97
1
*.80
fill
*5
110*4 n o
113
104
103
49*2 *49*4
95
95
*85*2
90
81
81
*10
IS
101% *104
*67
23*2 23*4
13*2
13^4
12%
12
*5
5
185
185
59
57*2
149*2 147
29
30
*
0*2
*22%
23
3%
3%
*91
so
84*2
66
65*2
135
135
____ *88*2
112
6*2
1
70
37*
.30
47*2
13
*14
30
2
12
34
95
*334
* .25
30
2
91 >4
94%
62
*00
*58
*12G>2 127*2 *12)
47*2
46
*1234 13*2
13
38*2 30 U
38
124U 125% 120*4
*52
53
*52
143 144
142
44%
44
43
20
26%
26*8
99% 100%
98*2
*110% 111 *110*2
7'8
7%
7%
*.75
*75
145
76
145 I 145
76 ! 75
100 100 100 100 100
31%
31
31%
31%
*169
*160
*
3 *
3
13%
.40
19
07*2
452
13
40%
27S
5
10*2
4*4
79
45*2
7
7*2
.80 * .00
49*2 *49
83
82*2
26
26
0
*5%
1 * ____
5*2
5U
5^2
*2
2%
*2*4
4
*3%
378
5
*4%
4*2
3
3
*3*2
*3%
%
55
55
*18
*17*4 IS
*1%
1% 1%
*10
12
*10
*12
*12
15
*34*
00
06
8*2
*8%
8%
13
13
12%
.80 *.50
*.50
1
*1
1*2
40
40
40
*56
*56
57
15
15
15*2
67%
*07
08
*21
21% *21%
43%
46
*44
.50 *.40
*40
3%
3%
3%
*1*2
2
*1*4
.11
.12
*1 0
0
7
7
3*8
3*8
3*8
3
3
3*8
.7 7
.70
.7 7
40
44*2 45%
44*i 45*2
45U
%
3%
3*4
S34
8%
8%
2*4
2*4
2*4
*2%
3
2*2
.75
l
.75
21
20
20*2
* .00
.75 * 00
2
X,
3*8
3
55
*Bld and asked prices,
4
3
a
13%
*.35
*19
67
*455
13
45%
*2%
5
10%
4*4
*7 7
3
30
74
89
24
101
49
57%
110*2
114
104*2
50*2
95*4
90
13
108%
13
.80
1
40
57
15
67%
22
44
.50
3%
2
.11
6
3*8
3%
12%
*.50
*1
*40
*57
14%
*67
*21
43*2
*.40
3%
*1*2
.10
6
*3%
*3
.75
40
45
3%
8%
2
.7 7
46
45*4
3%
8%
2%
2*2
.85
20*2
.75
*2
*.75
20
*60
30
8%
13
.8(1
1%
41
53
14%
03
21%
45
.45
3%
2
.12
0
3*2
3*4
.78
40
45%
3%
9
2%
3
1
20*2
.75
Ex-dlvldend and rights,
Nov’ 18
Sept’ 18
Last Sale 138
Last Sale 109
Last Sale
Oct’ 18
70i-i Oct’ IS
Nov’ IS
2
2*8
10*2 11
34
35%
92 Nov’ 18
22*2 Nov’ 18
Nov’ 18
48*2 48%
57
57
Last Sale90 '
100 100*2
97% 97*t
Nov’ 18
5
Nov’ 18
Last Sale .85
*112*1 112%
103% 103%
49% N ov'18
94% 94%
85% Nov’ 18
....
17 Nov’ 18
Last Sale
Last Sale
Last Sale
Last Sale
22%
13io
22*2
3%
22%
3%i
85
85
68*2 08*2
133 135
90 Nov’ 1.8
47
37% 37%
123% 126
142% 115
43% 43*2
20
20%
94*s 96*4
Last Sale
Last Sale
8
8
*77
73
*.45
.50
*12%
13*2
13
*.35
13
.40
00
07
455 4'55
*12% 13
44*t 45*8
2%
2%
4%
10
10%
4%
4%
79% Nov’ 18
46% 40%
*6*2
7*2
.80 Nov’ 18
49
*48
*82*2 84
*25*2 20*2
5 % 5'%,
1
1
0
*5%
2% Nov’ IS
Chic June R y A O S Y . . .
Do pref......... ...............
15
92 Connecticut River______
171 Fitchburg pref___________
Georgia Ry A Elec starnpd
100
100
100
100
100
100
100
740 Mass Electric Cos_______ .100
Do pref stamped____ 100
2,140
1,346 N Y N II A Hartford____ .100
Northern New Hampshire .100
23 Old Colony........................ 100
Rutland, pref___________ mo
Vermont A Massachusetts
50
109 West End Street________
Do pref........................ 50
44
Miscellaneous
567 Amer Agrlcul Chemical.. 100
Do pref_____________ 100
235
Amer Pneumatic Service. 25
50
122 Amer Sugar Refining____ .100
Do pref........................ .100
130
1,222 Amer Telep A Teleg_____ -1«M)
American Woolen of M ass.100
Do pref_____________ .100
381
Amoskeag Manufacturing
Do pref......... ...............
10
Art Metal Construe In c.. . 16
70 Atl Gulf A W I S S Lines. .106
106
100
Last Sale
Last Sale
Last Sale
Last Sale
3
1*2
3
2
122%
37
80
19
150
2
10*4
Highest.
Aprl7 146
Jan 2
80
July 11 104
Jan23
40
Aprl5 170
Jan26
3
15
Mar 1
Nov 22
N ovl2
Nov20
Sept 9
Aug 9
June 5
JuDel7
25 JuIylO
30% N ovl9
Aprl7
138 July 2 147
82% Aprl8
85
Jan30
104
Febl9 125 N ovl8
53
Jan22
65
Jan 3
106 Septl9 116% Jan 9
70 Oct 3
81
Feb25
77%Juncl8
88 N ovl9
1% Sept 6
7*2 MaylO
33 MaylO
Jan22
27
Feb25
46 May29
84 Oct 7
95 N ovl4
*
June 14 112% Nov23
30
Jan 2
80 Aug 6
90 Oct 4
37
Feb20
50 July 5
47
JanlO
62
Apr 1
8*2
88*2
78*2 Jan 2 106 Oct 18
88% Jan 2
98*2 N ovl6
.40 July 1
Mar 2
2*2
99
Jan 2 115*2 M ayl5
107 June 4 114 Novl4
90% Aug 5 109% Oct 9
45** Jan 8
60% May24
90
Jan 3
96% Marl2
60*2 Jan 2
92 Nov 8
76
Jan 7
82 June 5
11
Feb21
18 July 8
98
Jan15 120% Feb] 6
58*2 Janl7
67*4 Nov20
21
Jan25
1412 Augl9
. 10
10*4 May IS
Cuban Port Cement_____ . 10
12
Jan29
17*2 May 1
East Boston Land_______ . 1C
4
Jan31
5% May 15
Edison Electric Iliu m ... .100 134 June21 186 Nov21
?5
64% Novi 6
Janl6 157% Nov 9
General Electric............... .100 128
50
Internet Port Cement__
7% Oct 23
10
4% Oct 10
Do pref........................
50
12
Apr23
23 Nov25
10
3*s Aug23
5*s M aris
88 Sept30
McKIwaln (W H) 1st pref .100
93 Novi 3
Massachusetts Gas C os.. .100 x77% Jan15
91% Novl3
62 jim el7
Do pref_____________ .100
71 Nov 4
Mergenthaler Linotype.. .100 107 Junell 147 Novl4
New Eng Cotton Y a r n ... .100
88
JanlS
95
Oct29
100
150
57
4,472
109
013
10
275
630
10
521
235
80
90 New England Telephone. .100
20 Nova Seotla Steel A C __ .100
Pullman Company______ .100
50
420 Punta Allegre Sugar.........
10
10 Reece Button-Hole______
5,606
4,700 Swift A Co........................... .100
25
11 Torrlngton..... .......... ..........
943 United Fruit____________ .100
919 United Shoe Mach Corp. 25
Do pref....... ................. 25
370
5.S56 U S Steel Corporation__ .100
Do pref....... ................. .100
10
5
1,140 Ventura Consol Oil Fields
Ahraeek________________
Alaska Gold........................
Ggornab Mining________
U lo u ez..............................
Amer Zinc, Lead A Smelt
31
225
200
170
30
82% juiy30
56 July 5
102
jan 7
29
Jan ,3
11
Jnn29
27 Oct 23
102 Aug30
45
Jan29
115*2 Jaol7
38*2 July 9
24% Aug 9
87 Mar25
108 Mar25
5
Jan 2
*2
June27
25
71 Junel3
25
1% Apr25
10
.15 July] 1
25
25 *47 Junel4
12% M ar23
25
105
12
300
270
100
45
Jan
133
45
213
3
July
30
Mar
Mar
Jan
July
July
Nov
Dec
Nov
Dec
Dec
78 Dec
1 Dec
6
Dec
21% Sept
90*2 Oct
85
Dec
16*2 Dec
83
Dec
34 Dec
*45
Dec
73
88
1
90
105
96
38%
*87%
60
76
6
88
65%
Dec
Dec
Dec
38
150
108
140
78*2
133
Feb
Jan
JaD
Mar
Mar
Jan
100% Mar
6% June
31% July
52% Jan
105
Apr
135
Jan
84*2 Feb
110
Jan
56*2 Mar
74
Jan94% May
103*2 Jan
2% Jan
Nov 126% June
Dec 121% Jan
Dec 128% Jan
Nov
58 June
Dec 100% Juno
75 July
Dec
Dec
97*2 Jan
14% Dee
Dec
Sept 121*2 Jan
66
Jan
Feb
9
Dec
3% Dec
133ig Dec
20% June
10
Jan
226
Jan
118% Dec
170% Jan
18*2 Jan
33*2 Jan
102
100*2
81
169
95
JaD
Mar
Mar
JaD
Mar
100% Oct 16
93
69
Jan 2 *59
130 Novl3
107
50 Oct 26
29
13% Marl6
10
41*2 Nov20
146% Aug 17 lie
53 Nov27
40
148*2 N ovl2 *105
48% MaylO
37*2
M ay28
25
116*2 Aug28
79%
113 Oct 22 103%
9 Nov 8
4*4
Dec
Nov
Dec
Dec
Dec
124%
112
166%
40
16
Mar
Jan
Jan
JaD
Mar
Nov
Nov
Dec
Dec
Oct
Dec
Dec
Doc
102% Apr
68 June
155*2 Jan
68% JaD
30*8 Mar
135 May
121
Jan
8% Jan
26*2
1% Jan25
86 Nov 12
5% Nov 6
.45 M ayl3
54
Feb27
21% July 3
6*2
66*2
*2
*2
A Ex-rights,
148
83*2
102%
44
116
175
Dec
Dec
Dec
Dec
Jan
2
Last Sale
c
2
Dec
Dec
Dec
Dec
92*2
71
63
110
35
11
Jan 5
16*4 Aue24
5
.48 Nov22
10
.20 Oct 21
10
17 Mar25
33 M ayl4
73% M ayl6
10 62*2 JanlS
Feb2S 465 May27
25 427
10% June27
14*2 Feb 19
25
25
43% Mar25
51*2 Novl2
3 Sept30
1*2 AprlO
20
4% Novi 2
6% Mar 8
10
12 Novl2
8% Mar25
10
3 June21
6
Febl8
25
100
73*2 Junel4
81% Oct 24
39
Jan 17
57% Nov 7
Greene Cananea._______ .100
5% June21
10** Jan 2
Hancock Consolidated__
25
.40 July23
1
Jan 3
25
70 M ayl5
Island Creek Coal.............
1 49 Nov25
FebIS
Do pref........................
1 79*2 Oct 1 84
19*2 Jan 14
29 July 3
Isle Royale Copper______
25
6
Jan 2
5
Oct 18
Kerr Lake..........................
.80 Sept 11
1% M ayl5
Keweenaw Copper...........
25
25
6 Mar25
8% May 14
Lake Copper C o ..............
2
Jan 2
3*4 Mar 5
La Salle Copper................. 25
5
3% Sept20
6
Feb13
Mason Valley Mine_____
25
3% Sept 17
7
Jan 2
Maas Consol.....................
4*2 Nov 4
Mayflower-Old Colony.. 25 .65 Mar26
25
■40June28
4% Oct 29
Michigan.. 2 ......... ............
May 16
25 *53*2 Ocl 11
Mohwak....... ............ ..........
5
Jan,30
20*2 May 14
Nevada Consolidated.__
2% July 1
1*4 Aug29
New Arcadian Copper..
25
10 Nov20
5
17*4 Mar 7
New ldria Quicksilver__
12 Aug’29
20
Jan 2
New River Company____ 100
65 Aug’29
80
Jan31
Do pref........................ 100
8
Jan 11
Nlplsslng M ines................
5
9-8 April
17% MaylO
12% Nov26
North Butte____________
15
25
.25 Feb 14
.95 Marl9
North Lake.......................
25
OJlbway Mining...............
Junc21
1*2 Mar30
39 May 28
45*2 Jan 3
Old Dominion Co.............. 25
Jan 9
Osceola................................. 25
46*2 Junel 1 65
14*2 Nov27
Pond Creek Coal................ 10
20*4 Feb20
78 MaylO
Quincy................................. 25
65 Sept30
25%May23
21% Mar22
Ray Consolidated Copper 10
57
Jan 2
St Mary’s Mineral Land. 25
42*2 Nov29
.40 Nov21
1% Feb21
Santa Fe Gold A Copper. 10
10
5% Jan 2
Shannon_________________
3
AprlO
2
Jan 3
Sept 30
South Lake_____ ________ 25
.20 Jan 8
51
.10 Nov27
South Utah M A S...........
4
Feb19
25
Superior...............................
8% Nov20
4% Sept27
Superior A Boston Copper 10
1*4 Augl3
4*2 Feb!3
25
2*2 Sept 23
Trinity__________________
1 % Aug20
1
.75 Nov22
Tuolumne Copper...........
36
Aprl3
50% Oct 18
U S Smelt Refln A M in .. 50
42 July24
50
47*2 Nov 8
Do pref . ......................
5
4% Nov IS
1% May3I
Utah-Apex Mining...........
5
12
JanlO
8% June25
Utah Consolidated......... ..
1
l%June 5
Utah Metal A Tunnel____
3*4i Apr 8
3
Jan 3
Victoria_________________ 25
2% Aug26
2
Jan 3'
% Nov21
Winona__________________ 25
30
Jan 3j
Wolverine..........................
25
20 Nov25
40 M avl9
1
Mar 7
25
WvHnrtott __________ ____
18*2
120
27
70*2
15
Dec
Dec
1 535
73
130
Range for Previous
Year 1917
Lowest Highest
4
10
1,140 Arizona Commercial_____
200 Uutte-Balaklava Copper.
10 Butte A Sup Cop (L td )..
364 Calumet A Arizona______
24 Calumet A Hecla..........
35 Centennial______________
830.Copper Range Co_______
000 O ily-Wcst..........................
1,545! Davls-Daly Copper.........
.
'East Butte Copper M in ..
230 Franklin..... .........................
70
3%
1,032
3*8
30
3*2
3*2 .
53
55
200
20 Nov’ 18
2
2
170
200
12
Aug’ 18
100
8%
8*2
90
.
12% 13
955
.75 Nov’ 18
*1
50
1*2
39*9
39
275
57
57
5
385
14*2 15
08
*67
31
23% Nov’ lS
105
42*2 4212
.40 Nov’ 18
3%
130
%
1%
225
2,300
5*2
85
51
* %
570
3*2
1,430
3*1
3*4
.80
*.78
1,000
46
40
27
45
255
45*2
3%
3*2
3,380
8%
8%
405
2
2,995
2
2%
*2%
100
949
.75
.85
270
♦20*2 22
1*2 Sent’ 18 ............
Assessment paid, t> E x - s t o c k dividend.
Last Stic
Lowest.
100
100
100
100
100
Boston Suburban Elec_.no par
23*2
1312
_
184 184
59% 01
150 152%
29% 29%
____
47
47
*2
8%
33
32
169 N ov'18
June’ 18
14*o July'18
23%
13*2
12
4%
185
STOCK
EX00*2
149
CHANGE
30 CLOSED 7
TH ANK S23*2 G IVING
D AY
3*2
93
85
134'
____
76 U
RangeSinceJan. 1.
STOCKS
BOSTON STOCK
EXCH A NG E
Railroads
147 Boston & Albany...............
462
298 Boston & Lowell_________
420 Boston A Maine_________
Last Sale 3
2
%
11*2
35%
95
*46
7
*6*2
7%
.80
*.00
■8(J
49%
49
49
82*2 *82*2 84
26
*25% 26
6
5%
5%
1 * ____
1
*5^4
5*4
0
2%
2%
3%
4
*3*2
5
*4*2
4%
2%
3*8
3%
4
*3*2
3%
55
55
55
18% *17*2 18*2
2
2*8
12
*10
12
15
*12
15
70
*04% 70
8%
76
2087
t Elx-dividend, wHall-paid*
1
Oct
70 Dec
1 Dec
*4 Sept
45
Dec
11
Dec
4%
108
%
1%
70
41%
11
Jan
Jan
Jan
Jan
Mar
Jan
15% June
Nov
2% Jan
Dec
Dec
62
JaD
Dec
Jan
Dec 690
Feb
Dec
27*4 Jan
08
Jan
Dec
3
Jan
Apr
7% Jan
Nov
16
Jan
Dec
9 Mar
Dec
92
Jan
35 Nov
46*2 Jan
7 Dec
20*2 Jan
4 Mar
76*2 June
52 Nov
94
Apr
80 Nov
36
Jan
20 Dec
4*4 Apr
0 Aug
4% Jan
1*4 June
5
Oct
18
Jan
1*4 Dec
6
JaD
4% Nov
8% Aug
5 Nov
16*2 Jan
1 Nov
3 May
5% Mar
1% Aug
98
JaD
57
Dec
26% Mar
16 Nov
1*2 Dec
6
Jan
10 Nov
17*2 Apr
22
Jan
30 Mar
92% Mar
65
Dec
9% Sept
6% July
24% Mar
11% Oct
2% Jan
.30 Nov
.98 Dec
2% Jan
33 Nov
07% Mar
95 Mar
53*2 Dec
16 NOV
28% June
60 Nov
94% Feb
32% Apr
20 Nov
48
Dec
89% Mar
2
Jan
.58 Dec
19
Jan
5ig Oct
.89 Dec
Jan
.10 Dec
.31 Jan
3*4 Dec
16% Mar
3% Dec
8 % Jan
3 Nov
8% Ju ly
1 May
Jan
401# Dec
6 7% Ja n
43*2 Nov
52% Jan
1% Mar
3% 8ept
21*2 Feb
9*$ Dec
2*g Dec.
6% Jan
2
Oct
6
Jan
2
Oct
5*8 Jan
31
Dec
63*2 Mar
.16 Aug
2% Jan
8%
.25
12%
55
411
11
39*4
1*2
3*4
8%
4
86*4
6*4
2%
2088
THE CHRONICLE
O u tsid e S to c k E x c h a n g e s
Boston Bond Record.—Transactions in bonds at Bos
ton Stock Exchange Nov. 23 to Nov. 29, both inclusive:
Friday
Last Week's Range Sales
for
Sale
Price. Low. High. Week.
Bonds—
U S Lib Loan 3 54s. 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s. . 1927-42
1st Lib L'n 4 54 S-1932-47
2d Lib I/n 4 54s. 1927-42
3d Lib Loan 454S--1928
4th Lib Loan 4 54s. .1938
Am Agrlc Cliem 5s___1924
Am Tel A Tel conv s. 1925
Atl Gulf & W I SS L 5s ’59
Cent Vermont 1st 4 s ..1920
Mass Gas 454s..............1929
454s._........................ 1931
Pond Creek Coal s. .1923
Punta Alegre Sugar Cs 1931
Sw ift* Co 1st 5s_____ 1944
U S Smelt R & M conv Cs.
Ventura Oil conv 7s. ,1922
Western Tel & Tel 5s. 1932
6
6
99.14
95.54
95.04
97.G4
90.84
90.74
90.74
99.90
95.07
95.04
98.50
97.04
97.80
98.00
101 54
lOIJi 10154
80
82
101
82
GO
8654
9754
519,850
1,800
8,500
1,400
20,300
28,050
51,250
19,000
2,000
20,000
00 00 1,000
1,000
9254 92 54
80 % 8654
2,000
90
94 54 34,000
87
87
11,000
97 54
2,000
97
1005410054 25,000
92
90
93
90
43,000
1.000
Rangesince Jan. 1.
Low.
High.
90.52 Jan
93
June
92.84 June
93.04 July
93.04 July
94.54 Aug
90.74 Nov
9254 May
9454 Sept
74 54 Sept
00
Nov
85
Sept
8054 Sept
90
Apr
77
May
9054 Sept
93
July
80
Jan
82 54 June
102.50 Aug
98.80 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
10154 Nov
104 54 Nov
83 54 Nov
0554 Sept
92 54 Nov
54 Feb
9554 Nov
Nov
97 54 Nov
Nov
94 54 Nov
92
Nov
86
88
10014
Stocks
[V ol . 107
Friday
Sales
Last Week's Range for
Sale ofPrices. Week.
(C
oncluded)— Par. Price. Low. High. Shares.
Tonopah Mining......... ......1
Union Traction. . ............50
United Cos o fN J......... 100
United Gas Impt......... .50
U S Steel Corporation. 100
Westmoreland Coal____50
Wm Cramp & Sons____100
York Railways, pref____50
Bonds—
U S Lib L 1st 3 M s. 1932-47
2d Lib Loan 4s. 1927-42
3d Lib Loan 4 M s--1928
4th Lib Loan 4 M s .. 1938
Amer Gas & Elec 5s. .2007
Consol Trac N J 1st 5s 1932
Elec & Peo tr ctfs 4s. . 1945
Eqult I Gas L 5s____1928
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s 1935
Lehigh & New Eng 5s. 1954
Lehigh Valley 0s ctfs. 1928
Gen Consol 454s__ 2003
General consol 4 s . . 2003
Lehigh Val Coal 1st 5s 1933
Pennsylv RR gen 4 Ms 1905
Philadelphia Co 1st 5s 1949
Cons & coll tr 5s stpd.’51
Phlla Elec 1st 5s......... I960
Small .....................1 9 0 0
Reading gen 4s........... 1997
354
40
72
9654
3154
85
3
354
39 M 40 M
190
190 M
69 M 72
*94 M 10054
73 M 74
85
85
31M 31M
790
147
23
962
5,850
7
99.78 99.78
95.60 97.18
97.14 98.28
97
98
85
85
85
85
90 54 91
73
73
104
104 54
40
40
90
90
51,000
%
102 M
100 100
2,100
9,100
71,000
86
X
2M July
30 M Aug
182M
Oct
80 Ji Mar
09
Mar
74
Jan
31
Feb
4
Jan
42 M Jan
Feb
195
77 M Nov
116M Aug
Jan
70
95M June
33
Jan
97
Jan
92.80June
94.30 Sept
97
Nov
70 M Sept
77 M
85
Sept
Sept
07
M May
30
July
87 M Oct
Nov
97 54 Sept
85
Oct
75
July
9954 Sept
M Aug
87
Apr
73
Apr
89 54 Sept
93
July
Sept
102.40 Aug
97.84 Nov
98.52May
Nov
98
85M Nov
80
95
Feb
73M May
104
Nov
Jan
42
Jan
90
Nov
103 M Nov
91M Feb
Nov
82
May
Feb
94
Nov
97
Nov
80
Jan
90
May
97
Nov
91
x02%
1,000
200
2,000
9,000 101
1,000
2,000
1,000 100
34,000
1,000
1,000
9,000
6,000 86
1,000
4,000
102 54 102 M
9154 91 '4
SOM SOM
10054
93
93
9754 97 54
9,000
85
93
94
39,000
1,300
95 54 90
18,000
89
80 M
100
100
93
10
20
Rangesince Jan. 1.
Low.
High.
%
100
%
101
%
Chicago Stock Exchange.—The complete record of
88
80%
transactions at the Chicago Stock Exchange from Nov. 23 xEx-dlvldend.
to Nov. 29, both inclusive, compiled from the official sales Pittsburgh Stock Exchange.—Tho complete record of
lists, is given below. Prices for stocks are all dollars per transactions at the Pittsburgh Stock Exchange from Nov. 23
share, not per cent. For bonds the quotations are per cent to Nov. 29, both inclusive, compilod from tho official sales
of par value.
lists, is given below. Prices for stocks aro all dollars per
Friday
Sales
Last Week’s Range for
Rangesince Jan. 1.
Sale
Week.
Stocks—
Par. Price. Low. High. Shares. Low.
High.
American Radiator pref 100
122 122
12 122 Nov 130 Jan
Amer Shipbuilding____100
102 109
013
Jan 144 M May
87
Armour * Co preferred___ 101M 101M 102M
895
Nov
96M Sept 104
Booth Fisheries, common
new. .................... (no par)
Preferred ....................100
Chic Clty&C Ry pt sh com
Preferred______ _____ _
Chic Pneumatic T o o l.. 100
23M
80
1
24
80
23
75
1
13J4
64
39
Commonwealth-Edison 100
115
Cudahy Pack Co com .. 100 i29M 128
95
Diamond Match______ 100 108 M 108M
51
Hart, ShaffAMarx.eomlOO
72
70
64
Libby ( W I ) ______________
M
2354
Lindsay Light................1 0
14 M
1454
Mid West Utilities prof 100
59 M
National Carbon pref.. 100
119
People’s G I, * C oke.. 100
49
Pub Serv of N 111, com .100
95
255
95
Sears-Roebuck com___
159
158
Shaw W W common__ 100
75
Stewart-Warner Sp com 100
75
73
Swift & Co......... ............ 100 125
119M
Swift International______
45 M
42 M
Union Carbide & Carbon Co..... .......... (no par)
64
07 M
United Paper Bd com. 100
23
108
Western Stone......................
3
3
Wilson & Co common.. 100
08
Preferred.................... 100
99
97
Bonds—
91
Booth Fisheries s f d s ’20
90M
90
Chicago City Ry 5 s ..1927
Chic City & Con Rys 5s ’27
52
52
Chicago Rys 5s______ 1927
87 M
87 M
Commonw-Edison 5 s .1943
97
Liberty Loan 2d 4s 1927-12
95.70
Liberty Loan 2d 4 Ms.........
97.80
Liberty Loan 3d 4 Ms_____
97.50
Mctr W Side El 1st 4s 1938
58
Peo C, L * C rcr g 5s. 1947
SO
80
Swift & Co 1st g 5s___1914
97
97
Wll on A Co 1st 0 s . . . 1941
98 M
1
14
0
0
M
39
116
129M
95
115
54
72
65
23 M
15
20
100
68
6
00
119
53
97
255
99
102
76
70
125
46 M
68
M
24 M
108
3M
71 M
99
91
% 91
%
%
3
1,400
538
370
28
18 M Jan
Nov
75
80
54 Aug
M
June
18M
47 M Jan
71M
39
60
June U M
107M Jan 133
92
98
Jan 115M
45
60
53
Jan
72
45
67
18M Oct
28
14 M Nov
40
Sept
05
107
Mar 119
40M Apr
70
June
97
235
Oct 290
92 M Aug
133
June 168M
53
Jan
76
47
Jan
82
Aug 140
32
Oct
50
200 12
20
155 100
590
100
50 102
50
120
605
45
15,074
125
50
25
380
45
15
91
835
220
1,905
7,283
26,830
14,145
185
25
35,000
2,000
10,000
1,000
2,000
% 2,000
1,000
22,000
53 M 25,000
87 M
97 M
95.70
550
97.80
97.00
250
58
80
97 M
3,000
98 M
8
20
01
100
%
102
47 M Apr
1454 Feb
Aug
May
46
Jan
91M Oct
100
100 1
300
2,281
2
Sept
Feb
June
Nov
Apr
Nov
Nov
Nov
Oct
Nov
Oct
Jan
Jan
Nov
Nov
Nov
Mar
Jan
Nov
Nov
Nov
Apr
Nov
09
Nov
Oct
Feb
3M Nov
72 M Nov
99M Mar
20
110
88
%
Apr
Nov
91
84
Jan ■ 91
Nov
52
Jan
02 M Aug
82
June
M Apr
Sept
Nov
87
98
93
June
97.52 Jan
93.70 Sept
98.10May
94.20 Aug
97.70 Nov
45
Apr
58 M Nov
74 M May
81M Feb
90
Sept
97 M Sept
92
Oct
98 M Nov
%
88
Philadelphia Stock Exchange.—Tho complete record
of transactions at tho Philadelphia Stock Exchange from
Nov. 23 to Nov. 29, both inclusive, compilod from tho
official sales lists, is given bolow. Prices for stocks are all
dollars por share, not per cent. For bonds tho quotations
aro per cent of par value.
.
Friday
Sales
Last Week's Range for
Rangesince Jan. 1.
Sale ofPrices. Week.
Stocks—
Par. Price. Low. High. Shares. Low.
High.
American Rys pref__ .100
70
54
58
Oct
80
Feb
70 M
Baldwin Locomotive. .100
300
58 % Jan 10054 May
73 M 74 M
100
102
102
10 9 5 ^
103
Buff & Susq Corp v t c .100
65
66
152
58’
Jan
Nov
06
100
3
55
55
46
56
Cambria Iron_______ ..5 0
n
39 % 40
43
Mar
30 M Oct
Elec Storage Battery. .100 53
52
53
245
48
Mar
57
Oct
General Asphalt......... .100 31
700
37
Oct
30M 33
14 M May
Preferred....... .......... 100 71
71
420
47
Jan
71M
74 M Nov
Insurance Co of N A . ..10
24
24
127
24
20
Jan
27 M July
Keystone Telephone. ..5 0
11 11
45
7
Aug
12 Nov
Lake Superior C orp.. .100 1054
12 Jan 2154 July
10
M 10% 2,430
Lehigh Navigation___ ..5 0
70 % 09
70% 153 01 % Jan 70 M Nov
Lehigh Valley............. ..5 0
1,045
55
Jan
65 M Nov
58 M
57 M 01
Midvale Steel & Ord. ..5 0
200 42 % Nov 59 M May
42 % 42 %
..5 0
86 86
55
80
Pennsylvania.............
47
4,958
50 M Nov
46M 48
M June
Philadelphia Co (Pitts).50
31
31
Apr
20 43
35
Oct
21M June
Preferred (5 % )____ ..5 0
30
30
43
23
30
Nov
Pref (cumulative 6% ) 50 ______
01 29 Mar 37 M Nov
34 % 35 M
Phila Electric of Pa__ .25
25
25
3,443
24
June
27 M Nov
*2554
Phil Rap Tr vot tr rets .50
26
26
23 % Mar
952
30
Jan
26 54
Philadelphia Traction .50
Reading______ _______ .50
Tono-Belmont Devel.. . . I
71 M
82 M
71M
82
2% ■2%
72 M
80 M
3
52
1,255
3,100
*6554 Sept
71
Jan
1 5-16 Sept
72 M Nov
95 M Oct
3M Mar
in n
of par value.
Friday
Sales
Last Week’s Range for
Sale ofPrices. Week.
Stocks—
Par. Price. Low. High. Shares.
Amer Rolling Mill, com .25
20
47
47 M
200
American Sewer Pipe. .100
1554 10
Amer Wind Glass Mach 100
79
82 % 1,870
SO54
79 % 80
100
Preferred.................... 100
7954
Columbia Gas * E lec.. 100
10
38
38
100
Consolidated Ice, c o m ..50
254
254
100 100
10
_____
Mfrs50
Light50&MHeat
50
Nat Fireproofing, c o m ..50
554
554
Preferred....... ...............50
M
11M
Ohio Fuel OH................. . .1
15 M
Ohio Fuel Supply........... 25
41
41M
Oklahoma Natural Gas.25
28
28M
I’lttsb Brewing, com___50
7M
Pittsburgh Coal, c o m ..100
44 M
9c
13c
Plttsl)-Jerome Copper__ 1
28c
Pittsb & Mt Shasta C o p .. 1 28c
Plttsb Oil & Gas______ 100
7 'A
Pittsb Plate Glass.com. 100
San Toy M in in g_______ 1
9c
9c
U S Steel Corp, com__ 100
04
94 54
93 M
Wcst’housc Air Brake..50
93 54
West’house Idee & M fg.50
42 54
4154
Rights.
25
Bonds.
Pittsb Brewing s____1949
53
11
%
2
120
6
50 54
554
li
%
18%
43
28 54
214
7M
4054
14c
28c
7 14
120 120
9c
% 99 <4
95
43 M
43
Aug
12 'A Jan
40
Jan
73
Oct
28
Jan
Feb
95
300
Sept
3
Jan
50
June
7
55
13M Sept
1,520 *1054 Sept
405
23
July
190
Mar
Sept
40
Nov
15,300
c Nov
2,500
c
Jan
470
5 54
130 107
Sept
7c
1,500
Aug
180
8754 Mar
90
780
Oct
1,300
39
Jan
%
2
46%
210
20 1%
44%
6
21
20
53
Rangesince Jan. 1.
Low.
High.
175
$
2,000
55
16
82
90 54
41 M
3M
197
53
554
13 54
10 M
46
31 Ms
4M
13
58 M
Apr
Nov
Jan
Nov
May
Aug
Jan
Aug
Aug
Nov
June
Aug
Aug
48c
Mar
% Nov
%
1
8
120
10c
110
Feb
Feb
Nov
Feb
Aug
9754 May
47
May
25
Nov
20
Nov
50
Jan
54
Aug
xEx-dlvldend.
Baltimore Stock Exchange.—Complete record of tho
transactions at tho Baltimore Stock Exchange from Nov. 23
to Nov. 29, both inclusive, compilod from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds tho quotations aro por cent
of par valuo.
Friday
Sales
Last Week's Range for
Rangesince Jan. 1.
Sale
Week.
Stocks—
Par. Price. Low. High. Shares. Low.
High.
Arundel Sand & Gravel. 100
37
10 21% Jan 40 Sept
37
150
Atlan Coast L (Conn). 100 .....____
98
98
80
May
98
Nov
400
1% Sept
354 Feb
1020%
%1072%
Consol Gas, E L * Pow 100
25
94
Jan 10754 Nov
Consolidation Coal____100
82 % 82
83 %
193
82
Nov 100
Jan
7
Cosden & Co....... .............. 5
7
8% Sept 854 Jan
714 2,159
34
Davison Chemical .no par
35
35
30
37
Jan
8954 Aug
31
30 M 31 K
Elkhorn Coal Corp......... 50
414
22% Jan 3154 Nov
Houston OH trust c tfs.. 100
71
71
100 40 Jan 80
June
Preferred trust ctfs. . 100
50
71% 72
64
Apr
8054 June
70
70
Mer * Miners Trans.. 100
7
56
Jan
92
Jan
10 10
M t V-Wood Mills v t r. 100
61
14 % June
1754 Sept
Preferred v l r------- - loo
98
72 % 73 54
08
Jan
70
July
7254
75
Northern Central........... 50
75
70
09
08
Aug
70
Nov
Pennsylv Wat & Pow.. 100
78
77% 78 54 320 00 Jan 80 Nov
United Ry * Electric__ 50
21 'A 20% 21 % 1,893 17%June 2454 Feb
Wash Bak * Annap------50
28
28% 190 24 Jan 3154 Sept
Bonds.
Atl Coast I, RR conv 4s ’39 ______
82 % 82%$20,000 73% July
83 54 Nov
Chicago Ry 1st 5s____1927
87 % 87 % 1,000 81% Oct
Nov
City & Suburban 1st 5s ”22
100 100 5,000 0
0% Sept 108854
0 Feb
Consol Gas gen 4 M s .-1954
89 % 89 % 1,000 83% Nov
8954 Nov
Consol G, E L & P 4 Ms '35
88% 85 % 5,000 78 Oct 8554 Nov
97
97
22,000 90
98
Nov
07% 07% 5,000 94 Sept 99 Nov
6% notes............. ............
4,000
81
Consol’n Coal ref 5 s .. 1950
92
92
Jan
92
Nov
Cosden * Co scr A 6s. 1932
83 % 84 % 5,000
June
77
8554 Oct
84
Series B 0 s . . ......... .1932 _____
84 % 10,000 78
June
8554 Nov
Cosden Oil & Gas O s ..1919
Jan
96 % 00% 2,000 96
97
Feb
Elkhorn Coal Corp 0s. 1925
98 % 98 % 10,000 9354 Aug
9854 Jan
90
95 M 08% 3,000
Apr
Fair * Clarks Trac 5s. 1938
9554 Nov
Fla Cent A Penln extd 0 s .. 100% 100%100% 5,000
9954 Nov 10054 Nov
Kirby Lumb Contr 63.1923 99
08% 99 19,000 9554 Apr 99 Nov
00% 99) t 1,000 98 Nov 9954 Nov
Maryland Dredge fls--------Monon Vail Trac 7s--------98 <4 98 % 1,000 9854 Nov
9854 Nov
00% 00% 1,000 9954
Mt V-Woodb notes 0s.1918
Nov 100
Nov
Nashville Street Ry 5s____
95 54 9 5 % 2,000 9554 Nov
9554 Nov
00% 9654 00% 1,000 84 Mar 9054
Pennsylv W A P 5 s . . . 1940
82% 8254 2,000 82 54 Nov 82 54 Nov
Portland G A C ref 5s. 1940
Nov
7,000
Ittchm A Wash’ ll 4 s ..1943
80 % 8654
8054 Nov
8054 Nov
United Ry A Elec 4 s .. 1949
78
78 % 7,000
71
Sept
79
Nov
87% 87% 5,000 52 Aug 59 Nov
100 7354 Aug 8254 Feb
81
81
Funding 5s small__ 1930
13,000
90
96
0% notes....... .......... ........ 90
90
Feb
9154 June
1,000 80
Wash Balt A Annap 5sl911
8454
Jan
8454 8154
8554 Nov
2089
THE CHRONICLE
N ov. 30 1918.]
Sales
Friday
Last Week’s Range for
ofPrices. Week.
Sale.
. High. Shares.
Price. Low
V o lu m e o f B u s in e s s a t S to c k E x c h a n g e s
TRANSACTIONS AT TH E N EW YO R K STOCK E X C H A N G E
D A IL Y . W EEKLY AND Y E A R LY .
Weekending
Not. 29 1918.
$1,120,000
2,016,000
1,946,000
1,969,000
H OLIDAY
60.244.200
1,942,000
$29,325,000
94,066,000
57,692,400
68.158.800
324,500
999,055
623,504
709,233
635,237
T o ta l___________
1918.
1
O h io O i l . r ............................. 2 5
$679,000
1,370,000
1,282,000
577,000
$5,647,000
9,789,000
10,527,000
7,249,000
1,439,500
8,912,000
Jan. 1 to Nov. 29.
WeekerulinoNov. 29.
1917.
1917.
1918.
172,861,225
131,927,808
3,291,529
2,078,933
Stocks— No. shares___
Par value__________ $309,486,400 $195,891,000 $12,332,894,315 $15,945,838,530
$122,700
$19,700
$5,100
Bank shares, par.........
Bonds.
Government bonds___ $42,124,000
State, mun., &c., bonds
5,347,500
R R . & mlsc. bonds___
8,999,000
$56,470,500
Total bonds..............
OAILY
W ee*
Nov.
$1,122,231,000
249,377,500
310,546,000
$231,142,750
275,504,500
437,729,000
$18,817,000! $1,082,154,500'
8944,376,250
$10,901,000
2.385.000
5.531.000
TRANSACTIONS AT TH E BOSTON. PHILADELPHIA
BALTIMORE EXCH ANG ES.
ending
29 1918.
$21,050
77,350,
11,200,
84,900
13,652
19,000|
o
©
(/>
68,161
'N
Total - ........... -
AND
Philadelphia.
Baltimore.
Boston.
Shares. BondSales j Shares. BondSales. Shares. BondSales
11,367
15,160
15,258
12,724
4,179
6,501
8,578
5,674
$34,000
27,900
73,100
77,000
I I O U DAY.
4,762
20,000
29,694
794
3,002
1,682
823
$19,400
50,200
50,200
34,000
688
13,000
6,989
$232,000
$166,800
New York “Curb” Market.— Below wo give a record of
the transactions in the outside security market from N o v . 23
to N o v . 29, both inclusive. It covers the week ending
Friday afternoon.
It should bo understood that no such reliability attaches
transactions on the “ Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed— that
Is, securities where tko companies responsible for them havo
complied with certain stringent requirements before being
admitted to doalings. 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 aro no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
of those who make it a business to furnish daily records
the transactions. The possibility that fictitious transac
may creop in, or oven that doalings in spurious securi
may bo included, should, hence, always be kept in mind,
particularly as regards mining shares. In tho circumstances,
is out of the question for any ono to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
wo give it for what it may bo worth.
to
lists
of
tions
ties
it
Wee* ending Nov. 29.
Stocks—
Friday
Sales
Last Week’s Range /or
Sale.
of Prices.
Par. Price. Low. High. Shares.
Aetna Explcs.r— (no par)
Brltish-Amcr Tob o r d ..£ l
Ordinary bearer------ £1
Burns Bros Ico com r _100
Car Ltg * Power.r------ 25
Charcoal Iron of Am, pf.10
Cities Service com r— 100
Columbiavllle Woolen r 10
Curtiss Aero A M,com_(t)
Emerson Phonograph----- 5
General Asphalt, com.r 100
Gen Motors 6% deb stk wl
Kcyst Tlro.tUub.com 10
Lako Torpedo Boat.r . .10
Marconi Wlrel Tel of Am .5
N Y 'Transportation------10
North Am Pulp A Pap (t)
Pennsa Coal A C ok e.r.50
Poulsen Wireless.r____100
Role Equipment r ______10
Seaboard Steel A Mang(t)
Smith Motor Truok r___10
Stand Mot Constr.r____10
Steel Alloys Corp.r......... 5
Bubmar Boat Corp v t o .(t )
United Motors r._(no par)
U S Steamship..................1C
Wayne Coal......... .............. 5
World Klim Corp v t c___5
Wrlght-Martln Atro r ..O )
. Preferred, r...............10C
Rights.
Norfolk A Western..............
Texas C o .r ..........................
a%
6%
2 1 'A
22
OH 12,200
____
4 'A
64
100
21)4
22
8,800
43
40
2,200
2
2%
2,700
100
0%
654
293
295
116
800
81)4 82
630
U'A 12
10
15
2,600
2
900
2H
33
30
700
78
82
4,000
4,900
454
4)4
12
275
12A
23 % 27% 31,700
2A
2 54
100
i'A 454 10,500
200
14 A 14 54
3
2,400
2%
23
23
300
7
200
6A
700
1051 12 54
8
100
8
v% 3-16 10,000
1,200
7% 854
7A 854 2,900
4,000
12 H 13 54
5,800
32 A 33 54
6
0 54 11,800
3 51
354 10,100
100
H
4% 4 54 7,700
62
65
500
13-16
HA
A 15-10 20,000
14H 1554 4,300
22 «
45
2A
13)4
2A
80
4 Vi
1051
27%
2H
4%
2%
_____
11)4
3-16
X
8
12 51
33
oa
351
%
Range since Jan. 1.
Low.
High.
Nov
1654
Apr
2354
Apr
23 54
June
53
Oct
354
Oct
7
Feb 305
82
12
Sept
42
Nov
Aug
454
June
3754
Nov
8354
Jan
554
Aug
15 54
Oct
27 54
6
Nov
July
5 54
20
Aug
Apr
4 54
34
Nov
Nov
1554
July
13 54
8
Oct
Nov
2 54
Nov
1354
June
854
Nov
2054
Jan
3554
Nov
754
4
254 Oct
54
54 Sept
1154
■»54 Nov
09
45
Feb
554
14 54
1454
18 54
154
6
200
68 54
1054
10
1
23 54
78
254
8
1154
2 54
2 54
1354
2
23
0!4
1054
8
54
754
5
11
1954
354
54 Nov
1254 Oet
A
1654
85
97
16
110
315
45 U
555
288
225
690
576
276
I n d i a n a P ip e L l n e . r _____5 0
$8,999,000l $5,347,500 $42,124,000
3,291,529 $309,486,400
Sales at
Neto YorkStock
Exchange.
Former Standard OH
Subsidiaries.
Railroad, State. Mun.
Ac.,
A Foreign B
Vo.nd
Ss..
Bonds.
Bonds.
Slocks.
Shares. Par Value.
Rangesince Jan. 1.
High.
Low.
Mav
Nov
Nov
Nov
Mar
Feb
Oct
Oct
June
Jan
Oct
Nov
Nov
Oct
Nov
M ay
Nov
July
Aug
July
May
Oct
Oct
Apr
Juno
Nov
May
Nov
May
Nov
Mar
Mav
Juno
15-10 Nov
17 A Nov
S t a n d a r d O il (C a li f ) r . , 1 0 0
227
S t a n d a r d O il o f N Y . r . 1 0 0
281
O t h e r O il S t o c k s .
B a r n e t t O il A G a s r ______ 1
5 -1 6
B o s to n -W y o m in g O H .r _ .l
21c
C osden A C o com m on r . . 5
C r y s t a l O il A R e f l n l n g . r . l
E lk B a s in P e t r o le u m r ___ 5
6
E B m e ra ld a O il r __________ 1
5c
2
F e d e r a l OH r _______________ 5
G le n r o c k O il r ____________ 10
354
H o u s t o n OH c o m r _____ 100
72
I m p e r ia l C o n O il i r _____ 1
I n t e r n a t P e t r o l . r . ..............1
1534
I s la n d OH A T r a n s r _____10
354
M e r r it t O il C o r p . r ______ 10
2 154
M e t r o p o lit a n P e t r o le u m 2 5
154
M id w e s t OH c o m m o n r _ _ l
1 .0 5
P r o f e r r e d , r . ____________1
154
131
M id w e s t R e f i n i n g . r _____5 0
48c
N o r t h w e s t e r n O il , c o m . r . 1
O k la h o m a P r o d A R e f ___ 5
954
25c
O m a r OH A G a s c o m _____1
62
R o y a l D u tch C o n e w . r . . .
S a p u lp a R e f i n i n g . r ______ 5 _______
S e c u r it y P r o d A R e f ______ 5
S e q u o y a h O H & R e f ______ 1
%
S in c la ir G u l f C o r p r ___ ( t )
S t a n t o n O i l . r ........... ............ 1
T e x a n a O il A R e f . r ______ 1
U n ite d W e s te r n OH , n e w .r
V ic t o r i a O i l . r . ................... 10
M in in g S t o c k s .
A la s k a - B r l t C o l M e t a l s . . 1
A m e r ic a M i n e s . r _________ 1
A t la n t a M i n e s ...... ..................1
B ig L e d g e C o o D c r _________ 5
154
254
39c
87c
5c
1 1 -1 6
49c
B o s to n A M o n ta n a D e v . . 5
35c
C a le d o n ia M i n i n g ................ 1
C a lu m e t A J e r o m e C o p . r 1
C a n a d a C o p p e r C o L t d . . 5 2 1 -1 6
4Sc
C a m la l a r la S i l v e r . r ______ 1
654c
C a s h B o y ___________________ 1
Cerbat S ilv e r M A M . r . - l
154
C o n s o l A d z o n a S m e lt _____5 1 1 1 -1 6
C o n s o l C o p p e r M i n e s _____5
554
C re sso n C o n s G o ld M A M 1
554
D e n b ig h M i n e s . r ................ 1
54
D u n d e e - A r lz o n a C o p p e r . 1
E u r e k a C r o e s u s M in r ___ 1
154
F ir s t N a t i o n a l C o p p e r ___ 5
2 54
G o ld f ie l d C o n s o l i d a t e d . 10
G o ld f ie l d M e r g e r . r . ........... 1
I le c la
4c
5 1 -1 6
M i n i n g . 1 ________2 5 c
J e r o m e - V e r d e C o p p e r ___ 1
J im B u t l e r . r ______________ 1
J u m b o E x t e n s i o n . . ........... 1
K e w a n u s r __________________1
I .a R o s e C o n s o l M i n e s — 5
L i b e r t y S ilv e r ( p r o s p t ) . r . l
39c
13c
6c
49c
M a s c u V a l l e y ........... ............ 5
M i n e s C o o f A m e r i c a ___ 10
M o t h e r L o d e . r ____________ 1
N l x o u N e v a d a _____________ 1
35c
35c
O n o n d a g o M l n e s . r ----------1
R a y H e r c u le s M i n i n g . r . . 6
R e :l W a r r i o r M i n i n g . r ___ 1
R o c h e s t e r M i n e s __________ 1
S a n T o y M in in g . . . . . 1
S e n e c a C o p p C o r p ( n o p a r)
454
354
5 -1 6
31c
854c
1354
354
S ilv e r T is s u e S ilv e r r -------1
S ilv e r K in g o f A r i z o n a ___ 1
5c
S ilv e r Pick C o n s . r _______ 1
S t a n d a r d S i l v e r - L e a d ------- 1
54
16c
S t e w a r t ____________________ 1
11c
S u c c e s s M i n i n g ------------------ 1
S u p e r s t it i o n M i n i n g ______ 1
T o n o p a h -B e lm o n t D e v r . l
T o u o p a h E x t e n s io n ______ 1 1 1 3 -1 r
4 7-1 r
U n ite d E a ste rn M i n i n g ..]
U 8 L e a d A Z in c 4 r ______1
32 c
W a r d M in A M i l l i n g ------- ]
49c
82c
W a s h in g t o n G o ld Q u a r t z .
W e s t E n d C o n s o lid a t e d ..;
134
19c
W e s t e r n Utah E x t e n ( r . .
White C a p s M i n i n g . . . 10( 1 6 5 4 (
B onds—
A m e r T o b a c c o s e r ia l 7 s r ’ U
S e r ia l 7s.r __________ 1921
i
y
102
9354
101 'A
9354
995'
9854
107
68
62
1005'
t No par value.
1 ,2 0 0
50
20
25
15
315
350
12
20
170
26
131
610
5 -1 6
21c
754
154
654
6c
2 54
354
74
1 1 -1 6
1554
3 A
23
IV ,
1 .0 7
154
135
52c
954
27c
*67
754
54
H -1 6
20 A
41
2
5 -1 6
1
254
5 ,7 0 0
9 ,0 0 0
7 ,8 0 0
40
1 ,4 0 0
2 4 ,1 0 0
6 ,3 0 0
6 ,4 0 0
5 ,3 0 0
1 ,0 0 0
4 ,6 0 0
1 3 ,5 0 0
1 ,6 0 0
7 ,8 0 0
1 3 ,0 0 0
3 ,5 0 0
3 ,7 0 0
9 ,0 0 0
2 6 ,7 0 0
3 5 ,0 0 0
2 ,4 2 5
1 ,6 5 0
4 ,1 0 0
5 ,2 6 0
1 ,7 0 0
25
1 6 ,4 0 0
5 ,0 0 0
3 ,1 0 0
1 ,7 0 0
11H
85
90
14
100
290
26
418
249
210
620
490
248
Feb
N ov
Sept
O ct
Jan
Sept
O ct
Jan
S ept
June
June
S ep t
Sept
* /. A u g
Sept
15C
5 % Sept
June
1
5 K J u ly
Sept
3c
1 A Aug
2 % Sept
Jan
39 H
H June
F eb
12%
Jan
1K
17 A M a r
Jan
Vs
Apr
87c
Apr
1
M ar
97
42c
Sept
Apr
OH
N ov
18c
J u ly
56
Sept
6
A Sept
% Sept
Jan
15
June
26
A S ept
3 -1 6 N o v
% Aug
1 % Sept
5 -1 6 A p r
5 ,0 0 0
34o
J u ly
1 ,6 0 0
J u ly
3c
2 8 ,5 0 0
1 3 ,1 0 0
% Sept
Jan
3c
2 ,5 0 0
Sept
38o
2 0 ,0 0 0
34c
N ov
2 1 ,9 5 0
5 ,1 0 0
At N o v
A d:
6 ,5 0 0
1H
37c
Aug
1 8 ,4 0 0
3c
O ct
1 1 ,3 0 0
Jan
420
2 ,8 0 0
F eb
7 ,5 0 0 1 5 -1 6
Aug
1 2 ,5 0 0
4A
9 ,3 0 0
4 H M ar
O ct
350
A
7 -1 6 J u ly
3 ,3 5 0
Feb
5 ,3 2 5
A
8 ,2 8 5
1 % Sept
June
30c
1 ,0 0 0
17c
O ct
6 ,6 0 0
lH c J u n e
1 1 ,2 0 0
2K cS ept
6 ,0 0 0
Jan
2%
*5
3 ,2 0 0
554
2 ,7 5 0
H N ov
54
y%
Jan
7 -1 6
500
54
54
N ov
38c
3Sc
1 7 ,7 0 0
43c
8c
J u ly
10c
1 1 ,9 0 0
14c
l A c O ct
5c
Gc 2 0 ,7 0 0
Jan
25c
5 -1 6 5 -1 6
260
F eb
28c
47c
51c
3 ,2 0 0
M ay
27
29
30
2 ,2 0 0
2 )4 c N o v
3 ,5 0 0
Aug
1 ,5 5 0
3H
354
354
1 3 -1 6 1 5 -1 6
1 3 -1 6 N o v
2 ,5 0 0
j& n
25c
35c
37c
8 ,4 0 0
O ct
34c
31c
36c
1 ,7 0 0
O ct
4 ,5 0 0
54 1 3 - 1 6
A
Jan
4
2
5 ,2 0 0
454
Jan
2 ,1 0 0
3A
3 ’/ ,
354
3 -1 6 J u ly
3 -1 6 3 -1 6
1 ,2 0 0
Jan
‘2 7 c
2 2 ,2 5 0
30c
33c
Sept
7c
8c
9c
4 ,5 0 0
Jan
13
1 ,0 0 0
7A
13 54
S ept
S ic
60c
SOc
1 1 ,1 0 0
2 ,3 0 0
54
H M ar
54
Apr
7 -3 2
7 -1 6
7 -1 6
50C
2 A<t O c t
4> 4c 5e
3,50C
1,30C
At O ct
54 7 - 1 6
lie
Aug
lie
16c
21.40C
Jan
11c
7c
11c
1.00C
N ov
8c
lie
12c
5.70C
2 1 3 -1 6
3
125
1 A Sept
N ov
1 9 -1 0
l
4 ,7 5 (
154
J u ly
3
4 3 -1 6
3 ,0 2 5
4 54
Oc
6c
1
6c
9o
5 ,0 0 (
40
M ay
31c
37c
2 2 ,0 0 (
37 A c N o v
49c
42o
1 1 ,7 0 (
73c
O ct
81c
82c
1 ,6 0 (
650
J an
1 3 -1 6
8 ,3 0 0
154
lie
O ct
17c
19c
3 2 ,1 0 (
8 A c Sept
15c
17c
1 9 ,0 0 (
4c
S ep
10c
1 0c
5 ,0 0 (
10054
10054
.............
S e r ia l 7 s r
..............1925
S e r ia l 7 s r ........... ..........1921
C a n a d a ( P o m o f) 5 s _ .1 9 1 f
C u d a h y Pack 7s w 1. _ 1921
I n t e r b o r o R T 7 s _____192
K a n C l t y T e r m R y 6 s w 1 "2
L i g g e t t A M y e r s T o b 6 s l9 2
N o r f A West c o n v 6 s w i .
R u s s ia n G o v t 6 5 4 * r - . 19 1 ' i
5 5 4 s r . . . ......................1 92
U S R u b b e r 7 s . r . . . ...........
» Odd lots,
Exchange this
Unlisted,
Ex-rlgbts,
54
20c
654
154
6
5c
2
354
70
1 1 -1 6
1454
3 54
2154
154
1 .0 3
154
129
48c
854
21c
61
7
54
54
19
40
154
5 —16
54
254
1654
90 "
97
16
110
322
46
555
288
231
700
598
284
40c
86c
4c
i
6c
48c
34c
7 -1 6
2
2
47c
054C
1
154
554
5
9 -1 6
1
154
2
40c
21c
3c
40c
87c
654c
154
7c
51c
40c
9 -1 0
1 -1 6
49c
7c
154
154
654
554
54
154
154
254
40c
24c
5c
10054
10054
101
10154
10154
9854
10154
9 7 ?4
995 4
9854
104 54
66
62
10054
10054
10054
101 %
1 0 2 54
102 54
99
10154
9 8 54
100
$ 1 8 ,0 0 0
4 8 ,0 0 0
5 2 ,0 0 0
3 5 ,0 0 0
6S.00C
3 6 8 ,0 0 0
5 ,0 0 0
1 8 2 ,0 0 0
13 2 ,0 0 0
99 2 0 2 ,0 0 0
150.0)0)0
107
381.00C
73
71
4 1 ,0 0 i
5 8 ,00(
1005'
1 Listed as a prospect
100 H
00%
00 A
9 9 )4
99 H
0 i%
97%
07%
99%
08A
1 0 1 )4
38
32
00H
18 A
145
99
16
113
365
48
574
296
249
700
635
302
O ct
Jan
Apr
N ov
M ay
Jan
O ct
O ct
O ct
N ov
N ov
N ov
N ov
1 3 -1 0
33c
8 Vs
1%
7A
6 -1 6
4
5
86 H
%
15X
5 )4
29 H
2 )1
1 .2 4
1%
139
89c
10H
40C
82
10H
A
1%
24
43
2A
1A
2%
6%
Jan
Jan
Feb
J u ly
O ct
Jan
Feb
Jan
June
N ov
O ct
M ar
June
N ov
Jan
Jan
N ov
Feb
O ct
Jan
N ov
M ay
O ct
M ar
O ct
N ov
M ar
M ay
F eb
M ar
M ay
70c
N ov
88c
Feb
13c
1 A M ar
7c
N ov
M ar
90c
Jan
56o
1 A M ar
2% N ov
N ov
49c
Feb
19c
1 % J u ly
2 At N o v
*7% M ay
N ov
6
2 H July
1 5 -1 6 N o v
2 A June
Jan
2%
Aug
46c
Jan
7 -1 6
5c
Feb
Feb
10c
N ov
*6%
Jan
1 1 -1 6
Jan
%
Jan
90c
Jan
24c
F eb
9c
1 1 -1 6 A p r
J u ly
62c
Jan
42
8 H e M ar
Jan
0H
1 H June
Apr
66c
1H M ar
1 3 -1 6 J u ly
J u ly
0
Jan
4%
% M ar
54c
M ay
Jan
18c
10% N ov
N ov
%
Aug
1
M June
Feb
7c
Apr
A
Jan
H
Apr
16c
N ov
13c
6% M ar
Jan
1%
Feb
OH
M ar
60c
N ov
52c
N ov
49c
N ov
82c
1 % June
S eD t
23c
Jan
%
Jan
14c
O ct
101
101H
O ct
1 0 1 )4
Oc
O ct 1 0 3 )4
O c 103
99
Jac
Auf
1 0 1 )4
N ot
00 A
100 %
N ot
99 H
N ot
N ot
107
78
Ma
Ap
73
N ot
1 0 1 )4
O ct
O ct
N ov
O ct
N ov
N ov
N ov
N ov
N ov
N ov
N ov
O ct
N ov
N ov
1 Listed on the Stock
week, where additional transactions will be found, o New stock.
u Ex-cash and stock dividends, to When Issued. * Ex-dividend
zEx stock dividend_________________________________________________ _
C U R R | E N T N Q T |C l;
— J. G. Wynkoop of Syracuse has been appointed New York State Man
ager of Bonbright & Co.. Inc., of New York City, having heretofore been
manager of the company’s office in Syracuse. Bonbright & Co. in this
State also maintain an office at Buffalo. M r. Wynkoop has had charge
of tho Bonbright office in Syracuse since 1905. His knowledge of invest
ment conditions and investors throughout the State, and his wide personal
acquaintance render him especially qualified for his new duties. M r.
2090
THE CHRONICLE
Wynkoop was executive manager in the Liberty Loan campaigns for Syra
cuse and Onondaga County.
— The First National Bank, Harris, Forbes & C o., Wm. A. Read & Co.,
and Leo, Higginson & Co., o f this city, are offering, at prices to net about
4 )4 % . $2,100,000 State o f California 4)4% highway bonds, due serially
1936-1941. The bonds are exempt from Federal income tax, are a legal
investment for savings banks and trust funds in N. Y ., Conn., Mass, and
other States, and are eligible to secure Postal Savings deposits at par.
At 89)4 and interest, yielding about 5)4% on the investment, the
First National Bank and Potter, Choate & Prentice are jointly offering and
advertising in to-day’s issue $500,000 Chicago Milwaukee & St. Paul
Ry. C o., Milwaukee & Northern R R . Consolidated Mortgago Extended
4)4% bonds due June 1 1934.
— A new loan o f $2,268,000 City o f Rochester coupon and registered
4)4% Public Improvement bonds is jointly offered for sale at prices to
yield 4.20% by Kissel, Kinnicutt & C o., William R. Compton Co., Col
gate, Parker & Co. and Stacy & Braun o f this city. See advertisement in
this issue for details.
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds andLegal Tenders
on Deposit for—
Legal
Tenders.
1917-18.
Oct. 31 1918..
Sept. 30 1918..
Aug.31 1918—
July 31 1918 .
June 30 1918..
May 31 1918..
Apr. 30 1918..
M ar.30 1918..
Feb. 28 1918..
Jan. 31 1918..
Dec. 31 1917..
Nov .30 1917..
Oot. 31 1917..
684,446,440
683,026,300
682,411,730
690.831.260
690,384,150
691,579,160
688,969,710
688,060,510
685,349,410
684.508.260
683.581.260
681,565,810
679,440,210
41,833,562
43,467,307
44,108,182
36.150.417
36.878,979
35,989,575
36,189,817
36,252,360
37,047,275
36,311,670
37.397,64!,*
38,103,287
39.573,272
CirculationAfloat l/nderLegal
Tenders.
Total.
$
679,637,575 41,833,502
678,465,863 43,467,307
680,210,470 44,108,182
887.577.645 36.150.417
687,326,508 36,878,977
687,998,070 35,989,575
686,098,360 36.1S9.817
684,667,147 36,252,360
680,992,730 37,047,275
681,521.545 36.311,670
881,814,981 37,397,649
678,948,778 38,103,287
070.703.103 39,573.272
721,471,137
721,933,170
724,318,652
723,728.062
724,205,485
723,987,645
722,288,177
720,919,507
718,040,005
717,833,215
719,212,630
717,052,065
716.276,375
571,6-17,260 Federal Reserve bank notes outstanding Nov. 1, of which 570,866 400
covered by bonds and $780,860 by lawful money.
The following show the amount of each class of U. S.
bonds held against national bank circulation and to securo
public moneys held in national bank depositaries on Oct. 31.
U. 3. BondsHeldOct. 31 toSecure—
Ondeposit to deposit to
secure Federal Onsecu
Total
Reserve Bank NationalreBank H
eld.
Notes.
Notes.
J
BondsonDeposit
Oct. 31 1918.
2s,
3s,
4s,
28,
2s,
2a,
38,
U.
U.
U.
U.
U.
U.
U.
S.
S.
S.
S.
S.
S.
S.
Consols of 1930...........................
Loan of 1908-1918....................
Loan of 1925...............................
Panama of 1936_____________
Panama of 1 9 3 8 ......................
One-year Ctfs. of Indebtedness
One-year Treasury Notes____
Totals
$
14,137,750
2,
693",566
404,500
285,300
61,217,000 •
9,301,000
87,938,550
S
501,848,600
32,240
50,240,800
47,412,640
24,912,160
684,446,440
$
575,986,350
32,240
52,833,800
47,817,140
25,197,460
61,217,000
9,301,000
772,384,990
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Oct. 1 and
Nov. 1 and their increase or decrease diming the month
October.
National BankNotes—Total Afloat
—
—
Amount alloat Oct. 1 1918_______________________________________
Net amount retired during October_____ _________________________ ’462,033
5721 933 170
Amoun. of bank notes afloat Nov. 1 1918_______________________ $721,471 137
—
Amount on deposit to redeem national bank notes Oct. 1 1918......... .. $43,467,307
Net amount of bank notes retired in O ctober.._______________________
1,633,745
Legal-TenderNotes
Amount on deposit to redeem national bank notes Nov. 1 1918____ 5-11.833,562
Now York City Banks and Trust Companies
All prices now dollars per share.
Bid. Ask.
Bid. Ask.
Banks— N.Y.
!
Banks. |
A m e r ic a * ____ 495
505 ■ L in coln........... .1 250
A m er E x c h .. 2 2 0
230
M a n h a tta n *.•| 170
A t la n t ic ........... 170
180
M e c h A M e t .. 315
B a tte ry P a rk . 190
200
M e r c h a n t s .... 123
B o w e ry * . . . . . 400
. . . M e tro p o lita n 1■ 170
B ron x B o r o * . 125
175 M u tu a l * ____ ,| 375
B ron x N a t ___ 160
170 iN ew N e t h * .. I 200
B ry a n t Park* 150
N ew Y o r k Co: 130
B u tch A D ro v
20
25
N e w Y o r k ___ 425
C h a s e ............... 390
410
P a cific * .......... 135
C h a t A P h c n . 235
245
P a rk ...... ........... 515
C helsea E x ch * 115
125 P rod E x c h * .. 2 0 0
C h e m ica l____ 395
405
P u b lic............... 215
C itizen s........... 215
225 ;S e a b o a r d ____ 450
C i t y .................. 440
450 'S e c o n d ............. 400
C o a l A I r o n .. 215
225 'S h e r m a n ____ 125
__ S ta te * ............. n o
C o lo n ia l* ____ 400
C o l u m b i a * . .. 155
165 23d W a r d * . . . 115
C o m m e r c e ___ 198
202
U n ion E x c h .. 145
C o m m ’ l E x * . 390
410 U n lted S ta tes* 500
C om m on
Wash II’t8*.. 276
___ W e s tch A v e * . 160
wealth *___ 195
C o n tin e n ta l* . 10 0
107 lY o r k v ilie * — . 290
C orn E x c h * .. 325
335
C oem op’ta n *.
85
1 0 0 1 Brooklyn.
C u b a (Bk of). 175
C o n e y Island* 140
E ast R iv e r ___
20
25 F ir s t .................. 260
F ifth A v en u e* <1800 2 2 0 0
F latbush ____ 145
F ifth ................. 215
230 G reen p oln t . . 150
F irst.................. 910
____ .H illside * ____ 110
G a r fie ld ........... 170
185 [H om estead * . n o
G o th a m ........... 2 0 0
____ M ech a n ics' * .
57
G r e e n w ic h * .. 330
340 jM o n ta u k * ___
90
H a n ov er_____ 685
700 Nassau
200
H arrlm an____ 245
'N a tion a l C ity 133
5 2 0 * N o rth S i d e * .. 175
I m p A T r a d .. 510
1 Irvin g (trust
People’s____ 135
certificates) 270
275
I J b c r t y ............. 395
410 1
Bid. Ask.
| Trust Co’s.
' New York.
'B ankers Trust 435
445
C en tral U nion 405
415
1 3 0 " C o lu m b ia ____ 310
315
175 C o m m e r c ia l..
88
95
400 E m p ire ............. 290
300
215
E q u ita b le T r . 363
368
F a r m L A T r . 385
395
___ [F id e lity ........... 2 1 0
220
____ F u lt o n .............. 330
360
____ G u a ra n ty T r . t3 7 0
H u d s o n .......... 135
145 "
230 ‘ ,Irv in g T r u s t . / See Irvin g
470
11N a t Bank
42.5 L aw T it A T r
93
98
135 {L incoln T ru st 102
no
M erca n tile T r
130 ’ ; A D e p o s it . 2 0 0
155 M e tro p o lita n . 346
M u tu a K W estj Chester) . . . 105
125
175* ’ N Y L ife Ins
310
A T r u s t ___ + 8 7 1
N Y T r u s t . . . 695
0T 0 ’
Scand ina via n
280
300
155 T it le G u A T r 260
270 [T ransatlantic.
1*7*0*
U S M t g A T r 405"" 415
1 6 5 * U n ited States 1900
120
W e s tch e s te r .. 130
ho" *
280
180
120
62
100
9V
CJ
11
7
6
138
200
145
Brooklyn.
B rook ly n T r . 500
F ranklin.......... 2 2 0
H am ilton
iOU
K in g s C o u n ty 620
M anufacturers 160
285
Q ueens C o ___
70
515
235
AVA
650
165
*8*0 ’
* Banks marked with a (♦) aro State banks,
f Sale at auction or at Stock
Exchange this week, t Includes one-third sharo Irving Trust Co
New stock
* Ex-rlghts.
t
[V ol . 107
New York City Realty and Surety Companies
All prices now dollars per share.
Bid. Ask. I|
Alliance R ’lty 55
Amcr Surety.
58
Bond A M G . 205
Casualty C o. ___
City Investing
14
Preferred. .
GO
Bid. Ask.
65 Lawyers Mtge 95
------ IjMtge B ond..
85
215 iiNat Surety.. 217
75 IN Y Title A
19
Mortgage..
65
67 1
Bid. Ask.
Realty Assoc
*90*
(Brooklyn).
70
222 U 8 Casualty. 175
U S Title Guar
75 West A Bronx
Title A M G 150
80
190
60
170
Quotations for Sundry Securities
All l>ond prices aro “ and Interest” except where’marked “ f.”
S t a n d a r d O il S t o c k s
P e r S hare
Pari B id . \A s k .
A n g l o - A m e r i c a n O il n e w . £ li
lGi
A t la n t i c R e f i n i n g ................. 1 0 0 9 8 0
B o r n e -S c r y in s e r C o ........... 1 0 0 4 5 0
B u c k e y e P i p e L in e C o . . . 5 0 * 9 2
C h eseb rou gh M fg n e w ...1 0 0 300
C o lo n i a l O i l .............................. 1 0 0
10
C o n t in e n t a l O i l ................. . . 1 0 0 4 4 5
C r e s c e n t P i p e L in e C o ___ 5 0 * 3 5
C u m b e r la n d P i p e L i n e . . . 10 0
E u r e k a P i p e I .in e C o _____100
G a le n a -S ig n a l O il c o m ___ 100
P r e fe r r e d o l d ...................... 1 0 0 1 1 5
P r e fe r r e d n e w ...................
I lli n o is P i p e L in e ..................100
I n d i a n a P i p e L in e C o _____5 0
I n t e r n a t io n a l P e t r o l e u m . £1
N a t i o n a l T r a n s i t C o . . . 1 2 .5 0
N e w Y o r k T r a n s i t C o . . . 100 1 8 0
N o r t h e r n P i p e L in e C o . . 100
O h io O il C o .................................2 5
P e n n - M e x F u e l C o ..............2 5
P r a ir ie O il A G a s ..................100
P r a ir ie P ip e L i n e ................. 1 0 0
S o la r R e f i n i n g ......................... 100
S o u t h e r n P i p e L in e C o . . 100
S o u t h P e n n O i l .......................100
S o u t h w e s t P a P ip e L in e s . 100
S t a n d a r d O il ( C a l i f o r n i a ) . 100
S t a n d a r d O H ( I n d i a n a ) . .1 0 0
S t a n d a r d O il ( K a n s a s ) . . . 1 0 0
S t a n d a r d O il ( K e n t u c k y ) 100
S t a n d a r d O il ( N e b r a s k a ) . 100
S t a n d a r d O il o f N e w J e r .1 0 0
S t a n d a r d O i l o f N e w Y ’ k .1 0 0
S t a n d a r d O il ( O h i o ) ........... 100
S w a n A F i n c h ......................... 100
U n i o n T a n k L in e C o _____100
V a c u u m O i l ...............................100
W a s h in g t o n O i l ____________ 10
—Per S
Ordnance Stocks
Aetna Explosives p r e f...l0 0
Preferred.........................100
tlas Powder common___100
Preferred......................... 100
M lg..............................
uPont (E I) de Nemou .
A Co common.................100
Debenture stock........... 100
lastern Steel....................... 100
Empire Steel A Iron com. 100
Preferred..........................100
Hercules Powder c o m ... 100
Preferred________
100
Nlles-Bement-Pond com. 100
Preferred...............
100
Penn Seaboard Steel (no par)
Phclps-Dodge Corp_____ 1001
Scovill Manufacturing.. . 1
Thomas Iron........................50|
Winchester Repeat Arms. 10*
Woodward Iron_________10d
Preferred...............................
4As
5As
\
4As
4As
4As...
4As
Tobacco Stocks—
Preferred.........................50
1st preferred................. 100
2d preferred....................100
—PerCt Basis.1
4As
6.10 5.70
As 6.25 5.75
RR. Equipments
.........
Baltimore & Ohio
jBuff Roch & Pittsburgh 4
I Equipment -Is........... ..
Canadian Pacific 4>*s__
;Cnro Cllnchfield A Ohio 5 s ..
’Central of Georgia 5s____
Equipment
..............
Chicago & Alton 4 s .............
Chicago & Eastern 111
"
Equipment 4j$s...........
iChlc Ind & Loulsv 4}$s..
Chic St Louis A N O 5s. .
Chicago & N W
___
Chicago R I A Pao 4>*s.........
Colorado A Southern 5 s ..
Erie 5s...................................
Equipment 4}$s..................
Equipment 4s____________
Hocking Valley 4s_______ ”
Equipment 5s_______ . .
Illinois Central 5s..............
Equipment
..............
.Kanawha A Michigan 445s..
Louisville A Nashville 5 s . . .
Michigan Central 5s...........
Minn St P A S S M
Mlssourl Kansas A Texas 5s
Missouri Pacific 5s..................
Mobile A Ohio 5s________ .
Equipment
..............*
New York Central Lines 5s. .
Equipment 445s..................
N Y Ontario A West 4 4 5 s ...
Norfolk A Western 445s____
Equipment 4s................. .
Pennsylvania RR 4>5s____ I
Equipment 4 s . . ..................
St Louis Iron M t A Sou 5 s ..
St Louis A San Francisco 5s.
Seaboard Air Line 5s____
Equipment 445s..................
Southern Pacific Co 4 4 5 s ...
Southern Railway 445s.........
Toledo A Ohio Central 4 s . . .
105
95
0.25
0.10
6.50!
6.00
5.75
5.80
6.00
5.50
0.00 5.50
6.90 6.00
7.25 6.25
7.25 6.25
6.40 6.00
5.90 5.40
5.90 5.25
6.50 6.00
0.40 6.00
0.30 5.90.
6.30 5.90
6.30 5.90
6.25 5.50
6.25 5.50
5.90 5.40
5.90 5.40
6.50 6.00
5.75 5.35
6.25 5.50
6.00 5.50
7.25 6.50
7.25 6.50
6.20 5.70
0.20 5.70
6.00 5.75
6.00 5.75
6.50 6.00
5.75 5.30
5.75 5.30
5.70 5.25
5.70 5.25
7.2 6.25
7.25 0.25
7.00 6.00
7.00 6.00
5.95 5.70
6.25 5.75
6.50 6.00
Per Share.
Par Bid.
.100
Ask.
American Cigar common. 100 98 103
Preferred.....................
83
90
Amer Machine A Fdry_.100 60
80
Brltlsh-Amer Tobac ord— £1 *22
24
Ordinary, bearer______ £1 *2212 24
Conley Foil.........................
190 210
Johnson Tin Foil A M e t .100
100
MncAndrews A Forbes.. 100
190
100
Preferred..................... 100
Reynolds (R J) Tobacco. 100 360
B common stock______ 100 290
Preferred......................... 100 106
A dividend scrip____
B dividend scrip____
_
Young (J S) Co................... 100
Preferred..........................
100
100
390
325
110
98
98
150
105
Short-Term Notes—Per Cent.
Amer Cot Oil 5s 1919..MAS 98*h 89*4
7% notes Sept 1919......... 100! 11001a
Amer Tel A Tel 6s 1919. FAA 997« lOOl*
Balto A Ohio 6s 1919...JAJ 99% 9 9 %
Canadian Pac Cs 1024.MAS 2 99% 100%
Del A Hudson 5s 1920..FAA 9S-3s 9851
_
Erie RR 5s 1919........... A-O 96 0654
85
Fed Sugar Rfg 5s 1920.-JAJ 95% 97
General EIcc Gs 1920___ JAJ lOOtj 100%
6% notes (2-yr) 1919.JAD 100 100U
Public Utilities
Great North 5s 1920...MAS 93*4 98*4
Amcr Gas A Elec com__ 50[<
Ilockiug Vul 6s Feb T9 MAN
Preferred.......................50
K C Term Ry 44*3 1921.JAJ *97% 90'*
Amer Lt A Trac com___ 100| 230
5s Nov 15 1923..MAN 15 995* 997*
Preferred..................... If
Laclede Gas Lt 5s 1919.1'AA 98% 99ia
Amcr Power A Lt com__ 1C
LiggettAMycrsTob0s'21JAD 98% 99
Preferred..................... If
N Y Cent 5s 1910..MAS 15 99% 99%
Amer Public Utilities comic
Penn Co 4As 1921..JAD-15 96l2 97%
Preferred..................... 10
Pub Scr Corp NJ 5s T9.MAS 94% oe'a
Carolina PowALlgfit com 10
Rem Arms U M C 5s T9FAA 98 98»4
Preferred..................... 1001
(Southern Ry 5s 1919.MAS 2 99 9912
Cities Service Co com ... 100
|Utah Sec Corp 6s '22.MAS 15 8512 87
Preferred................... 100
W'house El A M Cs T 9 .FAA 9978 100%
Colorado Power com___ 100; z26%
Winches RepArms7sT9. MAS 99U 9954
Preferred..................100’ x92 ’
Industrial
Com’w’th Pow Ry A L t.. lOOl 23
and Miscellaneous
Preferred.................... 100 49
{American Brass............ 100 205 210
Elec Bond A Share prof.. 100* d02
American Chicle com___100; 49 61
Federal Light A Traction .100; 8
Preferred.................... 100 67 72
Preferred..................... IOO1 40
American Hardware____ lore 140 145
Great West Pow 5s 1946.JAJ| 81
Amer Typefounders com. 100 38 43
Mississippi Rlv Pow com. 100. 12<2 14%
Preferred..................... 100 S3
Preferred..................... lOOl 38 41 Borden’s Cond Milk com. 100 96 99
First Mtge 5s 1951...JAJ 74
Preferred..................... 100 97 100
North’n States Pow com. 100 62
Celluloid Company____ 100 135 140
Preferred.................... 100| 86
Columbia Gruphoph Mfg (t) *88 92
North Texas Elec Co com 100 *60
Preferred..................... 100 86 90
Preferred..................... 100 70
Freeport Texas Co.........(t) *33% 35
Pacific Gas A Elec com.. 100 38
Havana Tobacco Co___ 100
1
3
1st preferred............... 100 85
Preferred..................... 100
2
5
Puget SdTr LA P com .. 100 15
1st g 5s June ) 1922..J-D /38 45
Preferred..................... 100 47
Intercontlnen Rubb com. 100 10% 12
Republic Ry A Light___ 100 17
Internat Banking Co___ 100 160 ___
Preferred........ .......... .100 53
International Salt........... 100 52 62
South Calif Edison com.. 100 ‘ 79
1st gold 6s 1951_____ A O 70
71*4
Preferred..................... 100 97
International Silver pret.100 75
Standard Gas A El (Del). 50 * 11
Lehigh Vnlley Coal Sales. 50 *88
Preferred.................
50 *32
Otis Elevator common. ..100 55
Tennessee Ry LA Pcom. 100
3
Preferred..................... 100 77 82
Preferred..................... 100 16
Remington Typewriter—
United Gas A Elec Corp. 100
5
Common___________ 100 31 32
1st preferred............... 100 38
1st preferred................100 108 112
2d preferred................100
7
2d preferred.... ...........100 101 102
United Lt A Rys com___ 100 38
Royal Baking Pow com.. 100 12.3 130
1st preferred................100 73
Preferred..................... 100 85 S9
Western Power common. 100 14
Singer Manufacturing... 100 192 196
Preferred..................... 100 59
Texas Pac Coal A Oil___ 100 940
» Per sharo. 6 Basis,
/.Flat price,
Nominal,
n
dPurchaser also pays accrued dividend. e New stock.
x Ex-dividend, yEx-rlghts. (') Without par value.
Nov. 30 1918.]
THE CHRONICLE
2091
Imixstnumt <md ^ailucraxi
,,
.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
call be obtained.
1 lie first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or m onth. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Jan, 1 to Latest Date.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
S
s
S
S
Alabama & Vlcksb. September
232,316 189.675 1,750,866 1,490,673
Ann Arbor________ 1st wk Nov
83,978
65,210 2,935,871 2,687.183
Atch Topeka & S Fo September 15354828 11829768 118135608 103092933
Gulf Colo & S Fe September 1,938,130 1,568,386 14,028,420 12,402,873
I’anhandlo & S Fo September
501,970 590,245 4,382.663 5.114,405
Atlanta Birru & Atl September
465,998 322,751 3.309,679 2,862,727
Atlanta Sc West Pt_ September
251,877 163,371 1,790,341 1,252,113
Atlantic C ity______ September
466,542 375.100 3,152,813 2,613.392
Atlantic Coast Line September 4.778,366 3,409,91! 41.393.761 32.028,586
Atlantic & St Lawr. Juno
197,384
122.364
986,133
926.429
Baltimore & O h io.. October
18261 057 12505425 143303243 111166993
B & O C h T e r B R September
160,111 171.040 1,359,295 1,506,166
Bangor & Aroostook September
456.917 344.602 3,494,758 3,306,606
Bellefonte Central. October
7,958
6,232
72,995
66,727
Bolt R y of Chicago. September
332,985 312.529 2.937,748 2,906,285
Bessemer Sc L Erie. September 1,638,357 1,321,417 9,935.697 9.264,306
Bingham Sc Garfield September
316.483 293.977 2,698,556 2,383,098
Birmingham South. September
87,113
93,316 1,136,924
851,109
Boston & Maine__ September 7,155,550 5.239,744 51,981,266 44,106,954
Buff ltoch Sc I’ ittsb 3d wk Nov
331,188 3.36,593 16,432,87( 13,576,156
Buffalo & Susq R R . September
190,537 148,496 1,695,503 1,293,273
Canadian Nor Syst 3d wk Nov 1,209,600 931,700
37.013,500
Canadian Pacific . . 3d wk Nov 3,582,000 3,565,000 40.817.200
131877883 132355646
Can P Lines in M e. Soptoqiber
140,752 136,006 1.726,291 1,870,661
Caro Clinch & Ohio September
488,133 335,485 3,453,235 3,012.534
Central o f Georgia. September 1,822,792 1.332.625 15.027,373 11,169,968
Central RR o f N J . October
4.434,685 3,299,777 37,526.592 31,073,859
Cont New England. September
597,361 468,877 4,602,209 4,103,935
Oontral Vermont. . September
529,769 416,521 3,788,751 3,321,104
Charleston Sc XV Car September
282,023 203,261 2.074,629 1,667,288
Giles & Ohio Lines. October
7.467,628 5,046,572
44,978,312
Chicago & Alton__ September 2,501,247 1,837,796 59,367,963
15,259,337
Chic Burl & Quincy September 14017205 10295234 17.735,341
104032713
90,231,048
Oh Get & O G Trk. July
163,436 122.207
800,805
748,485
Chicago & East 111. September 2,783,009 1,849,691 19,475,001 15.506,462
Chicago Groat West September 1,880,450 1.419,398 14,096.588 12,101,460
Chic Ind & Loulsv. September 1.043,760 805,406 7,904,621 6,767,002
Ohicago Junction.. September
280,116 268,295 2,464,418 2,420,585
Chic Milw & St P_. September 13392216 10382216 94,372,315 83,361,129
Ohic & North West September 13344959 10062306 91,427,091 79,494,458
Olilc Peoria & St L . September
180.564 197,074 1,636,831 1.593,751
Chic R I & P acific.. September 9,758,725 7.469,876 72,620.187 62,259.984
Chic R I Sc G u lf.. September
392,032 317,161 3,257,297 2,738,445
Chic St P M & Om. September 2,406.687 2.030.652 17.739,387 15,599,804
Chic Torre II & S E September
525,206 332,843 3,631,106 2,742,054
Cin Ind Sc Western. September
306,478 217,228 2,333.978 1,997,149
Coal Sc Coke______ September
147,808 112,558 1,061,414
970,919
Colorado Mldland. September
9,464 194,829
991,011
Colo & South U K .. 3d wk Nov 242,281 227,706 11.061.200 9,669,695
Ft W & Den City September
728,311 558,589 5,548,258 4,559,701
Trln Sc Brazos Val September
107,961
97.556
836,335
706,185
Colo & W yom ing.. Soptomber
84.615
95.548
836.603
905.691
Constit Rys o f Mox October
2,749,305
Crip Crk & Col Spgs September
74,151
95,436
710,050
860.518
Cuba Railroad____ September
875,550 690,125 10,064,834 5,559,898
Dolawaro Sc Hudson October
3,172.081 2,867,915 29,254,666 25.266,078
Del Lack & W est.. October
6,729.812 5,352,937 56,466,123
Donv Sc Rio Grande September 3,227,953 2,585,693 22.289,450 48,044,405
20,619,525
Denver & Salt Lake September
217,568 194,451 1.592,499 1,35^,623
Detroit Sc Mackinac 2d wk Nov
38,822
25,387 1,373,304 1,166,925
Detroit Tol & Iront September
397,455 274,025 2,409,858 2,233,135
Dot & Tol Shore L . September
177,370 127.083 1,446,461 1,379,788
Dul Sc Iron R ange.. September 1,250,257 1.028,756 7,311,282
5,452,401
Dul Missabo & Nor September 3,402,822 2,377,746 16,730.438 11,311,302
Dul So Shore Sc A tl. 3d wk Nov
85,184
77,942 4,291.455 3,847,190
Duluth Winn Sc Pac September
126,056 150.015 1,267,889 1,595,931
East St Louis Conu September
113,351
88,412
836.675
776,826
Elgin Joliet Sc East. September 2,005,231 1.306,639 14,238,426
11,890,099
El Paso Sc So West. September 1,282,268 1,005,591 11,127,134 10,305,853
Erie.................... ..
September 8,096,844 6,181,141 61,953,959 52,322,967
Chicago & E rie.. September
944,702 669,347 7,587.908 6,455,152
Florida East Coast. September
508,426 440,338 6,722,306 6,305,286
Fonda Johns Sc Glov September
116,327
95,622
805,950
843,017
Ft Smith Sc Western September
113,972
97,807
924,660
762,887
Oalvoston Wharf. . September
72,879
98.941
790,491
862,710
Georgia Railroad. . September
775,185 411,982
2,817,621
Grand Trunk P a c .. 3d wk Oct 210,515 180,873 4,722.132
4.835.073 4,595,997
Orand Trunk Syst. 2d wk Nov 1.471.654 959.136
51,889,262
Grand Trunk Ry 3d wk Oct 1,297,051 988,961 61,223,341
41,727.738
Grand Trk Wost. September 1.796.655 1,341,045 48,358,370
9,378,764 8,300.630
Det G II Sc M ilw. July
265.944 274,888 1,759,411 2,015,444
Great North System September 10967707 8.382,073
68,566,616 64.759.847
Gulf Mobilo & Nor. September
224.519 218,140 1,771,375 1,713,142
Gulf Sc Ship Island. September
226,242 234,995 1,974,730 1,665,768
Hocking Valley___ September 1,490,827 1,022,798 9,823,592 7,924,149
Illinois Central____ September 10802501 7,525,564 79.224,556 64,232,608
Intornat Sc Gt Nor. September 1,354,736 1.158.776 9,804,122 8.722,511
Kan City Mox Sc Or September
174,320
97,852
879,713
979,641
ICO Mox & O o f Tex September
115,348 101,516
946,328
887,957
Kansas City South. 8optombor 1,418,203 1.135,796
9.090,471
10.980,045
Toxark Sc Ft Sm. September
96,028
86,650
886,382
810,853
Kansas City Term. September
113,616
91.304
918.586
836,764
Lehigh Sc Hud R iv. September
191,754 196,486 1.713.074 1,716,889
Lehigh Sc New Eng. October
305,513 349,263 3,317,265 3,548,994
Lcliigh Valloy_____ October
6,292,522 4.970,374 53,678,353 44,935,979
Los Ang & Salt L ._ September 1,380,407 1.008.777 10,577,281 9,351,412
Louisiana Sc Arkan. September
127,078 147.084 1,254,337 1.137,844
Louisiana Ry Sc Nav September
268.860 242.028 2,253,573 1,729,302
LouLsvlllo & Nashv. September 9.991,340 6,434.755 73.368,542 55.678.848
Louis Ilend & St L September
289,276 203.767 2,049,989 1,639.407
Malno Contral_____ September 1,646,584 1,263,366 12,127,842 10,592,948
Midland Valloy____ October
332,255 264,234 2,853,022 2,370,349
Mineral R an go___ 3d wk Nov
24,098
22,013 1,024,823 1,077,284
Mlnneap & St Louis September 1,255,858 I,
042,067
8,737,277
8,069,273
Minn S t P & S S M . September 3,978,417 J. 135,822 24,289,868 25,456,001
Mississippi Central. September 1 134,684 108,119
982,709
633,832
Missouri Kan Sc Tex September 13.205.949 2.240.357 23,513.232 18.867.665 1
• Weekly Summaries.
1st week
2d week
3d week
4th week
1st week
2d week
3d wook
4th wook
1st week
2d week
3d •week
Sept
Sept
Sept
Sept
Oct
Oct
Oct
Oct
Nov
Nov
Nov
(16
(15
(14
(13
(10
(15
(15
(16
(16
( 12
(6
roads).___
roads)___
roads)___
raids)___
roads)___
roads)___
roads)___
roads)___
roads) _
roads)___
roads)___
ROADS.
Latest Gross Earnings.
Jan 1 to Latest Date.
Week or i Current
Month.
Year.
Previous
Current
Previous
Year.
Year.
Year.
j
$
%
%
M o K&T Ry of Tex September 11,931,359 1,439,720 14,225,824 11,076,647
M o & North Arkan. September
96,874 130.000 1.060.868 1,064,222
Mo Okla & Gulf__ September ! 171,284 143.991 1,360,088 1.390.409
Missouri Pacific__ September 8,453,365 6.510,903 64.787,367 57,489,019
M onongahela_____ September | 288,997 191.754 2,250,902 1.607.285
Monongahela Conn September ! 241,198 109,715 1,787,160 1,361,926
Nashv Chatt Sc St L September 2,215,233 1.342.238 15.653,628 10.957,623
No vada-Cal -Oregon 2d wk Nov
3,815
248,190
9,109
334,597
Nevada Northern.. September
265,871 219,627 1,985,887 1,819,548
Newburgh Sc Sou Sh September
156,934
90,850
999,140
742,894
New Orl Great Nor September
199,544 185.915 1,653,322 1.412,566
Now Orl & Nor East September
665.186 450.804 4.820.489 3.513.212
N O Texas & M e x .. September
150.817 111,055 1,464,053 1.005.939
Beaum S L & W . September
127,006
82,254 1,075,633
709,589
St L Browns Sc M September
485,480 295,618 3.199,829 2,879.462
Now York Central. September 30506322 21342154 210620888 176648597
Ind Harbor Belt. September
536,466 423,774 4,060,328 3,941,871
Lake Erie & W _. September
832,140 660,072 6,757,312 6,081,242
Michigan Centra! September 6,003.477 4,516,101 48,923,701 38,405,593
Clove O O & St L September 7,503,023 4,763,036 51,822,062 38.817.403
Cincinnati North September
258,741 239.835 1,981,440 1.801,414
Pitts Sc Lake Erie September 3,456,082 2,243,369 24,116.754 ,18,903,514
Tol Sc Ohio Cent. September
871.425 842.915 7.186,934 5.875.014
Kanawha & Mich September
629.714 337,014 4,293,447 2,666,353
N Y Chic & St Louis September 2,230.058 1,488,383 15,633,914 12,657,904
N Y N 1 1 & H artf.. September 10007110 7,894,171 75,702,148 63.939,269
N Y Ont & Western September 1.025,943 804,570 8,419.533 6,985,915
N Y Susq Sc W est.. September
344,020 276,702 3,084,357 2,665,843
Norfolk & Western. October
8.027,950 6.300,313 67,264.435 54.665.808
Norfolk Southern.. September
518,804 416.759 4,152,072 3.995.285
Northern Pacific__ September 10343044 7.342.480 70.645,843 64,682,895
Minn & Internat. September
62,601
63,919
773,371
806,604
Northwest’n Pacific September
560.187 465,451 4,292,644 3.583,364
Pacific Coast C o__ September
454,395 475,855
1,393,762
Pennsylvania RR__ October
36962924 26549030 300253436 243597375
Balt Chos & A tl. September
182,670 154,809 1,039,684
966,482
Cumberland Vail September
626,856 435,922 4,111,278 3.633.104
Long Island_____ September 2.301,729 1.910,499 17.044,260 12,838,720
Mary'd Del & Va September
133.132 110,232
778,166
751,992
N Y Phila & N or. October
727,733 488.939 6,126,779 4.609,282
W Jersey & Seash October
808,413 644.004 8,980,768 7.459.939
Pennsylvania C o __ October
10368824 7,438,264 77,375,671 66,025,767
Grand Rap & Ind October
691,073 550,658 6,015,246 5.486,302
Pitts C C & St L. October
8,996.414 6,526,122 72,249,641 61,350,878
Peoria & Pekin Un. September
113,334 101,310
941,688
913,934
Pore M arquette__ September 2.815,651 1,989.293 20,439,932 17,392,295
Plttsb Sc Shawmut. September
130,912
94,636 1,027,883
855.928
Pittsb Shaw Sc Nor. September
90,471 100,863
972,395
925,066
lhttsb & Wost Va._ September
167,630 162.755 1.411,657
Port Reading______ September
257,996 156,632 1,821,781 1.442*712
Quincy Om Sc KanC September
99,386
80,551
793,767
639.787
Reading Company:
Phila & Reading. October
6.750,197 6,194,124 66,329,562 55,837,679
Rich Fred & Potom September
830,613 394.557 4,958,407 3,562,115
Wash Southern.. September
418,412 224,394 2,716,923 1.839,600
Rutland__________ September
485,786 414,328 3.434,028 3,257,553
St Jos Sc Grand Isl. September
223,212 184,219 1,967,971 1.726,289
St Louls-San Fran. September 7.251.930 5,200.882 50.714,787 41,916,462
Ft W & Rio G r .. September
112,365 107.201
847,043
691.381
St L-S F of Texas September
102,041
90.863 1.038.040
849.989
St Louis S W S y st.. 1st wk Nov 368.000 363.000 16.485,767 14.327,813
St L Southwest.. September 1,061,289 952,085 9.582.230 8,292,003
S t L S W o f Texas September
515,514 535.377 5,012,394 3,941,225
San Ant & Ar Pass. September
487,533 434,113 3,087,345 2.927,911
Seaboard Air Line. . September 3,971,222^ 2,492.373 28,604,483 21,939,978
South Buffalo_____ October
140,108
94,427 1.301.921 1,014,232
Southern Pacific__ September 14583 550 11643531 111293855 94.966.809
Arizona East____ September
403,030 280,715 3,333,836 3,228.649
Galv Hous Sc S A September 2.0.58,877 1,807,943 15,888,501 14.388,058
lious & Tex Cent September
913,585 772,907 6,726,306 5,611,145
Hous E & W T ex. September
207.133 160,781 1.525.613 1,335,770
Louisiana W est.. September
402,276 313,379 3,235,334 2.528,133
Morgans La Sc Tox September
732,758 584,347 6,034,737 4.794.403
Texas & New Orl September
634,497 577,500 5.505.921 4.615,493
Southern Railw ay.. October
12269788 9,139,552 105380258 73.847,359
Ala Great South. September
971,361 619,087 6,720,937 5.137.530
Cln N O & Tex P . September 1.376.931 1,136,137 11,195,975
9,726,175
New Orl & Nor E September
665,186 450.804 4.820.489 3.513.212
Mobile & Ohio__ September 1.383,658 1,192,176 10,917,410 10,178.517
Georgia Sou & Fla September
316,991 265,643 2,600.015 2,070.746
South Ry in Miss September
145,679 115.804 1,013.057
890,158
Spokano Internat’l. September
93.714 100.760
745.237
692,632
Spok Portl Sc Seattle September
769,685 593,428 6.102,301 5.015.181
Staton Island R T . . September
202,198 140,474 1.401.613 1,157,479
Tenn 41a & Georgia 2d wk Nov
2,880
2,402
119,356
107,708
Tennessee Central. September
292.088 162.557 2.216,978 1,321,071
Term Assn of St L . September
368,687 293,397 2,828,705 2,868,272
St L Mer Brdg T . September
332.426 316.004 2,687,351 2.327,833
Texas & Pacific___ 2d wk Nov 571,529 488.323 22.616.673
19.029,444
Toledo Poor Sc West September
177,831 108.804 1.192,109
952,072
Toledo St L & West October
767,459 647.209 6.801,989 5,882,610
Ulster & Delaware. August
129,189 139,563
679.694
695,679
Union Pacific______ October
10897225 8.109,351 80,756,487 62,455.536
Oregon Short L _. September 3,283,077 2,741,863 24.617.878 22,287,153
Ore-Wash RR&N September 2,589,779 1,917,154 19.274,864 15,956,266
Union RR (P a)___ September
823,772 533,653 5,133.946 4.350.104
Utah......................... September
132,882
1.023.264
Vicks Shrev & Pac. September
254,059 195.188 1.871,225 1.493,400
Virginian R R _____ October
1.231,845 894,666 9,911,593 8,645,171
Wabash R R _______ October
5,067,330 3,830,117 39,418,661 33,551,697
Wostorn Maryland. September 1.455,299 1,205,513 11,009,406 9,938.958
Western Pacific___ September 1.036,991 985.519 8,348.466 7.256.096
Western Ry o f Ala. September
303,932 161,695 1.816.041 1.200,209
Wheel & Lake Erie. September 1.434,044 1.076.312 9,992,774 8.025,716
Wlch Falls Sc N W . September
110,043
83,371
763,279
751,300
Yazoo & Miss Vail. September 2.109,072 1.571,416 15.933.644
12,712.317
A G G R E G A T E O F G R O S S E A R N IN G S — W e e k ly a n d M o n th ly .
Current
Previous
Increase or
Current
Previous
Year.
Year.
Decrease.
* Monthly Summaries.
%
Year.
Year.
$
S
Mileage.
Cur. Yr. Prev. Yr.
%
$
%
7,102,544 5.908,578 + 1.193,966 20.21 November_.242.407 24! .621 360.062.052
326.757.147
6,484.655 5,584.164
+920,491 16.54 December . .247.988 247.265 343.875.052
7.230,476 6,251,935
+978,541 15.65 January____240.046 239,885 282.394.665 317.836.386
294.002,791
9.735,164 8,158,016 + 1.577,148 19.33 February___230.336 228.835
312.276,881
7,172,415 5,656,143 + 1.516,272 26.81 M arch_____ 238.891 237.463 362.761.238
285.776.203 260.627.752
7,762,172
6.931,491
+830,681 11.98 A p r il...........233,734 232.255 369.409,895 319.274.981
7,664,060 6,809,000
+855,060 12.04 M ay..............230,355 228,892
342.140.096
11,833,602 10.309,702 + 1,523,900 14.78 June_______ 220.303 219,294 374,237.097
363.165.528 323.163.161
7,581,166 6,615,360
+965,806 14.59 J u ly .............231,700 230,570 463,684,172 346.022,857
7,109,658 0,774,612
+335,016 4.95 August.........230,743 230,015 498.269.356 362,509.561
5.474,341
5.160.954
+313.387 0.07 September ..232.186 232,378 487.140,781 357.772,850
Increase or
Decrease.
%
$
+33.304.905
+26.038,666
— 11.608,120
+ 50.484,357
4-25.148.451
+50.134.914
+ 32,091.001
+40.002,412
+117661315
+•135759 795
+ 129367.931
10.13
8.18
3.95
16.22
9.65
15.70
9.38
12.38
34.00
37.45
36.16
THE CHRONICLE
2093
Latest Gross Earnings by Weeks.—In tho table which
follows we sum up separately the earnings for tho third week
of Novembor. Tho table covers 6 roads and shows 6.07%
increase in tho aggregate ovor tho same week last year.
Name of Road
or Company.
[Vol . 107
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Dale.
Current
Year.
Previous
Year.
S
Lewlst Aug & Waterv September
91,827 86,834
670,553
686.129
Long Island Electric. May
19,131
21,111
80,330
88,297
Louisville R ailway.. September 345,246 302,040 2,764,357 2,389,871
10.M2
Manhat Bdge 3c Line May
12.417
67,575
50.817
S
$
$
Buffalo Rochester & Pittsburgh
761.466 698,131 7,237,405 6,442,651
331,178
336,593
1,415 Milw El Ry & Lt C o. October
Milw Lt, Ht & Trac. October
Canadian Northern___________ 1,209,600
292,240 190,838 2,466,308 1,831.341
931,700 277,900
Montreal L, H & P__ October
Canadian Pacific______________ 3,582,000 3,565,000
970,106 905,216 5,297,130 4,822,709
17,000
Nash Alio Ry & Light September 271,642 210,085 2,081,799 1,811,617
Colorado & Southern__ ______
14,575
242,281
227,706
NowpN& HRy , G&E September 213,092 129,811 1,578,948
939,102
85,184
Duluth South Shoro & Atlantic.
77,942
7,242
176,641 167,784 1,844,277 1,676,290
Nevada-Cal El Corp. October
Mineral Range________________
22,013
2.085
24,098
N Y & Long Island.. May
40,928 36,654
166,154
159,837
13,618
14.525
54,141
60,954
Total (6 roads)___ _________ 5,474,341 5,160',954 318,802
5,415 N Y & North Shore.. May
N Y & Queens C o __ May
83,921
97,584
490.349
358,846
313,387
Net increase (6.07% )________
New York Railways. May
1017,842 1045,802 4,679,714 5.042,054
New England Power. September 338,160 215,462 2,500,482 1,869,358
Northampton T ra c.. July
21,578
19.059
122,831
130,577
Northern Ohio E lec.. September 659,934 560,563 5,412,121 4,804.703
North Texas Electric September 226,618 252,878 2,263,460 1,718,444
Ocean Electric (L I). May
11,854
36.896
10,134
34,850
Pacific Gas & Electric September 1965,619 1696.828 16,502,154 14,677,224
--------- G r o s s E a r n i n g s ---------------------N e t E a r n i n g s ---------Pacific Power & L t. September 167,678 155,206
C u rren t
P r e c io u s
C u rren t
P rev io u s
g■Paducah Tr & Lt Co August
26,280 23,298
204,534
198,993
R oa d s.
Y ear.
Y ear.
Y ear.
Y ear.
Pensacola Electric Co September
47,385 31,397
367,306
257,439
S
S
S
S
Phila Rapid Transit. October
2462,189 2602,141 26,056,022 24,692,268
Baltimore & O hio-b ____O ctl8 ,26l,057 12,50.5,425 1,443.264 5,668,095
Phila & W estern..
October
45,285 49,440
Jan 1 to Oct 31______ 143,303,243 111166,993 12,634,438 36,819,358 Portland Gas & Coke September 173.504 119,021
Canadian Northern____ Oct 5,175,000 3,941,600
819,500
591,1 >0 Port(Ore) Ry.L&PCo. September 672,791 501.149 5,660,876 4,381,385
86,017
July 1 to Oct 31______ 16,898,600 14,533,400 1,537,700 2,510,100 Porto Rico Railways October
72,493
865,213
744,454
1000.310 586,369 6,608.432 5.136,058
Canadian P acific-a____ Octl5.682,780 14,733,774 5,085,835 5,054,702 g Puget Sd Tr, L & I’ August
Jan 1 to Oct 31_____ 126,763,755 124127.290 28,292,903 37,376,847 g Republic Ry & Light September 443,863 426,250 4,151,145 3,469,834
Rlcnmond Lt & R R . May
39,705 36.881
167,111
563,698
Chesapeake & O h io,b_._O ct 7,467,628 5,046,572 2,401,045 1,593,040 St L Rocky M t & Pac September 433,086
331.960 3,917,457 2,821,102
Jan 1 to Oct 31......... .59,367,963 44,978,312 15,113,892 13,464,771 Santiago El Lt & Tr September
59,887
51,639
500,394
421,204
Delaware & H u dson.b-.O ct 3,172,081 2,867,915 def442,931
572,337 Savannah Electric Co September 101.467 82,259
858,149
698,867
Jan 1 to Oct 31........... 29.254.666 25,266,078 3,322,590 6,139,981 Second Avenue (Rec) May
313,010
77 890 69,222
312,004
83,010
18,639
18.841
86,764
Del Lack & W est.a_____ Oct 6,729,812 5,352,937 2,027,920 1,772,320 Southern Boulevard May
Southern Cal Edison . September 815,183 712,529 6,015,679 5,972,705
Jan 1 to Oct 31______ 56,466,123 48,044,405 13,541,727 15,033,583
Staton Isl M idland.. May
122,195
25,600 29,128
104,205
Cent ItU o f N J . b ______ Oct 4,434,685 3,299,777 1,362,920
842,986 Tampa
Electric C o .. September
752,562
91,614 79,667
785,287
Jan 1 to Oct 31_37,526,592
31,073,859 8,769,555 9,713,537 Tonn Ry.Lt
& P C o. September 557.768 410,940
Lehigh & New E n g .b .-.O c t
305,513
349,263
75,351
136,333 Texas Power & Lt Co September 326.820 231,569
Jan l to Oct 31_ 3,317,265
3,548.994
970,925 1,203,915 Third Avenue Ry__ May
330,733 350,327 1.593,223 1,705,118
990,760
920,618
Lehigh V alley.b...............O ct 6,292,522 4,970,374
D D E B & B R R . May
189,439
37,730
180.225
40,461
Jan 1 to Oct 31...........53,678.353 44,935,979 6,946,991 10,483,558
42dStM&StNA Ry May
658,863
715.193
149,763 150,474
May
1,165.959
Union
RyCo(NYO)
1,047,046
237.919
250,676
Midland V alley.b............Oct
332,254
264,234
88,395
97,596
Yonkers Railroad. May
323,046
72.069 72,489
315,513
2,379,348
787,558
732,384
Jan 1 to Oct 31... 2,853,021
N Y City Inter Ry May
280,371
307,661
60,725 64,502
Pennsylvania R R .b ___ Oct36,962,924 26,549,030 4,157,382 6,103,749
Belt Lino Ry Corp. May
54.282 60.290
287.550
250,417
Jan 1 to Oct 31_____ 300,254,436 24,597,375 31,143,834 57,653,068 Third
Avenue System October
797.504 896,965
Pennsylvania C o.b...O ctlO ,368,823 7,438,263 1,427,289 1,707,489 Twin City Rap Tran. October
751,697 805,687 8,051.211 8,537,793
Jan 1 to Oct 31______ 77,375,670 66,025,766 7,745,262 14,762,755 Virginia Ry & Power. October
594,948 609,622 6,539.811 5,405,430
943.843
Pitts Cine Ch & St L.bOct 8,996,414 6,526,122 1,340,655 1,494,701 Wash Balt & Annap. September 323,665 179.669 2,105,150
217.326
204.998
44,570
50.632
Jan 1 to Oct 31........... 72,249,641 61,350,878 8.178,766 15,157,494 Westchester Electric. May
863,497
York Railways______ October
888,983
92,737
80,583
Pennsylvania System—
261,807
314,517
40,657 33,797
Grand Rap & Ind. b .-O c t
691,073
550,658
149,045
108.462 Youngstown & Ohio. September
Jan 1 to Oct 31_ 6,015,246
5,486,302
705,144 1,100,816
a Now covers only the lines east of York Beach, M e.; in tho first four
N Y Phila & Norfolk b Oct 727,733
488,939
98,258
124,575 months of 1917 covered also tho lines west of York Beach, Me. b Repre
Jan 1 to Oct 31. 6,126,779
4,609,282 1,119,961 1,277,363 sents income from all sources, c These figures aro for consolidated com
Norfolk & Western.a . ..O c t 8,027,950 6,300,313 1,973,512 2,157,135, pany. / Earnings given in mllreis. g Includes constituent companies.
Jan 1 to Oct 31...........67,264,435 54,665,808 14,195,423 18,316,987
Reading Company—
Phila & R e a d in g .b ...Oct 6,750,197 6.194,123
335,159 1,889,003
Jan 1 to Oct 31........... 66,329,561 55,837,679 12,748,712 17,759,428
South B uffalo.b _______ Oct
140,108
94,427
32,552
12,196
Jan 1 to Oct 31........... 1,301,921 1,014,232
282,102
272,261
------ Gross Earnings--------------Net Earnings-----Southern R ailw ay.b ____Octl2,269,788 9,139,552 3,857,331 3,490,290
Current
Previous
Current
Previous
Jan 1 to Oct 31_____ 105,380.258 73,847,360 30,888,355 24,387,094
Year.
Companies.
Year.
Year.
Year.
Toledo St L & W e s t.a ..Oct 767,459
647,209
195,957
171,013
$
*
S
S
Jan 1 to Oct 31______ 6,801,989 5,882,610 1,221,625 1,558,805 American Tel & T el.b.Ju ly 2,994,529 2,570,643 1,320,446 1,313,721
Jan 1 to July 31______20,379,075 18,594,677 11,056,898 10,134,911
Union P a c ific .b .............. Oct 10,897,725 8,109,350 5,278,496 3,792,765
Jan 1 to Oct 31........... 80,756,488 62,455,537 32,672,843 25,282,733 Montreal Power, a ____ Oct
905,216 ■ 527,507
495,116
970,106
M ay 1 to Oct 31_______ 5,297.130 4,822,710 2,757,791 26,612,012
Virginian R ailw ay.a___ Oct 1,231,845
894,666
107,168
351,769
Jan 1 to Oct 31........... 9,911,593 8,645,171 2,174,724 3,617,050 Porto Rico R ys------------ Oct
32,447
72,493
35.546
86,047
332,387
362,213
Jan 1 to Oct 31______
865,213
744,454
W abash.b......................... Oct 5,067,330 3,830,117 1,109,202 1,214,243
Jan 1 to Oct 31______ 39,418,661 33,551,697 6,634,635 10,268,601 Providenco Telephono. b.O ct
40,036
53,025
195,978
188,660
320,503
405,996
Jan 1 to Oct 31______ 1,558,267 1,438,101
West Jersey & Seashore a Oct 808,413
644,004
203,636
55,711
Jan 1 to Oct 31______ 8,980,768 7,459,939
580,606 1,243,545 Santiago Elec Lt & Pow.Sept
19,030
25,149
51,639
59,887
a Net earnings here given are after the deduction of taxes,
421,204
203,047
130.845
Jan 1 to Sept 30______
500,394
b Net earnings hero given are before the deduction o f taxes.
105,111
137,096
South’ n New E ngT el.b.S ept
409,286
437,599
926,304
Jan 1 to Sept 30........... 3.793,849 3,585.621 1,028,276
a Net earnings here given are after the deduction of taxes,
b Net earnings here givon are before tho deduction of taxes.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Balance,
Gross
Net after
Fixed
Name of Road
Surplus.
Earnings.
Taxes.
Charges.
Week or
or Company.
Current Precious Current
Previous
S
S
S
$
Month.
Year.
Year.
Year.
Year
21,264
26,026
Adirondack Elect Oct '18
47,290
161,932
13,361
Power
Corp
(Glens
'17
34.457
21,096
147,158
S
66,770
Falls, N Y)
12 mos T8 1,794,744
256,176
322,946
AdirondackElPowCo October
161,932 147,158 1,488, 031 1,332,822
191,618
256,466
'17 1,612,154
448,084
Alabama Power C o .. September 274,022 195,767 2,158, 579 1,509,119
5,960
Baton Rougo
Sept '18
21,909
3,483
9,443
Amer Power & Lt Co September 1249,284 942.377
6,612
Electric Co
'17
9,791
3,179
19,710
13,690
Atlantic Shoro R y__ September
18,378
195,788
135* 344
81,464
40,362
12
mos
'18
121,820
254,584
Aurora Elgin & Chic. August
212,237 217,103 1,391 769! 1,435,993
77.949
37,431
115,380
'17
227,918
Bangor Ry & Electric September
83,952 80,836
647,057
685 717(
Baton Rouge Elec Co September
21,909
27,656
170,524 Blackstono Valley Sept '18
193 244
19,710
23,374
51,030
214,109
Blackstone V G & El September 214,109 168,564 1,744 027! 1,436.010
33,022
Gas & El Co (R I)
T7
22,702
55,724
168,564
Brazilian Trac, L & P September /9081000 /7925000 /77730 000 /68430.000
393,063
281,090
12 mos '18 2,299,860
674,153
Brock fr Plym St R y. September
97,382
9,506
392,456
11,699
82 611
269,808
'17 1,909,586
6G2.264
Bklyn Rap Tran Syst May
2761,039 2607.401 12,466 574 12.201.995 Brockton & PlymJ. Sopt ’ 18
dof 743
1,425
682
9,506
Capo Breton Elec Co September
46.027 39,805
369 ,202,
331,950
def 592
1,259
Street Ry Co
'17
11,699
667
Cent Miss V El l*rop. July
28,981
190 .036!
173,802
26.196
16.422 def20.411
109,543
def9,989
12
mos
'18
Chattanooga Ry & Lt September 173.242 72,342 1,347 ,673
935,307
14,231 defl2,502
1.729
'17
124,645
Cities Service C o___ October
1784,000 1659,665 18,652 .716 15,807,391
5,611
5,254
10,865
46,026
Clove Painesv & East September
50,941
52,596
416 826
409,407 Capo Breton Elec Sept '18
8,907
14,177
5,270
Co
'17
39,805
^Columbia Gas & El. October
856,709 835,614 9,353 690 8,718,356
72,757
63,007
12 mos '18
135,764
501,334
Columbus (Ga) El Co September
876 585
95.028 9 1.873
781,745
106.165
63,340
'17
169.505
443,606
Colum (O) Ry P & L. September 331,983 349.881 3,122 ,090 1,924,029
8,592
11.785
50,941
20,377
Com’w'th P, Ry & Lt September 1920,908 1695,725 15,916 ,364 14,141.271 Cleveland Paines- Sept '18
7,778
11,565
19,343
ville & Eastern
'17
52,596
Connecticut Pow C o. September
97,746 76,472
724 ,434
632,939
36,326
104,273
140,599
9 mos '18
416,826
Consum Pow (M ich). September 569,829 491,699 1,679 ,618 4.141,415
53,725
105.146
158.871
'17
409,407
Cumb Co (Me) P & L September 299,726 281,195 2,416 267 2,321,650
Dayton Pow & Light October
5,667
218,689 174,387 1,902 .453 1,486,276 Columbus (Ga.)
28,421
34,088
Sept T8
95,027
g Detroit Edison___ lOetober
26,576
1268,289 1129,437 11,063 ,958 9,827,671
26,143
52,719
Elec Co
'17
91,872
346,702
pDetroit United Lines September 1710,423 1484,328 14,103 ,983 13.139.162
331,870
678,572
12 mos '18 1,190,906
Duluth-Superior Trac October
336,986
125,099 139,148 1,395 ,844 1,319,119
304,126
641,112
'17 1,037,936
East St Louis & Sub. September 385,033 320.857 3,050 .932 2,697,391 Conn cticut Power Sept '18
17,141
18,597
35,738
97,746
Eastern Texas Elec.JJuly
105,879 84,332
614 000
542,399
14,804
15,976
30,780
70,472
Co
'17
a El Paso Electric Co August
99.022 105,941
829 224
850,818
215,053
154,536
369,589
12
mos
'18
962,115
Fall River Gas Works September
57,350
522 955
64,173
427,356
218,024
181.533
399,557
'17
816,201
a Federal Lt & T ra c.!August
283.088 230,227 2.289 886 1,798,732
9,185
6.040
15,321
Edison El Ilium
Sopt '18
69,609
Ft Worth Pow & L t .. ISeptember 110,208 89,685
14,270
18,201
3,931
Co of Brockton
'17
58,891
Galv-Hous Elec Co..|Septomber 243,118 185.633 1,986, 492
,484,339
196,602
263,729 . 07,127
(Mass)
12 mos '18
782,719
Grand Rapids Ry Co September 113,480 114,773
957, 615
982,676
229,401
26,536
255,937
701,134
'17
Great West Pow Syst October
391,756 336,667 3,721, 362
,276,451
6,265
669
6,934
23,459
Harrisburg Railways September 110,299 103,594
878.328 Elec Lt & Pow Co Sept 'IS
976, 219
6,152
331
6,483
of
Abington
&
Rock'17
19,804
Havana El Ry, L & P September 714.696 617,641 6,042, 506
,036,586
44,918
6,534
51,452
land (Mass)
12 mos '18
221,520
Honolulu R T It Land September
523 ,803
527.491
62,657
62.793
42,228
2,881
45,109
HoughtonCoEl L Co.iSeptember
207,158
33,881
'17
301 ,718
303,436
33,135
Houirhton Co Tr Co September
246 ,916
259,929 Fall River (Mass) Sept '18
25.258 28,608
17,994
1
17,995
64,173
b Hud & Manhat RR September 395.697 352,103 3,620 ,534
20,793
,223,714
4
20,797
Gas Works
'17
57,349
Illinois Traction___ September 1302,353 1181.644 10,853 ,115
,806,320
254
160,838
161,092
12 mos '18
678,351
Interboro Rapid Tran September 3176,578 3073,471
,752.929
235,141
270
235,411
580,437
'17
Jacksonville Trac Co September
582
97.820 54.794
507 848 Galvcston-TTous
48,326
28,885
77,211
Sept '18
243,117
Keokuk Electric Co.(September
23.820 22,985
183,510
195,
28,012
39,302
67,344
(Texas)
El
Co
'17
185,632
Key West Electric Co September
19,153
12,659
143
104,730
548,331
347,004
895,335
12 mos '18 2,590,275
Lake Shore Elec Ry.'September 216,052 167,622 1,633,
,332,784
326,856,
346,400
673,256
'17 2,002.741
Third Week of November.
1918.
1917.
Increase. Decrease.
Net Earnings Monthly to Latest Dates.—Tho table
following shows the gross and net oarnings with charges and
surplus of STEAM railroad and industrial companies re
ported this week:
Electric Railway and Other Public Utility Not Earn
ings.—The following table gives tho returns of ELECTRIC
railway and other public utility gross and not oarnings with
chargos and surplus reported this weok.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Gross
Net after
Earnings.
Taxes.
S
$
33,880
10,357
noughton County Sept ’ 18
33,134
10,877
(Mich) El L t Co
’ 17
418,833
146,049
12 mos '18
418,036
190.181
’ 17
25,257
8,257
Houghton Co (Mich) Sept’ 18
10,338
28,607
Traction Co
T7
330,119
111,537
12 mos T8
341,753
135,145
T7
28,249
97,820
Jacksonville (Fla) Sept T8
54,794
15,901
T7
Tract Co
873,064
253,193
12 mos T8
668,171
219,881
'17
23,820
6,419
Sept T8
Keokuk (Iowa)
7,634
22,985
Electric Co
'17
260,924
64,096
12 mos T8
245,554
75,475
T7
19,152
9,351
Key West (Fla)
Sept ’ 18
3,949
12,658
T7
Electric Co
74,122
184,506
12 mos T8
134,253
45,606
T7
216,052
Lake Shore Elect Sept '18
65,481
167,622
R y System
’ 17
61,935
9 mos ’ 18 1,633,750
471,227
441,362
’ 17 1,332,784
Lowell (Mass) Elec Sept ’ 18
15,013
79,545
21,961
Light Corp
’ 17
59,151
825,396
240,769
12 mos '18
270,819
696,008
T7
153,831
761,466
Milwaukee Elec
Oct ’ 18
200,001
698,131
R y & Lt
'17
10 mos ’ 18 7,237,405 1,389,591
’ 17 6,442,651 1,583,885
65,604
292,240
Milwaukee Lt,
O c t '18
41,935
190,838
Heat & Trac
’ 18
481,118
10 mos '18 2,466,308
426,120
’ 17 1,831.341
148,475
183,811
Mississippi River Sept ’ 18
143,503
172,902
Power Co (Keokuk,
T7
Iowa)
12 mos T8 2,107,447 1,736,303
T7 1,920,781 1,552,419
176,641
105,370
Novatla-Calif Elec O c t ’ 18
167,784
Corp
’ 17
95,320
960,706
10 mos T8 1.894,277
927,051
’ 17 1,676,290
226,617
70,022
Nor Texas Elec Co Sept '18
252,877
(Ft Worth, Tex)
T7
122,740
12 mos ’ 18 3,127,135 1,277,310
T7 2,270,221
962,662
Pensacola (Fla)
47,385
Sept T8
14,066
T7
31,397
Electric Co
13,906
12 mos T8
459,326
157,492
326,874
137,042
T7
Sept T8
101,467
Savannah (Ga)
27,726
T7
82,258
25,035
Electric Co
12 mos T8 1,127,456
361,879
926,005
T7
311,416
57,827
26,981
Sierra Pacific Elec Sept ’ 18
58,981
32,142
Co (Reno, Nev)
T7
12 mos T8
719,514
381,075
670,289
371,971
•
’ 17
91,614
38,528
Tampa (Fla) Elec Sept ’ 18
79,666
33,430
Co
’ 17
431,712
12 mos ’ 18 1,034,038
452,397
T7 1,007,242
107,211
797,504
Third Avenue R y
O c t ’ 18
204,648
896,965
System
'17
617,914
4 mos ’ 18 3,409,708
921,055
---------'17 3,743,386
* After allowing for other income received.
Gross
Net
Earnings. Earnings.
$
S
Now York Dock Co O c t '18
461,850
200,855
446.004
’ 17
196,099
10 mos ’ 18 4,446,584 1,916,453
’ 17 3,967.895 1,954,625
751,697
Oct T8
Twin City Rap
201,440
805,687
17
213,616
Trans
10 mos T8 8,051,211 2,276,387
’ 17 8,537,793 2,840,862
Fixed
Balance,
Charges.
Surplus.
s
3,467
6,890
7,897
2,980
105.189
40,860
33,765
156,416
4,106
4,151
6,167
4,171
49,462
62,075
84,370
50,775
13,263
14,987
14,032
1.869
172,755
80,438
166,911
52,970
2,310
4,109
1,937
5,697
26,492
37,604
20,996
54,479
7,291
2,060
1,993
1,956
50,234
23,888
21,227
24,379
35,888
29,593
35,187
26,748
325,290
145,937
311,527
129,835
13,635
1,378
689
21,272
14,340
226,429
8,947
261,872
107,102
*56,692
94,224
x\17,512
1,025,381
*457,427
814,791
*852,417
44,121
*21,708
40,858
*1,073
437,738
*44,521
393,621
*33,255
103,865
44,610
104,334
39,169
1,255,409
480,894
1,130,376
422,013
55,200
*50,693
48,431
*47,206
530,510
*434,659
450,916
*481,255
25,212
*54,392
26,133
96,607
305,179 *1,087,131
313,704
648,958
7,410
6,656
6,742
7,164
84,468
73,024
80,556
56,486
23,497
4,229
22,540
2,495
279,133
82,746
269,263
43,153
5,192
21,789
5,200
26,942
63,575
317,499
62,774
309,197
4,344
34,184
4,244
29,186
52,113
379,599
44,411
407,986
219,914 *de.f99,243
223.382 zdef5.870
884,603zdef 213.718
891,943
*80,337
Fixed Chgs.
Balance,
& Taxes.
Surplus.
$
$
109,076
91,779
94.756
101,343
964,261
952,192
967,669
986,956
185,977
15,463
170,178
43,498
1,628,273
648,114
1,526,831 1,314,031
U n ited G a s a n d E le c tr ic C o r p o r a t io n .
Gross
Earnings.
Cltizons G & F Co Sopt
(Terro Haute, Ind)
12 mos
Colo Spgs (Colo)
L U & P Co
Columbia (Pa)
Gas Co
Sept
12 mos
Sept
12 mos
Conestoga Trac Co Sept
(Lancaster, Pa)
12 mos
,
Consumers E L & Sept
& P Co (New Orleans,
I, La)
12 mos
Edison Elec Co
Sept
(Lancaster, Pa)
12 mos
Elmira (N Y) W L Sept
& R R Co
12 mos
Harrisburgh (Pa)
L & P Co
Houston (Tex)
G & F Co
Sept
12 mos
Sept
12 mos
Houston IIts (Tex) Sept
v.. W & L Assn
12 mos
International Sys- Sept
fc_tom (Uuffalo, N Y)
12 mos
Lancaster (Pa)
G L & F Co
Sept
12 mos
Leavenworth (Kan) Sept
L H & P Co
* 12 mos
2093
THE CHRONICLE
N ov. 30 1918.]
24,688
25,090
311,725
282,394
55,974
54,272
594,992
563,468
4,116
3,484
36,216
29,873
115,834
106,532
1,253,789
1,191,345
35,980
31,756
385.108
365,178
68,106
58,709
781,559
696,165
114,708
94,993
1,364,543
1,241,204
69,405
67,662
978,689
862.109
51,594
40,248
654,365
566,859
2,570
2,790
31,734
29,357
720,073
706,581
7,978.099
8,196,749
27,967
24,791
275,760
242.534
20,616
17,211
259,351
230,712
Gross
Fixed
Net after
Balance,
Earnings.
Taxes.
Charges.
Surplus.
S
$
S
5,177
L ockp ort(N Y)
12,270
7,093
30,370
Sept ’ 18
5,012
L 1 U P Co
4,589
’ 17
25,723
9,601
102,143
82,791
• 19,352
12 mos '18
431,278
'17
103,157
68,291
34,866
363,053
Richmond (Ind)
Sept ’ 18
3,748
10,388
1,345
def2,403
L H & P Co
’ 17
3,931
9,946
2,180
def 1,751
12 mos '18
55,261
181,865
55,187
def74
'17
63,674 defl 1,077
52,597
186,356
Union Gas & Elec S ep t'18
16,780
4,890
2,558
2,332
Co (Bloomington, 111) '17
1,999
16,154
5,050
3,051
12 mos ’ 18
203,956
56,279
42,349
13,930
-I
’ 17
58,622
42,524
16,098
179,708
33,571
21,416
Wilkes-Barre (Pa) S ept'18
12.155
76,685
26,952
20,397
Co
’ 17
59,470
6,555
255,304
105,657
935,990
360,961
12 mos ’ 18
241,972
379.217
137,245
'17
783,173
465.582
305.838
Total
159,744
S ep t’ 18 1,445,863
281.275
244,956
’ 17 1,345,420
526,231
995,677
12 mos ’ 18 16,659,026 4,854,255 3,858,578
'17 16,010,244 6,378,254 3,545,682 2,832,572
FIN A N C IA L
R E PO R T S
A n n u a l, & c ., R ep o rts.— The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since N o v . 9.
This index, which is given m onthly, does not include
roports in to-day’s “ Chronicle.”
Full-face figures indicate reports published at length.
Steam Roads—
Page.
B o s t o n & M a i n e R R _______________ 2 0 0 7
P it t s b u r g h
R y _______________________ 2 0 0 9
Electric Roads—
A m e r i c a n C i t i e s C o _________________ 1 9 1 8
A m e r ic a n L ig h t & T r a c t io n C o . 183 9
B a r c e lo n a T r a c ., L t . & P . C o . .2 0 0 7
H u d s o n & M a n h a t t a n R R _______ 1 0 1 9
I n te r b o r o u g h R a p id T r a n s it C o . 183 7
N e w p o r t N e w s & H a m p to n R y .,
G a s & E l e c t r i c C o ________________1 8 3 7
O k l a h o m a R y _________________________ 1 9 2 0
P u g et S ou n d T ra c. L t. & P . C o . 1920
p u b l i c R y . & L i g h t C o ________ 1 8 3 8
S o u th e rn N e w
Y ork
P ow er
&
R y . C o r p ____________________________ 1 9 2 1
T h i r d A v e n u e R y . C o ______________2 0 0 4
U n i t e d L i g h t & R y s . C o ___________1 8 3 8
V i r g i n i a R y . & P o w e r C o ________ 1 9 1 6
Miscellaneous Companies—
A e t n a E x p l o s i v e s C o _______________ 1 8 3 3
A m e r ic a n A g r ic u lt . C h e m . C o . .1 8 3 8
A m e r i c a n C o t t o n O i l C o ___________1 9 1 6
A m e r i c a n L i n s e e d C o ______________ 1 9 2 1
A m e r i c a n M a l t i n g C o ______________ 1 9 1 7
A m e r ic a n R o ilin g M il l C o . 1 9 2 1 ,2 0 0 5
A m e r i c a n S t e e l F o u n d r i e s _________1 8 3 9
A m e r ic a n T y p e F o u n d e r s C o . .1 8 3 3
A m e r ic a n W a t e r W k s . & E l. C o . 2 0 1 0
B r o w n S h o e C o _______________________ 2 0 0 4
B u t t e & S u p e r i o r M i n i n g C o ___ 1 9 2 2
(J . I .) C a s e T h r e s h . M a c h . C o . .1 8 3 4
C e n t r a l F o u n d r y C o _______________ 2 0 1 0
C h a r c o a l I r o n C o ____________________ 1 8 3 4
C h i c a g o P n e u m a t i c T o o l C o ____1 9 2 2
C h i l e C o p p e r C o ______________________ 1 8 3 9
C h i n o C o p p e r C o ____________________ 1 9 2 2
C i t i e s S e r v i c e C o ____________________ 2 0 1 1
C o l u m b u s P o w e r C o _______________ 1 9 2 2
C o n s u m e r ’ s G a s C o _________________ 1 8 1 0
C o n t in e n t a l G a s & E le c t r ic C o . 2 0 0 6
C o m p u t in g - T a b u la t in g - R e c o r d
i n g C o _______________________________ 1 8 4 0
C r u c i b l e S t e e l C o ____________________ 1 8 3 2
D a v i s - D a i y C o p p e r C o ____________ 1 8 4 0
( J a c o b ) D o l d P a c k i n g C o _________1 8 4 0
G u l f S t a t e s S t e e l C o _______________ 2 0 1 1
I l e n d e e M f g . C o . . . ......................... . . 1 8 3 4
H o s te r - C o lu m b u s
A s so c ia te d
B r e w e r i e s C o _______________________ 2 0 1 1
Miscellaneous Cos. (Con.)
Page.
Independ. Breweries C o. 1841, 2005
International Nickel C o_______ 1917
Johnston & Collins C o________ 1923
(Julius) K ayser& C o__________ 2005
Lakeside Livestock C o________ 1923
Liggett & Mayers Tobacco C o ..2012
McAlister Gas & Coke C o______ 2012
Manhattan Gas & Electric C o . . 1841
Massachusetts Lighting Cos___ 1841
Maxwell M otor C o_____________ 1832
Mengel Box C o________________ 1842
Mergenthal Linotype C o______2013
Metropolitan Edison C o_______ 1842
Michigan Smelt. & Ref. C o___ 2013
Midvale Steel & Ordnance C o ..1842
Miller Rubber C o_____________2013
Minnesota Gas & Electric C o .. 1842
National Acme C o _____________ 1842
Nat. Conduit & Cable C o .1842, 1924
Nevada Consol. Copper C o___ 2014
New England Co.Power System 1924
New England Cotton Yarn C o ..2006
New Jersey Zinc C o____________1842
Ohio State Telphone C o_______ 2014
Penn Seaboard Steel Corp_____1835
Pennsylvania Water & Pow. C o .1924
Pierce-Arrow Motor Car C o____1924
Pittsburgh Brewing C o__ 1924, 2005
Pittsburgh Oil & Gas C o_______ 1924
Punta Alegre Sugar C o________ 2015
Ray Consolidated Copper C o__ 1925
Republic Motor Truck C o_____1835
Rivett Lathe & Grinder C o ___ 1835
Rogers-Brown Iron C o________ 1835
Securities Corp. General_______ 1835
Sinclair Oil & Refining C o______ 1843
St. Louis Rocky M t. & Pacific
C o .............................................. 1843
Stewart-Warner Speedom. C o .2015
Tacoma Gas & Fuel C o________ 1843
Tidewater Oil C o______________ 2005
Union Bag & Paper C o ________ 2015
United States Finishing C o___ 2006
Utah Copper C o_______________ 1925
Wayne Coal C o_______________ 1925
Western Canada Flour Mills Co.
1843, 200
Westfield Manufacturing C o__ 2007
Wright-Martin Aircraft Corp_1917
Net after
Fixed
Balance,
Taxes.
Charges.
Surplus.
New O rleans G reat N o rth e rn R ailroad Co.
$
$
8,144
3,572
4,572
(9th Annual Report— Year ended Dec. 31 1917.)
12,500
3,727
8,773
President W alter P . Cooke, Buffalo, says in substance:
130,920
44,864
86,056
122,462
46,727
75,735
Results.— Operating revenues increased $169,516; operating expenses
26,262
11.416
14,846 increased $274,353; taxes increased $29,112: additions to income increased
25.156
11.416
13:740 $92,932, and deductions from income decreased $6,969, resulting in a
216,431
o«(
149,527
66,904 decrease of $34,046 in net income.
The actual increase in operating expenses was about $230,000 instead of
208,036
149,515
58,521
as shown, due to chango in accounting for income received from
1,206
337
869 $274,353,
1,116
312
804 lumber companies for the use of the company’s main line by their log trains.
7,280
4,046
3,234 Practically all of this income was credited to joint faeilities-rents, whereas
6,452
3,882
2,570 in the previous year it was credited to operating expenses. The increase
in operating expenses resulted from an increase in wages, fuel, material and
35,449
26,700
8,749 supplies. The increase in fuel alone was $67,516, or 68.9%.
45,459
27,055
18.404
Hire of Equipment.— The increase of $14,332 in the amount received
479.792
154,202
325,590
from “ hiro or equipment” resulted from an increase in the company’s freight
535.793
323,845
211,948 equipment of 99 cars and a small increase in the per diem rate. The com
9,632
2,863 pany had a deficit in this account in the years 1913, 1914 and 1915, al
0,769
15,265
6,636
8,629 though the company owned as many freight cars in those years as it did in
152,108
70,241 1916, when it had a credit of $90,134. The chango in this account was
81,867
175,301
95,302 duo to better movement of cars, which resulted in an increase in the value
79,999
27,059
9,654
17.405 of a car day. The value of a car day in 1913 was $2 96; 1914, $2 36; 1915,
24,123
9,107
15,016 $2 40; 1916, $4 87, and In 1917, $5 29. It will be observed that the value
354,688
115,319
239,369 of a car day in 1917 increased 122% over 1915. The freight rates in 1916
326,399
104,483
221,916 and 1917 were the same as in 1913, 1914 and 1915.
The car shortage, which started about Sept. 1 1916, continued through
41,495
24,291
17,204
31,925
16,279
15,646 the first five'months of 1917, with the result that the net income for the
465,131
444,445
220,686 first five months was only $57,894. After the Esch bill, giving the I.-S. O.
504,530
234,077
270,453 Commission jurisdiction over the interchange, exchange and return of
freight cars, was passed by Congress, the Commission on Car Service of
27,356
15,386
11,970 the American Railway Association, effective June 4 1917, issued equaliaz34,543
13,832
20,711 tion orders requiring the company’s trunk line connections to maintain
393,863
186,081
207,782 with it an equal exchange of cars. Since that date the company has had
471,135
164,530
306,605 a fair supply of cars. Had the company’s trunk lines connections main
14.711
6,645
8,066 tained an equal exchange of cars with it during the first five months of the
14,942
6,714
8,228 year the net income would have been about $332,000, or about $80,000
204,252
82,189
122,063 greater than it was.
235,049
82,543
152,506
Industrial Department.— This department has been very successful in
1,027
130
897 getting people from the North interested in cut-over land, especially for
1.595
130
1,465 stock raising.
The Bogalusa Paper Co. began operating its $2,000,000 paper plant at
15,116
1,560
13,656
15,177
13,644 Bogalusa in Jan. 1918. We estimate that the operation of this plant
1,533
will
increase the annual freight revenue of the company about $200,000.
212,546
170.046
42,500
Renewals, &c.— 109,835 cross ties were renewed with 94.230 treated and
263,295
114,521 15,605
148,774
heart pine ties; 96 feet of pile trestle were filled, making permanent
1,768,924 2,126,262 dcf357,338 roadway;
2,889 feet of pile trestle were partially filled, but not completed.
3,036,748 1,877,249 1,159,499 Repairs were
made to 3,090 feet of pile trestle.
7,906
5,647
2,259
101 second-hand 80.000-lb. capacity coal cars were purchased for $39,465
10,571
8,488 f. o. b. Bogalusa; 62 of these cars were rebuilt, at the company's shops, at
2,083
77,322
50,812 a cost of $16,428, making the average cost per car, after being rebuilt, $656.
26,510
96,535
71.297 One obsolete locomotive was sold.
25,238
707
2,812
def2,105
Additions and improvements amounting to $192,608, were made, and
1,949
2,812
def863 property was retired amounting to $65,999, making, a net Increase in
13,749
34,608 def20,859 property account of $126,609.
61,037
34,599
16,438
Financial.— No capital obligations were issued.
2094
THE CHRONICLE
Equipment trust bonds, Series A, were reduced $50,000, leaving $100,000
outstanding at the close o f the year, which were paid $50,000 on Feb. 1 and
the balance, $50,000, on Aug. 1 1918. All of the company's rolling equip
ment now is free from car trust liens.
The company purchased for its own account, and holds in Its treasury
as a free asset, $264,000 Liberty Loan bonds. It also held on Dec. 31 1917
$24,900 Liberty Loan bonds for its employees.
Federal Management.— On Dec. 28 1917 the Federal Government took
over the possession, use, control and operation o f the road. On June 19
1918 C. M . Kittle, Fed. Mgr. o f the Illinois Central R R ., was appointed
Fed. Mgr. of the New Orleans Great Northern ItR., and since that date
the corporation officials have had nothing to do with operating the road.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1914.
1915.
.$1,916,218 $1,746,701 $1,658,477 $1,711,887
. 1,244,807
1,079,392
970,455
1,082,735
Taxes, & c.
58,667
35,596
.
87,780
39,574
. $583,631
$717,579
$593,556
$539,511
$90,134
. $134,466
Interest, rents, &c., rec’dt
9,285
3,113
3,230
57,885
. $775,982
$816,998
$542,624
$596,786
Hire o f equipment.
$3,213
$1,561
85,342
80,210
, $79,970
$86,978
Int. accr’d on fund. debt.. 418,233
423,233
420,733
426,808
Miscellaneous__________ .
24.822
22,283
21,835
20,470
. $252,957
$287,003
$67,737
$9,001
GENERAL BALANCE SHEET DECEMBER 31.
1917.
Assets-
$
R o a d A e q u l p t n 't - 1 6 , 1 4 7 , 4 0 7
O th e r in v e s t ., A c .
2 9 2 ,7 6 6
M ls c e i. p h y s . p r o p .
1 0 3 ,1 2 9
2 6 2 ,8 1 0
C a s h .............................
S p e c ia l d e p o s i t s ..
4 ,1 5 0
T im e d ra fts, A c . .
2 5 .0 0 0
L o a n s A b il ls r e c . .
T r a ffic , & c ., b a ls .
" 8 ,3 6 1
A g en ts A c o n d u c .
3 9 ,9 2 2
M ls c e ll. a c c o u n t s .
5 5 ,6 0 8
M a t e r ia l s A s u p p .
1 7 4 ,3 7 7
D is c , o n fu n d d e b t
7 5 6 ,7 9 8
U n a d ju s te d , A c .,
a c c o u n t s _________
2 7 2 ,9 4 1
T o t a l ......................1 8 .1 4 3 ,2 6 9
-V . 107, p. 1748.
1916.
$
1 6 ,1 2 3 ,9 2 7
3 ,7 7 8
8 3 ,9 9 9
2 ,5 5 0
2 5 ,0 0 0
1 9 5 ,0 0 0
1 0 ,2 4 2
1 5 ,6 2 7
9 4 ,7 3 2
1 0 3 ,2 4 7
7 7 8 ,6 3 3
1 9 5 ,5 2 1
1 7 ,6 3 2 ,2 5 7
Liabilities—
1917.
$
C a p i t a l s t o c k _____ 7 ,5 0 0 ,0 0 0
F u n d e d d e b t ............ 8 ,3 4 8 ,9 0 0
T r a ffic , & c ., b a ts .
7 ,6 2 6
A cco u n ts A w ages
1 9 0 ,4 8 1
M ls c e ll. a c c o u n t s .
1 5 ,6 1 1
U u m a t u r . I n t ., A c .
1 9 0 ,6 3 0
T a x e s a c c r u e d _____
1 4 ,8 6 4
O p e r a t in g r e s e r v e s
3 5 ,1 2 1
A c c r u e d d e p r e c 'n .
7 9 9 ,6 2 4
D e fe r r e d li a b ili t ie s
1 3 ,5 1 4
O t h e r u n a d ju s t e d ,
1 0 8 ,7 0 9
A c ., a c c o u n t s ..
3 1 ,9 9 0
A d d ’ ns to p ro p e rty
P r o f i t a n d l o s s _____
8 8 7 ,0 9 9
T o t a l ......................1 8 ,1 4 3 ,2 6 9
1916.
$
7 .5 0 0 .0 0 0
8 .3 9 8 .0 0 0
6 ,2 7 5
8 1 ,2 6 9
2 ,7 6 9
1 7 4 ,9 5 8
1 7 ,1 2 0
3 3 ,7 8 0
6 0 2 ,4 0 1
4 ,5 1 8
4 0 ,9 7 6
3 0 ,7 7 7
7 3 9 .4 1 3
1 7 ,6 3 2 ,2 5 7
Q uebec C en tra l R ailw ay.
(Report for Fiscal Year ended June 30 1918.)
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1917-18.
1916-17.
1915-16.
1914-15.
Freight revenues______$1,409,444
$1,215,001 $1,043,108
$903,398
Passenger revenues____
446,648
445,919
378,364
354,407
Mail, express, &c______
70,312
65,108
65,786
87,924
Total oper. revenues. $1,926,404 $1,726,028 $1,487,258 $1,345,729
Maint. o f way & struct$273,675
$243,225
$208,266
$181,026
'189,535
172,067
Malnt. o f equipment__
150,603
136,365
Transportation expenses
837,458
672,661
523,805
506,948
Traffic expenses_______
28,679
29,531
27,004
27,341
General, &c., expenses.
75,723
79,109
66,813
57,387
Taxes_________________ ___________
15,046
15,250
18,493
19,180
Total oper. expenses. $1,424,559 $1,207,401
$994,984
$928,247
Net operating incom o..
$501,845
$518,627
$492,274
$417,482
Other income__________
5,500
15,427
16,640
8,617
Gross income_______
$507,345
$534,054
$508,914
$426,099
Int. on debenture stock.
$175,314
$175,314
$175,314
$175,314
Int. on mortgago bonds .
82,247
82.247
82,247
82,247
Dividends p a id ............(5% ) 169,080 (5)169,080 (4)135,264 (4)135,264
Balance, surplus__
$80,704
$107,413
$116,089
$33,274
BALANCE SHEET JUNE 30.
1918.
1917.
1918.
1917.
Assets—
Liabilities—
%
$
$
$
C o s t o f m a in lin e
e x t e n s i o n s , A c . . 9 ,5 4 8 ,9 6 6
U n c o m p le te d w k s.
A d is tr ib . a c c t s .
4 1 1 ,3 3 0
C a s h ______ __________
1 5 1 ,4 9 0
A g en ts’ an d agen
c ie s b a l a n c e s ___
4 3 ,2 2 8
T r a ffic a c c o u n t s ..
4 5 ,4 0 9
F u e l, m a t e r ia l s A
s u p p l i e s _________
2 7 4 ,4 8 5
M i s c e l l a n e o u s _____
3 2 ,8 0 4
9 ,5 4 8 ,9 6 6
4 0 3 ,2 9 4
3 8 9 ,5 9 4
2 7 ,3 0 9
4 7 ,1 8 4
1 5 4 ,1 7 2
3 4 ,0 9 7
S h a r o c a p i t a l ______
4 % 1st M . d e b . s t k .
3 M % 2d M . deb.
s t o c k ......................
5 % 3d M . b o n d s ..
A u d ’d v o u c h ., A c .
T r a ffic a c c o u n t s ..
P a y r o l l s ........... .......
I n t . A d lv 3 . d u e A
a c c r u e d .................
U nexp. ap prop . A
r e s e r v e s . . ...........
R e s ’ v e c o n t ln g . f d .
x R e v e n u e b a l s ___
3 ,3 8 1 ,6 0 3
2 ,9 4 3 ,5 4 0
3 ,3 8 1 ,6 0 3
2 ,9 4 3 ,5 4 0
1 ,6 4 4 ,9 3 3
1 ,6 4 4 ,9 3 3
1 5 4 ,7 1 3
3 1 ,6 9 7
7 2 ,2 4 7
1 .6 4 4 .9 3 3
1 .6 4 4 .9 3 3
1 5 9 ,3 1 7
4 3 ,6 9 4
* 2 4 7 ,1 9 9
2 4 4 ,0 5 3
1 6 8 ,5 9 7
5 0 ,0 0 0
1 6 8 ,2 4 9
2 2 4 ,9 9 6
1 2 5 ,0 0 0
1 9 2 ,5 4 5
Total..............10,507,712 10,604,615
T ota l
. . . 1 0 , 5 0 7 , 7 1 2 1 0 ,6 0 4 ,6 1 5
* Includes in 1917 4% debenture stock accrued, $49,059, and 3 ^ %
debenture stock payable July, $28,786; 5% 3d Mtge. bonds payable July,
$41,123, share dividend payable July, $84,540, and interest and dividends
unclaimed. $43,691.— V. 107, p. 1670.
D o n n er Steel C o ., I n c ., B u ffa lo , N . Y .
(iSecond Annual Report— Year ended Dec. 31 1917.)
Pres. W . H . Donner on Jan. 31 1918 wrote in substance:
General Program.— Tho program for your plant [on Abbott Road, Buf
falo, N. Y .], as outlined in tho report for 1916, has progressed slowly. Of
tho three general items o f betterment planned tho most Important are now
in readiness, viz.: (1) The ore dock was sufficiently advanced during tho
season to take considerable o f tho ore for your Buffalo furnaces direct from
the boats and should bo completed for next season’s use. (2) Tho second
blast furnace was put in operation in August and six of the new open-hearth
furnaces started up in March, April, M ay, July, August and November,
respectively. The seventh furnaco will bo completed shortly. (3) Of the
finishing mills, only the 84-ln. plate mill Is In operation. The 18-in. con
tinuous billet mill, 14-in. continuous merchant mill and tho forgo and axle
plant are more than 90% completed and should bo started about tho first
of March. Buildings for the 10-ln. and 8-ln. mills have been completed
and installation of machinery is under way. Other improvements will be
finished as soon as practicable.
Tho plant Is therefore practically ready for full production of steel and,
while large shell steel orders on your books liavo modified tho immediate
necessity for finishing mills, their completion in tho near future will bo of
considerable advantage.
Tho fact that many o f tho contracts were placed so much below tho pre
vailing high prices o f the past year has, no doubt, militated to some extent
against deliveries.
Operations.— During the second year of its operation your company’s
business has been confined principally to tho manufacture ot pig iron and
semi-finished steel, for which tho unparalleled demand has continued.
Tho larger part o f your investment in improvements represents units in
complete and not in operation and which have not as yet beon remunerative.
Production has been restricted by the shortage of coal and coke, tho
scarcity o f labor and by transportation conditions. Congestion due to
construction work and insufficient dock facilities has materially increased
tho cost o f production.
The two blast furnaces at North Tonawanda, N . Y ., under lease to your
company were operated with very satisfactory results during tho year.
However, the margin of profit above their high cost o f production prac
tically eliminated under the recently established maximum price for pig
iron. The proposed deepening o f the Niagara River has not advanced
sufficiently to warrant the oxpondituro necessary to modernize tho furnaoos.
Financial.— As noted in tho report for 1916, tho “ bills payablo” of $2,200,000 (representing cash advancements) were retired in Jan. 1917, at which
time $2,400,000 o f the now pref. stock was paid in. Sltico that report
uwas issued the balance o f $1,100,000 pref. stock has been paid in, making
he total pref. stock $6,000,000. On Dec. 15 1917 an Increase o f $2,000,000
[V ol . 107
in the common stock was authorized, and this amount was subscribed and
paid for at par on Dec. 31 1917. Your company has thus added to its
original property investment approximately $9,500,000, of which $8,000,000
was secured from sale o f capital stock and $1,500,000 from surplus earned.
Inventory, &c.— Your inventory o f materials and semi-finished product
is quito large and represents a valuo of about $2,000,000 more than is
necessary for operations at this time. This excess consists principally of
ore, plates and billets. Restricted production and dolay in starting tho
new blast furnace reduced oro roquiroments from original estimates and a
considerable quantity of ore intended for this year’s consumption was held
at the mine. Plates aggregating over $600,000 were rolled on orders for
shipment to Japan and aro In stock at the mill, being held up by Govern
ment embargo. A large tonnage of billots is stocked for the 14-in. mill,
which will not be started until about March 1.
Prospects for 1918.— Your company’s production of pig iron and steel
should bo about double that o f 1917 and its capacity for finishing steel
several times greater than last year. Substantial orders for our Govern
ment and Its Allies are the most important work for tho immediate future
and should assure the best operation possible under existing conditions.
After the termination of tho war and normal business is resumed, there
will be an enormous demand for steel. It will take years to meet the
world’s requirements, and especially is this true as to rails, steel cars & ships.
(The company’s products include: (1) basic, foundry and malleable pig
iron; (2) ferromanganese; (3) blooms, billets and slabs; (4) open hearth
sheared plates; (5) merchant bars and bar products (rounds, squares flats
bands, half-rounds, half-ovals, hexagons, concrete reinforcing bars, special
automobile sections, &c.); (6) railway, automobile and carriage spring
steel; (7) light rails and fastenings; (8) small structural shapes (angles,
channels, zees, A c.); (9) axles and forgings ^locomotive and car axles, street
car axles, crank pins, piston rods and special forgings).]
COMBINED RESULTS FOR CALENDAR YEARS.
1917.
1916.
Total net earnings, after operating expenses, inch
repairs, maintenance and int. on bonds of sub. co s.$2,631,706 $1,166,058
Less— Depreciation_______________________________
716,027
350,242
Interest on bonds_______________________________
125,000
119,127
Reserve for Federal income and excess profits taxos 346,526
Preferred dividends (7 % )__________________________
358,750
Common dividends (1 % )__________________________
25,000
$547,463
Net income__________________ _______ ___________$1,060,403
CONSOLIDATED BALANCE SHEET DECEMBER 31.
A s s e ts—
1917.
R e a l e s t a t e , b l d g s .,
$
i m p t s .,
m a c h .,
e q u l p t . , A c . , less
d e p r e c i a t i o n ___ 1 2 ,4 0 5 ,7 0 7
D e fe r r e d c h a r g e s .
7 5 ,1 4 8
I n v e n t o r i e s .............. 4 ,8 8 9 ,5 8 5
C a s h ........... .................
3 5 3 ,3 9 2
A c c t s . r e c e i v a b l e . 2 ,2 9 6 .1 5 7
U . S . L ib e r ty b d s .
1 9 5 ,0 0 0
1916.
5
8 ,1 4 1 ,2 0 5
8 2 ,1 6 5
2 ,0 1 9 ,1 1 3
3 4 0 ,7 6 2
1 ,0 8 0 ,9 9 0
1 9 1 7 .’
L iabilities {C on.)
T erm
lo a n
fr o m
s t o c k h o l d e r s ___
A ccts. p a y a b l e ...
m i l s p a y a b l e ...........
O r e r e c e iv e d , p a y
m e n t n o t d u e ___
B o n d in t. a c c r u e d .
P r e f . d i v i d e n d _____
R e s e r v o fo r F e d e r ’ l
In com o A excess
p r o f it s t a x ...........
R eserve
fu n d s
r e lln ln g fu r n a c e s ,
e x tr a , r e p ’rs, A c .
S u r p lu s ( e a r n e d ) . .
1916.
$
i
1 ,0 0 0 ,0 0 0
1 ,4 9 5 ,5 3 3
1 ,3 3 3 ,3 2 4
________
1 ,1 1 7 ,4 6 6
2 ,2 0 0 , 0 0 0
1 ,1 3 3 ,3 2 5
1 0 ,4 1 7
1 0 5 ,0 0 0
..............
1 0 ,4 1 7
1 4 9 ,2 2 6
Total...............20,214,990 11,670,235
Liabilities—
3 4 6 ,5 2 6
Pref. stk. 7% cum. 6,000,000 2,500,000
fo r
♦Common stock.. 4,521,500 2,500,000
1st A Pur. money
6 8 ,8 9 9
5s 20-yr. g. bds.
1 ,6 0 7 ,8 6 6
($5,000,000 au.) 2,500,000 2,500,000
Bonds of sub. cos.,
not guar. byDonner Steel Co.,Inc.:
Donner SS. Co.
92,600
92,600
T o t a l ......................2 0 ,2 1 4 ,9 9 0
♦Increased from $2,521,500 to $4,521,500 Dec. 31 1917.
..............
5 3 ,0 6 3
5 4 7 ,4 6 3
1 1 ,6 7 0 ,2 3 5
U n ited S tates R u b b e r C o ., New Y o rk .
(Results for Six Months ending June 30 1918.)
Results for six months ending June 30 1918 reported by
the Now York Stock Exchange comparo with those for the
calendar year 1917 as follows:
CONSOLIDATED STATEMENT OF EARNINGS FOR S IX MONTHS
ENDED JUNE 30 1918 A N D CALENDAR YEAR 1917.
(.Subject to Adjustment at end of Fiscal Year.) 6 Mos. 1918. Cal.Yr. 1917.
Total sales.............................................................. $108,515,726 $176,159,694
M fg., selling and general expenses, and taxes.. 82,439,561 144,916,641
Operating profits___________________________ $26,076,165 $31,243,054
Cash discounts for prepayment_______________ $2,542,258
$4,416,943
Deductions for bad debts_____________ _______
394,304
607,529
Income charges, net__________________________
6,536,886
4,294,618
Interest on bonded debt______________________
1.982,4891
3.117,857
Other interest, net____________________________
535,352/
Reserved for Federal income and excess profits
3,801,850
and Canadian business profits taxes________
3,465,530
2,468,888
4,937,157
Dividends— U. S. Rubber Co. 1st pref., 8% p. a.
12,108
Second preferred, 6% per annum
24,216
9,321
cos__
To minority stockhold ers of‘ subsidiary
* '
20,693
Surplus for the period______________________
Surplus beginning of period-----------------------------
$7,792,709
31,891,207
$10,358,514
28,479,135
T otal....................................................................... $39,683,916 $38,838,649
Profit and loss items applying on prior p eriod ..
40,660
6,946,442
Balance, surplus____________________________ $39,643,256 $31,891,207
CONSOLIDATED GENERAL BALANCE SHEET.
(For June 30 1918, Subject to Adjustment at End of Fiscal Year.)
Assets—
June 30 ’ 18. Dec. 31 '17.
Prop., pLants & invest’ts, incl. rubber plant'ns.$132,322,696 $123,105,826
C a sh ......................................................................... 11,116,050
9,463,834
Accounts receivable__________________________ 41,692,422
36,313,607
Notes and loans receivable______________
1,422,530
2.056,906
Manufactured goods and materials (at cost)__ 76,760,203
72.440,170
Securities, incl. Liberty bonds and stock of IT. S.
Rubber Co. held by subsidiary companies__ 10,537,140
7,937,920
Prepaid, deferred and miscellaneous assets___
2,292,042
1,257,518
Total assets..............................................$276,143,083
$257,575,782
Liabilities—
Capital stock, first preferred___________ $61,722,200
$61,722,200
Capital stock, second preferred________
403,600
403,600
36.000.
000
Capital stock, common------------------------- 36,000,000
Minority, Can. Cor.sol. Rub. C o., Ltd., sto ck ..
320,655
320,655
8,548,084
Accounts payable— merchandise________
7,892,257
1,877,677
Acceptances pay. for import’ll of crude rubber..
2,191.720
Acer, liab., taxes & int. (incl. Fed. Inc. & exc.
5,249,718
prof. & Can. business prof, taxes, $3,801,850)
IP
5 815,597
19,430,955
Notes and loans payable.............
21, 249,995
--------------------------..................................
60.000.
000
U. 8. R. Co. -1st- S
c Ref. M . 5% gold bonds, 1947 60 000,000
2 600,000
2,600,000
Can. Cons. Rubber Co., Ltd., 6% g. bonds, 1946
9,000.000
9 000,000
General Rubber Co. 5% bonds, due Dec. 1 191823 500.000
Underlying bonds, duo Dec. 1 1918.a________
Cash deposited to provide for sam e.b--------- Cr 23 500.000
3,072,170
General reserves.c----------------------------------------- 10 746,409
1,316,529
1 316,529
Insurance fund‘ reserve.
485,323
549,338
Employees’ accident fund reserve_____________
741,753
7,707.891
Reserve for depreciation of property and plants.
1.240,498
Reserve for dividend on preferred stocks______
240,498
709,275
6,709,275
Fixed surplus— subsidiary companies.
31,891.207
Surplus______________________________________ 39 643,256
Total liabilities...................................................$276,143,083 $257,575,782
a This comprises U. S. Rubber Co. 6% bonds, $16,000,000; Morgan &
Wright 5% debentures, $5,000,000; Canadian Consolidated Rubber Co.,
Ltd., 5% debentures, $2,500,000; total, $23,500,000. See item on a
subsequent page, b Tho cash to cover tho principal of these items was
deposited with tho Central Trust Co. under provisions of our First and
Ref. Mtge. All bonds o f Eureka Flro Hose Mfg. Co. and Mechanical
Rubber Co. for which like provision was made were paid off and retired
prior to June 30 1918. c These reserves have been set up to provide against
shrinkage in inventories that may arise from post-war conditions, and
possible increase in taxes if the basis of taxation should bo changed by a
new revenue law— provision for taxes having oidy been otherwise made on
tho same basis as called for by existing tax laws.— V. 107, p. 1843.
In terty p e C orporation , B rook lyn , N .Y .
(Report for Fiscal Year ended Dec. 31 1917.)
President H . R . Swartz, Feb. 18 1918, wrote in substance:
Our businoss continues to expand in spito of adverso conditions incident
to all manufacturing during tho past year. Tho sales for tho year 1917 were
over 32% greater than for tho yoar 1910.
During tho yoar a sido magazine unit was dosigned, manufactured and
placod on tho market. Tho unit is so dosigned that it can bo applied to
standard Intortype machines already on tho market and when attached in
creases tile range of tho machino s product considerably. Duo to its
simplicity it lias proved to bo very popular and wo have not beon ablo to
manufacture it in sufficient quantities to fill orders, but provision lias been
mado for a greator production which will enable us to fill orders promptly
In tho future.
All modols of Intertypo machines are so standardized that while special
parts dotermino tho particular model, fully 75% of tho construction and
therefore of tho castings and manufacturing operations aro oxactlv tho samo
for all.
Tho experimental staff has in progress other mechanism of considerable
merit but it would be unwise to stato the nature of them at this time.
Expenditures for additions to machinery and equipment for tho year
amounted to $118,681, greatly increasing efficiency and will result in
improved product. All disbursements mado during tho year rotating to
patent matters liavo been charged direct to operating oxponsos and tho cor
poration continues to carry its valuable patents and patterns at a nominal
valuation of $1. The corporation is not now ongaged in any patent litigatl0The results of operation for the year show not profits of $190,420 after
reserving liberal allowances for depreciation of plant and for legal and other
contingent expenses. Owing to rising costs tho profits have not been as
large for tho yoar 1917 as they wero in 1916. Tho cost of all materials has
beon greatly increased and wo havo been handicapped by embargoes in
incoming and outgoing freight.
Of tho men in our omploy when war was declared 20% aro now in tho
service of tho Government.
,
Out of tlio Dec. 31 1916 surplus, and profits for tho year 1917. thero have
been paid four quarterly dividends of 2% oacli on tho First Pref. stock and
one dividend of 2% on tho 2nd Pref. stock outstanding, and in accordance
with tho Articles of Incorporation, thero was set aside to tho credit o f First
Prof. Stock Redemption Fund $10,000, being 50% of tho amount of tho
dividend paid on 2nd Pref. stock. A similar amount was sot aside last year,
and during tho current yoar tho fund was used in retiring First Pref. stock.
, ,
1917.
1916.
Profits and miscellaneous income after deducting cost!
of manufacture (exclusive of depreciation), admin-1
istration, A c-------------------------- ----------------- - - --------|
|$335,384
Less— Portion of cost of sundry additions and bottcr-)$190,420(
monts o f plant written off against operations; I
|
allowances for depreciation of plant; res. for legal |
|
and other contingent expenses.......................................)
[ 127,943
Not profit................................ - ....................................... $190,420 $207,440
Dividends paid on 1st prof, stock (8% ), $78,672; on 2d
prof, stock (2% ), $20,000...................- ..........................$98,672 $100,000
Writing down book value of patents to a valuation of $1. ______
51,039
10,000
Appropriated for 1st pref. stock retirement....................... 10,000
Reserve for retirement of 1st preferred stock.................Cr22,667
...........
Balanco surplus, Dec. 31--------------------------------------- $104,415
BALANCE SHEET DECEMBER 31.
Assess—
P a ten ts
N o t e s a n d a c c o u n ts
r c c c l v . , less rcservi
I n v e n t o r ie s , r a w in a
D e fe r r e d
1917.
S
8 0 3 ,4 9 7
l
1 3 1 ,7 1 4
7 1 7 ,8 3 7
1 ,2 2 7 ,5 5 8
s.
2 ,5 0 0
* 1 3 ,7 2 7
1 2 ,0 6 4
c h a r g e s .- -
1916.
1917.
Liabilities—
S
S
7 7 7 ,1 0 3 F ir s t p r e l . s t o c k _____ 9 7 7 ,1 0 0
1 S e c o n d p r e f . s t o c k . . 1 ,000,000
2 1 1 ,9 6 6 C o m m o n s t o c k ( n o
p a r v a lu e ) r e p r e
8 6 5 ,6 6 9
s e n t e d b y ___________ 6 5 0 ,0 0 0
A c c o u n t s p a y a b l e ___
8 0 ,2 9 0
9 4 7 ,9 8 5 D iv id e n d s p a y a b l e . .
1 9 ,5 4 8
P r o c e e d s o f n o t e s ___
7 ,8 2 9
4 4 ,9 4 4 M i s c e l l a n e o u s ________
2 3 ,0 1 4
1 5 ,1 0 2 S u r p lu s (s e e a b o v e ) .
1 5 0 ,8 1 7
2 ,9 0 8 ,8 9 8 2 ,8 6 2 ,7 7 0
$46,402
1916.
s
1,000,000
1,000,000
6 5 0 .0 0 0
4 9 ,0 8 1
4 0 ,0 0 0
4 4 ,9 4 4
3 1 ,7 4 2
4 0 ,4 0 2
T o t a l ........................... 2 .9 0 8 ,8 9 8 2 ,8 6 2 ,7 7 0
* Notes dopositod in accordance with liquidating agreement o f N ov. 30
1915.— V. 106, p. 1130.
R iordan P ulp & Paper C o ., L t d ., M on treal.
(Report for Fiscal Year ending Dec. 31 1917.)
Not p ro fits...................$1,032,943
$1,331,052
$95,316
Bond Interest_________
Preferred dividends (7% )
$70,000
70,000
Common dividends— (10%)450,000(4 >4)202,500
$292,559
$91,304
70,000
...........
$247,079
$90,000
70,000
Total deductions_____ $520,000
$367,816
$161,304
Balanco, surplus________ $512,943
$963,236
$131,255
BALANCE SHEET DECEMBER 31.
$160,000
$87,079
—-
S
P r o p e r t i e s . a ...........
7 ,5 5 0 ,4 5 7
S to c k s o f o th e r co s.
7 0 2 ,3 3 8
1916.
4 6 0 ,4 0 1
1 1 7 ,2 0 0
9 5 ,2 2 8
1917.
L ia b ilit ie s —
s
P r e fe r r e d s t o c k . . . 1 ,0 0 0 .0 0 0
C o m m o n s t o c k . . . 4 ,5 0 0 ,0 0 0
l s t M . s k . f d . d e b . 2 » ) :;6 .6 0 0
A cco u n ts p a y a b le .
4 8 9 ,2 4 5
A c c r u e d l i a b ili t ie s .
3 0 0 ,9 0 1
B a n k , A c . , a d v a n .........................
S u r p lu s a t r c o r g ’ n
2 5 5 ,5 1 3
S u r p lu s p r o f i t s . . . 1 ,8 5 1 ,8 1 3
1 ,0 0 0 ,0 0 0
4 ,5 0 0 ,0 0 0
1 ,8 8 1 ,5 0 0
3 9 5 ,5 0 5
5 2 ,6 8 3
4 9 6 ,0 0 0
2 5 5 ,5 1 3
1 ,3 3 8 ,8 7 0
9 ,9 2 0 ,1 3 1
T o t a l ...................... 1 0 ,4 3 4 ,0 7 2
9 ,9 2 0 ,1 3 1
S
7 ,2 9 5 ,0 7 4
b 6 1 9 ,2 6 8
I n v e n t o r ie s In lo g s ,
l u m . , s u p p . , & o . - 1 ,9 4 0 ,2 0 4
A c c o u n t s r e c c t v ’ le
(le s s r e s e r v e ) ___
1 1 0 ,8 5 5
C a s h - - ................
3 2 ,5 2 0
P r e p a i d l n s u r ., A c .
9 7 ,6 9 7
T o t a l ......................1 0 ,4 3 4 ,0 7 2
l,3 3 2 ,9 o 4
1916.
S
i Properties include timber limits, land, buildings, machinery and
lipment, Ac., at tho values adopted Juno 1 1912, with subsequent
lltions, less depreciation.
,
,
, Includes in 1917 investments in capital stock of Ticonderoga Pulp &
oer Co and other companies and Canadian Government war loan.
Contingent liabilities Dec. 31 1917 on bills under discount, $401,682.
4o provision has been mado in respect of Govt, tax for tho year 1917.
for the subsidiary Ticonderoga Pulp & Paper Co. (majority stock owned)
separate statement below.— V. 107, p. 1105.
C on su m ers’ G as Co. o f T o ro n to .
(70th Annual Report— Year ended Sept. 30 1918.)
Prosidont A . W . Austin wrote in substance:
During tho yoar 1,535 now service connections havo been mado, and as
thoro havo been practically no additions to tho street mains system those
services represent now business on existing main pipe lines.
The gcnoral shortage of coal a.id tho diificulties experienced by citizens
in obtaining sufficient coal for the boating of their houses has resulted in
laro quantities of gas boing used for tills purpose.
Tho consumption of
gas in munition plants, military establishments and for general industrial
purposes lias continued to increaso. Our manufacturing plant lias, there
fore, boon taxed to nearly the limit of its capacity. Economic conditions
have, of course, practically prohibited tho installation of now manufac
turing plants.
Notable increases in the cost of raw materials used in the manufactur,
of gas as compared with 1615 aggregated for tho late fiscal year $l,036,000e
as follows: Gas coal, increase per ton $2 55, or $499,215; gas oil, increase
por gallon 4.1c., or $265,376; labor, avorago increase per hour 13c., or
$201,914; taxes, increase $69,504.
Having these figures in mind, it is not surprising that the financial state
ment shows an adverse balance ($120,4261 afterpayment ot interest charges
and dividend. Your directors, however, have refrained from increasing the
price of gas to a point which would yield sufficient revenue to cover all of
the increase in the coi-t of gas. Unless there lie early prospect of reductions
in tho cost of raw material, further increase in tho selling price of gas will
bo necessary. Your directors have been anxious, however, to demon
strate that they were earnest in their efforts to maintain the price of gas
at the lowest possible figure.
On April 5 the not price of gas was increased from 80 cents to 90 cents
por 1,000 cu. It. The city, as a shareholder, asked for an investigation
relative to this increase. Commissioner of Finance Thomas Bradshaw and
City Auditor Walter Sterling were appointed to make the investigation,
and brought in a report fully justifying tho increase.
There are 414 names on the honor roll of the company employees who
havo enlisted for active military service oversoas; 48 of these have given
their lives.
Annual Comparison—
Meters.
Gas Sales.
$3,811,387
Yoar ending Sept. 30 1918...................................113,022
Yoar ending Sept. 30 1917...................................108.719
3.007,424
Data from General Manager A rth ur Hew itt, O ctober 23 1918.
Output of Gas.— The increase in the output of gas for the past year has
amounted to 517,986,000 cu. ft., or 12.33%, notwithstanding the day
light saving regulations which came into force during the year, and the
restrictions placed by the Fuel Comptroller on outdoor lighting. Prior to
this year the maximum gas output for one day had amounted to 13,755,000
cu. ft. That was on Sept. 10 1917.
Financial.— Taxes, including workmen’s compensation and the Dominion
income war tax, amount to $204,972, an increase of $51,792 over the pre
ceding year, and $69,504 over 1915.
The average rate being paid at the present time for labor at the manu
facturing plants is 72.36% greater than tho rate paid in 1915.
When, m a former period, the cost of coal was as high as it is to-day,
gas was sold for $2 50 net per 1,060 cu. ft.
70th Anniversary.— Tills being the 70th year of this company’s existence,
it will bo a matter of interest to review some of the records of the company
during the past 50 years.
Statement Showing Output of Gas, Meters in Use, Population of City, Con
sumption per Capita, &c.
No. of
Consump. Pop. Miles Price
Com- Output
Popu- perCapita per
of
of
Meters
pany Thousand
lation. Cu. Ft. Meter. Main. Gas.
in Use.
Year— Years. Cu. Ft.
38,596
1,254
50,000
478
40
42 $3.00
1868 - - - ,-.20
1,227
22
124,118
3,285
70,867
85
2.00
1878 . . . -.3 0
414,672
10,020 126,169
2,368
13 163
1.10
1888 - - - ...4 0
24,257 190,000
3,303
8 242
707,211
.90
1808 . . .
6 361
53,368 320,000
5,900
.75
1008 . . . -.6 0 2,000,804
8,624
4.6 586
1918 . . . -.7 0 4,720,502 113,022 520,000
.85
In 1868 thero was one gas meter for every 40 inhabitants, whereas now
there is one meter for every 4.6 inhabitants.
Tho amount invested in plane per 1,000 cu. ft. o f output in 1868 was
$12 46 as compared w'ith $2 18 in 1918, the capital expenditure per unit
now being one-sixth of what it was In 1868.
This fact, coupled with the limited dividend rate, makes tho capital
burden (dividends and interest) 12.73c. per 1,000 cu. ft. of gas sold, w hich
is a remarkably low figure for this continent.
Gas was first supplied in Toronto on Dec. 28 1841.
A ton of gas coal in an efficient carbonizing plant will yield 10,000 cu. ft.
of gas, from which may be extracted a certain percentage of benzine and
toluol. It will produce approximately 1,350 lbs. of coke, from which,
after providing the necessary fuel for the producers, there will be left a
rosiduo of from 800 to 850 lbs. of coke to bo marketed as fuel for steam rais
ing, industrial purposes and for domestic use. It will yield ten imperial
gallons of tar, from which may be recovered toluol, benzine, fuel oil, acids,
dyes, &c. Another important by-product is ammonia, useful in the
manufacture of fertilizer and for retrigeration and other purposes. There
is also, as a minor by-product, retort carbon, which is used in the manu
facture of carbon electrodes for searchlights, electric steel furnaces, Ac.
It is estimated that the percentage of efficiency obtained from coal in
a gas works will run from 60 to 70%.
OPERATIONS AN D FISCAL RESULTS FOR YEARS ENDING SEPT. 30.
1917-18.
1916-17.
1915-16.
1914-15.
Meters, N o.......................
113,022
108,719
104,541
102,548
Receipts from gas sales..$3, 11,387 $3,007,424 $2,487,674 $2,423,921
Residuals, coke, tar, &c.
852,982
897,498
851,119
737,500
Merchandise sold, piping
and burner, rentals, Ac.
430,587
391,427
299,013
278,587
Total income.................. $5,095,006 $4,296,349
Oper. expenses & taxes_ 4,318,341
3,343,042
PROFIT AN D LOSS ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
P rofits.............................. $1,943,651 $1,526,616
$427,049
$375,863
lleservo for depreciation. $766,055
$149,481
$69,862
$65,951
Interest paid....................
120,153
46,083
64,628
62,833
Discount on securities__
24,500
-------------------------
1917.
2095
THE CHRONICLE
Nov. 30 1918.]
Net earnings_________ $776,665
Deduct—
Interest________________
$34,330
Dividends (1 0% ).............
530,645
490,791
Renewal fund__________
Received for damage of
Bathurst St. property............... ..
Reserve fund____________Cr.279,100
Balanco, sur. or d ef..
None.
$3,637,806
2,718,229
$3,440,008
2,574,619
$953,307
$919,577
$865,389
$46,271
495,741
436,295
$50,998
488,200
478,170
$47,380
488,200
480,065
Cr.25,000
None.
def .$97,792 def .$150,256
BALANCE SHEET SEPTEMBER 30.
1917.
1918.
1918.
L ia b ilitie s —
A s s e ts —
S
S
$
P l a n t , A c ................... 1 0 ,2 8 1 ,2 7 6 1 0 .1 3 2 ,8 4 7 Stock__________ 5 ,3 6 0 ,7 0 0
O t h e r in v e s t m e n t s
2 0 5 ,9 5 0
2 0 5 ,9 5 0 R e s e r v e f u n d ______
4 0 5 ,8 5 6
6 3 2 ,8 2 5 R e n e w a l f u n d _____ 1, ,7 6 6 ,9 8 7
7 4 1 ,7 9 8
M a t e r ia l s , A c _____
1 3 5 ,9 9 1 S u n d r y a c c o u n t s . .
C a s h ..............................
1 4 1 ,0 7 3
2 4 5 ,9 5 8
A c c t s . r e c e iv a b le .
3 1 0 ,3 8 3 R e s . o f d t v i d e n d s .
3 7 2 ,0S 9
1 3 3 ,6 5 8
S p e c. b a n k a d v ’ces
9 2 9 ,8 3 7
U n p a id c a p . s t o c k
2 5 2 ,0 1 5 S t o c k p r e m .( 1 9 0 4 ) 2 , 8 4 0 ,8 7 7
s u b s c r i p t i o n _____
2,212
2 ,2 7 3 A c c r u e d lia b ili t ie s .
M i s c e l l a n e o u s _____
6 0 ,5 2 5
T o t a l ......................1 1 ,7 4 4 ,3 9 8 1 1 ,6 7 2 ,2 8 3
— V. 107, p. 1840.
T o t a l ......................1 1 ,7 4 4 ,3 9 8
1917.
$
5 ,3 6 0 ,7 0 0
6 8 4 ,9 5 6
1 ,6 0 8 ,3 1 3
2 4 3 ,3 8 9
1 2 9 ,5 9 1
7 6 7 ,6 8 2
2 ,8 4 0 ,8 7 7
3 6 ,7 7 5
1 1 ,6 7 2 ,2 8 3
*
Stover M a n u fa c tu r in g & E n gin e C o ., Freeport, 111.
(2d Annual Report— Year ended Dec. 31
1917.)
President W . A . Hance said in substance:
During tho latter part of 1916 wo opened branches at Omaha, Kansas
City and Indianapolis. These branches met with unusual success and we
havo every reason to believe that during 1918 they will show increasingly
good results. Early this year we installed another branch at Minneapolis,
to handle our Northwest business.
During tho year 1917 our foreign business dropped off nearly 50% from
normal, duo to tho chaotic state of affairs in Europe. With conditions
settled, ovtm to a partial extent, we have no doubt wo shall have tho same
good inquiries and orders that we had in the past years.
Our inventory is nearly $500,000 in money value greater than last year,
duo to tho excessive costs of raw materials, and naturally our cash on hand
is less than a year ago, from the same cause. Our stock of raw materials
is in excess of normal times. We have maintained a surplus at all times
during tho past year, and have been able to operate our plants at full
capacity during the past winter, as labor can be more easily obtained than
during the summer. The financial condition of tho company is very satis
factory and tho indebtedness is small.
Tho gross manufacturing profits for tho year 1917 were $624,715 tho net
profits after deducting all charges, including an estimated income and excess
profit tax of $56,000, was $361,854.
[Operates windmill, hardwaro and gas and oil engine plants.]
3096
THE CHRONICLE
E AR N IN G S FOR 8 MOS. E N D . DEG. 31 1916 A N D C AL. YE AR 1917.
Cal.Year
8 M os.
1916.
1917.
property
'$386,563
. 117,738
$624,715
228,002
.$268,825
) 12,859
$396,713
21,142
.$281,684
. $35,000
. 60,667
$117,855
(^ S u rp lu s '-_____________________________________________$186,018
B A L A N C E SHEET DECEM BER 31.
$313,855
Dividends on com
m on stock
____________________
91.000
13.000
A ssets— ■ ' 1
19 17.
19 16 .
H e a l e s t ., b l d g s .,
m a c h ., T u r n .,f i x
tu r e s , g o o d w il l,
A c . , less d e p r e c .$ 1 ,4 3 0 ,7 7 8 $ 1 ,4 3 9 ,1 0 0
1 7 3 ,3 6 k .
3 3 5 ,2 3 8
C a s h . . . ..............................
N o t e s A a c c o u n ts
[. r e c . (less re s’ v e ) 3 0 9 ,2 2 3
2 8 6 ,1 8 5
I n v e n t o r i e s ______ 1 ,3 1 8 ,0 5 0
8 2 5 ,0 8 8
L iabilities—
19 17.
19 16 .
P f .s t k .7 % c u m .o u t .$ l ,3 0 0 ,0 0 0 $ 1 ,3 0 0 ,0 0 0
C o m .s t k .o u t s t ’ g . . 1 ,3 0 0 ,0 0 0
1 ,3 0 0 ,0 0 0
A c c ts . p a y ., a c c r.
w ages & p ro p . &
6 8 ,3 7 9
4 9 ,4 2 6
in c o m e ta x e s ___
1 5 ,1 6 7
1 5 ,1 0 7
P r c f .d l v s . a c c ru e d
1 3 .0 0 0
C o m .d lv s .d c c la r e d
3 5 ,0 0 0
3 5 .0 0 0
S p e c ia l r e s e r v e ___
1 8 6 ,0 1 8
S u r p l u s __________
4 9 9 ,8 7 2
T o t a l .............................. $ 3 ,2 3 1 ,4 1 7 $ 2 ,8 8 5 ,6 1 1
T o t a l ................................$ 3 ,2 3 1 ,4 1 7 $ 2 ,8 8 5 ,6 1 1
— V . 105, p. 1715.
M a s s a c h u s e t t s L i g h t i n g C o m p a n ie s , B o s t o n .
(1Gth Annual Report— Year ended June 30 1918.)
President Arthur E . Childs, Sopt. 19, wroto in subst.:
Rates.— T he gas and electric com panies whoso capital stocks are owned
b y your trustees, in com m on with all other lighting com panies, have faced
during tho past year increasing costs o f operation. T he com panies have
been able to raiso their rates for gas and electricity to cover tho higher
costs duo to tho war. Some o f tho rate increases did not bccom o effective
until late in the year, and in tw o o f the larger companies not until after
Juno 30, so that tho full effect is not reflected in tho year’s operations.
T h o new rates, however, should produce a substantial increaso in incom e
during tho com ing year.
Business.— Tho increaso in sales o f electricity o f 2,896,455 k. w . li. and
salos o f gas of 90,852,700 cu . ft. for tho year aro equivalent to the annual
output o f an electric light and a gas com pany serving m anufacturing com
munities having a population o f 10,000 and 25,000, respectively.
New Stock.— Your trustees havo issued during the year 715 pref. shares,
o f which 31, together with an equal number o f now com m on shares, wero
exchanged for 31 o f tho old com m on shares outstanding on Juno 30 1917.
This loft but one o f tho old com m on shares outstanding June 30, and this
has since been exchanged.
T ho operating companies have, as requested b y tho Federal G o v t.,
lim ited tueir capital expenditures to providing imperative additional ca
p a city to proviuo for increases in essential business and to maintain tho
plants at their m aximum efficiency. T ho necessity o f putting in largo
stocks o f coal and oil becauso o f uncertain delivery has necessitated larger
working capital, which has been loaned b y tho trustees to these com panies.
N ono o f said companies has been obliged to ask curtailed consum ption on
account o f shortage in coal and oil supply.
Temporary Loans.— Owing to financial conditions, it was considered in
advisable to market additional pref. shares to financo tho additional capi
tal required for the above purposes; therefore tho trustees arranged to b or
row temporarily from banks. Provisions for financing bank loans and
for further capital requirements o f the operatin gcompanies havo been
m ado since June 30 1918 by tho authorization b y vote o f more than twothirds o f tho shareholders o f $1,160,000 7 % serial gold debenture bonds,
which were offered to the shareholders on Sopt. 14 1918. A contract has
been m ado witli bankers so that any bonds not taken b y the shareholders
w ould be purchased b y them. [See pago 1841.)
. . . _
Additions, A c .— On April 20 1917 the North Adams Gas Light C o.
purchased tw o 500-li. p. boilers to increase tho efficiency and capacity o f
their steam turbine generating station. Tho Governm ent in N o v . 1917
requisitioned these boilers for war requirements. On M a y 1 1918, howover new boilers were released to us and they aro now being installed and
will bo in operation on or beforo N ov . 1 1918. It is estimated that this dolay in tho installation o f the boilers reduced tho not earnings o f tho North
Adam s Gas Light C o. in oxcess o f $35,000.
Share,holders.— There aro now 2,626 preferred shareholders and 1,838
com m on shareholders, who resido chiefly in Massachusetts, Connecticut,
M aine, N ew Hampshire and N ew Y ork State.
Acquisition — T ho trustees have purchased during tho year 300 shares o f
additional capital stock o f the M ilford Electric Light & Power C o. at par
($100 per share). Issued in order to com plete paym ent for sub-station and
transmission line; also SO shares o f the capital stock o f tho Gloucester Gas
L i"h t C o at $75 per sharo (par value $50), this boing part o f an issue which
was approved b y tho Gas and Electric Light Commission during 1916-17.
M A S S . LTG. CO S— TRUSTEES’ IN C O M E A C C T. JU N E 30 YEAR S.
1914-15.
1915-16.
1916-17.
June 30 Years—•
$305,779
$310,005
$336,556
$289,045
58.906
72,814
66,256
90,626
interest received--------205
572
330
163
M iscellaneous Incom e-.
T otal iuc. o f trusteesTrustees' expenses-------T a x e s __________________
In t. paid b y trustees—
$385,834
$8,380
14.942
32,221
$403,142
$9,422
15.118
11,413
$369,116
$9,5191
4 ,3 9 7/
18,095
$379,165
$18,990
15.870
$337,106
$344,305
$367,189
$330,291
C ON SOLIDATE D OPERATING ACCOUNTS OF COS. WHOSE SHARES
A R E O W N E D B Y TH E M A S S . LIG H T IN G COS.
1914-15.
1915-16.
191617.
1917-18
June 30 Years—■
Gross oarns.(gas& elec.) $1,594,945 $1,427,949 $1,251,678 $1,148,125
807,469
777,8951
919,867
Operating expenses------ a l , 132,265
7 2,056/
87,719
_______ ____
100,848
T axes.
N ot earnings......... —
N on -op er. Inc. (net) —
$361,832
92,566
$420,363
89,005
$401,726
52,899
$310,656
87.305
T otal net Incom e-----Interest charges-----------D ividends p a id --------------
$454,398
145,678
289,501
$509,368
108,385
337.122
$454,625
89,769
310,526
$427,961
119,541
306.633
B a la n ce --------------------Balance, as per incom o
account above
$19,219
$63,860
$54,329
$1,787
330,291
367.189
337,106
344,305
$349,510
329,649
34,621
$431,049
320.986
46,144
$391,435
290.814
46,169
$346,092
284.289
46,169
P ref. divs. (M ass.L.C os)
b C om . divs.
do
def$14,760 sur$63,918 sur$54,452 sur$15,634
a Includes $19,067 in 1918 and $27,362 in 1917, spent ior development;
o f new business, b Each old com m on sharo prior to N ov . 16 1916 received
tho same dividend as ono preferred and ono now com m on sharo.
B A L A N C E SHEET J U N E 30
19 18 .
19 17.
1918.
1917.
Liabilities—
S
$
Assets—
S
8
5 ,4 6 4 ,7 0 0
S to c k ( a t c o s t) ................4 ,8 1 3 ,3 6 9 4 ,7 7 7 ,3 6 8 S h a r e c a p it a l_x5,5 3 3 .1 0 0
N o t e s r e c e iv a b le ____ 1 ,2 1 8 ,2 4 8 1 ,0 4 1 ,5 4 8
C a s h ...................................
2 4 6 ,8 6 3
7 1 ,9 6 6
A c c o u n t s r e c e iv a b le . 3 7 4 ,0 7 0
2 4 0 ,8 5 1
A c c ru e d i n t . A d iv s .
6 8 ,0 9 2
7 5 .4 6 8
T o t a l ..................................... 6 ,7 2 0 .6 4 1 6 ,2 0 7 ,2 0 1
N o t e s p a y a b l e _ 7 3 0 ,0 0 0
D i v i d e n d , J u l y ____
8 2 ,9 9 5
A c c ts . p a y a b le , & c _ .
1 9 ,2 8 0
S u r p l u s _______ y 3 5 5 ,2 6 6
2 4 0 .0 0 0
9 3 ,4 5 7
1 5 ,2 1 6
3 9 3 ,8 2 8
T o t a l .......................................6 ,7 2 0 ,6 4 1 6 ,2 0 7 ,2 0 1
x Share capital In 1918 includes 1 old com m on sharo (par $100), 46,168
shares o f now com m on stock at no expressed value, and 55,330 prof, sharps
at their expressed value as stated in certificates, y Includes $828,114
paid-in surplus and $27,152 earned surplus.
Trustees.— William M . Butler, Arthur E . Childs, Chauncoy D . Parker,
P ercy Parker and Bowen T u fts.— V . 107, p. 1485.
[V o l . 107
A s s e t s R e a l iz a t i o n C o m p a n y , N e w Y o r k .
{Report for Fiscal Year ending Dec. 31 1917.)
Pres. Horace W . D avis, March 19, wrote in substance:
Progress o f Liquidation.— Continued liquidation shows tho following
change in principal item s;
Leading Debts.Dec. 31 ’ 17 Dec. 31 ’ 1 6 1
Dec. 31 ’ 17 Dec. 31 '16
N otossecu red .
$8,103
$142,1011Subord. notes. $179,535 $179,534
6 % gold notes
683,078
683,078 A ccts. payable
128,939
128,542
Collateral gold
I
---------------- ------------------- n o te s______
141,359
198,729[ T o ta l
$1,141,013 $1,331,987
R eduction in face am ount o f notes & accts. p a y a b lo .. _________
$190,974
T ho “ contingent liabilities” havo also been reduced from $72,867 to
$3,802 out o f the assets involved, this com pany not only receiving certain
m oneys, but also tho collateral upon which it was contingently liable.
Since tho appointm ent o f tho com m ittee for protection o f creditors, tho
indebtedness has been reduced 87 % . Plans aro now going forward looking
to a further substantial liquidation during tho present year.
Art Metal Construction Co.—-T h o salo o f all o f our stock in this com pany
has boon effected at a price below the value on our books, but fairly repre
senting the actual value (V . 107, p. 1289).
United Copper Syndicate.— An adjustindnt was offected in this m attor
whereby your com pany cam e into possession o f approxim ately $125,000.
T he syndicate still holds its interest in tho Pittsburgh <& New York Coal Co.
and it is con fiden tly believed that our interest in tho syndicate is w orth
over $300,000.
Vinegar Bend Lumber Co.— A balanco o f $16,000 was recolved for our
interest in this m atter.
303 Fifth A re. Corporation.— On account o f our debt cortificato wo
rocoived $68,000.
Bitter Root Valley Irrigation Co.— T h o com pany is facing an inevitably
largo loss in this m atter. T he situation o f this enterprise, which is ono o f
tho larger contributing elements to the com pany's difficulties, is not im
proving (V . 107, p. 1483. 1289).
Monarch Lumber Co.— T ho voxatious litigation surrounding this property
is boing continued.
Ocklawaha Valley RR.— The com pany during tho past year lias stopped
tho operations o f tU s road and has entered into a con tract for its salo at a
gross sum o f approxim ately $200,000. T he consum m ation o f this salo
has been prevented by tho Railroad Commission o f Florida, who, in tho
faco o f an operating loss have taken tho position that oven the security
for bonds hold by tho com pany against tho railroad should bo dissipated in
Its further operation. W o hope to bo ablo to overcom e this unjust and, in
our opinion, illegal attltudo and com p lete tho salo within tho time limited
in tho contract (V . 105, p. 2366).
,,
Florida Farms c& Homes, In c.— This situation, liko tho Ocklawaha Valloy
R R ., has been a constant drain upon your com pany. B y discontinuing
tho organization previously maintained in both o f these, wo shall, during
tho com ing year, eliminate substantial items o f maintenance expense.
Energetic stops aro now being takon In roforonco to tho latter to dispose o f
our holdings as a whole.
PROFIT A N D LOSS AC C O U N T FOR TH E YE A R 1917.
Losses sustained and amounts written o ff, chiefly: (a) Stocks
charged o ff, viz.: U. S. W orsted C o ., $28,378; A rt M etal C on
struction C o ., $154,147; Chicago Elovatcd R y. pref. partici
pation, $22,789; Coast & Lake Contracting C orp ., pref.,
893,000; Florida Farms & Hom es, Inc., $391,000; Guardian
Trust C o. o f N . Y .. $28,484; “ Chicago R ecord-IIorald,”
$19,760; total, $737,558. (6) Bonds charged o f f (Riversido
M agnesia C o ., $91,900, A c .), $149,094; total, $1,067,030; loss
sundry profits realized, $35,721; balanco--------------------------------$1,031,308
Add— Interest paid, $6,955, and interest accrued during year,
$64,772; total, $71,727; loss interest received, $17,210, and
other items, $900; balanco-----------------------------------------------------53,617
Expenses for Year 1917: Liquidation fees, $27,326; legal fees,
$19,384; salary. $3,000; general expenso (traveling, A c.),
$7,739; taxes, $4,317; sundry exponses ro roal estate, rnortg63.408
gages, A c., $1,612; tota l--------------------------------------------------------N et loss carried down to surplus account (reducing samo to
$ 2 , 6 6 7 , 1 7 8 ) ..........................................- ...............................................- ...........................................................................S I ,148,333
B A L A N C E SHEET DEC. 31, CO.’S V A L U A T IO N S , ETC.— See "N o te.”
19 17.
19 16 .
A ssets—
S
S
R e a l e s ta te ________
1 9 ,4 4 5
2 5 ,7 5 4
M a g n e s ia P r o d . C o .
1 8 ,3 6 2
1 1 0 ,0 0 0
U . 8 . W o rs te d C o . . .
7 6 ,1 9 8
1 0 6 ,6 0 3
B i t t e r R o o t V a ll e y
I r r i g a t i o n C o ____3 ,7 3 3 ,7 7 8 3 ,7 2 6 ,2 0 5
M o r r i s P a r k e s t a t e .. 3 9 4 ,8 6 1
3 9 4 ,8 2 1
M t g e s ., c o n t r ., & c _ . 1 6 0 .8 8 1
1 6 8 ,4 1 1
S to c k s a n d b o n d s ___a 6 4 0 ,3 9 3 1 ,5 1 9 ,9 2 8
S y n d ic a te s __________ 2 1 5 ,4 6 1
3 6 5 ,0 1 2
O c a l a & N o r . R y .p u r
5 0 ,3 8 0
4 9 ,3 8 0
C a s h ................... ............................
1 1 ,5 9 7
1 7 ,4 4 3
N o t e s A a c c ts . re c e lv 1 4 0 ,1 7 3
1 5 7 ,9 2 1
C l a i m s , & 0 .................
5 75
1 4 9 .1 5 9
9 ,7 2 6
6 ,5 1 8
M is c e lla n e o u s ______
19 16 .
19 17.
L iabilities—
$
8
C a p i t a l s t o c k . . . . * 1 ,0 0 9 , 0 0 0 1 ,0 0 9 ,0 0 0
6 8 3 ,0 7 8
6 8 3 ,0 7 8
6 % g o ld n o te s .
1 9 8 ,7 2 9
C o l la t e r a l g o ld n o te s 1 4 1 ,3 5 9
1 7 9 ,5 3 5
S u b o r d in a te d n o t e s . 1 7 9 535
1 4 2 ,1 0 4
8 ,1 0 3
N o t e s p a y a b le s e c u r .
1 2 8 ,5 4 2
1 2 8 ,9 4 0
A c c o u n ts p a y a b le —
1 7 ,9 7 9
U n ite d C o p p e r C o . .
2 3 9 ,9 1 6
A c c r u e d I n t e r e s t------- 2 7 3 ,8 1 6
In c o m o t a x co lle c
19 2
879
t i o n s , A c _________
3 8 1 ,2 8 0
R e s e r v e s ___________
3 8 0 ,6 2 9
S u r p lu s (see t e x t b e
lo w ) ____ _________2 ,6 6 7 ,1 7 8 3 ,8 1 5 ,5 1 1
T o t a l ......................... 5 ,4 7 1 .8 3 0 6 ,7 9 0 ,5 8 3
T o t a l ......................... 5 ,4 7 1 ,8 3 0 0 ,7 9 6 ,5 8 3
N ote.— T ho statem ont o f assets and liabilities is not Intended to bo an
expression o f opinion as to actual values, but only to show tho respective
amounts as they appear on tho books, after making certain adjustments
b y charging o f f items known or belioved to bo worthless, and reducing book
values o f certain items to amounts behoved to better represent their values.
♦ C apital stock D ec. 31 1915, $10,000,000. par $100. In 1916 tho par
value was reduced to $10 per sharo, leaving outstanding Doc. 31 1916 as
abovo $1,009,000, consisting o f $999,000 com . and $10,000 pref. stocks.
a Includes in 1917 stocks, $422,781; bonds, $216,411, and certificates,
$1,201.— V. 105, p. 1206.
C o c k s h u t t P lo w C o M L t d ., B r a n t f o r d , C a n .
{Report f o r Fiscal Year ending .June 3 0 1 91 8 .)
Pres. II. Cockshutt on Sopt. 27 1918 wrote, in substance:
T he business done in Canada increased in volum e over that of the pre
ceding year, and might have been increased still further it difficulties o f
obtaining labor and material, arising out o f war conditions, had not limited
your com p any’s output. Owing to tho better financial position o f the
farming com m unity, a much larger proportion o f tho business was done
on a cash basis. This condition continues, and your com pany is desirous
o f encouraging it, as tho system o f long credits is not economical for tho
farmer and is very burden’s omo to tho m anufacturer.
T he same financial improvem ent was reflected in increased collec
tions in respect o f sales made in former years. T ho volum e o f foreign
business reached a higher point than over before In tho com pany s history.
T ho net profit, after allowing for depreciation and for write-offs which
your directors considered necessary amounted to $553,214.
Y our directors have not considered it advisable, in view o f the Indebted
ness o f the com pany and the uncertainty o f tho general financial situation
and outlook under war conditions, to pay tho full dividend on the prefer
ence shares, but have continued through the year to declare quarterly divi
dends o f 1 % . This absorbs $258,600 out o f the net profits for the year.
Subject to your approval, they recommend that $200,000 o f the balanco
bo added to contingent reserve, and that the remainder o f the net profit,
after providing for war tax, be carried to the profit and loss account. I hoy
also recomm end that $500,000 be transferred from the profit and loss
account to capital reservo, thus bringing it up to $1,500,000.
T he outlook for the present year is cxcellont, and a steady and satis
factory business Is anticipated.
IN C O M E AC C O U N T FOR F IS C A L YEARS E N D IN G J U N E 30.
1917-18.
1916-17.
1915-16.
$553,215
$370,745
$465,211
N et, after depreciation------ --------------D i v i d e n d s r e c e i v a b l e ..........................
- -.x ,- ,'S 5 5
Previous surplus___- - - - - ____________
401,786
Gro«s income
__________ . ____ $1,045,001
Cont M >it reserve.........." I - ...............
200.000
M erci^ a d lse reserve.............................
500.000
D ividends______ ____________________ (4 % ) 258,600
. Balance, surplus__________________
$86,401
a q n ’ rvm
’
i s l ' n ln
4.?0.070 _____ l Ho.OOQ
$841,786
$686,076
200,000
100,000
150.000
150,000
---------- ---------- -------- $491,786
$436,076
Nov. 30 1918.]
THE CHRONICLE
B A LA N C E SHEET JU N E 30.
10 18 .
Assets—
19 17.
5
$
P ro p e rty accou nt
a f t e r d c p r e c ’ n . . 8 ,0 8 6 ,6 9 0
S h a re s In s t o c k ,
a f f ilia te d c o s . . .
5 7 0 ,0 0 0
I n v e n t o r i e s ______ 2 ,4 9 4 ,0 9 0
A c c t s . * n o te s r e c . 4 ,5 3 6 ,0 6 9
In s u ra n c e & o th e r
p r e p a id I t e m s .,
2 1 ,4 9 5
C a s h .........................................
4 1 ,1 4 4
Liabilities—
19 18 .
19 17.
S
S
P r e fe r r e d s t o c k ___ 0 ,4 0 5 ,0 0 0
C o m m o n s t o c k ___ 5 ,0 0 0 ,0 0 9
f i a n k & o t h e r lo a n s .
5 7 7 ,4 0 4
6 9 0 ,0 8 5 A c c t s . p a y a b l e ___
4 9 2 ,1 5 9
1 ,3 0 8 ,4 3 5 D i v s . d e c la re d a n d
u n c la im e d d l v s .
5 ,9 4 9 ,8 2 7
6 8 ,8 5 4
E m p lo y e e s ’ w c l f .f d .
9 ,6 7 5
2 2 ,5 7 8 C a p i t a l re s e r v e ___ 1 ,5 0 0 ,0 0 0
4 6 ,9 2 9 C o n tln g e n t r c s c r v e 1;000,000
M d s e , r e s e r v e ____
5 0 0 ,0 0 0
P r o f i t a n d lo s s ___
8 6 ,4 0 1
8 ,1 7 6 ,4 2 1
T o t a l ............................1 5 ,6 9 9 ,4 9 4 1 6 ,1 9 4 ,2 7 8
T o ta l
6 ,4 6 5 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,0 3 0 ,3 7 4
3 9 6 ,9 8 8
96
1 0 ,0 3 3
1,000,000
8 0 0 ,0 0 0
4 9 1 ,7 8 6
1 5 ,6 9 9 ,4 9 4 1 6 ,1 9 4 ,2 7 8
— V . 107, p . 1483.
GENERAL INVESTMENT NEWS
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
ROADS.
G o v e r n m e n t E x p e n d itu r e s o n R a ilr o a d s . — A tabular
compilation published in N ov . 1918 shows that the work
specifically authorized by the Federal Railroad Administra
tion to N ov. 10 on capital account aggregated 81,175,848,883
(as against $140,400,589 from operating expenses) and that
of this amount $490,549,941 was for sundry additions, im
provements and betterments, $39,063,037 for extensions, & c .,
and $646,235,905 was for now rolling stock and other equip
ment, and improvements to samo. Compare V . 107, p. 1098.
A t c h is o n T o p e k a & S a n t a Fe R y .— Contract Signed .—
T he contract between the R R . Administration and this com pany was
form ally signed on N ov . 25. Com pensation o f $42,885,311 is fixed by
the contract for the com pany and its subsidiaries. See official statement
in V. 107, p . 1836, 1286.
'
A u b u r n & S y r a c u s e E le c t r ic R R .— W age In crea se .—
See page 1977 in last week’s issue.— V . 106, p . 188, 2227.
B o s t o n E le v a te d R y . — Fare In crea se to 8 c .— Tho board
o f trustees of tho company has published tho following offi
cial notice announcing the raise in fares to 8c. Dec. 1:
Pursuant to Chapter 159 o f the Special A cts o f 1918, the board o f trustees
o f tho Boston 141ova ted Ity. has determined that tho revenue o f the com
p any, operating with a 7-cont faro, is insufficient to meet tho cost o f ser
vice as defined by said A ct, and will put into effect tho next grado o f faro
above 7 conts as provided b y said A ct. Announcem ent is therefore made
that, beginning Sunday, Dec. 1 1918, tho rate o f faro for a single ride upon
tho com pany’s lines will bo 8 cents and tho present 7-cent faro discontinued.
Tickets will be issued and sold in the samo manner as to-day excel)t for tho
change in price. Tho 7-cent tickets m ay bo redeemed at tho Treasurer’s
office or b y any ticket seller, or may be tendered as faro with one cent addi
tional for each faro to be paid.
N otico is also given that beginning Jan. 1 1919 tho faro for school chil
dren attending schools o f a grado not moro advanced than high schools
will bo 5 cents for a single faro. School tickets will bo issued b y tho com
pany upon conditions to bo announced hereafter.
General M an ager .—
Charles D . Emm ons has been elected Gen. M g r.— V . 107, p . 2007, 1836.
B o s t o n R e v e re B e a c h & L y n n R R .— A n n u a l M eetin g . —
T he annual meeting will hereafter be held tho second Thursday In April
Instead o f tho third Thursday in N ovem ber.— V. 107, p. 801, 180.
Government
Roads United fo r Operating Purposes.— lio n . J. D . Reid,
Canadian Minister of Railways & Canals, announced on
N o v . 19 that an Order-in-Council had beon passed trans
ferring tho management and operation of the Canadian
Government railways of Canada, which consist of tho Inter
colonial Railway and its branch lines (a total of 1,811 miles)
and the National Transcontinental Railway between Winni
peg and Moncton (1,518 miles) to tho board of directors
appointed to manage tho Canadian Northern R y. system.
This transfer places all railways owned by tho Canadian
Government under tho direction and operation of this board
and makes a Government system of about 14,000 miles,
oxtending from Sydney, N . S ., to Vancouver, B . C ., ahd all
under tho one management. Comparo V . 106, p. 2344.
C a n a d ia n
N o rth ern
R a ilw a y .— Canadian
T ho G overnm ent board o f directors for tho Canadian Northern R y Co
as shown in V. 107, p. 1481, has been enlarged b y addition o f Thom as
C antley o f N ew Glasgow, N . S.; A . P . Barnhill o f St. John N B and Sir
II. Laporte o f M ontreal.
’
T he jpresent directors are as follows: D . B . Itanna, A . J. M itchell and
T he annual report for the fiscal year Juno 30 1917 (not June 30 1918)
has just been issued in pamphlet form , and will be cited in a subsequent
issue. T he income account and balanco slieot will be found in V 106
p . 2223, 2336.— V. 107, p . 2008, 1919.
'
C a n a d ia n
P a c ific
R y .— Proposed Lease. — Bonds .—
Tho stockholders o f tho Kaslo & Slocan R y . will vote D ec 27 on a
proposal to lease their property to the Canadian 1’aeific R y . arid also on
Issuing bonds.— V . 107, p. 1919, 1836.
on Preferred.— The
directors on N o v . 25 declared a dividend of 1 % on tho pre
ferred stock, payable Jan. 2 on stock of record Dec. 16.
President Felton is quoted as follows:
C h ic a g o
G rea t W estern
R y .— 1 %
Wlrilo directors declared 1% on tho preferred stock as a “ d ividend” as
usual, this stock has been really on a semi-annual 1% basis right along
Dividends o f 1% each were formerly paid in April and O ct., but last
A pril's dividend was postponed until August for G overnm ent approval.
Wo aro asking approval for January paym ent and also similar paym ent
which wo propose to make next .July. Tho next im portant matter before
directors is tho Governm ent contract, which wo hopo to have closed within
a month or so.
M r. M cA d oo’s resignation will not delay it so far as I can see. I greatly
regret his resignation and think m ost other railroad officers d o, because he
handled a difficult situation well. I expect to close m y war work in Wash
ington within a couplo o f months and again dovoto m ysolf to this corpora
tion.
Federal M a n a g er .—
Goneral Manager w . L. Park is now Federal M anager.— V . 107, p .l 003.
C h ic a g o M ilw a u k e e & S t . P a u l R y .— Offering o f Bonds.
•
— Tho First National Bank and Potter, Choate & Prontico
aro offering by advertisomont on another pago at 89)^ and
ln t., yielding about 5 J ^ % , $500,000 Milwaukee & Northorn
R R . Consolidated M tgo. Extended 4 J ^ % bonds, duo Juno 1
1934. Int. J. & D . Authorized and outstanding $5,092 ,-
2097
Security.— A first closed m ortgage on 292.46 miles o f road from Green
B ay, W ise., to C ham pion, M ich ., with branches, at the rate o f §17,500 per
mile. A lso a second m ortgage on the property covered b y the first m ort
gage, consisting o f 128.25 miles o f road from N orth M ilwaukee to Green
B ay, Wise.
M ileage.— These bonds cover mileage extending into the Lake Superior
iron ore district and form ing an im portant part o f the St. Paul system .
The issue is a direct obligation o f the Chicago M ilwaukee & St. Paul
R y. and is prior in lien to the General and Refunding M ortgage which p ro
vides for its retirement.
Earnings.— The earnings o f the C h. M . & St. Paul R y . during the past
five years available for bond interest have averaged §27,529,000 per annum.
Bond interest during the same period required an average o f §14,304,000
per annum.— V . 107, p. 1919, 1836.
Chicago Rock Island & Pacific Ry.— Retirement.—
George H . C rosby, V ice-Pres., Sec. and T reas., has been relieved o f
active du ty. Carl N yquist has boon m ade Sec. and Treas.— V . 107, p .
924.
Chicago Surface Lines.— Fare Situation— Wages, & c. —
The Chicago “Economist,” discussing the increase in fares
on the elevated line and the application of the surface lines
for increases in fares, says:
T he defeat o f the proposition to m erge tho local transportation com panies
has been follow ed b y an order o f tho State P. U. Comm ission that the ele
vated lines m ay raise the fare from 5 to 6 cents, taking effect N o v . 21.
T he surface lines are asking fo r a lift to 7 cents. T h e provision for the
elevated lines sets forth tnat the new rate shall not be effective after D ec. 1
1919, but the right is reserved b y the Comm ission to extend the period.
T ho elevated roads had asked for 7 cents and the Comm ission is investi
gating with a view to a possible adoption o f that figure.
T he argument in favor o f these increases is found in the high cost o f
operation, due m ainly to the recent raise in the rates o f wages though every
thing in the expense account is higher than form erly.— V . 107, p. 802, 615.
Cincinnati & Columbus Traction Co.— Wage
Decision.
T he National W ar Labor B oard, in t ’’ e case o f this com p any finds wages
o f m otormen and conductors should be as follow s. M en who have served
less than three m onths, 41 cts. per hour; men in next nine m onths' service,
43 cts. per hour, thereafter, 45 cts. per hour. Existing working conditions
and differentials paid for special service shall be continued.— V .107.P. 1099.
Cincinnati Street Ry.— Fare Increase Suit.—
A taxpayer on N ov. 13 filed suit in tho Superior C ourt at Cincinnati
against the city , this com pany and the Cincinnati T raction C o ., a ttack
ing the validity and constitutionality o f tho ordinance passed b y the C ity
Council A ug. 23 last, which provides for an increase In fares.— V. 106, p .
924.
Claremont (N. H.) Ry. & Lighting Co.— Sale.—
A group o f local manufacturers has purchased this com p any’s prop erty,
taking possession on N o v . 16.— V . 107, p . 2008.
Colorado & Southern Railway.— Dividends on 1st Pref.
—The company, it is understood, has applied to the Federal
Railroad Administration for permission to pay another 2%
dividend on the $8,500,000 first preferred stock, additional
to the 2% paid Nov. 15, thus bringing tho total payments
for the year up to 4%, the full amount to which this stock
is entitled.
T he directors on M arch 13 voted to postpone action in regard to the
April 1 dividend on the preferred shares until the con tract between the
Governm ent and the com pany has been executed. This con tract was
recently signed.— V . 107, p. 1003, 1669.
Crippple Creek Central Ry.— Pref.
Dividend No.
52.—
T he regular quarterly dividend o f 1 % was declared as usual by the board
o f directors on the pref. stock, payable D ec. 1 1918.— V . 107, p. 1669.
Cumberland County Power & Light Co., Portland,
Me.— Wage Increase .—
See page 1977 in last week’s issue.— V . 107, p . 501, 1480.
Denver Tramways— Fare Situation— Wage Increase .—
As a result o f a decision made b y the N ational W ar Labor Board awarding
Increases in pay to em ployees, the com pany, it is understood, will ask fo r
a 7-cent faro.
Sec page 1977 in last week's issue.— V . 107, p . 1003, 1192.
Detroit United Ry.— Wage Increase.—
Duluth & Iron Range RR.— Federal M anager .—
See Duluth Missabe & Northern R y. below .— V. 107, p. 1003, 176.
Duluth
Missabe & Northern Ry.— Federal M anager.—
F.
E. House, heretofore General Manager o f this com pany and o f the
See page 1977 in last week's issue.— V . 107, p. 2008, 1287.
Duluth & Iron Range R R ., Is now Federal M anager.— V. 107, p. 1003, 181.
East St. Louis Columbia & Waterloo Ry.— Wage In cr.
Empire State RR. Corporation.— Wage Increase.—
See page 1977 in last week's issue.— V . 106, p . 189.
Georgia Ry. & Power Co.— Fare Situation .—
T he Ordnance and Freight and Transportation com m ittees o f tho A t
See page 1977 in last week’s issue.— V . 107, p . 501.
lanta, G<a., C ity Council, have recomm ended that the Council table the
petition o f the street railway com pany for an increased fare until a decision
is handed down in the case, involving the same matter, now pending in the
Supreme C ourt.— V . 107, p . 2008, 1482.
G rand
T ru n k
P a c ific
R y .— U nified
Operation
fo r
Canadian Government L in es .—
See Canadian Northern Railway above.— V . 107, p . 696, 82.
G r a n d T r u n k R a ilw a y of C a n a d a . — Debenture Slock .— •
Formal notice is given that tho company “ will apply to the
Parliament of Canada, at its noxt session, for an Act au
thorizing the creation and issue for tho general purposes of
tho company of additional Grand Trunk consolidated deben
ture stock, bearing interest at 4 % per annum, to an aggre
gate amount the annual interost upon which shall not exceed
£100,000, and for othor purposes.”
U nified Operation fo r Gov. L in es .—
See Canadian Northern Railway abov e.— V . 107, p . 2008, 1747.
I n t e r c o lo n ia l
R y .— U n ified
Operation fo r Gov. L in es .—
See Canadian Northern R y . above.— V . 106, p. 2345.
I n t e r n a t io n a l R y . ( B u f f a l o ) .— W age D ecision — Fares .—
T he War Labor Hoard has handed down a decision, in which the com
pany is given until April 1 1919 to pay back wages due employees under the
retroactive scale authorized b y the Board. It is said that the am ount o f
back pay amounts to $250,000.— V . 107, p . 1837, 1384.
K a n s a s C it y R a ilw a y s .— H earin g .—
Following the recent decision o f the War Labor Board that wages o f the
Kansas C ity car employees ought to be increased 10 cents per hour, and
that fares ought to be raised to meet the higher cost, a hearing was held
N ov. 25, on the com pany's application for the Federal C ourt to take over
control o f fares and wages o f the com pany, but not the operation o f the
system . W ith that plan o f control tho com pany asks a fare o f 8 cents or
2 tickets for 15 cents.— V. 107, p . 1837, 1192.
2098
THE CHRONICLE
[Vol . 107.
Lewiston Augusta & Watervilie Ry.— Wage Increase .— the issue of that amount of First Refunding Collateral Mort
gage bonds to bear interest at a rate not exceeding 6%, and
Lincoln
(Neb.)
Traction
Co.—
Fare Increase .—
payable in 25 years and to be secured by a mortgago upon
Tins com pany has applied to the Nebraska R y. Commission fo r an in
the properties of the company which, whon tho present
crease in fares o f l c . and a further chargo o f lc . for all transfers. T h e
com pany recently received permission to increase its rates from 6 tickets
First Mortgage & Collateral Trust 5% gold bonds and tho
for 25c. to 5c. straight.— V. 106, p . 2757.
Consolidated Mortgage & Collateral Trust 5% 50-Year gold
Mexican Northern Ry.— Proposals.—•
bonds are paid, will become a first mortgago on tho company’s
The Guaranty Trust C o. o f Now York, successor trustee, will receive
property.
proposals up to D ec. 6 for sale to it at not exceeding 105 and interest o f
[A syndicate, understood to bo composed of the Chase
sufficient 1st M tge. bonds to exhaust the sum o f .513,815.— V . 103, p . 759.
Securities Corporation, the First National Bank, Ladenburg,
Minneapolis
&
St.
Louis
RR.
— Federal M anager .—•
Thalmann & Co., Montgomery & Co., and Hayden, Stone &
W . H . Bromner, General M anager, is now Federal M anager.— V . 107,
p . 1004, 999.
Co., has underwritten 815,000,000 5-year 6% notes of tho
company.]
New
York
Railways
Co.—
Fare Situation, & c .—
An official statement says: It is proposed to use at present as m any o f
T he N ow Y ork P. S. Commission on N ov. 25 heard further arguments in
See page 1977 in last week’s issue.— V. 107, p. 501.
behalf o f the com pany, which is seeking authority to increase its rate o f
fare.— V . 107, p. 2009.
New York State Railways.— Higher Fare .—
The N ew Y ork P . S. Commission has authorized this com pany to chargo
a 6-cent faro in Syracuse and U tica, “ for the duration o f the war and a
reasonable tim e thereafter.” — Y . 107, p . 501.
Norfolk & Western Ry.— Right to Subscribe for 818,347,
000 Convertible 10-Year 6 % Gold Bonds.—The lioldors of tho
common stock and Adjustment Preferred stock of record
Dec. 18 are offered by advertisement on another page tho
privilege of subscribing at par, on or before Jan. 25 1919,
for $18,347,000 Convertible 10-Year 6% gold bonds in
amounts equal to 12^6% of their respective holdings. An
official circular dated Nov. 27 shows in substanco:
The bonds will be payable Sept. 1 1929 and will bear interest from Sept. 1
1919, payable semi-annually. B oth principal and interest will bo payablo
in U . S. gold coin o f tho present standard, without deduction for any tax
or taxes which the railway com pany m ay bo required to pay or retain there
from under any present or future law o f the United States or o f any Stato,
cou n ty or m unicipality therein, excepting, however, any incom o tax im
posed by the Federal Governm ent. [Denominations c* $1,000, r* $1,000,
$5,000, & c.] Trustee, Guaranty Trust C o ., New York.
The bonds will be convertible at the option o f the holder at any time
during their life into paid-up shares o f tho same par value o f tho com m on
stock. So long as tho dividends on com m on stock are paid quarterly, a
bondholder converting his bonds during tho last half o f an interest period
will be paid, in lieu o f tho accrued interest, a sum equal to tho dividend paid
on a like am ount o f com m on stock for the first half o f such interest period.
Subscription warrants will be issued D ec. 31 1918. “ Fractional war
rants” will not entitle tho holder to subscribe, but on or before Jan. 25 1919
m ay be exchanged in proper amounts for $100 warrants. Tho com pany
will not sell or purchase fractional warrants.
The subscription price is $100 for each $100 subscribed for, and is paya
ble in three installments, or may be paid in full on or before the dates named.
Am ount.
Jan. 25.
M ay 7.
Sept. 6.
Or in Full Jan. 25.
$ 1 0 0 ..................
$40
$30
$30
$100
Subscription receipts, transferrablo b y delivery m erely, will be issued in
denominations o f $100, $500, $1,000, $5,000 and $10,000. T hey will bo
dated Jan. 25 1919 and will bear interest from that dato to Sept. 1 1919 at
tho rate o f 6 % per annum, on the amount paid at timo o f subscription.
Paym ent o f second installment will bo noted upon the subscription receipt
and will bear interest from M a y 7 1919 to Sept. 1 1919 at rate o f 6 % p. a.
Subscriptions and payments must be mado either at the office o f tho com
pany, Comm ercial Trust B ld g ., Philadelphia, or at Guaranty Trust C o .,
140 B roadw ay, N . Y . C ity. Bonds bearing interest from Sept. 1 1919 will
bo deliverable on or after Sept. 2 1919. A t the timo o f delivery o f bonds
or stock there will also be delivered a check in adjustm ent o f interest on
subscription receipts.
Data from Letter of Pres. L. E. Johnson, Dated Roanoke, Va., Nov. 27.
In order to make financial provision for expenditures mado and to bo
m ado for additions and betterm ents, your board has created, under tho
authority given O ct. 13 1910, an issue o f Convertible 10-Year 6 % gold
bonds to not exceeding $18,347,000, which are offered to tho stockholders,
with the approval o f the U. S. R R . Administration, for subscription at par.
The additions to cost o f road and equipment from July 1 1913 to Juno 30
1918 amounted to $48,423,600, and in the same period the com pany paid
at m aturity $7,700,000 o f its equipment trust obligations. These expendi
tures have not added greatly to the mileage o f your com pany's road, but
wero chiefly applied to providing additional second tracks (including the
low-grade line from Burkeville to Pam plin), sidings and yard tracks, to
electrifying part o f the system and to increasing tho tractive power and car
rying capacity o f locom otives and cars.
Effect o f Above Expenditures Indicated from Reports for Years Ending June 30
1913 and Dec. 31 1917.
Years ended—
June 30 1913. Dec. 31 1917. Increase.
T otal miles main Iine& branches___
2,021
2,072
2.56'
T otal miles 2d track, sidings, & c___
1,599
1,934
T ractive power o f locom otives (lbs.)
39,252,900
44,397,872
Seating capacity o f passenger cars . .
14,051
18,444
Tonnage capacity o f freight cars___
1,987,173
2,403,137
T otal cost o f road and e q u ip m en t., $233,922,918
_ _ _
$275,926,591
T on mileage o f revenue freight-8 ,856,070,381
12,456,970,303
M ileage o f revenuo passengers. 219,996,213
321,849,396
Gross operating revenues...... $43,739,920
$65,910,242
N et revenuo from rail way operations $15, 174, 107
$24,748,739
P rofit and loss credit balance_ $11,423,106
$19,738,317
Annual interest on funded d eb t____
$4,246,568
$3,999,744dec5.81
Liberal annual appropriations o f surplus and tho proceeds o f sales o f
capital obligations prior to July 1 1914 have In largo measure provided
for the expenditures above referred to, but on July 30 1918 thero wero ap
proxim ately $14,000,000 o f capital expenditures for which permanent finan
cial provision has not been made.
The property was taken under Federal control D ec. 31 1917. T o the
demands or increased transportation facilities growing out o f tho ordinary
developm ent o f traffic have been added the special requirements o f tho
Federal Governm ent. A budget o f capital expenditures for tho year 1918
was prepared early In tho year, and work thereunder has been prosecuted
as rapidly as tho unusual conditions rendered possible. Tho remainder o f
that budget and an additional budget for 1919, which is in courso o f prepa
ration, will call for heavy expenditures during the com ing year.
It is believed that the proceeds o f tho sale o f these convertible bonds,
together with such sums as m ay be available from the com pensation to bo
paid your com pany b y the Federal G overnm ent, will provide for your com
pany s capital requirements through tho calendar year 1919.
Directors Authorized to Sign Contract with Government.—
T he stockholders o f the com pany on N o v . 29 authorized the directors to
enter into a contract with tho Director-General o f Railroads under the
Federal C ontrol A ct o f M ar. 21 1918.— V . 107, p . 1920, 1748.
Norton Taunton & Attleboro Street Ry.—Fare Increase.
This com pany has filed with tho M assachusetts P . 8 . Comm ission notice
o f an increase in fares from 6 to 7 cts ., effective D ec. 28.— V . 105, p. 2366.
Passenger Fares.— Soldier
Fare Reduced.—
Director-General M cA d oo has authorized a reduction in tho current
coach fare o f about one-third for the benefit o f returning soldiers, m aking
tho rate approxim ately 2 cents a m ile.— V. 107, p . 186.
Pennsylvania RR.— Canal Co. Litigation .—
See Pennsylvania Canal C o. under “ Industrials” below .— V . 107, p .
2009, 1837.
^Philadelphia Company (Pittsburgh).— Increase in
funded Debt— Underwriting of Note Issue .—Tho shareholders
will vote Dec. 4 on authorizing an increaso in tho funded dobt
of the company to the aggregate amount of 8100,000,000 by
said bonds as are necessary as collateral security for an issue o f $15,000,000
o f not exceeding 5-year 6 % gold notes o f the com pany, the proceeds o f
which will be applied to the paym ent o f tho following obligations:
$7,000,000 o f 2-year 5 fZ % Collateral Trust gold notes due April 2 1919 o f
the Philadelphia C om pany.
$1,957,000 of Convertible 5% Gold Debentures of the Philadelphia Co.
due Aug. 1 1919.
$750,000 of Collateral Trust 6% gold bonds of the Pittsburgh & West
Virginia Gas Co., being the remainder of an issue of bonds for the pur
chase of the capital stock of the Monongaliela Natural Gas Co.
$1,469,000 of 3-year 5% gold notes of the Equitable Coke Co. due Jan. 1
1920, being the remainder of notes issued in payment for the coal prop
erties of the Equitable Coke Co.
The remainder of the proceeds of said notes to be used in payment of in
debtedness of the company and for corporate purposes as may bo deter
mined by tho directors.
It is also proposed to use the bonds of this issue so far as necessary for
the purpose, eventually, of refunding and retiring: ( a ) Tho present First
Mortgage & Collateral Trust 5% gold bonds of tho company, of which
$6,181,000 are now outstanding; (6) the Consolidated Mortgage & Collateral
trust 5% 50-year gold bonds of tho company, of which $14,814,000 aro
now outstanding; fc) the Convertible 5% gold debentures of 1912 (duo
M ay 1 1922), of which $9,794,000 are now outstanding, the remainder of
said bonds, including whatever bonds may remain out of the collateral
for the payment of the $15,000,000 of 5-ycar notes will bo reserved and used
under restrictions for the corporate purposes of the company.
T he future normal increase in population in tho districts served b y the
com pany will require constant additions, im provem ents and extensions,
and the effect o f this issue o f bonds will be to provide a com prehensive plan
o f financing o f the com p any’s indebtedness and future requirem ents.—
V. 107, p . 1837, 1385.
Philadelphia & Reading R y .— Vice-President.—
Pittsburgh Railways.— Master Appointment.—
Judge Orr in the U. S. District Court at Pittsburgh on Nov. 20 Indicated
John F . A uch has been appointed Vice-President.— V . 107, p . 1004, 2 9 2 .
that he would appoint a raastor to systematize payments by tho recoivors
for fixed charges, and for improvements to tho streot car system.— V. 107,
p. 1837, 2009.
Public Service Corporation (N. J.).— Sub-Co. Fares .—
Public Service Ry.— Fare Litigation.—
The Court of Errors and Appeals at i'ronton, N. J., on Nov. 25 heard
See Public Service Railway below .— V . 107, p . 2009, 1920.
argument on the appeal of Counsel for tho League of Now Jersey Municipal
ities from the decision o f tho New Jersey Supromo Court, sustaining tho
decision of tho P. U. Commission in granting an increaso in fares from 5
to 7 cents, and a chargo of 1 cont for the initial transfer.— V. 107, p. 1920.
Rapid Transit in New York.— Contracts.—
Under the Lockwood Law, which permits tho city to onter into agree
ments with contractors to complete work on a no-profit basis, tho proposal
of tho P. 8. Commission to make an agreement with tho Degnon Contract
ing Co. for tho completion of four rapid transit contracts at a prico not moro
than $960,000 above what tho original contracts called for has boon referred
by tho N. Y. City Board of Estimate to tho Comptroller.— V. 107, p. 2009.
Sacramento Northern RR.— Bonds.—
This company has applied to tho California RR. Commission for a sup
plemental order to expend moneys realized from tho salo of Its class “ A "
bonds. Tho company asks that tho Commission authorize tho petitioner
to pay $213,000 for the purposo of discharging certain mortgages. The
company also asks tho Commission to authorize and approvo tho execution
of agreements mado with tho Sloss Securities Co.— V. 107, p. 182.
St. Joseph Ry., Light, Heat & Power Co.— Fares.—
This company has applied to the Missouri P. 8 . Commission for an in
crease in fares from 5 to 8c.— V. 106, p. 2650.
San Francisco-Oakland Terminal Ry.—
Referring to tho possible purchaso b y tho city o f Oakland o f tho streot
railway properties, the follow ing statem ent was issued b y V lco-Prcs. W . R .
Alberger to M a yor D avio o f Oakland: “ T ho board o f directors o f tho San
Francisco-Oakland Term inal Railways has Instructed m o to assuro you ,
and through you tho p coplo o f Oakland, that our com pany will bo perfectly
willing to sell its street railway propotrios to tho city at a fair valuation
to bo fixed either b y the Railroad Comm ission or b y a ju ry , whonvecr tho
people o f tho city desire to take over tho ownership and operation o f such
properties.” — V . 107. p. 2009, 1748.
Scranton (Pa.) Railway.— Seven-Cenl Fare Proposed.—
This com pany on N o v . 22 agreed to reduco its m aximum rare to 7 cts.
provided tho city w ould withdraw its com plaint on tho 8-cont tariff boforo
tho P. 8 . Com m ission. T ho city , it is stated, tried to effect a com prom ise
on 6 cents, which was declined b y tho com pany.— V . 107, p. 1005, 502.
Spokane Portland & Seattle Ry.— Federal
M anager. —
A. J. Davidson, General Manager of tho Oregon Trunk, tho Oregon Elec
tric and the Spokane Portland & Seattlo railroads, is now Federal Manager.
— V. 107, p. 1580, 1005.
•
Syracuse & Suburban Ry.— Wage Increase .—
Toledo Railways & Light Co.— Bonds.—
The Ohio P. U. Commission has authorized this company to lssuo $203,
Seo page 1977 In last week’s lssuo.— V . 107, p. 1482, 605.
000 for improvements from Feb. 1 to Sept. 30 last.— V. 107, p. 803, 625.
Toledo St. Louis & Western RR.— Litigation.—
The U. 8. District Court at Toledo, Ohio, on Nov. 25 issued a temporary
restraining order against tho Director-General of Railroads instructing
tho company’s receiver not to accept cars, sign contracts or to do anything
that would jeopardize or compromise tho interests of tho stockholders, ^
Tho action was brought by the stockholders’ protective committee, which
seeks to prevent tho RR. Administration from compelling tho road to ac
cept 1,250 freight cars which tho committee asserts tho road does not need,
and for which tho company would now have to pay an exorbitant prico.
The proposal was to allot 500 double-sheathed box cars and 750 hopper
cars at an approximate total cost of $3,572,250, being, it is claimed, an
advance of approximately 300% over tho cost of similar cars in normal
periods. The petition reads in part:
“ It is manifest that tho period of one year and nine months fixed as tho
limit for Federal control after tho proclamation of peace will shortly bogin
to run, and that thero is no reasonable probability that said railroad will
receive from the Government an allowance of moro than 5 or 10% by way
of depreciation allowance upon tho cost of said cars, leaving the remainder
of the cost thereof, amounting to 90 or 95% of such cost, to be paid by
said company.
. '
“ Said stockholders’ committee Is informed and bolloves and thereforo'avcrs
that------------------said Director-General of Railroads has refused to cancel
said contracts for said freight cars and is insisting that said contracts shall
bo carried out and that the tremendous profits which are being mado or
will bo mado b y tho concerns engaged in manufacturing said freight cars
hereunder shall be paid by said railroad com pany as aforesaid, oven at tho
ost o f its com plete ru in .” — V . 107, p . 2009, 1838.
Nov. 30 1918.]
3099
THE CHRONICLE
Third Avenue Railway.—Capitalization of All Companies
in System and Amounts Thereof Owned by Third Ave. Ry. Co.—
Alaska Gold Mines Co.— Quarterly E arnings .—
1918— 3 M os.— 1917.
$239,352
$426,954
249,129
420,781
1918— 9 M os.— 1917.
$905,087 $1,544,057
927,788
1,322,625
Owned, by Cos.
Class o f Bond—
Authorized. Outstanding, in System.
Third A venue R y . C o. s tock ............. $16,590,000 $10,590,000
_________
First R efunding M tge. Is. _ ........... 40,000,000 21,990,500 $2,520,500
Old First M tge. 5s (R R . C o .) ____ 5,000,000
-------------5.000.
000
320,000
A djustm ent M tgo. Incom e 5s+___ 22,536,000 22,536,000
42d St. M an. & St. N . A ve. R y . C o. stk. 2,500,000
2.494.000
2,471,300
First M ortgage 5s_________________
1,200,000
1.200.000
1.487.000
1.487.000
Second M ortgago 6s_______________ 1,600,000
1.198.000
D r .y D o c k E .B ’w a.y & B a tt.R R .C o.stk . '1.200,000
1.200.000
950.000
General M ortgago 5s_____________
1,000,000
----------M- tgo. Scries
- - -B 4s
■
528,000
528.000
R efunding
528.000
650,839
R efunding M tge. Series C 5 s*. .
1,300,200
1,300,200
734.000
B elt Lino R y. C orp. stock _______
750,000
734.000
1.750.000
First M ortgago 5s_________________ 4,000,000
1.750.000
M id-C rosstow n R y. C o ., In c. (no
150.000
funded d e b t)______________________
500,000
150.000
U nion R y . C o. o f N . Y . C ity s t o c k .. 2,000,000
2,000,000
2 .000.
000
First M ortgago 5s________________ 2,000,000
2,000,000
250,000
Southern B lvd. R R . C o. s tock ______
250.000
" 249",700
First M ortgago 5s_________________
250,000
250.000
4,521,906
N . Y . C ity Interbor. R y . C o. s t o c k .. 5,000,000 5 .000.
000
2.164.000
First M tge. Sinking Fund 4s______
5,000,000
2.164.000
Pel.iam Park & C ity Island R y . C o .,
45.000
In c., stock (no funded d e b t)______
125,000
45.000
500.000
W estchester E lec. R R . C o. s to c k ___
500,000
500.000
First M ortgago 5s________
500,000
500.000
‘ 2 6 6 ', 6 6 6
200.000
N . Y . W estch. & C onn. T rac. C o. stk.
600,000
50.000
50.000
General M ortgago 4s_____________
2,500,000
1.000. 000
992,500
Y on kers R R . C o. stock _____________
1,000,000
1,000,000
First M ortgago 5s_________________
1,000,000
8,600
8,600
K ln gsb rid goR y. C o.stk . (nofu nd , d t.) 1,000,000
58,100
58,100
B ronx T ra c. C o. stk. (no fund, d e b t).
585,100
20,000
20.000
3d A ve. B dge. C o. stk. (no fun d, d t.)
20,000
Gross in c o m e __________
Operating, & c., expenses
* Int. payable at rate o f 5 % p. a. if and when declared out o f surp. Incom e.
T h e annual roport was cited fu lly last week, in V. 107, p . 2004.— V .
107, p . 2004.
This com pany, organized to take over the German-owned business o f
II. U ackfeld & C o ., has paid the second m ontlhy dividend o f $1 p er share,
tho initial dividend having been paid last m onth.— V . 107, p . 1839, 1194.
T w in C it y R a p id T r a n s it C o .—
Labor Situation .—•
Probable Renewal of Loan.
It is roported from St. Louis that tho loan o f $3,235,000 to tho com pany
from tho W ar Finance C orporation, dated Juno 1 last and m aturing D ec. 1
will bo renewed, application for which was inado som e days ago. T ho
collateral for this loan com prised $3,500,000 U nion D ep ot Extended First
A Iortg a go6 % bonds and $800,000 in Liberty bonds.— V . 107, p. 1838, 1586.
Pass
loss$9,777
loss2,207
T otal net p ro fit............lo ss $ ll,9 8 4
$6,173 loss$22,701
2,563 lossl 1,550
$221,431
14,580
$8,735 loss$34,251
$236,012
President Charles Hayden and Vice-President D. C. Jackling, on Nov. 18 1918, wrote in substance:
During the quarter the mine produced abou t 2,400 tons per working da y,
as against 3,398 tons for the second quarter, a decrease o f 998 tons per d a y.
A total o f 152,232 tons o f ore was broken in tho mine and 220,716 tons o f
ore transferred to the orew ays, leaving an estim ated total o f 1,832,910 tons
o f broken ore remaining in the stopes according to the re-survey o f broken
ore m ade as o f D ec. 31 1917. A re-survey o f the stopes at D ec. 31 1918
should show a considerable increase in this estim ate. T he new stopes are
still showing a good grade o f ore, which should continue up to the old stopes
on N o . 10 level. T he scarcity o f miners has ham pered tno foregoing work
as well as preventing any new developm ent or prospecting.
During the quarter an average tonnage o f 2,380 tons per working day
was milled as com pared with 3,398 tons during the second quarter, showing
a decrease o f 1,018 tons per d a y. T he gross value o f the mill heads for
the quarter was $1,323 per ton, as com pared with $1,164 for the second
quarter, an increase o f $0,159. T he operating costs am ounted to $1.1480,
as com pared with $0.9989 for the second quarter, an increase o f $0.1491,
this increase being largely due to the shortage o f labor and consequently
tho small tonnage o f ore milled during the quarter.
E very possible econ om y is being practiced but the com pany is unable to
operate profitably and there seems to be but little reason to hope for or
expect anything approaching satisfactory results as long as present co n
ditions continue.— V . 107, p . 1838, 1483.
A m e r ic a n F a c to r s , L t d .—
Second Monthly Dividend.—
A m e r ic a n I n t e r n a t io n a l C o r p .—
T ho W ar Labor Board has announced that it has no jurisdiction in the
wago disputo between this com pany, tho St. Paul Suburban R R . and
their respective em ployees.— Y . 107, p. 605, 402.
U n it e d R y s . C o . (S t. L o u is ) .—
Operating p ro fit_____
Other incom e__________
Ry.—
W h ite
& Yukon
Reorganization.— The finan
cial plan (see V . 107, p. 095) having been approved by “ over
whelming majorities of debenture holders and shareholders,”
was submitted on Oct. 24 to M r . Justice Younger in the
Chancery Division in London, but as tho scheme involved
a reduction of capital ho gave directions that it bo duly adver
tised, tho potition to bo returnable that day fortnight.
The “ London Financial Nows” obtained tho following
data from a statement made by M r. Frank Russell, K .C .,
Representing tho company:
Possible Hog Island Sale
See Am erican In tem at’l Shipbuilding C orp . below .— V . 107, p . 1289, 804.
A m e r ic a n I n t e r n a t io n a l S h ip b u ild i n g C o r p .— Possible
Sale of Hog Island Plant to the United States Government.—
It is reported that the U . S. G overnm ent will purchase control o f the
H og Island Shipbuilding enterprise operated b y this com pany through the
purchase o f the land on which the plant is situated. T he real estate is
valued at $1,760,000 upon which the G overnm ent expended $60,000,000
on equipping the plant.— V . 107, p . 1580, 606.
A m e r ic a n L o c o m o tiv e C o .—
Deliveries.—
A total o f 56 locom otives have been delivered b y various builders to
railways during the first nine days o f N ovem ber, o f which 46 were built
b y this com pany and five each b y the Lim a and Baldwin com panies.—
V . 107, p . 1580, 1103.
A m e r ic a n M a lt in g C o .— Exchange
of Stock— Plants .—
T ho N . Y . Stock Exchange has authorized the listing o f $4,824 com m on
stock with authority to add (a) $105,000 cum ulative 6 % first pref. stock,
on issuance, in exchange for outstanding 2d pref. stock, and (o) $128,876
com m on stock, on issuance, In exchange for outstanding 3d pref. stock,
making the total amount sto be listed $8,664,000 cum ulative 6 % first pref.
stock and $5,896,000 com m on stock.
This additional stock is issuable under paragraph 4 o f tho certificate o f
incorporation, which as amended on June 27 1916, reads in part as follows:
"T h e purnos(j o f classifying 2d pref. stock as such being to provide a class
T ho authorized share capital is £1,700,000, o f which £1,375,000 has becil
issued and paid in full. There is outstanding £582,870 5 % first mortgago to con sist o f those holders o f the pref. stock o f the com pany who m ay be
debenture stock, £273,385 6 % debentures and £168,430 incotne debenture unwilling to becom e holders o f the 1st pref. stock, every holder o f 2d pref
stock; £14,000 is duo on 6 % notes, £15,000 is duo to tho com p any’s bankers stock shall have the right to surrender his stock and receive therefor the
(G lyn, M ills, Currie & C o .), secured b y a guaranty o f Close llrothers & same am ount o f 1st pref. stock; tho purpose o f classifying 3d pref. stock as
C o ., who were financing this scheme; a floating d ebt o f $250,000 is due to such being to provide a class to consist o f those holders o f tho com m on stock
tho bank at Seattle, also guaranteed b y Close Brothers, and $110,000 is o f tho com pany who are unwilling to becom e holders o f the com m on stock
owing b y ono o f the local com panies to the M ortgage & Debenture C o ., o f the com pany, as such stock is herein designated; every holder o f 3d pref.
stock shall have the right to surrender his stock and receive therefor the
in which Close Brothers are largely interested.
T ho ob ject o f the scheme is to raise £95,000, o f which £52,000 w ould be sanio am ount o f com m on s to ck .”
Since M arch 1917 the com pany has sold the following properties: (1) A t
applied to working capital, £15,000 in paying o ff G lyn, M ills, Currie &
C o ., and about £23,000 in paying o ff the local com p any’s loan. There D etroit, M ich ., malt house, elevator and storage warenouse and lots on
Grand River A v e ., form erly owned b y tho Howard N orthw ood M alt M fg .
would bo £5,000 in commission and the expenses o f carrying through this
C o ., said property containing in all 77.200 sq. ft. (2) A t Milwaukee, W is..
scheme. It is proposed to creato £100,000 7 % Prior Lien debenture stock,
constituting a first charge on the whole o f the assets and undertaking. m alt house, elevator and storage warehouse and lot in T w elfth W ard,
This stock is to bo Issued at 95, and eacli subscriber for £25 prior lien stock form erly owned b y the Hansen Hop & M alt C o ., said property containing
Is to bo given one " A ” share o f the com pany. Am ong other provisions is in all 196,700 sq. ft. (3) A t C hicago, m alt house, elevator and storage
warehouse and lot in EJlston A ddition, form erly owned b y the Hales &
ono that W illiam Brooks Close should put at the disposal o f tno com pany
1,000 fully paid shares o f the com pany o f £10 each, and that these should Curtis M alting C o. and D avid II. Carden, in all 65,500 sq. ft.
There now remains the following plants: (1) A t B uffalo, N . Y ., malt
bo subdivided into 10,000 £1 shares, to bo called “ A ” shares, which should
house and elevators on Childs St. and Buffalo River; 450 ft. o f frontage on
have the following preferential rights and privileges: (1) T he right to 80%
o f the profits o f tho com pany available for dividend in each year; (2) tho Buffalo River and about 300 ft. o f frontage on Childs St., containing
right, if the com pany should be wound up, to 8 0% o f tho assets available approxim ately about 3 lA acres. (2) A t M ilwaukee, W is., malt house,
for distribution among tho members; (3) tho right to 40 votes in respect o f elevators and storage tanks on South W ater S t., form erly owned b y the
Kraus-M crkel C o ., said property containing in all 113,509 sq. ft. (3) A t
each “ A ” share; and (4) tho right to nom inate tw o directors. Com pare
Chicago, m alt house, elevator and storage tanks, and lot form erly owned
V. 107, p . 605, 503.
______________
b y W . II. Purcell C o ., said property containing in all 195,600 sq. ft. (4)
A t C hicago, malt house, elevator and storage tanks, and lot in C ook &
Anderson’s Sub-division, form erly owned b y Brand, Bullen & Gund C o .
IN D U S T R IA L A N D M IS C E L L A N E O U S .
said property containing in all 58,000 sq. ft. (5) A t W atertown, W is.,
malt house, elevator and storage warehouse and lot in First W ard, form erly
A d ir o n d a c k E le c tr ic P o w e r C o r p ., G le n s F a lls , N . Y .
owned b y W illiam Buckheit M alting C o ., said property containing in all
Monthly Report October 1918 and the Twelve Months ended Oct. 31.
11,808 sq. ft. (6) A t Syracuse, N . Y ., malt house, elevator and storage
1918— Oct.— 1917. 1917-18-12M 0.1916-17
warehouse, form erly owned b y C . M . W arner M alting C o ., said property
Gross earnings................................. $161,932 $147,158 $1,794,745 $1,612,154
containing in all approxim ately 50,000 sq. ft. (7) A t Hamilton, O ., malt
Operating exponscs and taxes— 114,642 112,701 1,471,798 1,164,070 house, elevator and storage warehouse and lot form erly owned b y the
Sohngon M alting C o ., said property containing in all 28,935 sq. ft .—
N ot earnings_________________ $47,290
$34,457
$448,084 V . 107, p . 1921, 2010.
$322,947
Interest charges and rentals------ 21,265
21,096
256,466
256,176
B a la n c o ______________________$26 ,025 $13,361
$66,771
$191,618
Balance Sheets o f Oct. 31 1918 and Dec. 31 1917.
Oct. SI ’ 18. Dec. 31 T7
31 ’17
31 ’ 18.
—
g
—
8
Assets
s
Liabilities
Oct.
Plant.....................17,730,125 17,480,880 Common stock___ 9,500,000
150,300 Preferred s to c k ... 2,500,000
.Materials & supp.
280,774
10,692 Ponds..................... 5,000,000
Advance payments
12,110
203,803 Accounts payable.
103,364
Accounts recelv’le.
219,049
23,682 Accounts not due.
167,074
Suspense.............
145,974
Notes payable____
438,913
Unamortlzed debt
27,632 Suspense _________
32,712
dlsc’t & expense
27,108
8,001 Reserves and sur
Funds In escrow..
2,829
142,473
plus .............
773,002
Cash_____________
151,695
T o ta l.................. 18,575,665 18,018.123
Dec.
9.500.000
2.500.000
5,000,000
159,921
21,124
" * 23,116
843,962
T o ta l........ .......... 18,575,665 18,048,123
F&Notc.— Regular quarterly dividends o f 6 % per annum have boon paid
slnco and including Jan. 1 1917. Tito prof, stock becam e culm ulatlve on
th a tjd a te and is entitled to cum ulative dividends at tho rate o f 6 % per
annum. A s to morger plan proposed in D oc. 1917, see V. 105, p . 2544;
V . 106, p . 88, 2231.
Advance-Rumely Co.—Offering of 6% Cumulative Pref.
Central Bond & Mortgago Co., Chicago, has
issued a circular regarding this Indiana corporation’s cumu
lative (5% preferred stock, of which there is authorized and
outstanding $12,400,000. Tho circular gives tho compara
tive income account, balanco sheet, description of properties,
officors and otlior data of liko nature.—V. 107, p. 1838.
American Agricultural Chemical Co.— Stock Listing .—
T h e N . Y . Stock Exchange has authorized the listing o f the additional
Stock.—Tho
$9,484,400 com m on stock on official notice o f issuance and paym ent In
fu llfa t par, in accordance with tho offering o f N o v . 4, making the total
amount authorized to be listed $29,210,500. Com pare V. 107, p . 1838.
A m e r ic a n M e ta l C o ., L t d .—
Meeting Adjourned.—
T he meeting o f the shareholders which was to have been held yesterday
to consider dissolving the com pany was again adjourned until Friday,
Dec. 6, without any action being taken.— V . 107, p. 2010.
A m e r ic a n S u m a t r a T o b a c c o C o .—
Listing.—
Tito N . Y . Stock Exchange has authorized tho listing on and after D ec. 7
1918 o f $1,022,100 additional com m on stock on official notice o f issuance
as a stock dividend o f 15% on D ec. 7 to com m on holders o f record D ec. 3,
making tho total am ount authorized to be listed $8,022,100.— V .107,p .2010.
A n a c o n d a C o p p e r M in in g C o .—
British Contr.— Director.
This com pany, it is reported, lias closed the con tract to furnish tho
British Governm ent with 1,2(10,000 lbs. o f copper rods.
John I ). R yan, who recently resigned as President and director, has been
re-elected a director.— V . 107, p . 2010, 1839.
A r m o u r & C o ., C h ic a g o .—
Annual Earnings. —
A t tho annual meeting N o v . 26 the stockholders were inform ed that
earnings for tho fiscal year ended N o v . 2 were somewhat less than those
for tho previous year.
T ho date o f tho annual meeting was also changed to the third W ednesday
in January.— V . 107, p . 1748, 1194.
A t la s C r u c ib le S te e l C o .—
Tenders.—
T he Colum bia Trust C o . o f New Y ork , trustee, will receive on or before
D ec. 9 offers o f 7 % gold notes, Series B , C , D , E , dated M a y 1 1918, for
$77,803 at 103 and interest, to bo applied to the purchase o f notes for the
sinking fu n d .— V . 106, p. 2652.
A u t o s a le s C o r p .,
N. Y.— Preferred
Dividend of
2%.—
A dividend o f 2 % has been declared on the $3,000,000 pref. stock, p ay
able D ec. 30 to holders o f record Dec. 16. T he initial dividend o f 1% was
paid on the pref. stock in M a y 1918, followed b y 1% in July and 1% in
September, making with the present 2 % a total o f 5 % for tho year 1918.
— V. 106, p. 2759.
2100
THE CHRONICLE
A m e r ic a n T e le p h o n e & T e le g r a p h C o . — Stocks
and Pledged.—Upon
Owned
the recent listing of the seven-year 6%
convertible bonds, due Aug. 1 1925, the following data were
furnished:
Slocks and Bonds Owned at June 30 1918, Showing Those Pledged to Secure
Collateral Trust Bonds, and Those Unpledged.
Pledged.
Not Pledged.
Slocks—
Par. Par Value.
Par Value.
N ew England T el. A T el. C o .........................$100 <*$10,900,000 $17,541,000
N ew England Tel. and T el. C o ................ __ 100
a5,527,000
..
N ew England T el. and T el. C o . ................
e3*.402*665
N ew Y ork T el. C o . . ................ ........................100
624,860,100
65.677.900
N ew Y ork T el. C o _____ ____________________ 100 <*34,462,000
Bell T el. C o. o f P a______ ________________ 100
7*.
Chicago Tel. C o ...............
100 635,000,000
353,800
Cleveland T el. C o ....................... ... .......... ...... 100
2,627,200
a3,371,700
M ichigan State T el. C o ., preferred______100
1,854,500
M ichigan Stato T el. C o ., com m on________ 100
5.997,298
W isconsin T el. C o ________________________ 100
67,100,000
558,100
W isconsin T el. C o __________________________100
a3, .332,600
Southern Bell T el. and T el. C o ___________ 100
<*12,208,700
9,*1*9*1*366
Northwestern T el. E x. C o ________________ 50
11.801.900
a4,348,100
N ebraska Tel. C o ______ ____________
100
9,200,000
Iow a T el. C o ____ ______
100
13.225.000
Southwestern B ell T el. C o. (M o .)_________ 100
20.500.000
Southwestern T el. & T el. C o. (N . Y . ) ____ 100
<*23,377,000
5,622,900
Southwestern Tel. and T el. C o. (N . Y .)_ _ 100
66,000,000
M ou ntain States T el. and T el. C o ______ 100
623,821,300
3,234,200
P a cific T el. and T el. C o ., preferred............100
9,350,800
<*13,600,000
P a cific T el. and T el. C o., com m on______ 100
12,417,600
Southern New England T el. C o _________ 100
M 'bbo’ ooo
985,100
50
Cinn. and Subn. Boll T el. C o ____________
63,028,250
1.150
Central Union T el. C o ...................................... 100
5,227,177
A tlantic A P a cific T el. and T el. C o ______ 100
250,000
Bell T el. C o. o f Canada............................. __ 100
6,944,300
_________
___
W estern E lec. C o ., In c., preferred______ 100
29,244,700
W estern E lec. C o ., In c., com m on ......... no par val. . ............ _ N o par value
Lim a T el. and T el. C o ., preferred.................100
137,500
Lim a T el. and T el. C o ., com m on__________
124,700
195 B roadw ay C orporation _______________ 100
2,100,000
566*666
lOO
„
,
$213,936,750 $245,070,125
Bonds—
N ew England T el. and T el. C o ................
_.
c$100,000
$481,000
Summary.
a Stocks pledged to secure collateral trust bonds, 1932, W est
ern T el. and T el. C o ., par value______ _____ _______________$16,579,400
6 Stocks pledges to secure collateral trust bonds, 1929, par v a l .*102.809,650
c Bonds pledged to secure collateral trust bonds, 1929, par v a l.
*100,000
d Stocks pledged to secure collateral trust bonds, 1946, par v a l. x94,547,700
Stocks unpledged, par value______ ________________ _____ ______ 245,070,125
Bonds unpledged, par value_______________________
481 000
e 7 5% installment paid on 45,350 shares.
* T h e value o f this trust property ascertained in accordance with the
terms o f the indenture is $118,328,652. x The value o f this trust property
ascertained in accordance with the terms o f the indenture is $107,000,000.
T ho follow ing notes o f associated com panies, endorsed but not owned b y
504,000.
M r . Vail as A dviser .—
It is announced that Pres. Theodore M . Vail has consented to give the
Postm aster-General the benefit o f his wide experience in an advisory
cap acity In directing the wire control.— V . 107. p . 1483, 804.
B a ld w in
L o c o m o tiv e
W o r k s .— Cancelation .—
C onfirm ation has beon obtained o f the report that tho com pany has
canceled an order for 1,500 Pershing locom otives. An official o f the com
pany is quoted as saying: “ W e have no retrenchm ent in m ind. T he only
w a y to resume is to resume. T he Baldwin com pany spent a lot o f m oney
to put its plants in shape to help the Governm ent as we wero in it to win
the w a r.” — V . 107, p . 2010. 504.
(J. G .) B r ill C o ., P h il a d e l p h ia .— Contracts .—
A press dispatch from Philadelphia states that this com pany has sufficient
G overnm ent contracts for arm y truck caissons, & c., to keep the plant busy
fo r the next 4 or 5 m onths, and It is understood to be tho policy to go on
with this work so that the return to a peace basis m ay be accom plished
gradually. On N o v . 28 there wero still about 36,000 em ployees reported
on tho pa y-roll.— V . 107, p . 1483, 293.
B e a v e r C o ., L t d . — Offering o f Preferred Stock.—Imbrie
& Co. are offering at 87 x/i and div. $795,500 7% Cumulative
pref. (a. & d.) stock of which the total authorized is $2,500,
000. Divs. Q.-J. guaranteed by the Beaver Co. of Buffalo.
"P assed b y tho Capital Issues C om m ittee as not incom patible,” A c.
"O fficia l permission for the issue, as required b y Order-in-Council,
ob ta in ed .”
Shares are callable, if redeemed during 1918 to 1922, in cl., at $100 per
share on 60 d a ys’ notice, 1923 at 101. 1924 at 102, 1925 at 103, 1926 at 104,
1927 at 105, 1928 at 106, 1929 at 107, 1930 at 108, 1931 at 109, 1932 or
any year thereafter at 110 per share.
D a ta From L e tte r o f W . F. M a cG la s h a n , P re s id e n t, D a ted S e p t. 10 ’ 18.
Beaver C o., Ltd.— Incorp. in 1910 in Canada and is in direct control o f
the entire Canadian Interests o f tho Beaver Board Com panies: also embraces
extensivo operations for furnishing raw material to operate the business in
tho U. S. Operates a plant on a 90-acro tract at Ottaw a, where it manu
factures beaver board; owns tho controlling interest in T h o Beaver W ood
Fibro C o .. L td ., which operates a com plete fibre mill a t T h orold , O nt.,
supplying both the American and Canadian plants o f tho associated com
panies; and also owns Tho Beaver A bitibi T im ber C o ., L td .
Product.— Beaver Board has com e into general use in tho form o f board
like panels for walls and ceilings and is a recognized staplo carried by m ore
than 9,000 dealers. T he com panies are tho largest m anufacturers o f wall
b oard in the world.
Capitalization o f The Beaver C o., Ltd., Including this Issue.
Capitalization (N o funded debt)
Authorized. Outstanding.
7% C um ulative preferred stock .........................
$2,500,000
$795,500
C om m on s to ck ....... ............................_ ..................... ..
2,500,000
764,300
Capitalization o f The Beaver Co., Buffalo, N . Y ..
C apitalization-Authorized. Outstanding.
Preferred stock .................................................................... $1,000,000
$932,300
C om m on s tock ----------------- . _ ------------ ---------------------- 1,000,000
807,600
Earnings Subject to Distribution and Exclusion o f Inter Company Accounts
„
„
„
,
6m os. 1918. Year 1917. Year 1916.
B eaver C o ., Buffalo (guarantor)-----$141,246
$197,456
$67,927
Beaver C o ., L t d . . . ...............................
51,065
88,253
82,522
T he dividends on the preferred stock issue. Including tho present offering
aro now being earned approxim ately tw ice over b y the issuing com pany
and over five times b y the guarantor com pany.
Pref. Stock Provisions.— (1) N o com m on dividends until a surplus o f
undivided profits suffices to p a y the 2 years’ pref. dividends. (2) N o
pref. m ay bo issued in excess o f >$ the value o f com p a n y’s quick assets
and tangible p roperty. (3) N o m ortgage bond nor m ortgage lien or
increase in auth. p rof, stock except with tho consent o f 7 5% o f pref. stock
outstanding. (4) N o indebtedness m ay bo contracted beyond 2 0% o f
the total assets except with the consent o f 6 0% o f tho p ref. outstanding.
Sinking Fund.— E ach year, beginning 1921, the com p a n y shall set aside
as a sinking fun d, out o f surplus net p rofits, 2 % (o f par value o f pref. out
standing) on Jan. 1 1921; 3 % . 1922; 4 % , 1923, and 5>$% on Jan. 1 o f each
year thereafter. This fund shall purchase pref. stock.
Purpose o f Issue.— T o provide the capital needed to keep the production
ca p a city o f the Canadian com pany equal to domands.
Managem ent.— T he same managem ent directs all the plants o f the
B eaver B oard com panies.
[V ol . 107
B A L A N C E SH E ET SEPTEMBER 30 1918.
Assets—
Beaver
Co.
Real est., & bldgs. *211,922
Mach. & equip’t . .
206,238
Good will..............
Cash on hand___
68,354
Accts. receivable.
646,939
Notes receivable. .
492,289
231,630
Inventories______
Work in process..
10,291
Def. charges, A c ..
70,362
Stock In other cos.
(book value)__ 1,210,344
Treasury s to c k ...
100,000
— V . 107, p . 2010.
Beaver
Ltd.
Co.,
*104,445
53,114
32,404
15,283
81,285
23,500
65,908
3,409
9,248
Liabilities—
Common stock__
Preferred stock__
Accounts payableNotes payable___
Accrued accounts.
Reserves ...........
Surplus and un
divided profits.
BC
eaov.er Beaver
Co., Ltd.
*807,600
902,900
74,010
485,209
.
40,797
151,541
*764,300
295,500
52,971
56,800
5,129
31,071
720,251
196,091
1,013,266
Total each sldc.*3,248,369 *1,401,862
C a n a d ia n C o n s o l. R u b b e r C o ., L t d .— M a turin g Bonds.
See U nited States R ubber C o . below .— V . 106, p . 1580.
C e n t e n n ia l C o p p e r M in in g C o .— D ividend.—
A dividend o f $1 a share has been declared on the stock, payable D e c. 31
to holders o f record D ec. 7. Initial dividend o f $1 was paid in Sept. 1916;
M arch 1917 and Juno 1918 $1 each was p a id .— V. 106, p . 2010, 1670.
C h ild s C o m p a n y .— N o A ction on Common D ividend .— •
T he regular quarterly dividend o f 1 % has been declared on the p re
ferred stock, payable D ec. 10 to holders o f record N o v . 29. N o action was ,
taken on tho com m on stock generally declared each quarter at tho samo
time as preferred. In Sept, last H o f 1 % was paid on the com m on and
M arch and June quarters 14$ % each was p aid.— V . 107, p . 1749, 908.
C itie s S ervice C o ., N . Y . — In crease in Stock D istribution.
In accordance with the official announcem ent o f October last (V . 107,
p . 1671), the directors on N o v . 20 declared in addition to tho regular
m onthly dividends o f 50c. per share on the pref. and com m on stocks, a
m onthly dividend o f 1% on the com m on stock, p a ya b le in stock F eb. 1
to holders o f record Jan. 15. A stock dividencl o f % o f 1% has beon
distributed on the com m on stock, along with tho cash dividends, each m onth
since F eb. 1918; previous to that 4$ o f 1 % was paid.
Conversion Privilege Jan. 1 i f Capital Issu es C om m .A pproves.
I f the Capital Issues C om m ittee gives approval to tho issue o f com m on
and preferred stocks, p rov id ed for under the conversion privilege, holders
o f tho com p a n y’s Series B 7 % convertible gold debentures will havo tho
privilege o f converting 10% o f such holdings into stock on Jan. 1.
Under a recent resolution o f tho board tho officers are authorized to
apply to the aforesaid com m ittee for authority, beginning Jan. 1 1919, to
extend the privilege o f converting 10% each month o f tho $9,000,000
Series B debentures now outstanding, tho conversion to bo m ade in every
respect as provided for in the resolution authorizing the issue o f these debs.
O f tho authorized issue o f these debentures ($30,000,000), $15,000,000
has been passed b y the Capital Issues C om m ittee, but only $9,000,000 is
now outstanding with the public. The first issue o f $3,000,000 was sold
to stockholders at par and interest, while the second issue o f $6,000,000 was
sold to the stockholders and others at 1024$ and interest.
Because o f the advance in the stocks into which said debentures are con
vertible on a basis o f eight shares o f the com pany’s p ref. stock and tw o
shares o f its com m on stock, together with the accum ulated cash and stock
dividends from Jan. I 1918 to date o f conversion on two shares o f com m on
stock for each $1,000 principal am ount debentures, tho market price o f
tho debentures has advanced sharply, having sold above 120 and accrued int.
It was deem ed wise instead o f having the entire am ount o f outstanding
debentures becom e convertible at one tim e, that tho conversion privilege
should be extended to a certain percentage o f the same throughout tho
year 1919, beginning with Jan. 1. Consequently should the Capital Issues
Com m ittee take favorable action on the application, each holder will havo
the privilege o f converting 10% o f his holdings as o f record D ec. 1 1918.
on and after Jan. 1 1919.
E a rn in g s .— F or O ctober and the 12 m onths ending O c t. 3 1 :
„
,
1917-18— 12 A fos.1916-17. 1918— October— 1917.
Gross earnings.................$22,097,815 $18,706,605 $1,784,000 $1,659,666
E xpenses..........................
476,727_____ 337,251^______57,013
29,646
N et earnings-------------- $21,621,088 $18,369,353 $1,726,987 $1,630,02*0
Interest on d e b en tu res..
160,761
2,984
60,345
225
Dividends pref. s t o c k .. 4 ,0 19,574
3,604,834___ 337,024
326,936
N et to com .stk.& res. $17,440,752 $14,761,636 $1,329,618 $1,802,858
Capitalization Oct. 31—
I n Hands o f Public. Owned by Co. Total Outst.
Preferred stock ..........................................$67,437,288 $2,523,212 $69,960,500
C om m on stock .......................................... 27,662,660 4,459,804 32,122,464
Series B 7 % C onvertible d e b e n tu re s.. 8,787,616 21,212,384 30,000,000
O ffering o f Bonds o f Controlled C om panies .—
See Sallna Light, Power & Gas C o .— Y . 107, p . 2011, 1671.
C r e s s o n C o n s . G o ld M in . & M ill. C o .— D istrib u tion .—
A distribution o f 10 cents per share has been ordered from funds received
from the salo o f ore reserves acquired prior to M arch 1 1913, payable
D ec. 10 to stockholders o f record N o v . 30. C om pare V . 107, p . 85.
C u y a h o g a T e le p h o n e C o .— Bond E xtension, & c.—
See Ohio Stato Telephone C o . a bov e.— V . 107, p. 2011.
D a v is -D a ly C o p p e r C o .— E arns, fo r Quar. end. Sept. 3 0 ’ 18
Ore re tu r n s --------------------------$394,196 D evelopm ent expenses.......... $87,532
Miscellaneous revenues------18,248 M ining co s t.............................. 176,635
-------------- Equipm ent.................................. 19,541
T otal receipts.................... .$412,444 General expenses..................... 18,271
N et after deducting disbursements as a b o v o ....................................$110,466
Shipments for tho quarter am ounted to 17,697 tons, producing 2,071.886
lbs. o f copper and 101,705 ounces o f silver.— V . 107, p . 1923.
D e lt a L a n d & T im b e r C o .— Bond Call.—
All the miniatured and outstanding R efunding 6 % gold bonds o f 1913
are called for redem ption on Jan. 1 1919 at 102 and interest at tho M ich i
gan T rust C o ., Grand R apids, M ich ., trustee.— V . 106, p . 2454.
D o m in io n P a r k C o ., L t d .— -New D irectors. —
An entirely new board o f directors have been elected, which it Is stated
represents a realignment o f form er interests, rather than the entrance
o f any now interest, m ade up o f the following: J. II. R edpatli, L . R .
C ooper, It. S. C lift, Leon Garneau, and G . D . C . D ob b in .
Subequently
M r. Redpath was elected President, M r . Garneau Vice-President, and
M r. C ooper, M anaging D irector.
T h e outgoing board consisted o f \V. G . R oss, C . A . D u clos, P . G allbert.
D . M acdonald and W . C . F inloy.— V . 105, p . 1423.
(E. I .) d u P o n t de N e m o u r s & C o .— Plant Closed. —
A press dispatch states that this com pany’s plant at Hopewell, V a., has
been shut down because o f cancellations o f orders.— V. 107, p . 1749, 1671.
E lg in N a t io n a l W a t c h C o .— Extra D ividend.—
An extra dividend o f 2 % has been declared on tho $5,000,000 stock,
ayable D ec. 21 to holders o f record D ec. 14. Regular dividends are paid
%’ per annum, 2 % Q .-F .— V . 106, p . 2652.
§
F a ir b a n k s C o m p a n y , N e v / Y o r k .— N ew ^ocA:.— Secre
tary
J. R. Peters in circular of Nov. 25 says in brief:
Pursuant to a v o te o f the directors on N o v . 11, authorizing tho issuance
o f 5,265 shares o f 8 % cum ulative p ref. stock, par valuo $100, and 5,265
shares o f com m on stock, par value $25. holders o f the outstanding com m on
stock [527,120 shares, representing a total par valuo o f $1,317,8001 aro
entitled to subscribe to tho abovo issue at the rate o f 10% o f their holdings
on N ov. 25 1918. Such subscription must include b o th classes o f stock in
liko number o f shares and n ot one class only. T he subscription price Is
$125 fo r one share o f preferred and ono share o f com m on stock. Subscrip
tion warrants must be delivered beforo D ec. 25 1918 to tho Old C olon y
Trust C o ., 17 Court S t., B oston, togothcr with paym ent in full plus accrued
dividend on the pref. stock from O ct. V 1918 to date o f paym ont. Arrange
ments have been m ade with Richardson, Hill & C o ., 50 Congress S t..
Boston, for the salo or purchase o f warrants evidencing the right to sub
scribe for fractional shares.
[Issue passed by Federal authorities as “ not Incom patible,” A c.]
N ov. 30 1918.]
THE CHRONICLE
Official Circular— Gross Sales for Nine Months $13,500,000.
—Pros. Harry T. Potors in circular of Nov. 25 says in part:
F o r t h e n in e m o n t h s e n d i n g S e p t . 3 0 1 0 1 8 t h e g r o s s s a le s o f y o u r c o m p a n y
w e r e $ 1 3 ,5 0 0 ,0 0 0 , a n d i t is in d i c a t e d t h a t t h is f u ll c a l e n d a r y e a r w ill s h o w
g r o s s in e x c e s s o f $ 1 0 ,0 0 0 ,0 0 0 .
T h i s w ill c o m p a r e w it h g r o s s s a le s f o r t h e
c a l e n d a r y e a r 1 9 1 5 o f $ 1 , 8 0 0 , 0 0 0 . L i k e w is e t h e e a r n in g s h a v e b e e n s a t is
f a c t o r y , a n d h a v e a m o u n t e d f o r t h e n in e m o n t h s e n d i n g S e p t . 3 0 1 9 1 8 t o
o v e r $ 8 0 0 ,0 0 0 a f t e r a ll n e c e s s a r y r e s e r v e s , i n c lu d in g t h o s e f o r a ll t a x e s ,
h a v e been d ed u cted .
I n t h e o p i n i o n o f y o u r d i r e c t o r s a r e c o g n i t i o n o f t h e s e c o n d i t i o n s e n t it le s
th e c o m m o n s to c k h o ld e r s t o a d iv id e n d o n th o co m m o n s t o c k .
O n th e
o t h e r h a n d , t h o r a p i d e x p a n s io n o f t h e b u s in e s s d u r i n g t h e p a s t y e a r , a n d
m o r e e s p e c i a ll y t h e o p p o r t u n i t ie s o f t h o i m m e d i a t e f u t u r e , m a k e e x p a n s io n
o f t h o c o m p a n y ’s ca sh reserv es m o s t a d v is a b lo .
T h e y h a v e th e r e fo r e d e
c la r e d a d iv id e n d to c o m m o n s t o c k h o ld e r s o f r e c o r d N o v . 2 5 o f o n e s h a ro
o f c o m m o n s t o c k fo r e a ch 25 sh ares o f c o m m o n s t o c k h e ld as o f t h a t d a te .
T h i s d i v i d o n d i3 a l s o p a y a b l e t o h o l d e r s o f c o m m o n s t o c k s c r ip o n s a m e d a t e .
I n a d d i t i o n , p e a c e c o n d i t io n s h a v e r e -c r e a t e d t h o p o s s i b i l i t y o f t h o c o m
p a n y l a r g e ly in c r e a s in g it s f o r e ig n b u s in e s s , f o r w h ic h i t h a s b e e n c o n
s t a n t l y p l a n n i n g a n e x p a n s io n .
I n o r d e r t o p l a c e t h e c o m p a n y in a n u n
u s u a l l y s t r o n g f in a n c ia l p o s i t io n t o t a k e c a r e o f t h e s e n e w o p p o r t u n i t ie s
a s w e ll a s t h e i n c r e a s e d v o l u m e o f d o m e s t i c b u s in e s s , i t h a s b e e n d e c i d e d
t o o f f e r t o c o m m o n s t o c k h o l d e r s 5 ,2 6 5 s h a r e s o f 8 % c u m u l a t i v e p r e f . s t o c k
a n d 5 ,2 6 5 sh a re s o f c o m m o n s to c k a t p a r fo r e a c h , a s p e r th e e n c lo s e d n o tic e .
T h e c a s h o b t a i n e d f r o m t h e s a le o f t h e a b o v e s e c u r it i e s w ill b o u s e d
e n t i r e l y f o r w o r k in g c a p i t a l , a n d w ill g i v e t h e c o m p a n y a t o t a l n e t w o r k in g
c a p i t a l in e x c e s s o f $ 5 ,0 0 0 ,0 0 0 .
T h i s is s u e o f s e c u r it i e s h a s b e e n u n d e n v r i t t e n , s o t h a t t h o c o m p a n y ’ s
d e v e l o p m e n t p la n s a r e a s s u r e d , b u t t h e f i r s t o p p o r t u n i t y is g i v e n t o t h e
s t o c k h o l d e r s t o p u r c h a s o f o r t h e m s e lv e s t h e i r p r o r a t a a l l o t m e n t .
[A n o f fic ia lly r e v is e d s ta te m e n t s h o w s :
Slock Authorized— Am ounts Outstanding Before and A fter Above Transaction
Total Auth. Par.
Before.
A fter.
F i r s t p r e f e r r e d 8 % c u m u l a t i v e ------- $ 1 , 0 0 0 , 0 0 0 $ 1 0 0 $ 1 ,0 0 0 , 0 0 0 $ 1 , 0 0 0 , 0 0 0
S e c o n d p r e f e r r e d . 8 % _______________ 2 , 0 0 0 , 0 0 0
100
1 , 4 7 3 ,5 0 0
2 ,0 0 0 ,0 0 0
C o m m o n .............................................. .......... 1 , 5 0 0 , 0 0 0
25
1 ,3 1 7 ,8 0 0
1 ,5 0 0 ,0 0 0
T o t a l . ............................................- .............$ 4 , 5 0 0 , 0 0 0 --------$ 3 , 7 9 1 , 3 0 0 $ 4 , 5 0 0 , 0 0 0
T h e 2 d p r o f , s t o c k is 8 % c u m u l a t i v e a n d s u b j e c t t o c a l l a t 1 1 0 a n d
a c c r u e d d iv id o n d .]
A s t o o t h e r p a r t i c u la r s s e e V . 1 0 7 , p . 2 0 1 1 .
G a le n a -S ig n a l O il C o ., F r a n k lin , P a . —Official State
ment as to Postponement of Dividend on Common Stock.—Sec
retary J. French Miller in circular of Nov. 20 says:
T h e r e g u la r q u a r t e r l y d i v i d e n d a t t h e r a t e o f $ 2 p e r s h a r e o n t h o p r e f .
s t o c k , a n d a d iv id e n d o f $2 p e r s h a re o n th e issu e d a n d o u t s t a n d in g n o w
p r e f . s t o c k h a v e t h is d a y b e e n d e c l a r e d , p a y a b l e D e c . 3 1 1 9 1 8 t o s t o c k
h o ld e r s o f r e c o r d as o f N o v . 3 0 1 91 8.
A s is g e n e r a l l y k n o w n , t h o g r e a t p e r c e n t a g e o f t h i s c o m p a n y ’s b u s in e s s is
t h o l u b r ic a t i o n o f t h o r a i lw a y s o f t liis c o u n t r y u n d e r l o n g - t e r m g u a r a n t e e d
c o s t fo rm o f c o n tr a c ts .
D u o t o t h o r a d i c a ll y c h a n g e d c o n d i t i o n s o f t h e
o p e r a t i o n a n d a d m i n i s t r a t i o n o f t h e r a i lw a y s u n d e r w a r c o n d i t i o n s , a n d o f
t h e e x c e s s iv e i n c r e a s e s in t h e c o s t o f l a b o r a n d r a w m a t e r ia ls e n t e r in g i n t o
t h o m a n u f a c t u r e o f o u r p r o d u c t s , t h e c o m p a n y h a s s u f fe r e d s u b s t a n t i a l
l o s s e s u n d e r it s p r e - w a r c o n t r a c t s .
K e li e f u n d e r t h e s e b u r d e n s o m e c o n
t r a c ts h a s b e e n s o u g h t f r o m th e U . S . R a ilw a y A d m in is t r a tio n , b u t a
d e f i n i t e d e c i s io n h a s n o t y e t b e e n r e n d e r e d .
T h o c o m p a n y h a s n o t b e e n s u c c e s s fu l in s e c u r in g f r o m t h o G o v e r n m e n t
t h o p r i o r i t y c o v e r i n g t h o m a t e r ia l f o r t h e c o n t e m p l a t e d e n l a r g e m e n t o f it s
T e x a s p r o p e r tie s , a n d h a s n o t d ra w n fr o m t h a t s o u r c e th o a n t ic ip a te d c a s h
r o t u r n , a l t h o u g h t h o e a r n in g s o f t h e T e x a s p r o p e r t ie s h a v e b e e n s a t i s f a c t o r y
u n d e r p r e v a i l in g c o n d i t i o n s .
T h e p r o c e e d s f r o m t h e a m o u n t o f t h e n e w p r e f . s t o c k s u b s c r ib e d f o r b y t h e
s t o c k h o l d e r s is n o w h e ld in t h o t r e a s u r y f o r t h e d e v e l o p m e n t o f t h o T e x a s
p r o p e r t i e s , a n d is n o t a v a i l a b l e f o r t h e c o m p a n y 's g e n e r a l u s e s .
I n v i e w o f t h o a b o v e f a c t s , a n d o f t h o n e c e s s it y f o r t h e e m p l o y m e n t o f a
la rg e r w o r k in g c a p ita l a t th o p re s e n t tim e th a n h a s h e r e t o fo r e b e e n re
q u i r e d , a n d u n t i l t h o c o m p a n y k n o w s d e f i n i t e l y w h e t h e r i t is t o h a v e r e li e f
f r o m t h o G o v e r n m e n t in r e s p e c t t o t h e c o n t r a c t s a b o v e r e fe r r e d t o , t h o
d i r e c t o r s h a v e d e e m e d it a d v i s a b l e t o p o s t p o n e a n y a c t i o n in r e g a r d t o a
d iv id e n d on th o c m m o n s t o c k .— V . 107 . » . 1104. 184.
Garfield Worsted Mills.— Sale.—
Seo adv. o f Alien Property Custodian on a preceding page.— V . 107 ,p. 1923.
General Motors Corporation.— Debenture Stock— Reduc
tion of Pref. Stock.—Tho shareholders will vote Dee. 10 on
authorizing (1) an issuo of not exceeding $150,000,000 6%
debenture stock, of which $20,000,000 is to be set asido to bo
exchanged for the outstanding issue of preferred stock, sharo
for sharo, and a further .$33,049,200 is to bo issued forthwith
instead of pref. stock in part payment for tho property of
tho United Motors Corporation (V. 107, p. 1484, 2011)
(b) decreasing the present authorized pref. stock from $100,
000,000 to $20,000,000.
President W. C. Durant has mado substantially tho fol
lowing statement:
Explanation as to Status o f Preferred Slock Issue.
In the original application to list tho corporation’s stock, to meet a sug
gestion o f the Listing Com m ittee o f the N . Y . Stock Exchange, a provision
was inserted to tho effect ’ ’ that any additional preferred stock should be
designated as 2d prof, s to ck .” It was not intended that this provision
should lim it tho right o f the corporation with respect to the privileges o f
any additional preferred stock that might bo authorized b y the stockhold
ers, as provided b y law. It was merely designed to indlcato that preferred
stock issued in excess o f $20,000,000 could not. in the event o f liquidation,
he redeemed in the discretion o f tho directors b y the delivery o f one share
o f tho preferred stock o f tho New Jersey com pany for one and one-third
shares o f tho preferred stock o f the Delaware corporation, as could be done
in the case o f preferred stock up to $20,000,000 par value.
Subsequently, the New Jersey com pany was dissolved as o f A ug. 1 1917.
A s a result all actual difference between tho $20,000,000 par value o f pref.
stock and any additional pref. stock was eliminated. A ccordingly at the
special meeting o f stockholders on M ar. 20 1918 the provision relating to
redemption b y the delivery o f the preferred stock o f the New Jersey com
pany was eliminated, and the pref. stock authorized was increased from
$20,000,000 to $50,000,000, tho vote being practically unanimous, only
600 shares o f pref. stock voting against tho proposition.
Again at a special meeting o f tho stockholders held on Aug. 27 1918, tho
pref. stock was increased to $100,000,000 and tho com m on stock was
increased to $200,000,000, without any dissent.
Description o f Proposed Debenture Slock.
Vr Y o u r officers havo had in mind for some time the advisability o f creating
an Issue o f debenture stock which would havo superior advantages to the
present pref. stock, thus giving the com pany a m ore valuable coin with
which to finance future extensions and developm ents.
In view o f tho foregoing, your directors deem it advisablo to recomm end
the creation o f an issuo o f debenture stock for which the outstanding
p ref. stock can bo exchanged at tho option o f tho holders on or beforo
Jan. I 1921, sharo for sharo.
T ho proposed debenture stock will possess, am ong other privileges:
(а) T ho right to vote equally with tho com m on stock unless tho earnings
aro 1
times tho amount required to pay the dividends on tho o u t
standing debonturo stock.
(б) In case o f default in tho paym ent o f dividends for six m onths, tho hold
ers to havo tho right to vote, to tho exclusion o f holders o f com m on stock.
(c) N o debenture stock to be issued unless the net assets above the direct
liabilities shall am ount, after tho issuo o f the debenture stock, to 1H
times all debenture stock issued and outstanding.
(d) N o mortgage or other lien, with certain specified exceptions, such as
purchase-m oney mortgages, to be created without the consent o f threofourths o f the debonturo stockholders.
(e) Redem ption figure-Sl 15 a share, com pared with $110 for pref. stock.
Purposes for Which Debenture Slock M ay Be Issued.
T w en ty million dollars o f this debenture stock will be reserved for tho
purpose o f exchanging tho pref. stock as previously stated, and approxi
m ately $33,000,000 will bo used to pay for the assets o f tho United M otors
2 1 0 1
C o r p o r a t io n , u n d e r th o te rm s o f an o r d e r r e c e n t ly m a d e th e m .
T h e b a l
a n c e o f t h e d e b e n t u r e s t o c k w ill r e m a in in t h e t r e a s u r y t o b e u s e d f o r f u t u r e
d e v e lo p m e n t s f r o m tim e t o tim e a t t h o d is c r e t io n o f th e b o a r d .
New Director .—
It. 8 . M c L a u g h lin , P re s , o f M c L a u g h lin M o t o r C a r C o . , L t d . , o f O sh a w a ,
h a s b e e n e le cte d a d ir e c t o r a n d m e m b e r o f t h e e x e c u t iv e c o m m it t e e .
— V . 107, p . 2011, 1923.
G e n e r a l R u b b e r C o , — M aturing
Bonds.—
S e o U n it e d S t a t e s R u b b e r C o . b e l o w . — V . 1 0 7 , p . 1 6 7 2 .
C o . — Remarkable War Record—
company on another page of this
issue of tho “Chronicle” calls attention to the extraordinary
development of its business in order to meet the demands
of tho American Army and the outlook for increased business
under present conditions for which greatly enlarged factory
facilities are nearing completion. The company’s state
ment says in part:
G ille t t e
S a fe ty
R azor
Favorable Outlook.—The
W h e n A m e r i c a e n t e r e d t h e w a r t h e G i l l e t t e f a c t o r y in B o s t o n h a d a
c a p a c it y o f 4 ,0 0 0 r a z o r s a d a y , b a r e ly s u ffic ie n t f o r th e d o m e s t ic t r a d e .
O u r E u ro p e a n fa c to r ie s w e re c lo s e d .
O u r C a n a d ia n p la n t w a s w o r k in g
o v e r t i m e t o h a n d le t h e w o r l d - w i d e e x p o r t d e m a n d .
F o u n d a t i o n s w e r e l a id f o r a g r e a t n e w G i l l e t t e f a c t o r y a l o n g i s d e t h e
B o s t o n p l a n t f o r t h e m a n u f a c t u r in g o f b l a d e s o n l y .
T h e n c a m e th e c a ll
f o r t h o G i l l e t t o in t h e A m e r i c a n t r e n c h e s .
T h e W a r D e p a r tm e n t t o ld u s
w h a t w e w ere e x p e cte d to d o .
It w as u p to u s.
I n t h e m e a n tim e th e n e ce s
s a r y b u i l d in g r e s t r i c t io n o f t h e W a r I n d u s t r i e s B o a r d s t o p p e d w o r k o n o u r
new fa c to r y .
T o m a k e g o o d w e h a d t o r e a c h s e v e n t im e s o u r e x i s t i n g
c a p a c i t y in a l im i t e d n u m b e r o f w e e k s .
B u t w o g o t o n o u r fe e t b e fo r e
th o g o n g sou n d ed an d w en t t o it.
W o fu r n is h e d t h e G o v e r n m e n t w it h 3 , 5 0 0 , 0 0 0 r a z o r s a n d 7 8 ,0 0 0 , 0 0 0
b la d e s — t h a t ’ s a b o u t 3 5 m ile s o f s h a v i n g e d g e e v e r y 2 4 h o u r s .
A n d w e are
n ot done y e t.
T h e b o y s a re o v e r th e re a n d t h e y m u s t c o n t in u e t o s h a v e .
T h e c a b l e s s t ill c o m e t o r u s h G il le t t e r a z o r s a n d b l a d e s .
I n t h o m e a n t i m e , s u p p lie s t o f o r e i g n c iv il ia n s t h r o u g h o u t t h o w o r l d —
w h e re th e d e m a n d h a s a lm o s t d o u b le d — h a s b e e n c u t t o 5 % o f fo r m e r
d e l iv e r i e s .
S h i p m e n t s w e r e e v e n b r o u g h t b a c k f r o m C h in a a n d t h e F a r
E a st to m eet th e needs o f th e h o m e tra d e.
N e w f a c il i t i e s a r o a l m o s t r e a d y .
S o p r e s s in g w a s t h o d e m a n d o f t h e
G o v e r n m e n t f o r d e l iv e r i e s t h a t t h e W a r I n d u s t r i e s B o a r d f i n a l l y l e t u s g o
a h e a d w i t h o u r b u i l d in g p l a n s .
T h e n e w f a c t o r y is n e a r in g c o m p l e t i o n ;
e i g h t s t o r ie s h i g h , w it h t h o u s a n d s o f a d d it i o n a l f e e t o f s p a c e .
T h e e n tire
b u i l d in g w ill b o d e v o t e d t o b l a d e p r o d u c t i o n , g i v i n g u s a t o t a l c a p a c i t y o f
1 1 0 ,0 0 0
d o z e n b l a d e s a d a y o r 3 5 6 ,0 0 0 ,0 0 0 b l a d e s a y e a r . — V . 1 0 7 , p . 6 9 9
G u l f S ta t e s
S te e l C o . —Extension
of Voting Trust .—
T h e v o t i n g t r u s t a g r e e m e n t o f D e c . 1 1 9 1 3 e x p ir e s D e c . 1 1 9 1 8 , b u t t h o
v o t i n g t r u s t e e s , a c t i n g u p o n t h e r e q u e s t o f t h e h o l d e r s o f a s u b s t a n t ia l
a m o u n t o f s t o c k t r u s t c e r t i f ic a t e s , h a v e a r r a n g e d t o e x t e n d t h e s a m e u n t il
D e c . 1 1921 ( s u b j e c t t o e a r lie r t e r m i n a t i o n a t a n y t im e , a t o p t i o n o f t h e
tru ste e s).
T o N o v . 19 h o ld e r s o f s t o c k t r u s t c e r t i f ic a t e s r e p r e s e n t in g
1 0 ,8 3 5 s h a r e s o f F i r s t P r e f . s t o c k a n d 5 3 ,1 4 5 s h a r e s o f C o m m o n s t o c k h a d
a s s e n te d t o s u c h e x te n s io n .
T h e v o t i n g tru ste e s u n d e r th e e x te n d e d a g re e
m e n t a r e A l e x a n d e r J . H e m p h il l , A l f r e d A . C o o k a n d J o h n W . P l a t t e n , a n d
th o d e p o s ita r y th e G u a r a n ty T r u s t C o . o f N e w Y o r k .
S in c e M a y 8 1 9 1 8 $ 2 , 1 9 9 , 3 7 5 c o m m o n s t o c k t r u s t c e r t i f i c a t e s h a v e b e e n
is s u e d a s a s t o c k d i v i d e n d o f 2 5 % ( o n J u n e 3 ) , a n d $ 6 8 8 ,0 0 0 2 d p r e f . s t o c k
t r u s t c e r t i f i c a t e s h a v e b e e n c o n v e r t e d In t o c o m m o n s t o c k t r u s t c e r t i f i c a t e s ,
le a v i n g o u t s t a n d i n g in t h e h a n d s o f t h o p u b li c o n N o v . 18 1 9 1 8 , r e p r e s e n t in g
t h o e n t i r e o u t s t a n d i n g s h a r e c a p i t a l , $ 2 ,0 0 0 ,0 0 0 1 st p r e f . 7 % s t o c k v . t . c . ,
$ 8 5 ,7 0 0 2 d p r e f . 6 % s t o c k v . t . c . , a n d $ 1 1 ,1 1 1 ,2 7 5 c o m m o n s t o c k v . t . c .
T h o N . Y . S t o c k E x c h a n g e h a s a u t h o r i z e d t h e lis t in g o n a n d a f t e r D e c . 2
o f t h e e x t e n d e d v o t i n g t r u s t c e r t i f ic a t e s o n o f f i c i a l n o t i c e o f I s s u a n c e r e p r e
s e n t i n g t h e s e v e r a l c la s s e s o f s t o c k t o a t o t a l n o t e x c e e d i n g s a i d a m o u n t s .
Income Account.—For nine months ending Sept. 30 1918
and calendar years 1915 to 1917:
9 M os. ’ 18.
N e t ea rn s, a f t . p r o p . t a x . $ 1 ,6 6 2 ,1 0 8
I n t e r e s t a n d d i s c o u n t _____
5 4 ,1 5 7
M is c e l la n e o u s r e v e n u e ___
2 6 ,4 5 8
Year 1 9 1 7 .
T o t a l I n c o m e ____________ $ 1 ,7 4 2 ,8 1 3
$ 4 ,1 9 9 ,9 2 5
Deduct—
R e se rv e fo r d o u b tfu l a ccts
D e p r e c i a t i o n _______________
R e s e r v e fo r F e d e ra l ta x e s
I n t . o n S e lf-F lu x .C o . b d s .
D o n a t io n s ( R e d C r o s s ) ..
Year 1 9 1 6 .
$ 4 ,0 7 4 ,8 8 2
6 7 ,5 0 2
5 7 ,5 4 1
Year 1 9 1 5 .
N o t rep orted
in d e t a i l.
$ 2 , 6 5 0 ,0 0 7
$ 6 3 3 ,1 0 5
1 9 7 ,4 9 6
2 4 ,1 6 2
$6,0001
$ 4 ,5 0 0
2 2 5 ,8 2 1
4 5 0 ,0 0 0
9 ,4 4 1
2 0 ,0 0 0
3 0 9 ,8 4 6
1,000,000
1 2 ,6 0 0
N e t i n c o m e ................. . . . $ 1 , 0 3 3 , 0 5 1
$ 2 ,8 7 1 ,4 7 9
$ 2 ,4 5 2 ,5 1 1
$ 6 0 8 ,9 4 3
T h o c o m p a n y is n o w p a y i n g l 6 % p e r a n n u m in c a s h o n its c o m m o n s t o c k
a s w e ll a s 7 % o n it s 1 s t p r e f . a n d 6 % o n it s 2 d p r e f . — V . 1 0 7 , p . 2 0 1 1 .
I n d e p e n d e n t S te e l P r o d u c ts C o r p . — Proposed
Co.—
A c o m p a n y w i t h t h is o r s o m e o t h e r n a m e w i l l , i f p r e s e n t a r r a n g e m e n t s
a r e c o m p l e t e d , b o o r g a n i z e d b y t h o le a d i n g i n d e p e n d e n t s t e e l c o m p a n i e s
o f t h o U n it e d S t a t e s t o c o m b i n e f o r f o r e i g n s e llin g .
A c o m m itte e o f e x e cu
t iv e s h a s b e e n c h o s e n t o f o r m u l a t e p la n s f o r t h e f o r m a t i o n o f a n e x p o r t a s
s o c ia t i o n t o r e p r e s e n t 2 8 c o m p a n i e s w h o s o a g g r e g a t e i n g o t p r o d u c t i o n
r e a c h e s 2 0 ,0 0 0 ,0 0 0 to n s a y e a r .
T h e p r o p o s e d c o n s o l i d a t i o n w ill b e t h r o u g h
a c o r p o r a t i o n w it h a N e w Y o r k c h a r t e r a n d a s u g g e s t e d i n it ia l c a p i t a li z a
t io n o f $ 1 0 ,0 0 0 ,0 0 0 , t o w h ic h p r o d u c e r s w ill s u b s c r ib e .
T h o f o l l o w i n g h a v e b e e n c h a r g e d t o w o r k o u t d e t a i ls : A . C . D i n k e y ,
P r e s , o f t lie M i d v a l o S t e e l & O r d n a n c e C o . ; E . G . G r a c e , P r e s , o f t h e B e t h
le h e m S teel C o r p .; E . A . S . C la r k e , P re s, o f th e L a ck a w a n n a S teel C o . ;
J o h n A . T o p p in g , P re s , o f th e R e p u b lic Ir o n & S te e l C o .: P . D .B lo c k ,
V .-P r e s . o f th e lid a n d S te e l C o . , a n d J . A . C a m p b e ll, P re s , o f th e Y o u n g s
t o w n Sheet. & T u b e C o .
«
T h e U n it e d S t a t e s S t e e l C o r p . is n o t i n c lu d e d in t h e p r o j e c t e d m e r g e r
f o r s e llin g o v e r s e a s , b e c a u s e i t h a s it s o w n f o r e i g n o r g a n i z a t io n in t h e f o r m
o f t h o U n it e d S t a t e s S t e e l P r o d u c t s C o .
I n s p i r a t io n C o p p e r C o . — Neio
Officers.—
C.
F . K e lle y , d ir e c t o r , h a s b e e n e le cte d P r e s id e n t t o s u c c e e d C o l. W ilia m
B o y c e T h o m p s o n , r e s ig n e d .
J . D . R y a n , w h o r e c e n t l y r e s ig n e d a s a
d i r e c t o r , h a s b e e n r e - e l e c t e d t o s u c c e e d C . E . M i l l s . — V . 1 0 7 ,p . 1 8 4 1 , 1 4 8 4
I n t e r n a t io n a l
Enemy Stock.—
A g r ic u lt u r a l
C o r p . — Not
to Purchase
T h i s c o m p a n y h a s d e n ie d a r u m o r t h a t t h e m a n a g e m e n t in t e n d s t o p u r
c h a s o s h a r e s o f s t o c k o w n e d b y e n e m y a lie n s w h ic h is t o b e s o l d o n J a n . 17
b y th e A lie n P r o p e r t y C u s to d ia n .—
107, p . 20 1 2 .
V.
— U. S. Govern
ment May Take Over the Company's 85 FesseZs.—Tho company
announced on Wednesday that they were “advised that the
U. S. Government is prepared to take over tho ownership of
tho vessels upon the terms of tho British offer and the tetails
aro to bo worked out.”
A special dispatch to the “Journal of Commerce” on
Nov. 26 said:
I n t e r n a t io n a l M e r c a n t ile M a rin e C o .
T h o c e s s a t io n o f h o s t i l i t i e s a n d t h o p r e s s in g n e e d o f s h ip s t o b r i n g o u r
t r o o p s b a c k f r o m F r a n c e a n d B e l g i u m b e f o r o t h e p i n c h o f w in t e r i m p o s e s
h a rd s h ip s u p o n th e m a re th e p r im a ry rea so n s fo r th o p u r c h a s o .
I t is s a id
t h a t t h is G o v t , w o u ld t a k e o v e r t h e p r o p e r t y o f t h e c o r p o r a t i o n o n t h e s a m e
t e r m s t h o B r it is h G o v t , o f f e r e d . T h i s a m o u n t is k n o w n t o b e $ 9 0 ,0 0 0 ,0 0 0 .
( T h o o t h e r a u t h o r i t ie s s t a t e t h a t in c lu d in g t h e t r e a s u r y a s s e t s o f t h o
E n g lis h c o m p a n i e s t h e p u r c h a s e w o u ld i n v o l v e a t o t a l o f $ 1 2 9 ,0 0 0 ,0 0 0 o r
$ 1 3 0 ,0 0 0 ,0 0 0 .
T h e " N . Y . T r i b u n e " o f N o v . 2 8 s a id : “ A p la n f a v o r e d b y
c e r t a in m e m b e r s o f t h o I n t e r n a t io n a l M e r c a n t i l e M a r i n o d i r e c t o r a t e , i f t h o
d e a l w it h t h o G o v e r n m e n t g o e s t h r o u g h , s u g g e s t s t h e is s u a n c e t o t h e S h ip
p i n g B o a r d o r s u c h o t h e r F e d e r a l b o d y a s m ig h t b e d e s i g n a t e d o f s h a r e lip n
c e r t i f ic a t e s , in r e t u r n f o r w h ic h t h e c o m p a n y w o u ld r e c e iv e in c a s h $ 1 3 0 ,
0 0 0 ,0 0 0 , o r t h e s u m i n v o l v e d in t h e n e g o t i a t io n s w it h t h e B r i t is h s y n d i c a t e .
THE CHRONICLE
2102
A le a d in g d ir e c t o r a d d e d t h a t It w o u ld r e s t w it h t h e G o v e r n m e n t t o s e c u r e
t h e c o n s e n t o f G r e a t B r it a in t o t h e tr a n s fe r o f th e s h ip s f r o m B r it is h t o
A m e r ic a n r e g is t r y .’ ’]
T h is
fo r m a l
S h ip p in g
sta te m e n t
B o a rd
o n
N o v .
w a s
is s u e d
a t
th e
o ffic e
o f
th e
2 6 :
A n n o u n c e m e n t w a s m a d e a t th e S h ip p in g B o a r d t h a t t h e In te r n a tio n a l
M e r c a n t ile M a r in e C o r p o r a t io n h a d t o -d a y b e e n a d v is e d o f th e G o v e r n
m e n t ’s d is in c lin a t io n t o g iv e its a p p r o v a l t o th e p r o p o s e d tr a n s fe r t o a
B r itis h s y n d ic a t e o f th e A m e r ic a n o w n e r s h ip , w h ic h h a s fo r y e a r s b e e n v e s te d
i n t h e I n t e r n a t i o n a l M e r c a n t i l e M a r i n e C o r p o r a t i o n , o f t h e l a t t e r ’s v e s s e ls
n o w u n d e r B r itis h r e g is tr y .
B a in b r id g e C o lb y , o f th e S h ip p in g B o a r d , s ta te d t h a t a n o ffe r b y a
B r itis h s y n d ic a t e t o a c q u ir e fr o m th e I n te r n a tio n a l M e r c a n t ile M a r in o C o r
p o r a t io n t h o t o n n a g e in q u e s t io n , h a d b e e n u n d e r c o n s id e r a t io n f o r s o m e
t im e .
T h e o ffe r w a s e x p r e s s ly c o n d it io n e d u p o n its a p p r o v a l b y b o t h th e
U n it e d S t a t e s a n d B r it is h G o v e r n m e n t s .
T h e n e g o t i a t io n s , lie fu r t h e r
s t a t e d , h a d b e e n c a r r ie d o n b y t h e I n te r n a tio n a l C o r p o r a t io n w it h e n tir e
f r a n k n e s s , s o f a r a s t h e G o v e r n m e n t Is c o n c e r n e d , a n d t h e d e c i s i o n
now
r e a c h e d is d u e t o t h e r e l u c t a n c e f e l t t h a t a n o w n e r s h i p w h i c h h a s s o l o n g
b e e n h e ld in t h is c o u n t r y , c o v e r i n g s o im p o r t a n t a t o n n a g e , s h o u ld a t t h is
t i m e , a n d u n d e r t h o c o n d i t i o n s n o w p r e v a i l i n g in s h i p p i n g t h r o u g h o u t
t h e w o r ld , b o s u ffe r e d t o p a s s o u t o f A m e r ic a n h a n d s .
T h o v e s s e ls im m e d ia t e l y c o n c e r n e d in t h e s y n d i c a t e ’s o f f e r a r e a p p r o x i
m a t e ly 8 5 in n u m b e r , a n d a g g r e g a t e 7 3 0 ,0 0 0 g r o s s t o n s , o r in t h e ir d e a d
w e ig h t e q u iv a le n t , a b o u t 1 ,0 0 0 ,0 0 0 t o n s .
T h e y in c lu d o s o m e o f t h e m o s t
i m p o r t a n t v e s s e ls n o w e n g a g e d In t r a n s - A t l a n t i c s e r v i c e , s u c h a s t h e
O ly m p i c , a n d m a n y o t h e r v e s s e ls o f la r g e t y p e a n d fa m ilia r n a m e s .
T h o G o v e r n m e n t h a s a n n o u n c e d it s w illin g n e s s t o t a k e o v e r t h e o w n e r
s h i p o f t h e s e v e s s e ls u p o n t h o t e r m s o f t h o B r i t i s h o f f e r , w h i c h is c o n s i d e r e d
a fa ir p r ic e f o r t o n n a g e o f th is e x c e p tio n a l c h a r a c t e r .
[A n u n o ffic ia l d is p a t c h fr o m W a s h in g t o n s t a t e d t h a t c o m p le t e a g r e e m e n t
h a d b e e n r e a c h e d w it h t h o B r itis h o ffic ia ls p e r ta in in g t o t h e d e ta ils o f th e
t r a n s a c t io n , b u t t h is la c k e d c o n fir m a t io n a n d w a s n o t g e n e r a lly c r e d
it e d .— E d .]— V . 1 0 7 , p . 2 0 1 2 , 1 8 4 1 .
I p s w ic h
( M a s s .) M il ls .— E x tr a D iv id e n d .—
A n e x t r a d iv id e n d o f 3 % h a s b e e n d e c la r e d o n t h e c o m m o n s t o c k a lo n g
w it h t h e r e g u la r s e m i-a n n u a l d iv id e n d s o f 3 % o n t h e c o m m o n a n d 3 % o n
t h e p r e fe r r e d , a ll p a y a b le D e c . 2 t o h o ld e r s o f r e c o r d N o v . 2 6 .
A lik e
a m o u n t w a s p a id in J u n o la s t .— V . 1 0 6 , p . 2 3 4 8 .
I r o n C a p C o p p e r C o ., B o s t o n , M a s s .— B o n d s O ffe r e d .—
P u r s u a n t t o v o t e o f th e s to c k h o ld e r s o n A u g . 5 1 9 1 8 , th e c o m p a n y o ffe r e d
t o it s s t o c k h o ld e r s it s $ 5 0 0 ,0 0 0 F ir s t M o r t g a g e 8 % 2 0 - Y e a r g o l d c o u p o n
b o n d s, to b e d a te d O ct. 1 1918, secu red b y a m o rtg a g e to S ta te S tre e t T ru st
C o . o f B o s to n , as tru ste e .
E a c h s t o c k h o ld e r w a s
e n title d t o m a k e an
in it ia l s u b s c r ip t io n o f $ 2 0 f o r e a c h s ix s h a r e s , o r fr a c t io n t h e r e o f, o f th e
s t o c k o w n e d b y h im o f r e c o r d N o v . 4 a n d f o r e a c h $ 2 0 0 s u b s c r ib e d a n d p a id
( w i t h a c c r u e d in t e r e s t f r o m O c t . 1 1 9 1 8 ) is e n t it l e d t o r e c e iv o $ 2 0 0 o f s a id
b o n d s a n d o n e s h a r o o f c a p it a l s t o c k o f th e p a r v a lu e o f $ 1 0 .
S u b s c r ip tio n s
h a d to b o file d a t th e B o s to n o f fic e , 50 C o n g r e s s S t ., b y N o v . 18 a n d m u s t
b e p a id D e c . 5 .
E a c h s t o c k h o ld e r w a s a ls o p e r m itte d t o m a k o a n a d d it i
o n a l s u b s c r ip t io n a t t h e s a m e p r ic e s u b je c t t o a llo t m e n t .
T h e p l a n In a c c o r d a n c e w it h w h ic h t li c s o b o n d s w o r e a u t h o r iz e d p r o v i d e d
f o r t h e c a l l i n g in o f t h e $ 1 2 5 , 0 0 0 5 - y e a r 7 % g o l d b o n d s o f 1 9 1 6 , a n d t h e
m a k in g o f a m o r tg a g e t o s e c u r e th e n e w b o n d s c o v e r in g “ th e Ir o n G a p
G r o u p o f c la im s , o r n e a r , lo c a t e d a t G lo b e , A r iz o n a , n a m e ly , t h o c la im s
d e s ig n a te d Ir o n C a p , M a r jo r y , C o lu m b ia , C o lu m b u s , F r a c t io n , O ly m p ia ,
F r e e A m e r ic a , F r ie n d s a n d C o p p e r A g o ."
F r a n k P . K n ig h t , P r e s id e n t ,
a n d R o la n d I I . K n ig h t, T r e a s u r e r .
T h o o ld b o n d s w e r e c a lle d fo r p a y
m e n t a t 1 0 5 a n d in t . o n O c t . 1 a t t h e S ta te S tr e e t T r u s t C o ., B o s t o n .—
V . 107, p . 1811.
J a c k s o n v i l l e (1 1 1 .) G a s L i g h t & C o k e C o . — R e d e m p t i o n .
T h is c o m p a n y h a s c a lle d f o r p a y m e n t o n J a n . 1 1 9 1 9 $ 8 ,0 0 0 F ir s t M t g e .
5 % g o l d b o n d s , d a t e d J a n . 1 1 9 0 1 , v i z ., f o u r o f $ 5 0 0 e a c h a n d s ix o f $ 1 ,0 0 0
each .
B o n d s w ill b e p a id a t 10 3 a n d in t . a t M e r c h a n t s ’ L o a n A T r u s t C o . ,
C h ic a g o .— V . 1 0 5 , p . 2 2 7 7 .
J e w e l
T e a
C o .—
S a le s ,
1 9 1 8 — 4 W eek s— 1917
$ 1 ,1 7 1 ,4 3 2
$ 1 ,2 0 8 ,4 0 1
— V . 107, p . 1672, 1388.
4
44
an d
W eek s
to
N o v .
2 .—
D ec rea se . I 1 9 1 8 — 44 W eek s— 1 9 1 7 .
$ 3 6 , 9 6 9 1 $ 1 2 ,7 6 2 , 9 9 3
$ 1 2 ,8 7 7 ,5 2 5
J o n e s
&
L a u g h lin
S t e e l C o .— N e
J a m e s C . W a ts o n , A s s t. T r e a s ., w a s r e c e n tly
C h a r le s A . F is h e r , w h o w a s a p p o in t e d a s s is ta n t
J . C r e ig h t o n , A u d it o r , w a s m a d e C o n t r o lle r .—
D ecrea se.
$ 1 1 4 ,5 3 2
iv O ffic e r s .—
m a d e T reasu rer o t su cceed
t o th o P r e s id e n t .
W illia m
V . 107, p . 506.
K e n n e c o t t C o p p e r C o r p o r a t i o n .— L itig a tio n .—
S e e M o t h e r L o d e C o p p e r M in e s C o . b e lo w .— V . 1 0 7 , p . 1 8 4 1 , 1 4 8 4 .
K e n t
o ^ s .—
A p a r tm e n ts ,
T h e
N e w
p a r
$ 1 4 0 ,0 0 0
d u e
N o v . 21
b u ild in g
o f
N .
Y o r k
5 }4 %
O ffe r in g
&
b y
F ir s t
C o .
a n d
1 02d
is
M o rtg a g e
fir s t m o r tg a g o
s e v e n -s to r y
m e n t h o u se a t th e c o rn e r o f
o f G u a r a n te ed
M o r tg a g e
G u a ra n te e d
1 921, secu red
th e
Y .—
T itle
b a se m e n t
S t. a n d
o n
ls Z
M .
o ffe r in g
a t
c e r tific a te s
th o la n d
m o d e rn
a n d
a p a rt
B ro a d w a y , N . Y .
T h e c e r t i f i c a t e s a r o i s s u a b l e in a m o u n t s o f $ 1 0 0 , & c .
P a y m e n t o t p r in
c i p a l a n d i n t e r e s t is g u a r a n t e e d b y t h e N e w Y o r k T i t l e A M o r t g a g e C o .
w h ic h e s t im a t e s t h e v a l u e o f th e p r o p e r t y a t $ 2 5 0 ,0 0 0 .
T h e p r o p e r ty ia ls o o c c u p ie d b y “ A r c h a m b a u lt ’s
resta u ra n t.
“ P a s s e d b y th e C a p it a l Iss u e s C o m m it t e e a s n o t in c o m p a t ib le ,” & c.
K in g s p o r t
S eries
in g ,
“ A .” —
b y
1
H .
a d v e r tis e m e n t
F ir s t M t g e .
A p r il
U tilitie s ,
G e o .
6 %
1 9 3 7 .
g o ld
I n c .—
T a y lo r
o n
a n o th e r
b o n d s,
A u t h .,
O ffe r in g
J r.
S e r ie s
$ 1 ,5 0 0 ,0 0 0 ;
&
o f F ir s t
C o .,
p a g e ,
“ A ,”
M tg e.
C h ic a g o ,
a
b lo c k
d a te d
o u ts ta n d in g ,
B on d s,
a ro
o f
1917
o ffe r
2 0 -y e a r
a n d
d u o
$ 5 0 0 ,0 0 0 .
In terest A . A O . a t N o w Y o rk .
R e d ., a ll o r p a r t , o n a n y I n te r e s t d a t e ,
o n fo u r w e e k s ’ n o t ic e , a t 1 0 5 a n d in t e r e s t .
D e n o m . $ 1 ,0 0 0 c * .
N ew Y ork
T r u s t C o ., tru ste e .
“ P a s s e d b y th e C a p it a l Iss u e s C o m m it t e e a s n o t in c o m p a t ib l e ,” & c .
D a t a f r o m L e tte r o f Pres, J . Fred J o h n s o n , K i n g s p o r t , T e n n , , J u l y 1 ,
C o m p a n y .— O w n s a n d o p e r a t e s w it h o u t c o m p e t i t i o n t h o e le c t r i c lig h t ,
p o w e r ‘a n d w a t e r p r o p e r t i e s i n K i n g s p o r t , T e n n .
T h o p o w e r p la n t h a s a
c a p a c i t y o f 1 1 ,5 0 0 k . w . , d e v e l o p i n g 1 5 ,3 0 0 h . p .
A b o u t 5 , 0 0 0 h . p . is
reserve p ow er.
T h e w a te r s u p p ly s y s t e m c o n s is ts o f a w a te r s h e d a n d
r e s e r v o i r l o c a t e d a b o u t s i x m i t e s f r o m K i n g s p o r t o n B a y s M o u n t a i n in
S u lliv a n C o u n t y , T e n n .
W a t e r is c a r r i e d b y g r a v i t y t o t h o c i t y l i m i t l i n e
u n d e r a 2 0 0 - lb . p r e s s u r e , w h e r e it is r e d u c e d t o 1 2 5 p o u n d s , a n d is d is t r ib u
t e d t h r o u g h 15 m ile s o f m a in s .
C a p ita liz a tio n —
A u th o r iz e d .
Issu ed .
P r e f e r r e d s t o c k ____________________________________________________
$ 5 0 0 ,0 0 0
$ 5 0 0 ,0 0 0
C o m m o n s t o c k -----------------------------------------------------------------------------5 0 0 ,0 0 0
5 0 0 ,0 0 0
F i r s t m o r t g a g e b o n d s ____________________________________________ 1 , 5 0 0 , 0 0 0
5 0 0 ,0 0 0
P u r p o s e o f I s s u e .— T h e p r o c e e d s a r o fo r r e tir in g flo a t in g d e b t , A c .
E a r n in g s f o r T w e lv e M o n t h s e n d e d M a r c h 3 1 1 9 1 8 .
G r o s s e a r n i n g s __________________ $ 3 2 2 , 8 9 4 1 N e t , p r i o r t o d e p r e c i a t i o n . . . $ 1 2 8 , 3 9 1
O p e r . e x p . , m a i n t . & t a x e s , 1 9 4 , 5 0 3 1 I n t e r e s t c h a r g e s ----------------------3 0 ,0 0 0
S e c u r ity .— A f ir s t m o r t g a g e o n a ll t h e p r o p e r t y , r ig h t s a n d fr a n c h is e s .
E s c r o w b o n d s ($ 1 ,0 0 0 ,0 0 0 ) m a y b o is s u e d o n ly f o r 8 0 % o f th o a c t u a l c a s h
c o s t o f fa ir v a lu e o f b e t t e r m e n t s a n d im p r o v e m e n t s , o r f o r n e w o r a d d i
t i o n a l p u b l i c u t i l i t y p r o p e r t i e s , w h e n n e t i n c o m e is t w i c e t h e in t e r e s t
c h a r g e s , in c lu d in g b o n d s p r o p o s e d .
S in k in g F u n d .— A n n u a lly A u g . 1 u n t il a ll b o n d s a r o f u ll y p a id : 1 9 2 0 t o
1 9 2 2 in e f., 1 % o f b o n d s th e n o u t s t a n d in g : 1923 t o 1 9 2 5 in c l., 1 .2 % : 1 926
t o 1 9 2 8 in c l., 1 .4 % : 1 9 2 9 t o 1931 in c l., 1 .6 % ; 1 9 3 2 to 1 9 3 4 in c l., 1 .8 % :
1 9 3 5 u n t il m a tu r itie s , 2 % .
T h o c o m p a n y is r e q u i r e d a n n u a l l y t o s e t u p a f u n d e q u a l t o 1 2 % o f t h e
g r o s s o p e r a t in g in c o m o fo r th o p r e v io u s y e a r , m a in t e n a n c e a n d d e p r e c ia
t io n t o b e c h a r g e d fr o m th is fu n d .
V a lu a tio n .— T h o c o s t o f t h e c o m p a n y ’s p h y s ic a l p r o p e r t y , a s b a s e d o n
p r e - w a r p r i c e s , is e s t i m a t e d t o b e a p p r o x i m a t e l y $ 1 , 0 0 0 , 0 0 0 .
P resen t
r e p r o d u c t i o n v a l u e , a b o u t $ 1 ,3 7 5 ,0 0 0 .
F r a n c h is e s .— T h e c o m p a n y h a s 9 9 -y e a r fr a n c h is e s t o m a in t a in a n d o p e r
a t e e le c tr ic lig h t , p o w e r , w a te r a n d g a s s y s te m s .
[V ol . 107.
L a n c a s t e r M i l l s , B o s t o n , M a s s , — E x t r a D i v i d e n d .—
I n a d d it io n t o t h e r e g u la r s e m i-a n n u a l d iv id e n d o f 3 % a n e x t r a o f 2 %
h a s b e e n d e c la r e d o n t h e c o m p a n y ’s s t o c k , p a y a b le D e c . 2 t o h o ld e r s o f
r e c o r d N o v . 2 2 .— V . 1 0 5 , p . 2 2 7 7 .
L i b b y , M c N e i l l & L i b b y . — D iv . I n c r e a s e d f r o m 8 to 1 0 % .
T h e d ir e c t o r s h a v e d e c la r e d a s e m i-a n n u a l d iv id e n d o f 5 % o n th e $ 8 ,0 0 0 ,
0 0 0 s t o c k , p a y a b le J a n . 15 t o h o ld e r s o f r e c o r d D e c . 7 , w h ic h in c r e a s e s
t h e d iv i d e n d fr o m 8 t o 1 0 % p e r a n n u m .— V . 1 0 7 , p . 1 5 8 2 .
L ig g e t t &
M y e rs T o b a c c o
C o . — D e f i n i t i v e N o t e s .—
T h e d e fin it iv e n o t e s o f t h e is s u e o f $ 2 0 ,0 0 0 ,0 0 0 3 -y e a r 6 % n o t e s w ill b o
r e a d y fo r d e liv e r y a t th e o ffic e o f th e G u a r a n ty T r u s t C o . o f N . Y . o n
M on d ay. D ec. 2.
See V . 107, p . 2012.
M c C r o r y
S to r e s
C o r p .—
1 9 1 8 — O cto b er— 1 9 1 7 .
$ 7 2 3 ,2 4 1
$ 6 7 4 ,1 8 0
— V . 107, p . 1672, 1196.
S a le s .— •
In crea se. I
1 9 1 8 -1 0 M o s .-1 9 1 7 .
$ 4 9 , 0 6 1 1$ 7 , 2 1 2 , 3 7 6
$ 5 ,8 3 8 ,7 6 0
In crea se.
$ 1 ,3 7 3 ,6 1 6
M a p l e L e a f M i l l i n g C o . — D iv id e n d i n V ic to r y B o n d s .—
A n e x tr a d iv id e n d o f 1 0 % h a s b e e n d e c la r e d o n t h e c o m m o n s t o c k , p a y
a b le in t h o n e w V ic t o r y b o n d s D e c . 1 0 t o h o ld e r s o f r e c o r d N o v . 2 5 .
Tho
in itia l d iv i d e n d o f 3 % w a s p a id o n t h o c o m m o n A p r il 1 8 1 9 1 6 : f r o m J u ly
1 9 1 6 t o J a n . 1 9 1 7 , b o t h in c lu s iv e , 2 % w a s p a id q u a r te r ly : fr o m A p r il 1 9 1 7
t o O c t . 1 9 1 8 , b o t h in c h , 2 ^ %
w a s p a id q u a r t e r ly .
E x t r a s w e ro p a id
O c t . 1 9 1 7 , 1 H % ; D e c . 1 9 1 7 , 1 0 % In V i c t o r y b o n d s , A p r i l , J u l y a n d O c t .
1 9 1 8 , e a ch 1 'A % .— V . 10 7 , p . 1 2 9 0 . 1 1 9 0 .
M a r c o n i W i r e le s s T e l e g . C o . o f A m e r i c a . — SaZe P o lic y .—
V i c c - P r e s . E . J . N a l l o y a n n o u n c e s a c h a n g e in t h o p o l i c y o f t h o c o m p a n y
u n d e r w h i c h i t w i l l in t h e f u t u r e s e l l a s w e l l a s l e a s e w i r e l e s s a p p a r a t u s .
T h o fir s t r e s u lt o f t h is c h a n g e h a s b e e n t h e s a le t o th e G o v e r n m e n t o f t h o
a p p a r a t u s o n a b o u t 3 0 0 s h ip s n o w u n d e r G o v e r n m e n t c o n t r o l a n d a ll o f t h e
s m a ll c o a s t s t a t io n s .
T h o t r a n s f e r d o e s n o t in a n y w a y a f f e c t t h e status
o f t h e c o m p a n y ’s l a r g e s t a t i o n s f o r t r a n s - o c c a n i c c o m m u n i c a t i o n .
N a v y M o n o p o l y .—
A b i l l is n o w b e f o r e C o n g r e s s u n d e r w h i c h p e r m a n e n t G o v e r n m e n t c o n t r o l
o f a ll r a d io c o m m u n ic a t i o n is p la n n e d t h r o u g h t h e a c q u is it i o n a n d o p e r a
t io n b y t h e N a v y D e p a r t m e n t o f a ll s h o r e w ir e le s s s t a t io n s o f t h o U n it e d
S t a t e s u s e d f o r c o m m e r c ia l p u r p o s e s .— V . 1 0 7 , p . 2 0 1 3 , 4 0 8 .
M a r la n d
R e fin in g
C a p it a l S to c k .—
a t
$ 7
p e r
s to c k ,
o f
is s u e d
o u t
C o .,
sh a re,
p a r
w h ic h
th e re
o f
P o n c a
S h a p k e r , W a lle r
a
to ta l
$ 5 ,
a
a ro
&
b lo c k
C ity ,
C o .,
o f
O k l a .— O ffe r in g
C h ic a g o , a re
t h is
c o m p a n y ’s
c a p ita l
1 ,1 4 0 ,0 0 0
sh ares
a p p r o x im a te ly
a u th o r iz e d
o f
o f
o ffe r in g
2 ,0 0 0 ,0 0 0
sh a res.
T h e c o m p a n y h a s a t p r e s e n t a d a ily p r o d u c t i o n o f m o r e th a n 2 ,2 0 0 b b l s .
o f c r u d e o il a n d is o p e r a t i n g a m o d e r n r e f i n e r y a t P o n c a C i t y , O k l a .
M ille r
S to c k .—
$ 1 0 0
th is
a n d
R u b b e r
B o r to n
p er
sh a re
c o m p a n y ,
&
(A k r o n ,
$ 2 ,0 0 0 ,0 0 0
w h ic h
a c c e s s o r ie s ,
D iv id e n d s
C o .
B o r to n ,
Q .-F .
O .).—
C le v e la n d ,
8 %
O .,
c u m u la tiv e
m a n u fa c tu r e s
d r u g g is ts ’
O ffe r in g
a n d
b e s id e s
su rg e o n s’
a ro
2 d
o f
P refer red
o ffe r in g
p r e f.
a t
s to ck
a u to m o b ile
s p e c ia ltie s ,
o f
tir e s
& c.
2 0 .
“ P a s s e d b y t h o C a p i t a l I s s u e s C o m m i t t e e a s n o t i n c o m p a t i b l e , ” See..
C a p ita liz a tio n ( N o B o n d ed D e b t) —
A u th o r iz e d . O u tsta n d in g .
F i r s t p r e f e r r e d , 7 % ..............
$ 7 ,5 0 0 ,0 0 0
$ 3 ,0 0 0 ,0 0 0
S e c o n d p r e f e r r e d , 8 % __________________________________________ 3 , 0 0 0 , 0 0 0
2 ,0 0 0 ,0 0 0
C o m m o n s t o c k ____________________________________
1 0 ,0 0 0 ,0 0 0 4 ,1 7 2 ,6 0 0
B u s in e s s .— I n s u c c e s s fu l o p e r a t io n f o r o v e r 2 5 y e a r s a n d is o n e o f t h o
la r g e a n d e s t a b lis h e d m a n u fa c t u r e r s o f r u b b e r g o o d s .
B e s id e s a u t o m o b ile
t ir e s a n d a c c e s s o r ie s , it s p r o d u c t s in c lu d o d r u g g is t s ’ a n d s u r g e o n s ’ s u p p lie s ,
a n d m a n y v a r ie tie s o f h a n d -m a d e , m o ld e d a n d d ip p e d g o o d s .
D r u g g is t s
a n d s u r g e o n s ’ s p e c ia lt ie s h a v e c o m p r is e d a b o u t 4 0 % o f it s b u s in e s s .
I t is
k n o w n a s t h e la r g e s t m a n u f a c t u r e r o f s u r g e o n s ’ g l o v e s in t h o w o r ld a n d in
t h is a n d o t h e r lin e s , s u c h a s g a s -m a s k t u b e s a n d v a l v e s , c h in r e s t s , b r e a s t
p la t e p a d s , A c . , it is n o w s u p p ly in g la r g e G o v e r n m e n t r e q u ir e m e n t s .
P u r p o s e o f I s s u e .— P r o c e e d s w ill b e a p p lie d t o p a y m e n t o f b a n k lo a n s .
N e t E a r n in g s A p p l ic a b l e to P r e fe r r e d D iv id e n d s (i n 1 9 1 7 A f t e r
S a le s.
N et E a rn s.
Y r . e n d . \1 9 1 4 $ 2 ,5 4 7 ,2 4 5
$ 3 1 9 ,2 9 7
S e p t . 3 0 /1 9 1 5 3 ,2 1 6 .4 4 2
4 5 2 ,7 9 0
a l5 m os. ended
D e c . 3 1 1 9 1 6 7 ,5 8 3 ,6 0 6
7 2 0 ,1 5 6
S a le s.
W a r T a x e s ).
N et E a rn s.
C al. y r . 1917 $11,357,561
$831,271
8 m os. ended
A u g.31 1918 10,621,217
*999,072
Y r . 1918, cs t- 15,000,000 *1,400,000
♦Subject to Federal taxes fo r tho period, not definitely determ inable,
but against which a reserve o f $200,000 has been set up in the balance sheet.
a Fiscal year changed from Sept, to D ec.
P r e f . S t o c k P r o v i s i o n s . — The com pany m ay n ot ( a ) issuo any notes or
other obligations maturing later than one year from date o f issue: (b) placo
any m ortgage or other lien; (c) issuo any stock . In addition to that author
ized, prior or on a parity with this 2 d pref. stock without tho assent o f
7 5% o f this stock then outstanding. N ot assets and net quick assets must
be maintained at 175% and 1 0 0 % , respectively, o f par o f both classes o f
pref. outstanding.
R e t i r e m e n t . — During each o f tho years beginning M arch 20 1919 and
M arch 20 1920, 5 % , and during each o f tho years thereafter 10% o f the
largest am ount o f this stock at any one tim o outstanding; on or before
M arch 20 1922 at $105; on or beforo M arch 20 1927 at $110; after M arch 20
1927 at $115, plus all accrued dividends. On any dividend date after
F eb. 20 1919 the com pany m ay redeem all or any part o f this stock.
C o n d e n s e d B a l a n c e S h e e t A u g . 31 1918 a n d D e c . 31 1917.
T he figures for A ug. 31 1918 havo been adjusted to show tho application
o f this issue.
A s se ts—
A u g . 31 T 8 . D e c . 31 T 7 .
Land, buildings, m achinery, equipm ent, A c .......... $4,608,106
$4,168,367
Patents, trade-marks, A c _________________________
7,500
7,500
C a s h ................ ..................... - ...........
950,727
221,526
Custom ers’ notes and accounts receivable_______
2,085,094
1,210,932
M erchandise inventory____________________________ 6,791,348
5,350,791
Other investm ents-------------------------------------------------316,943
-------------Supplies, prepaid expenses, A c ___________________
106,690
•68,206
United States bonds_______________________ _____ .
_________
36,821
T o t a l..............................................................- .............. $ 14,866,408 $ 11,064,142
L ia b ilitie s —
A u ( 7 .3 1 T 8 . D e c . 31 T 7 .
Preferred stock, 7 % ...............................................
$3,000,0001 $3,000,000
Preferred stock, 8 % ______________________________ x2,000,000}
C om m on stock — ...................... . ................. ................. 4,172,600J
3 ,5 8 3 ,5 0 0
N otes and accounts p ayable_______________________
4,469,848 3 , 6 5 1 , 8 7 5
3 8 ,6 5 0
5 2 ,5 0 0
4 2 ,8 5 1
2 5 0 ,0 0 0
8 3 9 ,9 6 0
y 2 l7 ,5 0 0
5 7 1 ,2 5 2
T o t a l ........................................................................................................ $ 1 4 , 8 6 6 , 4 0 8
$ 1 1 ,0 6 4 ,1 4 2
A ccru e d real a n d p erson a l ta x e s .
D i v i d e n d p a y a b l e ____________________________________
L a n d c o n t r a c t s p a y a b l e ____________________________
E s t im a t e d F e d e r a l ta x e s a n d c o n t in g e n c ie s .
P r o f i t a n d l o s s , s u r p l u s ____________________________
x T o b e is s u e d ,
y T h o 1917
N o t e .— C o m p a r a t i v e f i g u r e s
[L a s t w e e k t h is is s u e o f s t o c k
b yr O t i s A C o . , C l e v e l a n d . ] — V
4 0 ,0 1 5
fig u r e s d o n o t in c lu d o F e d e r a l ta x r e s e r v o .
f o r 1 9 1 7 in s e r t e d b y t h o E d it o r .
w a s e r r o n e o u s l y r e f e r r e d t o a s: b e litn g o f f e r e d
. 107, p . 2013.
M o r g a n
&
W r ig h t C o .— M a tu rin g
S e e U n ite d S ta te s R u b b e r C o . b e lo w .
B o n d s .—
,
M o t h e r L o d e C o p p e r M i n e s C o . — I n j u n c t i o n .—
T h e S u p r e m e C o u r t a t S c a t t lo , W a s h ., u p o n t h e a p p lic a t io n o f a s t o c k
h o ld e r , h a s is s u e d a n in ju n c t io n r e s tr a in in g th e o ffic i a ls o f th e c o m p a n y
fr o m c o n t in u in g n e g o t ia t io n s fo r t h o s a le o f t h o p r o p e r t y t o K e n n e c o t t C o p
p e r in te r e s ts .
T h e in ju n c t io n a ls o e n jo in s th e K e n n e c o t t C o . fr o m c a r r y in g
o n a n y fu r th e r d e v e lo p m e n t o f M o t h e r L o d e p r o p e r t y .
T h o c o m p la in in g
s t o c k h o ld e r h o ld s th a t th o p r o p o s e d p la n w o u ld b o b e n e fic ia l t o th e M o t h e r
l o d e C o . , b u t in it s p r e s e n t f o r m is u n f a v o r a b l e .— V . 1 0 7 , p . 4 0 8 .
Nov. 30 1918.]
N a s h u a M a n u fa c t u r in g
C o .— E x tr a D iv id e n d .—
A n e x tr a d iv id e n d o f 3 % h a s b e e n d e c la r e d a lo n g w it h th e r e g u la r s e m i
a n n u a l d iv id e n d o f 5 % , b o t h p a y a b le D e c . 2 t o h o ld e r s o f r e c o r d N o v . 2 5 .
I n J u n o la s t 5 % a n d 2 % e x tr a w a s p a id .— V . 1 0 0 , p . 2 4 5 5 , 9 2 7 .
N e w
J e r s e y W o r s te d
S p in n in g
C o . — S a le .—
S e o A d v . o f A lie n P r o p e r t y C u s t o d ia n on| a p r e c e d i n g p a g e .— V . 1 0 7 ,p . 1 9 2 4
N e w Y o r k A i r B r a k e C o . — O r d e r s N o t C a n c e l e d .—
I t w a s r e p o r t e d N o v . 21 t h a t n o n e o f th is c o m p a n y ’s o r d e r s h a d b e e n
c a n c e le d .— V . 1 0 7 , p . 8 0 7 .
C o . — O u t p u t .— ■
N ip is s in g M in e s
O u t p u t a s r e p o r t e d b y C a n a d ia n p a p e r s c o m p a r e s a s fo llo w s :
D e c r e a s e .)
1 918— 10 M o s .— 1 9 1 7 .
In crea se.
1 9 1 8 — O c t .— 1 9 1 7 .
$ 2 7 , 6 9 9 1$ 3 , 0 0 9 , 5 9 4
$ 2 ,7 4 2 ,6 0 8
$ 2 6 6 ,9 8 6
$ 2 7 8 ,4 6 8
$ 3 0 6 ,1 6 7
— V . 107, p. 1672, 1104.
N o r t h M i c h i g a n W a t e r C o . — C i t y P u r c h a s e .— •
T h o c it y o f E s c a n a b a , M ic h ., a t a s p e c ia l e le c tio n h a s v o t e d t o p u r c h a s e
t h o p la n t a n d p r o p e r t y o f t h is c o m p a n y a t th e a p p r a is e d p r ic e o f $ 2 9 8 ,6 5 0
fix e d b y th o M ic h ig a n P u b lic U tilitie s C o m m is s io n .— V . 1 0 7 , p . 1 7 5 0 .
b u s in e s s .
T h e v a lu e a n d im p o r t a n c e o f c e n tr a l s t a t io n s e r v ic e h a s b e e n
im p r e s s e d u p o n t h e b u s in e s s c o m m u n it y b y t h e w a r c o n d it io n s in a m a n n e r
t h a t n o e f f o r t o f o u r s c o u ld h a v e m a d e p o s s ib le .
T h e r e s h o u l d b e n a t u r a l e c o n o m y in t h e l o w e r i n g o f p r i c e s o f s o m e
m a t e r ia ls , a n d a g r a d u a l r e tu r n t o t h o h ig h s t a n d a r d s o f o p e r a t in g e f f ic i e n c y
w h ic h p r e v a ile d b e fo r e th e w a r a ffe c t e d o u r o p e r a t in g o r g a n iz a t io n .
O ver
7 0 0 o f th e c o m p a n y ’s e m p lo y e e s e n te r e d th e c o u n t r y ’s s e r v ic e , a n d w e r e s e n t
overseas.
M a n y o th e r s s e c u r e d e m p lo y m e n t w ith G o v e r n m e n t a g e n c ie s ,
m u n it io n f a c t o r ie s , s h ip b u ild in g a n d o t h e r w a r in d u s t r ie s .
W e a re o p tim is
t i c a s t o P h i l a d e l p h i a ’ s f u t u r e , a n d o u r d u t y is t o p r e p a r e t o d o o u r p a r t .
— V . 107, p . 1843. 1385.
P r o v i d e n c e G a s C o . — P r e s i d e n t R e s i g n s — N e w P l a n t .—
J o h n R . F r e e m a n h a s p r e s e n t e d h is r e s ig n a t io n a s P r e s id e n t , t o t a k e
e ffe c t J a n . 1.
W it h th e c o m p le t io n o f th e n e w b y -p r o d u c t c o a l-g a s p la n t
a t S a ss a fr a s P o in t , w it h in t h e n e x t fe w w e e k s , p r o b a b ly b y J a n . 1 , h e d e s ir e s
t o b e f r e e f o r a n o t h e r t r i p t o C h i n a , w h e r e h e is c h a r g e d w i t h t h e r e s p o n s i
b ilitie s o f s u r v e y s a n d p la n s fo r m o d e r n iz in g t h e G r a n d C a n a l.
M r . F ree
m a n w ill b e s u c c e e d e d b y C h a r l e s 11. M a n c h e s t e r , a t p r e s e n t V i c e - P r e s i
d e n t a n d T re a s u re r o f th e c o m p a n y .— V . 1 0 7 , p . 1 1 0 5 , 1 6 7 3 .
P u llm a n
q u o te d
N o v a
b r io
L e
M
&
S c o tia
C o .,
.
&
T r a n s p o r t a t io n
N .
Q u e sn o y
Y .,
h a v e
C o .,
L t d .—
p u rch a se d
F ir s t M o r t g a g e
N .
D e n o m in a tio n s
7 %
$ 6 5 0 ,0 0 0
s e r ia l g o l d
$ 1 ,0 0 0
B o n d s .—
a n d
S te a m s h ip
b o n d s .
$ 5 0 0
Im -
In te rest
c * .
D a ta fr o m
L e tte r o f V ic e -P r e s id e n t J . B . S im p s o n , N o v . 26 1918.
O r g a n i z a t io n .— I n c o r p o r a t e d u n d e r t h e la w s o f t h e D o m i n i o n o f C a n a d a .
B o n d I s s u e .— T h e s e b o n d s a r c d a t e d N o v . 1 1 9 1 8 a n d m a t u r e $ 1 5 0 ,0 0 0
M a y 1 1 9 1 9 , $ 1 5 0 ,0 0 0 N o v . 1 1 9 1 9 , $ 1 0 0 ,0 0 0 M a y 1 1 9 2 0 , $ 1 0 0 ,0 0 0 N o v . 1
1 9 2 0 , $ 7 5 ,0 0 0 M a y 1 19 2 1 a n d $ 7 5 ,0 0 0 N o v . 1 1 9 2 1 .
T h o is s u e is r e d e e m
a b le a s a w li o lo o r in p a r t a t a n y t im e u p o n 3 0 d a y s ’ n o t ic e a t 1 0 0 A a n d in t .
T r u s te e , Im p e r ia l T r u s ts C o ., T o r o n t o .
P r in c ip a l a n d in t e r e s t p a y a b l e
i n U. 8 . g o l d c o i n a t a g e n c y o f t r u s t c o i n N e w Y o r k , o r a t H a n n e v i g & C o . ,
N ew Y ork .
C o m p a n y c o v e n a n ts to p a y th e p re se n t U . S . n o rm a l F ed era l
in c o m o t a x , s o fa r a s la w fu l, n o t t o e x c e e d 4 % a y e a r , a n d t o r e fu n d th e
P e n n s y lv a n ia S ta te ta x .
A d ir e c t o b lig a t io n , s e c u r e d b y a fir s t m o r t g a g e o n th e s te a m s h ip L e Q u e s
n o y , la u n c h e d in N o v . 1 9 1 8 , c o s t in g $ 1 ,1 5 0 ,0 0 0 , 5 6 % o f w h ic h t h is b o n d
is s u e r e p r e s e n t s , t h o b a la n c e o f 4 4 % b e in g a c a s h e q u it y o f $ 5 0 0 ,0 0 0 .
A
s te e l s in g le -s c r e w o c e a n -g o i n g c a r g o s t e a m s h ip , 2 6 1 f t . o v e r a ll in le n g t h ,
c a p a b le o f c a r r y in g a d e a d w e ig h t o f a b o u t 4 ,2 0 0 t o n s .
I tc d e m p tio n F u n d f o r T h e s e B o n d s .— O n N o v . 1 1 9 1 9 , M a y 1 1 9 2 0 , N o v . 1
1 9 2 0 a n d M a y 1 1 9 2 1 , n o t le s s t h a n 5 0 % o f t h e c o m p a n y ’s n e t i n c o m o t o
s u c h d a t e s , a ft e r d e d u c t io n o f a ll o p e r a t in g a n d m a n a g e m e n t c h a r g e s ,
m a t u r it ie s , in te r e s t, t a x e s , a n d a r e tu r n o n th e c a s h e q u it y a t r a t e o f 8 % p . a .
I n s u r a n c e .— T h o c o m p a n y w ill in s u r o t h o s t e a m s h ip f o r n o t le s s t h a n
1 2 5 % o f th o fa c e a m o u n t o f th o b o n d s th e n o u ts ta n d in g .
E a r n in g s , & c .— T h o s t e a m s h ip L e Q u e s n o y w ill b e m a n a g e d b y C h r is t o ffe r H a n n e v ig , L t d ., a C a n a d ia n c o r p o r a t io n , t h o M a n a g e r g u a r a n te e in g
t h a t t h o e a r n in g s o f t h o L e Q u e s n o y s h a ll b o s u ffic ie n t t o p a y t h o p r in c ip a l
a n d in t e r e s t o f a ll b o n d s o f t h is is s u e ; a ls o t h a t a ll c o n t r a c t s w it h r e s p e c t t o
in s u r a n c e , lie n s , t a x e s , r e p a ir s a n d r e d e m p t io n f u n d s h a ll b o o b s e r v e d .
O ’ G a r a
C o a l C o .— M e e tin g P o s tp o n e d .—
T h e a n n u a l' m e e tin g o f s t o c k h o ld e r s h a s b e e n p o s t p o n e d
D e c . 1 6 — V . 107, p . 1842.
O h io
sio n —
th o
S ta te
S ta tes
h as
la n d ,
a re
b o n d s
a t
V .
T e le p h o n e
O ffe r in g o f E x te n d ed
U n ite d
b o n d s
107,
b een
p .
C o .—
T e le p h o n e
to
a n d
to
t h e ir
in t.
M o re
B o n d s .—
c o n tin u e d
o ffe r in g
9 9 )/j
a n d
D e c.
B on d
noon,
E x te n
p r iv ile g e o f e x t e n d in g
C u y a h o g a
D e c .
c lie n ts
fr o m
T im e f o r
T h o
u n til
15.
T e le p h o n e
O tis
th e
&
C o .,
e x te n d e d
1.
S ee
fu ll
3 -y e a r
7 %
p a r tic u la r s
in
M o to r
A u g . 31 Y ea r s.
C a r
C o .— O ffic ia l
E a r n in g s ,
c fe e .—
G ro ss r e v e n u e ..
D e p r e c ia t io n
1 9 1 7 -1 8 .
8
9 ,2 8 1 ,3 3 2
3 ,6 6 4 ,6 3 0
1 9 1 6 -1 7 .
s
7 ,7 0 0 ,4 8 7
2 ,2 9 9 ,7 9 6
1 9 1 5 -1 6 .
s
9 ,0 4 0 ,2 0 3
2 ,8 4 7 ,0 4 9
1 9 1 4 -1 5 .
$
4 ,0 9 0 ,5 5 6
1 ,3 2 1 ,0 0 0
1 9 1 3 -1 4 .
s
2 ,2 5 2 ,0 5 4
1 ,0 9 1 ,0 0 0
N o t r e v e n u e -C a sh d iv id e n d s ..
5 ,6 1 6 ,7 0 2
1 ,2 7 0 ,3 8 2
5 ,4 0 0 ,6 9 1
1 ,4 7 0 ,0 3 6
6 ,1 9 8 ,5 5 4
8 5 0 ,6 0 1
2 ,7 6 9 ,5 5 6
3 5 0 ,0 0 0
1 ,1 6 1 ,0 5 4
3 5 0 ,0 0 0
B a la n c e , s u r p . 4 ,3 4 6 ,3 2 0
3 ,9 3 0 ,0 5 5
5 ,3 4 7 ,9 5 3
2 ,4 1 9 ,5 5 6
8 1 1 ,0 5 4
D a ta A u g .'S I —
„
P . & L . s u r p l u s . .1 3 ,6 5 7 ,8 6 1
9 ,3 1 1 ,5 4 1
5 ,3 8 1 ,4 8 6
4 ,6 2 5 ,1 6 3
2 ,2 0 5 ,6 0 7
N e t w o r k c a p i t a l . i s , 0 4 9 ,3 0 4 1 8 ,0 9 3 ,5 1 5 1 5 ,8 8 5 ,5 2 9 1 0 ,0 3 7 ,1 0 9 N o t s h o w n
In th e y e a r 1 9 1 2 -1 3 th e g r o s s r e v e n u o w a s $ 3 ,8 7 8 ,5 6 8 ; d e p r e c ia t io n
c h a r g e , $ 1 ,5 1 4 ,0 0 0 ; c a s h d iv i d e n d s , $ 3 5 0 ,0 0 0 ; b a la n c o , s u r p lu s , f o r y e a r ,
$ 2 ,0 1 4 ,5 6 8 .
L i b e r t y M o t o r P r o d u c t i o n .—
.
I t is a n n o u n c e d t h a t t h e 5 , 0 0 0 t h L i b e r t y m o t o r b u i l t b y t h i s c o m p a n y
w a s s h ip p e d N o v . 2 2 , c a p a b le o f d e v e lo p in g 4 5 0 l i .p . a s a g a in s t 3 6 7 h .p .
f o r N o . 1 s h i p p e d in N o v . 1 9 1 7 .
T h o o r d e r f o r t h e in it ia l 6 ,0 0 0 m o t o r s
w i l l , i t is e x p e c t e d , b e c o m p l e t e d w i t h i n 3 0 d a y s . — V . 1 0 7 , p . 2 0 1 4 , 1 7 4 6 .
P e n n s y lv a n ia
C a n a l C o . — L i t i g a t i o n .—
T h e C o u r t lia s s i g n e d i t s f i n a l d e c r e o o r d e r i n g d i s t r i b u t i o n in t h e c o m
p a n y ’s b o n d s , w h ic h , h o w e v e r , w a s n o t e x p e c t e d t o b e m a d e u n til th o fir s t
o f th e y e a r .
N o b o n d s w ill p a r t ic ip a t e u n le s s d e p o s it e d w it h t h e P h ila d e l
p h ia T r u s t C o ., d e p o s it o r y .
C om p a re V . 107, p . 1924, 186.
V.
P e n n s y lv a n ia
W a te r &
J . II. C h a s e , o f C h a s e & C o . ,
107, p . 1924.
P h ila d e lp h ia
S u b s cr ib e
at
P a r
S h a r e h o ld e r s
s u b s c r ib in g
s to ck
5 0 %
o f
fo r
a llo tm e n t
ea ch
J a n .
E le c tr ic
fo r
C o .—
reco rd
15
S to c k h o ld e r s
$ 4 ,9 9 7 ,5 5 0
N o v .
$ 4 ,9 9 7 ,5 5 0
a t
P o w e r
C o .— N ew
D i r e c t o r .—
B o s t o n , lia s b e e n e le c t e d a d ir e c t o r .—
p a r,
1919
3 0
n ow
$ 2 5
p er
a n d
(2 0 % )
a ro
g iv e n
s to ck
th o
p a y m e n t
15
R ig h t
p r iv ile g e
as
to
a
b e
$ 2 4 ,9 8 7 ,7 5 0
n ow
o u ts ta n d in g .
T h e
o f
2 0 %
m a d e
1919.
T h e c o m p a n y ’ s a u t h o r i z e d c a p i t a l is $ 5 0 , 0 0 0 , 0 0 0 , a n d
is
to
A l l o t m e n t .—
a u th o r iz e d
sh a re,
M a rch
G iv e n
S to ck
n ew
is s u o
h as
th ere
b e e n
a p p r o v e d b y th o C a p ita l Issu e s C o m m it t o o .
U p o n fin a l p a y m e n t , s t o c k c e r t ific a t e s a n d c h e c k s f o r In te r e s t w ill b e
d e liv e r e d o n o r a b o u t A p r il 1 1 9 1 9 , u p o n p r e s e n ta tio n a n d s u r r e n d e r o f th o
s t o c k a llo tm e n t w a rra n ts a t th e o ffic e o f T h e L a n d T it le & T r u s t C o .
P h ila d e lp h ia .
S t o c k a l l o t m e n t w a r r a n t s w ill b o v o i d i f s u b s c r i p t i o n s a r o
n o t m a d e a n d t h e f ir s t in s t a llm e n t p a id t h e r e o n b y t h e 1 5 th d a y o f J a n . 1 9 1 9 .
S u b s c r i p t i o n s f o r f r a c t i o n s o f s h a r e s s h a ll b e p a y a b l e in f u l l o n o r b e f o r e
J a n . 15 1 9 1 9 , a n d t h e r ig h t t o s u b s c r ib e s h a ll t e r m in a t e o n t h a t d a t e .
S t o c k c e r t ific a t e s fo r fr a c t io n a l s h a r e s w ill b e is s u e d o n ly w h e n p r e s e n t e d
in f u l l s h a r e l o t s o n o r a b o u t A p r i l 1 1 9 1 9 .
O ffic ia l
C ir c u la r .—
In
c o n n e c tio n
w ith
th e
a llo tm e n t,
P r e s id e n t J o s . B . M c C a l l s a y s in s u b s t a n c e :
W h e n t h o a n n u a l r e p o r t f o r 1 9 1 7 w a s p r e s e n t e d in A p r i l , i t w a s t h e i n t e n
t i o n , a s i n d i c a t e d t h e r e i n , t o a l l o t a d d i t i o n a l s t o c k t o t h e s t o c k h o l d e r s in
o r d e r t o h e lp m e e t t h o c a p it a l r e q u ir e m e n ts a n d t o s t r e n g t h e n its fin a n c ia l
c o n d it io n a n d c r e d it.
W a r c o n d itio n s se e m e d to ju s t ify e v e r y e ffo r t to
m e e t th e e x t r a o r d in a r y d e m a n d fo r G o v e r n m e n t, w o r k ; t o m a in ta in s e r v ic e
t o a il o u r c o n s u m e r s ; a n d t o c o n t in u e d iv i d e n d s .
T h e a m o u n t p r o v i d e d b y t h is s t o c k a l l o t m e n t w ill e n a b l e u s t o f in i s h
c e r t a i n c o n s t r u c t i o n w o r k f o r t h e d i s t r i b u t i n g s y s t e m in P h i l a d e l p h i a , a n d
th o c o m p le t io n o f t h o n e w s t a t io n a t C h e s t e r w itli a p r e s e n t in s t a lla t io n o f
t w o 3 0 , 0 0 0 !<. w . u n i t s , o n e o f w h i c h i s n o w o p e r a t i n g ; l i q u i d a t e o u r o u t
s t a n d in g b a n k lo a n s ; a n d w ill p r o v id e a d d it io n a l w o r k in g c a p it a l m a d e
n e c e s s a r y b y t h e in c r e a s e d v o l u m o o f m a t e r ia ls a n d s u p p lie s r e q u ir e d in t h e
c o n d u c t o f th e b u s in e s s .
F r o m o u r s u r v e y , o v e n u n d e r p r e se n t c o n d it io n s , th e c o m p a n y m a y lo o k
fo r w a r d w ith c o n f id e n c e .
T h e r e a re m a n y c o n s u m e r s n o w a w a itin g e le c
t r i c a l s e r v ic e ; o th e r s a r o m a k in g a r r a n g e m e n ts t o r e s u m e th e ir n o r m a l p e a c o
C o .,
C h ic a g o .—
a s fo llo w s
in
O p e r a t io n s .—
s u b s ta n c e r e g a r d in g
P re s.
th e
R u n n e lls
is
c o .’s o p e r a tio n s :
O u r a n n u a l r e p o r t , w h ic h o f n e c e s s it y h a s b e e n d e la y e d t h is y e a r , s h o u ld
n o t b e a d is a p p o in t m e n t u n d e r th e c ir c u m s ta n c e s .
T h o m a n u fa c t u r in g
d e p a r t m e n t ’s n e t i n c r e a s e d m u c h m o r e t h a n 1 0 % a n d i s e n j o y i n g t h e l a r g e s t
v o l u m e o f b u s in e s s it e v e r h a d .
S ig n in g o f t h o a r m is t ic e m a y m e a n c a n
c e l l a t i o n o f o u r s h e ll o r d e r , b u t t h e c o m p a n y w ill lo s e n o t h i n g a s i t w a s
p r o t e c t e d a g a in st s u c h c o n t in g e n c y .
T h e r e is a g o o d d e a l o f r e g u la r
b u s in e s s in h a n d a n d in s i g h t t o k e e p u s b u s y .
W e a r e o p e r a t in g th e p la n t
a s n e a r fu ll c a p a c it y a s p o s s ib le u n d e r e x is tin g s h o r ta g e s o f la b o r a n d r a w
m a te r ia ls a v a ila b le .
A s th e G o v e r n m e n t h a s h a d o u r s le e p in g c a r d e p a r t m e n t s in c e J a n . 1,
I c a n s p e a k o f t h e r e s u lt s o n ly f r o m A u g . 1 1 9 1 7 , t h e b e g i n n in g o f o u r fis c a l
y e a r , t o th e e n d o f 1 9 1 7 , a n d t h e y w e re s a t is fa c t o r y o n th e w h o lo .
W e hope
t o h a v e o u r c o n t r a c t w it h t h e G o v e r n m e n t c lo s e d w ith in a fe w w e e k s .
E x t r a F a r e t o b e D r o p p e d .—
A p re ss d is p a t c h fr o m W a s h in g t o n o n N o v . 2 6 s ta te s t h a t t h e D ir e c t o r G e n e r a l o f R a il r o a d s w ill e lim in a t e o n D e c . 1 t h o e x t r a h a lf - c e n t a m ile r a il
r o a d fa r e f o r P u llm a n t r a n s p o r t a t io n .— V . 1 0 7 , p . 2 0 1 5 , 1 9 2 5 .
Q u a k e r O a ts
C o . — E x t r a D i v i d e n d .—
A s fo r th e p r e c e d in g th r e e q u a r te r s a n e x tr a d iv id e n d o f 1 % h a s b e e n
d e c l a r e d o n t h e c o m m o n s t o c k in a d d i t i o n t o t h e r e g u l a r q u a r t e r l y o f 3 % ,
p a y a b le J a n . 15 t o h o ld e r s o f r e c o r d D e c . 3 1 .
T h e q u a r t e r ly d iv id e n d o f
IA %
o n t h e p r e fe r r e d h a s a ls o b e e n d e c la r e d p a y a b l e F e b . 2 8 t o h o ld e r s
o f r e co rd F e b . 1.
D I V S . ( % ) — /1 9 0 6 . 1 9 0 7 -0 9 . 1 9 1 0 . 1 9 1 1 -1 6 . 1 9 1 7 . 1 9 1 8 .
1919.
C o m m o n (c a s h ).\ 2
8 y r ly .
9 H
10 y r ly . 1 0 H
15 J a n .,3 & lc e x .
A l s o in c o m m o n s t o c k . 5 0 % ( $ 2 ,5 0 0 ,0 0 0 ) 1 9 1 2 , 1 0 % ( $ 7 5 0 ,0 0 0 ) In 1 9 1 6 .
T h e d iv i d e n d s in 1 9 1 8 in c l u d e d : In J a n ., 3 % ; in A p r il, J u ly a n d O c t .
e a c h , 3 % a n d 1 % e x t r a .— V . 1 0 7 , p . 1 6 7 3 .
R a ilw a y
S te e l-S p r in g
C o .— C o m m o n D iv id e n d o f 2 % . —
T h e d ir e c t o r s h a v e d e c la r e d a q u a r t e r ly d iv id e n d o f 2 % o n th e c o m m o n
s t o c k , p a y a b le D e c . 3 0 t o h o ld e r s o f r e c o r d D e c . 1 4 , a lo n g w it h th e r e g u la r
q u a r t e r ly p r o f, d iv id e n d o f 1 % % , p a y a b le D e c . 2 0 t o h o ld e r s o f r e c o r d
D ec. 7.
S in c e D e c . 1 9 1 6 5 % p e r a n n . (1 1 4 % Q . - M . ) w a s p a id o n t h e
com m on stock .
T h e c o m p a n y r e p o r ts o p e r a tin g a t c a p a c it y a n d o ffic ia ls
b e li e v e t h a t t h o e a r n in g s fo r th e c u r r e n t y e a r a ft e r a ll c h a r g e s a n d ta x e s
w ill a p p r o x im a t e t h o s e o f 1 9 1 7 .— V . 1 0 7 , p . 8 0 7 .
S a lin a
5 %
C le v e
2 0 l4 .
P a c k a r d
3103
THE CHRONICLE
B o n d s .—
A m o s ,
&
(K a n .)
T a y lo r ,
E m e r ic h
F o ste r
o f
F ir s t
d u o
15
P o w e r
&
C o .,
e a ch
&
D e n v e r,
$ 4 5 0 ,0 0 0
M a y
L ig h t,
E w a rt
M tg e .
C o .,
a re
o f
&
th o
g o ld
C o .—
a t
b o n d s ,
O ffe r in g
T ru s t
C h ic a g o , a n d
o ffe r in g
6 %
G a s
U n io n
C o .
S w e e t,
o f
a n d
C a u se y
9 7 %
a n d
in te r e s t.
d a te d
M a y
15
191 8 ,
1920.
“ P a s s e d b y th e C a p it a l Iss u e s C o m m it t e e a s n o t in c o m p a t ib le ,” fz c .
In te r e s t M . & N . 15 a t th e U n io n T r u s t C o ., C h ic a g o , tr u s te e .
C a lla b le
a t th e o p t io n o f t h o c o m p a n y u p o n 6 0 d a y s ’ n o t ic e a s fo llo w s : T o M a y 15
1 9 1 9 a t 1 0 2 a n d in t .; fr o m S l a y 1 5 1 9 1 9 t o N o v . 15 1 9 1 9 a t 101 a n d I n t .;
a fte r N o v . 15 191 9 a t 1 00 a n d in t .
D e n o m . $ 1 0 0 , $ 5 0 0 , $ 1 ,0 0 0 c * .
D ig e s t o f L e t t e r fr o m W . E . Q u i l l i n , V .- P . & G e n . M g r ., D a t e d O c t . 3 0 .
Com pany.- — T h e c o m p a n y , a K a n s a s c o r p o r a t i o n , o w n s a n d o p e r a t e s , f r e e
f r o m c o m p e t i t i o n , t h o g a s , e le c t r i c - lig h t a n d p o w e r s y s t e m s in S a lin a , K a n .,
s e r v in g a p o p u l a t io n e s t im a t e d a t 1 5 ,0 0 0 .
E le c t r ic lig h t a n d p o w e r s y s te m
in c l u d e s a m o d e r n p o w e r s t a t io n h a v i n g a r a t e d c a p a c i t y o f 4 ,5 5 0 k .w .
a n d lo c a l d is t r ib u t io n s y s t e m o f a b o u t 4 3 m ile s .
T h o gas w orks h ave
e q u ip m e n t t o s u p p ly th e c o m m u n it y a d e q u a te ly .
T h e g a s d is t r ib u t io n
s y s t e m c o n s is t s o f 2 0 .8 m ile s o f m a in s .
C apitalization —
A u th orized . O utstanding.
C o m m o n s t o c k ____________________________________________________ $ 5 0 0 , 0 0 0
F ir s t M t g e . 2 -y e a r 6 %
g o l d b o n d s -------------------------------------- 7 5 0 , 0 0 0
$ 5 0 0 ,0 0 0
4 5 0 ,0 0 0
T h is I s su e. — A d i r e c t 1 s t M t g e . u p o n a l l t h e p r o p e r t i e s , r i g h t s a n d f r a n
c h is e s n o w o w n e d o r h e r e a fte r a c q u ir e d , th e p r o c e e d s o f w h ic h a r e b e in g
a p p l ie d t o t h e r e t ir e m e n t o f $ 2 0 0 ,0 0 0 b o n d s p r e v io u s ly o u t s t a n d i n g a n d
t o t h o p a y m e n t o f f l o a t i n g d e b t i n c u r r e d in m a k i n g r e c e n t a d d i t i o n s a n d
im p r o v e m e n ts .
A n a d d it io n a l $ 1 0 0 ,0 0 0 b o n d s m a y b e c e r t if i e d w h e n e v e r
n e t e a r n in g s a r e a t le a s t t w ic e t h e a n n u a l in te r e s t c h a r g e o n t h e b o n d s ,
in c lu d in g t h o s e a p p lie d f o r .
T h e r e m a in in g $ 2 0 0 ,0 0 0 b o n d s m a y b e is s u e d
t o r e im b u r s e th e c o m p a n y fo r n o t e x c e e d in g 8 0 % o f c a s h e x p e n d itu r e s fo r
p e r m a n e n t e x te n s io n s , a d d it io n s , & c ., m a d e s u b s e q u e n t t o J u ly 1 1 9 1 8 ,
p r o v id e d n e t e a r n in g s a r c t w ic e t h e in t e r e s t c h a r g e o n a ll b o n d s , in c lu d in g
t h o s e f o r w h i c h a p p l i c a t i o n is m a d e .
B u siness. — T h e c o m p a n y s u p p l i e s u n d e r c o n t r a c t a l l t h e p o w e r f o r t h e
s t r e e t r a i l w a y a s w e ll a s t h a t s u p p l i e d t o t h e p r i n c i p a l f l o u r m i l l s a n d o t h e r
la r g e c o m m e r c ia l c o n s u m e r s .
I t f u r n is h e s c u r r e n t f o r a ll t h e s t r e e t l i g h t i n g
u p o n s a tis fa c to r y a n d p r o fit a b le te r m s .
E arn ings fo r the Y ear ending Sept. 3 0 1 9 1 8 .
G r o s s e a r n i n g s __________________ $ 2 3 5 , 2 5 8 | I n t . c h a r g e s o n 1 s t M . b d s .
N o t e a r n i n g s ____________________
5 8 , 3 7 1 1B a l a n c e __________________________
$ 2 7 ,0 0 0
3 1 ,3 7 1
F ran ch ise. — A f a v o r a b l e 2 0 - y e a r f r a n c h i s e f r e e f r o m b u r d e n s o m e r e
s t r ic t io n s e x te n d s t o J u ly 27 1 9 3 0 .
O wnership and M an agem en t. — A l l o f t h e s t o c k i s o w n e d o r c o n t r o l l e d b y
C i t i e s S e r v i c e C o . o f N . Y . , w h i c h in t u r n is m a n a g e d b y I I . L . D o h e r t y & C o .
S c o v ill M a n u fa c t u r in g
C o . — E x t r a D i v i d e n d .—
A n e x t r a d i v i d e n d o f 2 lA %
h a s b e e n d e c la r e d o n t h o s t o c k , p a y a b le
D e c . I t o h o ld e r s o f r e c o r d N o v . 2 3 .
In a d d itio n t o th e r e g u la r q u a r te r ly
d iv i d e n d s , 8 % p e r a n n . ( 2 % Q . - J . ) , e x t r a s o f 5 % m o n t h l y w a s p a id in t h o
fir s t f iv e m o n t h s o f 1 9 1 8 ; a m o u n t o f s u b s e q u e n t e x tra s, n o t k n o w n .—
V . 106, p . 934.
(G .)
S ie g le
C o r p .
o f F ir s t P r e f.
S to c k .—
a n d
F ir s t
Y o r k
in t.
th o
o f
A .
P r e f.
A m e r ic a
B .
L e a ch
8 %
&
(C o lo r s ,
& c .).—
C o . a re
o ffe r in g
C u m u la tiv e
s to ck
o f
O ffe r in g
a t
th is
9 7 V i
N e w
c o r p o r a t i o n , w h ic h is a c q u i r i n g t h e p r o p e r t i e s , b u s in e s s ,
tr a d e -m a r k s , & o .,
o f
G .
S ie g le
C o .
" P a s s e d b y th e C a p ita l Iss u e s C o m m it t e e a s n o t in c o m p a t ib le ,” & c .
T h e s t o c k is p r e f e r r e d b o t h a s t o a s s e t s a n d d i v i d e n d s .
D iv s . Q .-F .
R e d e e m a b le a t th e o p t io n o f th e c o r p o r a t io n a t 1 1 0 .
C a p ita liz a tio n , A u th o r iz e d a n d I s s u e d ( N o B o n d e d o r F lo a tin g D e b t e x c e p t
w ith C o n s e n t o f 6 0 %
o f P r e f e r r e d S to c k I s s u e ) .
F i r s t p r e f e r r e d 8 % c u m u l a t i v e s t o c k ( p a r v a l u e $ 1 0 0 ) ----------------------- $ 7 5 0 , 0 0 0
S e c o n d p r e f e r r e d 6 % n o n - c u m u l a t i v e s t o c k ( p a r $ 1 0 0 ) _____________ 2 5 0 , 0 0 0
C o m m o n s t o c k ( n o p a r v a l u e ) _______________________________________s h a r e s 1 0 , 0 0 0
C o m p a n y .— T h e G . S i e g l e C o . is o n o o f t h e l e a d i n g m a n u f a c t u r e r s o f
h i g h - g r a d e d r y c o l o r s in t h e U . S .
I t s p r o d u c t is u s e d i n t h e p r i n t i n g i n k ,
l i t h o g r a p h i c i n k , p a i n t , v a r n i s h , e n a m e l a n d t e x t i l e t r a d e s a s w e ll a s b y
m a n u f a c t u r e r s o f r u b b e r g o o d s , w a ll p a p e r , s o a p , le a t h e r , o il c l o t h , & c .
'I ’ l i e b u s i n e s s w a s e s t a b l i s h e d i n A p r i l 1 9 0 5 b y i n t e r e s t s c o n n e c t e d w i t h
G .
S ie g le C o . o f S t u t t g a r t , G e r m a n y .
P r o p e r l y .— O w n s a m o d e r n f a c t o r y a t R o s e b a n k , S . I . , N . Y . , o f f i r e
p r o o f c o n s t r u c t i o n a n d h a s a f l o o r a r e a o f o v e r 6 2 ,0 0 0 s q . f t .
T ra n sp orta
t i o n f a c i l i t i e s a r o f u r n i s h e d b y t h e B . Sc O . R R .
E s tim a te d c o s t o f r e
p r o d u c t i o n o f t h e p l a n t a n d p r o p e r t y a p p r a i s e d a s in e x c e s s o f $ 6 3 9 , 0 0 0 .
E a r n i n g s .— N e t p r o f i t s f o r p a s t 5 y e a r s h a v e a v e r a g e d a b o u t $ 1 2 0 , 0 0 0 .
3104
THE CHRONICLE
T o t a l A s s e t s A r e S u b s ta n t ia lly a s F o llo w s ( N o L i a b i l i t i e s O th er th a n S l o c k ) .
L a n d , b u i l d i n g s , m a c h i n e r y a n d e q u i p m e n t __________________________ I
$ 0 3 9 ,3 1 4
C a s h a n d a c c o u n t s r e c e i v a b l e _______________________________________________
2 3 4 ,5 0 0
I n v e n t o r i e s _________________________________________________________________________
2 0 5 ,0 0 0
P a t e n t r i g h t s , t r a d e - m a r k s , & c ______________________________________________
1 0 0 ,0 0 0
T o t a l ................................................................ .. ........................................................................$ 1 , 1 7 8 , 8 1 4
S in k in g F u n d .— 1 0 % o f t h e a n n u a l n e t e a r n in g s a f t e r p r e f . d iv i d e n d s
s h a ll b e s e t a s id e f o r r e d e m p t i o n o f t h e F ir s t l ’ r e f . s t o c k . — V . 1 0 7 , p . 1 9 2 5 .
S m ith
M o to r T r u c k
C o . — S a le .—
A n a n n o u n ce m e n t fr o m C h ic a g o sta te s th a t B o r g & B e c k o f E a s t M o lin o ,
111., m a n u f a c t u r e r s o f m e c h a n i c a l d e v i c e s f o r a u t o m o b i l e s a n d o t h e r m a
c h in e s , a r e t h e p u r c h a s e r s o f t h e c o r p o r a t i o n ’s p la n t a t C le a r i n g , t o w h ic h
F r a n k L . J o h n s o n o f th e F o r t D e a r b o r n T r u s t & S a v in g s B a n k t o o k t it le
r e c e n t ly f o r $ 2 0 4 ,5 0 0 .
T h e p r o p e r t y w a s s o ld a t d e c r e t a l s a le b y t h e r e
c e i v e r s w h o a r e c l o s i n g u p it s a f f a i r s , h a v i n g j u s t s o ld t h e c o r p o r a t i o n ’ s
s t o c k o f m a te r ia l, p a r t ly fin is h e d o r c o m p le t e d p r o d u c t s a n d g o o d -w ill,
s a id t o h a v e a m a r k e t v a lu e o f $ 9 0 0 ,0 0 0 , t o t h e D e a r b o r n T r u c k C o . f o r
$ 2 4 6 ,5 0 0 .— V . 1 0 7 , p . 1 6 7 3 .
S o u t h
P o r t o
R ic o
S u g a r
C o . — E a r n i n g s .—
S e p t. 3 0 Y e a r s —
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
T o t a l r e c e i p t s ......................... $ 1 1 , 4 4 8 , 2 4 2 $ 1 0 , 6 9 0 , 7 4 1
$ 8 ,3 9 6 ,5 6 2
$ 7 ,3 8 4 ,4 9 3
N e t e a r n i n g s ............................
$ 2 ,6 9 1 ,8 5 1 $ 2 ,6 1 7 ,9 5 7
$ 2 ,0 9 6 ,0 6 1
$ 3 ,6 8 7 ,2 0 0
R e s . fo r w o r k in g c a p ita l
3 0 0 ,0 0 0
6 0 0 ,0 0 0 1
1 ,1 8 1 ,2 4 3
1 ,1 6 8 ,7 0 1
R e s e r v e fo r d e p r e c ia t io n
5 4 5 ,8 7 8
4 6 6 ,6 6 8 /
R e s e r v o fo r in c o m e a n d
e x c e s s p r o f i t t a x e s ____
5 0 0 ,0 0 0
3 0 0 ,0 0 0
......................................................
P r e f. d iv id e n d s ( 8 % ) - 3 1 9 ,5 0 7
3 1 2 ,7 3 0
2 9 8 ,9 0 0
2 9 6 ,6 8 0
C o m m o n d iv s . (c a s h ) _ ( 1 0 % ) 4 5 0 ,0 0 0 ( 2 0 ) 8 2 3 ,8 9 0 (4 0 )1 3 7 8 ,3 2 7 (1 0 )3 3 7 ,1 0 0
C o m m o n d iv s . ( s t o c k ) . .( 1 0 ) 5 0 6 ,2 5 0
...................... ( 1 8 ) 0 0 6 , 8 1 0
......................
B a l a n c e , s u r p l u s .............
T o t a l p . & l . s u r S e p t .3 0
— V.
M
a n u fa c t u r in g
A c c u m u la tiv e
B o s to n ,
are
p r e fe r re d
o r iz e d
a b le
$ 1 1 4 ,6 7 0
$ 9 2 3 ,5 5 1
$ 2 2 1 ,8 9 0
$ 8 0 8 ,8 8 2
$ 2 9 3 ,5 8 0
$ 5 8 6 ,9 9 2
107, p . 2015.
S te w a r t
8 %
8 7 0 ,2 1 7
$ 9 9 3 ,7 6 8
o ffe r in g
s to ck
a n d
a t
P refer red
110
o f
a t
C o r p .
S t o c k .—
$ 1 0 0
p er
sh a ro
th is
co m p a n y ,
o u ts ta n d in g
$ 4 5 0 ,0 0 0 .
a n d
(C h ic a g o ).—
R ic h a r d s o n ,
o f
th e
8 %
w h ic h
O ffe r in g
H ill
&
o f
C o .,
a c c u m u la tiv e
th e re
D iv id e n d s
is
Q .-F .
a u th
C a ll
d iv id e n d .
T h e c o r p o r a t io n h a s a u t h o r iz e d a n d o u t s t a n d i n g , in a d d i t io n t o t h e c o m
m o n s t o c k , 4 5 ,0 0 0 s h a r e s o f c o m m o n s t o c k o f n o p a r v a lu e a n d 8 5 0 0 ,0 0 0
F ir s t M o r t g a g e R e a l E s t a t e 6 % g o ld b o n d s d u e s e r ia lly 1 9 2 0 -1 9 2 4 .
T h e c o m p a n y i s e n g a g e d in t h e m a n u f a c t u r e o f d i o - c a s t i n g s , a n d w a s
f u l l y d e s c r i b e d in p r e v i o u s m e n t i o n i n t h e s e c o l u m n s w h e n t h e R e a l E s t a t e
b o n d s w e re o ffe r e d .
C om p aro V . 107, p . 1673, 1198.
S u p e r i o r & B o s t o n C o p p e r C o . — D i r e c t o r s .—
T h e fo llo w in g h a v e b e e n a p p o in te d d ir e c to r s :
W . G . R ic e , G e o r g e
K in g d o n , G a r r e t M o t t , o f C a r le t o n A M o t t ; W illia m F . F it z g e r a ld , o f
F itz g e r a ld , H u b b a r d & C o .: J . F . B a r r y , r e p r e se n tin g C le m e n t, B a rk e r &
C o .: J . B . I ta r d o n , r e p r e s e n tin g H a y d e n , S to n e & C o ., a n d H o m e r G o o d w in .
T h i s b o a r d , it is s t a t e d , f a i r l y r e p r e s e n t s t h e o w n e r s o f t h e p r o p e r t y a s
t h e y s ta n d o n th e b o o k s o f th e c o m p a n y .— V . 1 0 7 , p . 1 9 2 5 .
S w ift &
C o . ( C h i c a g o ) . — W a g e B o n u s .—
T h is c o m p a n y h a s g i v e n a b o n u s o f 1 0 % o f a n n u a l s a la r ie s t o o f f i c e a n d
f u ll t im e e m p lo y e e s , t o t a li n g a b o u t $ 7 5 0 ,0 0 0 .— V . 1 0 7 , p . 2 0 1 5 , 1 5 8 3 .
T e x a s G u l f S u l p h u r C o . , M a t a g o r d a , T e x . — S to ck I n c r .
T h i s c o m p a n y , i n c o r p o r a t e d in T e x a s , h a s i n c r e a s e d i t s a u t h o r i z e d c a p i t a l
s t o c k a b o u t $ 7 5 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 .
I t is s t a t e d t h a t a ll o f t h e $ 3 ,0 0 0 ,0 0 0
h a s b e e n s u b s c r i b e d a n d 5 0 % o f t h o a m o u n t p a i d i n , In a c c o r d a n c e w it h
t h e T e x a s la w .
T h e c o m p a n y is c o m p l e t i n g a 1 0 , 0 0 0 h . p . s t e a m i n g p l a n t a t M a t a g o r d a ,
T e x . , in c o n n e c t i o n w it h i t s p la n s f o r e x t e n s i v e d e v e l o p m e n t o f s u lp h u r
m in e s .
A b o u t 1 ,0 0 0 a c r e s a r e t o b e d e v e lo p e d , w it h a n e s t im a t e d d a ily
o u t p u t o f 1 ,0 0 0 t o n s .
O ffic e , 14 W a ll S t ., N . Y .
O ffic e r s a r e : P r e s .,
W . I I. A ld r id g e : V .-P r e s ’ts . H . F . J . K n o b lo c h a n d R ic h a r d I ’ . L y d o n ;
S e c .. H . F . J . K n o b lo c h : T r e a s ., H e n r y E . D o d g e .
T h e J . G . W h ite
E n g in e e r in g C o r p o r a t io n o f 4 3 E x c h a n g e P I ., N . Y . , h a s c h a r g o o f th o
co n s tru ctio n a t M a ta g o rd a .
( J . V . ) T h o m p s o n C o a l P r o p e r t i e s . — L i t i g a t i o n .—
A b ill in e q u i t y in t h e F a y e t t e C o u n t y ( B a .) C o u r t a t U n i o n t o w n h a s b e e n
f i l e d in w h i c h t h o p e t i t i o n e r s r e q u e s t t h e d i s s o l u t i o n o f t h e c r e d i t o r s ’ c o m
m it t e e a n d c a ll fo r a g e n e r a l a c c o u n t in g o f a ll t r a n s a c t io n s o f t h e c o m m it t e e
d u r in g th e la s t 2 H y e a r s .
T h e p e t it io n e r s c la im t h a t th e c o m m it t e e h a s
fa ile d t o u t iliz e th e p o w e r a n d fu n c t io n s v e s t e d in i t . — V . 1 0 7 , p . 5 1 6 , 1 6 7 3 .
T i d e W a t e r O i l C o . — E x t r a D i v i d e n d .—
I n a d d it io n t o th e r e g u la r q u a r t e r ly d iv id e n d o f 2 % a n e x tr a o f 3 % h a s
b e e n d e c la r e d , b o t h p a y a b le D e c . 31 t o h o ld e r s o f r e c o r d D e c . 9 .
I n th o
M a r c h a n d S e p t , q u a r t e r s 3 % e x t r a w a s p a i d b u t In J u n e o n l y 2 % w a s
p a id .— V . 1 0 7 , p . 2 0 0 5 , 9 1 0 .
T o d d S h ip y a r d s C o r p o r a t io n .— T en d ers fo r
T h e B r o o k l y n ( N . Y . ) T r u s t C o . w ill r e c e iv e u p t o n o o n
o f f e r s f o r t h o s a le t o it o f 5 - y e a r 6 % c o n v e r t i b l e g o l d n o t e s
T h e s e n o t e s w ill b o p a i d o u t o f m o n e y s in t h o s i n k i n g f u n d , w
w ill a m o u n t t o $ 8 2 8 ,2 2 6 .— V . 1 0 7 , p . 1 5 7 6 , 1 4 8 5 -
C on v. N o tes.
D e c . 1 0 s e a le d
a t 107 a n d ln t.
h ic h o n D e c . 16
T u x p a m
S t a r O i l C o r p o r a t i o n . — C o m p l a i n t .—
T h e fo r m e r h e a d o f th is c o m p a n y , L o u is R o u m a g n a c : J o h n J . B r y a n t , a
d ir e c t o r o f th o c o m p a n y , a n d H e n r y K a lb , a b r o k e r
w e r e p la c e d u n d e r
a r r e s t o n N o v . 2 3 o n a c o m p l a i n t c h a r g i n g t h e m w i t h b e i n g c o n c e r n e d in a
c o n s p ir a c y t o u s e th e m a ils t o d e fr a u d in v e s t o r s in t h e s t o c k o f t h o o il c o m
p a n y .— V . 1 0 6 , p . 1692
U n ite d
D r u g
In com e
O th e r in c o m e ..
C o .,
B o s t o n .—
A ccou n t fo r
N in e
Q u a r te r ly
M on th s
S e p t .3 0 ’ 1 8 D e c . 3 1 '1 7
A
S
R e a l e s t . , b l d g s . . . 2 ,4 9 4 ,2 8 6
2 ,4 5 0 ,1 7 0
I m p r o v e m e n t s ___ 1 ,3 0 3 ,4 2 5
1 ,1 2 7 ,6 4 7
F u r n . , m a c h . , & c . 4 ,7 8 7 ,8 8 2
4 ,4 7 9 ,1 5 0
S t o c k in o u t s id o c o s
4 6 0 ,5 8 3
4 2 8 ,9 2 3
T r a d e m a r k s , & c . . 2 3 , 4 9 0 , 5 7 5 2 3 ,4 9 6 ,5 7 5
C a s h . ........................... 1 ,8 1 8 ,0 6 1
1 ,0 3 7 ,5 7 2
A c c o u n t s r c c e l v ’ l e . 4 , 2 5 4 , 7 0 9 ) 3 ,0 5 3 ,3 5 5
N o te s r e c e iv a b le ..
1 4 7 ,5 6 7 )
L i b e r t y b o n d s _____
1 8 8 ,5 9 8
9 4 ,7 3 1
M d s e , i n v e n t o r i e s . 1 2 ,4 5 0 ,9 9 4 1 0 ,5 9 3 ,4 2 8
A d v . A d e f ’ d lt e n i3
8 1 3 ,6 8 8
7 2 1 ,2 2 8
T o t a l ......................5 2 ,2 2 2 ,3 7 2 4 7 ,4 9 8 ,7 7 8
107. p .
U n ite d
S ep t.
30.
1918.
1917.
1918.
1917.
$
$
S
S
3 ,1 5 4 ,8 7 4
3 5 ,3 6 5 ,8 8 7 2 8 ,8 1 7 ,8 7 7 T o t a l i n c o m e ............ 3 ,6 3 8 ,0 4 0
3 4 3 ,9 0 1 ]
2 3 ,0 1 0 ,0 7 0 1 9 ,0 9 0 ,6 4 0 D e p r e c i a t i o n ______
D o u b tfu l a cco u n ts
)
4 8 0 ,1 4 7
r e c e iv a b le , A c . _
4 7 .7 2 0 J
9 ,7 2 7 ,2 3 7
1 2 ,3 4 9 ,8 1 7
N e t p r o f i t ........... 3 ,2 4 0 ,4 2 5
2 ,6 7 4 ,7 2 7
8 ,7 3 9 ,3 4 1
0 ,9 8 5 ,2 0 3
R e s ’ v e fo r 1918 t a x
4 1 5 ,3 2 7
1 3 7 ,9 9 8
O t h e r d e d u c t i o n s . ...................
2 ,7 4 2 ,0 3 4
3 .6 1 0 ,4 7 0
2 ,5 3 6 ,7 2 9
2 7 ,5 7 0
4 1 2 ,8 4 0 N e t a v a i l . f o r d i v s . 2 ,8 3 1 ,0 9 8
C o m b in e d . B a la n c e S h ee ts o f S e p t. 3 0
-V .
e n d in g
R e p o r t .—
1918 an d D ec. 31
1917.
S e p t. 3 0 ’ 18 D e c . 3 1 ’ 17.
L ia b ilit ie s —
S
S
7 .5 0 0 .0 0 0
F ir s t p r e f . s t o c k . . 7 ,5 0 0 ,0 0 0
9 .1 0 9 .0 0 0
S e c o n d p r e f . s t o c k . 9 ,1 0 9 ,0 0 0
C o m m o n s t o c k ___ 2 0 ,0 5 0 ,0 0 0 2 0 ,0 5 0 ,0 0 0
R ea l esta te m tg e s .
5 3 2 ,7 9 8
5 9 0 ,8 0 4
A cco u n ts p a y a b le
2 .7 8 4 ,5 2 6
( n o t d u e ) .............. 2 ,6 9 1 ,3 6 5
1 .9 6 0 .0 0 0
N o t e s p a y a b l o _____ 4 ,9 4 3 ,8 0 5
8 9 9 ,1 0 0
S t o c k o f a ll ie d c o s .
8 9 9 ,0 0 0
D e p r e o . le a s e h o ld s ,
1 ,8 8 1 ,2 1 4
e q u i p m e n t , A c . 2 ,2 5 9 ,1 9 2
F e l 'l t a x e s ( 1 9 1 8 ) .
4 1 5 ,3 2 7
O t h e r t a x e s ..............
8 1 ,1 0 3
2 ,7 2 4 ,1 3 4
B a la n c e , s u r p l u s . . 3 ,7 4 0 ,7 8 0
C o r p .—
G en era l
b e n tu r e S to ck I n s te a d o f P r e f . S to ck in
S e e G e n e ra l M o t o r s O o r p . a b o v e .— V .
G a s
&
E le c t r ic
C o r p o r a t io n .—
E a r n i n g s .—
S u m m a r y S ta te m e n t o f E a r n in g s f o r 1 2 M o s . e n d e d S e p t. 3 0 a n d J u n e 3 0 1 9 1 8
1 2 M o s . to —
S ep t. 3 0 .
B a l a n c e o f s u b s i d i a r y o p e r a t i n g c o m p a n i e s __________ $ 1 , 3 5 6 , 4 7 2
D e d u c t — R e s e r v e f o r r e n e w a ls a n d r e p la c e m e n t s
2 4 6 ,9 6 7
E a r n s , a p p lic . t o s tk . o f s u b . c o s . o w n e d b y p u b lic
3 0 2 ,6 1 7
June 30.
$ 1 ,4 0 6 ,0 1 3
4 0 4 ,7 5 0
3 9 2 ,9 3 6
B a l a n c e , n e t __________________________________________________
N e t in c o m e fr o m b o n d in v e s t m e n t s & o t h e r s o u r c e s .
$ 8 0 6 ,8 8 8
$ 1 8 3 ,5 2 3
$ 6 0 8 ,3 1 7
$ 2 0 8 ,1 1 7
T o t a l ................ ............
D ed u c t— l n t . o n U n ite d G a s & E le c . C o r p . b o n d s . .
l n t . o n U n . G . & E l. C o r p . c t f s .o f i n d e b t e d n e s s .
A m o r t i z a t i o n o f d e b t d i s c o u n t ___________
5 7 ,8 5 3
$ 9 9 0 ,4 1 1
$ 5 5 8 ,0 0 0
1 3 4 ,7 9 4
$ 8 1 6 ,4 3 4
$ 5 5 8 ,0 0 0
1 3 5 ,9 4 8
5 6 ,7 5 0
B a l a n c o f o r 1 2 m o n t h s ____________________________________
$ 2 3 9 ,7 6 5
$ 6 5 ,7 3 6
F o r s u b . c o . e a r n i n g s , s e e “ E 'a r n l n g s D e p t . ” a b o v e . — V . 1 0 7 , p . 1 3 8 6 , 1 2 8 8
U n it e d
S ta te s
R u b b e r
C o .—
M a tu rin g
B o n d s .—
A n n o u n c e m e n t is m a d e t h a t t h o f o l l o w i n g b o n d s m a t u r i n g D e c . 1 w i l l
b o p a id , p r in c ip a l a n d in te r e s t, a s fo llo w s :
U n ite d S t a t e s R u b b e r C o . 6 % C o lla t e r a l T r u s t S in k in g F u n d G o ld B o n d s
a t C e n tr a l U n io n T r u s t C o ., 5 4 W a ll S t ., N . Y .
G en eral R u b b er C o . 5 %
G o ld D e b e n t u r e s a t F ir s t N a t . B a n k , N . Y . O .
M o r g a n & W r ig h t 5 % G o ld D e b e n tu r e s a n d
C a n a d ia n C o n s o lid a t e d
R u b b e r C o ., L t d ., 5 %
g o ld d e b e n tu re s a t
I n d u s tr ia l T r u s t C o ., P r o v id e n c e , R . I .
F u n d s t o m e e t th e p r in c ip a l o f th e s e b o n d s w e r o p r o v id e d fo r th o m o s t
p a r t b y t h e s a le o f $ 6 0 ,0 0 0 ,0 0 0 F ir s t & R e f . M t g e . 5 s in J a n . 1 9 1 7 a n d
$ 6 ,0 0 0 ,0 0 0 5 -y e a r 7 % c o lla t e r a l n o t e s la s t m o n t h , a n d t o a m a ile r o x t e n t s
fr o m tre a s u ry fu n d s o f U . S . R u b b e r C o .
L i s t i n g o f S e c u r e d N o t e s — E a r n i n g s , & c .—
T ii e N . Y . S t o c k E x c h a n g e h a s a u t h o r iz e d t h o lis t in g o n D e c . 2 1 9 1 8 o f
t h o $ 6 ,0 0 0 ,0 0 0 F iv e - Y e a r 7 % S e c u r e d C o u p o n N o t e s , d u e D e c . 1 1 9 2 3 .
T h e e a r n in g s a n d b a la n c o s h e e t f o r t h o h a lf-y e a r e n d e d J u n o 3 0 1 9 1 8 a r e
g iv e n u n d e r “ R e p o r ts ” a b o v e .— V . 1 0 7 , p . 1 8 4 3 , 1 0 7 3 .
U n ite d
S ta te s
S te a m s h ip
C o . — E x t r a D i v i d e n d .—
A n e x t r a d iv i d e n d o f y 2 o f 1 % h a s b e e n d e c la r e d , a lo n g w it h t h e r e g u la r
d iv id e n d o f 1 % , b o t h p a y a b le J a n . 2 t o h o ld e r s o f r e c o r d D e c . 1 6 .
T h is
r a t e h a s b e e n p a id e v e r y t w o m o n t h s s in c o M a r c h 1 9 1 7 .— V . 1 0 7 , p . 1 9 2 5 .
U n it e d S t a t e s T e le p h o n e C o .— B on d E x te n sio n ,
S e e O h io S t a t o T e le p h o n e C o . a b o v e .— V . 1 0 7 . p . 2 0 1 5 .
& c .—
U ta h
P o w e r &
L i g h t C o . — R e d e m p t i o n .—
A ll o f th o o u ts ta n d in g 2 -y e a r 6 % s e c u r e d g o l d n o te s d a t e d A u g . 1 1 9 1 7
h a v e b e e n c a l l e d f o r r e d e m p t i o n o n D e c . l f T a t 1 0 0 14 a n d i n t e r e s t a t t h o
G u a ra n ty T r u s t C o . o f N e w Y o r k .— V . 1 0 7 . p . 1 7 5 1 , 6 1 2 .
V u lc a n
D e t in n in g
C o .,
N o w
Y o r k . — E a r n i n g s .—
1 9 1 8 - 3 A /o .s -,-1 9 1 7 .
S a l e s ............................
$ 1 5 2 ,1 8 2
$ 3 4 9 ,3 8 1
I n c r e a s e i n i n v e n t o r i e s ___________ D e c 6 , 1 5 l
2 1 ,5 8 3
O t h e r I n c o m e ________________________
4 ,8 2 2
556
1 9 1 8 -9 M o s .-1 9 1 7 .
$ 1 ,2 1 1 ,1 7 4
$ 8 6 4 ,2 4 2
D e c . 1 6 ,2 2 6
4 8 ,5 1 0
1 1 ,5 6 0
1 ,3 5 2
G r o s s i n c o m e ................................ . $ 4 5 0 , 8 5 3
C o s t s , g e n e r a l e x p e n s e s , & c ____ 3 7 5 , 4 8 5
D e p r e c i a t i o n , t a x e s , A c __________
4 5 ,0 0 0
F e d e r a L t a x e s y e a r s 1 9 0 9 - 1 9 1 3 _____________
$ 3 7 1 ,5 2 0
3 1 3 ,8 4 4
____________
____________
$ 1 ,2 0 6 ,5 0 8
9 4 0 ,5 0 7
1 4 0 ,0 0 0
4 ,6 4 5
$ 9 1 4 ,1 0 4
7 7 1 ,1 3 1
$ 5 7 ,6 7 6
$ 1 2 1 ,3 5 6
$ 1 4 2 ,9 7 3
B a l a n c e , s u r p l u s ________________ $ 3 0 , 3 6 8
B a la n c e S h eet S e p t. 3 0 1 9 1 8 a n d D e c . 3 1 1 9 1 7 .
A s se ts—
S r p f .3 0 ’ 18. D e c . 3 1 '1 7 .
L ia b ilit ie s —
S ep t.3 0 'I S . D e c .3 1 ’ 1 7 .
B lu n t A e q u lp m ’ t .
5 5 0 7 ,0 5 5
$ 5 6 7 ,0 5 5 P r o f , s t k . , 7 % c u m S l , 5 0 0 ,0 0 0 5 1 ,5 0 0 ,0 0 0
P a t s .,p r o c e s s e s ,A c . 3 ,2 0 0 ,0 0 0
3 ,2 0 0 ,0 0 0 C o m m o n s t o c k ___ 2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
1 0 9 ,1 1 5
1 1 8 ,5 7 4
9 4 ,7 8 7 A c c t s . p a y . A r e s .
C a s h . . . ........... ..........
1 3 8 ,9 1 0
U . S . L i b e r t y O ils .
1 1 5 ,5 0 0
1 4 0 ,2 0 7 F e d e r a l t a x r e s e r v e
f o r 1 9 1 8 _________
U . S . c t f s . o f lm l e b
1 5 5 ,0 0 0
1 0 0 ,0 0 0
..............
9 9 ,9 0 0 S u r p l u s ......................
7 4 0 ,2 7 4
0 2 4 ,9 1 8
A c c o u n t s r e c e l v 'l o .
8 8 ,2 7 0
1 3 5 ,4 2 4
I n v e n t o r i e s ________
2 2 0 ,9 1 8
T o t a l ......................* 4 ,5 1 5 ,6 8 9 § 1 ,2 4 3 ,4 9 2
— V . 107, p . 1009.
T o t a l ......................$ 4 ,5 1 5 ,0 8 9 $ 4 ,2 1 3 ,4 9 2
W a b a s s o
C o t t o n
C o . — D i v i d e n d .—
T h o q u a r te r ly d iv id e n d o f 1 1 4 % h a s b e e n d c c la e r d , p a y a b lo J a n . 2 t o
h o ld e r s o f r e c o r d D e c . 1 3.
T h o d iv i d e n d w a s in c r e a s e d f r o m 1 M % t o
1 X % in S e p t , l a s t . — V . 1 0 7 , p . 2 0 1 5 , 1 1 0 5 .
W a g e s . — T e x t i l e W o r k e r s R e f u s e d I n c r e a s e .—
A d is p a tc h fr o m N e w B e d fo r d , M a s s ., s ta te s th a t th e r e q u e s t o f th o
T e x t i l e C o u n c i l f o r a n i n c r e a s e o f 3 5 % in w a g e s h a s b e e n r e f u s e d b y t h o
m a n u fa c tu r e r s , w h o p o in t o u t th a t p r e s e n t c o n d it io n s d o n o t w a r r a n t a n y
in c r e a s e .— V . 1 0 7 , p . 1 7 5 1 , 1 5 8 3 .
W a l w o r t h M a n u f a c t u r i n g C o . — D i v i d e n d s .—
A r e g u la r q u a r t e r ly d iv id e n d o f \ 3
A % h a s b e e n d e c la r e d o n th e c o m m o n
s t o c k , p a y a b l e D e c . 16 t o h o ld e r s o f r e c o r d D e c . 6 , a n d 1 ! - j% o n th e p r e
fe r r e d , p a y a b l o D e c 31 t o h o ld e r s o f r e c o r d D e c . 3 0 .
T h e c o m m o n d iv i
d e n d w a s i n c r e a s e d in S e p t , l a s t f r o m 6 % t o 7 % p . a . — V . 1 0 7 , p . 1 0 0 9 , 9 1 0 .
W a s h in g t o n
(D . C .) G a s L ig h t C o .— B o n d s A u th o r iz e d .
T h e B . U . C o m m is s io n o f t h e D is t r ic t o f C o lu m b i a h a s a u t h o r iz e d th is
c o m p a n y t o is s u o a n d s e ll $ 6 6 2 ,0 0 0 5 0 - y e a r G e n e r a l M t g e . 5 % b o n d s , t h o
p r o c e e d s t o b o u s e d to r e p a y th o c o m p a n y fo r m o n e y s a d v a n c e d b y it
p r io r t o D e c . 31 1 9 1 8 f o r e x te n s io n s a n d im p r o v e m e n t s , a n d t o p a y fo r
c o n s tr u ctio n n o w u n d er w a y .
T h o c o m p a n y Is a u t h o r i z e d t o p l e d g e t h o i s s u o a t n o t l e s s t h a n 9 0 %
f a c e v a lu e a s c o lla t e r a l s e c u r it ie s f o r lo a n t o b e m a d e a n d o b t a in e d u n t il
s a le c a n b o c o n s u m m a t e d .— V . 1 0 6 , p . 1 3 7 1 , 6 0 2 .
W a y la n d
O il
A n e x tr a d iv id e n d
th e r e g u la r q u a r te r ly
t o h o ld e r s o f r e c o r d
in D e c . 1 9 1 7 .— V .
&
G a s
C o .— E x tr a
D iv id e n d .—
o f 2 % h a s b e e n d e c la r e d o n t h o p r e f. s t o c k a s w e ll a s
d i v i d e n d o f 2 % o n t h e c o m m o n b o t h p a y a b l o D e c . 11
D ec. 2.
A n e x tr a o f 2 % w a s p a id o n th e p r e f. s t o c k
106, p . 827.
W e s t i n g h o u s o , C h u r c h , K e r r & C o ., I n c . — E x tr a D iv .—
A n e x tr a d iv id e n d o f 1 % h a s b e e n d e c la r e d o n th e c o m m o n s t o c k , p a y a b lo
J a n . 1 0 t o h o l d e r s o f r e c o r d N o v . 3 0 , in a d d i t i o n t o t h o r e g u l a r q u a r t e r l y
d i v i d e n d s o f 1 Hi % o n t h e p r e f e r r e d a n d I K % o n t h e c o m m o n , b o t h q u a r
te r ly d iv id e n d s p a y a b le D e c . 10 to h o ld e r s o f r e c o r d N o v . 3 0 .— V . 1 0 6 ,
p . 1809. 1036.
W illy s -O v e r la n d
N .
W illy s
o u tlo o k
fo r
is
q u o te d
th e
C o .—
as
B u s in e s s
fo llo w s
a u to m o b ilo
in
P r o s p e c ts .—
su b sta n ce
P ros.
J o h n
r e g a r d in g
th o
in d u s tr y .
A u t o m o b i l e m a n u f a c t u r e r s h a v e a g o o d y e a r a h e a d o f t h e m in 1 9 1 9 .
N e a r ly a ll a u t o m o b il e p la n t s w ill b e b a c k t o fu ll p r o d u c t io n b y n e x t s u m
m e r a n d c a n b e m a n u fa c t u r in g a u t o m o b il e s o n a 1 0 0 % b a s is b y s p r in g if
m a te r ia ls a r c o b t a in a b le .
W e e x p e c t th o W illv s -O v e r la n d fa c t o r ie s a t T o le d o , E lm ir a a n d B o n t ia c
w ill b o b a c k t o fu ll 1 0 0 % p r o d u c t io n b y e a r ly s p r in g .
O u r p la n ts a r e t o
w o r k o u t o f m u n it i o n c o n t r a c t s a s r a p id ly a s p o s s ib l e a n d in c r e a s e t h o o u t p u t
o f a u t o m o b ile s a s fa s t a s m a te r ia ls c a n b e s e c u r e d .
B y th e fir s t o f J a n u a r y
w o e x p e c t t h e T o l e d o p la n t w ill b o b r o u g h t u p t o a 7 5 % b a s is in a u t o m o b il o
m a n u fa c tu r in g .
.
, ,
1 a n t i c i p a t e t h a t a u t o m o b i l o b u s i n e s s i n 1 9 1 9 w i l l b e v e r y g o o d a n d in
g e n e r a l th e p e o p le m a y s a fe jy e x p e c t a n e ra o f p r o s p e r it y t o fo llo w th o
p e a c e s e t t le m e n t .
T h e p u r c h a s e b y W i l l y s - O v e r l a n d o f a c o n t r o l l i n g i n t e r e s t in M o l i n o
P l o w G o . w a s e s p e c i a l l y o p p o r t u n e . T h e r e Is a t r e m e n d o u s d e m a n d f o r
f a r m t r a c t o r s b o t h in t n o U n i t e d S t a t e s a n d in E u r o p e , a n d t h o M o l i n o
p l a n t a l r e a d y Is 9 , 0 0 0 t r a c t o r s b e h i n d o r d e r s . — V . 1 0 7 , p . 1 4 8 6 , 1 9 2 5 .
T o t a l ...................... 5 2 ,2 2 2 ,3 7 2 4 7 ,4 9 8 ,7 7 8
1009.
M o to r s
U n it e d
[V ol .107
M o to rs
C orp .
to
Issu e
D e
P a rt P a y m en t fo r P r o p er ty .
107, p . 2015, 1813.
j
W i l s o n & C o . , C h i c a g o . — F i n a n c i n g .—
*• i t is u n d e r s t o o d t h a t a r r a n g e m e n t s a r e b e i n g c o m p l e t e d b e t w e e n t h o
c o m p a n y a n d N e w Y o r k b a n k e r s f o r f i n a n c i n g , p r o b a b l y b y t h o is s u e o f
$ 2 0 ,0 0 0 ,0 0 0 0 % C o n v e r t i b le D e b e n t u r e s .
U p o n in q u ir y th e " C h r o n i c l e ”
w a s I n fo r m e d t h a t n o a n n o u n c e m e n t a s y e t c o u ld b e m a d e t h is w e e k .—
V . 107. p . 1583 , 910.
Nov. 30 1918.]
J£ h z
THE CHRONICLE
'Q i m t S o
COMMERCIAL EPITOME
2105
tends to make short selling cautious. N o doubt the ten
dency just now is towards an increase in the long interest.
The Western run of hogs in a single day was 172,700, against
130,100 on the same day last year. To-day prices eased
slightly. Ilogs at Chicago fell 25 to 35c. with Western re
ceipts still large. Packers bought lard which is higher for
tlir week.
Friday Night, Nov. 29 1918.
As trado gradually readjusts itself to a peace basis after
over four years of war thoro is naturally a certain feeling
of caution, and business is less activo as a wliolo throughout
tho country. The question of future prices is ono of the
paramount importance and until tho trading world got a
cloarcr idea of what is coming in this x-ospect, transaction PORK steady; mess, $47@$47 50;" clear $45@$53;
may continue to be modorato. Thero have been large cancel Beef, products firm; mess $35@$36; packet $36@$37;
lations of war orders. Labor is leaving tho munition plants. oxtra India mess,_ S62@$63. No. 1 canned roast beef,
Tho tendency is to increaso production for civilian consump $4 25; No. 2 $8 25. Cut meats fairly active and steady;
tion. Overtime in tho mills has been vory generally abol pickled
10 to 20 lbs., 31 *^@32^0.; pickled bellies,
ished. Tho labor wage, however, continues high, with tho 35@3Gc.hams,
To-day
closed at $45 75 for Nov., a rise
cost of living also still high. Tho immediate future of wages of $1 for the week.porkButter
extras, 61 @67J^c.
probably hinges partly at least on tho quostion of the prices Cheese, flats, 30@35c. Eggs, creamery,
fresh
gathered
extras 63@73c.
of food and other necessarios, though increasing supplies COFFEE nominal. An effort is being made
the New
of labor must also count. Tho general bolief is, of course, York Coffee Exchange to have restrictions on by
trading
that war pricos for merchandise and labor aro bound to in futures modified il not removed. A meetingthewas
held
come down sooner or later. But judging from present to-day between representatives of the Food Administration
appearancos tho readjustment to a poaco basis will be and the Coffee Advisory Committee as well as a special
gradual. Rotail trade has beon unfavorably affectod in committee of tho Coffee Exchange. It is hoped that ex
some soctions by mild weather and tho fact that influonza cept for the licensing of imports which is under the control
epidemic restrictions have not as yot beon ovorywhero wholly of
the Shipping Board, restrictions will be cither distinctly
removed. It is tho common understanding, however, that modified
absolutely rescinded. Crop reports from Sao
stocks of merchandise, taking tho country ovor, are oithor Paulo areorvery
favorable owing to beneficial rains. Bra
modorato or actually small. At tho samo timo tho buying zilian markets have
been firm or higher. To-day no state
powor of tho peoplo is large, owing not only to big crops anil ment about reopening
was given out by the Coffee Ex
high prices for them, but also because of tho high wages paid change here. It is believed
by many here, liowever, that
to labor in a hundred branches of industry. The prospects unrestricted trading will shortly
bo resumed.
for tho holiday trade aro considered very good. Textile SU G A R remains quiet; raw, 7.28c.
for centrifugal, 9 6 industries aro quiet, both the wholosalo and rotail domand degrees, Cuban and Porto Rican; granulated
re
boing for tho timo boing at any rate light. Mills fear can strictions aro being slowly done away with. It9c.will Sugar
cellations of orders by tho Government which has an enor bo a welcome relief when the trade gets back once certainly
more to
mous supply of cotton goods already on hand as was shown its old-time pre-war conditions. After Dec. 1 distribution
by a report published tho other day. Building is going to certificates will be more plentiful. Refiners here can ship
bo much more activo in 1919. That is very evident especially promptly; they have a pretty good stock on hand. Boston,
as the monetary situation eases which it already shows signs on
the other hand, has very little refined sugar. It will buy
of doing. Just now, however, it is still moro or loss stringent in New
York. Some 30,000 tons of Louisiana raw sugar, it
and this of itsolf tonds to retard building at tho moment, appears,
to be shipped to North Atlantic markets.
especially as tho winter season is about to begin. But next Thero is aarebetter
for beet sugar. As regards Cu
spring is expected to seo a big revival of building all ovor ban, tho stocks ondemand
hand are 202,154 tons, against 224,690
tho country in making up for lost timo. Fuel is moro last week and only 13,775
a year ago. The weatlier in Cuba
abundant throughout the country, but it is a regrettable has been warm and clear. The Food Administration has
fact that domestic supplies of antliracito aro short here at the made
it known that it intends to treat all manufacturers and
East. Southern trado is loss active in general mercliandiso.' consumers
with more liberality hereafter in the issuance of
Tho South is disappointed at the recent doclino in cotton. It sugar certificates,
of the increasing supply of avail
is down some $50 a bale from tho high point on Sept. 3. able sugar. Also, because
it is believed that tho Coffee and Sugar
Exports, alroady larg >, bid fair to increaso soon. Certain Exchange here will soon
for unrestricted trading.
oxport restrictions aro relaxed. Tho conservation list is OILS.—Linseed steadybe atreopened
$1 55 for raw, carloads prompt
shortonod. Nearly 500 commodities aro banned no longer. delivery; 5-barrel lots, $1 58®$1
Lard prime edible,
Among them machinery, tools, locomotives, blast furnaces, $2 30@$2 35. Cocoanut, Ceylon,60.barrels,
hardware, nails, wire, chemicals, drugs, &c., not to montion Cochin, barrels, 18@18Hc. Soya bean, 16H@16Hc-;
many otlxors, may now bo sold abroad. Tho United States Corn oil, crude wood, 17H@18c. Olive, 17H@17Hc.
Cod
is to take ovor tho ontiro International Mercantile Marino domestic, SI 45@$1 50. Spirits of turpontine,$48125.
@81 He.
Corporation fleot. Some 85 vossols of a million doadWoight Common
strained rosin, $16 35@$16 50.
tonnago aro involved in tho deal. Tho Governors of eight P E T R OtoL Egood
U M firm; refined barrels, cargo, $ 1 7 .2 5 @
cotton Statos have signed a proclamation urging farmers, $18.25;
New York, $ 8 .2 5 @ $ 9 .2 5 ; cases, New Y o rk ,
merchants, bankers and business men to form organizations $ 1 9 .2 5 @ $bulk,
2 0 .2 5 . Gasoline steady; motor gasoline in steel
to hold tho 1918 cotton ci-op for not less than 35 cents a barrels
to garages, 2 4 H e; to consumers, 2 6 H e .; gas ma
pound. A sign of the times is that automobilo plants re
41 H e. Of late there have been indications of new
suming tho manufacture of motor cars liavo called upon tho chine,
productive sources in North Louisiana, Eastern Kentucky
Government employment sorvico to supply thorn with largo and
W yom ing. Among the most important field work
numbors of women in addition to their prosont forces. Some developments
lias been tho completeion of a well
of tlioso factories liavo suffioiont ordoi’s booked to koop thorn in the DeSotorecently
Parish of North Louisiana, promising a
busy, it is said, for at loast two yoars. In only a few in thousand barrel producer
exceptionally high gravity oil,
stances liavo ordors come from foroign buyers. It is ox- testing 42 degrees. Otherof significant
developments have
pectod they will bo in tho Amorican market early in 1919. been
the drilling of a 100 barrel well in the wildcat territory
Charlos M. Schwab, Diroctor-Genoral of tho Emergency in Kirby
Hot Springs County, Wyom ing and the
Fleot Corporation, will rotiro from tho corporation after promise of Creek,
a new field near the W olfe County line in Brethitt
placing tho enterprise upon an oconomic, as distinguished County, eastern
Kentucky
Tho crude oil pipe line move
from an emergency basis. As regards the prospective labor
from wells in the Mid-Continent field for October
supply it is of intorest to noto that Army officors estimato ment
amounted to 11,024,396 bbls., comparing with 10,998,283
that 1,200,000 American soldiors will bo out of sorvico by bbls.
for September, while deliveries registered a loss 12,
Now Year’s day. It is calculated that 32,000 a day will bo 362,753,
against 12,852,938 bbls. Total stocks of Eastern
tho figure from Doc. 1 until .Jan. 1 and 50,000 a day after and Mid-Continent
crude held by the various pipe lines at
that. Alroady 250,000 overseas soldiors have been desig the close of October
aggregated 80,894,740 bbls. repre
nated for return by Gonoral Pershing.. Mr. Gompors de senting a loss of 1,070,760
bbls. for the month. Since
clares that high wages must be maintained for labor. Moro- last M a y there has been a steady
drain upon crude stocks
ovor, 15,000 toxtile workers of the New Bedford district amounting to 8,966,032 bbls.
roquost a wago increase of 15%, effective Doc. 2. They
will not be advanced at Fall Ilivor. A domand for 25 cents
an hour increase in pay has boon made by 75,000 packing
employees in Chicago. Tho ban on holiday buying imposed
by tho Council of National Dofence has been lifted. Storolccopors, shoppers and ovroy one ordinarily connected with
tho usual Christmas rush aro virtually invitod to trado as
heavily as thoy please.
T O B A C C O has been quiet for the most part for all kinds
LARD firm; prime Western, 27.25c@27.35c.; refined of domestic leaf pending further developments in tho tran
for tho Continent, 29.25c.; Soxith Axnorican, 29.40c.; Brazil sition from a war to a peace basis. Prices, though generally
in kegs, 30.40c. Futures have advanced. Thero lias been rogarded as steady, have been largely nominal. Havana
a good oxport domand for provisions genox-ally. European leaf has beon in fair demand and steady.
supplies aro extremely short. At times it is truo tho big C O P P E R remains at 26c. nominally, though there have
recoipts of hogs and lower prices for them liavo affected beon recent rumors of sales at much lower prices, and trading
lard and other provisions. But for all that pricos liavo just now is quiet. Present nominal prices remain in force
risen. Packers and shorts have been good buyers at timos. until Jan. 1. It is said that car loads of casting copper are
Much of tho business has been in January product* An offered for prompt December delivery at 2 3 H e . f.o .b . N ew
outstanding factor is tho partial famino in Europe. This York. Tin dull and lower at 7 0 @ 7 1 c . on the spot. B ut
D A IL Y
C L O S IN G
P R IC E S
-T
.
.
,l,' a L
N o v e m b e r d e liv e r y c t s .2 6 .7 0
D e c e m b e r d e l i v e r y ---------2 6 . 1 5
J a n u a r y d e l i v e r y ________________
O F L A R D
FU TU R E S
M on.
T ves.
W ed .
2 6 .6 5
2 6 .6 5
2 6 .7 5
2 6 .0 0
2 6 .1 5
2 6 .3 7
______
_____
______
P e n n s y l v a n i a d a r k $ 4 0 0 S o u t h L i m a _________§ 2 3 8
C a b e l l ________________ 2 7 7 I n d i a n a _________________2 2 8
C r i c h t o n _______________ 1 4 0 I Y i n c e t o n ______________ 2 4 2
C o r n i n _g ______________ 2 8 5 S o m e r s e t ,.3_
2_ ________
d e g . . _______
2 60
W o o s t e r ----------------------- 2 5 8 , R a g l a n d -------------------------- 1 2 5
T h r a l l --------------------------- 2 2 5 E l e c t r a --------------------------- 2 2 5
S t r a w n ________________ 2 2 5 M o r a n ---------------------------- 2 2 5
D o S o t o _______________ 2 1 5 P l y m o u t h _____________ 2 3 3
N o r t h L i m a ................ 2 3 8 !
IN
C H IC A G O .
T h u rs.
F r i.
H O L I - 2 6 .7 5
D A Y .
2 6 .3 5
2 6 .0 5
I llin o is , a b o v e 3 0
d e g r e e s ____________ $ 2 4 2
K a n s a s a n d O k la h o m a _______________2 2 5
C a d d o , L a ., lig h t .
2 25
C a d d o , L a ., h e a v y 1 55
C a n a d a _________________ 2 7 8
H e a l d t o n _______________ 1 4 5
H e n r i e t t a ____________2 2 5
THE CHRONICLE
3106
those prices are nominal. Export of tin manufactures is now
allowed. This may yet help the market. Lead remains at
8.05c., with supplies light and distribution still carried on
under tlio direction of the Lead Committeo. Tho Govern
ment has canceled some contracts, but not on a large scale
as yet. Spolter firmer at 8.65@8.75c. spot, New York,
though trading as yet is only moderato.
PIG IRON has continued quiet. Thero has been some
export demand but little actual business. At the same time
prices are generally firm. Supplies for the first half of 1919
may not be so liberal as some may have been expecting.
Certainly not a few believe that available stocks will be far
from burdensome during that period. It is in fact on this
idea that much of the present firmness is predicated. At
the same time there is said to be somo export inquiry for
15,000 tons mostly foundry iron. The furnaces are well
sold out.
STEEL meets with a fair local demand. The steel trade
iri general is awaiting further developments at Washington.
It is announced that allocation of steel by the War Industries
Board will be discontinued after Nov. 30. Weekly reports
on production will bo required until the end of the year.
This marks a long step from a war .basis towards a peaco
basis, and it is naturally regarded as highly important.
Government regulation of the iron and steel industry, it is
suggested, may possibly end on Dec. 31. Meanwhilo there
is somo new demand for steel. Quite a good many oxport
inquiries are reported. And prices have thus far been
steady outside of the scrap trade. Threo has been no largo
buying; far from it. Few seem to havo any definito idea as
to tho future. Tho general attitudo seems to be a waiting
one. Export plates aro said to havo sold at 3.50 cents per
pound, or 0.25 cent above the Government price, and it is
also said that 4 conts has likewise been paid, with a smaller
lot sold at even higher prices. Naturally, a good deal of
interest attaches to the action of a railroad company in
seeking legal release from an assignment to it of cars bought
at high prices by tho Railroad Administiation. Other
railroads, it is said, may tako similar action. What the
effect on the prices would be of such action is, naturally, a
matter of acuto interest. It appears that orders sent to the
American Locomotivo Co. and Lima Locomotive Works last
week by tho Railroad Administration holding up work on
500 engines ordered a few weeks since, and which were talcon
to indicate an intention of tho Railroad Administration to
cancel contracts, have been withdrawn. Tho companies
havo been notified to go ahead with the production of the
engines. Tho steel ingot production of tho largest corpora
tion in tho last week was 97.3% as compared with 9G.2 in
tho week boforo. But blast furnace output, on tho other
hand, fell off to 90.3% against 95.6 in tho preceding week.
cc Tt t o n
Friday Night, Nov.
29 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from tho South to-night, is given below. For tho
week ending this evoning tho total receipts have reached
136,346 balos, against 134,414 bales last weok and 145,643
bales the previous weok, making tho total receipts since
Aug. 1 1918 2,059,653 bales, against 2,826,359 bales for the
samo period of 1917, showing a decrease since Aug. 1 1918
of 766,706 bales.
[V ol . 107.
In ordor that comparison may bo made with other yoars,
wo give below tho totals at loading ports for six seasons:
R e c e ip ts a t—
1917.
1918.
1914.
1913.
7 ,4 7 2
6 9 ,7 4 0
1 5 ,9 4 0
5 7 ,2 5 2
3 ,0 8 2
2 2 ,9 3 5
2 ,0 0 0
5 ,2 4 5
6 ,0 7 9
2 0 ,3 1 5
984
5 ,3 1 2
1 0 0 ,7 9 7
8 ,6 2 9
8 0 ,4 6 6
6 ,7 7 9
6 7 ,3 6 2
9 ,0 0 0
1 7 ,5 7 8
7 ,3 3 9
1 6 ,1 0 7
1 0 ,7 8 6
6 ,3 5 8
1 1 6 ,9 1 9
3 5 ,9 6 3
7 0 ,6 8 .3
I t ,771
5 0 ,9 4 3
3 ,7 0 0
1 6 ,0 1 7
1 4 ,9 2 7
2 5 ,3 6 9
3 ,4 9 7
9 ,1 3 4
2 3 9 ,9 1 1
2 0 8 ,8 8 4
3 3 1 ,3 0 1
3 5 8 ,9 2 3
1916.
8 6 ,0 1 4
1 8 ,9 6 4
6 4 ,7 3 0
4 ,1 7 8
3 4 ,7 6 1
3 ,5 0 0
8 ,3 1 8
1 ,4 0 5
2 0 ,5 6 9
1 ,8 7 1
4 6 ,5 9 0
188
6 6 ,0 3 4
1 ,7 9 3
2 9 ,7 4 8
3 ,4 0 0
1 0 ,7 5 8
3 ,9 8 7
1 8 ,9 3 9
116
1 0 ,7 0 9
1 3 6 ,3 4 6
1 8 2 ,2 6 2
G a l v e s t o n ____
T e x a s C it y ,& c .
N e w O r le a n s .
M o b i l e ...............
S a v a n n a h .. _
B r u n s w ic k -.
C h a r le s t o n ,& c
W ilm in g to n . .
_____
N o r fo lk
N ’ p o r t N .,& c .
A l l o t h e r s _____
4 8 .0 4 7
l ,6 5 5
4 3 ,2 7 6
2 ,8 4 0
2 3 ,6 1 1
2 ,0 0 0
2 ,3 8 8
2 ,0 4 9
8 ,6 0 9
T o t . t h is w e e k
1915.
S in c o A u g . 1 - 2 ,0 5 9 ,6 5 3 2 ,8 2 6 ,3 5 9 3 ,8 8 4 ,1 7 4 3 ,1 3 6 ,8 9 0 3 ,0 2 1 ,3 5 9 5 ,9 0 3 ,9 9 3
Tho exports for tho wook ending this ovoning roach a total
of 109,446 bales, of which 59,875 wore to Groat Britain,
20,359 to France and 29,212 to othor destinations. Ex
ports for the week and sinco Aug. 1 1918 aro as follows:
W e e k e n d in g N o v . 2 9 1 9 1 8 .
E x p o r te d to —
E x p o r ts
fr o m —
G a lv e s t o n ..
T e x a s C lty .
I’ t . N o g a l c z
N e w O r le a n s
G reat
B r ita in . F r a n c e .
O th er.
1 7 ,9 0 4
2 1 .4 8 0
5 ,9 7 3
1 7 ,7 3 1
T o ta l.
F ro m A u g . 1 1 9 1 8 to N o v . 2 9 1 9 1 8 .
E x p o r te d to —
G reat
B r ita in .
4 5 ,1 8 4
1 6 7 ,1 8 3
1 8 ,0 4 4
4 ,7 5 0
5 1 ,1 4 0
1 1 ,1 9 6
8 4 ,0 3 9
9 5 ,1 8 3
1 5 ,8 0 0
130
5 5 ,7 2 4
5 8 ,2 0 0
4 3 ,9 2 6
1 1 ,5 8 1
1 1 4 ,2 5 0
1 6 ,7 1 8
1 1 ,4 5 0
6 ,0 0 2
31
2 7 ,9 1 4
4 ,8 0 1
9 5 ,0 1 5
B r u n s w ic k W ilm in g to n
N ew
Y ork .
O th er.
2 5 1 ,6 9 4
1 1 ,2 0 0
1 1 ,2 0 0
F ra n ce.
1 7 ,9 0 4
5 ,6 4 6
2 0 ,4 9 1
3 ,1 8 6
1 1 ,4 8 1
3 5 ,1 5 8
400
6 2 ,4 0 3
P a c lflc P o r ts
T o ta l.
3 4 6 ,8 7 7
1 5 ,8 0 0
130
3 0 6 ,9 4 0
1 8 ,0 4 4
4 ,7 5 0
1 5 3 ,2 7 2
1 1 ,1 9 6
5 ,6 4 6
1 1 ,6 1 2
2 3 7 ,1 7 9
2 1 ,5 1 9
1 1 ,4 5 0
6 4 ,0 2
6 2 ,4 0 3
5 9 ,8 7 5
2 0 ,3 5 9
2 9 ,2 1 2 1 0 9 ,4 4 6
6 0 4 ,0 1 4
1 7 4 ,9 8 5
3 7 4 ,2 2 7 1 ,2 1 3 ,8 2 6
T o t a l 1 9 1 7 - 6 0 ,0 0 7
T o t a l 1 9 1 0 - 1 1 5 ,1 9 2
1 1 ,4 6 7
3 0 ,5 2 1
3 4 ,6 7 9 1 0 6 ,1 5 3 1 ,0 3 3 ,4 7 3
8 1 ,4 7 6 2 2 7 ,1 8 9 1 ,2 3 9 ,8 6 9
2 7 8 ,2 1 7
3 8 2 ,5 3 8
4 5 0 ,8 9 3 1 ,7 0 2 ,5 8 3
8 5 4 ,4 5 0 2 ,4 7 0 , 8 5 7
T o t a l _____
In addition to abovo exports, our tolograms to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at tho ports namod. Wo add similar figures for
New York.
O n S h ip b o a r d , N o t C lea red f o r —
N o v . 2 9 a t—
G a l v e s t o n * ____
N e w O r le a n s ..
S a v a n n a h _____
M o b iln
G rea t
B r ita in . F r a n c e .
2 0 ,0 0 0
1 2 ,9 8 2
6 ,0 0 0
” l ', 6 7 9
4 ,0 0 0
G e r - , O th e r
m a n y . ' C o n t 't .
C o a s tx o is e .
................ 3 5 , 0 0 0
_________’
8 ,3 9 0
________ | 8 , 0 0 0
1 0 ,0 0 0
337
3 .0 0 0
2 .0 0 0
200
600
I
7 ,4 4 6
N o w Y o r k * ____
O th o r p o r t s * ..
1 2 ,0 0 0
8 ,0 0 0
5 ,0 0 0
T o ta l 1 9 1 8 ..
T o t a l 1 9 1 7 ..
T o ta l 1 9 1 6 -.
6 6 ,4 2 8
7 2 ,7 4 3
7 9 ,0 1 9
1 0 ,6 7 9
9 ,2 0 0
2 7 ,4 8 0
................! .................
................1 4 , 0 0 0
................1 4 , 0 0 0
................
................
................
—
T o ta l.
6 5 .0 0 0
2 3 ,3 8 8
2 1 .0 0 0
2 ,0 0 0
7 ,6 4 6
600
2 1 ,0 0 0
1 2 ,0 0 0
L ea v in g
S to ck .
2 5 8 ,2 1 5
3 5 7 ,8 1 3
2 5 6 ,5 3 5
5 6 ,5 7 5
1 9 ,7 2 4
8 3 ,8 2 8
1 1 9 ,2 4 5
1 0 7 ,8 8 1
5 9 ,3 9 0 1 1 6 ,1 3 7 1 5 2 ,6 3 4 1 ,2 5 9 ,8 1 6
1 2 2 ,7 6 5 1 ,0 4 8 ,5 0 8
1 8 ,7 2 9 1 6 6 ,9 5 0 1 ,3 2 3 ,1 5 9
4 1 ,7 2 2 !
Speculation in cotton for future dolivory has been light
and prices havo turned downward. Fluctuations, it is truo,
have been more or loss orratic, and at times rather sharp,
though not as a rulo so much so as thoy were during war
timos. But heavy, liboral and porsistont Japanese selling has
had more or loss effect. So has the smallness of tho exports.
At times Southern hodgo selling has told. So also has tho
fact that supplies in this country, after all, are largo and that
the mills fear hoavy Government cancellations soonor or
later. This fear is also noticoablo in Manchester. The
American troops are to bo roturnod from Europe, it seoms,
as rapidly as possiblo. War orders must gradually bocomo a
thing of tho past. Very high prices on Government con
tracts will evidently not bo toloratod. Moreover, the fact
that short selling is restricted makes for an artificial market,
and trading has dwindled to a comparatively small daily
total. Of course, the elimination of short selling romovos a
prospective prop to the markot when tho shorts try to covor,
as sooner or later thoy must. Cotton goods have boon gen
erally quiet. At Manchester yarns havo been dull and many
grades, it seems, have declined. Cloths also havo beon
quiet there. And as already intimated, the shadow of Gov
Tho following shows tho wook’s total receipts, tho total ernment
certain to come sooner or later, hangs
sinco Aug. 1 1918 and the stocks to-n'.ght, comparod with over this cancellations,
market. Tho markot, in fact, is very narrow and
last year:
a very little selling affects it beyond tho ordinary. More
over, tho condition of things on tho Continent in Europe,
notably in Gormany, is not altogether reassuring; quite tho
reverse. Tho political upheaval in Germany certainly
militates against tho early resumption of business there and
of tho ability to buy and manufacture American cotton on
anything like the old pre-war scalo. Undor tho cir
cumstances, there is a note of caution hero. Some
houses havo even been indifferent about accepting
new business for tho time being. Others havo
counseled their clionts to maintain an oven position on tho
markot pending further ovents. The world’s consumption
of American cotton is running far behind that of tho last two
years. On the other hand, thero havo been somo features
which havo been calculated to encourage tho hopo that tho
export trado boforo many months will assumo something
like its old time proportions. In fact, tho December oxports
—
to Great Britain promise, it sooms, to bo something like 235,
000 bales. That certainly looks more like tho normal
M on.
S a t.
T u es.
W ed .
T h u rs.
6 ,0 5 2
6 ,4 0 2
435
8 ,0 2 4
9 ,9 6 8
5 ,8 6 5
7 ,2 7 8
659
8 ,3 7 3
578
8 ,3 0 9
282
1 1 ,0 7 3
954
7 ,2 2 7 j
11
5 ,2 8 1
3 ,6 2 7
7 ,3 7 4
_____
2 ,4 1 7
460
170
2 ,1 8 9
—
147
648
1 ,4 7 0
—
1 ,0 0 4
692
1 ,6 1 5
—
375
168
1 ,4 3 8
—
B o s t o n _____________
B a l t i m o r e _______
P h i l a d e l p h i a _____
” 48
_____
—
” 100
”
—
—
—
2 1 ,7 8 0
2 7 ,3 8 3
2 6 ,5 2 3
T o t a ls t h is w e e k .
2 2 .1 3 7 1
G a l v e s t o n __________
T o x a s C i t y ________
P o r t A r t h u r _______
N e w O r l e a n s _____
M o b i l e ........................
J a c k s o n v i l l e _______
S a v a n n a l i __________
B r u n s w i c k ________
C h a r l e s t o n ________
W i l m i n g t o n _______
N o r f o l k _____________
N ’p o rt N ow s, & c .
N o w Y o r k ________
B o s t o n _____________
B a l t i m o r e __________
P h i l a d e l p h i a _____
T h is
W eek .
'1 . 3 0
S in c e A u g
1 1918.
T h is
W eek.
4 8 ,0 4 7
1 ,2 9 3
7 2 8 ,7 9 1
2 1 ,7 5 2
4 6 ,5 9 0
362
4 3 ,2 7 6
2 ,8 4 0
7 ,1 8 8
5 1 7 ,3 9 7
4 8 ,6 8 3
4 ,6 4 0
9 ,2 6 4
4 3 0 ,2 9 8
3 9 ,3 0 0
7 1 ,7 0 8
4 4 ,9 8 9
1 0 8 ,9 6 5
2 ,5 5 7
2 ,5 2 2
1 2 ,8 5 8
8 ,7 4 1
188
5 6 ,0 3 4
1 ,7 9 3
497
2 3 ,6 1 1
2 ,0 0 0
2 ,3 8 8
2 ,0 4 9
8 ,6 0 9
511
863
76
—
................
1 ,2 0 0
2 9 ,7 4 8
3 ,4 0 0
1 0 ,7 5 8
3 ,9 8 7
1 8 ,9 3 9
116
895
7 ,0 0 8
1 ,3 2 6
280
1 1 ,7 3 6
858
362
1 ,0 1 6
356
4 8 ,0 4 7
1 ,2 9 3
362
4 3 ,2 7 6
2 ,8 4 0
497
4 ,9 1 2
2 ,0 0 0
402
295
1 ,8 9 7
—
497
2 3 .6 1 1
2 ,0 0 0
2 ,3 8 8
2 ,0 4 9
8 ,6 0 9
—
863
—
" s il
863
—
150
—
1 3 ,3 2 9 !
1917.
1918.
R e c e ip ts to
N ov. 29.
83
T o ta l.
F r i.
G a l v e s t o n _______
T e x a s C i t y _______
P o rt A rth u r, & c .
N e w O r l e a n s _____
M o b i l e _____________
P e n s a c o l a ________
J a c k s o n v i l l e _____
S a v a n n a h ________
B r u n s w i c k _______
C h a r l e s t o n _______
W i l m i n g t o n _____
N o r f o l k ___________
N e w p ’ t N e w s ,& c .
S in c e A u g
1 1917.
9 0 6 ,8 6 2
1 6 ,9 3 5
5 ,4 9 2
3 ,6 5 1
6 0 9 ,4 7 2
5 6 ,9 7 6
1 ,1 5 5
2 2 ,9 5 0
6 0 0 ,6 5 0
8 4 ,4 0 0
1 2 9 ,6 5 0
5 5 ,7 1 3
1 4 6 ,8 1 3
l ,9 9 7
8 3 ,8 8 3
4 3 ,7 4 1
5 2 ,7 7 8
3 ,2 4 1
2 5 ,1 9 4 ! 1 3 6 ,3 4 6
S to ck .
1918.
1917.
3 2 3 ,2 1 5
1 0 ,5 1 3
2 5 0 ,7 3 6
9 ,3 8 8
3 8 1 ,2 0 1
2 7 ,3 7 0
2 6 7 ,9 4 0
1 5 ,5 3 9
9 ,7 0 0
2 7 7 ,5 3 5
1 6 ,5 0 0
5 8 ,5 7 5
4 5 ,9 0 9
8 4 ,4 2 8
1 0 ,0 0 0
2 4 9 ,5 6 0
2 6 ,0 0 0
5 8 ,1 3 9
5 1 ,1 6 4
7 0 ,1 6 9
1 4 0 ,2 4 5
1 1 ,3 6 6
1 2 ,3 0 3
1 3 ,5 9 0
1 2 3 ,8 6 1
8 ,0 3 1
2 5 ,8 9 6
4 ,8 5 0
T o t a l s . ............... ... 1 3 6 , 3 4 6 2 . 0 5 9 , 6 5 3 1 8 2 , 2 6 2 2 , 8 2 6 , 3 5 9 1 . 4 1 2 . 4 5 0 1 , 1 7 1 , 2 7 3
* E s tim a te d .
Nov. 30 1918.J
THE CHRONICLE
It also seems that Spain, Belgium and Alsace-Lorraine have
already been inquiring in American markets for raw cotton.
As soon as possible the mills of northern France will un
doubtedly begin operations. There is, of courso, evory pos
sible incontivo to do so. As as soon as things quiet down in
Gormany.it is believed that German mills will make strenu
ous efforts to regain lost markets. As tho consumption of Gor
man and Austrian mills used to approximate 2,800,000 bales
per annum it follows that a revival of business from these
quarters would be a distinct advantage to the American
grower and dealer. Moreover, there are increasing hopes
that ocean tonnage will soon be more plentiful. Ocean
freights it is pointed out have latterly declined. They are
now the lowest that they have been for many months past.
Significantly enough moreover freight rates in other parts of
tho world aro declining. Now that the U-boat has dis
appeared it looks as though tho supply of ocean tonnage
would rapidly increase tho world over with a commen
surate decline in prices and an increaso in foreign trade.
In other words a good many believe that the first half of 1919
will see a big increaso in the exports of American cotton.
The taking over of 85 steamships by tho Government dur
ing the past week from the International Mercantile Marine
Co. is a large sized straw suggestive of more plentiful ton
nage with the return of the welcome days of peace. Mean
while shipbuilding is being steadily pushed. Every effort
will bo made to increaso the American Mercantile Marine.
It will not go back to its pre-war status of mediocrity or
worso. Tho country is alivo to tho importance of its for
eign trade. It is now said that the Allies may buy cotton
goods here. Meanwhile spot markets at tho South aro re
ported firm with tho basis rising. It seems that 100 points
on December aro bid in parts of Texas for strict middling.
Tho local stock hero has latterly decreased . It is much
smallor than at this time last year or tho year beforo. To
day, however, prices declined and they end distinctly lower
for tho week. Southern and Japanoso selling and goneral
liquidation in a narrow artificial market unsustained by a
good floating short interest had a depressing effect. Spot
cotton foil 70 points here to-day bringing middling uplands
down to 29.05c., a decline for the week of 145 points.
The following avoragos of the differences between grades,
as figured from the Nov. 27 quotations of the ton markets,
designated by tho Secretary of Agriculture, aro tho differences
from middling established for deliveries in the New York
market on Dec. 5:
M id d lin ' f a i r ..........................................1 .0 3 o n S t r ic t m id d lin g " y o l l o w ” t i n g e d . 0 . 0 8 o f f
S t r lo t g o o d m i d d lin g ------------------------1 .2 1 o n M id d lin g " y e l l o w " t i n g e d ................. 1 .7 0 o f f
G o o d m i d d l i n g ............................................... 0 .8 8 o nS t r ic t l o w m i d . " y e l l o w ” t i n g e d . . 2 . 8 0 o f f
S t r i c t m i d d l i n g ............................................... 0 .4 6 o nL o w m id d lin g “ y o l l o w ” t l n g o d . . . 4 . 7 5 o l
S t r i c t l o w m id d l i n g .................
1 .1 3 o f f G o o d m id d lin g " y e l l o w " s t a i n e d . 1 .8 5 o f f
L o w m i d d l i n g ------------------------------------ 3 .2 1 o f f S t r ic t m id d lin g " y e l l o w ” s t a i n e d . 2 .7 0 o f f
S t r i c t g o o d o r d i n a r y ___________________ 5 .2 6 o fM
f id d lin g " y o l l o w " s t a i n e d ..............3 .8 3 o f f
G o o d o r d i n a r y ........................................6 .8 8 o f f G o o d m id d lin g " b l u e ” s t a i n e d . . 2 . 5 8 o f f
S t r i c t g o o d m i d . " y e l l o w ” t l n g e d . 0 . 1 1 o n S t r ic t m id d lin g " b l u e ” s t a i n e d . . 3 .6 5 o f f
G o o d m id d lin g " y e l l o w ” t i n g e d . . 0 . 4 3 o f f M i d d l i n g " b l u e ” s t a i n e d . . . ........... 4 .8 5 o f f
3107
FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
S a tu rd a y , M o n d a y , T u e s d a y , W e d ’ d a y , T h u r s d ’ v , F r id a y ,
N ov. 2 3 . N ov. 25. N ov. 26. N ov. 27. N ov. 28. N ov. 29.
D ecem b er—
R a n g e ______
C l o s i n g _____
Ja n u ary—
R a n g e ______
C lo s in g .t ..
F ebru a ry—
R a n g e ...........
C l o s i n g _____
M a rch —
R a n g e ...........
C l o s i n g _____
A p r il—
R a n g e ______
C l o s i n g -------M ay—
R a n g e ______
C l o s i n g -------J u n e—
R a n g e ...........
C l o s i n g _____
J u ly —
R a n g e ______
C l o s i n g _____
A u g u s t—
C l o s i n g _____
S ep tem b er—
R a n g e ______
C l o s i n g _____
O ctob er—
R a n g e ______
C l o s i n g _____
1 28c.
2 8 .0 0 - .8 2 2 8 .2 0 - .9 0 2 8 .0 0 - .6 0 2 8 .0 0 - .4 2
2 8 .4 0 - .5 0 2 8 .2 5 - .2 7 2 8 .1 0 - .2 0 2 8 .2 0 - .3 5
2 7 .3 5
—
— 2 6 .9 5
M on.
2 9 .7 5
T u es.
2 9 .6 0
W ed.
2 9 .7 5
1 9 1 8 .c . . . ...2
1 9 1 7 ______ . . . 3
1 9 1 6 ______ . . . 2
1 9 1 5 ______ . . . 1
1 9 1 4 ---------- . . .
1 9 1 3 ............. . . 1
1 9 1 2 ............ . . . 1
1 9 1 1 ............ . . .
9 .0 5
1 .2 0
0 .4 5
2 .5 0
7 .7 5
3 .4 0
3 .1 0
9 .3 0
1 9 1 0 .C ......1
1 9 0 9 ______ . . . 1
1 9 0 8 ----------. . .
1 9 0 7 ______ . . . 1
1 9 0 6 ---------- . . . 1
1 9 0 5 ............ . . . 1
1 9 0 4 ............. . .
1 9 0 3 ............ . . . 1
5 .1 0
4 .5 5
9 .4 5
1 .7 0
1 .4 0
1 .8 0
9 .5 0
1 .5 0
1 9 0 2 _ c ___ . . . 8 . 5 0
1 9 0 1 ............
1 9 0 0 ............ — 1 0 . 1 2
1 8 9 9 ............ —
7 .7 5
1 8 9 8 ............ . . . 5 . 6 2
1 8 9 7 _______ . . . 5 . 8 1
1 8 9 6 _______ . . . 7 . 6 9
1 8 9 5 ............. . . 8 . 6 2
1 8 9 4 .C .... . .
1 8 9 3 ______ —
1 8 9 2 ______ . . .
1 8 9 1 ______ . . .
1 8 9 0 ............. . .
1 8 8 9 ............. . . 1
1 8 8 8 ............ . . .
1 8 8 7 ............ . . . 1
5 .9 4
8 .0 6
9 .9 4
8 .0 6
9 .4 4
0 .2 5
9 .8 8
0 .5 0
MARKET AND SALES AT NEW YORK.
Tho total salos of cotton on tho spot each day during the
weok at Now York aro indicated in tho following statement.
For tho convenience of the reador wo also add columns which
show at a glanco how the market for spot and futures closod
on same days.
S pot
M a rket
C lo sed .
S a tu rd a y —
M o n d a y ____
T uesday —
W ednesday.
T h u rsday . .
F r i d a y _______
Q
Q
Q
Q
u ie t,
u ie t,
u ie t,
u ie t ,
30
45
15
15
Q u ie t, 7 0
F u tu re s
M a rk et
C lo sed .
p ts.
p ts.
p ts.
p ts.
d e c ..
d e c ..
d e c ..
a d v ..
IIO L I
p ts. d e c ..
SALES.
S p o t.
C o n tra ct
T o ta l
V e ry s t e a d y ..
U a r e ly s t e a d y .
B a r e ly s t e a d y .
E a s y ____________
D A Y
B a r e ly s t e a d y .
T o ta l.
QUOTATIONS FOR MIDDLING COTTON AT
MARKETS.—Below aro tho closing quotations of middling
cotton at Southern and other principal cottoh markets for
each day of tho week:
2 6 .9 5
G a l v e s t o n _______
N e w O r l e a n s ____
M o b i l o .....................
S a v a n n a h ______
C h a r l e s t o n _____ _
W i l m i n g t o n _____
N o r f o l k __________
B a l t i m o r e _______
P h ila d e lp h ia ...
A u g u s t a __________
M e m p h i s _________
D a l l a s ......................
H o u s t o n __________
L i t t l e R o c k _____
S a tu r d a y . M o n d a y .
T u e s d a y . |W e d ’ d a y . T h u r s d ’ y .
3 0 .5 0
2 9 .7 5
2 8 .3 8
2 9 .0 0
3 0 .5 0
2 9 .7 5
2 8 .0 0
2 9 .0 0
3 0 .5 0
2 9 .7 5
2 7 .6 3
2 9 .0 0
3 0 .5 0
2 9 .7 5
2 7 .6 3
2 9 .0 0
2 8 .5 0
2 7 .7 5
2 9 .2 5
3 0 .4 5
2 8 .2 5
3 0 .0 0
2876b
2 9 .0 0
3 0 .0 0
2 8 .2 5
3 0 .0 0
2 9 .1 0
3 0 .4 0
3 0 .5 0
2 7 .7 5
2 9 .0 0
2 9 .8 5
2 8 .2 5
3 0 .0 0
2 9 .1 0
2 9 .9 0
3 0 .0 0
27775
2 8 .5 0
3 0 .0 0
2 8 .0 0
3 0 .0 0
2 9 .1 0
2 9 .9 0
3 0 .0 0
3 0 .5 0
3 0 .5 0
H O L I
D A Y
•
F r id a y .
3 0 .0 0
2 9 .2 5
2 7 .0 0
2 9 .0 0
2 8 .0
2 6 .7 5
2 7 .7 5
2 8 .0 0
2 9 .3 0
2 7 .8 8
3 0 .0 0
2 9 .1 0
2 9 .4 0
3 0 .0 0
—
2 5 .8 0
— 2 6 .4 4
— 2 6 .2 0
—
2 6 .1 0
— I_______ ____
2 5 .5 8 - /6 2 i 2 5 .5 8 - / 5 3
2 5 .5 8 - .7 0
I
—
2 5 .1 0
2 6 .4 5 - .0 5 2 6 . 3 9 - . i l 2 6 .0 5 - .7 0 2 5 .8 5 - .3 0
2 6 .9 0 - .0 0 2 6 .3 9 - .4 0 2 6 .1 5 - .2 5 2 6 .0 5 - .1 0
2 6 .6 0
2 6 .4 8
— ___________ 2 6 .5 0
— 2 6 .0 5 — 2 5 .8 0
H O L I
DAY.
— ___________
— 2 5 .8 5 —
—
2 5 .0 0 - /1 8 2 5 .0 0 - / 1 1
2 5 .0 5 - .1 5 I-----------------2 6 .5 0 - . 6 0
2 4 .7 5
—
2 6 .3 0 - .6 8 2 6 .0 0 - .8 4 2 5 .9 5 - .3 4 2 5 .5 3 - .0 0
2 6 .4 3 - .4 5 2 6 . 0 0 - .0 3 2 5 .7 5 - .8 5 2 5 .8 0 - .8 5
2 4 .7 5 - /9 0 2 4 .7 5 - / 8 4
2 4 .7 0 - .8 0
2 6 .0 0
— 2 5 .3 5
— 2 5 .0 0
—
2 5 .0 0 - .0 5 2 5 .0 0 - . 0 5
2 3 .7 0 —
—
2 5 .2 0
2 5 .0 0
— 2 4 .8 0
— 2 4 .4 5 - .5 0 2 4 .2 0 - .3 3
— 2 4 .3 5 — 2 4 .2 0 —
2 2 .9 0 * 2 0 2 2 .9 0 - / 0 0
2 2 .9 0 - .9 5
2 4 .4 0
2 4 .4 0
— 2 3 .9 9 - .6 5 2 3 .8 2 - .1 0 2 3 .8 0 - .9 0
— 2 4 .0 0 — 2 3 .8 0 - .8 2 2 3 .9 0 - .0 0
2 2 .6 5 x 7 1 2 2 .6 5 * 6 5
2 2 .6 5 - .7 5 l
/2 7 .c
J 2 6 .C
4 25c.
* 24c.
—
2 5 .0 0
z23c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as tho afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
N ov. 2 9 -
1918.
1917.
1916.
1915.
2 6 6 ,0 0 0
4 5 1 ,0 0 0
7 1 2 ,0 0 0
8 7 5 ,0 0 0
--
1 6 ,0 0 0
2 1 ,0 0 0
2 9 ,0 0 0
6 7 ,0 0 0
—
6 0 ,0 0 0
5 2 ,0 0 0
9 2 ,0 0 0
9 0 ,0 0 0
..
3 4 2 ,0 0 0
5 2 4 ,0 0 0
8 3 3 ,0 0 0
1 ,0 3 2 ,0 0 0
* 1 ,0 0 0
* 1 ,0 0 0
s.
S tock a t H a m b u rg .
S tock a t B rem en . _
S t o c k a t M a r s e ille s ,
7 2 ,0 0 0
--
1 ,0 0 0
..
2 9 ,0 0 0
--
1 7 ,0 0 0
............................
* 1 ,0 0 0
* 1 ,0 0 0
1 6 7 ,0 0 0
2 1 4 ,0 0 0
2 5 4 ,0 0 0
5 .0 0 0
5 ,0 0 0
2 .0 0 0
4 5 .0 0 0
2 9 ,0 0 0
5 7 ,0 0 0
2 2 ,0 0 0
2 1 8 ,0 0 0
2 1 1 ,0 0 0
—
* 1 .0 0 0
* 1 ,0 0 0
..
1 1 9 ,0 0 0
2 3 9 ,0 0 0
4 6 9 ,0 0 0
5 2 7 ,0 0 0
.-
4 6 1 ,0 0 0
9 ,0 0 0
7 6 3 ,0 0 0
2 5 ,0 0 0
1 ,3 0 2 ,0 0 0
1 .5 5 9 ,0 0 0
4 1 ,0 0 0
4 7 ,0 0 0
1 3 9 ,0 0 0
2 3 1 ,0 0 0
6 0 0 ,7 9 6
3 8 9 ,9 7 5
5 6 ,0 0 0
7 1 ,0 0 0
6 0 ,0 0 0
5 7 ,0 0 0
2 1 1 ,0 0 0
2 5 0 ,0 0 0
2 2 0 ,0 0 0
2 5 0 ,0 0 0
?e
..
-
* 5 5 5 ,0 0 0
* 4 8 0 ,0 0 0
3 0 0 ,0 0 0
4 3 7 ,0 0 0
..1 ,4 1 2 ,4 5 0
..1 ,3 4 0 ,0 0 2
1 ,1 7 1 ,2 7 3
1 ,4 9 0 ,1 0 9
1 ,4 6 9 ,5 7 8
1 ,1 5 1 ,5 2 2
1 ,3 0 8 ,9 5 0
1 ,3 8 9 ,1 5 7
3 4 ,3 8 0
1 1 ,9 9 4
1 9 ,6 4 3
..
4 5 ,1 8 4
..4 ,3 2 8 ,6 3 6
4 ,1 7 7 ,1 7 5 5 ,3 3 4 ,8 4 9 5 ,6 1 8 ,3 4 3
O f t h o a b o v e , t o ta ls o f A m e r ic a n a n d o th e r d e s c r ip tio n s a re a s fo llo w s
A m e ric a n —
L i v e r p o o l s t o c k _________________b a l e s . 1 4 9 , 0 0 0
3 3 1 ,0 0 0
5 8 1 ,0 0 0
6 4 7 ,0 0 0
M a n c h e s t e r s t o c k ____________________ 3 4 ,0 0 0
4 8 ,0 0 0
9 3 ,0 0 0
7 2 ,0 0 0
C o n t i n e n t a l s t o c k ____________________ . * 1 0 4 , 0 0 0
* 2 0 2 .0 0 0
* 3 7 1 ,0 0 0
* 4 2 6 ,0 0 0
A m e r i c a n a f l o a t f o r E u r o p e ______ .
1 3 9 .0 0 0
2 3 1 ,0 0 0
6 0 0 ,7 9 6
3 8 9 ,9 7 5
U . S . p o r t s t o c k s _____________________ . 1 , 4 1 2 , 4 5 0
U . S . i n t e r i o r s t o c k s ________________ . 1 , 3 4 0 , 0 0 2
U . S . e x p o r t s t o - d a y ________________ 4 5 ,1 8 4
1 ,1 7 1 ,2 7 3
1 ,4 9 0 ,1 0 9
1 ,5 6 9 ,5 7 8
1 ,1 5 1 ,5 2 2
1 ,3 0 8 ,9 5 0
1 ,3 8 9 ,1 5 7
3 4 ,3 8 0
1 1 ,9 9 4
1 9 ,6 4 3
T o t a l A m e r i c a n ___________________ . 3 , 2 2 3 , 6 3 6
E a s t I n d i a n , B r a z i l , & c .—
3 ,1 6 9 ,1 7 5
4 ,4 3 6 ,8 4 9
4 ,4 1 3 ,3 4 3
L i v e r p o o l s t o c k ________________________ .
1 1 7 ,0 0 0
1 2 0 ,0 0 0
1 3 1 ,0 0 0
2 2 8 ,0 0 0
s t o c k __________________________.
1 6 ,0 0 0
2 1 ,0 0 0
2 9 ,0 0 0
6 7 ,0 0 0
M a n c h e s t e r s t o c k _____________________ .
2 6 ,0 0 0
4 ,0 0 0
1 9 ,0 0 0
1 8 ,0 0 0
C o n t i n e n t a l s t o c k _____________________ .
I n d i a a f l o a t f o r E u r o p e _____________ .
* 1 5 ,0 0 0
* 3 7 ,0 0 0
* 9 8 ,0 0 0
* 1 6 1 ,0 0 0
9 ,0 0 0
2 5 .0 0 0
4 1 ,0 0 0
4 7 ,0 0 0
5 7 ,0 0 0
2 5 0 .0 0 0
L ondon
E g y p t , B r a z i l , & c . , a f l o a t _________ S t o c k i n A l e x a n d r i a , E g y p t ______ .
7 1 ,0 0 0
6 0 ,0 0 0
3 1 1 ,0 0 0
2 5 0 ,0 0 0
2 2 0 ,0 0 0
S t o c k i n B o m b a y , I n d i a ___________ .
5 5 5 ,0 0 0
* 4 8 0 ,0 0 0
3 0 0 ,0 0 0
4 3 7 ,0 0 0
T o t a l E a s t I n d i a , & c _____________ . 1 . 1 0 5 , 0 0 0
1 ,0 0 8 ,0 0 0
8 9 8 ,0 0 0
1 .2 0 5 .0 0 0
4 ,4 1 3 ,3 4 3
5 6 ,0 0 0
T o t a l A m e r i c a n ___________________ . 3 , 2 2 3 , 6 3 6
3 ,1 6 9 ,1 7 5
4 ,4 3 6 ,8 4 9
T o t a l v i s i b l e s u p p l y _______________. 4 , 3 2 8 , 6 3 6
5 ,3 3 4 ,8 4 9
M i d d l i n g u p l a n d , L i v e r p o o l _____ _.
2 0 .5 0 d .
4 ,1 7 7 ,1 7 5
2 2 .4 7 d .
M id d lin g u p la n d . N e w
2 9 .0 5 c .
3 1 .0 0 c .
2 0 .3 0 c .
1 2 .4 5 c .
Y o r k _____ .
1 2 .2 1 d .
5 ,6 1 8 ,3 4 3
7 .5 0 d .
E g y p t , g o o d b r o w n , L i v e r p o o l ____.
3 1 .0 5 d .
3 3 .8 5 d .
2 1 .2 5 d .
1 0 .2 0 d .
P e r u v ia n , r o u g h g o o d , L iv e r p o o l.
3 8 .0 0 d .
3 1 .0 0 d .
1 7 .0 0 d .
ll.O O d .
B r o a c h , f i n e , L i v e r p o o l _____________ .
1 6 .6 7 d .
2 1 .5 0 d .
1 1 .5 5 d .
7 .1 5 d .
T i n n e v e l l y , g o o d , L i v e r p o o l . _____
1 6 .9 2 d .
2 1 .6 8 d .
1 1 .6 7 d .
7 .2 7 d .
♦ E s tim a te d .
C lo s in g Q u o ta tio n s f o r M i d d lin g C o tto n o n —
W e e k e n d in g
N ov. 29.
I
___________
— 2 6 .6 5
2 6 .8 0 - .4 0 2 6 .7 5 - .5 3 2 6 .4 1 - .0 8 2 6 .2 5 - .6 7
2 7 .2 0 - .4 0 2 6 .8 0 - .8 6 2 6 .4 1 - .5 0 2 6 .5 0 - .5 6
T h u r s . F r i.
H .
2 9 .0 5
NEW YORK QUOTATIONS FOR 32 YEARS.
Tho quotations for middling upland at New York on
Nov. 29 for each of tho past 32 years have been as follows:
—
— 2 6 .5 6
___________ ___________ ___________ ___________
Tho official quotation for middling upland cotton in tho
Now York market each day for the past week has been:
N o t . 2 3 to N o v . 2 9 —
S a t.
M i d d l i n g u p l a n d s ---------------------------- 3 0 . 2 0
2 7 .5 0 - .3 6 2 7 .5 0 -Z 9 0
2 7 .5 0 - .5 5
1
2 6 .5 0 - /6 5 ,2 6 .5 0 - 1 2 5
1
—
2 6 .5 0 —
2 7 .4 0 - .1 0 2 7 .4 5 - .2 5 2 7 .1 5 - .7 5 2 7 .0 0 - .4 3
2 7 .8 0 - .9 0 2 7 .4 5 - .5 2 2 7 .1 8 - .2 5 2 7 .2 8 - .3 0
—
W eek.
Continental imports for past week have been 36,000 bales.
The above figures for 1918 show an increaso over last week
of 71,221 bales, a gain of 51,461 bales over 1917, a decrease
of 1,006,213 bales from 1916 and a loss of 1,289,707 bales
from 1915.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
tho \|pok and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below.
I
THE CHRONICLE
2108
[V o l . 107
N ew Orleans, La. —Rain has fallon on each day during
the week, and tho precipitation has been throe inchos and
seventy one hundredths. Avorage thormometer 50.
30.
Shreveport, L a . —Wo have had rain on four days of tho
124
3,302
2,368
51 2,759
40
3,603
Ala., Eufaula..
1,403 18.S44
1,432
39,578
641 24,138
past
week, tho rainfall being eighty-sovon hundredths of an
1,192
48,673
Montgomery .
2,322
30,553
5,571
1,560
40,809
413 18,679
1,479
Selma_______
inch.
Tho thormometer has ranged from 30 to 79.
25,252
923 18,208
l .403
22,449
1,382
1,198 8,191
Ark., Helena..
8,693 46,483
5,292
73,607 5,295 31,795 14.021 108,281
Little R ock..
Vicksburg, M iss. —We havo had rain on throe days of tho
77,513 6,951 50,000
7,000
53,599 4,715 35,603
5,930
1 Pine B lu H ...
180 2,317
191
11,516
22 4,393
8,678
120
Ga., Albany___
past week, the rainfall boing seventy-six hundredths of an
71,932 4,297 34,929
66,349
4,720 37,640 6,729
5,180
Athen3_______
81,258 6,384 21,538 13,612 136,166 JO ,440 44,560
4,488
Atlanta______
inch. The thermometer has averaged 44, ranging from 32
6,000 216,801 4,400 146,511 16,265 303,247 9,205 140,454
Augusta_____
1,050 14,379
22,125
1,635
880
38,485
580 23,500
Columbus____
to 62.
95,819 6,478 22,195
94,352 3,879 30,425 6,345
4,458
Macon_______
28,673 3,214 11,103
25,812
1,263 12,425 3.366
1,581
M ob ile, A la . —Rain o
@FedFRASER