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Quotation Section
Railway Earnings Section
»M Ml* BY WILLIAM *. DANA

Bankers'

COMPACT, MCW VOAK.

iMued Weekly
$1000 Per Yeer

VOL 107.

"t*\

C:: *' ,y~t'
ir '
:

Trustee. Guardian. Receiver, and In all
oilier fiduciary capacities
Acte as Trustee under Mortgages made

and Bonds.
Dooclves deposits upon Certificates of
Deposit, or subject to check, and allows
Interest on dally balances.
~

Manages Real Estate and lends money
on
,

rt

Mrr-

,

1

:■

-

NATIONAL

♦

*..;:-A3Fj£ ;***

j

AFiJIKW YORK

<

NSW YORK

Member Federal Reserve Bank
and New York Clearing House

Cn?y. BONDS

AMD OTHER CHOICE

Cspitsl * . • • fSfiOOfiOm
Ssfpha I Proflts
LOOQjPOO.00

INVESTMENT SECURITIES
~

*■

The National park
*4-WI
of New York

PI nV

itrset, Corn e r Wl i I law ^
NEW YORK

ormmnrn^- -..

.4, {5,000,000 00
-

-

W 17.900,000 00
- 168.000^)00 00

Preetdem
"
RICHARD DRLAFQDUD

~

,*fr

Bank Harris, Forbes

*

Capital* • - .
Surplus & Undivided Profits
Dapoalta (tat 31,1918)

.

r

SH9!

'"..'IT

♦

.

27 Austin Pilar*,

LONDON, E. v.

HARRIS, FORBES & CO., Ino.
BOSTON

Vice-Preiidtnti

Act as fiscal agents for munici¬
palities and corporations and
deal in Government, munici¬

GILBERT O. THORNE JOHN O. VAN CLEAR
WILLIAM O. JONES
; MAURICE H. EWER
SYLVESTER W.LABROT
OBORGE H. KRETZ

BONDS FOR INVESTMENT

i'w’

pal, railroad a^d public utility

T
ERNEST V. CONNOLLY

PARIS

LONDON

BROADWAY tiul CEDAR

UNITED STATES BONDS

Ofelas.

W-22 WILLIAM STNEET.NEWYORK
Branch: 475 Fifth Avenue, it 41st StrMt

BANK

...

bond and mortgage.

Will act as Agent In the transaction of
any approved financial bustnees.
Depositary tor Legal Reserves of State
Banks and also for moneys of the City
of New York.""
v
>
'
Fiscal Agent for States. Counties and
4

¥

m*-

harveyfisk
*„t. • 's & Nsst-liE1!V'

JOT Railroad and other Corporations, and
as Transfer Agent and Registrar of Stoofes

>

jffnatufel

Tmelen’ Letter* of Credit -/;

The Company le & legal depositary tor
moneys paid Into Court, and le authorand to act as Executor. Administrator.

■

NO. 2785.

V-a

FwrwiQfi Exchange Cable Transfen*

t

w# ■ g-

ul*.

awatwmiiwwmm nwsnmnnm

*

,

ATTMt PO*T omc* ATMatWYOIlK, MCWYOMK. UNOKft TH* ACT OF NAACM a,

HEW YORK, NOVEMBER 9(-1918.,
I ■ ii t ■in.

C

'

jf manual

THE FARMERS’ LOAN A TRUST

Railway Sectiot
City Section

State and

ConventionSection

BMTMCO A* ICOONO*OLAM MW» j\HQt »I«.MM.

jFftumdal

COMPANY

Electric

Railway & Industrial Secridft

Bank &

CatkUr

AuMsef CtuMtn
WILLIAM A. MAIN
FREDTC O. FOXCROFT
J. EDWIN PROVINE
r WILLIAM S. DOUGLAS
BYRON P. ROBBINS
HENRY L. SPARKS

List

on

Application

Cable Address SABA, NSW YORK

Edward B. Smith&Co

Established 1874.

John L. Williams & Sons

Established 18Tr'

BANKERS
BftdbUiMd 1810

Caesar 8th and Main Streets
.

,

RICHMOND, VA.

Baltimore Correspondents:

MIDDENDORF, WILLIAMS A CO.. Ini.

The Mechanics and Metals
National :Bank

GARFIELD NATIONAL BANK
Fifth Avenue Building
Corner Fifth Are. end ISrd St., Now York.

Surplus, $1,000,006

Capital, $1,000,000

BUHL W. POOR. President.
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW. 2d V.-Pres. A Cashier.
RALPH T. THORN. Asst. Cashier.
JOHN W. PEDDES. Asst. Cashier.

of the

Members New York and

Philadelphia
Exchanger

1411 OSSSTMDT STBBBT. PHILADBLFBIA
30 Pins Stbbbt

Nsw Tobk

City of New York
{6,000,000

Capital

Surplus and Profit!... {11,000,000
Deposit! Aug. 31,19131-

{188,000,000

The Chase National Bank
of the City erf New York
Capital
Surplus end Profits
•
•
Deposits (August 31, 1918)

.

.
-

!10,000,000
14,5*1,MO
2*8,204,00 f

officers

THE

Fereifnt Exchange Department

EUGENE V. R. THAYER,
SAMUEL H. MILLER.
EDWARD R. TINKER,
CARL J. SOHMIDLAPP,
GERHARD M. DAHL.

AMERICAN EXCHANGE
NATIONAL BANK
NEW YORC
Foreign Exchange

A. BARTON HEPBURN. Obr.
ALBERT H. WIGGIN.

Letters of Credit

ALFRED O. ANDREWS.
CHARLES O. SLADE.
EDWIN A. LEE.
WILUAM B. ptfRDY,
CHARLES D. SMITH.
WILLIAM P. HOLLY.
GEO. H. SAYLOR.
M. HADDEN HOWELL.
8. FRED TELLEEN.
-

Resources

over

$150,000,000

Francis Ralston Welsh,
First National Bank

BONDS

Philadelphia, Pa*

OF RAILROAD, CAS AND ELECTRIC
LIGHT AND POWER COMPANIES

CHASTER NO. 1

ACCOUNTS




FOURTH STREET
PHILADELPHIA

109-111 SOUTH

l

IHVITKO

Advisory Bd.
Chairman

President

Vlce-Preeklent

Vice-President
Vice-President
Vice-President
Cashier

Cashier
Cashier'.
Cashier
Cashier
Cashier
Asst-Cashler
Asst. Cashier
Asst. Cashier
Asst.
Asst.
Asst.
Asst.
Asst.

,,

ROBERT I. BARR,
8EWALL 8. SHAW’.
LEON H. JOHNSTON.
DIRECTORS
Henry W. Cannon
Samuel H. Miller
A. Barton Hepburn
Albert H. Wfggin
John J. MI

£sj_:_
Daniel O. Ji
Frank A. Sayles

Charles M. fichwab
Andrew

II

THE CHRONICLE

[Vol. 107

Snbetftmmt ©ou tti attb Bratoenf of jfortfgn Cxdjange

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

Maitland, Coppell & Co.

NEW YORK

52 WILLIAM STREET

DBBXEC

00., PmLAOELPHIA

ft

Corner of 5th and Cheotnut Street*

HOBO AH, GRENFELL&CO., LONDON
No. 22 Old Broad Street

BI6# of Exchange9
Letter*

PARIS

KOBGAH, HABJES ft 00..
31 Boulevard Hauuraann

J. & W. Seligman & Co.

Telegraphic Transfers,
on

The National Provincial & Union Bank of

Ns 1 William Street

England, Ltd., London,

Securities bought and sold on Commission.

Foreign Exchange, Commercial Credits.
Cable Transfers.
Circular Letters for Travelers, available In all
parts of the world.

BROWN BROTHERSTOo.
fBniDnnu

NEW YORK
Order* executed for all Investment Securities.
Act as at wits of Corporations and negotiate and
IsBu* Loaus.

NEW YORK

NEW YORK

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

Agents for the Bank of Australasia.

TRAVELERS’ LETTERS OP CREDIT
Available throughout the United 8tatea

Bostok

August Belmont & Co.

Qfgtokoos of Mni Yotk, PhiM+tphia and Boston Stock

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

Investment Securities

33 Pine Street, New YoA

Agents and Correspondents of the
Messrs. ROTHSCHILD,
London and Paris.

Foreign Exchange
Deposit Accounts

Investment Securities

ISSUE LETTERS OF CREDIT

Members

for Travelers

Commercial Credits

Available in all parts of the world.

Travelers’ Credits

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

BBOWN, SHIPLEY & CO.

Execute orders for the purchase and sale of
Bonds and Stocks.

LONDON

Lawrence Turnure & Co.
T. fluffem Taller
Grenville Kane
James O. WaJr

64«66 Wall Street.
New York

ce

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

TAILER&CD

London Bankers:—London
Bank, Limited.

Joint

Stock

Paris Bankers:—Banque Francaise—Heine

10 Pine Street, New York

New York Stock

Exchange

Letters of Credit for Travelers
Correspondents of
Barclays Bank, Ltd., London
Jordaan & Cie, Paris
Russo-Asiatic Bank, Hong Kong
Banque Industrielle de Chine, Paris
Shanghai, Peking, Hong Kong, Saigon,
Tientsin, Haiphong, Yunnan Fa

Graham, Parsons &Co.
BANKERS

& Co.

435 Chestnut street

Investment Securities

HEIDELBACH, ICKELHEIMER & CO.
37 William Street.
MEMBERS

Winslow, Lanier & Co.
59 CEDAR STREET

Y.

STOCK

Government and

EXCHANGE.

Execute orders for purchase and sale of
Stocks and Bonds.

Foreign Exchange Bought and Sold.

NEW YORK

Deposits Received Subject to Draft,

Interest
Deposits. Securities
Bought and Sold on
Commission.
on

Schulz &

Ruckgaber

27 Pine Street

New York

Members of New York Stock Exchange

Foreign Exchange, Letters of Credit

Investment Securities

Foreign Exchange

Kean, Taylor & Co.

Commercial Credits Issued In Dollars, Pounds
Sterling, Francs, Guilders, Pesetas, etc.
London Agents: Messrs.

Bonds

for|Inve8tment.

5 Nassau Street
NEW YORK

105 So. La Salle St.
CHICAGO

of

established

Cable Address. "Graco,"

value.
Philadelphia.

BOISSEVAIN & CO.
S4 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.

INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON & CO.
(Successors toAdolphBoissevain tcOo.|

Amsterdam, Holland.

Bank

INVESTMENT SECURITIES
10 Wall Street
NEW YORK

Land Title

Building

PHILADELPHIA

Capital
$1,000,000
Surplus and Undivided Profits 1,000,000
....

244 Fourth Ave.

PITTSBURGH

Foreign Exchange, bought and sold. Cable
Transfers.
Commercial and Travelers’ Letters of
Credit availab'e in all parts of the world.
ACCOUNTS INVITED.

ALDRED & CO.

BOSTON

Omncroial Credits.
Foreign Exchange
Gable Transfers.

MUNROE & CO.. Paris

H. AMY & CO.
Members N. Y. Stock

24

Exchange Place
New York

Exchange

44 AND 44 WALL ST.

fWnsact

a

.

BERTRON, GRISCOM & GO., INC.

Broadway, Corner BEAVER ST.

Lottors of Credit for Travelers




Railways, Gas and Electric
Light and Power Companies

Fruhling Sc Goschen

New York
Produce Exchange

John Munroe & Co.
MSW YORK

Municipal Bonds

Securities of Railroads, Electric

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

BANKERS.
Allowed

N.

X

PHILADELPHIA

General Investment and Stoek

FI*cal Agents for
Public Utility and Hydro-Electric

coaapanie

Ttt*
oimimtia
VOL. 107

NOVEMBER 5 1918

CLEARINGS—FOR OCTOBER SINCE JAN.
October.

Clearing*

Baltimore
Buffalo

351,380,793
106.717,119
64,621,220
23,880,595
37,751,407
19,950,117
23.449,735
11,847,242
15.230,327
10,434,148
18,395.932
14,295.015
11,912,193
5,560,933
11,652,697
9,719,871
5,162,587
8,398,594
3.483,900
4,245,545
2,505,476
2,720,457
2,931,522
3,361,222
1,474,173
4,487,924
2.916.293

...

Wasolngton. 1.11"
Albany
...

....

Wilkes Barre

Wheeling
Harrisburg
Trenton
York

Lancaster
Erie

Z.\

Greensburg

Coester
Binghamton .IIIII
Altoona
Franklin
Frederick
Beaver County Pa.
Norristown
Montclair

Oranges
Hagerstown

...

Total Middle

1,545,576,263
56,257,700
35,970,562
23.747.144
16.185,386
12,552,533
16.848,116
10,454,596
10,026,920
6,070,603
3,827,312
3,168.103
8,151,600
2,761,047

Springfield
Portland
Worcester

...

Fall River
New Bedford

Lowell
Holyoke
Bangor

Waterbury
Stamford

;

Total New Bagland

Chicago

—

Cincinnati
Cleveland
Detroit
Milwaukee

Indianapolis

...

Columbus
Toledo
Peoria
Grand Rapids....
Dayton
Evansville
Springfield, III
...

Youngstown
Fort Wayne

Lexington
Akron

Rockford
Canton
South Bend

Quincy
Bloomington
Springfield. Ohio.

Decatur
Mansfield
Jackson

Jacksonville, Ill...
Danville

...

Lima

Lansing

;
.........

Owensboro
Flint
Gary
Ann Arbor

ZZZZZZ

Adrian
Lorain
New Albany
Paducah

Hamilton
Aurora
Total Middle West.
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Tacoma

Spokane
Oakland
Sacramento
San Diego
San Joee
Fresno
Pasadena

Stockton
Boise

Yakima
Reno
Ogden
Long Beach
Bakersfield
Total Pacific

1918.

1,166,956,075
55,378,400

1917.

578,983,719
208,064,123
325,295,777
167,118,588
196,946,836
116,119,161
137.232,705
92,031,131
172,693,715
129,756,249
117,966,572
56,283.433
118.627.490
88,846,343
49,615,429
67,131,326
36,510,260
33,706,096
19,158,610
23,419,815
29,560,867
31,344,162
17,466,002
40,973,324
30,054,372

462,559,373
211,006,053
300,042,783
150,382,243
184,335,251
114,146,315
138,422,123
85,554,707
162,966,827
104,647,283
109,432,112
63,172,260
100,347,942
76,199,367
44,337,390
58,973,513
40,375,900
30,500,544
19,380,488
19,896,879
30,935,642
26,584,765
21,526,594
40,703,673
27,535,927

+ 10.8 173,548,216,612 170,720,584,449

+32.4
+ 1.6

33,095.516
+8.7
23.174,356
+2.5
18,750.966 —13.7
12,314,230
+ 1.9
17.914,806
—6.0
12,181,477 —14.2
8,667,524 + 15.7
5.606.883
+8.3
3,850,723
—0.6

4,071,119 —22.2

12,738 ,640,839
494 ,266,300
346 ,746,701
220 914,356
162 498,178
111 531.054
156 345,552
92 838,490
80 698,234
52 062,796
32 582,718
31, 462,481
82 650,500
24 115,143

10,242,943,970

Inc. or
Dec.

1917.

%
—1.1
+ 14.5
+38.6
+41.4
+ 15.9
+25.2
—1.4
+8.4
+ 11.1
+ 6.8
+ 1.7
—0.9
+ 7.0
+6.0
+24.0
+7.8
+5.9
+ 18.2
+ 16.6
+ 11.9
+ 13.8
—9.6
+ 10.5
—1.1
+ 17.7
—4.4
+ 17.9
—18.9
+0.7
+ 9.1

3,941,342,701 3,848,397,830
423,702,816
360,448,340
139,663,127
81,341,894
81,238,127
40,847,754
22,284,313
21,146,550
13,262,689
12,500,000
4,204,534
5,426,228
7,625,179
7,093,703
3,996,724
3,487,720
6,163,711
5.000,000
2,223,093
2,783,563
3,700.000
3,094,957
2,200,000
2,326,707
.>,600,060
4,389,534

2,460*,635

2,747,641
1,300,000
2.400,000
1,973,038
1,153,911
1,827,811
693,800
935,000

1916.

%
+ 2.4 3,769,361,408
+ 17.6
298,323,121
+ 71.7
66,976,460
+ 73.4
45,699,332
+ 5.4
10,545,500
+ 6.1
10,333,414
—22.5
5,937,843
—0.9
7,018,944
+ 14.6
3,373,123
+23.4
4,909,383
—20.1
2,493,787
+0.1
2,750,737
—5.1
2,148,274
—18.0
4,014,856
+ 11*7

1,305,230

+40.0

908,400
850,000

—23.7

+ 10.0

2,599,941
1,244,454
1,964,822
1,633,184
802,370
1,392,811
904,300
723,086

533,273

—37.0

640,171

1,307,637
2,482,277
1,894,887
1,130,042

330,710

+ 1.7 4.642,579,985 4,418,417,298

+24.4
+ 11.5

443,128,700
352,015,059
—1.5
216,854,803
+ 1.9
177,718,336
—8.0
117,645,322
—5.2
158,490,925
—1.3
82,595,311 + 12.4
70.852,131 + 13.9
47,168,135 + 10.4
37,265,159 —12.6
30,028.324
+ 4.8
96,638,978 —14.5
24,209,376
—0.6

—4.9
—3.3
+4.2
+2.0

1915.

2,788,^90,510
203,479,668
53,621,112
40,898,25?
13,815.922
9,673,025
5,535,968
7,347.165
3.057,000
4,220,362
1,980,610
2,897,952
1,801,260
2,903,442
2,253,983
964,229
1,854,529
1,126,975
556,257
892,911
791,900
533,785

369,148

+ 5.1 4,251,791,387 3,148,666,025

346,857,323
11,367,800
8,440,256
4,888,176
3,737,171
2,500,000
3,686,125
2,018,713
2,233,566
1.955,404
850,000
685,040

303,199,029 + 12.5
13,100,600 —13.2
7,502,394 + 12.5
—7.3
5,274,882
4,498,430 —10.9
2,375,000
+5.3
—8.1
4,009,352
3,147,570 —16.8
2,582,653 —13.5
1,491,630 +31.1
—4.4
888,733
897,810 —23.6

296,206,007
11,341,100
10,971,994
4,973,769
4,355,129
2,600,000
4,202,564
2,193,176
2,215,825
1,117,113
1,176,607
770,078

229,458,246
10,385,100

7,579,678
4,387,521
3,495,961
3,900,000
3,141,026
1,430,129
2,102,251
926,586
1,158,282
565.298

—16.4
—6.1

1,751,597,890

1,374,657,344

+27.4

14,627,353,342

12,097,814,535

+20.9

389,819,579

353,968,083

+ 10.1

342,129,962

268,530,078

2,340,992,061
267,445,893
438,445,264
331.319.074
149,059,606

2,267,387,502
177,682,756

+3.2
+50.8
+26.7
+42.2
+ 18.1
+8.5
+15.6
+ 19.9

21,514,751,373
2,346,186,232
3,560,381,735
2,581,681,681
1,220.469,808
654,978,000
458,920,000

20,774,250,332
1,706,972,258
3,027,977,936
2,293,940,162
1,064,171,266
570,996,764
439,204,400
446,406,983
217,464,667
204,920,870
149.324,023
110,644,849
83,186,739
151,483,643
64.165.399
36,353,012
253,849,000
67,415,886
144,559,716
46,166,468
48,420,330
50,347,776
53,352,272
36,805,878
39,826,111
46,049,793
18,075,292
25,642,277
35,037,810
47,820,450
28,155,548
70,461,528
32,880,972
15.713.399
4,321,765
8,955,952
6,794,411
51,033,490
16,153,102
26,059,791

+ 3.0
+37.5

507,177,282
59,611,073
96,341,793
70,012,144
30,078,287
13,468,000
10,433,600
10,075,969
4,000,000
5,976,018
3,894,175
3,720,289
1,901,694
3,460,811
1,354,962
1,000.000:
5,223,000!
2,099,606

512,322,611
—1.0
37,255,919 + 60.1
77.474.648 +24.4
49,266,095 + 42.1
+9.0
27,602,668
12,513,000
+ 7.0
—5.0
11,039,100
8,826,046 + 14.2
3,500,000 + 14.3
4,960,196 +20.5
2,971,490 + 31.1
3,407,895
+ 9.2
1,548,264 +22.8
3.348.648
1,442,290
+4.3
959,182
4,976,000
+5.0
+5.7
1,985,417
1,931,714
+7.71
1,158,602
+0.0
1,250,000
+4.5!
1,170,893
—5.1
1,357,320 —21.1

463,244,504
39,991,500
66,391,246
49,003,789

351,947,465

64,513,000
54,091,400
54,069,357
13,213,470
25,401,571
19,533,229
17,405,380
9,292,383
18,552,486
6,347,264
4,454,544
25,344,000
9,012,872
10,779.308
5,761,049
6,343,577
5,850,062
5,078,429
4,973,911
5,309,1.56
4,713,504
2,269,382
2,781,038
4,185,864
4,540,817
3,183,564
6,804,415
4,474,635
1,409,462
372,979
1,353,673
641,000
4,600,000
1,763,951
3.069,655

345.933,639
233,016,902
126,192,348
59.444,000
46,797,000
45,100,749
16,255,166
22,018,249
14,910,566
13,021,392
8,415,984
17,470,879
6,061,793
4.118.415
25,916,000
8,213,545
11,602,510
5,181,190
5,533,455
4,814,382
5,632,315
3.268.415
4,360,828
4,930.743
2,027,044
2,627,781
3,838,916
4,703,282
2,189,784
8,179,101
3,706,567
1,737,452
505,452
1,068,577
794,925
4,783,739
1,644,741
2.938,689

3,838,762,335 3,524,026,773
556,424,354
144,426.000
203,777,235
165,926,799
63.236,749
25,174,931
45,849,806
33,380,798
22,099,228
8,679,974
5.419.637
14.000,000
4,096,392
8.645.197
6,680,034
4,741.500
3,034,012
8.866.198
4,383,304
3,496,568

1,337,338,716

460,461,517

—18.7

+ 15.4
+31.0
+33.7
+ 10.4
+6.2
+4.7
+ 8.2
—2.2

+9.1
—7.1

+ 11.2
+ 14.6
+21.5
—9.8

+52.3
+21.8
—4.4

+ 11.9
+5.9
+9.0
—3.5
+ 45.5
—16.8

+20.7
—18.9
—26.3

+27.1
—19.2
—3.8

+7.2
+4.5

+ 11.8
+20.8
+ 10.8
+ 65.5
+53.0

130,368,000
123.160,775
108,442,952
—8.0
74,169,779
17,213,399 +46.3
39,531,627 + 16.0
24,625,368 + 35.6
19,521,033 + 13.2
10,711,617 —19.0
8.236,851 —34.2
14,118,389
—0.8
4,474,636
—8.5

8,884,977
10.519,487
4,673,771
3,534,908
11,057,703
3,184,574
3,729,684

—2.7
—36.5
+ 1.5
—14.1
—19.8
+ 37.6
—6.2

1,080,621,047

+23 A

443.563.821

194.474.170
221,399,013

173,656,627
161,671,850
96,171,530
160,523,191
56,124,090
53,465,632
234,091,000
80,767,996
125,311,374
53,943.281
59,210,820
59,337.647
53,093,489
46.138,193
47,024,002
44,909,415
24,392,845
27,068,001
39,446,795
42,535,701
37,499,182
64,034,729
39,206,951
14,201,130
4,070,079
10,876,007
0,289,424
56,734.843
16,798.779
30.447.170

35.116,513,698
4,574
1,267
1,515
1,057
548
199
345
270
164
89
45
98
41
82

684,t41
805,000
633.414

414,766

687,519;

039,414!
235,4011
255,289

891,746
144,446
339,242
917,350
,818.493

993,268!

59 806,687

33 ,909,638
25 ,389,190
77 .093,694
43 190.S.34
36 ,734,995

10,578,049.627;

o n page

—12.51
+47.1
—7.8

+ 19.7
—13.3
+ 16.8
+ 22.3!
+ 17.9|
—0.5
+25.4!

2,030,976!

+ 18.1

Hi

1,019,035

1,165,834!

1,305,667!

1,110,633!
1,071,545

854,490;

+ 5.6
+ 12.0
—ll.li
+ 33.2
—8.3;
+ 19.4
—9.6

638,685

551,009
625,000
927,089
881,456

—2.5;
+34.9;

42V,974

945,549
675,000
766,034
1,114,395
551,579

725,000

363,468|

—5.8;
+21.5:

+ 29.0
+ 8.7

+21.0,

—20.9

+31.6

—10*0

403,732
121,995

89,465

+33.8
+ 7.8

—20.7!

—7.4
+ 11.2
+ 4.0;
+ 10.9,

25.600.445
12,857,000
9,242,800
10,157,360
4,200,000
5,128,309
3.544.325
2,101,728

1,454,371
2,587,209
1,666,050
734,018
4,741,000
1,319,627

7,670,918

912,329
1,001,148
915,718
1.103.325
672,638
773,103

30,265,860
36,680,616
30,167,457
19,524,558
10,547.048
7.654,900
€.137,639
3,885,274
3,722,163
2,243,743
2,072,016
1.195,176
2,015,378
1,440,269
770,200
2,336,000
860,497
1,575,000
1,060,498
903,556
844,810
806,220
580,458

513,142

357,631
524,067
877,025
663,396
404,173

*321*947

384,835
88,120

350,000
44,453

590.018
580,000
600,000
346,548

1

+.8.0

842,650,209

777,809,952!

+8.3

719,810,269

522,887,899

3,925 655,984
1,255 447.900

+ If .5
+ 1.0
+ 63.8
+ 53.2
—1.7
+ 54.9
+27.4 ;

123,759,055
32,,0;.000

108,312,652 + 14.3
30,102,000'
+ 8.9
25,979,926 + 58.2
24,092.080 + 60.8
16,168,966 —10.5
3,686,876 + 31.6

84,233,095
26.708,000
18,793,445
18,849,417
13.483,198
2,198,246
7,089,402
4,942,709
3,073,103
1,958,865
1,516,754
2,271,460
882,928
1,702,693

57.187.998
23,067,881
13.245,837
12,583,517
7,866,735
1,954,930
4,438,422
4,270,406
2.288,579

925
690
558
128
271
222
125

543,228
380.522

070,535
503,493
067,897
095,122
826,742
99 843,617
41 173,096
80 233.901
48 944,511
72 302,053
65 933,150
28 .302,110
21 .357,179
70 .339.781
29 ,737,678
31 .588.276

+21.7:

+31.0
—10.7
+ 10.1
+ 23.2
—14.6
+ 14.8
—0.9
+ 19.8
+ 4.2
+ 1.0
+45.0
+ 16.3; j

■

41.103.964;
36,319,549
14.470,408
4,852,616
9,500,000
7,995,328
4,020,178
1,490,364
1,154,015
3,105,072

883,958]

1./31.532

934.272:
504.000

.

9.165.724

5,145,187;

4.228,812
2,380.576
2,189,616
3.105,072
968,762
1,974,053

j

+ 3.7
+55.4
—4.8
—37.4
—47.3
+ 00.0
—8.8
—12.3

.2,289,057
1,162.604

1,590,056
880,028
1,168,116

1,003,055
560,000

■—6.4
—10.0

805,368
375,000

600,000
297,448

867,116

707.493

+22.0

609,233

*585*899

285.361.055

239,770.836

+19.0.

189,492,710

135.476.912

8.701,446,775

+21 6

+ 33.0

453,710.333:

398.671,122

+13.8

299,693,492

245,079.626

10,027,012,314! +30.4

543,404 280

507,164,768

+ 7.1

370,727,401

263.377.108

1812

Total Other West..

2,156,438,836

1,769,388,463

+21.9

17,433,236,021! 13,109,131,872

2,666,558,837

2.259,553,857

+ 18.0

20,897*427.174

32,078,491.881 28,264,308,306

+ 17.6
+ 12.6
+ 14.7
+ 14.7
+4.5
—0.6
—10.0
+8.0
+ 10.3
+38.6
+ 15.6
+6.0

32,521,367,320

Total Southern

+ 13.5 272,200,796,474 253,177,157,266

Outside New York. 15.163.212.035 12.540.914.607 +20.9 125.Q32.450 r>2 1^5.219.010 071
Clearings by Telegraph and Canadian Clearings uu page, N13




1918.

9,755,700
2,939,569

Details of Other W estern and So uthern will be found

Totaled

Weeh ending November 2.
Inc. or
Dec.

+ 7.6 146,268,346,252 147.957,724,195
+20.2 16,162,869,379 14,115,561,027
+80.2
4,640,320.473
3,348,737,138
+65.6
2,657,128,913
1,878,971,167
+ 12.8
934.645.490
806,101,963

212 ,223,741
94 ,589,626
53 ,198,638 +21.5
23 ,409,643
+2.0
34 .074,385 + 10.8
16 ,333,797
+22.1
21 ,799,948
+ 7.6
12 ,503,267
—5.2
15 ,164.529
+0.4
10 306,606
+ 1.2
18 776,003
—2.0
12 025,736 + 18.9
11 409,912
+4.4
5 995,862
—7.3
12 078,146
—3.5
9 133,562
+6.4
5 284,583
—2.3
6 482,951
+29.6
4 411,700 —21.0
3 663,604
+ 15.9
2 002,925
+25.1
2 491,630
+9.2
3 516,539 —16.6
3 396,279
—1.0
2 356,231 —38.7
4 385,500
+2.3
2 853,221
+2.2

20,227,795,267 18.256,100.822

.

Boston
Providence
Hartford
New Haven

AND FOR WEEK ENDING NOVEMBER S

%

16.915,279,246 15,723 ,393,639
1,886,419.910 1,569 ,400,621
647,609,074
359 ,437,898

Philadelphia
Pittsburgh

Rochester
Scranton
Syracuse
Reading
Wilmington

Inc. or
Dec.

S

New York

1

Ten Months.

1917.

1918.

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

NO. 2789

7,157,529,401 0.695.812,049

+0.9 6.173,546,227 4.584.617.647

+1Q.7 3.216.136.700 2,847,414.219

+13.0 2.404.183,819 1.795.867,138

+ 7.5

THE CHRONICLE

1766

printing trades.

SITUATION.
Now that the end of the war is definitely in sight,
the problems that peace will bring with it should
THE FINANCIAL

(Vol. 107.

This controversy grew out of the

strike two weeks ago by the pressmen and feeders in
the job trades, and which has been referred to the
War Labor Board for settlement. The press feeders,

engaged in the simplest kind of unskilled labor, had
the attention of our whole population. had their
compensation increased within a compara¬
Among these problems none are so important as
They
those which concern the process of readjustment tively short period from $16 a week to $24.
struck for a further increase to $30. Now that the
of all prices, at present at such extremely high levels,
to a lower basis.
In this category belongs the price case has gone to the War Labor Board, they are de¬
of labor, and the reduction here is likely to prove manding $36 a week. The pressmen, not to be
most troublesome of all.
Therefore, it will be the outdone by their unskilled assistants, are asking
for an advance of 35% on top of all the pre¬
part of wisdom to tackle this problem in good
earnest and without delay.
It has been easy enough vious advances. The compositors, whose pay, we
have seen, has been augmented $5 a week within
to push wages up, and the wage earners have had
twelve months, are putting in a claim for a further
a plausible basis for their demands in the steady
addition of $12, which would bring their pay up to
advance in the cost of living. It will not be so easy
to get them down again, even though the cost of $42 a week, against $25 as recently as October of
last year. The War Labor Board is considering
living should decline as rapidly as it previously
advanced. Much will be gained if preliminary steps these various demands. No one knows what their
In view of the near approach of
decision will be.
can be taken to pave the way for the lowering of
wages with the decline in the cost of the necessaries peace and the large advances already obtained, it is
of life. It is recognized by every one that the cost of clear that there should be no further advance what¬
ever.
But if the Board does award some increase,
living must inevitably decline from the present ex¬
treme figures.
It is no less certain that a good part then the award should contain, as an additional
of the advances in wages that have been granted feature, the requirement that the increase must be
surrendered just as soon as the cost of living is suf¬
employees during the strain of the war will have to
Not only should this course be
be yielded up with the return of normal conditions, ficiently reduced.
though it is natural to suppose that the wage earners adopted in the case in question, but the War Labor
will resist the downward movement as long as Board should make it an inflexible rule not to grant
any increase in wages whatever hereafter without at
possible.
the same time laying a scheme for the automatic elim¬
If there is not. co-operation between employer
and employee—if some plan is not devised for ad¬ ination of the advance as the cost of living is reduced.
justing the wage question by mutual agreement—
The report on the crops of the United States for
there is only too much reason for thinking that during
the next two or three years the country will suffer Nov. 1, issued yesterday, shows but little change
from an epidemic of strikes which will not only from the situation a month earlier. The estimate
of the yield of corn has been raised a little, owing to
prove deeply disturbing, but serve to create a great
deal of ill feeling. In these circumstances why favorable harvesting conditions during October,
would it not be better for employer and employee which not only facilitated the gathering of the crop
The corn crop
to get together in advance and provide for an au¬ but minimized damage to the grain.
now promises to be 2,749,198,000 bushels, or some
tomatic adjustment of the scale of wages to conform
with the deviations in the cost of the necessaries of 31,000,000 bushels more than the aggregate predicted
life, thus avoiding strike or friction of any kind. This on Oct. 1, besides which the supplies that have thus
would be dealing with one of the reconstruction far come upon the market are reported to be of ex¬
problems that are to follow the war in an enlightened cellent quality. With this addition to the prospec¬
and far-seeing manner.
The New York Typo¬ tive corn production, the cereal harvests of the coun¬
graphical Union No. 6—Big Six—has had just such try collectively for 1918 are expected to exhibit a
diminution of only 149,000,000 bushels, or about
an arrangement as this with the employing printers
in the book and job trades, though it seems that this 2.6%, from 1917, and a decrease of 335,000,000
excellent scheme is now to be abandoned. Within bushels from the record aggregate of 1915. The
the last twelve months the book and job composi¬ white potato crop is still estimated as promising a
tors in this city have had two separate wage ad¬ good yield, and tobacco, it is anticipated, will by
70 million pounds set a new high mark in production.
vances of $2.00 a week, besides another advance
A recent development as regards grain production
of $1.00 a week, making $5.00 a week altogether.
in the United States, but relating to the future and
The agreement with the employing printers pro¬
vided that there might be an additional advance not to the past, has had to bo with planting of winter
should the cost of living advance still further, but wheat this fall. It will be remembered that last
it also provided that the previous increases should fall a campaign was entered upon to induce a very
be eliminated in case the cost of living should de¬ great increase in the sowing of that grain, and to aid
cline. The measure of the rise or fall in the cost the effort a price, affording excellent remuneration,
of living was to be the “Annalist” Index Number was fixed at which wheat could be marketed. The
of Food Prices. This is obviously a commendable result was an increase in area practically up to ex¬
pectations, but due to adverse climatic conditions
method of dealing with wage advances.
This fall,
If a voluntary arrangement of that kind cannot the outturn was below the mark aimed at.
be reached with reference to advances already made, with the price very attractive, there seems to have
it certainly ought not to be omitted in the settlement been a disposition to use every available acre for
of any controversy contemplating wage advances wheat. Private reports, in fact, have indicated that
hereafter. The War Labor Board has a controversy the planting of winter wheat would exceed by some
for wage increases before it at the present time. It 10,000,000 acres the area harvested this summer.
involves wages in all the different branches of the This probable outcome of the fall planting, encourengage




I,

Nov. 9 1918.)

THE CHRONICLE

aged doubtless by the apparent imminence of peace
supplies, is causing
anxiety to the Food Administration, which is said
to be making efforts to check the
tendency and thus
save area for the
raising of grains essential in the
production of meat animals. Incidentally, it may
be mentioned that late official
reports confirm at
least in part the addition to area referred to above,
while the most recent National Weather and
Crop
Bulletin—that covering October—states that the
weather during the month was exceptionally fa¬
vorable for winter wheat in practically all
districts,
where the crop is important, and the grain is up to

and consequent wider markets for

excellent stand. To that extent the wheat situa¬
tion is encouraging, but the crop has yet to
experi¬
ence the vicissitudes of the winter.
The official estimate of the average yield of corn
an

1767

Wichita, Sioux OityT Nfcw Orleans, Richmond, At¬
lanta, Dallas, Nashville^ Norfolk and Tulsa belong
in this last category. At
ume of stock speculation

New York a greater vol¬
and an augmentation of
other financial transactions, including those inci¬
dental to the floating of the Fourth Liberty Loan,
were instrumental in
counteracting the effect upon
clearings of Government restrictive measures, giving
for the month
to

a

fair

of increase and

reducing
practically nominal figure the loss at this centre
a

measure

for the ten months.

Altogether,

our

compilation for October, presented

the first page of this issue, covers 174 cities, of
which all but 58 report gains over last year and no
less than 138 establish new records for the particu¬
lar period. The aggregate for all the cities is $32,on

078,491,881, against $28,264,308,306 in 1917, or an
13.5%, while contrasted with 1916 the
augmentation reaches 24.7%. For the ten months
On the area to be harvested this points to an
aggre¬ of the calendar year there is a gain of 7.5% over the
gate product of 2,749,198,000 bushels, or 410,296,- high record mark set a year ago, and of 31% com¬
000 bushels less than the record
crop of 1917, but pared with 1916.
At New York the month’s total is
182,000,000 bushels in excess of the outcome of 1916. 7.6% in excess of that of last year and it is further¬
Quality is reported this year as 85.6, or very much more only nominally below the high mark set in
above the 75.2 of 1917 and above the 83.8 of two December last. For the ten months’
period there
years ago.
The high quality of the grain, of course, is a decrease at New York of 1.1% from a year ago,,
increases its food value materially. The invisible but a
gain of 16.1% over 1916. -With New York
stock of corn, otherwise that remaining on farms on
excluded, the October aggregate of clearings—the
Nov. 1, was over three times the amount so held at
heaviest, as already stated, for a month in our his¬
the same date a year ago, being estimated at 118,tory—registers an expansion of 20.9% as compared
400,000 bushels, or 3.7% of the 1917 crop, as com¬ with 1917, while overtopping 1916
by 52.9%. Nota¬
pared with 34,448,000 bushels, or about 2%%, of bly great increases are
common, being in evidence at
the 1916 yield on hand a year ago. The
following Pittsburgh, Baltimore, Cincinnati, Seattle, Portland,
furnishes a summary of the five leading grain crops:
Ore., Tacoma, Kansas City, Omaha, Denver,
Production—
Estimated.
Final
Previous
1000:000» omitted.)
1918.
Wichita, New Orleans, Richmond, Atlanta, Dallas,
1917.
1916.
1915.
Records.
Winter wheat.
___bush_ 556
418
481
673
685 (1914)
Nashville, and 25 less prominent points. For the
Spring wheat
363
233
156
352
352 (1915)
Corn
2,749
3,159
2,567
2,995
period since Jan. 1 the gain over last year is 19.7%,
3,159 (1917)
Oats
1,535
1,587
1,252
1,549
1,549 (1915)
and contrasted with two
Barley
237
209
182
229
years ago reaches 54.1%.
229 (1915)
Ry«...
77
60
49
54
54 (1915)
Operations on the New York Stock Exchange in
Total bushels..
.5,517
5,666
4,687
5,852
6,028
October, under the stimulus of very encouraging war
The most recent estimates of the yield of
grain news, were very much greater than in September—in
in Canada in 1918 do not hold out
any promise of fact the heaviest of any month since
May-—and of
an augmented wheat
surplusage for export. On the larger volume than for the like period last
year.
It
contrary, they indicate that from a considerable addi¬ is to be noted,
however, that in the closing week of
tion to area an increased production of all
crops ex¬ the month transactions fell off and values tended
cept wheat has been obtained, with barley and rye downward under the stress of the
new regulations
showing heavy proportionate gains. Of wheat, how¬ imposed by the Money Committee for the
purpose of
ever, and notwithstanding a planted area fully 173^%
restricting trading on margins. The dealings dur¬
in excess, the yield is placed at only
210,315,600 ing the month this year summed up
20,671,337
bushels, against 233,742,850 bushels in 1917, and the shares, against
17,368,787 shares in 1917 and 28,high record total of 376,304,000 bushels in 1915.
161,277 shares in 1916, while for the ten months the
transactions were 117,541,322
shares, against 158,The statement of bank clearings in the United
045,167 shares and 167,023,459 shares, respectively,
States for October 1918, reflecting continued activ¬ in the
like period of the two previous
years.
Bonds
ity in mercantile and industrial lines as a whole, is were also in much more active demand
during the
of a very favorable nature. The
establishing of month, the dealings reaching 230 million dollars par
new high records at individual cities is a
prominent value, against 121 millions last year. The transac¬
feature of the exhibit, the compilation
including 60 tions in United States bonds (Liberty Loan issues)
that report heavier aggregates than ever before
pre¬ were of particularly large
proportions, the favorable
sented for any monthly period, and the same is true war news
acting as a stimulating factor—in fact,
as regards the grand
total for all the cities, which over 143 million dollars, against
only a little more
supplants July in that position. The total for the than half that amount in 1917. An increase
of 14
ten months ended Oct. 31, too, sets a
high mark for million dollars as compared with 1917 in the deal¬
such a period by an appreciable amount,
with, more¬ ings in State, city and foreign securities was most
over, 45 individual cities furnishing for that period largely in
English and French issues, and especially
aggregates in excess of the twelve months’ figures for the Anglo-French 5s, while the
augmentation of 39
any earlier year.
Such leading centres of trade as millions in the trading in railroad and
industrial
Pittsburgh, Baltimore, Washington, Boston, Cin¬ bonds comprehended gains in most of those of
high
cinnati, Seattle, Portland, Spokane, Tacoma, Oak¬ grade. Bond sales for the ten
months, covering a
land, Sacramento, Kansas City, Omaha, Denver, I new high record due to the
comparatively enormous
is 24.2 bushels, this comparing with 26.4
bushels in 1917 and a ten-year mean of 26 bushels.
per acre




increase of

{Vol. 107.

THE CHRONICLE

1768

1jmm

.....

.

—r:

,

i.ii—a

total 1,431 % million dollars, accepting the terms, and were granted a maximum
against 846 millions last year, 931 millions in 1916 of seventy-two hours for the purpose, that period
and the previous high of 1,117 millions in 1909. ending at eleven o'clock on Monday morning, Paris
Boston stock sales for the month showed augmenta¬ time. The German delegates requested an im¬
tion, reaching 414,218 shares, against only 365,437 mediate cessation of hostilities, which Marshal Foch
shares a year ago, but the comparison for the ten refused.
months is between only 2,994,578 shares and 4,445,Meanwhile the financial district of New York and
472 shares.
Canadian bank clearings returns continue of a fa¬ in fact the entire city and the nation broke out into
vorable character, but less conspicuously so than in one of the greatest demonstrations because of a news
association dispatch received at 10.44 a. m. on
some earlier months of the year, doubtless due in
part to the check upon general business activity by Thursday from Paris declaring that an armistice
the virulence of the influenza epidemic in many had in fact been signed at 11 o'clock in the morning
parts of the Dominion. In some sections of Canada, (Paris time) between the Allies and Germany. The
news association (the United Press) refused to with¬
we are credibly informed, the disease involved up¬
wards of one-third of the population with a resulting draw the dispatch which was printed broadcast in
heavy death.rate. Increases in clearings over 1917, afternoon papers; and despite repeated denial from
however, are recorded at all but 6 of the 25 cities Washington that the armistice had been concluded,
from which we have returns for the month, with the the enthusiasm and jubilation increased as the day
aggregate of all exhibiting a gain of 4.9%. For the progressed. It is doubtful whether such an nation¬
ten months the augmentation is 5.5% as compared wide celebration. has ever before been equaled in
this or any other country. The general attitude
with 1917 and 30.5% with 1916.

sales of Liberty issues,

in the financial district

as

elsewhere

was

that if the

Events of the largest importance have been crowded reports were not entirely accurate it would be only
into the week covered by the current issue of the a question of hours before pending developments
“Chronicle.” Military successes in the great war would make them so. Dispatches claiming the
have been reported daily with regularity. But the signing of the armistice appeared to have been re¬
contest has

passed beyond the stage where military

affairs attract chief attention.
very close indeed
ment upon lines

The

war

itself

seems

to the point of settlement—settle¬

ceived in other circles aside from the newspapers
served by the United Press and the latter yesterday
gave as

authority for its statement, Admiral Wilson,

U. S. N., Commander of the American forces in
French waters. Admiral Wilson acknowledged that

for which all the Allied Powers
entered, namely the dethronement of autocracy and
the protection of democracy. On Saturday last the the information was the result of an error for which
terms of the armistice whereby Turkey acknowledged the news agency was in no way responsible.
defeat and retired from the war were made public.
As to the terms offered by Marshal Foch to the
On Monday similar action marked the withdrawal
of Austria-Hungary, while on Tuesday Secretary German plenipotentiaries they have not yet become
Lansing forwarded to the German Government public. A careful reading of Secretary Lansing's
through the Minister of Switzerland a note announ¬ note of Tuesday indicates that they are based on
cing that Marshal Foch had been authorized by the President Wilson's fourteen articles (in his address
Government of the United States and the Allied to Congress in January) with two important modifi¬
Governments to receive properly accredited repre¬ cations, namely one modifying the President's
sentatives of the German Government and to com¬ declaration regarding the freedom of the seas, and
municate to them terms of an armistice. All these second, that there shall be compensation by Ger¬
formal documents appear on later pages of the many for all damage done to the civilian population
“Chronicle.” In accordance with the President's of the Allies and their property by the aggression
letter steps were taken for a meeting of plenipoten¬ of Germany by land, by sea and from the air. The
tiaries of the German Government with Gen. Foch President incorporates in his letter a “memorandum
to receive the conditions of an armistice, the follow¬ of observation” by the Allied Governments on the
ing plenipotentiaries being named: Mathias Erz- correspondence with the German authorities trans¬
berger, Gen. H. K. A. von Winterfeld, Count Alfred mitted by President Wilson on Oct. 23.
The Allied Governments have given careful consideration
von Oberndorff, Gen. von Gruenel and Naval Cap¬
‘

Salow. On Nov. 7 at 1:25 a. m. Marshal
Foch sent the following reply to a German wireless

tain

von

dispatch: “If the German plenipotentiaries desire to
meet Marshal Foch and ask him for an armistice,
they will present themselves to the French outposts
by the Chimay-Fourmies-La Capelle-Guise road.
Orders have been given to receive them and conduct
them to the spot fixed for the meeting.” One of
several replies from the German command explained
that “by reason of delay the German delegation will
not be able to cross the outpost line until between
8 and 10 o'clock to-night at Haudroy, two kilometers
northwest (northeast?) of La Capelle. Cabled ad¬
vices indicated that the conferences began promptly
at 9 o'clock yesterday morning.
No results at this
writing have yet been announced. It was stated,
however, that the plenipotentiaries deemed it neces¬
sary to communicate with the Chancellor before




to the

correspondence which has passed between the Presi¬

dent of the United States and the German Government.

Subject to the qualifications which follow, they declare their
willingness to make peace with the Government of Germany
on the terms of peace laid down in the President’s address
to Congress of January 1918 and the principles of settlement
enunciated in his subsequent addresses.
They must point out, however, that Clause 2, relating
to what is usually described as the freedom of the seas, is
open to various interpretations, some of which they could
not accept.
They must, therefore, reserve to themselves
complete freedom on this subject when they enter the peace
conference.

Further, in the conditions of peace, laid down in his
Congress of Jan. 8 1918 the President declared
that invaded territories must be restored as well as evacu¬
ated and freed.
The Allied Governments feel that no
doubt ought to be allowed to exist as to what this provision
implies. By it they understand that compensation will be
made by Germany for all damage done to the civilian popu¬
lation of the Allies and their property by the aggression of
Germany by land, by sea, and from the air.
address to

Not. 9 1918.]

THE CHRONICLE

These modifications, it will be observed, are of
wide importance, as much uneasiness had been felt
in various circles as to the real meaning of the
para¬

graph respecting the freedom of the seas, there being
reason to believe that
Germany contemplated in¬
sisting upon the interpretation that it meant the
internationalizing of Gibraltar and other important
British strongholds. It was yesterday announced
from the White House that as soon as our Govern¬
ment receives word that an armistice is signed with

Germany President Wilson will issue
confirm the

news

a statement to
for the benefit of the American peo¬

Thursday

174S9

proclamation to German workmen
)y the Social Democratic party, in which is empha¬
sized the party’s firm determination to secure full
democratic liberty for the German people. The
proclamation says in part: “All those who, through
unwise policies, caused this calamity to come upon
our people
must resign their posts. All necessary
measures are being taken to this end.
No excep¬
tion will be made of any person, however highly
placed.” As to the alleged abdication of the Kaiser,
there appears to be no reliable information avail¬
able by cable.
a new

ple, who were misled by the erroneous report of
Thursday. The statement declares that “the Pres¬
The London markets have responded by a display
ident is understood to deeply regret the premature of strength and
activity in investment securities to
celebration which took place yesterday and has de¬ the remarkable
military developments and the col¬
cided to reassure the people by an official statement
apse of Austria-Hungary and the apparently im¬
when the news is finally received.”
pending surrender of Germany Strength in Russian
oil shares, British home rails and other peace stocks
As to the military operations, hostilities between were
outstanding features during the week.
Labor conditions in the United Kingdom still are
Austria-Hungary and the Allied countries ceased at
3 o’clock on Monday in accordance with the terms
threatening. The Lancashire Operative Spinners,
of the armistice, thus leaving the Western front the and Card Room Workers’
Amalgamation has re¬
sole war zone. On this front the Germans have been fused a 40% advance on the standard rate of
wages
driven back with irresistible force. Sedan, famous recently offered by the
employers and are insisting
as a fortress in the Franco-Prussian war, and the
on a 40% advance on the current
wage rate.
backbone of the German line of retreat from the
A general election is to be held about Dec. 7. The
southern portion of the battlefront, is now in the House of Commons on
Wednesday passed on third
hands of the American troops and with its fall will reading the bill
permitting women to sit in Parlia¬
end all the hopes of the Germans of being able to fall ment. An earlier date for the election is
unlikely
behind the line of the River Meuse and continue a because the present Parliament has on hand a cer¬
footing on French soil west of the Luxemburg border. tain amount of legislation which it is necessary to
The capture of Sedan shatters the lateral lines of clear off before dissolution. However the real date
communication with the great German fortress of is dependent upon the arrangement of the armistice
Metz. From the west of the American sector to the with Germany. A general election with the war
east of St. Quentin the French again have driven for¬
only just over or still in progress would necessarily
ward, liberating many towns and reaching Liartt, turn on war issues, while after an armistice it would
30 kilometers north of Rethel. Further to the right be peace issues and
readjustment which would re¬
French troops have taken Frenois (a mile southwest ceive main consideration. Tariff reform
will, it is
of Sedan), thus connecting with Gen. Pershing’s believed, play an important
part in the decision.
front and driving the Germans toward the Meuse.
Important financial interests in London are quoted
In the north field Marshal Haig, north and south of by cable as
predicting that the present week will
the old Valenciennes salient, is giving the enemy no witness the
highest average of prices and that the
time to pause. His Canadian, Australian, English present firmness will be succeeded
by hesitation and
and Scottish troops have bitten deeply into enemy- dulness but not by any severe declines.
held territory. Still further north the armies of
Improvement is reported in the sales of British
King Albert of Belgium are keeping up their pressure war bonds, a total of £29,287,000 being reported for
against the Germans. It has been reported that the the week ending Nov. 2 and bringing the total of the
current issue up to £1,214,357,000.
enemy has decided to abandon Ghent.
The Post Office
reports for the week of Oct. 26 sales of bonds amount¬
Meanwhile internal conditions in Germany are ing to £761,000, bringing the total
through that
admittedly alarming. A revolution in the northern channel up to £41,998,000. War savings certificates
sections, which began on Wednesday with a revolt were sold to the extent of £3,371,000 for the week of
of sailors at Kiel, is reported to have spread through¬ Oct. 26, making the
aggregate ultimate indebted¬
out Schleswig-Holstein and in Mecklenburg-Schwer- ness under this head
£252,675,000.
in. Riots are also reported in the cities of Bremen
and Hamburg. A traveler arriving from Germany
The British revenue statement for the week ended
in Copenhagen yesterday (as reported by cable) as¬ Oct. 26 made a somewhat
poorer showing than that
serted that revolting sailors had seized the majority of the week preceding, a falling off
in revenue having
of the .German high seas fleet at Kiel and that the wiped out the previous increase in the
Exchequer
warships operated by mutinous crews had steamec balance. The week’s expenses were £45,542,000
out of the harbor under the red flag.
Another re¬ (against £51,755,000 for the week ending Oct. 19),
port declared the revolutionists were dominating while the total outflow, including repayments of
Warnemunde. Early reports told of the seizure of Treasury bills and other items, totaled
£129,586,Altona, Flensburg and other cities and of an artillery 000, as compared with £132,868,000 last week.
battle in the streets of Hamburg. A Workmen’s Receipts from all sources equaled
£129,515,000,
and Soldiers’ Council is reported to have taken over against £133,007,000 a week
ago.
Of this total
the government of Kiel.
The red flag is reported to revenues contributed £12,838,000, in comparison
be flying on all ships in the harbor of Hamburg. with £18,380,000 the week previous; war
savings
The “Vorwaerts” newspaper of Berlin published on certificates were £1,400,000, against
£2,600,000,




.

[Vo l. 107.

THE CHRONICLE

1770

£7,555, 186,000 francs, while Treasury deposits declined 98,against £2,658,000. War bonds were £28,482,000. 065,000 francs. Note circulation registered an ex¬
This compares with £24,970,000, while advances pansion of 38,299,000 francs, bringing the total
totaled £12,000,000, against £8,361,000 the week outstanding up to 30,821,245,000 francs. In 1917
before. Sales of Treasury bills were £67,090,000, at this time the amount was 22,232,328,805 francs,
and in 1916 15,972,541,490 francs. On July 30 1914,
as contrasted with £76,888,000 for the week pre¬
ceding. Treasury bills outstanding aggregate £1,- just prior to the outbreak of war, the total was 6,683,122,599,000. Last week the total was £1,121,001,- 184,785 francs. Comparisons of the various items
000. The Exchequer balance is now £10,946,000, a with the statement of last week and corresponding
and

other

debts

incurred amounted to

decrease of £71,000.

dates in 1917 and 1916 are as

follows:

COMPARATIVE STATEMENT.
Changes
Status as of
for Week. Nov. 7 1918.
Nov. 8 1917.
Nov. 9 1916.
Francs.
Francs.
Francs.
Francs.
1,413,000 3.407,602.016 3,291,497,485 4,133,179,615

BANK OF FRANCE’S

Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris, Ber¬

Gold Holdings—
In France

Abroad.

Inc.

No change

2,037,108,484

2,037,108,484

876.219,957

lin, Vienna and Copenhagen; 6% in Petrograd and
Total
Inc.
1,413,000 5,444,710,500 5,328,605,970 5,009,399,572
Norway; 634% m Sweden and 434% in Holland and Silver
Dec.
186,000
320,140,819
251,744,302
325,798,479
893,567,600
693,088,968
632,051,772
Spain. The rate on the Bank of Switzerland was Bills discounted...Inc. 16,578,000 851,996,500 1,147,781,728 1,374,982,287
Advances
Inc. 14,974,000
advanced on Oct. 3 from 434% to 534%• An¬ Note circulation...Inc. 38,299,000 30,821,245,000 22,232,328,805 15,972,541,490
77,833,000
35,260,718
122,052,056
nouncement of this change was not received by cable. Treasury deposits. .Dec. 98,065,000
General deposits ...Inc. 69,618,000 2,945,781,000
2,804,837.078 1,797,822,584
In London the private bank rate has not been
Two statements have been cabled almost simul¬
changed from 3 17-32% for sixty-day and ninety-day
bills. Money on call in London has been advanced taneously this week by the Imperial Bank of Germany,
to 334%*
No reports have been received by cable one as of Oct. 23 and the other as of Oct. 31. The
of open market rates at other European centres, so statement of Oct. 23 shows the following changes:
a decrease of 1,572,000 marks in coin, of 276,604,000
far. as we have been able to ascertain.
marks in bills discounted, 2,323,000 marks in secur¬
Another gain in gold amounting to £143,275 is ities, 431,036,000 marks in deposits, of 1,549,000
shown by the Bank of England.
Note circulation, marks in advances, and of 73,494,000 marks in
however, increased £496,000; hence total reserves liabilities. There were increases of 25,000 marks
again are lower, this time £353,000. The proportion in gold, 106,645,000 marks in Treasury notes,
of reserve to liabilities was reduced to 17.07%, as 843,000 marks in notes, 6,763,000 marks in invest¬
compared with 17.23% a week ago and 19.60% last ments, and 341,688,000 marks in circulation. The
Public deposits increased £2,142,000, al¬ Bank's gold at that time stood at 2,549,308,000.
year.
For the week ending with Oct. 31 there were
though other deposits were reduced £2,531,000.
Government securities registered an expansion of increases in gold of 711,000 marks; Treasury notes
£113,000. Loans (other securities) declined £226,- 151,501,000 marks; bills 1,926,685,000 marks; in¬
000. The Bank's stock of gold on hand now stands vestments 8,585,000 marks; circulation 240,782,000
at £74,091,605, as against £56,191,054 in 1917 and marks; deposits 1,674,837,000 marks, and liabilities
£56,495,231 the year before. Reserves aggregate 48,668,000 marks. Coin declined 57,175,000 marks;
£27,841,000. A year ago the total was £32,251,034 notes 580,000 marks, advances 672,000 marks, and
and in 1916 £37,773,066. Loans total £95,129,000, securities 73,057,000 marks. Gold holdings are
which compares with £91,155,402 and £100,682,658 reported at 2,550,019,000 marks. This compares
and two years ago, respectively.
one
Clearings with 2,403,674,000 marks last year and 2,506,080,000
through the London banks for the week were not marks in 1916.
available. Our special correspondent is no longer
Saturday’s bank statement of New York Clearing
able to give details of the gold movement into and
House members, which will be found in more com¬
out of the Bank for the Bank week, inasmuch as the
Bank has discontinued such reports. We append a plete form on a later page of this issue, again reflected
the operations of the Federal Reserve Bank.
A
tabular statement of comparisons:
heavy reduction in both aggregate and surplus re¬
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1915.
1914.
serves was registered, reflecting Government with¬
Nov. 6.
Nov. 8.
Nov. 11.
Nov. 7.
Nov. 10.
drawals of Liberty Loan funds from the banks.
£
£
£
£
£
Circulation
64,699,000 42,390,020 37,172,165 33,198,795 35,519,030
Loans decreased $45,963,000, while net demand de¬
Public deposits
31,775,000 43,498,699 51,597,052 48,958,426 19,249,493
Other deposits
131,447,000 121,037,083 111,252,003 90,415,018 137,286,671
posits showed a contraction of no less than $96,830,Govem’t securities. 57,864,000 58,883,370 42,187,741
18,895,068 17,004,087
000, thus bringing the total to $3,699,553,000 (Gov¬
Other securities
95,129,000 91,155,402 100,682,658 97,667,484 105,091,369
Res’ve notes & coin 27,841,000
32,251,034 37,773,066 40,602,879 52,211,893
ernment deposits of $389,719,000 deducted).
Cash
Coin and bullion... 74,091,605
56,191,054 56,495,231 55,351,674 69,280,923
in vaults (members of the Federal Reserve Bank)
Proportion of res’ve
to liabilities
17.07%
23.19%
33.35%.
19.60%
29.13%
declined $6,089,000 to $100,448,000 (not counted as
5%
6%
5%
Bank rate
5%
5%
reserve). The reserve in the Federal Reserve Bank
The Bank of France continues to show gains of member banks was also heavily reduced, viz., $91,Reserves in own vaults
in the gold item, the increase this week amounting 154,000, to $525,944,000.
(State banks and trust companies) decreased $325,to 1,413,000 francs.
The total gold holdings, there¬
fore, now aggregate 5,444,710,500 francs, as against 000, to $9,887,000, while the reserves in other de¬
5,328,605,970 francs at this time last year, of these positories (State banks and trust companies) declined
The loss in aggregate re¬
amounts 2,037,108,484 francs were held abroad in $601,000 to $8,051,000.
serves amounted to $92,080,000, which carried the
the respective years. In 1916 gold holdings totaled
5,009,399,572 francs, of which 876,219,957 francs total down to $543,882,000, as against $610,098,000
were held abroad.
During the week bills discounted a year ago. Reserve required decreased $12,483,were
increased 16,578,000 francs, advances rose 420; hence surplus was lowered $79,596,580, and now
14,974,000 francs and general deposits gained 69,- stands at $54,181,130, not counting $100,448,000
618,000 francs. Silver, on the other hand, fell off cash in vaults held by these banks. This compares




Nov. 9
with

1918.]

THE CHRONICLE

$110,930,610 in the
figures in both instances
serves

week of 1917. These
are on the basis of
13% re¬
for member banks of the Federal Reserve
sys¬
same

tem.

1771

which is also the rate quoted for names less well
known.

Banks’ and bankers’ acceptances ruled firm and

practically unchanged.
institutions

Some

improvement has
supply of money for Stock Exchange purposes.
Following the break to 4% on Friday last in the
demand loan rate, commitments were arranged on
Monday as low as 5%, though later in the week the
withdrawal by the Treasury of war loan funds from
the banks encouraged the latter to again mark up
their basis to 6%. Several times during the week
there were periods when difficulty was experienced
by brokers in placing the full amount of funds lenders
had placed at their disposal. The explanation,
of course, is that Stock Exchange commission
houses in view of the requirements of the Stock
Exchange Governors which resulted in the enforced
reduction of loans by a considerable number of large
houses to the level existing before the recent war
loan campaign do not care to increase their borrow¬
ings; this means in turn that business of considerable
importance in the purchase of Stock Exchange
securities is being refused—which is, of course, the
object desired. Secretary McAdoo has already
been indicated

in

the

announced another series of certificates of indebted¬
ness

bearing Thursday’s date. They will pay in¬
and mature March 15

terest at the rate of 4 34%

1919.

No limit is set

on

the amount of the issue.

The certificates will be accepted by the Government
in payment of income and excess profits taxes. The

Secretary also announced the close as of Wednesday
of the sale of the first issue of 4% certificates, tax
series of 1919, maturing July 15 1919. It seems
probable that the Stock Exchange may modify in
the near future its edict against loan expansion.
Such a result is expected from the appointment by
the Governors of the Exchange on Monday last of a
committee of five “to consider the present money
situation with relation to borrowings by members of
the New York Stock Exchange and their clients and
to confer with the Loan Committee of the banks in

regard to same.
Referring to money rates in greater detail, loans
on call covered a range for the week of 5@6%.
On
Monday the highest was 534% which was also the
rate for renewals, with 5% the low.
Tuesday was a
holiday (Election Day). Wednesday the minimum
figure was 534% the high 6% and renewals again
at the former basis of 6%.
On Thursday there
was no range, 6% being the only figure quoted.
Friday 6% was still the single rate for new busi¬
ness.
These figures apply to mixed collateral
loans, as all-industrials are still quoted 34 of 1%
higher.
In time money the situation was still
very quiet.
Despite the easing in demand rates,
apparently no funds were available for fixed date
loans, except for the shortest maturities, with 6%,
as heretofore, the fixed rate for all periods from sixty
days to six months. A few loans for moderate
amounts were negotiated at 6% for thirty days.
No other business was reported.
A year ago at this
time sixty days’ money was quoted at 534@534%>
ninety days and four months at 5J4% and five and
>

>

Both local and out-of-town

in the market

were

and transactions

reached a larger total than for quite some time.
The rate for demand loans on bankers’ acceptances
continues to be quoted at
are as follows:

4}4%.

Ninety
Days.
4 5* @ 4 %
4 5* @4*6
55*@5

Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills

Rates in detail

Spot Delivery
Sixty
Thirty
Days.
Days.
4 5* & 4 5* 4 5* @ 4 5*
45*e($4%i 45* @45*
55*@5
55*@5

Delivery
within
30 Days.
45* bid
45* bid
0
bid

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re¬
serve banks.
Prevailing rates for various classes of
paper at

the different Reserve banks

are

shown in the

following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.

•3

CLASSES
OF
DISCOUNTS AND LOANS

Bost n.

Discounts—
Within 15 days, incl. member
banks’ collateral notes
16 to 60 days’ maturity...
61 to 90 days’ maturity
Agricultural and live-stock
paper over 90 days
Secured by U. S. certificates
of Indebtedness or Lib¬
erty Loan bonds—
Within 15 days, including
member banks’ collat¬
eral notes
16 to 90 days’ maturity
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ naturity...

NYoerwk. Philadep . Clev and. Richmond. Atlan . Chicago. Louis. CKaintsy. Dal s. Francis o.
2
K

c

St.

j

San

*

4
4
4
4
45* 45* 4
45* 45* 45* 45*
45* 4?* 45* 45* 5
4?* 45* 45* 45* 5
45* 5
4 5* 45* 45* 45* 5
5
5
5
45* 45* 45* 5
4

5

5

5

4
4

4

4

4 5*

55* 55*

5

55* 55* 55* 5 A 55* 55*

4
4
4
4
45* 4
45* 4
45*
45* 45* 45* 45* 45* 45* 45* 45* 45* 45*

45* 4 A 45* 45* 4i2& 45*c 45* 45* 45* 45* 45* 4340
45* 4 A 45* 45* 45*1 45* 45* '45* 1 454 45* 45* 45*

*
Rate of 3 to 4 A % for 1-day discounts In connection with the loan operations
of the Government.
On Oct. 1 the following special rediscount rates for bankers’

acceptances were established: Maturities up to 16 days, 4%; 16 to 60 days, 45* %;
61 to 90 days, 45*%.
a

15 days and under, 45*%.

b Rate for trade acceptances

maturing within 15 days, 45*%.

15 days and under, 4%.
Note 1. Acceptances purchased In open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 00-day trade acceptance rate is higher than the 15-day dis¬
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
c

paper

of the

same

class.

Sterling exchange at last has begun to show re¬
sponse to the obvious progress toward peace.
Fi¬
nancial and commercial bills closed at fractional ad¬
vances from last week’s figures.
There is no evi¬

dence, however, of any important increase in ac¬
tivity in business. Further restrictions have been
placed by order of Fred I. Kent, U. S. Director
of the Division of Foreign Exchange, on the issue
of letters of credit.
Dealers in foreign exchange
under the new regulations are required to secure
declarations from their owm foreign correspondents.
Until otherwise instructed they are “hereby pro¬
hibited from issuing letters of credit or making
transfers of funds for the purpose of purchasing goods
to be held in warehouse for future and indefinite

shipment without first obtaining the approval of
the Director of the Division of Foreign Exchange,
Federal Reserve Board.

Sufficient time has

now

elapsed since the promulgation of the executive
order (of the President, of Jan. 26 1918) to enable
dealers to

secure

and file with the Division of For¬

eign Exchange the declarations from their own for¬
eign correspondents.” All such declarations must
be filed on or before Nov. 15 and transactions by
dealers with correspondents after that date are
six months at 5}4@5?4%.
conditioned upon the previous filing of the corre¬
Mercantile paper has shown a fair degree of ac¬ spondent’s declaration.
A shipment of $3,000,000 in silver bullion has been
tivity with some improvement in the demand. Sixty
and ninety days’ endorsed bills receivable and six arranged for Calcutta, India, from the New York
months’ names of choice character remain at 6%, Assay Office, 25 motor trucks being required to carry




THE CHRONICLE

1772

[Vol. 107.

long journey. This the previous week. Lire closed at 6 37 for bankers’
bullion was
down silver dollars sight bills and 6 35 for cables (unchanged). Rubles
held in reserve against silver certificates which are remain as heretofore at 14 for checks and 15 for
being retired by issuing Federal Reserve notes. The cables. Greek exchange has not been changed from
silver thus set free is being shipped under an agree¬ 5 13% for checks and 5 12% for cables.
As to the neutral exchanges, weakness again was
ment with the British Government.
About $17,000,000 in silver bullion has been shipped to the Far the outstanding feature, and w th the apparent im¬
East from the local Assay Office since the right to provement in peace prospects rates were again
melt down silver dollars was conferred by the Act forced down. Guilders reached a new low point on
of Congress of April 23 last. Including San Fran¬ the current downward movement, as also did Swiss
cisco and Philadelphia the silver exports are estimated francs and pesetas. The Scandinavian exchanges
Heavy selling on the
to have been in excess of $60,000,000 during the same were likewise under pressure.
part of important international banking concerns
period.
Referring to day-to-day rates, sterling exchange was a factor in the general weakness. The prema¬
ture announcement early Thursday afternoon that
on Saturday was quiet but firm with demand still
at 4 75%, cable transfers at 4 7655@4 76 9-16, and the war was over had very little effect on neutral
sixty days at 4 73@4 73%. On Monday firmness exchange. As a matter of fact, rates are now nearly
developed and demand bills moved up to 4 75 %@ down to normal. An interesting illustration of the
4 75%, cable transfers to 4 76 9-16 and sixty days effect the recent decisive Allied victories have had
to 4 73%@4 7334; these are the highest figures on neutral exchange is brought out in a dispatch
quoted in quite some time and undoubtedly reflect from London under date of Nov. 6, which states that
the collapse of Austria; increases were also noted in between the fall of Damascus on Sept. 30 and the
commercial long and short bills. Tuesday was a collapse of Turkey on Oct. 20, with intermediate
holiday (Election Day.) Wednesday’s market was German and Austrian defeats, a further advance in
strong and fractionally higher; demand was again the value of the pound sterling on neutral markets,
advanced, to 4 7565@4 75% and cable transfers to ranging from nearly 8% in Denmark to more than
4 76 9-16@4 76%; sixty days remained at 4 73 %@ 13%% in Sweden, took place.
Curiously enough,
4 73%; trading, however, was not especially active. however, there was at the same time an appreciation
No increase in activity was recorded in Thursday’s in the value of the German mark, which rose fully
dealings, and despite the startling (though un¬ 7%% in Holland and nearly 13%% in Sweden, while
official) rumors that an armistice with Germany had a somewhat similar movement was reported in Aus¬
actually been signed, rates remained without virtual trian currency. The explanation given for this move¬
change from the levels of the preced ng day; demand ment is that speculative interests in foreign countries
in anticipation of the near approach of peace are
was a shade higher, at 4 75%@4 75 13-16; cable
transfers and sixty days, however, continued at buying marks and kronen in the hope of an improve¬
4 76 9-16@4 76% and 4 73%@4 7334On Friday ment later on.
Bankers’ sight on Amsterdam closed at 41%,
the market ruled steady and higher. Closing
quotations were 4 73%@4 73% for sixty days, against 41%; cables at 42, against 42%; commercial
4 75 13-16@4 76 for demand and 4 76 9-16 for sight at 41 7-16, against 41 11-16, and commercial
cable transfers. Commercial sight bills finished at sixty days at 41 1-16, against 41 5-16 last week.
4 75%@4 75%, sixty days at 4 72%@4 72%, ninety Swiss exchange finished at 5 04 for bankers’ sight
days at 4 71 @4 71%, documents for payment (sixty bills and 5 02 for cables, as contrasted with 5 02
days) at 4 71%@4 72, and seven-day grain bills and 5 a week ago. Copenhagen checks closed at
at 4 74%@4 74%.
Cotton and grain for payment 26.60 and cables 26.90, against 26.80 and 27.10.
closed at 4 75%@4 75%. There were no gold Checks on Sweden finished at 27.50 and cables at
27.80, against 27.20 and 27.50, while checks on
exports or imports reported during the week.
Norway closed at 27.20 and cables at 27.50, against
An increase in activity has developed in the 27.20 and 27.50 in the preceding week. Spanish
Continental exchanges this week at most of the pesetas finished at 20.05 for checks and 20.15 for
Entente centres.
International bankers, for the cables. This compares with 20.35 and 20.45 last
first time in many months, came into the market with week.
As to South American quotations, the check rate
substantial offerings for which a fair demand was
reported. In consequence, a good undertone devel¬ on Argentina closed at 45%, and cables 45%, com¬
oped, and quotations, in some instances, closed at pared with 45% and 45%. For Brazil the rate for
This especially was true of francs checks is 24.85 and cables 20.20, as against 24.60
net advances.
which responded to the week’s developments by a and 24.75 last week. Chilian exchange'has been
further rise to 5 43% for cables, or more than 2 points lowered to 12 15-32, against 13% a week ago. This
for the week. Italian exchange has been in better movement is in sympathy with declines at other
demand, although rates have not been changed centres. Peru closed at 50.125@50.375, against
from the official figures at present ruling. Rubles 50 last week.
Far Eastern rates are as follows: Hong Kong,
remain in entirely nominal position. No business is
passing in this class of exchange, but with the return 78%@79, against 80@80.10; Shanghai, 123@123%
of peace, brokers look for a possible resumption of (unchanged); Yokohama, 54.65@54%, against 54%
normal relations with that centre. The official @54%; Manila, 49%@50, against 50%@50%;
London check rate on Paris closed at 26.02%, Singapore, 56%@56% (unchanged); Bombay, 35.65
compared with 26.06% a week ago. In New @35.75, against 37@37% and Calcutta (cables),
York sight bills on the French centre finished at 37%@37% (unchanged).
5 44%, against 5 47%; cables at 5 43%, against 5 46%;
The New York Clearing House banks, in their
commercial sight at 5 45%, against 5 47%, and
commercial sixty days at 5 50, against 5 52%, operations with interior banking institutions, have

the metal




the first stage of its
obtained by melting

on

htov. 9 1918.]

THE CHRONICLE

gained $228,000 net in cash

as a

result of the

cur¬

1773

Roosevelt's statement is equivalent to

announcing

for the week ending Nov. 8. that, on existing war policies and war issues, a
Their receipts from the interior have aggregated Republican House would
support the President.
$6,839,000, while the shipments have reached $6,- And, in fact, the entire political campaign, so far as
611,000. Adding the Sub-Treasury and Federal it bore on conduct of the war, has amounted to in¬
Reserve operations, which together occasioned a loss sistence
by all candidates that what we now know to
of $93,921,000, the combined result of the flow of have been the President's
policy should be carried
money into and out of the New York banks for the into effect.
The campaign “slogan" of numerous
week appears to have been a loss of $93,693,000, as opposition
candidates, demanding “no terms from
movements

rency

follows:

Week ending Noe. 8.

Into
Banks.

Banks’ interior movement

Sub-Treasury and Fed. Res’ve

oper.

Total

$6,839,000
55,860,000

Out of
Banks.

Net Change in
Bank Holdings.

*6.611.000 Oaln

*228 000

149,781,000 Loss

93.9211000

$62,699,000 $156,392,000 Loss $93,693,000

Germany but unconditional surrender," and object¬
ing to a “negotiated peace," really amounted to
nothing. Every voter knew on election day that
terms of virtually unconditional surrender were
about to be imposed on Germany by the Allies with

the approval of the United States Government.
following table indicates the amount of bullion
Furthermore, most of them must have been aware
principal European banks:
that no peace is ever concluded except by “nego¬
Nov. 7 1918.
Nov. 8 1917.
tiation"—that term, indeed, meaning little or
Banks »/Gold.
Silver.
Total.
Gold.
Silver.
Total.
nothing in diplomacy except that the terms are to
£
£
£
£
£
I
£
1
be imposed in a conference of both parties. Even
England.. 74 ,091,605
74, 091,605 56 191,054
Frances.. 136 ,304,0 0 12,807,000149, 111,000131 659,910 10,040’,56614l!699!910
a peace of wholly unconditional
2,690,250130, 191,200120 207,000
Germany 127 .500,950
5,157,000125,364,000
surrender, such as
Russia *
129 ,650,000 12,375,000142, 025,000 129 650,000 12,375,000 142,025,000
Aus-Hunc 11 ,008,000;
Prussia forced on France in 1871, is described in
2,289,000 13, 297,000 11 778,000
2,540,000 14,318,000
88 ,263,000 25,836,000114 ,099,000 77 953,000 26,921,000104,874,000
Spain
The
in the

I

Kfi 1Q1

0*14

.

....

Italy

32 .729,000!
58 .953,000
15 380,000
15 246,000
15 ,186,000
10 ,325,000
6 ,744,000

3,070,000 35, 799,000 40 218,000
600,000 69 ,553,000 57 102,000
600,000 15, ,980,000
380,000
15 ,246,000
035,000
15 ,186,000
919,000
130,000 10 ,455,000;
,584,000
! 6 ,744.000
,753,000

2,600,000 42,818,000

Tot.week. 721.380.5551 60,397,250781,777,805683,429,964
Prev.week 720,651,980 63,338,400 783,990,380683,363,491

61,006,500744,436,464
62,319,350745,682,841

Netherl’ds
Nat. Bel.ta
Swltz’land
Sweden...
Denmark
.

Norway..

615,500
600,000

57,717,500

15,980,000

| 14,035,000
I 11,919,000
158,000 10,742,000
6,753,000

Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
a

*

No ligures reported since October 29 1917.

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.
c

THE POLITICAL COMPLEXION OF THE NEW
CONGRESS.
Returns

as

received from the States and Congres¬

sional

districts, up to the time of going to press,
report the election to the next House of Repre¬
sentatives, at Tuesday's voting, of 240 Republicans
and 188 Democrats, 1 Socialist, 1 Independent, with
5 districts in doubt.
The existing House contains
215 Democrats, 209 Republicans and 6 representa¬
tives of other factions, and there are 5 vacancies.
The new Senate will comprise 49 Republicans and
46 Democrats, with one State in doubt; in the
present body the Democrats hold 52 seats and the
Republicans 44. •
Even the politicians have encountered difficulty
in producing a general and all-embracing explanation
for these interesting results of the Congressional
elections. One aspect of the elections we discuss
in a subsequent article. But at all events the re¬
versal of the Democratic House of Representatives'

all the text-books of international law as a result of
the “negotiations" between Bismarck and the French
authorities.
This being so, the simplest and most convincing

explanation of the change in political results in so
many districts, as compared with 1916, is that the
voters perfectly well knew that in its attitude towards
the issues of the war itself, either party would
occupy the same position as the other, and that
therefore the voter might safely cast his ballot on the
basis of other considerations. Such considerations,
often more or less local in their character, existed in
sufficient number. Undoubtedly, many voters ob¬

jected to the character of the taxes.
“Price fixing" by the Federal Government, for
agricultural products as for numerous manufactured
commodities, was known beforehand to have excited
dissatisfaction in many quarters of the producing
community. To a large extent the Federal Railway
Administration must have had the same effect.
Such feeling was inevitable, whatever action the
Government should have taken; it is always present,
even in the stress of war.
Back of even these con¬
siderations stood such other issues as those of pro¬
hibition and woman suffrage, whose results on the
attitude of voters, East or West, it is difficult even
now

to determine.

The

point of importance is, however, that these
political issues not only expressed no popular dis¬
satisfaction with the war itself, but would probably
plurality, in particular, does not admit of the ex¬ have been wholly superseded if just ground for

planation which under somewhat different circum¬
stances might have been assigned for it.
The Presi¬
dent in his appeal to the people on Oct. 30 took
occasion to state that the return of an opposition
majority “to either House of Congress would be
interpreted on the other side of the water as a re¬
pudiation of my leadership." Yet even Mr. Roose¬
velt, commenting last Wednesday on the news that
the Republican Party had carried the House of
Representatives, declared that “the Republicans
will heartily support President Wilson in every
effort to put forth our whole strength and efficiency
in the war and to secure a peace that will guarantee

discontent with the Administration’s policy or
achievement in the war itself had been a factor. It
will not be forgotten that the Congressional elections

of 1862—after a year and a half of our Civil War,
and with the preponderant sentiment in the North

overwhelmingly in favor of putting down the rebel¬
lion—amounted to a severe reverse of the Lincoln
Administration. But those elections occurred after
a series of disastrous Union defeats.
Even in 1864,
when Congressional elections coincided
Presidential vote, Mr. Lincoln himself

with the
in August
privately wrote of his conviction that his Adminish
tration would be defeated.

But between then and

November, Sherman took Atlanta and Sheridan
k Since this is the now perfectly obvious nature won the victory of Cedar Creek, and an over¬
oij, the President's achievement—as testified even whelming Administration victory resulted at the
by the procedure of the Versailles conference—Mr. elections. In the present instante not only have the
the result of the war."




1774
successful

THE CHRONICLE
achievements

of

our

army

been

un¬

tainly known,

[Vol. 107.
any more

than it

can

be known how

interrupted and the successful prosecution of the far and in which direction the result was affected
war continuous, but both
parties occupied identical by the woman vote, now larger than ever before and
positions in regard to them.
It is a striking fact that, under existing circum¬
stances, the Congress elected on Tuesday can have
no voice, either in
prosecuting or terminating the
war itself.
Peace is a reasonable certainty before
the 4th of March, which is the earliest date at which
this new Congress can assemble, even in extra session.
The real problems which will confront the Govern¬
ment, whether at that date or at the date in Decem¬
ber 1919, when the new Congress must convene, are
the vast problems of demobilization, reconstruc¬
tion, and return from the artificial war-time footing—
political, economic and social—to the basis of peace
times and the future. The action of Congress and
the Administration on these questions will be quite
as important as the action of the
present Congress
on the problems of the war.
But there has been
little or no indication that these impending ques¬
tions have been considered by the voters, or that they
played a real part in Tuesday's Congressional
elections.

Nevertheless, in conservative quarters there will
be a feeling of great reassurance that political control
at Washington is to be more evenly balanced, as
between Congress and the Administration, than it
has been even in the past two years. With both
the White House and the Capitol unquestionably
devoted to the patriotic solution of these immense

in this State cast for the first time at

a

general elec¬

tion.
One conclusion,
conclusion more
the comparatively

however, in unavoidable, and
important and far-reaching than
transient question of how far the
President's prestige and his ability to have his views
accepted as infallible are to be judged by the answer
to his appeal.
This conclusion is that the result
must be taken as indicating a feeling on the part
of the country that Congress should and must re¬
a

the share in Government which it has

sume

no¬

toriously been surrendering in the last four years.
The President (speaking,
however, more as a
party leader than as the official head of the whole
country) said in substance that the Republicans had
been pro-war and patriotic but had cared still more
to hamper him and interfere with an exercise of an
uncontrolled judgment by himself. In their desire
to avoid everything which could be twisted to look
like division in the conduct of

war

matters the Re¬

publicans (along with the Democrats) have gone
acquiescence; for example, the late A. P.
Gardner of Massachusetts, a Republican Congress¬

too far in

man

who afterwards entered the service and died

of

pneumonia in camp, declared his own acceptance
epithet “rubber-stamp" and said that he,
for one, would vote to give the President anything
he asked. Men in Congress, on both sides of the
party line, have largely acted thus, sometimes
voting for propositions which they could not avoid
saying were against their judgment and about which
they felt fears.
It is idle to deny this, for it is on the record.
It
is needless to dwell upon it, for it is of the past and
we may now hope for better things.
If the election
indicates anything, it is that the country now expects
Congress to do its sworn duty and take its share of
responsibility, instead of trying to efface itself by
passing both along to a co-ordinate department.
In this, the result is meet for congratulation among
of the

tasks, the fact none the less remained that division
of power and responsibility would operate in favor
of careful and statesmanlike decisions, and against
such hasty plunge into new and rash experiments,
as might have become a
possibility, had the over¬
whelming control of all branches of the Government
rested during that period in the hands of a single
party. This is the aspect of the subject we discuss
in the succeeding article.
We imagine also that the re-arrangement of certain
Congressional committees, in personnel and leader¬
ship, will be an incident of the new Congress which
will cause little regret. In the Senate the important all who are Americans first and members of a
party
committees have in most cases developed sound and
organization afterwards and incidentally.
statesmanlike qualities under the Democratic leader¬
In course of the last six months the “Chronicle"
ship. With the public criticism to which such has several times urged the vast importance of hav¬
bodies as the House Ways and Means Committee
ing a Congress of real and large-statured men, be¬
have in these respects been subjected, every one is cause of the decadence which has
gradually crept
familiar. A new Congressional regime might not into that
body and because of the great and unpre¬
improve on this situation. But at any rate, the cedented problems which will arise and must be
matter will not be settled on the basis of conditions dealt with in the next few
years, problems which
which have been so radically altered by the course of are
already close upon us, for study at least. We
events.
In its election of leaders and committees, ventured the
opinion that the welfare of the country
the new Congress will have a chance to demonstrate and the world would be best furthered
by a change
its capacity for handling the kind of problems with of
party majority such as has now occurred, and
which such leaders and committees will hereafter this for two reasons:
first, that the Republicans
have to deal.
have on the whole shown some degree of conserva¬
tism and of regard for past standards and achieve¬
ONE RESULT OF THE CONGRESSIONAL
ments, or, at the least, have shown less alacrity and
ELECTIONS.
blithe cheerfulness in rushing into untried and un¬
Whether the President's eleventh-hour appeal for lighted paths of Governmental assumptions; there¬
a Democratic Congress as essential to a proper con¬
fore, caution and steadiness are more to be expected
cluding of the war and a proper handling of the re¬ of them than of the Democrats. The other and
arrangements to follow caused a reaction that turned greater reason is that the part of safety lies apparently
the scale farther from his desire than it otherwise in the return of what the inadequacies of language
would have turned; or whether he prevented the compel us to call an “Opposition" to the national
change from being still greater; or whether his appeal Legislature. And precisely, let it be understood,
had no effect at all upon a public opinion which because the needed balance of powers cannot be had
had already reached fixity—this can never be cer¬ otherwise. The just meaning of “Opposition" in




Nov. 9 1918.]

THE CHRONICLE

1775

this aspect

is not faction, or stubbornness, or a
Governmental interferences with individual liberty
playing for partisan vantage; it implies only the of action have been carried, step by step, to a
degree
wiser judgment and the better
efficiency which come formerly never dreamed of. The country has par*
by the inter-action of many minds rather than by the tiently submitted, in a war emergency which seemed
unchecked dictation of a single one. We have been to
acknowledge no ordinary laws. But we are now
fighting such dictation for four years, have we not? at or quite near the end of the war. We shall need
That two or more are better than one seems al¬ for its
after-problems the utmost collective wisdom,
most self-evident, and instances of it are around us
patriotism, patience, possibly sacrifice, and far¬

everywhere. We have two eyes, two ears, and two
hands, for better seeing and hearing and greater
effectiveness in acting. When business partners, or
those partners who carry on the “business” of mar¬
ried life, have differing views the result of
comparing

sighted coolness that the whole country can supply.
We shall need to stand together, and we shall stand
together; but we shall need blended, modified, and
jointly-framed counsels; this is no time (if there ever
was or ever can be a
time) for the unchecked mastery
those should be a wiser decision and a more fortunate of a
single mind. Therefore we need a real and a
action.
On most courts except petty ones more strong
Congress for meeting next year; and since
than one man sits as judge.
A legislature of one we cannot have the change at once we may hope that
would seem and would be absurd. A legislature some
uplifting influence will be exerted upon this
has two branches, that each may check and help
expiring body by the clear opinion the country has
the other.
An Executive must needs be one; but now expressed.
a practically unchecked Executive is an absolute
ruler, whether he be called a Kaiser or by some other
THE REIGN OF PEACE—THE DUTY OF
title, and the world has now had enough of abso¬
ENTHRONED DEMOCRACY.
lutism, has it not? In our scheme of Government,
the wisest and most far-seeing yet framed by man,
May these overcrowded and swift-passing days be
there are three distinct departments; are they ob¬ prelude sure to an enduring peace! That
shall, with
structive and tending to a deadlock? Are they not, benediction kind and calm, subdue the tumult of a
rather, mutually helpful, greatly corrective, and pre¬ world at war—as once a Voice w'ent out upon a
servative of that balance of powers which is essential night of storm, and all was still! But there must
to a democratic government at its best?
By parity be within the heart of our humanity a courage born
of reasoning and with an equal certainty, an “Oppo¬ of trust, a faith in man, as the
triumphing spirit
sition” party is always desirable, because it alone can bends above the
raging conflicts of material force, if
in the Dawn of the long-wished-for Day, the way
supply the needed check against excess.
The country has been lacking such a check, and to righteousness and rest appear!
has suffered from the lack. This paper has not
Man may defend, as he does oft destroy!
And in
hesitated to urge, and even after the President made himself is power to bring again the concord of ad¬
his late appeal for a continuance of the almost un¬ vancing Life.
Not one, but all, must join the rising
broken acquiescence he has had for all his proposals, League of Love. Words are but
empty sound,
that in respect to carrying out the wisest public unless the Soul pour out upon the bold or beaten
policies he has nothing to fear from the Republican States, as on the fighting armies now afield, the
nominal control he so earnestly deprecated and had soothing of the heart’s deliverance; and man, now
gradually suffered himself to dislike; that he can get rising to serener heights, as visioned in the magic
substantial help, by seeking it or by merely indi¬ shibboleths we breathe across earth’s waste and
cating willingness to have it, from a source of counsel woe, must feel, or great or small, that he doth hold
where he had brought himself to look only for the Key, by reason of inheritance divine, to all the
hindrance; further, that when Congress resumes its progress of the prescient years.
constitutional functions and not only differs with
What were his vaunted liberty, what good in
him on some matters but stands by such differences justice, and what grace in toil and thought, were
his own judgment may thereby be made clearer and each not conscious that he, too, as one of the vast
sounder; still further, that it will be better both for concourse of the free, hath duty to his kind to live
the country and for his own fame that he be brought the life he visions for the liberated race—to know
back, even if this be temporarily distasteful to him, that independent commonwealths are vain that
from the position of semi-absolutism which has serve not independent men; to use his talents for the
been forced by war.
common weal; to hold possessions as a sacred
trust;
Observe that the Executive is required by the to have no envy, hate, or harm, to one who by his
Constitution to “recommend” measures which he effort wins the shining goal of wealth, renown, or
deems expedient but has no power to enact any. place, he would have won; to seek, through Law and
His veto is for the purpose of causing Congress to ruling Government, no privilege, or specious gain, in
re-examine an enacted bill in the light of his objec¬ trade, that would impoverish a people, race, or man,
tions; but those may be overridden and the bill where’er the splendid sun may bring the plenteous
may “pass notwithstanding.”
This shows that harvests that do feed the poor; to toil, and
Congress was intended to be the dominant factor in toiling, serve some good, though small, in that
the Government, and most careful thinkers will resultant social state we name our civilization; think,
agree that it should be.
Recalling this plain intent and thinking, add a little to the knowledge that from
also shows how far we have drifted away from it, more to more increases; will, and willing, weave one
first by partisan acquiescence, and then, farther and thread of strength into our great resolve; and more
faster, under the stress of war, until the Executive than all to love, and loving, wish that each may
“recommends” measures by writing them in the form have the joy and rest that peace will bring—that
of bills and then driving them through Congress. none may know the rankling pain of energies denied,
Is it not time to begin return from this degenerative aspirings crushed, hope unassuaged, and opportunity
a myth!
process ?




[Vol. 107.

THE CHRONICLE

1776

phrases wrought of rain imaginings. 7ate, and conquered that full name for all the
Huey are the centra! truths of this oncoming feder¬ shadows of a shapeless void; who have, in moments
ated world. For, from the soul of man must issue, dig with ecstasy, seen cause and country, m in
first, the reign of peace. And when democracy, lappy dreams, unfold, evolve, transform into a
enthroned, becomes reality, each man must have its world where never any want, or ever war; these
keeping in his mind and heart. He will be arbiter conscripts, giving all unto a State that it may live
of States, his own his first regard, and, with his to serve and save their kind, they know this Duty,
neighbors, he, as citizen, will make the laws, and new and large, by which all men must live, who
mold the customs, that shall guard and guide man¬ would set Peace above the petty contests of our
kind. Hie goal, then, is not some far-off event, 'tis paltry creeds and in the temples of the Free and
here and now; the means do not await the end; and Just set ringing all the bells of Victory. And we
nau^it will come of boasted peace save free men shall live, as they have fought, who would make of
Tkese

are

not

hold it in their deeds and dreams. This new man
rises to imperial grasp when in his daily living he
subdues himself, and keeps the faith through service

long, and gives respect to others who would make the
most of life from chances like his own.

Hiere is

a war

of wills and wants

more

dire than

Jiis

war

a

sacrament to Life!

Not for the little

passions of an hour, not for the vanities of thought
and toil, but for the consecration of the soul to help¬
fulness—though it may never go beyond the little
round wherein we laugh and love, but bring some
simple joy to those whose lives, like ours, are as the
waves that run, a gleam of light that glances and is
gone!
Come, then, embracing and enduring Peace! In
Jiese vain lives that have not held it fast; in these
poor hearts that suffer and are glad; in these weak
minds that would be wise and strong; that from the
radiant soul of every man the light of the Infinite
Purpose shine, to build above the ashes of decay,
and o'er the sorrows of unseemly death, a simpler,
sweeter, saner creed of life, wherein humility's the
only coat of mail, and service but the bugle notes
that call to work and win, and victories the vesper
hymns of “pilgrims of the night." For, lo, the
nations are but men, at last; and in their souls the

heaps the earth untimely with its graves. There is
autocracy more blasting than the burning might of
bold unbalanced kings. There is a slavery more
hopeless than the thankless toiling of a conquered
race.
It is when men behold in Liberty the right
to fix their own ideal rule upon their fellows.
Thought, pent up for aye, bursts every bond.
Opinion cannot die; nor reason abdicate its mortal
throne. Not one man's will, or creed, more than
his crown, shall any State set over freedom's flag.
Not what one citizen would have, but what in com¬
mon all would have, must be the rule; and when we
learn to give and grant, as well as hold and have, in
our own State affairs, will we perceive that never
unity can come to nations, large and small, save by souls of men are cast!
the selfsame law. And, if agreement come, concilia¬
WHAT PEACE BY DEFEAT MEANS T0
tion must point out the way.
GERMANY.
The future wars of this blood-weary world are
There lies before us the account published in
living in out own human hearts. And lasting peace
dwells there and there alone. As each of us is heir
to aU the past, so is he charged with all that is to
There is no magic that will bring us peace
come.
while we would use the State to work our will—to

German article on the state of the German
mind that will follow the war, deemed so important
as to be given to the public over the name of Pro¬
fessor Flach of the Institute, and President of the
French Protestant National Committee. It has

Paris of

a

beliefs, opinions, tastes, upon our fellows
or upon mankind.
Just as the universe is thought peculiar timeliness in view of the situation that has
supreme, omnipotent, so in man's creature-things developed since its publication a month ago.
It is the testimony of some independent exiled
he sets his soul to rule and reign unspent.
That
rule and reign is as the “light that leads," revealing Germans who have found refuge in Switzerland and
all, and binding none. So States should rule. So who have established there a paper “Die Freie
should man own that which he makes. In indus¬ Zeitung" for the purpose of having free speech, if
tries, in institutions, laws, and governments, there’s possible, with their fellow countrymen.
The analysis of it, given in French, is introduced
room for all, when things are seen as thoughts, when
wills are worked as loves; and, in the manifold activi¬ with this statement: “It is useless to recall the extent
ties of surging and resurging life, no man is slave to which the entire world was deceived as to the
But it
state of the German mind before the war.
while yet his soul is free to choose.
For there's a law of progress which declares the may be said that it is not much better understood
common man is type for all the rest.
Nor depths, to-day. Not only do we lack sure and honest
sources of information, but everyone, neutral or
nor heights, can show us liberty, or peace; and justice
never reigns until the scales are level.
As we woulc belligerent, judges according to his own desires and
that life may be to others, it must be to us.
Anc ascribes to the Germans the sentiments he would
hold if he were in their place."
never can the nations join, save men, by understand¬
The article proceeds as follows: “German public
ing, reach full harmony. Thus, one transcendent
duty dawns for all—to war no longer for opinion's spirit has during the war passed through three
sake, to win no victories of wills or wants, but by stages: at first there was the military obsession; after
unfolding in our daily walks the deeps divine im¬ that came the gradual development of an ardent
planted in the soul—see that autocracy of mine desire for peace, of which the resolution of the
form not the State, or force of will inform the law, Reichstag in 1917 was only a faint echo; finally,
from 1917 to 1918 came a complete apathy, a blunt¬
or inequalities drive men apart, but that true liberty
to be and do, as guided by the spirit which is love, ing of the moral sensibility (stumpfheit)."
One might have hoped, during the past year that
shall lead to everlasting peace.
These soldier-lads, who face to face with Fear, little by little, the German people would come
have stood unfalteringly and unafraid; who have met understand the meaning of the war, and K£^th

fasten

our




Mov. 9

1777

THE CHRONICLE

1918.]

stage “where general principles and rules of value

would rise

a

It is

indicated; the Commission is asked, among other
things, to decide whether value of roads in place or
value to replace should be the rule; the question, in
operation, of a living value as opposed to mere
physical value is also involved.”
It is evident enough that precisely the questions
just indicated are among those involved; it was, or
should have been, evident to everybody from the first
that “value in place or value to replace” could not
escape coming up for selection, but now, five years
after, the Commission is still asked to discover
what must needs be discovered as the very first step

a

against the despotism of their masters.
hope which even the Independent Socialists

have had to abandon.

How did this state of

things arise? Certainly
from the lassitude produced by privation and
pain which reduce the power of thought to that con¬
dition; but more than all, it arose out of that intel¬
lectual anemia which results from the total ignorance
created by persistent falsehood and censorship. It
is that, and not the victories of the army, which
made possible the dictatorship of Ludendorff. One
cannot endure for four years the reign of censorship
without suffering from it. If alienist physicians
serving in hospitals for the insane became them¬
selves insane, need one wonder that the insanities
of the press have destroyed the minds of a people
which has been confined to reading no other sheets?
Such a people comes in time to have a sort of
immunity against anything that might start up indi¬
vidual reflection, such, for example, as the revela¬
tions of Prince Lichnowsky and Dr. de Muehlon,
which appeared so inoffensive that the censor
allowed them to pass, and which, in fact, produced
no effect whatever upon German opinion, hopelessly
crippled as it was by the fallacious legend that the
war was inaugurated by England.
How greatly people’ deceived themselves who
imagined that they could open the eyes of the
German people by simply disclosing the truth.
They too long held the contrary; they knew only too
well that if their Government was responsible, they
shared its guilt, which men are always slow to admit.
This unexpressed feeling of complicity alone could
explain the almost tearful distress which was awak¬
ened by every effort, of a neutral to lift the veil.
Shut in by a veritable Chinese wall from the rest
of the world, the German people would not change
in any respect the manner of looking at things they
had been taught, even if by the return of peace the
censorship should be abolished, unless this wall had
previously been destroyed from without. From
within this would never be possible; and it was
only to deceive oneself with an illusion to believe in
the possibility of a rapid mutual adjustment of the
two opposing worlds which were at war.
Is there, then, no remedy?
Is the situation in¬
curable? Certainly, if the war should end as the
Germans expect—no, if a storm should arise outside
and clear the air and awaken life in this intellectual
in part

are

to be taken.

bearing a date of six months ago, Mr.
Untermyer begins by considering what was the pur¬
pose of Congress in enacting the valuation law, citing
the rule that the true construction of a legislative Act
must consider not only the language employed but
the situation which the Act seeks to remedy. Rail¬
way properties, he says, cannot be strictly said to
have a market value, as nearly all property forms
have, since the former “are not habitually sold so as
to establish one.”
Stocks and bonds are dealt in,
but those are not the property itself complete; “sales
of railway property, in nearly all cases, have been
confined to foreclosure sales, which are forced sales
and hence no evidence of market value; or else a
majority or the entire issue of the capital stock is
sold, which establishes a value for the stock itself,
but not necessarily for the properties of the com¬
pany which issues the stock.”
Mr. Untermyer then
remarks that it had become necessary in many in¬
stances, in litigation upon the contention that certain
rates made by public authority were confiscatory,
for the courts to determine the primary question
what was the “value” involved. In this embarrass¬
ment, so serious that at the time “the valuation of
railroad property was in a chaotic condition, no two
courts or commissions could be depended upon to
reach the same valuation of the same property,” Mr.
Untermyer thinks the Act of 1913 had its genesis.
“There was no uniform rule or standard ^of valua¬
tion
a rate or r$tes which one court might
adjudge to be confiscatory with reference to a certain
valuation placed upon it by the property might be
held to be compensatory by another court, by reason
of the adoption by it of a different valuation.”
So Mr. Untermyer ascribes this law to the dear
desert.
necessity shown by experience of having “some au¬
The article concludes, saying: “Plunged into a thoritative valuation of railway properties for the
lethargy which boasts of victories won make vain purpose of rate-making; that it was applicable to
effort to break, the German people will not awaken all roads and all cases, and was uniform, he appar¬
until they hear the songs of a new day, when the ently deems to be sufficient, or to have then been
deemed so, and he adds that the Commission had
roar of the battle shall burst upon their own land.”
This article was written but a few weeks ago.
As frequently asked Congress to provide for a valuation

celebrating the sup¬
posed signing of an armistice which will inaugurate
the new day by which the German people are to be
we

go

to press our people are

summoned to

a new

life.

In

a

brief

...

for all.
It would not be profitable to go, at this late day,
into a discussion of what was really the genesis of
this law, although, in the “Chronicle's” opinion,
the most influential motive was the belief that the

once

THE persistent notion that railways were over-valued
RAILROADS—THE ELEMENT OF GOOD-WILL.
would be justified by the investigation ordered and
A Washington dispatch of Oct. 18 reported that in thereby a ground for further lowering of rates could

THE USELESS PHYSICAL VALUATION OF

an

Inter-State Commerce Com¬
concerning the application of the physical

argument before the

mission
valuations law to all railroads, Mr. Samuel

be obtained.
There was

no

standard of value, and there were

recognized legal values; that is quite true. Mr.
myer moved to quash the whole proceeding, on the Henry Floy reported, in his book on the subject in
ground that the law itself is unconstitutional. The 1912, that an official inquiry by the associated
valuation work, said this dispatch, has now reached State Railway Commissioners, some years before,




Unter-

no

1778

THE CHRONICLE

found commissions in all but two States, but no

valuing had been attempted in twenty-four.

In the
essential matter of taxation, the States were using a
variety of methods; one put together market value of
bonds, floating debt and stock; in another, each town
taxed the physical fragment within itself; another
multiplied the number of capital shares by the cur¬
rent market quotation.
And so on; and while Mr.
Floy, himself a consulting engineer, discussed various
forms of value, he prudently refrained from touching
the nidus and crux of the whole, “the” value.
And we are to-day farther than ever, if possible,
from finding or being in the way of finding that
elusive but indispensable thing for the purpose,
“the” value; worse than this, no agreement has ever
been reached as to what that consists of, and, there¬
fore, how to set about getting to it. A law com¬
mands to start, and certain people attempt obedience
by starting; but the law does not state the required
direction, nor can the parties find out or agree what
the direction is; yet they start, and they have been
wandering and floundering along for nearly six years.
After one year, Mr. Prouty (one of them) said some
persons think the value is “the money invested,” but
he “was not saying that it might not, some time, be
deemed the cost of reproduction.” That is (in one
pat phrase), whether it is “value in place or value to
replace,” is certainly no nearer determination than
in 1912. Further, Mr. Prouty said, four years ago,
of this inquiry that “its greatest value is political”;
that is, it is “absolutely necessary” because of “the
state of the public mind,” which seems a way of ad¬
mitting that the whole thing started in the hope of
making out a case for more rate reduction.
Mr. Untermyer’s opinion about the genesis and the
need of this law and attempt would have more force
were it not for the fact (which we state without en¬
largement, as it is pretty generally admitted) that
just rates do not depend solely upon and cannot be
solely adjusted to value of the carrier’s property,
whether value in place or to replace; other considera¬
tions attach to the problem of a just rate. A value
for taxing purposes is of course another matter.
But Mr. Untermyer is on solid ground in his argu¬
ment (Section V.of his brief) on behalf of the exist¬
ence and the rights of “intangible”
property, com¬
monly referred to as good-will. As he justly points
out, a producing plant, an express company, a tele¬
graph company, a private going business, may be
worth much more than the cost to replace of its ma¬
terial property; “a railway company in successful
and profitable operation has a much higher value
than its mere cost, or cost of reproducing its physical
property less depreciation.” And he cites at length
decisions of the Supreme Court declaring and empha¬
sizing this.
This bears very directly upon the contention of
the railway owners, expressed by the action of Mr.
Warfield’s Association, and by Mr. Untermyer as
their counsel, that good-will is to be deemed a part
of their property for which consideration and pro¬
tection are demanded, in the present situation.
They deny, and with unassailable right and justice,
that the seizure law contemplates a possible return
of their physical property as a shell with the kernel
extracted by what may occur during the term of pos¬
session, and they claim that the law requires full
adjustment and compensation for “^ny loss or dam¬
age” caused in any manner by the seizure and opera¬
tion. The contract has been signed by a few roads,




[Vol. 107

but the main

question remains undetermined and
ought not to be forgotten until it is satisfactorily
settled. Mr. Untermyer is quoted in the Washing¬
ton dispatch as arguing that the valuation law is un¬
constitutional in attempting to take private property
“by a delegated authority of Congress instead of fol¬
lowing the constitutional method through the courts,
as in the operation of the right of eminent domain.”
This recalls the “Chronicle’s” pointing out the dis¬
tinction between taking property for public use,
under that rule, and paying its appraised present
value once for all, and the present situation of forci¬
ble seizure and operation under a rental to be deter¬
mined, practically, by the seizing power, without
definite arrangement for damage to good-will and de¬
preciation while the term of seizure lasts. Again,
and without enlargement, this is a matter upon which
justice is needed and the American people cannot af¬
ford to do

a

wrong.
a momemt to this valuation

To return for

matter,

the “Chronicle” has

already pointed out (what no¬
body attempts to deny) that “the” value sought is
at once indefinite and elusive; if it could be found,
it would not stand. At the last report, less than onehalf the work, such as it was, had apparently been
done; more outlay and more years would be required
to finish, and when the work is “finished,” the first
parts of it will have become valueless because of the
constantly changing conditions; the figures first ob¬
tained will have become wrong or untrustworthy be¬
fore the last can be reached; so of what conceivable
value

can the totals be?
Government control and

operation also makes such
attempt even more superfluous than before, and
if the country drifts into the Government ownership
which Mr. Untermyer approves and the people may
accept unthinkingly, the figures of value in place or
to replace might as well relate to railways in Mars
as to any nearer place.
The proper course to take
an

with the abortive and wasteful work is to call it off
and abandon it. Adjured as we are at every turn to

why continue flinging money and labor upon
such a marshlight chase as this? We do not know
what the thing is which we are seeking, we have not
found or agreed upon the line for seeking it, we shall
not know it when we find it, and we could make no
good use of it if we had it.
There has been a slight attempt in Congress to
abandon this thing, but it was not followed up, and
seems to have been quite forgotten.
There seems
nothing in the way of a brief five-line Act for the
purpose except the inertia of that body and some
lingering remainder of the old notion that a railroad
is a devouring monster and no treatment can be too
save,

bad for it.

REVIVING OLD ISSUES.
An “issue” that remains in the

generations takes

on

political family for
the form and bearing of a

revered and valuable heirloom. It is like a set of
old gold plate—curiously carved, inscribed with lofty

sentiments, withal a little dented and battered by
time, but sufficient'still for every
state occasion, and living witness to all the historic
traditions of former pride and prowess. The family
may have lost somewhat of its former power, but the
old gold plate is evidence of what it once was, and
now should be.
At once a memory and a monitor,
it proclaims the solid worth of a family that always
gathered about it “American” workingmen that they
the hard usage of

Nov. 9

1918.]

THE CHRONICLE

1779

might honor themselves and, incidentally, offer it that may combine for foreign trade even while they
needed and loyal support.
would impoverish the toilers at home ? Do we want
Speaking in a more direct vein, when our human to give these “producers” “cheap” goods, while they
affairs are all topsy-turvy, it is of inestimable benefit are compelled to pay a war debt by an income tax
to any aggregation of beings to have one principle on high wages? Shall we enlarge our foreign trade
that never changes. In fact, when the winds blow by the expensive custom of bringing ships home in
and the storms

descend, the house that affords us
protection must be founded upon the rock of our
devotion and regard. To put the figure another
way such a principle is like the shadow of a great
rock in a weary land, to which we may confidently
resort, when there is not another place of rest in sight.
However far away we may venture in war and peace,
we know we are home again, when we come back to
a principle that has sheltered and succored us in
adversity as in prosperity, always the same to us,
though it may be all things to all men, as they
travel onward to meet the New Day, in that coming
era of good-will which though ever near is still
remote.

Admonishing ourselves to be more practical in our
thoughts, we are reminded it is always well to have
something to fall back on in an emergency. Especial¬
ly is this so in politics. Imperatively so, in an epoch
to be devoted to reconstructing a world.
What,
indeed, would we do without some policy we may
bring out of its enforced retirement to safeguard our
laboring men from the commercial ravages of the
terrible “war after the war”? Men may write
beautiful pen pictures of “justice, liberty and human¬
ity,” of an idealized earth—where all men every where
are equal, and all States large and small are inde¬
pendent, but what, pray, is to protect us from the
“pauper labor of Europe” that will come swarming
to

our

shores when the

seas

are

free and ships are

safe and

a-plenty? It is well to fight a war to end
war, to mingle our armies with those that gather
from the Thames to the Ganges, but are we thereby
committed to putting these hordes from everywhere
on an equality with our own high-priced labor in
our own high-priced factories ?
Let us study true conservation in politics even as
admonished to do in economics. If an old
coat will still protect us from the weather, why buy
we

are

a new

one?

Let

us save some

of the old issues, since

ballast?

Are

we

to

remove

all

the

“economic

barriers,” and let the waters of trade wash every
shore, only to be overwhelmed by a deluge of goods
that

we

do not make and others do not want?

Im¬

poverished and spent in men and materials other
nations may be, and we are still powerful and great,
with a laudable yearning for a world-wide trade
after the war (a trade that is of mutual benefit,
giving value for value), but shall we enter on this
new

and adventurous crusade and open our own

ports to the world
to us?

but

would have them open
clear, it never was quite clear;
universal panacea for all our ills

even as we

It is not at all

why forsake a
just because there are some difficulties with the
argument? When “nothing is the same,” or ever
will be again, when social conditions tremble and
totter though civilization endure and this earth is
safe to live in, why not keep one anchor to cast to
the windward, just to remind us, if of nothing else,
of the halcyon days when the American farmer
bought in a protected market and sold in a free one ?
Idealism is all right, and it should have proper
endorsement at the polls, while we are “crossing the
stream,” but that golden motto, so long turned face
to the wall, are we never to look upon its familiar
features again, “God Bless Our Happy Home”?
By all means let us return, and we shall know we are
home again, when we can hear the spellbinders
invoke the old sweet sounds about the “robber
barons” and the “faces of the poor.” Apples of

gold in pictures of silver are those time-honored
principles warranted to serve any party in any ex¬
tremity. And “lest we forget,” while the principles
of ultimate and lasting peace are the subject of inter¬
pretation, and a “League of Nations” simmers in
the melting pot of a war-weary world, speaking
“only as an American” which of us would be guilty
of decrying the old issue?
Fighting we may be for others, for “foreigners,”
wherever they may be oppressed and impoverished,
but they must still “pay the tax.” Autocracy in
every form we shall banish, save the autocracy of
this one idea, that has obsessed our politics for half
a century or more.
Great occasions make great
men, but only the genius of one who “would fight”
but was not “allowed to,” can restore from its ruins
the old arena of politics, where gladiators fought in
the good old days that are no more forever. Restora¬
tion and reparation must be made, wrongs must be
righted, cruel dynasties dethroned and the white
light of liberation beat upon all the dark places,
without hope of rewards, but lest justice and amity
and federation fail, let us not forget—The Tariff.

they will do us as well as any, and “platforms,” at
best, “are made to get in on,” especially when one
is out in the cold. What we need, in the midst of
turmoil, is stabilization, something that has been
tested, that we know we can use when we have use
for it. In the general disintegration of everything
once held sacred, if we have no principle to which
we may moor our parties, what, in heaven’s name,
is to become of our politicians? Are we to abandon
them in a sea of trouble? Nay, let us couple justice
with liberty, even as we add a touch of pitying hu¬
manity, and retain something of the old days, and
the old campaigns, when the fate of mankind hung
in the balance, and could only be decided by a
choice between a system of taxation that would
yield “revenue only” on the one hand and “a full CANADA LOOKING TO THE FUTURE OF HER
TRADE.
dinner pail” on the other.
We want peace—the whole world wants peace—
Ottawa, Can., Nov. 8 1918.
but are we to purchase it at the price of “chains
Hon. T. A. Crerar, Minister of Agriculture in the
and slavery” ? We shall break down the old bound¬ Dominion Government, recently declared that Can¬
ary lines of empire and autocracy, liberate the little ada would end the war with a debt of $2,000,000,000
peoples, reconstitute the map of Europe, put hope and an annual interest bill of over $300,000,000, not
in the heart and self-government in the hands of including pensions. Few Canadians now realize the
every man, but shall we forget our own flesh and gravity of this financial load.
It may be some con¬
blood who toil in the sweat and smoke of factories, solation to know that the bulk of it will be owing to




in any case
are quite as imperative.
Just now, when the Cana¬
dian Pacific Railway is reducing its staff by some
hundreds and certain impending munitions con¬
tracts are being held up awaiting overseas instruc¬
tions, the country is getting an inkling of the fugi¬
tive nature of war-time prosperity. The bankers, of
course, are able to point to a number of most favor¬
able auguries. Bank loans as a rule have been
greatly reduced out of profits and the larger corpora¬
tions, with few exceptions, have' apportioned sub¬
stantial sums to reserve account in anticipation of
Canadian investors, but the payments

leaner times.
The chief source of worry for Canada, however, is
how to create new avenues of trade. Four hundred
factories for two or three years have known little but

production and unquestionably have proved the
highly efficient under
proper stimulus.
But the four hundred factories
must take up the jobs of peace, and for that trans¬
formation the preparations have not been by any

shell

Canadian organizer and artisan

means

elaborate.

In this emergency the Canadian Manufacturers’
Association has launched a propagandum to help in¬

Such efforts, far from uni¬
fying the tariff schools, have created an intense ani¬
mosity on the part of the farming classes, providing
a reasonable prophecy of the issue in the next Do¬
minion political battle. All schools, however, appear

dustrial re-adjustment.

is to be retained.

belief that some unorthodox steps
half the present export trade
It is pointed out that the cost of

manufacturing

agricultural binder is 17% higher

to be united in the

must be taken if even

an

in Canada than in the United States. Building con¬
struction shows an even more unfavorable compari¬

Cotton industries in Quebec

son.

Province have

higher costs per unit of production than their Ameri¬
can competitors.
In other fields Canada has proved
that she

can

turn out such lines

as

cement and wood

pulp products cheaper than any other nation.
The principle of encouraging industries based upon
the natural resources is gradually gaining ground, as
it is

[Vol. 107

THE CHRONICLE

1780

and

seen more

more

that much time has been

wasted and much money

poured from the taxed
consumers to support exotic businesses.
The farmers’ reading of the export trade meter has
also convinced him that although the United King¬
dom requires 10,000,000 loads of timber annually,
few ships can be spared to carry Canada’s timber to
that wide-open field until return cargoes of British
goods are encouraged. To stimulate that tide of
Canadian primary products, the farmers’ organiza¬
tions East and West demand an open door to Old
Country manufacturers, contending that immigra¬
tion filters naturally to the land of wide and depend¬
able markets and minimum costs of production.

Nov. 1.
The committee consists of Albert Strauss, ViceGovernor of the Federal Reserve Board; R. T. Baker, Di¬
rector of the Mint; Emmet D. Boyle, Governor of Nevada;
Edwin F. Gay, representing the War Trade Board, and

on

Pope Yeatman, representing the War Industries Board.
BRITISH COMMITTEE ON CURRENCY WOULD
RESTORE EFFECTIVE GOLD STANDARD.

the recommendations contained in the
of the Committee on Currency and For¬
eign Exchanges After the War, just published in London, the
“Journal of Commerce and Commercial Bulletin” in a special
cablegram from that city on Nov. 1 said:

With regard to
first interim report

comprehensive recommendations, including one that condi¬
gold standard be restored without delay.
Otherwise, the report says, there will be great danger from progressive
credit expansion, resulting in a foreign gold drain menacing our interna¬
tional trade position.
The committee recommends, therefore, the restoration of bank rate ma¬
chinery, which before the war checked the gold outflow and speculative
credit expansion.
Differential rates for home and foreign money, there¬
fore, should, the committee believes, be discontinued.
The committee recommends an adequate sinking fund from revenue to
reduce capital liabilities annually, especially the floating debts.
It recom¬
mends a fiduciary note issue (limited by law) again as soon as possible, but
says it is undesirable to resume gold coin circulations.
The committee does not accept Sir Edward Holden’s recent proposal for
It contains

tions for maintaining an effective

revision of the Bank Charter Act.

a

A later

cablegram (Nov. 3) to the same paper said:

be found in the long report is¬
is that a central gold reserve of
£150,000,000 be accumulated in the Bank of England against the existing
fiduciary note issue.
Until this amount has been reached and maintined
concurrently with the establishment and maintenance of a satisfactory
foreign exchange position for at least one year, a policy of reducing uncov¬
ered currency, it is recommended, should be consistently followed whenever
A further important recommendation to
sued last week by the Currency Committee

opportunity offers.

MEXICAN DECREE RESTRICTING SILVER
TATION ABOLISHED.

RE-IMPOR¬

“Times” from
reported that the decree
requiring the re-importa¬
abolished. Government
mines, according to the cable, may export silver without
A special copyright cable to the New York

.

Mexico City under date of Oct. 31
relative to the exportation fo silver
tion of 25% of gold coin has been

restrictions.

VALUE OF POUND STERLING: ALSO
GERMAN MARK.

INCREASE IN

The British Wireless Service is

authority for the follow¬

ing, received under date of Nov. 6 from London by the press
of the United States:
on

Between the fall of Damascus, on Sept. 39, and the collapse of Turkey,
Oct. 20, with intermediate German and Austrian defeats, there was a

appreciation of the value of the pound sterling in neutral
Denmark up to more
than 1334% in Sweden.
Curiously, there was also an appreciation in the German mark, the value
of which rose on a range from fully 734% in Holland to nearly 1334% in
Sweden.
A somewhat analagous movement took place also in the case of
further marked
markets.

The advances ranged from nearly 8% in

Austrian currency.
An explanation of

this movement is to be found in the monthly review
just issued by the London County and Westminster and Parr’s banks.
The advance is solely attributable, it would appear, to speculation in view
of peace prospects, people in foreign countries having been induced by
such prospects to buy marks in the hope that German exchange would
improve.

GERMANY'S FINANCIAL POSITION.
The

following concerning Germany’s financial position

from London on Nov. G to the daily papers by way of
the British Wireless Service:
Germany’s financial position is desperate and rapidly approaching the
breaking point.
After she raised her eighth war loan her national debt,
it is estimated, approached £6,000,000,090.
It is assumed that since then
it has reached £7,000,000,000.
The Reichstag on June 23 last passed
came

15,000,000,000 marks, which, it was then declared, would
Germany’s war debt to 139,000,000,000 marks, or nearly £7,000,000,000.
Assuming that the debt stands now at 142,000,000,000 marks, Germany
has mortgaged, therefore, more than two-fifths of her national wealth,
estimated at £16,000,000,000.
That this figure is approaching Germany’s
limitation in the war is indicated by remarks made from time to time by
authorities in Germany.

a

vote of credit of

raise

&uxxmt

%utnts unil discussions

eONTINUED OFFERING OF BRITISH TREASURY
BILLS.

Tho usual offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the same
discount basis recently prevailing, namely, 6%. The bills
are

RUSSIAN SOVIET TO ABOLISH MONEY.
A

dated Nov. 5.

special copyright cable dispatch to the New

York “Sun”

under date of Nov. 7 says:

SECRETARY OF TREASURY McADOO APPOINTS COM¬
MITTEE TO STUDY GOLD PRODUCTION.

The appointment of

committee to “study carefully and
thoroughly all the difficulties confronting gold production’*
and to “submit suggestions of sane and sound methods of
r«Kef” was announced by Secretary of the Treasury McAdoo




a

appointed a special commission
abolishing money payments for laborers in Petro-

The Soviet Government of Russia has
to elaborate a scheme for

Central News dispatch.
the workers in necessary products, instead of money,
have all trade nationalized and concentrated by the State, thus

grad, according to
It is proposed to
and to

a

pay

eliminating middlemen.
When this is accomplished, say the authors of
have passed over definitely to a Socialist regime.
•

the scheme, Russia will

Nov. 9 1918.]

THE CHRONICLE
held in

BELGIUM TAXED $500,000,000 BY GERMANY.

Washington dispatches to the daily
Belgium has been compelled to
in the form of

pay a

papers on

1781

Nov. 7 said:

total of S500.000.000 to Germany

monthly “war contribution” in the four years since the
war began, it was shown
by an official compilation received by the Belgian
Legation to-day from Havre. The amount was said to be exclusive of the
large sums extorted from Belgian corporations, cities, towns, and civilians
under the guise of fines and “assessments.”
a

reserve against one-dollar silver certificates now
being retired and replaced by Federal Reserve notes. The

New York “Times” of Nov. 7 said:
It was learned that about $17,000,000 in bullion had been
shipped to the
Far East from the local Assay Office since the right to melt down the silver
dollars was conferred by the Act of Congress of April 23.
Shipments are
also being made from San Francisco and Philadelphia, and it is estimated
that the total amount thus far sent to India is between

$60,000,000 and

$70,000,000.

EFFORTS IN JAPAN TO NEUTRALIZE INFLATION.
The following is taken from the “Journal of Commerce”
of Oct. 29:
Japan is taking steps toward neutralizing the inflation of the

currency

of

that country.
An official statement issued by the Japanese Finance De¬
partment discusses the situation, as follows:
“What with industrial and commercial prosperity at home and increased
foreign trade, currency has been increasing since the outbreak of the war.
In 1914 the average amount of currency in circulation was
522,000,000 yen
($260,217,000), but this increased to no less than 960,000,000 yen ($481,151,000) in the first half of this year. This inflation of currency is a
natural result of the increased economic

activity of the country, and any
attempt to check it unduly is liable to produce unfavorable consequences.
On the other hand, however, inflation of
currency is calculated to cause
various undesirable results.
The Government has accordingly endeavored
to neutralize the inflation of currency within limits consistent with
the

unhampered development of foreign trade and domestic trade
try.
The principal measures taken in this direction are:

and indus¬

“For the double purpose of meeting various financial and economic
requirements and of neutralizing the inflation of currency the Government
has issued national bonds since the outbreak of the
war, the total issue

MONEY SITUATION IN BALTIC PROVINCES AND
LITHUANIA.
Under the above

head, “Commerce Reports” of Oct. 18
following, emanating from the Stockolm
Svenska Handelstidning, Aug. 28, and transmitted to the
Department of Commerce by Commercial Agent Norman
L. Anderson, of Stockholm, Sweden:
printed

the

According to recently issues orders, the so-called “Oberostrubel” of the
Provinces and Lithuania Will be replaced by the new “Oberost-

Baltic

mark,” whicn will follow the rate of the German reichsmark.

Oberofirst issued in 1916, and by Dec. 31 1917, were in circulation
to the amount of 165,100,000, or, according to the rate of exchange pre¬
vailing in the fall of 1917, 311,000,000 marks.
These Provinces, according to “Kolnische Zeitung, are dehiged with
Russian rubles—czar rubles, Kerensky rubles, and Soviet rubles.
At
strubels

were

Warsaw wiid speculation was going on in these rubles, and the rate of ex¬
change was driven up to 3.80 marks to the ruble.
Finally the population
in the occupied territories refused to take anything but Russian rubles.
After 1917 the rate fell more and more and when the German Government,

amounting to about 430,000,000 yen ($214,355,000). Further, with the on;June 1 of this year, bought in the czar rubles at 1.25 marks, the crowds
at the redemption places were overwhelming.
object of supplying exchange banks with necessary working funds without
causing a further inflation of currency the Government has now issued
extraordinary exchequer bonds for 100,000,000 yen (.$49,850,000).
GERMAN DIFFICULTIES FROM
IN RUBLE
FALL
“The bonds issued in this country for the purpose of giving financial
EXCHANGE.
assistance to the Allies amount to 578,000,000 yen ($288,133,000), while
the amount of Allied bonds bought is 140,000,000 yen ($69,790,000).
From “Commerce Reports of Oct. 18 we take the follow¬
“The Government has redeemed foreign loans for about 200,000,000 yen
($99,700,000) by utilizing the increased specie holdings abroad. Invest¬ ing information received from Commercial Attache Paul L«
ments in China amount to 159,000,000 yen ($79,261,500), while 6,000,000
Edwards from The Hague, Netherlands, July 15:
yen ($2,991,000) has been invested elsewhere.
The “Rheinisch-Westfalische Zeitung” of July 10 1918 prints a com¬
“The Government has bought specie from exchange banks as much as'
munication from the Barmen Verband zur Sicherung Deutscher Forderpossible, the total purchases amounting to 1,047,000,000 yen ($521,ungen an das Fiendliche Ausland (Association for the Insuring of German
929,500). This is for the purpose of supplying funds to exchange banks
Claims on Foreign Countries), from whicn it appears that ohis organization
without causing inflation of currency; for if the Government does not buy
is urging that the German Legislature should adopt measures to insure
the specie the Bank of Japan will have to.be drawn upon, leading to the
that German creditors of Russia receive the fail amount of their claims.
increased issue of its notes.

If the Government had not taken that step

the

exchange rate would have advanced to a greater extent than has been
the case, thereby interfering with the development of foreign trade.
“For the same reason as mentioned above exchange banks absorbed call
money to the extent of 100,000,000 to 200,000,000 yen ($49,850,000 to

$99,700,000).
“Increased wages are also a cause of the inflation of currency, and the
Government has tried various means to encourage saving.
As a matter
of fact, deposits at the postal savings banks show an increase of about

300,000,000

($149,550,000)

the figure reached before the out¬
contemplates making a further issue
of Hypothec debentures of small denomination at a favorable opportunity
in the near future in order to absorb small amounts of surplus money.”
The official statement concludes by saying that the Government is fully
prepared to take all measures necessary to prevent the evil results of over¬
yen

break of the

war.

over

The Government

inflation of currency.

RUSSIA'S INDEMNITY PAYMENTS TO GERMANY.
The following cablegram, concerning the likelihood of
Russia refusing to make any further indemnity payments

Germany, was received by the daily
hagen under date of Nov. 4:
to

The indications

are

press

that Russia will refuse to make any

from Copen¬

further indemnity

payments to Germany, according to the Frankfort “Gazette.”
The newspaper says that Russia, which had paid two installments of the
war

indemnity, has stopped the transport of gold and banknotes

to Ger¬

many.

“Evidently,” adds the “Gazette, “she refuses
indemnity.”

to pay

the last part of the

RESCUE OF 800,000,000 RUBLES OF RUSSIAN GOLD.
The rescue of Russian Government gold valued at 800,-

000,000 rubles is reported in the following announcement
made on Nov. 4 by A. J. Sack, Director of the Russian
Information Bureau in New York, on the authority, it is
stated, of the Russian Embassy at Washington:
Russian Government gold valued at 800,000,000 rubles, taken from
Petrograd by the Bolsheviki, has been saved at Kazan by the Omsk Govern¬
ment, generally recognized as a foundation for the reorganization of Russia.
The gold, representing two-thirds of the reserve in the Russian Treasury
when the Bolsheviki gained control of the capital late in 1917, was trans¬

ported by them to Kazan and thence to Samara.
Agents of the Omsk
Government obtaining possession of it took the metal to Omsk.
News of the coup was cabled to Washington by I. A. Michailoff, Secretary
of Finance at Omsk.
The gold is worth approximately $400,000,000.

SHIPMENT OF SILVER TO INDIA.
A

shipment of $3,000,000 in silver was dispatched from
the New York Assay Office on Nov. 6.
It was consigned
to the Secretary of State of India, at Calcutta, and is shipped,
it is stated, in conformity with an arrangement with Great
Britain, which is obliged to pay the natives in India in bullion,
they haring refused, it is said, to take British paper money.
The shipment is reported to be the largest ever made by the
local assay office; it was in 1,000 ounce bars. The bullion
was secured through the melting down of silver dollars




It is

pointed out that otherwise tne Ersatz

von

Zivilschaden (Indemnifica¬

tion for Civil Damages) clause of the Brest-Litovsk treaty will in effect
become nugatory, for Russian exchange is now about 50% below par in
Berlin.
It is suggested that Germany should establish in Berlin a credit
for Russian account and that payments

due to Germans, from the Russian
from private persons ana concerns, should be taken from
this credit.
The communication says in part: “Germany must, of course,
take the necessary precautions for the eventual redemption of this loan.
The question of redemption is, however, an affair for the German Govern¬
ment to see to.
It is, indeed, a long-term bill of exchange; but that is
just the reason why the State rather than the private creditors should

Treasury

as

well

as

take the initiative.”

Exchange Difficulties in Poland.
G.

Sellner, writing from Lodz (Poland) to the “Frankfurter Zeitung”
(July 8 1918), points out the grave difficulties that are being occasioned in
Poland by reason of t.ie depreciation of Russian currency, in connection
with the fact that tide money is legal tender for debts dating from before
April 26 1917. The value of the ruble at Lodz has dropped from 2.16

countries, such as Switzer¬
This writer believes that
political considerations should not stand in the way of Germany’s taking
measures to protect its own citizens who are threatened with losses.
Ger¬
mans have considerable investments in various mortgage and banking con¬
cerns in Lodz, and these are just the concerns that as a group are due to
suffer the heaviest losses, for their creditors may liquidate their old-time
debts in rubles, and these concerns have to meet their present engage¬
ments in marks.
It may be expected that a ’arge number of such credit
institutions will become bankrupt.
Most of the banks of this city have
extensive investments in Russiak and are at present unable to receive
interest payments because the border between Russia and Poland is closed.
When communications are opened there will be an attempt to make these
payments in ruble notes, and this will send exchange still farther down.
The question of requiring the payment at a forced rate of exchange of debts
dating from before the time that rubles lost their character of legal tender is
now being examined.
It has been suggested that this rate might equitably
be fixed at 1.75 marks.
The result of such action, however, naturally
would be that debts would become difficult of collection.
Several extensive
private arrangements are said to have been made already for the liquidation
of such debts at an agreed rate considerable above the present rate.
Mean¬
while debtors are paying off their obligations as rapidly as possible.
marks (par) to 1.25 marks, and in certain neutral
land and Denmark, it is as low as 0.70 mark.

YORK FEDERAL, RESERVE
DISTRICT—DECREASING PROFITS.

CONDITIONS IN NEW
In his

monthly review of general business conditions in the

Federal Reserve District of New York, made public Not. 2,
Pierre -Jay, Chairman of the Board of the Federal Reserve
Bank, reports business as a whole continuing active but
business profits decreasing.
We quote as follows from the

report:
Profits in almost every line of industry are reported as showing a de¬
creasing tendency due to higher wage;, lower efficiency of labor, increased
amount of capital required, and, in some instances, to smaller volume of
b jsI ness over which to di s tribute overhead.
There is

Col lections

are

generally good.

growing tendency to shorten credits.
Buying has become more
conservative in many lines where it is felt that, if peace comes, it would
bring lower prices.
On the other hand, an early autumn has stimulated
trade in seasonal goods.
jA
Labor.—Influenza has greatly hampered production in certain contras,
although the situation Is not yet as serious as reported in some of the other
districts.
The draft continues to draw on the lal>or supply, but conditions
are

a

mitigated somewhatxbyJ[the increasing flow of women inte_ industry

,

The August pay-roll in New York State,
reported by the State Department of Labor, was the largest on record,
total wages paid being 128% and the number of wage earners 33% above
those of August 1914.
Agriculture.—Crops are generally satisfactory, although some damage was
done by early frosts.
The food situation is perceptibly improved. Stocks
are larger, and prices have tended downward during the last three weeks.
The local Federal Food Administrator states that, in his opinion, the high
mark in prices Is passed.
Building.—Government demand for building materials continues strong;
but ordinary demand is far below normal, being materially affected by the
order that permission must be received for all construction amounting to
over $2,500.
It is estimated, however, that in New York City nearly
$100,000,000 of construction work is ready to apply for permits. Rental
space Is in strong demand.

The turnover continues large.
as

of facilitating the flow of commodities from producer
of purchasing power from the consumer to the
This process enables
producer through the various channels of circulation
goods to act as a means of purchase and payment for other goods, and when
the maturity of the average loan granted (or “credit” allowed) is no longer
than that of the productive processes in which the community is engaged,
the effect of it is only that of facilitating and promoting production and

rities, serves

distribution.

While business in the Atlanta Federal Reserve District
measured up to prevailing conditions during the past month,
M. B. Wellborn, Chairman of the Federal Reserve Bank of

Atlanta, states that the shortage of labor, the

epidemic of
Spanish influenza and the cotton-holding movement all
played a part as a slight disturbing element. In part the

report also said:
Weather conditions have been favorable for growing and harvesting of

which has proceeded rapidly despite the shortage of labor, but

drouth is interfering somewhat with fall plowing.
The season’s results show that while there has been a decrease in some
crops

this has largely been offset with increase in others, with an aggregate

result that the total value of crops in the Sixth District show

considerable

In Alabama alone the aggregate value of crops show approximately
increase of $100,000,000, or about 35% increase in the gross income of

gain.
an

the

as a means

to consumer, and the return

BUSINESS CONDITIONS IN ATLANTA FEDERAL
RESERVE DISTRICT—CROP CONDITIONS.

crops,

(Vol. 107

THE CHRONICLE

1783

Alabama farmer.

Gathering crops is about completed, with cotton practically picked.
Many cotton fields are bring picked over the second time, with weather
favorable for maturity of the small top crop indicated.
There has been
considerable change in the Sea Island cotton crop, it bring of a much later
maturity than upland cotton, the boll weevil has had ample time to work
destruction.
Present indications are for 40% normal crop.
The cotton-holding movement is growing and will increase in effective¬
The produc¬
ness now that the Fourth Liberty Loan has been concluded.
ers have sold sufficient of their crop to satisfy crop indebtedness and appear
in better financial shape for holding movement than in former years.
The
mills are operating on very much a hand-to-mouth policy and the holding
movement, it is felt, will be productive of higher prices.
The Alabama coal output showed a considerable decrease in September
and the spread of the influenza, coupled with labor shortage, caused the
October reduction, leaving the outlook far from bright.
In the Birming¬
ham iron and steel district there are practically no stocks on hand and fur¬
naces are shipping as fast as iron is made.
Coke remains a hand-to-mouth
affair, with most foundries, and scrap is being used in increased quantities
in lieu of pig iron.
Lumber mills have orders sufficient to run them for 60 to 90 days, but
production is being curtailed by lack of labor. A number of mills have
shut down on account of labor conditions and others are offering their tim¬
ber and mills for sale.
A decrease in Government demands for lumber is
looked for, but hope is entertained that this will be offset by railroad orders.
Perhaps at no time has the banking business in the district shown such
a remarkable record.
Rdports show a large increase in deposits, with
increased clearings and very satisfactory collections.
Crop moving is re¬
quiring a large amount of currency, the outstanding Sixth Federal Reserve
District notes being $119,045,145, as of Oct. 19.
Demands for loans are
not heavy, due to curtailment by banks to essentials, and interest rates re¬
main normal, 6 to 8%.

WARNING AGAINST
FEDERAL
RESERVE BOARD
INFLATION INCIDENT TO RISING PRICES.
The Federal Reserve Board in its Bulletin for November
in dealing upon rising prices issues a warning with regard
thereto. The Board points out that despite peace prospects

When the loans

granted or credit extended by the banks are in excess
goods offered for exchange, there is brought

of the normal value of the

into existence

an

additional

or

surplus volume of purchasing power, which
does a corresponding

has the same effect upon the prices of commodities as
addition to the money supply, inasmuch as it may

be offered for com¬

modities, and may thus create a demand for them. Credit expansion
becomes inflation when the increase of prices it produces brings no commen¬
surate or offsetting increase of production.
The reason why the public, and especially the banking community, looks
with so much interest to the reserves of the banks, is understood when the
nature of credit inflation is carefully considered.
Ordinary extension of
credit made for the purpose of facilitating the exchange and circulation of
or no addition to the reserve funds of the banks,
because the credits thus granted in the main offset and cancel one another,

goods requires little

an unimportant margin to be redeemed in cash.
structure of the community Ls enlarged by the extension

When the credit

leaving

of bank loans not

accompanied by a corresponding increase in production and the proceeds
are employed in the way just described for the purchase of commodities or
for buying them away from the consumers who would otherwise purchase
them, the claims to the bank credit thus brought into existence keep on
passing from hand to hand. The Government transfers them to contrac¬
tors who furnish it with goods and to persons who supply it with services.
Both these classes pass on the credit claims to others In exchange for goods
which they desire, and they remain outstanding, representing in effect an
addition to the purchasing media of the community.
There is no meaas of permanently canceling or digesting such outstanding
credits except one—their use by those into whose hands they come for the
purchase of the securities against which the credits were extended, notably
Government bonds in our present situation.
Ordinary commercial credits
furnish their own means of cancellation through the maturing of the paper
upon which they were based and the completion of the productive process
to finance which they were extended.
Credits based upon non-commercial
operations or investment securities possess no such quick self-reducing
quality. As they increase, therefore, they tend to make a more or less
lasting addition to the outstanding volume of bank liabilities and thereby
increase the superstructure of bank credits which rests upon the underlying
reserve money of the country.
During the last year there has been a decrease in the percentage of gold
cover to the aggregate banking liabilities of the country, mainly the result
of the process above outlined.
This decline has not been occasioned by
any falling off in the aggregate gold holdings of the American banking sys¬
tem, which, indeed, have shown some increase.
It is due altogether to the
rapid increase in the outstanding volume of bank liabilities. It is this
feature of the situation which gives to the decline of the gold percentage
its significance.
That is to say, the decline of this percentage is an import¬
ant index of our changing position, not because of any inadequacy of gold,
but because of undue or disproportionate expansion of the credit structure
which the gold reserve of the nation is required to support and protect in
consequence of inadequate saving by the people.
Decline of the reserve percentages of the central banking institutions has
been a general phenomenon in all of the belligerent countries since the open¬
ing of the war and has everywhere been admitted to be undesirable. It re¬
flects the disposition of these countries to rely upon borrowing and when
necessary upon direct borrowing from the banking institutions—the public
being either too little able or too little willing to furnish oat of Its current
consumption either in the form of taxes or of direct loans to the Government
the sums necessary to avoid credit inflation and to hold reserves at a normal
The great gold strength of the United States largely
percentage level.
due to the heavy accessions to our national stock of gold in the two years
preceding our entry into the war, has, it is true, placed this country in an
exceptional and peculiar position; and to this extent the character of the
credit inflation experienced in the United States differs from that existing
in other countries and has been less easy to realize.
But it would be a
mistake for us to proceed on the assumption that inflation in the United
States is, therefore, different in its essential character from what it is else¬
where.
Here, as elsewhere, the decline in percentage of reserve holdings to
outstanding liabilities reflects the relative increase of the latter as com¬
pared with the means of their direct conversion on demand, and the problem
presented is the problem of controlling the growth of banking credits.

“prices generally throughout the United States are showing CHICAGO
BALANCES IN NEW YORK BANKS REDUCED.
a tendency toward a further upward movement,
and both
Concerning the reduction of Chicago balances carried by
rising prices and credit inflation, it counsels, must be opposed
New York banks, the “Wall Street Journal” of Nov. 6 had
by strictly personal economy. Increases, it says, are par¬
the following to say in advices from Chicago:
ticularly noticeable in lines not affected by the Government’s
Some Chicago banks have been called upon for funds by local wire houses
price-fixing program. The Board contends that notwith¬ as the result of recent calling of loans by New York banks and they have re*
standing the war economy propoganda, it appears that many sponded readily to the best of their ability, but this arrangement does not
classes of the population are still spending their current gain New York anything as the banks making such loans do so by reducing
their balances carried in New York banks.
incomes as freely as ever, notwithstanding prices to-day
John J. Mitchell, President of the Illinois Trust Co., says, “usually we
are at a record figure, because they have not yet embraced
have over $20,000,000 in New York for call loans but our account now
surplus
simply because we haven’t
the national duty to save as a personal obligation.
It stands at about $10,000,000, an account with a New York a larger a prime
to send East.
We treat such
bank as
further says:

be made if the banks are not to be obliged to
proportion of the obligations issued by the Govern¬

more successful efforts must

take and hold

an

undue

ment.

Concerning the relation of prices and credit expansion
the Board says:
The relation between prices

and credit expansion has been frequently
by the Board, but may be restated somewhat as follows: Bank
credit, when granted by commercial institutions upon the strength of,
or for the purpose of, liquidating commercial transactions of early matu¬
referred to




We can wire our New York correspondent to call any pro¬
portion of our loans any day and have the draft in New York for the amount
on the succeeding day.”
“The First Trust Co. hasn’t a dollar invested in the New York market,”
said J. B. Forgan.
“The reason is, we haven’t any surplus available for
such investment. Ordinarily, the hank has around $10,000,000 out on call

investment.

Probably the feature of the present financial situation of the country
which most requires correction is this increase in disposition on the part
of the public to rely too largely upon the banks as sources from which to
obtain the necessary funds for use in financing the requirements of the
Government.
In order to provide for the taking up of additional loans
when offered, it will be inevitably necessary that the public address itself
with greater earnestness to the problem of saving and applying its income
to public requirements.
Advices from many quarters show that, while
progress is being made in this matter, the mounting necessities of the
Government are equally conclusive evidence to the effect that what has
already been done must be continued and added to, and that further and

in New York at all times.”

APPOINTMENT OF STOCK EXCHANGE
TO

CONFER

WITH

MONEY

COMMITTEE

COMMITTEE.

At a meeting of the Governors of the New York Stock
Exchange last Monday a resolution providing for the ap¬
pointment of a committee to consider the present money
situation and to confer with the so-called Money Committee
was adopted.
The Committee consists of H. £1, S. Noble,
President of the Exchange; Winthrop Burr, H. K. Pomroy,
Donald G. Geddes and William H. Remick. The following
is the resolution:

Nov. 9 1918.]

THE CHRONICLE

Resolved, That a Committee of Five consisting of the President, and
Messrs. Burr, Pomroy, Geddes and Remick. be
appointed to consider the
present money situation with relation to
borrowings by members of the
New York Stock Exchange, and their
Arms, and to confer with the Loan
Committee of the Banks in regard to same.

On the 6th inst. the “Money Committee** held a
meeting,
but no information as to its deliberations was made
public.
With regard to the appointment of the Stock

Exchange

on

committee has been charged with the task of eliminating, so far
as possible, the
inequalities of the recent money rulings, and, in addition,
with reconsidering the whole problem of money restrictions in the
light of
the critical suggestions which have been
forthcoming.
new

The

same

Inasmuch

paper

also said:

Exchange

representatives purpose to ask the bankers to make revisions in the present
restrictions on Stock Exchange loans.
A target of special criticism has been the ordering of Stock
Exchange
firms to reduce their loan account to the level of Sept. 16, a week
after the
time when they were first called upon to submit daily reports
on their loans.
The date was presumably selected as the time when the first
expansion
took place, after the Money Committee had put itself on record as
op¬
posed to an enlargement of the volume of loans for Stock Exchange pur¬
poses because of the national need of conserving credit for essential pur¬
poses.

The fixing of this so-called arbitrary date has been attacked
chiefly on
grounds. First, the letter written a week ago Thursday (Oct. 24) by
Mr. Strong, in behalf of the Money Committee, to Mr. Noble,
pointing
out that beginning yesterday (tbe 4th) the margin on stock
exchange loans
would be raised from the customary 20% to 30%, explained that no ‘‘fur¬
ther expansion” of loans would be allowed.
Brokers wondered whether in
two

instructing them

to reduce their loans to the level of Sept. 16 tbe Stock
Exchange authorities were going furtner than the instructions of the Money
Committee, and, although spokesmen of the Money Committee indicated
that it had not added any requests to those of the letter, a governor of the
Stock Exchange said that he and his colleagues were not asking the brokers
to do anything

they had not been ordered to do.
Then, in the second place. Stock Exchange houses thought that to regard
the level of loans on any single day—such as
Sept. 16—as a standard was
unfair and arbitrary, asserting that in many cases Sept. 16 was not a
typical day. It has been urged that the Stock Exchange authorities de¬
termine the proper level of loans by the average accounts of several days.
In market circles it is believed that a desire for a readjustment ih this
par¬
ticular is one of the chief reasons for the appointment of the committee.

OFFERING OF $500,000 FARM LOAN BONDS BY THE
LIBERTY JOINT STOCK BANK AT SALINA, KAN. '

following order regulating the issuance

REGULATIONS REGARDING FOREIGN EXCHANGE AND RE¬
LATED TRANSACTIONS UNDER THE PRESIDENT'S
.

EXECUTIVE ORDER OF JANUARY 26 1918.
To Holders

of Registration Certificates:

Sirs.—
Instructions to Dealers.
The following additional regulations under the Executive Order of the
President dated January 26 1918, were issued by the Division of Foreign
Exchange of the Federal Reserve Board on November 2d, and are sub¬
mitted herewith for your attention:
Re

the entire handling of the money situation as it affects the
market has been placed in the hands of the new committee, governors of
the exchange declined to comment on prospective
developments. The fact
that by resolution the governors instructed the new body to confer with
the Money Committee was interpreted to mean that the Stock
as

Nov. 4 issued the

of letters of credit and requiring dealers in
foreign exchange
to secure declarations from their own foreign correspondents:

Committee the New York “Tribune** of Nov. 5 said:
The

1783

Financing Purchases of Goods to Be Held in Warehouse for Future and
Indefinite Shipment.

Until otherwise instructed, “dealers”, as defined under the Executive
Order of the President of January 26 1918, are hereby prohibited from

issuing Letters of Credit, or making transfers of funds, for the purpose
of purchasing goods to be held in warehouse for future and indefinite ship¬
ment, without first obtaining the approval of the Director of the Division
of Foreign Exchange, Federal Reserve Board.
Declarations of Foreign Correspondents.
Sufficient time has

now elapsed since the promulgation of the Executive
Order, dated January 26 1918, to enable “dealers” to secure and file with
the Division of Foreign Exchange, the declarations from their foreign cor¬
respondents. All such declarations, not heretofore filed, must be filed with
the Division of Foreign Exchange, Federal Reserve
Board, 15 Wall Street,
New York City, on or before November 15th T918, and transactions by
“dealers” with correspondents after that date are conditioned upon the
previous filing of the correspondents* declaration.

NATIONAL BANK CHARTERS DURING YEAR ENDED
OCT. 31 1918, COMPARED WITH PREVIOUS YEAR.
In the year ended Oct. 311918,164 national bank charters

granted, with capital of $13,400,000, as compared with
with capital of $11,590,000, during
Comptroller of the Currency John
Skelton Williams, in a statement under date of Nov. 5, has
the following to say concerning applications for
charters, &c.

were

176 charters granted
the preceding year.

During the past year the Comptroller of the Currency refused 22 appli¬
cations for charters for new national banks, while 30 applications were
rejected during the year preceding.
For the year ended Oct. 31 1918, this office received 237 applications
for
charters for new national banks, with capital of $15,040,000,
compared
with 326 applications received during the year
ending Oct. 31 1917, with
capital of $20,565,000.
In the year ended Oct. 31 1913 170 national banks increased their
capital stock in the sum of $18,524,000, against 165 banks increasing
their capital by $23,854,990 during the year ending Oct. 31 1917.
Seven national banks reduced their capital during the past
year by
$427,800. During the preceding year 14 banks reduced their capital by
$898,000.
Forty-seven national banks went into voluntary liquidation (exclusive
of those consolidating with other national banks) during the year
Just
ended, their aggregate capital being $6,085,000, as compared with 80 such
banks liquidating during the year ending Oct. 31 1917, with an
aggregate
capital of $8,697,500.
At close of business Oct. 31 1918 there were 7,765 active national banks.
On Oct. 31 1917 the number was 7,671.

Bonbright & Co., Inc., are offering at 1013^ and interest,
yield 4.65%, $500,000 5% Farm Loan bonds of the
Liberty Joint Stock Land Bank (Salina, Kan.), due May 1
1938, optional on and after May 1 1923. The present offer¬
ing includes the $300,000 issue by the same bank, to which
reference was made in these columns Sept. 28 1918, page
1236, and which was the amount originally approved by
the Capital Issues Committee; this week the committee
authorized the further offering of $200,000, increasing the
original amount to $500,000. The bonds are the first
installment of approximately $3,500,000 which the bank FOREIGN SECURITIES COMMITTEE OF INVESTMENT
BANKERS’ ASSOCIATION EMPOWERED TO AP¬
contemplates issuing in a year’s time. The bonds in the
POINT EXECUTIVE COMMITTEE.
present offering are dated May 1 1918 and are due May 1
The Committee on Foreign Securities appointed last Aug¬
1938; they are redeemable, however, on any interest date after
May 1 1923 at 100 and interest. Coupon bonds may be ust by President Hayden of the Investment Bankers* Asso¬
exchanged into registered bonds of any amount and re¬ ciation held its first meeting for organization in this city on
exchanged into coupon bonds at the option of the holder. Nov. 1. The members of the committee were the dinner
The bonds are issued in denominations of $1,000, $500 and guests at the Metropolitan Club of Thomas W. Lamont, of
$100. Principal and semi-annual interest (May 1 and Nov.l) J. P. Morgan & Co., who is Chairman of the committee.
will be payable at the Liberty Joint Stock Bank, Salina, Kan., The other members of the committee, most of whom were
or at agencies to be appointed by the bank in
Chicago and at the dinner are as follows:
A. B. Forbes, Harris, Forbes & Co.
New York, at the option of the holder.
The bonds are
A. W. Krech, Equitable Trust Co.
issued under the Federal Farm Loan Act, are a direct in¬
Charles E. Mitchell, National City Company.
C. H. Sabin, Guaranty Trust Co.
strumentality of the United States Government and are
C. S. Sargent Jr., Kidder, Peabody & Co.
exempt from all Federal, State, municipal and local taxation.
to

It has been stated that additioanl issues of the Federal Farm
Loan bonds will be at the rate of 43^%, and that these addi¬
tional bonds will not be sold to the public but will be absorbed

by the Treasury Department. The Joint Stock Land Bank
bonds, according to Bonbright & Co., in consequence are
expected to be increasingly in demand and to sell at higher
prices than the present offering price.
Details of the Act
of July 17 1916 under which the bonds are issued, and which
creates two classes of land banks—Federal Land banks and
Joint Stock Land banks—both of which are under the super¬
vision of the Farm Loan Board, were given in our issue of

Sept. 28.

_____

RESTRICTIONS OF FOREIGN EXCHANGE DIVISION
OF FEDERAL RESERVE BOARD AFFECTING
LETTERS OF CREDIT.

Supplementing the ruling of Oct. 30 governing the trans¬
fer of funds to foreign countries, F. I. Kent, Director of the
Division of Foreign Exchange of the Federal Reserve Board,




M. L. Schiff, Kuhn, Loeb & Co.
Wiggin, Chase Securities Corporation of New York.
H. L. Stuart, Halsey, Stuart & Co., of Chicago.
L. H. Parsons, Graham, Parsons & Co.,
Philadelphia.
Clarence Dillon, Wm. A Read & Co., New York.
A. H.

F. L.

Higginson Jr., Lee, Higginson & Co., Boston.
McEldowney, Union Trust Co., Pittsburgh.
Herbert Fleishhacker, Anglo A London Paris National Bank, San Fr ancisco.
John Evans, International Trust Co., Denver.
Seward Prosser, Bankers Trust Co., New York.
W. P. Bonbright, Wm. P. Bonbright & Co.,fNew York.
H. C.

The Chairman of the committee was empowered, in view
of the wide geographical distribution of the members of the

committee, to appoint a small executive committee, to aot
in case necessity should arise. And arrangements were dis
cussed as to the selection of the various sub-committees for
the study of conditions in the various foreign countries
whose Government obligations are now held by American
investors. We learn that it is altogether probable that the
central committee will, like the Council of Foreign Bond¬
holders which has been in existence in London for over fifty

years,

undertake

a permanent

organization

so as

to

secure

available as to conditions in all
foreign countries that bear upon the interest of American
the most complete data

investors. An offioial announcement in the matter under
date of Nov. 2 says:
It is not improbable that the committee, which Is a
one of
Investment Bankers' Association, may compile an annual report which will
include details as to the fiscal operations of foreign Governments, their

standing

revenues

[Vol. 107

THE CHRONICLE

1784

and

expenditures,

the

their borrowings and systems of taxation,

commercial conditions, including domestic

and foreign trade, their cur¬

and banking conditions as well. In other words, it will, in general,
be the important function of this committee to act as a body representative
of the great mass of American Investors in foreign securities.
It is evident
that there will be a wide field for the work of such a committee, for it is
obvious that as time goes on, and during the reconstruction period im¬
mediately succeeding war, America must continue to be active in the hand¬
rency

consideration to taking substantial amounts of these

certificates with the

definite object of reselling them to their customers, thus assisting materially
in the Government's war financing.
Yours very truly,
RAY MORRIS. Director of Sales.

FEDERAL RESERVE BANK OF NEW

YORK.

Offering of United States Treasury 4Yi% Certificates of Indebtedness, Series T
Dated Nov. 7 1918, due March 15 1919. Interest payable March 15 1919.
The Secretary of the Treasury, under authority of Act of Congress ap¬
proved Sept. 24 1917, as amended by the Act approved April 4 1918, offers
for subscription at par and accrued interest a limited amount of United
States Treasury certificates of indebtedness, dated Nov. 7 1918 and ma¬
turing March 15 1919, bearing interest at the rate of 4H % per annum from
date of issue.

will be accepted at par with an adjustment of
regulations to be provided by the Secretary
ling of foreign securities.
of the Treasury, in payment of income and profits taxes when payable at
Prior to the war America was a debtor nation to the extent of something
or before the maturity of the certificates.
They do not bear the circulation
like four billions of dollars. Now that situation has been completely privilege, and will not be accepted in payment of
bond subscriptions.
changed. Mr. Lam on t stated to the committee last night that the most
In accordance with the above, subscriptions will be received by the
available figures indicated that of America’s former indebtedness abroad
Federal Reserve Bank of New York and allotments will be made in the
at least three billions had been directly liquidated, and that in addition
order that subscriptions are received, but the right is reserved to reject
since the war began private investors had loaned to foreign Governments
any subscription and to allot less than the amount of certificates applied
between one billion five hundred million and two billion dollars, still out¬
for, and to close the subscriptions at any time without notice.
standing. and that the United States Government had loaned to its Allies
Payment for certificates allotted must be made to the Federal Reserve
upwards of seven and a half billions. The annual interest alone upon this
Bank of New York upon allotment.
Upon payment, interim receipts will
indebtedness will be over four hundred millions of dollars, and the ques¬
be issued pending delivery of the definitive certificates.
U. S. Treasury
tion of continuing investment by Americans in foreign securities will be a
certificates of indebtedness of any issue not previously matured or called
vital one.
for earlier redemption, and certificates of the Tax Series of 1919 will be
It was explained when tjie committee was appointed last August that it
accepted at par with an adjustment of accrued interest in payment for any
was formed not for the purpose of dealing with any particular situation,
certificates of the series now offered which shall be subscribed for and
and in reply to inquiries last night the Chairman of the committee stated
allotted.
Qualified depositaries will be permitted to make payment by
that there was no one large foreign Government which was not in default
book credit for certificates allotted to them for themselves or their custo¬
on its securities held by American Investors.
Mr. Lamont added: “The. mers up to an amount for which each shall have qualified in excess of
committee has not now to deal with any great loans in default; what we
existing deposits when so notified by Federal Reserve banks.
have to do is to study developments in those countries to which we have
The certificates will be Issued in denominations of $500, $1,000, $5,000,
made loans, with a view to seeing that the debtor country takes no action
$10,000 and $100,000, payable to bearer.
impairing the security or rights of holders of its bonds in this country.”
They shall be exempt both as to principal and interest from all taxation
Previous reference to the committee was made in these now or hereafter imposed by the United States, any State or any of the
Possessions of the United States or by any local taxing authority, except:
columns Aug. 24, page 745, and Aug. 31, page 847.
(a) Estate or inheritance taxes, and
(b) Graduated additional income taxes commonly known as surtaxes,
and excess profits and war profits taxes now or hereafter imposed by the
TREASURY CERTIFICATES IN ANTICIPATION OF United States upon the income or profits of individuals, partnerships,
FOURTH LIBERTY LOAN DUE DEC. 5 TO
associations or corporations.
However, the interest on an amount of bonds and*certificates, the prin¬
BE REDEEMED NOV. 21.
cipal of which does not exceed in the aggregate $5,000, authorized by the said
It was announced yesterday (Nov. 8) that owing to the Act of Sept. 24 1917, and amendments thereto, and owned by any individ¬
ual, partnership, association or corporation, shall be exempt from the taxes
growing Treasury working
provided for in clause “6” above.
Certificates of this series

accrued interest under rules and

balance, Secretary McAdoo had

ordered the redemption on Nov. 21 of $575,000,000 cer¬
tificates of indebtedness, issued Aug. 6 in anticipation of
the Fourth Liberty Loan and maturing Dec.5, at par and
accrued interest. Interest will cease after that date.
NEW ISSUE OF

TREASURY CERTIFICATES IN

ANTICIPATION OF TAXES—RATE
INCREASED TO 4

Respectfully,
BENJ. STRONG, Governor.
Nov. 6 1918.

ANOTHER LIBERTY LOAN NOTWITHSTANDING
RESULTS OF PEACE NEGOTIATIONS.

by Secretary McAdoo that there would be
what the outcome of the
negotiations appeared as follows in the “Official

A statement

another Liberty Loan no matter
peace

issuance, under date of Nov. 7, of Bulletin” of Nov. 4:
a second series of Treasury certificates of indebtedness,
Secretary of the Treasury McAdoo has announced that, no matter what
acceptable in payment of income and excess profits taxes the results of the pending overtures for peace may be, there will be another
Lib<#ty Loan. To use his expression, “We are going to have to finance
in 1919, was made by Secretary of the Treasury McAdoo
peace for a while just as we have had to finance war.”
on the 5th inst. They will bear interest at the rate of 4H%
There are over 2,000,000 United States soldiers abroad.
If we transport
these men back
United States
a month, it will
(against the previous rate of 4%) and will mature March be over half a to thebefore they areat the rate of 300,000army, therefore,
year
all returned. Our
The sale of the old issue at 4% had got slow. N o must be maintained, victualed, and clothed for many months after peace
15 1919.
limit is set on the amount of the new issue and the right is an actuality.
The American people, therefore, having supported the Liberty Loan
is reserved to reject any subscription and close the sub¬
with a patriotism that future historians will love to extol, will have an op¬
scriptions without notice. It was also announced at the portunity to show the same patriotism in financing the just and conclusive
victorious peace whenever it comes.
same time by Secretary McAdoo that the sale of the first
Not for a moment, however, is the Treasury acting on any assumption
issue of 4% certificates, dated Aug. 20 1918 and payable
that peace is to come soon.
Until peace is actually assured the attitude of
July 15 1919 (referred to in our issue of Aug. 24 1918, page the Treasury and the attitude of the whole United States Government is
750) would close at the end of business Nov. 6. Several for the most vigorous prosecution of the war, and the motto of force against
circulars have been issued by the Federal Reserve Bank of Germany without stint or limit will be acted up to until peace is an absolute
accomplished fact.
New York with regard to the new issue of certificates.
In
One more Liberty Loan, at least, is certain.
The Fourth loan was popu¬
larly called the “fighting loan”; the next loan may be a fighting loan too,
one of these it is pointed out that certificates of the 4% tax
or it may be a peace loan.
Whatever the conditions, the loan must be pre¬
series of 1919 as well as unmatured and uncalled 4YA% cer¬
pared for and its success rendered certain and absolute. Begin now to
tificates will be accepted in payment for the new certificates prepare to support it.
at par with an adjustment of interest.
The following are
the circulars of the Reserve Bank..
LIBERTY BOND CONVERSION PRIVILEGE EXPIRES
FEDERAL RESERVE BANK OF NEW YORK.
TO-DAY (NOV. 9).
Circular No. 125.
November 6 1918.
An announcement was made on Nov. 2 by Secretary of the
New Issue of U. S. 4H% Certificates of Indebtedness.
Treasury McAdoo calling attention of owners of First Lib¬
Dear Sirs—We wish to call to your special attention the enclosed circular
descriptive of the Series T certificates of indebtedness, dated Nov. 7 1918
erty Loan converted bonds and of 4% bonds of the Second
and due March 15 1919.
Liberty Loan that the conversion privilege which arose as a
These certificates are acceptable in payment for income and profits taxes
in accordance with the terms of the circular.
They bear 4H% interest consequence of the issue of the Fourth Liberty Loan bonds,
and certificates of the 4% tax series of 1919 as well as unmatured and
will expire today (Nov. 9), and that that will not recur.
uncalled 4 H % certificates will be accepted in payment for them at par
Secretary McAdoo s announcement said:
with an adjustment of interest.
Announcement of the

states that it would prefer to have the banks
surplus funds in these certificates rather than that they should
increase their borrowings, but the banks may well exchange certificates of
prriat.lng issues for them and then devote themselves vigorously to the resale
of the new certificates to their customers for use in payment of taxes.
Banks which are able to make liberal subscription to these certificates
and pay for them by any of the methods indicated, will perform a service
of great importance to the Government both in providing the Treasury with
necessary funds for its requirements and in encouraging their customers
to make payment for these certificates from their savings, thereby relieving
the inevitable stress and strain which would result from failure to make
The Treasury Department

invest their

.

provision fa* these tax payments.




It is suggested that banks give serious

The privilege of converting 4% bonds of the First Liberty Loan con¬
verted and 4% bonds of the Second Liberty Loan into 4)4.% bonds expires
on Nov. 9 1918 and cannot under existing law be extended.
The Treasury
has done all in its power to call the attention of the bondholders to
ence of this valuable privilege and the date of its expiration.

the exist¬
It is safe
to assume that upon the expiration of the conversion privilege the fact will
reflect itself unfavorably in the market price of unconverted 4% bonds
which have heretofore been maintained substantially on a parity with the
converted 4\i % bonds by the existence of the privilege of conversion.
The

Treasury now asks the newspapers of the
and others to do what they can to bring
of the bondholders.

United States, bankers, brokers
these facts before the attention

Nov. 9

1918.]

THE CHRONICLE

INITIAL TRADING IN FOURTH LIBERTY LOAN
BONDS ON STOCK EXCHANGE.
Initial trading in the 434% bonds of the Fourth Liberty
Loan began on the 4th inst.
The opening sale was effected
at 98 and it consisted of a block of $3,800,000 of the bonds,
the largest single transaction in bonds, it is said, ever re¬
corded on the Exchange.
The total sales of Fourth Liberty
Loan bonds on the opening day of trading amounted to

$9,439,000, all at 98. The rest of the week all transactions
were at that figure.
Trading in the 414% bonds of the Third
Liberty Loan, which had its inception on May 10 1918,
opened at 99.10, the lowest (and closing price of the day)
being 98.40. A total of $3,536,000 was involved in the day’s
sales.
With the listing of the First Liberty Loan bonds on
the Exchange on June 15 1917 the bids opened at 100 1-50,
ond during the day went as high as 100 5-50; the closing fig¬
ure was 99 48-50, the lowest for the day.
The initial trading
in the Second Liberty Loan bonds, on Oct. 29 1917, ranged
from 100 to 100.02 for the first day.
TREASURY

DEPARTMENT RULING RELATIVE
CONVERSION OF REGISTERED BONDS.

With reference to

TO

Treasury Department ruling concern
ing the conversion of registered bonds, the Bond Issue Divi¬
a

sion of the Federal Reserve Bank of New York has issued the

following letter:
IMPORTANT CHANGES IN CONVERSIONS OF REGISTERED
BONDS.
New York, October 16 1918.
following announcement has been made by the Treas¬
ury Department concerning the conversion of registered bonds:
“The provisions contained in Department Circular No. 114, dated May 9
1918, are hereby modified, and during the continuance and until the expira¬
tion of the present conversion privilege on Nov. 9 1918, the following pro¬
Dear Sirs—The

cedure will

be permitted:
“(a) Conversion of Registered Bonds and Exchange for Coupon Bonds.—
Holders of registered bonds of the 3H% First Liberty Loan, of the 4%
First Liberty Loan converted, and of the 4% Second Liberty Loan may pre¬
sent and assign such bonds to ‘the Secretary of the Treasury for conversion
and exchange for coupon bonds.’
Such assignments must be duly executed
In the presence of an officer authorized to take acknowledgments, and upon
conversion of bonds so assigned coupon bonds bearing interest at 434%
will be delivered.

“(&) Conversion of Registered Bonds with Change in Ownership.—In the
registered bond has been duly assigned for transfer, the transferee
may execute a second assignment to ' the Secretary of the Treasury for
conversion,’ and such registered bond so assigned when received at the
Department will be converted in regular course and 4 34 % bond issued in
event a

the name of such transferee.”
In submitting the above classes of

transactions to us please follow care¬

fully the instructions outlined by us in aplication Form L & C 25.
*
Very truly yours,
L. F. SAILER, Deputy Governor.

INSTRUCTIONS GOVERNING APPLICATIONS FOR
REGISTRATION OF LIBERTY BONDS.

Important instructions to be followed in seeking applica¬
tions with regard to the registration of Liberty bonds have
been issued as follows by R. C. Leffingwell, Acting Secretary
of the U. S. Treasury:
INFORMATION WITH

RESPECT TO REGISTERED BONDS OF

THE LIBERTY LOANS.
October 24 1918.

To Banks and Trust Companies—
In cases where subscribers express their desire to secure registered bonds
of the Fourth Liberty Loan or request the exchange of coupon bonds for
registered bonds, either of the Fourth Liberty Loan or of the earlier issues,
the following suggestions are made and so far as possible should be followed,
in order that the issue of registered bonds may be made in a uniform man¬
ner.
If these suggestions are observed, difficulty later in passing title to
bonds and in cashing interest checks will be avoided.
To avoid errors in the issue of registered bonds, it is of the utmost im¬
Thousands
portance that registry instructions be correct in every respect.
of registered bonds of previous issues were returned to the Treasury Depart¬
ment, owing to the fact that the subscribing banks did not realize the impor¬
tance of verifying the names as submitted to them by the subscribers.
It
is requested that the banks utilize typewriting machines in preparing their
requests for registered bonds when submitting the prescribed forms to the
Federal Reserve bank.
It is further requested that all schedules be care¬
fully proof read against the application forms as to the exact names of the
holders and their addresses before submitting requisitions to Federal Re¬
serve Bank.
By so doing, most inaccuracies may be coriected or other¬
wise eliminated and great assistance will be given not only to the Federal
Reserve Bank and the Treasury Department, but to the subscribers as
well.

subscriptions for registered bonds, covered by the banks’
subscriptions, are cautioned against applying to the Federal Reserve
Bank for bonds registered in the names of subscribers until the subscribers
have made payment in full.
A bond registered in the name of a subscriber,
received on such application, will not oe negotiable by the bank in case the
subscriber defaults, leaving the bank’s advance unliquidated.
The proper
course in such cases, and to long as the subscriber is indebted to the bank for
the bond, is to apply for coupon bonds, or bonds registered in the name of the
bank, and to exchange them later, upon completion of payment by the sub¬
scriber, for bonds registered in the subscriber’s name.
THE FORM IN WHICH REGISTERED BONDS SHOULD BE
Banks taking

own

3*

ISSUED.

Subscriber.—Full given name and full middle
same, if any, of subscriber should be submitted, with the prefix (In the
ease of women) Mrs., or Miss, and post office address in full, including
street address, should be furnished.
*

1. Name and Address of




1785

2. Bonds

Registered in Names of Married Women.—Bonds cannot be
for example, “Mrs. John C. Jones.” A married woman’s
own name should be used, as “Mrs. Helen Jones.”
3. Bonds Registered in Guardians' Names.—Bonds should not be regis¬
tered in the name of “James Smith, Guardian,” but should be inscribed
“Mary Jones, under guardianship of James Smith,” or “James Smith as
Guardian of Mary Jones,” or “Mary Jones, by James Smith, her Guardian.’'
4. Bonds Registered in the Name of a Minor.—Requisitions should net be
submitted for registered bonds in the name of a minor.
The name of a
guardian should in all cases be furnished, as indicated in 3 next above.
5. Bonds Registered in the Name of a Co-partnership.—It is advisable that
the registration should disclose that the owner is a firm or co-partnership,
as for instance, “James Smith & Co., a co-partnership.”
Registration will
not be refused in the name of the firm without more, but in such cases,
upon assignment, the description must be added to the signature on the
assignment (as, for instance, “James Smith & Co., a co-partnership, by
William Brown, member of the firm.”), or an affidavit will be required
showing the nature of the organization.
6. Bonds Registered in the Name of an Unincorporated Association, Lodge
or Society.—Registration of bonds should not be in the name of unincor¬
porated associations, lodges or societies, but one or more trustees should bs
designated by such associations, lodges or societies, and the bonds regis¬
tered in such trustees’ names, as, for example, “John Brown and Joseph
Smith, or their successors, as trustees for the Harmony Society of Rich¬
mond, Virginia.”
7. Bonds Registered in the Name of an Incorporated Association, Lodge
or Society.—Registration of bonds should not be in the names of any of the
officers, but the legal corporate title of the organization should be furnished.
8. Bonds Registered in Trustees’ Names.—Bonds should hot be registered
as, for example, “John Jones and James Smith, as trustees,” but the trust
should In all cases be identified; for example, “John Jones and James
Smith, as trustees under the will of Henry Smith.” The same applies
where such trustees are acting under an indenture of trust or an agreement
It applies also to executors or administrators of estates; for ex¬
of trust.
ample, bonds should not be issued “John Jones, executor,” but should be
registered “John Jones, as executor under the will of Henry Jones.”
9. Bonds Registered in More Than One Name.—The full name of each in¬
dividual should be given, as “John Smith and Mary Smith,” rather than
“John and Mary Smith.”
Bonds so registered will be assignable only by
both, and will be payable to both.
Interest will be paid to any one of sev¬
eral joint holderss.
In care of death of any joint holders, the survivor or
survivors will be recognized as having full authority, upon due proof of such
death and survivorship.
10. Bonds Registered in the Name of Schools.—Bonds should not be regis¬
tered in the name of “John on Public School," nor “Eighth Grade. Jeffer¬
son School,” but a representative should be designated, in whose name the
bonds will be registered, the name to be followed by descriptive title iden¬
tifying such representatives with a particular school, &c., as “ JohnSmith,
or his successors, Principal, Johnson Public School.”
11. Bonds Registered in Names of Military Detachments, &c.—As indicated
in the cases of schools next above, a representative should be designated,
in whose name the bond will be registered, and descriptive title should be
furnished, as for example, “James Jones, or his successors, Treasurer,
Mess Fund, Fifteenth Cavalry.”
In such cases It is suggested that the
commanding officer be consulted as to the appropriate person in whose

registered

name

as,

the bond shall be registered.
R .C. LEFFINGWELL, Acting Secretary of the Treasury.

CONSIDERATION OF WAR REVENUE BILL BY SENATE
FINANCE COMMITTEE.
In accordance with a decision reached on Nov. 1 by the
Senate Finance Committee, which is considering the War
Revenue Bill, adjournment was taken on the 2d inst. until

yesterday (the 8th) to enable members except those from
far Western States to go home to vote.
With its reassem¬
bling yesterday tfife Committee gave its attention to a
reprint of the bill with a view to reporting it to the Senate
on Nov. 12.
Concerning the reprint, the “Journal of Com¬
merce” of Nov. 7 said:.
The bill as reprinted makes 230 pages, the form as It passed the House
making 190 pages.
As the reprint shows sections stricken out by the
Senate Committee, the length of the perfected bill obviously will be much
less than its present appearance.
The Committee has under considera¬
tion a number, of important amendments which, if adopted, will materially
change the measure as it is now reprinted, but textually the bill has now
been thrown Into permanent shape with amendments and cross references
all carefully compared and corrected, so that the perfected bill will not
show many changes over and above those made by way of additional
amendments.
One of the most Important amendments yet to be passed
on is that proposed by Senator Smoot for a retail sale or consumers’ tax.
As the bill now stands it presents many Important changes from the
form in which it passed the House.
Large portions have been wholly re¬
written.
Many essential matters of administration urged by the Com¬
missioner of Internal Revenue before the Ways and Means Committee and
there rejected, have now been incorporated.
Some forms of taxes have
been cut out entirely, and not a few rates have been reduced or consoli¬
dated.
Definitions of capital, net income and the general theory of
taxable values have been clarified and defined with a decided gain for both
the Government officials who must administer the law, and for the indi¬
vidual or business institution that must make returns and pay taxes.
The thoroughness with which the pending bill has been prepared has now
reduced the various war revenue acts to a form that may be regarded as a
revenue code.
The Senate form has, by a new section, repeated various
titles and parts of the previous revenue acts so that the taxpayer will have

before him in the latest Act practically the entire war revenue

statute.

Besides the amendments of last week, referred to in these
columns last Saturday (page 1707), an amendment was

adopted by the Finance Committee on the 1st inst. to exempt
whiskey that may be left in
bonded warehouses at the time the bone-dry prohibition
law becomes effective. The bonds now held to secure pay¬
ments of the taxes will be released and the owners of spirits
may furnish a small bond to protect the warehouse owner.
The Committee also adopted an amendment to exempt
from the excise taxes under Title IX, including the articles
in the luxury list, any articles manufactured solely for exfrom taxation the owners of

Under

port.

[Vol. 107

THE CHRONICLE

1786
an

amendment to the sales tax it is provided

quantity scheduled for the coming year and four times as much
used to export before the war.
And yet we ought to have at the end
of the year, after shipping the 2,600,000 tons, flocks and herds as large

than the

that where a manufacturer made contracts prior to Sept. 3,
the day the bill was introduced in the House, which did not

as we

provide for payment of the taxes, the articles manufactured
under such contracts shall be exempt from the tax.

previous statement of the Federal Food Board, issued
on Oct. 26, stated that “every table should be spread and
every meal should be eaten with the wants of all the world
in mind,” and with the view to “sharing our food resources
with 220,000,000 people of the Allies.” The statement

DETAILS OF FOOD ADMINISTRATION'S MODIFICA¬
TION OF GENERAL FOOD REGULATIONS.
The U. S. Food Administration’s modifications and in¬

terpretations of the general food regulations published in
our issue of Oct. 19, page 1535, are given below; these modi¬
fications, issued Oct. 29, were briefly referred to in these
columns last week, page 1713; they are embodied in the fol¬
lowing announcement of the Food Administration:
The Pood Administration is to-day writing its hotel chairmen in all
States, defining and amplifying its recent “General Orders” for public¬
eating places.
Most important among the definitions is that applying
to rule 4, which prohibited the service of more than one kind of meat at a
As explained in the letter now being sent out, rule 4 will merely
meal.
prohibit the service of more than one meat course or meat dish at a meal,
but will not abolish such established dishes as meat pies, goulash, hash,
liver and bacon, and similar articlegc
While these “General Orders” lire admittedly rigid, the public-eating
places have received them in a spirit of complete co-operation. They recog¬
nize that this is a part of the general war program and that their failure to
observe each recommendation would put an obstacle in the path of the
nation’s prosecution of the war.
The general public, as well, has received
them in a spirit which shows their willingness to meet the present food
situation on a basis of voluntary endeavor, recognizing that enforced
changes in their eating habits should not be blamed upon the restaurants,
which are merely carrying out the injunctions of the Government.
The letter follows:
October 30 1918.

To State Hotel Chairmen.
Your attention is called to the following modifications and interpretations
of general orders for public eating places.
General Order No. 4.—The intention in framing this rule was to cut
down the consumption of meats in general without at the same time causing

from the daily menu certain combinations of scrap
of meat by-products generally eaten in combina¬
tion with what might be called outside meat.
The Pood Administration has decided to make a liberal interpretation
of General Order No. 4, after a careful consideration of requests that have
reached it from all parts of the country, and you will note that mince pie,
larded sweetbreads, larded fillet of beef, hash, goulash, meat cakes, meat
pies, and similar dishes containing two or more kinds of meats (scraps and
trimmings) may be served without violating the order; also that liver and
bacon, mixed grill, assorted cold meats, chicken and Virginia ham, club
sandwiches, and a variety of sandwiches containing different meats may be
waste or eliminating

meats or certain varieties

sold at one time.
In connection with General Orders No. 1 and No. 2, while toast as a

garniture is forbidden, toast may be used under poached eggs, chipped
beef, chicken hash, &c., without affecting the service of 2 ounces of Victory
bread or 4 ounces of quick breads which may be served at the same meal.
Wheat cakes, griddle cakes, buckwheat cakes, and waffles may also be
served in addition to the regular bread allowance, as may pies, pastry, &c.
Crackers containing 10% of wheat flour substitutes may be served.
You will note that the Law Department of the Food Administration has
amended General Order 1 to read as follows:
General Order 1 (as amended Oct. 25 1918).—No public eating place shall
serve or permit to be served any bread or other bakery product which does
not contain at least 20% of wheat flour substitutes; provided, however,
that crackers containing at least 10% of wheat flour substitutes may be
served.
Nor shall any public eating place serve or permit to be served
more than 2 ounces of such bread, known as Victory Bread, or if no Victory
Bread is served, more than 4 ounces of other bread (such as corn bread,
muffins, Boston brown bread, &c.). This order does not apply to sand¬
wiches, bread served at boarding camps, or to rye bread containing 50%
of pure rye flour.
With reference to General Order 12:

or more

This applies only to service of
table, including whipped cream, but according to an amendment
to Rule 1 of the Special License Regulations, hotels as well as other manu¬
facturers may purchase heavy cream.
General Order 6.—While it is insisted that no more than one-half ounce
of butter shall be served at the table to any one person at any one meal,
this order does not affect buttered toast or any butter sauces, which are
commonly used in all first-class hotel and restaurant kitchens. It is re¬
quested, however, that hotels and restaurants use the least possible quantity
of butter in cooking and in making sauces.
General Order 7.—Your attention is called to the need for enforcing the
rule against the service of more than one-half ounce of Cheddar, commonly
called American cheese.
Strict observance of this General Order will
necessitate giving up the service of Welsh rarebits.
Fiibhf Uy yours,
cream on

UNITED STATES FOOD ADMINISTRATION.

In

an

appeal to housewives of New York State to con¬

tinue to assist in food conservation, the Federal Food Board
of this city on Nov. 2 stated that they are expected “to
save one-tenth of that part of the 2,600,000 tons of meats
and fats which must be obtained from direct savings.”
The
statement follows:
Housewives of New York State who responded so nobly to the appeal of
the United States Food Administration to save food this year are called

during the next twelve months to show even greater patriotism and
sacrifice in voluntary food conservation.
For every pound of food they
saved this year the Government expects them to save a pound and a half
of food next year in order that the food for shipment abroad, which must
be 50% greater than this year, may be supplied.
With its more than 10,000,000 population, New York State represents
upon

approximately one-tenth the population of the United States, and this
that the housewives of the State are expected to save one-tenth
of that part of the 2,600,000 tons of meats and fats which must be obtained
from direct saving.
The problem of sending this quantity of meats and fats will be more
means

difficult than the shipping of 10,000,000 tons of breadstuffs which we must
also supply to the other side during the coming year.
Our exports in
meat and fat during the past year were approximately 1,000,000 tons less




as

now,

and

even

larger if we work it right.

A

said:
Reports coming daily from all over the world are giving definite shape to
United States Food Administration for victualing our
army in Europe, and sharing our food resources with 220,000,000 people
of the Allies.
Early calculations of harvest are daily verified or modified,
tally is kept on the increase or shrinkage of food stocks, inventory is cor¬
rected as resources of the last harvest are more quickly or slowly consumed,
totals are revised for new supplies discovered, or expected supplies cut off.
The shipping situation is reviewed daily.
Ships are sunk, lost ships are
replaced, the yards in America launch new vessels. In a month 250,000
soldiers from America go to swell our fast gathering forces in France; sup¬
plying and maintaining them calls for more than a million tons additional
shipping. The reports show how we are running behind or gaining on the
need of tonnage.
Shifts of war affect the plans. We have taken 250,000
German prisoners who must also be fed.
Though details of the program change every day, almost every hour,
the main outline is not altered since the Inter-Allied Food Council agreed
that America should provide this year 17,550,000 tons of food, an increase
of 50% over last year’s prodigious achievement.
This vast program of
food exports is to be met by home conservation.
We can send half as much
food again as before only as we save it.
We have nowhere near that much
in sight as surplus.
The largest item in the program of food exports is 10,400,000 tons of
Part of
bread-making flour and grains—more than 490,000,000 bushels.
that is the surplus of one of the largest wheat crops ever harvested in this
country—reduced again by a shortage of corn. A substantial part of this
saving will come from the conscious, deliberate saving of 100,000,000
American citizens, male and female, big and little.
Suppose that of the 400,000,000 bushels and over that we ship, 100,000,000 is to be accomplished by saving.
So far as this account is concerned,
the actual amount to be saved is not essential, an imaginary figure will do.
For the total shipment will include bread grains all lumped together, wheat,
rye, barley, and to some extent corn, and the proportions will vary as the
problem works out. Say for the present we are to find 100,000,000 bushels
by saving.
Put that in terms of the individual.
It is the same as though
each one allowed himself four bushels of grain in his bread for the year in
place of five bushels, which was the ordinary calculation in the bygone
the program of the

wasteful days.

Every table should be spread and every meal should be eaten with the
world in mind, eaten with war conscience to guide.
This
campaign is to be placed before the 20,000,000 homes by the new home
card soon to be issued.
But putting it into effect does not wait for specific
instructions.
It goes into effect so far as possible now.
It is to be carried
out by an intensive program of saving food in each family as a separate
unit in the invincible American food army.
wants of all the

SWEET CREAM LIMITED TO 2%.
The U. S. Food Administration has issued a ruling (made

BUTTERFAT IN

public Oct. 24) specifying that cream sold for direct con¬
sumption shall contain no more than 20% butterfat; it is
pointed out that the 20% maximum restricts the sale of
so-called “double” and “whipped cream” and other kinds
prepared chiefly for special purposes not permissible in the
face of present shortages of fats abroad.
The rule applies
directly to licensed dealers and through them restricts ulti¬
mate consumers, including housewives, hotels, restaurants
To prevent misunderstanding of this
and institutions.
regulation by dairymen the Food Administration states
very clearly that it does not affect, nor in any way apply to
cream used for butter making, ice cream making, or manu¬
facturing purposes. In fact, a richer cream—one testing
between 30 and 40% butterfat—is more desirable for most
manufacturing operations, especially butter making where
a high butterfat content means a minimum of labor and a
generally lower cost of operation. The full text of the
cream rule which is now in effect is as follows:
No licensee shall sell sweet cream which contains more than 20% butter¬
fat to consumers or retail distributors of cream, provided that this rule
shall not prevent the licensee from selling sweet cream containing more
than 20% butterfat to manufacturers for manufacturing purposes.

result from this rule is a somewhat
milk for large cities. The luxury-cream trade is
most highly developed in large centres of populations and a considerable
quantity of milk must be skimmed to secure the extra richness now pro¬
hibited by the need to conserve fats.
Among other benefits that should

greater supply of market

RESULTS OF COMPLAINTS REGARDING FOOD
CHARGES OF CHILDS RESTAURANTS.

Among developments resulting from an inquiry recently
the Federal Food authorities into complaints con¬
cerning restaurant charges, one which has attracted atten¬
tion is that in the case of the Childs restaurants in New
York. One phase of this inquiry concerned a charge of
five cents for bread and butter service, which the Childs
restaurants made known would be imposed, beginning
Oct. 19. Federal Food Administrator for New York,
Arthur Williams, whose attention was called to the charge,
took the matter up with both the Childs Company and the
Food Administration at Washington with the result that
William Childs, General Manager of the restaurants, anmade by

Nov. 9

1918.]

THE CHRONICLE

nounced on Oct. 23 the withdrawal of the
charge. The
month before (Sept. 16) it was announced that
complaints

received concerning a charge by the Childs restaurants of
a glass of milk—double the
old price—had
brought about an investigation which led to a reduction in
the price to five cents. Coincident with the
announcement
on Oct. 19 that there had
been submitted to the Federal
ten cents for

Food Boar din New York
by accountants of the latter re¬
ports as to the cost of conducting the business of the
Childs Company, William Childs sent to the

for

newspaper

publication the following:

We wish to correct the erroneous
impression given by certain newspaper
articles concerning the Childs restaurants,
many of them sensational in
character and some even going so far as to hint at
profiteering.
The truth of the matter is that, even with increased

21

prices, the com¬
profit than in pre-war times; in proof
following authentic records:
business during the fiscal year 1916 (before we en¬

pany is making a much smaller net
of which we submit the

A comparison of
tered the

our

war) with the first nine

months of the fiscal year 1918 shows

that, while our sales have increased over 39% since we entered the
war,
our profits have decreased over
50%; and while the net profit on our sales
before we entered the war was a little over
12%, it is now only a little over
4 1-3%.
The reason is simple enough.
Since the beginning of the war,
wages have advanced about 60% and food commodities from
100 to 400%.
An examination of the
company’s books, to which we readily agreed,
will, without doubt, present the matter in a new light and
bring about a
more thorough
understanding of conditions affecting our business—condi¬
tions that have reduced the
average profit on a meal from 2 9-10 cents be¬
fore

we

entered the

war

to 1 3-10 cents at the present time.

The decision to undertake

an

charged by Childs

investigation of the prices

restaurants was made known at the
conclusion of an enforced conference on Oct. 4 between
officers of the Federal Food Board with William Childs and
Chester H. Lane, counsel for the
the

corporation,

at that time
A

Board

preliminary hearing of the complaint against the Childs restaurants
was held at the Federal Board this afternoon
by John Mitchell, Chairman
of the Bo-a^d, and Arthur Williams, Federal Food Administrator
for New
York City.
As a result of the hearing, an investigation is to be made by
the Board’s accountants between the
periods of Jan. 1 1918, and Oct. 1

1918.
The menus of the two dates are also to be examined, and
any increases in
the cost of food are to be studied in the light of whether or not
they were
justified under the conditions of the labor and food market. A further
hearing is to be held as soon as the accountants have completed their in¬

vestigation.

■

-

,

FOOD ADMINISTRATION'S STRICTURES REGARDING
WEIGHT OF TURKEYS.

The following special dispatch from Washington to the
New York “Tribune” appeared in that paper

yestereday

(Nov. 8):

No turkeys for Thanksgiving less than eight pounds in
weight, was the
promulgated to dealers to-day by the Food Administration, in an
effort to discourage the wasteful practice of selling them before
they are
mature.
The Food Administration requests that all dealers under license
refrain from buying hen turkeys weighting less than eight
pounds and
rule

young toms

weighing less than twelve pounds, live weight, until Dec. 7.
are requested not to dress turkeys in an
atmospneric temper¬
ature above 40 degrees, unless equipped with Ice or artificial
refrigeration
to chill the fowls immediately.
Licensees should purchase no turkeys intended for Thanksgiving markets
for points east of Pittsburgh and Buffalo after Nov. 16, it is
recommended,
and turkeys for points east of Pittsburgh and Buffalo be loaded and
ready
for shipment not later than Nov. 19.
Licensees

RETAILERS' PROFITS ON EGGS RESTRICTED.
The Federal Food Board in New York on the 4th inst.

issued a statement announcing that the maximum profit of
retailers on eggs would be limited to 7 cents a dozen on a
cash and carry basis and 8 cents a dozen on a credit and

delivery basis.

Its announcement said:

per dozen represents the maximum for stores conducting the cash and carry
plan, while the 8 cents per dozen is the maximum margin for the extra
service for stores extending credit and delivery.

Retailers may nave the benefit of the fractional cost of any transaction.
For example, if eggs at terminal delivery cost 465* cents
per dozen, the
selling price on a cash and carry basis may be figured as follows:

Cost.

Margin.

Total.

Fraction.
added.

Maximum

selling
price.

7c.
$0.46}*
$0,535*
5*c.
$0.54
0.925*
14c.
1.965*
5*c.
1.07
3
21c.
1.385*
1.595*
5*c.
1.60
t. The maximum selling price on a credit and delivery basis would be 1 cent
per dozen higher than the above maximum selling price.
In determining tne selling price of his eggs, the retailer must
disregard
entirely their market or replacement value at the time of the sale.
In determining margins at 7 cents and 8 cents per dozen on eggs with the
fractional cost in the dealer's favor, the Food Administration has given due
consideration to the increasing costs of operation which must be met by the
dealer.

COFFEE FUTURES ORDERED LIQUIDATED AT FIXED

MAXIMUM-PRICES'

On Nov. 1 the Food Administration, in co-operation with
the directors of the New York Coffee and Sugar Exchange
and the Coffee Advisory Committee, directed that all coffee




Washington

said:

It has been found that several houses operating for
foreign account have
upon the New York Coffee & Sugar Exchange to the
amount of several hundred thousand bags.
The sellers have sold against
coffee in stock or en route.
The effect is to tie up this coffee from dis¬
tribution for many months, and to necessitate extra

bought coffee futures

tonnage being

ployed if

em¬

our supplies are to be maintained.
In order to prevent this contingency
and speculation generally upon the
present situation and the use of our markets for this purpose in the near
future the Food Administration, co-operating
with the directors of the

Exchange and the Coffee Importers’ Advisory Committee, have directed

that all coffee futures shall be liquidated at the maximum
prices restablished
months ago, and which prevailed on the Coffee Exchange
on Oct.
18 1918 when
the
Exchange suspended trading. Arrangements are

some

being made to maintain continuous imports in co-operation in the trades.

The suspension of trading in coffee futures by the Coffee
and Sugar Exchange on Oct. 18,
“pending the result of
negotiations with the Federal-Food Administration at Wash¬
ington” was referred to in our issue of Oct. 19, page 1536.
The Exchange resumed trading at noon on

Monday last,

Nov. 4, the order for resumption, which came from the
U. S. Food Administration, directing that no new business
be conducted, and that the closing out of contracts in force
be completed not later than Nov. 9.
NEW REGULATIONS GOVERNING IMPORTATION OF
WHEAT AND WHEAT FLOUR.

Th8 War Trade Board announced on Nov. 1 that after
that date no licenses would be issued by it for the
importa¬
tion of wheat or wheat flour except to cover the
following:
when

brought

or

wheat flour

across the border in

originating in Canada or Mexico
wagonload lots by producers.

(б) Shipments consigned to the U. S. Food Administration Grain Cor¬
poration or to the Wheat Export Company, Ltd.
(Such shipments are
covered by PBF No. 19, which remains in force, as announced in
W. T.
B. R. 234.)
(c) Shipments from Canada or Mexico representing the customary
retail

border

traffic.

(d) Shipments in bond in transit to allied countries.

NO SHIPMENTS OF SUGAR TO MEXICO WITHOUT
INDIVIDUAL LICENSES.
Under date of Oct. 29 the War Trade Board announced
the withdrawal of authority theretofore extended to Col¬
lectors of Customs to license the exportation to Mexico
of small quantities of sugar involved in retail border traffic.
In its announcement the Board said:
Collectors of Customs are still authorized to license, in their
discretion,
for export to Mexico, small quantities of foodstuffs and
feedstuffs, other
than sugar, when such exportation involves

merely border traffic on a
by persons living near the border, such as that arising out of
customary retail purchases for their own needs.
Hereafter no shipments of sugar, no matter in what
quantity, may be
exported to Mexico without the issuance of an individual export license by
small scale

the War Trade Board.

PERMITS FOR MALSTERS.
In view of the small quantities of malt which will be re¬
quired in the current year the U. S. Food Administration
announced on Nov. I that it would upon special application
and in proper cases, grant to malsters a special permit
to
malt for manufacturers of cereal foods, yeast, &c., a
supply
of malt for their requirements up to Nov. 1 1919.
This,
it is announced, will permit the manufactured
supply to be
held either at the malt house or at the purchaser’s

provided that it is all delivered prior to Oct 1 1919.

The retail section of the distribution of perishables of the United States
Food Administration has determined that any advances over cost in excess
of 7 cents to 8 cents a dozen is unreasonable and will be considered evidence
of violation of the regulations governing the retail sale of eggs.
The 7 cents

Dozen—

futures be liquidated at the maximum prices established some
months ago. The announcement issued in

(а) Shipments of wheat

issuing the following statements:

1787

factory

MANUFACTURE OF FELT FOR USE IN PIANOS
PROHIBITED.
The manufacture of felt for use in pianos has been pro¬
The announcement made by the War Industries
Board on Oct. 29 says:

hibited.

The War Industries Board has issued orders prohibiting felt mills for the
emergency from manufacturing felt for use in pianos.
This action was taken because of the fact that for an indefinite
period to
come all felt-producing machinery in the country will be needed in the
manufacture of felts for the Government.
In fact, according to the Felt
Section of the War Industries Board, the Government’s requirements of
felt are far in excess of the mill capacity of the country.

period of the existing

EXPORTATION OF ANIMAL AND VEGETABLE FATS.
On Oct. 31 the War Trade Board announced that after
consultation with the United States Food Administration,
applications for licenses to export animal and vegetable fats
and greases

testing 40 deg. titer and below will be considered
subject to the rules and regulations of the War Trade Board.
The Board says:
Applicants should, therefore, state in their applications the degree of
or grease they desire to export.
Applications not giving
this information will be considered as covering fats and greases testing
aboff
40 deg. titer, and will consequently be refused.
hardness of the fat

[Voii. 107

THE CHRONICLE

1788

In order that the Collector of Customs may have evidence that
and greases shipped against licenses which may be issued are as

the fats

described

In the licenses, such licenses will bear the following clause:
“This license is not valid unless presented to the Collector of Customs with
a certificate from the Inspector of the Bureau of Animal Industry of the
U. 8. Departmei t of Agriculture, showing that the degree of hardness con¬
forms to the description given on this license.”

Arrangements have been consummated with the Bureau of Animal Indus¬
try of the Department of Agriculture whereby inspectors are authorized

9 West 57th Street, this
tant

morning, and explain why they are asking

exorb*

prices for their fruit.

SUPREME WAR COUNCIL'S RESOLUTION FOR SUP¬
PLYING OF FOOD BY UNITED STATES AND
ALLIES TO SURRENDERED NATIONS.

Indications that the United States

and the Allies were

planning to co-operate in making available food and other
supplies for the populations of enemy countries which have
withdrawn from the war are furnished in a message re¬
ceived by President Wilson from Col. E. M. House, now in
MAXIMUM PRICE OF 16 CENTS FIXED FOR WOOL Paris. Col. House in his communication to the President,
made public at Washington on Nov. 5, announced the
GREASE.
In announcing that a maximum price of 16 cents had been adoption by the Supreme War Council at Versailles of a
fixed for wool grease, effective from Sept. 17 to Dec. 17 1918, resolution making known its desire to co-operate with
the Price-Fixing Committee of the War Industries Board on Austria, Turkey and Bulgaria in furnishing the necessities
of life for the suffering peoples of those nations.
The mes¬
Oct. 29 said:
sage reads:
The Price-Fixing Committee has approved an agreement made by the
At the conclusion of the meeting of the Supreme War Council yesterday
producers of wool grease fixing a maximum price of 16 cents per pound
I proposed a resolution in the following sense, and the same was adopted:
packed in barrels, f. o. b. shipping point, this price to take effect Sept. 17

to issue certificates upon proper

examination of fats and greases to

be ex¬

Every shipment made In accordance with the above procedure
is subject to re-examination at port of exit by the Bureau of Animal Industry
for the Department of Agriculture.

ported.

1918, expiring Dec. 17 1918, both

dates inclusive, and covers all sa’es

and to the public. This price applies to
wool grease containing a moisture content not exceeding 3% and any excess
of moisture above 3 % calls for a proportionately lower price.
The guaranty
of ash is limited to 2%.
It has been further agreed by the producers that all sales shall be made
subject to allocation by the tanning material and dye section of the War
made both to the Government

Industries Board.

ARMY AND NAVY TO TAKE 45% OF
OF CANNED TOMATOES.

PRODUCTION

condition at the end of that time.
However, tomatoes will not be kept so
long at this time, due to the incessant demand for canned tomatoes from
the men overseas; the primary use being in soups and as a means of quench¬
ing thirst in the frist line trenches. All tomatoes used by the Army are
very carefully Inspected, rejection being made of those which do not meet
the full requirements of the Army specifications.
During the week just
passed more than 50 carloads of tomatoes were rejected by the Subsistence
Division as not being of the quality demanded for the fighting forces.

upon

the action of the Government the

“Journal of Commerce” of Nov. 4 said:
The chief interest from a trade standpoint in the dispatch from the Com¬
mittee on Information, will be the statement of the Government as to its
ideas of the total pack of this year.
The pack last year has been officially

computed (No. 3 cans) at 15,076,074 cases, not including 1,023,474 cases
packed in pulp. Not since 1914 has there been any such pack as last year,
that of 1914 being 15,222,000 cases, the highest on record.
It is thus evi¬
dent that the efforts to secure a large tomato crop this year were eminently
successful.

MARGIN OF PROFIT ON ORANGES FIXED BY FEDERAL
FOOD BOARD.
As to

an

investigation into the exorbitant prices charged
the New York “Times” of Oct. 25 said:

for oranges,

Prices at which retailers are selling oranges in this city came before the
Federal Food Board yesterday for consideration.
It was announced by
the Board that the margin of profit that would be allowed on oranges
in the future would be two cents on each orange of the smaller size and
three cents for the

larger

ones.

The present investigation conducted by the Board covers the range

of

prices, both wholesale and retail, from Oct. 7, when the market began to
rise, up to the present time.
Data laid before the Food Board showed
conclusively that fewrer oranges were reaching the New York market this
A like situation was shown to exist in
year than in the preceding season.
receipts of lemons.
The California Fruit Growers’ Association, which asserts that it ships
85% of all the oranges and lemons that come from the Pacific Coast, supplied
the Food Board with the following figures showing shipments:
In 1916,
oranges, 37.100 boxes; lemons, 6,935 boxes; 1917, oranges, 45,839 boxes;
lemons, 7,796 boxes, and in 1918, oranges, 16,965 boxes; lemons, 5,934
boxes.

The previous

day, Oct. 24, in referring to an investigation
by inspectors of the Federal Food Board into charges for
oranges the “Times” said:
With a view to getting to the bottom of the high prices being charged here
by fruitstand vendors and storekeepers for oranges and lemons, Federal food
inspectors yesterday paid visits to Park Row and other localities in Brook¬
lyn, Manhattan and the Bronx. The inspectors reported that the proprietor
of a fruit stand under the stairway of the Brooklyn Bridge was charging 20
cents apiece for California oranges.
Other dealers in the same locality
were asking from 10 to 13 cents apiece for the fruit.
In the Washington
Heights and Bronx sections of the city, as well as in Brooklyn, many dealers

demanded 10 or 13 cents for an orange.
Data obtained from the California Fruit Growers’ Association showed
that poor crops, higher transportation and labor charges had brought about

higher prices for oranges.
It was developed that the retail fruit men
buying California oranges from wholesalers on the average basis of
6 cents apiece.
The results obtained in the lemon market were not avail¬
able for publication last night.
The inspectors handed subpoenas to several
retail handlers of oranges in Park Row to appear at the offices of the Board,

were




possible,
populations of those countries.

As

bearing

on

ton on Nov. 5

the above press dispatches from

Washing¬

said:

This announcement is

expected to have far-reaching effect in Germany,

where, from all accounts, the food situation
than it Is in the countries until recently allied

is only a little less serious
with Germany. Conditions

represented as particularly serious in Austria-Hungary, where food
and where there has been intense suffering not
alone from the want of food, but clothing and other necessaries.
Food Administrator Hoover, it was said to-night, is working out new
food conservation plans to assure supplies not only for the peoples of the
nations that have been eliminated from the war, but also the liberated
populations of Belgium and Northern France, and even Germany, when
that country has accepted the armistice terms now in the hands of Marshal

are

riots have been frequent,

The War Department in a statement made public Nov. 1
announced that arrangements have been made whereby
the Army, Navy and Marine Corps are to take 45% of the
entire production of canned tomatoes in the United States.
The statement continues:
This is based upon estimates df the pack being from 18,500,000 to 20,000,000 cases of No. 3 tomatoes, two dozen cans to the case. The Gov¬
ernment will require about 8,500 carloads of a thousand cases each.
It
Would take a freight train nearly sixty miles long to move this quota.
More
than 75% of the total Government requirements will be used by the Army.
An old Army Sergeant detailed to the Subsistence Division, states that
he once kept a lot of tomatoes for four years and that they were in splendid

Commenting

des'res to co-operate
available, as far as
food and other supplies necessary for the lives of the civilian

“The Supreme War Council, in session at Versailles,
Austria, Turkey and Bulgaria in the making

with

Foch.
It is understood that the plan
the President is not known to

contemplated by Mr. Hoover, but which
have approved, provides for a rationing

in Belgium by the Commission for Relief
out by Mr. Hoover, Chairman of the
and his assistants on the basis of the required number of

system similar to that employed
in Belgium, which was worked

Commission,

calories necessary for each

individual.

Supervision of this rationing, it was said, would be in charge of repre¬
sentatives of the Allies and American Governments.
All available food
supplies in the Central Powers would first be apportioned, including the
reserves, if any, held for the armies, it was said.
A survey is now being made by the Food Administration to determine
the world's food supply.
Pending its completion the new food conserva¬
tion plan for the American public is held up.
The survey will include
investigation of the interior food supply available in Austria-Hungary
and the Balkans.
Officials of the Food Administration are said to believe
that investigation will disclose food supplies which have heretofore not been
available, owing to dissension between the Teutonic allies.
With Austria definitely out of the war the opening of the Mediterranean
and the Indian route, as well as the so-called short Australian route, will
release vast grain supplies and other foodstuffs In that part of the world.
Austrian merchant ships, it was said, may be used to transport these
supplies.
The food program worked out by the inter-Allied Food Council, of which
Hoover Is a member, calls upon America to ship to the Allies 17,500,000
tons of foodstuffs the coming year.
With the necessity of assisting In
feeding civilians in middle Europe it is roughly estimated that a minimum
of 5.000,000 tons will have to be added to that figure, though the ending
of the war necessarily will make potsible Increased production throughout
Europe next year.

COTTON COMMITTEE OF WAR INDUSTRIES BOARD
FINDS FIXING OF RAW COTTON PRICE
UNNECESSARY.
It was announced on Nov. 7 that President Wilson will be
informed by the Cotton Committee of the War Industries
Board that the fixing of prices of raw cotton is unnecessary
and impracticable.
Announcement of this was made on
the 7th inst. by Thomas W. Page, Chairman of the com¬

mittee, according to press

dispatches from Washington,

which said:
conclusion, Dr. Page said, was based on the fact that
prospective shortage of cotton, and the belief that the Cotton
Distribution Committee can secure a proportionate marketing of the lower
as well as the higher grades of cotton more effectively by other methods.
Continuance of the work of this committee is recommended.
Dr. Page’s statement was said to embody the essential points of the re¬
port which the committee will present soon to the Prseident.
It said that
there would be no way of enforcing a fixed price except through “the readi¬
ness of the Government to purchase the entire cotton crop.”
This, the statement continued, would involve the closing of cotton ex¬
changes, while merchants, bankers and other intermediaries would be
seriously affected and many probably be put entirely out of business.
The establishment at great cost of a Government system of inspection and
certification also would be necessary, it was said, if price-fixing were under¬
The committee’s

there is no

taken.

COTTON DISTRIBUTION COMMITTEE DENIES RE¬
PORTS OF CANCELLATION OF ARMY COTTON
CONTRACTS.
On Nov. 5 the Committee on Cotton Distribution of the
War Industries Board issued the following statement:
False rumors are in circulation to the effect that extensive cancellation
of contracts for cotton goods for the use of the army are being made.
The
matter has been discussed with the Purchase, Traffic and Storage Division

Nov. 9 1918.]

THE CHRONICLE

of the War Industries Board.

They state that the rumors of the cancel¬
lations are unfounded and that
only such cancellations have been made as
have taken place
normally from time to time during the progress of the
war by mutual consent
by reason of necessary changes in fabrics
needed,
variations in qualities and other desired
changes.

PROBE OF COTTON EXCHANGE
DOUBTED.
following is from the “Wall Street Journal”of Nov. 7:

The

There have been rumors that an
investigation in regard to the recent
decline in cotton values was
probable and that representatives from the
New York and New Orleans cotton
exchanges would have a conference
with Chairman Brand of the Committee of
Cotton Distribution.
It has
been learned by Dow, Jones &
Co., from authoritative sources that no
such investigation is looked for.
It was admitted that a number of com¬
plaints have been received in Washington
stating that the recent decline
was due to extensive short
selling. Investigation which has been under¬
taken privately by members of the
Exchange, however, disclosed the fact
that the speculative interest in the market is
unusually small. For this
reason it is believed that no
investigation will be started.

BRITISH NEED OF AMERICAN COTTON.
The British requirements of American cotton
were

subject of

the

following to say regarding the

The

shortage of American cotton, and consequently of
yarns, led Sir
Herbert Dixon, Chairman, and the
majority of the other members of the
Cotton Control Board and other leaders to seek
an interview
to-day with
representatives of the Government in London, with a view to the
position
being improved, if that is possible. To a large extent, of
course, the prac¬
tical question is whether ships shall be
devoted to the transport and main¬
tenance of American troops or to the
carriage of raw cotton.
The trade
hopes, however, that it will be found possible to supply
its needs without
injuring the cause of the Allies in the war area.
The deputation was received by Sir Albert
Stanley, President of the
Board of Trade, and Sir L. Chiozza
Money, Parliamentary Secretary to
the Ministry of Shipping, at the Board of Trade
offices.
The interview
lasted two hours.
It is understood that Sir Albert
Stanley could not give
a definite
undertaking that additional tonnage will be allocated for cotton,
but several delegates stated, after the
interview, that no member of the
Government could be more sympathetic or more wishful to
do everything
in his power to assist the
industry, and they came away with a very hopeful
feeling.
They pointed out that the industry has been working on a narrow
margin for some time, and as owing to uncontrollable circumstances
ship¬
critical, for
shipping to keep up supplies

ments have not come up to promise the situation is
somewhat
if the Government cannot allocate
sufficient

further restrictions must inevitably
result, and war contracts may suffer.
It is certain, however, that everything
and will be

done, to assist the

cotton

humanly possibly is being done,
industry.

The whole position, viewed in the light of what
passed at to-day’s in¬
terview, will be discussed at a meeting of the Cotton Control Board in
Manchester on Monday.
The position of the cotton industry to-day, in
consequence of the rapidly
decreasing stock of the raw material from America, is causing great anxiety

to the Cotton Control Board.

The stock of American cotton at
Liverpool
Friday last was 49,560 bales, as against 223,500 bales at the
correspond¬
ing period last year. The present weekly consumption is
approximately
45,000 bales, so that even if the whole of the 49,560 bales were
unsold, there
was only one week’s supply
of cotton, apart, of course, from that which
happened to be stored in the spinning mills or warehouses. If the
imports
of American cotton do not increase at a more
rapid rate than at present—
last week the American import was 27,244 bales—there will
be no alterna¬
tive but to turn more machinery on to
Egyptian cotton, because the ma¬
chinery using American would be brought to a standstill at an early date.
Fortunately for the trade the imports of Egyptian cotton are more regu¬
lar.
The Egyptian stock is 11,780 bales, exclusive of the
amount in
spinners’ hands, and the approximate weekly consumption Is about 11,000
bales.
Before the Cotton Control Board came into existence the
Egyp¬
tian consumption was between 6,000 and 7,000
bales, and the normal con¬
sumption was 8,700 bales.
The larger weekly consumption of the finer
grade of cotton Is due to the permission given to the users of American
cotton to spin the finer counts since the stock of American
is so greatly
on

reduced.
The last time the Cotton Control Board went to
London, the Shipping
Controller, by way of easing the position in the cotton trade, promised to
do his best to find tonnage for an additional 50,000 bales, and on that
the
Control Board sought to remove the grievances of the
operatives by in¬
creasing the working hours and allowing a larger percentage of machinery to
be run.
But the promise of more cotton has not materialized, and while
the authorities yesterday promised to do all that is
possible to get more
tonnage for cotton, the Control Board is far from satisfied with the prospect
because of tne great delay which is occasioned in
getting cotton shipped.

GERMAN OWNED PROPERTY VALUED
AT$100,000,000
TO BE SOLD BY ALIEN PROPERTY CUSTODIAN.
In

announcing on Nov. 1 that German-owned woolen
mills, chemical and other concerns, valued at more than
$100,000,000 would be sold at auction within sixty days, A.
Mitchell Palmer, Alien Property Custodian, said:
German-owned woolen mills and other textile concerns, chemical and
color companies, a magneto company, and other
manufacturing plants,
valued at more than $100,000,000, will be placed on the auction
block
within the next 60 dajs and sold to 100% Americans.
This is the answer
of A. Mitchell Palmer, Alien Property Custodian, to the recent
note from
the German Government protesting against the
Americanization of Ger¬
man-owned concerns in this country.
Included in the list of corporations which

Mr. Palmer will dispose of are
the big woolen mills at Passaic, N. J., which were taken over
by him about
six months ago.
These mills alone have an estimated value of $50,000,000.
The chemical companies to be Americanized include the
Bayer Co., one
of the largest, if not the largest, manufacturers of pharmaceutical
products
in the United States, and the Heyden Chemical Co., the
business of which
is second only to that of the Bayer Co.

Joseph F. Guffey, Director of Sales, will supervise the selling of these
These sales will take place in most in¬

great German-owned industries.




stances at the plants of the
corporations.
will be made at the offices of the

In

a

few instances the sales

companies in New York City.
Before these sales are finally
consummated, they will be passed upon by
the advisory committee of the Alien
Property Custodian’s office, of which
Otto T. Bannard, of New York,
is Chairman. This committee must be
satisfied as to the Americanism of the
purchaser, in addition to deciding
whether or not the price paid is a fair one.
The following concerns will be
among the first to be sold by the Alien

Property Custodian:
Botany Worsted Mills, Passaic, N. J., Dec.

2..
Gera Mills, Passaic, N. J., Dec. 10.
Passaic Worsted Spinning Mills, Passaic, N.
J., Dec. 10.
New Jersey Worsted Spinning
Co., Passaic, N. J., Dec. 10.
In addition to the above, Mr. Palmer on
Dec. 19, will sell at 47% in¬
terest in the Garfield Worsted
Mills, of Garfield, N. J. A strong and loyal
American interest controls the
majority of this company, which has never
co-operated with other Passaic woolen companies.
The chemical and color
companies to be sold include:
The Bayer Company, New
York, Dec. 3.
Synthetic Patents Co., New York, Dec. 3

International Ultramarine Co., Ltd., New
York, Dec. 9.
Heyden Chemical Works, Garfield, N. J., Dec. 11.

a conference in London on Oct. 9 between
mem¬
bers of the Cotton Control Board and
representatives of
the Government.
The Manchester “Guardian” of that
date just to hand had the

matter:

1789

New Brunswick Chemical Co.,
New Brunswick, N. J., Dec. 18.
Bauer Chemical Co., New York, Dec. 21.
Among the other concerns to be sold are the following:
Ernst Gideon Bek
Manufacturing Co., Newark, N. J. (jewelers), Nov.
14.

Bosch Magneto Company, Nov. 27.
Dresden Lace Works, New York, Dec. 6.

International Textile, Inc., Bridgeport, Conn., Dec. 11.
Stollwerck Company, Inc.,
Stamford, Conn, (chocolate manufacturers)
Dec. 13.
Schutte &
Dec. 14.
Dr. Jaeger

Koerting Co., Philadelphia, Pa.

(valves

and

machinery)

Sanitary & Woolen System Co., New York, Dec. 14.
The Americanization of the
great German-owned woolen mills in New
Jersey will wipe out for all time German control of one of the
largest and
most important of American industries.
The first of this group of mills
was built years ago,
with German capital, by selling agents of German
woolen firms in Germany.

They brought over German machinery and German hands to
operate
the machines.
All cf the mills except the Garfield are
largely controlled
by the same interests, large blocks of the stock
being held by influential
members of the woolen Kartel in
Germany.
In taking over these woolen mills
Mr. Palmer found that as their business
thrived and expanded, they formed an

association, nominally for the
securing experienced German labor, but which soon became a
close organization of offensive and defensive
alliance of the German woolen
interests in this locality.
He discovered that members of this organization
purchased a,large interest in a daily
newspaper, and employed a represen¬
tative to look out for their interests at
Washington, and to keep close
touch upon the attitude of
public sentiment in all parts of the country.
Under Mr. Palmer’s control these mills have
been busily engaged in turn¬
ing out material for use in making uniforms for American soldiers.
The Bayer Co. and its products are
extremely well known in this country.
It was owned by the
Bayer Chemical Co. of Germany.
The Heyden
Chemical Co. formed an important link in the
plan of Dr. Hugo Schmidt
to corner the carbolic-acid market in
this country in the early days of Hie
war. and thus prevent our Allies from
obtaining picric acid, which is es¬
sential in the making of high
explosives- This company was owned by the
Chemische Fabrik von Heyden, of
Radebeul, Germany. Efforts were
made to camouflage the
ownership of this concern, but the bureau of In¬
vestigation, of which Francis P. Garvan is director, succeeded in
pane*
trating it.
The Bosch Magneto Co. of
Springfield, Mass., makes magnetos used on
purpose of

all

American automobiles needed for all
purposes.
Its President reported
only 95 shares owned by residents of Germany.
Investigation disclosed
that it was a 100% enemy-owned concern.
Under Mr. Palmer’s direction
80% of the Bosch Co.’s output goes to the United States Government.
The Schutte & Koerting Co., of
Philadelphia, makes valves, condensers,
and other machlnerv for the American
Navy. It reported Itself American
owned, but investigation showed that it was really owned
by Ernest Koert¬
ing, the Carnegie of Germany, who had illegally transferred it to his
daugh¬
ter, Helene Fischer, wife of Adalbert K. Fischer, of
Philadelphia, its mana¬
ger, who gave her notes therefor, payable after 20
years.
Fischer is now
interned at Fort Oglethorpe, and the concern, under direction of
Alien
the

Property Custodian, is turning out machinery for the American
Navy
Shipping Board.
Company manufactures "Sanatogen” and “formamint,” and reported itself as being American owned. The German
ownership was easily discovered, however. The same was true of the Dr.
Jaeger Sanitary Sc Woolen System Company.
These two companies, in
conjunction with the Heyden Chemical Works, were what was known as
Hodgskin companies, because T. Ellett Hodgskin was their counsel, and
used every effort to prevent them from
being tuken over by the Alien Prop¬
and the United 8tates
The Bauer Chemical

erty Custodian.
The International Textiles, Inc., and the Dresden Lace
Works are large
lace manufacturers, the former
doing a business of more than $1,000,000
a year.
Stollwerck Co. (Inc.), of Stamford, are well-known manufac¬
turers of cocoa-bean products.
Many other enemy-owned concerns taken over by the Alien Property
Custodian are now being prepared for sale.
Before the end of the year Mr.
Palmer intends to sell to American citizens German-owned
concerns in
this country valued at close to $200,000,000.

STEEL

MAKERS PERMITTED INCREASED USE OF
CHROME ORE.
James T. McCleary, Chairman of the Sub-Committee
on Ferro-Alloys
of the American Iron & Steel Institute,
in a letter issued under date of Nov. 1 states that it is
gratified
to note from the replies received to the committee’s letter of
Sept. 26 “that the steel makers have not permitted the re¬
duced consumption of Chrome Ore to interfere
seriously
with the quality or output of steel.
The letter continues:
We note, however, in some of the
replies that a reduced life of the fur¬
resulted from cutting down the use of Chrome
Ore, and that in¬
directly some loss of production has occurred. Also, that In some cases
the use of Magnesite as a substitute has increased costs
Mr. Sanford, of the War Industries Board, is of the
opinion that the
crisis in the Chrome situation has been
naces

passed, and that the supplies of

domestic ore are now of sufficient volume to permit the removal of restric¬
tions from desirable use of Chromite in the refractory trade.
In view of the above we beg to advise you that any increases in the use of
Chrome Ore which will help to maintain quality, increase production or re¬
duce costs should be encouraged, and will meet with the approval of the
American Iron and Steel Institute.
Please do not fail to note in your monthly report to the Institute any in¬
crease

[Vol. 107

THE CHRONICLE

1790

which may^occur in the use

of Chrome Ore by your

works.

REGULATIONS FOR DISTRIBUTION OF
PROTEST OF TIN IMPORTERS'
ASSOCIATION

period.** The protest was presented on Wednesday to
George Armsby, Chief of Tin Control of the War Industries
Board, by the following committee, representing the Tin
Importer’s Association:
A. E. Winter, Winter, Son & Co., President; I. J. Louis, Vernon Metal A
Produce Co., Vice-President, E. W. Starke, Caswell & Starke, Secretary;
D. A. Paterson, Balfour, Williamson & Co., director; W. H. Trotter,
Nathan Trotter & Co., Philadelphia, director.

TIN-

The

following

are

the resolutions adopted by the

Asso¬

ciation:

decided to
devised oy the
Details of the regulations under which tin imports will
that the purcbasing of all pig tin shall be centralized, and the distribution of that
be distributed among private consumers, jobbers and dealers
material be effected and controlled in each country by its Government, and
were made public by B. M. Baruch, Chairman of the War
Whereas the following authorized statement of Mr. T. G. Cranwell.
Industries Board on Nov. 1 as has been heretofore indi¬ acting chief of the Tin Section, War Industries Board,
“The War Industries Board will establish prices on pig tin for American
cated an agreement was entered into several months ago
consumers at actual cost delivered in this country.
That it will be financed
with Great Britain, France and Italy covering the purchase and distributed by the U. S. Steel Products Company, at the request of
the War Industries Board and no licenses to import to United States will
and distribution of their requirements of pig tin. Under be granted except to the U. S. Steel Products Company, and they will act
in the
the agreement an Inter-Allied Tin Executive has been set under Government direction and London interest of consumers only. The
Inter-Allied Tin Executive in
composed of English, French,
Italian and American representatives will control the buying price in the
up in London to control and direct all purchases of pig tin
producing markets. Boustead & Co. have been appointed sole buying
for the participating countries. The statement issued on agents in Singapore and Penang. United States consumers will secure
their future requirements of tin through the U. S. Steel Products Co.”
the 1st inst. says that “no selling price has been announced
clearly indicates the intention of our Government, acting through the War
on the tin that has been purchased by the Inter-Allied tin
Industries Board, to entrust the conduct of this vast business to the U. 8.
executive and allocated to the United States, but this price Steel Products Company, and
Whereas it is stated by the Sab-Committee on Pig Tin of the American
will probably be announced between now and Dec. 31
Iron & Steel Institute that the Tin Executive in London has appointed
1918.” The following is the announcement in full, issued McAllister & Co., Singapore (agents for the U. S. Steel Products Co.) as
agents for the purchase and shipment of tin to this country, and
Nov. 1:
Whereas the U. S. Steel Products Company is the largest individual tin
The War Industries Board, through George Armsby, chief of the Tin
importer in the United States, and at times is even a dealer in tin, and the
Section, announces the regulations under which tin imported into the
U. S. Steel Corporation, of which the former is a subsidiary, is the largest
United States will hereafter

be distributed among private consumers, job¬

bers, and dealers holding purchasing
The announcement follows:

licenses by the War Industries Board.

On Aug. 28 1918 the United States
ment with the Governments of Great
the purchase and distribution of
the agreement an Inter-Allied Tin

Government entered into an agree¬
Britain, France and Italy covering

their requirements of pig tin. Under
Executive was set up in London to comtrol and direct all purchases of pig tin for the participating countries.
The Inter-Allied Tin Executive has appointed its buying agents in the
several principal producing countries, and this purchasing machinery has
been in operation for some weeks past.
None of the countries partici¬
pating in this international agreement will purchase tin except through the
Inter-Allied Tin Executive,

and will only grant import licenses for tin

purchased by the Inter-Allied Tin Executive.
The War Industries Board requested the American Iron and Steel
Institute to assume charge of the importation, financing, and distribution
of the imports of pig tin under its supervision, and the United States Steel
Products Co. will be the medium through which the American Iron and
Steel Institute will operate in the carrying out of this work and will receive
and pay for at the source, the tin allocated to the United States under
the international agreement above referred to and will distribute tnis tin at
cost to the consumers, jobbers, and dealers in the United States Who hold

purchasing licenses issued by the

T&re

now

War Industries Board. Arrangements

being made for the issuance

will be made as soon as

of these licenses and announcement
be put into active

the licensing system is ready to

Whereas the United States

tin consumer In the world, and
Whereas the placing in the hands

has been purchased
the United States,
but this price will probably be announced between now and Dec. 31 1918.
Consumers, jobbers, or dealers requiring spot tin can be assisted in
locating available stocks by communicating with the Sub-Committee on
Pig Tin of the American Iron and Steel Institute, Room 1811, 71 Broad¬
way, New York City, as the American Iron and Steel Institute is well
posted as to all surplus stocks of spot tin.
A report made to the War Industries Board as of Oct. 1 indicates that
there was a maximum stock of spot tin on hand in the United States at
Purchases of tin by the executive for shipment to the United
that date.
States are progressing satisfactorily.
Import licenses will be granted covering contracts entered into prior to
Oct. 1 1918, where satisfactory evidence can be shown that the tin was
actually purchased prior to that date.
To carry out the foregoing plan the War Trade Board at the request
of the War Industried Board has adopted the following procedure:
(l)The revocation of outstanding licenses for the importation of pig tin,
tin ore, and concentrates, or any chemical extracted therefrom, as to ocean
shipment after Oct. 20 1918, shall remain in effect.
M(2) The Bureau of Imports is authorized hereafter to issue licenses for
the importation of pig tin, where the applications there for are otherwise
in order, to cover shipments purchased prior to Oct. 1 1918.
For this
purpose the date of purchase is to be determined by the American Iron and
Steel Institute. Licenses so issued are to provide for the indorsement of
the bill of lading to the American Iron and Steel Institute.
(3) The Bureau of Imports is authorized to issue licenses for the impor¬
tation of pig tin, where the applications therefor are otherwise in order,
to the United States Steel Products Oo., regardless of the date of purchase
of said pig tin.
Licenses so Issued are to provide for the indorsement of
the bill of lading to the American Iron and Steel Institute.
|||(4) The Bureau of Imports is instructed to issue no licenses for the
importation of pig tin, except those described in Paragraphs 2 and 3 above.
(5) The Bureau of Imports is authorized to issue licenses for the impor¬
tation of tin ore, tin concentrates, and chemicals extracted from tin ore
in accordance with its rules and regulations covering the licensing of the
importation of these commodities in force on Oct. 4 1918.
No selling price has been announced on the tin that
by the Inter-Allied Tin Executive and allocated to

►

While acquiescing in the Government “exercising such
control over tin as may be reasonably necessary in view of
conditions arising out of the existence of the present war,”
the Tin Importers* Association, Inc., in a resolution adopted
in this city on Nov. 4 protests against the action of the
Government in delegating to the United States Steel Products

of the U. S. Steel Products Company

complete monopoly of importing and distributing
States will enable said Products Company to build up a
whereby it will enjoy a practical monopoly in tin for an

of the

tin in the United
vast organization
indefinite period,

and

Whereas tne enjoyment

of such a monopoly,

both during the war and

entailing upon independent consumers the necessity of pur¬
chasing their tin through or from their chief competitor, cannot but tend
to strangle all real competition in manufacturing tin products, and
Whereas the true general policy has teen correctly stated in the report

after the war,

of Lord Balfour's

“Committee on Industrial

Policies After the War,” as

follows:

prasticable the trades concerned should themselves be
of the control under Government authority.
the opinion expressed by the Trade Committee that
restrictions upon, industries arising out of war con¬
ditions which have been recognized and accepted as necessary during the
war, will be found to be detrimental under normal conditions, and we
strongly urge that they should be removed as soon as possible after the
conclusion of peace, regard being haul to the circumstances of each particular case.
The early restoration of unrestricted dealings in the markets
of this country and the world at competitive prices is essential to the
re-establishment of British industry and commerce on a sound basis.”
“Wherever

entrusted with the working
We entirely concur in
State control of, and

and
Whereas, contrary to its
not

Aperation.

and Aided Governments have

take over the control of pig tin in accordance with the plan
In ter-Allied Tin Executive in London, which plan provides

practice in similar matters

conferred with the tin trade

step, and
Whereas, although the

the Government has

generally before taking this momentous

War Industries Board has

deemed it expedient

appoint some organization as the instrument for the carrying out of its
plan of control, the unified action of the tin importers, as expressed by the
formation of the Tin Importers Association, Inc., offers an opportunity
for the adoption of an ample and adequate method (other than tnat which
has been adopted) for the carrying out of the policy of the Government; and
Whereas, the control of tin can be effectively attained without creating
and placing a monopoly in the hands of the largest tin importer and con¬
sumer, and
Whereas, the Tin Importers Association, Inc., consisting of most of the
tin importers of America, does not oppose but, on the contrary, cheerfully
acquiesces in our Government exercising such control over tin as may be
to

reasonably necessary in view of
the present war.
Now, be it, therefore, Resolved,
against any action resulting in
protests against the creation of

conditions arising out of the existence

of

that this Association respectfully protests
the creation of a virtual monopoly and

such a monopoly, even

if intended to be
in its practical
both here and

created as a temporary measure only, as such a monopoly
effect would extent for an Indefinite period, as is believed

abroad; and be it further
Resolved, that the Association requests the Government that it be
an opportunity to be heard upon the matter, to the end that it may
plans for the exercising of such control over tin as may be
necessary

under the circumstances,

either

given

submit
reasonably
through price fixing, profit

distribution through a general impartial body (as is
being done in the rubber, tanning and other industries), or otherwise;
limitation, control of
and be it

further

Resolved that a copy of these resolutions be sent to the President of the
United States, the Department of State, the War Industries Board,
War Trade Board, the Food Administration, the Department of Commerce,
the New York Metal Exchange, the Inter-Allied Tin Executive, the
Board of Trade, the London Metal Exchange, the Singapore Chamber

the

British
of

Commerce

and others interested, and be it

further

President,
lay this
and

Resolved that a committee of this association consisting of Its
and such other members to be appointed by him, be authorized to
matter before the proper authorities, and to represent this association,
to take such further steps as may be deemed wise and necessary.

MEASURES OF WAR INDUSTRIES BOARD
OVERCOMING BRASS SHORTAGE.

FOR

Among the measures designed to overcome the brass
financing and distribution of tin. The reso¬
lution states that “the placing in the hands of the U. S. shortage the War and Navy Departments have been asked
Steel Products Company of the complete monopoly of import¬ to eliminate as far as possible the use of brass in the various
accoutrements and equipment of the Army and Navy and
ing and distributing tin in the United States will enable said
the discontinuance of the use of brass buttons on uniforms
products company to build up a vast organization whereby
has also been advised. Furthermore, it is proposed that the
Company the

jt will enjoy a




practical monopoly in tin for an^indefinite

Nov. 9

1918.]

THE CHRONICLE

1791

Government release soldiers from the camps and assign

Military Committee, which created such a sensation a few
The report exonerates all members of t
original Aircraft Board except Colonel A. E. Deeds, whose
issued by B. M. Baruch, Chairman of the War Industries, conduct is termed censurable by Attorney-General Gregory,
Board, was published as followed in the “Official Bulletin” who transmitted the report to the President. Justice Hughes
of Oct. 31:
suggested, and his suggestion received the acquiescence of
The United States is face to face with a serious shortage of brass.
Radical Mr. Gregory, that all the facts regarding Deeds be sub¬
measures of relief must be undertaken if the actual war needs of this Govern¬
mitted to the Secretary of War for court-martial proceedings,
ment and its allies are to be met.
should he think this course justified. Deeds is alleged to
Production is now running approximately 40% below the demand,
and despite the most vigorous pruning of civilian demands the supply
have conveyed confidential information to H. E. Talbott an
falls short of the requirements for ordnance.
Charles F. Kettering, his intimate business associates, re¬
Situation of August 29.
garding the Dayton-Wright Airplane Co., in which all three
On Aug. 29 1918, according to figures compiled by Everett Mores,
were financially interested, and also in other matters per¬
Chief of the Nonferrous Tubing Section of the War Industries Board,
the situation stood thus:
taining to the aircraft program.
Sheet Brass—
Pounds a Day.
Other officers criticized in the report were Lieut.-Col.
Requirements for ordnance ammunition, Ac
2,220,000
J. C. Vincent, Lieut.Col. Geo. F. Mixter, and Second Lieut.
Incidental requirements
1,000,000
Samuel B. Vrooman, Jr. Vincent, who was Vice-President
Total demand
3,220,000
of the Packard Motor Car Co., retained his stock in that
Actual production
1,800,000
corporation after becoming an officer in the Army, and in
Shortage
1,450,000
a branch of the Army whereby he could serve his concern
Rod Brass—
He is alleged to have been instrumental in having certain
Requirements for ordnance, ammunition, Ac
840,000
Incidental requirements
300,000
payments made to the Packard company for drawings,
models, tests, and for 11 standardized engines. The course
Total demands
.*
1,140,000
of procedure is said to have been without a written contract
Actual production
1,000,000
and otherwise irregular and unusual, but no intent to de¬
Shortage
140,000
fraud was discovered by Judge Hughes. Lieut .-Col. Mixter
Since then, due to the widespread effect of the influenza epidemic among
is said to have retained $2,500 of the preferred stock of the
employees of the brass mills, as elsewhere, the situation has grown materially
Curtiss Airplane & Motor Corporation while acting for the
worse, and may, in fact, be said to have reached a crisis.
Government. The Mahogany Manufacturers and Im¬
Three Measures of Relief.
Three measures of relief, in the opinion of the Chief of the Nonferrous
porters Association also came in for severe criticism in the
Tubing Section of the War Industries Board, appear to be immediately
report. Representatives of the Government were paid
demanded.
They are:
them to the brass mills to make up lost production due to
shortage of labor.
A statement giving this information

1. For the Government to release soldiers from the camps and assign
them to the brass mills in sufficient number to make up lost production due
to shortage of labor.

2. For the War and Navy Departments to eliminate to the utmost
possible extent the use of brass in various accoutrements and equipment
for the army and navy.
Major-General Goethals, Chief of the Division
of Purchase and Supplies of the War Department, and a member of the
War Industries Board, has already been advised by Mr. Mores that all
brass buttons on uniforms must be abolished as there is not enough of the
metal available for this purpose.
3. A more vigorous pruning by the Government of its demands for other

and the employment of sharper restrictions to prevent the various
departments from demanding more than their actual needs. Specifications
uses,

must be revised.

Even If given all the men they could find employment for it Is doubtful,
in the opinion of Mr. Mores, whether the mills, owing to lack of machinery
and other facilities could meet the demand as it exists to-day.
Private

industries have already had their supply of the metal curtailed to the
utmost, and most of the further cuts must be made by the Government
departments themselves.
Last week 1,000 soldiers from Camp Devens, Mass., were sent into the
mills in the Naugatuck Valley, which includes the brass mills of Bridgeport,
Waterbury, and Ansonia, Conn., but more will be needed. When the
detailed estimates of the situation as of Aug. 29 were made, the rolling
mills were short 9,600 men, or approximately one-third their labor require¬
ments; and production rate in the mills had been cut down to 15% less
than the actual production rate during the six months’ period ending June
30 1918 in spite of the increased demand. The manufacturers frankly
admitted they were desperate.
With the coming of cooler weather there
was for a brief spell a slight improvement in the labor situation, but last
month, when the influenza epidemic was raging, between 20 and 40%
of the mill employees then on the pay rolls were laid off sick.
What the
lost production has been in consequence of this it has been impossible as
yet to estimate. Meanwhile the demands for the metal in the war program
of the Government grow steadily.
For example, the requirements of the
Government and its allies for brass for small-arms ammunition and artillery
shells up to 4.7 caliber amount, of themselves, ^approximately 2,000,000

pounds

a

day.

The advantage of the metal in the manufacture of ammunition lies in
the fact that it is easier to work than steel and does not corrode and is

On the other hand, the processes of its manufacture
labor. In its various forms it is an alloy of copper. Because
it is an alloy, however, the processes of manufacture are more complicated
than the manufacture of copper products, which generally speaking, are
turned out direct from the raw material as it comes from the refinery.
With brass the copper ingots must be broken up in crucibles and cast with
the appropriate adulterants, zinc or nickel.
Whether it is sheet or rod
brass to be turned out, it is all a rolling mill process and both are made in
the same mill, but in the rolling-mill process brass is more refractory than
copper, and more labor is required for its handling.
There must be more
annealing, and it can not be worked as hard as copper. More mill facilities
are required, and lack either of these or of labor is of wider influence on
production.
But because the metal when made is easy to handle and presents, in
addition to the other advantages cited above, a more attractive appear¬
ance than many other materials, its use has grown enormously; and the
stronger than copper.

require

more

curtailments which the War Industries Board has had to make in the
civilian demands have been in many instances drastic.
The limit of saving
In that direction has almost been reached.

JUSTICE HUGHES, IN SPECIAL AIRCRAFT REPORT,
FINDS NO SQUANDERING OF FUNDS.
The special report on aircraft production conducted by
former Supreme Court Justice Charles Evans Hughes was
made public by President Wilson on Oct. 31. In the main
it fails to bear out the sensational charges of waste and

inefficiency made by Gutzon Borglum and other individuals
or the similar charges embodied in the report of the Senate




months ago.

salaries in addition to those received from the Government,
the report charges. Some petty graft also was discovered fin
of the offices of the

Signal Corps. All> of these matters,
Gregory informed the President, now are the subject of
Grand Jury investigations; and announcement was made
by the Department of Justice on Nov. 1 that prosecution
of Vincent, Mixter and Vrooman was to be begun at once.
Secretary of War Baker announced at that time, however,
that, pending further study of the report, he was not yet
prepared to announce his action in regard to the charges
against Col. Deeds.
Judge Hughes’s report, which is very lengthy (covering
182 pages), concluded with the following recommendations:
one

Mr.

1. The controlling facts and the conclusions in relation to the matters re¬
viewed have been stated under appropriate headings.
It would be impos¬
sible to restate them in a brief summary.
The defective organization of the
work of aircraft production, and the serious lack of competent direction
of that work by the responsible officers of the Signal Corps, to which the

delays and waste were chiefly due, were matters for administrative cor¬
rection through unification of effort under competent control.
The
provisions of the criminal statutes do not reach inefficiency.
It is not within the province of this report to make recommendations with
respect to administrative policy, but it should be said that under the direc¬
tion of Mr. Ryan and Mr. Potter there has been improvement in organiza¬
tion and progress has been made in gratifying measure.
2. The evidence discloses conduct which, although of a reprehensible

character, cannot be regarded as affording a sufficient basis for charges
certain acts shown, not only highly
improper in themselves, but of especial significance, which should lead to
disciplinary measures. The evidence with respect to Colonel Edward A.
Deeds should be presented to the Secretary of War to the end that Colonel
Deeds may be tried by court-martial under Articles 95 and 96 of the Articles
of War for his conduct (1) in acting as confidential adviser of his former
business associate, H. E. Talbott, of the Dayton-Wright Airplane Com¬
pany, and in conveying Information to Mr. Talbott In an improper manner
with respect to the transaction of business between that company and the
division of the Signal Corps of which Col. Deeds was the head; and (2)
in giving to the representatives of the Committee on Public Information
a false and misleading statement with respect to the progress of aircraft
under existing statutes, but there are

production for the purpose of publication with the authority of the Secre¬
tary of War.
3. The absence of proper appreciation of the obvious Impropriety of
transactions by Government officers and agents with firms or corporations
in which they are interested compels the conclusion that public policy de¬
mands that the statutory provisions bearing upon this conduct should be
strictly enforced. It is therefore recommended that the officers found to
have had transactions on behalf of the Government with corporations in
the pecuniary profits of which they had an interest should be prosecuted
under Section 41 of the Criminal Code.
4. The Federal Trade Commission should be requested to report upon
the proper cost of mahogany for airplane propellers to the end that upon
the coming in of its report the question of the propriety of further action

wjth respect to the transactions of the mahogany manufacturers and im¬

porters’ association

may

be determined.

5. It is recommended that the representatives of the Department of Jus¬
tice should keep in touch with the progress of the re-audit of accounts so
that it may be advised of the complete enforcement of the rights of the Gov¬
ernment in final settlement of accounts, and that the Government has
been fully protected against unnecessary loss through waste and the ab¬
sence of suitable factory supervision.
6. Permit me also to suggest that a special division or subdivision of the

present Bureau of Investigation in the Department of Justice should be as¬
signed to the consideration of suggested delinquencies in connection with
aircraft production so that the work already done may be approximately
followed up.
In particular it is recommended that the activities in rela¬
tion to spruce production, which, being largely centred on the Pacific
Coast, it was impracticable to embrace in the present inquiry, should be

carefully scrutinized.

1792

THE CHRONICLE

In

submitting the report of Justice Hughes to President
Wilson, Attorney-General Gregory declared himself in
substantial accord with its findings and recommendations.
Mr. Gregory therefore decided it was unnecessary for him
to submit

a

separate report, and contented himself with

making an analysis of the Hughes report, which we give
below, as summarized in a special dispatch from Washing¬
ton to the New York “Times”

on

Oct. 31:

In transmitting to the President Mr. Hughes’s report on his
investiga¬
tion of aircraft production Attorney-General Gregory took occasion to
say
that he found the statement remarkably accurate.
“We have attempted to go into every phase of aircraft production since
entry Into war in April 1917, and had recourse to every source of in¬
formation •which appeared available,” says the Attorney-General in his
letter to the President.
“Every complaint or charge of wrong doing has
been heard or carefully considered.”
Mr. Gregory says that without conference three weeks ago he and Judge
Hughes reached their separate conclusions and prepared their reports. Last
Saturday the former Justice handed Mr. Gregory a report, of which the
our

Attorney-General says:
“By far the greater porcion is devoted to a remarkably accurate state¬
ment of substantially all the transactions had since the beginning of the war
In the course of the development of the aircraft program.
After carefully
examining this statement of the transactions had, I find myself in substan¬
tial accord therewith and do not consider It necessary to present to you a
somewhat full report which has heretofore been prepared in the Depart¬
ment of Justice.
As hereinafter shown, I also find myself in accord with
the conclusions presented by Judge Hughes on questions of dishonesty and

malversation.
"I do not consider it germane to this investigation to enter into criticism
of the program or of mistakes in policy or in the exercise of judgment.”
When the investigation began in May, says the Attorney-General, it was

“sweepingly charged” that $691,851,866, appropriated for the fiscal year
beginning July 1 1917, had been expended with practically no results; that
members of the Aircraft Board had been

financially interested in aircraft
contracts; that German and disloyal influences had retarded work and that
graft had entered into the contracts.
He then says that the $691,000,000 was spent for all aviation purposes,

including

many things besides the building of aircraft, and adds that while
contracts for airplanes and motors were estimated at $474,910,706, this

had “been by no means expended” up to May last.
The actual disburse¬
ments up to the close of the fiscal year ending June 33 1918, were:
Pot* production in this country. $106,741,490 77; for production abroad,

$25,605,074 31; for experimental and development work, $1,607,830 19;
total, $134,044,395 27.
“This amount includes not only the cost of planes and motors delivered,
but also large payments for special tools and for labor and materials in
planes and motors not then finished. The figures are not now available to
show just how much more has been disbursed on this account since June
30, though the total amount disbursed for all aviation purposes between
that date and Sept. 30 was $139,186,661 33.”
Contracts were let in the summer of 1917 in France for 875 training
planes, with engines and for 5,000 service planes and 8,500 service engines,
deliveries to begin in November and be completed in June 1918, and in
Italy for 700 service planes with engines.
“These contracts,” the letter continues, “were not carried out as con¬
templated, partly because of unavoidable delay by this Government in de¬
livering materials, but largely because the unexpected increase in the needs
of the French Government overtaxed the capacity of the manufacturers.
However, up to July 31 1918 there had been acquired under foreign con¬
tracts 1,617 training and 1,512 service, or a total of 3,129 planes, with
engines.
“The deliveries of planes and engines produced in this country up toJuly
1 1918, were:
Planes—

Elementary training
Advanced training

_

8ervice

Engines—
4,572 Elementary training
1.046 Advanced training
553

Total

6,171

Service

Total

7,662
2,579
2,392
12,633

Since July I production has been such that up to October 1918, the figure?
were:

Planes—

Elementary training
Advanced training
Service
f

p:

_

_

Engines—
5,187 Elementary training
2,137 Advanced training
2,350 Service

10,256
4,470

9,674

24,672

'

Total

Total

9,937

“When the 3,129 acquired abroad are added, we have a total of 12,803
planes and 27.801 engines," says the letter. “While the only service
planes thus far produced in this country have been observation and bombing*planes, those acquired abroad include pursuit and combat planes.”
The Attorney-General says he agrees with Judge Hughes that there is no
evidence upon which “it can be fairly charged” that any member of the
Aircraft Board, “including Mr. Howard E. Coffin, General Squier,
Colonel E. A. Deeds, Colonel R. L. Montgomery; Colonel S. D. Waldon,
Mr. Richard F. Howe, Mr. Harry B. Thayer, Admiral
Taylor, and other
naval officers, has been unlawfully interested in any contract or transaction

relating to aircraft production. Indeed, as to this charge, there has, at
no time, been ground for a question involving
any of these gentlemen ex¬
cept Colonel Deeds.”
Part of the letter defends the form of contracts, and says it is a
popular
misconception that the contracts promote large increases by contractors.
Mr. Gregory explains that the contracts are not a fixed
per cent of produc¬
tion cost, but the production cost plus a fixed sum, and that
it is to the
contractor’s interest to keep the production cost as low as
possible. He
says that in the case of the Liberty motor the result has been a reduction
of the estimated cost from $6,087 to $5,000 and the fixed
profit from
$913 to $625 and “finally the putting of the contracts on a fixed price basis
when experience had shown what would be a fair
price.”
Charges of unfair discrimination and favoritism in awarding contracts
have been made, says he, and adds that these were generally in the matter
of contracts for planes.
“Selection had to be made," says the Attorney-General.
“It cannot be
said that plausible reasons were wanting for those made.
If mistakes were
made nothing has been developed which would justify the
charge that they
resulted from corrupt motives.”
Other charges that there have been exorbitant profits to contractors,
the Attorney-General answers by saying: “On their face they
appear to be
unusually liberal." but when it is remembered that 60% or more of the




[Vol. 107

profits must be paid to the Government in income or excess profits, and
that most of the net profits will be invested in plants or buildings which
may not be of use after the war, “my conclusion is that no such profits
have been allowed as to justify a charge of bad faith.”
Of the “cross-license” agreement, which created much comment, he
says this resulted in the Government, through contractors, securing the
use of all necessary patents at a fixed cost, and with little friction.
The
Attorney-General advised that the arrangement did not interfere with the
anti-trust law, and says he does not believe that members of the Board
were actuated by dishonest or unlawful motive in bringing about the crosslicense agreement.
Returning to the subject of Colonel Deeds, Mr.
Gregory says:
“Of all the members of the Aircraft Boards, the one most severely
criticised and against whom most charges have been brought has been
Colonel E. A. Deeds.
The evidence does not disclose any violation by
Colonel Deeds of the criminal laws.
In the early part of 1918 public state¬
ments were issued with official authority purporting to set out the progress
which had been made in the production of engines and planes and the
prospects of the immediate future.
These publications were not only
misleading, but they contained false statements, and were issued in re¬
liance upon information principally furnished by Colonel Deeds, who was
acquainted with the actual facts. While the conduct of Colonel Deeds
in this matter

was

not criminal, and cannot be said to have affected actual

production, It

was inexcusable and
“1 also find that Colonel Deeds was

reprehensible.
guilty of censurable conduct in acting
as confidential adviser of H. E. Talbott and in
conveying information to
the latter with respect to transactions of business between the DaytonWright Airplane Company and the Division of the Signal Corps, of which
Colonel Deeds was the head.
“Whether or not Colonel Deeds should be subjected to disciplinary
measures for the acts referred to is a matter to be determined by the War
Department.
I acquiesce in the recommendation of Judge Hughes that
the facts be submitted to the Secretary of War.”
Of the officers and employees of the Signal Corps he writes that the corps
had to be hurriedly enlarged and many civilians were taken in, but “the
investigation has failed to show, unless the instances hereinafter noted
constitute exceptions, that any person, military or civilian, connected
with the Signal Corps, has desired to retard or delay production, or has
done anything intended to accomplish that result, or has intentionally
caused waste of funds, or has been actuated by disloyal motives, or been
guilty of dishonesty or malversation.”
The “instances” referred to are those of Lieut. Col. J. G. Vincent, Lieut.Col. George W. Mixter, and Second Lieutenant Samuel B. Vrooman, Jr.

Lieut.-Col.

Vincent

was

Vice-President

of

the

Packard

Motor

Car

Company and after he became an officer he continued to hold stock in the
concern.
He was one of the original designers of the Liberty Motor and
is now in charge of the Airplane Engineering Division of the Bureau of
Aircraft Production.
He was instrumental, the letter states, in having
certain payments made to the Packard Company for drawings, models,
tests, Sec., and for eleven standardized engines.
“The course of procedure which resulted in the payments of this money
was without a written contract and otherwise
irregular and unusual,” says
the Attorney-General.
He says he agrees with Judge Hughes that Lieut.Col. Vincent violated the section prohibiting any person interested in a cor¬
poration from acting as an agent of the Government for transacting busi¬
ness with the corporations, but states that he, like
Judge Hughes, does
not believe Lieut.-Col. Vincent had any intent to defraud the Government.
Lieut.-Col. Mixter held twenty-five shares (par value $2,500) of the pre¬
ferred stock of the Curtiss Aeroplane Motor Corporation, and while hold¬
ing this stock, says the letter, visited one of the corporation’s plants in his
capacity as head of the Inspection Department and Production Manager
of the Aircraft Section.
This, says the Attorney-General, constituted a
violation of the law.
Lieut .-Col. Mixter testified that he had possessed
both common and preferred stock, and remembered he had sold the com¬
mon
but did not remember whether he had held the preferred or not.
Lieutenant Vrooman owned $10,000 stock of the S. B. Vrooman Com¬
pany, which had a contract with tb, Government to supply mahogany,
and while holding the stock the Lieutenant was put in charge of the in¬
spection of propeller lumber, including mahogany.
He selected district
officers, who selected the inspectors. The plant was under his jurisdic¬
tion, but he denied that he ever personally inspected its lumber.
The
Attorney-General says the officer violated Section 41, under the same
charge as Vincent and Mixter.
Another part of the letter says that for a short time Lieutenant Vrooman,
J. C. Wickliffe, and J. Edward McCullough, while representing
the Gov¬
ernment in dealing with mahogany manufacturers, received salaries from
the manufacturers as well as from the Government.
Mr. Gregory says
he agrees with Judge Hughes that this constituted “gross impropriety”
on both sides, but that it was not a criminal act unless cases of bribery or
conspiracy to defraud were proved.
He said he accepted Jud ;e Hughes’s
suggestion that the best way to obtain such proof would be to have the
Federal Trade Commission determine whether the mahogany prices were
,

fair

In

and

reasonable.
office of the Signal

Corps “small graft,” which was “fostered”
civilian, and evidence of dishonest inspection on a “rather small scale”
were discovered in “one of the least important plants” and these have been
turned over to grand juries.

by

one

a

In the matter of contracts the letter says:
“A searching inquiry has been made into the conduct of the work by the

principal contracting .companies. Agreeing substantially as I do with the
statement of facts made by Judge Hughes, I am of opinion that it cannot
fairly be charged that a managing officer of any contracting corporation
has desired or attempted to delay production or been actuated by disloyal
motives.
To what extent, if any, inefficiency or mismanagement is to be
inferred from the facts stated I do not deem it within my province to de¬
termine.”

Almost the last subject in the letter to the President is “German sympa¬
thizers,” and the Attorney-General says that there were numerous beforethe-war sympathizers with Germany in various factories, but there is
nothing to show that heads of factories kept the men there in order to re¬
tard production.
He says they were retained princiaplly because they
were skilled laborers.
He names the “instance” of the head of the drafting
department at the Ford Motor Company, a man named Emde, of German
birth.
There were “persistent rumors” that some officers of the company
thought it unsafe to retain Emde, who had been in the factory nine years.
Henry Ford said he had absolute confidence in the man. In the Hughes
report Mr. Ford is quoted as saying that every man had to make some
sort of sacrifice in the next few years, and “possibly Mr. Emde, German
bora, was making his sacrifice now, when making drawings for Liberty
motors to be used against Germany.”
Of sabotage in factories, the Attorney-General says seven men have been
indicted, two pleaded guilty, and five are on trial. He adds that in the
last eighteen months between 100,000 and 200,000 laborers have been
at work in factories where Government airplane work is undertaken.

Nov. 9 1918
FORD
In

DEFENDS

EMPLOYMENT OF
AIRCRAFT WORK.

ALIENS

ON

statement issued at Detroit

on Nov. 1 Henry Ford,
in answer to charges in the Hughes report that the Ford
works had been lax in eliminating pro-German aliens on
a

aircraft engine work declared that the Ford Motor Co. did not

single German alien without the permit from the
Marshal’s office and pointed to the production of 1,242
Liberty motors in the month of October as the best answer
to the charges.
Mr. Ford’s statement read:
employ

a

The Ford Motor Company has manufactured 1,242 Liberty motors dur¬
ing the last month. That was about 300 more than were manufactured by
the next highest factory.
I do not know What better answer could be
made to all the criticisms.
We started later than others and have passed all the production standing

the most rigid inspection in every particular.
In times of panic great
policy is to make men, not to break them.
injury and injustice are often done to innocent persons, and we try to keep

up to
Our
our

heads.

We would not allow injustice to be done to an old, trusted, and valued

in Germany. The results speak for
as the special example in the Hughes
report, has been with us a little over twelve years, and he is a most able
and excellent engineer and has always given perfect satisfaction.
Not one
word of fault could be found by Mr. Hughes or any one else with regard

employee

even though he was bom
themselves.
Mr. Embe referred to

to Mr. Embe’s actual work.

We in the plant know that he gave valuable assistance and many sugges¬
tions with regard to the development of the Liberty motor cylinders, which
are being furnished to all of the manufacturers, with a saving of $345,000 a
month to the Government over former prices.
From the very beginning of the war we have taken the greatest precaution

against sabotage

or

other hostile work of aliens, and at the same time have

endeavored to follow the instructions of the United States Government as
stated to us by the United States Marshal.
We have had no interference
with our work that could in any way be traced to enemy aliens.
We or¬

investigating department, with the utmost care, to examine
enemy and his work, and we have been
Government officials for that work. The
United States Marshal can speak for himself as to our organization and
work with regard to that.
“The Ford Motor Company did not employ a single German alien without
the permit of the Marshal’s office.
There were 801 applications in all out
of 40,000.
When the names were brought to us we found that they had
already been thoroughly investigated by the Ford investigators,” said
United States Marshal Henry Behrendt.
“We found in our work that the
Ford investigating system is che most thorough of any, and I have often

ganized

1793

THE CHRONICLE

an

into the record of every alien
commended most highly by the

referred to it as a model for others to follow.
We have had less trouble with enemy aliens
“

In the Ford plant than in any
If there is any blame with regard to the Ford plant, it
should be on the Marshal’s office, and not on the Ford people.
We only
found two men against whom a suspicion arose afterward, and they were
taken care of.
In our investigation we found that many of the 800 had sons
and brothers in Europe fighting for America.”
other large plant.

LIEUT .-COL. VINCENTS BUSINESS ASSOCIATES DE¬
FEND HIS RECORD AGAINST HUGHES CHARGES.

improper conduct contained
Hughes on aircraft production against
against Lieut .-Col. J. C. Vincent, former Vice-President
of the Packard Motor Car Co.,.on the ground he had re¬
tained his stock in that corporation after becoming an officer
in the army, and in a branch of the service whereby he could
serve his concern, Alvan Macauley, President of the Packard
Company, as quoted in a press dispatch from Detroit on
Nov.l had the following to say:
With regard to the charges of

in the report of Justice

Judge Hughes’s report, I am advised, gives credit for the invention and
creation of the Liberty motor to the Packard Car Company and to Colonel
Vincent while he was still Vice President of this company, in charge of
engineering.
Shortly after the Liberty motor was created, Mr. Vincent
resigned his large salary with this company to accept the position of chief
engineer of the Liberty motor for the Government at a salary about onefifth as much.
The Liberty engine having been created,
ganization to expedite its production.

there was no Government or¬
The crying need was for a
man capable of cutting the entanglements of Government red tape, created
during peace times, and to get results.
Preliminary models were ready
within about a week and a complete ready-to-operate Liberty motor was
built by night and day effort within a month from the time the Packard
Company received instructions from the Government to proceed.
It cost both Colonel Vincent and the Packard Motor Car Company
heavily to develop the Liberty motor, and neither has asked one cent of

for that development. The Packard Company’s patents and
inventions—upon which it had spent several hundred thousand dollars
before the declaration of war—were expressly donated to the Government
for use during the war gratis, all of which is a matter of written record.
Our opinion Is that if there had been more red tape cut at Washington
during the early stages of the war preparations we would have been in con¬

dressing the gathering, which

joined in by Protestants,

was

Catholics and those of the Jewish faith, Secretary Baker
said in part:
At the request of the President, these seven organizations are co-operating
closely and sympathetically in the promotion of their common aim and
purpose.
Some people are wondering, in the event of an early peace,
whether the great sum of money which this campaign has been organized
to raise will be needed.

Let me tell you very emphatically that if peace

would be needed even more than
though the war were to continue another year.
I rather imagine from some of the things which have been said here, that
there is an apprehension on the part of the committee lest people may fear
that the war will come to an early end. and therefore withhold their sub¬
scriptions to this fund. I do not know when this war against the German
Empire will come to an end, but I know this- that the war for the salvation
of young American manhood has only just begun, and it is going to keep on.
It is true that if the war should come to an early end it will take a long
time to get these boys home, and they will have to be put in camps in the
United States and gradually filtered back into the industry and life of
America, and it will be a long-drawn-out process, and the attacks of home¬
sickness and the desire to get back into the careers of civilian pursuits
will be more difficult for them to manage than when they are drawn by the
single lodestar which challenges them to heroic action.
There will be need
for us to redouble our efforts and to put both arms around these boys, if
only one has heretofore encircled them.
Therefore I express these sentiments to-day, one of congratulation to
the American people upon the superb army it has abroad, an army which is
winning victories over its enemies because it first won victories over itself.
And the second thought I desire to express is one of appreciation to the
American people for their intelligent co-operation, their superb support of
those who have been charged with the duty of molding this army and get¬
ting it abroad, the splendid way in which the whole country has come
together as one, forgetting every source of separatist difference of opinion
in order that the common things might prevail.
We must press this campaign forward; we must secure these funds, we
must continue the services of the devoted men and devoted women who
are there now sharing the dangers of the front, and the privations of the
soldier’s life.
We must maintain and increase their activity with our sol¬
dier boys, and when those boys do come home, think what an inspiration
it will be to them to realize that when they went into battle, forgetting and
abating all minor differences in the interest of their patriotic loyalty and
desire to do their duty, that we were not found wanting on our side, that
we abated our differences, and made a united effort to sustain the thing
here for which they were giving their lives there.
were

declared to-morrow this vast sum

The fund sought in the drive is to be apportioned among
the following: Young Men’s Christian Association, Young
Women’s Christian Association, National Catholic War

the Knights of Columbus and
women), the Jewish Welfare
Board, American Library Association, War Camp Com¬
munity Service and Salvation Army. Details of the drive
and the amounts to be apportioned in each case were given
in our issue of Sept. 14, page 1055. On Oct. 25 Secretary
Baker in a statement answering inquiries as to the War
Department’s attitude toward independent associations,
stated that all organizations seeking funds for war relief
work should if possible be absorbed by the seven agencies
recognized by the President. A letter of the latter concern¬
ing the campaign was made public this week as follows:

Council (including the work of
the special war activities for

The White House. Washington.

My Dear Mr. Fosdick:

May I convey through you as Chairman of the Commission on Training
Camp Activities, a very warm expression of the Government’s appreciation
of the splendid services rendered by the seven officially recognized volunteer
organizations which are ministering to the troops at home and overseas?
The agencies to which I refer are Young Men’s Christian Association,
Young Women’s Christian Association, National Catholic War Council,
Jewish Welfare Board, American Library Association, War Camp Com¬
munity Service and the Salvation Army.
Our soldiers overseas are fighting
the battle for democracy with a spirit and a morale unexcelled in any other
army.
That spirit and that morale will win the war. Through the work
which these seven organizations are jointly conducting America is ex¬
pressing her whole-hearted support, of our troops in camp and in the lines,
and her anxious desire that the fine edge of their training as fighting men
should be maintained.
The activity of these organizations, therefore, in
mobilizing the home, the club and the church behind the army is of vital
military value and will be of the most essential value in effecting the result.
The united war work campaign of these societies is merely another indi¬
cation of that unity of spirit as a nation that is making it possible for us
to win the war.
That spirit and the place which the work of these agencies
has made for itself in the hearts of all of us gives me confidence to believo
that the united campaign will be crowned with abundant success.
Cordially and sincerely yours,

recompense

dition to win the war even earlier.

Lieut .-Col. Vincent, being an army officer, is under the rules of theser-

vice, and precluded from making any reply to or denial of the charges
against him. But the facts are perfectly clear, and as we are not under
the restraint upon him we cannot remain silent while even a technical

charge is leveled against him.

UNITED DRIVE BY Y. M. C. A., Y. W. C. A., K. OF C.,
AND OTHER WELFARE ORGANIZA TI0NS.
The United War Work campaign to raise $170,500,000

apportioned among seven welfare organizations, will
open on Monday next, the 11th inst., and continue until
the 18th.
In preparation for the campaign a mass-meeting
was held last Sunday at Madison Square Garden, at which
Secretary of War Baker was one of the speakers. In ad"
to be




WOODROW WILSON.

Henry P. Davison, Chairman of the War

Council of the

American Red Cross, in a cable message from Europe urging
the members of that body to support next week’s campaign,
said:
*
Having spent nearly five weeks among our men along the back of the
lines in England, France and Italy, I have had opportunity to observe the
Certainly every chapter of
work of the seven war relief organizations.
the American Red Cross within the United States and indeed, in all other
parts of the world, and all citizens of the United States, would contribute
to the work of these organizations if they could appreciate its importance.
Our nearly two million men are far from home, in strange lands, and
need as men never needed before just the things that these organizations
supply.
I am, therefore, confident the entire Red Cross, conscious of Its
obligation, will co-operate with enthusiasm and zeal in the coming cam¬
paign.

The American Red Cross, which

will have its campaign for

funds next spring, announced on Oct. 25 that its chap¬
ters and members throughout the country would co-operate
in the drive and that no funds for the Red Cross will be col¬
lected during the coming^ week.

war

1794

THE CHRONICLE

Announcement was made on the 7th inst. that the United
States Steel Corporation had given $5,000,000 to the United
War Work campaign. According to George W. Perkins,
Chairman of the Committee on Industries of the War Work

campaign, it is the largest single gift ever made by any
corporation to any object. The Steel Corporation’s con¬
tribution was solicited by E. A. S. Clarke, President of the
Lackawanna Steel Corporation and Chairman of the sub¬
committee soliciting steel companies. In his letter to Mr.
Clarke Judge Gary said:
Nov. 7 1918.

My Dear Mr. Clarke* I be? to acknowledge receipt of
6 Instant, relating to the United War Work Campaign.

your

letter of Nov.

It seems to me that the steel concerns of this country should contribute
at least $10,000,000 toward this fund.
The United States Steel Corpora¬
tion will contribute $5,000,000.
We are of the opinion that these seven organizations, together with the

American Red Cross, are furnishing to the soldiers what they need above
everything else to secure physical and moral health, strength, and comfort,
and that this cannot be provided in any other way than by voluntary con¬
tributions of money and labor.
Even though the war should immediately
be brought to a conclusion, the necessities of our soldiers will not be di¬
minished for many months.
Wo make the contribution with the belief
that in no other way can we so well serve our soldiers and our country.
Since receiving the opinion of our counsel that such contributions are
legal and proper, we do not hesitate to make them and charge the same
to the expense account.
Sincerely yours,
E. H. GARY,
Chairman United States Steel Corporation.

On the 6th inst. the following resolution was adopted by
the directors of the American Iron & Steel Institute, at a

meeting held at the office of Judge Gary, President of the
Institute, recommending to the companies with which they
are connected that they contribute to the campaign as
liberally as circumstances permit:
Resolved, That In the opinion of the members of the Board of Directors
of the American Iron & Steel Institute the objects of the approaching United
War Work Campaign are of supreme importance and should receive the
cordial support of all American industries.
The seven organizations for
whom the funds are to be raised are furnishing to the soldiers what they

need above everything else to secure physical and moral health, strength
and comfort, and this will not and cannot be provided in any other way than

by voluntary contributions of money and labor. The number of lives
saved, the suffering allayed, the immorality prevented, the general good
accomplished by these organizations cannot as yet be definitely stated,
but we know they justify everything we can do in support of the work
that is being done.
Therefore, it is further resolved that the members of the Board will
recommend to the companies with which they are respectively connected,
and likewise they recommend to all concerns affiliated with the iron and
steel Industry that at this time they contribute in their various localities

liberally as circumstances in their judgment permit. The Institute
throughout the war has advocated its prosecution with all the force at the
command of the country until victory could be achieved, and the members
now have another opportunity to render efficient service.
as

DEATH OF MRS. RUSSELL SAGE.
Mrs. Russell Sage, widow of the capitalist, died on Nov. 4
after an illness of only a few days, from ailments incident to
advanced age. Mrs. Sage was ninety years old. Besides

being classed

as one

of the wealthiest of

women,

Mrs. Sage,

since the death of her husband in 1906, was equally as well
known for her great benefactions. Mrs. Sage, who was born
in Syracuse, N. Y., in 1828, and was a descendent on her
father’s side of Capt. Miles Standish, inherited from her
husband some $70,000,000 to $75,000,000, which, it is

stated, has grown despite her many gifts. Reared in humble
surroundings and obliged, at the age of nine, to do her share
in maintaining the home, Mrs. Sage had lived unostenta¬
tiously notwithstanding her great wealth. Among her nu¬
merous gifts for philanthropic and educational
purposes the
most important was the $10,000,000 endowment in 1907 for
the establishment of the Russell Sage Foundation for the
improvement of social and living conditions in the United
States. The following official statement of her gifts, made
public on Nov. 4, is taken from the New York “Times”:
For Charitable Institutions.
An endowment fund of

$10,000,000 to the Russell Sage Foundation, the
income to be used for the betterment of social and
living conditions.
To the Russell Sage Institute of Pathology, an endowment fund of
$300,000.
For the Association for Relief of Respectable Aged, Indigent Females,
addition to its*building on 104th St., $25,000.
Adirondack Cottage Sanitarium, $25,000.

an

Working Girls’ Home on East 12th St., $25,000.
To the Young Men’s Christian Association, for a new
building for the
International Committee, on 28th St., New York, $350,000.
For addition to Y. M. C. A. Building at Brooklyn Navy
Yard, about
$340,000. For building at Fort McKinley, Philippines, $25,000; for Long
Island RR. branch, new building at Long Island City, $100,000; for new
building at Fort Slocum, $50,000.
Educational Institutions
Rensselaer

Polytechnic Institute, Troy, $1,000,000.
Troy Female Seminary (Emma Willard School), $1,000,000.
Harvard University, a new dormitory.
Yale University, the Hillhouse property, consisting of
thirty acres, at a
cost of about $650,000.
This constitutes what is now known as the PiersonSage Campus.
Princeton University, dormitories and tower.




[Vol. 107

New York

University, for the purchase of additional land, about $300,000.
Northfield Seminary, a memorial chapel.
Gifts to Syracuse University, Idaho Industrial Institute, Lincoln Uni¬
versity. Girls’ School at Constantinople, and the Berry School of Rome, Ga.
To the Metropolitan Museum of Art, the Bolles Collection of American

Colonial furniture and household art.
For National and

City Purposes.

Constitution Island, opposite West Point, purchased and presented to
the United States Government.
The City Hall of New York, as respects the rotunda and the Governors’
room,

restored under the direction of the Art Commission.

Large plantations of rhododendrons, at

a cost

of about $60,000, for

Central Park.

Libraries of technical books to each of the 258 fire houses in New York

City.
For Sag Harbor, Long Island, a public library, including land, building,
books, and endowment, a new public school and an extensive playground.
A bird refuge in Southern'Louisiana, known as Marsh Island, consisting
of about 70,000 acres.

HIGHER EXPRESS RATES APPROVED BY INTER¬
STATE COMMERCE COMMISSION— DIRECTORGENERAL McADOO'S STATEMENT.

Proposed increases in

express

rates, to become effective

unless another method of

giving the American Railway Ex¬
press Company added revenue should be worked out with
the Railroad Administration, were approved by the InterState Commerce Commission on Oct. 26.
While approving
the methods of applying the higher rates proposed by the
express company, the Commission suggested that some plan
should be worked out between the company and the Railroad
Administration to give all of the additional revenue to the
company instead of dividing it with the railroad according to
the terms of the existing contract. Following the Commis¬
sion’s announcement, Director-General McAdoo stated that
the

suggestion would not be followed on the ground that the
are entitled to a proportionate slmre of any new
revenue on account of the higher cost of hauling express
shipments. The railroads now receive 50XA% of every dol¬
lar received by the express company for transportation.
It is stated that the express company will proceed immedi¬
ately to raise charges, but that these rates will be subject
to review by the Inter-State Commerce Commission on com¬
plaint of shippers. The new rates, it is stated, would be a
maximum of 17 cents per hundred pounds higher on firstclass shipments and 12 cents on second-class in so-called first
zones, or short hauls, generally less than 100 miles.
For
longer hauls first and second class rates would be advanced
12 and 8 cents a hundred pounds, respectively, as maximums.
In addition, 10 cents per hundred pounds, regardless of dis¬
tance, would be added to commodity rates.
The express
company has estimated that of the $23,679,000 which the
proposed rates should produce, $17,037,000, or more than
two-thirds, would come from transportation in the first zone.
The entire $11,780,000 which the express company would
receive from the increased revenue is to go to pay higher
wrages to employees who did not share in previous wage ad¬
vances.
The following is Director-General McAdoo’s state¬
railroads

ment:
The Inter-State Commerce Commission, in its decision announced last
Saturday with reference to proposed increase in express rates, indicates
that the plan proposed constitutes a justifiable method of dealing with the
necessities of the situation unless the Director-General should reduce the
percentage basis of compensation which the express company is to pay the
Director-General or unless he should make what is in effect a similar

change in the contract by providing that only half of the proposed increase
in rates shall be made and that the entire increase thus made shall inure to
the benefit of the express company.

These alternatives had already been carefully considered by the DirectorGeneral, and the conclusion was reached that neither alternative was
justifiable in the circumstances.
The contract between the Director-General and the express company pro¬
vides that the express company shall pay to the Government for the express
privileges accorded to it by the Director-General 50.25% of the gross reve¬
nues from the express business.
This percentage represents the average
which has been paid for ten years by the express companies to the railroads
and it is fair to assume that this percentage represents what is required
for the performance of that part of the total service which has been per¬
formed by railroads in the past.
Moreover, the heavy increases in op¬
erating costs on the railroads have necessitated substantial increases in
freight and passenger rates averaging probably 25% or more, and averaging
in the case of many passenger rates as much as 50%.
In such circum¬
stances it is clearly unwise to make an actual reduction in the basis of the
Government’s compensation for the express privileges accorded to the ex¬
press company for services on passenger trains.
By the preservation of the
present established basis of compensation for the express privileges, the
increase in revenue of the Railroad Administration from the carrying of
express business on passenger trains will be no greater than the increased
revenue paid for transportation of passengers and their
baggage, and such
increase from the express business is just as appropriate and
necessary^as
the increase from the passenger business.
Another consideration of first importance is that the relatively low rates
for transportation of express matter have had the effect of
transferring!to
passenger trains the transportation, as express, of many articles and com¬
modities which ought normally to go by freight.
This tendency has been
accentuated by the substantial increases recently made in freight rates.
The result of this undue transfer of freight matter to passenger train/has
been to congest and delay the passenger train service.
The proposed jincrease in express rates will probably fall short of
establishing a proper* re-

Nov. 9

1918.]

THE CHRONICLE

lation between express rates
and freight rates, and certainly on t-.hig ac¬
count no less increase in
express rates than is proposed would be advisable.
The entire amount of this
increase which will inure to the express com¬
pany is to be used for making
necessary increases in wages of express em¬
ployees. The portion of the increase which will inure to the
Railroad
Administration will be no more than is needed to
provide for heavy in¬
creases in
operating cost fairly chargeable to the express business.

REVISION OF CLASS RAIL RATES WITHIN STATE
OF OKLAHOMA.
The United States Railroad Administration has issued
the
following statement regarding the revision of class rail
rates in Oklahoma:
Director-General McAdoo, convinced of the necessity of
mAirtng some
revision in the dan rates applicable within the State of
Oklahoma, has
promulgated a new schedule to become effective on ten days’ notice. This
schedule was] decided upon after several conferences
with Chairman Hum¬
phrey and Commissioner Russell, of the Oklahoma Corporation Commis¬
sion; also Senator Owen and Congressmen Ferris,

Thompson, Carter,

Chandler, Morgan, McClintic, McKeown and Hastings, together with
Mr. W. V. Hardie, Manager of the Oklahoma Traffic
Association, and is
fully satisfactory to them.
Oklahoma’s trouble lay in the fact that the application within the State
of the so-called
Shreveport scale of class rates constituted in itself a con¬
siderable advance over the Corporation Commission’s scale
previously in

effect, and with the additional 25% increase provided for in General Order
No. 28, resulted in rates about
60% higher than formerly in effect, and
considerably in excess of the inter-State rates from Kansas, Missouri and
Arkansas into Oklahoma, the latter having been increased but
25%.
The new schedule represents approximately an
average of the rates in
a number of Southwestern States.
It does not fully equalize Oklahoma
with inter-State competitors, but in the
opinion of the Oklahoma repre¬
sentatives, will provide the needed temporary relief from a condition
which was affecting Oklahoma’s industries to a material extent.

For the present the inter-State rates from States to the north and east
into Oklahoma, which are lower than the new Oklahoma
schedule, are to
remain in effect; but further consideration is

being given by the Railroad
Administration to a more comprehensive revision and equalization of con¬
flicting schedules in the Southwest.

OFFSETS TO ADVANCES TO RAILROADS BY
GOVERNMENT.

Supplementing the announcement made by Director-

General of Railroads McAdoo
issue of

Nov. 1 (and

given in our
1717), concerning advances

on

Saturday last, page
$421,550,598 made to railroads under Government control
during the period from April 1 to Nov. 1 1918. A further
statement was issued by him on Nov. 2
showing that re¬
ceipts of $189,761,905 have been turned over to the DirectorGeneral by the transportation companies, making the net
amount advanced to them $231,788,693.
A list of the
of

lines which have turned over to the Director-General for the
common fund certain amounts of cash from their
surplus
balances without asking for a return of any portion of such
deposit, is furnished in Director-General McAdoo’s an¬
nouncement of Nov. 2, which we give in full herewith:
From April 1 1918 to Nov. 1 1918 the total amount advanced to
railroad and other transportation properties under Govern¬
ment control, including loans and payments made
by the
Director-General to railroad corporations to meet their
needs, and including also advances made to meet operating
deficits of certain roads, construction and betterment costs,
and also including the amount advanced by the Government
on account of the new standardized locomotives and
freight
cars, was

$421,550,598

Against these advances certain transportation companies under
Government control have turned over to the DirectorGeneral from their current funds and surplus earnings an
amount aggregating $169,050,000, and the Director-General
has thus far received from the American Railway Express
Co. $20,711,905, making total receipts from the transporta¬
tion companies
$189,761,905
So that the net amount advanced to all transportation com¬
panies, over and above the amount received from them by
the Government to Nov. 1 1918 was
$231,788,693
The two largest items making up these advances are the loans
made to the New Haven System for the redemption of its
collateral trust notes of $43,964,000, and advances made to

locomotive and freight car builders for rolling stock under
construction for various roads of $58,433,628, leaving the
net outlay by the Government in addition to these two prin¬
cipal items
$129,391,065
Of the $169,050,000 turned over by the roads to the Director-General
(in addition to the $20,711,905 derived from express receipts) from their
temporary surplus, $91,157,875 has already gone back to roads which had
temporarily made deposits with the Director-General, these roads subse¬
quently calling upon the Railroad Administration for considerable advances
in addition to the return of the amounts which they had
deposited.
The only transportation properties which turned over to the DirectorGeneral for the common fund during this period amounts of cash from their
surplus balances without asking for the return of any portion of the money
so deposited, were the following;
Atlantic Coast Lines and
Staten Island Rap. Tran.
$300,000
Louisville A Nashville_$14,050,000 Clyde Line
300,000
Duluth Missabe & North 10,400,000 Lake Erie A Western
200,000
Atch. Topeka A Santa Fe
Northwestern Pacific
9,200,000
200,000
Elgin Joliet A Eastern.. 4,500,000 Gulf A Ship Island
150,000
Duluth A Iron Range
3,400,000 Texarkana A Fort Smith
100,000
Bessemer A Lake Erie._
3,000,000 Grand Rapids A Indiana
100,000
Central RR. of N. J
2,500.000 Mississippi Central
100,000
Pullman Car Lines
2,000,000 Litchfield A Madison...
100,000
Los Angeles A Salt Lake
1,050,000 Cumberland Valley
100,000
Spokane Portl. A Seattle
900,000 St. Louis Troy A Eastern
100,000
Lehigh A New England.
750,000 Mallory Line
100,000
El Paso A Southwestern.
750,000
New Orl. Texas A Mexico
Total
300,000
$54,650,000
The total amounts of cash advanced by Director-General McAdoo to
all railroad companies from April 1 1918 to Nov. 1 1918 are shown in the
following list:




1795

Pennsylvania RR. Lines $56,620,000 Western Pacific

N. Y. Central Lines
N. Y. N. H. A Hartford
Baltimore A Ohio
Chicago Milw. A St. P.
Illinois Central
Erie RR
Chicago R. I. A Pacific.
Southern Pacific Lines.
Southern Railway Lines

55,320,000
50.000.000
22.250.000
16.925.000
15.475.000
12,900.000
7,700.000

K. C. Mex. A Orient

Bangor A Aroostook
Pittsburgh A Shawmut.
Georgia RR
7.500.000 Central New Eng. Ry
7,248.000 Maine Central
6,400,000 Belt Ry. of Chicago
6.250.000 Central Vermont Ry
6.020,000 Chic.Terre Haute A S.E
5,450.000 Midland Valley RR
5,100,000 Detroit Toledo A Iront.
5,000,000 San Ant. A Aransas Pass
4,850,000 Vicksb. Shreve. A Pac.
4,790,000 Chicago A Western Ind.
4,400,000 Chicago Peoria A St. L.
4,400.000 Pittsb. A West Virginia
4,125,000 Trans-Miss. Tom. RR.

Chicago Burl. A Quincy
Chesapeake A Ohio

St. Louis A San Fran
Seaboard Air Line
Chicago A Northwest’n
Union Pacific
Missouri Pacific
Delaware A Hudson—
Denver A Rio Grande.
_

Philadelphia A Reading

Wabash RR
Northern Pacific

4,000,000 Atlanta Birin. A Atlan.
3,500,000 Illinois Southern Ry

Lehigh Valley

Buffalo Roch. A Pittsb.
M. K. A T. Lines
Norfolk A Western
Great Northern Ry
Del. Lack. A Western._
Minn. St. P. A S. S. M.
Western Maryland

3,040,000
2,645,000
2.500,000
2,500.000
2,500.000
1,910,000
1.812.999
1,670,000
1.635.000
1,425,000
1.370,000
1,350.000
1,350,000
1,060,000
1,000,000
925,000
854,775
825,000
805,000
800,000
800,000
760,000
720,000
700,000
621,000
613,000
590,095
507,660
500,000
500,000
437,000

Minneapolis A St Louis
Chicago A Alton

Chic. Ind. A Louisv
St. Louis A SouthwestChic. St.P.M. AO.Ry.
Central of Georgia

Kansas City Southern..
Hudson A Manhattan.
Boston A Maine
N. Y. Chic. A St. Louis
Term.RR.A8sn. of St.L.
Colo. A Southern Ry..
Florida East Coast....
.

Virginia Railway

Norfolk Southern RR..
Indiana Harbor Belt—

Wheeling A Lake Erie.

Internat. A Great Nor.
N. Y. Ontario A WestGulf Mobile A Northern

.

Grand Trk. West. Lines
Ann Arbor RR
Denver A Salt Lake

Chicago A Great WestHocking Valley
Chicago Junction Ry_.
Chicago A Eastern III

Cine. Ind. A Western..
Duluth S. S. A Atlantic
Portland Terminal
New Orl. Great North.
Rutland RR
Balt. A Ohio Chic.Term
Old Dominion SS. Co..
Ft. Worth A Denv.City
Pere Marquette
Alabama A Vicksburg.
Rich. Fred. A Potomac.
Wash. Bdwine A Pt. L.
Louisiana A Arkan. Ry.
San Ant. Uvalde A Gulf
Franklin A Pittsylvania
_

Western Ry. of Ala
Cumber’d A Penn. RR.
Detroit Bay City A W_

Ulster A Delaware
Louisv. Hend. A St. L.
Tennessee Central
Louis. A Miss.V.AT.Co.
Lehigh A Hudson
Advances made to loco¬
motive and freight car
builders for rolling
stock under construc¬
tion for various roads
Total

430,000
407,215
400,000
400,000
400.000
353,600

353.500
309.000
300,000
300,000
290,000
285,000
279,451
270,000
262,775
253,000
218,000
215,000
200,000
200,000
190,000
189,000
160,000
150,000
150,000
150,000
120.000
116,000
100,000
95,000
85,000
80,000
63,000
60,000
60.000
50,000
45,000
35,000
35,000
25,000
20,000
20,000
17.500
15,000
12.500
8,000

58,433,628

$421,550,598

The following statement shows the amounts advanced by the DirectorGeneral during the month of October to various transportation
companies,
these amounts being included in the totals shown in the

Pennsylvania Lines

$13,020,000
N. Y. Central Lines
12,400,000
A Ohio RR..
Baltimore
5,750,000
Northern Pacific
4,000,000
Philadelphia A Reading. 3,000,000
Great Northern RR
Delaware A Lackawanna
Erie

RR

Chicago A Northwestern
Illinois Central RR
Minn. St. P. AS. S. M_.
N. Y. N. H. A Hartford
Southern Railroad Lines.
Missouri Pacific Ry
Delaware A Hudson

Chesapeake A Ohio
Wabash RR.

Virginia Ry

a

Colorado A Southern Ry.
St. Louis A Southw. Ry.
N. Y. Chic. A St. L. RR.
Central of Georgia

Chicago Burl. A Quincy.
Denver A Salt Lake....
Norfolk A Western
Buffalo Roch. A Pittsb.
St. Louis-San Francisco.
Internat. A Great North.
Boston A Maine
_

Minneapolis A St. Louis.
Pittsburgh A Shawmut..

preceding list:
235,000
213,490
210,000
200,000
Florida East Coast.
200,000
Maine Central
200,000
Pittsburgh A West Va._
200,000
Norfolk A Southern
190,000
Trans-Miss. Term. RR.
190,000
Chic. A Eastern Illinois.
187,000
Cine. Indlanap. A West.
150,000
Ann Arbor RR
125,000
Chic. Indianap. A Louis.
100,000
K. C. Mexico A Orient._
100,000
Fort Worth A Den. City
85,000
Vicks. Shreve. A Pacific.
82,000
Pere Marquette
80,000
Bangor A Aroostook
53.500
San Antonio A Aran.Pass
53,000
Louisiana A Arkan. Ry..
50,000
Cumb. A Penn. RR
25,000
Detroit Toledo A Ironton
24,000
Detroit Bay City A West
20,000
Lou.A Miss.V.RR.A Tfr.
12.500
Lehigh A Hudson
8,000

Chicago A Alton RR
Western Maryland Ry._
Kansas City Southern..
Chicago Milw. A St. Paul

2,500,000
2,500,000
2,000,000
1,800,000
1,700,000
1,560,000
1.536,000
1,308,000
1,300,000
1,290,000
1,200,000
900,000
800,000
764,000
740,000
722.500
600,000
600,000
590,095
500,000
440,000 Advances in October on
account of standard
412,000
cars and engines under
407,215
construction
375,000
27,773,373
320,000
Total
243.500
$96,045,173

In all cases where the advances made

by the Directbr-General have been
shape of loans, and not on account of the standard rental, the uni¬
form interest rate of 6% per annum has been charged.
in the

PRESIDENT WILSON'S NOTE TRANSMITTING REPLY
OF ALLtED GOVERNMENTS TO GERMAN

REQUEST FOR ARMISTICE.
In a communication handed to the Swiss Minister on
Nov. 5 for transmission to Germany, Secretary of State
Robert Lansing notified the German Government that
President Wilson, having forwarded to the associated
Goverments Germany’s request for an armistice, had re¬
ceived their reply, accompanied by a memorandum of ob¬
servations by the Allied Governments. With this mem¬

orandum, the purpose of which was to make certain reserva¬
tions in regard to the principles laid down by President
Wilson in his speech of Jan. 8 (the so-called fourteen peace
principles), the President declared himself to be in agree¬
The German Government is notified that Marshal
Foch has been authorized by the Government of the United
States and the Allied Governments to receive properly
accredited representatives of the German Government and
ment.

to communicate to them terms of

an

armistice.

The reservation made by the Allied Governments relate
to the freedom of the seas, as to which, they point out,
various interpretations are possible and they therefore re¬

complete freedom to deal with that question at the
conference. The associated Governments also set
forth that in their view the conditions laid down by Presi¬
dent Wilson require that invaded territories must be re¬
stored as well as evacuated and freed. Germany, there¬
fore, must compensate for all damage done to the civilian
serve

peace

[Vol. 107

THE CHRONICLE

1796

population of the Allies and their property by the aggression
of Germany by land, by sea and from the air.
The following is Secretary Lansing’s communication as
made public by the State Department:
DEPARTMENT OF STATE,

quences.
We must begin working for the happier times to which the Ger¬
nation has a right.
The new Government is engaged on this important work.
Equal suf¬

man

frage is assured in Prussia.
The new Government is made up of represen¬
tatives of the majority parties in the Reichstag.
The military admin¬
istration has been placed under the responsibility of the Imperial Chancellor,

far-reaching amnesty has been granted, and freedom of the press and the
right of assembly have been guaranteed. There still remains, however, much

a

Nov. 5 1918.

From the Secretary of State to the Minister of Switzerland, in charge of
German interests in the United States.
I have the honor to request you to transmit the following communi¬
Sir:
cation to the German Government:
In my note of Oct. 23 1918, I advised you that the President had trans¬
mitted his correspondence with the German authorities to the Govern¬
ments with which the Government of the United States is associated as a

to do.

belligerent, with the suggestion that if those Governments were disposed
to accept peace upon the terms and principles indicated, their military
advisers and the military advisers of the United States be asked to submit
to the Governments associated against Germany the necessary terms of
such an armistice as would fully protect the interests of the peoples in¬
volved and insure to the associated Governments the unrestricted power
to safeguard and enforce the details of the peace to which the German
Government had agreed, provided they deem such an armistice possible
from the military point of view.
The President is now in receipt of a memorandum of observations by
the Allied Governments on this correspondence, which is as follows:
“The Allied Governments have given careful consideration to the corre¬
spondence which has passed between the President of the United States
Subject to the qualifications which follow,
and the German Government.
they declare their willingness to make peace with the Government of Ger¬
many on the terms of peace laid down in the lYesident’s address to Con¬
gress of January 1918 and the principles of settlement enunciated in his
subsequent addresses. They must point out, however, that Clause 2,
relating to what is usually described as the freedom of the seas, is open to
various interpretations, some of which they could not accept.
They must,
therefore, reserve to themselves complete freedom on this subject when
they enter the peace conference.
“Further, in the conditions of peace laid down in his addresses to Con¬
gress of Jan. 8 1918, the President declared that invaded territories must
be restored as well as evacuated and freed, the Allied Governments feel
that no doubt ought to be allowed to exist as to what this provision implies.
By it they understand that compensation will be made by Germany for all
damage done to the civilian population of the Allies and their property by
the aggression of Germany by land, by sea and from the air.”
I am instructed by the President to say that he is in agreement with the
interpretation set forth in the last paragraph of the memorandum above
quoted. I am further instructed by the President to request you to notify
the German Government that Marshal Foch has been authorized by the
Government of the United States and the Allied Governments to receive
properly accredited representatives of the German Government and to
communicate to them terms of an armistice.
Accept, sir, the renewed assurances of my highest consideration.
(Signed)
ROBERT LANSING.

co-operation.

MR. HANS SULZER,
Minister of Stcitzerland,
In charge of German interests in

into a people’s State second to no other

our

countrymen who serve

the Commonwealth in official positions

being numbered.

The text of the second of President Wilson’s fourteen

terms, concerning freedom of the seas, as
dress to Congress, Jan. 8 1918 was as

stated in his ad¬

follows:

Second—Absolute freedom of navigation upon the seas, outside terri¬
torial waters, alike in peace and in war, except as the seas may be closed
In whole or in part by international action for the enforcement of inter¬

willing

the maintenance of public
in the German people. It
has proved its brilliant qualities during four terrible years of war and will
not allow itself to be driven senselessly and uselessly into new misery by
visionaries.
Self-discipline and order are needed.
All lack of discipline
will most seriously endanger the conclusion of a speedy peace.
In all parts of the State and Empire we need
safety by the nation itself.
We have confidence

The Government and the commanders of the army and fleet want peace.
They want it honestly and they want it soon.
Until that time we must
protect our frontiers against invasion by the enemy.
The troops who for
weeks have been engaged in severe fighting must be relieved and rested.
It Is for this reason, and no other, that more men have recently been called
up.
Men of the army

and fleet.

to your leaders.
By your
have saved the Fatherland.

as

Our especial thanks are due to you, as well
defiance of death and your discipline you

tasks is economic reconstruction so that sol¬
home from the front may find the possibility of
All large associations
assuring existence for themselves and their families.
of employers have declared themselves ready to re-employ immediately
Provisions
their former employees and workmen now serving the colors.
for employment, the support of the unemployed, and for housing and other
measures with the same object are in preparation or have been carried out.
With the conclusion of peace will come an improvement in food and all
One of our most important

diers and sailors returning

other conditions of existence.

The German Chancellor in an interview in the Berlin
“Vossische Zeitung,” quoted in Amsterdam dispatches on
Nov. 4, also said of the recent changes in Germany:
God be praised for a real peaceful revolution.
The old regime is gone few
good.
I am firmly convinced that a new German democracy soon will be
living at peace with our present opponents, in order to be able to complete
the task of remodelling Germany.

The Chancellor declared that if in the future the

Reich¬

in him he would
resign. With reforms in the Federal States,
obliged to
said, it was unthinkable that the Federal Council should

stag should pass a vote of want of confidence
be
he

receive instructions which would bring it
with decsion3 by the Reichstag.
The dispatch referred to further reported that
ever

the United States.

The number “22” attached to the memorandum from the
Versailles conference, which is quoted in President Wilson’s
note to the German Government, is stated to be the index
number of the statement, each of those adopted by the Allied
conference

The transformation of Germany

country in respect of political freedom and care for the welfare of the masses
The reorganization can only exercise its
will be continued resolutely.
beneficial effects if it encounters among administrative and military au¬
thorities a spirit which recognizes and promotes its aims. We expect from

into conflict

the Supreme

Army Command in an order issued to all deputy command¬
ing Generals, Governments and commandants had relaxed
the censorship and removed restrictions on free speech and
public meetings, the order as quoted reading:
The fundamental idea of our
an

political life is to give the German people

extensive right to express their

opinions in speech and writing, and they

shall, unhampered, express their desires and complaints.
Restrictions
shall be made without regard to parties, according to the following rules:
All meetings shall be permitted unless the objects of such meetings offend
the penal code or are contrary to the interests of warfare, the conclusion of

national covenants.

peace or the maintenance of public order.
The same restrictions apply to the censorship

The care taken by the Allied Governments in making clear
their understanding of the peace principles which the Ger¬
man Government had declared its acceptance of, was inter¬

Commander.

of newspapers and other
printed matter. A preventive censorship of all news and articles of a mili¬
tary nature remains in force.
A preventive censorship can in the future
be placed on newspapers only with the assent of the Supreme Military

preted in most quarters as a fair warning to Germany de¬
signed to forestall future charges of unfairness.
The GERMANY PROTESTS AGAINST ALLIED AIR RAIDS—
enormous extent of the damage which Germany will be
HAVE CHANGED OUR TACTICS, THEY SAY.
called upon to restore staggers the imagination. No attempt
Claiming that since Oct. 1 German air forces have been
has been made to estimate the damage in money, but Andre
under orders to confine their attacks to military objectives,
Tardieu of the French Commission here, was quoted in the
on the assumption that the other side would do the same,
New York “Sun” as estimating that in Northern France
the German Government has addressed a protest to the
alone the damage to civilian property would require for
United States against the continuance of air raids on Ger¬
restoration the labor of 100,000 men for twenty years. In
man cities by the Allies.
The note, delivered on Nov. 4
addition, the wanton destruction wrought in Belgium,
through the Swiss Legation, protests that air raids have
Serbia, Rumania, &c., is to be accounted for not to men¬ been carried out
recently against seven German towns with
tion the enormous damage wrought by the illegal use of
loss of life among the civilian population, and that unless
submarines, the aerial bombardment of unfortified English such raids cease Germany cannot
refrain from aerial attacks
cities, &c. The damage done in Northern Italy must pre¬ on Allied
territory outside the zone of operations.
sumably be accounted for by Austria-Hungary.
This was said to be the first notice received by the Ameri¬
Government that such orders had been issued to the
German air forces, which have consistantly raided defense¬
less cities and towns in France, Great Britain, and Italy since

can

GERMAN GOVERNMENT ASKS PEOPLE'S SUPPORT,
PROMISING STEADY PROGRESS OF REFORM.

The German Government has issued a manifesto, signed the war began.
The State Department made public the German note
by the Imperial Chancellor, Prince Max, the Vice-Chan¬
cellor’s, Friedrich von Payer, and the Secretaries of State, without comment. It read as follows:
The German aerial forces have been under orders since the beginning*of
appealing to the people to bear their hardships and assuring
them that resolute work is being done for the transformation October of this year only to make bomb attacks which are directed solely
against important hostile military objects within the immediate area of
of Germany into a popular State, which will be behind no operations of war. These orders were issued on the assumption that the
State in the world in liberty and social progress.
As quoted enemy aerial forces were to receive similar instructions.
In assuming this the German people find themselves disappointed. A
in Associated Press dispatches from Amsterdam, dated
short time ago the enemy made bomb attacks on the German towns of
Nov. 5, the manifesto read:
Wetvlar, Kaiserslautern, Mannheim, Ludwigshafen, Freiburg, Forbach,
The burden of the present time Is weighing heavily on the world and the
We must overcome these hard days and their conse¬

German nation.




and Weisbaden, claiming numerous victims among
Nor has occupied territory been spared.

the civilian population.

Nov. 9 1918.]

THE CHRONICLE

It is evident that
Germany can refrain from aerial attacks on enemy
territory behind the area of operations only if, on their
side, the enemy
from now on will reciprocate and also
refrain from making aerial attacks
outside the area of military
operations.
In the expectation that the
intention, shared by the other ride, to'further humanity and preserve
Important objects of culture will meet with the
understanding of the opponents, the German Government proposes to the
Governments of the other belligerent countries that
corresponding in¬
structions be issued without delay to their
aerial forces, informing it of the
measures taken.

The German protest was addressed to the United
States,
it was said, probably because this
country has not been sub¬
jected to the campaign of air terrorism conducted by the
enemy. American hospitals behind the line in France, how¬
ever, have been bombed by German night raiders.
It was

regarded

as

forced to

some

possible that the German authorities have been
step by the clamor of the German civil popu¬
lation, particularly in the Rhine provinces, where the belief
is general that a
mighty American air fleet is being built to

destroy towns there.

STIRRED

BY REPORTS OF SIGNING
ARMISTICE BY GERMANY.

TO

coming

into force, according to an official
telegram from Berlin to
Amsterdam on Nov. 3 Emperor William addressed to Prince
Maximilian of Baden, the German

Imperial Chancellor,
Reichstag and avow¬

a decree indorsing the decisions of the
ing his firm determination to co-operate in their full de¬
velopment. The Emperor’s decree read as follows:

Your Grand Ducal Highness:
I return herewith for immediate publication the bill
to amend the Im¬
perial Constitution and the law of March 17 1879, relative to the represen¬
tation of the Imperial Chancellor, which has been laid
before me for

signature.

On the occasion of this step, which is so momentous for
the future history of the German people, I have a desire to give expression to
my feelings.
Prepared for by a series of government acts, a new order comes into force,
which transfers the fundamental rights of the Kaiser’s
person to the people.
Thus comes to a close a period which will stand in honor before the
eyes
of future generations.
Despite all struggles between invested authority
and aspiring forces, it has rendered possible to our
people that tremendous
development which imperishably revealed itself in the wonderful achieve¬
ments of this war.

In the terrible storm of the four
years of war, however, old forms have
been broken up, not to leave their ruins
behind, but to make a place for
new vital forms.
«
After the achievements of these times the German
people can claim that
no right which may guarantee a free and
happy future shall be withheld
from them.
The proposals of the allied governments which are now

adopted and

extended owe their origin to this conviction.
I, however, with my ex¬
alted allies, indorse these decisions of Parliament in firm
determination
so far as I am concerned, to co-operate in their full
development, convinced
that I am thereby promoting the weal of the German
people.
The Kaiser’s office is one of service to the
people. May, then, the new
order release all the good powers which our
people need in order to support
the trials which are hanging over the
empire and with a firm step win a
bright future from the gloom of the present.
.

(Signed)

WILHELM, I. R.

Berlin. Oct. 28 1918.

While reports of the signing of the armistice
by Germany
flashed throughout the country on
Thursday afternoon,
proved to be without foundation, November 7 will go down

in history as one of the most memorable in the war.
In
New York old-timers say the demonstration was
absolutely

without parellel in the city’s history.

Every one seemed to
frenzy of joy. The blowing of sirens and whistles
at one o’clock gave the first intimation to the
general public
of the reports, and was the signal for the
beginning of wild
demonstrations throughout the city, the people
indulging
in all sorts of demonstrative tactics,
expressive of the
joyousness with which the news was hailed. Showers of
paper came from the windows of buildings in the financial
and business districts, covering the streets and sidewalks
be in

a

if with a thick fall of snow.
The extent of this shower is
evidenced by the statement that the work of
cleaning up
which kept the street cleaners busy all night, cost the

city
Many of the business houses granted their em¬
ployees a holiday with the receipt of the reports, few being
in a mood to pm their minds down to work.
Trading on
the Stock Exchange halted for a brief period with the
receipt
$80,000.

of the report, and the Governors decided to close at 2:30
instead of the customary hour—3 o’clock.
Following the
close of the market, the members draped the war
map with
an American flag and adorned it with a

vietory wreath;
patriotic speeches formed part of the celebration indulged in
by the members.
Similar celebrations figured at the other local
exchanges,
while on the Sub-Treasury steps in Wall Street a vast gath¬
ering joined in the singing of patriotic songs. An instance
of the enthusiasm with which the reports of
Germany’s
surrender were received is furnished in its reception at the
Chamber of Commerce of the State of New York; there the
members were holding their monthly meeting, when word
of the report was conveyed to E. H. Outerbridge, its former
President. With the conclusion of an appeal by Dr. John
R. Mott in behalf of the United War Work Campaign, Mr.
Outerbridge told of the news in circulation announcing the
signing of the armistice. Before he had finished the 300
members present burst into cheers, some of the
members,
it is said, embracing each other hysterically concluding their
five-minute demonstration with three cheers.
Mayor
Hylan,who had granted the city employees a holiday on
receipt of the news, addressed a gathering from the steps
of the City Hall, saying:
Thank God, I have lived to see this day when the
rights of the peoples
of the world are recognized, and the world has beat made safe for democracy
and humanity.
This day will live forever. The deeds and accomplish¬
ments of our great President in this world’s strife will be celebrated for all
time.
He has laid the foundation upon which liberty throughout the world

be safely based for centuries to
“Wilson, the Liberator.”

may

LAMMASCH APPEALS TO LANSING NOT TO
HUMILIATE GERMANY.
The

following concerning an appeal to Secretary of State
Lansing by Professor Heinrich Lammasch, now Premier of
Austria, against the humiliation of the German people, was
contained in Associated Press dispatches from Amsterdam,
dated

Nov.

2:

Heinrich Lammasch, Premier of Austria, has written a communication
to Secretary of State Lansing discussing the situation in
Germany, accord¬
ing to Vienna advices. Professor Joseph Redlich, member of the Austrian
Reichrat, and Dr. Meinl joined with Dr. Lammasch in sending the com¬
munication to Secretary Lansing.
It was written on Oct. 18, nine days
before the Lammasch Cabinet was formed in Vienna.
In opening, Dr. Lammasch recalls to Secretary
Lansing “the four months
which years ago we spent in common labor with the
of

object

peace

between two great nations.”

maintaining

He refers in this to the court of ar¬
bitration which decided the Newfoundland fisheries
dispute, which was
held at The Hague in 1910, and at which Dr. Lammasch was
presiding
officer and Secretary Lansing was counsellor for the United States.
The communication sets forth considerations which the writers
suggest
should be taken into account in President Wilson’s
reply to Germany. It
says in part:
“The German people can carry out President Wilson’s
program

only in

corresponding to their conditions, traditions and ideals. The
undisturbed the German people are left and the fewer
attempts are
made to keep them in leading strings, the more surely and
quickly will they
a

manner

more

attain their

objective.

“Conditions which the German people could only consider to be hu¬
miliating would be rejected, or, if forced to accept momentarily, they would
bear them only so long as the more immediate necessity
compelled. Just
as after Tilsit, the German people would, as soon as
they had recovered
their strength, rise as one man against the injustice inflicted
upon them.
“Only by considering these matters in formulating a program may the
pernicious power of militarism be curbed."
The allusion to Tilsit in the foregoing communication refers to the
Treaty
of Tilsit, which was forced upon Russia and Prussia
by Napoleon in July
1807. Prussia, by this convention, had to surrender her dominions west
of the Elbe and the territories taken when Poland was divided in 1793
and 1795.




OF.

as

KAISER APPROVES REFORMS SETTING LIMITS
AUTOCRATIC POWER.
On the occasion of the constitutional amendment

(Countersigned) MAX, Prince of Baden.

NATION

1797

come.

History will proclaim him

as

Throughout the city the demonstrations continued dur¬
ing the afternoon and night, notwithstanding that in the late
afternoon and evening advices came from Washington
dis¬
crediting the reports.
The celebrations were not confined to New York, other
cities throughout the country witnessing like scenes, and
various stock exchanges, Baltimore and Pittsburgh among
the number, closing somewhat earlier than the usual time
for suspending trading. The different parts of the New York
Supreme Court in this borough adjourned at 2 p. m.
The report of the signing of the armistice
by Germany
came to the office in this city of the United Press from its
Paris office.
gave

11

a.

cease

It reached here at 11:56

a. m. on

the 7th and

the time at which the armistice had been signed as
m. that day, Paris time,
adding that hostilities would
at 2 p. m.

The State Department at 2:15 p. m. on Thursday offi¬
cially announced that Germany had not signed the armistice.
Secretary Lansing authorizing the statement that the Ger¬
man armistice delegation would not be received until
5pf m.
that day, Paris time, or 12’o clock noon Washington time.
The statement follows:
The

Secretary of State makes public the following:
“The report that the armistice with Germany has been signed is untrue.
When it reached the Department of State an inquiry was at once

dispatched

to Paris.

At 2:04 o'clock this afternoon a telegram in reply to that of the
department was received from Paris. It stated that the armistice had not
yet been signed and that the German representatives would not meet
Marshal Foch until 5 p. m., Parte time, or 12 noon,
Washington time.”

Yesterday morning it

stated that the truce envoys
outposts until between j.8 and 10
the 7th.

were

not due at French

p. m.

(Paris time)

on

was

[Vol. 107

THE CHRONICLE

1798

It was stated yesterday that the German delegates went
Into conference with Gen. Foch at 9 a. m. yesterday. Paris
<

cablegrams last night reported the issuance of an official note
saying:
They made a formal request for an armistice. The text of the conditions
of the Allies was read and delivered to them. Tney asked a cessation of
arms.
It was refused them. The enemy has 72 hours to answer.

Yesterday a statement issued by the United Press in ex¬
planation of its announcement of the 7th said:
Yesterday's announcement of the signing of the armistice between
Germany and the Allies was made by Admiral Wilson at Brest, and was
filed to the United Press with the Admiral's approval. This information
Was received by the United Press in a cablegram from Roy W. Howard
shortly before noon to-day.
Practically at the same time another message from Howard was deliv¬
ered to the United Press, stating that Admiral Wilson made the announce¬
ment In Brest at 4 p. m., French time, but that later he was notified that
it was not confirmable.
This latter message filed by Howard did not show,
in the form in which it was delivered, whether it was sent yesterday, or
how long it had been held up.
Howard’s cablegram clearly showed that Admiral Wilson acted in good
fslth, stating that he supposed the announcement was official, and therefore
gave his approval to the filing of the message to the United Press in New
York.
The United Press to-day asked the Government to ascertain how long
Howard’s message stating that Admiral Wilson authorized the announce¬
ment, and also that he later was notified that It was unconflrmable, were
held up by the censors.
There was reason to believe that the message stating that the news was
unconflrmable was badly delayed in view of the fact that it was not re¬
ceived here until almost twenty-four hours after the original cablegram.
The message received to-day from Howard was as follows:

•*Unipress, New York.

“Paris—Urgent Brest Admiral Wilson who announced Brest newspaper
1600 (4 p. m.) armistice been signed later notified unconflrmable mean¬
while Brest riotously celebrating.

“During the sitting of the Reichstag on Oct. 23 the delegates of nonnationalities made strictly separatist declarations.
Deputy
Stychel first claimed the right of the Poles of Prussia to independence,
saying:
‘The formula, “All ground where a German puts his foot*’ is “German
ground,’* must be put aside. Wilson is humanity’s benefactor, and is moved
by the strongest feeling of Justice. German Poland has not been so ad¬
Vexations, rules
ministered as to allow the Poles to live there in comfort.
laws, governments, brutal words and functionaries have prevented the Poles
from becoming equal o other citizens.
I await in perfect confidence tile
German

“

of right, which will definitely efface all past violences.’
“Deputy Hansen, a Dane, declared: ‘The Imperial Chancellor said
he wished an honorable peace of right and conciliation to be concluded.
peace

such

a

serious time it is necessary to use

absolutely dear language.

that

At

As a

representative of the Danish population, in the name of right and justice, I
request the execution of the Prague Treaty, and I propose that the Northern
Schleswig question be finally settled on the basis of the free disposal of
peoples when peace is made.’
“Deputy Ricklln, an Alsatian, created the greatest sensation as he read
the following declaration in the name of the Alsace-Lorraine Deputies:
‘The Chancellor did not allude at all to what the German Government
expects from the reforms he intends to carry out in Alsace-Lorraine. Berlin
and Strassburg, whatever they may do. will not considerably alter the AlsaceLorraine way of thinking.
Germany having accepted the fourteen clauses
of President Wilson’s program, the Alsace-Lorraine question is now an inter¬
The declaration made by the Imperial Chancellor seems
national one.
to confirm this opinion, as he said: “The question of right will not reach
only to the Empire’s frontier: we must admit, of course, that in the settling
of the Alsace-Lorraine question the right of peoples to dispose of them¬
selves will have to be taken into consideration.“
We must not anticipate
now in any way the decision that Alsace-Lorraine will freely take.
The
reforms of the constitution now being examined seem to anticipate this
decision and are of a kind likely to confuse public opinion.
The AlsaceLorraine Deputies consider that complete autonomy for their country,
owing to the course of events, has become insufficient.' ”
Riotous scenes, including an attempted fist fight, accom¬
“

panied the debate on the Polish question in the Reichstag,
according to advices received at Berne on Oct. 28. Foreign
The other message read:
Secretary Solf told the Polish members that President Wil¬
“Uniprees. New York.
“Brest—Urgent armistice bulletin based local announced (announce¬ son’s program did not mean that Danzig would be ceded to
ment!) by Admiral Wilson Admiral supposing official was filed with
Admiral’s approval local newspaper bulletined Brest celebrated
ni|htlong. them. Replying to their demand for a war indemnity, he
said the German soldiers were fighting for the liberation of
_

“HOWARD—SIMMS.”

It will be noted that the first message quoted was signed by the names
of both Howard and Simms and was filed through the Paris office in the
same form as the message received yesterday.
In every way this first

quoted message indicates that it was probably filed very quickly after the
original bulletin.
The second quoted message, however, shows clearly by the reference to
the fact that Brest celebrated nightlong that it was filed to-day. It also
shows that it was sent direct from Brest and Is signed only by Howard,
not bearing Simms’s name.
This message clearly indicates that Howard
is in Brest, although these two messages and those received yesterday are
the only cables which the home office of the United Press has received from

Poland.
“The soldiers robbed us,” shouted one of the Polish
members.
Order was finally restored without the aid of the police.

THE ONLY CURE FOR
GERMANY, SAYS BRITISH CHANCELLOR.
Punishment of offenders, as a vindication of international
him this week.
morality, and reparation for property damage, conducted
Along with the United Press statement the following cable
in such a way as to prevent Germany from reaping any ad¬
message from Admiral Wilson was made public by the United
vantage from her crimes, were declared to be the two prin.
Press:
Brest, France, Nov. 8.—Admiral Wilson, U.8.N., commander of the cipal war aims of the Allies by Lord Finlay of Nairn, Chan¬
cellor of Great Britain, speaking on Oct. 25 at a dinner given
American forces in French waters, to-day made the following statement
for the information of United Press editors:
in London by the British Government to the Inter-Allied
“The statement of the United Press relative to the signing of the armistice
Parliamentary Committee. The Chancellor was speaking
was made public from my office on the basis of what appeared to be official
and authoritative information.
as a substitute for Premier Lloyd George, who was unable to
“I am in a position to know that the United Press and its representative
acted in perfect good faith, and that the premature announcement was the
be present.
As summarized in a special dispatch to the
result of an error, for which the agency was in no wise responsible.’’
New York “Times,” Lord Finlay said:
It was announced at the White House yesterday, that
After recounting some of Germany’s many crimes, he said that the Allies

repetition of similar false
reports, President Wilson would himself make known what¬
ever information should come of the signing of an armistice
in France. At the President's direction, Secretary Lansing
issued a statement shortly after noon yesterday m which he
said that any statement that news reaching the Government
concerning armistice negotiations was being withheld was
utterly false, and that as soon as a decision in regard to the
armistice was reached it would be made public immediately
by the Government. Mr. Lansing’s statement follows:
with

a

view to guarding against a

I am requested and authorized by the President to state that no infor¬
mation reaching this Government concerning the armistice negotiations
in France has been withheld, that any statement to the contrary is utterly

false, and that as soon as a definite decision in regard to the
been reached it will immediately be made public by

armistice has

the Government.

Despite the news of yesterday morning that the armistice
reports were without foundation, there was a continuance

by

some

of the celebration.

A delegation of employees

from the shipbuilding yards of Brooklyn, Staten Island and
New Jersey (some 20,000 or more, it is said) invaded New
York and paraded through its streets.

“UNMISTAKABLE DEFEAT”

had two objects in this war.
One of them was the punishment of those
who could be proved guilty of outrages; the other was reparation for the
wrong

that had been done.

The punishment of the offenders, he said,

penance; it would be the vindication of international
morality. No law was of any value without sanction, and unless inter¬
national law was vindicated the world might look forward to wars in future,
with the recurrence of the horrors that characterized the Thirty Years’ War.
would not be

mere

reparation, there were some things that could not be repaired, but
things for which compensation might be made, such as the
devastation of invaded countries, the cutting down of fruit trees, the de¬
struction of coal mines and the havoc wrought upon houses and other
property. Every merchant vessel sunk by a submarine ought to be re¬
placed. The Allies, he said, could not allow Germany after the war to
start with the advantage of all her merchant service intact, and he trusted
that there might be such reparation in this particular matter as would pre¬
vent the Germans from reaping advantage from their outrages.
The German people, he continued, must be taught that militarism did
As to

there

were

They had identified themselves with the German Government,
of the war and had gloated over the
outrages which were committed in their cause.. They must be made to
recognize that the war was a gigantic crime.
Germany was responsible
for what had been done by the Kaiser, her ruler.
The people of Germany, said the Lord Chancellor, had never effectually
disassociated themselves from what he did. Thgy had glorified in his success
and condoned his misdeeds.
The only means of bringing home to them
what had been done was inflicting upon them unmistakable defeat.

not pay.

had exulted in the initial successes

COLONIES.
In no circumstances is it consistent with the safety, secur¬
ity and unity of the British Empire that Germany’s colonies
should be returned to her, declared A. J. Balfour, the British
Foreign Secretary, in a speech at the luncheon of the Aus¬
tralian and New Zealand Club at London on Oct. 23. As
reported in press dispatches, Mr. Balfour said it was abso¬
lutely essential that the communications of the British Em¬
pire should remain safe. He asked, if the German colonies
were returned, what security was there that their original
possessors would not use them as bases for piratical warfare.
The doctrine that the colonies should not be returned, Mr.
BALFOUR OPPOSES RETURN OF GERMAN

GERMANY'S SUBJECT RACES ALSO SEEK FREEDOM.
The demand for freedom of the non-German people of
German Poland, Schleswig-Holstein and Alsace-Lorraine was
voiced on the floor of the Reichstag on Oet. 23, when dele¬

gates representing those districts demanded the right of their
people, under President Wilson’s peace principles, to choose
their own sovereignty. As described in a special dispatch
from Washington to the New York “Tribune” on Oct. 25,
the action taken

was

indicated

as

follows:

Reichstag Wednesday by the declarations
of noda-German members of separatist intentions, according to an official
telegram from Berne, which says:
A sensation was caused In the




Nov. 9 1918.]

THE CHRONICLE

Balfour claimed, was not. selfish and imperialistic. It was
one in which the interests of
the world were almost as much
concerned as the interests of the Empire itself.
If the Em¬
pire was to remain united, it was absolutely necessary that
communication between the various parts should not be at
the mercy of an unscrupulous Power.

BELGIUM

TO

DEMAND

FULL

INDEPENDENCE.

The

Belgian Official Information Service at Washington,
according to press dispatches on Oct. 23, has issued a state¬
ment to the effect that Belgium will not consider a return to
that state of guaranteed neutrality which, violated
by Ger¬
many, brought England and, indirectly, the United States
into the war, and will be satisfied only with complete inde¬
pendence. The statement was issued to counteract efforts
of German statesmen to create the impression in neutral
countries that Belgium will revert to its former status as a
“neutralized” nation after the

war.

The Dutch

Legation at Paris on Oct. 31 issued a statement
declaring absolutely untrue articles published in the German
press to the effect that a neutral committee comprising Span¬

ish and Dutch representatives in Brussels had been formed to
investigate the devastation in the zone of the German retreat.
The truth is, the statement deciated, that the Ministers
of Spain and Holland undertook a trip to investigate the
condition of the French civilian population that had been
removed from the evacuated districts.
All the reports made

by the German wireless service upon the activities and jour¬
of the purported committee are declared to have been
groundless, as was the reference to it made by the German
Foreign Secretary in the Reichstag.
The commission referred to was said to be investigat¬
ing charges of unnecessary devastation and destruction
during the German retreat in Belgium under the guidance of
Baron von der Lancken, and to be comopsed as follows
The commission of neutrals, referred to last week, which
is investigating charges of unnecessary devastation and
destruction during the German retreat in Belgium under the
direction of Baron von der Lancken is composed as follows:
Marquis of Villalobar, the Spanish Minister to Belgium;
V. van Vollenhoven, the Dutch Minister; M. Langenberg,
Dutch representative on the Belgian Relief Commission
M. van Bree, a Belgian, and Senor Saura, a Spaniard.
The London “Daily News,” commenting on the designa¬
tion of Baron von der Lancken to supervise the investi¬
gation, is quoted as having said:
neys

The selection of Von der Lancken is extraordinary, when it is recalled
that be played a leading role in the murder of Edith Cavell.
It was
Von der Lancken who ignored the representations of the American Minister,
Brand Whitlock, and refused to allow Miss Cavell to receive a visit from

Belgian lawyer.
It was Von der Lancken to whom Mr. Whitlock made
his moving appeal: “Save this unfortunate woman from death.”
a

As a result of the continued advance of the Allied armies
in Belgium, which has cleared more than half the country
of the invaders, the Belgium Government is shortly to be
removed from Havre in France to Bruges.
On Oct. 25

King Albert with the Queen and heir-apparent made their
State entry into Bruges and received an enthusiastic wel¬
come from the populace.
The King and Queen on the pre¬
vious day had made a private trip to Bruges by airplane
from Dunkirk, returning the same afternoon.
ZIONISTS WANT FREEDOM FOR PALESTINE.
An
a

appeal to Zionists throughout the world to work for

free Palestine after the war, where the Jews may have their

own

country, has been issued in the

name

of the Copenhagen

branch of the Zionist organization by Dr. Victor Jacobson.
In a message sent to all Zionist federations, Dr. Jacobson,
as

quoted in Stockholm advices

on

Oct. 27, said:

The moment is approaching when foundations must be laid for a lasting
peace.
Such can only occur if the just demands of all nations, small and
large, be fulfilled and a world created in which every nation can place all
its inherent powers and capacities at the disposition of mankind.
The
Jewish people also raises its demands in this historic hour of fate.
In the peace treaty there must be assurances, first, fixing Palestine
within the boundaries demanded by historic traditions and political and

economic needs as a national home for the Jewish people and conditions
created for the unhindered construction of this home; second, full and
actual rights for Jews in all countries, and thirdly, national autonomy on
cultural, social and political grounds for the Jewish populations in countries
of mass settlement and also in other countries in case the Jew ish population
so claims.
WTe ask the Zionist organizations of all countries to support
the endeavors of the Zionist world organization and to present these de¬
mands before the Governments and public opinion of their country and

their inclusion in the peace treaty.
day of the conclusion of peace, through which mankind ap¬
proaches the Jewish ideal of an understanding among peoples and of
everlasting peace, the 2,000 years’ martyrdom of the Jewish people, which
to request
On the

bears as a fault on the conscience of all nations, must be redressed.
The
Jewish people must enter into a league of free nations on an equal basis.




OFFICIAL

1799

TEXT OF AUSTRIAN NOTE ACCEPTING
PRESIDENT WILSON'S TERMS.

In referring last week (page 1722) to the note of the
Austro-Hungarian Government, accepting President Wil¬
son’s terms and renewing the request for an armistice, we
gave the text of the note as forwarded from Basle by the
Associated Press. The official text, as received
through
the Swedish Legation at Washington differs
slightly in
wording from the earlier version. As made public by
Secretary of State Lansing on Oct. 30, it reads as follows:
DEPARTMENT OP STATE.
October 30 1918.
The Secretary of State makes public the

following:
Washington, D. C., Oct. 29 1918.
Department of Austro-Hungarian Interests, Legation of Swede >;
Excellency—By order of my Government I have the honor to beg you to
transmit to the President the following communication from the
Imperial
and Royal Government of Austria-Hungary:
“In reply to the note of the President, Mr.

Wilson, to the Austro-

Hungarian Government dated Oct. 18 of this year, and about the decision
of the President to take up with Austria-Hungary
separately the question
of armistice and' peace, the Austro-Hungarian Government has the
honor
to declare that it adheres both to the

previous declarations of the President
opinion of the rights of the peoples of Austria-Hungary, notably
those of the Czecho-Slovaks and the Jugo-Slavs, contained in his last
note,
Austria-Hungary having thereby accepted all the conditions which' the
President had put upon entering into negotiations on the subject of armis¬
tice and peace, nothing, in the opinion of the Austro-Hungarian Govern¬
ment, longer stands in the way of beginning those negotiations.
The
Austro-Hungarian Government therefore declares Itself ready to enter,
without waiting for the outcome of other negotiations, into negotiations for
a peace between
Austria-Hungary and the Entente States and for an im¬
mediate armistice on all the fronts of Austria-Hungary, and
begs the
President, Mr. Wilson, to take the necessary measures to that effect.”
Be pleased to accept, Excellency, the assurances of my high consideration.
and his

W. A. F. EKENGREN.
His Excellency Robert

Lansing, Secretary of State of the United States.

Washington, D. C.

<

■

TERMS OF ARMISTICE AGREED TO BY AUSTRIA.
The terms of the armistice which virtually eliminated

Austria-Hungary from the

war were announced at

Washing¬
signed the previous
day (Nov. 3) by General Diaz, Commander-in-Chief of the
Italian armies, and officers representing the AustroHungarian Government, and went into effect at 3 o’clock
ton

on

Nov. 4.

The armistice had been

in the afternoon of Nov. 4. An official statement issued at
Rome on Nov. 2 described the preliminary negotiations as
follows:
An officer of the Austrian General Staff

presented himself on the front
lines, bearing credentials, and asked to discuss an armistice.
General Diaz referred the question to Premier Orlando, who Is now In
Paris, who in turn informed the Inter-Allied Conference, which discussed
and defined the conditions upon which the armistice could be granted,
and charged General Diaz, in the name of the Governments of
the^AUfes
and the United States, to communicate them to the Austrian
white-flag
of

our

bearers.
The conditions of the armistice are inspired by the principles of President
Wilson, namely, to render Impossible for the enemy to recommence the war
and to prevent him from profiting by an armistice to withdraw from a
difficult military situation.
The condition of the battle along our front
demonstrates the great value of these terms.
As it is probable that the Austro-Hungarian white-flag bearers would
wish to confer upon the subject with their chiefs, it is supposed that the
response may not be

immediate.

So

desperate, however, was the plight of the Austrian
army, and so complete the internal collapse of the Dual
Monarchy, that the Austrian authorities were evidently
prepared to purchase peace at whatever price might be
demanded, and little or no delay attended the signing of the
armistice.
Before the armistice went into effect, the Italian
army had captured 300,000 prisoners and at least 5,000
guns, according to an official statement issued by the Italian
Government.
The military situation immediately before
the cessation of. hostilities was thus described in the statement
referred to:
•
The war against Austria-Hungary which, under the high guidance of
the King, the supreme leader of the Italian Army, inferior in numbers and
material, began the 24th of May 1915, and which, with unbending faith
and tenacious valor has been conducted uninterruptedly and bitterly for

forty-one months, has been won.
The gigantic battle, engaged in on the 24th of October, in which fiftyone Italian divisions, and three British, two French, one Czechol-Sovak,
and one American regiment participated against sixty-three AustroHungarian divisions, is ended.
The daring and very rapid advance of the 29th Army Corps on Trent,
closing up the enemy’s armies in Trentino, who were overcome to the west
by troops from the Seventh Army and to the east by the First, Sixth and
Fourth Armies, brought about the total collapse of the enemy’s front,
sjj
From the Brenta to the Torre, with irresistible dash, the Twelfth, Eighth,
and Tenth Armies and cavalry divisions are driving the fleeing enemy
constantly further away. On the plains the Duke of Aosta is advancing
rapidly at the bead of his unconquered Third Army, with the purpose of
reclaiming those positions which the enemy bolds.
The Austro-Hungarian Army is destroyed.
It suffered very heavy losses
in the fierce resistance of the first days of the struggle, and in pursuit it has
lost an immense quantity of material of ail kinds, nearly all its stores and
depots, and has left in our hands about 300,000 prisoners, with their
commands complete, and not less than 5.000 guns.
This defeat has left what once was one of the most powerful armies in
the world in disorder and without hope of returning along the valleys
through which it descended with haughty essurance.

8.Total

1800

THE CHRONICLE

The terms of the Austrian armistice, with parenthetical

explanations of minor errors in cable transmission,
announced by the State Department as follows:

were

Military Clauses.

1. The immediate cessation of hostilities by land, by sea, and air.
damof’iflisatfoe of the Amrtro-Hnngartan Army and immediate

Withdrawal of all Austro-Hungarian forces operating on the front from the
Notarh Sea to Switzerland.
Within AnstfP‘Hnngartan territory, limited

thorwetottonlar be maintained

as an

ae in Clause 3, below,
organized military force a (?) reduced

effectives. (Effectiveness?)
the divisional, corps, and army artillery and equipment shall be
collected at points to be iaoicated by the Alliee and United States of America
for delivery to them, beginning with all such material as exists in the ter¬
to prO'War

|l Half

[Voi.. 107

craft, naval materials, equipment and materials for inland navigation of
all kinds.
8. Occupation by the Allies and the United States of America of the land
and sea fortifications and the islands which form the defenses
of the

dockyards and arsenal at Pola.
9. All merchant vessels held by Austria-Hungary belonging to the Allies
and associated powers to be returned.
10. No destruction of ships or of materials to be permitted before evacu¬
ation, surrender, or restoration.
11. All naval and mercantile marine prisoners of the allied and associated
powers in Austro-Hungarian hands to be returned without reciprocity.

By agreement between the United States and the Allied
Governments, the terms of Austrian armistice were given
Nov. 4 only in

Withdrawal within such periods as shall be determined by the Commander
in Chief of the allied forces on each front of the Austro-Hungarian armies
hehind a line fixed as follows: From Pic Umbrail to the north of the Sfcelvio
It will follow the crest of the Bhethm Alps up to the sources of the Adige
and the Elsach, peering thence by Mounts Reschen and Brenner and the

the United States. It was explained
Department that this was done simply to have
initial publication Of the terms of the armistice made here.
It was stated that there was no political reason back of it.
No cabling abroad of the terms of the armistice was per¬
mitted because of the fact that it was desired that the original
publication be made here.

ftttfghteef Oeta and ZoaBer. The Una. thence turns south, crossing Mount
Tbblach and meeting the present frontier Oaraic Alps. It follows this
frontier op to Mount Tarvls, and after Mount Tarvis the watershed of

JOYOUS CELEBRATIONS MARK AUSTRIAN
SURRENDER.

the Johan Alps by the Col of Predil, Mount Mangart, the Tricorao (Ter¬
tian}. and the watershed of the Cols dl Podberdo. Podlaniscam, and Idria.
Prom this point the line toms southeast toward the Schneeberg, excludes
the. whole basin of the Save end its tributaries. From Schneeberg it goes
down toward the coast In such a way as to include Castua, Mattuglla, and

The abject surrender of Austria-Hungary, the knowledge
that equally severe terms awaited Germany, and the belief
that complete victory and the end of the war are at last

ritories to be, evacuated by the Austro-Hungarian forces.
3. Evacuation of nil territories Invaded by Austria-Hungary since the

beginning of the war.

Yotosca In the evacuated territories.
It will also follow the administrative limits of the present province of
Dalmatia* Including the north Lisarica and Trivania, and to the south
territory limited by a line from the (Semigrand) Cape Planca to the summits
Of the watersheds eastward* so as to include in the evacuated area all the
valleys and water courses flowing toward Sebenlco, such as the Cicola,

Berks* Botfanfca, and their tributaries. It will also include all the islands
north and west of Dalmatia from Premuda, Solve, Ulbo, Scherda,
Maw, Psga, and Puntadura, in the north up to Meleda, in the south,
embracing Santandrea. Bust. Lisa. Lesina. Tercola, Curzola, Cazza, and
Lagosta. as Well as the neighboring rocks and islets and passages, only
excepting the Islands of Great and Small Zirona, Bua, Soita, and Brazza.
All territory thus evacuated (shall be occupied by the forces?) of the
fa the

Allies and the United States of America.
All military and railway

equipment of all kinds, including coal belonging

to or within those territories (to be?) left in situ and surrendered to the
aim—, according to special orders given by the Commander in Chief of
Che forms of the associated powers on the different fronts.
No new de¬
struction, pillage, or requisition to be done by enemy troops In the territories
to be evacuated by them and occupied by the forces of the associated powers.
4. The Allies shall have the right of free movement over all road and rail
and water ways in Austro-Hungarian territory and of the use of the neces¬
sary

Austrian and Hungarian means of transportation.

Tbe armies of

the associated powers shall occupy such strategic points in Austria-Hungary
at times as they may deem necessary to enable them to conduct military
operations or to maintain order.
They shall have the right of requisition on payment for the troops of
the amoclaUrt powers (wherever?) they may be.
5. Complete evacuation of all German troops within fifteen days, not

only from the Italian and Balkan fronts but from all Austro-Hungarian
territory.
Internment of all German troops which have not left Auatria-Hungary
within (he date*
6! The administration of the evacuated territories of Auatria-Hungary
will be intrusted to the local authorities, under the control of the Allied and
associated armies of occupation.
7. The immediate repatriation without reciprocity of all allied prisoners
of war and internal subjects of civil populations evacuated from their homes,
on conditions to be laid down by the Commander in Chief of the forces of
the associated powers on the various fronts.
Sick and wounded who cannot
bo removed from evacuated territory will be cared for by Austro-Hungarian
personnel who will be left on the wot with the medical material required.
Naval Conditions.

1. Immediate cessation of all hostilities at sea and definite information
to be given as to the location and movements of all Austro-Hungarian ships.

Notification to be made to neutrals that freedom of navigation in all
territorial waters Is given to (he naval and mercantile marine of the allied
and associated powers, all questions of neutrality being waived.
2. Surrender to the Allies and (he United States of fifteen Austro-

Hungarian submarines completed between the yean 1910 and 1918, and
of all German submarines which are in or may hereafter enter AustroHungarian territorial waters. All other Austro-Hungarian submarines
to be paid off and completely disarmed and to remain under the supervision
of the Allies and the United States.
8. Surrender to the Allies and the United States with their complete
armament and equipment of three battleships, three light cruisers, nine

destroyers, twelve torpedo boats, one mine layer, six Danube monitors,
to be designated by the Allies and the United States of America.
All
Other surface warships, including river craft, are to be concentrated in
Austro-Hungarian naval bases to be designated by the Allies and the
United States of America and are to be paid off and completely disarmed
and placed under the supervision of the Allies and the United States of
America.
4. Freedom of navigation to all warships and merchant ships of the
allied and associated powers to be given in the Adriatic and up the River
Danube and its tributaries in the territorial waters and territory of Austria,

Hungary.
The Allies and associated powers shall have the right to sweep up all
mine fields and obstructions, and the positions of these are to be indicated.
In order to insure the freedom of navigation on the Danube, the Allies
and the United gtates of America shall be empowered to occupy or to dis¬
mantle alt fortifications or defense works.
6. The existing blockade conditions set up by the allied and associated
powers to are remain unchanged and aU Austro-Hungarian merchantships
found at sea are to remain liable to capture, save exceptions which may
be made by a commission nominated by the Allies and the United States of
America.
6. AH naval aircraft are to be concentrated and impactionized in AustroHungarian bases to be designated by the Allies and the United StateB of
America.

7. Evacuationof all the Italian coasts and of all ports occupied by AustriaHungary outside their national territory and the abandonment of ah floating




out

on

at the State

definitely in sight, led to great rejoicing and enthusiastic
celebrations in all the Allied countries. In New York, the
surrender of Austria was celebrated by the blowing of sirens,
the ringing of bells, and the use of everything else that would
make a big noise. Although the armistice began at 9 a. m.,
New York time, arrangements had been made to start the
celebration here at 3 p. m. The official signal was the
sounding of twelve big sirens in various parts of the city,
originally intended to warn of air raids, and used by the
police during the Fourth Liberty Loan drive. Promptly
on the stroke of 3 o’clock the twelve sirens began to bellow.
The bells and whistles in all parts of the city responded,
and for the next ten minutes the racket was such
York has seldom heard except on such occasions as

as

New

election
and New Year’s nights. In the Italian quarters the celebra¬
tion had started early in the morning and the streets were
bedecked with American Italian and Allied flags.
Men,
children thronged the streets, cheering for
women and
President Wilson, General Diaz, and King Victor Emmanuel.
In Italy the final defeat of the Austrian enemy has brought
indescribable joy. The entry of the Italian troops into
Trieste and Trent, symbolizing the final redemption of
Italia Irredenta, and the complete union of Italy, was
announced by bonfires lighted in all the hills throughout
Italy. Church bells were rung, guns fired, houses illu¬
minated, and cheering crowds thronged the streets, carrying
American as well as Italian flags. American officers met
on the streets were greeted by shouts of “Viva America.
Viva Wilson.” A torchlight procession met a number of
American sailors and carried them through the streets on
their shoulders. All the Allied embassies were visited and
the achievements of the armies of the various nations concerned in the notable successes were loudly cheered. The
ovation was especially enthusiastic outside the American

Embassy, where Ambassador Page appeared

on

the balcony

He was heartily acclaimed by
and addressed the crowd.
the assembled citizens. A committee from the demonstra¬
tors was received by the Ambassador.
They asked him to

President Wilson the gratitude of the people of
Italy to America and to express their admira¬
tion for that country’s part in the struggle.
The com¬

convey to

Rome and of

mittee wished him to assure the President and he could count
to the constant support of the Italian nation for the triumph
of his principles.
HUNGARY DECLARES INDEPENDENCE AS
AUSTRIAN CHAOS GROWS.
The dissolution of the Austro-Hungarian Empire is pro¬

ceeding at

a

rapid

pace,

with the internal chaos and break¬

down of central authority enormously complicating the task
of demobilizing the armies. Travelers returning from the
Italian border are quoted in Berne dispatches as saying that

complete chaos prevails in Austria. All the railroad villages
in the Tyrol are flooded with the returning armies ip full
disorder.
In the villages the demoralized troops, who are
breadless, are plundering and requisiomng supplies. Food
from the East has been completely cut off. Artillerists are
selling their horses for a trifle. Automobile drivers are
going homeward as they please. Many of the released
Italian prisoners of war who are returning to Italy are trying
to enter Switzerland.
The civil and military authorities
at Innsbruck, in an endeavor to avert the danger from the

Nov. 9

THE CHRONICLE

1918.]

hordes of disbanded and hungry troops, have established
food depots and are attempting to disarm the soldiers.
Entente troops

in agreement with the Austro-Hungarian
army command, crossed the Austro-Hunganan lines at
several points to offer passage to the troops which had not
yet fled according to a Vienna dispatch. This action was
taken to prevent a further disbandment of the troops and
permit them to be transported home in groups. The State
Council at Vienna has issued an appeal to the German people
of Austria in which it is declared that the country is in dan¬
ger and the army is breaking up in disorder.
The appeal
exhorts the soldiers voluntarily to join the German-Austrian
Army Corps. The appeal points out that Germans from
non-German districts are going home, while German sol¬
diers, obviously tired from the long duration of the war,
are leaving their units withour considering that the irregular
demobilization “brings the danger of widespread unemploy¬
ment, hunger anjl misery/’ The prison camps are being
abandoned by their guards, the appeal adds and Italians,
Russians and Serbians are leaving the camps and flooding
the country.
“This danger,” the appeal declares, “must
be countered if fresh bloodshed

is

not

to

threaten

our

severely tried people and tens of thousands of men, women,
are not to perish from hunger.”
Meantime, the conditions of the armistice between the
Entente nations and Austria are being carried out, it is
stated, without delay and Italian troops have begun to
occupy the territory which will be held as a guarantee that
the clauses to the agrsement will be observed.
It is an¬
nounced, however, that Austria will protest against the
interpretation of any clause in the armistice as meaning that
snemy armies are entitled to attack Germany through Aus¬
tria.
Emperor Charles found the conditions of the armistice
offered by the Allies so harsh and considered them so dis¬
honorable that he would not sign them, it was said in a
Vienna dispatch to the Berlin “Tageblatt.” The Em¬
peror declared that he no longer wished to exercise his au¬
thority as Supreme Commander of the Army. The con¬
ditions were finally signed by Field Marshal Arz von Straussenburg, the Chief of Staff.
As for political conditions in the former Dual Monarchy,
reports are so contradictory that it is difficult to get^a clear
idea as to what is taking place. As against persistent re¬
ports in German newspapers that Emperor Charles intends
to abdicate, there is an official denial from Vienna that the
Emperor has any such intention. It would be difficult, in
any case, to say what constitutes the “empire” over which
he rules.
Vienna dispatches forwarded by way of Copen¬
hagen on Oct. 28 reported that Emperor Charles had accep¬
ted the resignation of Barcn von Hussarek as Premier and
appointed Professor Heinrich Lammasch as his successor.
According to the dispatches, Professor Lammasch was to
form a “liquidation ministry,” composed of impartial offi¬
cers, in order exclusively to bring about a speedy peace and
and children

the

transfer of affairs from the central to the national
Governments during the transition period.
Other advices

quote the

new Premier as saying that the Government would
regard itself as trustee for the newly formed States, which
naturally would be represented at the peace conference,
and that the Foreign Ministry was ready to aid them in
establishing relations with neutral States. On Nov. 1
‘‘revolutions” were reported in both Vienna and Budapest,
and the Emperor was said to have given orders that the
authorities were to yield unresistingly to!the newfregime.
According to a dispatch from Copenhagen dated Nov. 1,
the “Berliner Tageblatt” printed the following description

of the events in Vienna:
The National Assembly met at 3 o’clock in the afternoon.
A vast
crowd had gathered before the Diet and frantically cheered the red
flag
which was displayed by laborers from the suburbs of Vienna.
Socialist
members of the Diet were cheered when they addressed the crowd in favor
of a republic.

Mayor Weisskirchner tried vainly to get

a

hearing but he

was

greeted

with nisses.

Meanwhile the National Assembly had accepted a constitution in which
place was left for the Crown. The National Assembly has the legislative
power, while the State Council and the State Government share the execu¬
tive power.
It was planned to name a new government Wednesday night.
At 8 o’clock in the evening a deputation of officers and soldiers visited
the National Council and demanded the formation of a soldiers’ council
to conduct the demobilization of the army and to abolish
provisionally the
no

military garrisons.
r
Groups passed through the streets in the night compelling officers to
remove their cockades.
Even old generals were not exempt.
Youths
invaded cafes

on

a

similar mission.

t&p&k.,jgjgjp*

On Nov. 2 it was’reported in Vionna^dispatchesjto Amster¬
dam that Premier Lammasch had informed the President of
the State Council that he had been empowered to hand over
the Government^sojfar as./it related to German localities,




1801

to the German-Austrian State Council.

This Council ap¬

parently represents the newly-formed “German State of
Austria,” created by act of the German National Council of
Austria in anticipation of the breakup of the former Hapsburg dominions. The new State claims all territory of
old Austria, where the majority of the population is German.
On Oct. 23 it was reported in dispatches from Basle that the
German-Austrian Deputies in the Austrian Reiehsrath had
formed an Assembly for the purpose of conducting the affairs
of the Germanic people in Austria and had issued a declara¬
tion announcing the creation of the “German State of Aus¬
tria.” Karl Seitz, leader of the German Socialists in Austria,
it was announced, had been elected President of the new As¬
sembly. The Deputies announced their desire to bring about
the autonomy of the Germans in Austria and to establish rela¬
tions with other nations. The Assembly drew up a resolution,
the dispatch stated, restricting the form of government of the
territory occupied by Germans. The “German State of
Austria” will seek access to the Adriatic Sea, in agreement
with other nations. Pending the establishment of a consti¬
tution, according to this program, the people will be repre¬
sented by the Reiehsrath Deputies constituted as a Pro¬
visional National Assembly.
This body will represent the
Germans in Austria in negotiations for peace and will exer¬
cise legislative powers.
The executive branch will consist of
twenty members who will have power to contract State debts
and administer interior affairs.
There has been evidence for

some

time that the German

people in Austria, distrusting the wavering policy of the
Austro-Hungarian Empire and fearing its dissolution or th&t
it might draw away from Germany, were desirous of insuring
their own close unity with the German Empire.
The Ger¬
man population in Austria forms the centre of Austrian
society, and is the largest of the many ethnical elements in
the Kingdom.
The census of 1910 gave the German-speak¬
ing population as 9,950,000 out of a total of 28,325,000.
In Hungary a successful revolution under the leadership
of Count Michael Karolyi has placed the Hungarian National
Council in supreme control. A new Ministry has been
formed with Count Michael Karolyi as Premier and Count
Theodore Batthyanyi as Foreign Minister. Archduke
Joseph of Austria and his son, Archduke Joseph Franz, ac¬
cording to a dispatch from Fudapest to Amsterdam, have
taken an oath to “submit unconditionally to the orders of
the National Council of Hungary and to support it in all it3
decrees.” The people of Hungary will take a public vote
a month hence to decide on the question of a monarc hy or a
republic, according to an Exchange Telegraph dispatch from
Copenhagen. In the balloting the women will have the
same electoral rights as the men.
Count Karolyi, it is
stated, has resigned the Presidency of the Hungarian Na¬
tional Council, which position he considered incompatible
with that of the Premiership.
He has been succeeded at
the head of the National Council by Deputy Johann Hoch.
Count Karolyi will provisionally take the portfolio of For¬
eign Affairs.
As a further step in realizing the complete separation of
Hungary from Austria, the members of the new Hungarian
Government have secured from Emperor Charles a release
from their oath of fealty.
In addressing a public meeting
Karolyi is quoted in a dispatch from Budapest to Amster¬
dam as saying:
The elementary power and public opinion having desired that not only
democracy and independence should be realized, but that a decision should
be taken regarding the future form of Government, the King, at the Govern¬
ment’s request, has released the Ministers from their oath.

The organization
was

of the new Czecho-Slovak Republic
completed, according to dispatches from Geneva, at a

conference at Geneva concluded

on Nov. 2.
The constitu¬
tion of the new Government is patterned after that of the
United States.
Dr. Karl Kramarz, former leader of the

Hungarian Czech party, who spent several years in prison
on a charge of treason, being released in July 1917, was
chosen first President of the new Republic. A Czech Parlia¬
ment is to be formed at Prague at once.
According to a
Paris dispatch dated Oct. 30, the Czecho-Slovak Council of
State has decided to make Pressburg the capital of Slovakia.
Pressburg is situated on the north bank of the Danube 34
miles southeast of Vienna.
It is beautifully situated near
the western extremity of the Carpathians, and is said to be
one of the finest cities in Hungary.
Hungarian Kings were
crowned at the Cathedral of St. Martin at Pressburg for
centuries. The population of the city in 1900 was 61,537.
It was announced recently that the Czecho-Slovak Council
had changed the name of Pressburg to Wilsonstadt, in honor
of President Wilson.

1802

THE CHRONICLE

The new government of the Jugo-Slavs took the oath of
office on Nov. 2, in the cathedral at A gram, according to
Vienna advices. The President of the new Government is
Josef Pogacnik, former Vice-President of the Austrian
Lower House.
The Slovenian National

armistice provides not only for the demobilization of the
Turkish army and the placing of all military stores and sup¬
plies at the disposition of the Allies, but for the opening of
the Dardanelles and the removal of all obstructions barring
the way to the Black Sea, thus permitting direct communi¬
cation by the Allies with Rumania and Russia.
Immediate

Assembly has taken charge of the

Government of Laibach, Caroiola.

release of all Allied

prisoners of war and Armenian interned
and prisoners is also provided for. The terms in
full were given as follows: •

The future relations of the different South Slav groups,

persons

however, are by no means fixed, and seem likely to require
a good deal of adjustment before the situation is cleared up.
On this point a special dispatch from Washington to the
New York “Tribune” on Nov. 5 had the following to say:

12.in

[Vol. 107

1. The opening of the Dardanelles
Black Sea.
Allied occupation of the

and the Bosphorus and access to the
Dardanelles and Bosporus forts.
2. The positions of all mine Helds, torpedo tubes and other obstructions
in Turkish waters are to be indicated and assistance given to sweep or re¬
move them,
as may be required.
3. All available information concerning mines in the Black Sea is to be

Under, the terms of the armistice concluded between Austria-Hungary
and the Allies, all the nationalities of the Dual Monarchy, as well as Italy
and Serbia, have their interests protected.
Italian occupation will take

communicated.
4. All Allied

place in territories recognized as Italia Irredenta and other territories,
including all strategic points, may be garrisoned by the Allies

ers are

prisoners of

to be collected in

war

and Armenian interned

Constantinople and handed

and prison¬
unconditionally

persons

over

In regard to Jugoslavia, It was learned to-day that the Allied Govern¬
cognizance of the fact that the Croats, Slovenes and
Serbs of Austria-Hungary have not yet had an opportunity of declaring
their wishes in respect to the proposed union of those peoples with Serbia,
under the plan of Corfu, and there is an expectation In Entente quarters
here that the Croatian Diet correctly represented the will of the Croatian

the Allies.
5. Immediate demobilization of the Turkish army, except such troops
as are required for surveillance on the frontiers and for the maintenance
of internal order.
The number of effectives and their disposition to be
determined later by the Allies after consultation with the Turkish Govern¬

people when it voted to remain in Austria.

6. The surrender of all war vessels in Turkish waters or waters occupied
by Turkey.
These ships will be interned in such Turkish port or ports as
may be directed, except such small vessels as are required for police and
similar purposes in Turkish territorial waters.
7. The Allies to have the right to occupy any strategic points in the
event of any situation arising which threatens the security of the Allies.
8. Free use by the Allied ships of all ports and anchorages now in Turkish
occupation and denial of their use to the enemy. Similar conditions are
to apply to Turkish mercantile shipping in Turkish waters for the purposes

to

ments have taken

ment.

The so-called aspirations of the South Slavs for independence have
attained declarations of sympathy from America and the Allied nations, but
inasmuch as there has been doubt concerning the correctness of the repre¬
sentations made by the professed spokesmen of the Croats, Slovenes and
Austrian Serbs in the Allied countries, the principle of self-determination
has been held to be sufficient to determine the wishes of the various Jugo¬
slav populations.
Their chief organization, known as the Jugo-Slav Committee, in London
has not secured the political recognition of the Allies and America such as

of trade and the demobilization of the army.
9. Allied occupation of the Taurus tunnel system.
10. Immediate withdrawal of Turkish. troops from northern Persia to
behind the pre-war frontier already has been ordered and will be carried

has been accorded to the Czecho-Slovak and Polish organizations.
It was
indicated in an authoritative quarter to-day that plebiscites most probably
would be required in both Croatia and Slovenia to establish the will of those

out.

peoples; but that in the case of Bosnia-Herzegovina no plebiscite would
be held, as those provinces stand upon a practical parity with Italia Irre¬

11. A part of Transcaucasia already has been ordered to be evacuated
by Turkish troops.
The remainder to be evacuated if required by the
Allies, after they have studied the situation.
12. Wireless, telegraph and cable stations to be controlled by the Allies.
Turkish Government messages to be excepted.
13. Prohibition against the destruction of any naval, military or com¬

denta and Alsace-Lorraine and would be awarded to Serbia without dis¬
cussion.
The action of the Croatian Diet seems to reflect the sentiments of the
Oroatians In the United States, who have held aloof from the Jugo-Slav

propaganda; but there is

a

difference in

one

particular, for while the Diet

mercial material.
14. Facilities to be given for the purchase of coal, oil fuel and naval ma¬
terial from Turkish sources, after the requirements of the country have
been met.
None of the above materials are to be exported.
15. The surrender of all Turkish officers in Tripolitania and Cyrenaica
to the nearest Italian garrison.
Turkey agrees to stop supplies and com¬
munication with these officers if they do not obey the order to surrender.
16. The surrender of all garrisons in Hedjaz, Assir, Yemen, Syria and

declared for union with Austria the Croatlans here have aspired to com¬
plete independence for their country.
Their union with Austria, however, would put them upon a national
equality with the Austrians, while they would not possess the same influ¬
ence in the proposed kingdom of Serbians, Croats and Slovenes.

SECRETARY LANSING'S REPLY TO TURKISH

Mesopotamia to the nearest Allied commander, and withdrawal of Turkish
troops from Cilicia, except those necessary to maintain order, as will be

REQUEST FOR ARMISTICE.
reply of Secretary Lansing to the note of the Turkish
Government asking President Wilson to arrange for an
armistice was made public at Washington on Oct. 31. As
stated in our issue of Oct. 19 (page 1548) the Turkish note
was along the same lines as the German and Austrian notes.
It was forwarded to this country through the Spanish
Government. Secretary Lansing’s reply, therefore, is in
the form of a letter addressed to the Spanish Ambassador at
Washington. It merely acknowledges receipt of the Turk¬
ish note and promises to forward the request for an armistice
to the Governments at war with Turkey.
As made public
by the State Department it read as follows:
The

determined under-Clause 5.
17. The use of all ships and repair facilities at all Turkish ports and
aresenals.

18. The surrender of all ports occupied in Tripolitania and Cyrenaica,
including Misurata, to the nearest Allied garrison.
19. All Germans and Austrians, naval, military or civilian, to be evacu¬
ated within
tricts

Excellency:

I did not fail to lay before the President the note which you addressed
to him on the 14th instant, and handed to me on that date.

Acting under the instructions of your Government, you enclosed with
that note the text of a communication received by the Minister of Foreign
Affairs of Spain, from the Charge d’Affaires of Turkey, at Madrid on Oct.
which the good offices of the Government of 8pain were sought to

25. Hostilities between the Allies and Turkey shall cease from noon,
local time, Thursday, the 31st of October 1918.

bring to the attention of the President the request of the Imperial Otto¬
man Government that he take upon himself the task of the re-establish¬
ment of peace, and that he notify all belligerent States of the request,
and Invite them to delegate plenipotentiaries to initiate negotiations, the
Imperial Ottoman Government accepting as a basis for the negotiation the
program laid down by the President in his message to Congress of Jan. 8
1918, and in subsequent declarations, especially his speech of Sept. 27.
It is further requested by the Imperial Ottoman Government that steps
be taken for the immediate conclusion of a general armistice on land, on
and in

ARMENIANS FULLY PROTECTED BY TURKISH
ARMISTICE, DECLARES CECIL.
Lord Robert Cecil, Assistant Secretary of State for For¬
eign Affairs, denied most emphatically on Nov. 1 an allega¬
tion made by the “Manchester Guardian” that in addition
to the armistice a secret agreement had been signed with

the air.

Turkey by which “we have guaranteed Turkish sovereignty
Armenia, Syria, Palestine, and Arabia in some form
or other.”
As quoted in a special cable to the New York

By direction of the President I have the honor to inform Your Excellency
that the Government of the United States will bring the communication of
the Turkish Charge d’Affaires to the knowledge of the governments at war
with Turkey.
Accept, Excellencv, the renewed assurance of my highest consideration.
(Signed)
ROBERT LANSING.

over

“Times”
“There is

AGREED

TO

BY TURKEY.
The full terms of the armistice agreed to by Turkey were
made public at London on Nov. 1. As stated in these
columns last week (page 1722), the armistice was signed

as

of Oct. 31.

The terms

are

tantamount to the

“complete and absolute surrender of Turkey,” according
to

a

statement made to the Associated

Press at

London

by Lord Robert Cecil, Assistant Secretary of State for For¬
eign Affairs. Lord Robert added that the armistice had
been signed by England on behalf of all the Allies. The




no

Nov. 1 Lord Robert said:
secret

as

oppression.”
He was particularly emphatic in his allusions to the Armenians, and
pointed out that two clauses of the armistice terms especially provided for
their protection, and the Allies had reserved the right to occupy their
villayets in case of disorder.
“The armistice terms,” he went on, “amount to unconditional sur¬
render, and especially important is our right to occupy the Taurus tunnel
system.”
Lord Robert added that nothing in the armistice would hamper the Allies
in making such disposition of European Turkey as they wished at the peace

at Mudros, on the Island of Lemnos, in the Aegean Sea, by
Vice-Admiral Cal thorp, on behalf of Great Britain, and

took effect

on

undertaking engagement, or bargain of any sort of
far as the British Government is concerned.
Nothing concerning
territorial arrangement has been settled at all.
I cannot conceive of any
solution that would leave these nationalities under the shadow of Turkish
kind,

TERMS OF ARMISTICE

month from Turkish dominions, and those in remore dis¬
after that time as may be possible.

one

soon

20. Compliance with such orders as may be conveyed for the disposal
of equipments, arms and ammunition, including the transport of that
portion of the Turkish army which is demobilized under Clause 5
21. An Allied representative to be attached to the Turkish Ministry
of Supplies in order to safeguard Allied interests.
This representative to
be furnished with all aid necessary for this purpose.
22. Turkish prisoners are to oe kept at the disposal of the Allied powers.
The release of Turkish civilian prisoners and prisoners over military age
is to be considered.
23. An obligation on the part of Turkey to cease all relations with the
Central Powers.
24 In case of disorder in the six Armenian villayets the Allies reserve
to themselves the right to occupy any part of them.

From the Secretary of State to the Ambassador of Spain.

sea

as

1

conference.
The fact that the armistice gives the Allies actual possession of the Bos¬
porus forts is of supreme importance.
It means that the situation in re¬
gard to Russia is materially changed.
The loyal elements in the Don

country and elsewhere

can now

be helped.

Nov. 9

1918.]

THE CHRONICLE

Again, it is extremely significant that the interned Armenians as wel)
all Allied prisoners of war are to be handed over.
This, it is believed,
was one of the conditions which the Turks least liked.
It is accompanied
by a proviso that the Allies shall occupy the six villayets of Armenia in case
of disorder.
This is obviously a police measure, for the Turk is traditionally
capable of "wreaking vengeance on his hereditary victim in the middle of
the armistice.
Again, the appearance of an armed guard in these districts notifies the beginning of a new regime and the end of the old one.
The armistice has political implications, such as the liberation from
as

'

Turkish rule of Christian nationalities in accordance with the British Pre¬
mier’s speech on Jan. 5.
Hence Turkish suzerainty is largely challenged.
Moreover, the occupation of the Taurus tunnel system is a military meas¬
ure destined to protect the Armenians.

The capitulation of Turkey,

although anticipated, made,
nevertheless, a profound impression in France where the
newspapers treated it as an event of supreme importance.
The Paris “Matin’* was quoted on Nov. 1 a saying:
The convention is of a purely military charater, and in no way affects
the peace which will eventually be signed with the Turkish Empire.
What
is interesting, however, is the immediate consequence of the armistice.
Fist of

all, the greater part of the British armies in Syria, Palestine, and
The army of the Orient, which will soon
be the army of the Save and Danube, will be, perhaps, called upon to play
a great role, for which its reinforcement by seasoned elements will be
desirable at an early date.
When the Dardanelles are opened, the Allied
fleet will restore direct communication with Rumaia, as it is hardly prob¬
able fcoat the Goeben, the Breslau and the Russian fleet sold to Germany
by the Bolsheviki will offer resistance.
The Allies will then hold the Medi¬

Mesopotamia will be released.

terranean outlets of Ukrainia and Greater Russia

PRESIDENT WILSON CONGRATULATES KING VICTOR
ON ITALIAN VICTORY—MISSION COMING
TO UNITED STATES.
President Wilson

on Nov. 4 sent to King Victor Emmanuel
Italy the following message of congratulation on the
Italian victory over the Austrian army:

of

May 1 not say how deeply and sincerely the people of the United States
rejoice that the soil of Italy is delivered from her enemies? In their name
I send your Majesty and the great Italian people the most enthusiastic
congratulations.

WOODROW WILSON.

Secretary Lansing, through Ambassador Sharp at Paris,
on the same day sent the following
message to Baron Sonnino, Italian Minister for Foreign Affairs, now in Versailles
attending the sessions of the Supreme War Council:
At the moment of the complete victory of the Italian arms I take this
means of conveying to you my most sincere congratulations.
The Govern¬
ment of the United States admires the valor of the Italian armies and unites
with the Italian nation in this hour of rejoicing and of triumph.

A

dispatch from Rome, dated Nov. 4, announced that
Francesco Nitti, Minister of the Treasury, who during the
absence at Versailles of Premier Orlando and Foreign Min¬
ister Sonnino has been acting head of the Italian Govern¬
ment, has named a Parliamentary mission to proceed im¬
mediately to the United States. The mission is composed
of Senator William Marconi, Senator Ruffini, President
of the Italo-American Union; Senator General Dallolio,
who was for a time Minister of Munitions, and Prince Lanza
di Scalba, former Under Secretary for Foreign Affairs.

Wishing to show the appreciation of Italy for the part the
United States is taking in the war, the mission will be the
bearers of gifts for President Wilson, the American Congress,
and the City of New York, consisting of original codices of

Christopher Columbus, Amerigo Vespucci, and Giovanni
The codices of da Verrazzano, who ex¬
plored the coast of North America from North Carolina to
Newfoundland in 1524, discovering New York Bay, are
especially interesting, as they refer to his American explora¬
tions. The codices will be presented in artistic cases with
special inscriptions.
da Verrazzano.

HOW

THE AU STR0-1TALI AN
SIGNED.

ARMISTICE

correspondent of the London “Times” at Italian Head¬
^

Toward the evening of Oct. 29 an Austrian officer was seen coming from
the enemy trenches close to Serravalle, above Ala, in the Adige Valley.
It became evident at once that the white flag was genuine, and Italian
officers went forward to meet him.
The officer, who was a captain, declared that he had come to discuss the
conditions of an armistice.
Taken to a neighboring command and ques¬
tioned, he was found not to have any authoritative papers and was sent
back with a message that a more representative and duly accredited mis¬
sion should be sent if the matter was to be pursued.
Wednesday evening a white flag was again hoisted. At the head of a
small group that approached tne Italian trenches was the Austrian General
von Weber, a corps commander.
The party consisted of eight persons
and included another general and naval and military officers.
There were
also civilians, either diplomatic or Government representatives, and secre¬
taries and typists.

They were treated with every courtesy, and when General

von

Weber

had formally stated his mission and shown that he was the bearer of proper
credentials he and his party were driven next day in motor cars to the Villa
Giusti, close to General Diaz’s headquarters.
At 9 o’clock in the morn¬

ing General Badoglio, the chief of staff, drove with an escort of cavalry to
the villa and on his arrival all the troops present saluted and bugles were
sounded.




Entering the villa. General Badoglio found all the Austrian mission stand¬
ing in a line in the drawing room awaiting him. General von Weber was
in full uniform, wearing the stare and ribbons of his
orders.
General
Badoglio saluted him and upon seating himself asked the Austrian general
his errand.
General
ditions upon which

Weber replied that he had come to ask the con¬
armistice would be granted.
General Badoglio
answered that within an hour he would let him know the
general lines of
such an armistice contained in a written
message.
He then left the room
and the written message in
question was at once sent to the villa.
von

an

Meanwhile, telegrams were exchanged with Versailles, and during the
afternoon the precise details under which an armistice would be granted
were received from Signor
Orlando, the Italian Prime Minister, and again

in written form handed to General von Weber.
During the evening one
of the Austrian envoys left by
motor car for Serravalle with a draft of the
conditions to communicate to the Austrian Government.

The Austrian plenipotentiaries were very depressed
and did not show
nor walk in its ample gardens.

themselves outside the villa

REPORT THAT BULGARIAN KING ABDICATES AND
PEASANT REPUBLIC ESTABLISHED.

Kang Boris of Bulgaria, who ascended the throne on Oct.
3, has abdicated, according to advices from Copengahen
on Nov. 2, and a
peasant Government has been established
at Tirnova, under the leadership of M.
Stambuliwsky, who
has been chief of the peasants and
agrarians of Bulgaria for
some time.
M. Stambuliwsky is said to be in command
of a republican army of 40,000 men.
M. Stambuliwsky was only recently released from
prison.
When Bulgaria entered the war in October 1915, he was
sentenced to imprisonment for life after conviction on a
charge of anti-militarism. He remained in prison until Sept.
30, when he was pardoned by King Ferdinand prior to that
King’s abdication. For many years Stambuliwsky has been
the leader of the peasants and the agrarians in the Bulgarian
Parliament. Tirnova is a town in Bulgaria on the Yantra
River, a tributary of the Danube, and on the railroad from
Sofia to Varna. In the middle ages Tirnova was the capital
of Bulgaria.
It is a city of considerable commercial im¬
portance and has a population of about 12,000.
RUMANIAN RIGHTS WILL BE REMEMBERED AT
PEACE CONFERENCE, SAYS LANSING.
That the United States would use its influence to secure

recognition of the political and territorial rights of Ru¬
mania at the final peace conference was asserted by Secre¬
tary of State Lansing in a message cabled to the American
Legation at Jassy, for transmission to the Rumanian Gov¬
ernment.
The message was sent in response to a memoran¬
dum presented to Secretary Lansing some days ago by Capt.
Vasile Stoica, President of the Rumanian National League
in the United States, and Captain in the Rumanian Legion,
now fighting in France.
The memorandum set forth the
national aspirations of Rumania without regard to boun¬
daries. Secretary Lansing’s message to the Rumanian
Government

was

as

follows:

The Government of the United 8tates has constantly had In mind the
future welfare and Integrity of Rumania as a free and Independent country
and

prior to the existence of a state of war between the United States and
Austria-Hungary a message of sympathy and appreciation was sent by
the President to the King of Rumania.
Conditions have changed since that time, and the President accordingly
desires me to inform you that the Government of the United States is not
unmindful of the aspirations of the Rumanian people without as well as
within the boundaries of the kingdom.
It has witnessed their struggles
and suffering and sacrifices in the cause of freedom from their enemies
and their oppressors.
With the spirit of national unity and the aspirations
of the Rumanians everywhere the Government of the United States deeply
sympathizes and will not neglect at the proper time to exert its Influence
that the just political and territorial rights of the Rumanian people may be
obtained and made secure from all foreign aggression.

WAS

The procedure leading up to the negotiation of the armistice
between Austria and Italy was described as follows by the

quarters:

1803

UNITED ST A TES RECOGNIZES A U TO NO MY OF POLISH
NATIONAL COMMITTEE AND ARMY.

Following similar action recently taken by Great Britain
Italy, the United States has now recognized the
Polish Army, under the supreme political authority of the
Polish National Committee, as autonomous and co-bellig¬
erent.
A Polish army has been fighting on the western
France and

front with the Allied armies under the leadership of General
Joseph Haller, the greater part of the force having been
recruited in the United States under the direction of Ignace
A letter from Secretary of State Lansing
Jan Paderewski.
on Nov. 4 to Roman Dmowski, President of the Polish
National Committee, who is now in Washington, voiced
the deep sympathy of the United States with Polish aspira¬
tions, and announced the recognition of the Polish National
Committee and army as follows:
I beg to acknowledge the receipt of your letters of Oct. 18 and Oct. 25, re¬
questing the Government of the United States to associate itself with the
Governments of France and Great Britain by recognizing the Polish Army,
under the supreme political authority of the Polish National Committee,
as autonomous, allied and co-belligerent.
In reply I beg to inform you that the Government of the United States
has not been’unmindful of the zeal and tenacity with which the Polish Na-

[Vol. 107.

THE CHRONICLE

1804

tkmal Committee has prosecuted the task of marshalling its fellow-country¬
in a supreme military effort to free Poland from its present oppressors.
This Government’s position with respect to the Polish cause and the
Polish people could hardly be more clearly defined than was outlined by
the President in his address before the Congress on Jan. 8 1918.
There¬

men

fore, feeling as it does a deep sympathy for the Polish people and viewing
with gratification the progress of the Polish cause, this Government ex¬
periences a feeling of genuine satisfaction in being able to comply with your
request by recognizing the Polish Army, under the supreme political authori¬
ty of the Polish National Committee, as autonomous and co-belligerent.

All tiie members of the Polish Cabinet have signed a
manifesto, according to a dispatch from Warsaw from
Amsterdam on Nov. 5, declaring that a National Govern¬
ment is to be formed, its majority consisting of representa¬
tives of the working classes.
The National Government
will take over undivided authority until the convocation
of a legislative body.
The Ukrainian Federation, the central organizations of
the Ukrainians and Ruthemans in this country, sent out a
call on Nov. 4 to the Polish National Commitee to hold a
joint meeting to discuss some common action to stop the
fighting between the Polish and Ruthenians troops, which,
had begun in Galicia. The Ukrainian Federation proposes,
it is said, to send a joint cablegram to the warring peoples to
agree on the mediation of the American Government and
leave the settlement of the frontier question between the
Poles and Ukrainians to a plebiscite, to be held later under

the Presidents of the American, British, Italian, Belgian
and Franco-Serbian Chambers of Commerce in Paris. M.
Lebon in his remarks pointed out that the change in the

Government of Germany,

while it might be considered

a

punishment of Germany’s former rulers, constituted in no
for the future, as the German people had
been entirely responsible for the acts of those who led them
and had acquiesced in such acts, sometimes by silence,
sometimes by approval, and always by actual complicity.
He urged that the Allies should insure preferential treat¬
ment among themselves, “to avoid being submerged anew
by German commerce.” The Allies, he noted, were mas¬
ters of the world’s markets in all raw materials except coal.
Germany, he declared, should be placed under the ward¬
ship of the Allies, not in a military and political way, but
economically.
Sir John Pilter, honorary President of the British Cham¬
ber of Commerce, recommended the creation of an interway a guarantee

Allied customs union.

SLAV RACES JOIN IN NEW DECLARATION OF INDE¬
PENDENCE ISSUED FROM HISTORIC INDEPEND¬
ENCE HALL.

As a fitting sequel to President Wilson’s recent note to
Austria-Hungary, upholding the right to freedom of the
dis¬ subject races oppressed by the Teutonic Empires, delegates
patches on Nov. 4 as saying that hostilities had broken out representing 65,000,000Czecho-Slovaks, Jugo-Slavs, Poles,
between Polish and Ruthenian and Ukrainian troops.
The Rumanians,Ukro-Russians (Ukrainians), Lithuanians, Gali¬
latter, supported by German and Austrian regiments, cap¬ cians residing in various parts of Austria-Hungary, Germany
tured Lemberg, in Galicia, on Nov. 1. Przemysl was said and the Baltic Provinces, and Italians from Istria and
to bs in the hands of the Ruthenians.
An Austrian army Dalmatia, on Oct. 25 and 26 held a convention in Independ¬
commanded by General Haas, in whose ranks is Archduke ence Hall, Philadelphia, the cradle of American liberty, for
William, was reported to be advancing on Rawaruska and the purpose of framing a declaration of independence for
their various races. The convention was held in Independ¬
Zamost.
The dispatch further stated:
A Ukrainian delegation is leaving this week for the United States, ac¬
ence Hall by special invitation of the Mayor of Philadelphia,
cording to a dispatch from Kiev to the “Vossische Zeitung” of Berlin, to
and was presided over by Dr. Thomas S. Masaryk, Prime
enlighten the American public on the national and international positions
Minister of the new Czechoslovak Republic, whose separate
of the Ukraine and to clear up misunderstandings.
The delegation is headed by Ivan Korostovetz, former Russian Minister
declaration of independence we published in the “Chronicle”
at Peking; Demetrius Antonovitch, ex-Minister of Marine, and Chevalier
last week, page 1632.
von Gassenko, former peace delegate at the Brest-Litovsk conference, and i
As quoted in Washington dispatches on Oct. 22, Dr.
at one time representative of the Ukraine in Switzerland.
A Lemberg dispatch by way of Vienna reports that armed Ukrainian
Masaryk outlined the purposes of the conference as follows:

the supervision of delegates from neutral countries.
Warsaw neswspapers were quoted in Amsterdam

forces

occupied the Lemberg public offices, took possession of the railways

and the telephone and telegraph services and disarmed the soldiers of other
nationalities.
The Ukrainian National Council, it is added, states that it has taken
over the administration of Eastern Galicia.

Lemberg is the capital of Galicia, the bulk of the population of which is
evenly between Poles and Ruthenians. The town of Zamost
is in Poland, north of Rawaruska, just south of the Polish-Galician border.
Przemysl is fifty miles west of Lemberg.
The Ruthenians always have opposed the Poles in Galicia and speak a
language almost identical with that of the Ukrainians, to whom they are
racially related. A dispatch late last week through Copenhagen reported
that General Skoropadski, the Ukrainian leader, had gathered a large
force of Ukrainian and Austro-Geeman troops on the borders of Cholm,
Poland, with the intention of occupying that district when the AustrianGermans retired from Russian-Poland.
divided about

CHILE SEIZES 84 INTERNED GERMAN SHIPS—

ARGENTINA ALSO ACTS.
The Government of Chile

on

Nov. 5 took possession of

eighty-four German snips interned in Chilean ports, accord¬
ing to press dispatches from Santiago. This action was
taken, it was said, to prevent the crews from sinking the
vessels after having destroyed vital parts of the machinery.
Chilean armed forces late in September were stated to have
“occupied” all the interned German steamships in Chilean
waters following attempts by crews of some of the vessels
to damage or sink their ships.
It

was

announced from Buenos Aires

on

Nov. 5 that the

Aigentine Government had placed a military guard on three
German merchant ships interned at Bahia Blanca. The
vessels were the Seydlitz, Sevilla and Patagonia.
In April
1917 the Argentine Government was reported to have or¬
dered that all Geman ships in Argentine waters be concen¬
trated at Buenos Aires and a special guard placed over them.
The German Minister protested strongly against the pro¬
posal and apparently it was not earned out.
LEADERS OF FRENCH BUSINESS SUGGEST ECONOMIC
UNION OF ALLIES AS PEACE GUARANTY.

delayed dispatch from Pans, dated Oct. 31, gave an
a luncheon held that day by the industrial and
Commercial Federation, the most influential business men’s
organization in France, in support of the movement for the
creation of an economic union among the Allies.
The sub¬
ject was discussed by Andre Lebon, former Minister of Com¬
merce and now President of the Federation, together with
A

account of




organizations and representatives are authorized to help
formulating a declaration of independence for their respective nations in
Europe: John F. Smulski for the Polish committee, Dr. John Szlupas for
the Lithuanian National Council, Captain Vasile Stoica for the Rumanian
National League, Dr. H. Hinkoyic for the Jugo-Slav National Council,
Charles J. Tomazolli for the Italian Irredentists, M. Sichinsky for the
Ukrainian Federation and Gregory I. Zatkovich for the American National
The following

in

Council of Ukro-Russians.

Possibly other representatives will in certain cases be chosen to affix
signatures to a document which I trust will go down in the history
of the oppressed nations of Europe.
One or two more nationalities may
be represented.
If so this will be announced later.
We consider it an honor and a singular privilege that our conferences,
based as they will be on the principles of self-determination and co-operation
among all groups against Teutonic aggression, may be carried on under
the roof where the American Declaration of Independence was drafted and
published.
We shall do our work under the shadow of a great tradition.
their

To fittingly proclaim the successful conclusion of their
labors, the organizations participating in the convention
had a new Liberty Bell cast, which was rung during the
signing of the new declaration. As the new bell rang out
the glad tidings, Dr. Masaryk, as President of the MidEuropean Union, took his place on the steps of Independence
Hall and read the Declaration. The text of the document
was as

follows:

In convention assembled at

Independence Hall, Philadelphia, Pennsyl¬

vania, United States of America, on October 26 1918, we, representing
together more than fifty million people constituting a chain of nations
lying between the Baltic, the Adriatic and the Black seas, comprising
Czecho-Slovaks, Poles, Jugo-Slavs, Ukrainians, Uhro-Russians, Lithuani¬

Rumanians, Italian Irredentists,'Unredeemed Greeks,’ Albanians and
Zionists, wholly or partly subject to alien dominion, deeply appreciating
the aid and assistance given our peoples by the Government and people
of America and of the Entente Allies, on behalf of ourselves and our breth¬
ren at home, do hereby solemnly declare that we place our all—peoples
and resources—at the disposal of our allies for use against our common
enemy, and in order that the whole world may know what we deem are
the essential and fundamental doctrines which shall be embodied in the
constitutions hereafter adopted by the people of our respective independ¬
ent nations, as well as the purposes which shall govern our common and
united action, we accept and subscribe to the following, as basic principles
for all free peoples:
(1) That all governments derive their just power from the consent of
the governed.
(2) That it is the inalienable right of every people to organize their
own government on such principles and in such form as they believe will
best promote their welfare, safety and happiness.
(3) That the free and natural development of the ideals of any State
shall be allowed to pursue their normal and unhindered course, unless such
course harms or threatens the common interest of all.
(4) That there should be no secret diplomacy and all proposed treaties
and agreements between nations should be made public—prior to their
adoption and ratification.
(5) That we believe our peoples, having kindred ideals and purposes,
should co-ordinate their efforts to insure the liberty ot their individual
ans,

JJov. 9

1918.]

THE CHRONICLE

nations for the furtherance of their common welfare, provided such a union
contributes to the peace and welfare of the word.
(6) That there should be formed a league of the nations of the world In
and

binding agreement for genuine and practical co-operation
justice, and therefore peace, among nations.
In the course of our history we have been subject to, and victims of.
aggressive and selfish nations and autocratic dynasties, and held in sub¬
jection by force of arms.
We have suffered destruction of our cities, violation of our homes and
lands, and we have maintained our ideals only by stealth, and in spite of
a common

to secure

t

the tyranny of our oppressors.
We have been deprived of proper representation and fair trial; we have
been denied the right of free speech and the right freely to assemble and

petition for the redress of our grievances; we have been denied free and
friendly intercourse with our sister States, and our men have been impressed
in war against their brothers and friends of kindred races.
The signers of thin declaration, and representatives of other independent
peoples who may subscribe their names hereto, do hereby pledge, on behalf
of their respective nations, that they will unitedly strive to the end that
these wrongs shall be righted, that the sufferings of the world war shall not
have been in vain, and that the principles here set forth shall be incorporated
in the organic laws of whatever governments our respective peoples may
hereafter establish.

HOLLAND TO RESUME TRADE INTERRUPTED
BY SUBMARINES.

by R. H. B. Lockhart of the British
The dispatch referred to said:

1805
diplomatic service.

The clash of authority between the counter-revolutionary commissions
of Russia and the central and local Soviet
organizations has become so
serious as to show that it is the predominant menace to the

dictatorship

of the proletariat, according to information
brought here by travellers.
M. Peters, head of the Commission to Supress Counter
Revolutions,
has become more powerful than the National Council of

Commissaries.

Even, Nikolai Lenine, the Bolshevik Premier,

was unable to save men he
did not wish executed by the Peters commission.
The red terror spread from Moscow has become a monster which Lenine
and other milder members of the Central Government cannot

control.
The counter-revolutionary commission’s chiefs in the smaller cities are
equally merciless, giving accused persons no chance to prove their innocence.
They try and execute political suspects without reference to other Govern¬
ment

organizations.

The National Commissary of Justice is endeavdrlng to have the counter¬
revolutionary commission placed under his authority, but it is resisting.
The red terror is not waged so publicly at Moscow now, the conservative
elements evidently realizing the terrible precedent established and

they

are

endeavoring to dislodge the system.

The last of the American Red Cross workers in Russia
reached Stockholm on Oct. 21 after a four-day trip by train
from Petrograd. The party consisted of Major Allen Ward-

well, Capt. J. W. Andrews, and Dr. M. Davidson.
Bolsheviki, it was said, showed the Red Cross party

The

every
Preparatory steps are being taken by Dutch shipping
toward resuming regular trade with England and courtesy, and President Sverdloff of the Russian Red Cross
America, according to London advices dated Oct. 24, in and many Bolshevist officials sought to obtain the assistance
of the American Red Cross to prevent the wholesale starva¬
consequence of the withdrawal of the submarine menace.
Shipping with Denmark, it is said, was resumed on Oct. 23 tion of noncombatants in Russia this winter. The Americans
looked after the Entente prisoners at Moscow and Petro¬
concerns

COMPLAIN OF CHINA'S LAXNESS AS AN ALLYEFFORTS TO END CIVIL WARFARE.
The British Minister to China, according to Associated
Press dispatches dated Nov. 4, with the concurrence of the
other Allied Legations, has handed informally to the Chinese

Foreign Office

a

memorandum concerning matters in which
ally. Among

China is regarded as having been remiss as an
the instances mentioned are the following:

The wasting in party quarrels of the Boxer indemnity, remitted for
fostering industries to enable participation in the war.
Lack of results by the Cinese War Participation Bureau and the diversion
of Chinese troops to civil warfare in the south.
The appointment of a Papal Minister without consultation, creating an
impression of friendship with the enemy.
Failure to confiscate enemy property, to impose restrictions on enemy
enterprises and to impose penalties for trading with enemy subjects.
Refusal to retire the Governor-General of Heino for supporting the enemy
and the Bolshevik! in spite of the protests of the Allies.
Failure to imprison intriguing enemy subjects.
Failure to permit Allied consuls to witness the trials of arrested spies.

A special cable from Peking to the New York “Times” on
Nov. 6 reported that societies for hastening peace are work¬

ing strenuously to accomplish

Chinese

reunion.

Even

Sun Yat Sen’s latest declaration that the reconvocation of
the old Parliament is indispensable in order to approve the
constitution and elect a President is thought moderate.

grad after the departure of the Entente missions and relieved
the condition of many unfortunates in Russian jails.
Major
Ward well and his assistants were especially anxious to have
food supplies sent to Russia for prisoners and children who
are public wards and are now
facing starvation.
United States Vice-Consul Leonard, who held the post at
Astrakhan, and Vice-Consul Burri were both in jail at
Moscow when the' Red Cross party left, but the Norwegian
Legation had been assured that they would soon be released.
These officials were first imprisoned at Tsaritsin and had
been prisoners nearly two months.
They have undergone
great privation.
Food conditions are rapidly growing worse in Petrograd
and Moscow, the Stockholm dispatch said. Although the
Bolshevist press says that the retirement of the Czechs from
the Volga districts will make it possible to obtain grain from
that region, no supplies are reaching the two cities as yet,
probably because the peasant organizations will not release
grain to the Soviet Government.
CANADIAN PACIFIC LINER SINKS WITH ALL
ON BOARD.
The Canadian Pacific passenger steamer Princess Sophia
on the rocks at the entrance to the
Lynn Canal, near

went

Unfortunately the southern Chinese are endeavoring to Juneau, Alaska, on the night of Oct. 24, and foundered with
complete the conquest of the Island of Hainan and continuing all on board. The vessel carried 268 passengers and a crew
their offensive in Fukien. This may unite the northern of 75.
Not a soul survived.
The passengers, it is said,
Tuchuns, who meantime are a pacifist wing led by the were almost all Alaskans, returning from the interior. The
President. Financial difficulties, together with the Allies’ Sophia struck at 3 o’clock Thursday morning (Oct. 24).
advice, may prevent further serious warfare, as the powers It was at first thought she would float on the high tide in
have declined to sanction the release of the customs surplus the afternoon.
Efforts in that direction evidently failed
until a settlement is effected, while the Canton Government and the vessel remained fast.
Government lighthouse
has addressed protests to the Powers concerning the customs tenders and a number of small craft stood by. When
daylight
and salt revenues, opposing the Central Government’s came it was found the boat was resting
easy and the weather
using these revenues in their subjugation.
calm, and it was decided not to remove the passengers.
The Associated Press reported in Peking advices dated Word was sent to Vancouver and the
wrecking steamer
Oct. 25 that the American Legation had protested against Tees and the Canadian Pacific
Railway steamer Princess
the sanctioning by the Chinese Government of the proposed Alice were sent to the Princess
Sophia’s aid. The sea
Chinese Trading Company under the auspices of Tsao sprang up again and the winds
whipped down the long,
Yulin, the acting Minister of Finance, and Tien Wen-lieh, narrow Lynn Canal with hurricane force.
The Sophia
the Minister of Agriculture. The company as planned, it in the path of the gale, was pounded
against the rocks. On
is said, would have remarkable special privileges concerning account of the danger of
stranding the nearby ships did not
freight permits, exchange, and discounts, amounting to a dare go near her. Lifeboats were impossible, although the
monopoly on the export amounting to a monopoly on the shore was not many yards away. During the night the gale
export and import business of China. Such a concern, it is increased in fury and lifted the steamer up, dragged her
declared, would be in contravention of American treaty across the reef and sent her to the bottom.
rights.
The vessel, 2,320 tons gross, had been plying in Western
“RED TERROR” PERSISTS IN RUSSIA—NOW BEYOND
CONTROL OF SOVIET LEADERS.
to

That the “Red Terror” initiated by the Bolshevik leaders
maintain the “dictatorship of the proletariat,” still

persists, despite world-wide protests, and, having gotten
beyond the control of the Soviet leaders, now constitutes the
gravest menace to their continuance in power, is indicated
by Associated Press dispatches received from Stockholm
published here on Oct. 23. The information was attributed
to a party of Entente refugees from Moscow, accompanied




Canadian and Southwestern Alaskan water since she
built in 1912.
Captain F. L. Locke commanded her.
GROWTH OF BRITISH NAVY DURING WAR

was

YEARS.

Figures made public at London on Oct. 25 on the growth
during the war showed that the fleet, including
auxiliaries, has increased from 2,500,000 tons displacement
to 6,500,000 tons, and the personnel from 146,000 to 406,000.
Since the outbreak of the war 21,500,000 soldiers have been
transported by sea, of whom 4,391 have been lost. For the
requirements of the British naval and military forces more
of the navy

1806

THE CHRONICLE

than 85,000,000 tons of stores were transshipped, while
than 24,000,000 tons were taken overseas for Great
Britain's allies. Transportation was also provided for
more

2,000,000 animals.

The organization of convoys, due to
an important part

German submarine warefare, has been

of the work of the British Navy since March 1917, since
which time there have been 75,929 sailings, with the losses

numbering only

a

few hundred vessels.

JOSEPH CAILLAUX, EX-PREMIER OF FRANCE, ON
TRIAL FOR HIGH TREASON.

Sitting as a high court, the French Senate on Oct. 29 began
hearings in the trial for high treason of Joseph Caillaux, for¬
mer

Premier of France, Deputy Louis Loustalot and Paul

Comby.

The indictment against the prisoners

was

read by

the State's prosecutor and the Court appointed a committee
of

investigation to study the

[Vol. 107

bail’s charges, the Chamber of Deputies voted to deprive
Caillaux of the Parliamentary immunity to which he was en¬
titled as a member of the Chamber of Deputies. This action
followed a long speech by the former Premier in which he de¬
fended himself against the charges and demanded that his
case be brought to trial.
No steps were taken in that direc¬

tion, however, for several weeks.

In the meantime, the in¬
vestigation of the Italian Department of Justice into the case
of Signor Cavallinie, an Italian associate of Bolo Pasha, led
to the discovery of documents in which, it is alleged, Callaux, in the expectation of gaining office a3 Permier, had
drafted a Cabinet, designated a Generalissimo and sketched
various “exceptional” measures. These measures included
the arrest of certain politicians and Generals among whom
Clemenceau is said to have been one, and the dismissal of
a number of officials.
In addition to these, there were docu¬
ments of a military character which by their very nature
were alleged to constitute the strongest evidence against

of evidence
the magistrates who had been investi¬ Caillaux.
gating the case. In his opening address Theodore Lescouve,
The development to which M. Caillaux’s final arrest was
the prosecutor, charged the accused men with having con¬
most generally attributed, however, was the publication by
spired against the external safety of France by manoeuvres the
State Department at Washington on Jan. 16, by arrange¬
and machinations with the enemy and by aiding enemy en¬
ment with the French authorities, of intercepted correspon¬
terprises. M. Lescouve during his presentation of the case dence between Count von
Bernstorff, formerly German Am¬
gave quotations from documents in M. Caillaux’s handwriting
bassador here, and the Berlin Foreign Office, showing that
tending to show that Caillaux considered the French press ex-Premier Caillaux was in
communication with German
more responsible for the war than Germany.
The prose¬
agents in Argentina in 1915.
cutor said that Caillaux in April 1915 believed the war was
Dispatches from Paris at the time of Caillaux’s arrest,
lost and that the defendant always was more occupied con¬
summing up the French attitude toward the exposures, ex¬
cerning the making of peace than the wininng of the war.
pressed the opinion that few well-informed persons in France
The program Caillaux had drawn up for France after peace
believed that M. Caillaux had deliberately sought to betray
would have meant civil war, the prosecutor added.
his country, the general opinion being that he was animated
M. Lescouve dealt at length with Count Minotto, son-inrather by overweening ambition.
low of Louis F. Swift, the Chicago packer, who is interned in
this country as a dangerous alien, but who is alleged to have
made a confession concerning a plot engaged in by Caillaux COUNT MINOTTO ADMITS RELATIONS WITH CAIL¬
LAUX AND LUXBURG—DENIES WRONG INTENT.
and Count von Luxburg, former German Minister to Argen¬
tina, to disrupt the Entente alliance and bring about a new
By the confession of Count James Minotto that he had
acted as intermediary between Joseph Caillaux, ex-Premier
war in which the Teutonic allies, with France, Italy and Spain
would be arrayed against Great Britain and Russia. Mi¬ of France, and Count von Luxburg, German Minister to
notto, it is said, admits having been the intermediary be¬ Argentina, during Caillaux’s visit to Buenos Aires in 1915,
tween the principals in this plot.
The prosecutor gave a mportant evidence is alleged to have been secured bearing
detailed biography of Minotto and traced his relations with upon the charges of treason now being brought against Cail¬
Baron von Seebeck, son of a German officer, and Hugo laux in Paris. .Minotto’s confession was made to Deputy
Schmidt, Western United States agent of the Deutsche State Attorney-General Alfred L. Becker, who is conducting
Bank of Berlin, both of whom are interned in the an investigation here on behalf of the French Government.
United States.
According to Mr. Becker, Minotto’s testimony furnishes a
Conversations of Caillaux while in Italy also were freely complete story of the twenty-six days M. and Mme. Cail¬
gone into by the prosecutor.
Caillaux was quoted as having laux spent in Buenos Aires. Minotto was constantly in
said in Italy that the war could not last until the autumn of their company.
His story, in the form of a deposition, has
1917, owing to France’s lack of raw materials for the manu¬ been sent to France for use at the Caillaux trial. Minotto,
facture of munitions and because of revolutions in Algeria who is in an internment camp as a dangerous enemy alien,
was a “social climber,” according to Mr. Becker,
and Senegal.
and his
The evidence in the case is contained in more than 7,000 part in the alleged Caillaux-Luxburg intrigue was that of an
documents. When the committee appointed to digest this intermediary. He met Caillaux and his wife in Rio de Jaevidence has finished its inquiry, the Court will resume its niero and accompanied them on the voyage to Buenos Aires.
sessions. It is not known how long the committee may re¬ The Deputy Attorney-General, it is said, is not inclined to
attach much importance to Minotto’s part in the episode, and
quire to look over the evidence.
Joseph Caillaux, ex-Premier of France, a member of the is inclined to accept his statement that he is loyal to the
The daily papers report Mr. Becker as say¬
Present Chamber of Deputies, and for many years a leading United States.
figure in French public life, was arrested on Jan. 24 of this ing that Minotto told of carrying oral messages between
year on three charges involving treason against the State. Count Luxburg and Caillaux, the messages relating to the
The first charged an attempt against the safety of the State alleged conspiracy to restore Caillaux to power in France,
by acts of a nature tending to compromise the alliances con¬ disrupt the Entente alliance, and align France with Germany
cluded between France and foreign Powers. The second and the latter’s allies in a new war against Russia and Eng¬
charge concerned treasonable relations with the enemy, and land. When he met Luxburg in Buenos Aires in 1915, Mi¬
the third had to do with peace propaganda. Caillaux’s notto, Mr. Becker added, was there as a representative of
name had been linked with that of Bolo
Pasha, recently exe¬ the Guaranty Trust Co. of this city. He said there is no evi¬
cuted for treason; with M. Louis Malvy, former Minister of dence to show that Minotto had gone to South America with
the Interior, who has since been banished for five years for beforehand intention of acting as the go-between for Caillaux
his part in the conspiracy, and with a number of other and Luxburg.
About a year ago Secretary of the Navy Daniels revealed
prominent politicians and newspaper men accused of com¬
that Minotto had tried in July 1917, when this country was
plicity in pro-German peace propaganda in France and Italy.
Previous to the outbreak of the war in 1914, M. Caillaux already engaged in the war, to secure a position in the Naval
was known to be in favor of a rapprochement
between Intelligence Service. The filing of this application resulted
France and Germany, to be followed, necessarily, by a new in an investigation, which disclosed that Minotto was in fact
alignment of the European Powers. He is said to have fa- a citizen of Germany. His arrest followed, together with that
enormous mass

transmitted by

voted the abandonment of the Franco-Russian alliance and
the entente cordiale with England, whose interests he con¬
sidered to be antagonistic to France, and the formation in¬
stead of a Franco-German alliance.
The

charges against M. Caillaux were formulated by Gen.
Dubail, Military Governor of Paris, in a letter to Premier
Clemenceau made public on Dec. 12 1917. On Dec. 22,
following a report by its own special committee on Gen. Du-




of several of his German friends.
to be

a

dangerous alien, and

as

such

Later Minotto
was

was

held

interned last May.

BOLSHEVIST GOVERNMENT SEEKS ARMISTICE.
The Bolshevist Government of Russia, according to Lon¬
don advices dated Nov. 5, has handed the neutral Minis¬
ters

a

note for transmission to the Entente nations

for the

opening of

peace

asking
negotiations in order that hostili-

Mov. 9

1807

THE CHRONICLE

1918.]

ties between the Allies and the Soviet Government may be
ended. The note asks the Allies to decide upon the time
and place for the holding of the negotiations.
Efforts of the Bolshevist Government to discuss the with¬
drawal of the United States and Allied forces from Russia

through negotiations for an armistice are attracting no
serious attention at Washington, it is said. The associated
nations do not recognize the Lenine and Trotsky regime in

£5% bonds, 1923, 100%; £5% Bonds. 1925. 100%; £5% Bonds, 1928,
100%; £4% Bonds, 1928 (“income tax compounded”), £101 $4%.
The price is payable on application.
The Governor and Company of the Bank of England are authorised by
the Lords Commissioners of His Majesty’s Treasury to receive on Oct. 1
1918, and thereafter until further notice, applications for the above Bonds.
The principal and interest of the bonds are chargeable on the Consoli¬
dated Fund of the United Kingdom.
Bonds of this issue, and the interest payable

from time to time in respect

thereof, will be exempt from all British taxation, present or future, if it is
shown in the manner directed by the Treasury that they are in the beneficial
ownership of a person who is neither domiciled nor ordinarily resident in
any way, and it was explained that if the Bolsheviki
the United Kingdom of Great Britain and Ireland.
negotiations they should address the Russian
Further, the interest payable from time to time in respect of £5%
at Omsk, the only authority in Russia
the United Bonds of this issue will be exempt from British income tax, present or
States and the Allies deal. The Government of the North, future, if it is shown in the manner directed by the Treasury that the
bonds are in the beneficial ownership of a person who is not ordinarily
the capital of which is Archangel, has telegraphed the
resident in the United Kingdom of Great Britain and Ireland, without
ernment at Omsk that it recognizes the latter’s supremacy regard to the question of domicile. Where such a bond is in the beneficial
and co-operates with it as an individual district or State in ownership of a person entitled to exemption under these provisions the
relative coupons will be paid without deduction for income tax or other
the Government.
The Omsk Government has proclaimed
taxes, if accompanied by a declaration of ownership In such form as may
war upon Germany, and with its own forces,
be required by the Treasury.
Interest on the £4% Bonds will be exempt from liability to assessment to
the forces of the United States and the Allied countries, is
British income tax other than super tax.
For the purposes of super tax
actually fighting against the Bolshevist forces.
and in computing total income for the purposes of exemption, abatement,
A short time ago Tchitcherin, the
reduced rate of income tax on earned or unearned income, &c., the income
derived from such interest will be treated as if the amount received repre¬
Minister, was reported to have proposed that an
sented the net income after deduction of income tax at the full normal
be arranged between the United States
rate.
There will, however, be no title to repayment of income tax in
the Soviet Government and, “under President Wilson’s respect of such untaxed interest.
Bonds of this issue will be accepted at their nominal value, with due
principle of evacuation of occupied territory,”
allowance for any unpaid interest thereon, by the Commissioners of Inland
quired “when the Allied forces would be withdrawn.” This Revenue in satisfaction of amounts due on account of death duties, excess
proposal was published from Moscow, but as none of the profits duty, or Munitions Exchequer payments, provided, in the case of
death duties, that such bonds have formed part of the estate of the deceased
belligerents has recognized the Soviet rule in Russia no offi¬ continuously up to the date of death from the date of the original sub¬
cial attention was paid to it. It was regarded as propa¬ scription or for a period of not less than six months immediately preceding
ganda for popular consumption rather than a serious pro¬ the date of death, and in the case of excess profits duty or Munitions
Exchequer payments that they have been held continuously by the firm,
posal.
company, or other person, liable for such duty or payment, since the date
Officials at Washington are quoted as saying that
was of the original subscription, or for a period of not less than six months
safe to assume that the forces of the United States and the before such duty or payment becomes due and payable.
CONVERSION RIGHTS.
Allies would not be withdrawn from Russia until an orderly
Holders of £5% Bonds of this issue may convert their holdings into
government had been established throughout
country £5% War Loan, 1929-47, at the rate of £100 £5% War Loan, 1929-47, for
each £95 nominal value (excluding any redemption premium) of £5%
and a stop put to the reign of terror against which Secretary
National War Bonds surrendered; and holders of £4% Bonds of this issue
Lansing called upon all civilized nations to
pro¬ may convert their holdings into £4% War Loan, 1929-42 (“income tax
compounded”) at the rate of £100 £4% War Loan, 1929-42, for each £100
testing.

wanted
Government
with which

Gov¬

augmented by

Bolshevist Foreign
armistice
and the Allies and

naively in¬

it

the

join in

On Nov. 4 it was reported that Russian Foreign Minister
Tchitcherin had telegraphed the Provisional Czecho-Slovak
Government at Prague offering to allow the Czecho-Slovak

troops in Russia to return home after
arms,

they lay down their

He said he would

according to the Vienna “Journal.”

guarantee their safety.

The indications are that Russia will refuse to make any
further indemnity payments to Germany, according to the
Frankfort “Gazette,” quoted in Copenhagen dispatches,
dated Nov. 4. The newspaper says that Russia, which had

paid two installments of the war indemnity, has stopped the
transport of gold and bank notes to Germany. “Evidently,”
added the “Gazette,” “3he refuses to pay the last part of
the indemnity.”
The American-Russian Chamber of Commerce in New
York appealed on Nov. 5 to civic and religious organiza¬

tions throughout the country to protest against the massacre
in Russia of all the members of the bourgeoisie which, ac¬

cording to cable dispatches last week, the Bolsheviki intend
to carry out on Nov. 10.
The Chamber, it is said, has re¬
ceived information indicating that the Bolsheviki plan a
massacre on a greater scale than previous advices have
indicated. The appeal urges that the Government of the
United States be asked to unite with the Governments of
the Allied nations to warn Germany and the Bolshevist
Government that all participants in any massacre will be
held responsible with their lives.
PROSPECTUS OF GREAT BRITAIN'S THIRD
OF NATIONAL WAR BONDS.

SERIES

of Great Britain’s new series
of National War Bonds, the campaign for which was begun
on Oct. 1, are published in the London “Financial News” of
Oct. 1, which has just come to hand. It is pointed out that
The terms of the prospectus

the same as
the dates of redemption
and dividend payments. Below we give the prospectus as
printed in the “Financial News” of London:
the terms of the present series (the
those of the second series except as to

third)

are

TERMS OF PROSPECTUS.

The prospecths of the new issue of War Bonds
ticulars:
Issue of National War Bonds (Third Series):

gives the following par¬

£5% bonds, repayable Sept. 1 1923, at 102%.
£5% bonds, repayable Sept. 1 1925, at 103%.
£5% bonds, repayable Sept. 1 1928, at 105%.
~£4% bonds (“income tax compounded’’), repayable Sept. 1
100%.
Interest payable half-yearly on March 1 and Sept. 1.
First

payable March 1 1919.
-

Price of issue:




1928, at

dividend

nominal value of £4% National War Bonds surrendered.
The
Bonds must be lodged for conversion within fourteen days after any

£5%

halfyearly Interest date on the £5% War Loan., viz. June 1 and Dec. 1, and the
£4% Bonds within fourteen days after any half-yearly interest date on
the £4% War Loan, viz., April 15 and Oct. 15, and will be Converted as
on such interest dates, respectively.
Adjustments of interest consequent
upon conversion will be paid, or will be payable as the case may be, at the
time of conversion.
In the event of future issues (other
of Exchequer Bonds, Treasury bills,

than issues made abroad or issues
or

similar short-dated securities)

being made by His Majesty’s Government, for the purpose of carrying on
the war, bonds of this issue will be accepted at par as the equivalent of
cash for the purpose of subscriptions to such issues, and an allowance
will be made for any interest accrued on bonds so accepted.
The bonds will be issued in denominations of £50, £100, £200, £500,
£1,000 and £5,000, and the interest thereon will be payable half-yearly
by coupon, the first coupon on each bond representing interest from the
date on which application is lodged and payment made for the bond at
any office of one of the banks hereafter mentioned.
Bonds of this issue may be registered free of cost in the books of the
Bank of England, or of the Bank of Ireland, as
1. “Transferable in the Bank Transfer Books,” or
2. “Transferable by Deed.”
Allotments may be obtained in registered form or in bonds to bearer
at the option of the applicant.
Holdings of Registered Bonds, which will be transferable in any sums
which are multiples of a penny, may be re-converted at any time in whole
in part (in multiples of £50) into Bonds to Bearer with Coupons attached.
Dividends on registered £5% bonds of this issue will be paid without
deduction of income tax, but the income derived from such dividends will
be assessable to income tax in the hands of the recipients at the rates of

or

tax

appropriate to their respective incomes.

Dividend warrants will be

transmitted by post.

Applications for bonds must in every case be accompanied by payment
payable in respect of the bonds applied for, may be
lodged at banks throughout the country named in the prospectus, or they
may be forwarded by post to the Bank of England Loan Office, 5 and 6
Lombard Street, E.C. 3.
The prospectus contains the following information as to conversion of
of £4 10s.% War Loan, 1925-1945, £5% Exchequer Bonds, 1919, £5%
Exchequer Bonds, 1920, £5% Exchequer Bonds, 1921, and £6% Exchequer
of the full amount

Bonds, 1920.
Holdings of the above issues, in pursuance of the options granted in
the several prospectuses relating thereto, will be accepted in whole or in
part, in such amounts as are respectively transferable, as the equivalent of
cash in payment for applications for the following bonds of the present
issue at any time during the continuance of the issue of such bonds, viz.:

£5% National War Bonds, repayable Sept. 1 1925;
£5% National War Bonds, repayable Sept. 1 1928;
at the rate of £100 £4 10s. % War Loan or Exchequer Bonds for each
£100 National War Bonds.
£4% National War Bonds, repayable Sept. 1 1928 (“income tax com¬
pounded”);
at the rate of £101 10s. £4 10s.% War Loan or Exchequer Bonds for each
£100 National War Bonds, but such applications must be for amounts
which are multiples of £50.
Applications must be lodged at the Bank of England, and National War
Bonds issued in exchange for converted holdings will carry interest from
the dates on which the relative applications have been so lodged.
A
separate dividend will be paid for interest, if any, accrued to date of con¬
version on a converted holding.
Where an application for conversion of
a holding in any issue, whether “registered” or “to bearer,” is lodged after
the balance of such issue has been struck for the preparation fit a dividend
and before the date on which the said dividend is due, such conversion will
be effected as on the latter date.

1808

THE CHRONICLE

A commission of %% will be allowed to bankers, stock brokers and finan¬
cial houses on allotments made in respect of cash applications for this
issue bearing their stamp, but no commission will be allowed in respect of

applications for conversion.

We also give the account of Chancellor Bonar Law’s

speech made at the opening of the campaign,

as

it appeared

in the “Financial News,” in which he reported that since the

system of continuous borrowing had been begun a
than £1,120,000,000 had been invested in

ago more

year
war

bonds:
CHANCELLOR’S SPEECH.
Mr. Bonar Law began by remarking that our minds were so full of the
wonderful events of which the news was reaching us hour by hour that he
had difficulty in concentrating his mind on what had called them together.
But the financial arrangements were equally important and the letter
from the Prime Minister would convince them that he was as much con¬
cerned as the speaker in the necessity of raising this money.
Merits of Continouus Borrowing.
The finance of the war, he said, is as important/ as any of the other
efforts in connection with it.
There are two methods by which the money
necessary could be found.
One is by means of periodical great loans and
the other by a sustem of continuous borrowing.
No one has ever had any
doubt that the second method is in every way the best.
It raises the
money with the least possible disturbance of general financial conditions.
It Is therefore best while the war is going on, and this method will also
be found to be beyond question the best from the 4>oint of view of the
stability of the financial position when the war is over, The only doubt
was whether this method could succeed.
I undertook it with some fear
that it might not oe successful, but with the determination to do
everything
possible to make it a success. The result has so far exceeded my expecta¬
tions, and there is now every reason to believe that it can be continued
successfully until the end of the war.
The system of continuous borrowing was begun on October 1 a year
ago, and in the year upwards of £1,120,000,000 has been invested in War
Bonds.
Perhaps tne result will be best shown by giving the details for
the first eight months of this year for which we have completed
figures:
In War Bonds through the Bank of England, £816,000,000;
through the
Post Office, £25,563,000; by War Savings Certificates, £70,400,000—a
total of £911.963,000, or an average per week during the whole
period

approximately £26,000.000.

of

Appeal for Special Effort.
A disadvantage of this system is the difficulty of keeping
up the pressure
It is much easier to excite enthusiasm for a loan for a definite
period than
in the case of a loan which goes on continuously.
It is therefore with the
view of stimulating subscriptions that this meeting is being held to inaugur¬
ate the starting of a new issue of bonds.
I have pointed out how successful
the Issue has been, but much more is required, and the money needed will
not be obtained without a great and continuous effort.
1 make, therefore,
the strongest appeal not merely for the minimum subscription of £25,000,000 a week, but that at the beginning of this new campaign a
special effort
should be made largely to Increase the amount in the earlier weeks.
This is

only to provide a margin in case of a possible falling off later
but also to make up for the diminution which, though disappointing,
was to be expected in the holiday months of
August and September.
There is no doubt that the money can be supplied.
The need of It has
never been greater than now, and the
encouragement to lend it nas never
been so great.
The successes on every front not only of our own glorious
troops but of those of our Allies gives us reason to hope that money con¬
tributed now is contributed to secure victory, and
victory to which we
can look forward as probable in the not
very distant future.
The money is
there.
The amount in deposit in the joint-stock banks just before the
Loan of 1917 was about £1,400,000,000.
It cannot now be much short
of £1,750,000,000.
It is from this source that I look for the supply of the
money which the State so urgently needs.
I would appeal to everyone to
examine most carefully his deposit and his current account, and to see
necessary not

on,

whether

or not

To lend direct to the State is good for everyone except,
apparently, for
the bankers.
It naturally would pay the bankers better to receive the
money from their depositors at a low rate and lend it to the State at a higher
rate, but the bankers think not only of the interests of the institutions for
Which they are responsible, but also of the interest of their
country, and,
indeed, everyone from the point of view even of self-interest knows well
that unless the nation emerges victoriously from this
struggle it will be
ruin for banks and everything else within the
empire. The bankers them¬

selves, therefore, are not only willing, but are actively encouraging their
depositors to lend direct to the State. To do so is in reality not a sacrifice.
Those who lend in War Bonds receive in interest more than
2% above what
is obtainable on deposit.
The security is the best in the kingdom, for it
has behind it all the resources of the kingdom.
One of the reasons which I believe have made depositors hesitate to lend
direct has been the natural desire to have money available for the
purposes
of their business when the need arises, and they are afraid that if it is
put
in War Bonds it will be locked up.
But it is the business of the banks to
lend on good security.
The national obligations are the best of securities,
and I am glad to say that I have consulted
representative bankers on this
subject, and they assure me that the public can rely upon being treated,
not only justly, but generously in this matter when the need
arises, either

after the termination of the war.
It is to be remembered also that
as the bonds are repayable at a
premium on maturity, each month which
passes enhances their value and makes them a better security.
I would
point out further, that no one can hope to gain by waiting.
now or

The Final War Loan.

So far as it is possible to foresee, I feel sure that there will be
no big loan
Issued during the war; but even if there should be such a
loan those who
subscribe to War Bonds will have the right of conversion
into any future
loan.
As regards the rate, it may be taken as certain that a
higher rate
will not be paid by the State at any time during the war.
At the time the
last loan was launched I made that statement on behalf of the
Government,
and everything that has happened since confirms us in the
belief that we
would not be justified in paying a higher rate than is now
given. But it is
not really on the ground of self-interest that I
appeal to my countrymen.
I have found always that in order to secure the
money required, all that is
necessary is that it should be realized that those who lend to the State

really helping their country. It is to patriotism more than to selfinterest that I appeal, and in the future, as in the
past, that appeal will
not be made in vain.




I have given some figures as regards the War Savings
Certificates, but
I shall give the result a little more in detail.
In the first six months after
they were issued the average received from this source was approximately
£900,000 a week. Last year, taking the year as a whole, the average was

£1,225,000.
For the first eight months of this year the average was
£2.011,000. This is a great result, but it is not nearly so good as, in view
of the high rate of wages now prevailing, ought to be possible.
The
average amount now received Is upwards of £2,000,000 a week.
I should
like to see—and I hope to see—this amount doubled.
I have said that the
difficulty of this continuous borrowing is to keep interest alive.
This
cannot be done without hard wont.
The Tanks campaign was an example

of successful effort.
A new stimulus which is to be called “Feed the
Gum Campaign,” has been also arranged, and the result, I am
sure, wfll
be equally successful.
What Everyone Should Do.

Now let

up the points which I have endeavored to make:
Money should be taken from deposit and current accounts and lent
me sum

direct to the State.
No one should ever examine his bank passbook witnout asking himself:
“How much of this can I spare for War Bonds?”

Every item of private expenditure should be carefully checked, and
should feel that in saving money he is not only acting wisely for
himself but acting in the interest of his country; and, finally, I would like
everyone

this to sink into the heart of everyone who has money available—that not
to lend it when his country requires it is shirking an obvious
duty.

ITEMS

ABOUT

BANKS, TRUST COMPANIES, &c.
Twenty shares of bank stock were sold at the Stock Ex¬
change this week and eight shares were sold at auction. No
sales of trust company stocks were made. National Bank
of Commerce stock sold at 185 and 195, the closing sale be¬
ing made at 195—an advance of 20 points over the price at
which the last previous sale was made three weeks ago.
Extensive tables reporting bid and asked quotations, de¬
posits, surplus, &c., of banks and trust companies in all im¬
portant cities in the United States are published monthly in
the “Bank and Quotation” Section, the November issue of
which accompanies to-day’s “Chronicle.” Bid and asked
quotations for all New York City bank and trust company
stocks are also published weekly in another department of
this paper, and will be found to-day on page 1829.
Shares.

BANK—New York.
*20 Commerce, Nat. Bank of

Low.

High.

Close.

185

195

195

Oct.

141

141

141

Oct.

Last previous sale.
1918— 175

BANK—Brooklyn.
8 Peoples Nat. Bank*

Sold at the Stock

1916— 130#

Exchange.
.

The proposal to increase the capital of the Empire Trust
Co. of this city from $1,500,000 to $2,000,000 was ratified

by the stockholders

on

the 7th inst.
*

J. A. Lewis, who was recently appointed a Vice-President
of the Irving National Bank of this city, assumed his duties

with that institution

on Nov. 4.
He was formerly VicePresident and Cashier of the National Bank of Commerce in
St. Louis.
Although the Middle West has been his field of

activity, he is well known in New York banking and

commer¬

cial circles.

he cannot lend it direct to the State.

Co-Operation of Bankers.

are

[Vol. 107

The directors of the United States Mortgage &
this city adopted resolutions on Oct. 31

Trust Co,
giving ex¬
pression to the sense of the loss suffered by them in the death
on Oct. 26 of Louis C. Krauthoff, one of their associates.
Mr. Krauthoff became identified with the company in 1908,
when he was appointed general counsel. He was elected a
of

director of the institution and a member of the executive com¬
mittee in March 1911, and had continued in service in these
several capacities until his death. ■ Mr. Krauthoff was also
chief counsel for the United States War Risk Insurance Bu¬

besides serving as general counsel for the National
City Bank and other organizations. He was sixty years of

reau,

age.
«

The directors of the Irving National Bank of this city
announce the appointment of William R. Wilson of
Detroit,

Michigan,

as a Vice-President from Dec. 1 1918.
Mr.
Wilson for the last five years has been directly associated

with Dodge Brothers, Detroit, in their organizing and ex¬
pansion of their unusual institution. This association,

together with a broad previous experience in other indus¬
tries, qualifies him as a valuable addition to the official staff
of the Irving National Bank, which is a stricly commercial
institution.
A

publication, entitled “Foreign Trade Thought
1918,” has been issued by the Irving National Bank of
this city in its Foreign Trade Series.
The book contains
many excerpts from addresses delivered at the Fifth Na¬
tional Foreign Trade Convention, held in Cincinnati which
have been classified so as to emphasize outstanding ideas,
such as:
Co-operation, the Need for Nationalizing Effhrt,
of

new

Nov. 9 1918.
For

Creating an Adequate Merchant Marine and For Ad¬
justing Vision to the Needs of the Whole World. The
Foreword urges the establishment of foreign trade as an
American institution.

competition

It does not advocate indiscriminate

measuring of commercial progress in terms
War,” but it does point out that the
slogan of the five conventions, “Greater Prosperity through
Greater Foreign Trade,” will be realized only through
recognizing the.value of wholehearted, concentrated effort,
intensified zeal and activity.
or a

of “War After the

Morton F. Plant, well-known in yachting and railroad
circles, died at his home in this city on Nov. 4. He was in
his sixty-eighth year. Mr. Plant was the son of the late

Henry Bradley Plant, who played an important part in the
building up of the Atlantic Coast Line Railway and the
Southern Express Company. Morton F. Plant began his
business career in the service of the latter in 1868 and later
served as Vice-President of the Atlantic Coast Line Railway.
At the time of his death he was Chairman of the Board of
the Southern Express Company; Vice-President and director
of the Chicago Indianapolis and Louisville Railway; di¬
rector of the Atlantic Coast Line Railroad Company; the

National Bank of Commerce of New London and Trustee
of the Connecticut Trust & Safe Deposit Co. of Hartford.
In the four Liberty Loans for which subscriptions were
taken by the State Trust Co. of Plainfield, N. J., the com¬
pany reports that it has placed a total of nearly $2,000,000 of
bonds, an amount equal to its deposits. This represents a
wide distribution, 8,362 persons having subscribed. The

organization in 1910 has enjoyed an
increasingly large growth, deposits of $2,000,000 having
been acquired since that time, in addition to which the com¬
pany has built and is now housed in a modern bank build¬
ing located in the centre of the business district. The
company’s watchword has been “Service,” and the fact that
the giving of careful attention to the requirements of patrons
brings results seems to be amply evidenced by the growth
that this company has enjoyed. The officials are E. F.
Feickert, President; M. C. Van Arsdale, Vice-President;
George S. Clay, Vice-President, and Theo. M. Stevens,
Secretary and Treasurer.
State Trust Co. since its

♦

At

a

1809

THE CHRONICLE

meeting of the directors of the First National Bank,

Mount Vernon, N. Y., on Nov. 4 WTilliam Archer, Treasurer
of the County of Westchester, was elected Vice-President,
to succeed the late Howard S. Dickson.

George H. Williams, Cashier of the Danbury National
which he had been identified
Mr. Williams was 67 years
of age.
Mr. Williams had held the cashiership of the insti¬

meeting of the directors of the Tradesmens National
Philadelphia on Oct. 25, H. D. McCarthy resigned
as
Cashier, continuing in the office of Vice-President.
Edmund Williams was elected Cashier and Howard E.
Deily, Assistant Cashier. These changes became effective
Nov. 1. Howard A. Loeb is President of the institution.
At

a

Bank of

A contest has grown out of negotiations for the sale of the
Drovers* & Mechanics* National Bank of Baltimore to the
National Exchange Bank of that city. Opposition to the
move has developed among certain members of the board
of the Drovers* & Mechanics*National, two of whom, Robert
D. Hopkins and Heyward E. Boyce, are Vice-Presidents of:
the institution. According to these directors, the President
of the bank, Paul A. Seegar, “on his own initiative entered
into negotiations for the sale of the bank.** A letter issued

by the four opposing directors on Oct. 31 said:
Baltimore, Oct. 31 1918.

of the Drovers' and Mechanics' National Bank:—
The undersigned members of your board of directors deem it their duty
to present to you the circumstances leading up to the propsal for the sale
of your bank to the National Exchange Bank, notice of which appeared
in to-day’s press.
There has been for some months past a very positive feeling that the
management of the bank under Mr. Seeger has not been a business one,
and that unless a change was made the value of your holdings would not
reflect a normal increase.
The bank has not been going ahead as it should
have done with its resources for some years, and the discontent in the
board over Mr. Seeger’s conduct of the affairs of the institution became
such that a few weeks ago he announced to the members of the board that
he would not become a candidate for re-election in January next.
On last Friday without having advised your directors whose names are
signed hereto, that he was contemplating such a step, and in the opinion
of the undersigned, without any right so to do, he announced to the board
that he had on his own initiative entered into negotiations for the sale of
the bank to the National Exchange Bank on the basis of three shares of
stock of the Drovers’ and Mechanics’ National Bank for four shares of
the National Exchange Bank; and it then developed that one of the terms
of the sale or consolidation involved the election of Mr. Seeger as VicePresident of the consolidated institution.
It is certainly true that Mr. Seeger’s management of your bank has not
been a successful one compared with the success of some of the other banks
in Baltimore, and that its earnings have not been commensurate with its
resources, and it is also true that a change in the management is in the
opinion of the undersigned imperative.
The good will of the bank, built up over a long period of years, coupled
with its very largo resources, is such as to fairly assure under proper manage¬
ment, a large return to the stockholders, and such as to justify the feeling
on the part of the undersigned that the merger of the bank at this time is
most inadvisable, especially on the terms outlined above.
We are opposed to the sale of the Bank and intend on our own behalf
and on behalf of other stockholders to take such steps as we may deem
advisable to prevent the consummation of the proposed merger.
We think it to your best interest to give us your proxies to vote your
stock both in the matter of any such sale or liquidation and the election
of directors at the next annual meeting of the stockholders, or at any other
meeting, and we enclose proxy.
If you will entrust the voting of your
stock to us, please sign the same and return it to us; we will see that the
requisite revenue stamps are affixed.
Very truly yours,
ROBERT D. HOPKINS,
To the Stockholders

SIMON C. ADLER,

Bank of Danbury, Conn., with
for 53 years, died on Oct. 19.

CARL G.

tution for fifteen years.

Of the $600,000
1

Thomas P. Peckham, President of the Newport Trust
Company of Newport, R. I., died on Oct. 31 after a brief
illness.
Mr. Peckham was 72 years of age and had been
President of the institution since 1914.
♦

HILGENBERG,

HEYWARD E. BOYCE,
Directors.

capital of the Drovers’ & Mechanics’

National Bank (6,000 shares), we learn that Mr. Hopkins
and his family own 700 shares.
Mr. Adler and his family,
200

shares; while Messrs. Hilgenberg and Boyce are

the

of respectively 11 shares and 104 shares. The above
letter has been followed by still another communication
addressed to the stockholders by six other directors of the
Drovers* & Mechanics*, who defend Mr. Seegar and the
owners

business with Latinwith Argentina, the movement looking to the proposed consolidation. This
management of the First National Bank of Boston has in¬ letter, signed by George W. Kirwin, M. H. Carter, Hamilton
stituted classes in Spanish for those employees who are G. Fant, George
W. Atkinson, R. Howard Bland, and
interested in the subject, and to whom a knowledge of the
Carlyle Barton, was printed as follows in the Baltimore
Spanish language will be of value. Classes will be con¬ “Sun” of Nov. 5:
ducted for junior and senior students, and will be taught by
Our attention has been called to a circular letter dated Oct. 31, addressed
Eumenio Blanco of the Commercial Service Department to the stockholders of your bank by four members of the board of directors,
in which a personal attack Is made upon Mr. Paul A. Seeger, your President.
gf the bank. They will be held in the banking rooms and
We wish to take this opportunity to state that, in our opinion, the critic¬
the bank defrays all expenses. A large number of em¬ isms made are unwarranted, unjustifiable and without foundation. If it is
fact, as stated, that the management of the bank has been unsuccessful—
ployees has been enrolled. Although established only a
statement which we emphatically repudiate—then the board must shoul¬
little more than a year the Buenos Aires, Argentina Branch der
the blame equally with the President, and no member of the board
of the First National Bank of Boston has attained a promi¬ should by such means endeavor to throw the entire burden of alleged mis¬
nent position amon^the 22 banking institutions in that city. management upon the President. Every transaction of importance has
been brought
the board by your excutive, and for such
The figures of checks cleared in August, the latest available, alwaysthat may have before
losses
occurred (none of which have been excessive) the
show that the First National Branch was seventh in volume responsibility rests as much upon the board as upon the President.
We, therefore, deem it our duty to bring to your attention our firm
of clearings, with $118,176,286 09 in Argentine paper.
conviction that the methods used to discredit Mr. Seeger are not only un¬
This places it at the head of the branches of United States fair, but tend to cloud the issues.
banks in Buenos Aires in this respect. The deposits of the
Putting aside all personalities, the matter to be considered by you is
First National Bank have touched a new high figure, in whether or not the consolidation of your bank with the National Exchange
Bank will be beneficial to the stockholders of the Drovers’ & Mechanics’
Because of its steadily increasing
American countries, and especially

a

a

excess

of $220,000,000.

Louis W. Robey has become a
Trust Co. of Philadelphia.




We have carefully and thoughtfully
of the plan, and in our judgment, the interests of
bank will be best served by its acceptance. The
stockholders of this bank, by accepting the proposal, are, In effect, receiving
$208 per share for their stock, whereas it is now quoted on the market at
about $195 per share.
National Bank and its depositors.

■

■'

—

director of the Parkway

gone Into all the details
the stockholders of this

1810

THE CHRONICLE

[Vol.107

Furthermore, the consolidation will result in making the new National
Exchange Sc Drovers Bank rank as one of the leading banks of the city.

of pneumonia following an attack of Spanish influenza,
aged thirty-three years. Mr. Carpenter was born in Kansas.

Besides the capital of $600,000, the Drovers* & Mechanics*
National has surplus and profits in the neighborhood of
$475,000 and deposits of more than $10,000,000. The
National Exchange Bank has a capital of $1,500,000 surplus
and profits around $1,000,000 and
deposits of between eight

messenger

and nine million dollars.

•

An initial dividend of 2%, payable Nov. 1, to stockhold¬
ers of record on Nov. 1 1918, was declared by the directors of
the Second National Bank of Cincinnati, Ohio, on Oct. 28.
The bank has m. capital of $1,000,000 and a surplus and
undivided profits of $350,000.

He entered the service of the Farmers National Bank

♦

R. L. Gentry and M. R. Jamison have been promoted to
Assistant Cashierships in the National City Bank of Seattle,
Wash.
These two men had been in the service of the bank
for several years.
The National City is now located in its
new

.

«

The National Bank of the Republic of

Chicago starts its
daily routine in a patriotic way. Each morning its force of
175 people (employees and officials) gather around the service
flag—which contains two gold stars, two of its boys having
been killed in action in the Chateau-Thierry battle—for
the singing of national anthems. Th
Chicago “Daily
News** of Oct. 28, in referring to the bank’s daily practice,
said:

The idea was originated several weeks ago and President John A.
Lynch
approved heartily of it. Alexander Bregenzer leads the five minutes of
song.
During the singing no business is done.
From doorman to Presi¬
dent the members of the bank assemble in the main corridor and gladden
the building with the sound of the country’s anthem and other numbers.
W. T. Fenton, First Vice-President and Manager of the
bank, who
inaugurated the custom, explained“It keeps our men and women aware of their patriotic duties,” he said
“It brings their sympathies together and starts them off for the day with a
feeling of co-operation and comradeship.”
«

Gordon C. Smith has resigned as Vice-President of the
Merchants National Bank of St. Paul, Minn. Mr. Smith
has made application for admittance to the Officers* Training
Camp at Camp Zachary Taylor, Louisville, Ky.
Edward Huwaldt and Chas. M. Hitchman were elected
Assistant Cashiers of the Live Stock National Bank of

Omaha, Neb.,

on

Oct. 29.

Mr. Huwaldt is

a

member of

the Board of Education.
Plans are under way for the consolidation of the Union
National Bank and the Citizens National Bank of Louis¬

ville, Ky., under the
Bank.

name of the Citizens-Union National
The consolidated institution will have a capital of

$1,000,000, with surplus and undivided profits of over
$1,000,000 and deposits of more than $20,00,000. The
uniting banks each have a capital of $500,000; the Citizens
National has surplus and profits exceeding $700,000 and
deposits of about 9% million dollars, while the Union Na¬
tional Bank has surplus and profits of about $660,000 and
deposits of 11 ^ million dollars. The enlarged institution

will be located in the present quarters of the Union National
in the Inter-Southern Building. While the roster of officers
is not yet complete, the bank will be under the
presidency of
J. D. Stewart, President of the Union National.
S. B.

Lynd, President of

the Citizens National will be First Vice-

President of the consolidated bank, while F. M.
Gettys,

Vice-President of the Union National will serve as Second
Vice-President of the combined intitution. The merger

proceeedings

were

formally acted

upon

by the directors of

the two institutions on Oct. 28, and will later be
presented
to the stockholders for endorsement.
A statement issued
on behalf of the
uniting banks and published in part in the
Louisville “Courier Journal’’ says:

The importance to Louisville of having
an institution of such strength
and potentialities is revealed by an examination of tne last
published state¬
ments to the Comptroller of the
Currency, which showed combined assets
of the two banks of more than $23,000,000.
It has been repeatedly stated that the
present industrial and commer¬
cial activity in this section needs larger
financial units. This need nm been
emphasized by the conditions brought about by the war. In addition to
the heavy Governmental
financing, the high price of commodities has
largely increased tne banking requirements of our best merchants and
manufacturers.
It is, therefore, looking not only to
tne present business
situation in Louisville, but to tne after-war
growth of the city and the ter¬
ritory tributary to Louisville, that these two institutions are
combining
their strength.
A merger of these two institutions seems
particularly appropriate, for the
reason that for many years
they have been doing business along ahniiar
lines., viz., strictly commercial banking. The capitalization of the two
banks is also identical, and the stock of each haw
been in demand at a price
in excess of $300 per share, which is
indicative of their high standing in
the estimation of the public.

Charles E. Carpenter, Cashier of the Farmers National
Bank of Oklahoma City, Okla., died in Oct. 10 in that
city




as a

in 1904 and rapidly rose to the Cashiership of the
institution, to which he was elected seven years ago.

building at the

its removal to the

of Second & Marion Streets,
quarters having occurred on Sept. 21.

corner

new

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 17 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an in¬
crease of £108,330 as compared with last week’s
return, and is indisputably
the highest amount held in the history of this institution.
The return of
the Imperial Bank of Germany shows an increase of £5,001,350 in its hold¬
ing of gold. This doubtless represents the second consignment of gold re¬
ceived from Russia.
The Transvaal gold output for September 1918 amounted to £3,008,267,

compared with £3,135,807 for September 1917, and £3,144,211 for August
Following on the remarks regarding the Mohur (quoted in Our last
letter) a communique issued to the Indian press about the 31st of August
is of special interest:
“The Government of Indian are issuing a rule under the Defense of In¬
dia Act prohibiting dealings in any legal tender coin above its face
value,
the value of the sovereign being declared to be fifteen rupees.
As is known,
the Government of India have in recent months been issuing gold
coin,
namely, sovereigns, and latterly gold mohurs, for the purchase of wheat,
with the object of assisting the currency position and reducing the demand
for rupees.
This object, is. however, being frustrated by the withholding
from circulation of these coin in expectation of securing a speculative
profit
and the intention of the present rule is to make illegal speculative trans¬
actions in the currency.”
as

1918.

SILVER.
No alteration has taken place in the tendency of the market, which con¬
tinues good.
The present price—49 Hd.—has been quoted for 50 succes¬
sive working days.
This is a record duration; the preceding rate 48 13-16d.
—only lasted for 42. The China exchanges still vacillatet.
After

dropping to 5s. for
per tael.
*

one

day, the Shanghai quotation

rose

to

5s.

2d.

'

With largely increased resources and
proportionately enlarged facilities
for Increasing its earning capacity.

Indian Currency Returns,

(In lacs of rupees.)

Sept. 22.
Oct. 7.
Sept. 30.
Notes in circulation.
13,477
13,438
13,439
Reserve in silver coin and bullion (within and
without India)
2,830
2,788
2,793
Gold coin and bullion in India
2,035
2,038
2,035
Gold coin and bullion out of India
12
12
12
The stock in Shanghai on the 12th inst. consisted of about
27,700,000
ounces in sycee and 12,100,000 dollars, as compared with about
27,360,000
ounces in sycee and 12,600,000 dollars on the 5th inst.
Cash quotations for bar silver per ounce standard:
Oct.
Oct.
Oct.
Oct.
Oct.

11
12

49Kd. Oct. 17_
49Md.
49Hd. Average
49.5d.
49^d. Bank rate
5%
49Hd. Bar gold per ounce standard 77s. 9d.
16
49Hd.
No quotation fixed for forward delivery.
The quotation to-day for cash
delivery is the same as that fixed a week ago.
14
15

We have also received this week the circular written under
date of Oct. 24 1918:
GOLD.

The Bank of England gold reserve against its note issue continues stead¬
ily to augment. The increase this week of £201,220 as compared with the
last return is the twenty-sixth reported in succession.
It is reported that
notice of new regulations governing the withdrawals of gold bars has been
issued by the Superintendent of the New York Assay Office.
The notice
follows new regulations drafted by the Director of the Mint and provides
that gold bars for use within the jurisdiction of the United States may be
withdrawn only upon presentation of an industry priority certificate issued
a

by the War Industrial Board. Bars intended for exportation may be with¬
drawn only upon presentation of an exportation license issued
by the
Federal Reserve Board.
In all other cases a special order of the Secretary
of the Treasury is necessary.
The withdrawal of gold bars against the de¬
posit of gold bullion may continue unrestricted, not being affected by the
order.
SILVER.
For

long time past, the tendency of the market has been described as
good. A new factor has now to be taken into consideration, namely, the
present cessation of Indian remittances, owing to the unsatisfactory char¬
acter of the monsoon, but it is not likely to have an important effect
upon
the general need for silver.
There is always the possibility of a small re¬
duction in the maximum London price in order to correspond with a
possi¬
ble lessened charge for insurance on supplies sent to this
country from Amer¬
a

indian Currency Returns.

(In lacs of rupees.)

_

Sept. 30.

Notes in circulation—
-13,438
Reserve in silver coin and bullion (within and
without India)
2,788
Gold coin and bullion in India
2,038
Gold coin and bullion out of India
12
No fresh

reported in

news

our

has been cabled

as

last letter, consisted

Oct. 7.

Oct. 15.

13,439

13,470

2,793
2,035

2,821
2,037
12

12

to the
on

holding in Shanghai, which, as
the 12th inst. of about 27,700,000

in sycee and 12,100,000 dollars.
Cash quotations for bar silver per ounce standard:
Oct. 18
49 Hd. Oct. 24
Oct. 19
49Hd. Average
Oct. 21
49^d. Bank rate

ounces

Oct. 22
Oct. 23

49>4d. Bar gold
.49 Hd.

49.5d.

per ounce

No quotation fixed for forward delivery, The
delivery is the same as that fixed a week ago.

cash

49Hd.

5%
standard 77s. 9a.

quotation to-day for

Nov. 9

1918.]

THE CHRONICLE

ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,

reported by cable, have been

as

London,

Nov. 2.

Nov. 5.

Nov. 6.

Mon.

Tues.

Wed.

Thurs.

Fri.

49 tf

49)4
61)4
94H
99H

49 )4
61)4
94H
99)4

49 )4
61 )4
94 H

62

62

62

88.55

87.55

87.55

87.55

Sat.

Silver, per ounce
Consols, 2H per cents
British, 5 per cents
British,4)4 percents

Nov. 4.

62

Week ending Nov. 8.

d_ 49 K

49 H
Holiday. 62
Holiday. 94 )4
Holiday. 99)4

French Rentes (In Paris) fr
French War Loan (in

Paris)

fr

The

follows the past week:

as

price of silver in New York

Silver in N. Y., per oa-.cts. 101)4

on

the

101)4

Nov. 7.

same

Merchandise.

(000s
omit¬

ted.)

99)4

Gold.

SUser.

Excess
Ex¬
ports.

Im¬
ports.

$

Nov. 8.

of
Exports.

$

1918.. 1,586,574
1917.. 1,315,921
1916.. 1,469,805
1915.. 829,734
1914.. 420,559
1913..
567,140

776,719
729,978
546,078
436,285
429,156

447,798

Excess
Ex¬
ports.

Im¬
ports.

Excess

Ex¬
of
Exports ports.

9
9
$
$
809,875 12,761
6,379
6,382
685,943 146,434 50,168 96,266
923,727 28,024 195,909 A67885
393,449
5,354 120,967 A15613
/8,597 73,682
9,199 64,483
119,342 10,3451 18,290 /7,945

Im¬
ports.

of
Exports

$

t

9

71,555 19,640 51,915
23,507 14,898 8,609
7,823
16,681
8,858
10,708
9,544
1,164
12,970 5,201
7,769
15,700 9,299 6,401

/ Excess of Imports.

days has been:

101)4

3
Mo.

1811

101)4

101)4

TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Oct. 31 are set out in the following. The figures are taken

entirely from the daily statement of the U. S. Treasury for
IMPORTS AND EXPORTS FOR SEPTEMBER.

Oct. 31.

The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for Sept, and from
it and previous statements we have prepared the following

CURRENT ASSETS AND LIABILITIES
GOLD.
Assets—
Gold coin
Gold bullion

Liabilities—
$
$
776,925,939 11 Gold oertfs. outstand’g. 918,566,919
1,763,264,847 61 Gold settlement fund,
Fed. Reserve Board.. 1,318,284,517
Gold reserve
152,979,025
Avail, gold In gen’l fund 150,360,324

interesting summaries:
FOREION

TRADE

,

MOVEMENT

OF THE

UNITED

(In the following tables three ciphers (000) are In all

STATES.

MERCHANDISE.

Exports.
1918.

January
February

Imports.

1917.

$504,797
411,362
522.900

1916.

April
May

500.443
550 925

June

483,799

$613,325
467,648
553,986
529,928
549.674
573,467

July
August
September

508,054

372.758

528,692

488,656
454,507
542.101
487,328
600.135

March

549.823

October
November....
December
Total

1918.

$330,036
401.784
410.742
398,569
474.804
464,686
444,714
510,167
514.924
492,814
516,167

SILVER DOLLARS.

1917.

1916.

$233,942

$241,794

207,715
242.162
278,981
322.853
260.350
241.463

199.480
270.267
280.727

306,623
225,926
267.855
236.197
221,227
220,535
227.911

523,234

$6,233,513 $5,482,641

$184,351
193,935
213,590
218.236
229,189
245,795
182,723

253,936

272,999
262,257

199,316
164,039
178.659

176,968
204.834

$2,952,468 $2,391,635

GOLD.

Exports.
1918.

January
February

Imports.

1917.

$3,746
5,084

1916.

1918.

$20,720
22,068
17,920
16,965
67.698
67.164
69.052
46.049

$10,213
13,685
10,774

31,333
11,154
7,223

6.849

1917.

$4,404
2.549
1,912

1916.

7,054
26,335
27,974
$155,793

$552,454

$685,990

2,704

July

$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92,562

2.809
3,560
3.599

June

$58,926
103,766
139,499
32,372
52,262
91.339
27.304
18,692
4,172
4,150
2,906
17.066

$371,884

April
May..

7,199

August
September

3,278
2,234

October
November....
December
.

....

Total

11,503
11,919
8,312
9,395
11.780

2.746

6,621
31,892
2,213
1,555
2,611

97.609

46.973
158,620

SILVER.
Exports.
1918.

January
February

Imports.

1917.

$6,628

1916.

6.519

March

$5,887
7,694

13,432

5,556

April
May

12.251
46.381
8 566
40.665

4,353
6,272

20,550
10,340

7,504
10,465

1918.

4.449
6.963
5.031
7,298
5.351
5.214

$84,131

October
November.
December

4,947
5.748
4,856
6,212
4.644
4,336
5,815
6,530
6,016
7,847
9,008
$70,595

8,965

5,538

...

Total

1916.

$3,346
2,478
2,977

$1,852
2.596

2.880
2,176
2,726
3,183

2.376
4,741
2,235
3,420
5,681
6.796
5,050

7,254
7,172

2.426
2,517

9,086
6,155

2,880
2,892
2,583
3,653

$53,341

$32,263

EXCESS OF EXPORTS OR IMPORTS.
Merchandise.

1918.

1917.

$

Jan....
Feb....
March

+203.647
+ 280,738

.

April
May

+221,462
+ 228.072
+ 223.443

._

July...
Aug

+268,947
+266.844
+ 146.832
+ 220.801
+218.310
+ 320.874
+ 266 793

+256,335
+ 255,693
+ 287,571

...

'

Sept

.

...

Total

1918.

$
+ 145.685
+ 207,849
+ 187,152
+ 180,333
+245.615

—

1917.

1918.

$
—38,206
—81.698
+8,916 —121.579
8

1917.
$
+ 2.541
+ 5,216
+ 2.579
+ 1.977

$
+630

+ 2.070I
+ 6.469
—15.407 + 7.170
+5.436 + 39.083 + 1,531
—24.175 4-3.215 +0,730
+4.9^6 +41.748 +35.451 +2,118
+ 1,728 +27.357 + 13,296 + 1,823
—327 +27,161
+ 3,168 +4,609
+ 7,004
+ 1.93.3
+ 4.317
—4.297
—12.528
+3.970

+ 814
—3.022
—29.188

+ 318.400

+3.281,045 + 3,091.006

+ Exports.

Silver.

—658
+ 2.635

+218.891
+261.991
+ 310,851
+350,885
+314,155
+ 339,199

+372.224

June

Oct
Nov
Dec

1916.

$
+ 371,531
+ 268.168
+ 283.729
+ 275.992

+270.855

Gold.

—180.570

Liabilities—
$
348,517,130 00 Sliver certfs. outstand’g
Treasury notes of 1890
outstanding

+30.790

„

Imports.

Totals for merchandise, gold and silver for nine

months:

Total

348,517,130 00

Merchandise.

Gold.
Excess

Ex¬

ports.

Im¬
ports.

Excess
Ex¬

of
Exports.

ports.

%

$

Im¬
ports.

Excess

Exof
Exports poru.

%
t
$
1918.. 4,500,800 2,322,722 2,238,078 34,263 56,503 /22.240 165,332
1917.. 4,603,949 2,282,795 2,321,154 348,968 528,332 /179364 02,234
1916.. 3,950,426 1,831,174 2,119,252 94,430 382,888 Z288458 47,724
1915.. 2,531,542 1,302,095 1,229,447 12,937 265,891 Z252954 35,557
1914.. 1,467,402 1,410,072
57,330 157,657 39,942 117,715 38,480
1913.. 1,733,422 1,327,3851 406,037 74.079 46,200i 27,879 49,022

%

$

Im¬
ports.

of
Exports

%

$

54,783
33,050
23,235
25,286
17,791
27,430

yean

make the following exhibit:




348,517,130 00

Liabilities—

150,360,324 39 Treasurer’s ohecks out¬
standing
30,972 ,885 00 Deposits of Government
officers:
»
7,493 ,225 00
Post Office Dept
32,590 .498 00
Board
of
1,010 ,839 00
Trustees,
Postal Savings Sys¬
20,040 ,397 36
33 ,337 63
tem (5% reserve)..
3,874 ,530 53
Comptroller of the
1,087 ,594 22
Currency, agent for
creditors of Insol¬
17,353 ,187 57

above)
United States notes
Federal Reserve notes.
Fed. Res. bank notes
National bank notes
Cert, checks on banks..
Subsidiary silver oolns.
Minor coin
silver bullion
Unclassified
(unsorted
_

2,938,180 61

26,645,307 36

4
7,764,469 10

4
1,060,481 93

Postmasters, clerks of
courts.

banks

4,005,151 31

banks

vent

currency, Ac.)
Deposits in Fed’l Land

Ac

34,620.057 31

830,000 00 Deposits for:

Deposits in Fed. Reserve

Redemption

banks

23,514,062 87

Deposits In Special De¬
positaries account of
sales of Liberty bonds

Reserve

Fed¬
notes

141,510,250 00

Reserve bank notes

Deposits in Foreign De¬
positaries:

(5% fund)
Redemption
tional

3,459,280 00
of

bank

na¬
notes

(6% fund)

To credit of Treasurer
United States
Deposits In nat banks:
To credit of Treas.U.8
To credit of otherOoverament officers

In

eral

of

(5% fund)
Redemption of Fed’l

and certificates of Inindebtedness
1 ,678,762,000 00

26,617,446 37

45,617,137 23

Retirement of addi¬
tional circulating
notes. Act May 30
1908.

573,345 00

7,544,620 03

Exchanges of curren¬
cy. cdh, Ac

12,824,334 17

71,933,792 35

Philippine

treasury:
To credit Treas. U. S.
To credit other Gov¬
ernment officers

2,684,655 11
♦Net balance

259,080,122 55

6,178,947 80
1,845,739,992 15

Total

2,104,820,114 70

Total

2,104,820,114 70

•The amount to the credit of disbursing officers and agencies to-day was
$1,741,776,224 65. Book credits for which obligations of foreign Governments are
held by the United States amount to $220,790,000.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acta mentioned a part of the public debt.
The amount of such obliga¬
tions to-day was $41,891,027.

TREASURY CURRENCY HOLDINGS.—The following
compilation, made up from the daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of August, September,
October and November 1918:
Holdings in
Sub-Treasuries.

Auq. 1 1918. Sept. 1 1918.
$
$

Oct. 1 1918.

$

Nov.

1 1918.
$

Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net national bank notes..
Net Fed. Reserve notes
Net Fed. Res. bank notes
Net subsidiary silver....
Minor coin, Ac

207,152,371
47.408.351
6,194,520
23,474,180
48.402.865
101,505
13,294,197
8,171,781

261,241,260
52,245,028
6,286,424
22,824,090
34,502,755
247,635
10,592,279
9,642,544

277,628,415
44,206,482
8,271,404
20,989,885
38,370,746
224,605
5,991,787
4,694,951

Total cash In Sub-Treas
Less gold reserve fund...

414,259,770
152,979,020

397,582,015
152,979,020

400,378,275 •420,734,025
152,979,026
152,979,026

.

Cash balance in Sub-Treas

303,339,350
48,326,073
7,493,225
20,040,397
32.590,498
1,010,839
3,874,531
.4,059,112

261,280,744

244,602,989

247.399,249

1.193,085,000

782,584,000

606,976,000 1,678,762,000

219,595,645
830,000

213,242,751
830,000

260,914,615
830,000

23,514,063
830,000

37,737,160
7,666,139

41,720,401
6,082,558

45,924,083
7,855,532

45.617,137
7,544,520

45,403,299
0,668,371
3.039,492

47,802,959
8,257,410
227,375

53,779,615
9,372,293
1,267,837

53,161,657
8.863,603
71,933,792

267,754,999

Dep. In special depos’ries:

110,549
29,184
24,489
10,271
20,689
21,592

Cash
Cash
Cash
To
To

In Fed. Res. banks.
In Fed. Land banks
In national banks:
credit Treas. U. S..
credit dlsb. offloers.

Total
Cash In Philippine Isl'ds

Dep’s. In Foreign Depts.

Net cash In banks. SubTreasuries
1,729,902,551
Deduct current liabilities
222,620,576

/Excess of Imports.

Similar totals for the three1 months since

30,972,885 00

Total

Liberty Loan deposits.

Stiver.

Mos.

(000s
omit¬
ted.)

1,811,419 00

GENERAL FUND.
Assets—
Wall, gold (see above).
Avail, silver dollars (see

Account certs, of lndebt

•

%

315,732,826 00

Available sliver dollars
In general fund

Deposits

1917.

$5,998

6.983
4,789
10,125

June

July
August
September

$4,636

’

Assets—
Sliver dollars

.

4,638

March

70
63
39

Total
Total
2,540,190,786 721
2,540.190,786 72
Note.—Reserved against $346,681,016 of U. 8. notes and $1,811,419 of Treasury
notes of 1890 outstanding.
Treasury notes are also secured by silver dollars In
the Treasury.

omitted.)

cases

00

Available cash balance

July 1 for six

1,297,547,484 1,180,539,609 2,104.820.114
230,181,730 259,080,122
214,942,284

1,507,281,975 1,082,605,200

•Inrludes Nov. 1. $17,353,187 57 silver bullion and
Ac., not included In statement “Stock of Money.”

950,357 379 1,845,739,992

$$4,059,112 46 minor coin

1812

THE CHRONICLE

TRADE AND TRAFFIC MOVEMENTS.
LAKE SUPERIOR IRON ORE SHIPMENTS.—Ship¬
ments of Lake Superior iron ore during the month of October
totaled 8,541,593 tons, exceeding the shipments during the
same month last year by 347,701 tons.
The season’s ship¬
ments to Nov. 1 aggregate 56,870,871 tons, a gain of 2,617,273 tons over the movement for the corresponding period in
1917. It is predicted that the shipments for the whole
season will exceed the 60,000,000-ton mark.
The “Iron
Trade Review”
says: “Congestion at grain unloading port;
on the lakes, resulting from inability to secure ocean ton¬

has released a number of ships from the grain trade
ana aided materially in boosting the ore total.”
The ship¬
ments from the various ports for October 1918, 1917 and
1916 and for the respective seasons to Nov. 1, are given below:
nage,

1918.

Port—
Eecanaba

October
1917.

1916.

To November 1
1917.

1918.

Total

Our usual monthly

Ten Months 1918.
1

or

Value.

$
Montreal
Toronto

Winnipeg
Vancouver....
Ottawa

Calgary
Edmonton....
Victoria

Quebec
Hamilton
Halifax

....

Regina
Saskatoon....
St. John
London
Moose Jaw

Lethbridge

...

Brandon
Brantford
Fort William..
NewW’minster
Medicine Hat.
....

Peterborough.
Sherbrooke
Kitchener....

Inc. or
Dec.

1917.

$

471,869,247 413,916,150
300,110,288 274,055.795
285,906,330 330,359,788
49.908.856 44,978,846
33.767,492 26,096,104
34,100,000 44.138,771
16,072,904 14,241,845
8,678.716
7,998,235
21,796,564 18,044,391
24,815,744 22,708,496
19,955,475 14,456,928
25,168,471 22,323,433
10,419,752 11,550,315
9,875,134
8,436.9131
11,340,870
9,903,917
9,863,566
8,506,986
4,660,000
5,813,302
3,608,521
3,710,426
4,422,772
3,942,454
4,448,167
3,364,648
2,389,778
1,906,512
2,570,795
3,421,544
3,940,898
2,993,126
3,553,094
2,984,674
2,940,524
2,663,784

Inc. or
Dec.

1917.

1918.

S
$
%
%
+ 14.0 3,766,604,154 3,510,932,292
+ 7.3
+9.5 2,749,005.359 2.496.415,669 + 10.1
—13.5 1,785,063,043 2,041,170,307 —12.5
+ 11.0 441,640,464
337,844,995 + 30.7
+ 29.4
275,009,813 240,466,308 + 14.4
—23.0
—1.2
265,214,347 268,394,976
138,736,262
111,019,352 + 25.0
+ 12.8
+ 8.5
83,201,995
69,270,980 + 20.1
188,986,084
+ 8.6
+ 20.6
173,959,585
+ 9.3 215,775,841 200,165,133
+ 7.8
+ 38.0
176,350,559 125,366,398 +40.7
+ 12.5 143,633,332
130,639,646
+ 9.9
—9.8
—2.2
72,284,490
73,935,327
98.147.492
+ 17.1
86.743,920 + 10.8
101,813,099
+ 14.5
92,613,740
+9.9
+ 15.9
57,452.654
50,390,517 + 14.0
—19.8
—4.6
34,277,716
35.912,157
—2.8
+ 7.2
25,021,991
23,33",752
39,088,131
+ 12.2
34,383,596 + 13.7
+ 32.2
29,835,351
25,979.937 + 14.8
+ 25.3
19,082,397
14,217,153 + 34.2
—24.9
19,786,931
24,944,396 —20.7
+ 31.6
29,781,954
26,509,993 + 12.3
+ 19.1
27,972,420 + 23.2
34,458,985
+ 10.4
26,079,157
24.679,381
+ 5.7

Tot. Canada 1366183958 1302517383

Par Value

Actual
Value.

Quantity.

or

158.045.167

117,541,3221
Val\____ 10,991,56<,540 J10152 171 603

Stock JSh’s.

Aver.
Price.

92.4 14,562,4 U.255
87.5
410,162,000

} 13575 887 961
372.481,027

93.2
90.8
99.9

RR. bonds.
U. S. Gov’t
bonds

260,739,000-

228,239,748

966,842,000

177,701,750

177,511,991

i
204.195.000:
17,200!

934,978,167 96.7

State, Ac.,

191,916,880 94.0
33,986 197.6

258,388,500
106,600

249,314,995 96.5
192,409 180.5

bonds
Bank stks.

$12423,361,7401$11507,340,384

Total

The

following compilation

93.3

92.6 $15408,850,105 $14375,388,383

covers

the clearings by months

since Jan. 1 1918 and 1917:
SALES OF STOCKS AT

THE NEW YORK STOCK EXCHANGE.
1917.

1918.
M'lh.
Values.

Number

Values.

Number

of

of
Actual.

$

Par.

Shares.

Actual.

$

Par.

$

%

Jan
13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465,687,290
Feb. 11,418,079 1,083,216,900
996,548,289 13,588,465 1,219,280,130 1,170,569,988
Mar. 8.419,477
772,475,950 710,581,417 18,658,267 1,654,197.470 1,588,437,263
_

lstqr 33,453,913 3,135,433,550 2,882,557,388 49,186,172 4.411,449,530 4,224,694,541

Ten Months.

1918.

Ten Months 1917.
Aver.
Price.

Actual

Quadity. !

Par Value

tion.

Shares.

October.

on

Descrip¬

8,541,593 8,193,892 9,116,196 56.870.871 54,253,598 57,932,846

Canadian Bank Clearings.—The clearings of the Cana¬
dian banks for the month of October 1918 show an increase
over the same month of 1917 of 4.9%, and for the ten
months the gain reaches 5.5%.

detailed statement of transactions

the New York Stock Exchange is appended. The results
for the ten months of 1918 and 1917 are given below:

1916.

1,015,0«9
995,052
876,488 6,052,311 6,162,774 6,507,482
Marquette
437,229
461,284
519,806 3,250,207 2,870,100 3.546,651
Ashland
1,285,176
978,029 1,218,134 6,934,371
6,603,238 7,269,846
Superior
1,887,284 1,876,525 1,732,865 13,064,201 12,253,271 11,493,831
Duluth
2,920,070 2,497,629 3,298,314 19,281,792 17,686,997 19,472,473
TWO Harbors ...1,026,745 1,385,373 1,470,589 8,287,989
8,677,218 9,042,563

[Vol. 107

+ 4.9 10814,331,598 10247,264,110

+ 5.5

April 7,401,174 687,371,800 631,497,814 14,258,162 1,289,483,950 1,237,415,208
May 21,139,092 1,984,405,900 1,826,464,917 19,354,400 1,780,716,450 1,709,948,702
June 11,772,261 1,087,605,150 1,010,478,462 19,092,653 1,787,372,075 1,712,444,206
2d qr 40,315,527 3,759,382,850 3,468,441,220 52,705,215 4,857,572,475 4,659,808,116
6mos 73,769,440 6,894,816,400 6,350,998,600 101891387 9,269,022,005 8,884,502,657

771,723,890
651,885,275)
727,457,350

8,449,888
6,887,589
Sept. 7,763,068

July.

Aug.

718,468,917 13,325,365 1,273,055,300 1,197,403,416
600,499,818 11,636,853 1,109,321,950 1,053,240,109
681,746,982 13,822,775 1,298,464,450 1,158,262,097

3d qr 23,100,545 2,151,066,515 2,000,715,717 38,784,993 3,680,841,700 3,368,905,622
9 mos 96.869,985 9,045,882,915 8,351,714,325 140676 380jl2 949 863 701 12 253408279
Oct
20,671,337 1,945,685,625 1,800,457,268 17,368,7871!,612,627,550 1,322,479,682
.

The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1918 and
1917 is indicated in the following:
MONTHLY CLEARINGS.
Clearings Outside New York.

Clearings, Total All.
Month.
1913.

19i7.

$

$

1918.

|

1917.

$

%

i

$

%

S

Canada—
Montreal
Toronto

Winnipeg
Vancouver
Ottawa

Quebec
Calgary
Halifax
Hamilton
Victoria
St. John
Edmonton
London

_

Regina
Brandon

Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat

Peterborough
Sherbrooke
Kitchener

3

101.269,365
60,699,089
69,550,008
9,832,008
8,328,573
4,899,506
7,582,398
4,434,517
5,085,678
1,563,386
1.983,468
3,498,897
2,120,312
5,127,139
856,751
903,566
2,481,817
2,092,268
899,303
835,532
506,353
486,120
810,446
732,776

594,353

Total Canada.

Inc. or
Dec.

1917.

297,173,625'

90,300,887
64,025,091
78,529,254
9,301,402
5,457,199
3,403,395
10,149,418
2,856,309
4,978,919
1,676,173
1,748,991
3,763,961
2,173,143
5,062,567
952,896
1,132,733
2,568,428
1,936,380
808,035
901,750
423,517
632,893
610,229
533,308
465,290
294,392,168

1916.

—5.2
—11.4

+ 0.3
+ 52.6
+ 44.0
—25.3
+ 55.3
+ 1.2
—6.7

+ 13.4
—7.0
—2 4

+ 1.3
—10.1
—20.2
—3.4
+ 8.1
+ 11.3
—7.3

+ 19.6
—23.1
+ 32.8
+ 37.3

+ 27.7
+ 1.3

’

+

+ 5.9 12,391,579,089 10,360,027,203 + 19.6
+ 7.4 12,709,535,909 10,733,053,558 + 18.4
+ 2.2 12,457,025,697 10,635,269,435 + 17.2
+ 5.1 37,558,140,695 31,728,350,196 + 18.4

156949 725294 150125500723

+ 4.6 71,620,168,192 61,640,163,237 + 16.2

.

86,774,279
61,433,599
57,155,238
7,033,394
6,058,091
3,488,168
6,215,149
2,720,780
4.686,133
1,410,646
1,646,136
2,734,345
*2 052,572
3!826 386
718,093
964,143
1,963,028
1,682,599
646,950
688,518
301,695
671,884
532,290
449,255
480,481

255,389,352

67,135,927
47,621,971
58,970,524
5,770,822
4,795,855
3,528,058
4,784,532
2,358,230
4,350,964
1,512,122
1,888,488
2,293,842
2 175 711

3323,640
957,006
678,052
2,098,804

1,485.777
744,689
619,132
280,794
401,677
05,470

6

mos.

28,644,789,823 25,664,326,634 + 11.6 13,243,582.672 10,479,033,048 +26.4
28,156,158.940 25,093,230,233 + 12.2 13,197,733,316 10,413,908,705 + 26.7
Sept.. 26,371,630,536 24,029,791,370 + 9.7 12,707,753,407 10,145,890,414 +25.2
July
Aug

.

.

..

3d qr. 83,172,579,299
9

mos.

Oct

j 74,787,348,237

+ 11.2 39,149,069,395 31,038,832,167 + 26.1

240122,304,5931224912,848,960

+ 6.8 110769,237,587 92,678,995,404 + 19.5

..

32,078,491.881 28,264,308,306 + 13.4 15,163,212.635 12,540,914,667 +208.

The course of bank celarings at

last four years is shown in the subjoined statement:
BANK

New York

Philadelphia
St. Louis

1918.

1917.

Per
Cent.

Detroit
Baltimore
New Orleans..

$2,812,582,937
397,589,164
307,627,601
289,628,996
154,844,832
130,000,000
89,546,559
85,610,032
45,309,928
56.418.943
51,870,743

$2,564,549,590
408,129,883
265,113,777
197,273,307
163,704,953
136,722,349
78,563,633
59,164,028
39,596,362
35,566,016
51,239,177

Eleven cities, 5 days
Other cities, 5 days

$4,421,029,735
925,473,642

$3,999,623,075
768,922,683

Total all cities, 5 days.
All cities, 1 day

$5,346,503,377
1,175,413,208

$4,768,545,758
1.063,995.789

+ 12.1
+ 10.5

Total all cities for week

$6,521,916,585

$5,832,541,547

+ 11.8

Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul

S

AT

■November
1917.
1918.
S
$

LEADING

1915.
$

CITIES.

Jan. 1 to
1913.
1917.
$
$
'

Nov. 301916.
1915.

$

$

.16,915 15,723 15,711 12,740 146,268 147,957 125,992
2,341
2,267
1,953
1,474 21,515 20,774 16,549
970
842
1.546
1,167
12,739
8,614
10,243
901
1,569
1,886
1,252
16,163
14,116
10,458
682
736
379
539
6.473
5,597
4,279
648
359
310
255
4,640
3,349
2,764
556
460
342
251
4,575
3,926
2,762
212
351
173
174
2,657
1,879
1,813
267
161
125
178
2,346
1,707
1,423
961
541
813
367
8,321
3,907
5,961
346
438
256
150
3,560
3;028
1,916
237
208
155
87
2,150
1,513
1,041
286
192
162
145
1,333
1,255
1,159
.

.

.

.

.

.

.

.

.

.

86,404
13,140
6,562
6,953
3,325
2,157
2,178
1,455
1,104
3,059
1,233
765

.

.

.

.

.

.

93
331
149
144
56
263
107
85
64
87
256
95
204
36
68

83
233
126
130
55
103
95
75
50
107
162
74
123
33
74

81
213
104
113
55
132
76
76
50
72
99
64
84
41
55

69
141
73
88
45
98
60
58
38
54
53
39
55
36
34

1,015

964

831

770

593

2,582
1,220
1,268

2,294
1,064
1,255

1,799

1,191

837

679
850
335
800
492
511
358
402
404
266
502
288
269

1,037

494

443

419

2,368

1,491

1,029

935
64S
655
947

806
615
571
688

1,899

1,126

548

458
926
352
558

+ 10.5

Philadelphia

._

Boston
Kansas City,..
St. Louis
San Francisco.

Pittsburgh....




+ 9.7

San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans

CLEARINGS

1918.

(000,000s
omitted.) j
Boston

218,182,117

leading cities of the country

for the month of October and since Jan. 1 in each of the

Chicago

Clearings by Telegraph—Sales of Stocks, Bonds, &c.
—the subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month.
The figures are received by telegraph from
other leading cities.

New York
Chicago

+ 13.0

$

Pittsburgh

Clearings—Returns by Telegraph.
Week ending Nov. 9.

3.9|34,062,027,497 29,911,813,241

1915.

S

%
+ 12.1

1st qu. 74,880,732,462 72,062,393,360

..

April

Clearings at—
1918.

+ 3.6 11,819,506,488 10,513,139,790 + 12.6
+ 2.8 9,998,002,811 8,835.386,145 + 13.2
+ 4.2 12,244,518,198 10,563,287,306 + 15.9

2d qu. 82,068,992,832 78,063,107,363

Week ending October 31.

Jan
26,538,574,018 25,640,505,506
Feb
22,257,358,866 21,629,473,389
Mar.. 26,084,799,579 24,792,414,566

26,485,086,036 25,012,249,100
May.. 28,269,235,579 26,316,501,561
June.. 27,341,671,217 27,734,347,702

The clearings for the week ending Oct. 31 in comparison
with the same week of 1917 show an increase in the aggregate
of 1.3%.

—2.0

+ 16.0
+ 46.3
—5.4
—4.9

+ 14.0
+ 44.7
+ 14.4
+ 58.6
+ 1.2

+20.4

.

Indianapolis
Denver

Richmond

.

Memphis
Seattle
Hartford
Salt Lake City
Total
Other cities

.

1,516
347
549

645
635
451
541
724
346
630
349
390

•

.29,176 25,808 23,840 18,831 249,872 234,861 193,279 137,291
14,468
10,832
2,902 2,456 1,887 1,321 22,329
18,316
.

Total all
.32,078 28,264 25,727 20,152 272,201 253,177 207,747 148,123
Outside New York .15,163 12,541
9,901 7,412 125,933 105,220 81,755 61,719

Other Western and Southern Clearingslbrought forward from first page:

Nov. 9 1918.]

THE CHRONICLE
Week ending November 2.

Clearings at—
1918.
$
Kansas City

Inc. or
Dec.

1917.
$

55,448,*93

45,060,189

50,000,000
17,120,215
23,317,001
21,118,514
15,858,083
7,926,630
9,436,361
7,660,128
4,914,203
2,206,291
3,888,079
1,862,005
3,500,000
652,500
625,756
488,729
600,000
1,767,218
1,642,141
2,4°0,000
1,250,000

45,000,000
17,130,782
25,739,757
7,937,376
14,290,712
8,917,250 —11.1
8,151,710 + 15.8
+ 7.0
7,161,374
+ 3.0
4,071,339
2,900,425 —23.9
2,979,340 + 30.5
2,831,967 —34.2
2,898,330 + 20.8

$

725,000
564,223
640,019
575,000
1,457,778
2,226,025
2,757,910
1,427,156

—10.0

—34.3
—10.1
—12.4

453,710,333

398,671,122

+ 13.8

299,593,492

245,079,626

157,876,463
45,447,497
19,695,084
16,982,611
6,142,204
60,017,842
67.088,058
20,980,092
7,097,950
14,020,554
16,035,899
9,260,415
4,027,763
12,970,978
6,444,910
6,500,000
5,289,616
3,808,392
2,475,000
1,336,337
9,834,013
1,235,000
2,800,000
440,226
800,000
7,955,740
2,641,636
31,000,000
3,200,000

158,753,405
46,861,991

—0.6
—3.0
+ 3.9
—5.7
—5.5
+ 51.3
+ 26.2
+ 2.8
—48.7
—21.0
+ 27.3
+ 39.0!
—23.6

122,736,251
32,201 ,S08
18,661,007
14,551,339
8,328,721
25.201,063
30,441.119
16,038,021
9,567,026
13,605,944
9.316,293
6,408,808
3,739,473
3,298,794
4,578,042
3,700,000
3,625,381
2,484, 35
2,310,274
1,340,229
6,576,673
7,452,304
2,500.000
305,664
558,000
4,154,920
1,749,754
15,296,388

97,680,777
21,895,177
15,633,704
11,057,635
4,670,541

543,404,280

507,164,758

370,727,401

263,377,108

Pueblo
Fremont

Hastings
Aberdeen
Waterloo
Helena

Billings
Total oth.West
8t. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Atlanta

Memphis

Little Rock
Jacksonville

FOREIGN

130,224,932
40,615,720
30,342,253
20,876,461
18,099,002
9,139,533
11,357,926
7,513,020
5,322,469
4,886,441
3,538,876
2,324,392
2,497,591
1,799,450
2,299,978
719,045
482,779
463,538
528,726
1,099,563
1,987,746
2,419.864
1,054,187

Topeka
Davenport.
Cedar Rapids
Fargo
Colorado Springs

Birmingham

+ 14.3
+ 23.1
+ 11.1
—0.1
—9.4
+ 166.1
+ 11.0

»-

1915.

$

193,227,460

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

Savannah
Fort Worth.
Nashville
Norfolk
Augusta

(Eommerctal and JHtscellaueotts Incurs

1916.

%

220,847,986

Minneapolis

...

.

....

....

Chattanooga
Charleston
Knoxville
Mobile

Oklahoma
Macon
Austin

Vicksburg
Jackson
Tulsa

Muskogee
Dallas

Shreveport
Total Southern

18.959,639

+ 10.8
—25.2

+ 4.3
+ 21.3

18,000,000
6,500,000
39,667,454
53,151,976
20,408,874
13,829,974
17,738,191
12,594,462
6,664,522
5,269,879
5,412,572 + 139.6
—2.9
6,640,844
4,399,129 + 48.2
4,459,914 + 18.6
3,651,271
+ 4.3
—9.1i
2,723,817
—5.7
1,417,677
12,213,380 —19.4
+ 13.5
1,176,418
3,500,000 —20.0
499,927 —11.9
703,702 + 13.6
—1.5
8,076,598
1,571,367 + 68.1
+ 7.6
28,817,775
—8.6
3,500,000

95,958,285
39,472,745
22,650,259
18,854.464
13,858,332
12,027,399
8,012,429
7,035,703
4,220,117
4,157,873
2,753,369
1,615,646
1,716,568
1,945,933
2,679,456
762.515

364,965
501,750
326,324
1,133,478
2,023,416
2,217,695
790,905

,

+ 7.1

October.

14,230,712
21,521,945
11,558,128
6,427,188
10,579,618
7,951,322
4,903,648
3,301,042
3,167,299
3,415,766
2,900,785
2,643,960
2,545,454
1,883,818
1,297,200
3,093,700
4,655,063
2,585,634
327,049
468,847
1,561,247
1,399,829

Ten Months.

1917.

Inc. or
Dec.

1913.

Inc. or
Dec.

1917.

286,227,890 192,165,144
263,282,000 203,149,224
84,730.457 74,515,910
86,767,978 106,670,532
74.121,416 69,144,877
42,814,412 39,370.614
101,278,687 37,386,952
41,294,229 34,749,593
41.704,446 37,125,350
18,949,524 19,902.964
15,000,000 11,763,368
12.853,960 14,240,423
9,286,423 13,044,802
10,653,627
9,110,480
7,275,947 12,323,663
10,485,430 11,973,676
16,379,424 14,351,069
3,817,582
3,419,159
2,937,156
3,611,063
6,970,399
9,249,719
2,905,061
2,662,749
2,471,065
2,594,039
6,330.204
7,842,369
8,211,951
21,662,381
7,612,000
10,012,800
2,170,730
1,762,734
1,521,387
2,019,362
2,370.525
2,261,887
2,126,298
2,635,726
3,921,756
4,220,789

$
$
%
+ 18 2 8,321,011,374 3,960,707,956
+ 49.0 1,525,455,204 1,333,163,537
+ 29.6 2,368,089,603 1,491,493,529
+ 13.9
648,223,675
615,300,510
—17.7
947,301,177 687,558,158
+ 7.2
746,417,197
628.956,213
+ 8.8
419,998,955 346,224,786
+ 166.9 325,877,012
249.928,006
+ 18.8
392,753,756
272,170,052
+ 12.3
369,981,233
267,479,290
—4.8
192,163,831
166,457,773
+ 27.5
114,241,124
103,421,638
—9.7
143,209,028
115,568,596
—28.8
107,212,737
85,962,518
+ 16.9
87,638,518
68,414,774
—41.0
101,360,548
88,647,078
—12.4
81,055,086
80,498,193
+ 14.1
81,119,249
95,862,206
—10.4
37,876,731
33,308,923
+ 23.0
30,203,928
26,664,862
+ 32.7
57.807,848
42,2*5,962
—S.4
34,157,181
26,957,518
+ 5.0
24.651,861
21,779,448
—19.3
46,330,953
46,918,000
94,316,616
81,345,322
+ 163.8
+ 31.5
54,180,800
50,800,000
—18.8
17,698,261
14,017,079
+ 32.7
17,718,433
15,226,481
+ 4.8
21,581,722
20,386,816
+ 23.9
23,517.217
20.101,305
27,209,915
24,430,596
+ 7.4

Tot.MId.West 2156433856 1769388463

+21.9 17433,236,021 13109,131,872

%

$

Kansas City.. 960,781,736812,990,181

Minneapolis

..

Omaha
8t. Paul
Denver
St. Joseph
Des Moines
Duluth
Wichita
Sioux City
Lincoln

Davenport
Topeka
Cedar Rapids.
Sioux Falls
Waterloo
Helena

Fargo
Colorado Spgs.
Pueblo
Aberdeen
Fremont

Hastings
Billings
Joplin
Grand Forks..
Lawrence

Iowa City
Oshkosh
Kan. City, Kan.

Lewlstown

St. Louis.
New Orleans..
Louisville
.“.
Houston
Galveston
Richmond
Atlanta

923 681 756 827
322 208 124 466
794 83 023 255
929 84 577 574
081,858 32,895.920
256.175,000 162,274,664
319,925,472 219,492,457

735
237
92
83
34

Memphis

95,185,053
45,750,746
69,953,517
84,009,803
44,104,407
22,975,598
61 670,195
29,778,653
29,359,043
25,683,829
19,991,145
13,086,000
6,875,823
49,886,885
12,099,171
12.857,212
6,000,000
11.003.491

Savannah
Fort Worth
Nashville
_

Norfolk

Augusta
Birmingham
Little Rock
Jacksonville

.

.

.

Chattanooga..
Charleston
Knoxville....
Mobile
Oklahoma
Macon
Columbia
Beaumont
Austin

...

El

Tampa

Tot.

20,281,672
11,686,526

3,741,4911 3,452,000
38.228.207i 32,084,153

Jackson
Tulsa

Raleigh
Shreveport

73,800,313
64,175,115
78,378,537
56,807,061
30,729,050
27,136,780
17,285,772
29,979,942
19,054,173
21,243,528

..

..

+ 7.916 472 991 881
+ 14.02 149 724 463
964 418 528
+ 11.5
650 964 906
—1.0
226,167,187
+ 3.6
+ r)6.6 1,898,694,543
+ 45.7 1,991,284.216
547,843,158
+ 29.0
—28.7
—10.7

+ 47.9
+ 43.5
—15.3

+ 253.7
—0.7

+ 54.1
+ 20.9
—1.4

+ 12.0
+ 7.7
6,383.755
—1.3
50,541,153
10,872,066 + 11.3
10,796,242 + 19.1
+ 6.3
5,644,638
13,380,064 —17.8
'4.635,459i 3,702,502 + 25.2
+ 7.9
6,000,000! 5,563,384
2,236,075
+ 5.9
2.369.908

Wilm’ton.N.C

Texarkana.

647
217
5S8
745

*

+ 8.4
+ 19.1

13,205,117 14,871,863 —11.2
22,257,256 17,639,674 + 26.2
130,964,282 117,799,431 + 11.2
3,390,488 + 59.6
5,412,300
6,428,832 +32.3
8,502,844
4,831,591 + 24.2
6,000,000
5,773,442 —20.2
4,607,032
4,594,894 + 17.5
5.400.000
—7.7
15.579,072 16.884,028

Southern2«*fl5e803722595538.V7




316,064,231
576,620,429
600,974,773
349,973,757
156.151.550
239,562,920
216,298.087
220,372,860
210,410,439
141,738,800
117,292,952
64.573.940
388,499,331
89,305,502
87,554,977
55,810,333
160,972,082
32,565,910
39,221,994
16,856,709
25,084,725

397,152,137
108,943,402
185,005,513
858,201,992
41,777,536
66,030,399
59,410,998
28,748,544
38,365,675
105,885,995

5 597 139
1 513 000
831 275
547 968

%
+ 39.6
+ 14.4
+ 58.3
+ 5.3
+ 37.7
+ 18.7
+ 21.3
+ 30.4
+ 44.3
+ 38.3
+ 15.4
+ 10.5
+ 23.9
—19.8
+ 28.1
—12.5
—0.7
+ 18.2

—1.3

+ 15.9
+ 6.7
+ 23.1
+ 16.4
+ 5.9
+ 17.0
—10.2
+ 33.0

932
507
907

+ 15.6
+ 42.1
+ 16.0
000 + 18.8
219,891,147
+ 2.9
1,125,552,925 + 68.7
1,147,058,606 + 73.6
457,759,562 + 19.7
314,425,807
+ 0.5
516,060,109 + 11.7
405,588,826 + 48.2
248,356,976 + 40.9
112,298,437 + 39.1
148,162,288 + 61.7
155,833,305 + 38.8
165,940.950 + 32.8
161,629,781 + 30.2
117,718,343 + 20.4
102,725,881 + 14.2
58.357,769 + 10.7
301,287,103 + 28.7
68,522,266! +30.3
55,139,210 + 58.8
47,638,429 + 17.2
143,427,535 + 12.2
21,708,411 + 50.0
28,962.610 + 35.4
12,253,814 + 37.6
22,990,818
+ 9.1
278,424,657 + 42.6
75,595,127 + 44.1
171,842,335
+ 7.7
597,248,432 + 43.7
25,642,242 + 62.9
45,785,374 + 44.2
48,641,246 + 22.1
24.019.700 + 19.7
29,726,927 + 29.1
81,361,020 + 30.2

+ 18.H2089716027.012.314

+30.4

OF

-

NEW

—inrvvwumjmjmj

YORK.

Merchandise Movement at New York.

Customs Receipts
at New

Month

1918.

1917.

1918.

1917.

1918.

$

January
February

$

$

$

S

1917.
f

88,164,970 128,344,239 248,203,724 303,906,525
7,488.551
94,303.999 97,834,888 168,713,182 223,464,135 8,177,780
March
98.360,412 147,901.883 251,325,068 258,020.408
9,870,168
Apdl
121,564,99! 126.801,160 191,719,439 263,873.049 10,525,971
May
149,434,134 118,850,759 219,019,748 245,998,346 12,162,731
June
112,622,429 154,901,984 205,313,999 274,287,250 10,665,910
July
96,101,747 95,713,123 237,731,667 210,181,903
9,215,233
August... 122,452,147 122,231,660 209,108,295 274,627,773
8,589,023
September 115,731,618 99,805,185 197,725,054 242,132,080
8,438,132
.

York.

Exports.

Imports.

.

13,494,316
10,800,297
13.395,986
14.052,313
18.823,305
10,256,450
11,190,794
10,684,750
9,469,365

...

Total.. 998,736,447 1092384881 2128860176 2296491469

85,133,499 112,167,576

Imports and exports of gold and silver for the 9 months:
Gold Movement at Seu> York.

M'tnlh.

Imports.
!

1918.

1917.

*

January..
February.
March

...

April

May

$
657,940
3.170.387

1,930.781
1,085,806

301.073
223,177

1,074,962
877,460

September

627,829
688,892
559,988

Total..

6,282,428

10,378,154

July
August

Imports.

Exports.

1918.

1918.

$

f

$

10.494,074

1,409,524

14,129.717
9,819,730

1,444.351
606,260
726,467

3.017,151
17,629,499
13,564,850
3,903,713 19,179,282
268,600 12,337,552
737,990 11,331,810

1,084,038
1,194,622
904,838
1,245,038
980,609

June

York.

1917.

1918.

$

1.070,279
994.103
628,514
518.140
660.277
534,406

Sliver—New

Exports.

1.302.420

2,746.717
2,186,324
3.294.034
3,944.455
3,910,742
5,596,300
2,435,000
2,985,275
2,784,204

1,317,371
1.115,157
1,803,038
2,421,115
2,012,001

203.500

73,565,324 111,603,665 12,855,284 29,883,051

BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and
on

Circulation Afloat Under-—

Legal Tenders
Deposit for—

1917-18.

Legal
Ronds.

Tenders.

Sept.30 1918..
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar 30
Feb. 28
lan. 31
Dec. 31
Vov .30
Oct 31
Sept 29

1918..
1918..
1918..
1918..
1918..
1918._
1918..
1918..
1917..
1917..
1917..
191?..

$

$

43,467,307
44,108.182

690 831 260

36,150 417

690,384,150

38,878,979

691,579,160

35,989,575
36,189,S17
36,252,360
37.047.275
36.311,670
37,397,649

688,969,710
688,060.510
685.349,410
684.508.260

683.581.260
681,565.810
679,440.210
673.134.370

Legal
Tenders.

Bonds.

683,026,300
682,411,730

Total.

S

I

678,465,863
680,210,470
687,577 645
687,326,508

35,989,575
36,189,817
36,252,360
37.047,275
36,311,670
37,397,649

676,703,103

41.396.305

43,467,307
44,108,182

687.998.070
686,098,360
684,667.147
680,992.730
681.521.545
681,814,981
678,948.778

3S, 103,287
39,573,272

39,573.272
41,396.306

675.182.077

721,933,170
724,318,652

36 150 417

723 728 062

36,878.977

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

38,103,287

716 578.382

$24,687,960 Federal Reserve bank notes outstanding Sept. 1, of which $23,831,800

covereiJbyJmndsan^fS^lOObyJlawfu^money^^^^^
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Sept. 30.
U. iS. Bonds Held Sept. 30 to Secure—
Bonds

Deposit
Sept. 30 1918.

On

On deposit to
secure
Federal
Reserve Bank National Bank
Notes.
Notes.

on

deposit to

$

2s,
3s,
4s,
2s,
2s,
2s,
3s,

U.
U.
U.
U.
U.
U.
U.

S.
S.
S.
S.
S.
S.
S.

Total
Held.

■secure

—12.1

+ 13.3.
+ 36.8
+ 26.7
+ 13.2

~—

■

TRADE

S

Clearings at—
1918.

1813

Consols of 1930
Loan of 1908-1918
Loan of 1925
Panama of 1936
Panama of 1938
One-year certifs. of lndeb’ness
One-year Treasury notes

$

14,137,750
2,593,000
404,500
285,300
26,000,000
14,365,000

Total

57,785,550

$

561,603,300
154,040
48,950,400
47.400,140
24,918,420

575.741,050
164,040
51,543,400
47,804,640
25,203,720
26,000,000
14,365,000

683,026,300

740,811,850

The following shows the amount of national
afloat and the amount of legal-tender deposits
Oct. 1 and their increase or decrease during

bank notes
Sept. 1 and
the month

September.
National Bank, Notes—Total Afloat—
Amount afloat Sept.
Net amount retired

1 1918
during September

_

...

Amount of bank notes afloat Oct. 1 1918

$722,318,652
2,385,482
$721,933,170

Legal-Tender Notes—
Amount on deposit to redeem national bank notes
Net amount of bank notes retired in September
Amount on

Sept. 1 1918

deposit to redeem national bank notes Oct. 1 1918

Auction

$44,108,182
640,875
$43,467,307

Sales.—Among other securities, the following

not usually dealt in at the
at auction in New York,

Stock Exchange were recently sola
Boston and Philadelphia:
.

By Messrs. Barnes & Lofland, Philadelphia:

Shares.
Stocks.
$ per sh.
200 Phila. Co. for Guar. Mtges
100
105 Federal St. A Pleas.V.Pass.Ry.
73^
6 Hunt. & Broad Top Mtn. RR.,

pref., $50 each

15

25 Commonwealth Pow.,Ry. & L.,

preferred

Bonds.

24

10 Lewis. Aug. A Waterv. St.Ry.,

preferred

5 United Gas & Elec., 1st pref...
5 German Theatre Realty,$10 ea.

40M
2M

44

2 Commonw’th Pow., Ry. A L.,
common

Shares.
Stocks.
$ per sh.
1 Philadelphia Trust
760
14 Girard Ave. Title & Tr.,$50 ea. 75
4 Phila. Bourse, com., $50 each.
6

26

Per cent.

$1,000 Phila. A Garretford Ry. 1st
5s, 1955
88
$5,000 Counties Gas & Elec. gen. 5s,

60 Coosa Portl. Cement, 1st pref.$10 lot
1962
89
46 Geo. H. White Co. Land &
$500 Zoological Soc. of Phila. loan.$65 lot
50
Impt., $50 each
$700 lot $750 Lakeside Ry. 1st 4s. 1923
5 Lindner Shoe (Carlisle, Pa.)
60
$2,000 Buff. Roch. & Pitts. Ry.
3 Phila. A Gray’s Ferry Pass. Ry. 6534
equip. 4^8, 1920
98
3 Commonwealth T. I. & Trust.239
$1,000 Pitts. C. C. A St. L. Ry.
11 Real Estate T. I. & Trust
cons. 4 Vis, 1940
320X
93H
10 Franklin National Bank
490
$1,000 United Gas A El. coll.6s, ’45 52
6 Girard National Bank
342 M $1,000 Wilm. A Nor.RR.gen.5s,’32 92 M
16 Corn Exch. Nat. Bank...400-400H $8,000 Ga. A Fla. Ry. 1st 5s, 1956. 13
13 Fourth Street National Bank..270
$4,000 Mt.Waah.8t.Ry.1st 5s,1933 63
1 Market St. Title A Tr.,$40 pd.131
$4,000 Coosa Portl. Cem. 1st 6s,’44 25

1814

THE CHRONICLE

[Vol. 107

By Messrs. Adrian H. Muller & Sons, New York:
Biuret.
Stock*.
Per cent. Share*.
Stock*.
Per cent.
1 Clinton Hall Association
30
200 Old Hundred Mining. $5 ea.$20 lot
8 Peoples Nat. Bank of Bklyn„141
150 Bedford Hills Co., Kato-1
800 The Foundation Co., com.,
nah, N. Y
204 Katonah Lighting CO
(
$70 per sh.
no par
1,000 Palestine Water Works...$155 lot
88 Hoyt Bros. Co.. Katonah.
200 A. L. Rlebe Ball Bear's Co. \$1,000 $10,000 demand note of Hoyt|
lot
606 Magneto Parts Co
Bros. Co. endorsed by
J
lot
25 Motor Products
$39 per sh.
Edw. P. Barrett
j
2,000 Alta Montana Mining
$110 lot Bond*.
Per cent.
6,050 World's Film
30c. per sh. $1,000 Oregon Elec. Ry. 1st 56.1933 76
1,000 Little Bell Cons. Mining,
1,000 Rlverdale Country School
$5 each
10c. per sh.
2ds
$475 lot
.

[$10,000

_

_

By Messrs. K. L. Day & Co., Boston:
Share*.
Stock*.
Slocks.
$ per sh. Share*.
$ per ah.
8,473 New England Power, pref
37 Hood Rubber, preferred
100
97 X
21 First National Bank, Boston.424
13 Waltham Watch, com
19 X
8 Ablngton National Bank....110
7 Waltham Watch, pref
75
10 Berkshire Loan A Tr., Pittsf.265
5 H. H. Brown Shoe, preferred 78
11 Merrimack Mfg., com
10 Hlngham Water
110
76X
42 Pep per ell Mfg
205 X
52 Merrimac Chem.,$50 ea.98 J£-98 X
36 Nashawena Mills, ex-dlv
45 United Elec. Secur., pref
116
90
19
7
10
3
13
1

Great Falls Mfg
Bates Manufacturing

183

1
84
6
1
23

273
Arlington Mills
122 X
Naumkeag Steam Cotton
163 H
Manchester Tr., L. & P.104H-105
Somerset Hotel Trust

Plymouth Cordage
212
Edward Bryant Co
2
23
Rockport Granite
Boston Atheneum, $300 par.400
Springfield Gas Light rights. 25c.

25 X

Per cent.

$1,000 Jersey City 4H«. 1927
98 X 600 Warren Bros., common..]
2,000 Hampshire County 4s, 1919 99H 165 Warren Bros., 1st pref
Shares.
Stocks.
$ per sh.
30 Warren Bros., 2d pref
14 Farr Alpaca
500 Cuban Port. Cement, $10 ea.
168-170
11 Sagamore Manufacturing
685 Am.Pneu.Ser.2dpf.,$50ea.)$25,000
296
6 Hood Rubber, common
715 C.AE.I.Ry.,com.,ctf.dep.|
139
lot
10 Hood Rubber, preferred
30 St.L.A8.F.RR.,com.,tr.ctf.|
97 X
100 Merrimac Chemical, $50 each. 98X $38X St. L. A S. F. RR., com.,|
10 Old Colony Woolen Mills, pref. 10
tr. certf
|
9 Plymouth Rubber, pref
100
214H 8t. L. A S. F. RR., pref.,
tr. certf., series A
j

DIVIDENDS.
The

following shows all the dividends announced for the

future by large or important corporations.
Dividends announced this week are printed in italics.
Name of

Per
Cent.

Company.

Railroads (Steam).
Atch. Topeka A Santa Fe, com. (quar.)
Atlantic Coast Line RR., preferred

Catawissa, preferred
Cleveland A Pittsburgh, guar. {quar.)
Special guaranteed {quar.)
Colorado A Southern, 1st preferred
Cripple Cr’k Cent., pref. {quar.) {No. 52).
tlllinols Central (quar.)
Norfolk A Western, adj. pref. (quar.)..
Common (quar.)
Pennsylvania (quar.)
Pittsburgh Bessemer A Lake Erie, pref—
Pittsburgh A West Virginia, pref. (qu.).
Readlng Company, common (quar.)
First preferred (quar.)
Southern Railway, preferred
Street 6c Electric Railways.
American Railways, pref. (quar.)
IX
Central Arkansas Ry. A Lt., pref. {quar.).
IX
Cities Service, com. A pref. (monthly)
X
Common (payable in common stock).
fx
Connecticut Ry. A Ltg., com. A pf. (qu.) •IX
Detroit United Ry. (quar.) (No. 68)._.
2
3
Havana Elec. Ry.,Lt.APow., com. A pf.
Montreal Lt., Ht. A Pow. Consd. (qu.)
1
Pacific Gas A Elec., lstpf. (qu.) (No.17)
IX
Original preferred (quar.) (No. 51)
IX
Tampa Electric Co. {quar.) {No. 56)
•2X
—

—

—

Miscellaneous.
American Bank Note, com. (quar.)
American Beet Sugar, pref. (quar.)
American Brass (quar.)
Extra
American Caramel, pref. (quar.)
American Cotton Oil, common {quar.)

—

Eng.,Inc.,com.(qu.)

American Laundry Mach., common
American Radiator, common {quar.)

Preferred {quar.)
Amer. Smelting & Refg., com. {quar.)

Preferred {quar.)
American Soda Fountain (quar.)
American Tobacco, common {quar.)
Amer. Water Wks. A Elec., pref. (qu.)
Anaconda Copper Mining (quar.).
Associated Dry Goods, first pref. (quar.)
Second preferred (quar.)
Bethlehem Steel, common (quar.)
Common B (quar.)
Cum.conv. pref. (quar.)
Non-tum. preferred (quar.)
Bond A Mortgage Guarantee (quar.)...
British Columbia Fish. A Pack, (quar.)
British Columbia Pack. Assn., com.(qu.)
Brown Shoe, common {quar.)

Buckeye Pipe Line (quar.)
Burns Bros., common (quar.) (No. 21).
Common (extra payable In com. stk.)
By-Products Coke Corp. (quar.)
Canada Cement, Ltd., pref. (quar.)
Canada Foundries A Forg., com. (qu.)
Preferred (quar.)
Canadian Converters, Ltd. (quar.)
Cedar Rapids Mfg. A Power (quar.)
Cleve. Automatic Mach., com. (quar.)
Columbia Gas A Electric (quar.)
Consolidated Gas (quar.)
Continent Paper Bag, com.(qu.) (No.53)
Preferred (quar.) (No. 73)
Continental Refining, com. (monthly)..
Crescent Pipe Line {quar.)
Cresson Cons. Gold M. A M. (monthly)
Cumberland Pipe Line
Deere A Co., pref. (quar.)
Diamond Match (quar.)
Dominion Bridge, Ltd. (quar.)
Dow Chemical, common (quar.)...
Common (extra)
Preferred (quar.)
Eastern Steel, common (quar.)
1st and 2d preferred (quar.)




Books Closed.

Days Inclusive.

Dec.

Nov.
Nov.
Dec.
Dec.
Nov.
Dec.
Nov.
Nov
Nov.
Nov.
Nov.

75c. Nov.
Dec.
Nov.
Nov.
Nov.
1
Dec.
3
Dec.
3X Nov.
3X Nov.
IX Jan.
IX Nov.
IX Deo.
3
Dec.
IX Nov.
•IX Dec.
•IX Dec.
•IX Nov.
Dec.
5g
IX Nov.
$2
Nov.
IX Nov.
IX Nov.
2X Jan.

•IX
IX
3X
IX

Preferred
American Graphophone, com. (No. 53).
Preferred (No. 81)
American Hide A Leather, preferred—
Am. La France Fire

When

Payable.

2
Nov. 11
Nov. 19
$1.25c
87Hc. Dec. 2
50c. Dec.
2
2
Nov. 15
1
Dec.
1
IX Dec. 2
1
Nov. 19
IX Dec. 19
75c.
Nov. 30
$1.50 Dec. 2
IX Nov. 30
Nov. 14
$1
50c. Dec. 12
2X Nov. 30

IX
2X

2X
2

IX
4

IX
2X
•IX

Jan.
Jan.
Jan.

Nov.
Nov.

Nov.
Dec.
$2
Dec.
2X Nov.
f2X Nov.
IX Nov.
IX Nov.
3
Nov.
IX Nov.
IX Nov.
X Nov.
IX Nov.
1
Nov.
IX Dec.
IX Nov.
IX Nov.
g 10c. Nov
75c. Dec.

10c.
6

•IX
2
2

IX
6X
IX
2X
IX

Nov
Dec.
Dec.
Dec.
Nov

Nov
Nov
Nov
Jan.
Dec

15
30
1
1
15
1
15

15
15
15
15

Holders
Oct. 30
Holders
Holders
Holders
Nov. 10
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Nov. 1
Holders
Oct 26
Holders
Holders
Holders
•Holders

Miscellaneous (Concluded).
Eastman Kodak, common (quar.)
Common (extra)
Preferred (quar.)
Elsenlohr(Otto)ABros.. Inc., com. (qu.)
Electric Investment, preferred {quar.)
Federal Utilities, Inc., pref. {quar.)

Gaston, Williams A Wigmore, Inc. (qu.)
General Asphalt, pref. {quar.)
General Chemical, common (quar.)
General Cigar, Inc., pref. (quar.)
General Ordnance
Gillette Safety Rasor (quar.)
—
Extra
Globe Oil (monthly)
Goodrich (B. F.) Co., common (quar.).
Goodrich (B. F.) Co., common (quar.).
Preferred (quar.)
Gorham Mfg., common (quar.)
Greene Cananea Copper (quar.)

Hart, Schaffner A Marx,Inc.,com.{quar.)
Hartman Corporation {quar.)
Hercules Powder, pref. (quar.)
Homestake Mining {monthly)
Ilium. A Pow. Sec. Corp., pref. (quar.).
Indiana Pipe Line (quar.)
Inland Steel (quar.)
International Cotton Mills, com. {quar.)..
...

Internat. Harvester, pref. (qu.) (No. 1).
International Nickel, common {quar.)

Stocks.

Shares.

Per
Cera.

Company.

Preferred {quar.)

By Messrs. Millett, Roe & Hagen, Boston:
Bond*.

Name of

of

reo.

to

of
of
of

rec.
rec.
rec.

to

of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.

rec.
rec.
rec.
rec.
rec.
rec.
rec.

Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov
Oct.
Nov.
Nov.

31a
11
6
9a
9a
14
15a
6r
31a
30a
la
15
15a
25a
26a
18

of rec. Nov. 6a
of rec. Nov. 15a
of rec. Nov. 15
of rec. Nov 16
to
Nov. 15
of rec. Nov. 15a
to
Nov. 15
of rec. Oct. 31a
of rec. Oct. 31
of rec. Oct. 31
of rec. Nov. 8a

15 Holders of rec. Nov. la
31 •Holders of rec. Dec. 14
15 Holders of rec. Oct. 31
15 Holders of rec. Oct. 31
11 Holders of rec. Nov. 1
2 Nov. 15
to
Dec. 5
2 Nov. 15
to
Dec. 5
15 Holders of rec. Nov. 1
15 Holders of rec. Nov. 1
2 Holders of rec. Dec. 14
15 Holders of rec. Nov. 9a
5 Nov. 26
to
Deo.
5
31 Dec. 22
to
Dec. 31
15 Nov. 7
to
Nov. 15
16 •Nov. 28
to
Dec.
5
2 •Nov. 14
to
Nov. 22
15 •Holders of rec. Nov. 1
2 Holders of rec. Nov. 15
15 Holders of rec. Nov. 10
25 Holders of rec. Oct. 19a
30 Holders of rec. Nov. 9a
30 Holders of rec. Nov. 9a
2 Holders of rec. Dec. 16a
2 Holders of rec. Dec. 16a
2 Holders of rec. Dec. 16a
2 Holders of rec. Dec. 16a
15 Holders of rec. Nov. 8
21 Nov. 10
to
Nov. 20
21 Nov. 10
to
Nov. 20
1 •Holders of rec. Nov. 20
14 Holders of rec. Nov. 23
15 Holders of rec. Nov. la
15 Holders of rec. Nov. la
15 Holders of rec. Oct. 31a
16 Holders of rec. Oct. 31a
15 Holders of rec. Oct. 31a
16 Holders of rec. Oct. 31a
15 Holders of rec. Oct. 31a
15 Holders of rec. Oct. 31
15 Holders of rec. Nov. la
15 Holders of rec. Oct. 30a
16 Holders of rec. Nov. 7a
15 Holders of rec. Nov. 8
15 Holders of rec. Nov. 8
10 Holders of reo. Oct. 31
16 Nov. 24
to
Dec. 16
10 Holders of rec. Oct. 31
16 Holders of rec. Nov. 30
10 •Holders of rec. Nov. 15
16 Holders of rec. Nov. 30a
15 Holders of rec. Oct. 31
15 Nov. 6
to
Nov. 15
15 Nov. 6
to
Nov. 15
15 Nov. 6
to
Nov. 15
15 Holders of rec. Jan.
2
16 Holders of rec. Dec.
2

Kamlnistlquia Power, Ltd. (quar.)

Jan.
Jen.
1H Jon.
1
Nov.
1X Nov.
IX Dec.
Nov.
$1
IK Dec.
2
Dec.
1H
Dec.
7
Nov.
Nov.
$2
Nov.
$1
lXe Nov.
1
Nov.
Feb.
•1

0

Porto Rican-American Tobacco {quar.)..
Pratt A Whitney Co., pref. {qu.) {No. 71)
Pressed Steel Car, com. (qu.) (No. 33).
Preferred (quar.) (No. 79)
Procter A Gamble, common (quar.).
Pullman Company (quar.) (No. 207)

Quaker Oats, preferred (quar.)
Riordon Pulp A Paper, Ltd., com. {quar.)
St. Joseph Lead {quar.)
Savage Arms Corp., com. (quar.)
First preferred (quar.)
Second preferred (quar.)
Sears, Roebuck A Co., com. (quar.)..
Semet-Solvay Co. {quar.)
Silversmiths Co., common (quar.)
Preferred (quar.)
Sloss-Sheffield Steel A Iron, com. (quar.)
Smith (A.O.) Corp., pref. (qu.) (No. 8)
Southern Calif. Edis., com. {qu.){No.35).
Southern Pipe Line (quar.)
Standard Milling, com. (qu.) (No. 8)..
Preferred (quar.) (No. 36)...
Standard Motor Construction
Standard Oil (Calif.) (quar.) (No. 40)..
Standard Oil (Indiana) (quar.)
Extra
Standard Oil of N. Y. (quar.)
w Standard Parts, c°m, (quar.)
Standard Sanitary Mfg., com. (quar.)..
Common (extra)
Common (extra)
Preferred (quar.)
Stewart-Wamer Speedometer (quar.)
Studebaker Corp., com. {quar.)
Preferred {quar.)
Superior Steel. 1st A 2d pref. (quar.)..
Tobacco Products Corp., com. (quar.).
Union American Cigar, pref. {quar.)
United Cigar Stores, com. (qu.) (No. 24)
United Drug, 2d pref. (quar.) (No. 11).
United Profit Sharing
Extra
U. S. Steel Corp., com. (quar.)
Common (extra)
Preferred (quar.)

Virginia Iron, Coal A Coke
Warwick Iron A Steel
Wayland OH A Gas. preferred
Western Grocer, common
Preferred
Whlte(J.G.)ACo.,Inc„ pf.(qu.) (No.62)

Whlte(J.G.)Eng.Corp„ pf.(qu.) (No.23)
Whlte(J.G.)Mgt.Corp., pf.(qu.) (No.23)
Wool worth (F. W.) Co., common (qu.).

Holders
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holders
Holden
•Holden

7H

Jan.
Nov.
Nov.
Nov.
•IX Dec.
IX Nov.
50c. Nov.
IX Nov.

•1H
2
2
1

$2
•2
*$1

•IX
IX
$1
2

„

Extra

Books Closed.

Days Inclusive.

2H

Kentucky Solvay Coke (quar.)
IX
Kerr Lake Mines, Ltd. (quar.) (No. 5).
25c
Keystone TireARub.,com.(ln com. stk.) •/IS
2
Kings County Elec. Lt. A Power {quar.)..
Lake of the Woods Milling, com. (quar.)
3
Preferred (quar.)
IX
Lanslon Monotype Machine {quar.)
IX
Lehigh Coal A Navigation (quar.)
$1
3
Liggett A Myers Tobacco, com. (quar.)
Lima Locomotive Works, Inc., pref
3X
60c.
Lindsay Light, common (quar.)
Preferred (quar.)
17 Xe
Manati Sugar, common {quar.)
2X
Marlin-Rock well Corporation
tit
Massachusetts Gas Cos., preferred
2
May Dept. Stores, common {quar.)
•IX
Miami Copper Co. (quar.)
$1
Mobile Electric Co., pref. (quar.)
IX
Montreal Light, Heat A Power (quar.).
2
National Acme (quar.)
75C
National Biscuit, com. (quar.) (No. 82). •IX
Preferred (quar.) (No. 83)
IX
Nat. Enamel. A Stpg., com. (quar.)
IX
National Glue, com. A pref. (quar.)
2
National Grocer, common {quar.)
•2
•3
Preferred
National Lead, common (extra)
Xu
Preferred (quar.)
IX
National Refg., com. (pay. In com. stk.)
/4
New England Co., first preferred
2X
New Jersey Zinc (quar.)
4
Niles-Heme U-Pond, common {quar.)
3
Ohio Cities Gas, common (quar.)
$1.25
Ontario Steel Products, pref. (quar.)...
IX
Preferred (account accumulated dlvs.)
hX
Pacific Development Corp. (quar.)
S7XC
Pacific Lighting Corp., common {quar.)..
3
Preferred {quar.)
IX
Penmans, Limited, com. (quar.)
IX
Pennsylvania Coal A Coke (quar.)
$1

Pittsburgh Oil A Gas (quar.)
Pittsburgh Rolls Corp., common
Pittsburgh Steel, pref. (quar.)

When

Payable.

50C.
•2
1

IX
3g
IX
2

IX
5
2

Nov.
Dec.
Nov.
Nov.
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Nov.
Dec.
Nov.
Nov.
Nov.
Dec.
Nov.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Jan.
Nov.
Nov.
Jan.
Dec.
Dec.
Nov.
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Jan
Dec.
Dec.
Nov.
Dec.
Nov.

2
16
2
2
2
15
30
30
10
16
15
2
12
25
30
2
15
25
15
15
2
30
30
2
2
15
11
16
1

30
30
2
11
30
30
2
11
1
30
15
15
15
30
15
30
29
31
31
15
14
15
15
9
20
1
15
15
15
15
15
15
11
11
15
1
5
20
4
26

Nqv, 15

Nov. 15
Nov. 30
Nov. 15
50c. Dec. 20
IX Dec. 15
IX Dec. 15
IX Dec. 15
2
Nov.15
2
Nov. 20
2
Nov. 15
IX Nov. 15
IX Nov. 11
IX Nov. 15
IX Nov. 15
5
Dec.
2
2
Nov. 30
IX Nov. 30
$2
Dec.
2
2X Dec. 16
3
Nov. 30
3
Nov. 30
3
Dec. 16
IX Nov. 15
IX Nov. 9
1
Nov. 9
2
Dec. 10
IX Nov. 9
IX Nov. 15
*1
Dec.
2
•IX Dec. 2
2
Nov. 15
ol X Nov. 15
1
Nov. 15
2X Nov. 15
IX Dec. 2
lXc. Dec. 2
lXc. Dec. 2
IX Dec. 30
2
Dec. 30
IX Nov. 29
6
Dec.
5
30c Nov. 15
15c.
Nov. 11
•4
Dec. 31
•3
Dec. 31
Dec.
IX
IX Dec.
IX Dec.
Dec.
2

IX
2X

.

of rec. Nov. 30
of rec. Nov. 30
of ree. Nov. 30
of rec. Nov. la
of rec. Nov. 124
of rec. Nov. 15
of rec. Nov. la
of rec. Nov. 14a
of rec. Nov. 20a
of rec. Nov. 25a
of ree. Nov. 1
of ree. Nov. 1
of ree. Nov. 1
of ree. Oct. 20
of ree. Nov. 6a
of rec. Feb.
6
•Holden of rec. Dec 20
Holden of rec. Nov. 11a
Holden of rec. Nov. 8a
Holden of rec. Nov. 20a
•Holden of rec. Nov. 20
Nov. 6
to
Nov. 15
Holden of rec. Nov. 20a
Holden of rec. Oct. 31
Holden of rec. Oct. 23
•Holders of rec. Nov. 11
•Holden of rec. Nov. 15
•Holders of rec. Nov. 15
Holden of rec. Nov. 9a
Holders of rec. Nov. 14
Holders of rec. Oct. 31a
Holden of rec. Oct. 31a
Holden of rec. Dec.
2a
•Holden of rec. Nov. 11
Holders of rec. Nov. 20
Holden of rec. Nov. 23
Holden of rec. Nov. 23
Holden of rec. Nov. 20a
Holden of rec. Oct. 31a
Holden of rec. Nov. 15a
Holden of rec. Nov. 4
Holden of rec. Nov. la
Holden of rec. Nov. la
Holders of rec. Nov. 15
to
Nov. 11
Nov. 5
Nov. 16
to
Dec.
1
•Holders of rec. Nov. 20
Holden of rec. Nov. la
Holden of rec. Oct. 31
Holden of rec. Oct. 31a
Holden of rec. Nov. 15a
•Holders of rec. Dec. 30
Holden of rec. Nov. 16
Holden of rec. Nov. 9a
Holders of rec. Dec. 16a
•Holden of rec. Dec. 20
•Holden of rec. Dec. 20
Holden of rec. Nov. 8a
Holden of rec. Nov. 22
Holden of rec. Nov. la
Holden of rec. Nov. la
Holden of rec. Oct. 31a
Holders of rec. Dec.
2a
Holden of rec. Nov. 15a
Holden of rec. Oct. 31
Holders of rec. Oct. 31
Holden of rec. Oct. 15a
Holden of rec. Oct. 31a
Holden of rec. Oct. 31a
Holden of rec. Nov. 6
Holden of rec. Nov. 6
Holden of rec. Nov. 6
•Holders of rec. Oct. 31
to
Dec. 21
1
Jan.
Holden of rec. Nov. 15a
Holders of rec. Nov. 15
Holden of rec. Nov. 8a
Holden of rec. Nov. 13a
Holden of rec. Nov. 5a
Holden of rec. Oct. 25a
Nov. 1
to
Nov. 13
Holden of rec. Nov. la
Holden of rec. Nov. 9
Dec. 10
to
Dec. 20
Holden of rec. Nov. 30a
Holders of rec. Nov. 30
Holden of rec. Nov. 30
Holden of rec. Oct. 31a
Nov. 6
to
Nov. 20
Holden of rec. Nov. 9a
Holden of rec. Nov. 9a
Holden of rec. Oct. 30
Holden of rec. Nov. 1
Holden of rec. Oct. 31
Holden of rec. Nov. 16
Holden of rec. Nov. 19«
Holden of rec. Nov. 19a
Holders of rec. Oct.
7
Holden of rec. Nov. 15
Nov.
5
to
Nov. 30
Nov.
5
to
Nov. 30
Holden of rec. Nov. 22a
Nov. 2
to
Nov. 15
Holders of rec. Nov. 5
Holders of rec. Nov. 5
Holders of rec. Nov. 5
Holders of rec. Nov. 6
to
Nov. 1
Nov. 5
•Holders of rec. Nov. 20
•Holders of rec. Nov. 20
Holden of rec. Nov. la
Holden of rec Nov. 6a
to
Nov. 1
Nov. 15
Holders of rec. Oct. 30a
Holders of rec. Nov. 15
Holders of rec. Nov. 11a
Holden of rec. Nov. 11a
2
Nov. 30
to
Dec.
2
Nov. 30
to
Dec.
to
Nov. 5
Nov. 6
to
5
Nov. 16
Dec.
Nov. 1
to.
Nov. 15
Holders of rec. Nov. la
•Holder of rec. Dec. 20
•Holders of rec. Dec. 20
Holden of rec. Nov. 16
Holders of rec. Nov. 15
Holden of rec. Nov. 15
Holders of rec. Nov. 11a

•
From unofficial sources,
a Transfer books not closed for this dividend.
b Lass
British income tax. tf Correction. s Payable in stock. /Payable In common
stock,
g Payable In scrip.
A On account of accumulated dividends, i Payable in
Liberty Loan bonds. I Red Cross dividend, m Payable in U 8. Liberty Loon
4X% bonds.
tDeclared subject to the approval of Director-General of Railroads,
r The New York Stock Exchange has ruled that stock will not be quoted ex-dividend
on this date and not until further notioe.
i Ex-dlvIdend on this date,
t Declared
$6 payable $1 each on Nov. 11, Dec. 11 1918 and Jan. 11, Feb. 11. Mar. 11 and
April 11 1919 to holders of rec. of Nov. 4, Dec. 4 1918 and Jan. 4, Feb. 4, Mar. 4

and April 4 1919, respectively,
u For United War Work
v Less 12 cents per share corporation war Income tax.
w Erroneously reported In previous Issues as on preferred

Campaign.
stock.

Not. 9 1918.1

THE CHRONICLE

1815

Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items con¬
tained m the statement were given in the weekly statement issued under date of Deo. 14 1917 and which was published in the
“Chronicle” of Dec. 29 1917, page 2523.
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS OCTbBER 25 1819.
Large increases in the amounts of Liberty bonds held, also in loans secured by U. 8. war obligations, are indicated by the weekly statement of
condition on Oct. 25 of 749 member banks in leading cities
Treasury certificates on hand, following the redemption on Oct. 24 of the 839 million certificate issue of June 25, also the liquidation of certificates
of all issues in payment for the new Liberty bonds, show a decrease for the week of 780.6 millions, of which 509 millions represents the decrease for
central reserve city banks and 442.7 millions the decrease for Greater New York banks alone.
U. S. bonds other than circulation bonds held by all
reporting banks show an increase for the week of 490 millions, the corresponding increase for the central reserve city banks being 207.1 millions and
for the Greater New York banks 122 millions.
Total loans secured by Government war obligations went up 663.8 millions, the banks in the central
reserve cities reporting an increase in this item of 392.5 millions, practically all at the Greater New York banks.
All other loans and investments in¬
creased 116.6 millions, largely outside the central reserve cities.
The ratio of U. S. war securities and loans supported by such securities to total in¬
vestments shows

an increase from 20.4 to 22.3%.
For the central reserve city
York City banks an increase from 23.9 to 24.7% is noted.
Government deposits show an increase for the week of 308.3 millions, chiefly

banks

an

increase in this ratio from 22.3 to 23.3% and for the New

outside the central reserve cities. Net demand deposits decreased
270.9 millions, of which 72.1 millions represents reductions at central reserve city banks. Time deposits show a decline of 2.3 millions. Reserve
balances with the Federal Reserve banks went up 147.3 millions and cash in vault—1.7 millions.
For all reporting banks the ratio of investments to deposits rose from 126.6 to 130.8%.
For the central reserve city banks this ratio shows a rise
from 118 to 121.1%.
The ratio of combined reserve and cash to deposits went up (torn 14.9 to 16.3% for all reporting banks and from 15.8 to 17.9%
for the banks in the three central reserve cities.
“Excess reserves” of all reporting banks work out at 232.2 millions, as against 56.8 millions the
week before.

For the central

reserve

banks

increase in this item from 30.6 to 148.5 millions is noted.

an

1. Data for all reporting banks in each district

Member Bank*.

Norn York.

Boston.

Number of reporting banks

103

53

14,402,0

$
50,610,0

$
11,492,0

*
U. 8. bonds to secure circulafn
Other U. 8. bonds, including

Liberty bonds
U. 8. certifa. of indebtedness..
Total U. S. securities
Loans sec. by U. S. bonds, Ac.
All other loans A Investments.
with Fed. Res. Bank.
Cash In vault
Net demand deposits
Time deposits
Government deposits
2.

Phttadd. Cleveland

44

Rtchm’d.

85

Atlanta.

81

3

Two ciphers (00) omitted

Chicago.

44

101

15,065,0

$
18,866,0

3

S

42,713,0 24,253.0

St. Louis

m nneap

32

35

6,369,0

17,671,0

45

73

S
13,635,0

3

3

Total

San Fran

DoUij

Kan. Cit

S

17,929,0

749

53
$
34,505,0

$

267,510,0

29,566,0 405,941,0 85,415.0 119,174,0 52,502,0 48,871,0
141,342,0 42,093.0 11,825,0 26,068,0 24,615,0 29,563,0 1,016,975,0
80,056,0
385,796,0 56,107,0 67,292,0 34,937,0 43,243,0
102,728,0 31,420,0 17,983,0 40,202,0 15,434,0 74,153,0
949,351,0
124,024.0
842,347,0 153,014,0 229,179,0 111,692,0 107,179,0
262,936,0 91,184,0 36,177,0 79,905,0 57,978,0 138,221,0 2,233,836,0
616,214,0 160.091.0 68,540,0 34,963,0 17,427,0
123,063,0
84,495.0 19,273,0 10,335,0
8,676,0
7,544,0 13,349,0 1,163,970,0
797,663,0 4,214,931,0,621,928,0:977,437,0 383,887,0 308,882,0 1,445,468,0 386,261,0 283,467,0 469,564,0 177,156,0 549,249,0 10,624.404.0
81,809,0
714,823,01 68,969,0 91,476,0 32,542,0 28,524,0 148,380,0 37,617,0 23,565,0 55,028,0 16,373,0 61,556,0 1,360,662,0
29,951,0
130,608,0 20,867,0 31,631,0 19,046,0 15,918,0
60,347,0 12,022,0 10,148,0 16,861,0 12,906,0 21,905,0
382,210,0
676,394,0 4,481,308,0 606,679,0 724,076,0 314,068,0 220,246,0 1,075,569,0 255,646,0 212,617,0 382,979,0 145,192,0 429,617,0 9,524,391,0
96,746,0
257,894,0 15,987,0 222,180,0 56,556,0 91,315,0
24,625,0 121,895,0 1,438,992,0
371,980,0 74,113,0 45,875,0 59,783,0
178,776.0
258,382,0 30,179,0 57,841,0 52,231,0 28,683,0
42,492,0 38,723,0 29,212,0 34,571,0
5,845,0 10,903,0
767,838,0

Data for banks In each Central Reserve city, banks In all other Reserve cities and other

Now York.
Oct. 25.

Chicago. St. Louis. Total Control Am. Cities.

Oct. 18.

Other Resort}* Cities.

Oct. 25.

Oct. 25.

70

70

36,728,0

$
36,778,0

$
1,119,0

336,351,0

214,320,0

91,552,0

3
U. S. bonds to secure circular n
Other U. 8. bonds, including

Liberty bonds

Oct. 25.

Oct. 25.

|

Oct. 18.

Oct. 18.

Oct. 25.

452

10,556,0

48,403,0

3
48,454,0

$
170,773,0

170,974,0

169
$
48,334,0

31,014,0

458,917,0

251,819,0

468,234,0

223,684,0

89,824,0

l

3

%

U. S. certifs. of indebtedness..
808,772,0 38,860,0 24,327,0
366,066,0
429,253,0
444,265,0
938,223,0
678,267,0 75,833,0
Total U. S. securities
739,145,0 1,059,870,0 131,531,0 65,897,0
936,573,0 1,238,496,0 1,083.272,0 1,072,925,0 213,991,0
Loans see. by U. S. bonds, Ae.
579,628,0
195,800,0 62,853,0 14,183,0
656,664,0
264,205,0
445,101,0
207.826,0 62,205,0
AH other loans A Investments. 3,871,086,0 3,847,547,0 891,594,0 278,661,0 5,041,341,0 5,006,881,0 4,707,432,0 4,640,335,0 875,631,0
Reserve with Fed. Res. Bank.
585.449,0 107,530,0 28;890,0
687,502,0
823,922,0
480,909,0
438,523,0 55,831,0
715,436,0
Cash in vault
116,719,0
113,844,0 35,290,0
6,449,0
158,458,0
154,682,0
182,449,0
183,050,0 41,303,0
Net demand deposits
4,181,100,0 4,222,161,0 738,621,0 184.070.0 5.103,791,0 5,175,907,0 3,745,107,0 3,903,521,0 675,593,0
Time deposits
205,034,0
203,484,0 139,880,0 53,605,0
398,519,0
398,491,0
844,596,0
841,281,0 195,834,0
Government deposits
225,400,0
209,890,0 28,426,0 28,154,0
249,514,0
398,876,0
173,056,0 86,982,0
281,980,0
Ratio of combined reserve and
18.8
24.7
23.9
18.1
19.5
23.3
22.3
21.8
cash to total net deposits...

The Federal Reserve

Oct. 18.

Oct. 25.

Oct. 18.

128

452

Total.

Comntrr Banks.

128

14

44

Number of reporting banks...

reporting banks

749

749

169

$

t

%

267,510,0

51,174,0
113,321,0
213,095,0
28,169,0
860,547,0
59,414,0
42,763,0
715,883,0
201.462,0
36,994,0

268,028,0

1,016,975,0
1,163,970,0
106244040
1,360.662,0
382,210,0
9,524,391,0
1,438,992,0
767,838,0

526,677,0
1,729,811,0
2,524,516,0
500.200,0
10,507,763,0
1,213,373,0
380,495,0
9,795,310,0
1,441,234,0
459,564,0

22.3

48,600,0

20.4

949,351,0

2,233,836,0

Banks.—Following is the weekly statement issued by the Federal Reserve Board

on

Nov. 2.

Large operations on Government account, including the redemption of over 250 millions of temporary Treasury certificates, and concentration o*
Government funds in the Reserve Banks are indicated by the Federal Reserve Board’s weekly bank statement issued as at the close of business on
Nov. 1 1918. The large decline in members’ reserve deposits notwithstanding the considerable volume of rediscounting shown for the week is due
apparently to a large extent to heavy withdrawals of Government funds from depositary member banks.
INVESTMENTS.—All the bdnks report large additions to their holdings of war paper, the total increase for the week being 160.5 millions.
Other
discounts on hand show an increase or 39.3 millions.
Holdings of bills bought in open market declined 21.6 millions, the New York and Boston
banks reporting considerable net liquidation of this class of paper.
Government short-term securities on hand went down 233.3 millions, following the
redemption by the Government of the certificates issued the week before to four banks. As the result of all these operations the investment account

of the banks shows a decrease of 53.9 millions.
DEPOSITS.—Government deposits increased 171.2 millions, all the banks except Boston reporting considerable gains In their holdings of Govern¬
ment funds.
Members’ reserve deposits declined 241 millions and net deposits—60.5 millions.
RESERVES.—The banks show a further increase of 7.5 millions in their cash reserves, of which 7.1 millions represents a gain in gold.
The banks
_

.

percentage, as the result of the considerable decrease in net deposits, shows a rise from 49.6 to 50.4%.
NOTE CIRCULATION.—Federal Reserve Agents report a net increase of 13.6 millions in the total of F. R. notes outstanding.
The banks
show an increase of 7.6 millions in the volume of F. R. notes in actual circulation besides an increase of 4.5 millions in their aggregare liabilities on
F. R. bank notes in circulation.
CAPITAL.—Accessions to the System of new members and payment for Federal Reserve Bank stock are largely responsible for an Increase of
reserve

.

,

$170,000 in total paid-in capital, the New York, Chicago and St. Louis banks reporting most of the increase shown.

The figures of the consolidated statement for the system as a whole are given in the following table, and
present the results for eaoh of the seven preceding weeks, together with those of the corresponding week of

furnishing

a

useful comparison. In the second table

we

show the

resources

and liabilities separately for

in addition we
last year, thju

each of the twelve

following) gives details re¬
garding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
Federal Reserve banks.

The statement of Federal Reserve Agents' Accounts (the third table

and the Federal Reserve banks.

FEDERAL RESERVE BANK OF NEW YORK.—The weekly statement issued
under a more general classification in the statement prepared at Washington.
Thus,
ernment

deposits,” $94,937,565;

Combined Resources

by the bank sub-divides some certain items that are included,
“Other deposits, Ac., as of Nov. 1, consisted of * Foreign Gov¬

“Non-member banks deposits,” $5,918,361, and “Due to War finance Corporation,” $6,100,956.

and

Liabilities

of the

Federal Reserve Banes

at the

Close

of

Business Nov. 1 1918

‘

Nov. 1 1918.

Oct. 25 1918. Oct. 18 1918. Oct. 10 1918.

Oct. 4 1918.

8ept. 27 1918 Sept. 20 1918. Sept. 13 1918. Nov. 2 1917.
$
386.214,000
465.298.000
5,82* ,000

$
501,311,009
378.514,000
52,500,000

Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund

857,341,000
838,910,000
798,184,000
827,471,000 798,749,000 813,368,000 833.486.000
804,402,000
1,149,859,000 1.184,998.000 1,173,521,000 1,157,000.000 1,181,485,000 1,161,731,000 1,145.950.000 1,123.132,000
44.122,000
44,086,000
63,460,000
45,714,000
61,950,000
46,765,000
45,200,000
57,390,000

932,325,000
602,433,000
11,317,000

Total gold reserves
Legal ttmAer notes, silver, tka.

2,052,229,000 2,045,132,000 2.035,313.000 2,031,236.000 2,025.434,000 2.020,813.000 2.023.558.000 2.024,559.000 1,546,075,000
50,744,000
52,481,000
63,173,000
53,456,000
53,037,000
62.122,000
51,937,000
51.363,000
62,372,000

RESOURCES.
Gold In vault and in transit
Gold settlement fund—F. R. Board—
Gold with foreign agencies

_.

$
383,833,000
449,248,000
5,829.000

3

376,679,000
415,676,000
5,829,000

S
382,160,000
416,413,000
5,829,000

Total reserves
2,105,685,000 2,098,169,000 2,087,685,000
Bills discounted: Secured by Govern¬
ment war

obligations

All other

Bills bought In

open

market

$

372,922,000
448,720.000
5,829,000

$
373,255,000
419.665,000
5,829,000

S

370.220.000
437,319,000
5,829,000

$
367.660,000
459,997.000
5.829.000

2,083,358.000 2,077,371,000 2.072.176.000 2.076.039.000 2,077.732.000 1,596,819,000

1,252,904,000 1,092,417,000 1,262,757,000 1,304.383.000 1,261,787,000 1,221,633,000 1,146,357,000
493,043,000
450,086,000 453,246,000 491,897,000 613.789,000
453,747,000
425,799,000
250.032,000
377,072,000
398,623,000
370,136,000 338,620,000 311,990,000 288,391,000

2,123,019,000 1,944,787,000 2,058.692,000
Total bills on *»*nd
29,472,000
28,251,000
28,205,000
U. S. Government long-term securities 88,750,000
322,060,000
67,738,000
If. 8. Government short-term securities
All other earning MMtl
35,000
24,000
197,000
...

} 1613 247000
239,750,000

2,093,089,000 2,017.023.000 2,001.821.000 1,910,178.000 1,852.997,000
28.214.000
66.193.000
188,000

28,289,000
56,514,000
202,000

28,545,000
50.098,000
102,000

29,022,000
41.878.C00
84,000

29,563,000
33.777,000
81,000

Total wiling assets
2,241,276,000 2,295,122,000 2.154,832,000 2.187,684.000 2.102,028.000 2,080,566,000 1,981.162,000 1,916.418,000
Uncollected items (deduct from gross

deposits)
5% redemp. fund asst. F. R. bank notes
AH other resources
Total resources
*

Includes amount formerly shown




684,315,000
3,703,000
17,075,000

856,923,000
3,692,000
16.879,000

803,517,000
3,425,000
13,757,000

723.430,000
3,177,000
13.485.000

704,046,000
2,679,000
13,262.000

649,448,000

2,447,000
12,858,000

503,965,000
186,012,000

j
1

689,977,000
53.851,000

45,211,000
1,267,000
790,306,000

654,843,000

697,225,000

332,284,000

2,112,000

1.405.000
13,013,000

1,588,000

12,610,000

537,000

5.052.114,000 5.270,785,000 5.063.216.000 5.011.134.000 4,899,886,000 4,817,495,000 4.726,766,000 4,705.798,000 2.721,534,000

against items doe from

or

due to other Federal Reserve banks net.

,

1816

THE CHRONICLE
Nov. 1 1918.

Oct. 25 1918. Oct.

18 1918. Oct. 10 1918.

[Vol. 107

Oct. 4 1918.

Sept. 27 1918. Sept. 20 1918. Sept. 13 1918.

Nov. 2 1017.

LIABILITIES.
*
$
S
S
%
S
$
S
S
Capital paid in
79,360,000
79,190,000
79.057,000
78.956.000
78,903.000
78,802,000
78,689.000
78.553 000
64,291,000
Surplus
1,134.000
1,134,000
1.134,000
1,134.000
1,134.000
1,134,000
1,134.000
1,134.000
Government deposit#
249,397.000
78,218,000
179,868,000
230,889,000
197.359.000
191.623.000
169.141.000
206.733.000
175,912,000
Due to members—reserve account.... 1,442,493.000 1,683,499,000
1.506,727.000 1.508.334.000 1,496.815,000 1,535.490,000 1.524,528,000 1,469.603.000 1,372,023,000
Collection Items
543,975,000
702,107,000
585.090.000
514,110.000
512,227,000
485,059,000
490.265,000
527.752.000
191,811,00#
Other deposits, tncl. (or. Gov't credits.
111,827,000
117,001,000
112.634.000
108.256,000
103,907,000
104,385,000
100.173,000
115.302.000
25.310.000
Total gross deposits
2,347,692,000 2,580,825,000 2.384,319,000 2,361,589,000 2.310.308.000 2,316.557.000 2,284,107,000 2,319.390.000
F. R. notes in actual circulation
2,515,504,000 2,507.912,000 2.502.488,000 2.478.378.000 2,431.004.000 2.349.326.000 2,295,031,000 2.245.429.000
F. R. bank notes in circulation, net llab.
63.338,000
58,859,000
55.666.000
52.031,000
40,305.000
35.819,000
33.208.000
27.672,000
All other liabilities
45,086,000
42.865,000
40.552.000
39,046,000
37,732,000
35.857,000
33,615.000
34,597,000

1,765.056,000
881.001,00#
8,000.000
3.186,000

Total liabilities
5,052,114,000 5,270,785.000 5,063,216.000 5.011,134.000 4,899,386.000 4,817,495.000 4.726,766,000 4,705.793,000 2.721,534,000
Gold reserve against net deposit llab..
50.8%
51.7%
51.2%
50.6%
48.8%
49.7%
51.1%
52.9%
71.1%
Odd res. agst. P. R. notes In act. clrc'n
50.9%
50.7%
50.0%
49.6%
50.5%
51.4%
51.9%
51.9%
78.3%
Ratio of gold reserves to net deposit and
Fd. Res note liabilities combined
50.8%
51.3%
50.6%
50.1%
50.2%
50.3%
51.6%
52.4%
74.8%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined..
50.4%
49.6%
51.1%
50.6%
51.5%
51.6%
53.7%
52.9%
69.0%
Ratio of gold reserves to F. R. notes in
actual circulation, after netting aside
35% against net deposit it abilities...
60.6%
59.6%
61.3%
60.9%
62.3%
67 2%
63.4%
65.6%
Distribution by Maturities—
1-15 days bills discounted and bought.
453,144,000
1-15 days U. 8. Govt, short-term secs.
15,688,0001 250,906,000
11,402.000
10,750,000
9,153.000
14.300.000
13,161,000
1-15 days municipal warrants..
2,000t
2,000
33,000
31,000
31.000
10,000
10,000
16-30 days bills discounted and bought.
188,642,000! 221,020,000 249.254,000 203.960,000 175.342.000 192,414.000 194,084,000 184,223,000
54,663,000
16*30 days U. 8. Govt, short-term secs.
137,000|
117.000
6,022.000
1,420.000
5,412,000
10,000
298,000
4,414.000
16-30 days municipal warrants..
7.000
5.000
2,000
31,000
34.000
10.000
V.OOO
31-60 days bills discounted and bought.
291,511,000
265,599.666 273,091,000 264,546,000 302,709.000 285,806.000 294,595.000
279,786,000
96,891,000
31-60 days U 8. Govt, short-term secs.
42,000
617,000
163,000
707,000
4,841,000
467,000
197,000
901.000
31 60 days municipal warrants
5,000
7,000
7.000
7,000
9,000
9,000
1,000
33.000
523* ©00
61-90 days bills discounted and bought
232,891.000
284,735,000
188,485.000
174,622.000
193.457.000
171,434,000
187.668.000
171,718,000
77,715,000
61-90 days U. 8. Govt, short-term secs.
8,109,000
8,676,000
8,851,000
8.104.000
5.692.000
669.000
728.000
1.716.000
61-90 days municipal warrants..
10,000
10.000
5,000
11.000
11,000
11.000
11.000
11,000
94,000
Over 90 days bills disc'ted and bought.
21,708,000
12,229.000
12,034,000
15,612,000
25,313,000
12.212.000
12,846.000
14,152.000
7,564,000
Over 90 days U.8 .Govt .short-term secs.
64,199,000
62,319.000
41,300.000
41,220,000
35,408.000
34,652,000
27,494.000
19.564.000
Over 90 days municipal warrants
10.000
10,000
10.000
10,000
10.000
16,000
645,000
Federal Reserve Notes—
Issued to the banks
2,710,680,000 2,697,090.000 2,667.024,000 2,623.339,000 2,583,418.000 2.494.205.000 2,446.194,000 2.388.863.000
941.284,000
Held by banks
195,176,000
189,178,000
164,536,000
144,961.000
144.879.000
152,414,000
151,163.000
143.434.000
60,283,000
■

•

7.182i000j

2,515,504,000,2,507.912.000 2.502,488.000 2,478,378.000 2,431.004.000 2,349.326,000 2.295.031.000 2,245.429.000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
3,561,280,000 3,525,460,000 3,488,640,000 3.414.220,000 3,364,480.000 3,286.140.000 3,229.400.000 3,153.080.000
Returned to the Comptroller
560,860.000
562,931,000
557.446.000
555.671,000
550.217,000
.546,315,000
533.070.000
542,126.000
Amount chargeable to Agent
In hands of Agent

220,006,000

2,998,349,000 2,964,600,000 2,931,194.000 2,858.549.000 2,814,263.000 2,739,825,000 2,687,274.000 2,620.010.000
287,669,000
267,510.000
264,170,000
235.210,000
230,845,000
245,620,000
241,080.000
231.165.000

205.470,000

Issued to Federal Reserve banks.. 2,710,680,000 2,697.090,000 2,667,024.000 2,623,339,000 2,5S3.418.000
2.494.205.000 2.446,194.000 2,388.845.000
How Secured—
By gold coin and certificates
207.176,000
200,176,000
201.239.009
217.240,000
217,240.000

20S,167,000| 208.239,000( 214.239,000

By lawful money
By eligible paper
Gold redemption fund

1,560,821",666 1,512,092’, 666 1,493,503.666 1,460,339*.606 1,401,933",666 1,332.474,666

249,495,000

1,300,244,000

1,265.71V.OOO

70.608.000

65.788.000
840.104.000

338,851.000
32.111.000
320.827.000

2,710.680.000 2,697.090.000 2,667.024.000 2,623.339.000 2.583,418.000 2.494.205.000 2,448,194.000 2,388.845.000

941.284,000

81,776,000

With Federal Reserve Board

78,609.000
899,213,000

867,907,000

Total

a

941.284,000

Net amount due to other Federal Reserve banks,

78,053.000

77.477,000

894,229.000

871,356.000

Boston.

New York.

73.363.000
874.129,000

858,102,000

365,107,000
b This item includes foreign Government credits,

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of
Two ciphers (00) omitted.

113,080.000
860,186.000

PhUadel. Cleveland

the 12

FKUKRAL

Atlanta

Chicago

t

%

*

t
3,199.0
28,785,0
408,0

276,733,0
97,456,0
2,011,0

36,206,0
32,233,0
525,0

6,336,0
21,901,0
204,0

7,022,0
15,233,0
175,0

Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund

32,392,0
67,769,0
5,950,0

376.200.0; 57,930,0 68,964,0
285,627,0 95,935,0 142,152,0
24,903,0
7,000,0
440,0

686,730,0'160.865.0

t

216,0
57,306,0
408,0

%

figures.

RESERVE HWKS

Ricrtm'd.

RESOURCES.
Gold coin and certlfs. in vault..
Gold settlement fund
Gold with foreign agencies

S

t Revised

Louis

St

t

at

CLOSE of

M Inneap. Kan. Ctty

S

BUSINGS'* NOV. 1

Dall'ts.

San Fran

%

%

t

4618

Total.
t

25,310,0
70,050,0
816,0

1,337,0
27,204,0
233,0

8,313,0
35,190,0
233,0

158,0
28,679.0
291,0

8,111.0
11,922,0
204,0

10,892,0
23,289,0

28,441,0
60.967,0
96,0

22,430,0

96,176,0
45,844,0 188.236,0
4,285,0 10,515,0

28,774,0
48.992,0
3,158,0

43,736,0
48,158,0
3,371,0

29,128,0
48,322,0
1,271 0

20,237,0
24.215,0
2.156,0

34.502,0
838.910.0
93.642.0 1.149,859.0
315.0
63.460,0

211,556,0
427,0

89,504,0
663,0

72,559,0 294,927,0
166,0
1,442,0

80,924,0
2,107,0

95,265,0
71,0

78,721,0
162,0

46,608.0 128,459.0 2,052.229,0
1,104,0
318,0
53.456,0

730,124,0:161,412,0 211,983,0

90,167,0

72,725,0|296,369,0

83,031,0

95,336,0

78,883,0

47,712,0 128,777,0 2.105.685.0

514,153,0
110,459,0
129,944,0

69,571,0
20,737,0
60,571,0

59,780,0
18,885,0
9,761,0

53,964,0'184,276,0

54,162,0
32.084,0

3,717,0

14,167,0
32,636,0
3,907,0

35,070,0
54,177,0
6,999,0

20.336,0
29,750,0
2,195,0

148,347,0
1,760,0
4,416,0

754,556,0 152,620.0 150,879,0
1,400,0
1,348,0
1,089,0
35,938,0
6,182,0 10,881,0

88,426,0
1,234,0
2,785,0

99,127,0 311,823,0
520,0
4,509,0
4,031,0 10,612,0
24,0

89,963,0
1,153,0
4,071,0

50,710,0
126,0
1,929,0

96,246,0
8,867,0
3,080,0

52.281.0 128.041,0 2,123.019,0
4,005,0
3,461,0
29.472,0
1,902,0
2,923,0
88,750,0
11.0
35,0

Total earning assets
154,523.0
Uncollected Items (deducted from
gross deposits)
47,592,0

791,894,0 160,150,0 162,849,0

92,445.0 103,702,0 326,944,0

95,187,0

52,765,0 108,193,0

58,188,0 134.436,0 2,241,276,0

146,799,0

62,651,0

51,216,0

43,493,0

36,139,0

74,621,0

65.326,0

23,269,0

55.458,0

16,490,0

61.261,0

684,315,0

1,337,0
3,113,0

200,0
3,181,0

275,0
812,0

116,0
1,275,0

91,0
857,0

517,0
1,420,0

166,0
580,0

88,0
264,0

472,0
1,074,0

182,0
992,0

198,0

2,484,0

3,763,0
17,075.0

Total gold reserves

Legal-tender notes, silver, Ac

106,111,0
3,055,0

Total reserves
109,166,0
Bills discounted: Secured by Govt
war

obligations

All other
Bills bought in open market....
Total bills on hand
U. 8. long-term securities
U. 8. short-term securities
All other earning assets

0% redempti

n

93,849,0
10,635,0
43,863,0

43,394,0

547,0

98,049,0
17,958,0
36,613,0

32,832,0
12,331,0

95,032,0
32,515,0

321.0

383.833.0
449.248,0
5,829,0

55,527,0 1.252.904,0
37,858,0
493.043.0
34,656,0
377.072,0

fund against Fed-

eral Reserve bank note-t
AH other resources

121,0
1,023,0

Total resources

312,425,0 1,673,267,0 387,594,0 427,135,0 227,496,0 213,514,0 699,871,0 244,290,0 171,722,0 244,080,0

LIABILITIES.
Capital paid in
Surplus
Government deposits
Due to members—Reserve acc’t.
Collection Items
Oth. deposits lncl. for Gov’t cred.

6,579,0
75,0
10,709,0
94,939,0
42,019,0

Total gross deposits
147,667,0
F. R. notes In actual circulation. 152,460,0
F. R. bank notes In clrc’n—Net.
2,396,0
All other liabilities
3,243,0
Total liabilities
•Difference between

20,314.0
649,0

32,649,0
610,324,0
143,284,0
108,957,0

7,391,0

8,868,0

23,572,0 17,501,0
74,576.0 111,383,0
57,972,0 39,358,0
56,0

4,020,0
116,0
14,396,0
47,841,0
36,179,0

3,170,0 11,077,0
40,0
216,0
26,946,0 34,711,0
39,652,0 197.044,0
24,603,0 53,333,0
14,0
1,971,0

3,776,0

27,650,6
53,776,0
45,277,0
260,0

893,214,0 156,120,0 168,298,0 98,416,0 91,215,0 287,059,0 126,963,0
722,067,0 217,924.0 242,113,0 122,088,0 116,070,0 384,530,0 108.542,0
20,329,0
16,694,0

3,662,0
2,497.0

4,701,0
3,155,0

865,0
1,991,0

1,589,0
1,430,0

10,981,0
•6,008,0

3,244,0
1,765,0

2,904,0
38,0
9,546,0
45,031,0

25,220,0
23,0

123)564,0

327,156,0 5,052,114,0

3,609,0

3,121,0

19,508,0
60,511,0
37,726,0
2,0

10.937,0
31,653,0
12,388,0

79.360.0
1.134,0
249.397,0
75.758,0 1,442.493,0
26.616,0
543,975,0
2,544,0
111.827,0

79,820,0 117,747,0
85,997,0 111,899,0
8,159,1)
1,510,0
1,453,0
2,666,0

4,531,0

2ll27V.O

54,983.0 126,190,0 2.347,692,0
60,860,0 190.954.0 2.515.504,0
3,143,0
2.759,0
63.338,0
1,457,0
2,722,0
45,086,0

312,425.0 1,673,267,0 387,594,0 427,135,0 227,496,0 213,514,0 699,871,0 244,290,0 171,722,0 244,080,0 125,564,0 327,156,0 5.052,114,0
net amounts <iue from and net amouutn due to older

Federal Reserve banns,

STATEMENT OF FEDERAL RESERVE AGENTS
Two ciphers (00) omitted.

Boston.

New York.

PhUadel

%

%

%

Clevelant

s

Net

amount

ACCOUNTS AT CLOSE OF

Richma

Atlanta.

Chicago.

St. Louts.

due to other Federal Reeervr Oauk»

BUSINESS NOV. I

Minneap\Kan. CUy

Dallas.

1
*
227,580,0 1,175,240,0 299.200.0 294,200,0 172,180,0 177,300,0 487,240,0 147,800,0 111,480,0 150,700,0
42,698,0
257.196.0 52.097,0 25,406,0 30,581,0 •23,140,0 35,689,0 22,606,0 16,956,0 22,139,0

Chargeable to F. R. Agent
In hands of F. R. Agent..

184.882,0'

*

$

..

18.200,0;

Issuod to F. R. Bank
166,682,0
rield by F. R. Agent—
Gold coin and certificates....
5,000.0
Gold redemption fund
10,769,0
Gold Sett. Fd., F. R. Board.. 52.000,0

Eligible paper, min. req’d
Total
Amount of eligible paper dell
ered to F. R Agent
F. R. notes outstanding
F. R. notes held by banks

98,913,0

*

s

*

*

* Overdraft.

1618

Federal Reserve notes—
Received from Comptroller
Returned to Comptroller

%

San Fran.

!

Total

*

S

98,920,0 219.440,0 3,561,280,0
19,289.0 15,154.0
562.931,0

.

918,044,0 247,103,0 268.794.0 141,599,0 154,160,0 451,571,0 125.194.0
104.800.0 15,360,0 14.619.0 11,360,0 35.105,0 43,200,0 11,635,0

94.524.0 128,561,0: 79.631.0 204.286.0 2,998.349.0
7,110.0
8,420,0 17,860,0
287,669,0

813,244,0 231,743,0 254,175,0 130,239,0 119,055,0 408,371,0 113,559,0

87,414,0 120,141,0

61,771,0 204,286,0 2,710,680,0

13,102.o'i

! 200,176,0
10.081,0
81,776,0
83.561.0
867,907,0
37,556,0 110,644,0 1,560.821,0

158,740,0
'
16,887,0 13.457.0
110,000,0 82.478.0
527,617,0 133.808.0

'10,750,0
13.402,0
118.000,0
112.023,0

!
967,0
60,000,0
69,272,0

2,503,0
!
I
2,213,0
3,171,0
2.861,0
1,756,0
2,962,0
40,170,0 186,023,0 46,131,0 33,300,0' 45,360.0
73,211,0 220,135,0 64,567,0 39.256,# 71.819,0

10,081,0
3,250.0
10,884.0

166.682,0

813,244,0 231,743.0 254,175,0 130,239,0 119,055,0 408,371,0 113,559,0

87,414,0 120,141,0

61,771.0 204,286,0 2,710.680,0

148,347,0
166,682,0
14,222.0

754,556,0 136,050,0 145.568.0 86,025,0 84,849,0 311,823.0 83,396,0
813,244,0 231,743,0 254.175,0 130,239,0 119,055,0 408,371,0 113,559,0
91,177,0 13,819,0 12,062,0
8,151,0
2,985,0 23,841,0
5,017,0

46,448,0 96,246,0
87,414,0 120,141,0
1,417,0
8,242,0

52,281.0 115.063.0 2.060,652,0
61,771,0 204.2S6.0 2.710,680,0
911.) 13,332.0
195,176,0

722.067,0 217

85.007.0 111.899.0

60,860,0 100.054 0 2.515. 04,0

F. R. notes In actual clrcula’n. 152,460,0




i

m n ^ oq<? o iiq 070.0 394. 510.0 log

'540

O

Not. 9

1918.]

THE CHRONICLE

1817

Statement of New fork City Clearing Souse Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Nov. 2. 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.
CLEARING HOUSE
MEMBERS.
Week Ending
Not. 2 1918.

Loans,
Discounts,
Investments,

Profits.

Nat.
Banks Aug. 31
State Banks Sept. 10 >
Trust
Co’s Sept. 10J

Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co
Merchants' National.
Mecb A Metals Nat.
Bank of America....
National City
Chemical National..
Atlantic National
Nat Butch A Drovers
American Exch Nat.
Nat Bank of Comm..
Pacific
Chat A Phenlx Nat..
Hanover National
Citizens’ National...

S

300.000

103,100

5,000.000
25.000.000

5,991,400
23,745,300

500.000

1,086,700

3,500,000
3,000.000

3,033,500
17,479,400
3,034.900
2,276,900
8,274,500
7,843,600
17.923.800
79,500
4,011,100
31.189.000
5.828,000

'Exchange

2,000.000
3,500.000

Importers A Trad Nat

1.500.000

National Park.
East River NaMon&l
Second National
First National.

5,000,000

Metropolitan

250.000

1,000,000

Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch
Commonwealth
Lincoln Nntlonal
Garfield National
Fifth National
Seaboard National..

10.000,000
4.500.000
1.000.000
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
1.000.000
3.000.000
1.000 000
1.000.000
2.000.000
1.000,000
1.500.000
5.000.000

...

Liberty National
Coal A Iron National
Union Exchange Nat.
Brooklyn Trust Co..
Bankers Trust Co...
U S Mtge A Trust Co
Guaranty Trust Co..
Fidelity Trust Co
Columbia Trust Co..
Peoples Trust Co....
New York Trust Co.
Franklin Trust Co
Lincoln Trust Co

Metropolitan Trust..
Nassau Nat. B'klyn.
Irving Trust Co
Farmers Loan A Tr_.

Gold.

Stiver.

Tenders.

Reserve
Notes.

Average.
5
52,065,000
63,859,000
30,400,000
163,696,000
31,935,000
560,273,000
88,721,000
17,630,000
3,012,000
118,317,000
421,646,000
15,865,000
100,268,000
138,021,000
51,452,000
30,170,000
104,887,000
39,937,000
189,518,000
3,081,000
20,884,000
313,779,000
110,153,000
11,876,000
6,033,000
321,636,000
19,002,000
5,616,000
7,166,000
15,962,000
13,108,000
7,617,000
51,519,000
75,763,000
14,576,000
15,026,000
38,853,000
263,659,000
70,168,000
474,147,000
11,785,000
86,798,000
27,637,000
100,103,000
26,725,000
19,456,000
54,523,000
17,027,000
48,333,000
134,040,000

$

5,374.800
7,227,700
2.000,000! 2J43.500
6.000.000 11,026,500
1,500.000
6,762.800
25.000.000 c52,572,400
3,000.000
9,557,600
1.000.000
905,100

2.550.000

Legal

<&c.

2.000.000
2.500,000

...

Corn

National
Bank,
and
Federal

Net

Capital.

361.900

637,400
14.591,000
2,275,300
880.400
840,300

2,000.600
1,389.000
406,800
3,724,800

4,281,700
974,700
1.292.200
2.368.200
15.822,600
4,592,400
27,084.600
1.291.800
6,895.400
1.335,900
10,665,300
1,145 900
590,600
4,402.300
1.174.800
1,060,900
11.436.800

Average.

Average.
$

Average.
$

Average.
%

24,000
297,000
76,000
8,341.000
276,000
8,206,000

109,000
85,000
421,000
276,000
203,000
70,000
186,000 1,302,000
174,000
336,000
848,000
3,055,000
288,000
313,000
215,000
104,000
50,000
47,000
560,000
162,000
219,000
559,000
259,000
346,000
525,000 1,034,000
542,000
213,000
641,000
32.000
794,000
150,000
196,000 2,253,000
54,000
435,000
290,000
374,000
15,000
141,000
245,000
24,000
709,000
524,000
461,000 2,590,000
199,000
27,000
16,000
23,000
2,663,000 1,419,000
365,000
163,000

154,000
87,000
12,000
589,000
182.000
38,000
469,000
4,137,000
112,000
541 000
931,000
70,000
36,000
2.000
79,000
9,000

1,018,000
58,000
29,000

2,601.000
53,000
53,000
40,000
123,000
2,000
47,000
339,000
159,000
6,000

,

$

162,000
099,000

185!000

8,000
1,373.000

634,000
321,000
933,000
4,701,000
110,000

1,276.000
36,000
522.000
537,000

2,203,000
490,000
114,000
865,000
427,000
98,000
150,000
889,000
145,000
170,000
468,000
514,000
538,000
204,000
511,000
757,000
304,000

47,000
54,000
33,000
128,000
68,000
118,000
37,000
34,000
85.000
3,000
35,000
15,000
30,000
83,000
125,000
20,000

145,000
273,000
158,000
68,000
103,000
311,000 2,810,000
48,000
171,000
611,000
227,000
614,000
239,000
7,000
203,000
214,000
132,000
320,000
36,000
600,000
40,000 i
126,000
187,000
521,000 2,018,000
262,000
60,000

14 000

12,000
71,000
129.000
55,000
1,776,000
90,000
23,000
49,000
54,000
77,000
18,000
69,000

*

97,000
3,747,000

|35,463,000,12,554,000 19,771,000 j 37,706,000
4,583,744,000|35,502,000 12,561,000 18.698.000'33,687,000

Average for week.. 192,900,000 351,594,900 4,607,723,000

Totals, actual condltl

Nov.
2
Totals actual condltl on Oct. 26
Totals, actual conditi on Oct.
19
Totals, actual condltl on Oct. 11
on

4,628.553.000 35,532.000 12,371,000
4,529,143,000 35,296.000 12,256.000

Bowery

1,000.000
2.000.000

Totals, avge for wk

1,162!200

3.750,000

N Y Produce Exch..
State

Totals, actnel condltl

nn

Mnv

on

Oct.
Oct

Totals, actual

448,000
10,986,000
39,869,000

•

7,612!000 2,236,000
150,000

230,000

991,000

3,890,000

4,962.000

51,66o

24,250,000
143,326,000
3,417,000
14,154,000

50,000

149!232,000

650,000
8.371.000
1,000.000
201,000

1,547,000

692.000
95,705,000
10,021,000
163,000
5,046,000
283,089,000 10,901,000 1,100,000
16,256,000
5,433,000
6,830,000
210,000
13,963,000
106,666
399,000
31,000
10,194,000
249,000
161,000
6,152,000
70.000
120,000
42,352,000
800,000
64,978,000
1,738,000
414,000
12,371,000
424,000
399,000
475,000
12,333,000
4,812,000
22,542,000
194,591,000 14,475,000
50,075,000
1,966.000
352,152,000 22,050,000
451.000
8,767,000
61,710,000 11,109,000
1,616,000
20,641,000
50,443,000
3,504,000
13,904,000
1,636 00C
11,594,000
1,668,000
30,281,000
1,180,000
50,000
8,866,000
598,OOO
994.000
34,515,000
105.725,000 10,113,000
......

...

.........

........

3,604,127.000

147.371,000|35.999.000
3,593.689,000! 149,477.000'36.098,000

525,944,000

3.691.867.000 147,811.000 36.048.000
3,728.311.000 144,172,000 35 / 08,000
3,663,867.000 146,874,00C 36,645,000

(

868,000

14.517.00C

■

4,426,000

6,000

249.000

19,863,000
32,107,000

47,66c

2,956,000

5,123,000

475,000

70,913.000

52,000

4,964,000
4,947,000
4,765,000
6,737,000

801,000
293,000
183.000
274,000

71,913,000
70,995,000
73.615.000
72,689.000

52.000
45,000
39.00(1

....

3,009,000
3,010,000

1,146,000

3

102 non

1,225 000

1.068.000
1.217,000
1,112,000

3.227.000

1.211,000

1,008,000

2,806.000
2,952,000
2,831,000
3,013,000

124,00C
178,000

217.00C
63,000

674,000
128,000

2,346,000
972,000

632,000
380,000

21,229,000
12,084,000

440,000
482,000

63,927,000

551,000

302,000

280,000

702,000

3,318,000

1,012,000

33,313.000

922,000

63,476 000
64,485,000

547,000
556.000
554,000
546,000

300,000
307,000
317,000
324,000

314.000
290,000
288.00C
296,000

697,000

3,087,000

706.000
688.000

3.705,000

1,015,000
1,692.000

3.128,000
4.083.000

822.000
706.000

33,951,000
33,621,000
34,837,000
36.302.000

923,000
923,000
1.037,000
1.052,000

73!356!000

2

61.996.000

62,193.000

—

condition

Nov.

condition
condition
condition
condition

Oct.
Oct.
Oct.
Oct,

...

........

74 7<U) 000

Comparison prev wk.

actuitl

4,956,000

100 [629,000

524,471,000

l!174.000

683,000

'532.912.000

,-1,643,000 !-36.299,000

ag'gnte

5,890,000
4,886,000
50,000

144.000
297,000

104,000

Grand aggregate.avge 205,650,000 372,606,700 4,749,353,000 39,010,000 14,135,000 21,228,000 41.364.000
—36,000 —131,000 -1.158.000
+ 26,734.000
Comparison prev wk.

ag'gate. actual

1,445,000
444,000

77,152 000
77,297,000

17,070,600

ag'gate. actual
ag’gate. actual

12,427,000
4,603,000
547,000

122,000

1.177,000

9,000,000

Grand
Grand
Grand
Grand

1,821,000
3,770,000

1,727,000
2,264,000

1,279,000

Totals, avge for wk

Grand ag'gate. actual

299,566
12,669,000

82,800,000
303,439,000
14,013,000
75,539.000
140,220,000
28,041,000
26,593,000

22,402,000
4,268.000
4,138,000
13.245,000
3,201,000
18,891,000
551,000
2,015,000
18,460,000
13,192,000
1.438,000
1,005.000
33,073,000
2,145,000
790,000
1,008.000
1,948,000
1,658.000
822,000
6,128.000
10,676,000
1,672,000
1,693,000
3,133,000
23,973,000
4,659,000
49,816,000
1,226,000
8,011 000
1,890,000
7,065,000
2,039,000
1,748,000
3,953,000
1,033,000
4,524,000
15,480,000

$

769,000

471,000
1,018,000

2,996,000

4.000.000

Nov

Average.

$

1,744,000

266,000

77,703,000

Lawyers Title A Tr._

on

2 [941,000

Mem bert

condltl on Oct. 26
condltl on Oct. 19
condltl [on Oct 11

Average.

$

32,914,000
48,612,000
21.780,000
145,637,000
23,907,000
601,468,000
67,385,000
13,649,000
2,593,000

'248.000

3,941.200

Bank
of Fed era! Reserve
97,000
11,871,000
39.682,000
454,000
24,245,000
5.199,600

condltl

Average.

1,219,000

495,200

6,000 000

actual
actual
actual
actual

S

5.188,000
7,343,000

-

493,000
611,000

Trust Companies
Title Guar A Trust..

Totals,
Totals,
Totals,
Totals,

Deposits.

233,000
17,000

609,000
1,505,000

condition Oct! 11
Not

Average.
$

Deposits.

National
Bank
Circular
tion.

152.00C
23,000

22,291,000
34,030,000

26
19

on

Average.

Net
Time

taries.

20.366.000 38.268,000 617,098 00C
19.940.000,30.922,000 519,115.000

519,000
408.000

9

Totals, actual condltl
Tnt^ln actual condltf

taries.

4,540,196,000 35,353,000 12,658,000 20,366,000 39,627,000 530.675,000

Bank
Not Mem bert of Fed oral Reserve
603 00C
16 54R 000
500 OOO
1 474 500
R19 300
279 000
250 OOO
4,834 000

State Banks.
OrfMitrich

Legal
Deposir

with

1,563,000
363,0001
1,793,000
3.291,000 12,883!000

85,000
150,000
218,000
ro.ooo
167,000

Legal
Deposi-

Net
Demand

Deposits

1,205,000, 26,361,000
325.000
3,001,000
1.543,000 110.338.000
736,000
8,571,000
87.000
1,870,000

37,000
24.000
299,000
27,000
21,000
268,000

51,000

Additional
Reserve
with

....

....

43,000

___

_

__

_

___

.1

1,487,000 a3.708.353.000 148,345.000 35,999.000
—292,000 | —119,152,000 + 1,167,000
+66,000

l|

2... 4,724,372,000 39,058.000 14,007.000 20,080,000 37,190,000 533,995.000 1,816,000 b3,699,553,000 150,452,000 36,098.000
—40,000 + 155,000
—45,963,000
[-4,736,000 (-91,755,000 —169,000 —96,830,000 , + 1,073,000 1 +50,000

[-1,793.000

26...
19..
11...
5...

U. S. deposits deducted, $444,594,000

_

.

'39.098.000

13,852.000 21,873.000'41,926.000
4.770.335.000
4.665.899,000 38.952,000 13.798.000 21.340.000 40.441.000
4.675.745.000 39,126.000 14,193,000 21,670.000 43,323,000
4,705.380.000 39.113.000 14,316.000 20.526.000 36,684.000

b U. S. deposits deducted, $389,719,000.

c

625.750.000

527.008,000

540,495.000

523,139,000

1,085,000
1,005.000
980.000
838.000

3,796.383,000 ' 148.779,000'36.048.000
3,836.763,000 145.248.000 35.908 000
3,772.858.000 147.969.000 35.045.000

3,753.124,000.151,809.000i35,665,000

Includes capital set aside for foreign branches.

$6,000,000.

STATEMENTS OF RESERVE POSITION.

Actual Figure*.

Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank.
State banks

Trust companies*
Total
Total Oct. 20.
Total Oct. 19.
Total Oct. 11.

•

*
a

Reserve
in

Depositaries

Inc. or Dec.

a

Total
Reserve.

*

%

Reserve

Surplus

Required.

Reserve.

*

%

from
PreviousWeek
%

\' 524,471,000 524,471,000 472,957,640 51,513.360 —20,952.820
766,660
156,050

—63,080
+ 9,400

10.243,000 532.912,000 543,155.000 490.718.9301 52,430.070
10.542.000 509,211,000 579,753.000 31.123.050 500,310,430
10.275.000 533.838.000 544.113,000 501.794.080 42.318.920

—21.905.500'

10,425,000 528,705,0 0 539.130,000 495,288,970' 43.841.030

—7,690,650

8,408,000
1,835,000

Not members of

5,123,000
3,318,000

13,531,000
5,153,000

12,764,340
4,996,950

+73.442.5701
—1,522.110

$
b

Reserve
in

Reserve

or Dec.
from

Inc.

b

Total

Surplus

Depositaries

Reserve.

Required.

Reserve.

Previous Week

%

%

$

*

<

525,944.000 525.944,000 471,663,880 54,280,120 —78,440.840
—472.240
48.600
4,964,000 12,993,000 12,944,340
8,029.000
—683,500
5,092,650 def 147,650
4.945.000
3,087,000
1,858,000
9.887.000 533,995.000 543,882.000 489,700.870
10.212.000 625,750.000 635.962.000 502,184.290
10.117.000 527.008.000 537.125 000 507.481.840
10,308.000 540,495,000 550,803,000 499,238.250

54.181,130 —79,590.580
133.777.710 +104134550
29.643.160 —21 921.590
51,564,750 +14,860,740

Federal Reserve Bank.

of the Federal Reserve Banks
$4,421,130; Oct. 26, $4,383,150: Oct. 19, $4,376,700; Oct. 11. $4,498,560.
b This Is the reserve required on net demand deposits In the ease of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includes
amount of reserve required on net time deprwdts. which wa• as follows: Nov. 2, $4,484,310; Oct. 26, $4,434,330: Oct. 19, $4,325,160; Oct. 11, $4,406,220.

This Is the reserve required od net demand deposits In the case of State banks and
Includes also amount of reserve/equlred on net time deposits, whl^b was as follows: Nov. 2,
a

also

Cash
Reserve
in Vault.

trust companies, but In the case of members

c Am >unt ot cash in vault, wulch Is no Ioniser countel as reserve for members
>f rhe
Nov. 2, $105,594,000; Oct. 26, $108,163,000; Oct. 19, $104,791,000; Oct. 11. $102,966,000.

Federal Reserve Bank, was as follows:

d \m »unts if cash in vaults wnich Is no longer counted as reserve for members of the
Nov. 2, $100,448,000; Oct. 26, $105,537,000; Oct. 19, $104,414,000; Oct. 11. $108,004,000.

Federal Reserve Bank, was as follows:




1818

THE CHRONICLE

Th& State Banking
Department reports weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, as follows:

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Nov. 2
1918.

Specie

Q 454 AOO

Currency and bank nota"”*”!!...'.*."."."’
Deposit* with the F. R. Bank of New York
Total deposit*...
Deposits, wliminatlng amounts due from reserve de¬

14,644400
52,988,000
820,166,500

Inc.$14,861,100
Dec.
368,600
Dec.
825,400
Dec. 8,246,000
Inc. 23,809,200

Loans and Investin’ts

Specie
Currency A bk. notes
Deposits with the F.
R. Bank of N. Y..

positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and u. S. deposits 656,162.800
Reserve on deposits
129,398,300
Percentage of reserve, 21.9%.

Deposits
Dec. 36.495.800
Dec.
7,222,700

Reserve on deposits.
P. C. reserve to dep.

RESERVE.
State Banks

Cash in vaults
cos

11.82%
11.20%

$28,700,000

Deposits in banks and trust

$14,741,500
13,958,500

23.02%

Total

21.61%

•

Speeds.

Deposits.

*

Aug.
Aug.
Aug.
Aug.
Aug.

Sept.
Sept.
Sept.
Sept.

3
10
17
24....
31
7
14
21
28

$

4.335.634.9
4.328.256.7
4.308.018,7
4.239.295.8
4,295.324,2
4.297.646.1
4.317.718.7
4.314.490.2
4,406,150,0
4.475.183.9
4.418.249.8
4,427,043,3
4.450.212.9
4.537.675.4
4,435,747,6
4.487.786.5
4.520.463.6
4,364,815,8

78.499,8
78.372.1
76.008,0
75,037.7
74.037.6
73.349.2
72,650,0
72.410.2
71.853.1
70.700.1
71,038,6
70.472.1
70,816,0
69,970,7
69.765.2
70,376.0
71.255.2
69,692,6

5,281,063.9
5.230.921.4
5,173,081,5
5.249.106.5
5,233,177,2
5.294.283.6
5.296.960.1
5.373.198.8
5,413,086.8
5.386.267.9
5.457.805.1
5.499.400.2

Oct.
5
Oct. 12

Oct.

$

6.107.950.8
5,143,094,5
5.089,497,1
5.058,802,7
5,137,068,5
5.231.510.0

July 0....
July 13....
July 20
July 27

19

Oct. 26
Nov. 2....

Total

Cash in
Vault.

$
167.175.8
167.681.9
163.146.5
162.573.7
162.490.7
160,390,0
162.708.1
158.979.5
158.188.3
158.412.2
159.383.9
167.004.9
165,439,1
161.405.3
155,019,9
162.821.8
166,005,7
155,117,7

586.136.5
570.046.4
563,383,2
561,439,9
578,552,0
557,064.2
549.748.1
551.742.6
558,574.4
583.554.8
554.898.2
571.118.2
587.573.3
587,014,3
574.142 4
580.295.4
619,305,3
585.223.6

I

For definitions and rules under which the various items

made up, see “Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require¬
ments of State banking institutions as amended May 22
1917 were published in the “Chronicle” May 19 1917 (V.

are

104,

p. 1975).
The regulations relating to calculating the
amount of deposits ana what deductions are permitted in

the computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).

179,661,900 Inc. 76.303,100
233,600 2.006,315.200 Inc. 63,543,900
5.119,600
277,520,800 Dec. 17,888,600
0.8%
18.8% Dec.
0.8%

2,472,200

Dec.
Dec.
Dec.
Dec.

Changes from
previous week.

Oct. 26

1918.

Oct. 19
1918.

Philadelphia Banks.—The Philadelphia Clearing House
ending Oct. 26, 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 “Gash in vaults.”
Week ending Nov. 2 1918.
Two ciphers

Oct. 26
1918.

(00) omitted.
Membersof i

Trust
Cos.

F.R. System)

com¬

panies in New York City not in the Clearing House ,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
olass in the City of New York.

68,100

1,344,900

statement for the week

•Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
MU by State banks and trust oos., bat not those held by Fed. Reserve members.

In addition to the returns of “State banks and trust

39,820,200
615,039,800
95,522,300
21.8%

31,471,655

$
$
$
$
Circulation
4,764,000
4,758,000 Dec.
6,000
4,764,000
Loans, disc’ts A investments. 580,961,000 Inc. 40,103,000 540,858,000 514,061.000
Individual deposits, lncl.U.S. 529,950,000 Inc. 27,485,000 502,465,000 464,688,000
Due to banks
116,000,000 Dec. 18,204.000 134,204,000 132,983,000
Time deposits
165,000 14.249.000 14,296,000
14,084,000 Dec.
2,376,000 17,420,000 17,974,000
for Clear. House. 19,796,000 Inc.
Exchanges
Due from other banks
82,314,000 Dec. 6,589,000 88.903,000 90,992,000
Cash In bank A In F. R. Bank 56.649,000 Dec. 18,586,000 75,235,000 70.588,000
Reserve excess in bank and
Federal Reserve Bank
1,813,000 Dec.19,930,000 21,773,000 21,289.000

taries.

$
88,676,0
89.309.8
87.138.6
87,536,0
88.463.1
87.040.8
90,058,1
86,569,3
86.335.2
87.712.1
88.345.3
96.532.8
94.623.1
91.434.6
85.254.7
92.445.8
94,750,5
85.425.1

$

Nov. 2
1918.

Deposi¬

Tenders.

$

99,050,000
166,698.000
6,012.700 1,998,922,900 Inc.
463,000
13,822,300 Dec.
869,200
17,580,000 Dec.

BOSTON CLEARING HOUSE MEMBERS.

Reserve In

Legal

Demand

$

24,300,000
43,041,800
496,372,900 Inc.
9,781,600 Dec.
26,080,600 Dec.

Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
(Two ciphers omitted.)
Loans
and
Investments

Differences from
previous week.

mary

The averages of the New York City Clearing House banks
and trust companies combined with those tor the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:

Week
Ended—

Nov. 2
1918.

Boston Clearing House

Trust Companies
$62,345,200 13.38%
38,353,100
8.23%

$100,698,300

Differences from
previous week.

$

Capital as of Sept. 10
Surplus acfof Sept. 10

w

760,047,200

'Trust Companies.

Week ended Nov. 2.

SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bp State Banking Department.
Differences from
previous week.
Noe. 2.

Loans and Investments...

[Vol. 107

Surplus and profits
Loans, disc’ts A investm’ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits—...
Time deposits...
Total deposits

$28,475,0
76,502,0
733,677,0
23,093,0
127,001,0
151,562,0
432,775,0
4,792,0
589,129,0

Total.

$31,475,0
84,000.0
760,209,0
23,578,0
127,012,0
151,996,0
447,746,0
4,792,0
603,534,0
124,133,0
46,866,0
2,757,0
17,397,0
67,020,0
45,803,0
21,217,0

$3,000,0
7,498,0
26,532,0
485,0
11,0
434,0
14,971,0
15,405,0

U.S.deposits (not included)
Res’ve with Fed.Res.Bank
Res’ve with legal deposit’s
niuh ip vault*
Total reserve A cash held.
Reserve required
Excess res. A cash in vault
*

46,866,0
2,757,0
796,0
3,553,0
2,236,0
1,317,0

16’,601*0
63,467,0
43,567,0
19,900.0

Oct. 19
1918.

$31,475,0
84,030,0
716,478,0
25,763,0
133,610,0
167,562,0
456.216,0
4,859,0
628,637,0
119,507,0
54,986,0
2,399,0
18,669,0
76,054,0
47,351,0
28,703,0

$31,475,0
83,036.0
644,287,0
27,832,0
142,693,0
166,288,0
485,545,0
4,919,0
656,752,0
24,802,0
52,390,0
2,723,0
18,173,0
73,286,0
49,104,0
24,182,0

Cash In vault Is not counted as reserve for Federal Reserve bank members.

Non-Member Banks and Trust Companies.—Following is the report made to the Clearing
member institutions which are not included in the “Clearing House return” on the preceding page:

House by clearing

non

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING

Capital.

Profits.

NON-MEMBERS.
Week ending Nov. 2 1918.

(Nat. banks Aug. 31

(State banksSept. 10

[Trust

Members of
Federal Reserve Bank.
Battery Park Nat. Bank
New Netherland Bank...
W. R. Grace A Co.'s bank...
YorkvlUe Bank..
First Nat. Bank, Brooklyn._
Nat. City Bank, Brooklyn..
Firs Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
...

Total

cos.

40(1,000
200,000
500,000
200,000
300,000
300,000
400,000
250,000

Loans,
Discounts,
Investments,
Ac.

Legal
Gold.

Tenders.

$
599.800
195,900
755.100
598.400
681.700
583.400
1,334,600
765.100
•

Average.
$

11,725,000
4,346,000
4,326,000
8,714,000
8,340,000
6,743,000
9,639,000
4,710,000

Average.
$

12,000
8,000
4,000

Average.
$

4,000
1,000
83,000
49,000

15,000
7,000
11,000
160,000
11,000
28,000
152,000
4,000
388.000

$
18,000
54,000

Average.
$

Additional

Legal
Deposi¬

with Legal

taries.

Deposits
Deposi¬

Net
Demand

Net
Time

taries.

Deposits.

Deposits.

Average.

Average.

Average.

$

S

$

Average.
$
81,000
159,000
570,000
3,578,000
465,000
420,000

394,000
645,000
2,146,000
684,000

6,455,000
3,790,000
2,860,000
4,615,000
5,832,000
5,004,000
7,019,000
3,777,000

106,000
209,000

Total

Trust Companies.
Not Members of the
Federal Reserve Bank.
Ham t on Trust Co.,Brooklyn
Mechanics’ Tr. Oo., Bayonne

*56*5',666

295,000
120,000
396,000
198,000

386,000

951,000

6,580,000

4.559,000

39,352,000

5,838,000

1,199.000

176,000
352,000
411.000
360,000
286,000
967,000
217,000

130,000
662,000
685,000
244,000
916.000
1,418,000
223,000

9,000
483,000

477,000

2,169,000
10,550,000
11,416,000
4,726,000
7,440,000
23,639,000
3,986,000

352,000
434,000
247,000
45,000
319,000

3*75,666

100,000
500,000
1,000.000
500.000
200,000
1,600,000
200.000

580,200
1.081,800
632.500
180.700
562.700
874.500
215,900

2,473,000
10,034,000
13,817,000
5,973,000
8,142,000
27,160,000
5,041,000

70,000
221,000
568,000
150,000
2,000
93.000
15,000

75,000
260,000
15,000

49,000
419,000
389,000
56,000
133,000
484,000
116,000

72,640,000

1,119,000

759,000

1,646,000

2,769,000

4,278,000

3,522,000

63,926,000

1,397,000

17,000
80,000

97,000
164,000

248,000
376,000

306,000

5,002,000
5,117,000

97,000

261,000

624,000

306,000

10,119.000

4,526,000

*11,666

500,000
200,000

1,028,500
364,500

8,061,000
7,828,000

340,000
11,000

17,000
113,000

1,393,000

15,889,000

351.000

130,000

Excess reserve

Increase

Oct.
aggregate Oct.
aggregate

26..
19—
12

5..

7,350.000
7 250 000
7.250.000
7.250.000

’481*460

1,631,000 1,277,000
—551,000 —139,000 —244,000

11,035,300 147,623,000

1,770,000
11,035,300 145.809,000 1.943.000
10.695,900 145,603.000 2,050,000
10.654.500 143.392.000 1.950,000

U. 8. deposits deducted, $19,466,000.




190,000

1,234,000
3,292,000

398,000

7.350,000 11,035,300 147,072,000

aggregate Oct.
aggregate Oct.

$

106,000
79,000
123,000
290,000
146,000

161,000

Grand aggregate.
Comparison previous week.

_

Average.

85,000
51,000
79,000
59,000

40,666

58,543,000

700.000

Total.

Nationa
Bank
Circula¬
tion.

2,005,000
643,000
572,000
769,000
756,000
608,000
864,000
303,000

88,000
119,000

4,100.000 4.128.300

.

n

Average.

Reserve
with

2,550,000 5,514,000

State Banka.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights
Colonial Bank
Columbia Bauk
International Bank
Mutual Bank
Mechanics' Bank. Brooklyn
North Side Bank, Brooklyn._

Grand
Grand
Grand
Grand

Silver.

Sept. 10

National
Bank
ds Federal
Reserve
Notes.

1,521,000
1,315,000
1,431,000
1.173.000

1,430,000
’*

*73*666
1,050,000

—

2,129,000 3,981,000 11,482,000 8,387,000 •113.397,000 11,761,000
+5,000 —209,000
+35,000 -3,539,000 —4,360,000 + 176,000

1,199,000
+ 1.000

11,585,000
11,596,000
11,974,000
11.372.000

1.198.000
1.201.000
1.195.000
1.191.000

2.124.000

2,230,000
2,037.000
2.121.000

4,190,000
4,248,000
4,640,000
4.101,000

11,447,000 11,926,000
11,182,000 9,377,000
11,438,000 7.644,000
11.878.000 6.820.000

117,757,000
121,135,000
122,912.000
122.076,000

Nov. 9

1918.]

THE CHRONICLE

Jpaniijers' (Sa^jetie.
Wall Street, Friday Night, Nov. 8 1918.
Money Market and Financial Situation.—No
change worthy of note occurred in the security markets dur¬
ing the early part of the week. The moderate demand for
bonds and standard shares, which has
prevailed for some
time past, continued until Thursday, when a premature re¬
port that an armistice had been signed by representatives
of the belligerent nations in Europe caused a rapid increase
in the volume of business and a corresponding move¬
ment in prices.
The advance then recorded has not been
maintained, however. A reaction set in before the close of
the market, which, by the way, owing to the general hilarity,
lack of attention to business and perhaps other reasons, was
a half hour earlier than usual, and
opening prices to-day were
in many cases from 1 to 3 points lower than yesterday's
closing. To-day's market has very naturally been highly
irregular and it would be interesting to know to what extent
the whole movement, has been controlled by the Stock Ex¬
change Money Committee. That the latter is having a
salutary effect many firmly believe and none can with cer¬
tainty deny.
Other than the two factors mentioned nothing is known to
have had any influence upon security values or the course of
the market during the week now closing.
Foreign Exchange.—Sterling exchange ruled firm as
likewise did the Continental Allied exchanges; but neutrals
were weak, pesetas
touching a new low record.
The

To-day’s (Friday’s) actual rates for sterling exchange were 4 73 %@
4 73% for sixty days, 4 75 13-16@4 76 for cheques and 4 76 9-16 for
cables.
Commercial on banks sight, 4 75 % @4 75%; sixty days, 4 72% @
4 72%; ninety days, 4 71 @4 71%, and documents for payment (sixty
days), 4 71%@4 72.
Cotton for payment 4 75%@4 75%, and grain for

payment, 4 75% @4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 50@
5 50% for long and 5 45% @5 45% for short.
Germany bankers’ marks
were not quoted.
Amsterdam bankers’ guilders were 41 1-16 for long and
41 7-16 for short.
Exchange at Paris on London, 26.02% francs; week’s range, 26.02%
francs high and also 26.02% francs low.
Exchange at Berlin not quoted.
The range for foreign exchange for the week follows:

Sterling Actual—
High for the week

High for the week

Cheques.

Cables.

4 76

4 76%

4

4 7655

5 50
5 52%

Low for the week
Paris Bankers’ Francs—

Sixty Days.
4 73%
4 73

5 44 %
5 47%

5 43%
5 46%

41%
41%

42%
41%

Low for the week
Amsterdam Bankers’ Guilders—

High for the week

419-16

Low for the week

41 1-16

75%

Domestic Exchange.—Chicago par. Boston par. St.
Louis, 25@15e. per $1,000 discount. San Francisco, par.
Montreal, $20 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has reflected
the universal expectation that in France and Belgium the

closing

scenes

of the

war are

being enacted.

1819

For daily volume of business see page 1828.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Nov. 8.

Sales

Par. Shares
Acme Tea 1st prel
100
Adams Express
100
American Express
100
Am Malt 1st pref recta..
American Snuff
100
Am Sumat Tob, pref .100
Amer Teleg <k Cable. 100
Assets Realization
10
Associated OU
100
Atlanta Birm A Atl. .100

Batopilas Mining

Range for Week.

50

Lowest.

82

400 66
400 91
600 42
225

90
200 84
100 55
200
1%

1,000 65%
200

Brown Shoe, Inc
Brunswick Terminal. 100
100
Butterick
Calumet A Arizona
10
Cert’n-Teed Prod.no par

Chicago & Alton.... 100
Comput-Tab-Rec
100
Continental Insur
25
Deere A Co pref..-.100
Duluth S S A Atlan. .100
Duluth S S A Atl, pf-100
Elk Horn Coal
50
Federal Mg A Smelt. 100
Preferred
100
Fisher Body, pref
100
Gen Chemical, pref. .100
General Cigar, Inc.. 100
Gulf Mob A Nor ctfs 100
Preferred
100
Homestake Mining..100
Int Harv, new pref.. 100
Iowa Central
100
Jewel Tea, Inc
100

Kelly-Springf, pref. .100
Kelsey Wheel, Inc..100
100

Kings Co El L A P..100
Kresge (S S) Co
100
Preferred
100
Laclede Gas
100
Liggett A Myers....100
Loose-Wiles 1st pref. 100
Lorillard (P)
100
Preferred
100
M anhattan (Elev) Ry. 100
Manhattan Shirt.... 100

May Dept Stores

100

500

8

10

1001 15%
300
200
200
200
400
300
100
200
200
300
600
200
100
900
100
100
100
100
300
100
100
100
100
58
200
100
300
100
100
300
100
800
100
500
850

Highest.

$ per share.

20 7,500
1%
200 71
100

Preferred

Range since Jan. 1.

for
Week.

68%
35

9%

36%
54
96
4
5

28
13

40%

91%
100

44%
8

33%
90
107
4

35
90
33
90
104
105

104%

85
179
93
155
110
98
78
61
93
14 110
900 30%
900 107
300 108%

Minn StP&SSM__ 100
Preferred
100
National Acme
50
National Biscuit.... 100
Preferred
100
Nat Rys Mex, 2d pf-100 5,000
8%
N O Tex A Mex v t c.100 3,600 29%
N Y Chic A St Louis. 100
100 22
New York Dock....100
200 20%
Norfolk Southern
100
100 15
Nova Scotia 8 A C..100
300 60
Ohio Fuel Supply....25
300 41%
Owens Bottlo-Mach__25
800 55
Pacific Tel A Tel.... 100
600 22%
Peoria A Eastern
100
500
5%
PittsCC&St L
100
100 58%
St L-S Fran pref A..100
600 30
400 61%
Savage Arms Corp__100
Stand Milling, pref.. 100
50 84%
Stutz Motor Car.no par 3.700 42
Third Avenue Ry__.100 1.700 18%
Tol St L A West tr rets.
200
7
Preferred tr rets
300 14
Underwood
100
600 109
United Drug
100
100 75
2d preferred
300 79%
100
U S Express
500 16%
100
300 76
Wells, Fargo Express 100
....

.

..

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
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

8

6
6

6

8
8
4

8
28
14

42%
92%
6 100
4 45
8
8
8 33%
7 90
107

5%
35
90
33
90
8 104
7 105

104%
85
6 179
8 93
6
6
7
6
6

158
110
100
78
62
97
110

31%

109%
8 110
6 10%
33
8 22
6 20%
6 15

63%
6

6
6
8

8

42
61

24%
6%
58%
32

62%
84%

45%
20%
8
7
6 14%
6 109
8 75
6 82

16%
8

Lowest.

S per share
% per share.
82
Nov 8 80
14 W
69
Nov 6 48
95% Nov 6 77% Hep*
42
Nov 7 41
-Bept
95
Nov 7
Oct
85
Nov 6
Jan
55
Nov 6
Jan
1% Nov 4
Mar
68
Nov 8
Apr
8
Nov 4
July
2
Nov 2
Jan
74
Nov 6
June
10
Nov 6
6% Jan
15% Nov 6
7% May
70
Nov 4 63%
Jan
37% Nov 8 30
Oct
7
9% Nov 7
Apr
37
Nov 2 30
Jan
56
Nov 7 44
Feb
96
Nov 8 90
June
4
Nov 8
2% Feb

78

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
Nov
Nov
Nov
Nov

7
2
7
8
6
6
8
8
8
7
4
7
7
7
7
2
8
8
7
7
6
8
6
6
8
7
7
7
6
6
7
6
6
8
8
6
6
6
6
8
4
8
6
8
2
4
8
8

4% May
22

9%
27

Jan

Highest
S per share.
80
May
80
Jan

85% Nov
43% Aug
100
103
60

1% July
71

Oct

10% June
2
74

Nov
Nov

16% June
15% Oct
71
May
38
10
39

June

56
96

Nov
Feb

May
July

4%

Oct
July
30% Aug
8

Apr 16

Oct

Jan

44% Oct
70% Jan 92% Nov
99% June 103% Jan
34
8
27
68
107

Jan
Mar
Mar
June
Oct
2% Jan
28
Oct

58
10

June

90

Nov

May
33% Nov

109% Oct
5% Nov
40

76% Feb 90
24% July 35
81
87
83

Jan 90
Aug 101
June 105

104% Novi 04%
82
July 90
164% Aug 195%
82% Jan 93
144% Aug 200
98
94
65
47

Feb
Nov
Oct
Mar
Oct
Nov

Nov
Mar

Feb
Nov
Mar
Nov

Jan 110
Mar 100
May
June 78
Nov
Jan 62%
Oct
Nov
80% Jan 97
105
112
Oct
Apr
26% Jan 33
May
90
Aug 109% Nov
Mar
106% Sept 114

4% May 10%
Apr 33
Oct 22
Jan 27

17

13%
18%
15

Nov

66% July
40
55

Oct
Nov

21
70

18%
4%

Feb 27
Apr
6%
25% June 58%
21
53
80
37

May
Feb

Oct

Nov
Nov

Nov
Apr 32
Jan 80% May
June 89
Jan
Oct 47% Feb

15% Sept 21%
4
June
7%
8% Mar 16
6 100
Apr 110%
69
77

Nov
Nov
Nov

Aug
46% June
70% Aug

8
8

8
8
7
6

May
June
Feb

June 76
June 82

Jan
Aug
Aug

Oct
Oct

Nov

14% Apr 16% May
63% Sept 83 % Jan

The result is
Outside Market.—The

“curb" market was decidedly
irregular this week, weakness and strength occurring in dif¬
ferent parts of the list at the same time.
The unconfirmed
report on Thursday that an armistice had been signed with
the German delegates added considerably to the confusion.
To-day’s market showed a generally firm tone, with good
Ohio, Balt. & Ohio, Lehigh Valley, New York Central and advances throughout the list. The so-called war-order
Missouri Pacifies are from 3 to 5 points higher than last issues were the weakest features. Aetna Explosives com.
lost over a point to 614, the lowest for the year, and closed
week.
In addition to the above the list mentioned includes
to-day at 614- Curtiss Aeropl. & M. com. dropped some
Am. Tel. & Tel., Burlington, Interboro. Rapid Trans., 8
points to 1924, a new low record, and sold finally at 20.
U. S. Rubber and U. S. Steel issues.
Wright-Martin Aire. com. weakened from 5% to 4% and
United States Bonds.—Sales of Government bonds at finished to-day at 4%. Submarine Boat also sold at its
the Board include $27,000 4s coup, at 100%, liberty Loan lowest, down from 13% to 11, and at 12 finally. On the
other hand, Standard Oil issues were especially
314s at 99.86 to 100, L. L. 1st 4s at 97.80 to 98.30, L. L. for sharp upturns. Standard Oil of N. J. ran conspicuous
up about 30
2d 4s at 97.30 to 100, L. L. 1st 434s at 97.70 to 98.70, L. L.
points to 617 and closed to-day at 615. Standard Oil of
2d 434s at 97.28 to 98.10, L. L.3d 414s at 97.30 to 98.34,and N. Y. from 276 reached 292. Standard Oil
(Calif.) gained
the new 4th 434s at 98.
For to-day’s prices of all the different 10 points to 240, easing off finally to 238. Ohio Oil advanced
from 317 to 327 and closed to-day at 326.
issues and for the week’s range see third page following.
Improvement was
also reflected in the other oil shares. Midwest Refining ad¬
Railroad and Miscellaneous Stocks.—At noted above, vanced 9
points to 139 and ends the week at 137. Okla¬
the stock market has been irregular but almost exclusively homa Oil & Prod, rose from
9% to 1014 and eased off to 10.
strong. Of a list of 27 prominently active issues 24 have Merritt Oil moved up from 23 to
advanced, several from 5 to 10 points. The railway issues being 2414. There was heavy 24^, the final figure to-day
trading in British-American
have been conspicuous in the advance, led by Northern Tobac. issues and
both sold at their highest. The
ordinary
Pacific, which moved up 1034 points. Great Northern stock rose from 20% to 22% and the
ordinary bearer stock
was a close second, up 10 points, while New York Central,
from 21% reached 23%.
Bums Bros. Ice /com. advanced
Atchison, Southern Pacific, Canadian Pacific and Union Pa¬ from 51 to 52%, then broke to 4914, the close
to-day being
cific advanced between 5 and 6 points and New Haven, back to 51. Marconi
Wireless Tel. of Amer. sold up from
Balt. & Ohio and Reading between 3 and 5.
414 to 514, a new high record, and closed to-day at 5. United
Mexican Petroleum was again conspicuous, covering a Motors
gained nearly 3 points to 35% and finished to-day
range of 15 points, and closing near the highest.
General at 35. In the bond department good gains were reported
Motors was bid up 9 points and also held nearly all the
gain in the American Tobacco serial 7s. The Russian Govt,
On the other hand, Royal Dutch declined bonds were also higher. The 6%s gained about 5 points to
up to the close.
10 points and recovered feebly.
Am. Sum. Tob. dropped 75 and the 514s about 8 points to 70. The former closed
over 13 points early in the week but later recovered substan¬
to-day at 74% and the latter at 70.
A complete record of “curb” market transactions for
tially, and Beth. Steel has lost over 2 points, closing near
the lowest.
week will be found on page 1828.
the fact that of a list of 15 well-known representative issues,
selected as usual at random, all have advanced, none less
than 2 and several from 5 to 7 points.
The latter include Rock Island, Chicago Great Western,
Southern Pacific and Southern Railway issues.
Ches. &




Exchange—Stock TWO PAGES Daily. Weekly and Yearly
Record.
OCCUPYING

New York Stock

1830

For record

Tuesday

Mondaw
Nov. 4

Nov. 2

$ per share S per share
92*4 93*4
93*2 94**
86
102

a per

share

102
66*8 56
•60
61
38*2 39
165
165

87
106
*102
56*4 58

66*4
60*8

56*8
60

40
166
60

40
166*2 168
59
60
8
8

68*2 58*4
8
•7*2
•24** 25*2
49*8 60
80*4 81
101*2 102

2478
50*8

69*4
•36
*70
•23
•62
•43
116
•178
•6
11
17
32
•23

75
25
69
48
116
182

937g

38
•70

6

55
48
116
*178
182
6
•5
107s 11

17*4
3212

94*2
31*8

94*4

31
31*2
*100** 102

7*4

102
8
35

7*4
35

20*4

2078
55*2
11*2

•63

•8*4

6*8

*1012
257g
67*8
78
39
*22

6

6*g
11*4
26*4
5758

*10
27
58

79

79*4
39*2

39*4

6

69

8012
3978

93*2
47*%
15*8

467g

95*2
48

15*8

>-

35

37

37

21*2

227g

22*2

56

56

57

10*2

10*2

10*2

62*2

62*4

118
13*4
6*8
12

120
14

6*8
11*2
29*4

22*8
109*4

5978
81*4
40*4
22*8
109*2

8U4
41

48*4
15*4

60

60

60

•34*4

35
79
89
*37
39

35*2
79
89
39

88*4
♦36*2
*38

12*2

39*4
12*2

•22
•35
9
102

*11*2
•19*2

24
38
9

103'

307s
68*4

*35
9
21

31*8
69

*44

51
131*2 132
71
71

•9**
9*8

38&s

I

9*2 1
38*4

*17

9*8
38*4
*24

1358

897s
37*4
39*4
12*2
24

49*2
9*8
21*4

41*2
35*8

1378

137g

£O
a

*77

895s
*35*2
*38*2
13

na

1

C
CD

c

*44

5z

9*2
39*2

<

25

147g

19*2
60*4
9*8

*28
*18
60
9

*35

23
37

*35

•18U
50*4

1934
50*4

1934
5134

4*2
28*

48s
2*4

4*4
2&*
267g
*79*4

X

60

9*8
•2U*

267g
*80
102
*94
58
*75
43
93

841*

2678
82
102

*82l4
16
81

4534
56

*5714
4034
79
64

»99i*
334
*4134

62
90

*75

46*8
93

8478
42
85

46

•180

190
94

*94

311*
•1434
*48

698a
I07U
*63

788*

L'102
6212
625*

51U
9712
32
147g
50
70U
IO8I4
64*4
803*

102

’8718
110

8912
110

53*
278

5
21*

27U

261*

53*
2*4
27*4
8414
103*8
9612
6U2

27
83
102

90

*75

80

*75
46

90
46
95

109
90
111
*110

•Bid and asked prices; no




43
*84

43*4

*84

*63

•
1

•
•

56

58*4
41U

581*
40i2

79

79

645g
I

!*

655g

4214

42U

*____

90*8

112
i*U0

113
115
105

96
107*4 IOSI4
,*182

97l2
96*4
51U1
5014
95*8
95i2
35 I *32
15
14*8
50

*48

71*2
113*2
6434

807s'

190

97**
61*4'
951*
35
15
50

90
15

7678
45
56

58*2
41
79

655g 67*2
100
100
5*8
*4
46
*40

142

I

190

7878
1
•
1

45
59

10012 1001*
434
414

111
115

*14
*48

111

14*4
75i2
44?g

15*4
793g

93*4
109 i*109
110l2
90*2
88i2 90*8

51

705*

90

79

897g'

95*8
*3H2

64*4
791*

22

437$

86

142

9134 94*4
1097g 110
89
86
112i2 113*4
*110
102

115
105
1075s 108
189
189
98
98

50*8
95*8
*31

1478
*48

50*4
95*2
34
15
50
73

73
71
71*2
109*2 1123g 110
111*4
65
64*4 6434 *60
775g 81**'
785g 82*4

102*8 103 | 103*4 103*4' 10378
63
64
64*2
65*2
60*4
61
60*2 64*4!
62*4 64%
62*8
103 | 102i2 103 1 103
104
102
23
22*4
22*4 23 1
231t

sales on this day.

7,100
8,900
400

...100
100

Advance Rumely
Do
pref

50

Ajax Rubberlnc

38,600
34,700
6,700
1,150
2,200

Alaska Gold Mines
10
Alaska Juneau Gold Mln'g. 10
Alils-Chalmers Mfg v t c. .100
Do
preferred v t c
100

200

100

Amer

Agricultural Cbem.,100

Do
pref
4,000 American Beet Sugar
Do

100

100

pref....

100
40,500 American Can
Do
pref
100
1,500
American Car A Foundry. 100
8,400
Do
700
pref
100
100
4,600 American Cotton Ol
100
Do
pref
100
American Hide A Leather. 100
Do
4.700
pref
100
100
1.700 American Ice
Do
1,000
preferred
100
4.700 Amer International Corp 100
100
5,800 American Linseed
Do
1,000
pref
100
10,500 American Locmotive ....100
220
Do
pref
100
800 American Malting
100
Do
1st pref
400
100
American Shipbuilding
100
85.050 Amer Smelting A Refining 100
730
Do
pref
100
100
10,000 Amer Steel Foundries
3.300 American Sugar Refining.. 100
Do
100
pref
..100
100
50,220 Am Sumatra Tobacco
8,515 Amer Telephone A Teleg 100
100
100 American
Tobacco
320
Do
100
pref (new)
100
2.300 Am Woolen of Mass
Do
550
pref
100
300 Am Writing Paper pref
100
25
1.300 Am Zinc Lead A 8
Do
100
pref
25
49,100 Anaconda Copper Mining.59
15.300 Atl Gulf A W I 88 Line... 100
150
Do
pref
100
96.300 Baldwin Looomottve Wks.100
100
Do
pref
100
100
1,400; Barrett Co (The)
100
4,400 Bethlehem Steel Corp
Do
class B common..100
125,2001
cum oonv 8% pref
Do
4,550!
Vo par
1,700 Booth
...

...

46
142

96*4

113

102

42*2

85*8

111

9712 101*4
10734 108*4
*182

90
48

97*2

79

885*

*9512
6U2

58*4
66I4
5i8
2i2
28*8
845s
10278
100
615g

97
84

15
76*4
45
*55
58
41U, 407g

*40

4*4
21*

23

96

1534
80*4
45U
5514
58l2

*

7078

22

1st
pref...—.....60
2d pref
6
12,700 St Loula>San Fran tr ctfs. 100
St Louis Southwestern.... 100
Do
400
pref
100
100
9,300 Seaboard Air Line
Do
Do

500
800

‘

95*8
835s

85*2

64
645g
*99*4 10012
*334
512

98

102

22

29
21
61
10
23
37

46*8

79

190

64

24
39

47*2

40i2

110**

62*2

10278
95’s
6U*

85

58

901*

103

82

i

427$

45U
55U

50

617g
61*8

15*4

58
66

80

321*
1434

103

26

59

15U

5U*

564*4
77i8

10*4
40*4

22U

.41*4

95

108

10
18

23l2

111

110

70i8

39*4
15*2

Railroads
Par $ per share.
81
Mar23
11,700 Ateb Topeka A Santa P6..100
80
Jan30
Do
pref
100
2,400
89*s Apr22
600 Atlantic Coast Line RR..100
49
Jan24
100
21,300 Baltimore A Ohio
53
Apr25
Do
pref
100
1,300
36 June26
5,800 Brooklyn Rapid Transit.. 100
135
Mar25
100
10,300 Canadian Pacific
49*4 Janl5
100
21,200 Chesapeake A Ohio
6
Apr 9
4,800 Chicago Great Western.. 100
18*2 Apr 9
Do
pref
100
3,200
37*4 Apr22
13,400 Chicago Mllw A St Paul..100
6614. April
Do
pref
100
9,000
89** Mar25
1,525 Chicago A Northwestern..100
125
Julyl5
Do
100
pref
100
18
Apr22
51,000 Chic Rock Is! A Pac temp ctfs.
56*4 Janl5
7% preferred temp ctfs
3,500
46
Jan15
temp ctfs....
6% preferred
3,500
26
Feb21
400 Clev Cin Chic A St Louis.. 100
58*4 May 7
Do
pref
100
18
Apr22
100
700 Colorado A Southern
47
Apr 3
Do
1st pref
100
100
40
Apr 4
Do
2d pref
100
100*2 April
100
600 Delaware A Hudson
160
Aprl7
800 Delaware Lack A Western..50
2*4 Jan 4
Denver A Rio Grande.... 100
5
Apr23
Do
pref
100
3,300
14
Aprl7
100
36,800 Erie
23*g Janl6
Do
1st pref
100
17,400
18*2 Jan25
2d pref
Do
100
1,200
86
Janl5
100
27,700 Great Northern pref
25*s Janl5
Iron Ore properties..No par
10,270
92
Jan 7
10O
2,600 Illinois Central
6*4 Sept20
7,500 In ter boro Cons Corp_.No par
29
Septl6
Do
pref
100
1,500
15*s Aprl7
100
17,000 Kansas City Southern
45
Jan 5
Do
pref
100
1,000
7*4 OctlO
100
1,000 Lake Erie A Western
18
Apr23
Do
100
pref
100
65
Janl5
60
10,200 Lehigh Valley
110
Jan 2
700 Louisville A Nashvllle....100
7** Aprl7
100
6,800 Mlnneap A St L (new)
4*g Jan 5
2,300 Missouri Kansas A Texas. 100
6*2 Jan29
Do
pref
100
2,400
20
Janl6
100
74,700 Missouri Pacific tr ctfs
41
Janl5
Do
pref tr ctfs
100
3,900
67*2 Jan 15
100
29,300 New York Central
27
April
24,000 N Y N H A Hartford.... 100
18*4 Jan22
3,200 N Y Ontario A Western.. 100
102
Jan24
A Western
100
4,400 orfolk
81*s Jan24
100
26,500 Northern Pacific
43*4 June27
60
11,700 Pennsylvania
9*2 May 1
100
2,800 Pere Marquette v t c
52*2 Apr 3
Do
800
prior pref v t c
100
30
Apr 5
Do
100
pref v t e
100
22*s Jan 2
100
12,700 Pittsburgh A West Va..
61
Jan10
Do
300
100
pref
70*8 Janl5
50
66,800 Reading

10*4
Do
pref
100
23*2 23*4
4,800
100
107*2 109*4 401,800 Southern Pacific Co
100
76,200 Southern Railway
33*8 34
Do
pref
100
4,700
7178 723s
Texas A Pacific
100
24
27*8 23,900
48
48
100 Twin City Rapid Transit..100
100
1357g 137*4 36,990 Union Pacific
Do75
75
pref
100
4,800
*10
1,600 United Railways Invest.. 100
10*2
Do
*17
18
200
pref
100
100
10*8 10*2 10,900 Wabash
41
Do
pref A
100
40*2
8,700
25
700
Do
pref B.
25*8
.100
15
15*2 20,300 Western Maryland (new). 100
Do
300
2d
30
30
pref
100
100
2,300 Western Pacific
2U2 23
Do
62
preferred..
100
62*4
1,800
10
I-ake E Ry__ 100
9,600 Wheeling A
10*%
24
24
600
Do
preferred
...100
...100
37
200 Wisconsin Central
37

237g

21*8
5512

45*8
94*4
85*4

888*

50

39
10

no

9*2
39*4
*24*2
14*4

38

2U2
55*4

*75

151*
8Hs

32ig
1484

24
38
10

9
*17

1017g 103**
*94
96i2
601* 6I84

90.

95

37*2
39*4
14*4
*19*2

23
37

27
80

271*

5012

91l4

92*4!
38*4
39*4
14*4

37*4
78*2
93

5l#
26*

1115* lllSg
94i2 106
108l2 1091*
*182
*95

35*8
78*2

80

32*4 34*4
70*4 71*4
225s 24*2
*42l2 51
134*2 137*2
73*4 74

61

40

Highest.

f per share

t per share

S per share

15*8 Aprl9
80*2 Jan24
20*8 Apr30
Jan21

May 4
39*8 Junel3
109*4 Jan 15
Jan 3

69

444 Janl5
10** Apr 9
7
Apr26
37
Aug 2
20*4 Janl5
12*4 Oct 8
20
13
46
8

Jan29
Jan 2
Jan 3

Apr22
17** Aprl7
34 May 2

t Ex-rights.

§ Less than 100 shares,

..

a

Ex-dlv. and rights;

x

11

257s
49

1*4
li2
17*4
72U

Janl9
Jan 9
Jan 2

Apr27
Apr 1

Janl5
Jan 4
Jan 2
78
89*8 Janl7
Nov 2
58
x82
Septl3

34*8 Jan 15
89*4 Jan23
68*4 Janl4
Jan 3
Jan 16

106
25
78

1178

Mayl
JanlO

Jan 2
11*2 Jrn 2
38*4 Janl6
51*2 Septl3
27
Jan 7
69*4 Jan 7
5312 Jan 15
x95
Jan 4
2*8 Sept28
39
8ept25
50

Feb21

90
73
103
58
98

May28
Sept 25
Janl5
Janie

108*4 Mar23
60*4 Jan 5
90*8 Aug 5
140*2 Jan 5

Septl4
44*8 Janl5

92

s

92

Jan 4

20*4 April
1278 Janl8
41

Jan 2

*69*8 Janl8
97*4 Jan 5
58
56*8
93
85

Jan 5
JanlS
Jan 2
Jan 4

60*4 Nov 8
60*2 Nov 7
96*2 Jaal5
21
Jan21

Ex-diridead.

Tear 1917

Loteest

35
Jan12
35
Mar30
9*8 Apr 3
Oct 2
19
28
Oct 2
7
Aprl7

67
14

Range for Prestons

Highest.

Lowest.

Industrial A Miscellaneous

142

645*
64U

|10134 102
22

*

40

6012
95g
23
37

21

45U 46
54i2 54l2
57*4 581*
4078
*7914
641* 64*8
*9978 100i2
5
4?g
*41*4 45

41*8
791*
641*
9912
334

108*4
10712 108i2

22*4
1065

85
15
81

56
58

112

39*4
13*8
*19*2
37*2
9*8

49*4
16*4

....

641*

c

4512 46*4
9334 93*4
84*4 851*
109*8 1101s
42
4214

1618
81*8
4534

*109
106

*37

16**

60*2
9*2

*22
*35

0

82
1021*
96l2
585s 60*4

961*

1301?
'8618 87*s
108U 108*4
871* 891s
1101* 110«*

|94
50*4

22
37

90*8

9078
37*4
39*2
133s

4914
16*4

29
19

9*2

M

102
*94

10978 110
*41

*2112

w

60

9*4

99*4 102*4

28
19

28
19
60

518
27#

*18*2

31

31
19

a
U

213s
55

*28

*77

133*4 134*4
71*2 73
*10
10*2
1678 17
9*4
9*8
39*2 40
24*8 24*8
14
14*2

W

18

36
80

*19*2 24
377s 377g
9*2
9*4
21*2 2214
104*4 1087s
32*4 32*4
70*4 70*4
22
225g

1

24

14*2
6%
1214
31*4
61*8
83i2
42V8
24*4

110*2 111

41*2
36*8

35*2

k-

51

1317g 133*2
71
71*2
*10
10*2

10*2
18

79

103*4 105
315s 323g
69*4 70
20
225g

*44

*17

355s

82

41*4

60

C
*78

301s
61*8

104
50

97

64*8

-

12

311*
61%
83*2
42*4
23*4
11134

48*2
15*2

-

6*8

6*2

97

-

13*4

12

48*8
15*2

2

-

14

9*4
37*2
23*4
57*2
10*2
25

63*2

64*4
119*2

2878

60

*20

25

•20

25

108
96

H

105

878

10**

10*2

11*4
28*2

104

56

*53

127g
6*8
11*4
28*2
59*4
80*%
39*4
223s

100*4 103*4
32*8 32*4

32*8
103*4 104
8*2
9*8

21*8

21*4
25
62
*117

26

36

*34

35
21*8
58

2078
36*8

26

32

1025* 103*4
8*4
8*S

8

2112 221*
108*4 109

23
108*2 108*4
03
93*8

46®s

32

•53
•10
11*2
*20
25
61*2 62*4
116*2 1177g
1212 13

*20
25
60*8 60*2
116*8 116*8
12
12

98
32L

9678

19*2
34*4

18*8 21*4
337g 36
245g 26*4
98*2 104!4

18*8
337*
24i2

24

31*4
10214

2078

*125
29
29*8

137

18*8
33*2

1778
33*2
24*4
96*8

17*2
33
24

24

35

129
*125
129
32
30*4 31*4
28*2
85
85*2
83*4 85
81*4 82l2
73
73
72
73i2
70*4 71
40
40
391*
40
*36
39*2
75
*70
75
*70
75
*70
25
25*8 25*2
25*4
*24*4 26
57
*54
56
*54
*53
60
*44
48
48
*43
*43
48
116
116
117*2
•114U 1161- *114
181
182
180
182
180
180
*5
6
*5
5*8
*412
5*8
ll7a 12*8
11*8 12
11*4 llSg

55
•43
•114

11

84

102*4 103

247*

247$

6058
8*8
25*8
51*2

*125

70
38
75

6934

69*4
39*2

59*4
61*4
41*8 42*8
170
171l2
60*4 61*4
9
8*4
267g 27*2
51*2 5212
84U 85*8
105*8 106*4
58
61

41*2 43*2
1665s 172
60*4 61*8
8*4
8*4
2514 267|
51
62*4
827« 86
103% 105

167

83

81*2 82*4
10212 10212
•125
145
129
129
28
28*4
27** 27*4
80*2 81
80*4 80*2

88

62

*61

98*8
90*2

97

1037g 107
57*2 59*8

8*8
2478
50*2

25*8
50*2

$ per share

61*4
41*2

61*4

38*2

Nov. 8

$ pei share
98
96
88
87

$ per share
95*8 95*4

86*2

85*2 86*t
102*4 103

86

Nov. 7

6

Non

EXCHANGE

Friday

PER SHARE

PER SHARE
Rangs since Jan. 1.
On basis of lOO-tAar* lots

STOCKS
NEW YORK STOCK

Week
Shares

Thursday

Wednesday

Nov. 5

Salesfor

NOT PER CENT.

HIGH AND LOW SALE PRICES—PER SHARE,

Saturday

usually Inactive, see preceding page.

of itlei during the week of stocks

75
75

98*g Nov 8
90*2 Nov 8
107
Nov 7
59*jr Nov 7

r79?s
38*4
48*4

61*4 Nov 6
4SU Jan I
174"g Octl4
617g Oct23
Nov 8

36
126
42
6

27*2 Nov 8
64*4 8ept 7

35

9

86

17**
62*2

Nov 7

85

105*4 Nov 8

137*2

Jan20
Nov 7

137
32

16
44

85*2 Nov 8
73*2 Nov 8

35*4

Nov 8

26*8

61*4

Oct23

67

24

Aug28

40

18
44*8
41
87

Nov 4
Off 23

55
47

117*2 Oct211
185 Sept 4
6
Jan 3!
13&h Jan 2

21*4
36*8
26*4
IO414
34*8

Nov 7
N

>v

8

N)V 7
Nov 7
Mayie

105
9*2
47*2
2334
5712
10*2
25

Nov 8
Jan 3
Jan 3

Nov 8
Nov 8
Febl9
Oct22

6434 Nov 7
121*4 Oct22
14*2 Nov 8
6*2

12*4
3112
61&8
83*2
4578
24*i
111*4
104
50

Jan 2
Nov 8
Nov 7
Nov 7
Nov 7
May29
Nov 8
Nov 7
Nov 7
Nov 7

1634 Nov 8
63
42

Oct 5
Ocl22

38*2 June21
81
Augl3
96*4 Oct23
39
Mayl5
40
July 6
15*2 Nov 8
2334 Oct22
40*2 Jan 3!
10*4 Nov 8
237g Nov 7
110

Nov 7

34*4 Nov 7
72*8 Nov 7
27*g Nov 8
66*«

137*2
75
12
20

Jan31

Octl9
Nov 8
June27

11*4
44is
26*2
17*4

May 7
July 8
Jan 2
June26
Feb 15

32

June22

24*2 June20
64

June27

10*8 Nov 8
24

39*4

Nov 8
Oct22

23*2 Nov 7
59

Nov 7

66*4 Nov 8
5*8 Nov 6
3*2 June21
37
May24
86*2 May24
106
101
84

Oct 17
Auk27
Feb27

91** May 8
50*4 Mayl7
97*2 Nov 8
88*8 Sept 27
111*2 Sept30
44*4 Oct 18
85

Nov 6

22*8 Sept 4
9478 Auk24
49

61

Oct28
Oct21

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Oct

Nov
Nov
s»pt
Nov

167*2 Dec
5

978
13*8
18*4
15*8
79*4
22*8
85*4
5*4
39*2
13*2
40

Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec

Dec;
Nov;
Nov

8*2 Nov’
23

Oct!

50*8
103
67s
3*2

Dec!
Dec
Dec

7

Nov

Dec

1978 Nov
37*2 Dec
62*2 Dec
21*2 Sept
17
Nov
925* Dec
75

Dec

40*4 Dec
12
Dec
45
Nov
37
Oct;
18*4 Dec
53*8 Apr
60*8 Nov
34
Nov
3378 Dec
12
Dec
22
Dec
34
Dec
7*4 Dec
1678 Dec
75*4 Dec
21*2 Dec
61*8 May
11*8 Nov
Dec
62
101*4 Dec
69*4 Dec
4*4 Dec
11*4 Dec
Nov
7
36*4 Dec
18
Dec
12
Dec
20
Dec
10*2 Dec
35*2 Dec
7*2 Dec
16** Nov
33
Dec

7*2 Nov
19

Oct

46*8 Dec
1

Dec

1*4 Dec
15
65
72
91
63

Dec
Dec
Dec
Dec
Dec

78*2 Dec
29*2 Nov
87
57
100
21
80
10

Dec
Feb
Nov
Dec
Dec
Feb

43*4 Dec
87* July
35

Dec
Oct
Feb
48
Feb
46*8 Dec
93
Dec
8*4 Dec
Dec
60
Nov
88

69*2 Oct 14

46

43

15*«

Aug 10
81** Junel3

7184 Mayie
102

Nov

1

13*2 Feb 6
68*8 Feb 6
144
Mayl4
9434 Oct 18
110
94
116

Nov 4
Oct28

67*8 Dec
r99*s Nov
50*8 Dec
89*8 Nov

May 15
113*2 May 8
145
May24
109*4 Feb 1

106
30

Dec

195
99

123
89

Dec
Dec

Oct 21
Feb23
6078 May24
957* Marl2
393g Aug28
21*8 July 3
63*4 July 11
x74*4 Oct 18
120*4 Febl8;
66*s Oct23
101*4 May Ik
Oct21
104
Octl8
109
96
May 16
94 Mayl6

1067i Apr29
28*t Sept 5

May
95*4 Dec

37*8 Feb!
87
Nov
17

Nov,

10*2 Dec
39*2 Dec;
51*8 Nov'
87^8 Sept
54
Feb
43
93
82

Feb
Dec
Dee

66*4
r66*8

Dec
Dec

93

Dec

107‘x Jan
100*2 Feb
Jan
Jan

119
85

Jan

767s
82

Jan

167*8
65*4
14ig
41*4

Mar
Jan
Jan
Jan

92

Jan

125*2 Jan
124*4 Jan
172i2 Feb
38*2 June
84*4 Apr
71
Apr
Jan
Jan
Jan

61
80
30

57** Jan
46
Mar
1517s Jan
Mar
238
17
Jan
41
Jan
34*4 Jan
49U Jan
39*4 Jan
H8I4 Jan
38*8
106*8 Jan •
17*8 Jm
7214 Jan
257g Jaa
68*2 jaa
25*4
63*4 Jaa
79*2 Jan
133*14 J»a
3214 Jaa
11
Jan
20it Jan
34
Jan
61
Jan
103*8 Jan
527, Jan
29*4 Jaa
I38*g Jaa
110U Jan
57*8 Jaa
36*4 J*a
73** Jan
67 June
35*4 June
J»a
68
104*4 Jaa
45
Jan
45*2 Jaa
26*8 J«n®
32
Jaa
53
Jan
Jan
18
3912 Jan
98*2 M>r
33*8 Jaa
70** Jaa
19*4 Jan
95
Jaa
149*8 Jan
85
Jan
11*8 Jaa
23*4 Jan
15*4 Jan
68
Jan
30** Jan
23
Apr
Mar
41
18i* May

July

48

2278 Jan
50*8 Jaa
54*4 Ja»
18*2 jaa
37*8 Jaa
Jan
80
11*2 Jaa

Mar
May
Mar
May
Jan
Feb

8*8

32*8
867g
951*
103i2
1021*
98
63

Jan
May

lilts
80*8
118*4
50*2
101*2
17*4

June
June
May
Jaa
Jaa
Mar

Jan
167$ Aug
55
July
62*4 Aug
29*8 Aug
75
Nov
82*4 Jan
1067k Jaa
19*4 Mar
71*i July
75

93
Nov
112*4 June
117*8 Jan
75 June
126*8 June
121*2 Jan
62*2 Dee
128*2 Jaa
220
Mar
109*4 Jaa
58*4 June
100 June
54*a Mar
41*s Jan
72*8 Jan
May
87
121*8 Jan
66
Jan
76*8 July
102*s Jan
136
Jan
Jan
515
156 June
inn*

Oct

b Before payment of first installment.

New York Stock

Record—Concluded—Page 2

For record of sale* during the week of

Monday

Tuesday

Nov. 2

Nov. 4

Nov. 5

$.per share $ per share $ per share
154% 15o>2 152% 155*4
IU%
24
44

20
62

20*8

20*4

62

62

6318

02*4

63*4

10*2

24%
435s

43%

20

61%
62%
*105
37

107
37

94%
2134
41

9412
2214

41
40

39^s
*387s

3978
71

4712
102
54
89

49*4
102

5678
8912
31*4

31is

8912
30*4
80*8
47U

80
48

80

47s*
14%
28%

82

10134 101%
81
81*8

81

6t>
*66

54*4

5412
06
*44

67
45

5312
*1312

54*8

66
106

45
54
14

14
56
101

119% 12118
3312 34

3312

33*2

63
66

63
57

3914
71%

*35*4

3978
7212
2012
36^4

*91
•73

96
79

*91
*73

*6312
34*2
•6212

6412
3412
6312

*6312

*20

5512
30U
79*4

*101

104

14

2914

43

44
*88
60
*104

2OI4
105
*47

16
44

*10012
15*4

90
.

6012
103

20*8
106
50

44«8
71$

45U
7*8

33

33

6412
113

66*4
34*8
45*4

82

55
*05

58%

65*4
114

56*4
34*4

*44
*88
60

14

50

45*2

7*8
33*g

33*4

6512

7*8
67
116
60

3412
46 1
45*4 46%
101
101%
101% 101
17
17i4:
17U 1712
49
49
4914 49*4
83is 8318
*8212 8312
67lg 6712
6714 6714
33*4

98
98
*95
*95
*88
88I4 *88
125
125
124*4 125
66
66
66I2 67%
*10012 102
*10012 102
24*8 24*4
24*8 24*8
....

78U
*9914
117

*9%
*155
*15
34

5012
631*

7978
99*4
120

*92
*16

165
16
35

50%
64U
36
100
17

18378 186
70ig 77
*9312 96
72i2 7212
37

120

1012,

....

3514

787g
99*8

37

912
*156

*15

34<2
5012
64ig
*94

37
*95

16i8
186

75<2
*9312
*72

367s

101
*105
145
14
1412
4612 *42
97
101*4
96
*9312

10014 101
*105
*140
*14
•42
99
•93

66*4
103
47
*46

120
145

68*4
103
47
47*4

43*s
*62

*4512
23*8

69
92
44
70

33%

◄

Q
A

O
M

O
w

47*4
24
....

1 61
>

61*8
12014 120U

w
11

Q
H
CQ

0
A
u
a

0

i

37

O

27*4
44%
79
*101

15%
44%

1412
44
*88

92
62
108

20*4

62%
*104

20*4

20*4
103

10112 102
51

51%
46*4
7%

51

45*4
7*8

46%
7*8
35%
67%

33*4
66I4

59

34%
46%
101%
18

X

49

w

•8212
68*4
*9312

49*4
83%
68*4

O
O
Cs

*88
126

165

15*4
35

50*2
66I2
97
37
100

16*8
189

-

-

67%
102

i 102

24%
81%
121

6*4

9*4
165

15%

1512

36
52
68
97
37
98

35
*51
66
97
37
*97

157s
189

•33%
38%
67%

77
64%
40

96
77

64%
41%
69%
31%

30
169

16%
190

28

28%
40

43*4
78*4

79

15*4

-15

z43%

62%

15*4
43%

*82

45
92

92

z62%

106

*104

20*4

20%

105

*103
52% *50

|

98
89
126

47%
7%
35
7012
120
122%
60
60%
34% 34%
47% 50%

*95
90

52

52

52

62

69%

72%

67% 72%
*98% 104
36% 37%

....

*95

*95

16%
190

100

16%
194

78%

97
73

*93

96

96
75
37

96
75

*105

36%
16%
192

120

145*4
14

4612
101U
98

*105

120

144*4 144*4
14*4
*1312
*42
46%

9812 102
9412

94%

69*8

71%
104%

103

47%

4712
*46

48

10112 103%
111*4 1117S
89*8 90%
16
*13

58*4

5812
*109

114

69

69

69

93U
4412
6412

927s
44U

93%
45%

8412
61%

85

24U

64U
12114 122
120
52
90

•04

63
*122
*113
52
•89

■

47%
24%
85*4
64*4

125
120
52

37%
102% T03*4
144
*14
*42

48
*46

106
50
47

100*4 104%
111*4 112
89
90*4
13% 14%
58% 60%
*109

68%
92%
44%
....

47

112

68%
92%
45%
....

47*4
24*4 28%
85
85%
63*4 65%
125
125

this day.

*113
52
91*4 *88

97
*70
38

100

16%
195%
79
98
75
38

102% 104%

•105
147
147
15
14*4
46% *42

97% 101
*94% 96
72% 75%
104

78%

37

115
147
15

4612
99*4
94%
74%
106
106%
49% 50%
*46
50%
101% 103%
112% 112*4

98%
94%
72%

90

91

14%
59*4

15*4
60%

*109
68

92%
45

*63%
47%
20%
84*4
65

124%

111
68

92*4
45%
70
47%
27%
85
69%
125

120
*113
52
*51
91% *89

120

*"0,

f Mr,
•Bid auu adfcea prices; no sales on

70

4712
2412
85*4

100
90

25
25
24*4 25 1
79
77% 82%
80%
*99% 100 | 99% 99*4
120
120
123*4 117
10% 11 1
11
12%
167
164*4 165% 166
15% 15*4
15*4 16*8
35*4 38
36% 38

76*2

367s

20*4
106
55

126*4 127*
68
68%
69%
102 I 102% 102%

77*8

73%
37*8
101^8 10212

62%
106

46%
7%
34%
09%

61

*76%
73*2
*3612

28%
44%
79%

....

7812

102
120

176

33*4 34%
46% 48%
*101
102
101% 102
17*4 18*8
17*4 18%
49
49% .49%
49*4
83
83
*83
83%
68*4 68*4
67% 677s
98
*88
126
68

-

*99U 100

*156

40%

*91
*73

■

98
-

24*4
795s

125

912

l

126

07U
*100

20

96

73
20

40%

20%
40%

47%
7%
34% 35%
67
70*4
116% 122

115

17U

M

40%

2,200
2,400
2,700
3,400
4,400
1,300
10,900
100

2,500
3,300
23,100
5,600
1,900
4,000
7,400

1,100
76,300
1,200
27,200
700

21,000
5,300
12,400
15,100
6,800
2,063
13,300
3,200
8,400
1,000

Lowest.

Burns Bros
100
Butte Copper A Zinc v t c__5
Butte A Superior Mining..10
California Packing
No par
Callfomal Petroleum
100
Do
pref
100
Central Leather
100
Do
pref
100
Cerro de Pasco Cop
No par
Chandler Motor Car.
100
Chile Copper
__
25
Chino Copper
5
Colorado Fuel A Iron
100
Columbia Gas A Elec
100
Consolidated Gas ( N Y)..100
Continental Can, Ino
100
Corn Products Refining. .100
Do
pref
100
Crucible Steel of America. 100
Do
100
pref
Cuba Cane Sugar
No Par

600

7,000
500

«7

i boss tnaa 1JJ sabres.

52%
92

_

Do
pref
100
Distillers’ Securities Corp.100
Dome Mines, Ltd
10
Gaston W A W Inc_.No par
General Electric
100
General Motors Corp
100
Do
pref
100
Goodrich Co (B P)
100
Do
pref...
100
Granby Cons M 8 A P
100
Greene Cananea Copper. .100
Gulf States Steel tr ctfs..l00
Haskell A Barker Car..No par

2,200
20,500 Inspiration Cons Copper. .20
100 Intemat Agricul Corp
100
1,100
Do
pref
100
7,700 Intern Harvester (new)
100
22,300 Int Mercantile Marine.. 100
Do
136,200
pref
100
17,700 International Nickel (The) 2 5
2,700 International Paper
100
500
Do
stamped pref
100
1.700 Kelly-Sprtngfleld
Tire
25
44,000 Kennecott Copper
No par
100
5,900 Lackawanna Steel
No par
1,000 Lee Rubber A Tire
700

Loose- Wiles Biscuit tr ctfs. 100
Do

200
200

9,200
2,000
5,400
121,300

2d

pref
Mackay Companies
Do
pref
Maxwell Motor, Inc
Do
1st pref
Do
2d pref
Mexican petroleum
On
pref
Miami Copper....

IOO
100
100
100
100
100
100
IOO
5

3,900
30,700 Midvale Steel A Ordnance.50
100
1,300 Montana Power
Dn
pref
IOO
Nat Conduit A Cable No par
4,700
1,200 Nat Enam’g A Stamp’g
100
Do
100
pref
100
1,200 National Lead
200
Do
pref
100
2,900 Nevada Consol Copper
6
New York Air Brake
50
3,850
300

24,700
1,000
23,000
18,70(
1,700
9,000
6,000
22.00C
1,30C
16.30C
4,300
40(
800
100
10C

North American Co
100
Ohio Cities Gas (The)
25
Ontario Sliver Mining.... 100
5
Pacific Mall 88
Pan-Am Pet A Trans
50
Do
pref
100

People’s G L A C (Chic).. 100
Philadelphia Co (Pittab)..50
Pleroe-Arrow M Car...No par
Do
100
pref
Pierce Oil Corporation
26

Pittsburgh Coal of Pa.... 100
Do
pref
100
Pressed Steel Car
100
Do
100
pref
Public Serv Corp of N J..100
Pullman Company
100

1,300
4,900 Railway steel Spring
100
200
Do
100
pref
5,200 Ray Consolidated Copper. 10
18,700 Republic Iron A Steel
100
600
Do
pref
100
6,080 Royal Dutch Co ctfs dep....
2,500 Saxon Motor Car Corp... 100
700 Sears, Roebuck A Co
100
4,200 Shattuck Aria Copper..... 10
20,700 Sinclair Oil A Refg... No par
500

Sloes-Sbeffleld Steel A Iron 100

73,800 8tudebaker Corp (The).. 100
100
Do
pref
100
2,400 Superior Steel Corp’n
100
1st pref
Do
100
2,800 Tenn Copp A C tr ctfs.No par
11,700 Texas Company (The).... 100
40,800 Tobacco Products Corp. .100
1,100
EH)
pref.
100
300) Union Bag 6 Paper Corp.100
800 United Alloy Steel
No par
12,600 United Cigar Stores
100
Do
100
pref
1,000 United Fruit
100
200 U S Cast I Pipe A Fdy
100
Do
pref
-..100
29,300 U S Industrial Alcohol.. 100
300
EH)
100
pref
37,200 United States Rubber
100
Do
5,100
1st preferred
100
5,200 U S Smelting Ref A M
50
100
Do
pref
50
561,700 United States Steel Corp.100
2,150
Do
pref
100
9,100’ Utah Copper
10
2,600 Utah Securities v t c
100
9,000 Vlrglnla-Carollna Chem..l00
100
Do * pref
100
600 Virginia Iron C A C
100
4,315 Western Union Telegraph. 100
16,500 Westinghouae Elec A Mfg.50
100
Do
1st preferred
60
..60
1,900 White Motor
74,500 Wlllys—Overland (The).. 25
Do
3,200
pref (new)
100
18,800 Wilson A Co, Inc, v t o
100
800 Wool worth (F W)
100
Do
..100
pref
500 Worthington P A M ▼ t c.100
100
Do
pref A
100
...

ffV)

X fix-rights,

or»f

a

R

Ex-dlr. and rights.

PER 8HARE
Range for Preston*

Ranee sines Jan. 1.
On basis of 100-skars lots.

Industrlal&Misc.CCon.) Par

20C

75*8

15*4
437s

46
*101

58

39*4
72

60% 68*4
28% 31
162% 175%

27%
45%

331s

H

58

104

<

46




*91
77
*64

37%
67%

2712
44is
75U

*88
62
*104

73

38%

96
77
64

z

7978
99*4

46
24

*112
120
52
5214 53
90
•87
90ig

20%
38%

58
40%

72
19

73

120% 12134
34% 35
35
35*4
62*4 62*4

63

57%
39%

116
5912 61

46
100*8 102

*112

63

28
28
161*4 I66I2
104

15
31

120% 122%
34% 35
34% 35%

40%

3612
0412

32%
80%
49%

....

58

39*4
72i2
2012

41

136%
83
85
84% 85
58
59%
58% 58%
*103% 108
*103% 108
*81
82
82
82
57% 58
z55% 57%
*65
67%
65% 66
47
47% *46
54*4 55%
5434 55*4
*13
15% *13
15%
60
55% 58% *56
115
119% 11734 119
29% 30%
29% 30

33%
03%

58

r*

88

129

34%

3312
*62i2

46

4312
64*2

55

114%
31%
122*4 12512

671* 697s
103
103
47
47

69
93

15%

3012

lOOU 101*8
111*4 112*8 zllli2 112
88
88I2 8912
88I4
13
13
13
1312
5018 58
55*8 5578
110
110
*109
110
69
92

54*4

*36
*91
77
64

57

154% 156

*101
16
45
92
61

44*4

116
57

48%

54
*13
55
110

5412

105
IO5I4
2018 2012
99*4 104
*47

09

4614

48%

14
30

*80

78

40%

103% 104
73% 73%
47% 48
102% 102%
54*4 56%
88% 88*4
32
33%
80% 81%
48
48%
14% 14%
30
30%
156
156%
132
136%

103

53%

29*4

102i2 103

20

*74

78

•10078
1578

99% 101%
22% 23%
42% 43%
40
40*4

74

79%
47%

5512

275f
44*4

110
37*4 38

41
41

47%

11%
24%
47
22*4
65*4
62%

*106

99*4
23
42%

88
31

155
131
8412 85
57
58%

38%

27’s
43*8

277s
4412

277$

65*4
60%

107
38

103

89%

153
129

68
45

35
65
2714 275$
158*4 165
102U 102ls

27
f 16018 159

|

|
56*4!

81

96
79
65
36
65

66

73

31
80
51
15

47*4

85

38U

27

|

103

*88

80*8
47*4
147s
29*4

?0

22

40
40

48*s!

47*4

5578 557g
106U 108%
29*4 3012
121<8 12312
33% 337s
*3312 34*2
0278 627g
57% 5718
39% 397s
71*8 72

29*4

29*8

40%
74

103

z56% 57
10112 101*4

—

40

22*4

9612
22%
42%

22%

*71

129*4 131*4

»1%

97

42*4!

31 *4

12714 12912
81*4

375g

46*4

154

11%
23%
46%

1025s 103U *101% 10478

8912

*15412 15512

107
37

I

39*4
39*8

14
29
15412 15412

1478
23*4

63%

42

42
42
*39
4012
39
39*4
102*4 103
7212 7212
48
497s
10212 10212
55
5014

10112 102»8
70

2212

60%

154

25

107

37U
*95*2
2214

96

24
45
21
63

$ per share

11%

6312
03*4

02*4
*105

11*8

1821

second page preceding.

STOCKS
NEW YORK 8TOCK
EXCHANGE

the
Week
Shares

Nov. 8

Nov. 7

25
45
21

*62

107
36*2 37

j

m21

44*8
20»2

*105

9512
2218

Nov. 6

Sales/or

Friday

Thursday

$ per share ) $ per share
155
154
154
L55
11
24

10*4
24
44

1U‘2

Wednesday \

see

PER SHARE

HIOB AN D LOW SA1LB PRICES--PBR SHARE, NOT PBli CENT.

Saturday

stocks usually Inactive,

l'»0

Year 1917

Highest.

Lowest.

S per share.

$ per share.
5
108 Feb
8% Apr 25
16% Jan 2

$ per share

12%
33%
10%
29*s

Nov 8

3

47

12
36

7
6

24% Oct 18

Jan
Jan

68

Oct 18

73% Feb 27
60% Nov 7
102% Mar 14 *107 Mar 8
38
Oct 21
29% Mar 6
68% Jan 2 101% Nov 8
24 Oct 18
14% Apr 4
47% May 16
36% JunelO
54% May24
34*4 Jan 29
41% Oct 17
28*4 Mar26
82*4 July 15 *104% Nov 7j
Feb 19!
95
65% Oct
7
49% Nov 4
29% Jan 15
*90% Jan 7 103 Oct 3i
62 Jan 12
74% Mayl6
80 Jan 31
91% June 4
33% Feb 20
27*2 Apr 10
83 Feb 18
78% Mar25
2/33
6

64%May24!

JftD
2
JunelO

15
39

25*4 Oct 11
127*4 Jan 7
106*4 Jan 15
75% Oct 10
38
96
74

158% Oct 18
164
88

Jan
2
Jan 10
Jan 25

103
86

Jan
Jan

8
6

19
65

104

Oct 14

21

Jan 15

83% Jan
27

June20
Junel8

33

Oct 10

Jan 22
Apr 2
Mar25
71% Nov 4
12
Apr 2
17% Jan
8
Feb 15
53
71*4 Junel8
67 Jan
4

68
41
29

23%Jan 15
61 Apr 24
19 May27
79 Jan
6
87 Jan 15
26% June 7
43
Nov 2
64 June25
96 Mar 19
13*2 Apr 8
37% Jan
7
91% Oct 25
43% Jan 7
99*4Mar 2
17*4 Mai 25
99*4 Nov 4
37‘t AuglC
35% Mar25
4% Jan 22
23% Jan 21

63% Oct 30
Jan
8
39% Jan 2
21 Apr 12
$4 Jan 1C
86

89*4 Jan 26
15
Septia
Jan 15

Feb

88% Nov
45*4 Dec
83

Dec

24%
74%
11%
6%

"

Nov
Dec
May
Nov

74%
72%
32%
*91*8
05
34
77

Feb
Elec

Nov
Dec
Dec
Dec

194

Oct 19

104

Mnv

os

jan

'

jan

Af%
112

' jan

fjtov

92%

Nov
Nov

47

jan

137

27*2 Nov

an

Jaa
June

38

66% June
21% May
601* July

Nov

7% Nov
26% Nov
Dec
Feb
Dec

Jan
Nov
Dec
67%

19% Nov
49
13
67

Nov
Dec

25

Nov

Dec

0

33% Jan 31
61
May16
79% Oct 19

39*2 Dec
*68% Dec

Iftll* Jnlv‘20

OKI*

21*8 July 5
64% May20
99% Feb 20
64% Oct 19
105t2 Mayl8
21% Mayl6
139 May22
52% Nov 7

13% Dec

48
13

Oct 18
Junel7

35% Nov 7
72% Oct 28
124% Oct 28
61

Nov 6

35% Oct 29
50% Nov 8
Nov 7

102

jan

TW

24

Feb

36%
1061*
47%
49%
771g
64%
50%
1D37|

Mar
Oct
Mar
Jan
Jtin«
jaa
May
June
Jan

’

Tan

89*4 Feb
67% jaa
0i% jan
74% Jaa
40

Jan

1061] jan
97% June
43% Apr
6712 June
109% Jaa
11 / lt MIT

39

June

46% Oct
OQIs Itilw

37% Dec
99
16
98
39

Dec
Nov
Nov
Dec
31% Oct
3*8 Nov
18
Feb
87
35

Nov
Dec

63% Mar
114

"

Jaa

26*f June
156

~ Mar

72% Mar
143% Apr
7% Sept
30% Jpne
98

Jaa

106% Jaa

24*2 Dec

42

25
88

Dec
Nov

41% June
98% Ang

37*2 Dec

54% Sept

Jaa

19% Oct 16

Oct 15

71% Sept28
102*2 Aug 29
26% May)0
96

Mayl6

102% Sept 17
169

39

Jan 24

Oct 18

12% Nov 8
Oct 14

174
49
*90
99

90
Dec
Aug
Dec
83% Jaa
Jtn
Nov *107
Jan
Dec 131

106%
36%
88*2
19%

Dec
Nov
Dec

60
89
59

Feb
Dec

Nov

May
4% Nov
123% Dec

18% Feb 19

15

39

71% May24
72% Nov 8

25% Dec
33% Nov
33% Nov

97

86

33% Apr 24
80% July 3
34% Mar25
95 Feb 16
12% Jan 2
136% Jan 7
48% Mar25
*87% Marl9
65 Jan 24
36% Oct 30
83*4 Mar28
101% Jan
5
116%Jan 16
11% Apr 6

203
79
98
80

Mar26
Nov 4
Oct 11
Jan 15
Jan 15

99

* Par $10 per share,

171% Jaa
146% Jan

Jail

78% Feb 28
65 May28
41% Nov 8
09% Nov 8
31% Nov 8

June 8

Oct
2
Jan
4
85% Feb 6
59 Jan 18

Jail
July
Jaa
Jan
Jan
Oct
Jaa

jan

145

111
34

112%
91%
117%
55%
04%
44%
24%

55
70

M ar23
Aug22

3

47% Apr
134% Jaa
in3% jooe

IU
Dt

70%
4*4
133*4
14%
26%

45% Jan 2
110 Mar25

27% Mar
63% Mar

771(1

129

32% Apr 12
42*8 Apr 12
86% Mar25
108
Mar25
76*4 M ar25
11
Septl6
33*4 Jan 2
98 Jan 16
50 Jan
5
77% Aug 2
38% Jan 17
59 Jan 11
36*4 Jan
2
15% Jan 16

104*4 Mat

sn

Oct 19
Oct 21

109*2 Mar 5

Oct 9
Apr 11

fieb

10*8 Nov
12% Nov

42
86

7
7

Jan

18

Inn

41

22% July30

Nov 6

2

76

25% Nov
70% Dec
76
Nov

1157a

Nov
Nov

68

Oct

41
97
94
61
z95

Dec
Dec
Dec
Nov
11% Nov
35*2 Nov
29% Nov

26
68

4512 May 15
65% Jan 3

100% Jan
46% Jan

2
22%Jan 15
*72% Jan 15
92% Jan 2

52% Jaa

40% Nov 8
91% May 16

Nov 7

68% Feb 28
84 Feb 19
73
Augl3
100 Aug 6

Jan

nr

Nov
Nov
Dec

35

79*4 Jan 2
66% May28
93
Apr 27

95

55
97
25
56

28
118

A

17%
62%
24*2
18%
50%
36%

125% Nov 6

24% Jan 15

85

Dec

wfvtN 9

Nov
Dec
Nov

119% Nov 7

2

Jan 15

42

Nov 6
Oct 23

58% Nov 6
111% Apr 25
49% Juiy30
68% Oct 18

Oct 30
Jan
6

42% Jan 15
10
38

Augilj
Feb

1|
69% Oct 18

38% Jan 17
63
34

Nov 1
Feb 13!

yS tli

19K1,

161% Oct 26
12% July 10
33*i May 14

36% Jan

Highest

Feb

5

Nov 6

46% May 3
100 8ept27
21
July 0
Oct 18
Nov 8

Aug 1
May 13
44% MaylO
105% Oct 22
110 JulylS

148
19

Oct

19

May 7
47% Feb 1
137
May24
Mar21

75% Nov 7
106% Nov 8
50% Oct 19
40% Oct 28
116% Aug 28
112% Oct 23
93

Oct

19

15% Nov 8
60% Nov 8
110

Oct 21

73*2 July27
95% Apr 15
47% Mayl6
64% Feb 20
48% Oct 18
28% Nov 7
85*4 Nov 6
69% Nov 8
128% Oct 21
115
Sept 9
69
Aug 28
91% Apr 6
70*8 July20

n Par

Dec

Nov

30% Nov
96
11

Dec
Nov
114% Dec

42*2 Dec
*86

59*8
34%
81%
98%

Dec
Dec
Dec

Nov
Dec
Dec
Nov

*106
10
42
Dec
98% Nov
Nov
88
45
Dec
91
Dec
40
Dec
43% Nov

79% Dec
102% Dec
70% Dec
9% Dec
20
Nov
97
Dec
46
Feb
*70
Dec
33% Dec

52% Dec
33% Nov
16
Nov
09
Nov
42

Nov
99% Dec
113
Dec

23% Feb
88
50

Nov

May

$100 per share,

*

167*2
58
101

Jaa
June
Jaa

32% Apr
94% June
106% May
73% Nov
68

238%
29%
59%
74%
110i2
108%
51%

Jaa

Jaa
Mar
Mar
Mar
Jan
Jan
June

1912 June
243

Jan

80% Aug
106
112

Mar
Jaa

49% June
1277* Aug
120% Mar
154% Jan
24% June

171% June
106
67

June

Aug
114% Jan
67% Jan
52% Jan
136% May
121% Jah
118% May
24% Jan
46
May
112% Jan
77

99%
66

Mar

Jan
May

70% Jan
62i* jan
38% Jan
100

Mar

84% Mar
151

Jan

126% jan
37% June
97% June
63

June

Ex-divldend

1822

New York Stock

Exchange—Bond Record, Friday. Weekly and Yearly
now—“and interest*—except for interest and defaoited bonds.

In Jan. 1909 the Exchange method of footing bonds woe changed and prices
BONOS
tf. Y. STOCK EXCHANGE
Week Ending Not 8.

Price

freer*

Friday

Bangs

Bid

Ask Low

Bangs

Ji

or

Last Sals

Nos. 8.

U. *. Government.

g B *H« Liberty Loan.. 1932-47
084*

J
let Llb•rty Loan..
1932-47 J
U 04s24 Liberty Loan..1927-42 M
0*4)4* converted from let
Liberty Loan
1932-47 J
U 8 4 Sis converted
from
2d
Liberty Loan
1927-42 M
0 04«4e 34 Liberty Loan .19is VI
U S 4443 4th Liberty Lian.1938 4
0 S 2* consol registered...4194 » Q
0 8 2s consol coupon.....d 1931* Q
0 8 3c registered..
*191 Q
U 0 3* coupon
*191 Q
0 8 4* registered
1925 Q
U 8 4s coupon........
1925 Q
Pan Canal lfV-30-yr 2c.*193s Q
U 8
U 8 Pan Canal 10-30-yr 2s reg *38 <4
U 8 Panama Canal 3a g
1931 Q
Registered
1931 Q
0 3 Philippine Island 4s.1914-34 Q

54-year

99.98

D

Bale 99 M

100.00 3598

High

General gold

17.20 ill JO

__

.....

Foreign Government.
Amer Foreign Secur 8s.....1919
Anglo-French 5-yr 5s Ester loan.
Argentine Internal 5s of 1999
Bordeaux (City of) 3-yr 6c. .191*
Chinese (Hukuang By) 5s of 1911
Cuba—External debt 5e of 1904.

D 98.40 93.60 97.80
N *100
Sale 97 JO

27 33.00 98-50
93 30
100.00 1000 33.00 100.00

Sale 97.70

438 93.90 99.00

98.70

N
s
O

98.02
98.03
93
93
98

J
J
P
P
F
F
P
N
M
M
F

Gold debt 4s of 1904

Paris (City of) 5-year 6s
Tokyo City Be loan of 1912

3)4% Corporate stock...1954
...1961
Cana) Improvement 4s
1961
Cana) Improvement 4s
1962
Canal Improvement 4s
I960
Cana) Improvement 4)48.1964

F
A

Rocky Mtn Dlv 1st 4s... 1965
Trans Con Short L 1st 4s 1968
C&l-Arls 1st A ref 4 %s" A” 1962
8 Fe Pres A Pb 1st g 5s...1942
Atl Coast L 1st gold 4s
51952
Gen unified 4)4s
...1964
Ala Mid 1st gu gold 6s...1928
Bruns A W 1st gu gold 4s. 1938
Charles A Sav 1st gold 7s. 1936
LAN coll gold 4s
01952
Sav F A W 1st gold 5s
1934
1st gold 58
1934
Balt A Ohio prior 3)4s
1925
Registered
51925
1st 50-year gold 4s
51948
Registered
51948
10-yr eonv 4)4s
1933
Refund A gen 5s Series A.1995
Pitts June 1st gold 6s.__.1922
P June A M Dlv 1st g 3)4s 1925
P L E A W Ya Sys ref 4s..1941
Southw Div 1st gold 3)48.1925
Cent Ohio R 1st c g 4 4s__1930
Cl Lor A W con 1st g 5s..1933
Monon River 1st gu g 5s..1919
Ohio River RR 1st g 6s...1936
General gold 5s
1937
Pitts Clev A Tol 1st g 6s 1922
Buffalo R A P gen g 5s
1937
Consol 4 )4s
1967

98
38
85
85

....

....

107
107

June 15
July-18

97**

Oct’IS
Sept’18

85
83

Denver Dlv 4s
1922
Illinois Dlv 3)£s
1919
Illinois Dlv 4s
1919
Div sinking fund 5s. 1919
Iowa
Sinking fund 4s
1919
Joint bonds.
See Great Non h.

99

85%

85%

89

—

--

98
99

99

Sale

98%

Sale

95

....

SUe
70%
95

92%
82
Sale

-•

A t

J

J
M
M

J t 74%
N 101

Q

J t 60

91

86U

N

M N
M N
F
A
55to£

Q

8
8

O
D

S
N
N
N
N

N
N
N
S
J
J
J
J
J
S
8
J
...

J

A O
A O
Nov
Nov
M N
J D
J D
M S
J
J
J
J
M
8
M S
M 8
J D
M N
J
J
3
J
M N
A
O
A O
J
J

Q

Sale

Sale

100%

A

O

Q

42

98%

81

Sale

....

15

Feb

98

08

rm

89

m

-

Sale
82%

97%
94%
94%
100
100

91*4
90
89
87

107
....

63

56
88
80
80

81%
81
97
92

86%
83*2
98%
79%
110%
80%
107
93

90*2

D
J
J
M N
M N
J
J
S

A
F
J

P

J
M
M

J
N
N

Friday; latest this week,

a

81

100%
100%
90%
91%
91%
897*
100%
100*2

94
89
99

Nov’18
Oct ’1.3
91%
91%
91%
Oct *18
Nov’18
Nov’18

202
101
....
....

....

...-

Sale
98

101

82
99

98%

....

113
—-

....

787*
67

Sale
84

82

82
....

....

....

100

12
5
5
....

....

....

....

....

....

....

Oct ’18

mm

81
Oct ’18
Nov’18

91% Nov’18

88**
84
98%

3

79

—

98

Sale

....

....

....

.-.

96*4
96*4

87%
377*
877,

96%

03% 1017,
93
1017*
85
91%
85
91%
91%
85

90%

85

93% 1017*
93*2 10D*

F
J
J
A
A

84%

89%

75
73
73

90

80
77
73%

81

87

91%
70

83

74%

85

79

77
74

...

31
J

84%
82*2

95%

98*2

12

78

78

....

-

69*4

14

—

-

-

80

85*2

90%

21

73%

84

56

75%
75%

87
89

80**

S3**

72
80

83
87*2

101
78*2 80
87

....

93%
98%

94

Nov’18

72%
May’18

35
31

97% J une 17
84% Aug’18
83
88
83 June 18
106%
106%
106%
•
100
103
Sept* 18
98% 98*2 987*
987*
100
95%
Apr 18
100% Jin *13
66
83
Sept'18
85% 88% 93% Aug’18
96% 98
96%
97
95
104*2 Jan’17
....

....

.

....

Sale

93*2

96%

87%
30
28

100
....

75

88

.

99**

99**

99

997*

.

_

.

....

...

.

....

-if

t»’

-

Registered

Sale

1987 M
1987 M
1987 M
1879-1929 A
1879-1929 A
1879-1929 A
1879-1929 A
_rl92i A
1021 A

Debenture 5s

_

Registered
Sinking fund deb
Registered

5s

,

1933 M

1933
Des Plaines Vai 1st gu 4 )4a ’47
Frem Elk A Mo V lat 6s. .1933
Man G B A N W lat 3)48.1941
Milw A 8 L lat gu 3)4s._.1941
MU L 8 A West 1st g 6s
1921
Ext A Imp a f gold 5a... 1929
Ashland Div 1st g 6a
1925

M
IN
A
J
J
M
F
M

....

Mil Spar A N W 1st gu 4a. 1947
St L Peo A N W lat gu 58.1948
Chicago Rock Ial A Pao—
Railway general gold 4s
1988
1988
Registered
Refunding gold 4s
1934
20-ycftf debenture 6s
1Q.32
R I Ark A Louis 1st 4 )4a
1934
Burl C R A N 1st g 6er_IIl934
C RIFANWlstgu5s.. 1921
Choc Okla A G gen g 5a._pl919
Consol gold 5a
1952
Keok A Des Molnea 1st 5s 1923
St Paul A K C Sh L 1st 4)4s ’41
Chic St P M A O cons 6a
1930
Cona 6a reduced to 3)4*
1930
Debenture 5a
1930
LZ

....

Sale
Sale
77«4
Sale

87%
75

J

94%

A

O

J

Day A Mich 1st

cons

4)4s 1931
1993
1931

20-year deb

4)4s.~_

.

1993

....

....

27

1939
Cin W A M Dlv 1st g 4s..1991
St L Dlv 1st coll tr g 4s
1990
Spr A Col Div 1st g 4s
1940
W W Val Dlv 1st g 4s
1940

101

103

99*, 103%
85
98

Registered

Cin S A Cl cons lat
C C C A I gen cona
RAW lat pref
O Ind A W lat pref
Peoria A East 1st cons 4a.1940
Income 4a
1990
Cleve Short L lat gu 4 )4a
1961
Colorado A Sou lat g 4s
1929
Refund A Ext 4)4S
' 1935
Ft W A Den C 1st g 6s...1921
Conn A Pas Rlvs 1st g 4s... 1943
Cuba RR lat 50-year 5a g
1952
Del Lack A Western—
Morris A Ess 1st gu 3)48.2000
N Y Lack A W lat 6s
1921
Construction 5a
1923
Term A Improvt 4a....1923
Ind

96**
....

1

1920
11936
£1936
g 5e..1923
g 6a..1934
4a
1940
5a
81938

.....

85'

99%
94

72%

72%

....

90

90

....

84%

84*2

.

83
83
1 100
106%
104
100
5
97% 99%
100
100

....

....

....

....

....

....

12

66
80

67%
94

04** 100*1

Ul OW

NW A

M

85
81
89

....

73*2

70
71
85

....

....

100

97
97
97

A O
A O
J
J
M N

....

____

101
80
95

971*
8H4

95%

104

99 % 103
104

'94% 94%

D

IN

S

Q

921*
94%
101

O

97
94%

’ 109""

'98 " 102%

76

....

10234

93

Oct *18

1
79

41

82
.

—I
184
1

....

96

1

1

___J

69%

70
70**

105% 1107* 1051*

rvt'iR

79%
95

....

.

32
2

"*93~

118

VTavMK

58
10134 K)5 105
70
Sale 62
74*2
90

July’18
July’18

81

70

....

74%
83*s

7534
84*s

85

88

66*2
62*2
70
64
65

99*2
81%
90%

79
69

70

---

64

72

87

95

105*4 106
70%

....

«4
99
87

70%

106%

81%
85**

88
93

100%

95
68
105

82*4

70
79
69

77%

80

36%

62
63

72

73% June’17
....

70

79
59

69

77*2 Sept’18

72

102

93

65%

Mar’ll
79

83% Mar’17
63
Oct ’18

,

0«

95
58
103

May’17

70*4

80%
71%

9912

10

99*2

95

65

80*4

66
62

,59
1

Nnv'IR

99%

82
71**

71**
62*2

93
57

—

~ Sept’18

93

100

100%
99*2 100
88** 98

88

72

■95' ioo’

May’IS

70*2

....

76%
93%

06

7'

Feb’18
97*2 June’17
97
May’IS

m2 I 9t
Sale 68

102**

73
92

93% Oct ’18

Sale

98

102'*

1 Q

65
72

Nov’16

99" 99

Sept*18
Deo *17

88*2 May’15
102*8 Jan *17
107% Apr ’17
94
July*08

J

A

96%
100

95
100

16
Oct’18
Jhd 1 /

102U Vfotr’

....

D

J
J
O

85%
73%
71

69
96

J

J
J
A

89

85*i
«7ti

85*4
82%

7934 sale

J

F
F

81%

797*
79%

71
90

*

71%

Q
Q

85

89

Aug’18

71% May’18
73%
80*4

A

J
J
J
J
M N
J
J
J
D
J
J
J
D
J
J
J
J
M N
M S
J
J
IN N

977,

85

F-b ’18

96*2
96*2
1111# Dec 15

....

81

F

Q M

100

95

100% Aug’18
....

68

O

99%

71

109
88

ldi%

O

J

80

r—,

A

O

98%

~9H~ ~9S~

lf»'*2 Oct

....

63

75
88
97
94

97*2

94% July’18
103*2 A ur 16
95% May'18
100
j tn *is
92% Oct *18
94>z May’IS

96%....

106

66

Oct ’18
Oct ’18
85
oct’18

817*

101%

96*2
9334
77%

87%

101
Sept* 18
104
May 18
10 **2 Aor 16

....

87%
82%

91

7712
667*
71*4
95*2

8ept*18

85%

84*4
93%

7 4%

July’18
4

81

97
92

J

S

!
95

97% May IS
....

J

IN

,

8712
Nav’18

79

74
66

....

J

J

8
18
5

88
Jan’18
Oct ’18
96% Oct ’18
80
80

*17‘4

102%

S
J

74
83
97
92

68

76*2
64**

290

80
Sale
99 **
97% Aug’18
101
108
104 * 8 pc’17
103% 98 Jan ’18
98
100
98
98

S

M
J

66

87*2

....

72
71

101

70%

93%

66

98%

76%
89%
84%

101
72
757*

54
98

6

81

88*2

Sale

82

91
877*
30
30

70

17
68 1 221
Oct ’18
Aar ’17
Anr ’17
N 1 ’16
Jan ’17
Deo ’16
I

73

83*2

86%
96*g
95%
96%

102
*98
95
94

94%

91
78
25
22
98
72

161

877*

76*2
76*2
92% Feb ’16
84
84%

....

66

96

I

6s„I_1919i A

Chic T H A So East 1st 5a
1960
Chic A West Ind gen g 6s..?1932
1952
Consol 50-vear 4a
Cin H A D 2d gold 4)4a
1937
C Find A Ft W 1st gu Us g 1923

96*2
97%

....

81%

A

T

9

' Mtr

613*
100%
84%

....

80*
79*2
93*8

F
N
N
N
O
O
O
O
O
O
N
N
S
O
J
J
S

87*i
991*
99%

89’*

Oct’18

101

81
65

J

pl987 Q

C I St L A C consol 6j
1st gold 4a

^

....

98

32

n

_.

76%

80
98
97

76
Juiy’17
97% Fe ) *13

....

68

j

471i

97*8
7l*i

Oct ’18
N)V’18
Oot ’18
Aug*l8
75% Oct ’18

75%

56

D
J
A O
F
A
J
J
J
J
J
J
J
D
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
D
J
D
F
A
F
A
M N

53

35>«

28
30
28
101
100
84*2 72

——

■

76

50

99% July IS
76% Nyv’18
81% Oct *18
98% Oct’18

84%

....

75

~Z

O

76

Sept’16
Oct’18
43

70

Cairo Div 1st gold 4s

88

2

93*2
94
' Mur 18

Sale

78%

OflnAnil Am SU>rlm R

... .

Oct’18
Oct 17

91

J

Clev Cin Ch A St L gen 4s

....

....

99%
98%

94

O
O

76
71
88
53
43

Sale

.

106

A ar ’17

97*, 113% Fen T5
....

100

J

St P A S City lat g

17

97

....

53
43

Chic In 1 A Sou 50-yr 4s
1956
Chic T. s a East 1st 4
1969
)£*
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
«1989
Registered
el989
Permanent 4s
1925
Gen A ref 8er A 4 4s
a2014
Gen ref conv Ser B 5s...a2014
Gen’l gold 3)4« Ser B
«1989
General 4 )$s Series C____«1989
25-year debenture *s
1934
Convertible 414 s
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 3d 1st gu 4s.1949
Dubuque Dlv 1st s f 6s. 1920
Fargo A Sou a**urn g 6a..1924
La Croaae A D 1st 5a
1919
Wla A Minn Dlv g 5a
1921
Wla Valley Dlv 1st 6a
1920
Milw A Nor lat ext 4)4a._1934
Cons extended 4 )4a
1934
Chic A Nor Weat Ex 4s 1886-1926
Registered
1886-1926
General gold 3)4a
1987

Stamped 4a
General Be stamped
Sinking fund 6s
Registered
Sinking fund 5s
Registered

69

841*

101%

98%
98*2
97%

51%

84

....

....

A
J
J

j

Jen. 1

atoh N> Las Bigh
26. 72
78%
84**
84is
89% M ir’17
80
85
102 6511 ~85~
586 76
86%
90
90

85% NT **’16
96*4 Fab ’16
84% Jan *13

j
S
J
J
J

94*4
98*2
94%

71

78

j
M
J
J
J

General 4a

108%

Sale
79%
Sale
Sale

74

A

or

Lett Sals

85

Chic A £nd C Ry 1st 5s
1936
Chicago Great West 1st 4S..1959
Chic lad A Loulsv— Ref 68.1947
Refunding gold 5s
1947
Refunding 4s Series C
1947

99

79

I

m

82%

105

Bangs

Ask Low

•

A O
J
D
J
D
J
J
J
J
J
J
J
J
M N
M
3
A O
J
J

M tf
1927 M N
1958 M S
Chic A B III ref A imp 4a g._1955 J
J
U 3 Mtg A Tr Co etts of dep
1st consol gold 8s
1934 A O
General consol 1st 5e
1937 M N
(J 3 Meg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep._._.

76
99

91%

2

87*2
Apr

93% Aug’18
101*4 Nov ’16
99% Oct ’17
88
May’18
99% Mar’18
997* June'18
99% Oct ’17

90

95% 99%
91% 98%
977* 104

....

84

72%

76

82*i

96

'90%

100% 101% 1007* Sept’18
98
103
95*2
98
84
Dec 17
837* 84
99% .... 99*4 Sept’18

....

68

July’17
July’15

.

....

99%

70

10

Nov’16
85
103% t*>b ’16
101%____ 101
May'18
....

50

81%

82

90*2 Sept’17
79%
84
92% Mar’17

100

40

....

84
81

86%

90

102
62

71%

13

87
84*4
89
112
Jan '12
86
80** Oct ’ 18
Sale 75
83

....

102*2

34
40

731*

98%

115
105
89

84

79*2
71%

—

June’18
82*2 - 83
85
Oct ’18

98%
78
Oct ’18
——
129% Aug 15
80
807* 78*2

53*2 70%
90*2 190
00% 94%
SO
84
93% 96*4
907* 96%
387, 97%
04
104*2
30% 921*
33% 927*
77
86*4
737, 76 '

79

....

79

84
81

89
102

44

....

54%

99
96%

94*2
88*4
78
84

104*2 104%
104*2 107%
100% 101%

....

....

99% July’17

——

86%
85%
87%

....

Deo *17

84*4
90
80% Apr ’18
75% Nov’18
731* June 18
78
72
92

....

2

97%
97%
106%
104%
106**
l'*0% June 18
74
70

....

82

July’18
July 18
Oct *18
Oct *18
Oct ’18
»uae'18
Oct ’18

54%

57

99% 107
87%
76%

93
72

3

Oct ’18

Sale
Sale

88%
85%
92%

99*4 252
98% 1186
2003
104

93

87
89

82%

5
858
1

81

....

Sale

83

37
321
288

102
Oct’18
50

....

84

97%

13

92
Oct’18

93*4
96*4
95% Nov’18

98

82% ....
82% —..
85%....
92

——

99

98%
Sale 97%
Sale 100%

10)%
100*2 102
82
97
97
97
97
107
98

....

98%

987* Sale
98
103

469
99
93% 5292
3
89
332
1)2
Oct’IS
Sept* 13
Oct *18
Apr 18
17
96%
36
93*2
41
97%
104% 455

88%
737* Juae 18
102*2

----

J

j

90
90
85

Sale 99%
Sale 100
62
50

J

M

84
98

Sale

J t 88%

M
M

88%
99%
70%
95*2
93%

95%
95%
103% Bale 102 7*

Q




—

100

A

O
A
D
A O
A
O
M $
M N
A O
J
J
Roeb A Pitts 1st gold 6s..1921 F A
Consol 1st g 6s
1922 J
D
Canada Sou eons gu A 5s...1962 A O
J
D
F
A
M N
Chatt Dlv pur money g 4s 1951 J
D
Mao A Nor Dlv 1st g 5s..1946 J
J
J
J
J
J
IN N
J
J
Registered
h
Q J
Am Dock A Imp gu 5s...1921 J
J
Leh A Hud RJv gen gu 5s *20 J
3
N Y A Long Br gen g 4s..1941 M k

•No prioe

....

.

-•

F

J
J
J
J
Canal Improvement 4)4s.l965 J
Highway Improv’t 4)48.-1963 M
Highway Improv’t 4)4s..l965 M
Virginia funded debt 2-3s_..1991 J
6s deferred Brown Bros ctfa

Railroad
Ann Arbor 1st g 4s
...51995
Atchison Topeka A Santa Fe—
Gen g 4s
1995
Registered
1996
Adjustment gold 4s
A1995
Registered
51996
Stamped
.51995

987*
99%
99%

.

Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5s._l »4l
Chic* Alcoa RR ref g 3s
1949
Bill wig 1st Ilea 3*4*
1950
Chicago Burlington A Quincy—

8
S

Registered
General 4s

Mate and City Secvrltlvs.
N Y City—4%s Corp stock 196C M
4)41 C rporate stock....1964 M
A
4)4■ Corporate stock
J
4)4s Corporate stock
M
4)4» Corporate stock
1963
4% Corporate stock
1959 M
4% Corporate stock
1958 M
4% Corporate stock
1957 Ml
M
4% Corporate stock reg..
New 4)4s
1967 M
IN
4)4% Corporate stock... 1957
N Y State—Is

.

....

D
1954 J
1921 A O
M S]

O K of Ot Brit A Ireland—
5)4% notes
1921
5)4% notes
Convertible 5)4% notes.. 1915
JThese are prices on the basis of

....

98.00
99

1992 IN
M
F

Potts Creek Br 1st 4s
1946
R A A Dlv 1st con g 4s
1939
2d consol gold 4J......1989

98.10
99. lit

....

O
93%
M 3
83
M N 100%
J
D X 70
SI
3
93
Ex ter dt 5s of 1914 ter A..1949 F
A
External loan 4 Sis
797*
1949 P A
Dominion of Canada g 5s
99>4
1921 A O
Do
do
..1923 4 O
93*2
Do
4
97
O
do
..1931

French Repub 544s secured loan.
Japanese Govt—£ loan 4 Ms. 1925
Second series 444s..
1925
Do do
“German stamp".
Sterling loan 4s
1931
Lyons (City of) 3-yr 6s
1919
Marseilles (City of) 3-yr 6s_. 1919
Mexico—Exter loan £ 5s of 1899

98.70

98.10 7510 93.10
8Ue 97.2)
98.34 1U37 94 7fi
SUe 97.30
93.00 29i/5 98.00
Sale 93.00
97
93% Aug’16
98* Aug’18
37<*
99 2 vf i/'H
99
99 * M*v’l8
937*
105
106% 107>* 105% Oct ’18
27 105
103%
103% 107
106%

Bid

Registered
1992
20-year convertible 4 V4a._1930
30-year couv secured 5e._l94S
Big Saudy 1st 4a
1944
Coal River Ry 1st gu 4a..1945
Craig Valley 1st g 5s.
1940

Week’s

Friday
Nos. 8.

Chesapeake A Ohio (.Con)—

eooTerted from

D

Price

BONDS
ff. Y. STOCK EXCHANGE
Week Bodfng Nov. 8.

Sines
Jan. 1

High No. Low

are

Apr
A
F
M
J
A
J

O
A
N
D
O
J

J
J
F
M
9-

D
J
A
N
A

60
19

....

....

87%
88

82*2
97%
85

58% Oct ’18
17

40
12

Oct ’18

83** Sept’18
88%
Sale
99

87

87

78%

82%

97

13
50

Sept’18

83%
82%
66
96

....
....

94
71

73

Feb *16

—

71

Oct’18
Oct *18
Oct *18
92is Oct’18

71
100
95

101% 101% 101
95
92

——

95%

96

KMu huk

92%

ino

59
17
90
87

82%
98%
—

—

75%

10242
98

93%

m-esmr

....

Due Jan.

d Dos April,

e

Due

May.

§ Due June.

5 Due July. * Due Aug. oDmOB. # Dot Not. f Dm Dee.

f

Option sale

Not. 9

Pries

WssTs

Rasps

Friday

Rasps or

Nov. 8

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 8.

Law Sals

Rises
Jam. 1

Sale

70

73‘2
8U*
621*

79

721$

75
Oct’18

80
87

Guaranteed
1940
Ho Gr West 1st gold 4s..1939
Mtge A ooll trust 4s A..1949
Dec A Mack—1st lien g 4s..1995
Gold 4a.
1995
Dec Blv Tun Ter Tun 4 Hs. .1961
Du! Mlasabe A Nor gen 5s
1941
Dul A Iron Bange 1st 5a....1937
Registered
1937
Dul 8ou Shore A Atl g 5s...1937
Elgin Joliet A East 1st g 5B..1941
Erie 1st oonsol gold 7s
1920
N Y A Erie 1st ext g 4s... 1947
2d ext gold 5s
1919
3d ext gold 4Hs
1923
4th ext gold 5s
1920
6th ext gold 4s
1928

....

Sale

68
70
17

76
81

62*8

48%

63

71

50

61H

73

83

96*4 971*
90
100*4

Mar’18

931* June 18

-Ml

100

I

....

78

Sale

76
84

62

Sale

58's

M
J
J
J

Sale
Sale
Sale

92%

N
J
J
J

.

.

83%
55

96'
89%

1961

1937

1st guar gold 5a
1937
WIU A S F 1st gold 5a..1938
Green Bay A W deb ctfs “A”.
Feb
Debenture ctfs “B”
Feb
Gulf A 8 I 1st ref A t g 5e..61952 J
J

4H» 1999
1999
g 4s
1948

cons g

Col A H V 1st SXt
Col A Tol 1st ext 4s
1955
Houston Belt A Term 1st 5a. 1937
Illinois Central 1st gold 4a. .1951

97

100 >s 100%
78
65

25

*48 “491* ~62 ”
”5 75U 791*
80
72
210

97

97

821*

81

330

92

9012
9414
90

91*4
85

89%

86%
106

108

91%

95

81%

'85

80
80
100% 100%
104% 105%

95

92%

73% Juae’18
73% Oct’18
75
Feb 18
90% Apr 17
93
88%

93

92

90

75%

---

Looter Dlv A Term g 3He

69

...

73%
73%
671*

73%
73%

87

95

75*4

Oct’18
Niv’15
Juoe’17

71%
5614

83
82

77

75

8ept*17

71i4
69i4
68%
69i4

9%

7
75
74

Registered

1953

Registered
1951
Spring! Dlv 1st g 3 He
1951
Western lines 1st g 4s....1951
Registered
1951
Bel lev A Car let 6e
1923
Carb A 8haw 1st gold 4s..1932
Chic St L A N O gold 6s
1951

1951

No prtoe

84
80

.

80

79

82

701$
861*
647S

8ale
75

81%

81
73

78
80

95 v

---

581*

...

79% Oct’18
95% 8*ipi*l2
82
86%
71
May’18
77
72
89
79

72%
151

79%

77%

86I2

70

71%

80
Feb ’18

71
v

80

72

72

64%

73%

Apr *17
Feb ’ 14

73%
83
102

73%
Aug 12
June'16

58% Sept’18

58%

58%

66

02

62

66U
64t*

8312

05%

62
63

79U

....

75ig

—-

Oct ’18

Oct'18
June’16
80% Nov’16
75
Oct’18
92
No* ’10

65*4

80

75

79

117% Mav’10
....

95

63*4
94
82

70*8

90

Jan’17
Oct’18
Oct’18

94%
90

98
90

65% July’18

721*
91*4

65%

65%

93% Nov’18
70% Oct’18

85%
70%

93%
70%

80

80

95%
90

9514
*
....

65
89
89
94

Nov’17
Feb ’18
Apr ’17
94

79U

98

”761*

90

64

Sale

89*4

Sale
Sale
90
80
80

62
78
84
78
86

81
86

90

91*4

791*

93
91

80

89i$ 10U4

64
Oct’09
90

81%
86

90

53

92
Oct’17

81%
89%

81%
89%

a Due Jan.

71
97
70

22
8

95

M
J

101

...1941 M

f 4a

Missouri Kansas A Texas—
1st gold 4a
1990
2d gold 4s
01990
1st ext gold 5s
1944
1st A refunding 4s.
...2004
Trust Co certfs of dep
Gen sinking fund 4Hs
1936
St Louis Dlv 1st ref g 4s..2001
6% secured notes “ext”.’16
Dali A Waco 1st gu g 5a.. 1940
Kan City A Pac 1st g 4s..1990
Mo K A E 1st gu g 5s....1942
M K A Okla 1st guar 6s. .1942
M K A T of T 1st gu g 58.1942
Sher Sh A So 1st gu g 5a..1942
Texas A Okla 1st gu g 5s. .1943
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A.. 1965
1st A refunding 5s Ser Ba. 1923
1st A refunding 5a Ser C..I926
1975
General 4s
Missouri Pae 1st cons g 6a.. 1920

46%
817g
50%
87%

1945
40-year gold loan 4s
3d 7s extended at 4%.... 1938
Boonv 8t L A S 1st 5s gu. 1951
Cent Br U P 1st g 4s
1948
Pac R of Mo 1st ext g 4s.. 1933
2d extended gold 5s
1938
St L Ir M A 9 gen con g 5s. 1931
Geo eon stamp gu g 5a. .1931
Unified A ref gold 4s
1929
1929
Registered
Rlv A G Dlv 1st g 4s...1933
Verdi V I A W 1st g 5s...1926
Mob A Ohio new gold 6s
1927
1st ext gold 6s
M927
Oeneral gold 4s
1938
Montgomery Dlv 1st g 5s. 1947
8t Louis Dlv 5s
1927
St L A Cairo guar g 4s....1931
Nashv Chatt A St L 1st 5e_.192s
Jasper Branch 1st g 6s... 1923
Nat Rys of Mex pr lien 4 Hs. 1957
Guaranteed general 4s... 1977
Nat of Mex prior lien 4%s__1920
1st consol 4s..
1951
New Orleans Term 1st 4s
1953
N O Tex A Mexico 1st 0s
1925
Non-cutn Income 5s A
1935
New York Central RR—
1935
Conv deb 6e
Consol 4s Series A....... 1998
Ref A imp 4Hs “A**
2013
New York Cent A Hud Rlv—

84
Sale
89

71

30%
27
44
43

M
**
M
F
J
F
J
A
A
J
J
*»
*

J
Q
M
F
J

J
A

J
J
A

.

.

M

F
A

Mortgage 3%«.__.
1997 J
Registered
1997 J
Debenture gold 4s.......1934 M
Registered
.1934 M
Lake 8bore ooll g 3 Hs
1998 F
1998 F
Registered
Mich Cent ooll gold 3 Hs. -1998 F
Registered
1998 F
Battle Cr A Stur 1st gu 3e. 1939 J

0

....

95

Sale
39
41
45

68

90

50

SUe

32
44
42
32
40

—

84%

101

104

71%

88%

60%

25U

71
37
32
45
42
34

50
36
60
49

60
53
62
58

40

40

79

8

31%
51

80

37

51
46

75*4
40%

....

79*4

41
40

15

>

15
23

87%
92*4

28
32
40

44
Mav'18
Oct’18
Nov’16

41

An’17|
Oct’181
Nov’18
Oet’ISi
Nov’18
De«’10
Jan *18

87%
92%
93%
67%

25
9
20
957

897g
85%
55%

Apr

58

58

78%

81

90

96

Feb *13

97%

‘72% ~82
66%
101
92
65

75*8
1021*
95

701*

78
95% 101

78

j

30

30

21
80
92
40

21
05

35

50
....

....
....

Sale

102*4 Sale
76
87

07%
991*

17

...

57

93%

98

Oct’18
Oct'18

81

....

Sale

Auu ml——
967g Feb ’13
21
Aug'181
65
Oct’t3
94
94%
10
58
54
67

98%
75
84

..

457

103%

Sale
70

57

09
77

66%
66%

62%

687*

72

06% N1VI8
06% Oct’18

71%
88

61
61

16

74*4

66%
74%

—

88

75
87%

69

22

87%

82

94%

91% 103%

Nov’18

72% Oct’18
66% Aug 18

75%
71
88

96*4

lOU* 102%
99
99
93% 93%
60
60

Dec’13
Oct’18
100*4 Ap ’18
Sale 95%
90
102 July’14
81 81%
81% 82
80% Om *17
76
76% 74% Nav’18
78
80
S*pt'15
102% —— 101% Sept'18
vfi ’18
10078 .... 9 »
701* Oct’18
70%
J11 * *17
84%.... 93
90
Auv ' *
83% 87
78
Oct’18
76% 85
96
100
957* Oct’18]
99% 103% 110% Mir’17
30
Oct’181
33%

65%
94%

68%

95

37
Sept’18

80%
92%
92%
62%
99
68
82
100

99% 100

25

78
96
85

83%
67%

71

36%

60
53
62
58
51
40

88
94**
SUe

63
81
85
96

101%
68%
80%
95%
103%

Dec* 10

’09%

70
62
87
60

87%
93%
93%
00

87
101

85% Nov’17

.

_

90

30
40

63
56

88%

Jan ’17

J
4
J
J
A

10

74
95
102
73

1

88%

67

F
F
F

57%

Feb’15
Oct’18
61 |

47%
32%

30%
N

100

Sept’18

30

--

87

100

Oct’18
61

31%

J
A
M
F
A
M
M
J
M

Sale
50

80%

99

100

100% 100%

July’18

51

M

13

111

Oct ’16

74*4

79%

----

_90"

87%
109
93
81

June'17|

....

J
F
M

I

93

3

Mar’ 101——
Nov’10;

....

75%

MS9MAAlstg4s lntgu.*26 J
Mississippi Central 1st 5s
1949 J

92*2

Feb’05

68

s

76*t
81%

92%

91%

—

97

1

77
75

80

71%

72%

95
95

J
A
M
M
Q
J
J
M
M3tPAS3Mcong4slntgu.l93S J
1st Chic Term

75
86

85

95%
95
Aug’IS
79%
977* May’16
100% 104
101% July’18
99 4ir *18
93% 100
85% 94% 93% Jan ’18
63%
60 July’18

94

64

Beech Creek 1st gu g

51
22

73*4- 90
71% 81%

15

78

92

80%
84%

80 <s

74%

2

80% Feb *17
80% Oct *18
88
89

71%

11,

Q
F
J
7
F
A
M

1977
Midland Term—1st s f g 5s. 1925
Minneapolis A St Louis—
1st gold 7s
1927
Pacific Ext 1st gold 6s
1921
1st consol gold 5s
1934
1st A refunding gold 4s
1949
Ref A ext 50-yr 5a Ser A..1962
Des M A Ft D 1st gu 4s.. 1935
Iowa Central 1st gold 5a.. 1938
1951
Refunding gold 4s

96

79%

’95%

95%

.....

82% June* 17

Friday; latest bid and asked this week,




Julv'09

60

1951

1951
Joint 1st ref 5s Series A.1963
Mempb Dlv 1st g 4s
1951
Registered
1951
St Louis Sou 1st gu g 4a..1931
lad HI A Iowa 1st g 4s
1950
1st A Great Nor 1st g 6s
1919
James Frank A Clear 1st 4s. 1959
Kansas City Sou 1st gold 3s. 1950
Registered
...1950] A
Ref A lmpt Be
Apr 1950
fTanaan City Term 1st 4s
1960
Lake Erie A West 1st g 5s.. 1937
2d gold 5s
1941
North Ohio 1st guar g5 S..I946
Leta Val N Y 1st gug 4 He--1940
Registered.
1940
Lehigh VaTTPa) cons g 4s.J2003
General coos 4Hs_.
2003
*

——

1953

Middle Div res 5s
1921
Omaha Dlv 1st gold 3s... 1951
St Louis Dlv A Term g 3a. 1951
Gold 3 He
1951

Registered
Gold 3Ha
Registered

....

Jan

Gold 5s
1937 M
Unified gold 4s
1910 J
Registered
1940 J
Collateral trust gold 5s...1931 M
E H A Nash 1st g 6s
1919 J
L Cln A Lex gold 4*8—1931 M
N O A M 1st gold 6s
1930 J
2d gold 6s
1930 J
Paducah A Mem Dlv 4s.. 1946 F
9t Louis Dlv 1st gold 6s.. 1921 M
2d gold 3s
1980 M
Atl Knox A Cln Dlv 4s...1955 M
Atl Knox A Nor 1st g 5a.. 1946 J
Header Bdge 1st s f g 6s..1931 M
Kentucky Central gold 4s. 1937 J
Lex A East 1st 50-yr 5a gu 1965 A
LANAMAM lstg4Hs 1945 M
L A N-South M Joint 4e..l952 J

Registered

70

91%

103% 103% A*>
I «
98
92% Apr ’181
85% 93% 100
Au« ’16
86
93% 90
Aug’18
115 111
106%
Oct’18,
100
109*4 100
100
86*4 Sale 85%
87%!
83% 86
90% J in ‘ 17j
98
99
96% Oct’18
100%
100% Aug’181
33% 95% 87
411
18
103%
100 Sept’18;
93%
104% Feb * 171
90% Apr ’12
79*2 89
100%
100
Oct’18
54%
57% July 18,
79 Nov’18
797* 80
95
Sale 95
95 I
102% 103% 103% 8epr’t8
SUe 78
78
78 I
95%
95% SUe 93
88% 96% 85
Oot*18
73% 81% 67% Sept’18

Stamped guaranteed

07

70

....

Manila RR—Sou lines 4s... 1930 M N
Mex Internet 1st eons g 4s.. 1977 M

62

97*4 103
96% 101

2

July’18

95

61

—

69

.1937 *•
1949 M
1949 M
N Y B A M B 1st eon g 58.1935 A
N Y A R B 1st gold 5s
1927 M
Nor Sh B 1st con g gu 5s.ol932 Q
Louisiana A Ark 1st g 5s....1927 M
Louisville A Nashv gen 6s.. 1930 J
20-year p m deb 5a
Guar refunding gold 4s
Registered

60

....

1951
1951
1951
Extended 1st gold 3Hs—1951
1951
Registered
1st gold 3s sterling
1951
Registered
1951
Collateral trust gold 4s...1952
Registered
1952
1st refunding 4s
1955
Purchased lines 3Ha
1952
L N O A Texas gold 4a
1953
Registered
...1953
Cairo Bridge gold 4a
1950
Litchfield Dlv 1st gold 38.1951

Registered
1st gold 3 He
Registered

1949 «d
...1934 J

85
81

—

95
Sale

1932 J

103

....

8818

-

85
74

..

81 '*

70

336

High
102

96

93
Oct’18
94% June’16
75
75
88% 98
85 Sept'18
99% Oct O0
70*4 78
71% Aug’18|
70% 88
97
Jan’18
70%'
75% 76% 75
81% Sale 80
81%
76 >8

103

Oct ’18

No. Low

atoh
Oct’18
Mar*17
103
100
Oct ’18

957$
86%

51952
N Fla A S 1st gu g 5s
1937
N A C Bdge gen gu g 4 Hs. 1945
A Atl 1st gu g 0S..1921
Pensao
SAN Ala cons gu g 5s
1936
Gen cons gu 50-year 5s. 1963
L A Jeff Bdge Co gu g 4s... 1945

59

-

....

79%
72%

100
98

1

1101* Nov’17

——

...

98
96

“

8412
107%
10214
91%
93ig 103U 91%
102% Miy’16
85*s 99
81% Sept’18
871* 89
95% M tr 16
80i$
81
85% Nov 15
80
80
81%
100% Mai’18
100%
105
Sept’ 18
107U
136% vt tv 06
95
Sept’18
96U
109*4 Aug 16
97
69% Dec *16
79U
8
Oct ’18
8U
9i$
Atlg’18
7612 77i2 76
82
Nov’18
821* 84
74%
74»g

Since
Jon. 1

113
103
Sale 100
100
991* 100
105

82

42H
481*

1

Jan’17
100

Law Sale

Atl Low
1001* 107% 100

56
56
59
93

42

....

51921

Pacific ext guar 4s £...1940
B Minn Nor Dlv 1st g 4s..l94S
Minn Union 1st g 6a
1922
Mont O 1st gu g 6s
1937

Nov’18

.

.

931*

......

97
61

1933
Registered
1933
Reduced to gold 4Hs* 1933
Registered
1933
Mont ext 1st gold 4s
1937
Registered
1937

59

103
Jan*18
1021* July* 17
85
Jan 18
78
Sale 78
100% Dec *06
59% 6) June l
108
Jan ’17
108
Jan ’17
67
Oct’18
72
23% Jao 17
97
Sale 97
75
85% Juae’17
108
Nov’11
95
JuncTi
85
82% Oct’18
92
Aug’10
56% Oct’17
85
35% June’16
Sale 94l2
96%
94% Nov'18
89
90
97
96
Junc’16
89% Ap *18
—
Oct’18
110 108
118
Apr’17
....

—

78

1933

56
56

961$
95

96 <8

......

*

D

_

103

95
86
65

79i2

1067g
Sale 981*

.

82%
83%

i
N

Juo*-’16

92

....

88
100
97
105
99

7*%

1

62

79i2
5U2
51ig
5412

82%

56
56
59

in

78
Deo 16

73

79%

7K

fuly -17
Nov’15
July'18

—

J
J
J
J

93*4
101

Oct ’18
June 18

....

J
J
J
J

100

100

781*
96ig
86
931*
96
100% 991*
94*4
80%
I00*s
....

_

87

82

Range

Bid

A
Registered
.........1941 A
Leh Val RR lOyr coll 6s..si928
Leh Val Coal Co 1st gu g 58.1933 J
Registered
1933 J
1st lnt reduced to 4s
..1933 J
Leh A N Y 1st guar g 4s....1945 M
Registered.
1945 M
Long laid 1st cons gold 5a-.51931 Q
1st oonsol gold 4s....
51931 Q
General gold 4s
..1938 J
Ferry gold 4Ha..
1922 M
Gold 4s
Unified gold 4s
Debenture gold 5s

611*

87
_

100% 101
80%
90%

1st A ref 4Hs Series A .1961

.

001* 75

105i* Mar’08
80
93

Dock A Impt 1st ext 5a
1943 J
N Y A Green L gu g 5s_..1946
N Y Sdsq A W 1st ref 5s..1937
2d gold 4HS—,
..1937
General gold 5a
..1940
Terminal 1st gold 5s... 1943
Mid of N J 1st ext 5s
1940
Wllk A East 1st gu g 5s..1942
Ev A Ind 1st cons gu g 6s..1926
Evansv A T H 1st cons 6s..1921
1st general gold 5a
1942
Mt Vernon 1st gold 6a
1923
Bull Co Branch 1st g 5s..1930
Florida E Coast 1st 4H&—-1959
Fort St U D Co 1st g 4HS..1941
Ft Worth A Rio Gr 1st g 4s. 1928
Galv Hous A Hen 1st 5a....1933
Great Nor C B A Q coll 4s..1921

Registered.

72

Dec ’16
75
89
751* July’16
SUe 80%
83
95 2 96*4 June’18
Sale 100*4
100 *4

100*4

g 6a
1935
Coal A RR 1st cur gu 6s..1922

St Paul M A Man 4s
1st consol g 6s

70

71

70
61
82

....

81%
90%

Long Dock oonsol

Registered

97

101*2 1031*

62 2
62is
87*4 Nov’16
61*4 Apr’ll
39
July’17

63

67

do Series B._
1953
Gen oonv 4s Series D
1953
Chic A Erie 1st gold 5S...1982
Clev A Mahon Vail g 5s..1938
Erie A Jersey 1st a f 0s... 1955
Genesee River 1st s f 6s...1957

Hocking Val 1st
Registered

103*s Sept* 18

66ig
6U*

MYLEAWlstgfd 7s. .1920
1996
Registered
1996
1st consol gen lien g 4a. 1996
Registered
1996
Penn coll trust gold 4s..1951
50-year conv 4s Ser A..1953

871$

851*

Oct’18

82
40

94 ’

79

76

75

1928
1955 P
Bio Gr June 1st gu g 5s
1939
Bio Gr Sou 1st gold 4S....1940

4s prior

76

93U

87is
97

Sale
Sale

West**

Range or

Nov. 8

High

71

86*8
92%

90%

97
76
102

Improvement gold 5s
1st A refunding 5s

Registered

Low

Sept’18

94

98*s
86ia

Denver A Bfo Grande—
1st cone g 4s
.....1935
Consol gold 4 Ha
1936

eons g

No

Price

Friday

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 8.

Leh V Term Ry 1st gu g 5s..1941

1922
*..1943
20-year oonr fie
1935 A
Alb A 8uaq conv 3 He
1946
Ream A Saratoga let 7a..1921

Erie 1st

High

Atl Lorn

Bid
Delaware A Hudson—
lot Hen equip g 4Hs
lot A ref 4s

1823

2

New York Bond Record—Continued—Page

1918.]

81%
90%

85

94%

6 Due Feb

Registered
2d guar gold 5s

68

057g
62%

....

69%

4s..1936 J
1936 J

84%

J
J
A
J
J

85%

92

....

75

....

1

1

1

r:*j
....j

104

70%

>

Oct’18
Mar 1 7

96% Apr ’17
95% Nov 16

87

1936
Registered
1936
Beech Cr Ext 1st g 3 Hs.61951
Cart A Ad 1st gu g 4s....1981
Oouv A Oswe 1st gu g 5s. .1942
Mob A Mai 1st gu g 4s
1991
N J June R guar 1st 4s
1986
N Y A Harlem g 3 Hs
2000
N Y A Northern 1st g 5s. 1923

63
75

1

1

1

•

1

1

1

1

1

May'16

89

1

Nov IH

73% Oct’18
89% Feb ’10
80

M-tv

95% June’18

gDue June, h Due July, n Due Sept, o Due Oct. $

....1

Option sale.

New York Bond Record—Continued—Paze 3

1834
BONDS

Price

Friday
Nov. 8

ll

Week’s

Mr. Y. STOCK EXCHANGE
Week ending Nov. 8.

Range or

NYOAWreflStg4s
Registered $6,000

yl992 M

only..*1992jM

General 4s
1955 J
Norfolk Sou 1st A ref A Sa.. 1961 F
A Sou 1st gold 6s.....1941 M
Norf
Nerf A West gen gold 6s
1931 M
Improvement A ext g 6s..1934 F
New River 1st gold 6s
1932 A
N A W Ry 1st oons g 4s..1996 A
Registered
1996 A
Div’l 1st lien A gen g 4s. 1944 J
10-25 year conv 4s
1932 J
10-20-year conv 4s
1932 M
10-25-year conv 4 Ms... 1938 M
Pooab C A C Joint 4S...1941 J
C C A T 1st guar gold 6S.1922 J
SfllO V A N E 1st gu g 4s..1989 M
Wen hern Pacific prior lien
railway A land grant g 4s. 1997 Q
Registered
1997 Q
General
n gold 3s
o2047 Q
Registered
..<*2047 Q
Ref A imp 4 Ms ser A
2047 J
St Paul-Duluth Div g 4s.. 1996 J
8ft P A N P gn gold 6s...1923 F
Registered certificates.. 1923 Q
St Paul A Duluth 1st 5s..1931 F
1st consol gold 4s
..1968 J
Wash Cent 1st gold 4s....1948 Q
Nsr Pae Term Co 1st g 6a..1933 J
Oregon-Wash 1st A ref 4s._.1961 J
Pacific Coast Co 1st g 5s
1946 J
Paduoah A Ills 1st a f 4MB..1955 J

Pennsylvania RR 1st
Consol gold 6s.

g

4e_.l923

Registered
Consol gold 4s
Consol gold 4s
1948
Consol 4 Ms
i960
General 4 Ms...
1965
Alleg Val gen guar g 4s...1942
D R RRAB'ge 1st gu4sg.1936
Phils Balt A W 1st g 4a..1943
Sodua Bay A Sou 1st g 56.1924
Sunbury A Lewis 1st g 4a.l936
UNJRRA Can gen 4s..1944
Pennsylvania Co—
Guar 1st gold 4 Ms
1921
Registered...
1921
3 M> eoll trust reg A.1937
Guar
Guar 8 Ms eolt trust ser B.1941
Guar 3Ms trust ette C...1942
Guar 8Ms trust etfs D...1944
Guar 16-25-year gold 4a.. 1931
40-year guar 4s ttls Ser E.1952
Cin Leb A Nor gu 4s g...l942
Cl A Mar 1st gu g 4 Ms
1935
CIA P gen gu 4Msaer A. 1942

Series B
1942
lut reduced ft# 3Ms.. 1942
Series C 8 Ms.
1948
Series D 3Ms
....I960
i A Pitts gu g 8
Ms B..1940
Series C
1940
‘

GrRAIexlstgug 4 Ms. 1941
Gblq Connect 1st gu 4a
1943

Pitts Y A Ash 1st eons 5s. 1927
Mol W V A O gu 4Ms A..1931
Series B 4 Ms
1933
Series C 4s
1942
P C C A St L gu 4 Ms ▲
1940
Series B guar
...1942
Series C guar
1942
Series D 4s guar
1945
Berlea E 3 Ms guar gold. 1949
Serlea F guar 4a gold...1953
•

M

1919 M
1919 Q
1943 M

60
70
101
103
94
73
72% 71

....

_

_

_

73

87
901*
837* Nov*17

....

90U

63
70

Philippine Ry 1st 30-yr s f 4s 1937 J
Pitts 8h A L E 1st g 5s
1940, A
1st consol gold 5s
1943! J
Reading Co gen gold 4s
1997! J
Registered.
1997; J
Jersey Central coll g 4s
1951 < A
Atlantic City guar 4s g... 1951 J
St Jos A Green Isl 1st g 4s..l947iJ
St Louis A San Fran (reorg Co)—

947*
75
73
91

81% 90%

104% Dec ’15
' May*17
130% Jan ’09
123U Mar* 12
99% Aug *17
92
Apr *18
74% Aug ’18

102
102
102
96
95
80

....

....

98
....

74%

72%

84%

76%

82

61

68%

71%

80

70

76*4

77%

88

60
55

_

_

Feb ’14
June*08

87
90

92
75

60
55
62

92

797# July’17
715#
84%
84i* Sale 83%
82
Sale, 81
82
....

78

67*4
Sale 797*
75%
80
9914 100%
98**
81
86
72

80

72%
....

821*
8
O
J
N

J
J
A
J
J
O
J
N
A
J
S

N
N
O

60
53

60
55
69
69

....

....

5512

50%

55
55

63

55U 56
94i* Sale

....

Oct ’18

8ept’18
Sept’18

50%

....

59

Oct *17
91% Ji f *12
60
July’18

1

62
65

94%

.

60

....

60

_

83

....

85
68

Oct ’18

60

....

Registered
20-year conv 4s
20-year conv 5s

60

106% May’15
87
July’14

891#
80

69

69

611*

O
J
J

Aug *13

607*

Sale

9

645*

45

645*

*1949 J
*1929 M
1934 J
Cent Pac 1st ref gu g 4S..1949 F
Registered
1949 F
Mort guar gold 3Ms..*1929 J
Through St L 1st gu 4s. 1954 A
GHASAMAPlst 5s. 1931 M
2d exten 5s guar
1931 J
Gils V G A N 1st gu g 5s_. 1924 M
HousE AWT 1st « 5s
1933 M
1st guar 5s red
...1933 M
H A T C 1st g 5s Int gu
1937 J
Gen gold 4s Int guar
1921 A
Waco A N W div lstg 6« ‘30 M
A A N W 1st gu g 5s
1941 J
.

—

70
57

....

50

N

Bept’17
Apr

16

—

997# Dee *13
88% Feb ’14

J
8
09

08

70

1

68

63%

92% June’12

N
a

73

Seaboard A Roan 1st 5s.. 1926 J
Southern Pacific Co—
Gold 4s (Cent Pac coll) .*1949 J

61%

61
60

79% Dec *17

64i2

D
A

60

61%

82

3
9

Auig’18

73

....

J

J
8

Oct '18

....j
2

KCFtS&MRy ref g 4sl936 A
KCAM R& B 1st gu 5s.1929 A
St L 8 W 1st g 4s bond ctfs..l989 M
2d g 4s Income bond ctfs.pl989 J
Consol gold 4s
1932 J
1st terminal A unifying 5s. 1952 J
Gray’s Pt Ter 1st gu g 5e_ 1947 J
S A A A Pass 1st gu g 4s._-.1943; J
S F A N P 1st sk (d g 5s
1919 J
Seaboard Air Line g 4s
1950 A
Gold 4s stamped
:
1950 A
Adjustment 5s
ol949 F
Refunding 4s
1959 A
Atl Blrm 30-yr 1st g 4s..rl933 M
Caro Cent 1st con g 4s
1949 J
Fla Cent A Pen 1st g 5s
1918 J
1st land grant ext g 5s.. 1930 J
Consol gold 5s
1943 J
Ga A Ala Ry 1st con 5s._ol945 J
Ga Car A No 1st gu g 5s.. 1929 J

50

60

....

Oct *18
80
Oct ’18
Jan *17
July’17

59*4 Oct ’18
65%
55%
93
94%

59*4

78

Nov* 17

85

....

7U2

6
6

61

60

65

681*
85**....
108

....

1051*
106

....

861*

....

81

85

Apr ’J8

66*4 Oct ’18

....

81% June 18
108% Oct ’18
122
Nov’16
106
Oct ’18
84% Oct ’18
93% Dec ’16
807* Oct’18

123%
117%
104%
104U
80*4 831* 70
103
9544
77%
705*
_

mmmm

....

....

86*2
82*2
62i2

87*2
84i2
63
69

_

_

_

_

_

_

_

_

_

60
60
07
60
81% 84%
105% 108%
105
79
71

...

103"%
70

___

77%

1

72

86%

68

106

85%
807*
105%
85%

Sept’16

84

56

May’17
May’17
8ept’18
Oct *18

_

68%

32

79

79% Oct *18
59*4
62

86%
78% 80
56% 62

_____

65

Oct ’18

79%

83%
87*4
83%
76
8H* 74 Aug ’18
1021* 104*2 101 Oct *18
1005* 104 103% Sept’17
107
Oet *16
93*4
887* Mar’17
72*2
60
36% D6e T6
85
107
105it 108*2 107
80*2 Sale 77
80%

58

827*

_

2

—-

68

85%

74

_

75

100%103

....

----

84

85

....

100

95

97*8 100
971*
89

J
M
F
M
J
J
M

93*4
86i*
81**

J
J
M
F
J
J
A
M
M
M
J

97

A
A

895#
861*
80»s
805*
721*
721*
84*4

....

801*
97

86

Sale

Sale
....

....

....

100
_

_

88
84
97
91
85

_

93%

_

100

95

931*
100

_

July’18

8S

Oct *18

83

97%
93*4

2

927*
857*

178

Nov’18

85

8*
90
99

93%
85

J.n *93

....

...

98
98

951*

76*4
75*4
74*4

_

Aug ’18

108%
80%

84% Sept’16
92
Aug'17
102

79*8
847*

84

100% Feb 17
93% July’18

....

2 106%
14! 65%
2 82

....

92

Dee *17

98% Nov’18
97% July’18
87
78

Feb

96%
95%

_

98%
971*

17
70

831*
82»* 9)

July’18
81% July’17
37% Dee *16
82% July’18
84

82%

04

81

84

84

757*
— —

79*2

....

801*
85*4

——

95

....

87*4

96% May* 17
96% May’18
Dec ’15
96% Feb 12
90% Oct ’12

....

..

...

....

....

....

931* 95
931* 100

88% Feb ’17
88
Apr *17
90% July’12
81
Aug *18
78 Oet ’18
93
May’io
98% Apr ’17
92

93
99

93

90% Sept’18
90% 8ept’18
91
8ept*18

93

90%
91%

Oet*18
June*17

99

„

96%

81
78

Dee ’17

921*

89**

81
78

88% 8ept*17
93% 8ept'18

93

891*

96*4

— —

104

81

95**
85U
85U
771*

86

June’18
Oct 17

78

93%
93

_

_____

——

9 Due Feb.

88
87
91

91

90%
91

g Due June.

Louisiana West 1st 6s....1921
Morgan’s 1st A T 1st 6a.. 1920
No of Cal guar g 5s
19>h
Ore A Cal 1st guar g 5s
1927
So Pac of Cal—Gu g 5s
1937
So Pac Coast 1st gu 4s g._1937
San Fran Terml 1st 4s
1950
Tex A N O con gold 5s
1943
So Pac RR 1st ref 4s
1955

Southern—1st oons g 5s
1994
1994
Registered
Develop A gen 4s Ser A... 1956
Mob A Ohio coll tr g 4s
1938
Mem Div 1st g 4Ms-5s... 1996
St Louis div 1st g 4s
1951
Ala Gt Sou 1st oons A 50..1943
Atl A Chari A L 1st A 4Msl944
1st 30-year 5s Ser B
1944
Atl A Danv 1st g 4s
1948
2d 4s
1948
Atl A Yad 1st g euar 4s_.1949
E T Va A Ga Div g 5s...1930
Cons 1st gold 5s
1956
E Tenn reorg lien « fie....1938
Ga Midland 1st 3a
1946
Ga Pae Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6s...1925
Mob A Bir prior lien g 5s. 1945

J

J
a
J
M
J
A

J
J
J
J
A
M
J
J
J

J
J
J
J
A
J
M
M
A

J
J
J
Mortgage gold 4s
1945 J
Rich A Dan deb 5s stmpd.1927 A
Rich A Meek 1st gu 4a...1948 M
So Car A Ga 1st g 5s
1919 IN
Virginia Mid Ser D 4-5S..1921 M

93
99

O
F
N

* Due Aug.

0 Due Oct.

Range
Since
Jan. 1

No. hmr

887*

8ept’18

92

93

93

! 967*

1001*

79*#
621*

90
701*

44
99

50
99

981* Oct’18
June’17
Mar* 16
90 1
85U

Sale

72%

O

701*

....

40

93%

J
J
J
O
J
J

47%

90

Oct ’18
Jan’18
97U Dec’17
9 > l
845s
8U* June’ 18
82
Oct’18

....

63%

47
3

701*

45
99

Sale

85%

63

....

...

...

64% Sale

8U*
...ll 81U

81
76
53

! 63

671*

Sale
Sale
Sale

52%

318
164
84
415

,

I

!

1005* Sept’18
94% 97
94% Oct’18
78
May’16
90
May’17
ioi% 102 100*4 Oct’IS
74% 75%! 73
741*
87
85% Aug’lS
74
75
73 1
725*

O
O
N
J
D
J
D
J
J
O
O

_

_

56
67
65

797*!
Sale
Sale
76

62
75
76

....

99%
90

4
...

6
55

101

...

J

D
O

94

84%
86%
767#
91
....

88
89
98

91%

77
101
97
95
98
95
100
94

100

60
75
77

92l2
90*2

93*4
901*

94

95

91*4

91*4

70

80

_75% ’87**
86*8 109U
75
84**

1

’""5 *85’
! 71

....

88
96

"

Oct’18

96*4 Jan’18
lOOM Ja
,rt
851* July’18
100

721*
641*

73
75

....

8712 Sept’16
865*
865*
747# Sept’18

827*
86*4

„

100
7U2

51*4

I

108
_

91i4

971*

49

81
80
771*
24
90
77
Feb’14
Sale 84
875* "575
Sale 1021*
109U 2835
84
85
84 |
10

921*
90*2

97

87%

Si

68l2

...

79%

J
J

100
67

72
1
60
55
64
8
Mar’18
__J
Oct’18
June’17
Dec’15
Oct’IS
June’18
June’18
June’18 ....!

957*

91

*5 412 66

4
...

92%
89%
96%
89%

54

99*8 1061*
62
7412
85*8 851#
637, 73
50*2 55
57
70
52
65

46
...

July'18

74%

72%
71%

J
J
J
J

,

...

Oct’18
67 j
65
98i2 Jan’14
66 1
07% 65
100
June’18

671*
81
76

1001* IOU4

....

^

63

5512

....

Sale
Sale

72
74
60
64

O
S

_

90 "
8U*
86

66
60
44

....

64

"A

_

*80*4

44
.—1

Aug* 18

80
70
102

High

Nov’18

100
87
90

D
A
A
D
O
N
J
N
N
N
J
O
N
J
J
J
O
J
N
J
O
J
J
J
J
o
s
J
J
D
J
J
J
J
o
J
M
S
o
J
J
J
J
o
N
N
8
S
S
N
J
O
A
J
O
A
J
O
D

or

High
92
93

—

J

Series E 5s
1926 IN
8erles F 5s
1926 M
General 5s
1936 IN
Va A So’w’n 1st gu 5S..2003 J
1st cons 50-year 5s. .1958 A
WO A W 1st cy gu 4s
1924 F
Spokane Internet 1st g 5s.. 1955 J
Term Assn of St L 1st g 4MS.1992 A
1st cons gold 5s
1894-1944 F
Gen refund s f g 4s
1953 J
8t L M Bridge Ter gu g fie. 1930 A
Texas A Pac 1st gold 5s....2000 J
2d gold Income 5s
*2000 Mar
La Div B L 1st g 5s
1931 J
J
W Min W A N W lstgu 5s 1930
Tol A Ohio Cent 1st gu 5s.. 1935
Western Div 1st g 5s
1935
General gold 6s
1935
Kan A M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4s
1917
Tol StLAWpr lien g 3 Ms. 1925
50-year gold 4s
1950 A
Coll trust 4s g Ser A
1917 F
Trust oo ctfs of deposit
Tor Ham A Buff 1st g 4s. .61946 J
Ulster A Del 1st cons g 5s..1928 J
1st refunding g 4s
1952 A
Union Pacific 1st g 4s
1947 J
Registered
1947 J
20-year oonv 4s
1927 J
1st A refunding 4c
*2008 M
Temp secured 6s July
1928
Ore RR A Nav eon g 4s..1946 J
Ore Short Line 1st g 6s...1922 F
1st consol g 5s
1946 J
Guar refund 4s
1929 J
Utah A Nor gold 6s
1926 J
1st extended 4s
1933 J
Vsndalia eons g 4s Ser A
1965 F
Consols 4a SeriesB
..1957 M
Vera C’-na A P 1st vu 41*8.1934 J

9 Dm July.

Ask
96

89%

107.

Ji

Last Sale

Bid

N
A

Prior lien 8er A 4s
1950!J J
Prior lien Ser B 5s
1950 J
J
Cum adjust Ser A 6s
61955 A O
Income Series A 6s
61960 Oct
St Louis A San Fran gen 6s. 1931 J
J
General gold 5s
1931 J
J
St LAS F RR cons g 4s. .1996 J
J
Southw Div 1st g 5s
1947 A O
K C Ft S A M cons g 6S.1928 HI N

103

Week's

Range

Nos. 8

.

....

Ne prise Friday: latest bid and asked, a Due Jan.




39
23

91

88*4

91U
Sale

92
70
71
82

i

73
Nov’18

....

60
70

_

Apr ’18

....

7U*
871*
90i*

M
F

M
F
J
J
J
M
M
J
J
M
A
A
M
M
F
J

June’18
Jan *18
Nov* 16
Nov* 16

....

_

9U4

.

.

.—

Price

Friday

P C C A St L (Con.)—
Series G 4s guar
1957 M
Series I cons gu 4 Ms
1963 F
C St L A P 1st cons g 5s. 1932 A
Peoria A Pekin Un 1st 6s g..l921 Q
2d gold 4 Ms
61921 M
Pere Marquette 1st Ser A 5s. 1956
1st Series B 4s
1956

113

,

Mahon C’l RR 1st 5s
1934 J
Pitts A L Erie 2d g 6s
al928 A
Pitts McK A Y 1st gu 6s. 1932 J
2d guaranteed 0s
1934 J
Michigan Central 6s
1931 M
1931 Q
Registered
4s
1940 J
Registered
1940 J
J L A 8 1st gold 3 Ms
1961 M
1st gold 3 Ms
1952 M
20-year debenture 4s... 1929 A
N Y Chic A St L 1st g 4s..1937 A
1937 A
Registered
Debenture 4s
1931 M
West Shore 1st 4s guar
2361 J
Registered
2361 J
NYC Lines eq tr 6s.. 1918-22 M
Equip trust 4Ms.. 1919-1925 J
N Y Connect 1st gu 4Ms A..1953 F
N Y N H A Hartford—
Non-con v deben 4s
1947 III
Non conv deben 3M*
1247 M
Ncn-coov deben 3Ms
1964 A
Non conv deben 4s
1965 J
Non-conv deben 4s
1966 M
Conv debenture 3 Ms
1966 J
Conv debenture 0s
.1943 J
Cons Ry non-conv 4s
1930 F
N on-conv deben 4s
1964 J
Non-conv deben 4s
1955 J
Non-conv deben 4s
1965 A
Non-conv deben 4s
I960 J
Harlem R-Pt Cbes 1st 4s. 1954 M
BAN Y Air Line 1st 4s..1955 F
Cent New Eng 1st gu 4s..1901 J
Hartford St Ry 1st 4s
1930 M
Sousaionic R eons g 6s...1937 M
Naugatuck RR 1st 4s
1954 M
N Y Prov A Boston 4s
1942 A
NYW 'chesAB lstser 14 Ms 1946' J
Boston Terminal 1st 4s... 1939 A
New England cons 5s
1945 :J
Consol 4s
1945 J
Providence Secur deb 4s.. 1957;M
Prov A Springfield 1st 5S.19221J
Providence Term 1st 4s... 1956 M
W A Con East 1st 4Ms
1943 J

....

55
85
_

Since
Jan. 1

High No. Low High
74i* Mar’18
72% 74%
May* 15
96% Oct 18
95% 98i4
73
Oct’18
67% 73

....

1011*
96*4
75*s
601*

_

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 8.

Range

Ask Low

Bid
74

M Y Cent AHRKB (Con.)—
M Y4Pu 1st cons gug 48.1993 A
Pine Creek reg guar 6s
1932 J
RW AO con 1st ext 5S..A1922 A
Rutland 1st con g 4M*
1941 J
OgALCham 1stgu4sg.1948 J
Rut-Cangda 1st gu g 4s. 1949 J
ft Lawr A Adir 1st g 6s
1996 J
Id gold 6s
1990 A
Vtica A Blk Riv gu g 4s.. 1922 J
Lake Shore gold 3 Ms
1997 J
Registered
1997 J
Debenture gold 4s
1928 M
26-year gol l 4s
1931 M
Registered
1931M
Ka A A G R 1st gu c 6s...1938 J

Last Sale

[Vol

96*4

96*4

'851* *85*2

Oct ’16

1031* Aug ’IT
92
May’18

*87 ~ ”92*2

109*2 Nov'15
93

98%
.

104%

_

Apr '18
102M Oct 17
96*4 Feh ’18

93
77
85
Sale
Sale

9312 Aug '17

93%
91

90%
90%
74%
75

857*
98?g

100

100

93**
71*4

74
94

Oct’18
Nov’18
82*2
86 |
95
987*

238

"96*2
~8if*
"86 "

755*
691 867#

—

100*4 Aug ’16
73 | 323
661*

.

987*

.

72

Sale
75

70%
90
69
85
85

69*

----

80

----

92% 99%
94% 100
.

92
51

99

100% 101%
98%
87
91%
....

72%

90% 102
98%
94%
92%
91%
95

99

80
92

64*8
877#
82*2

691*
93
84*2

65
.

Oct ’18
Oct’18
Oct’18
Oct’18
70
Oct ’18
81*2 Mar'le
75
Feb 17
96
Mar’18
917# Oct ’18
90
Nov’18
51
Mm 18
L00
Sept’18
LOO
Oct *18
911* oct ’18
68
Jan ’18
95
Jan ’18
73
8ept’12
98** Aug ’18

.

.

84*2
93*2

.

91
70

95

96

.

96

91*4
86
51
100

70*4

97*2

90
63
100*2

98*4 IOU4
9H* 9U*
68
68
95
95
967*

98*2

93

93

....

93

61

70

85
95

99%

87

74%

99%

Sale1

90
——

78

96
84

67%

80%

93

941*

81«*
67%

815*
721*

Mar" 17
Mar’17

Julv’18
94
75*2 Oct ’18
9512 July 17
88
92

85*2
90
61
10

Sept’18

Jan

79*4
41
86

86

95
82U

*92 *

461*
86

90

’9*"

17

93

93

67*2 Sept* 18
91*4 Dec 17
62
Aug ’17

67**

69

77
Oct ’18
521*
52*2
185* Mar’06

50
83
60
32

—

:

86
94

LOO
93

85
80
53

i

May lc
106*2 Nov*04
90*2 Oct ’18

92%

35

18!

8«

_

.

94*8
Sept’18
Sept’18

41

45
93

_____

Apr

941*
81**
67*4
937s
95*4

102

85%

-

87

Oct’18

July’18

93

90

95%

-

76
92

i~59 ~ "73 ~

671*

89

Oct’18

45

53

85

88

84
83

"9012

82*

» {
*85 i
10412
3841*
104
97*2
88*2

18%
69%

87

87%

_____

90%
84%
87
85

104%
84%
100%
94%
88%
901*
81

70
Sale
_

_

_

.

Apr 17
Oct ’18

Sept’17
861*
90*2
851* Oct’18

Sale 87
87
Sale 82*4
85
Sale:
1041*
Sale 83
841*
101% LOO*;
96
Oct’18
99%
Sale 87*2
88*2
98
Dee *17
98
89
89
Feb *18
80 Jan *18

791*

9 Due

80
85
58

■~aj
7

<

807*

86

*89 ~ *89"
80

s

86

801*

Seot’17

Due Dec.

75

125 101**
4 78**
997*
941*

80% June’18
35

Nov.

64

80**

BONOS
N. Y. stock: exchange
Week eu ling Nov. 8

3*

Pried

Weets

Range or

Since
Jan. 1

Last Sale

8

Nod.

Ask Lots
High
95
SUe 91
93
9612 9712 96
89
8412 Oct 18
8712
90
Aug *18
’SUe 98
93
98
65
Sept’18

95

1962

1939
1939
1939

Debenture series B
1st lien equip s fd g 5s....1921
1st lien 50-yr g term is
1954
Det * Ob Ext 1st g 53
1941
Des Moines Dlv 1st g 4s..1939
Om Dlv 1st g 3^s
1941
Tol A Cb Dlv 1st g 4a
1941
Wash Terml 1st gu 3 ^s
1945
1st 40-yr guar 4s
1945
West Maryland 1st g 4s....1952
West N Y A Pa 1st g 5s
1937
Gen gold 4s
1943
Income 5s.
_pl943 Nov
Western Pac 1st ser A 5s
1946 M S
O
Wheeling A L E 1st g 5s
1926
J
Wheel Dlv 1st gold 5s
1928
Exten A Irnpt gold 5s„___1930
Refunding 4 4? series A..1956
RR 1st consol 4s
1949
Winston-Salem S B 1st 4a.. 1960
WlaCent 50-yr 1st gen 4s... 1949
Sup A Dul dlv A term 1st 4s '36 M

875* 102 ”
77
74%

98)4

95*8
....

....

...

95

70*2
72*4

66

67

83%

87%
....

Sale
Sile
Sile

68
20

847g 100
57% Sale
Sale

84
77
80
75

78%
83
80

85

S

J
Q
A

J
F
O

M

50

J

Sale
6434

....

99
69

80
....

81

United Fuel Gas 1st ■ f 6a..l936|J
Utah Power A Lt 1st 5s
1944,F
Utkm Elec LAP 1st g 5a...1950 J
Utica Gas A Elec ref 5s
1957 J
Westchester Ltg gold to
1950 J

J

A
J
J
O

94%

93

96%
89%

89

78%

87%
85%

66

70

55

65%

80%
85%

87

78

70

July’17
65
87

85
63

85%
86%
77

48%
14%

68
25

90

145
934

87
43
77%

‘io

73%
74%

80%

771
147

...I

58
85

80

82
80

76%

85

Shim 17
Mar’14

May’17

81%

81%

Vfav’17

63

Nov*10|__.

78*4

66

Oct ’18

91
71
56
58

51

July’iS:....

50%

50
25

91

M iy’18

;

....

Sept’15
91
907*

_

-

-

-

81%
90%

93%
92%
86
91
76
—

92*4
86%
«-

101*4
85
....

e- —»

80%

95%
90%
80

85

90

99

107%

91%
93%
89%
91%
94

.

Feb ’18
Feb ’13

95%

94

952
98

92%

Dec ’17

97

Aug *18

99%

Jun‘’17,

„

| 78

98%!

93

78 j
Oct ’18

1

i

I 91% Oct ’18
84% OCt *18
104% Apr ’17
93%
90%
Sale 76
76%
98
94% Sept’18
96% Aug’17
97

73
97 %
88%

1

8412

j

86
68

Sale 92%
88 I 85%

85%'

95
100

78

98%
94%
86%

94%

90%
76%
94%

86%
76%

92%
85%

92%
8512

Jan *17

98% 100%
71% 83

M ir’17
89
94
July’17
99% N>rv*15
Sale
100

75%

89*4
91

15

91
Oct *18

78
90

91
91

97% M iy’17
84
July’17
98% Oct ’17
92*4 Sept’17

85

92

Aug ’18

87

93%

85%

85%
85%
Lot June’17
89% 96 Aug *17J

30

87

97

105

Mxr’17

_

Ontario Power N F lat 5a
1913
Ontario Transmission 5a
1915
Pan-Am *etATrlstcon/6s 19-27
Pub Serv Corp N J geu 5s.. 1 *59
Tennessee Cop Jst conv 6s. .1925
Wash Water Power 1st 5s..1939
Wilson A Co 1st 25-yr s f 6a. 1941
...

Since
Jan. 1

Last Sale

or

33

88%

Sale

65%
35%

*
U

M
J
A

95

F
A
J
A
A
J
hi
A
A

No.t Low
1
60
‘"‘7 13
33
18

Hioh
Ask Low
63
79
Oct ’18
39
33%
39
Sale 33%
36

Bid

82%
85%
83

86
90
95

S lie
Sile
SUe
Sale

•

2

89%
89

82%
93%
98%
92%

M
M
A
J
J
A
J
F
J
A
M
A
F
hi
J
A
M
J
A

103

89%
81

63

93%

_

—

81%

88%
90

95

82%
85%

82%

79

85

75%

84%

74

85
58
90

..

and asked, a Due Jan. d Due April, e Due

91%
80

97%
85%

•

.

_

93
97
94

91
91

90%

-

90

L04%
92
81

85*8

•

75

65

67

90%
99%

93%
99%

83

88

85%

87%

93%

99%
99%
89% Oct ' 17,

il

Sale

87

10

100%
86%

102% 116%
73
89%
77
90%
73% 83

Hi

83
88
_

—

83

l

86*4 Oot ’18

—

*

i

1

84
Jun >’17
119
Oct ’18
Sile 79
80 j
95
94*4*
94*4
90 >4 Aug I S
Sale 96
97%

95

80

94%
90%
97%

_

105

119%
82%

22
2

88

951*

10

90*4
90%

90%
97%

73%

1

Manufacturing & Industrial
Am Ag Chem 1st c 5a
1928 A
Conv deben 5s
1921 F
Am Cot Oil debenture 5s
1931 M
*Am Hide A L 1st 9 f g 6s....1919 M
Am Sm A R 1st 30-yr 5s ser A d ’47
Am Thread 1st coll tr 4a. ...1919 J
Am Tobacco 40-year g 6s
1914 A
Gold 4s
1951 F
Am Writ Paper 1st s f 5s
1919 J
Baldw Loco Works 1st 5s.”. 1940 M
Cent Foundry 1st s f 6a.... 1931 F
Cent Leather 20-year g 5s..1925 A
Consol Tobacco g 4s
1951 F
Corn Prod Ref s 1 g 5s
1931 M
1st 25-year a f 5s
1934 M
Distil Sec Cor conv 1st g 5s. 1927 A
E I du Pont Powder 4 i$s
1936 J
General Baking 1st 25-jr 6s. 1936 J
Gen Electric deb g 3%s....l9l2 F
Debenture 5a...
...1952 M
Ingersoll-Rand 1st 5s
1935 J
Int Agrlcul Corp 1st 20-yr 5s 1932 M
Int Paper conv sfgSs
1935 J
1st A ref s f conv 5s ser A1Q47
Liggett A Myers Tobac 7s.. 1944 A
69
1951 F
Lortllard Co (P) 7s._
1944 A
5s
1951 F
Mexican Petrol Ltd con 6s A 1921 A
1st lien A ref 6s series C..1921 A
Nat Enam A Stpg 1st 5s....1929 J
Nat Starch 20-yr deb 5e
1930 J
National Tube 1st 5s
1952 M
N Y Air Brake 1st conv 6s.. 1928 M
Pierce OJ 5-year conv 6a.?1920
hl924
10-year conv deb 6a
Sinclair OH A Refining—
1st s f 7s 1920 warraats attach
do without warrants attach
Standard Milling 1st 6s
1930 M
The Texas Co conv deb 6s.. 1931 J
Union Bag A Paper 1st 5s..1930 J
Stamped
1930 J
Union Oil Co of Cal lat 5s.. 1931 J
U S Realty AI conv deb g 5s 1924 J
U 8 Rubber 10-yr col tr 6s__19l8 J
1st A ref 5s series A
1947 J
U 8 Smelt Ref A M conv 6s. 1926 F
V-Car Chem 1st 15-yr 5s... 1923 J
Conv deb 6a
el924 A
West Electric 1st 5s Deo
1922 J

_.

..

__

97
102
84
100
92

96%^ J

96%
Sale 101
85
100
101
Sale 91

104

85%'

3

Oct ’ l S i

117

117
75

..1

117

85.

1

2

|

77%

71% Oct ’18 —J!

88%

Sile

83

99

99*2
81%

99
84

Sile

95%

ROl.

81

_

80
73
98

>

1
4

>
k
>
k
>
>
)
J

*
*
.

_

80
72

Sale
76
100
96

Am Telep A Tel ooll tr 4a... 1929 J
Convertible 4a
1936 M

20-yr convertible 44<s
1933 M
30-yr temp ooll tr 5s
1946 J
Sub recta full pd com 68.1925 J
Cent Dist Tel 1st 30-yr 5s.. 1943 Q
Commercial Cable 1st g 4s_.2397 Q
Registered
2397 J
Cumb T A T 1st A gen 5s...1937 J
Keystone Telephone 1st 5s.. 1935 F
Mich State Teleph 1st 5u
1924 M
N Y A N J Telephone 5s g .1920: M
N Y Telep 1st A gen s f 41*8-1939 M
Pacific Tel A Tel 1st 5s
1937 J
South Beil Tel A T 1st s f 5s. 1941 J
West Union ooll tr cur 5s ...1938 J
Fd and real est g 444s ....1950 M
Mut Un Tel gu ext 5e
1941 M
Northwest TH gu 4 44s g ..1934 J

79
99
80
93

...

13

97%

90

101%
84%
97%
99%
99%

4

95
75

80’

6

75

72

1
5

66% 74
94*4 100

_

_

40

j
’18'
Aug’18;
89

Oct

96 1
Mar,18'
99% Sept’18
99% 100
99% Sept’18
99%
86
85% Site 85%
104
100
May’17
96

I
I

92% 100%
904 106
80
85%
98% 101
84% 95%
96% 99%
117
117%
71
74%

| 208

95*8
99% Oct ’18

....

97%

•

-

'

-

-

97%

100
75% SUe 75
94
95
93
90
112_ Sale 111
91% 94% 91%
Sale 111%
112
91% 94% 91
165
175
175
185
98
97

88
89

Oct ’13

....

93%
94
99
100%
89

94

96%
99*4

SUe !

Sale

24

75%

68%
93%

Oct ’18

77%
99

107*4 117

112

21

91%
112
91%

95
3
86
115
26 107
1
83% 93

Nov’IS
Oot ’18

May’18
Aug ’18

-

-

.

_

_

105*4 181%

•

95

151
93

\ 1 93
97

100

106
—

,

i 91%

97
Oct ’18
97% Oct ’18
99*4
100%
86%
89

t

_

92%
97%

95*4 101%
90%
83

23
90
'

.

.

4
J
1
t
J

J
>

J
l
>
)
1

98%
95
90
100
88
87
90
65*4

9734
94%

Sale
Sale
98
Sale

98

94
94
Sale

83

June’18

|

Aug '18

-

-

-

95

•

83
90

90

96
Sale 100
97
98

98%

84%

,

I 81
93%
73 96% 101%
86% 88

—-'T*'

-

Oct ’18
65%
66%
100
100
100% 100
87%
87% Sale 83*4
100.
97*4
W7g
99
100
97

86

141
7

98%
95

99%
100
90% ! 88 Oct ’18

45

7

8 100
360 70
12
92%
1
90
13
94%
4
94%

96

100
97

85
99
07
101

87%
98

97%

109
95

I
1

Coal, Iron & Stool
Beth Steel 1st ext s f 5s
1926
1st A ref 5s guar A
1942 M
20-yr p m A Imp s f 5s
1936 J
Buff A Susq Iron s f 5s_._.1932 J
Debenture 5s
a 1926 M
Cababa C M Co 1st gu 6s.. 1922 J
Col F A I Co gen s f 5a
194-3 F
Col Indus 1st A coll 5s gu..l934 F
Cons Coal of Md IstAref 5s. 1950 J
Elk Horn Coal conv 6«
1925 J
Or Riv Coal A C 1st g 6a._hl919 A
Ill Steel deb 4 <%s.___
1940 A
Indiana Steel 1st 5s..
1952 hi
Jeff A Clear C A I 2d 5e....l926 J
Lackaw Steel 1st g 5s
...1923 A
1st cons 5a series A..
1950 M
Midvale Steel A O conv s f 5al936 M
Pleasant Val Coal lat s f 5s. 1928 J
Pocah Con Collier 1st s f 5s. 1957, J
Repub IAS 10-30-yr 5s e f. 1940 A
St L Rock Mt A P 5e stmpd.1955 J
Tenn Coal I A RR gen 5s..l951|J
U S Steel Corp—)coup
dl963 M
S f 10-60-yr 5s. rag
dl963 M
Utah Fuel 1st s f 5s
1931! M
Victor Fuel 1st s f 5s
1953 J
Va Iron Coal A Coke 1st g 5s 1949 M

Mar. t Dae Juie. A Dje

53
85

—

„

-

39
39

89%

11 i
82
81
85 I
8!
58
Mar’IS1.
90 1
88
17
16
Sile 114
116%
92
Sile 87%
89%
16
Sile 87%
89 |
80
Oct ’18
83
94
Sept’131 «**-*«!
i
97
Sept 18 j
102
—«
93
96
Sept’l8!
Sale 102*4
104% 104
4
88%
89 |
5
81
NdvII:
87%
83
Ap“ ’14
1
94
June'16
67
Sept’IS:
1
94
92
Oct ’18
_

66*~

90

’18j.

...

90
116

Hift

95

50

83%
Feb

r
r
r
>

95%

95%

90
83
90

SUe

95
89

Sale

81%

96

90

i\

88

91%

92
86

--r-—'

90
85

90

83
73
83
95

86
79
99
95
94

86% July’18

il

L|

85

1
»
»
)
)

95

76

83%
....

85%
95%
95%
95
87*4

r
>

>1
3
l
1

91

Dec’14
Nov’18
76

78%
I
i

*

3

Aug’18
Aug ’18
Fet) ’18

|
3
•5

85%
95

97
90
SUe

94%

90%

1
1

86% Oct ’18

87
88

86*4
93%

)l

95
109
....

Sale
81
Sale
Sale
—

93%
83%
86%

1

Oct’18
24
114

9)
91

94
81
92

85%

94%

96%
96%
95

9T

88

80ts

76%

l!
1
1
l
1
I

101
93% 86
SUe 76
87
90
95
94
Sale 85%
95
95

83
May’18

99

2
24
85

95
90

j 85% 87%

3 , 92% 93%
93%
80
Apr ’IS;.... i 80
2
95
92% 97%
100
393
90
97%
100
2
96
99%
98
93

92%

80
95

87

83%

85

80
86

87
85

|
3

Sale

83%

87

44

86

86

10

89*4

90

12
23
734

75

Dec’16

Sept’ 18

*“—l

Telegraph A Telsphene

July’17
100%
100%
96
82% Oct ’18
94% 96 Sept’17
100
Apr ’17

89%
—

94
100

90
97

96%
91
90
83
70

26*8
27

92% Nov’17
96% Dec ’17
907j Dec ’16

88
95

—

100
95
78

25

75

93% Sept’13
90
Sept’18
91% Oct ’18

95%
-

80
_

55%

89%

3

90

—

!

_

25
22
22
77

....

June’18
81% 83 j 79% Oct ’18
Feb ’15
91 1 97
Sale 105
107%
107
102 I 95% Oct *18
94
93
91

95
96
80
60
66

103

90
90

—

59

38%

Jun *’17

24% Oct ’18
22
Sept’18
Oct ’18
77

93%

_

68

52%
27%
90%

5
58

w*

69
52
57
35
29
27
83

*e

62%

17%

102% Mar’12
56
58% |
36%
36% SUe 34
90
Aug’18
85*2 104
Oct *18
92% ---- 92%
76
Mar’18
80
56
Aug’18
60
«

54
24
70

40

50
20%
65%

’55% 58”

•

1923
Great Falls Pow 1st 8 f 5s._. 1940
Int Mercan Marine s f 6a.
1911
Montana Power 1st 5s A
1913
Morris A Co 1st a f 4^8.... 1939
Mtge Boad (N Y) 4s ser 2.. 1966
10-29-yr 5a series 3
1932
N Y Dock 50 yr lat g 4s
l’*5l
Niagara Falls Power 1st 5s.. 1932
Ref A gen 6s
_« 1932
Nlag Lock A O Pow lat 5a. 1951
Nor States Power 25- yr 5s A 19 tl
...

Range

Nov. 8

Computing-Tab-Rec s f 65 .1941 J
Granby Cons M 3 A P con 0s A ’28 hi
Stamped

Range

Frida*

._

67
Aug’18
901* Feb ’17
95
J.il%17

——

D

Philadelphia Co conv 5s....1919 F A
Conv deben gold 5s
1922 M N
Stand Gaa A El conv a t 6s.. 1926 J
Syraouae Lighting 1st g 5s.. 1951 J D
Syracuse Light A Power 5a. 1954 J
J
Trenton O A El 1st g 5s
lu49 M S
Union Elee Lt A P 1st g 5s.. 1932 M S
Refunding A extension 5a. 1933|M N

97

Oct ’18

49%
19%
64%
88%

Sale

20%

N

1918 J
•
Purchase money g 4s
1949 F
A
Ed Elec 111 1st cons g 5a..1995 J
J
NY&Q El LAP 1st con g 58.1330 F A
Pacific G A El Co—Cal G A E—
Corp unifying A ref 5a
1937 M N
Pacific G A E gea A ref 5s.. 1942 J
J
Pac Pow A Lt 1st A ref 20-yr
5a International Series
1930 F A
1949 M S
Pat A Passaic G A El 5a
Peop Gas A C 1st cons g 6a. 1943 A O
Refunding gold 5s
1947 M S
Cb G-L A Coke 1st gu g 5a 1937 J
J
Con G Co ot Ch 1st gu g 5sl936 J
J
Ind Nat Gas A 011 30-yr 5sl936 M N
Mu Fuel Gaa 1st gu g 5s..1947 M N

96

__

Oct ’18
Oct ’18

99

8'

M

93%

....

J

M S
J D
F A
M N
A O
A O
A Oi

92%

....

23
23
23

J
Q F
M N
J
J
J
J.

4

85
69

100% Jun ’17
98%
81% July’13
81%
99%.... 98% Aug 17
96% 97% Jul.’17
74
Aug 17
78

-e ——

J

67

65

86
30

85

....

77%

55%

79?g

80
95

....

65

J

72

85% Sspfi’18
86% Oct *18
73%
76%
84
Jan ’14
64%
68
19
20%
87
Oct ’18
58
54%
84%
81%
77% Oct ’18
80
80
80
July’18

87%

60
63
72
79

Mas *12
M'i) *13

80

9912 101
85
81
70
78
65
87

85
93

69%

3
1
10

89% Oct ’18'

»

M

18
95%

4

60

May’18

92
90

88

87>4
76%

79
90

82
68
99
70

_.

63
72
79

Sale

687s
56%

J D
M N
A O

90
60

i

847g Nov’18
65
Sepr’13
96
Sept IS

85
81

M
J
A
A

57%

203

Jan 18
Aug’18
Oct * 17 i

96% Aug

NYGELHAPgSa

•Ne wlce Friday; latest bid

Sale

68%
97%

Tri-City Ry A Lt 1st s f 5s.. 1923 A
Undergr of London 4 4s. ...1933 J

J

63
72
79
76

~82

95*4

—

_.

75

88

1949 F

Gas and Elactrlc Light
Atlanta G L Co 1st g 5s
1947
Bklyn Un Gas 1st cons g 5s. 1945
Clncin Gas A Elec IstAref 5s 1956
Columbia Q & E 1st 5s
1927
Columbus Gas 1st gold 5s.. 1932
Consol Gas conv deb 6s.
.1920
Cons Gas ELAP of Balt 5-jrr 5s'21
Detroit City Gaa gold 5s
1923
Detroit Edison 1st coll tr 58.1933
1st A ref 5s ser A
A1940
Eq G L N Y 1st cons g 5s..1932
A Elec Berg Co c g 5a.. 1949
Oas
Havana Elec consol g 5S....1952
Hudson Co Gas 1st g 5s
1949
Kan City (Mo) Gas 1st g 58.1922
Kings Co El L A P g 5s
1937
Purchase money 6s..
1997
Convertible deb 6s
1925
Fd El III Bkn 1st con g 4s. 1939
Lac Gas L of St L 1st g 5s..el919
Ref and ext 1st g 5s
...1934
Milwaukee Gas L 1st 4s
1927
Newark Con Gas g 5s
1948

68

99% M*r 7i
60
Sept* 18

76is

Nassau Elec guar gold 4s. 1951 J
Chicago Rys 1st 5s
1927 F
Oonn Ry A L 1st A ref g 4 4sl951 J
Stamped guar 4 4a
1951 J
Det United 1st cons g 4 4s..1932 J
Ft Smith Lt A Tr 1st g 5s
1936 M
Hud A Manhat 5s ser A....1957 F
Adjust income 5s
1957
N Y A Jersey 1st 5a
1932 F
Interboro-Metrop coll 4 4s. 1956 A
Interboro Rap Tran 1st 5S..1966 J
Manhat Ry (N Y) cons g 4a. 1990 A
Stamped tax-exempt
1990 A O
Manila Elec Ry A Lt s f 5s.. 1953 M
Metropolitan Street Ry—
I
D
Bway A 7th Av 1st c g 6s. 1943 J
Col A 9th Av 1st gu g 5s..1993'M
Lex Av A P F 1st gu g 5s..1993 M
Met W S El (Chic) 1st g 4a.. 1938,F
Mllw Elec Ry A Lt cons g 5a 1926i F
Refunding A exten 4 4s.. 1931 J
Mlnueap St 1st cons g 5s
1919 J
Montreal Tram 1st A ref 56.1941 J
New Orl Ry A Lt gen 4 4s..l935>J
N Y Munlclp Ry 1st s f 5s A 1966 J
N Y Rys 1st R E & ref 4s. ..1942 J
30-year adj Inc 5s..
a 1942 A
N Y State Rys 1st cons 4 4s. 1962 M
Portland Ry 1st A ref 5S....1930 M
Portld Ry Lt A P 1st ref 58.1942 F
Portland Gen Elec 1st 5a. 1935 J
St Jos Ry L H A P 1st g 58..1937 M
St Paul City Cab cons g 5s. .1937 J
Third Ave 1st ref 4s
1960 J
Adj income 5s
al960 A
Third Ave Ry 1st g 5s
1937 J

J

99
60
36

82

Aug '18

60*4

Sale 83i2
83
19
93
96
Oct 18!....
103
' 17
Feb
99*4

8512

65

_.

86
90

72
79

90
100%

Dee T7

85%

64%

86%

Miscellaaeow*
Adams Ex ooll tr g 4s...... 1948
Alaska Gold M deb 6s A.... 1925
1926
Conv deb 6a series B
Am SS of W Va 1st 5s
1920
Armour A Co 1st real est 4*4s *39
Booth Fisheries deb a f 6s... 1926
Braden Cop M coll tr s f 6s. 1931
Bash Terminal 1st 4s...... 1952
Consol 5s.............1955
Bldgs 5s guar tax ex
1960
Chic C A Conn Rys s f 5a
1927
Chlo Un Stat’n l>*tgu 4Vjs A T»63
Chile Copper Id-yr conv 7s. 1923
Recta (part paid) conv 6s ser A
Coll tr A oonv 6s ser A.. 1932
...

60's

6-year secured notes 5s
1918 J
Otfa 3-yr n-c 7%n nesop A1921 J
3-yr 7% secured noies._/»1921
Bk Cty 1st eons 4s..1916 1941 j"
Bk Q Co A 8 eon gu g 5s..1941 M
Bklyn Q Co A 3 1st 5s
1941 J
Bklyn Un El 1st g 4-5S...1950 F
Stamped guar 4 5s
1950 F
Kings County E 1st g 4s. .1949 F

Income 6s
1948
United Rys lav 5a Pitts las.. 1926
United Rys St L 1st g 4s
1934
3t Louis Transit gu 5s
1924
United RRs San Fr s f 4«
1927
Union Tr (N Y)c ertfs dep
EquitTr (N Y) inter ctfs
Va Ry A Pow 1st A ref 6a. .1934

’site
100

Street Railway
Brooklyn Rapid Tran g 5s.. 1945 A
1st refund conv gold is
2002 J

Stamped guar 4s

76
82

80

63

93

90
80
90
96
65

4

9912 4e Pt .7
80
Aug 12
75
Apr 17
84t4 Jao 17

....

70
84
68

No. Low BIqH
42
84% 95

Week's

Price

BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 8

Range

Frida*
Bid

Virginian 1st 6s series A
Wabash 1st gold 5s
3d gold 5s




1835

New York Boad Record—Concluded—Page 4

Mot. 9 1918.]

3
3

90%

90*4

1

98

Sale

►

103%

1

96

1

68%

r

89*4
L

r
1
1
1

88
95

94
96%
105
Sale 101
98*2 99% May’18
Nov’17
73
68% fan ’18
92
89 ' Oct ’18
Apr *16
96% 98

89%

89%
97
89

92%
93%

92%

r
r

93

90% Oct ’18

’

86%

’
.

---

91
88
99

86

m
89

92%
99%
93*4 105
98% 99%

82
86

>

w

I

1

Aug ’18
92

92%
Oct ’18

---.1
»

-

•

•

85 '

97
84
87
86

•

-

99
95
99

92%
95

^

93%

80

88

mil* Bent’17:

94

•

68%
95%

87%

-

-

08%
85%

37
1

Nov’18

89

77%
81*4

---**|

89%

100
91% Sale

83

Nov* 16

* Du® Au«- 0 Due Oct. 9 Due Nov. « Due Dec. * Optlea erie.

1826

BOSTON STOCK EXCHANGE—Stock Record
anARM PRICES—NOT PER CENTUM PRICES.

Saturday

Mondag

Nee. 2.

Noe. 4.

Tundag
Noe 6.

Soleefor

Wednesday

Thursday

Friday

Nov. 6.

Nov. 7

Nov. 8

t

134*4 134*4
7U*
•97

331*
•169
•14

134l2 135
73i2
98i2

73
98

73
*97
331* *35
•169
*
3
30
*14

135
72
97
36
*169

36
3
30

135

*137

731*
97
37

*

138

7312
98l2

*97
36

98*2

30

*28
138
8412 85
•110
115

59*4
•107
•70
•82

59*4
109
72
85

*

*841*

..

115
60
♦107 109
*70
72
*8212 85

2*4
13

3912

39*4

90

*85

*23

*90
48
*66
*101
*94
*.85
6

24
96
48
67

102

941*
*85
*80

*137*
2U*
13*8
13*4
163

561*
*164

*291*
*612
19

3*8
*89

*831*
*69
*134

*881*
981*
*60

*1212
31*4
116
*49

51*4
95
90
82
16

111
*64

«...

2U2
13*4
13*4
61*
165
156
7
19

67i2
145
30

6*4

6i2

•18

3s*

19

31*

90
84

90

*137

•88I2

►H

99
64

9812

63

*60

49

131*
31*4
118
50

w

48
w

13i2
3414
12114

81*

81*

*.26
*47

14*4
*48
15
.30

*241*
*68*4
450

*1214
4 7'8
*2*8
5U
107*
3*4
*80
*54

*6*4
*.60

*801*
25

*57*
♦1

1
80

3418
121
*49

p
w

0

26

4*8
.30
49
15
63

.25
*47

*145s

15U

0

53

X
w

15*8

15*8

.30

.30
26

450

*241*
69
450

1312

*80
55
7
*.70
*51

6I4
107*
3*4
85
55

7U
.80

521*
8U2
251*

13i2
48*8

*80U
251s

6

1^4

4

*3*4

4U
571*
201*
1*4
1378

*3*4
5514

8*8

8<*
I4I4
.80
1

•401*

42

*55
16
*67
*24
*45
*.60

56
16
69

*3*4
*114
•-12

*51*
4U
3*8
.94

♦

*12
66

856
14

.18

61*
414
31*
.04

47U

27*
9*4
1*4
*21*

3V&
0*4
X

*8012
25l2
5%

2512

*.99
3

5

4*2
4U
5714
20*2
1'8
1378

4

2*4
57

*2014
178
*

15
66

*

8i2

8%
14
*.50
*.80
41

56l2
15l2
67i2
*24i4

.60

55
16
68
25
47
.62

4

4

1*4

1*4

55

15i2
68

*.12

6*2

i'A
314

*44
.51
4

*U4

.18

*.12
*6

6*2
458
3*2

4U
3*8

.95
.98
*47
48
46
47
*2% 3
0*4
9*4
2

27*
1*4

*2lj»

22
.75

*2U2

*1

*.60

2 Vo
*212
1*4

22
.75

•Bid and asked prices,




.96

475s
46i2
2*4
9*4

2*4
278
1*4

22
*.60
s

13l2
48*4
3

5i2
11*8
4
86
57
8

110*8 110*8

23i2
13*4
13*8

Oct’1.5

23’m

13*i
13*4

2314
13*4
1314

53

57U
155

:>9
157

31

30*4

307g

5
19

6

6

3r<g

3*4

*90
85
*68
140

86
70
140
Last Silt

98*4

86*2

99

99
Oct’18

99

126
48

87

69
69
141
141
)5
Oct’18

Last Silt •JO

126
48

127U 127*4
48

48
Oct’18

Last Sale 13

35lg 36
1227g 124

35

3578
122*4 125

Last Sile 50
Nov’18
145
147ig 146*4 148
45
43*2 4512
45*4
26
26U 26i4
26i4

100*4 104

101*8 103

Last Sale 111

8*8

85s

Oct’18
9
8*s

15

*14*2

70
70i4
69*2 70
457
460
450
460
Last Site 1212 Oct’18
49
50
49*4 5012
3
*25g
3
3
5
5*2
11
1U2
11*4 11*4

37g

4*2

4*2
4*4
Last Sale 84*4 Ost’lS
55
575g 57*4
55
8
.80

8
*7
8
.80
*.70
.80
51
52
52
52
Last Site 80*4 Oct’18
25U 255s
26U 26*4

5%

*5*4

6

1
6

1
6
3

1

*2*4

1
*6
3

6I4
3

List Sale 4*4

5

45g

414
2*4
57i2

4

3*4

5
414
3*4

59
59
Last Sale

21
2

2

20*2
2

4*8
414
60

Oct’18
2*s

1221* Aprl7

100
100
100
100

37
80
19
150

Do
pref
no par
Chic June By tUS Y
100
2
Do
pref
...100
10 Connecticut River
100
154 Fitchburg pref
100

Oct’lS

41
57

15l2
6712

85s
1412

68
68
69
69
Last Sale 247g Oct’18
46
47
*44
47
.50
.60
.50
.50
3*4
4
4*8
4

25
47
.60
4

1*4

•lU

2

"

1*8

.18

Last Sale .18

612
41*
3l2

6i2
4ig
3i2

.96
48
47

*.94
48

1
50

46*4
2*8

47i8
27g

278
9*4
2i8
278
1*4

9

7
414
3i2

10

2*/& 2*6
278
1*4

3

U4

.75

1*2

7*4
4*8
3*2

.98

.99

49*4

50U
46
47*2
2% 278
*9*4 10"
2
2*4
*278
3*4
*1
1*2

22
211* 2D*
L ist Sale li2 Sept’18
c

Do
pref
100
5 Maine Central
100
801 Mass Electric Cos
100
Do
4,008
pref stamped
100
337 N Y N H A Hartford
100
12 Northern New Hampshire. 100

20 Old

Colony
100
Rutland, pref
100
Vermont A Massachusetts. 100
117 West End Street..
50
12
Do
pref
50
....

Miscellaneous
89 Amer Agrteul Chemical... 100
127
Do
pref
100
100 Amer Pneumatic Service.. 25
75
Do
pref
50
220 Amer Sugar Refining
100
Do
93
pref
100
1,802 Amer Telep A Teleg
100
American Woolen of Mass. 100
305
Do
pref.
.,.100
264 Amoskeag Manufacturing.^..
Do
pref
185 Art Metal Construe Inc
10
20 Ad Gulf A W I 8 8 Lines.. 100
Do
pref
100
no par
1,395 Booth Fisheries
745 Century Steel of Amer Inc. 10
330
10
10
108
100
1,687
25
53 General
.100
2,853
-50
400 Internat Port Cement.
10
Do
10
pref
50
780
10
13
100
289
100
117
Do
pref
100
15
.100
.100
Do
pref
100
126
100
Nova Sootla Steel A C
.100
40
100
205
50
10

10,195 Stewart Mfg Corpn.
4,118

187

5,327

6,325

Assessment paid,

100
25
United
KM)
25
Do
pref
25
100
Do
pref
100
Ventura Consol OH Fields.
6

2

143

Jan 2

100
40
170
3
15

Jan23

Aprl5
Jan26

10*4 Mar 1
25
138

30
147
85
120
65

Julyl9
July 2
821* Aprl8

104
53
106
70

8eptl9
3

771* Junel8
1*4 Sept 6
8I2 Jan22

Aug 9
June 5
Junel7
Mar 6

Aprl7

71* May 16
Mayl6
May29
1001$ Nov 6

Peb25
7
Oct
*88*2 Junel4
20
Jan 2
80
Aug 6
37
Feb20
47
Janl6

107
25
90
50
62

Nov 7
Jan 8
Oct
4

106

781* Jan 2
88*s Jan 2
.40 July 1
4
Sept30

Oct 18

July 5
Apr 1

971* Nov 8
21* Mar 2
15*8 Mar 4
1161* May 15
113*4 May 9
1091 s Oct
9
60*8 May24
96*4 Marl2

Jan 2
June 4

90*4 Aug 5
451* Jan 8
90

Sept 9

33
46

27
84

99
107

Jan 2

Jan30
Mar 6
Jan 3
II6I4 Jan 9
81
Feb25
85
Jan 3

Feb19
Jan22

Oct

Nov 8

761* May29

July 11

Jan 3

601* Jan 2

92
82

76
11
98

Jan 7
Feb21
Janl5
581* Janl7
21
Jan25

Nov 8
June 5

18 July 8
120U Feb 16
,

65

25
25

51

4,030
300 Algomab Mining
85 Allouez
190 Amer Zinc, Lead A Smelt.
Do
pref

782
900
Butte A Sup Cop (Ltd)
922
205 Calumet A

10
25
25
25
25
5
10

10
10
25

25
773
25
200 Daly-West
20
525 Davls-Daly Copper
10
3,436 East Butte Copper Min... 10
510
25
100
60
100
80
25
100 Indiana Mining
25
170
1
Do
pref
1
365
25
325 Kerr Lake.
5
2,160
25
155
25
215
25
5
890
25
4,276
25
220
25
443
25
5

1,090 New Arcadian Copper
25
New Idrta Quicksilver....
5
100
210
241

155
85
100
450
141

"'90
3,070
995
450

200

4,475
850

3,435
2,655
303

9,190
460

4,734
525
110
25

Oct31

281* Sept 5

12
4
134

Jan29
Jan31
June21
27*2 June27
128
Janl6
27
Aug29
4*2 Oct 10
12
Apr23

3*8 Aug23
88
Sept30
*77*4 Janl5
62
107

88

Junel7
Junel1
Janl5

82*2 July30
56
July 5
102
29
11
27
102
45

87
5

170

Oct 18
60*4 Oct 19
157*2 Oct 16
35
Aug 30
7*2 Oct 23
19*2 Oct 21
5*8 Marl8
92*2 Feb28
91
Mayl8
71
Nov 4
141
Nov 8
95
Oct29

100*2 Oct 16
69
128
50

Jan 2
Oct 16
Oct 26
1378 Marlft
357s Nov 8

Jan 7
Jan 3
Jan29
Oct 23

Aug30
Jan29
Janl7

115*2
38*2 July 9
24*4 Aug 9
108

17i8 May 1
5*4 May 15

Mar25
Mar25
Jan 2

146U Aug 17
6218 Aug 7
148

Nov 8

48*2 MaylS
26*2 May28
116*2 Aug28
113

9

h Ex-rights,

g

*2 June27
71

Oct 22
Nov 8

1*4 Jan25

Junel3

83

Jan 3
5*8 Nov 6
.45 Mayl3
54
Feb27

1*8 Apr25
.15 July 11
*47

Junel4

125s Mar23

21*4 July 3
54
July 6
16*4 Aug24

41
11

Jan 2
Jan 5
.20 Oct 21
17
Mar25

.45 Jan 7
33
Mayl4

62*2 Janl5
427

Feb28

73*2Mayl6
465

10*4 June27
43*8 Mar25
1*2 AprlO
5

Jan 2

8*2 Mar25
3

June21

6

Febl8
84*4 Oct 24
57*4 Nov 7
10*8 Jan 2
1
Jan 3
70 Mayl5
84
Febl8
29
July 3
6*2 Oct 18

73*2 Junel4
39

Janl7

5*8 June21
.40 July23
50

Jan14
1
79*2 Oct

19*2 Janl4
5
Jan 2
.80 Septll
5
Mar25
2
Jan 2

1*4 Mayl5
8*4 May 14
3*4 Mar 5

3*2 8ept20
3*4 Septl7

6
7

.65
Mar26
.40 June28
x53*2 Oct 11
18*2 Jan30

20*2Mayl4

Lowest

120
27

Dec
Dec

701* Dec
15
150
2
9

Dec
Dec

July
June

30 ' Aug
148
Nov

83i* Dee
1021* Nov
44

116
83
78
1
6

Dec
Dec
June
Dec
Dec
Dec

21*4 Sept
901* Oct
85

Dec

161* Dec
83
34
*45

Dec
Dec
Dec

73
88
1

Highest
Jan
Jan
Mar
Mar
Jan

175
79
133
45
213
3
30

July
July

38
150
108
140

Feb
Jan
Jan
Mar

78i* Mar
Jan

133

92i* Jan
1001s Mar
6*t June
3114 July
62*4 Jan
105
Apr
135
Jan
841* Feb
110
Jan
561* Mar
74
Jan

Dec
Dec
Dec
71* Dec
90
Nov
105
Dec
96
Dec
387* Nov
*87*4 Dec
60
Dec
75
Dec
6
Dec
88
8ept
651* Feb

58
June
lOOU June
75
July
97i* Jan
14*4 Dec
12U* Jan
66
Jan

9
Dec
37g Dec
133*8 Dec

10
226

118*4 Dec

170*4 Jan

94*t May
1031* Jan
2*8 Jan
Mar

14

126I4 June
12U* Jan
128I4 Jan

Dec
Nov
Dec
Dec
Dec

124*2 Mar

Nov
Nov
Dec
Dec
Oct
Dec
Dec
Dec

1627g Apr

116
40
*105

37*2
25

79*8
103*4
4*4
1
70
1
*4
45
11
40

8*8
.25

12*8
55
411
11

3914

Oct
Dec
Dec
SeDt
Dec
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Dec
Dec

1*2 A Dr
3U Nov

8U
4
66
35
7

*4
62
80
20

4*4
1*4
5

1*4
4*8
6
1

1*2

2
.20

Jan 3
Jan 8
7*4 Nov 8

1U Augl3
2*2 Sept23
.85 May 1
36
Aprl3
42
July24
1*4 May31
8*4 June25
1*8 June 5
2*8 Aug26

4*4 Sept27
4*2 Feb 13
1% Aug20
50*2 Oct 18
47*2 Nov 8
3V& Nov 2
12

Janl6

ZXA% Apr 8
3
2
36

1
JanlO
21
Oct 19'
.40 Mayl9

llAt
w

Jan 3
Jan 3
Jan 3
Mar 7

Hall-paid.

2
2

Jan

112

166*4 Jan
Jan
Mar

46
16

June

68

155*2 Jan
58*4 Jan
30*8 Mar
135 May
Jan

121

87s Jan
414 Jan
Jan

108

11*2 Jan
1*4 Jan
Mar

70

41*4

Jan

73

Jan

15*4 June
2*4 Jan
52

'

Dec
Nov
Dec
Nov
Jan
Dec

Nov
Mar
Dec
Dec
Oot

Oct
31
Dec
.15 Aug

Jan

85*4 Jan
Feb

590

27*4 Jan
68
3

"

Jan
Jan

7*4 Jan
9

16
Nov
60
Nov
20
Nov
48
Dec
.58 Dec
5*8 Oct
.89 Dec
.10 Dec
3*4 Dec
3*8 Dec
3
Nov
1
May
40*8 Dec

43l2
178
9*2
2*8

Mar
Jan
Mar

81
169
95

16

.30 Nov
.98 Dec
33
Nov
53*2 Dec

Jan 2

Jan

100*2 Mar

Dec

6*4 July
11*4 Oct

1*4 Feb21
5*4 Jan 2

18*2 Jan
33*2 Jan

Dec
Dec
Nov
Dec
Dec
Nov
Nov
Dec
Apr
June
Oct
Dec
Nov
Nov
Nov

1*8 AUg
67
16

10

57

Jan23
Feb 19

Ex-dlvldend.

102

22
65

25*4 May23

4

*2 June21
3
AprlO
*2 Sept30
4

Dec
Dec
Dec
Dec
Jan

.95 Marl9
1*2 Mar30
45*2 Jan 3
65
Jan 9
20*4 Feb20
78
Mayl6

46*2 Junell
15*8 Nov 8
65
Sept30
21*4 Mar22

.11

92**
71
63
110
35
60
93
*59
107
29
10

97g April
17*8 Mayl6

.25 Febl4
*2 June21
39
May28

Jan
Jan

Dec
Dec

2*2 July 1
17*4 Mar 7
Jan 2
Jan31

20*8 June

4
10

20
80

13i4Oct 14

Oct

Feb 13
Jan 2

4*2 Nov 4
4*4 Oct 29
66*2 Mayl6

13*4 Jan 2
12
Aug29
65
Aug29
8 *A» Jan 11

46

May27

14*2 Feb 19
50*2 Oct 19
3
SeptSO
67S Mar 8
11*4 Nov 8

1*4 Aug29

100
Do
100
pref
5
North Butte
15
North Lake
25
0)1 bway Mining
25
25
Osceola
25
Pond Creek Coal.
10
25
Ray Consolidated Copper. 10
St Mary’s Mineral Land.. 25
Santa Fe Gold A Copper.. 10
10
South Lake.
25
5
25
Superior A Boston Copper. 10
Trinity
25
Tuolumne Copper
1
U S Smelt Refln A Min... 50
Do
pref
50
Utah-Apex Mining
5
5
Utah Metal A Tunnel
1
25
25
Wolverine
25
Wyandott
25

b Ex-stock dividend,

Range for Presume

IOI4 Mayl8

Mining

Oct’18

7*4
4!4
3*2

*21U

Ex-dividend and rights,

Georgia By A Elec stampd 100

2,395

Highest.

100

327 Boston A Maine
Boston A Providence
Boston Suburban Elec_.no par
Do
pref
no par
Boston A Wore Elec, .no par

533

[Vol. 107.
Year 1917

Lowest.

Railroad*
100 Boston A Albany...
1,522 Boston Elevated
41 Boston A Lowell..

Aug’18

*8*8
8*8
14
14*8 15
Last Sale .50
Oct* 18
.95
.95
1*4
1U
43
43
4U2 4112
57
57
56*2 59
15*2 15*2
15*8 15*2

14
.80
.95

22

3

*4
58

2i4

85g

6*4

Oct’18
5
5*8

4*^6

Last Sale 14
Last Site 12
*66
70

812

5%
Vi l'At

578

4i8

15
70

1512

Last Sale 50
Oct’18
15
15*8
15*8 15*8
*.30
.40
.38
.35
Last Sale 24
Oct’18

.80
51
82
26

1378
*12
*66

14
.90
1
42

*.50
.75
*41

*46

46

*.60

n*

*2414

47U

*1

*20

24*4

40

*211*

3

47
.70
4

1*2

.80
53
82

*3*4
*4i2

4

*14
*.50
*.75

*7
*.60
51

4i8

*3*4
*4i2

15
70

460

*5l2

418
4*4

*12
*66

7i2

6
3

•3*4
*4*4
37*

*Us

70i2

4
*81
57

6
1

*5*4

*20

3*4

6
1

6
3

*561*

11

90
92
92
Sale 10
Oct’18
15

155

*18

.32
25

*1214
48U
*258
*514
11*4
‘

514

95*4

5

15*8

*2312
70i8

CD

Oct’18

95*4

*14i2

.32

85
55

3

Salt 50

30ig

53

15i8

450

5*8
512
112U 113l2
111*2 111*2
107*4 103*4

14i2

14l2

0
H

1

.40
49

*46

V

455

*12l4
481S
*25s
6I4
101*
3*4

48
3

*51*
*21*

■

7014

*.99

Last Sale 1
Nov’18
80
80
*83
86
5
514
4*4
5*8
.35
.35
*.25'
.40
*48
48i2
48*2 49

5*8

*.20
49

*47

.30
26

1
79

5

.25
49

I5I4

69i»

*.70
79

0
£

79i2
5’s

26l2

101*8 102*4
*11U2 112
81«
83s

0

1

791*
4*4

123
52

14518 14612
43ig 44

8*8

*.70

477s
13i2
35*8

*13

1

52
146

155

65

*124l2
4778

....

48
*13
33
118
*49
145
43
26

5678

99~

98
*60

O

10314 103*2
96*8 9712

Last SlU 5
0?fT
168
170
170
170

....

w

414

85
70

n

981*

23i8
13*4
13U

3*4

*135l2 140
*88l2

O

....

30
6
19

*90
84
69

Z

4314 43*4
4312
*26
26
261*
1001* 101*8 10012 102*s
*1111* 112
*111*4 11214
*.70
*77

2314
13*4
13*4
5l2
I66I4
5714
155l2

3*8

Q

90
84
71
140

83*4
69*4

....

<

35s

42i2

Last Silt 15

*5
166
56
154
30
*5
*18

165

13

4U2

95*2

llli2 *110*2 112

2212
13*8
13i2

13*4
13*4
5i2

164
57
154
30

661*

*137g

22

Last
95
90
Last
15

90
82
15

♦111
*64

.....

21*8
13*4
13*4
*5l8

112*4
IIU4 IIU4
108
108*2

108*4
5U2
95i8

89
*80

.85
5i2

*5
112

51*

*50*4
945j

95
87
82
15
111

•137*

.85

111

108

51*4

*85
*80

1

IIU4 112

109

941*

1441* 145

*814

57

*5
111

2*4

11

„

90
48

*.85

1

125*8 125*8 *1231*
*48

24*4

90
48
57

5i2
109*4 HI
111*4

108

140

*2314

*2i2

*85
90
93
107
107
Last Site 23U Oct’18
*90
97
48
48
55
5512
56
56

105

104
103*4 103*4 *102
95l2 96i2
96i2 96l2

111
108
*51

*1061* 108
*64

24
96
48
57

2*8
12*8
4214

•.85
51*

1

6U
1101* 11012
107

105

2U
10*4
40*4

10214 1021*
941* 94i2

941*

IIU4 IIU4
*51

106l2

*23
*90
48
*56

....

2l2
2*4
IOI4 12
40is 41
100i8 1001s

90

1041* 104i2 *105

Range Since Jan. 1.

....

....

•111
58
*105
*70
85

27«
13i2
39*4

12

rw’ia

Last Sale 138 Sept’18
*85
*111
115
115
il5 115
60
61
58i2 *58i2 60
109
Last Sale 109
Oct’18
Last Sale 70U Oct’18
74
85
*83

*85

..

Vnv’18

35
138

*

*110
60

....

13
*39
*85

138

74
98i2

37

41*

*._

143

73U

36
36
Jfiq
Oct.’lR
Last Sale 3
June’18
Last Sale 14i2 July’18

3

*14

....

72*4

STOCKS
BOSTON STOCK
EXCHANGE

the
Week
Shares.

BONDS
In Next Pag*

92

Jan
Mar
Jan

46*2 Jan
20*2 Jan
4

Mar

76i2 June
94
36
6

Apr

18
5

Jan
Jan

Jan

Aug
4*4 Jan

8*8 Aug
15*2 Jan
3
May
5*2 Mar
98

Jan

26*2 Mar
6

Jan

17*2 Apr

30 " Mar
92 U Mar

9^8
24*4
2*4
27g
67*4

Sept
Mar
Jan
Jan
Mar

95

Mar

28*4 June
94*2 Feb
32ig Apr

89*4 Mar
2
19

6*4
.31

Jan
Jan

Jan
Jan

165s Mar
8*4 Jan
8*2 July
2*/U Jan
67*4 Jan
62*2 Jan
378 Sept
21*2 Feb
6*8 Jan
6

Jan

5*8 Jan
53*2 Mar
2*8

Jan

Nov. 9 1918.]

THE CHRONICLE

Outside Stock

Exchanges

Boston Bond Record.—Transactions in bonds at Bos¬
Exchange Nov. 2 to Nov. 8, both inclusive:

ton Stock

Friday
Last

Bond*—

Par.

U S Lib Loan 3 48.1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib L’n 4 48-1932-47
2d Lib L’n 4 48.1927-42
3d Lib Loan 44S..1928
4th Lib Loan 4Mb.. 1938
Alaska Gold ser B 6s. 1926
Am Agrlc Chem 5s... 1928
Am Tel A Tel coll 4s 1929
Convertible 6s
1925
Atch Top A 8 Fe 4s. .1995

Week's Range

Sales

Sale.
Price.

of Prices.
Low.
High.

Week.

_

AtlG*WIS8L5s..l959
Mass Gas 44s.
1929
Miss River Power 5s. 1951
N E Telephone 5s
1932
Pond Creek Coal 6s. 1923
Punta Alegre Sugar 6s 1931
Swift A Co 1st 5s
1944
United Fruit 4Ms
1625
448
1923
U S S relt RAM conv 6s.
Venture Gil conv 7s..l922
Western Tel A Tel 5s. 1932
.

103

914
94

874
95

99 4
94

99.64
97.14
96.94
97.64
97.54
97.04
97.54
34 M
96 M
83
103
84 4
76
90
73
90
94
86 4
94

964
964
97 X
93
87

Range since Jan. 1.

1837

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Nov. 2
to Nov. 8, both inclusive, compiled from the official sales

lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

for

99.96 *48.250
97.74
4,000
97.74 14,950
98.50 34,750
97.94 23,200
98.00 28,350
98.00 91,300
34 M
10,000
96 M
6,000
85
16.000
104 M
3,600
84 M
1,000
76
1,000

91M

11,000
1,000

73
91
94

874
95
96 4

964
99 M
94 M
90

9,000
20,000
25,000
15,000
1,500
4,000
12,000
42,000
13,000

Low.

Friday

High.

96.52
93
92.84
93.64
93.04
94.54
97.54
20

Jan 102.50 Aug
June
98.86 Oct
June 97.90 Mar
July 98.50 Oct
July 97.94 Nov
Aug 101
May
Nov
98.00 Nov
Feb
344 Nov
92
Jan
99 M
Feb
85
Nov
774 Aug
94 M Sept
1044 Nov
80
Oct
84M Nov
74 M Sept
79
Jan
85
Sept
91M Mar
67 M
Jan
73
Nov
84 M Aug
914 Feb
90
95
Feb
Apr
77
May
874 Nov
90 4 Sept
954 Feb
91
Jan
964 Nov
93
Jan
964 Nov
93
July
994 Nov
80
Jan
944 Nov
82 4 June
90 M Mar

Chicago Stock Exchange.—The complete record of
transactions at the Chicago Stock Exchange from Nov. 2
to Nov. 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks—

Par.

Friday
Stocks—

Par.

American Radiator
100
American Shipbuilding. 100
Armour A Co pref
Booth Fish com new. no par
Preferred
100
Chic City A C Ry pt sh com
Preferred
Chic Pneumatic Tool. .100
Chic Rys part ctf "2"
Chic Rys part ctf “3”
Chicago Title A Trust. 100

Commonwealth-Edison 100
Cudahy Pack Co com. .100
Deere A Co pref
Diamond Match
Hartman Corp
Hart Shaff & Marx
Dlinois Brick
Libby (W I)

com

100
100
100
100
100

Lindsay Light

10
Middle West Util com.100
Preferred
100
People’s Gas L A Coke. 100
Pub Serv of No Ill com. 100
Quaker Oats Co pref.. 100
Sears-Roebuck com
100
Shaw W W common
100
Stewart War Speed com 100
Swift A Co
100
Swift Int’l
Union Carb A Carb.no par
United Paper Bd com.ioo
U S Steel common
100
Ward, Montg A Co, pref
Wilson A Co common. .100
Preferred
100
Bonds—
Armour & Co deb 6s.. 1923
Chicago City Ry 5s.. 1927
Chic City A Con Rys 5s.’27
Chicago Rys 5s
1927
Chic Rys 4s series “B”_
Chicago Telephone 5s. 1923
Common w-Ed Ison 5s. 1943
Metropol W S Elev extension g 4s.
1938
Ogden Gas 5s
1945
Pub Ser Co 1st ref g 5s 1956
Swift & Co 1st g 5s
1944

Last
Sale.
Price.

Week’s Range
of Prices.
Low.
High.

Week.
Shares.

100 4
23
76

245
245
112
113
994 1004
22
234
76
774

1
100
635
668
240

180

1134
127
98
112
50
65
61
22 M
15

1*4
184

2,850
1,695
255
560
25

97 M
111
50
64
59
19
15
27
53
57 M
80 X
99

60
85
99
168
63
79

159
63
70

1234

116

40
64
22 M

69

96

Range since Jan. 1.

62 M
66
9
13
2
2
180
180
110
1134
125
128

4
134
60
11

for

98
112
50
65
61
23

15*4
27
53
61
85
99
168
63

804
124 M

334 40
58
64 M
224 23
101
101
105
105
62 M
65 4
94
96

25
282
705
46
420
45
30
520

12,965
435
25
25
625
253
56

2,961
15

3,504
7,989
35,986
14,109
921
15
25
700
65

Low.

High.

235
June
87
Jan
96 M Sept
184 Jan
Nov
76

4

Aug

12
June
47 M
Jan
8
Jan

14*4
914

Feb

Apr
Aug

100
46

Jan
Oct

914

Jan
52
Jan
82
June
50
Jan
92 4 June

934

99 M *3,000
89
7,000
62
128,000
84 M
2,000
60
9,000
95 X
1,000
94 H
9,000

56 M
80
81
93 %

56 4
82
81
93 M

45
75
78
90

99 4
88

56

544
84 M
58
95 M

94 H

5,000
5,000
1,000
2,000

1444 May
1004 Nov
28
Sept
86

96
84 X

Sept

874 Sept
Apr

Feb

24 June
184 Nov
71X Apr
16

14 July
112
Sept
100
June
107 M
Jan
92
June
102
Jan
45
Oct
53
Jan
45
Oct
18 4
Oct
15
Oct
18
Sept
40
Sept
40 M
Apr
70
June
92 M Aug
133
June
53 X
Jan
47
Jan
102
Aug
32
Oct
47 H Apr

Feb

265

24
180

1134
130
98
114
60
67
61
26
28
28
65
61
85
100

1684
69
80 4
146
40
64 4
26

June
Oct
Nov
Nov
Oct
Nov

May
Oct
Feb
Nov
Oct
Jan
Jan
Jan
Nov
Nov
Jan
Oct
Mar
Nov

994 Nov
89

Nov

624
884

Aug
Apr

60

Nov

964 Jan
944 Nov
574

June
Oct

82
91

Sept

Oct
Nov

954

Sept
Jan

Sales

Stocks—

Par.

Amer Sewer Pipe
100
Amer Wind Glass MachlOO
Preferred
100
Bank of Pitts—see note bel
Columbia Gas A Elec.. 100
Farmers’ Dep Nat Bk.100
Indep Brewing com
50
Preferred
50
Lone Star Gas
100
Mfrs Light A Heat
50
Nat Fireproofing com..50
Preferred
50
Ohio Fuel Supply
25
Oklahoma Natural Gas.25
Pittsb Brewing com
50
Preferred
.50
Pittsb Coal com
.100
Pittsb Jerome Copper
1
Pittsb A Mt Shasta Cop.. 1
Pittsb Oil A Gas
100
Pittsb Plate Glass com. 100
San Toy Mining
1
Union Natural Gas
100
U S Steel Corp com
100
West’house Air Brake..50
West’house El A Mfg
50
West Penn TrdtW P..100

154
66
74

Amer Wind Glass Mach
Bonds—

Pittsburgh Brewing 6s 1949

Range since Jan. 1.

for

Week.
of Prices.
Low. High. Shares.

154
644
734

154
67

744

10

1,890
80

124
40
73

404
24
84
170

484

54
114
43
29

404
984
24

74
145
48
5
10

8c
103

924
454
144

170

484
54
114

130
20

1,745
90
320
375
540
330

414

43

29
3
8

294
34
84
494

532
140
175
200

16c
31c
7
64
115
115
8c
8c
135
135
101
103
91
924

11,900
7,200

494
15c
31c
7

414
984
24
84

15c
30c

1,664

600
20

5,000

454
144

10
350
686
750
200

97.94 97.94

*20

44

144

284
98

Jan
Jan
Oct
Jan
Oct
Jan

14
44 Sept
95

Jan

464 Sept
3
7

Jan
June

*404 Sept
23
July
14 Mar
5
Sept
45
13C
21c

54
107
7c

Jan
Oct
Jan
Jan

Sept

Aug
1324 Oct
Mar
874
90
39
9

95.97

Friday
Stocks—

Oct
Jan
Feb

51

*11,000

50

Oct
Jan

Last
Sale.
Price.

Par.

154
68

964

Jan

Sept
Jan

414 Nov
994 Aug
34 Aug
94 Jan
197
Aug
53

Jan

54 Aug
134 Aug
464 June
314 Aug
44 Aug
13

584
1

48c

74
117
16c
151
116

Jan
Feb
Feb
Mar
Mar
Jan
Feb

May

Aug
974 May
May
144 Nov

47

97.94 Nov
54

Aug

10

Lehigh Navigation
Lehigh Valley

50
50

.50
50

Week’s Range

of Prices.
Low. High.

Sales
for
Week.
Shares.

38

19
68
90
79

19
68
90

60
52

61
53
38 4

300
72

554
364

1,544
3,490
1,016

804
1024 1024
60
53

554
364
74 4
254
174
714

50
50

Midvale Steel A Ord
Minehlll A S H
Pennsyl Salt Mfg

1.25 Aug
94
Jan
83
Nov

54 Sept
34 Jan
30

Jan
Jan

224
64
56

Apr

624

Aug

Jan

144 June
68

Jan

69

Aug

60

Jan

174 June
24

Jan

35

June

3

34 Feb
87
May
86
Apr
1.65 June
Nov
1064
106
Jan
84 Jan
44 Oct
394 Aug
304 Aug
804 June
92
90

Jan
Mar

174 Sept
July

76
74
79

June
Oct
244 Feb

Apr

314 Sept
414 Jan
34 Jan

734 July

834 Nov

83
90
89
95
90
89

85
95

834
78
90
81
77
78

904
934
90
92
95
88
87

July
June
Oct

July
Jan
Nov
Nov
Oct
June
Jan
June
June
Nov

89

884
84

85
94

984

Jan
Nov
Jan
Nov

944

Apr

874
814

Nov
Nov
Jan
Nov

80

Sept

100

Nov

96
78
85
71
52

Sept
Sept
Oct

Sept
Aug
Aug
Aug

734
73 4
914 June

92

95
102

Aug
Nov
Feb
Feb

Oct
Jan
Jan
Jan
Jan
Nov

Aug

874 Apr
984 June
80

984
92
86
85
100
99
80
87

774
584
80

824

Apr

96
98

Jan

93
80

Nov
Nov
Jan
Feb

954 Oct
894 June
854 Oct

Aug
Apr

954
80
98

934
974
954

Nov

Apr
Feb
Feb
Feb
Nov
Jan
Feb
Nov
Feb
Jan
Feb
Feb
Feb

834

Apr
Feb

64
m

^

494
844

384
544
324
704
254
164
694
604
454
494

744

4

584

954

20

18

3,670

84

19
58
90

20

62

714
644

Low.

-40
620

26

454
494
84 4

Range since Jan. 1.

143
358
200
11

58
46

364
48

High.

Jan
Oct
Nov
Jan
Jan
Jan
Jan
Oct
Mar

144 May
47
24
12

614
55

434
494

215
3,687

80

15

29
24
26

Jan
Jan
Jan
Jan
Jan
Jan
Nov
Oct
June

194
80
92

65
53
43
57
37

744
274
214
714
644
594
514
85

494

464

504

Phila Electric of Pa....25
Phlla Rapid Transit....50
Voting trust recta
50
Reading
50
Tono-Belmont Devel
1

26 4

374
254

374
264

3,633

27

27
27 4

1,154

234

924

1.245

71
1 5-16Sept

954
34

24 July
364 Aug
1824 Aug

424

1

Union Traction
.50
United Cos of N J
100
United Gas Impt
50
U S Steel Corporation. 100
Warwick Iron A Steel
10
West Jersey A Sea Shore 50
Wm Cramp & 8ons.... 100
York Railways...
50
Bonds—
U S Lib Ln 1st 34s.’32-’47
3d Lib Loan 44s
1928
4th Lib Loan 44 a. .1938
Amer Gas A Elec 5s. .2007
do
small
2007
Baldwin Locom 1st 5s 1940
Elec A Peo tr ctfs 4s.. 1945
Inter-State Rys coll 4s 1943
Keystone Teleph 1st 5s ’35
Lake
do

274
3
3
41
184 4

734
1024
84
44

794

73

1924

Phila Electric 1st 5s.. 1966

Reading gen 4s
Registered 4s

1997
1997
1951

Spanlsh-Am Iron 6s. .1927
United Rys Invest 5s. 1926

1004 1034
84
84
44
76

44

804
74

99.96 99.96
97.40 97.90
97.50 98.00
804 81
80
80
99
994
724 73
39
40

101
79

2003

2003
Lehigh Val Coal 1st 5s 1933
Philadelphia Co—
1st 5s stamped
1949
Cons A coll tr 5s stpd ’51

3
24
40
414
184 4 185
694 73 4

874 874
524 524
524 524
1004 101

Lehigh Valley 6s rects 1928
1923
Registered 6s
Gen consol 4s
Gen consol ^4 s

2 5- 16 3

74

Superior Corp 5s 1924
small

274
884

894
100

101

824
894
100

974

974

974

81
94
89

80
92 4
88
86
85

81
94
89
86
86

86

994

994
65

35

1,672
1,030
1,138
8

1,830
6,860
20
9
545
50

*1,000
15,100
79,000
21,000
500

5,000
3,000
28,000
1,000
6,000
500

25,000
1,000
8,000
1,000
3,000
1,000
5,000

134,000
6,000
10,000
25,000
994 14,000
674 20,000

434

*62 4

864
74
39
74

74

Mar
June
Mar
Mar
Jan

Oct
Mar

Apr
May
Jan

July

97
Jan
94.30 Sept
97.50 Nov

764 Sept
774 Mar
984 Sept
67
Sept
36
July
874 Oct
474 Janl
48

Jan

974 Sept
1004 Apr
75
July
85

Oct

994 Sept

854

Feb

73

Apr

894 Sept
804 Sept
80
Apr
83
99
54

Apr
July
Apr!

Jan
Feb
Oct

1004 May
1024 Nov

Pennsylvania
Philadelphia Co (Pitts)
pref (cum 6%).
50

J-C collat 48
51

Note.—Omitted last week: 10 shares Bank of Pittsburgh at 125.




*High.

High.

14 Sept
724 Oct
82
Sept

Philadelphia Stock Exchange.—Record of transactions
Nov. 8, both inclusive, compiled

Tonopah Mining.

Low.

ow.

.

Scrip—

Week’s Range

Low.

at Philadelphia Nov. 2 to
from official sales lists:

American Railways pref 100
American Stores pref.. 100
Baldwin Locomotive. .100
Preferred
100
Buff & Susq Corp v t C-100
Preferred v t c
100
Cambria Iron
50
Elec Storage Battery.. 100
General Asphalt
100
Preferred
100
Insurance Co of N A
10
Lake Superior Corp
100

from official sales lists:
Last
Sale.
Price.

_

110

694
994

\Shares.

_

Alliance Insurance

Feb
Nov
Mar

Range since Jan. L.

.

1084 July

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Nov. 2 to Nov. 8, both inclusive, compiled
Friday

.

Apr
Nov
Nov
Oct

for
Week.

Atlantic Petroleum
10
3
3
200
Baltimore Tube
100
80
80
10
80
Preferred
100
85
85
10
Celestine Oil vtr
1.35 1.35
100
Consol Gas E L A Pow.100 1064
102
574
1064
Consolidation Coal
100
83
555
844
844
Cosden A Co
5
7
74
74
1,194
Preterred
__5
34
34
34
1,000
Davison Chemical..no par
36
230
364
Elkhorn Coal Corp
183
50
294
284 294
Houston Oil pref tr ctfs 100
80
724
714 724
Mer A Miners’ Trans. .100
70
2
70
Mer <fe Miners Trans VT100
70
37
70
MtV-Woodb Mills v t r 100
16
184
164
Preferred v t r
100
74
305
734 74
Northern Central
50
94
724 724
79
Pennsyl Wat A Power. 100
79
79
310
United Ry A Elec
50
896
214
204 224
Wash Balt A Annap
29
225
-.50
294
Preferred
50
60
364 374
35
Wayland Oil A Gas
5
34
34
Bonds—
Atl Coast L RR conv 4s.’39
79
83 4 *47,000
834
Atl C L (Conn) 5-20 4s.’25
85
85
1,500
Balt Elec stamped 58.1947
90
91
18,000
Balt Spar P & C 448-1953
1,000
904 904
Canton Co deben 5s. .1926
95
95
1,000
Charles A W Car 1st 5s.’46
92
92
3,000
Ches A Potom Tel (Va) 5s
89
89
1,500
Consol Gas gen 4 4s. .1954
834 84
6,000
Cons Gas E L & P 44s.’35
83
84
20,000
5% notes
954 954 26,300
Consol Coal ref 5s.
1950
89 4
89
2,000
Cosden & Co ser A 6s. 1932
4,500
834 83 4
Series B 6s
1932
834
834 84
17,000
(Old co) refund 6S..1926
91
91
13,000
Elkhorn Coal Corp 68.1925
95
3,000
954
Fair A Clarks Trac 5s. 1938
914 914
1,000
Georgia A Ala cods 5s. 1945
93
93
2,000
Hagerstown & Fred 6s 1944
95
95
3,000
Houst Oil div ctfs. 1923-25
1004 1004 10,000
Jamison C & C—G C 5s.’30
87
87
87
1,000
Kirby Lumb Cont 68.1923
98
98
5,000
Macon Ry & Lt 5s
80
80
t
80
1953
4,000
98
98
Maryland Dredge 6s
1,000
Md Electric Ry 1st 58.1931
90
90
1,000
Milw El Ry & Lt 44s 1931
1,000
814 814
Monon V Trac 5s
1942
81
81
2,500
Mt V-Woodb notes 6s 1918
100
100
1,000
Norf & Carolina 1st 5s 1939
97
97
97
1,000
Norf A Ports Trac 5s. 1936
5,000
784 784
Seaboard Air L ref 6s. 1945 1
87
5,000
| 87
United Ry & Elec 4s.. 1949 i
I 76
76
6,000
Income 4s.
1949
i 574 57 4
2,000
78
Funding 5s
1936
1,00C
| 78
Small
800
1936
764 764
94
94
6% notes
6,000
Va Mid 5th series 5s. .1926
96
96
1,000
j1 96
Wash Balt A Ann 5s. .1941
3,000
824 83
.

Sales

Sales

Last
Week’s Range
Sale.
Price. Low.
High.

504

374
26 4

294
30

4

195

734
1164
84
48

954
94

Mar
Nov
Mar
Oct
Oct
Nov

July
July
Nov
Nov

May
Jan
Jan
Nov
Nov
Nov
Jan
Jan
Oct
Mar
Jan
Jan
Feb
Nov

Aug
Mar
Mar
June
Feb

102.40 Aug
98.52 May
98
Nov
82
Jan
82
Jan
101
May

734 May
42
90

594
59
101

|Jan
Jan

Aug
Aug
Nov

1014 July
824 Nov
914 Feb
101
May

974 Nov
82
May
96
89
86
86
101

674

Jan
Nov
Nov
Nov
Feb
Nov

1828

[Vol. 107

THE CHRONICLE

%

volume of Business at Stock

Last
Sale.
Price.

Other Oil Stocks

0Concluded.)
Par.

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Mot. 8 1918.

Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday

1918

$3,386,000
14,782,000

1,920,000
4,457.000
1,836,500

9,742,000
7,383,000
7,479,000

$18,937,000 $11,200,500 $42,772,000
Jan. 1 to Not.

Week ending Nov. 8.

Sale* at

Mew York Stock
Bxchanoe.

$842,000
2,145,000

3.244.000
2,201,000
4,121,000

61,530,200
105,781,500
79,320,300

8,685,185 $343,972,000

Total

Bond*

8.
1917.

1918

1917

Stocks—No. shares...
164,952,153
4,498,887
122.026,353
3,685,185
Par value
$343,972,000 $417,630,000 $11,409,'64.690 $15,204,617,630
lank shares, par
$116,600
$9,000
$19,700
$2,000
Bonds.
Government bonds... $42,772,000
$192,621,250
$8,486,000 $1,013,850,000
264,784,000
4,217,500
227,750,000
11,200,500
State, mun., Ac., bonds
MR. and misc. bonds.
420,090,000
7,261,000
277,422,000
13,937,000
,

_

Total bonds
DAILY

$67,909,500

$19,964,500

$877,495,250

$1,519,022,000

TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.

Week ending
Mot. 8 1918.

13,692
15.410

3,512

$65,250
83,600

26,629
32,412
25,949

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Share*

Bond Sale*

Share*.

123,400
104,150
55,000
$431,400

114,092

Bond Sale*

36,994

240
696

46,000

$8,300
81,700

1,730
1.967
1,777

$5,000

71,000
55,300
12,000

6,410

$424,100

New York “Curb” Market.—Below

Bond Sale*

Share*.

5 040
30.550
HOLI DAY
6.852
129.500
12.924:
213.050

8,666

AND

Baltimore.

Philadelphia.

Boston.

$228,300

give a record of
the transactions in the outside security market from Nov. 2
to Nov. 8, both inclusive.
It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
we

•omplied with certain stringent requirements before being
admitted to dealings.

Every precaution, too, is taken to
insure that quotations coming over the “tape,” or reported,
in the official list at the end of the day, are authentic.
On the “Curb,” on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties mav be i ncluded, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for anv one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Sales

Friday
Week ending Not. 8.
Stocks—

Par.

Last
Sale.
Price.

Aetna Explos.r
(no par)
Am Writing Paper com 100
Brlt-Am Tobac ord
£1
Ordinary bearer
£1
Burns Bros Ice com r 100

65*
3

225*
23%
50

.

Chevrolet Motor.

_100

Cities Service com r
100
Preferred r
100
Columblaville Woolen r 10
Curtiss Aeropl A M com (t)
Emerson Phonograph....5
General Asphalt com r 100
Gillette Safety Raaor.r.(t)

Hupp Motor Car

10

Intercontinental Rubb.100
Keystone Tire A Rub ,co. 10
Lima Locomot com r
100
Marconi Wlrel Tel of Am.5
North Am Pulp A Pap (+)
Relc Equipment r
10
St Joseph Lead.r
10
■mlth Motor Truck r___in
Steel Alloys Corp.r
5
Bubmar Boat Corp v t o. (t)
United Motors r. .(no par)
United Zinc Smelt, (no par)
U 8 Steamship
10
Wayne Coal
5
Wright-Martin Aire r..<t)
Rights—
Texas Co.r
Former Standard Oil
Subsidiaries.
£1
Anglo-Amer Oll.r
.

_

Galena-Slg Oil, com.r.100
Illinois Pipe Llne.r
100
Indiana Pipe Llne.r
50
Ohio Oll.r
25
Penn-Mex Fuel r
25
South Penn Oll.r
100
Standard Oil (Calif) r..l00
Standard Oil ofN_J.r_.100
Standard OH of N Y.r.100
Vacuum Oll.r
..10C
Other Oil Stocks,
Barnett Oil A Gas r
1
Gooden A Co common r_.fi
Elk Basin Petroleum r
5
Esmeralda Oil Corp r
1
Federal OH r
t




Week’s Range
for
Week.
of Prices.
Low.
High. Shares.

115*
_

75*

3
20 %

3
22 5*

21X
49 %

235*

144
286
76

297
81
_

65*

_

25*
36%
------

4 5*
13

43
5

297
81

115* *12
195* 29
25*
2%
34
101

*37

1015*
45*
3%
125* 13 5*
175* 175*

40

25*
iiv*

4?*
25*

y»

12
15
5-16

6X

65*

------

12
35
4

45*
17

17 X
170

326

389

43
5
3

135*
15
7-16

400

1,612
2,170
1,480
5,500
1,255
650
200

4,500

16,600

3,900
1,170
100

9.300
3,500
9,700
25,400
1,000
11,600

175*

5,240

7,700
26,700

100
170
92
327
44

1,025

287
247
617
292
392

287
230
578
276
389

30
20
20
268
10

5*

5-16

7%
65*

75*
65*

75*
65*

4c

4c
2

4c

25*

259
235
456
60

6,200
9,500
500

10.00C
5,000

22 5* Nov

160
305
81
12
42

Aug

Oct
Oct
Nov
fl Oct
June
45* Jan
375* Oct
1025* Oct
45* Nov
155* Oct

Oct
Oct

205* June
505* May

685*
105* Sept
195* Nov
1

Aug
235* June

775*
25*
33

5,900

165*

Jan
Feb
Jan

1,200
1,250

155*

99
170
92
317

235* Nov
535* Nov

8

17

11

Jan

145* Apr
145* Apr
185* June
100
200

115*

Mar
Jan

25* July
2

Apr
105* July
145* June

'As

Nov
June
Nov
Jan
195*
5* Nov
33* Nov

5
11

25* Oct
45* Nov
125*

115*
92
138
90
290
26
245
210
490

248
317

15*

45*
135*
175*
25*

"Nov
Aug
Oct
Feb

Apr

65* Nov
205* May

355*
2

Nov
Feb

75* May
3

115* May

Oct

17

Nov

Feb

Oct
Jan
Jan

Sept
Sept

18
145
192
99
365

Oct

48

Sept
Sept

June

Sept
Sept
Sept

•As Aug
55* Sept
55* July
3o

5

Sept
Aug

300
247
617
292
420

Apr
Jan

35*
245*
13*

_

105*
2279

18c

75

75*
5*

75*
5*

21
1 5*

24
1 5*

25*

1

Sinclair Gulf Corp r
(t)
Btanton Oll.r
1
Stockton Oll.r
10
United Western OH new r.
Victoria Oll.r
10
Mining Stocks.
Alaska-Brlt Col Metals.. 1
America Mines.r
....1
Atlanta Mines
1
Austin Amazon.r
1
Big Ledge Cooner
6
Boston A Montana Dev..5
Butte-Det Copp A Zinc-.l
Caledonia Mining
1
Calumet A Jerome Cop.r 1
Canada Copper Co Ltd..5
Candalarla SUver.r
1
Cash Boy.
1
Cerbat Silver M A M_r__l
Consol Arizona Smelt....5
Consol Copper Mines
5
Creason Cons Gold MAM 1
Denbigh Mines, r
1
Eureka Croesus Min r
t
First National Copper
5
Golden Rule Mlnes.r
1
Goldfield Consolidated. 10
Goldfield Merger.r
1
Ha*Me Gold Mln.I.r
1
Her la Mining
25c

95*
5*
25*

65*c
15*
15*
55*
5
6
5* 11-16
1
15*
15*
25*
5*
5*

15*
111-16
55*
55*

15*

6
11-16

15*
2
20c
3c
59c

.

17c
3c
59c

20c
3c
59c

4 Sc

95*c
4c

335*

55*

65*

7-16

65*

7-16
49c
10c
4c
25c

46c
9c
4c
25c
32

335*
25*c 35*c

4

1

45c

1
1

36c

45*
4

5*

1

4

43c
3Sc
35c

45c
41c
37c

45*
35*
5*

45*
45*
5*

34c

Seneca Copp Corp (no par)
Silver Flssvs Silver r
1
Sliver King of Arizona
1
1
Standard Silver-Lead
Tonopah-Belmont Dev r.l
Tonopab Extension
1

32c

34c

145*
5*

1

135*
5*

155*
5*

•

7-16
3 1-16
1 9-16
3

Tonopah Mining
1
United Eastern Mining..1

45*
7c
40c
78c
1 5-32
17c
15c

1
1

Washington Gold Quartz. 1
West End Consolidated..5
Western Utah Exten i r..l
White Caps Mining...10c
Bonds—
Am Tel A Tel 1-yr 6s r ’19
Amer Tobacco Berial 7s r’19
Serial 7s _r
1920
1921
Serial 7s.r
Serial 7s r
1922
Serial 7s r
1923
Armour A Co deb 6s. r. 1919
Debenture 6s r
1924
Beth Steel ser 7s.r
1920
Serial 7s.r
.1921
Serial 7s.r
1922
Serial 7s.r
1923
Canada (Dom of) 5s. .1919

l ’23

Federal Farm Loan 6s..
Gen Elec 6% notes..1920
6% notes
1919
Interboro R T 7s....1921
Russian Govt «5*s r_.1919
1921
6t*s r
U S Rubber 7s_r
West’house Elec A Mfg—
1-year 6% notes
.

25*

7-16 15-32
5*
7-16
2 9-16
3 5*
1
1 9-16
3
3 1-16

45*

45*

62

7c

39c
78c
1
16c

41c
79c
1 3-16
17c

125*c 155*c

100

100

100

1005*

1005*
1005*
1005*
1015*
1015*
995*
995*
995*
995*
995*
995*
975*
995*
1045*

1005*
101
101}*
102
103
100
1005*
100
99 5*
1005*
100
985*
101
1045*
1005*

101

1015*
102
103

1005*
99 5*

100

985*
1005*
1005*
100
99
74 5*
70

1005*

1005*

Low.

Nov
Nov
Nov
Oct

Jan
Feb
Oct

6-16
4

Feb

Jan

High.

2 5* Sept
Jan
39 H
A June
Feb
125*
Jan
15*
17 % Mar
5* Jan
87c
Apr
97
Mar
42c
Sept
Apr
65*
18c
Nov
56
July
6
Sept

5* 8ept
15

Jan

% Sept

9%

Mar
Aug

%
IK Sept

3,700

6-16 Apr
34c
July
3c
July
5* Oct

400

12,000
31,000

47c

Range since Jan. 1.

2,000
2,000

1
47c
4c
48c
9-16

_

Mines r
1
Ray Heresies Mlnlng_r._5

U 8 Lead A Zlne f r
Ward Mis A Milling

200

13-16
44c
4c
41c
42c
7-16
5*
25* 1 15-16
46c
47c
6c
55*c

5*

Onondago

Red Warrior Mining.r
Ro#tester Mines

1,600
3,700
12,300
1,900
59,500
2,450
5,875
2,500
24,200
8,000
1,100
1,300
5,000
10,500
12,500

9,500

15-16
46c

5
1
.5
.

44c
86c

600

4c
5*

1

.

5*
25*

for

35*c
5*

4c

1
1
1

Magma Copper
Marsh Mining.r_.
Masco Valley.r

10

43c
86c

43c

.10c

w

5* 17-32
135* 145*
35*
35*
23
24?*
15*
25*

73*
3*
235*
15*

5

M cKinley-Darragh-Sav
Mother T-w*# r
Nixon Nevada

9,800

76

95*

10
21c

new.r

Sapulpa Refining r
Sequoyah Oil A Ref

Iron Blossom r
Jim Butler.r
Jumbo Extension
Kewanus r
Maema Chief, r

35*

35*

98C
1.03
130
139
54c
52c

98c
137

Midwest OH common r..l
Midwest Refining.r
50
Northwestern OH. cora.r.l
Oklahoma Prod A Ref
5
Omar Oil A Gas com____l
Roval Dutch Co

Shares.

Week.

200

5,000

23,300
21,000
2,600

17,250
3,700
3,200
600

3,500
27,500
1,550
7,500
3,825
400

6,050
3,000
1,000
3,070
200

5,900
6,500
2,500
1,400
1,250
5,000

H Sept
Sept

38c
4e
39c

As
i %
37c
3c
42c
1 6-16

45*
45*
%

Nov
Ap.
Aug
Oct
Jan
Feb
Aug
Mar
Oct
Feb

220

5,475
9,000
26,500
2,100
8,850
28,600
14,000
$1,000
90,000

145,000
170,000
260.000
560,000
7,000
31,000
16,000
4,000
8,000
8,000

250,000

15*cJune
33c
June
Jan
2X
6-16 Apr
46c
Nov
8c
July

15*c Oct

1

Nov

2X Sept
3
July
6c
4c
73c
65c
lie

15,000

75
70

1005*

Mar

25* Feb
65* Mar
70s

May

87c
13c

Oct

Feb
7-16 Mar

15*
96c

H
56o

15*
25*
47c
19s

Mar
Mar
Mar
Jan

Mar
Jan
Nov
Feb

15* Joky
Jan
2%
•75* May
Nov

6

2X July

98 5*
99 X

99%
99%
99 X
98 X
95

yoc

Jan

Jan

Jan
Frit>
5* May
Jan
42
8 54 c Mar
65* Jan
60s
Jan
56o
Apr
15* Mar
6
July
45* Jan

24s
9s

5*
54c

165*
1

Mar

May
Nov
Aug

X June
5* Apr

3*

Mar

15* -Jan
4

55*
52c

Fob
Mar
Nov
Oct

230

8%c Sept

loot*

25*

Oct
Jan
Oct

80c

15* June
Sept
5* Jan

100
101
Oct
Oct
1015*
Oct 1015*
Oct 1035*
Oct 103
July 101
June
100 J*

Aug

98% July
98
July
97
July
96 % July
94 X
Jan

985* May

100

99

Mar

May

2,000

70
62

25*
10

60c

405,000
185,000
995* 1015* 135,000

985*

100

Mar
Oct

Oct

97 X Aug
101 H June
Jan
98 X
Jan
99
97 X
Oct
Mar
38
32
Apr
99 X Nov

100
100

55.000

507,000
15,000
4,000

15*
24

1
Sept
7-16 Jan
5e
Feb
86o
Sept
65* Not
Jan
11-16

IX Sept

1,200

1.24 Jan
139
Nov
Feb
89c
101* Oct
Jan
40c
Nov
82
10 X May

% June
Oct
17c

700

500

Oct

5X Mar
29 X June
2X Nov

2V* June

14,800
5,600
2,500
4,500
13,100

200

15*

Oct

May

X Apr
27
May
25*cNov
35* Aug
33c
Nov
25c
Jan
31c
Oct
2
Jan
Jan
3 V*
3-16 July
27c
Jan
Jan
7 5*
X Mar
7-32 Apr
•As Oct

12,500
5,600
5,700
5,100
2,300

Jan
5
86 V* June
•As Oct

X
15* Sept

Nov
Oct
Oct
Oct
Oct

Nov
Aug

1005*

Nov
Oct

100

Aug

1005* Nor
1005* Oct
985* Nov
101
1065*

Nov
Aug

1015* May
1005* Apr
99
78
66

1015*

Nov
Oct
Oct
Nov

100* |Nov

Odd lota,
t No par value,
i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found,
o New stock.
» Unlisted,
u Ex-cash and stock dividends,
w When Issued,
x Ex-dividend
c Ex-rights,
c Ex-stock dividend.
*

CURRENT NOTICE
—Burnham’s Manual of Chicago Securities is being distributed to-day by
The book is revised to Oct. 1 1918 and contains 524

John Burnham & Co.

The 400 corporations are arranged in separate groups—banks,
public utilities and industrials. The high and low prices of 800 securities
are given for many years past.
Earnings in nearly all cases cover the busi¬
ness and profits of each year from 1913 up to the latest reports, showing
operations before the outbreak of the war and during the four years fol¬
The manual is considered a standard among financial
lowing the same.
publications and is particularly valuable to Chicago investors.
pages.

—A. B. Leach & Company, Inc., of this city have issued a new list of
municipal, public utility, railroad, industrial and foreign bonds, yielding
from 4.5% to 8%.
Important issues on which detailed information is
given are the Hydraulic Pressed Steel Co., First Mortgage A Collateral
Trust Gold 7s, due July 1 1921; West Penn Power Company First Mortgage
gold 6s, series “C,” due June 1 1958; City of Memphis, Tenn., River
Terminal 5s, maturing from April 1 1924 to 1948; and Lehigh Valley Rail¬
road Collateral Trust gold 6s, due Sept. 1 1928.

Company of this
Jacob Dold Pack¬
ing Co. 7% serial gold notes elsewhere in the “Chronicle” to-day. The
The various
company will execute orders at prevailing market prices.
maturities were offered at prices to yield 7 to 7 X % •
Descriptive circular
will be sent to inquirers writing for C. R. 187.
—At 1015* and interest, to yield 4.65% to optional period and 5% there¬
after, Bonbnght & Co. are offering by advertisement in the “Chronicle"
a new issue of $500,000 5% Farm Loan bonds issued by the Liberty Joint
Stock Land Bank, chartered under the Federal Farm Loan Act.
Exempt
from Federal. State, municipal and local taxation.
See to-day’s adver¬
—All the notes having been sold, the National City
and other cities is advertising the offering of 13,000,C60

85*
75*

13-16

9-16
14

£1
10

__

165* Mat
45* Aug

2

1

Week’s Range
of Prices.
Low.
High.

75

10
Metropolitan Petroleum. 5

Cudahy Packing 7s

High.

65* Nov

500

325*
5*
35*
35*
43*

5-16

2%

100
400

13,700!
3,0001

65*
135*
355*
5*
55*
35*
55*

405*
247
615

525*
1505*

14,500

Range since Jan. 1.
Low.

35*

Internat Petrol.r
Island OH A Trans r
Merritt OH Corp_r

HOLIDAY

i

057,377
1,127,850
842,858

Bond*.

81.452.000
2,919,000

$35,201,000
62,139,000

874,150
•72,950

V. 8.

Bond*.

Par Value.

Share*.

Slate, Mun
A Foreion

RallrfMid,

10
100

Glenrock Oil r
Houston OH com r
Imperial Con OH 1 r

Ac.,

Stock*.

Sales

Friday

Exchanges

tisement for full

particulars.

Nov. 9

1918.]

—Subject to prior sale, William Salomon & Co. of this city and Chicago
offering and advertising in this issue $1,500,000 Pennsylvania Company
4X % loan, due June 15 1921, at 97% and accrued interest, yielding about
5H % to maturity. Principal and interest is unconditionally guaranteed
by endorsement by the Pennsylvania Railroad Co.
—Ellis P. Egan, formerly of the National City Co. of Chicago, has be¬
come associated with Pynchon A Co. in charge of the bond department of
their Chicago office.

New York City

are

Alliance R’lty
Amer Surety.
Bond A M G.

Casualty Co.
City Investing
Preferred..

analysis of Seaboard Steel A Manganese Co. has been prepared
by Keyes, Haviland A Co., 66 Broadway, N. Y.

*4 Mos. 1918.
%
13,647,946
54,185,814

Customs
Internal revenue:
Income A exc. prof, tax
Miscellaneous
Miscellaneous revenue._.
Total
Panama Canal—

150,975,945

Tolls. Ac

594,736,829
372,017,379
74,435,921

25,741,353
186,402,366
50,609,270
323,309,710

5,987,905
50,318,414
20.226,867

277,159

2,218,639

1,682,110

13,678,586
163,620,448

2,664,306

513,367,980
163,620,448

604,815

Public Debt—
1st Liberty Loan bonds
2d Liberty Loan bonds..
971
3d Liberty Loan bonds..
287,334
4th Liberty Loan bonds.2,295,109,704
Certs, of Indebtedness... 1,198,489,800
War Sav. & Thrift St’ps.
89,084,097
Postal Savings bonds

485

933,295,693
2,296,749,204

1.370,947,000 5,026,154,500 2,426,289,666
527,160,822
198,180

718,800

Deposits for:
Purchase of 1-yr. Treas.
notes (sec. 18, Fed.Res.
Act, appr. Dec. 23’13)

9,849,000

5,064,000

Deposits for
retirement of nat. ban$
notes & Fed. Res. bank
notes (Acts of July 14
1890 A Dec. 23 ’13)..

11,938,247

243,495

428,180

1,321,993

3,583,400,086 1,553,553,529 8,798,161,437 3,115,167,221

Total

3,734,980,846 1,644,011,820 9,895,756,020 3,440,159,041

Grand total receipts

Lawyers Mtge
Mtge Bond..
Nat Surety..
1 N

Y Title A
55

Mtge

19J

Disbu r semen ts.

67

Ordinary—
(less bals. repaid, Ac.).1,143,625,062
on public debt paid.
30,997,344

.1

Total

1,174.622,406

458,575,257 5,150,580,570 1,287,445,184
3,470,103
83,232,058
9,350,513
462,045,360 5,233,812,628 1,296,795,697

Special—
Panama

Canal:

Checks

p’d (less bals. rep’d, Ac)
1,139,855
Purch. of obligations of
foreign Governments.. 489,100,000

1,623,393

6,519,551

4,587,466

480,700,000 1,393,985,000 1,807,200,000

Purch. of Fed. F. L. bds.:

Principal

3,500,000

i

Pet Share
Ail.
Par Bui
17*4 18
Anglo-American Oil new. £1
.020
Atlantic Refining
100 .010
100 450 175
Borne-Sorymser Co
97
Buckeye Pipe Line Co... 50 •93
Cheeebrougb Mfg new—100 335 )50
10
40
Colonial Oil
100
175
Continental Oil
100 450
42
Cresoent Pipe Line Co
50 *37
175
Cumberland Pipe Line.. 100 165
195
190
Eureka Pipe Line Co.... 100
100 100 110
Galena-Btgnai Oil oom
130
Preferred old
100 120
110
105
Preferred new
172
Illinois Pip* tine
100 168
95
Indiana Pip* Line Co
60 *91
International Petroleum. £1 *138i 14U
National Transit Co...12.50 •14*2 1512
195
New York Transit Co...100 190
Northern Pipe Line Co.. 100 110 115
Ohio Oil Co
26 *325 330
48
Penn-M ex Fuel Co
26 *46
Prairie Oil A Gas
100 580 590
292
287
Prairie Pipe Line
100
Solar Refining
100 370 390
185
Southern Pipe Line Co.. 100 180
South Penn Oil
100 290 295
100 105
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100 243 247
Standard Oil (Indiana).. 100 735 750
Standard Oil (Kansas)... 10<> 530 550
Standard Oil (Kentueky) 100 330 350
Standard Oil (Nebraska) 100 440 465
Standard Oil of vew Jer.100 605 615
Standard Oil of New Y’k 100 290 295
Standard Oil (Ohio)
100 400 415
97 103
SwanA ^lroh
100
108
Union Tank Line Co.... 100 105
385 390
Vacuum Oil
100
45
•40
Washington Oil
..10

490,239.854

Total
Public Debt—

Bonds, lnt.-bear’g notes
and certificates retired.1,167,610,497
1-year Treas. notes re¬
deemed (sec. 18, Fed'l
Reserve Act, approved
Dec. 23 1913)
5,064,000

482,323,393 1,402,109,795 1,813,719,551
134,050,068 2,982,329,203

5,057,000

2,068,115

416,966,180

9,842,000

9,849,000

Nat. bank notes A Fed’l
Reserve bank notes re¬

tired (Acts of July 14
’90 A Dec. 23’13)

6,922,253

9,537,885

141.175.183 2,999,100,456

436,346,065

Grand total disbursem’ts.2,839,598,733 1,085,543,936 9,635,022,879

3,546,861,313

2,061,975

Bid

A»k

60
175

•8
190
60

150

170

RR.

Equipments—PerCt.LBon*!

Baltimore A Ohio 4)4*._..
Buff Rooh A Pittsburgh 4)4*!

Equipment 4s
Canadian Paoiflo 4)48
Caro Clinohfleld A Ohio 5«
Central of Georgia 5s

Equipment 4Hs
Chicago A Alton 4s
Chicago A Eastern Hi 5H*
Equipment 414s
Chic Ind A Louisv 4)48...
Chic St Louis A N O 5s

Chicago A N W 4)4s
Chicago R IA Pao 4)48...
Colorado A Southern 5s..
Erie 5s

Equipment 4)4s
Equipment 4s
Hooking Valley 4s
Equipment 6s
Illinois Central 5a

Equipment 4)4s
Kanawha A Michigan 4)48
Louisville A Nashville 5s..

Michigan Central 5s
Minn St P A 8 8 M 4)4S...
Missouri Kansas A Texas fir.
Missouri Paoiflo 6s
MobUe A Ohio 5s

Equipment 4)4s
New York Central Lines 5«

Equipment 4)4a
N Y Ontario A West 4)4s.
Norfolk A Western 4)4s..

Equipment 4s
Pennsylvania RR 4)48

Equipment 4a
St Louis Iron Mt A Sou 5s
St Louis A San Francisco 6»
Seaboard Air Line 6s

Equipment 4)4a
Ordnance Stocks—Per 8 hare.
50
Aetna Explosives pref
100
2
American A British Mfg. 100

Preferred

20

100

Atlas Powder oommon
100 165
86
Preferred
100
100 111
Baboock A Wilcox
Bils« (E W) Co oommon. 50 *275
Preferred
50 *65

55
5
35
170
90
113
350
75
200
108

Southern Paoiflo Co 4)4s.
Southern Railway 4)4s
Toledo A Ohio Central 4s...

Bid .'Aik.
6.40 6.00
6.40 6.00
6.40 6.00
6.50 6.00
6.75 6.00
6.75| 6.00
6.75! 6.00
7.60 6.60
7.50 6.60
7.50 6.50
6.50 6.00
6.20 5.70
6 00 6.00
7.25 6.60
7.00 6.00
6.60 6.00
6.50 6.00
6.60 6.00
6.50 6.00
6.50 9.09
6.10 6.00
6.10 0.60
6.50 6.00

6.1Q 6.60
6.25
6.10
7.75
7.75
6.50
6.50
6.25
6.25
6.76
6.10
6.10
0.00
6.00
7.50
7.50
7.25
7.25
6.38
6 60
7.00

0.76

6.60
6.76
6.76
6.00
0.00
0.00
6.00
6.10

6.60
6.60
5.60
6.69
6.60
6.60
0.26
6.26
6.98
6.00
0.00

Tobacco Stocks—Per Ska re.
Par Bid. Aik.
98 103
American Cigar oommon. 100
06
8f
Preferred
100
80
Amer Maobtne A Fdry.1100
00
24
Britlsh-Amer Tobao ord..£l
•22
Canada Fdys A Forgings. 100
24
Carbon Steel oommon... 100 102
Ordinary, bearer
£1 •22
93
1st preferred
Conley Foil
160 190 210
100
90
70
68
60
Johnson Tin Foil A Met. 100
2d preferred
100
MaoAndrews A Forbes.. 100 100 180
Colt s Patent Fire Arms
*51
53
90 100
Preferred
100
25
Mfg
duPont CE I) de Nemours
Reynolds (R J) Tobaoeo.100 950 •76
B com stock
100 240 260
A Co common
10C 260 270
Preferred
100 105 110
Debenture stock
10C
88i2 8912
90
98
80
94
A dividend scrip
Eastern Steel
10C
98
40
94
B dividend scrip
Empire Steel A Iron oom. 100
73
68
10C
Young (J H) Co
Preferred
100 110 140
95
90
Preferred
100
Hercules Powder com... 10C 210 215
Preferred
100 105 109
Short-Term Notes—Per Cent.
NHee-Bement-Pond oom. 100 115 120
98
98
Am Cot OH 5s 1919
08**
95
.MAS
Preferred
100
50
•46
997$ 100*4
Penn Seaboard Steel (no par)
7% notes Sept 1919...
280 310
Amer TelATel os 1919. .FAA
99%100%
100
Phelps-Dodge Corp
.JAJ
Balto A Ohio 5s 1019
Soovlll Manufacturing
98%| 99%
10C 390 410
30
Canadian Pae 6s 1924 _MAft k
991s 100
Thomas Iron
60 *20
98
Del A Hudson 5s 1920 FAA
98*|
Winchester Repeat Arms. 100 800 900
97
55
90
60
Erie RR 5s 1919
A-O
Woodward iron
100
95
85
Fed Sug Rig 5s 1920...JAJ
96*4 97
Preferred
Gen Eieo 6s 1920
JAJ 100 100*4
99*4 100%
6% notes (2-yr) T9. JAD
97 if 98
Great Nor 5e 1920..
Public Utilities
.MA«i
105
60 *100
Hooking Val 6s Feb T9 MAN
amer Gas A Elec oom
42
K C Term Ry 4*» 1921.JAJ
Preferred
60 *40
931* w
99
Laclede Gas L 5e 1919..FAA
98
amer Lt A Trao oom
10C 240 243
99
97
100
991*
Preferred
MorganAWright 5s Dee 1 ’IS
50
N Y Cent 6s 1919—MASlf
4 iner Power A Lt oom
100
,99t» 99**
76
73
Penn Co 4)4s 1021. JAD 16
Preferred
961* 07**
100
20
Pub Ser Corp N J 5s ’19.MA*
amer Public Utilities oom 100
94*4 «o
•9
45
38
98
Rem Arms U.M.C 5s'19FAa
Preferred
100
Southern Ry 5s 1919..M-8 2
98% 99%
Cities Service Co oom
100 293 295
82
80
851* 87
100
Utah See Corp 6s 22 M-8 16
Preferred..
26
25
W*hou8eElA M 6s T9.PAA
Com With Pow Ry A L 100
99?* 100%
51
49
Winches RepArms7sT9MAS
9914 99%
Preferred
100
92
Elec Bono A Share pref.. 10( 490
10
Industrial
8
Federal Light A Traction 100
41
and Miscellaneous
38
Preferred
100
78
American Braes
10C 209 210
75
Great West Pow 5s I946.JAJ
44
49
15
13
American Chicle oom.... 100
Mississippi Rlv Pow com 100
66
43
79
38
Preferred
100
Preferred
100
136
71
73
American Hardware
100
First Mtge 5s 1961...JAJ
80
65
36
62
Amer Typefounders oom. 100
North’n States Pow oom. 100
86
80
88
Preferred
86
100
Preferred
100
§4
90
70
63
Borden's Cond Milk oom .10C
North Texas Elec Co com 100
98
75
95
70
10C
Preferred
Preferred..
R*fl
42
41
Celluloid Company
Pacific Gas A Elec eom__ 100
100 135 140
*98 102
81
83
Columbia Graphoph Mfg (t)
let preferred
100
90
87
15
12
Preferred
100
Puget 8d Tr L A P com. 100
83
Freeport Texas Co
(t; *31
Preferred
100
43% 47
3
1
160
Havana Tobaooo Co
18% 20
Republic Ry A Light
100
5
2
Preferred
10C
Preferred.’.
67*2 60
10C
46
78
75
1st g 6s June 1 1922.. J-D /38
South Calif Edison oom.. 100
94
98
interoontlnen Rubb oem.100
12** 14
Preferred.
100
12
Internal Banking Co....100 160
Standard Gas A El (Del). 60 •10
53
10(
92%
3212 International Salt
Preferred
60 •31
73
71
4
3
1st gold 5s 1951
A-CJ
Tennessee Ry LAP com 100
16
75
14
international Stiver pref. IOC
Preferred
100
7
92
*88
5
L.enigh Vatiey Coal Sales. 60
United Gas A Elec Corp. 100
55
60
40
Otis Elevator common
10U
1st preferred....
100, 38
in
78
84
Preferred
100
2d preferred
7
100
37
Remington Typewriter—
United Lt A Rys oom....100
36
M
91
Common
10C
1st preferred..
100! 69- 72
15
1st preferred
10C 109 tu
Western Power common. 100;
14
100
63
PfwfsrrWI
inn
60
2d preferred
10(
Hoyal Baking Pow com.. 100 123 [130
89
85
Preierrrd
1<X
10< 199 897
Singer Mfg
Tex Par Coal A OH
100 910 0U
_

37,329

Accrued interest

Atk
100
Realty Assoc
90 |
(Brooklyn).
195 TJ B Casualty.
US Title Guar
65 j West A Bronx
TltleAM Gl

“and Interest” except where marked ** r\

Checks A warrants paid
Int.

Bid
90
80
188

.

4 Mos. 1917.
$
60,556,721

90,181,132 1,095,375,943

30,136,620
93.327,252
16,058,976

195
75

(|

Standard Oil Stocks

enabled to place before our readers to-day the details of
Government receipts and disbursements for October 1918
and 1917 and for the four months of the fiscal years 1918-19
and 1917-18.
$

14
60

Aik
65
60

All bond prices are

are

Oct. 1917.

Bid
55
66
185

Quotations for Sundry Securities

GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we

Oct. 1918.
$
11,453,097

Realty and Surety Companies

All prices now dollars per share.

—An

Receipts.
Ordinary—

1839

THE CHRONICLE

i

_

_

_

....

.

1,174,736,472

Total

of total receipts
over total disbursem’ts
Excess of total disburse¬
ments over total recta.
giftwM

895,382,113

558,467,884

260,733,141
-.

-

106,702,272

♦Receipts and disbursements for June mailing the Treasury in July are

New York

included.

City Banks and Trust Companies
All prices now

dollars per share.

....

.

Banks—N.Y j Bid.
America •
Amer Exch..
Atlantic
Battery Park.

495
220

Bowery •
Born*

Rmm

Bronx Nat...

Bryant Park*
Butch A Drov
nh«M

.

Chat A Phen
Chelsea Ex ».
Chemical
Citizens

City

480
210
170
190
400
126
160
160
20
355
235
115
390
212
405
210
400
165

Coal a. iron
Colonial*
Columbia*
Commerce
tl85
Comm’l Ex*. 390
Commonwealth *
180
100
Continental *
Corn Exch* • 310
85
Cosmop 11 tan 4
Cuba (Bk of). 176
—

180
200
175
170
25
246
125
400
222
410
218
165

tl95
410
190
107
320

100

18
24
Fifth Ave*... 11800 2200
216
2H0
Fifth
First
896
tio
185
170
Garfield..
200
Gotham
..

..

..

330
665
240
505

340
680

certificates) 270
390
Liberty

!

HanovAr

Harrtman.

..

Imp A Trad..

615




^5

Brooklyn.
Coney Island*
First

_.

Flatbush
Green point
Hillside •
Homestead *.
Mechanics’ •_
Montauk •
Nassau
....

..

_

_

67
90
200
133
175

National City
North Side*..
1141
People’s

Fidelity

_

_

215
470
425
135
108
130
155
_

_

_

810

155
270

_

165
120
110
62
100
207
138
200

325
335
135

Hudson

Irving

....

_

Aik

410
290
95
300
340
370
215
265
345
145

Trust ! See Irving
(Nat Bank

Law Tit A Tr
Lincoln Trust
Mercantile Tr
A Deposit

...

175

£05

Guaranty Tr

520

140
260
145
150
110
_

Trust Co's.
Bid.
New York.
Bankers Trust 370
Central Union 395
Columbia.... 280
Commercial..
85
290
Empire
330
Equitable Tr.
Farm L A Tr. 355
Fulton

....

• Banks marked with a (*) are State banks,
Chang? this week
t Includes one-third s«*nre

X«l* -rtxtns

215

....

276
400

Greenwich*..

Aik.
280
170
310
130
175

Bid.
250
Manhattan *. 160
Mecb A Met. 300
123
Merchants
Metropolitan* 165
Mutual*
375
New Neth*.. 200
New York Co 125
New York... 425
135
Pacific *
605
Park
Prod Exch*.. 200
200
Public
460
Seaboard
400
Second
125
Sherman
100
State*
115
23d Ward*...
Union Exch.. 145
UnltedStates* 500
Wash H’ts*.. 276
Westcb Ave*. 160
York vtlle •___ 290

Banks.
Lincoln

Aik.

Metropolitan.
Mutual(Weev
Chester)
...

90
98

97
105

195
310

320

105

125

876

900
600

.»■*.**,

N

Y Life Inf
A Trust..
N Y Trust..
Scandinavian
Title Gu A Tr
Transatlantic
U S Mtg A Tr
United State?
Westchester.

590
265
240

395
875

_

_

_

—

170
405
900

130

140

490
226
265

505
235
276

620

650

160
280
70

80

Brooklyn.

Brooklyn Tr.
Franklin
Hamilton....

Kings County
Manufacturers
People’s
Queens Co

t Bale at auction or at Stock Ex*
Irving Trust Co
t New stock.

....

_—^

•Perrtmre. I Basis, d Purchaser alM pays accrued dividend. s
Flat pries, a Nominal
w Ex-rights.
s Ex-dividend,
<t> Without

^

New steer.
par vain*.

Vol. 107.

THE CHRONICLE

1830

Qnmstmmt vwA gfoilroati IttMIigmcje,
GROSS

RAILROAD

EARNINGS

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last tryo
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric rail¬
ways are

brought together separately on

a

subsequent

Latest Gross Earnings.

page.
Latest Gross Earnings.

Jan. 1 to Latest Date.

Week or
Month.
Alabama A Vicksb. September
Ann Arbor
1st wk Oct
Atch Topeka A 8 Pe September
Gulf Colo A 8 Pe September
Panhandle A S Pe September
Atlanta Birm A Atl September
Atlanta A West Pt. {September
Atlantic City
September
Atlantic Coast Line September
Atlantic A St Lawr. June
Baltimore A Ohio.. September
B A O Ch Ter BR September
_

Bangor A Aroostook {September

Belt Ry of Chicago. {September
Bessemer A L Erie. September

Bingham A Garfield September
Birmingham South. September
Boston A Maine... September
Buff Roch A Pittsb 4tn wk Oct
Buffalo A Susq RR. August
Canadian Nor Syst. 4th wk Oct
Canadian Pacific.. 4th wk Oct
Can P Lines in Me. September
Caro Clinch A Ohio September
Central of Georgia. September
Central RR of N J. September
Cent New England. September
Central Vermont.. September
Charleston A W Car September
Ches A Ohio Lines. |September
.

Current
Year.

%
232,346

Previous
Year.

%
189,675

Current
Year.

S

1,750,866

$
1,490,673

1,938,130 1.568.386 14,028,420 12,402.873
501,970
590,245 4,382.663 5,114,405
322.751 3,309,679 2,862,727
465,998
251,877
163,374 1,790,341 1,252,113
375,100 3,152,813 2,613,392
466,542
4,778,366 3,409.914 41,393,761 32.028,586
OSH.1331
197.384
122.364
026.429
18816993 12681071 125042185 98,641.568
160,144
171,040 1,359.295 1,506,166
344.602 3.494,758 3,306,606
456,917

332,985
342,529 2,937,748 2,906.285
1,638.357 1,321,417 9.935.697 9.264,306
293.977 2,508,556 2,383.098
316,483
87,113
93,316 1,136,924
851,109
7,155,550 5.239,744 51,981.266 44.106.954
625,260
509,270{ 15,369,699(12,631,009

167.7651

1.504.86ft

1.144.777

1.872,800 1,350.200 37.492.400'34.146.600
5,023,000 4,989,000 124611883 122011646
140.752
136,006| 1,726,291 1,870.661
488.133
335,485! 3.453,235 3,012,534
1,822.792 1.332,625 15 027,373 11,169,968
4.249,787,3,297,106 33.091,906 27,774,080
597,364
468.877 4,602,209 4,103,935
529,769 * 416.521 3.788.751 3,321.104
282,023
203 261 2.074,629 1,667,288
7,339,545 4,722 017 51,900 335 39,931,740
Chicago A Alton.
September 2,501,247 1,837,796 17,735,341 15,259,337
Chic Burl A Quincy September 14017205 10295234 104032713 90,231,048
163.436
800.K05
Ch Det A C G Trk July
122.207
748.485
Chicago A East 111. September 2.783,009 1,849,691 19.475.001115,506,462
Chicago Great West September 1,880,450 1,419,398 14,096.588 12,101,460
Chic lnd A Louisv.iSeptember 1,043,760
805,406 7,904,621 6,767,002
Chicago Junction-.{September
280,1161 268,295 2.464,418 2.420,585
Chic Milw A St P-. September 13392216 10382216 94.372,315 83.361,129
Chic A North West September 13344959 10062306 91,427.091 79,494.458
Chic Peoria A St L. September
180.564
197,074 1,636,831 1,593.751
Chic R 1 A Pacific.. September 9,758,725 7,469.876 72,620,187 62,259,984
Chic R I A Gulf. September
392,032
317,161 3,257,297 2.738,445
Chic St P M A Om. September 2,406.687 2,030.652 17,739,387 15,599.804
Chic Terre H A S E September
525,206 332,843 3,631,106 2,742 054
Cin lnd A Western. September
217,228 2,333,978 1,997,149
306,478
Coal A Coke
147,808
112,558 1,061,414
970,919
j September
Colorado Midland. August
981.547
138,427
61,145
Colo A South Syst- 4th wk Oct
420,577
336,136 10,328.359 8,978,417
Ft W A Den City September
728,311
558,589 5.548,258 4,559,701
Trin A Brazos Val September
836,335
706,185
107,961
97,556
Colo A Wyoming.. September
84,615
95,548
905,691
836,603
Crip Crk A Col Spgs September
74.151
710,050
95,436
860,518
Cuba Railroad
{August
839.815 9.189.2R4 4,869.773
1.017.027
Delaware A Hudson September 3,768,930 2,733,263 26,082,585 22,398,163
Del Lack A West.. September 6,540,659 4,926,045 49.736.310 42.701.467
Deny A Rio Grande September 3,227.953 2,585,693 22,289,450 20,619,525
Denver A Salt Lake September
194,451 1,592,499 1,358,623
217,568
Detroit A Mackinac 3d wk Oct
24.168 1.250.334 1.074,558
33,077
Detroit Tol A Iront September
274.025 2.409,858 2,233,135
397,455
Det A Tol Shore L_ September
177,370
127,083 1,446,461 1,379,788
Dul A Iron Range. September 1.250,257 1,028,756 7,311,282 5,452.401
Dul Missabe A Nor September 3,402,822 2,377,746 16,730,438 11.311.302
Dul So Shore A Atl. 3d wk Oct
67.955 3.857.628 3,450,222
98,133
Duluth Winn A Pac September
150 015 1,267,889 1,595.931
126,056
East St Louis Conn September
113,351
88,412
776,826
836,675
Elgin Joliet A East. September 2.005,231 1,306.639 14,238.426 11,890,099
ElJPaso A So West. September 1,282,268 1.005,591 11,127,134 10,305,853
Erie
September 8,096,844 6.181.141 61.953,959 52,322,967
Chicago A Erie.. September
944,702
669.347 7,587,908 6,455.152
Florida East Coast. September
508,426
440,338 6,722.306 6,305.286
Fonda Johns A Glov September
116,327
95,622
843.017
805,950
Ft Smith A Western September
113.972
97,807
924,660
762,887
Galveston Wharf. September
72,879
790,491
98,941
862,710
Georgia Railroad.. September
775,185
411,982 4,722,132 2,817,621
Grand Trunk Pac.
1st wk Oct
244,688
159,869 4,436,155 4,244,329
Grand Trunk Syst. 4th wk Oct 2.157,396 1,463,482 58,408,746 49,986,016
Grand Trunk Ry 1st wk Oct 1,461.740 1,086,893 45,629,494,39,677,618
Grand Trk West. September 1,796,655 1,341,045
9,378,7641 8,300,630
_ .

.

.

_

Det G H A Milw JulyGreat North System September
Gulf Mobile A Nor. | August
Gulf A Ship Island. {September

Hocking, Valley
Illinois Central

,

Internat A Gt Not.
Kan City Mex A Or
K C Mex A O of Tex
Kansas City South.
Texark A Ft 8m.
Kansas City Term.
Lehigh A Hud Riv.

September

'September
September
September
September
September
September

September

September
Lehigh A New Eng. September
Lehigh Valley
September
Los Ang A Salt L.. September
Louisiana A Arkan. September
Louisiana Ry A Nav September
Louisville A Nashv. September

Lou Hend A St L__ September
Maine Central
September
Midland Valley.,.. September
Mineral Range
3d wk Oct

Minneap A St Louis September
Minn StPASSM. {September

Mississippi Central.!September
Missouri Kan A Tex September
Mo KAT Ry of Tex September
Mo A North Arkan. {September
Mo Okla A

Gulf...{September

265 944

274.888

1

10967707
228.292
226,242
1,490.827
10802 501
1,354,736
174,320
115,348
1,418,203
96,028
113.720
191,754
180,680
6,407,870
1,380,407
127,078
268,860
9,991,340
289,276
1,646,584
326,525
25,084

759.4111

8.382.073 68,566,616
247.723 1,546.856
234,995 1,974,730
1.022,798 9.823.592
7,525,564 79.224,556
1,158,776 9,804.122
97,852
979,641
101,516
887,957
1,135,796 10,980,045
86,6.50
886,382
96,279
804,971
196,486 1,713,074
331,268 3,011,751
4.703.999 47,385.830
1.008,777 10,577,281
147,084 1.254,337
242,028 2.253,573
6.434,755 73,368,542
203,767 2.049,989
1,263,366 12,127,842
251,319 2,520,767
24,504
928,765
1.255,858 1.042,067 8.737,277
3,978,417 3.135,822,24,289,868
134,684
108,119
982,709
3.205,949 2.240.357 23,513,232
1,931,359 1,439,720 14.225,824

96,874,
171,2841

130.000; 1,060.868
143.991* 1,360,088

Week or
Month.

Previous
Year.

71.438
58.100 2,543,610 2.414.219
15354828 11829 768 118135608 103092933

220.90*

Jan. 1 to Latest Date.

ROADS.

ROADS.

2.015.444
64,759.847

1.495.002

1,665,768
7,924,149
64 232,608
8,722,511
879,713
946,328
9,090.471
810,853
745,459
1,716,889
2,736,273
39.965.605
9,351,412
1,137,844
1,729.302
55,678,848
1,639,407
10,592.948
2,115,115
967,583
8,069,273
25,456,001
633,832
18,867,665
11.076.647
1.064,222

1,390,409

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
$
%
%
September 8.453.365 6.510,903 64,787,367 57.489.019
September
2.250.902| 1,607.285
Monongahela
288,997{ 191,754
Monongahela Conn September
241,198
109.715 1,787,160' 1.361,926
Nashv Chatt A St L September 2,215,233 1.342.238 15.653.628 10.957.623
235.284
298.861
10,514
9,894
Nevada-Cal-Oregon 3d wk Oct
Nevada Northern.. September
219,627 1.985.887 > 1,819,548
265,871
New burg A Sou Sh. September
999,140
742.894
90.850
156,934
New Orl Great Not September
199,544
185,915 1.653.322 1.412.566
New Orl A Nor East September
665,186
450.804 4.820.489 3,513.212
N O Texas A Mex..{September
150,817
111.055 1,464,053 1,005,939
Beaum SLA W.{September
127,006
82.254 1,075,633
709,589
St L Browns A M September
~
485,480
295.618 3.199.829 2,879,462
New York Central. September 30506322 21342154 210620888 176648597
Ind Harbor A B. September
536,466
423,774 4,060,328 3.941,871
Lake Erie A W__ September
832,140
660,072 6,757.312 6.081,242
Michigan Central September 6.003.477 4,516.101 48.923.701 38,405.593
Cleve C C A 8t LiSeptember 7,503.023 4,763.036 51.822.062 38.817.403
Cincinnati North'September
258.7411 239,835 1,981.440 1.801.414
Pitts A Lake Erie, September 3,456.082 2,243,369 24,116.754 18.903.514
Tol A Ohio Cent. I September
871,425
842,915 7,186.934 5.875.014
Kanawha A Mich September
629,714 337,014 4,293,447 2,666,353
N Y Chic A St Louis September 2.230,058’1,488,383 15,633,914 12.657,904
N Y N H A Hartf. September 10007110 7,894,171 75,702,148 63,939.269
N Y Ont A Western September 1.025,943
804.570 8.419,533 6,985,915
N Y Susq A West. September
344,020
276,702 3,084.357 2,665,843
~
Norfolk A Western. September 7,925,743 5,719.694 59.236,485 48,365,495
Norfolk Southern.. September
518,804
416,759 4,152,072 3,995,285
Northern Pacific
September 10343044 7,342,480 70,645,843 64,682,895
Minn A Internat. September
773,371
62,60^
63,919
806,604
Northwest’n Pacific'September
560,187 j 465,451 4,292,644 : 3,583,364
Pacific Coast Co
i 1,393,762
454,395
!September
475,855
Pennsylvania RR.. September 37110221 26361482 263290512 217048345
Balt Ches A Atl.'September
182,670 i 154.809 1,039.684
966,482
Cumberland Vail September
626.8561 435,922 4,111,278 3,633,104
Long Island
September 2,301,729 1,910.499 17,044,260 12.838,720
133,132
110.232
778,166
751,992
Mary’d Del A Va September
N Y Phila A Norf September
767,971
513,236 5,399,046 4,120,343
W Jersey A Seash September 1,195,871
903.491 8,172,355 6,815,935
Penn Western Lines September 9,336,261 7,190,353 67,006,847 58.587,503
Grand Rap A Ind September
719,230
610,994 5,324.173 4.935,644
Pitts C C A St L_,8eptember 8,396.660 6,166.836 63,253,227 54.824,756
Penn System—
Lines East
34178634 28200869 137033977 126673981
May
Lines West
15109144 14030228 62,878,383 61.431,347
May
Missouri Pacific

_

_

Lines E A W
Peoria A Pekin Un.
Pere Marquette
Pittsb A Shawmut.
Pittsb Shaw & Nor.
Pittsb A West Va_.

May
August

49287 779 42231 098 199912360 188105327
116.702
828.354
812,624
102,472

September 2,815,651 1.989;293 20,439,932 17,392,295
130,912
September
94,636 1,027,883
855,928
August
99,844
881.924
103.381
824.203
167,630
{September
162,755 1,411,657
Port Reading
257,996
156,632 1,821,781 1,442,712
.'September
Quincy Om A KanC September
99,386
80,551
793,767
639,787
Reading Co—
Phila A Reading September 7,568,743 5,534,439 59,579,365 49 643,555
Coal A iron Co
,757,138
May
4,543.357 4,175.608 21,411.789
Total both cos..
11462818 10062833 50,263,813
.511 853
May
Rich Fred A Potom August
709,607
167.558
396,995 4,127,794
Wash Southern.. August
402.228
217.178 2,298.511
615,206
Rutland
September
485,786
414,328 3.434.028
257,553
St Jos A Grand Isl. September
223,212
184,219 1,967,971
726,289
St Louis-San Fran. September 7,251,930 5,200,882 50,714,787 41 916,462
Ft W A Rio Gr__ September
847,043
112,365
691,381
107,201
St L-S F of Texas September
102,041
849,989
90,863 1,038.040*
St Louis Southwest. 3d wk Oct
358.000
394,000 15.606,966 13 .393,774
St L S W of Texas September
515,514
5,012,394 3 ,941,225
535,377
San Ant A 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
111,022
83,880 1,161.813
919.805
September
Southern Pacific
{September 14583 550 11643531 111293 855 94 ,966,809
Arizona A East.. September
403,030
280,715 3,333,836 3 ,228,649
Galv Ho us ASA September 2,058,877 1,807,943 15.888,501 14 .388,058
Hous A Tex Cent September
913,585
772,907 6,726,306; 5 ,611,145
Hous E A W Tex. September
207,133
160,781 1,525,613 1 .335,770
Louisiana West.. September
402,276
313,379 3,235,334 2 .528,133
Morgans La A Tex September
732,758
584,347 6.034,737 4 .794,403
Texas A New Orl September
634,497
577,500 5,505,921* 4 .615,493
Southern Ry Syst.. September 13394715 8,130,032 93,110,470 64 ,707,807
Ala Great South. September
971,361
619,087 6,720,937, 5 ,137,530
Cin N O A Tex P_ September 1,376,931 1,136,137 11,195,975 9 ,726,175
New Orl A Nor E September
665,186
450.804 4,820,489* 3 ,513,212
Mobile A Ohio
September 1,383,658 1,192.176 10,917,410 10 ,178,517
Georgia Sou A Fla September
316,991
265,643 2,600,015
.070,746
South Ry in Miss September
145,679
115.804 1,013,057
890,158
Spokane Internat’l. September
93,714
745.237
100,760
692,632
Spok Portl A Seattle September
769,685
593,428 6,102,301 5 015,181
Staten Island RT.. August
219,324
148.009 1,199,415 1 .014.004
Team Ala A Georgia 4th wk Oct
3,401
3,225
114,115
103,512
Tennessee Central. September
292,088
162,557 2,216,978 1 ,321,071
Term Assn of St L_ September
368,687
293,397 2,828,7051 2 ,868,272
St L Mer Brdg T_ September
332,426
316,004 2,687,351 2 ,327,833
Texas A Pacific
3d wk Oct
513,507 20.562,624 17 .343.828
547,813
Toledo Peor A West September
177,831
108,804 1,192,109:
952.072
St L A West September
Toledo
642.045 6,034,531 5 235,402
790,015
.

.

____

Ulster A Delaware.
Union Pacific

August

129.189

679.6941

139.563

695.679

September 10527836 7,204,241 69,858,763 54 ,346.186
Oregon Short L__ September 3,283,077,2,741,863 24,617,878 22 ,287,153
Ore-Wash RRAN September 2,589,779 1,917,154 19.274,864 15 ,956,266
Union RR (Pa)
September
823,772
533,653 5,133,946
.350,104
Utah
1 September
Vicks Shrev A Pac. September

132,882

1,023,264

254,059
195,188 1,871,225
,493',401
1,180,591
818,610 8.679,749 7 ,750,505
Wabash RR
September 4,550,247 3.541,712 34,351,331 29 .721,580
Western Maryland. September 1,455,299 1,205,513 11,009,406 9 938,958
Western Pacific
September 1,036,991
,256.096
985,519 8,348,466
Western Ry of Ala. September
303.932
.200.209
161,695 1,816,041
Wheel A Lake Erie. September 1,434,044 1,076,312 9.992,774
025,716
Wich Falls A N W_ September
751,300
110,043
83,371
763,279
Yazoo A Miss Vail. September 2,109,072 1.571,416 15,933,644
712,817

Virginian

RR

September

AOOBSQATS OF ORQ33 KABNINOS—Weekly and Monthly.
•

Weekly Summaries.

2d week Aug
15 roads)
3d week Aug i 14 roads)
4th week Aug \ 14 roads)
1st week Sept i 16 roads)....
2d week Sept i 15 roads).
3d week Sept 14 roads)....
4th week Sept 13 roads)
1st week Oct
10 roads)
2d
3d

week Oct
week Oct
4th week Ost




15 roads)
'15 roads)
[ 9 roads)....

Current
Year.

3

Previous
Year.

6.168.850
6,102.758
9.306.598
7.102.544
6,484.655

%
5.610.287
5.299.050
7.916.611
5.908.578
5,564.164

7.230,476

6.251.935

9.735.164
7.172.415
7.762,172
7.664.060
10.102.434

8.158.016

5.656,143
6.931.491
6,809,000
8,651,313

Increase or
Decrease.

%

%

+565,260 9.96
+803.708 15.17
+ 1.389 987 17.58
+ 1.193,966 20 21
+920.491 16 54
+978.541 1565
+ 1.577.148 19.33
+1.516.272 26.81
+830.681 11.98
+855,060 12.04
+ 1.451.121 16.79

•

Monthly Summarise.

Mileaoe.
October
November
December.

Current
Year.

Previous
Year.

Cur. Yr. Prev. Yr.
-247.01*
2 45 «6~ 389.017.309 345.070 97
.242.417
241 H21 360.082,052 326,T57.14
.247 988
247.265 343 675.052 317 836.366
..240.046
239.665 282 394.665 294.002.791
January..
February.. ..230.336 226.835 362.761.238 312.276.881
March... ..238.891
237.463 285.776.203 •260.627.752
..233.734
April
232.255 369.409.895 319.274.981
May
..230.355 226.692 374.237 007 .342.146.096
June
.220.303
219.294 363.165.528 323.163.161
..231.700
July
230.570 463.684.172 346.022.857
..230.743
August
230.015 498.269.356 362.509.561
....

....

Increase or
Decrease.

%
+ 43.937 33

+33.304.90
+ 26,036.666
—11.608 126
+ 50.484.357

4-25.148.451

+50.134.914
+32.091 001
+40.002.412
+117661315
4-135759*795

%
12 73
10 19
9 19
3 95
1622
9.65
15 70
9 39
12.38
34.00
37.45

Nov. 9

1918.]

THE CHRONICLE

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the fourth
week of October.
The table covers 9 roads and shows

16.79% increase in the aggregate

the

over

same

week last

year.
Fourth Week of October.

1918.

Buffalo Rochester Sc Pittsburgh
Canadian Northern
Canadian Pacific
Colorado Sc Southern
Grand Trunk of Canada
1
Grand Trunk Western
Detroit Grd Haven Sc Milw_
Canada Atlantic
Tennessee Alabama Sc GeorgiaTotal (9 roads)
Net increase (16.79%)

1917.

Increase. Decrease.

S
625,260
1,872,800
5,023,000
420,577

4,989,000
336,136

115,990
522.600
34,000
84,441

2,157,396

1,463,482

693,914

S
509,270

1,350.200

3,401
10,102,434

%

3,225

Sept ’18

2,230,058
’17 1,488,383
9 mos’18 15,633,914
’17

following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:
Roads.

Previous
Year.

-Net Earnings
Current
Previous
Year.
Year.

%
%
%
Alabama Sc Vicksburg.-Sept
232,345
189,675
27,126
Jan 1 to Sept 30
1,750,865 1,490,673
315,833
Atlantic City
375,099
466,542
Sept
178,356
Jan 1 to Sept 30
3,152,813 2,613,391
990,219
Atlantic Coast Line
Sept 4,778,365 3,439,913 1,093,632
Jan 1 to Sept 30
41,393,761 32,028,586 10,427,360
Baltimore Sc Ohio
Sept 18,816,993 12,681,870 4,367,848
Jan 1 to Sept 30
125,042,186 98,641,567 14,077,701
Balt Sc Ohio Chic Term Sept
171,040
160,144
def68,466
Jan 1 to Sept 30
1,359,294 1,506,166 def602,499
Bingham Sc Garfield
Sept
316,482
293,976
155,223
Jan 1 to Sept 30
2,598,556 2,383,098 1,245.339
Central of Georgia
Sept 1,822,792
1,332,624
412,723
Jan 1 to Sept 30
15,027,373 11,169,968 3,633,744
W Caro..Sept
Charleston Sc
282.023
203,261
15,696
Jan 1 to Sept 30
370,461
2,074,629 1,667,288
Ches Sc Ohio Lines
Sept 7,339,545 4,722,017 2,216,050
Jan 1 to Sept 30
51,900,335 39,931,740 12,712,846
Chicago Sc East Ill
Sept 2,783,009 1,849,691
674,064
Jan 1 to Sept 30
19,473,002 15,506.463 2,049,337
Chic Ind Sc Loulsv
Sept 1,043,759
805,405
230,785
Jan 1 to Sept 30
7,904,621 6,767.002 1,274,048
Chic Terre H Sc S E
Sept
332,842
525,206
149,890
Jan 1 to Sept 30
3,631,105 2,742,054
443,335
Colorado Sc Southern System—
Trinity & Brazos Vall.Sept
107,961
97,555 def81,969
Jan 1 to Sept 30
836,334
706,185 def288,599
Crip Creek Sc Col Spgs.Sept
95,436
32,675
74,151
Jan 1 to Sept 30
710,049
860,519
280,968
Denver Sc Salt Lake
Sept
217,567
194,450 def72,202
Jan 1 to Sept 30
1,592,498 1,538,623 def353,822
Detroit Tol Sc Ironton__Sept
397,454
274,024
50,282
Jan 1 to Sept 30
2,409,857 2,233,134 def222,149
Duluth Winn Sc Pac
Sept
150,014
126.056
5.949
Jan 1 to Sept 30
1,267,889 1,595,931
139,455
East St Louis Connect-Sept
88,411
113,350
defl7,473
Jan 1 to Sept 30
836,675
776,827 def109.372
Fonda Johns Sc Glov
95,622
Sept
116,327
53,138
Jan 1 to Sept 30
843,017 31805,951
340,305
Galveston Wharf
Sept
98,941
72,878
20,857
Jan 1 to Sept 30
790,490
862,709
292,844
Illinois Central.
Sept 10,802,501 7,525.563 2,869,223
Jan 1 to Sept 3079,224,556 64,232,607 14,312,328
Kan City Mex Sc Orient Sept
174,320 * 97,852
25,059
Jan 1 to Sept 30
979,641 M 879.712 def205.675
K O Mex Sc Or of Tex.-Sept
115,347 1* 101,516 def42,439
Jan 1 to Sept 30
887,956 J1 946,328 def182.334
Kansas City Terminal-.Sept
113,720
96,278
11,792
Jan 1 to Sept 30
804,970
745,459
145.692
Los Ang & Salt Lake...Sept 1,380;407
1,008,777
528,865
Jan 1 to Sept 30
10,577,281 ^9,351,412 ;2,650.612
Louisiana Ry Sc Nav.„Sept
242,028
268,859
defl.678
Jan 1 to Sept 30
2.253,572 1,729.301
439.957
Louisville & Nashville.-Sept 9,991,340
6,434.754 2,063,643
Jan 1 to Sept 30
73,368,542 55,678,847 17,228.134
Midland Valley
....Sept
326,524
251,318
91,570
Jan 1 to Sept 30
2,520,767 2,115,114
699.163
Minneap Sc St Louis—Sept 1,255,858 1,042,066
233,009
Jan 1 to Sept 30
8,737,277 8,069,272
396,622
Minn St P Sc S S M
Sept 3,978,417 3,135,822 ▼ 628,972
Jan 1 to Sept 30
24,289.869 25.456,001 12,959,961
Mississippi Central
Sept
134,684
108,119
45,608
Jan 1 to Sept 30
982,710
633,832
283.112
Missouri Sc Nor Arkan..Sept
96,874
130,000
3,014
Jan 1 to Sept 30
1,060,868 1,064,222
100.949
Northwestern Pacific
560,186
Sept
465,451
214.900
Jan 1 to Sept 30
4,292,644 3,583,365 1.491.280
Pennsylvania System—
Long Island
Sept 2,301,729 1,910,499
877,534
Jan 1 to Sept 30
17,044,260 12,838,720 5.368.281
Philadelphia & Reading-Sept 7,568,742 5,534,439 2,010,936
Jan 1 to 8ept 30
59,579,364 49,643.556 12,413,553
Pittsburgh Sc Shawmut.Sept
130.911
94.636
8.217
Jan 1 to Sept 30
1,027,882
855,928
87.505
Port Reading
Sept
257,995
156,631
146.163
Jan 1 to Sept 30
1,821,779 1,442,711
576,589
St Louis San Fran__r._Sept 7,251.929
5.200.881
2.543.457
Jan 1 to Sept 30
50,714,786 41.916.462 10,589.457
Ft Worth Sc Rio Gr.-Sept
112.364
107,201
18.766
Jan 1 to Sept 30
847,043
691.381
87,675
St Louis San F of Tex Sept
102.041
90,863
4,566
Jan 1 to Sept 30
1,038,040
849,990
195,227
Southern Railway System—
Mobile Sc Ohio
Sept 1,383,658 1,192,176 defl29.846
Jan 1 to Sept 30
10^17.409 10,178.518
539,481
Southern Ry in Miss.Sept
145.679
115,804
8.705
Jan 1 to Sept 30
1,013,057
890.157
66,047
Southern Pacific
Sept 14.583.550 11,643.531
5.528.081
Jan 1 to Sept 30
111,293.855 94,966.809 29,796.260
Arizona Eastern
Sept
403.029
28(5.714
156.912
Jan 1 to Sept 30
3.333.836 3,228.649 1,176.196
Term RR Assn of St L.Sept
368.687
293.397
90.111
Jan 1 to Sept 30
2,828,704 2,868.273
559.076
St L Mer Bdge Term .Sept
332.425
316.004
7.988
Jan 1 to Sept 30
2,687,350 2,327,833
189.057
Union Pacific System—
Ore-Wash RR & Nav Sept 2.589.778
1.917.154
594.798
Jan 1 to Sept 30
19,274,863 15,956,265 5.019,560




%
61,177
401,663
120,996
830,270
979,427

9,979,285
3,440,503
24,036,791
def 1,787
def5,607
190,825
1,446.522
395,852
3,058,835
63,644
526,263
1.454,354

_

.

.

Net

after

Taxes.
S
%
New York Chicago & St Louis RR—

176

11,871,731
484,051
3,500,688
262,237
2,103,210
64,361
700,150

def6,267
def253.403
45,370
433,192
.

36,937
defl7,015
42,624
328.239
22,379

447,502
5,377
165,189
45,819

357,111
56,986
384,455
2,152,245
18,499,465
7,188

defl5;i08
defl,060
def34,280
28,622
263,325
393,868
3,691,993
93,148
477,841
2,019,313
17,294,132
99,021
634,787
318,899
2.309.499
1.125.499
8,667.051
43,285
186,059
36,439
231,407
205,888

1.282,818
843,075
4,303,284
1.626.176
15,870,425
12,731
209,298
58,625
456,911
1,984,988
14,864.350
25,801
76,190
16,342
93,062
275,312
2.576,531
28.694

175i785

4.863.343
36.899,077
113,951

1.611.363
94,294

1,372,939
98.222
628,850
559,951

5,243,780

-Net

Current
Year.

Earnings

*
%
Utah
Sept
132,882
59,668
Jan 1 to Sept 30
1,023,264
537,158
Vicks Shreve Sc Pac
Sept
254,059
195,188
58,565
Jan 1 to Sept 30
1,871,225 1,493.401
363,460
Western Pacific
985.519
Sept 1,036,991
360.618
Jan 1 to Sept 30
8,348,465 7,256,095 2,859,635
Wichita Falls Sc N W
110,042
83,371
Sept
defl9.100
Jan 1 to Sept 30
763,278
751,300 def211,480
Yazoo Sc Miss Valley-.-Sept 2,109,072
1,571,416
665,397
Jan 1 to Sept 3015,933,644 12,712,817 3,914,184
Gross

8,651,313 1,451,121

Earnings

-Cross Eami
rnings—
Current
Previous
Year.
Year.

Roads.

Earnings.

Net Earnings Monthly to Latest Dates.—The table

Gross
Current
Year.

1831

12,657,904

447,031
290,547
2,790,111
2,403,875

Other
Income.
%

Gross

Fixed

Income.
%

Charges.

6,976
44,246
110,831
263,504

454,007
334,793
2,900,942
2,667,379

79,666
35,999
618,340
696,296

%

Previous
Year.

%
69,988
483,740
348,951
2,784,394
12,120
22,288

531,771
3,662,273
Balance,
Surplus.
$

374,341
298,794
2,282,602
1,971,083

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.

Name of Road
or

Week or
Month.

Company.

Current
Year.

Adirondack El Pow Co
Alabama Power Co.
Amer Power Sc Lt Co
Atlantic Shore Ry.

159.124
September
274,022
September
September 1249,284
August
23.054
Aurora Elgin Sc Chic- August
212,237
Bangor Ry Sc Electric September
83,952
Baton Rouge Elec Ry August
23,413
_

Blackstone V G & El_ August
Brazilian Trac, L Sc P August
Brock Sc Plym St Ry_ August

Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry Sc Lt

Jan. 1 to Latest Date
Current
Year.

Previous
Year.

137,693
195,767

1.326.099
2,158,579

942,377
24,863
217,103
80,836

1.185.664
1,509,119

121.654

1,391.769
685,717

18,122
158.136

177,410
1,435,993
647,057

171,235
1.529.918

150.814
1.267.446

f9491000 /8064000 /68649.000 /60505.000
12,290
15,509
73,105
85.683
May
2761.039 2607.401 12.466.574 12,201.995
44,716
August
39,683
323.175
292.145
July
28.981
26,196
190.036
173.802
September
173,242
72,342 1,347,673
935,307
September 1907.155 1594.961 16.868.716 14,147,729
August
52,035
58,717
365,885
356,811
185.153 135,193 1.482.307 1.163.355
August
August
92.681
781.557
91,723
689,872
September
331,983 349,881 3,122,090 1,924,029
September 1920,908 1695,725 15,916.364 14,141,271

Cities Service Co
Cleve Painesv Sc East
Columbia Gas & El
Columbus (Ga) El Co
Colum (O) Ry P & L_
Com’w’th P, Ry & Lt
Connecticut Power Co August
Consum Pow (Mich)
September
Cumb Co (Me) P & L September
-

197.612

Previous
Year.

72,222
626.688
556.468
491,699' 1,679,618 4.141,415
299,726 281,195 2,416,267 2,321,650
Dayton Pow Sc Light September
201,457 148,534 1,683,764 1,311,889
g Detroit Edison
September 1062,045 921,871 9.795.669 8,698,234
oDetroit United Lines September 1710,423 1484,328 14,103,983 13.139,162
Duluth-Superior Trac September
137,877 137,104 1.270.745 1.179,971
East St Louis Sc Sub- September
385,033 320,857 3,050,932 2,697,391
Eastern Texas Elec
July
84.332
105,879
644.000
542.399
a El Paso Electric Co August
99,022 105.941
829.224
850,818
Fail River Gas Works August
50.180
58,294
458.782
370,006
a Federal Lt Sc Trac. August
283,088 230.227 2,289,886 1,798,732
Ft Worth Pow Sc Lt__ September
89.685
110,208
Galv-Hous Elec Co.. August
254,354 183.598 1.743.374 1.298.706
Grand Rapids Ry Co September
113,480 114,773
957,615
982,676
Great West Pow Syst September
404,256 325.313 3,329.606 2.939.784
Harrisburg Railways September
110,299 103,594
976,219
878,328
Havana El Ry, LAP August
713,637 592.416 5.327.811 4,418,945
Honolulu RT4 Land June
67,737
348.658
60,182
346,942
Houghton Co El Co. August
32.234
29,991
267,837
270,301
Houghton Co Tr Co. August
27,544
29.134
221.658
231,321
b Hud Sc Manhat RR May
421,724 366,582 2,073,755 1,858,718
Illinois Traction
September 1302,353 1181,644 10,853,115 9.806.320
Inter boro Rapid Tran September 3176,578 3073,471
29,752,929
Jacksonville Trac Co August
84,255
53.176
584.972
453,054
Keokuk Electric Co. August
23.330
21,480
172.068
160,525
17.970
12,405
123.998
92.071
Key West Electric Co August
Lake Shore Elec Ry. August
238,587 180.006 1,417.698 1,165,162
Lewist Aug Sc Waterv September
91,827
86,834
670,553
686,129
Long Island Electric. May
19.131
21.111
80.330
88.297
Louisville Railway.. September 345.246 302,040 2,764.357 2.389,871
Manhat Bdge 3c Line May
12,417
10.542
57,5"
50.817
Mllw El Ry Sc Lt Co. September
734.456 637.050 6.475.939 5.744,520
Milw Lt Ht Sc Tr Co. September
288.831 202,283 2,174,068 1.640.503
Montreal L, H Sc P_. September
915.527 834.203 4.327.024 3.917.493
Nashville Ry Sc Light September
271,642 210,085 2,081,799 1,811,617
NewpN&HRy.G&E September
213,092 129,811 1,578,948
939,102
Nevada-Cal El Corp. September
185,742 172,806 1,667.636 1,508.506
N Y Sc Long Island— May
40.928
36,654
166,154
159,837
NY* North Shore. May
13,618
54.141
14,525
60.954
NY* Queens Co
83.921
May
97.584
358.846
490.349
New York Railways. May
1017.842 1045.802 4.679.714 5 042.054
New England Power. August
333.665 199.365 2,162,322 1,653,896
21.678
July
19.059
Northampton Trac
130.577
122.831
Northern Ohio Elec.. September
659,934 560,563 5,412.121 4.804.703
North Texas Electric August
224.382 210.459 2.036.848 1,465.566
Ocean Electric (L I) May
11.854
36.896
10.134
34.856
Pacific Gas Sc Electric September 1965.619 1696.828 16,502.154 14,677,224
Pacific Power Sc Lt.. September
167,678 155,206
a Paducah Tr Sc Lt Co August
26,280
23,298
204,534
198.993
Pensacola Electric Co August
48,779
34,399
319.921
226.042
Phila Rapid Transit. September 2728.887 2419.584 23.693.833 21,990,127
Phila & Western
September
58,366
53,376,
Portland Gas Sc Coke September
173,504 119,021
Port(Ore) Ry.L&PCo. September
672,791 501.149 5,660,876 4,381.385
Porto Rico Railways . September
92,216
73,920
799,165
691,960
g Puget Sd Tr, L Sc P August
1000,340 586.369 6,608,432 5,136.058
443,863 426,250 4,151,145 3,469,834
^Republic Ry Sc Light September
Ricumond Lt Sc RR. May
39,705
36,881
167.111
563.598
St L Rocky Mt Sc Pac September
433,086 331,960 3,917.457 2,821,102
Santiago El Lt Sc Tr. August
57.839
61,185
440,507
369,565
Savannah Electric Co August
103,477
86.570
616.608
756.682
Second Avenue (Rec) May
77 890
69,222
312.004
313,010
Southern Boulevard May
18,639
18,841
83.010
86,764
Southern Cal Edison. September
815,183 712,529 6,015,679 5,972,705
Staten Isl Midland.. May
25,600
29,128
104,205
122,195
89.567
Tampa Electric Co. August
79,321
693,673
672,895
Tenn Ry.Lt Sc P Co. September
557.768 410,940
Texas Power & Lt Co September
326,820 231,569
Third Avenue Ry
330,733 350,327 1,593.223 1,705,118
May
D D E B Sc B RR. May
40,461
37,730
189,439
180,225
42dStM Sc 8tNA Ry May
149,763 150,474
715.193
658,863
Union RyCo(NYO) May
237,919 250,676 1,047.046 1,165.959
Yonkers Railroad. May
72.069
323.046
72,489
315,513
N Y City Inter Ry May
60.725
64.502
280.371
307.661
Belt Line Ry Corp. May
54.282
60,290
250.417
287,556
Third Avenue System July
888.579 983,315 3.907.722 4.187,820
Twin City Rap Tran. September
826,759 849,507 7,299.514 7,732,106
699,200 574.338 5.944.863 4,795,808
Virginia Ry & Power. September
Wash Balt Sc Annap. September
323.665 179,669 2.105.150
943,843
Westchester Electric. May
50,632
204.998
217.326
44.570
York Railways
94,731
85.437
808.400
770.760
September
40,748
Youngstown Sc Ohio August
32,204
273.860
228,010
a Now covers only the lines east of York Beach. Me.: In the first four
months of 1917 covered also the lines west of York Beach. Me.
b Repre¬
e These figures are for consolidated com¬
sents income from all sources,
pany.
/ Earnings now given In mllrels. g Includes constituent companies!
_

86.563
569.829

.

_

Electric Railway and Other Public Utility Net Earn¬
ings.—The following table pives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:

——Gross Earnings
Current
Previous

0*mpanU».

Year.
$

Year.
$

195,767
1,509,119
942,377
11,064,677
1,181,644
9,806.320
18,564
Jan 1 to Sept 30
212,373
160.066
Northern States Power.Sept
566,322
656,774
Southw Pow A Lt Co..Sept
395,473
547,203
Jan 1 to Sept 30
5.427,385 4,512,302
a Net earnings here given are after the deduction

Alabawa Power Co.a.-8ept
274,022
Jan 1 to Sept 30
2,158,579
American Pow A Lt Co. Sept 1,249,284
Jan 1 to Sept 30
13,012,286
Illinois Traction.a
Sept 1,302,353
Jan 1 to Sept 30
10.853.115
N J Power A Lt Co.a.-Sept
27,143
,

Gross

Net after

Earnings.

Taxes.
$

$

Bangor

Sept ’18

Ry A

’17
12 mos ’18
’17
°addo Oil A Ref Sept ’18
’17
Co of La
12 mos’78
’17
Electric Co

8ept ’18
’17

Chattanooga Ry
Sc Light Co

12 mos’18
'17

Columbus Ry.
Pow & Lt Co

Sept ’18

’17
12 mos’18
’17

Commonwealth
Sept ’18
Pow. Ry A Light
*17

Interboro Rairfd
Transit

Sept ’18

200,593
1,832,104

173,242
72,342

43,078
def56,920

31,959
29,539
374.184
357,053
59,093
42,209
469,705
543,204
514,123
442.529
5,849,712
5,178,205
113,630
74,594
1,248,245
902,573
71,242
70,230
853,284
814,815
67,031

11,119
def86,459
def95,788
def33.146

183,516

1.677,838
1,347.092

331,983

12

59,667

4,222,247
3,884.890

105,326
1,109,274
1,220,210

1,920,908

613,447

349.881

1,695,725

50.400
935,055

563,345

3,176,578

637,707
7,011,538

7,553.528
217,959

189,676

2,664.016
2,455.308

107,643
121,705
950,328

1,047,853

53,002

101.975
980,688
1.240.063

*

19,403
18.219

34,963

232,021
212,329
15,711
15,957
194,491
186,536

26,819
443,546
327,320

744,580

19,822
15,538

115,418

214,962

mos

’18

882,797

883,572

231,399

Sept ’18

271,642
210,085

97,564
75.770

’17

12 mos’18
’17

2,728,503
2,434,511

93,493
881,188

213,092
129,811

57,863

57,568

440,713
373,095
27,396
26.935
260,818
281,422

’18

1,578,948

’17

939,102

Sept ’18
’17
12 mos’18
*17

58,366
53,376
601,799
562,968

Portland (Ore) Ry
Sept’18
Lt A Power Co
’17
12 mos ’18
’17

672,791

196,306

501,149
7,303,001
5,833,067

201,150
2,658,809
2,635,614

9

Phila A Western

Republic Ry A

mos

Sept ’18
’17

443,863

426,250
12 mos’18 5,570,222
’17 4,536,528
St Louis Rocky
Sept ’18
433,086
’17
MtAPacCo
331,960
9 mos ’18 3,917,456
’17 2,821,102
Southern Calif
815,183
Sept '18
Edison Co
’18
712.529
Light Co

12

’18
’17

8,599.855
8,279,250
Tennessee Pow Co
Sept’18
186,419
’17
163.564
12 mos ’18 2,103,337
*17 1,897.897
Tennessee Ry. Lt
Sept ’18
557,068
A Pow Co
*17
410,940
12 mos *18 5,808,198
’17 5,217,676
mos

122,221

145,577
1,567,758
1,591,594
97,079
91,731
988.499
804,455
430,267
473.958
5,376,422
5,252,996

43,779
46,948

748,657
695,770
187,003
68.628
2,040,581
1,923.076

3,203,754

185.869
40.225

40,980
486,568
494,302
20,872
20,717
184,947
185,487
14,043
13,036
169,025
151,888
188,133
177.545
2,191,381
2,165.1*20
100,021
87,100
1,155,984
957,608
20,446
20,671
185,067
187.402
250,734
209,209
2,864.709
2,323,665
51,950
52,237
630.625
566,082
136,157
136,512

1,660,414
1,571,131

After allowing for other income received.
Gross
Net

Earnings.
Detroit United
Lines

x

1,429,407
1,070,001
4,198,557

29.650

Sept’18
Hampton Roads Ry, ’17

x

773,360

86.834

Newport News A
Gas&Eleo

65,495
808,047

21,140

40.853
299,983
435,534

'17

Nashville Ry A

Light Co

278,396
323.907

1,262,487
2,740,956
3,707,778
21,507

’17
’18
’17

Sept *18

Balance,
Surplus.
14.517
19,135
128,289
149,761
43,197
61,526
461,684

’17

Lewiston Augusta
& Watervule

Ry

Fixed

Charges.

3,073,471
9,435,624
8,909,808
91,827

mos

105,607
952,604
435,516
4,766,618
426,668
3.430.227
7,379
59,948
225.673
189.748
2,085.821

of taxes.

Sept *18

3

$

19.983
19,000
237.202
224,813
11,404
12,500
141,894

'

’17
12 mos ’18
’17

$
110,142
1,171,200
455.211
5.087.500
371,452
2,990.689
10,641
72,039
245,906
194,297
2,071,156

34,500

80,836
924,778
871,269

12 mos’18 21,498,459
*17 18,843.595
Consumers Power
Sept ’18
569,829
Co (Michigan)
’17
491,699
12 mos ’18 6,313.573
’17 5,515.933
Cumberland Co
Sept ’18
299,726
Pow & Lt Co (Port*17
281,195
land. Me)
12 mos ’18 3,176.543
’17 3,049,224
East St Louis A
Sept ’18
385,033
Suburban Co
’17
320,857
12 mos ’18 4,046,013
’17 3,543,807
Grand Rapids Ry
Sept’18
113,480
’17
Co
114,773
12 mos’18 1,278,801
’17 1,308,439
Huntington Devel Sept’18
74,617
Sc Gas Co

■Net Earnings
Previous
Current
Year.
Year.

38,135
365,491
374.574
54,601
74,026
603,578

83,952

System

Street

1,710,423

’17 1.484.328
9 mos '18 14,103.983
’17 13,139,162

Fixed Chgs.
Earnings. Sc Taxes.

350.838

310.035

3,256.219
3.384.778

247.023
201,430
2,049.953
1,790,463

574

63,117
459.569
677.006
99,324
195,178
1,161,826
2,375,323
104,329
115,082
1,415,771
1,552,735
36,401
51,475
97,044
233,038
defl4,029
36,480
172,641
466,703
1,737
22,634
67,962
223,205
19,252
10,862
249,055
140,784
xdef93,588
X455.208
X123.681
xl,356,192
1,685
14,112
def99,544
45,530

57,339
34,790
496,935
386,886
x37,370
X37.190
X262.692
X190.221
13.353
13,899
91,793
129,534
8,173
24,454
467,428
470,494
X29.685
X63.949
X529.186
X683.362
76,633
71,060
803,432
617,053
179.533
264,749
2,511,713
2,929,331
def8,171
def5,289
118,032
129,688
50,846
def67,884
380,167

351.945
Balance,
Surplus.
$
X144.275
X139.509
xl,520,416
xl,873,744

After allowing for other income received.

FINANCIAL REPORTS
Annual, &c., Reports.—The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Sept. 28.
This index, which is given monthly, does not include
reports in to-day’s “Chronicle.”
Full-face figures indicate reports published at length.
Steam Roads—
Electric Roads—
Page.
Atlantic Coast Line Co
1573 Boston A Worcester Elec. Co_1579, 1666
Baltimore A Ohio RR
1384
1283, 1378 Illinois Traction Co
California Railway A Power Co.... 1380 Interborough Rap. Trans. Co. 1284,1295
Montreal Tramways Co
1666
Georgia Southern A Florida Ry
1380
Nevada-California-Oregon Ry
1379 New York Ry. Co
1745
New Orleans Great Northern RR..1748 Pacific Gas A Electric Co
1670
Quebec Central Ry
1670 Philadelphia Rapid Transit Co
1573
Southern Railway
1475 United Gas A Electric Corp
.1386
Un ted Railways Investment Co. ..1379
Miscellaneous Companies—
United Railroads of San Francisco.. 1288 Aetna Explosives Co
1482

Virginl* Railway A V«w« Co




[Vol. 107

THE CHRONICLE

1832

1284 Allia-Chalmers Manufacturing Co.. 1748

Miscellaneous Companies—
Page.
American Druggists’ Syndicate
1483
American Seeling Machine Co
1477
American Shipbuilding Co.-.1289, 1381
American Smelting A Refining Co. .128 *
Am. Water Works A Elec. Co. 13 >1,1477
American Window Glass Co
1668
American Writing Paper Co
1674
Amoskeag Manufacturing Co
1386
Arizona Power Co
.1289
Beatrice Creamery Co.
1748
Bucyru8 Co
1578
California Wine Association
1480
Central Leather Co
1671
Central A South Amer. Teleg. Co.. 1289
Certain-teed Products Corp
1669
Chicago Pneumatic Tool Co
1667
Cities Service Co
1671

1578

City A Suburban Homes Co

Columbia Gas A Electric Co
1671
Consolidated Arizona Smelting Co.. 1671
Consol. Gas, El. Lt. A Pow.. 1387, 1476
Corn Products Refining Co
1671, 1749
Cumberland Co. (Me.) Pow. A Lt__1480
1749
Crucible Steel Co
Edison Electric Illuminating Co
1577
First National Copper Co
1481
Federal Light A Traction Co
1672
1582
Ford Motor Co
General Motors Corp
1574
Granby Consolidated Mining, Smelt¬
1388, 1478
ing A Power Co
Great Western Power Co
1286, 1388
Indiana Power A Water Co
1749
Intercontinental Rubber Co
..1577
International Agricultural Corp....1476

Maxwell Motor Go., Inc.,

Miscellaneous Companies—
International Harvester Co
International Paper Co

Page.
1575

1575
1479

Kentucky Securities Corp

Lackawanna Steel Co
1484
Lake of the Woods Milling Co.,
Ltd
1484, 1578
Marlin-Rockwell Corp., N. Y.1383, 1746
Mexican Petroleum Co., Ltd
1672
Mexican Telegraph Co
1299
Nevada-Califomla Elec. Corp.1291,1648

Ogilvie Flour Mills Co., Ltd..1582, 1668
Packard Motor Car Co
Pan-Amer. Petroleum A

1744

Transp. Co.1672
Pennsylvania Salt Mfg. Co..1485, 1576
Pittsburgh Steel Co
1667
Poole Engineering A Machine Co.. 1382
Port Arthur Shipbuilding Co., Ltd.1489
1583
Republic Iron A Steel Co
Royal Dutch Co
1381
Savage Arms Corp
1759
Spanish River Pulp A Paper Mills, Ltd. 1577
Standard Milling Co__
1477
St. Louis Rocky Mt. A Pacific Co..1385
Texas Power A Light Co
1751
Todd Shipyards Corp
1576
Torrington Co
1285
United States Steel Corp
1745
Utah Power A Light Co
1751
Utah Securities Corp
1479
Virginia Power Co
1673
Weyman-Bruton Co
1292
Willys-Overland Co
..I486
WIsconsin-Mlnn. Light A Pow. Co. 1292
Wright-Martin Aircraft Corp
1751

Detroit and New York.

{Fifth Annual Report—Year ending July 31 1918.)
On a subsequent page will be found the report for the late
fiscal year ending July 31 1918, including the remarks of
President W. Ledyard Mitchell:
CONSOL. PROFIT AND LOSS ACCOUNT YEARS ENDING JULY 31.
1917-18.
1916-17.
1915-16.
1914-15.
Net, after taxes, Ac
$2,437,114 $5,342,728 $5,531,034 $2,337,950
Other income
726,220
572,176
395.857
222,090

$3,163,334
133,366

Gross income

$5,914,905
$407,208
139,151

x953,762

976,427

&71.133

♦Depreciation
Sinking fund
Inventories reserve
First preferred dividends
Second pref. dividends._
Common dividends

$2,560,040
$256,726
130.000
200,000
200,000
x2.750,013 (2 H) 306,988
$5,926,892
$500,256
137,641

-

(6%)607,650
(10%) 1.277,800
580,392

Adjustment of taxes
of

Reduction of value
other investments

75,000

....

$549,681

$2,506,669

$2,338,982

$8,567,125

Balance, surplus
Total surplus July 31

$8,017,444

$5,510,775

$1,666,326
$3,171,794

♦Deprec. on bldgs., mach’y and tools over and above repairs A replace’ts.
During the year the regular quarterly dividends of 1 % % on the 1st
pref. stock for the quarters ending Sept. 30 and Dec. 31 1917 were paid In
cash and for the quarters ending March 31 and June 30 1918 in dividend
certificates payable as to principal two years from date of issue, with Interest
at the rate of 6% per annum, payable semi-annually.
CONSOLIDATED BALANCE SHEET JULY 31.
(For details in 1918 see a subsequent page.)
x

1918.
Assets—
Real estate, bldgs.,
macb. A equip.
Investments

S

9,18?,843
100,000

1917.
$

1918.
Liabilities—
$
1st pref. stock... 13.336,642

1917.
%

13,915,142

10,127,468 10,127,468
5,846,738 2d pref. stock
1,259,867 Common stock... 12,805,158 12,778,058
Div. warrants
Balance
due

Good-will,models,
patents,
trade¬

466,782
on

172,018

plant construct168,382
25,224,109 25.457,363 Mtg.Aland contr’s
Inventories
16,283,387 10,813,430 U. 8. Govt. adv.
on contracts... 5,614,944
Notes receivable..
879,715
706.952
Accts. receivable. 2.611,564
4,160,000
1,510,144 Notes payable
Liberty bonds
175,180 Plant depreciat’n. 2,333,377
773,750
Accts.doubt.of coll.
157,525
Adv. to Chal’s fac. 2,398,116
marks and trade

names

65,837)

Lond.off., net as’ts
Int .rec .Gov .contr.
Ins. Ataxes prep’d

115,486)Items not
shown
119,405)

Notes rec. disc'ted
Accounts payableAccrd. wages, Ac.
Customers’ depos.
Due on contracts.

206,845

2,334,125
500,150
419,067

Reserve for doubt¬
ful accts., Ac
Cr.114,402
Cash
2,869,938 1,852,305 Liberty bonds sub¬

1,783,190
10,724

Sight drafts
Sinking fund
a

643,913

209,543

197,000

951,931
60,000

1,071,320
185,000

8,567,125

8,017,444

scriptions
2,946,384
350,184 Sight drafts on cus¬
tomers’ disets..
Res’vefor conting.

Surplus
Total

62,419,064 50,804,146

2,878,431
399,827
418,526

62,419,064 50,804,146

Total

Sight drafts with bills of lading attached, out for collection (discounted,
$951,931 as.per contra side).
No provision made in above for excess profits tax.—V. 107, p. 1388.
a

Pittsburgh, Pa.

Crucible Steel. Co. of America (N. J.),

(18th Annual Report—Year ended Aug. 31 1918.)
The re^)ort, dated Oct. 16 1918, says in substance:
Operations under War Conditions.—The past year has been fraught with
the greatest anxieties.
As the war progresses the closer do we find our¬
selves associated with the Government in its aims.
It has virtually made
us a partner with it.
It tells us to whom we shall sell our products and the

{>rices at which they shall be sold. In fact, we are but an instrument in
ts hands.

War has taught us many lessons, but probably the most beneficial is the
knowledge it has given us of the value of co-operation. Personal interests
have been subserved to the one great purpose of winning the war, with the
result that the Government has been enabled to secure a large share of its
requirements of fine steel for small arms, for high-quality shell, for bayonets,
and for many other special steel products from our company with no stop
in its rapid and continuous flow.
Inventories.—Under these war-time conditions the cost of living to a
corporation has increased much more rapidly than it has to the individual.
In order to maintain our service we are to-day carrying very much larger
inventories than were required two years ago.
Even if the Inventory was
the same In volume as in 1916, It would certainly represent now at least
twice the actual value it did two years ago.
This means, of course, at
least twice the working capital for the same volume of business in 1918 as
was required in 1916.
Earnings—Need for Conservatism.—Our earnings have been quite satis¬
factory, but, owing to the heavy costs of new construction. Increased in¬
ventory outlays and heavy tax-demands, the management has concluded
that as far as possible what remains of the company’s income should at this
time be conservatively treated as a protection against the uncertainties of
.

the

early future.

Should the war suddenly terminate,

.

_

there must inevi¬

tably follow a sudden shrinkage In orders and consequently a drastic re¬
adjustment in material values, while with prices on a declining scale a por¬
tion of the normal earnings is lost and credit is often unfavorably affected.
Wages.—Probably the greatest problem we are forced to-day to meet is
the shortage of labor.
The managers appeal for help, but it cannot b*
found.
Wages paid are by far the highest ever received by our employees.
Output Restricted by Lack of Suitable Clay, &c.—Conditions existing sine*
Germany ceased shipping its clays abroad, together with the difficulty in

Nor. 9 1918.]

THE CHRONICLE

securing Ceylon _lea<l, both of which are so essential in the manufacture of
crucibles on which the product of our plants is so dependent, have not
improved, but in fact have grown worse. American clays are far inferior
in value because of their poor heat-resisting
qualities; and American plum¬
bago can only partially be relied upon, and must then be heavily blended
with toe highest quality of Ceylon lead to admit of its successful use.
Con¬
sequently the output of a crucible is far less to-day than formerly, resulting
in the greatly increased cost of the product.
Additions, &c.—During the year important demands have been made
upon our plants’ resources by Governmental requirements.
To meet these,
large additions to present mills have had to be built and new developments
made, incurring the expenditure of millions of dollars.
Without these extensions we could not continue our aid to the Govern¬
ment in securing certain grades of high-quality steel, for which we have the
greatest reputation.
In fact, the Government looks chiefly to our mills for
its ever-increasing
supply, thus making these new additions mandatory.
As the country’s total pig iron output was shown to be inadequate to
meet toe nation’s needs, the management, anxious to
carry out its pledge
to the Government of 100% steel production, was compelled to contract
for an additional blast furnace at the Midland plant, which layout will
necessitate the expenditure of some $2,000,000.
The present blast furnace
at our Midland plant produces less than 50% of our piglron requirements.
The building of the new blast furnace carries with it the
necessity of
adding a by-product coke plant of corresponding capacity, through which
our company will secure its coke, gas and tar fuel for its own use, and at the
same time furnish to the Government the chemical by-products, of which it
is so greatly in need.
To accomplish this construction, for which contracts
have already been made, our
company will be called upon to expend dur¬
ing the next twelve months fully $4,000,000.
Besides these large additions to the Midland works, we have been called
upon to make important extensions at our Atha works, in order to increase
there the output of gun and engine forgings for naval construction.
Our mills have been working at top-speed for several years past and now
demand extensive repairs.
At present costs, which are more than double
those in normal times, these outlays will
likely rim into several million dol¬
lars.
But bv placing our plants in such excellent condition now, they will
be better able to confront the severe competition which will surely come.
Some of the improvements referred to in our report of last year still re¬
main unfinished because of the difficulty of securing material and labor.
Improvements, &c., at Company's Plants.—The extension to the openhearth and electric furnace building at the Atha works is not yet finished,
owing to the difficulty in getting structural steel, and the extension to the
annealing building is also in an unfinished condition. A new gas-producer
house is under construction; and to take the places of the old pattern and
tin shops brick fire-proof buildings are in course of erection.
The main rolling mill building, the original building of the Atha works,
having become unsafe, a contract has been made for its substitution with
steel structure to be built without a single interior column.
Addi¬
tional ground has recently been acquired on the Passaic River front, so that

ments.
We have received
several months.

tract.
Inventories.—All inventories have been carefully taken and have been
valued at or below actual purchasing or producing cost, or at the market
value prevailing Aug. 31 1918, whichever figure was the lower.
Stockhold rs—The number of stockholders Aug. 31 1918 was: Preferred,
3,858; common, 1,363.

(The report is signed by Herbert DuPuy, Chairman, and O. H. Wharton,

President.]

EARNINGS FOR YEAR ENDING AUG. 31.
1917-18.
1916-17.
1915-16.
Gross profits
Renewal and

$19,939,226 $16,161,237 $16,528,748
deprec’n.. 5,759,000 $3,375,000 $1,915,240
Contingencies
794,570
•

Balance

$14,180,226 $12,786,237 $13,818,938

Int. on scrip and bonds
of subsidiary cos
$368,098
$503,879
Preferred dividends. (7 %) 1,750,000 (30 H) 7562500
.

Balance, surplus

$12,062,128

1914-15.

$5,220,921
$1,464,616
48,443
$3,707,862

$595,282
(8 y2 )2125000

$4,719,858 $11,098,655

$634,112
$3,073,750

Assets—

$

$

Real estate, plants.

good-will, Ac-_.54.650,572 51,120,023
Invest't in A con¬
struction adv. to
associated cos. .15,853,573 13,250,793
U. S. Liberty Loan
bonds
389,150
51,750
Accts. A bills rec._ 17,845,795 13,338,272
Cash.....
3,654,662 2,777,353

Scrip redemp. fund 1,047,887
Taxes, insurance,
Ac., unexpired.
85,488
18,908,356
Inventory
Total

1918.
$

1917.

1917.

Liabilities—
$
25 ,000,000 25,000.000
Preferred stock
Common stock
25 000,000 25,000,000
Dividend scrip... 1 541,437
1,587.367
Coal land pur .notes
23,000

Accts.payable,Ac. 4 719',842 3,416,644
Int., A taxes acc’d 9 .880,802 3,018,400
Pref. dlvs. payable
437,500
Sept. 30
437,500
Depreciation, Ac. 3 ,958,076 3,271,745
Insurance fund... 2 ,277,828
1,601,581
634,575
Res’ve for contlng. 1 ,294,406
750,000
96,737 ♦Approp. surplus.30 000,000 20,000,000
9,100,200 Profit and loss— 8 325,592 6,263,464

...112,435,483 90,369,702

Total

112,435,483 90,369,702

*

Approp. for and invested in additions to property & working capital.
The company has also guaranteed the principal and interest of $6,860,000
5% bonds of associated companies.—V. 107, p. 1749.

American Type Founders Co., New York.

(26th Annual Report—Fiscal Year ending Aug. 31 1918.)
President Robert W. Nelson
Results.—Our business

on

Nov. 11918 said in subst.:

the largest in the

history of the company,
having increased over 12% in comparison with the preceding year, result¬
ing in an increase of 10% in net profits.
Purchase.—The owners of the Keystone Type Foundry, an old and im¬
portant manufacturer of type and other printers’ supplies, having decided
to dispose of the property, your company availed itself of the favorable
was

opportunity thus afforded to acquire a part of the plant for $350,000 and

toe standard merchandise for a little over $850,000.
Their business, the
remainder of the plant and merchandise was sold to others.
Our payments
were made with $800,000 debenture bonds maturing in 1937 and about

$400,000 cash.

tion, the

owners

We did not acquire the Keystone Type Foundry Corpora¬
retaining all the capital stock, collecting their accounts

and bills receivable, and liquidating their indebtedness.
The company has already disposed of a sufficient amount of the Key¬
stone merchandise to reimburse it for its cash outlay, and during the cur¬
rent year will dispose of a considerable part of the remainder.
Operations.—While our company has not been engaged directly in the
manufacture of war materials, it has sold a l^rge amount of merchandise
from stock to various departments of the Government, as well as giving

prompt service to its other customers.

The industry in which we are engaged has not been placed upon the
preference list by the Government, but as over 12,000 of our customers,
including newspapers and periodicals, are on the preference list, and as we
are supplying a large number of Governments, State and municipal in¬
stitutions, including public schools, we do not anticipate that our activities
during toe ~ ■— n if t~ of the war will be reduced by Government require¬




sufficient amount of steam coal to last for

department.
The business of the National Paper & Type Co., our distributing agency
throughout Latin America, has also largely increased during the year.
Liberty Bonds.—The company is still carrying Liberty bonds for its em¬
ployees on the weekly payment plan. Our subscription to the Fourth Lib¬
erty Loan was more than double the amount subscribed to any of the pre¬
press

vious loans.

Inventory.—Our merchandise has been inventoried at a low valuation,
and therefore our profits will not be materially affected should there be a
reduction in prices after the close of the war.
Outlook.—At no time has the company been so prosperous as at present,
and we anticipate a continued increase in business and profits during the
current year.

RESULTS FOR YEARS ENDING AUGUST 31.
1917-18.
1916-17.
1915-16.

Net earnings.
Common dividend (4%)
Preferred dividend (7%)
Bal. for year,

surplus.

Assets—
Plant
Mdse .A raw mater
Accts. receivable.
Notes receivable.
Cash
Cash for purchase
of bonds
Stocks and bonds.
Miscellaneous
_

Total
—V. 106, p.

$446,271
160,000
165,242
$121,029

$404,641
160,000
165,242
$79,399

$361,114
160,000
165,242
$35,872

BALANCE SHEET AUGUST 31.
1917.
Liabilities—
S
5,504,770 5,159,030 Capitalstock.com.
2,984,618 2,665,064 Capital stock,pref.
852,007 Debenture bonds.
1,079,122
480,243
576,196 1937 bds. for subs.
425,660
313,188 Accounts payable.
Notes payable
1,389
Scrip
727,301
755,267 Surplus
204,946
190,661
1918.
$

.11,408,049 10,511,413

Total

1918.

$
4,000,000
2,360,600
2,484,500

308,277
1,150,000
25,450
1,079,222

1914-15.

$350,44$
160,000
165,242
$25,206
191T.
S

4,000,000
2,360,600
1,704,300
49,300
246,512
1,165,000
27,508
958,192

11,408,049 10,511,412

398.

Aetna Explosives Co., Inc., New York.
{Receivers' Third Report—Year ended Aug. 1 1918.)
Receivers George C. Holt and Benjamin B. Odell on Oot. 31
1918 wrote in substance:
Capitalization.—The funded debt increased during this period $168,500

and pref. stock decreased $173,250, due to the settlement with the General
Crushed Stone Co., whose contract for the exchange of bonds for stock was

upheld by the Special Master.
Balance Sheet, &c.—For the

purpose of this report there have been
eliminated from assets in each or the accompanying Dalance sheets certain
items of doubtful value, viz.: contracts and good will, $3,524,449; financing
and organization
a total of $6,009,837.
expense, $2,485,388;
An
equivalent amount is carried on the books among the liabilities in the
amortization account.
In other words, the above statement as of Aug. 1 1918 is based on the
assumption that these doubtful charges have already been amortized and
that of over $4,000,000 is now applicable to the amortization of plants.

During the year $1,243,138 has been expended upon the plants for capital
account; finished products have increased $1,946,068, while notes and
accounts receivable have increased $1,874,621.
The item of $2,134,353 due the Republic of France is an advance under
our contracts without interest payable by a per pound deduction
upon
each invoice.
The current assets over and above current liabilities were on Aug. 1

1917, $7,259,497,

an

increase during the

year

of $2,627,115.

Cash.—The cash on hand July 31 1917 was $1,105,861; cash received
from all sources from Aug. 1 1917 to July 31 1918, $43,192,066; total,

$44,297,926. The disbursements during the same period were $43,190,828.
leaving on hand Aug. 1 1918 $1,107,098.
Liberty Bonds.—With sanction of court, the Receivers have purchased,
including bonds for the employees, about $2,000,000 of the Second and
Third Liberty Loan bonds, the sum of $1,748,866 representing the cost
of the bonds now held by the Receivers.
The equity in these bonds, over
and above all that was due upon them on Aug. 1 1918, amounted to $1,548,866, which sum may be considered as substantially an addition to the cash
in hand as of Aug. 1 1918.

Explosions.—The estimated loss caused by the explosion at Silverford,
July 2 1918, amounted to $38,613; the loss at Ishpeming, on July 19
1918, amounted to $30,508; and both of these amounts together with
payments made on account of Oakdale explosion of $1,063,154 have been
charged against the profits are are reflected in the above statement of
charges against profits.
The most serious explosion was that at Oakdale, Penn., on May 18 1918,
on

which entailed a distressful loss of life and the almost total destruction of
the tNt plant.
In addition to the destruction of the company’s own

property, great loss was suffered by the adjoining town of Oakdale, in

BALANCE SHEET AUGUST 31.
918.

a

The efficiency of the Kelly Press has been firmly established, and our
sales in this department have Increased more than 20% over that of the
preceding year, and a large number of these presses have been sold to the
various departments of the Government.
This increased growth has made
it necessary to purchase additional machinery for the plant of the Kelly

a new

shortly shipments by water from our own dock will be practicable.
The new building in which to centralize the open hearth furnaces at the
Park works remains unfinished, but before Dec. 31 will probably be com¬
pleted and the new open hearth furnaces placed in successful operation.
A block of city lots nearby has been acquired.
At the Sanderson works an entire new mill building and storehouse were
found necessary.
These have been contracted for and will be erected dur¬
ing the coming season.
At the Labelle work? additional boilers and an entirely new method for
handling coal at the river have been contracted for, but these improvements
will hardly be completed before late in the spring of 1919.
Pittsburgh Crucible Steel Co., Midland, Pa.—The large heat-treating build¬
ing upon which construction started almost two years ago is only now ap¬
proaching completion. It should be in operation by the coming spring.
The construction of a 600-ton blast furnace and the 100-oven block of
Koppers by-product coke ovens has already been referred to. Both are
expected to be finished by Oct. 1919.
Crucible Fuel Co.—Our coal mines are producing as heavily as the exces¬
sive shortage of labor will permit.
Gradually, to make good the reduction
in acreage through mining, small areas of coal adjacent to the company’s
lines from time to time, as opportunity offers, are being added to the main

1833

which nearly every building was damaged to some extent.
The loss at Oakdale is estimated as follows:
Destruction of the plank
(book value), $902,855; destruction of raw materials, Ac., at plant, $663,654; damage of adjoining property (estimated), $450,000; damages for
personal injuries and loss of life, in a majority of cases payable in monthly

payments extending through varying terms (estid), $145,000; $2,161,510.
Against this loss of $2,161,510 the company wiU receive from insurance,
adjusted, the sum of $225,000.
Of the loss caused by the explosion at Oakdale, there has been included
in the charges against profits as of July 31 1918 the following sums: Loss
to adjoining property, $450,000; loss of material (less insurance receivable),
$468,154; personal injury, $145,000; $1,063,154. This leaves $873,356 to
be charged against future profits, viz.:
Book value of plant (less insurance
recoverable), $775,131; balance, loss on account of materials, $98,225.
New Plant.—After the explosion on May 18, the Receivers determined
as now

that it was undesirable to resume the manufacture of TNT at Oakdale
and determined to rebuild the plant at Silverford (Mt. Union), where
they already had a plant for the finishing of TNT, and where additional
space could be purchased, and where there was comparatively little danger
of injury to outside property in case of an explosion.
The Receivers, with
the permission of the State of Pennsylvania, decided to continue the
manufacture of TNT at Carnegie, but on the understanding that When
the new TNT plant at Silverford was finished, the manufacture of TNT
at

Carnegie should be terminated.

The construction of the new TNT plant at Silverford is estimated to
cost about $1,100,000, upon which there has been expended $599,806 at

July 31 1918.

It is expected that this plant will be in operation by Dec.

15 1918.
The contracts to be completed at the new TNT plant at Silver¬
ford are firm contracts, viz., they run to completion without any reference
to the possible termination of the war.
Profits during the interim period
at Carnegie, and thereafter at Silverford will, it is expected, repay the
whole amount of expenditure with a substantial profit.
Dividends to Creditors.—On April 19 1917, the date of the appointment
of the Receivers, the debt of the company, to general creditors was Ac.,

$4,608,476, viz.: For notes, Ac., $1,741,342; general merchandise creditors
$2,867,133.
The outstanding notes secured by bonds of the company have all been
paid prior to July 31 1918, and the bonds redeemed, except notes for $230,000, the liability for which was disputed because of counterclaims; of this
amount, $80,000 has since been paid leaving $150,000 still outstanding.
Of the foregoing total liability of $4,608,476, an amount of $3,055,684
represented claims secured by bonds or other collateral, claims for wages,
Ac., which had to be paid prior to the general merchaidise creditors.
To the general creditors who filed claims, two dividends have been
paid, namely (a) 50% March 28 1918 calling for $677,654; (6) 25% June
28 1918, all claims of $200 or less being paid in full, aggregating $317,871.
Creditors to a total of $50,012 availed themselves of the option to receive
the balance of their claims in Liberty bonds of the 414% issue at par, plus

accrued interest.
As a result of the above dividend payments and certain
adjustments, the balance of claims which have been riled and allowed and
were outstanding on July 31 1918 was reduced to $309,065.
The difference between this figure and the figure of $507,253 Is caused
by the facts that, as to certain liabilities shown on the books, counter¬
claims are asserted, and that certain creditors have not filed claim*.

Manufacturing Co. (“Indian Motorcycles”),
Springfield, Mass.
(Report for Fiscal Year ending Aug. 31 1918.)

Mortgage Claim.—Since the report dated Peb. 7 1918, the question

Hendee

whether the claim of the Guaranty Trust Co., that the appointment of the
Receivers was a default under the mortgage of the Aetna Explosives Co..

Inc., and that consequently the bonds secured by that mortgage had become
due, has been tried before Judge Lacombe as Special Master. Judge
Lacombe has reported against the contention of the Trust, Co.
Exceptions
have been filed to this report and they are now before the District Court
Contracts.—■During the year the Receivers, with the

—

approval of the

court, have entered into contracts with the War and Navy Departments
of the U. S. Government, and with the Republic of Prance.
The con¬
tracts with the United States provide that the United States shall furnish
the necessary raw materials at fixed prices, the Receivers paying for these

product.

by

materials
delivery of finished
makes a cash advance without interest upon

raw

ceivers, repayment being

made by

Balance,

The Republic of France

each contract with the Re¬

each invoice.
These arrangements
several millions of dollars.
On Aug. 1 1917, there were in existence contracts the unfilled portions
of which called for 35.800,147 Ibs.of explosives. Since then, and up to Aug.
1 1918, new contracts have been secured upon which there still remain
unfilled 83.892,220 lbs.
The total of both old and new contracts remaining
unfilled at the date of this report was 101,889,146 lbs.
These contracts,
with the exception of the contract for TNT with the United States Navy,
which is firm as heretofore stated, all contain provisions giving the buyer
the right to terminate the contract in such manner that tne contracts will

by reason of such termination, with the exception of the loss of profits.
Certain of the contracts which involved additions or changes to the plants,
provide that on cancellation a certain amount per pound be paid to the
Receivers on all deliveries canceled, this amount being given to reimburse
the Receivers for the actual expenses incurred, thus protecting the Re¬
ceivers against loss for capital expenditures made necessary in order to

fulfill contract obligations.
The contracts in force at the beginning of the receivership were made on
the whole at higher prices than was possible to obtain after tne receivership.

J. I. C»33 Threshing Machine Co.,

Capital Stozk.—Tae authorized capital stock has

$46,295,064
6,828,155

located at Emporium, Penn., which could not properly be charged to capital
There were also charged off losses on account of three major
account.

explosions and other losses.
BALANCE SHEET, AUGUST 1.

Plant, mach. and
15,081,752 13,818,614
174,409
1,105,881
81,462
1,902,218
4,349,947

real estate

Cars
203,838
Cash
1,107,098
Notes receivable._
103,676
Accts. receivable. 3,754,624
Materials
4,067,524
Finished
product

1918.
$

1917.
$

5,322,650 5,495,900
(par $100)
Com. stock out._xl2,538,290 12,538,290
Funded debt
2,395,300 2,226,800
Accounts payable—
Acot. Aetna Co.
507,253 1,551,341
Acct. of receivers 2,503,553
2,429,679
Notes payable
780,000

3,386,604

2,832,783 Adv’ce3 by French

(sale price) 1,889,230
Investments
1,748,866
Coll. sec. deposits.
64,000
Fluids with mtge.
62,255
trustee

496,983 Other current llab.
157,283 Depreciation fund
314,000 Accident fund....

(act cost)

Government

do awaiting ship¬
ment

Deferred charges.
Total
*

292,980

Insurance fund

2,134,353
389,108
212,808
87,343
9,947

69,795
59,041
13,477
1,075,639

Surp. bef. amort’n 4,848,822
256,422

^..31,742,427 25,489,962

Total

31,742,427 25,489,982

Represents 628,414^ shares of no par value.—V. 107, p. 1748.

Iron Co. of America, Detroit.
(Report for 3 Months ending Sept. 30.)

Charcoal

President Frank W. Blair in circular of Oct. 33 says:
During the 3 months ended Sept. 30 there was expended on property
account approximately $300,000, chiefly on the Yale mine construction and
the development underground.
Current assets increased slightly over
$300,000 and there was a corresponding increase in current liabilities.
On Sept. 30 the unfilled orders on our books for pig iron for delivery
during 1918 were 42,942 tons, at an average selling price of $36 04 at the
furnace.
We also had unfilled orders for delivery in 1919 amounting to
44,260 tons at an average selling price of $37 60 at the furnaces.
During the third quarter there was paid a dividend of 2% on com. stock.
INCOME ACCOUNT FOR 3 AND 9 MONTHS ENDING SEPT. 30.
Periods ended Sept. 30—
1918-3 Mos.—1917.
1918-9 Afos.-1917.
Profit from operations, after
$
$
$
$
deducting all exp., includ'g
managemt. salaries, stump-

.

age on cordwood A timber,
relining furnaces and other

accruing renewals.
Deduct—lnt. on borr. money
Balance
Pref. dividends paid
Common dividends

380,042
17,929
362,113

412,276
13.864
398,412

1,603.315
53,665

1,311,760

1.549.650

1,278^313

33,447

(3%) 1565181
554.733
(6%) 170361/
Balance, surplus
$1,222,771
$723,580
No changes were made in capitalization during the quarter. See V. 107,

p.

607.




imple-

steam

engines, steam rollers, oil tractors, corn huskers and shredders and corn
shelters.
Cuarter perpetual.
Business begun at Racine as a co-partnership
in 1812 and was so continued until 1880.
Plants.—Principal plant and place or business is at Racine, Wis., and
Also owns about 100 acres
covers an area of about 40 acres in heart of city.
just south of Racine, where it has erected a new manufacturing plant. The
combined plants contain about 103 different buildings, mostly of substantial
brick or brick and steel construction.
The main olant has the advantage of both rail and lake transportation.
The South Works and the motor works are located on the main line of the
The factory premises comprise about 137 acres of
Chicago A N. W. Ry.
ground and have more than 60 acres of floor space; approximate annual
capacity, 5,030 threshers, 12,030 steam and oil tractors, 1,000 hay balers
and 5,000 automobiles, in addition to the mumerous smaller lines.
The number of employees ranges from 4,000 to 4.500.

$1,155,830
89,234
361,572

Liabilities—
Pref. stock outst’g

R&cins, Wls.

manafactue and sale or a varied line of agricultural machinery and
msits, such as threihin? machines, steam traction engines, farm

38,613
30,503
1,033,154
316,030

1917.
$

300,000
1,142,250

(Official Statement to N. Y. Stock Exchange Mar. 22 1918.)
Mar. 22
touching the listing of the engraved certificates for the $12,150,090 7 % Cumulative Pref. Stock (of an authorized issue
of $20,000,000) says in substance:
Organization.—Incorporated in I860 in Wisconsin, and is engaged in the

profits the cost of certain replacements at one of the commercial plants

Assets—

10,000,000
2,200,800
607,257
35,652
64,717

The statemsnt made to the N. Y. Stock Exchange

$3,054,971
Total deductions
Net profit before Federal tax and amortization charges
*$3,773,184
x This amount compares with $3,393,349 for the period from April
20 to Dec. 31 1917.
Note.—During this period, numerous settlements were made for claims
for commissions, Ac., notably, the claim of Johns and Bassick for over
$4,000,000, which was settled for $990,000. There was also charged against

1918.
$

1917.
S

13,734,320 14,350.6771
13.734,320 14,350,677
Total
♦These amounts do not inilude any reserve for Federal income and
excess profits taxes, estimated at $120,000, on the operations of the year.
—V. 107, p. 1672.

PROFITS FOR THE YEAR ENDING JULY 31 1918.

Explosion loss, Mount Union
Explosion loss, Pluto Plant
Explosion loss in part Oakdale
Replacements at Emporium

3,077

def._sur.$501,707sur .$235,699 def.$100,729 sur,$102,489

Total

have been expended in additions and betterments, with tne
result that the July output was the largest in the history of the company.
Work is now in progress at Silverford and at Drummondville, Canada,
which when completed will greatly augment our facilities for production,
as well as make possible greater efficiency in operation and in lessening,
production costs.
Disputed Claims.—In addition to the liabilities against the estate of
Aetna Explosives Co., Inc., shown on the balance sheets, there are certain
claims against the estate which are either wholly disputed by the Receivers
or which are still unliquidated.
In the report dated Peb. 7 1918, the amount of such claims, exclusive of
the claim on the mortgage bonds, was stated to be $1,473,133.
Since
then an additional claim of $225,000 has been filed by A. J. Maxham—
the alleged value of stock given by him to aid the company in disposing
of preferred stock.
In addition to the said claims of $225,000, there are
at present eight other claims outstanding, the total amount of which is
$707,050. Of these, the claim of P. J. Lewis Mfg. Co. totals $517,592,
of which $433,000 represents alleged damages which accrued subsequent
to Aug. 28 1917, the last day on which claims could be filed.
Commercial Business.—Of the total amount of business covered by this
report, $7,118,943 has been for commercial products, other than war
material.
As has heretofore been stated, the cost of replacement at the
Emporium plant at an expense of $316,030, has been met from the profits
of tnis branch of the business.
The gross and net business in this-depart¬
ment during the entire period covered by this report has shown a substantial
increase.
As an after war business proposition, this branch of the Aetna’s
The possibility
business furnishes a basis of calculation as to the future.
of conversion of the plants now used exclusively for war production should
also receive the attention of those most directly interested.
sums

Deductions—
Claims for commission, fees, Ac
Insurance adjustment
Other settlements and adjustments

$422,440

(2)150,000
169,951

BALANCE SHEET AUGUST 31.
1918.
1918.
1917.
Liabilities—
$
Assets—
$
$
10,000,000
Lanl A buildings.
691,218
724,592 Common stock
1,815,700
G joi-will
7,033,000 8,300,000 Preferred stock
791,689
833,726
821,891 Trade ere 11 tore—
Mach'y A ejulp’t.
Stick In other cos.
908,783 Wages pay’le, Ac.
589,838
51.057
171,100 Accrued taxes, Ac.
51,450
C.ish
171,127
Inventories
62,565
3,081,085 2,532,714 Advances from cos
Acc’ts receivable.. 1,017,958
758,885 Notes payable—
For Llb’y bonds
80 950
Liberty bonis
80,950
Affiliate! cos...
103,030
N it€3 receivable,
Sink. fd. pref. stk.
102,683
affiliate I cos
125,000
*645,225
Due from branches
103,380
102,729 Surplus

undoubtedly end upon the cessation of hostilities. All the contracts,
however, make provision for the protection of the Receivers against loss

Operating profit

1914-15.

1915-16.

$203,930
(3)150,000
158,632

SURPLUS ACCOUNT.

agreed per pound deduction from
reduce the working capital needed by

(Compare V. 106, p. 1225; V. 105, p. 814.}

sur. or

1916-17.

$539,755
(4)150.000
154,056

$1,142,250
Balance, Aug. 31 1917.
Replacement of third and fourth reserves for retirement of pref. .
300.000
Unusel portion of other reserves
1,266
Net profits for year 1917-18 after deductions as above shown. _ • 501.707
$1,945,223
Total
Reduction of goodwill
1,300,000
Balance, Aug. 31 1918, as per balance sheet
$645,223

an

Total sales for year

1917-18.

Aug. 31 Years—

Profits
$740,691
Pref. stock sk. fd. (No.).(5) 102.683
Preferred dividends (7%)
136,301
Miscellaneous

for determination.

Large

fVoi.. 107

THE CHRONICLE

1834

been increased from

time to time for the purpose of acquiring additional property,
businesses and for increasing the working capital, as follows;
Common.
Authorized— Common.
Preferred.
At
organiz’n,
Feb. 13’80-$l.000,000

None

plants and
Preferred.

May 1 1907..$1,000,000 $4,000,000
Dec. 21 1911-20,000,000 20,000,000

Jan. 15 1904-- 1,030.000 $1,000,0001
The preferred shires are entitled to cumulative dividends at rate of 7%
per annum and no more, payable Q.-J.
In case of liquidation or dissolu¬
tion, voluntary or involuntary, the preferred shares will be entitled to par
and accrued dividond*, bofore any amount miy ba paid to the common
stock.
The preferred and common shares have equal voting power.
Authorized preferred stock, $20,030,000; outstanding, $12,150,000.
The
preferred shares are not redeemable.
No dividend upon the common stock in excess of 6% per annum may be
declared or paid if thereby the assets applicable to the payment of dividends
as determined by the board shall be reduced to an amount less than $2,000,000. Auth. common stock, $20,000,000; outstanding. $8,300,000.

Branches.—The company has 6l branch houses, all under the direct
management of the home office at Racine, of which 47 are located in the
United States, 6 in Canada, 4 in South America and 4 in Europe, where the
company

carries stocks of its products, including repair parts

and supplies,

and furnishes the service essential to its growth and permanent success.
The Canadian branches are located in Brandon, Man.: Calgary and Ed¬
monton, Albarta; Regina and Saskatoon, Sask.; Winnipeg, Man.
The
South American branches are at Bahia Blanca, Buenos Aires and Rosario,

Argentina, and Montevideo, Uruguay.
In Europe we have branches at
Paris, Bordeaux and Toulouse, France, and Odessa, Russia.
In additioa to the above, to provide for possible future development in
Canada, the company owns a manufacturing site of 192 acres at Fort
William, Ont., on the Kaministiqua River, the site having 1,600 ft. of
In France the business is owned and
dockage with 20 ft. depth of water.
handled by Compagnie Case de France, a seoarate corporation.
Bands.—The conpany has outstanding 6% bonds secured by trust deed
to First Trust A Savings Bank and Emil K. Boisot of Chicago, as trustees,
dated Feb. 1 1914, maturing serially Dec. 1 each year until paid.
On
Dec. I 1917 $500,000 of the bonds matured and were paid.
The company
also purchased and canceled during the year $2,488,000 of bonds.
The
bonds outstanding at Dec. 31 1917 amounted to $6,012,000.
lOn June 1
1918 $529,033 of the issue was called for payment at 103 and lnt,, a further
$825,033 has been bougat in and cancelled since Dec. 31 1917 and on Dec. 1
1918 an additional $1,453,033 called for redemption will be paid off, leav¬
ing outstanding as of Dec. I 1918 $3,208,009, maturing in 1919. $607,000:
In *20, $589,033; in *21, $499,000; in ’22, $722,030; in ’23, $791,000.—Ed.]
Sales and Net Earnings.—These have been as follows:
1917.
1914.
1915.
1916.
1913.
Sales—
$
$
$
$
942,470
Steam engines.. 2.925.085
1,483,165
2,478,640 2,145,360
268,372
304.445
216,576
324,036
Engine attach’ts
376,890
2,637,355 3,393,170 8.487,150
Gas tractors
1,316,000 1,394,250
1,487,015
Separators
1,440,740 1,394,673 1.654.285 1,157.091
236.497
209.494
259.297
239.582
Separator attach.
265,884
4,060
5,885
Horse powers
6,943
12,305
17,326
398,445
347,345
485,115
Feeders
440.745
416,865
545.758
514.176
805,772
Stackers
638.048
701,987
196,377
189.585
Drive belts
241,094
237,373
233,731
1,955,523
Automobiles
3,622.393 5,120.780 3,211.348 3,088.057
796.451
280.950
Plows.
189,700
262,762
149,391
253,987
280.259
327,937
Miscellaneous
435,307
361,512
1.881.504 2,085,649
Repairs
1,453.290 1,486,474 1,792,702
Total
13.417,403 14,395,384 14.058.632 13,017.257 17,657,754
Net Earnings also Preferred Dividends Paid for the Last Six Years.
1913.
1912.
1914.
1915.

1,29*651

19^6.

1917.

966.698 1,931,825 1.647,721 2.356.773
850,500
850.500
850 509
850.500 850,500
Directors.—Frank K. Bull. Warren J. Davis. Frederick Robinson, Ellis J.
Gittins and Milton H. Pettit, all of Racine. Wis.; H. A. J. Upham, Charles
J. McIntosh and W. E. Black of Milwaukee. Wis.; Francis LHineand
Arthur O. Choate of N. Y., and Frederick W. Stevens of Ann Arbor. Mich.
Officers.—Prank K. Bull, Chairman; Warren J. Davis, President and
Treasurer: Ellis J. Gittins and Milton H. Pettit, Vice-Presidents. and
William F. Sawyer. Secretary, all of Racine, Wls.
Annual meeting held in Racine on the first Wednesday In April.
J. P.
Bankers Trust Co.,
Morgan A Co., N. Y; City, are the transfer agents.
N. Y. City, is the registrar of said certificates.
Compare annual report
with balance, sheet, Ac., V. 106, p. 1223, 1247.

Net earns—2,251,435
Pref. divs
813,167

,

_

_

Nov. 9 1918.’

Rogers-Brown Iron Co., Buffalo, N. Y.
{Report for Fiscal Year ended Dec. 31 1917.)

Penn Seaboard Steel

Corporation.
(Annual Report for Fiscal Year ending Dec. 31.)
President Rodney Thayer on Jan. 241918 wrote in subst.:
Result*.—For year ending Dec. 31 1917 the gross sales were $10,544,497
and the net earnings (after deducting oper. expenses, repairs, renewals,
deprec., income taxes and excess profit taxes) aggregated $1,045,021.
Dividends have been paid amounting to ($4 per snare) $240,000.
Two note issues of $500,000 each have been paid off.
AH plants during the past year have been operating under the highest

pressure, and very large charges have been made for repairs, renewals,
rebuilding of furnaces, Ac., which have been included In manufacturing
costs, while ample depreciation charges have also been made.
Capital Account.—In July we sold the Seaboard plant, but dinring the
year we have expended upon the three other plants approximately the
amount of its proceeds, with the net result that at this tune we have ap¬
proximately the same amount of money invested in plants and equipment
as a year ago, but this investment is concentrated in three instead of four
plants and our total steel-making capacity has been increased 43%.
For the purpose of determining the capital invested in your business and
consequently taxes to be paid, it has been deemed avdisable to increase our
plant values to the appraisal figures of Coverdale A Colpitts made in 1916.
which to-day represent far less than their cost of replacement.
Actual
physical inventories have recently been taken at all plants of raw materials
and stores, and our accounts adjusted to them, their unit prices being taken
at cost which is far below present

market values.

Orders.—We have orders on hand to insure full and continuous
of all plants for at least four months.

operation

Bonds.—Arrangements have been completed for the installation, at your
New Castle plant, of the requisite machinery fen: the manufacture of plates
for ships, locomotives and cars, which involves an expenditure of approxi¬

mately $2,000,000, which has been approved and arranged for by the sale
of bonds.
This should permit your Company to continue its operation at
its existing high level as soon as the national problems above referred to
become clear. [The new plate mill was placed in operation late last month.
See

below.]

BALANCE SHEET DEC. 31.
1917.
1916.

1917.
1916.
Fixed assets..$4,148,969 $2,983,022 Cap! A snip-$4,641.357 $3,063,061
Cur’nt assets- 2,920.159
1,864,948 Cur’nt liabils. 1,911.377 1,782,457
Other assets..
27,939
544,333
65,051
62,599 Reserves
Total

1835

THE CHRONICLE

$7,097,067 $4,910,569

Total

CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1917.
1916.
1914.
Net sales
Not stated $8,900,625
$6,592,445
Net income
1,239,769 $1,039,521
$2,039,338 $2,798,023
Rentals and royalties
$204,405
$256,979
$245,456
$274,282

{6,721,326

Sinking fund

Exhaustion of minerals.
Plant depreciation, Ac.
Mine develop., exp., Ac.
Bond discount

.

543,102
167.462
80,752

555,048
234,944
954248

r

*******

93.477

Special charges

Pref. dividends (7%)
Common dividenc
ends

108.190

108,500

—

77,400

70.000

(8%)400,000(4%)200,000
(

$1,911,818 $2,071,748 $1,073,121 $1,212,219
sur.$127,520 sur$726,275 sur$166.648 def$172,698
CONSOLIDATED BALANCE SHEET D®CL 31.
1917.
1916.
I
1916.
1917.

Total deductions

Bal.,

sur. or

deficit

Assets—
$
$
Liabilities—
Cost of properties-17,337,093 17,270,136 Common stock
Discount on bonds
353,900
388,900 7% cum. pref. stk.

Accts. A notes

rec.

Total

22,356,398

133,400 Reserves
Surplus

21,125,197!

5,000,000
1,550,000
2,000,000
1,500,000
4.880,000
1,093,294
130,216
306,964

128,625
133,400
2,487,903 *2,013,386
2,645,456 2,517,936

ilnt. due (contra).

128,625
250,000
13,926

S

$

IlstARef. M.5S-,- 4.665,000
2,025,866 Notes A accts. pay 2,065,560
jOre contracts paid
873,940
in advance
71,530
251,723 Acer .int.,taxes, Ac.
342,324

(less reserve)... 1,008,472
235,265

Cash
Cash for coup. int.
on bds. (contra)
U. 8. Liberty bds.
do held for empl.

.

5,000,000
1,550,000
136.041 1st M. 5% bonds. 1,900,000
45,191,Deben. 5% bonds. 1,500,000

Royal’s pd. in adv.
128,697
Unexp.ins.,tax.,Ac.
91,573
Inv. of ore, mater.,
supplies, Ac
2,808,846

22,358,398 21,125*197

Total

♦Includes in 1917 reserves for exhaustion of minerals, Ac., $1,925,903,
and for depreciation and renewals of plants, $562.000.—V. 105, p. 179.

$7,097,067 $4,910,569

Securities Corporation General.

[Capital stock authorized, 200.000 shares, all of one class and of no par*

value; outstanding (less Dec. 31 in treasury). 60,000 shares.
Initial quar¬
terly dividend of $1 per share, together with an extra dividend of 25c paid
May 1 1916; quarterly dividends of $1 per share paid to and including
May 1 1918; $1 50 per share was paid Aug. 1 1918 ana also Nov. 1 1918.
In December last the company sold to Philadelphia bankers $2,000,000
1st Mtge. 6% serial convertible gold bonds dated Dec. 1 1917.
All except
$14,000 of these bonds have since been converted into stock, increasing
the outstanding stock, it is understood, to about 100,000 shares; the re¬
maining $14,000 bonds have been called tor payment on Dec. 1 at 101M
and int.
As to possible new issue of stock or notes see a subsequent page.
—Ed.]—V. 107, p. 507.

513,182
210,154
115.868
200,000
297,156
152,917

485.792
156,241
172,352
250,000

Bond, Ac., interest

{Annual Report for Fiscal Year ended June 30 1918.)
Prest. P. M. Chandler

on

Oct. 151918 said in substance:

The past fiscal year presented peculiar difficulties in the conduct of the
business of the corporation.
The company was organized mainly to Invest
in and finance public service enterprises.
As a consequence most of its
investments are in this class of securities—ordinarily the soundest and least
affected by changing conditions.
The unprecedented unsettlement im¬
posed upon industry by the war, however, has borne most heavily upon

public service enterprises, confronted with rapidly rising costs and fixed
prices for services rendered, which could not be immediately adjusted.
A most conservative policy has been necessary therefore, until conditions
shall have righted themselves, which it is hoped will be the case before the
close of the present fiscal period.
The board of directors on Oct. 15 1918 adopted the following'resolution:
(1) Whereas, The Capital of the Securities Corporation General is largely
invested in the securities of public service corporations, many of which
have suspended the payment of dividends in order to conserve their financial
resources; and (2) Whereas, Current financial conditions Interfere seriously
with the business of the corporation in underwriting and financial under¬
takings, and Whereas, These conditions adversely affect the current earnings

Republic Motor Truck Co., Inc., Alma, Mich.
{Annual Report for Year ended June 30 1918.)
President P. W. Ruggles said in substance:
During the past fiscal year, the Republic Motor Truck Co. earned
$985,084; Torbensen Axle Co., $368,219, making combined earnings $1
353.302. These figures are after setting aside $900,000, as a reserve for
Income and excess profits taxes, based on the law of Oct. 3 1917. and making
additional allowance for probable increases under the new law.
In compliance with the Government’s wishes, the company has curtailed
its output of commercial trucks, and has devoted a considerable part of
its equipment and organization to the manufacture of trucks for military

of the corporation and the prevailing low level of quotations for securities
owned makes it inadvisable to draw upon accumulated surplus for dividends:

Now, therefore, be it resolved. That the board of directors of Securities Cor¬

poration General believes the interests of the corporation and its stock¬
holders are best conserved by the suspension of the dividend upon its

requirements.

preferred stock and the said dividend is hereby ordered suspended.

of directors to conserve the company’s resources in every way.
Prospects
for the coming year seem excellent, and the demand for tne company’s
product is limited only by its ability to arrange its manufacturing schedule
on a basis which will meet with the Government’s approval.

INCOME ACCOUNT FOR THE FISCAL YEARS ENDED JUNE 30.
Income from—
1914-15.
1916-17.
1915-16.
1917-18.
Securities A investments
$126,286
$111,749
$129*,099
$143,275
Loans A bank deposits..
22,043
24,979
14,160
42,121

Heavy taxes requiring large cash payments make it seem wise to the board

1917-18.
Net sales,
Parts

S

1917-18.

1916-17.

$

acquisition, Ac__

2,708,1111

War taxes and con¬
tingency reserve.
Pref. dividends

20,522,381 j
17,749,5491

Total sates

Mfg. costs
Gross oper. prof.
Other Income

Not
166,4071 reported

Com. stk. wrlt’n off

Sur. from re-appr..

Income all sources 2,939,239!
Sell., gen. exp., Ac- 1,454,155)

Surplus
Net

500,000
70,000

85,539
32,198

115,416

machinery

Patent

Total. deductions

security holding.

Previous

6,096,417

to Liberty Loan
bonds, less amounts received from employees
Cash in banks and on hand
Invest, in other cos.; Torbensen Axle Co.: 3,950 sh.
com. stk. of $100 (total outstanding com. stk. of
co.) purchased by issue of 13,825 sh. com. stk. of
Republic Motor Truck Co., Inc.. no par value at

594,865
17,794

116,281

ferred installment

4,541,971

703,666

signment, $5,088,200; in transit, $1,008,217
Accounts receivable, customers, less reserves, $668,352; notes receivable, $35,314; total
Due from officers and employees
Certificates of beneficial interest in customers’ de¬

51,959

36,175
421,461

tion written off

J^SA72

Total

3.160

441,035

16,804

41,864
946.505
500,000
l .868,060

$3,724
93,238

$341,537

$370,636

$269,856

$96,962

-

1917.
$

1918.
$

Liabilities—

1917 J
$

J

2,766,144 Capital (see note).2,255,000 2,255,(
348,98P Coll, loans payable. 543,727
615,135
119,697
28,220 Accts. pay. A accr’ls
19,035

12,500
125,000
3,030

45,383 Bond subscription.
18,649 Surplus
28,083
125,000

Total
...3,181,011 3,360,467
as of June 30 1918,

_

21,712
341,537

-

370,635

3,181,011?3,360,467

collection secured by trucks

Grinder Co.,

The net sales few the year were $555,818; the net profit was $126,802.
The two regular semi-annual dividends were paid to the holders of the pref.
stock, and two additional payments were made during the year, represent¬

ing 6% on account of accrued and unpaid

pref. dividends Jan. 1 1917.

In addition to cleaning up our unpaid dividends, the working capital
of the company was increased approximately $65,000 as a result of the year's

The net increase In the plant account amounted to $4,953.
the company had unfilled orders amounting to $244,593.
No capital expenditures are contemplated few the comingfyear.
£g

operation.

As of Jan. 11918,

COMPARATIVE BALANCE SHEET DEC. 31.
Liabilities—
1917.
*1916.
1916.
1917.
$425,000 $425,000
assets..$276,125 $271,172 Preferred stock
Common stock
350,000 350,000
Cash
7,641
8,591
25,000
63,000
Accts. A notes receiv.
61,670
38,123 Notes payable
Accounts payable
26,598
25,936
Liberty bonds, Ac
20,146
Merchandise
187,543 127,990 Reserve for pref. div. 12,750
Reserve for taxes....
10,000
Deferred assets
10,487
8,942
23.716
1,363
Deferred charges
11,353 Profit and loss
Assets—
Fixed A plant

1,513,669

$10,672,250 $7,402,468




$155,987

$173,678
96,178

Brighton, Mass.
{Annual Report—For Year ended Dec. 31 1917.)
President George A. Clark said in substance:

10,000 shares of $100 ea. $1 .000,000 $1,000,000
Balance of capital represented by common stock of
of 100.000 shares of no par value
------- -- -3 ,612,514 1,007,456
679,500
Capital liabilities of sub. co. with public: Pref. stock
100,666
47,000
Purchase money obligations, mortgage notes
700,000
770,000
Notes payable—bank loans.
_
. _
Accts. payable, incl. accrued Items: Merchandise,
1,632,940 2,087,948
creditors (incl. liability for $704,591 in transit).
Accrued pay-rolls. $69,873; accrued commissions,
270,367
202,886
$115,500; accrued taxes. $84,991
—
94.009

1583*

$172,648

$100,779
269,857

Rivett Lathe &

7% cumulative pref. stock,

shipped. $1,103,334.—▼. 107, p.

$257,484

$2,400,000 preferred and
$2,725,000 common stock, issued under laws of the State of Virginia for
the following values: Cash. $1,410,000; securities (par value. $1,660,000),
$720,000; underwriting rights and privileges, $125,000; total, $2,255,000.

$10- 672,250 $7 402.468

Note.—Discounted drafts in course of

$217,426

Note.—Capital stock

26,611

64,451

Dealers’ deposits
Due to the Torbensen Axle Co
Provision for war taxes and contingent reserves
Surplus, as per income account above

18,774

def.$29,099
370,636

surplus-

Syndicate particip..
Underwrite rts., Ac.
Int. prepaid on loans

1,382,500

Total

$1,839
10,148
144,000

—V. 106. p. 925.

$100 per share

Prepaid insurance premiums, interest, Ac

$14,222
14,426
144,000

1918.
Assets—
S
Invest.: Bds. A stks.2,858,515
Time A dem. loans
45,426
Cash
120,070
Accounts receivable
Accrued interest
16,469

63,663

Haberkham-Mfller, Inc., Baltimore, Md., at cost
Commission on sale of common stock less propor-

$37,730
22,630
144,000
27,250
4,700
2,400

.

Total p. A1. surplus.

$1,786,216 $1,671,216

Inventories of raw materials, work in progress, fin¬
ished parts and trucks on hand, on consignment
and in transit, at cost, viz.: On hand and on con¬

notes
on subscription

$37,291
36,135
144,000

__

Balance, surplus

(depreciatedvalue),$152,268; other

depreciation, $176,120: balance
rights of subsidiary company

paid

$159,711

COMPARATIVE BALANCE SHEET, JUNE 30.

for

Installments

$346,362

_

and equipment, $588,279: tools, dies

equipment, Ac., $96,490: total, $1,962,336: less

reserve

$358,263

Reduction book value

CONSOLIDATED BALANCE SHEET JUNE 30 (Including Sub. Co.).
1917.
1918.
Assets—
Land, $144,300; buildings and equipment, $980,999;
and patterns

13,962
11,957

Adjust’t of tax accrual

799,668 1,266,490
247,179

1,485,084 1,657,334

profits

104,674
90,423

Salaries, exp. A taxes.
Divs. pref. stock (6%)
Div. com. stock (1%)
Bal. organization ex¬
penses written off.

799,668 1,513,669

Bal., surplus

58,139
128,905

$188,327

Total income
Deduct—
Int. on loans payable.

273,107

Exp.pref. stk. Issues
of par’t A sub .cos.

2,772,832)

15,037

1916-17.

Accrued to dates ol

trucks.-.17,814,270]

15,856

Underw’g rights A prlvInvestment profits

COMBINED INCOME ACCOUNT FOR FISCAL YEARS END. JUNE 30.

.

Goodwill
288,390
Bonus for stock sold..
Treasury stock

58,400

335,390
15,000
51,400

Total each side

$910,402 $827,961

1836

THE CHRONICLE
Canadian Northern

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Advances by Government to Railroads.—6% Interest
Loans.—

on

The Director-General of Railroads has announced that the Railroad
Administration h** been able to keep the interest rates on nearly all new
railroad loans down to 6%, the uniform rate-which the Government itself
has charged on railroad loans. See fuller particulars in V. 107. p. 1445.
See also page 1717 in last week’s issue.—V. 107, p. 1098, 1002.

► Government Contract with Short Line
Form of Contract Approved by Director-General.—
^

See p. 1717 in last

week’s issue.

t Government

si

A A*

.

* *

.

•«

^

Roads.—

.

Operation^of EE’s.—Revised Annual

See preceding pages in this issue.—V. 107, p. 1669.

Alabama A Vicksburg Ey.—Secretary and Treasurer.—

O. 8. Smith has been elected Secretary and Treasurer of this company
and the Vicksburg Shreveport A Pacific Ry.. succeeding Udolpho Wolfe.
Local Treasurer under Federal control.—V. 107, p. 1002, 904.

& New MexicoEE.—Out of Federal Control.—

This company has been released from Federal control.

Atchison Topeka A Santa Fe Ey.—Standard Return.—
President E. P. Ripley, favoring the “Chronicle
with a
copy

of the tentative agreement with the Government—the

form submitted to the stockholders Oct. 15 1918, writes:
The standard ret urn'is fixed at $42,885^311 In Section 7, subject to the

special conditions set

up therein.
Limitations as to its use are set up in
(This standard return includes the railroads of the
Atch. Top. ft 8. Fe and Its subsidiaries, the Gulf Colo. A Santa Fe Ry.,
Panhandle Sc Santa Fe Ry., Rio Grande El Paso A Santa Fe RR., Kansas
S. W. Ry. and Grand Canyon Ry.).
The Atchison company is not likely to suffer under the deferred mainten¬
ance provision because our property has always been
liberally kept up.
The draft enclosed represents practically the form of contract that will,
no doubt, be executed, but there may be slight modifications before the
contract is signed.
(Circular sent shareholders says: The contract,while not in every particular
all that we could have wished, is in the main satisfactory and has been
approved by your board. In brief, the compensation allowed is sufficient
to care for your fixed charges and dividends on the basis of amounts here¬
tofore paid and to provide amounts substantially equal to those heretofore
appropriated from income for additions and betterments.}—V. 107, p
1286, 1191.

the

same

section.

•

Atlanta Birmingham A Atlantic

Ey.—President.—

W. G. Brantley has been elected President and General Counsel, and
J. M. Caldwell Secretary and Treasurer.—V. 107, p. 904. 603.

Atlantic City A Shore EE.—Fare Increase.—

* M

The New Jersey P. U. Commission has granted the application of this
company’s receiver for an increase in fares from 6 to 6 cts.. as a war measure,
which may be rescinded when the present unusual conditions are altered.—
T. 107. p. 801. 179.

Atlantic Coast Line EE.—Treasurer.—
_J. J. Nelligan has been appointed Treasurer.—V. 107,
f Baltimore A Ohio EE.—President.—

Bangor A Aroostook EE.—Vice-President.—

Henry J. Hart has been elected Vice-President and General Counsel.—

V. 107. p. 290.

Barcelona Trac., Light A Power Co., Ltd~PZan.—

The holders of the 5% 1st Mtge. 50-year bonds and also
ho’ders of the 5% 10-year notes, will meet at Cannon Street separately the
Hotel, London,
on Nov. 14 1918. to act on a conditional
agreement of reorganization dated
Sept. 21 1918, and generally providing for the modification and alteration
of the rights of the bondholders and the noteholders.—V.
106, p. 2648,2449.

A Bay Stat8 Street Ey.—Fare Situation.—
At
a

hearing

on this

company’s application for

a

*4

«"*

*

fare rate of 2J4 cents

rr mile with saying:
quoted as a minimum fare of 10 cents, Receiver Wallace B. Donham

‘This is not an ordinary occasion or an ordinary case. The
problem is
whether the Bay State shall continue to
operate. „ It will not continue to
operate if it does not take in a dollar for each dollar of
outgo.
If the day
comes when l, as receiver, am not
getting enough revenue to operate this
property I shall, of necessity, report the facts to the Federal Court, and if
I am not mistaken an order of the Court will
follow and the property will
cease to operate.
“Wages mist go up because the scale Is unfairly low as compared with
wages in other ind istries and on other street
railways. It is possible that
u wages are not Increased the
operation of the Bay State road may cease

loV p*C1579nl481> rUn CarS am* k° ma^nta*n the supply of power."—V.

t

announce that the

earnings for the

1669. 1481.

Canadian Pacific

Ey.—Vice-President.—

Charleston A Western Carolina

EE.—Officers.—

The following new corporate officers have been chosen:
George B.
Elliott, Chairman. Executive Committee. New York; R. D.

Crooly.

Secretary and Assistant Treasurer, Wilmington, N. C.; J. J. NeiUgan,
Treasurer, Baltimore. Md.—V. 104, p. 2345.

Chattanooga Ry. A Light Co.—Default on Chattanooga
Rys. Bonds.—Holders of the First Consolidated Mortgage
bonds of the Chattanooga Rys. Co. are in
receipt of a cir¬
cular from C. M. Clark, Pres, of the
Chattanooga Ry. &
Light Co., dated Oct. 31 1918, saying in substance:

The management of the Chattanooga Ry. Sc Light Co.
regrets to advise
the holders of the Chattanooga Railways Co. First Consol.
Mtge. bonds
that the earnings of the railway lines which are covered
by the mortgage
securing these bonds have not been sufficient to furnish funds to pay the
coupons due on Nov. 1 1918 upon the above mentioned bonds.
The Im¬

mediate reason is the constantly mount!
with a fixed rate of income which,
increase.
The rate of fare is fixed
City
Chattanooga. Several advances have already been made in wa
wages and on
account or recent awards by the National War Labor Board on
other
similar properties further advances must be made.
These bonds are not assumed or guaranteed by the Chattanooga
Ry. Sc
Light Co., and while that company ha* during recent yean advanced large
amounts of money to pay the interest and for betterments and
improve¬
ments to the railway lines, it Is manifestly unfair to It* own
bondholders
and stockholders that it should be subjected to further loss on such account*.
The property will be operated as heretofore for the best interest of
th*
bondholders unless and until the bondholders take such action as they
may
decide necessary to protect their interest*.
The mortgage provides that in case of default for four months In the 1
ment of principal and interest, the trustee may
upon the;
.request of
the outstanding bonds and shall, upon the written request of the holders of
a majority in amount of said bonds declare the
principal of the bonds
_

immediately due and payable.—V. 106,

p.

.

1461. 497.

Chicago Burlington A Quincy EE.—Officers.—
C. E.

Perkins. President of this company has also been elected President
of the Ft. Worth Sc Denver City BR. (V. 107. p. 1690). the Ft. Worth
A Denver City Terminal RR. (V. 90. p. 372). the Wichita
Valley, th*
Wichita Falls A Oklahoma, the Stamfords Northwestern, and the Abilene
ft Northern railroads.
S. Kessler has been elected Secretary and Treasurer
of this company.—V. 107. p. 1747, 1669.

Chicago A Eastern Illinois Ey.—Meeting Postponed.—

The stockholders have postponed the annual
Y. 107. p. 1481,1003.

meeting until Dec. 10.—

Chicago Milwaukee A St Paul Ey.—Possible

Issue.—

New

It is reported that the directors have under consideration the issuance
of approximately $11,090,000 in notes or equipment trust certificates to
pay for cars and locomotives which the road was recently authorized to*
build and purchase.
It is understood, however, that the matter is still in
the preliminary stages.—V. 107. p. 1005. 905.

Chicago Union Station Co.—Federal Manager.—
est

G. L. Peck, Federal Manager of the
burgh, has had his Jurisdiction extended

Pennsylvania Lines
over

of Pttts-

this property.- V.107.P. 180.

Chicago A Western Indiana BE.—Payment of Overdue
on One-Year 6% Notes—Extension Plan
Declared
Operative—Time for Deposits Extended till Dec. 16.—An ad¬
vertisement on another page makes the following announce¬
Interest

ment:

The Interest on the One-Year 6% notes due Sept. 1 1918 will be paid
upon presentation of coupon at office of J. P. Morgan ft Co.. 23 Wail St.
New York.
A sufficient amount of the above notes having been deposited under the
offer made by the company, with the consent of the Railroad Administra¬
tion. the company announces it will consummate the extension of the
deposited notes by attaching thereto an extension contract providing for
the payment of the notes on Sept. 1 1919. with interest from Sept. 1 1918
at rate of 6% per annum, payable semi-annually, to be evidenced
by cou¬

pons

payable, respectively. March 1 1919 and Sept. 1 1919. and by paying
\H% consideration for the extension.

in cash the

Berkshire (Mass.) Street Ey.—Wage Increase.—

Motormen and conductors of this
company nave
adjustment of wag s w hereby their pay shall be 60c. applied for another
per hour regardless
of length of service, this
being a raise of about 40%. The company is
not Inclined to open negotiations
because of the contract with its employees
running until June 1 1919.—V. 107. p. 1579. 290.

Blue Hill Street Ry.—Fare Increase.—

f This company and the Norfolk & Bristol Ry. have filed with the Mas¬
sachusetts P. S. Commission notice of their
intention to increase present
fares from 7 to 8 cents, and to
make
mutation rates.—V. 106.
p. 85.

fBoston
Governor

a

corresponding increase in

com¬

Elevated Railway.—New Trustee.—

McCall of Massachusetts has nominated
Samuel L. Powers as
Louis A. Frothingham, who
resigned, as a member of the
Foard of State Trustees of this
company.—V. 107. p. 1579. 1481.
successor

to

Toronto.)—V. I07,p.l579, 401.

Brooklyn Rapid Transit G<x^—Disaster.—

\ AJ^eck occurred on the evening
operated by this company,

of Nov. 1

on

*

*

the Brighton Beach line,

resulting in the loss of some 89 lives and the
injury or more than 100
persons. An inquiry is in progress to determine
where the responsibility lies.
The strike of the motormen in
progress at the time was brought to a,
conclusion immediately, the company
agreeing to re-instate certain disthe order of the War Labor Board.
ch^gf5^men,i5«c^?PJ,ance
V
1U7.
e

jP* l00?| lvGZ*




after Nov. 20 1918.
Holders of notes not deposited may have such notes extended upon the
presentation at the office of J. P. Morgan on or before
Dec. 16 1918.
Compare plan, ftc., in V. 107. p. 1669. 1579, 1481, 1286,

on or

same terms upon

1191. 1003. 695.

Christopher A 10th Street RR.—Bonds Extended.—

This company’s issue of $210,000 First Mtge. 4% bonds, due
Oct, 1
1918, have been extended for five years at the same rate of interest, to be
payable Oct. 1 1923. Coupons are payable at the National Bulk of Com¬
merce, New York.—V. 107, p. 905.

Cincinnati

Milford

A

Blanchester Traction Co.—

This company was Incorporated under the laws of Ohio on Oct. 24. with
an authorized capital stock of $400,000.
The new company Is successor
by reorganization to the Cincinnati Milford ft Loveland Traction Co.

(See V. 107. p. 501, 182.)

British Columbia Electric Ry.—Fare Situation.—

Th® defeat of the plebiscite on the
6-cent fare proposal has further com¬
plicated the transportation situation in British Columbia.
It is said that
Uie only course now left
open to the CItv Council In view of the 2 to l
■defeat of the referendum, is to continue its court
action to restrain the
company from collecting the 6-cent fare, which it Is at
present charging.
The matter of the renewal of the
franchise for another five years also
becomes more
complex, as the company has Insisted that the six-cent fare
be made a part of the agreement.
Few Jitneys are operating on the streets
at the present time.
(“Monetary Times,”

t

stock, the directors regret to

half-year ended June 30 1918 are insufficient to enable them to declare
any Interest to be payable on the above stock on Nov. 2.—V. 107. p.

The people of Chicago at an election held Nov. 5 rejected the proposed
traction ordinance providing for the unification of the surface and elevated
lines. See V. 107. p. 1384. 1292.

1573.

Former President Daniel Willard, having been commissioned as a Colonel
of Engineers, has been granted leave of absence by
the directors. L. F.
Loree will act as Chairman of the Executive Committee in Mr. Willard’s
absence.—V. 107, p. 1747. 1384.

*

No Debenture Interest.—
Referring to the trust deed securing the 5% income charge convertible
debenture

Chicago Local Transportation Co.—Ordinance Rejected.

A

i

Ey.—Jurisdiction of Board.—

A press dispatch states that it has been announced in
Winnipeg that an
Order-in-Council to be issued in a few days will extend the
power of the
Canadian Northern Ry. board so that it may have Jurfedictfcm over the
Inter colonial. National Trans-Continental and other Government
railways.
One corporate control is thus to be established over 14,000
miles of road.
All of the stock of the Canadian Northern was
recently acquired by the
Dominion Government.

Anthony D. MacTier, has been appointed Vice-President In charge of
lines east of Port Arthur, Out.—V. 107, p. 1481. 905.

Report Forme for Steam Railroads Consisting of Two State¬
ments for Each viz.: A Corporate and a Federal Report.—

Arizona

(Vol. 107.

Cincinnati Milford A Loveland Tract. Co.—Successor.

See Oinn. Milford ft Blanchester Traction Co. above.—V.107. p.501. 82.

Cleveland Union
i.

will vote
p. 1191.

on

Terminal.—Approval of Project.—

to be located

on

the ordinance at

905.

Colorado Midland

a

the Public

Square. The people or Cleveland
special election to be held Dec. 12.—V. 107.

Ry.—Equipment Sale.—

Receiver Carlton has filed an application with the Clerk of the Supremo
Court at Denver, for an order of sale of 10 locomotives and 43 freight cam.
The proceeds of the sale, it is declared. are needed to meet monthly expenses
in wages and taxes amounting to $35,000.—V. 107. p. 1579. 1287.

Columbus Delaware A Marion Ey.—Bond

Litigation.—

Holden of the bonds of this company and the Marlon Railway Ught ft
Power Co. are in receipt of following .dated Oct.28, from Rudolph Kleyboite:

Mot. 9

1918.]

THE CHRONICLE

t4TfO» to to inform that a suit was brought by John J. Tyler against th®
Cleveland Trust Co. and the old committee to prevent the exchange of th
first mortgage bonds for second mortgage bonds and to compel the return
of the bonds to their original owners and the repayment of the $25 per
bond paid under protest.
“Their answer showed that not more than half as many bondholders had
agreed to exchange as they had been claiming and their misrepresentations
entitle those who were induced to agree to this exchange by their mis*
representations to get their bonds back.”—V. 107. p. 905.

East St. Louis ft Suburban Co.—Fare Increase.—

Missouri Kansas A Oklahoma RR. First Mtge. 5% bonds, due 1942.
on certs, of deposit for above at U. 8. Mortgage A Trust Co.l
BoonvUle Railroad Bridge Co. First Mtge. 4% bonds, due Nov. 1 1951.
Dallas A Waco By. First Mtge* 5% bonds due 1940.
Interest due Nor. 1 1918 is deferred on above issues.—Y. 107, pi 1747,

{Interest

1004.

Nevada-California-Oregon By.—Officer.—

R. Rosa has been
V. 107. p. 1379.

Eastern

Pennsylvania By.—Fares—Bonds Authorized.—

The company and the Pottsville Union Traction Co. have filed with the
Pennsylvania P. 8. Commission new rates, effective Nov. 7. ma|f|nt the

following changes in fares: Ten-strip tickets will be sold for 25 cents, each

ticket good for one zone. There have been 40 zones established between
Glen Carbon and Maucfa Chunk.
The single fare between Palo Alto and
Pottsville Is reduced to 6 cents.
The Pennsylvania P. 8. Commission has granted this company permission
to Issue $136,500 bonds for extensions and Improvement*.—-V. 106, p. 1796.

Empire United Rys.—Receiver Discharged.—

Justice Leonard C. Crouch, in the United States Supreme Court on OCt.
30 signed an order discharging H. 8. Holden as receiver for this company.

Compare V. 106.

p.

Earning* for September and 9 Month* ending Sept. 30 1918.
1918-9 Afos.~1917. Increase.
1918-SejX.-1917.
$213,091 $129,811 $1,578,249 $939,102 $639,647
143.146
67.459 1,055,205 517.581 537.624
12.082
4.784
83.030
48.424
34.606

Gross earnings
Operating expenses
Deduct taxes..

$57,568
339

$440,714 $373,096
2,613
6,926

Gross income
$58,242
Deduct—Int. on bonds.. $20,034

$57,907
$20,034
625

$447,640 $375,707 $71,931
$180,308 $180,308
2.075
3,570dec. 1,495
2,514
1,410
953

$37,190

$262,693 $190,221

Int. on

90.

p.

Northern Pacific

•Hudson Bay

372.

appointed Sec. and Controller.—V. 107. p. 802.

By.—Construction Ceases.—

Announcement Is made that owing to the difficulty
rails further construction on this company’s line will be
the season.—V. 106. p. 2757.

of securing steel
discontinued for

Interborough Bapid Transit Co.—Earnings.—
Remit* for September
Gross revenue
Operating expenses....
Taxes

and the Three Months ended Sept. 30.
1918—Sept.—1917.
1918—3 Mor.—1917.
$3,176,578 $3,073,471 $9,435,624 $8,909.808
5.613.625
4.352.606
2.007.702
1.454.134
424.296
356.850
1.081.043
849,424

$744,580

$1,262,487

$2,740,956

$3,707,778

$787,979

Operating Income

$1,304,759

$2,865,577

$3,832,428

43.399

Other income

Total income
Accruals under provision
of contract No.3 pay’le
from future earnings.

42.272

124.621

125.650

547.840

220.500

1.456.661

727.518

Total income
$1,335,819
Int., rentals, Ac., incl.
Manhattan guaranty.
1,429,407

$1,525,209

$4,322,238

$4,559,946

1,070.001

4,198,557

3,203,754

def.$93.588sur.S455.208sur.fi23.681 erf1.356,192

Balance

69,745.274

Passengers carried

58,801,825 178.253,157 170,269,237

Notes Sold.—

«
$33,400,000 3-year 7% convertible
notes recently offered by the banking syndicate headed by J: P. Morgan
A Co. have til been sold.—V. 107. p. 1/47. 1384.
eft .% me «
Announcement to made that til of the

^"International By., Buffalo, N. V.—interest Deferred—
Wage Situation.—Pres. Connette in a communication, dated
Nov. 1 1918, addressed the holders of the Refunding &
Improvement 5% gold bonds as follows:
>,
In May last our employees belonging to the union rave us notice that

unless their wages were increased they would suspend work on
On June 11 the Mayor and Council agreed to increase the rate of

June 15.
fare, and

granted the increase of wages demanded by the men, which amounted
$771,030 a year. The courts decided afterward that the resolu¬
tion adooted by the Mayor and Council, granting an increased rate of fare,
was subject to referendum under the City charter, and an election was
we

to ti>oit

called for Aug. 20.
In the meantime, tile War Labor Board fixed a scale of wages which
made an additional increase In the payroll of $800,000 a year, and this
increase was subject to the company securing an increase in toe rate of fare.
On Aug. 20 toe voters by a large majority repudiated the action of toe

Mayor and Council.
The union dam itided the War Labor Board rates, notwithstanding the
provision in the award making it dependent upoa an increased fare, and
as the company hid not received an increased rare and could not pay toe
War Labor Board rates, the men suspended work and the strike continued
for twenty-fo ir dtys. ending last Saturday. Oct. 26, when the City Council
passed another resolution providing for a temporary increase in the rate
of fare and reference of the matter for final determination to the P. 8.
Commission.
Oa the strength of this action the company granted the
War Lab>r Board rites.
This resolution is also subject to referendum,
but we are hooeful the referendum can be avoided.
In view of the foregoing, the company will not be able presently to may
the semi-annual interest due Nov. 1 on the bonds of the Refunding A Im¬
It is our earnest hooe that no referendum petition
provement Mortgage.
will be filed.
The increased fare then will become effective and we should
be able rapidly to overtake the deferred interest.
Compare V. 107. p.

***** —JLJ

1384. 802.

Kansas City

Tonopah BB.—Government Operation.—

Announcement is made that the United States RB. Administration
arranged to take over and operate this property.—V. 107. p. 1385.

has

Lehigh Valley BB.—Treasurer.—

J

D

Treasurer with office at Philadelphia,

Angeles ft Salt Lake BB.—Vice-President, &c.—

Farrell. Vice-President of the Union Pacific has also been elected
this company. C. P. Smith has been elected Secre¬

1st Vice-President of

tary and W

Marion

betnfappointed Treasurer.—V. 106. p. 1344.
By. Light ft Power Co.—Bond Litigation.—
J Doran has

Marion Ry. above.—V. 77, p. 89.
Missouri Kansas ft Texas By.—May 1 Coupons Paid.—
Interest due May 1 1918 on the following bonds was paid upon presen¬
tation at office of Agent for Receiver. 61 Broadway, N. Y„ on Oct. 30:
See Columbus Delaware A




'*

notJ incompatible,"

by“€fcpitti

Security.—These notes are secured by a deposit with the trustee of $500,000 First A Refunding M. 6% gold bonds of toe company due Jan. 1 1941,
or in a ratio of 133% par value of bonds to each $100 of notes.
The First A Refunding M. 5% bonds above mentioned are a 1st M.,
subject to only $347,000 underlying bonds, outstanding in the hands or
the public, on the entire property (except the Guthrie City and Interurban
lines). The company owns and operates a total of approximately 132
miles of single trade and valuable terminal property In Oklahoma City.
Of this total mileage over 100 miles are located on private right of way.
Earning*.—Both toe gross and net earnings have shown a steady increase
for the last five years without increased fares.
The rights of operation in Oklahoma City are perpetual, subject, however,
to the right of the city to purchase toe property on Jan. 30 1932. or at the
mid of any 15-year period thereafter at a price to be agreed upon, taking
into consideration physical value and productive capacity.—V. 107, p. 1670.

“^Pacific

3&s ft Electric

Co! — fronds.—

.

The California RR. Commission has authorized this company to issue

$5,000,000 of its 5% General A Refunding Mortgage bonds, payable

Jan. 1 1942, or $5,000,000 of its 6% First Preferred stock, or portions of
each aggregating $5,000,000. the bonds to be sold at 85 and the stock at
not less than $82 50 a share.
The proceeds are to be used by the company
to reimburse Its treasury for capital expenditures made before May 31
last, and to finance future construction work.
.
The company showed that It has made capital expenditures of $3,504,255 57, for which no stock or bonds have been issued, and it estimates new
construction Incurring expenditures of $5,785,163 66. a total of $9,289,419 23. for which the company has not issued stocks or bonds.
The item of deductions In the statement for September and the 12 months
ending Sept. 30 which appeared in a recent issue, page 1670. includes
dividend on pref. stock amounting to $124,473 for September 1918 and
$1,490,224 for the last 12 months.-V. 107, p. 1288, 1670.
j
_

Pennsylvania Company.—Offerina of 4H% Gold Loan

Bonds Due 1921.—William Salomon & Co. are offering by
advertisement on another page, at 97% and int., yielding

gold loan bonds
unconditionally
guaranteed by endorsement by the Pennsylvania RR. The
about 5%% to maturity, $1,500,000 4%%
due June 15 1921, principal and interest
advertisement shows:

Interest J. A D. 15.
Redeemable on any interest date at par and ac¬
crued interest upon 60 days’ previous notice.
Authorized issue $48,262,500.
Issued (Dec. 31 1917). $37,467,723.
Secured by deposit of an equivalent amount of the Pennsylvania Co.
French Franc Loan bonds of 1906 (V. 82, p. 1439). maturing June 15 1921.
The French loan was issued under an Indenture to the Girard Trust Co.,
Philadelphia, trustee, secured by very valuable stock collateral. See
V. 101. p. 1014. 846. 616: V. 82. p. 1439.—V. 107. p. 1385. 1288.

Pennsylvania RB.—Guaranteed Bonds Offered.—
Pennsyl ania Company above.

Sub.-Co. Control.—

from 6 cents to 8 cents,

Wage Increase.—

Los

By.—Government Compensation.—

Issues Committee' as
Ac.”
i
Company.—Owns and operates an up-to-date street and interurban elec¬
tric railway system serving Oklahoma City, El Reno, Norman. Moore,
Edmund and Guthrie.
The company serves themost important commer¬
cial and financial centre of toe State, as well as several communities tribu¬
tary thereto, with a total population of 145.000.
This is a very good agri¬
cultural section, producing wheat, corn and cotton.
Data from Statement by Vice-President J. W. Shartel.

United 8tates District

The National War Labor Board has announced the award for the em¬
ployees of this company, fixing the pay of motormen and conductors at
43c. per hour for the first 3 months of service. 46c. for the next 3 months.
a.nd 48c. thereafter.
Women employees are to be put ou an equal basis
with the men and the maximum wage of $75 per month was fixed for both.
—V. 107. p. 1192. 1004.

D. G. Baird has been appointed
Pa.—V. 107. p. 501. 1579.

2450.

Mis8issippiJTalley Trust Co;, St. Louis.
"““Passed

See

(6) 2 fares for 15 cents, (c) a 4-cent fare for children. (d) one-cent charge
or transfers, and (e) complete jurisdiction by toe Federal Court.
The company holds it is impossible to comply with the order of toe Na¬
tional War Labor Board for an increase of employees’ wages on the present
6-cent fare.
The Federal Court Is asked to take full jurisdiction over the
fare controversy, determine the binding effect of the Labor Board’s wage
award and to establish a fare which will yield an adequate return.

L&8 Vegas &

Co.—Pare Increase.—

Oklahoma By.—Offering of Bond-Secured Notes.—The
Mississippi Valley Trilst Co., St. Louis, is offering at 100 and
interest, to net 8%, $375,000 Bond-Secured 8% g jld notes,
dated Sept. 1 1918, due March 1 1921. Int, M. ft S. D©«
nom. $1,000.
Authorized and issued, $375,000; Trustee,

Railways Co.—Fare Increase Sought.—

This company has filed an application with the
Court at Kansas City, asking (a) an increase in fares

$72,472

The amount of compensation to be paid this company as certified by
the I. S.-C. Commission is stated as $30,130,069. which amount, however,
is subject to slight modification.
The Government contract was authorized
by stockholders on Oct. 25. Compare V. 107. p. 1670. 1482.

Ship Island BB.—Secretary.—

J. S. Gordon has been

158

$37,370

Norfolk ft Bristol Street By.

See Chicago Burlington A Quincy RB. above.—V. 107. p.

Gulf ft

483

354

Net income
—V. 107, p. 1101.

City BB.—Officers.—

See Chicago Burlington A Quincy RR. above.—V.

floating debt..

Miscellaneous

See Blue Hm St. Ry. above.—V. 106, p.

1670.
Ft. Worth ft Denver Terminal BB.—President.—

$57,617
4,314

Net earnings$57,863
Add—N on-oper. revenue
379

^

1796.

Ft. Worth ft Denver

elected Treasurer to succeed R. M. Cox, resigned.—

Newport News ft Hampton Railway, Gas ft Elec. Co.

The IUimris P. 8. Commission has just granted authority to the Alton
Oranite A St. Louis Traction Co., a subsidiary of this company, to charge
3 cents per mile on its interurban lines, effective Nov. 10 1918.—V.

107. p. 1192. 1003.

1837

See Delaware A Raritan Canal Co. under
p.

Industrials below.—V. 107.

1482, 1385.

Philadelphia

Company,

Pittsburgh.—Financing.—

be

inancial plan. It is understood, is under consideration and may
issued at no distant day.
Confirmation is lacking for the press report that
this plan may involve the making of a new mortgage, looking to the even¬
tual retirement of existing bonds stamped subject to call and in the mean¬
time the floating of an issue of note* to -efund the $7,000,000 5H % collateral
notes of 1917 due April 2 1919.—V. 107, p. 1385. 604.
A

Philadelphia Railway.—Wage Increase.—

Employees of this company which operates through the downtown

section or Philadelohia to Fort Mifflin and Hog Island have received wage
increases awarded by the War Labor Board.— V. 106. p. 2560.

Piedmont ft Northern RB.—Federal Treasurer.—
Parham, Federal Treasurer of the Southern RR.. has been ap¬
pointed Federal Treasure- for this company.—V. 107, p. 502, 78.
E. F.

Pittsburgh Bys. Co.—Sub. Co. Coupons.—

The receivers announced that

overdue interest will be paid on the fol¬

lowing bonds: Pittsburgh A West End Passenger Ry., West End
tion Co., Pittsburgh A Mansfield Ry., and the Coraropolis A Neville
Bridge Co.—V. 107. p. 1748. 1670.
_
__

Portland

Trac¬

Island
*

(Ore.) By. Lt. ft Power Co.—Wage Award.—

The War Labor Board has awarded a new scale of wages for motormen
and conductors, ranging from 46 cents per hour for the first 3 months of
service. 48 cents for the next 9 months, and 50 cents per hour thereafter.—
V. 107, p. 1385. 803.

Public Service By. (New

Jersey.)—Fare Situation.—

City, N. J.. City Commissioners on Oct. 22 passed a reso¬
lution authorizing Corporation Counsel to take steps to have the franchise
The Jersey

1838

THE CHRONICLE

of the company revoked, and requiring the company
Nov. 19, why the privileges granted in exchange for the
not be revoked.—V. 107, p. 1580, 803.

wffl be sold atthe rate of 8 and 6for 25
cento, respectively. The
action will avert the threatening strike.—Y. 107.
p. 1670, 1580.

to show cause on
5 cent fare should

York (Pa.) Rys.—Rate Increase

Qu&nah Acme & Pacific BE.—Federal Manager.—

Republic Railway & Light Co.—Earnings, dec.—

Capital Outstanding.—6% Secured Gold notes, Jan. 15 1918, due Jan. 15
1920, $1,500,000; 6% pref. stock, $5,191,400; common stock, $6,206,000.
Earnings for Sept, and 12 Months end. Sept. 30 1918—Republic By. & Light
Co. Subsidiaries (Eliminating Inter-Company Items).
(Based upon earnings officially reported by subsidiary companies.)
—Month of Sept.—
Inc.
12 Months
Inc.
1917-18
Earnings—
%
1917-18.
1916-17.
%
Gross earnings..$443,863 $426,250
4.13 $5,570,222 $4,536,528 22.79

Gross

4,002,464

2,944,934

Abingdon Cotton Mills, Huntsville, Ala.—Receiver.—

This
company on Nov. 2 filed a voluntary petition in bankruptcy.
Walter I. Wellman, a bondholder, was appointed receiver.
V

Advance-Rumsly Co.—Business Status.—The following
are officially revised for the “ Chronicle

data

35.91

dl6.04 $1,567,758 $1,591,594

dl.50

280,673

14.59
36.79

117,412

The directors on Oct. 29 took no action toward
declaring any divi¬
dend on the preferred stock.
It is not likely that any such action will
be taken until after the dividend becomes cumulative from Jan. 1 1919.
It is understood that the company’s earnings are at present at a rate
which would considerably exceed the preferred dividend requirements,
but it is considered to be more to the interest of the company to use these
earnings to strengthen the company’s position, and to meet any extra¬
ordinary requirements in the way or readjustment of inventory and trade
conditions after the termination of the war.
The company’s cash reserve of $2,594,167 at the end of 1917 has been
increased up to the present by over $1,000,000.
A large proportion of
this total, however. Is in the form of Investments in Liberty bonds
and
U. S. Government Certificates of Indebtedness.
While no figures have been given out bv the company, it Is understood
that the gross sales for the nine months ended Sept. 30 were
considerably
in excess of the same period last year, and. in fact, greater than the busi¬
ness done for the entire preceding year.
It is understood that the profit
on this business also shows a satisfactory increase.
The company is sending out notices to all holders of its debentures In¬
viting tenders with a view to retiring as many erf these as can be obtained
at around the present maket quotation.—V. 106, p. 2346. 2124.

49,376

income.$129,706 $151,049 dl4.12 $1,685,170 $1,640,970

Int. Sc sub.
dividends

2.69

co.

14.83

1,155,984

$63,949 d53.59
25,957

$529,186
311,484

87,100

100,021

Net income... $29,685
Preferred divs...
25,957

957,608

20.72

$683,362 d32.56
311,484

48191
Bal.,surplus..

$37,992 d90.18

$3,728

$217,702

$371,878 d41.46

d Decrease.—V. 107, p. 1193, 502.

St. Louis & San Francisco RR.—Sub.-Co. Control.—

See

Quanafr, Acme & Pacific RR. above.—V. 107,

St. Paul Union Depot

The "Railway Review" in
map describing the new St.

p.

1482, 1385.

Co.—Descriptive Data.—

its issue of Oct. 26 publishes a description with
Paul passenger terminal.—V. 107, p. 697.

Temiscouata Railway.—No Dividend on Provisional Ctfs.

The Temiscouata Railway Bondholders’ Committee, Ltd., in London,

gives notice that they have received cable advice from the company that
the balance of the net earnings for the year to June 30 1918. after providing
for the Prior Lien bond interest and redemption fund, has been retained to
meet special improvement expenditure, consequently no dividend will be
paid this year on the provisional certificates issued by the committee.
The £584,000 certifl ates in question (denom. £100) were issued for the

company’s 5% Consol. Mtge. income bonds. Previous interest payments
were as follows: For 3 years ended June 30 1907, 1M %; 1907-08 to 1911-12,
1%; 1912-13 and 1913-14, 1M%; 1914-15, nil; 1915-16, 1% (Coupon No. 9),
the last payment.
There are also outstanding £50,000 Prior Lien bonds.
—V. 105, p. 1999.

Toledo Peoria & Western RR.—Notice to Bondholders.—

Theodore Gilman, 55 William St., N. Y., is requesting holders of the
$4,895,000 1st Mtge. 4% bonds who have or have not deposited their
bonds with the Farmers’ Loan Sc Trust Co., to communicate with him
on matters of mutual interest.—V. 107, p. 286.

Toledo Riverside Ry.—Guar. Released—Bonds Canceled.

Receivers Judson Harmon and Rufus B. Smith, of the Cincinnati
Hamilton & Dayton Ry. on Feb. 28 applied to the U. 8. District Court at
Cincinnati for authority to join with the Baltimore Sc Ohio RR. in a transfer
to bondholders of the Toledo Riverside Ry. Co. of 500 shares of stock in
the Groat Central Dock Co., Toledo, O., which had been pledged to the
B. & O. as collateral security for a loan.
The Great Central Dock Co. was organized to own and operate a dock
on the Maumee River at Toledo, the property being taken over from the
Toledo Riverside Ry. Co.
The Receivers said the Toledo Company had
issued bonds and mortgaged the property for $150,000, and the C. H. & D.
afterward guaranteed the bonds.
As the property cannot be sold to
advantage and the bondholders have agreed to release the C. H. Sc D.
from its guaranty, if the stock is turned over to them, the Receivers recom¬
mended they be permitted to enter into such an arrangement.
The Ohio Savings Bank Sc Trust Co., of Toledo, writing on May 8, said:
"We have no knowledge as to the action of the receivers of the Cincinnati
Hamilton Sc Dayton with reference to the stock of the Great Central Dock
Co.
The interest has not been paid on the bonds [of the Toledo Riverside
Ry. Oo.l since March 1916. We had a recent letter from a firm of attor¬
neys In Cleveland, to the effect that they desired to submit all of the bonds

excepting one to us for cancellation and expected to deposit enough in our
hands to pay that bond with interest at maturity, and requested a release
of the trust indenture."—V. 76, p. 968; V. 82, p. 988.
Toledo St. Louis & Western Ry.—President.—

W. L. Ross has been elected President and Receiver with headquarters

at

Toledo, Ohio.—V. 107, p. 1102.

Toledo Terminal

RR.—Officers.—

Bryan Thomas has been appointed Secretary and W. C. Carr, Treasurer.
2561.

—V. 106, p.

United Light & Rys. Co.—Revised

Data—Earnings.—

Bonbright & Co., Inc., have issued a revised circular, describ¬

ing their offering of 7% Bond Secured notes, series “B” (fully
described in our issue of Aug. 10 page 605) and showing;
Consolidated Earnings for 12 Months ended Aug. 31.
1916.
1917.

1918.

Gross earnings
$6,731,227 $7,269,274
Net, after maintenance and taxes
$2,671,868 $2,766,112
Total annual charges prior to interest on these notes

$8,778,777
$2,679,316
1,314,142

Balance
Annual interest

$1,365,174

on $1,250,000 7% notes (this issue), $87,500;
$3,250,000 6% notes, $195,000; $2,000,000 6% convertible
debentures, $120,000

Balance available for

depreciation,

402,500

dividends, &c
$962,674
including interest on these
Earnings available for interest charges on notes and debentures
reserves,

_ .

Net earnings exceed 1H times all charges

notes.

exceed 3.39 times the annual requirements.
The company has made application for increases in rates covering all
classes of service in the different communities, and has already secured
increases that will add about $500,000 to the annual gross earnings.
A
full description of this issue, &c., may be found in V. 107, p. 605, 286.

United Rys. Co. of St. Louis.—Need of Further Revenue.

President McCulloch In a statement issued Oct. 22. stated that but
for the 6 cent fare the company would have failed to pay the charges for

September by more than $80,000.

The statement says in substnace:
for September were $1,228,262, an increase of
$139,511 over 1917, and a decrease of about $21,000 compared with August
of this year.
Operating expenses and taxes were $980,366, an increase of
$152,878. The Increase in expenses was, accordingly, about $13,300 more
than the increase in revenues.
-“Included in revenues is $12,501, the amount collected from the ad¬
ditional 1 cent being charged in the city of St. Louis.
This amount Is
nearly equal to the total increase in revenues experienced by the company.
"If the company were not allowed the increase in revenues resulting from
the 6-cent fare it would have failed to earn its interest charges during
September by $81,754. Operating expenses for September did not include
any back wages, as did August.
f‘The undesirability of still further increasing the rate of fare has been
pointed out and the company has recommended the restoration of the
5-cent fare and the installation of a distance tariff, so that the long haul
passengers may be permitted to pay more than the fares of the short haul
passengers may be reduced.”—V. 107, p. 1580, 1482.
^'Operating

revenues

Winnipeg Electric Ry.—Fare Increase.—

The city of Winnipeg has granted this company permission to temporarily
charge a flat 5 cent rate except for children’s and workmen’s tickets, which




—

INDUSTRIAL AND MISCKLLANEOUS.

0XD

Net earnings..$122,221 $145,577
Other income...
7,485
5,472

Applied for

city’s

This
company has filed with the Pennsylvania P. 8. Commission new
schedules covering increases in both trolley and power rates.
The trolley
tores are to be increased from 6 to 7 cento within the
city zone.—V. 106, p
823, 603*

This company's property has been placed under Federal control, and
assigned to jurisdiction of J. S. Pyeatt, Fed. Manager.—V. 102, p. 886.

d0~~
prec. * taxes.. 321,642

IVol. 107

Aetna

Explosives Co.—Committee Report.—

Judge Mayer in the U. S. District Court at New York has appointed a
committee to draw up and present to him by Dec. 2 a
plan of reorganization
for this company, now in the hands of receivers.
The committee is comN. of Royal
Brooks.
r;ed Rosenberg,Pictor, Chairman; and HenryStanchfield, G. M.generally
S. Straussberger John B.
Wool
It is
understood
man.

that the company is in such a condition that the discharge of
the receivers is permissible, and that the appointment of this committee
has been made necessary owing to the inability of the various interests to
come to agreements.
See also report on a preceding page.—V. 107.
p. 1748, 1482.

Alaska Gold Mines Co.—Ore Milled (Tons).—
Decrease. I
1918—10 Mos.—1917.

1918—October—1917.
75.870
191,610
—V. 107, p. 1483, 1005.

15,740 1,073,744

1,899,166

Decrease.

825.422

American Agricultural Chemical Co., N. Y.—Option
Subscribe for About 811,000,000 New Common Stock in
Amounts Equal to 20% of Common or Pref. of Record Nov. 14—
Issue Underwritten.—An amount of new common stock equal
to one-fifth of the total par value of the capital stock, com¬
mon and preferred, outstanding Nov. 14 1918, is offered at
to

par

($100

a

share),

pro

rata, to all preferred and

common

stockholders of record Nov. 14 for subscription at or before
3 p. m. Nov. 29 1918 at Columbia Trust Co., 60 Broadway
N. Y., or Old Colony Trust Co., Boston.
Subscriptions will be payable one-half or more on or before Nov. 29 1918

accompanying the subscription, and the remainder on or before April 21
1919.
In the case of subscriptions fully paid on or before Nov. 29 1918, the
subscribed shares will carry all dividends payable after Nov. 29 1918 (in¬
cluding the full quarterly dividend payable on or about Jan. 15 1919). In
the case of subscriptions that are not fully paid on or before Nov. 29 1918,
but are fully paid on or before April 21 1919, the subscribed shares will not
carry the quarterly dividend payable in April 1919 or prior dividends, but
will carry all subsequent dividends; and interest on the partial payments
will be allowed at present dividend rate of 8% per annum from time of
partial payments to date of April 1919 quarterly dividend.
Checks or drafts in payment of subscriptions must be drawn payable
in New York or Boston funds to the order of the company.
Subscription
warrants will be issued shortly after Nov. 14 1918.' Holders of fractional
warrants should either purchase in the market further fractional warrants
to make up whole shares, or sell their fractions.
The company will neither

buy nor sell rights.

An agreement has been entered into with Lee, Higginson Sc Co. and
Hayden, Stone Sc Co. for the formation of a syndicate which will under¬
write the whole of this proposed issue of common stock.

In the case of stockholders who are outside the United States the com¬
pany reserves the right to extend the time for subscription or payment,
or

both, and to adjust dividends and interest correspondingly. *

Digest of Official Circular Dated Nov. 4 1918.
On Oct. 21 1918 the amount of the

capital stock outstanding was: Pre¬

ferred. $27,650,200; common, $19,505,100; total, $47,155,300.
As the offering of new stock is in the ratio of one share of new stock to
five shares of stock, both preferred and common, the total amount of new
stock thus to be Issued will be at least $9,431,000, to which will
be added an amount equal to one-fifth of any further stocks issued in ex¬

common

change for the convertible bonds between Oct. 21 1918 and Nov. 14 1918.
Including such possible conversions, the total amount of common stock to
be issued under said offer will probably not exceed $11,000,000.
The purpose of this issue is to reduce the notes payable, thus furnishing
additional permanent capital.
As shown in the annual reports to the stock¬
holders, notes payable increased from $3,563,000 on June 30 1917 to
$17,020,000 on June 30 1918. OnOct.4 1918 they amounted to $17,682,500.
This floating debt is largely due to the great increase in the cost of pro¬
duction and in the value of the inventories that the company has been
obliged to carry. The value of inventories increased from $9,246,434 on
June 30 1917 to $19,523,208 on June 30 1918.
Much of this increase has
been due to the increased costs of raw materials.
The following review
shows a practically continuous gain in profits applicable to dividends:
Income Statement for Last Seven Fiscal Years ended June 30.
June 30
Net
Interest on Pref. Divs. -Com. DividendsSurplus
Years. Earnings.
Fund.Debt.
(6%).
Rate. Amount.
for Year.
1912
$3,085,395
$531,210 $1,209,363 2%
$353,220
$991,602
1913
3,103,957
511,232
1,632,687 4%
733,232
226,806
1914
3,678,198
612,483
1,658,258 4%
738,399
669,058
1915
838,094
4,513,239
1,654,176 4%
737,236
1,283,733
1916
883,392
1,653,492 4%
6,328,919
737,236
3,054,799
1917
6,220,772
884,680
1,655,067 5 %
875,468
2,805,557
1918
5,392,755
8,987,423
876,405
1,658,487 6%* 1,059,776

7years..$35,917,903 $5,137,496 $11,121,530

$5,234,567 $14,424,310

*

Rate increased to 8% on Oct. 15 1918.
The above stated net earnings are after deducting all expenses, liberal
allowances for maintenance and depreciation, interest on temporary loans
and taxes, including Federal taxes to Dec. 31 1917.
The profits from organization to June 30 1918 aggregate $53,679,004.
Deduct dividends on pref. stock, $24,093,027; dividends on common stock,

$5,234,567; good-will, dismantlement of plants. Sec., written
balance, accumulated surplus June 30 1918, $16,394,830.
Current

June 30—
1913

1916
1917

Assets

off, $7,956,580;

and Current Liabilities (Working Capital).
Current Assets. Current Liabilities. NetWkg.Cap

$30,491,926
34,495,119
35,359,732
32,860,063
37,364,454
52,798,445

$5,849,458
5,085,209
6,541,838
2,154,297
6,627,248
21,105,102

l

$24,642,467
29,409,909
28,817,894
30,705,766
30,737.206
31,693.343

Nov. 9

1839

THE CHRONICLE

1918.]

has

ties, terminal facilities and contracts without producing companies. Its
present contract with Port Lobos Petroleum Co. is understood to call for
several million barrels of oil.—V. 107, p. 1483_ 292.

geld percompared with thatStates hasin European countries. Germany,
rming acre. The United pursued hardly begun to practice intensive

The trustees of the company have notified holders of voting trust certifi¬
cates that the voting trust was to expire Nov. 1.
Holders of certificates
may exchange them for the company s stock at any time after Nov. 1 on

The »bove statement emphasises the necessity for a considerable
in working capital.
The enormous demand for all farm products throughout the world

in¬

crease

stimulating effect upon the fertilizer industry and has led
to a greater
of fertilizers, not only because they product greater crops
of better quality, but also because they conserve labor by increasing the

naturally had

a
use

for example, used before the war as much fertilizer on her 82,000.000 acres
of tillable land as the United States used on her 478,000,000 acres.
Thus
Germany was enabled to produce a 10-year average of nearly 31 bushels
of wheat per acre against an average of 15 bushels in the United States
for the same period.
Her average yield of potatoes for a similar period
was 204 bushels to the acre against an average of but 96 bushels m this
country.
After the war we anticipate a heavy European demand for phosphate
rode, the export of which during the war has been rendered almost prohibi¬
tive by the scarcity of ships.
Your company will be in a position to supply
this export demand from its extensive phosphate mines in Florida.

Boston Woven Hose & Rubber Co.—Vot. Trust Expires.

Botany Worsted Mills.—New Directors.—

The directors of this company, over two-thirds of whose stock is owned
by the Alien Property Custodian, elected Herbert R. Howell and William
Hollmer directors, to succeed Max W. Stoehr and George Roehlig.

As phosphoric acid is far more important to the production of crops than
potash, Germany will be only too glad to exchange her potash for our phos¬
phates after the war, as she did before. The German monopoly of potash,
moreover, would be broken should Alsace again become French territory,
for some of the largest deposits of potash in the world are located in Alsace.
Recent reports from Spain indicate that the potash deposits in the

Provinces of Leri da and Barcelona may also prove important
the potash situation.—Y. 107, p. 1289, 1194.

factors in

American Caramel Co.—Increased Dividend.—
The directors have declared a quarterly dividend of 1H % on the$1,000,000 outstanding pref. stock, payable Nov. 11 to holders of record Nov. 1.
This increases the annual rate from 4% to 6%.
Dividends on the pref.
stock were paid at the rate of 8% from organization in 1898 to Oct. 1912,
none thereafter until Feb. 2 1917, when 1% was paid, which rate has been
continued quarterly up to the present time.—V. 106, p. 711.

per

Dividend.—

American Light & Traction Co.—Earnings—Usual
Dividends.—Pres. Alanson P. Lathrop, N. Y., Nov. 1,
wrote in substance:
The gross business of the subsidiary companies has increased as follows:
Months to Sept. 30.
$1,008,954, or 10.24%
222,528, or 12.32%

427,797,

or

42.73%

1918, the decrease in net earnings over
based on the actual operating results,
was $60,026, notwithstanding that during this quarter tax charges in the
subsidiary companies were increased $90,000, while fuel and labor costs

increased $234,600.
The net earnings during the summer months have been reduced to a
considerable extent by the Daylight Saving Law, which has been in effect
since April.
On the return to sun time on Oct. 27 1918, losses from this
cause will be largely eliminated.
-The "Surplus and reserve Sept. 30 previous year” of $12,698,235, as
shown in the earnings statement for 1918, includes in addition to the surplus
of $11,855,628 as shown for the year 1917 certain undistributed net profits
heretofore carried as contingent reserves, but which have now been trans¬
ferred to surplus account.
The directors on Oct. 1 1918 declared the regular quarterly cash dividend
1H% on pref. stock; a quarterly cash dividend of 2H% on common
stock, and a stock dividend on common stock, at the rate of 2H shares of
common stock on every 100 shares of common stock outstanding; all pay¬
able Nov. 1 1918 to stockholders of record Oct. 11 1918.
[The same rate
of dividend in cash and stock has been maintained since 1910.—Ed. ]
of

EARNINGS STATEMENT FOR FISCAL YEAR
1918.
1917.

Earnings
sub.

on

stocks of

earnings

Gross

$4,577,348
820,604

$5,184,616

573,076

$4,239,114
745,940

$5,008,541
303,772

$5,397,952
369,172

$5,757,692

$4,985,054

$4,704,769
12.698,235

$5,028,780
11.559,746

$5,557,933
10,371,970

$4,828,434

...

Expenses
Net earnings

..

Surplus previous year.
Total

sur.

156,620

199,759

$854,172

Balance, surplus

2,137,333
2.137,332

$854,172

1,939,363
1,939,362

$854,172

$854,172

1,592,365
1,592,365

1,757,993
1,757,992

$12,274,167 $11,855,629 $11,559,746 $10,371,970

504.

1386, 1006.

American Sumatra Tobacco Co.—Dividend.—

Directors are scheduled to meet next Wednesday, when action should
be taken on the 15% stock dividend recently approved by the Capital
Issues Committee.
Compare V. 107, p. 1670, 1103.

American Tobacco Co.—Sub. Co. Debenture
Mengel Box Co. below.—V. 107, p. 1748, 1670.

Offering.—

See

Anaconda Copper Mining

Co.—Production (in lbs.).—

1918—Oct.—1917.
Increase. I
1918—10 Mos.—1917.
23.450,000
22.336,460
1.113.5401253.334.000 211,361,469
See Butte Central Mining A Milling Co. below.—V. 107, p.

Arizona Copper

Co.^^—Output.—

October 1918.

4,060,000

Production in pounds
—V. 107, p. 1483. 1103.

Increase.

41,972,531

1748, 1386.

10 Mos. 1918.

1195, 1671.

Atlantic Refining Co.—New Refinery .—The following
has been officially revised for the “Chronicle:”
The plans of this company to build a new refinery at Brunswick, Ga..
to run Mexican crude oil. follows extensive development of oil properties in
The company at present operates refineries at Philadelphia,
Mexico.
Pittsburgh and Franklin, Pa., which have capacity of about 50.000 barrels
The new plant at Brunswick will enable the company ad¬
of oil a day.
vantageously to handle fuel oil business in Southern Coast States and to
market refined products in that

territory.

take care

The company recently incorporated a Mexican subsidiary to
of its Mexican intereste which include ownership In oil producing




12,000,000
225,000

1194.

Calumet & Arizona Mining Co.—Copper
New Cornelia

Production (lbs)

Increase. I 1918—10 Mos.—1917.

1918—October—1917.
4.712.000
4,670,000

49,365,205

42,000143,578,000

Decrease.

5,787,205

Copper Co. Output and Initial Dividend.—

See that company

below.—V. 107, p. 1483, 1103.

(J. I.) Case Threshing Machine Co,—Further
Redemption on Dec. 1.—

000 1st M. 6s Called for

$1,450,-

The company has called for redemption all its First Mortgage bonds
which fall due from Dec. 1 1924 to Dec. 1 1925, inclusive, now outstanding,
the same being all outstanding bonds bearing numbers from 10,001 to
12,000, inclusive, of an aggregate face value of principal of $1,450,000.
These bonds will be redeemed at 103 and int. at the First Trust A Savings
Bank, Chicago, or the First National Bank, N. Y. City, on Dec. 1.
On or about Nov. 6 1918 the company reported outstanding $4,658,000
of its 1st M. 6s $529,000 having been called for payment June 1 1918 and
a further $594,000 having been bought in and canceled since Dec. 31 1917.
The present call therefore reduces the outstanding amount to $3,208,000 as
of Dec, 31 1918, viz.: Due in 1919, $607,000; 1920, $589,000; 1921, $499,-

000; 1922, $722,000; 1923,

The issue originally amounted to

$791,000.

$12,000,000.

Official Statement to New York Stock

See "Annual

Exchange.—

Reports” in a preceding page.—V. 106, p.

1903, 1580.

dentral & South Amer. Teleg. Co.—Brazilian Cable.—

The Brazilian Government has granted this company a concession to
and operate a cable from Rio de Janeiro to Cuba.—V. 107, p. 1289.

Cerro do Pasco Copper

Corp.—Production (in Lbs.).—

Decrease. I 1918—10 Mos.—1917.

1918—October.—1917.
5.836,000
7,325.000
—V. 107. p. 1483, 1103.

lay

1,489,000160,098,000

59,900.000

Increase.

198,000

Chile Copper Co.—Earnings.—
Chile Exploration Co.—Copper Production for Six Months.
First

Quar.

January
February
March

Second Quar. 1918—Lbs,—1917.
1918—Lbs.—1917.
7,769,874 8,153,124
8,358,274 7,756,737 April
7,506,720 8,245,206
6,326,512 6,056,024 May
June
9,279,562 6,114,984
10,191,712 8,713,035

22,525,796 Total (2d qu.)24,556,156 22,513,314
7,508,599 Aver, per mo. 8,185,385 7,504,438
Earnings and Expenses, Including Expenses of Chile Copper Co.

Total (1st qu.)24,876,498
Aver, per mo. 8,292,166

Mos. Ending
Six Mos. Ending
June30’18. June3Q '17. June 30’18. June 30'17.

—Three

Copper production. _lbs. 24,556,156
Net operating income.. $2,006,671
Miscellaneous income._
68,878

22,513,314
$3,286,161

49,432,654 45,039,110
$3,682,056 $6,451,956
99,957
219,439

$2,075,549
572,789

$3,487,984
451,840

$3,782,013
1,097,789

Total income..
Int. on bonds and loans.

Deprec. on plant A equip.

35,000

Exp. of Chile Copp. Co.

201,822

193,245

35,000

22,014

Undivided profits
$1,445,748 $2,807,899
The above earnings are computed on the basis

70,000
43,980

$2,570,245

$6,671,395
872,161
386,490
35,000

$5,377,744

of 23.69 cts. per lb. for
copper for June 30 1918 quarter, against 23.83 cts. per lb. for the March 31
1918 quarter, against 27.71 and 26.87 cents per lb., respectively. In 1917.
President Daniel Guggenheim says in brief:
«
The total quantity of ore treated during the quarter was 950,885 dry
tons and the average grade of same was 1.58% copper, as compared with
829,553 dry tons and 1.76% copper, respectively, for the first quarter of
the year.
Average net copper saving, 79.84%, as compared with 82.54%.
Against the production of 24,556,156 lbs. of copper there was sold and
actually delivered 21,142,505 lbs. at an average price of 23.69c. pa* pound.
In the previous quarter out of the production of 24,876,498 lbs. there was
sold and delivered 18,072,630 lbs. at an average price of 23.83c. per pound.
The costs and profits per lb. stated on tne basis of copper sold and
actually delivered (the undelivered copper being carried in the inventory at
cost) were tor the second quarter, compared with the first quarter of 1918,
as follows:
(a) Cost of production, exclusive of excess profits tax, and obso¬
lescence, 17.73c., against 18.38c.; (b) costf. o. b. plant, incl. depreciation,
11.28c., against 11.61c.; (c) cost delivered at Atlantic Seaboard ports.

38,820,700

Atlantic Coast Co.—New Stock.—
Stockholders of this company, a subsidiary of the Crowell A Thurlow
Steamship Co., are given the privilege of subscribing to $750,000 of new
stock at par in the ratio of 3 new shares for every 5 owned.
Subscriptions
Payments for the new stock will be
must be made on or before Nov. 1.
60% on or before Nov. 1 and the balance by Jan. 1. Stock subscribed for
by Jan. 1 will be entitled to the quarterly dividend of April 1 1919.—V. 107,
p.

1918—10 Afos.—1917.
12,000,000 124,500,000 105.615,000
1,946,000
233,000
2,295,000

1918—Oct.—1917.
Zinc (in lbs.)
Silver (in ozs.)__
—V. 107. p. 1387.

Amortized diset. on bds.

American Steel Foundries.—Nine Months' Earnings —
9 Mos. to
Other
Net
Deprec. Esc.Prof.A Interest, Balance,
Sept. 30—Earnings.
Income. Charges. IncomeTax S.F.,&c. Surplus.
1918
$6,858,016 $142,063 $305,859 $3,970,000 $117,498 $2,606,722
6,377,502 214,915 808,591
1,500,000 597,040 3,686,786
1917
—V. 107, p.

Milling Co.—Sale—Committee.

Mining Co.—Production.—

Butte & Superior

9,582,438

earnings...$17,403,004 $16,588,526 $15,929,903 $14,410,872

Cashdiv. on pref. stock.
Cash div. on com. stock.
Stock div. on com. stock
—V. 107, p.

ENDING SEPT. 30.
1916.
1915.

$4,209,031
799,510

cos

Miscellaneous earnings.

Butte Central Mining &

leading firms participated in

The property of this company, consisting of Ophir mine and concentrator,
has been bid in at Sheriff s sale for $57,000 on account of Butte-Detroit
Copper A Zinc Mining Co., a subsidiary of the Anaconda Copper Co.
V. 107, p. 1748, 1103.
The below-named committee has been appointed by a majority of the
holders of the First Mtge. bonds of the Butte Central Company to see
what steps should be taken for the protection of their interests.
Com¬
mittee: John A. Condy, Chairman, Benjamin H. Goldsmith and William
A. Powell with Nobel, Davis A Strong, Boston, as Counsel.
(A controlling
interest in this operating company is held by the Butte-Detroit Copper A
Zinc Mining Co.).

tinued monthly.—V. 107, p. 1194, 1103.

Increase in Gross Business for 9

pair of $7 15. A large number of other
107, p. 1581, 698.

this order.—V.

This company, which was recently formed to take over the Germanowned business of Hackfeld & Co., of Honolulu, has paid an initial dividend
of 1% on its capital stock.
It is contemplated that this rate will be con¬

Gas sales
Electric sales
Traction receipts
For the quarter ending Sept. 30
the corresponding quarter of 1917,

Inc. (St. Louis).—Govt. Contract.—

Brown Shoe Co.,

The War Department has awarded contracts for 1,146,700 pairs of
metallic fastened shoes for the army to cost $8,195,905, or an average price

American Car & Foundry Co.—Government Orders.—
Recently, Government orders covering approximately 70,000 freight
cars were placed, of which number about 60,000 are for use on French
railways. This company, it is understood, has received a considerable
portion of the order.—V. 107, p. 907, 503.

American Factors, Ltd.—Initial

1483.

presentation at the Beacon Trust Co.. Boston.—V. 107. p.

proper¬

quarter of the year show net profit on cop¬
depreciation) of $2,006,671, against $1,675,-

The operations tor the second
per delivered (after deducting

while the balance of undivided profits was $1,445,747, against $1,124,498 for the first quarter.—V. 107, p. 1581, 1483.
385 for the first quarter,

Chino Copper

Co.—Production (in Lbs.).—

1918—October—1917.
7,063,000
6,333,000
—V. 107, p. 1387, 1195.

Increase.1

1918—10 Mos.—1917.

730.000166,665,412

City Ice Delivery Co.

67,992,094

Decrease.

1,326,682

(Cleveland).—Extra Dividend.—

declared a dividend of 3}6%, 2% of which will
paid in Liberty Bonds, and 1H% in cash, on Nov. 11 to stockholders
The directors have

be

of

dividend due for March of
this year on June 29.
The next quarterly payment of 1 %A % was mads
Sept. 1, and this dividend makes up the annual rate of 7%. Compare
record Oct. 31.

V>7, p. 908.

The company declared the

Colgate & Co.—Indictment Dismissed.—

UtoS)

Ve.Xen
viola¬

Judge Waddill in the United States District Court at Norfolk,
Oct. 29 dismissed the indictment against this company for alleged
tion of the Sherman Law.
This action was on a demurrer
the .company

by

1840

THE CHRONICLE

wMch the Court sustained.

The Court holds that a manufacturer, pro¬
videdI he is not In conspiracy with other manufacturers of
similar products,
has the right to fix and enforce the
maintenance of reasonable and fair
prices, and that such a manufacturer is violating no law in refusing
again to a retailer who fails or refuses to maintain such a fixed to sell
price.
—V. 106, p. 1347.

Computing-Tabul&ting-Recording Co.—Earnings.—

Results for 9 Months ending

Sept. 30 1918 and 1917 and Full Calendar Years

1917 and 1916.
1918-9 Mos.—1917.
Inc. or Dec.
Net earnings. .$1,692,408 $1,331,283 Inc.$361,125

Extraordy war

taxes
None deduc.
Int. on 6% gold
bonds (exd.
Trees, bds.)
257,895

Net .after bond
interest ...*$1,434,512

1917-12 Mot.-1916.

$1,915,746 $1,551,226

130,000 Dec. 130,000

None deducted—

262,383 Dec.

347.389

4,489

344,373

* These
figures do not include any appropriation few excess profits tax
and other unusual taxes,
a Deducting $130,000 for extra war taxes.
The “net earnings” as above shown are the net earnings of
subsidiary
companies, after deducting for maintenance and depreciation of plants and
equipment, reserve for doubtful accounts, proportion of unacquired shares,
and expenses Of Computing-Tabulating-Recording
Co.—V. 107, p. 699.

Referring to the rumor that control of the company had been acquired
by the Semet-Solvay Co., Pres. F. W. Upham is quoted as saying:

“Several months ago when the common advanced from around
25 to
about 50, certain persons who are largely interested in the
Semet-Solvay
Co. bought a substantial interest in the Consumers
company, but they did
not acquire control.
Their holdings are probably around $1,400,000, out
of a total of $10,000,000 common stock.
The stock of Mr. Peabody, Mr.
Letts and my own shares, together with those of the
Semet-Solvay interests
mentioned, control the Consumers Co. '
“The business outlook of the company for the winter is
good. The com¬
pany has on hand a large stock of soft coal, but its supply of anthracite.
of course, under the Fuel Administration
restrictions, is small compared
with last year. In the first twenty-six days of October 1917 we received
47.000 tons of anthracite, while in the same period this year we received
only 5,600 tons.”—V. 106, p. 1686.

Consumers’ Gas Co. of Toronto.
Oross
Eaminos.

Years—
1917-18

Net, after
Taxes.

$5,095,007 $1,055,765
1916-17
4,296,349
953,306
1915-16
3,637.806
919,577
—V. 106, p. 1233.

Other
Income.

25,000

Earning sInterest

Charges.

Dies.
10‘

Balance,
Surplus.

$34,330 $530,645 $490,790
46,271 495,740 436,294
50,998 488,200 380,379

Continental Motors Corporation.—GWernmew* Work.

This company's plant, It is stated, will by Jan. 1 be
operating on a 100%
war basis.—V. 106, p. 610.

Crowell & Thurlow

Steamship Co.—Par Value Reduced.

The stockholders on Oct. 30 voted to reduce the
par value of the com¬
pany’s capital stock from $100 to $10 per share, increasing the number of
■hares outstanding from 10,000 to 100,000.

Sub. Co. New Stock.—

.

8ee Atlantic Coast Co. above.—V. 107, p.

.

are

A

repairs to the embankment of the dam of the Standley Reservoir, and the
parties hereto believe that the values represented in all of the properties
held as security for said notes can only be
preserved and conserved for
their benefit by concerted action, and to the end and
purpose that the rights
of the noteholders may be protected.
Compare V. 107, p. 1387.

Denver Union Water Co.—Distribution.—

city and county of Denver, Colo., on Nov. 1 took over the plant.
Sec., of the company and on Nov. 2 the first distribution of the assets was
made upon presentation of stock certificates in the amount of
$20 per share.
—V. 107, p. 607.

Diamond Match Co —Business Status.—In an interview
with a financial news agency, a director of this company is

quoted

It has been decided to make a readjustment of
capital and surplus stock
of our company, and at the annual meeting Nov.
29, preliminary steps
will be taken under which common stockholders will receive
one additional
■hare for each four shares held by them.
Final details or various legal
steps have not yet been worked out, but it is anticipated there will be
authorization of an increase In company’s stock to
$35,000,000, by authoriz¬
ing an additional $15,000,000 common stock, and that this will create a
baste, which will In the future, permit of further financing
by issuance of
some additional common stock.—V.
107, p. 1749, 607.

D&vift-Daly Copper Co.—Earnings.—

Years end. June 30’18 June 30’17
June 30’18 June 30’17
Ore return* .$1,362,135
$737,230 Depr..depl.,&c. $145,517
$49,956
Other income.
58,952
4,773 Miscellaneous.
48,668
66,113
Mining costs. $759,944
$462,134
Taxes
9,468 Not shown Balance, surp. $457,489
$163,800
—T. 106, p. 2125.
_

Delaware & Raritan Canal Co.—Government Control.—

The U. 8. RR. Admin, has taken over entire control and
operation of this
property, which is controlled by the Pennsylvania RR:—V. 2, p. 216.

Denver Reservoir Irrigation
Co.—Chicago Committee of
Note Holders.—Reference was recently made in this column
(V. 107, p. 1387) to the formation of a committee in Denver
which was expected to co-operate with a new
committee

organized in Chicago in safeguarding the security holders
of this company and its allied irrigation districts.
The Chicago committee, in circular of June 15
1918, said:

To the holders or owners of the notes of an authorized
Issue of $2,650,000,
1 bv trust deed to the Central Trust Co. of
Illinois, dated
1913, and payable Aug. 11 1918, made by Harrison B. Riley, Aug. 11
Child, J. J: CorkiU ana others, acting as a bondhol lers’ protectiveRalph 8.
commit¬
tee under terms of a bondholders’
protective agreement dated Jan. 9 1912,
for the owners of bonds deposited thereunder with the
Chicago Title &
Trust Co., depositary, and issued bv the Denver Reservoir
Irrigation Co.,
Denver-Greeley Valley Irrigation District, the Denver-8t. Vrain Municipal
Irrigation District and North Denver Municipal
Irrigation District:
The undersigned, at the request of the holders of a
substantial amount
of the committee notes maturing Aug. 11
1918, have organized a protective
committee to act for the holders of the notes under terms
of agreement
herewith enclosed, dated June 15 1918.
The members of the protective
committee are aU largely interested as owners of notes or
direct representa¬
tives of such owners.
We call your attention to the following: (1) The
committee is organized
solely to protect by all means available the interests of committee note¬
holders.
(2) Under the agreement the depositors of notes are not
sonally liable for expenses or other liabilities incurred or subject to per¬
any
personal assessment therefor.
(3) Under the agreement, the committee
may be enlarged at any time or superseded by a new committee chosen
by
the
secure

depositors.

Deposit of committee notes is requested with the committee’s
depositary.
Central Trust Co. of Illinois, 125 West Monroe
8t., Chicago.
The committee will submit a
complete statement of the financial situation
as soon as possible after sufficient
deposits have been made and its investi¬
gation completed.
With great care enough ought to be realized to
pay the principal of the
outstanding committee notes and a substantial portion of the accumulated

interest.
(Signed by E. O. Kohlsaat (Pres. Kansas City Title & Trust
Co.), O. F.
Buffe (Ayers Nat. Bank, Jacksonville. Ill.), Chester
Snyder
Nat. Bank. Easton, Pa.), W. T. Abbott (V.-P. Central Trust (Pres. First
Co. of Ill.)
Extracts from Preamble of Aforesaid Deposit
Agreement."
Harrison B. Riley. Ralph 8.
Child, J. J. Corklll. Larin Cray and others
were organized as a bondholders’ protective committee
under the terms of
a bondholders’ protective agreement, dated Jan. 9
1912, for the owners of
the bonds deposited thereunder, issued by the Denver Reservoir

Irrigation
Co., Denver-Greeley Valley Irrigation District, The Denver-8t. Vrain
Municipal Irrigation District and the North Denver Municipal Irrigation
Dietaries (V. lOlTp. 925: V. 99, p. 471; V. 97, p. 368, 889).

as

saying:

“Despite high wages and costs of materials and the various restrictions
in production and distribution, our company is doing very well.
It te as
busy as it can be under the circumstances, but we cannot estimate this
year's net earnings very closely until we know what the excess profits tax
will be.
The demand for our product Is beyond our capacity to supply It
at present.
Foreign competition is less than formerly. Sweden has not
been able to get the ash and other match woods from Russia for a
long
time, and chemicals are scarce.
“Our ‘strike box’ match te very popular.
One tobacco company has
ordered 500,000.000 such matches, and our Barberton, O., plant te turning
them out at the rate of 25,000.000 a month.
The Government takes air
the matches we can produce after supplying the ordinary essential needs.
Our paper matches are in great demand by smokers, but thus far we have
been able to supply them only to the large consumers.
“We are producing the best potash in the world, and we have one year’s
supply ahead for our own use. We get it mostly from Salt Lake. The
ahraite beds of Utah are rather expensive to work, Nebraska prairie pockets
yield inferior potash, Fall River mill water is inadequate—Lawrence,
Mass., is operating only 40% of capacity, I understand—and there te the
same difficulty with California kelp, which does not grow fast
enough.
Kelp requires six months of growth, instead of four, as has been claimed,
and a strange thing about it is that the spring cutting te much better in

potash yield than the fall cutting.
“The company requires a large working capital these days, but its cash
position te strong. I find that while our bank borrowings are around
$650,000, we have about $700,000 deposited in the banks.”—V. 106,
p. 1903, 1459.

1671, 195.

Cudahy Packing Co.—Capital Readjustment.—Referring
to the proposed readjustment of capital by
increasing the
capital stock to $35,000,000 by the issuance of an additional
$15,000,000 common stock, Pres. E. A. Cudahy is quoted:




a lien on the property of said trust estate
prior to the
by trust deed to the Central Trust Co. of Illinois.
large amount of money will also be required to meet the cost of making

notes secured

The

Consumers Company, Chicago.—Control.—

Sept. 30

Pursuant te a plan for funding the debts of the
company and its subsidiary
companies, dated July 15 1912, and amendments thereof, said committee
made an authorized issue of notes of
$2,650,000. dated Aug 11 1913. and
due Aug. 11 1918. and secured the same by trust deed to the Central
Trust
Co. of Illinois, and pledged thereunder security for
the payment of said
notes certain trustee s bonds issued by the
Chicago Title & Trust Co., as
trustee under and pursuant to the terms and
provisions of the reorganiza¬
tion plan for the funding of the debts of the Denver Reservoir
Irrigation
Co. above referred to. of an aggregate of $2,650,000. and the bonds
previ¬
ously deposited with said bondholders’ protective committee Issued by the
Denver-Greeley Valley Irrigation District, The Denver-St. Vrain Municipal
Irrigation District and the North Denver Municipal Irrigation District.
No interest has been paid on any of said notes since the issue thereof cm
Aug. 11 1913, and the income of the property pledged will not suffice to
discharge any part of the interest due or to become due on said notes up
to Aug. 11 1918.
There are no funds available to meet any part of the
principal of said notes, and large amounts have been advanced from time
to time to said bondholders’ protective committee
by the Chicago Title St

Trust Co. which

a$938,899 Ine.$495.613*$l,568,357 $1,206,853

{Vol. 107

Dominion Steel

Corporation.—Wages.—

This company has decided upon the third wage revision for this
year, the
last being an increase of 2He. per hour, retroactive from Oct. 1.—V. 107,

p.

1387, 85.

Duquesne Light Co.—Project Held Up.—
A

.

press report from Pittsburgh states that the Government has canceled
its contracts with this company for the construction of the $16,000,000
power plant at Cheswlck, Pa.—V. 107, p. 607, 505.

(Jacob) Dold Packing Co., Buffalo, N. Y.—Sale of 7%

Serial Gold Notes.—The National City Co., N. Y.f ana the
National City Bank of Chicago have sold at prices
ranging
from 100and int., to yield 7%, to 99 and int., to yield

7}4%,

according to maturity, an issue of $3,000,000 7% Serial
gold notes, dated Nov. 15 1918, due in five annual install¬
ments, Series A to Series D, $500,000 each, Nov. 15 1919-22
inclusive, and Series E, $1,000,000, maturing Nov. 15 1923.
See also advertising pages.

“Passed by the Capital Issues Committee as not
incompatible. Sec ”
Denom. $1,000 c.
Int. M. Se N. 15 without deduction for any Federal
normal income taxes, now or hereafter deductible at the source,
up to 4%.
Prin. Se Int. in U. 8. gold coin at the National City Bank of New York.
Redeemable at the option of the company on any int. date upon 30
days’
notice as a whole or in blocks of not less than $500,000, in which event it
must call for redemption notes of one or more of the series last
maturing at
103 for notes with 4 years or more to run; 102 >6 for notes with 3 yean or
more but less than 4 years to run; 102 for notes with 2 years or more to run
but less than 3 years to run; 101H for notes with 1 year or more to run
but less than 2 years to run; 101 for notes with less than 1
year to run.
The notes are also subject to
redemption in part by lot at above prices
in the event of the sale of any substantial or essential
part of the property
or sale of additional preferred or common stocks.
The Farmers’ Loan
& Trust Co., New York, trustee.
Data from Letter of the President, Dated Buffalo, N. Y.. Oct. 31191$.

Company —Established 53 years ago, and incorporated as the Jacob
on Aug. 13 1888 in N. Y.
The company is one of the
eight largest packers in the U. 8. and owns packing houses in Buffalo,
N. Y.; Kansas City and Wichita, Kan., and has central
distributing
Dold Packing Co.

branches at many points in the U. S. and one in Great Britain.
The com¬
pany has contracts to supply the U. S. and Allied Governments with food
products, over 50% of the total production of the company being tor
such
purposes.

The company owns the entire capital stock of the
Capitol Refining Co.
of Washington, D. C., which was incorporated in 1913 in
Va., to engage
in the business of refining
vegetable oils, such as crude cottonseed, soya
bean, peanut and cocoanut oils and the manufa ture of lard substitutes
of cooking oils, salad oils, butter oil, butterine and clear
*
margarine.
The company also owns the entire capital stock of the South
Washington
Storage Co., organized in Dec. 1915, to take care of the storage end of
the business of the packing and refining companies.
Purpose of Issue.—The proceeds of this issue will be used In reduction
of present outstanding bank loans and to increase
working capital.
Security.—The notes will be the general credit obligations of the packing
company and will constitute its only obligations outstanding in the hands
of the public.
The company and its constituent companies
(a) will not
mortgage or pledge any fixed assets without providing for priority of pay¬
ment for these notes, and will not consolidate or
merge with any corpo¬
ration other than a constituent
company, unless prior thereto it secures
these notes by a closed 1st M. and pledge on and of all its
properties, real
and personal; (p) will at all times maintain an excess of current assets over
all current liabilities equal to at least
200% of the face value of these notes
then outstanding, and will maintain current assets in an
aggregate amount

equal to at least 140% of the

amount of all liabilities, including these notes;
not dispose of any substantial or essential part of its fixed assets
unless it applies the proceeds to the acquisition of fixed assets of at least
equal value, or to the redemption of notes of this issue; (d) will keep prop¬
erties in thorough repair and adequately insured.
In the event that the company sells additional pref. or common
stock,
it will apply the entire
proceeds to the purchase or redemption of outstand¬
ing notes of the series last maturing. It will not declare or pay dividends
in excess of 6% on the common stock, and In no event
except out af the
net income of its preceding fiscal year.
Volume of Business and Earnings Available for Interest

(c) will

and%ExcessJFtofits

Taxes of the Co. and Constituent Companies.
Calendar Years—
1913.
1915.
1917.
Net volume of business_$23.882,447 $24,1774148

Earnings!

793,894

9

"r1918(6,Mot.)

$38.864,107£$27,547,163

882.593* 1,274,518

im

1.922,043

;

.

\■ ?' .W

v‘'S

-

•

Not. 9 1918.]

THE CHRONICLE
at June 29 1918.
Liabilities—
First mortgage bonds
Preferred stock
3.114,300
Common stock
2,300.500
Notes payable
6.640,000
Accounts payable
186.749
Federal taxes.
Reserve for
200.000

3*5,000

Land, buildings, machlnery and equipment
5,941,079
_

Investments

20.000
1.745.426
6,689

Notes receivable
Accounts receivable
Inventories
Marketable securities
Prepaid items

as

2,226,579
7,058,418 Foreign acceptances and
advance payments
83.609
123,434 Accrued items

Miscellaneous
Deferred charges

301.277
58,372
813,176
3.695,461

45,750 Reserves
93,851 Surplus

Total
$17,344,835
Total
$17,344,835
Gross book value of fixed assets ($5,941,079 on June 29 1918) was sub¬
stantiated by an appraisal made as of that date, which showed astual values
considerably in excess of our book figures. Net current assets amounted
to $3,903.507—V. 81, p. 1377.

East Butte Copper Co.—Production (in Lbs.).—

1918—October—1917.
1,823,680
1,691,008
—V. 107. p. 1387. 1006.

Increase. I

1918—10 Mos.—1917.

Increase.

15,716.348

5,346,390

132,672121,062.738

General Development Co.—No Action

mjThe months
directors
Three

on

ago

V. 107, p. 608.

on

Dividend.—

Nov. 4 took no action on the company’s dividend.
the quarterly dividend of 75c. per share was paid.—

Graton & Knight

Manufacturing Co.—Stock.—

Referring to the notice Just Hied with the Secretary of State of Massa¬
chusetts for the issue $1,800,000 of 2d pref. stock, we understand that
the action is merely the completion of a transaction pending for
some

time.
An issue of $2,000,000 of such stock was authorized
by the stockholders
last January; $100,000 of this stock was issued in the
early summer for a
special purpose.
Since this time the approval of the Capital Issues Com¬
mittee has been secured for the issue of the balance of the stock and an

opportunity to subscribe

was submitted to the stockholders in

$1,000,000 of this

July last;

sum is set aside to meet the conversion privilege which is
attached to Series C of the serial note issue which was marketed last August.
Such part of the balance as has not been subscribed for by stockholders
in
accordance with the notice sent to them last July, will be placed in the
treasury. See note offering, Ac., in V. 107, p. 805, 505.

Great Western Power
This company has applied to
to refund its $350,000

Co.—Refunding.—

the California RR. Commission for authority

promissory note in the favor of the Bankers Trust

Co., New York, due Nov. 7, and secured by the pledge of the company’s
First Mortgage bonds.
The company asks either to give a new note due
six months from date, or to negotiate a like loan on the same
security from
some other bank, and with the proceeds repay the Bankers Trust Cd.—
V. 107. p. 1388, 1286. ^

Greene Cananea Copper

1918

October

4,300,000
—V.

107. p.

1917.

Co.—Output (in Lbs.)
I

1918

10 Months-

(Mines closed) 43,070,000
1484, 1104.

1917.

28,610,000

The “Engineering News-Record*’ in its issue for Oct. 31 1918 published

descriptive article illustrated with

and photographs of this company’s
large power development at Niagara involving the contruetion of a canal
around the falls to a 300,000 h. p. plant at a cost of $25,000.000.—V. 107,
p. 1007.
map

Indian Head Mills of Alabama.—Extra Dividend.

2%

on the $600,000 outstanding capital
annual disbursement of 3%, payable
Nor. 7.—Y. 106, p. 2348.

an

extra dividend of

stock, along with the regular semi¬
Dec. 2 to shareholders of record

Production (in

Lbs.).-

1918
October
1917.
|
10 Months——1917.
1918
8,125,000
2,400,000(83,675,000
72,050.000
The large decrease in 1917 was due to labor troubles
-V. 107, p. 1484.

International Mercantile Marine Co.—Proposal Pre¬

sented to Directors.—Chairman Harold A. Sanderson at
on

a

Thursday presented the

directors with the details of the offer which has been made

by

a

British syndicate for the ships owned by English sub¬

sidiaries of the company.

P. A. 8. Franklin, President of the
company, was quoted after the meet¬
as saying that it had been the first time that the directors had consid¬
ered the complete proposal, and that they would act on it later.
He said
further;
“There are three or four details yet to be ironed out before a decision in
respect to the offer can be made.
If the transaction Is completed under
tiie proposals now in hand, it will result in the sale of all the ships owned

ing

by the British companies and will leave these corporations with between

£26,000,000 and £27.000.000 in their treasuries. The ships of the Mercan¬
tile Marine Company under the American flag will not be disturbed, and
as the situation now stands the Marine Company will be left as it is at
pres¬
ent, operating the nine vessels of American registry and one under the Bel¬

gian nag.’’

The New York “Times’’ says: “As the British companies have approxi¬
mately $40,000,000 cash in their treasuries, the sale of the British ships
will bring in about $90,000,000.
The vessels in question total about 750,000 tons.
The Marine Company owns all the stocks of the British cor¬
porations. The directors of the British companies favor the sale, and it
remains to be approved by the parent company.
Mr. Franklin declined
to predict whether the receipts from the transaction, if it goes through,
would be transferred to the Marine Company’s treasury in the near future.
Mr. Franklin stated that the management had made no after-war plans
in respect to increasing its American fleet.
shipping interests by
i be excellent, and the
stimulated.’ ”—V. 107, p.

1484, 1290.

Iron Cap Copper Co.—Bonds Offered.—

Stockholders of record Nov. 4 are offered the right to subscribe to $500,000 First Mortgage 8% 20-year gold bonds'at par, with a bonus of one share
of stock (par $10), on the basis of $200 in bonds for each 6 shares of stock
now held.
Stockholders may subscribe for $20 par value of the bonds
and receive scrip for 1-10 of the share of stock.
The new bonds will be dated Oct. 1 1918.
Subscriptions will be received
up to Dec. 5.
Subscribers will be required to pay interest from Oct. 1 to
Dec. 5.
Stockholders may make additional subscriptions on the same terms
for all bonds not taken.
Subscription privilege is not transferable. The

issue has been approved by

Capital Issues Committee.—V. 106,

Kennecott Copper

113,286,000 /

J

p.

2653.

Corporation.—Output (in Lbs.).—

1918—October—1917.
Kenneeott
Braden.
—V. 107. p.

\

1918—10 Mos.—1917.

7.116.0001115,756,000 / 63.326,000

5.414.000/

1484. 1196.

Lincoln County Power Co., Inc.,

$1,000,000.
The earnings for the fiscal
Dividends

Co.—Liquidation.

on

the

common

year

ending Oct. 311918 aggregate $200,000.

stock were discontinued Feo. 1914;

dividends

the pref. stock discontinued Nov. 1914, were resumed May 1917 and on
Oct. 28 1918 the unpaid divs., which are cumulative will be paid in full.
“It Is my opinion that if the dissolution is ordered by the stockholders,
forcible liquidation will be a serious mistake’’.—V. 104, p. 1493.
on

-m1

■■

Mm

"j-j-...

—essay—an

(A.) Macdonald Co., Ltd.—Preferred Dividend Plan.—

Majestic Mines Co.—Bonds for Stock.—

Owners of the bonds of the Majestic Oopper Mining A Smelting Oo.
were notified in May last that they might exchange such bonds for stock
of the Majestic Mines Co. on the basis of 500 shares of stock for each $1,000
bond if presented at the office of the Majestic Mines Co., 342 Exchange
on or before July 1 1918.
The successor company was incorporated in 1908 in Maine to acquire the
properties* and securities of the Majestic Copper Mining A Smelting Co.
and the Majestic Oopper Co.
Properties are in Beaver County, Utah.
Capital stock at last accounts, auth., $5,000,000; out, $4,043,975; par, $5.

Manhattan Gas & Electric
Year ending—
Gross earnings
Net earnings, after taxes
Interest onbonds.

Co.—Earnings.—
June 30 1918.

Dec. 31 1917*

$139,492
$34,127
16,500

$114,498
$36,768
16,500

i

$17,627
$20,268
offered this company’s First Mort¬
10-year gold bonds dated March 1 1917, callable on
any interest date at 105 and interest, of which there are issued $275,000, out
of a total authorized of $500,000, interest on which is payable M. A S. in
N. Y. Denom. $100. Ac. c*. The company also has outstanding $85,000
7% pref. stock and $300,000 common stock. The company supplies with¬
out competition electric light, power and gas in the city of Manhattan,
Kan., and in connection with its power plant also operates an ice plant.
P. W. Brooks A Co.
gage Sinking Fund 6%

a

year or so ago

Massachusetts Lighting Companies.—Further Data.—
The offering by C. D. Parker & Co., of Boston, Mass., of
this company’s $1,160,000 7% serial gold debentures (due

$116,000 yearly June 1 1919 to 1928)

was

noted in these

columns Qct. 12, page 1485.
Data from Letter of Pres. Arthur E. Childs. Dated Boston, Sept. 10.
Capitalization (upon completion of present financing) Auth.
Outstand'a.
Common (no expressed value), number of shares
80,000
46,169
6% preferred (expressed value $100)
$8,000,000 $5,533,100
7% serial Gold Debentures bonds (this issue—see
« « 4
V. 107, p. 1485)
1,160,000 1,160,000
Holding of Trust.—The name Massachusetts Lighting Companies is the
designation of the trustees for the time being under a declaration of trust
dated Oct. 1 1903.
The trust owns all but $6,650 par value of the entire
capital stocks and aU the note indebtedness of 18 gas and electric light com¬
panies, all incorporated in Mass, and seryjng 29 cities and towns having a
population of 220,592. Twelve of these companies sell gas in 23 cities and
towns having a population of 208,138, and 11 seU electricity in l6 cities and
towns having a population of 127,635.
It also owns the entire capital stock
of the Light. Heat A Power Corp. and the Gas A Electric Imptov’t Oo.
I
List of the Companies Now Owned by the Massachusetts Lighting Cos.
Name of Co.
Incorp. Serves with Electricity. •
Serves with Gas.
Adams Gas Lt. Co. 1860 Adams and Cheshire.
Adams.

Arlington G. L. Co.1854

Arlington, Belmont u4
Winchester.
Aver Elec. Lt. Co..1901 Ayer and Groton.
v
Clinton Gas Lt. Co.1854 Clinton and Lancaster Clinton.
Gas A El. Impt. Co. 1911
Gloucester G.L.Co-1853
Gloucester.
Harvard G. A K.Co.1912 Harvard.
Leominster E. L. A
Pow. Co
1888 Leominster.
Leominster G.L.Co.1878
Leominster A Lunenburg
Lexington Gas Co..1874
Light, H. A P.Corp.1897

Lexington.

Milford E.L.AP.Co 1886 Milford and Hopedale.
Milford Gas Lt. Co.1854
Milford and Hopedale.
Mill River E. L. Co. 1903 Williamsburg.
N. Adams G. L. Co.1864 N.Adams A Clarksburg N. Adams A Clarksburg.

Northampton Elec.
1886 Northampton.
Lighting Co

Northamp.G.L.Co. 1853
Spencer Gas Co
1886 Spencer.

Williams town G .Co.1889 Wllliamatown.
Worcester Co.G.Co.1905

-

Northampton.
Spencer.

Williamstown.

Palmer, Monson.Wairen,
W.

\ 52,348.000

Me., Consolidated.—
Acquisition, &c.—Financial Data.—The “Chronicle” has
been favored with the following data:




Louisville (Ky.) Tobacco Warehouse

The shareholders on Nov. 4 voted to liquidate the affairs of this com¬
pany, a committee being appointed to dispose of all assets available, and
to arrange for the retirement of outstanding stock with the proceeds of
the sale.
President Keller recently said in substance:
“The minority are opposed to the dissolution because the company is
at present in a better condition than for years past.
The fiscal year, which
ends Oct. 31 1918 will show quick assets of over $600,000, compared with
$118,000 when I assumed the Presidency in November 1914. The state¬
ment of Oct. 31 1918 will show the company to be entirely free of debt
excepting a few balances to the credit of dealers.
“The investments in sundry loose leaf companies throughout the State
have been reduced from $506,000 to $65,000, only two such out-of-town
properties now being owned. ' The Louisville real estate, all In use by the
company, excepting two minor pieces, stands on the books at $346,000.
Therefore the company, with no indebtedness except to its stockholders
($350,000 preferred and $1,436,000 common) has assets approximating

Surplus

Inspiration Consol. Copper Co.-

special meeting of the directors

By supplemental decree, the Lincoln County Power Co., Inc., was
authorized to acquire the rights, property, privileges and franchises of the
Boothbay Harbor Electric Light A Power Co. At the present time all
companies are now moved in the Lincoln County Power Co., Inc.
Since the merging of.the companies the Lincoln County Power Co.,
Inc., has completed new power installation at Bristol Mills of 300 h. p.
with new transmission line between its plant to Boothbay Harbor and
Damariscotta Mills and Is now engaged in rehabilitating original trans¬
mission line.
Bonds authorized for this work and for acquiring other com¬
panies in the total sum of $360,000 have been Issued, which includes repairs
and betterments to the original power plant at Damariscotta Mills.
The Lincoln County Power Co., Inc., nas outstanding an issue of $360,000 First Mortgage 6% gold bonds dated Oct. 1 1917, due Oct. 1 1942, end
a total authorized of $500,000.
Interest A. A O. at the First-Auburn
Trust Co.
Normal Federal Income tax paid.
There is no conversion
privilege and no prior lien outstanding. The mortgage covers all the
property owned.
The capita] stock of the company consists of $100,000 common and $100,000 preferred, authorized, of which all the common is outstanding, and
$70,000 of the preferred (par in each case $100,000). The preferred
stock Is 8% cumulative, and is subject to redemption at any time at $125
per share.
There is no conversion privilege for the preferred stock; both
classes have not equal voting power.
The offleers of the company are;
President, Frank E. Biackhurst; Sec., Irving E. Vernon; Treas., W. Louis
Williams.
The address of the company is Boothbay Harbor, Me.

Building. Boston,

Independent Brewing Co., Pittsburgh.—Earnings.Years ending— Sej«.30’18 Oct. 20’17.
Years endinff— Sept. 30’18 0c*. 20’17.
Total sales
$6,488,735 $5,212,603 Pref. divs. (7%).. $315,000
$315,000
Profit on sales
$1,297,262 $1,073,644 Common divs..(2^)112,500(1^)67.600
Interest
247,9601
691,144 Balance, surplus..
$83,750
None
Depreciation, Ac.
—V, 107, p. 805.
538,052/

Press reports state that the directors have declared

On Oct. 9 1917, the Maine P. U. Commission authorized this
company
acquire the business of the Lincoln County Power Co. (formerly Portland
Power A Development Co.), also to acquire the business of the Twin Village N
Water Co., the stock of which was owned by the Lincoln Oo. Power Co.,and
to issue $100,000 of common stock and $100,000 of preferred stock and
further authorized to mortgage its property, then owned and after acquired
in the sum of $500,000.
to

See Western Grocers, Ltd., below.—V. 107, p. 408.

Hydro-Electric Commission of Ontario.—
a

1841

1

Consolidated Balance Sheet
Assets—

Mi

Brookfield,

No.

Brookfield, Brookfield
9

-i.**

^

Purpose of Issue.—To provide funds far the payment of the entire tem¬
note indebtedness of the Massachusetts Lighting Companies and|ta
supply additional funds to pay for necessary and essential extensions|an4
>ly
addltloi
tfons.
porary

Growth of Sales of Gas and Electricity in Last Stz Years ending June 30.
1913.
1914.
1915.
1916.
1917.
1918.

$1,064,428

(Vol. 107

THE CHRONICLE

1842

$1,151,718

$1,148,124 $1,251,677 $1,427,949 $1,594,945
see '‘Reports” on a preceding page.
ige.)
its Light
tins
Security.—As of June 30 1918 the assets of the Massachusetts '
Companies consisted of cash, notes and receivables amounting to $1,907, 27*
and stocks (at coit) amounting to $4,813,368.
These bond 4 will be direct obligations of the Massachusetts Lighting
Companies. The issue will be secured by an indenture to the Old Colon/
Trust Co., trustee, under which it is provided that unless the bonds of this
issue are equally secured, the companies will not issue any obligation
secured by pledge or mortgage of its property, or- any part thereof, while
any of these bonds are outstanding.
The bonds maturing on or after four
years from date of issue are callable at 103 on any interest day upon three
months’ notice.—V. 107, p. 1485, 1196.
(For income account

Marlin-Rockwell Corp.—Official Data.—The remarks of
President A. F. Rockwell dated Oct. 23 1918, describing
the company’s properties and “after-the-war” business

position, will be found in full under “Reports and Docu¬
ments” on a subsequent page.
Compare V. 107, p. 1383.—
V. 107, p. 1746.
Mason Tire & Rubber Co.—Initial Dividend.—
The directors have declared

a

cash dividend of 6% on the $549,750

outstanding common stock (par $10) out of the earnings of the fiscal
year to Oct. 31 last, payable 2% Feb. 20 1919, 2% May 20 and 2% Aug.
20, to stockholders or record Jan. 31 1919.—V. 107, p. 1388.

Mongol Box Co. (Louisville, Ky.).—Offering of 7% Serial
a Majority of
the Capital Stock.—The Mercantile Trust Co., St. Louis;
Halsey, Stuart & Co., Chicago; Smith, Moore & Co., St.
Louis, and George H. Burr & Co., N. Y., are offering, by
adv. on another page, at prices rengmg from 9924 and int.
to 98% and int., to yield approximately from 7.25% to
7.40%, according to maturity, $4,000*000 7% Serial gold
debentures dated Nov. 1 1918, due $1,000,000 annually
Nov. 1 1920 to 1923, inclusive.

Sales.—These have increased from 28,000,000 k. w. h. in 1914 to over
The present demand indicates that the 50% increase

72,000.000 in 1917.

in capacity expected
issue will be rapidly

from the additional equipment provided by this note
absorbed.
Earnings for 12 Mos. ended Sept. 30 (Ezcl. Earnings of Penna. Utilities Co.).
Gross earnings
Net, after taxes, maintenance and rentals

Annual interest

$1,391,211
$612,762

$1,941,089
$630,818
332.700

all bonds

Balance
Interest on bond secured notes.

$298,118
72.000

Balance
$226,118
Net earnings, after deducting prior annual interest charges, exceed four
time* the annual interest requirement on these notes.
Net earnings exceed
1 Yx times the total annual interest charges, including interest on these
notes.
Increased earnings can be expected from the equipment now being
added to plant.
Compare V. 107, p. 296, 86.

Metropolitan Petroleum Corp.—Further Deposits.—

The Joint Stockholders' Committee, Charles C. Matchett, Chairman,
has given notice that further deposits of stock may be made, in order that
all shareholders may participate in such benefits as may be secured by the
committee.
Books will be opened for additional deposits up to and includ¬

ing Nov. 12.—V. 107,

Miami Copper

p.

1196, 185.

Co.—Output.—

1918—October—1917.

4,945,178
2,673,775
—V. 107. p. 1388, 1007.

Increase. I

1918—10 Mos.—1917.

2,271,403 49,218.628

34,735,386

Increase.

14,483,242

Michigan Power Co.—Deposits.—

Gold Debentures—American Tobacco Co. Owns

Passed b/ the Capital Issues Committee as not incompatible, etc.
Int. M. & N. in U. S. gold coin at the Mercantile Trust Co., St. Louis,
or its agencies in Chicago and N. Y.
Denoms. $1,000, $500 and $100c*.
Redeemable on any interest payment date upon 30 days’ notice, as a
whole or in series, in which latter event debentures must be called in order
of series next maturing, at: 102 for debentures with 4 years or more to run;
101H for debentures with 3 years or more, but less than 4 years to rim;
101 with 2 years or more, but less than 3 years to run: 100 M with 1 year or
more, but less than 2 years to run; and 100 for debentures with less than
1 year to run.
Interest payable “without deduction for Federal Income taxes now or
hereafter deductible at the source, not to exceed 2%.”
Mercantile Trust
Co., St. Louis, trustee.
>•
Data from Letter of Pres. C. C. Mengel, Louisville, Ky., Nov. 5 1918.
Organization.—Organized in N. J. July 13 1899, and through the pur¬
chase at that time of the box business of C. C. Mengel & Bro. Co., has
been in continuous operation since 1877, the business increasing from $3,000
to $1,000,000 a month.

on

The bondholders’

protective committee, George W. York (Otis A Co.,

Cleveland, O.), has notified the holders of the First Mtge. bonds that the
5th of November was the last day fixed by the committee for the deposit of
bonds, as provided in the protective agreement of Feb. 1 1918.—V. 101.
p.

135.

Midvale Steel & Ordnance Co.—Earnings.—
Results for Quarter and Nine Months ending Sept. 30.
1918—3 Mos.—1917.
1918—9 Mos.—1917.
Federal taxes
Not shown
$7,817,964 Not shown $22,139,582
Net earns., aft. Fed.tax.$ll,590,601 $10,227,118 $33,474,398 $30,731,373
Interest A guar, divs-772,812
805,685
2,351,020
2,436,662

Deprec. A depletion

3,024,162

1,382,148

6,983,967

4,840,235

Net profits
$7,793,627 $8,039,285 $24,139,411 $23,353,466
The figures for 1918 are subject to revision to meet an changes in
Federal tax laws.—V. 107, p. 1290.

Minnesota Gas & Electric Co.- -Earnings.%gh

Year ending— June30’18 Dec.31’17
Gross earnings
$140,935 $133,597
Net, after taxes._ $45,216 $50,594
et,
taxes..
$50,5941

on

bonds

Surplus

(Furnished by interested bankers.)—V. 105,

p.

June30’17 Dec.31’17
$18,900 $18,900

824.

$26,316

$31,699

National Acme Co., Cleveland.—Earnings.—
1918—3 Mos.—1917.

Net sales..
xNet profits
Dividends
x
x

1918—9 Mos.—1917.

$4,553,790 $11,321,930 $14,048,523
1,223,926
4,281,132
4,003,928
375,000 • 1,125,000
1,125,000

$3,928,560
1,514,333
375,000

Balance, surplus!.. .$2,039,227 $2,954,864 $5,915,798 $8,919,595
deducting Federal income and excess profits taxes.—V. 107, p.

Before

700, 507.
Common stock
6,000,000 6,000,000
As the business developed the amount of common stock was increased
to $6,000,000, fully paid in.
Dividends paid in cash or in stock out of
surplus account during the past 17 years have averaged 18.6% annually.
As of July 31 1918, the surplus amounted to $1,110,910.
The $4,000,000
7% pref. stock has been authorized for issuance from time to time in the
future.

Property and Business.—The company manufactures high-class wood
and boxboard shipping boxes, and owns and operates box factories at
Louisville, Ky.; St. Louis, Mo.; Jersey Ctty,.N. J.; Winston-Salem, N. C.;
a boxboard factory at Elkhart,
Ind., and saw and veneer mills at Hickman,
Ky., Mengelwood, Tenn., Lufkin, Tex. Also controls (through stock
ownership) and operates the box factory of the Columbia Box Co., St.
Louis, Mo. All buildings are of modern mill construction. All plants are
equipped with modern labor-saving machinery, electrically operated, and
equipped with fire prevention apparatus.
A large part of the lumber and veneer used is produced at the plants at
Mengelwood, Tenn., and Hickman, Ky., located near 155,831,250 ft. of
standing hardwood timber on 25,078 acres of land owned. The company
also owns 15,370 acres of cut-over land.
All timber land owned is con¬
nected with the Mengelwoodplant by
a railroad owned by the company.
At its log shipping plant at Hale’s Point, Tenn., it operates its own rail¬
road in connection with its towboat line, which consists of two steel river
steamers and 12 barges.
The company now carries $8,882,856 of fire
insurance.

Purpose of Issue.—To retire bank loans incurred for new working capital.
Security.—Direct obligation and constitute sole funded debt. The

National Conduit & Cable Co.—Earnings.—
Earnings for 3 Mos. and 9 Mos. ended Sept. 30.
3 Mos. to
Net sales

Mfg. cost A administrative expenses.
Lass from operation
Other income

Taxes, interest and depreciation

times,

long as any of these debentures are outstanding, maintain
quick assets equal to at least 1J^ times all current liabilities, including all
of these debentures at the time outstanding,
(c) Will maintain insurance
upon all property equal to not less than 150% of debentures outstanding.
Net Assets.—The balance sheet as of July 31 1918 (after
Including these
debentures and applying the proceeds thereof to reduce current liabilities)
so

shows:
Net current assets (cash,

Liberty bonds, accounts and bills re¬
ceivable, merchandise inventory, supplies, Ac.), less current

liabilities
Plants, real estate, machinery, boats, Ac., less deprec’n
Timberlands, lands for sale and timber
Total
Excess assets

over

all

$6,272,027
reserve.

3,572,107
986,777
$10,830,910

liabilities, including these $4,000,000 debs. $6,830,910

Earnings.—The volume of business is now at the rate of $12,000,000 per
Net profits applicable to interest charges for the calendar
year
1917, after deductions, including reserve for depreciation and Federal
income and excess profits taxes, were $1,225,275.
Average annual net
profits applicable to interest charges for the last three fiscal years were
$930,787 after all charges including Federal income and excess profits taxes.
Management—Control.—The management is in the hands of the men who
have been successful in the development of the business.
The American
Tobacco Co. owns a majority of the capital stock.—V. 106, p. 933.

pr.$51,733 loss$221,196

loss$126,798
356,582

pr.$85,216 loss$154,841
187,271
723,007

$483,380
507.

33,483

$102,055

66,355

$877,848

Nebraska Telephone Co.—Rate Increase.—

The Nebraska Street Railway Commission has granted
Increase in rates which will give an increased revenue
annum.
Compare V. 107, p. 1582.

this company an
of $425,000 per

Nevada Consol. Copper Co.—Production {in Lbs.).—
1918—October—1917.

6,700,000
—V. 107,

Decrease. I

7,000,000
p. 1389, 1196.

1918—10 Mos.—1917.

300,000 66,230,415

66,887,350

Decrease.

656,935

New Cornelia Copper Co.—Production—First Dividend.
1918

at all

9 Mos. to

$146,090
19,292

Result before taxes, Ac
Loss for period
-V. 107, p. 700,

3 Mos. to

Sept. 1918. June 1918. Sept. 1918.
$4,161,326 $4,142,838 $10,790,010
4,307,416
4,091,105 11,011,206

October

1917.
Inc.
10Mos.’18
5 Mos. ’17
3,240,000
404,000
39,878,000
10,615,164
An initial dividend of 25 cents per share has been declared on the $9,000,000 stock, payable Nov. 25 to holders of record Nov. 8.—V. 107, p.
610, 186.

3,644,000

New England Cotton Yarn Co.—Pref. Stock

Acquired.—

This company has advised the Boston Stock Exchange that all its pref.
shares have been acquired and are held in treasury, and that the outstanding
bonds have been reduced to less than $100,000.—V. 107, p. 1672.

New

Jersey Zinc Co .—Earnings to Sept. 30.—

Periods ended Sept. 30—
1918—3 Mos.—1917. 1918—6 Afos—1917.
Total income
$5,330,781 $5,593,985 $16,012,221 $18,827,121
Bond interest
40,000
40,000
120.000
120,000
Reserve.
75,000
75,000
225,000
225,000
Federal taxes
1.775,000 2,126,317
4,925,000
3,321,947
Dividends
1,400,000 2,800,000
5,600.000
11,200,000

annum.

Metropolitan Edison Co —Offering of Is* & Ref. 5s and
Bond Secured 6% Gold Notes— Bonbright & Co., Inc., have
issued revised circulars on their offerings of this company’s
First & Refunding 5% gold bonds and Bond Secured 6%
gold notes that show the following data:
Company.—Furnishes without competition the electric service in Read¬
ing, Lebanon, and vicinity, and supplies most of the power for 200 miles
of electric railway lines centring at Reading, Lebanon and Norristown.
Capitalization—
Authorized. Held by Public.
Common stock (all owned by the Reading Tran¬
sit & Light Co.)
$3,000,000
$3,000,000
Preferred stock
2,000,000
None.
Bond Secured 6% gold notes, due Dec. 15 1920- 2,000,000
1,200.000
First AiRef. Mtge. 5% gold bonds, due 1922.10.000.000
3,956,000
Metro.fEl. Co. 1st 14. Sink. Fund 5s, due 1939Closed
2,698,000
$2,200,000 General Mortgage 20-Year 5% Gold bonds, due June 15
1938 have been issued, of which $1,600,000 have been pledged as collateral
to these Bond Secured 6% Gold notes and $600,000 reserved in the treasury
for corporate requirements.




Surplus
107,

-V.

$2,040,781
p.

$552,668

$5,142,221

507, 186.

$3,960,174

O’Gar a Coal Co.—hew Name, &c.—
The shareholders will vote on Nov. 18 on electing seven new directors
and on the changing of the name of the corporation to the Harrisburg Coal
Co., or some other suitable name.—Y. 107, p. 296.

Old Dominion Co. of
1918—October—1917.

2,373.000
1.623,000
—V. 107, p. 1197, 1485.

Maine.—Output (in Lbs.).—

Increase.1

1918—10 Mos.—1917.

75Q.000 27,796,500

24,722,000

Increase.

3,074,500

Penn Seaboard Steel Corporation.—All Remaining
Bonds Called—$1,986,000 Converted into Stock—Proposal to
Issue New Notes or Stock—Annual Report.—

Of the $2,000,000 1st M. 6% 5-year gold mortgage bonds placed in
Dec. 1917 by Frazier A Co., Cassatt A Co. and West A Co., of Philadelphia
(V. 105, p. 2278), only $14,000 remain outstanding, and these have been
called for payment on Dec. 1 1917 at the Commercial Trust Co., Philadel¬

phia, at 101^1 and interest.

The remainder of the issue, it is stated, has been converted into stock on
the basis of 20 shares of stock for each $1,000 bond, thus increasing the
amount of stock outstanding, it is understood, from about 60.000 shares
(of no par value) to about 100,000 shares.
The company has recently had in contemplation the issuance either of

$2,000,000 notes or 40,000 additional shares of stock, in connection with
the completion of a large contrast for the Government, but what effect, if
any, the conclusion of the war would have on this plan does not appear
certain.

¥ov. 9 1918.]

THE CHRONICLE

The corporation began to operate it*
plate mill at the Baldt Works, New
Castle, Del., the latter part of October.
Compare “Annual Reports” on a preceding page.—V. 107, p. 507.

JPhslps Dodge Corporation.—Copper Output (in Lbs.)

,1918—October—1917.

Decrease. I

17,578,624

1918—10 Mos.—1917.

Increase.

850,2531180,822,636 167,481,510 13,341,126

—V. 107, p. 1389, 1104.

Philadelphia Electric Co.—Government

Loan.—

A tentative agreement to a contract was arrived at on Nov. 1 in conference
of the United 8tates Shipping Board,
by the terms of which the company
is to receive $6,000,000 at 5% from the Government through the Fleet

Corporation for the completion of the Beach and Palmer streets plant and
other power plant extensions.
The Government funds are 40% of the cost of the proposed extensions
to be made to the company’s system.
The remainder, or approximately
$9,000,000, is to be furnished by the company.
The plant will contain three generating units with a total capacity of
90,000 lc.w. Work is partially completed on the foundations and work
will be completed within 13 months.
The Beach and Palmer streets plant
itself will cost $9,500,000.
Three new sub-stations will cost an additional
$2,500,000, and a transmission and distributing system will cost another
$2,000.000.—V. 107,

1385, 408.

p.

Porto Rican-American Tobacco

Co.—Scrip Dividend.—

The regular quarterly dividend of 3% has been declared payable in
scrip Dec. 5 to holders of record Nov. 15.—V. 107, p. 611.

7,490,000
107,

—V.

p.

Decrease. I

7.700,000
1389, 1197.

on Nov. 7 ratified the plan calling for the dissolution
company and the sale of all its assets to the Genera] Motors Corp.
Compare V. 107, p. 1486.

United

Decrease.

77,956,679

4,069,120

United States Gypsum Co.—Business Status.—

Pres. Avery is quoted as saying: “Our tonnage is 75% of normal, but
net for this year after taxes should equal best the
company ever made.”
—V. 106, p. 1793, 1583.

United States Rubber Co.—Notes Taken Up.—

Kuhn, Loeb & Co. announce that the $6,000,000 5-year 7% gold notes
offered in exchange to present holders of General Rubber Co. debenture
5% bonds, due Dec. 1 1918, have practically all been taken up by con¬
version.—V. 107, p. 1673, 1486.

Utah Copper

Republic Rubber Corporation.—Stock Increase Auth.—

St. Louis Rocky Mtn. & Pacific Co.—Income Account.
1918-Sepf.-1917.

Gross earning

$433,085
336,006

Cost, expenses and taxes
Interest charges

Depreciation and depletion..

1918—9 Mos.—1917.
$3,917,455 $2,821,102
2,928,957
2,016,647
185,067
187,402
129,000
106,272

$331,960
240,229
20,671
12,295

20,446
15,893

Net income
$60,740
$58,765
$674,431
Robinson & Co., N. Y., are interested.—V. 107, p. 1385.

$510,781

(Chas. A.) Schieren Co. (Tanneries) Bristol, Tenn.—
The “Manufacturers Record” of Oct. 31 1918 published an interesting
illustrated article describing the development of the business of this en¬
terprise from a modest beginning in 1868 to the now widely known con¬
cern.
The company operates a tanneries plant at Bristol, Tenn., covering
23 acres, and occupies a commodious building on Ferry St., New York.

Shannon Copper

Co.—Output (in lbs.).—
3918.

—VT 107,

p.

1583, 1105.

1917.

1916.

800,000
8,047,000

Output, month of October
Output 10 months

(Closed)
5,433,000

757,000
7,756,500

Shattuck-Arizona Copper Co., Inc., N.
1918-Ocf.-1917.

Copper (lbs.)

744,069

Lead (lbs.)
Silver

535,009

(ozs.)

19.347
123.51

Gold (ozs.)
—V. 107, p. 1389, 1197.

Sinclair Oil &

Y.—Output.—

1918-10 Mos.—1917.

808,518
44,161
10,251
66.01

7,991,972
1,504.709

10.531,089
1,874,956
134.729
1,359.12

128,428
1,048.11

Refining Co.—1918 Earnings.—
Quarters Ending
FullYr.End.
Sept. 30 ’18. June 30 ’18. Mar. 31 ’18. June 30 ’18.

Net earns, from oper... $4,761,709
$4,407,660
Other income
53,643
Rrs’ve for Federal taxes
750,0001
921,582
Int. & dfe’. on note
528,778/
Diva, to Feb. 1918
Res’vefor depr. & deplet. 1.064,389
1,052,071

Balance, surplus

$2,418,542

$1,985,440\$11.934,845
j

712,911

f 872,502
11,888,782
3,750,000
3,639,703

$561,268

$1,783,857

711,261

$2,487,650

Note.—From the surplus of June 30 1918 $1,034,281 has been deducted
to provide for additional Federal taxes on account of the proposed new
law for 1918.
Compare V. 107, p. 910, 701.

Standard Oil Co. of California.—Dividend.—
The directors have declared the regular quarterly dividend of $2 50 per
share, payable Dec. 16 to stockholders of record Nov. 15.
In the previous
quarter an extra dividend of $2 50, payable in Liberty bonds, was also
taid.—V. 107. p. 1291, 186.

Tacoma (Wash.) Gas Co.—Reorganization.—

See Tacoma Gas & Fuel Co. below.—V. 107, p.

86, 1105.

Tacoma Gas & Fuel Co.—Successor Company.—

This company, incorporated in Delaware on Sept. 23, with $5,000,000 of
authorized capital stock, contemplates taking over t ie properties of the
Tacoma Gas Co. and Olympia Gas Co., as of Nov. 1 1918, but arrange¬
ments to this end had not been completed to Nov. 4.
The present plan
would leave outstanding the $416,000 Tacoma Gas & Electric Light Co.
5% bonds and $80,000 Tacoma Gas Co. 6% real estate bonds, and call for
the issue of $510,000 new pref. stock and $2,125,000 new common stock.
In July last it was announced that the plan of Aug. 15 1917 had been
declared operative (V. 107, p. 86, 1105).
The Tacoma Gas Co. supplied gas in the cities of Tacoma and Puyallup,

Wash., and owned all the capital stock of the Olympia Gas Co., which
supplied gas in Olympia, Wash.
Under the plan there is to be trans¬
ferred to the new company, following the foreclosure sales, all the property
both of the Olympia Gas Co. and the Tacoma Gas Co., the latter subject
to $416,000 Tacoma Gas & Electric Light Co. l§t M. 5% gold bonds
June 1 1906 [and due June 1 1926, V. 84, p. 343], and to the $90,000 1st M.
real estate 6% gold bonds [due $5,000 each A. & O. till Oct. 1 1923 and
$2,500 semi-annually thereafter till Oct. 1 1928; now outstanding $80,000].
As consideration for the aforesaid properties the new company was to
issue $2,000,000 common stock and $450,000 7% cumulative pref. stock,
the latter with preference both as to assets and dividends and the same vot¬
ing power as the common. The reorganization committee, however, had
the right to vary these amounts to fix the limits of the authorized issues.

In addition to the old undisturbed bonds above mentioned, there were
outstanding at the time the receiver was appointed the following: Tacoma
Gas Light Co. Ref. M. 5% gold bonds, dated June 1 1906, $1,559,000;
Olympia Gas Co. 1st M. 5% gold bonds, dated Sept. 1 1910, $120,000;
floating debt, approximately, $300,000; pref. stock, $750,000; common
stock, $1,550,006—all extinguished by the foreclosure sales.
Terms of Exchange for Old Bonds, cfee.
New Preferred.
New Common.

t1,559,000TacomaGas Co. Co. M. 5s 5s.25%-$389,750 100%-$l,559,000
120.000 Olympia GasLt. 1st Ref. M.
25%- 30,000 100%120,000
For floating debt at committee's discretion
100%-

For expenses of receiver and

reorganiz’n__

30,250

300,000
21,000

Total.
$450,000
$2,000,000
New Status on Basis of Combined Earns., Yrs. end.— JulyZl ’16. July 31’17
Gross earnings
$289,791 $283,559
Net earnings, after operating expenses
83,951
69,101
interest: 5% on $416,000 bonds; 6% on $90,000 bonds
Bond
26.200

7% dividend

on

Balance
The

$450,000 pref. stock

31,500
$11,401

plan also authorized the reorganization committee. In its sole dis¬

cretion. to determine the authorized amounts of pref. and common stocks.

Reorganization Committee.—H. M. Byllesby, 8. W. Childs, J. J. O’Brien,

W. H. Clarke and F. W. Stehr. with as depositaries Old Colony Trust Co.,
Bestow, and Continental Ac Commercial Trust & Savings Bank. Chicago.




Co.—Output (in Lbs.).—

1918—October—1917.
19,000,000
18,100,000
—V. 107, p. 1389, 1197.

Increase. I

1918—10 Mos.—d.917.

900,000 167,898,596

172.152,325

Decrease.

4,253,729

Western Canada Flour Mills Co.—Earns., Aug. 31 Yrs.

1916-17
1915-16
*

The stockholders on Nov. 4 authorized an increase in the capital stock
of the company so that it should consist of $10,000,000 1st
pref. cumulative
7% stock, $2,500,000 2d pref. 8% cumulative convertible stock and 650.000
shares of common stock without par value.
Compare V. 107, p. 1583, 807.

Profit-Sharing Corporation.—Extra Dividend.

The directors have declared an extra dividend of 5% on the capital stock
along with the semi-annual dividend of 5%, payable Dec. 2 to stockholders
of record Nov. 11.—V. 106, p. 1809.

1917-18

1918—10 Mos.—1917.

21,000 73,887,559

United Motors Corporation.—Dissolution.—

The shareholders

of the

Years—

Ray Consol. Copper Co.—Output (in Lbs.).—
1918—October—1917.

1843

Profits.
$543,844
418.023
376,261

Bond. Int.
$87,889
91,664

Dies. (8%).

$229,702
169,976
169,976

93,500

Bal., Sur.
$226,253
156,383
112,785

Total Sur.
*$858,434
844,651
688,268

After deducting $212,470 stock dividend.—V. 105, p. 2280.

Western Grocers, Ltd., Winnipeg.—Dividend Plan.—

The A. Macdonald Co., Ltd., now Western Grocers, Ltd., with a view
to a settlement of the deferred dividends, has issued a circular signed by
W. P. Riley, Winnipeg, as of Oct. 5, saying in substance:
Since the capital represented in the deferred dividends will be necessary
to successful operations for some time to come, we recommend that the
present pref. stock [$1,766,800] be increased by an amount equal to the
accumulated and unpaid dividends as at Dec. 31 1918 [$618,380], and
that the shareholders accept pref. stock at par in full settlement of unpaid
dividends up to that date.

Providing that the preferred stockholders accept this plan and subscribe
for preference stock approximately equal to the cumulative and
unpaid dividends up to Dec. 31 1918, a dividend of 35% will be declared
early in the year 1919 to carry out this arrangement (35% being cumulative
dividend of 7 % for five years).
Only shares of the par value of $100 each
will be issued, and pref. shareholders whose dividend will not aggregate an
even $100 must pay such additional amount as will bring the sum up to $100.
Your directors anticipate that if this plan is accepted and your com¬
pany’s earnings continue as satisfactory as they are at present, the future
earnings will be sufficient to warrant the payment of regular quarterly
dividends at the rate of 7% per annum, on the total issue of preference
stock, beginning with the quarter ending March 31 1919.
The larger
amounts consequently required for investment in merchandise stocks and
credits, and the fact that your company is enjoying a steadily increasing
trade, have made necessary the employment of more capital. Bank bor¬
rowings have increased, and the plan suggested is, therefore, about the
only way the accumulated dividends can be properly retired.
[Capital stock authorized in $100 shares: (a) $4,000,000 common; (6)
$3,000,000 7% cum. pref. entitled to participate equally in all further
profits after 8% has been paid the common; outstanding, $3,000,000 com.
and $1,766,800 pref.
No bonds. Dividends paid: 7% on pref. to Dec. 31
1913 and 5% on com. to June 30 1913; none since.]—V. 107. p. 410.
at par

Western Heater Dispatch

Co.—Offering of Equipments.

Parson, Son & Co. are offremg at a price to yield 7.25% $100,000 equip¬
ment 68, due $20,000 each year 1920 to 1924.
These notes are the direct
obligation of the Western Heater Dispatch Co., and are secured by a first
lien on 460 standard highly insulated cars of modern construction.

Westinghouse Air Brake Co.—Official Circular—Status
Miller, in circular of
Nov. 7, says in substance:
under Peace Conditions.—Pres. John F.

In view of the change in the fiscal year which has postponed until March
the issue of the annual report heretofore received in October, it is proper
to state in general terms the present condition and outlook of business.
The company is not now engaged in the execution of any contract or
contracts involving munitions or other products used directly or solely for
war purposes.
The brake equipments and draft-gear now being supplied
for application to the cars and locomotives ordered by the U. S. RR. Adm.
include a relatively small number originally intended for use on American
lines in France, but the demand for additional locomotives and cars for

Sse in not United States is solocomotives and carsthe Government should
ecide the to ship additional
great that even if to France, there is no

doubt that the entire number of equipments on order will bo required in
the United States as promptly as they can be produced.
Again, the
assistance that the United States must lend in the rehabilitation of Belgium
and France will undoubtedly continue the increasing demand for additional
transportation facilities in this country, so that there is no reason to an¬

ticipate any reduction in the volume of brake business during 1919.
Current monthly shipments of air-brake material and accessories exceed
shipments of any corresponding period in the history of the
company, and the value of unfilled orders on Nov. 1 1918 approximated
$11,000,000.
The same statements apply with equal force to the signal business of
the Union Switch & Signal Co., which promises to show unusually favorable
figures for the calendar year 1918, with every prospect of their continuance,
through 1919.
The war work of that company, which has been handled
with distinguished success and without any interference with normal activi¬
ties, will bring the net earnings for the year 1918 much beyond any previ¬
ously reported for a similar period. Tne Switch Co.’s principal contract
with the U. 8. Government is nearing completion, and the supplementary
in value the

contracts on which work has been commenced can be canceled without
loss, if the Government so elects.
The business of the company’s other subsidiary and associated com¬

panies, the National Brake <& Electric Co., of Milwaukee; the American
Brake Co., of St. Louis, and the Locomotive Stoker Co., of Pittsburgh, has
been and continues to be extremely satisfactory.—V. 107, p. 298, 87.

Weyman-Bruton Co.—Nev> Stock.—

The shareholders will vote Dec. 4 oh approving an increase in the author¬
ized capital stock by 30,000 shares (par $100) each, of common and preferred
stock, identical with the common and preferred issues at present outstanding
so that the total authorized capital stock will be $18,000,000, of which
$9,000,000 will be preferred and a like amount common.
The new preferred
stock will from time to time be offered to the preferred shareholders at par,
and the common stock offered to the common shareholders at par, in each
case in proportion to their respective holdings, in order to provide additional

working capital as when and as needed.—V. 107, p. 1292, 105.

Whitman Mills Corp.—Dividend Increased.—
Press reports state that the directors have declared a quarterly dividend
of $5 per share on the $2,000,000 outstanding capital stock (par $100),
an increase of $1 from the last previous dividend, payable Nov. 15 to share¬
holders of record Nov. 6.
In Feb. 1918 2%land 1% extra wore declared.
—V. 105. p. 1809.
m

(F. W.) Woolworth Co.—Sales.—
1918—October—1917.

$9,331,384
—V. 107, p.

$9,610,534
1583, 1105.

Worcester Gas

Decrease.

’^81

] 1918—10 Mos.—1917.

$279,150 ($81.631.932

Increase.
$74,424,186 $7,207,746

Light Co. (Mass.).—New Stock.—

The stockholders will vote Nov. 12 on increasing the capital stock by
an issue of 7% pref. stock and 6% bonds to pay off floating debt.
The
amounts to be issued, it is said, nave not been determined by the other

directors, but they probably will be before the meeting.
The capital stock of the company is $1,400,000.
The floating indebted¬
ness

June 30

was

$1,880.000.—V. 107,

p.

808.

THE CHRONICLE

1844

[Vol. 107
=±====5

Imports and Jponunoents.
MAXWELL MOTOR COMPANY
INCORPORATED
FIFTH ANNUAL REPORT—FOR THE YEAR ENDED JULY 31 1918.

July 31 1918.

To the Stockholders:
The fifth annual report of the Maxwell

Motor Company,
Ine., for the year ended July 31 1918 is herewith submitted.
The net earnings of your Company, as shown by the accom¬
panying statements of its Certified Public Accountants,
Messrs. West & Flint, and Messrs. Barrow, Wade, Guthrie &
•Company, respectively, amount to $2,292,201 90, after
setting aside reserves for Federal Income Taxes at the rate
•of 6% and without provision for Excess Profits Taxes, if any.
During the fiscal year just ended the regular quarterly divi¬
dends of 1%% on your Company’s First Preferred Stock for
the quarters ending September 30 and December 31, respec¬
tively, 1917, were paid in cash, and for the quarters ending
March 31 and June 30, respectively, 1918, in Dividend Cer¬
tificates payable, as to principal, two years from date of issue,
with interest at the rate of 6 % per ann. payable semi-annually.
As the Stockholders are well aware, war conditions have
•effected radical changes in the automobile industry in the
year just passed. Plants like your own were regarded as a
logical source of production for the war materials necessary
to a successful prosecution of the war, and it became our
patriotic duty to co-operate with the Government in carrying
•out its war program, to the fullest measure that our circum¬
stances would permit.
This has involved
duction of passenger

a

substantial curtailment of the pro¬

automobiles, and conversion of your
Company’s facilities from the manufacture of passenger auto¬
mobiles to the manufacture of war materials, but this curtail¬
ment and conversion has been effected gradually, with the
result that there has been little, if any, interruption in the
•continuous operation of
your Company’s plants as a whole.
Under agreement with the War Industries Board your
•Company is permitted to manufacture passenger automobiles
until December 31 1918 at the rate of 50% of its 1917 pro¬
duction, and as our fiscal year closes about 20% of our total
•capacity is so engaged. The remaining 80% is devoted to
the production of necessary war materials. Just what will
be the probable profit of your Company from the perform¬
ance of these war contracts cannot be fairly estimated until
the work is nearer completion and it is for this reason that
the estimated profits realized to date from this source are
not included in the enclosed balance sheet.

In this connection it should be stated that the above refer¬
ence

to your

Company’s capacity includes the properties and

manufacturing facilities of the Chalmers Motor Corporation,
MAXWELL MOTOR

the use of which was acquired by your Company for a period
of five years from September 11917 pursuant to the terms of
a lease entered into by your Company and the Chalmers
Motor Corporation as of that date. The amount of the rental

payable by your Company under the lease referred to is 50%
of the net profits derived from the use and operation of the
Chalmers properties.
It is perhaps needless to say that upon the conclusion of the

war the entire facilities of the Maxwell and Chalmers factories
will be devoted to the production of Maxwell and Chalmers

passenger cars, Maxwell trucks and tractors, but to what ex¬
tent your Company will be able to continue the manufacture
of passenger automobiles during the war cannot now be

stated,

as

this will be governed and controlled entirely by the

needs and demands of the United States Government. In
the meantime, however, it is expected that through your

Company’s several thousand dealers throughout the

cates were

duly issued to the holders of Voting Trust Cer¬

tificates.
The net working assets of your
Company and its subsidi¬
aries at the close of its fifth fiscal year are $13,384,377 82.
Attached to this report a**e the balance sheet and the

profit and loss account, containing additional information as
to the result of the year’s operations.
Respectfully submitted,
W. LEDYARD MITCHELL, President.
MAXWELL MOTOR COMPANY. INCORPORATED. AND SUB¬
SIDIARY COMPANIES—CONSOLIDATED STATEMENT OP
INCOME FOR THE YEAR ENDED JULY 31 10It.
Net Earnings from Operations, after deducting
Costs of Manufacturing and Expenses of Ad¬
vertising, Selling. Administration and Taxes

excluding any profits on Government work

delivered or in process
$2,437,114 28
Other Income
Cash Discounts on Goods Pur¬
chased
$283,684 37
.

Sundry
n

,

Miscellaneous Revenue” 442^535

Patents,

Machinery

Models,

Names

Total

$8.16*4*4 49

Depreciation on Buildings, Machinery and Tools, over and
above Repairs and Replacements.
871,182 69
Net Income for the Fiscal Year ended Julp 31 1918:
Corporation Income Tax at 6% deducted, and without
deduction of Excess Profits Tax
$2,292,201 90

LIABILITIES.

Capital Stock—

and

Trade-Marks

Trade

and

$9,283,843 06
*

25,224.108 94

of $206,844 83.

Liberty Bonds
Cash

First Preferred: Authorised August 1 1917

$9,183,843 06
• 100,000 00

Current Working Assets—
Inventories
$16,283,387
Advances to Chalmers Factory
2,398,115
(London Office—Net Assets
65,837
Interest Receivable—Government Contracts
115,485
Accounts Receivable
2,611,563
Notes Receivable (Discounted to the amount
_

See opposite)

_

Sight Drafts with- Bills" of Lading attached,
out for Collection
amount of $951,931

Deferred Expens•>

Insurance and Taxes

(Discounted to the
39. See opposite)...

55
85

Common
Less: In

10,127,467 99
$13,000,000 00
194,842 42 12,805,157 58

83

1,783,190 19

.

Treasury

$38,269,267 58

Mortgages and Land Contracts

’

Sinking Fund (CentraT Union Trust Company of New

119,405 19

York, Trustee)—

•Cash
'First Preferred Capital Stock Scrip

$13,336,642 01

$11,000,000 00
872,532 01

2 RfiQ 037 Qfi

_

Issued
$13,915,142 01
Less: Purchased since August 1 1915 and
canceled through Sinking Fund
578.500 00
Second Preferred
Less: In Treasury

879,715 01
773,750 00

’

$14,050,000 00

15
65

27,780,983 19

Prepaid

726,220 21

COMPANY, INCORPORATED—CONSOLIDATED GENERAL BALANCE SHEET JULY 31 1918.

Investments in other properties

•Good-Will,

84

Deductions

ASSETS.

Capital Assets—
Real Estate, Buildings,
Equipment

country

it will be able to maintain prompt and efficient service to all
those who own and operate Maxwell aDd Chalmers cars.
In January 1918 the Voting Trust which held the stock of
all classes of your Company was dissolved, and stock certifi¬

$10.717 92
6 00

10,723192

U. S. Government—Advances on Contracts
Dividend Warrants—Due 1920
Current Liabilities—
Notes Payable
Accounts Payable—Audited
Accounts Payable—Unaudited Vouchers

(ind. interest).

$4,160,000
1,568,247
765,877
Wages, Taxes, Insurance A Interest Accrued
500.149
Customers' Deposits
419,066
Liberty Bonds Subscription—Banks
140,000
Liberty Bonds Subscription—Employees
69,543
Notes Receivable—Discounted
206,844

Sl^ht^Drafts on Customers—Discounted

For Depreciation of Plants
For Accounts Doubtful of Collection
For Contingencies

Corporate Surplus—
Undivided Surplus July 31 1917
Net Income tor the

year

ended July 31 1918

(subjest to Federal Taxes and Income Tax
in excess of 6%)
__

168.381 53
$.614,944 10
486.782 48

00
11
86
76
82
00

60
83

951,931 39—6.781,661 27
$2,333,377 35
157,524 61
60,000 00—9459,961 99

$8,017,444 34
2,292,201 90

$19409.646 24

^

Deductions—
Dividends

$953,762 17
133.366 42
580,392 27

Sinking Fund Appropriation
Adjustment of Taxes
Reduction in appraised values of
other property Investment

75,000 00

$62,419,064 30

1,742,520 86

8,567,125 38

$62,419,064 39

Books and Accounts of Maxwell Motor Company, Inc., for the

year

ended July 31 1918

wi*k>I^^a3bMnImiuleIfordr^nw^^i!ftw.arnHI^iaCt'Ualiad<rti?ns«.to ^equipment. and Plants of the of cars, materials, supplies, Ac., are valued at proyigioa^has been made for Depreciation and Renewals of plant and Properties The inventories Company have been capitalized and that full cost
n

b

of

deduction for possible loss and provision has

also been made for doubtful

accounts and

contingencies.

™iwith the U. 8. Government, and the possibility of certain adjustments in connection therewith having to
included ^in the resuhfstated1116*1 advisable not t° take any profit into acount at this time in connection with said contracts and accordingly none

i2ro^rTaxover 6% year’ v^*’ 62,292,201 90, are after charging all costs, expenses and other deductions with the exception of Excess Profits Tax
the^Oampany* at^fuLv*3 J^l9d8^
^ our °Pkdon the above Balance Sheet is properly drawn up so as to show the correct financial position
New York, October 22 1918.




BARROW, WADE. GUTHRIE A CO., Chartered Accountants.
WEST A FLINT, Accountants and Auditors.

Nov. 9

THE CHRONICLE

1918.]

New York, October 22 1918.
of Directors, Maxwell Motor Company, Incor¬
porated, New York, N. Y,
Dear Sirs:—Wo have made an audit and examination for
the fiscal year ended July 311918 of the books and records
of your Company together with those of:
To the Board

Maxwell Motor Sales Corporation,
Maxwell Motor Company of Canada, Limited,
Briscoe Manufacturing Company.
Of the above named Companies the Maxwell Motor Sales

1848

The Inventories of Merchandise and Supplies have been
valued at cost* to the Company, but in view of the fact that
the operations of the automobile industry have been curtailed
it has been deemed advisable to materially reduce the oost
values of certain of the slower moving articles to provide
for any shrinkage which may eventuate and this has been
done accordingly.

against Operating Costs, etc., as under:
Maxwell Motor Company, Incorporated—$871,132 5t
Maxwell Motor Company of Canada, Ltd.. 59,765 34
Corporation is the Selling Agent in the United States; the
Briscoe Manufacturing Company
2,067 99
Canadian Company is the Agent in Canada, and the Briscoe
—.

Manufacturing Company is the Manufacturer of Automobile
Total.
.$932,965 92
parts with a factory m the City of Detroit.
The above sum is in addition to the usual maintenance
The net worth or the Briscoe Manufacturing Company to
the Maxwell Motor Company, Incorporated, has m past charges.
The Central Union Trust Company of New York as Trustee
years been shown on the Consolidated General Balance Sheet
under the caption “Investments in Other Properties.” In under the Sinking Fund for the retirement of the First Pre¬
the Balance sheet presented herewith this method of state¬ ferred Capital Stock has, during the year, surrendered for
ment has not been followed.
The Company has practically cancellation 5,785 Shares of the First Preferred Capital issue
eeased its activities in the open market and coniines itself and under instructions of the Stockholders this has been
to the manufacture of Government work and automobile retired and the Authorized Capital for this issue reduced to
parts for the Maxwell Passenger Cars and Trucks and the the sum of $13,471,500 00.
Assets and Liabilities are shown in detail throughout the
The Sinking Fund provision has been observed by the
Balance Sheet.
setting aside out of profits of the sum of $133,366 42, being
The Investments in other properties, $100,000 00, shown 1% of the amount of the First Preferred issue outstanding.
consist of the Company s interest in the New Castle Realty This sum, together with the discount on shares purchased
Company (New Castle, Indiana) and in shares of stock of the and interest and dividends accruing to the Sinking Fund,
Detroit Shell Company, a Company organized in Detroit for have been applied on reduction of the Good-Will Account
the production of shells for the United States of America.
to the amount of $233,254 27 during the year.
The book value of the holdings of the New Castle Realty
The Company has undertaken directly large contracts
Company has been written down from $150,000 00 to with the United States of America and as Sub-Contractors
with other parties holding like contracts. At July 31 1918
$75,000 00 during the year by charges against Surplus.
The Treasury Stock, the Notes Receivable, the Cash on the deliveries on account of said contracts were incomplete,
Hand and on Deposit and the Sight Drafts on dealers with and it has been deemed wise to wait until a later date to
Bills of Lading attached, have been verified by examination determine what profits flow from these operations, conse¬
or
quently the annexed Income Account does not reflect toy
by proper certificate.
-

The Notes and Accounts Receivable have been examined
and the collectibility thereof inquired into.
In our opinion,

profits

on

this work.

Yours

truly,

the Reserve set up to provide for shrinkage in liquidation is

BARROW, WADE, GUTHRIE A O#.,

ample and sufficient.

WEST A FLINT.

MARLIN-ROCKWELL CORPORATION
PRESIDENT’S REPORT TO STOCKHOLDERS, DATED

To the Stockholders,

MARLIN-ROCKWELL CORPORATION:

In keeping with the policy of this Corporation, your
executives are devoting their energies to conserving the
interests of your manufacturing divisions engaged in the
production of commodities that will continue m demand

subsequent to the War.

The nature of the errand upon which your Company was
originally launched has forced an expansion in fixed assets
far beyond any original expectations, but it is the present
policy of your directors to limit further expansion m this
direction to the greatest extent possible and to continue to
keep the Company in increasingly liquid condition.
We are endeavoring to anticipate tne condition in which
we will find ourselves as the stoppage of the war occurs,
and to so plan our organization and operations that we
will be fortified from every standpoint, so far as possible.
We view the automobile industry as a likely substantial
absorber of necessary high-grade accessories.
Your Standard Roller Bearing Division at Philadelphia,
one of the largest producers of roller, ball, and taper bearings
in the United States, whose present field of sale is largely
confined to motor trucks, tractors, airplane motors, &c.,
is, we feel, enjoying a constant and healthy growth and
fitting itself to meet its share of such demand as will occur
with the revival of the motor industry. The unopened
field for bearings is vastly larger than that so far developed;
the program contemplates specializing in types of bearings
.

OCTOBER 22 1918.

of $600,000, and the management predicts a
unlimited market later.
Your Mayo Radiator Division, located in
New York, is quadrupling last year’s turnover,

praetiOafiy

the Bronx,
and is con¬
stantly increasing its rate of production. Next year, under
any conditions, we feel that it is entitled to and should do
a business of
approximately three million dollars.

We have a well-organized Patent Department, under
which our present interests will not only be maintained
and protected, but through which we expect to establish

monopolistic control of devices above enumerated as well
as those in hand in our laboratory and future development
departments.
The acquisition of the Braebum Steel Company, at
Pittsburgh, will insure a steel supply for the beanngs divi¬
sions. The quality of steel required for bearings is so high**
grade that we are confident that the ownership of this
plant will put us in a position to materially excel in the
quality of our product, giving us a genuine commercial ad¬
vantage through the beanngs divisions. In addition to this,
we are finding a satisfactory market for the steel production
in excess of our own requirements, and the profile of opera¬
tion of the plant, so far as indicated by our four months’
ownership, are considerably in excess of our expectations.
The Company’s production is now at the rate of over three
v

million dollars per annum, and provisions are being made
for additional equipment to fully meet the requirements of
the bearings division.
Your Machine Shop at Tacony, Pennsylvania, is a new

consumers as well
plant, well located and equipped for the manufacture of
yield substantial profits—in, for instance, the equipment Standard and Special machine tools for our several (after¬
•of railway trains and trolley cars, etc., where a decreased war products) plants, insuring quality, quantity, and
resistance in friction will offset increased power otherwise economy in new and increased machine tool equipment.
Your Laboratories are conducting experimental work
necessary.
We feel .that we can conservatively anticipate
which we confidently expect will eventuate in the develop¬
a turnover of $6,000,000 to $8,000,000 in 1919 for this
ment of patentable articles in attractive commercial fields;
Division, depending*on the duration of the war.
Your Rockwell Drake Division at Plainville, Conn., is some of these have reached such a stage as to be considered
producing very high-grade bearings at a satisfactory profit; of proven worth. We will be prepared to take commercial
the demand has reached a point that warrants largely in¬ advantage of these devices when conditions become normal.
In addition to the enumerated divisions, we have at
creasing the capacity (which matter is now being consid¬
ered by us). This plant’s product, for which there is appar¬ present approximately thirty-five million dollars worth of
ently a lasting market, is capable of producing about $1,- contracts for munitions due for delivery to the Government
500,000 annually
by July 1919. After delivery is completed under these
Your Standard Roller Bearing Company is the exclusive contracts, we will have released for production in normal
licensee of the Rudge-Whitworth Motor Wheel, which we lines about 835,298 square feet of floor space, a large amount
believe is conceded to be the best wire wheel that has been of equipment, and some thousands of trained employees,
devised. Hans are prepared for promulgating this branch which we will be prepared to utilize in the production or
of the business on a thoroughly broad scale when conditions some of the commodities above reviewed as well as others
make that possible. Prior to its being interrupted, the under development.
A. F. ROCKWELL, President.
demonstrating effort of 1917 resulted in a turnover in excess

thatwill result in great economies to the
as




.

THE CHRONICLE

1846

[Vol. 107.

Pacific coast yards a

ship a day is being completed by a
huge army of workers. Cargo carriers are usually turned
out ready for immediate service.
The shipworkers of the
fifties in this country would have considered such things
COMMERCIAL EPITOME
incredible. Receipts of live stock at Chicago for October
Friday Night, Nov. 8 1918.
shows a high record for that month, being the largest of
Trade has slackened, owing to the excitement growing
any month since January 1908.
It is reported that recent
out of the election of Nov. 5, the influenza which has not
purchases of farm lands in Iowa have been at $350 to $400
yet completely died out, warm weather, and finally renewed per acre, the highest ever known. With a view to pre¬
peace talk, not to mention the great outburst of popular venting coal shortage and the distress of last winter and the
excitement on the 7th inst., owing to a false report which
hampering of industries a coal storage program has been
spread throughout the country that an armistice with Ger¬ outlined for eastern States which are to begin accumulation
many had been signed, thereby practically ending the war.
by Nov. 15 the Fuel Administration declares. In other
It was denied after some hours, but the celebration, never¬ words heavy accumulation of coal for winter
storage in
theless; continued far into the night. The German Com¬ points in the East, including Pennsylvania, New York,
mission has seventy-two hours in which to reply to the New
Jersey and the New England States will be begun then.
armistice terms of the Allies and the United States, the time
STOCKS OF MERCHANDISE IN NEW YORK.
Nov. 1 1918.
Oct. 1 1918. Nov. 1 1917.
ending at 11 a. m. Paris time Monday, Nov. 11. With the Coffee. Brazil
bags. 814,762
1,078,932
1,722,293
approach of peace there is a disposition to restrict business Coffee, Java
bags.
7,450
13,837
12,193
somewhat and await light on the decidedly interesting ques¬ Coffee, other
bags. 519,646
639,993
628,508
Sugar (refiner’s stock)
barrels.
21,349
14,463
tion how peace will affect prices.
It is supposed that plant Hides*
No.

2fltc Commercial Times

extensions will be abandoned to some extent in certain direc¬
tions. On the other hand, the return of our armies from

Europe ought to help business. For retail trade has cer¬
tainly suffered from the absence of an army of 2,000,000
men or more on foreign soil and some hundreds of thousands
in the camps of this country. Also it is said that manufac¬
turers are not any too anxious to accept orders just now for
any great length of time ahead.
They might be canceled
later on if prices should drop decidedly. In the holiday
trade useful rather than fancy articles are being bought.
Many industries, it is true, are active. Yet, the note of
peace begins to be perceptible.
The fear of a deflation of
prices is there. And the feverish activity of war is bound to
die down as peace approaches. The general
hope and belief
is that by Monday next, if not before, the armistice will be
signed and the war to all intents and purposes come to an
end—that is, a war with victory, the only ending that the
American people desire or will tolerate. Meanwhile the
fuel situation is better.

There is

no

actual curtailment

as

yet in the iron steel and shipbuilding industries. Quite
the contrary.
They are all active on Government orders.
Business in munitions, however, it is said, is beginning to

decrease.

There

being sought

are

or soon

indications that civilian business is

will be

on a

larger scale by steel and

iron concerns. The crop news is generally favorable, and
it is well known that the winter-wheat acreage is the largest
on record, and it has been favored
by good rains. Food
will be more plentiful, now that submarines seem likely to
disappear very shortly, if they have not already. India,
Argentina and Australia will help feed Europe. American

will have more for herself. The opening up of the Dar¬
danelles will prove to be a great event sooner or
later, in the grain trade, not to speak of its more
momentous

Business failures are still re¬
markably few. Collections are good. Monev is more plentiful.
As peaoe approaches many prominent business men are
urging the country to get ready for it, adding that it is really
as unprepared for peace with its momentous
changes as it
was for war.
The high cost of living contnues, though
fruit, notably oranges, are somewhat cheaper. Meanwhile
it costs the United States 50 cents per day to feed soldiers
in oamps in this country and more in France, whereas,
twenty years ago, throe square meals a day cost 13 cents
per man.
The increase has been 350%. During Gen.
Pershing's campaign in Mexico the daily ration cost 25 cents.
This country will, it seems, soon return to pure white wheat
bread, owing to the opening up of routes to Europe for the
big wheat supplies of India and Australia since the collapse
of Austria and Turkey.
The recent food survey has dis¬
closed, contrary to reports of a month ago, that there is
a world surplus of wheat if
tonnage can be obtained to com¬
plete distribution. The Argentine and Australian crops ex¬
ceed former estimates, and the winter wheat crop in the
United States is about 60,000,000 bushels over the latest esti¬
mate. The doing away with substitutes for wheat in this
country will be a welcome return to normal conditions.
Yet the food question is still a burning one. Not only the
Allied armies but the big populations of the Allied nations
and now those of Austria-Hungary, Bulgaria and Turkey
are to be fed and to a considerable extent
by the United
consequences.

States. Even should peace come now the need for a greater
food production in 1919 will not be lessened, Clarence
Ousley, Assistant Secretary of Agriculture, told an audience
at the Humanitarian Society.
The need for restoration
work abroad, absorbing the labor of vast armies of men who
will thus be prevented from working on the land,
Mr.
Ousley said, will throw a still greater agricultural responsi¬
bility on the United States. Also he pointed out, once
peaoe is signed the Central Powers will be in the market
for Amerioan food products along with the Allies.
Labor
is still soarce but if peace is near at hand the turn in the lane
may not be far off.
Returning troops and discharged hands
from munition works would greatly increase the
supply.
Shipbuilding it is agreed must continue on a large scale for
years to oome.
In fact a demand of unparalleled size is
expeoted for ships for many years from all over the world,
i. e., the Allies, neutrals and present enemies. The
ques¬
tion Is whether the Government will continue in control
after peace. In any case shipbuilding it is argued is bound
to 1m active ii the United States for some years.
In our




„

Cotton
Manila
Flour

bales.
bales.
barrels.

hemp

60,700

75,046

93,067
2,750
6,100

..

21,700

36,000

*Not published during war.

LARD steady; prime Western, 27.20@27.30c.; refined for
the Continent, 28.75c.; South America, 28.90c.; Brazil in

kegs, 29.90c.

Futures advanced partly in

response

to the

rise in corn and hogs.
Packers have been buying and there
has also been more or less covering. Minimum prices for

hogs have been fixed for all Western packing points, based
$17 50 at Chicago. As against the bullish factor an
increase in stocks as compared with last year served as a
more or less counteracting influence.
Stocks of lard on
Nov. 1 were 6,121,855 lbs., against only 308,697 lbs. a year
ago.
This refers to contract grade. The total of all kinds
is 28,421,601 lbs., against 20,011,671 a year ago.
To-day
prices advanced. They are higher for the week.
upon

DAILY

CLOSING

PRICES
Sat. '

Nov. delivery
cts_26.20
December delivery
24.95

OF LARD FUTURES
Mon.
Tues.
Wed.
26.25
Holi- 26.60
24.90
day. 25.40

IN CHICAGO.
Thurs.
Fri.
26.60
26.70

.

25.90

26.25

PORK strong; mess $40@$41; clear, $42@$50;

family,
$53@$55. Beef products firm; mess, $35@$36; packet,
$36@$37; family, $40@$41; extra India mess, $58@$59.
No. 1 canned roast beef, $4 25; No. 2, $8 25.
Cut meats
steady; pickled hams, 10 to 20 lbs., 30M@31Mc.; pickled
bellies, 35 @ 36c. To-day Nov. pork closed at $37 80,ariseof
$2 90for the week. Butter, creamery, 57 @61c.; Cheese, flats,
29M@32Mc. Eggs, fresh, 48@67c.; nearby white, 75@$1.
COFFEE higher and more active on the spot; No. 7 Rio
10Me.; No. 4 Santos 15MC4 lair to good Cucuta 15
15Me. On the 2d inst. the Food Administration’s new
order regarding the winding up of trading in futures was

announced as follows: “On and after Nov. 1 1918 all opera¬
tions and transactions on or under the rules of the New York
Coffee and Sugar Exchange are hereby prohibited, except
such as are required in the liquidating of the outstanding

contracts, on or before Nov. 9 1918, at the maximum price
permitted to prevail on the Exchange by Rule 1, of these
regulations on Oct. 18 1918. The maximum prices are as
follows: November, 8.65; December, 8.80; January, 8.95;
February, 9.10; March, 9.25; April, 9.40; May, 9.55; June,.
9.70; July, 9.85; August, 10; and September, 10.15. It is
ordered that

no

person

after Nov. 9 1918 shall have out¬

standing any such unliquidated contract or perform it by
the delivery of coffee.” Many members of the Exchange,
are disposed to criticise the methods thus adopted, though
no

one

denies that the situation is abnormal.

Others ap¬

of the regulating terms and call attention to the fact
that they remove the excuse on the part of the holders of
coffee for refusing to sell because of the inability to cover
their hedges on the Exchange.
Secondly, under the re¬
striction of the Food Administration, no coffee can be
carried longer than ninety days, and profits are limited by
Government regulation, something that looks reasonable.
It is stated that 90%. of the long interest is foreign, chiefly
Great Britain, France, Holland and Spain. Most holders
abroad, it appears, have been carrying their holdings for
several years, switching from time to time at considerable
premiums, and the European holder will suffer heavy loss
by the system of compulsory liquidation.
SUGAR has been quiet. Raw, 7.28c. for centrifugal,
96-degrees, Cuban and Porto Rican; granulated, 9c. The
Committee has bought, to all appearance, sparingly. The
weather has been good for grinding in Louisiana. Michigan
beet factories are in some cases shipping freely. As a pre¬
caution against a possible shortage of sugar in general,
interim certificates are to be issued for winter supplies, to
anticipate possible freight congestion, which may begin
about Nov. 15. Certificates will be issued for a full thirty
days’ supply, making them in denominations of 60,000 lbs.
prove

and marked “November interim.”
OILS.—LinSeed lower at $151 @$153

raw,

carloads,

prompt delivery; 5-barrel lots $1 54@$1 56. Lard, prime
edible $2 25@$2 50.
Cocoanut, Ceylon, bbls. 17@17Me.

Cochin, bbls., 18@18Mc. Soya bean, 18@18M<?. bbls.
oil, crude, wood, 17M@18c. Olive $4 25. Cod,
domestic, $1 45@$1 50. Spirits of turpentine 71M@72e.
at yard.
Strained rosin, common to good, $15 25@$15 30.
PETROLEUM in brisk demand; refined, barrels, cargo,
17.25@18.25; bulk, New York, $8 25@$9 25; cases, New
Com

Nov. 9

1918.]

THE CHRONICLE

York, $19 25@$20 25.
8teel

barrels, to

Gasoline firm; motor gasoline, in

garages,

24He.; to

consumers

26He.;

gaa

machine, 41 He. There was a decline in October oil field
operations, owing to influenza. It cut down completion of
oil wells and new production. The total October
comple¬
tions were 2,129 against 2,213 in September.
Closing prices:
Pennsylvania dark $4 00 South Lima.

Cabell.
Crichton

2
1
2
2
2
2
2
2

Corning..
Wooster
Thrall
Strawn
De Soto
North Lima.

77
40
85
58
25
25

$2 38 Illinois, above 30
2 28
degrees
$2
2 42 Kansas and Okla¬
homa
Somerset, 32 deg.. 2 60
2
Ragland
1 25 Caddo, La., light. 2
Electra
2 25 Caddo, La., heavy 1
Moran
2 25 Canada
2
1
Plymouth
2 33 Healdton
Henrietta
2
Indiana
Princeton

151

381

In order th^tt comparison may be made with other years
give below the totals at leading ports for six seasons:

we

|

Receipts at—

1918.

Galveston
Texas City, &c
New Orleans
Mobile
Savannah

25
25
55
78
45
25

gradually rectify the labor situation.

Stripped Havana to¬
bacco has been active. The last allotment of 5,000 bales of
Java leaf was quickly taken. Sealed bids were received up
to noon Nov. 6 by the United States Shipping Board on
13,720 bales of East India tobacco taken by the Govern¬
ment from requisitioned Dutch steamers.
The October re¬
port by the Government says the weather was favorable for
curing tobacco in northern areas and during the first part of
the month in the South. There was some complaint of mil¬
dew in the lower Ohio Valley, due to excess of moisture.
COPPER has been quiet since peace talk has been re¬
newed.
The ending of the war would naturally cut off the
war demand.
It would seem that civilian business would
then greatly increase, however.
The price is still 26 cents
in car lots and 27.30 in smaller quantities. Tin dull at
75 H to 76c.
Lead quiet at 8.05e. Spelter quiet at 9c.
here and 8.65 at East St. Louis.
PIG IRON has been quiet in anticipation of an early
peace.
The production for the rest of 1918 will be taken by
the Government. No other offerings appear except for the
first half of 1919, and neither buyers nor sellers appear any
too anxious to do business, owing to the uncertainties in¬
volved in approaching peace.
It is stated, however, that
Great Britain is negotiating through the Government for
750,000 tons of basic iron for delivery over the first half of
next year.
This is believed to be the largest transaction
ever offered American iron producers.
STEEL trade shows little new business.
Everybody is
'

Considerable orders for steel are still un¬
filled; 5,000,000 tons of shell steel orders have been given
out for rolling.
Rail production i3 expected to be increased.
Rail mills working hitherto on war orders will go back to
their peace product. Meanwhile, the Government is calling
for prompt deliveries on its orders.
The common impres¬
sion is that war business will soon decrease noticeably.
Of
course ‘this really depends upon events in Europe.
The
false report on the 7th inst. that an armistice had been signed
will make everybody wary about being taken in again.

Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

Total.

'

Galveston
Texas City
Port Arthur, &c_
New Orleans
Mobile
Pensacola
Jacksonville
Savannah

7,244

5,626

11,505

3,863

7,004
3,102
488

5,042

488

3,532

41,816
2,918

_

7,276

6.130

6,146

11,774

650

62

1,484

432

6,958
124

4,032

3,607

3.964

4,062

3,320

890
157

2.140

Wilmington
Norfolk

1,162
j-

_

166

1,250
2,339
2,000

580
1,590

727

1,088
569

431

3,587

151

1,813

1,589

Newp’tNews.&c.

949

1,250
21,324
2,000
6,956

1,529

2,261
10,108

183

Brunswick

Charleston

40,284
3,102

183

3731

New York
Boston
Baltimore

1

1915.

1914.

1913.

59,527
16,487
49,210
2,381
28,837
1,000
7,795
6,152
17,360

147,731
13,972
48,391
6,148
59,922
6,000
15,848
10,384
16,566

159,765
23,580
95,135
16,994

104

10,108
183
2,573

10,779

19,039

11,568

3,423
9,670

79,719
7,000
22,902
24,383
32,023
3,214
20,553

134,013

212,054

271,037

200,421

338,055

485,269

21,324
2,000

Charleston,&c

6.956
2,261

Wilmington..
Norfolk

N’portN.,&c.

All others

102,342
14,848
67,749
1,654
28,127
3,000
7,727
4,351
22,200

'

73

■

Total this wk.

Since Aug. 1. 1,643,250 2,235,215 3,140,718 2,545,100 1,970,503 4.687,123

The exports for the week ending this evening reach a total
of 52,329 bales, of which 21,310 were to Great Britain,
to France and 31,019 to other destinations.
Ex¬

ports for the week and since Aug. 1 1918 are as follows:
Week ending Nov. 8 1918.
Exported to—

Exports
from—

Great
Britain. France.

Galveston-.
Texas City.
Pt. Nogalez
NewOrleans
Mobile

Other.

11,209

8,050
3,600

.

Total.

19,259
3,600

From Aug. 1 1918 to Nov. 8 1918.
“
Exported to—
Great
Britain.

210,785

Total.

304,718
15,800
130

245,199
18,644
142,072
11,196
5,646

11,077

139', 631

68,475

37,093

5,882

5,882

18,644
41,146
11,196

47,000

43,926

20

31

69,067
7,911
11,220
1,077

26,501

-

5,656

Norfolk
New YorkBoston

Baltimore
Philadel’laPacific ports
.

Total

93,933
15,800

976

10,101

.

12,511

21,310

Total 1917.
Total 1916-

Other.

France.

130

Savannah..
Brunswick
Wiloi’ton.-

16,153
94,603

51

99,985

964

12,511

31,019 52,329

55,988

195,553
8,875
11,220
1,077
55,898

520,697

142,971

352,411 1,016,079

23,487 39,640 909,408
36,976 80,950 212,529 1,004,173

217,138
310,472

304,764 1,431,310
606,878 1,981,523

In addition to above exports, our telegrams to-night, also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for

New

York.
On

Shipboard, Not Cleared for—

Great
Nov. 8 at—

Ger¬

Britain. France. many.

Galveston
New Orleans*.
Savannah
Charleston
Mobile
Norfolk
New York *__
Other ports*..

8,390
3,000

Total 1918.
Total 1917..
Total 1916..
.

Other
Cont’t.

9,974

10,666

9,000

3,000

Coast- j
wise. 1 Total.

13,000
5,000
6,000
1,000

2,708

_

*

COTTON
Friday Night, Nov. 8 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
134,013 bales, against 152,254 bales last week and 169,230
bales the previous week, making total receipts since Aug. 1
1918 1,643,250 bales, agst. 2,235,215 bales for same period of
1917, showing a decrease since Aug. 11918of 591,965bales.

1916.

1917.
57,688
2,763
57,362
4,515
41,099
7,000
7,394
6,360
17,021

Brunswick

discussing the absorbing question just what the Govern¬
ment’s attitude will be in the period of readjustment from
to peace.

j

40.284
3,590
41.816
2,918

_

42

TOBACCO has been very quiet, It is even said that
some manufacturers are trying to resell
old-crop stocks owing
to labor shortage.
The ending of the war, it is believed, will

war

1847

800
400

_

10,666
10,000

5,666
—

34,098
83,035

12,959

5,000
2,000

„

—

28.974

15,000
23,421

89.548

j:

—

18.050
48.083

31,364
27,000
9,000
1,000
3,508

_

400
i

20,000
12,000

Leaving
Stock.

265,295
297,226
265,556
54,590
18,552
92,600
106,149
100,631

26,200 104,272 1,200,599
17,228 141,734
941,510
20,671 171.261 1,157,724

Estimated.

Speculation in cotton .or future delivery has been at very
irregular prices, ending decidedly higher. Fluctuations
have been violent.
Early in the week there was a sharp
rise, owing to what looked like increasmg probability of
peace and the fact that the market was oversold both for
home and foreign account. Wall Street, Western, local and

{lerhaps In addition, interest on the short side was evidently
the Southern there was to all appearance a large
arge.

short account in Liverpool straddles made by

buying Liver¬
pool and selling New York. Liverpool fluctuations have
also been wild, both upward and downward. A times they
have shown a good deal of strength; at others not a little
weakness.
But in the fore part of the week, at least, the
drift here wa§ towards covering, both for home and foreign
account.
Spot markets were reported firm. Holders at
the South were said to be refusing to follow the recent de¬
cline in futures. The Governor of Texas was quoted as
urging Texas farmer tq hold for higher prices. Latterly
there has been even talk of not a few farmers demanding
At one time there was a rumor that Chair¬
Brand of the Distribution Board had summoned mem¬
bers of the New York and New Orleans Exchanges to Wash¬

35 to 40 cents.
man

3

102

_

323

1,000

59

159

1,000

ington to assist in an investigation of recent transactions on
the two Exchanges.
It was inferred that this had reference
to short selling by various interests.
At all events, shorts
The following shows the week’s total receipts, total since
took the alarm at the mere mention of such a thing and this
Aug. 1 1918 and stocks to-night, compared with last year:
of itself caused a big rise on the 6th inst.
In other words,
it amounted roughly to 1.50 to 200 points from the low level
1918.
1917.
j
Stock.
Receipts to
of the morning on that date.
Spinners were buying, it was
Nov. 8.
This
Since Aug
Since Aug
This
understood, to some extent. Wall Street, the West and
Week.
1 1918.
Week. | 1 1917. I
1917.
1918.
New Orleans were buyers; also Liverpool.
Spot cotton ad¬
Galveston
40,284
617,818 57,688! 755.4121 296,659
245,552
vanced 90 points.
On the 7th inst. themarket wras thrown
Texas City
6,778!
3,102
16,711
7,967
11,230j
12,629
Port Arthur, &c_
96
9.985!
488
into great exetement about noon by a report issued by the
3,442
New Orleans
445,185
369.965 57,362
41,816
324,226 230,270
United Press that the armstice had actually been signed.
Mobile
4,515
46,9071
2,918
38,933
22,060
22,203
This was tantamount to an announcement of tho ending of
Pensacola
1,155!
no
Jacksonville
17,950!
2,566
11.500
l”,250
3,189
9,352
the war.
The so-called “news” was the signal for an out¬
Savannah
474,611! 274,556
210,639
21,324
361,004 41/99
burst of great enthusiasm all over tho city, and prices, which
Brunswick
7,000
72.000!
17.500
30,800
2,000
11,000
Charleston
7,394
97,416
55,590
6,956
61,308
55.306
had been declining sharply, wheeled around and made a
6,360
44,999 ;
Wilmington
43,366
50,900
2,261
39,383
Philadelphia

Totals this week-

Norfolk

Newp’t News, <fcc.

New^York
Boston

Baltimore

Philadelphia
otals




—

20,335

10,108
183
323

1,000

—

20,062

—

25,449

79,863
1,455
2,199

17.021

11,795
5,385

2,331
3,498

27,138

73
2,450

17.012

104,546

1,562!

74,737
29,094
45,475

2,961

24,0171 134,013

93,000
126,149
11,873
10,711
13,590

59,825
127,878
8.573
29,211
5,920

134.013 1 .643.250 212.054 2.235.215 1.304.871 1.083.244

sensational rise from the bottom.

There

were

all sorts of

conjectures as to how peace might affect tho market. Many
took the ground that exports would improve after a time in
an effort to relieve the admitted scarcity in foreign markets.
Moreover, the world is bare of cotton goods and its supplies
must be replenished.
It was not until after 3 o clock on the

7th inst. that the earlier report was announced by the As¬
sociated Press to be incorrect. It was officially stated at the
State Department at 2:15 p. m. that the Germans had not

Meanwhile, neither the American

signed armistice terms.

the Embassies of the Allies had received
any report that an armistice had been signed.
It was cer¬

Government

tainly

a

nor

painful incident.

To-day the ginning report was

received. Previous estimates had been of a bullish char¬
The Census report showed that the total ginned up
acter.
to Oct. 31 was 7,793,615 bales, against 7,150,254 for the

period in 1917, 8,623,893 in 1916 and 7,378,886 in
1915. The ginning for the period from Oct. 18 to Oct. 31
was 1,003,612 bales, against 1,578,630 in the same period
last year. As against an advance in prices, it is urged that
there cannot be an immediate readjustment of the world’s
cotton trade to peace conditions even after the war ends.
The whole trade of Europe has been disorganized.
And
where to get the shipping to forward big cotton supplies to
same

Europe? Meanwhile, domestic consumption has decreased.
American stocks are of course
very large. Actual exports
are
Bull

small.
speculation has been practically banned
since the first week of Seplember. To-day prices ended
lower on Liverpool, Southern, Wall Street and local selling.
The
peace reports of Thursday turned out to be false.
Marshal Foch gives the German Government 72 hours in
which to make its decision as to the armistice terms of the
Allies. The ginning was somewhat larger than previous
estimates. Exports are so small and bull speculation so

light that the general feeling seems to be that prices must de¬
for the week of
reported to be

cline. Spot cotton closed at 30.85c. a rise
180 points.
Spot holders at the South aie

holding in

for 35 to 40c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
some cases

Sat.

Mon.

30.70

Wed. Thurs.

Tue*.

29.25

Nov. 2 to Nov. 8—

Middling uplands

Hoi.

31.60

Fri.

30.85

31.25

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York
Not. 8 for each of the past 32 years have been as follows:
1918 _c
1917
1916
1915
1914
1913
1912
1911

1910-c.
1909...
1908—
1907--.
1906-.13.70 1905-.12.20 1904-9.35 1903-.-

14.95
14.20
9.30
10-80
10.30
11.60
10.25
11.15

30.85
28.85
19.40
11.60

8.45
7.81
9.56
7.81
5.31
5.88
8.12
8-81

1902.C
1901
1900
1899
1898
1897
1896
1895

1894-C--,
5.62
1893
8.31
1892-.-8.50
1891
8.25
9.62
1890
1839
.—1025
1888
9.88
1887
9.88
--

.--

—

...

Market
Closed.

Quiet, 20 pts. adv_. Barely steady.
Steady, 145 pts. adv. Strong

..

Total.

—

Steady, 90 pts. adv. Steady
Quiet, 35 pts. dec— Steady
Quiet, 40 pts. dec.. Steady

—

—

"200

'200

200

200

Total——

FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as
w

follows:

November—
Range
Closing.--. 27.30

—

Nov. 4.

27.68
28.80

Nov. 5.

Nov. 7.

Nov. 6.

Nov. 8.

29.50
29.17

—

29.65

—

—

29.55

—

—
—

Week.

27.68-450
—

1

December—

Range
Closing.-..
January—
Range
Closing
February—
Range
Closing.

26.80- .38 27.65-.f04
27.16-.28 28.95-.00

28.40-135 28.80410 29.00-.82 26.80435
29.80- .88 29.45-.55 29.07-.10

26.0O-.57 27.00-135
26.50- .54 28.20-.30

27.65450

_

27.90-440^28.30-.15 26.00-450

29.20-.26 28.78-.92 28.38-.42

—

27.95

28.85

—

—

28.55
•

25.70-.22 26.58-/95
23.16-.17 27.85- .95

28.05

—>

——

—

1

March—

Range
Closing

_

—

26.23

28.75- .82 28.40-.45 27.90-.93
HOLIDAY

_

_

.

28.40

—

28.15

27.68

—

—

—

1
27.15470 26.90-150 27.50- 30 25.38470
28.30-.35 28.00-.05 27.53- 60
—

July—
25.13-.85 26.05-/40
27.14-.15

26.90436 26.60425 27.20- 00 25.13-136
28.05-.08 27.67-.70 27.25-.30

24.62
25.20

Range

26.63-/85

Closing.... 25.70
August—
Range
Closing

-y

—*

—
—

26.60

27.50

—

—

27.30

—

27.30-.40 24.62-/85
20.75-.85

—

September—
24.20-.50 25.10-.40
Range
Closing-..- 24.80 — 26.30 —
October—
Range
Closing....
i 30c.

26.20-/40 26.60-.29 26.40 .80 24.20/40
27.25-.35 27.00
26.00
27.00

-

-

_

2 280.

J 29c.

«...

■

■

-■

-

—

—

1916.

1915.

461.000

627.000

871.000

276.000

508.000

100,000
1,000
15.000
28,000

147,000
5,000
654)00
16.000

701,000 1,009.000
n,ooo
•l.ooo
*1,000
*2,000
147,000
237.000
5,000
24)00
44,000
69,000
205,000
1184X)0
*1.000
*1.000

Total Continental stocks

151.000

233.000

Total European stocks

427,000

25.50
26.80

—

—

—

26.33

-—

L_
25.50

—

25.50 .00
—

—

/27c.

NEW ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:

O.,

India cotton afloat for Europe...
Amer. cotton afloat for Europe..

Egypt,Brazil,Ac.,afloat for Eur’pe

Stock in Alexandria, Egypt
Stock in Bombay, India
Stock In U. S. ports
Stock in U. S. interior towns
U. 8. exports to-day

Saturday, Monday, Tuesday, Wed’day, Thursd’y,
Nov. 2.

Nov. 4.

Nov. 5.

Nov. 6.

Nov. 7.

HOLI¬
DAY

29.60 —
29.10-.15
28.51-.53
28.10 —
27.84-.85
27.55 —
Firm

Steady
Steady

Friday,

29.21
28.71-.80
28.15-.23
27.78-.85
27.40 —

November
December

January

25.45-.50 27.45

March

25.10-.21 27.19

May

25.01-.04 27.01
24.81-.83 26.81

July
Tone—

Spot
Options




j

! Quiet

Steady

—
—
—

—
—
—

Quiet
Steady

Steady

50,000

235,000

*620,000

1,207,141

16,959

19.000
28,000

29,000
45,000

69.000
69.000

430.000

4044)00

741,000 1,105,000 1.403.000
344)00
29.000
43.000
706.473
228,000
523,989
59,000
71,000
40,000
1544)00
196,000
2034)00
284,000
430,000
*530,000
1,083,244 1,328,985 1.343.949
932,607 1.192,916 1,186,584
29,391
12,320

4.070.971 3,793,851 4.893,765 5,238,842
other descriptions are a s fellow*:

Of the above, totals of American and
American—

bales.

Liverpool stock

Manchester stock

487.000
661.000
36,000
56.000
*322,000 *337,000
706,473
523,989
1.328,985 1.343.949
1,192,916 1,186.284
29,391
12,230

337,000
21,000

10,000
*130,000

*195,000
228.000

1,304,871 1,083,244

1,207,141

932,607

16,959

Total American
East Indian. Brazil, Ac.—

London stock
Manchester stock
Continental stock
India afloat for Europe

109,000

200,000

Continental stock
American afloat for Europe
U. 8. port stocks
U. 8. mterior stocks
U. S. exports to-day

.2,977,971 2,796,851 4,102,765 4.120.842
112,000
16,000
29,000
*21,000
10,000
50,000
235,000
620.000

„

Egypt, Brazil, Ac., afloat...
Stock in Alexandria, Egypt.
Stock in Bombay, India
Total East India, Ac.
Total American

148,000
29.000
9,000
*82.000
34,000
59,000
154,000
284,000

124,000
19,000
7,000
*38,000
43.000
40,000
196,000
*530,000

210.000
69,000
13,000

*93,000
29.000
71,000
203,000
430,000

1,093.000
997,000
791,000 1,118,000
2,977,971 2,796,851 4,102,765 4,120,842

.

_

Broach, fine, Liverpool
Tinnevelly, good, Liverpool

...

22.65d.

22 90d.

10 30d.
11.03d.

20.55d.
20.73d.

6.60d.
6.72d.

Estimated.

Continental imports for past week have been
bales.
The above figures for 1918 show an increase over last week

of 116,174 bales, again of 277,120 bales over 1917, adeorease
of 822,794 bales from 1916 and a loss of 1,167,871 bales
from 1915.

receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below.
Movement to Nov. 8 1918.

Receipts.

Towns.

Nov. 8.

28. 85
28.35-.40
27.75-.81
27.34-.38
27.15 —
27.20-25 26.95-.98

Quiet |
Steady

Ship¬
ments.

Week.

Ala., Eufaula..
Montgomery

207

2,127
1,800
2,000
8,148
9,057

Ga., Albany...

318

.

Selma

Ark., Helena..

4,600
7,300
Augusta
13,158
Columbus....
3,100
Macon
6,426
Rome
1,700
7,153
La., Shreveport
Mias.,Columbus
1,067
Clarksdale
2,532
Greenwood*.
4,000
Meridian
1,500
Natchez
1,531
1,698
Vicksburg....
Yazoo City..
1,000
Mo., St. Louis. 16,423
N.C.,Gr’naboro
1,000
200
Raleigh....
Cincinnati.
2,288
Okla., Ardmore
Athena
Atlanta

.

Chlckasha

2",446

Hugo

1,703
1,000
4,000

Oklahoma

8.C..Greenville

789

Tenn.,Memphis 44,686

Season.

Week.

Movement to Nov. 9 1917.

Stocks
Nov.
8.

3,513
44,151
35.624
16,763
54,874
38,366
8,002
51,318
63,270
192,753
31,100
78,192
20.942
62,715
10,795

2,278
1,172 21,742
1,335 15,334
500
7,583
5,989 28,317
4,996 32,054
3,755
2,278 33,604
5,100 24,926
2,228136,416
100 18.000
8,408 28,300
1,500 11,842
6,595 38,128
859
3,902
50,216
3,932 37,251
58,035
2,700 41,714
18,637
11,181
21,971
l'.OOO 11,028
11,324
1,351
7,315
500 12,009
13,907
85,309 14,452 17,713
600
9,727
6,469
200
211
2,841
37,005
2,313 15,0001
17,263
16,320
17,387
22,401

2,429;
1,8811

9,838
5,344
I
6,000
3,000 20,932
249
7,115

Receipts.

'580

Brenham
Clarksville...
Dallas

400

....

Honey Grove.
Houston...
Paris
San Antonio..

2,690
3,754
1,488
65,378
4,402
993

Ship¬
ments.

Week.
80

2,451
1,795
3,000
11,852
7,079
386

7,870
10,450
13,803
1,834
6,513
3,159
8,837
757

5,922
9.000
1,246
3,379
1,344
2,000
67,775
2,082
500

1,147
2,500
3,853
2,411
2,127
4,124

982
8,743
226,339 27,585251.931 62,182

284

Nashville

Tex., Abilene..

26.64 — 28.64
26.14-.18 28.14

10,000
200,000

1,304,871

Total visible supply

Greenwood

l

16.000
39.000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

Little Rock..
Pine Bluif...

27.50-408 27.40490 27.83-.70 25.70-408

April—
Range
Closing-... 25.95 — 27.55 —
May—
25.38-.98 26.25-/85
Range
25.85 — 27.45-.57
Closing

1917.

221,000

bates.

AT THE INTERIOR TOWNS the movement—that is, the

Saturday, Monday, Ruesday, Wedkday, Thursday, Friday,
Nov. 2.

1918.

Nov. 8—
Stock at Liverpool
Stock at London
Stock at Manchester

•

—

.

HOLI DAY

...

.

Contract

Spot.

to-night, as made
by telegraph and cable, is as follows. Foreign stocks, aa
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up

Total visible supply
4,070.971 3,793,851 4,893.765 5.238.842
21.55d.
21.$4d.
11.42d.
7.Old.
Middling upland, Liverpool
30.85c.
29.05c.
19.30c.
11.80c.
Middling upland. New York
33.05d.
20.95d.
10.10d.
Egypt, good brown, Liverpool— 33.85d.
29-OOd.
14.50d.
lO.lOd.
Peruvian, rough good. Liverpool. 33.13d.

SALES.

Futures
Market
Closed.

Spot

THE VISIBLE SUPPLY OF COTTON

Liverpool stock
on

MARKET AND SALES AT NEW YORK.

Saturday...
Monday
Tuesday
Wednesday
Thursday
Friday

[Vol. 107

THE CHRONICLE

1848

898
510
1,308
5,061
800
400
5,263
14,822
3,052
6,793
2,782
18.713
4,800
36,597
3.488 11.802
877
3,425
14,072
5,156
764,894 47.475297.180 68,422
40,789
3.227) 9,532 6.165
947
20,338
736, 2.981

Season.

Week.

Stocks
Nov.
9.

25
2,964
2,617
33,307
2,304 18,532
24,523
5,760
1,414
20,771
2,000 16,931
69,374
9.669 34.601
708 35,371
51,920
388
10,727
2,477
50,159
3.959 24,548
90,534 10,844 32,406
243.555 21,158107.153
1,164 14,657
18.306
75,622
3,797 21.359
17.269
2,095
7,232
95.306
6.904 40,229
597
4,320
2,745
60.229! 5,757 42,783
56,610; 5.000 30.883
846
13,891
9.522
28,548, 3,411 10,945
7,943| 1,230 5.213
1,500 11,558
19,783
289.992 67,294
4,042
11,940, 1,887 2.328
500
213
3,034j
3,418 16,509
35.946

17.550!

19.102;
15,860
13,455

32,061!

2.000, 11,000

6.101
7,404
1,633
6,595
2.617
6,201
8,607 10.017
451
3.577

6,216
279,816 36.755162,692

1,044^

706

14,389 2,038
1,329
700
15,732
3.450
2,235
25,206
7,588
3,800 16,841
63.754
2.4441 7,370
29,011
930.108 55,087176.256
32.133! 4,249 9.671
1.057
1,206

18,034^

Total, 41 towns>234.6422,245,089168.7471207141341,3592,850,004287,643932,607

Hot. 9 1918.]

THE CHRONICLE

The above totals show that the interior stocks have

tn-

creased

during the week 65,895 bales and are to-night 274,534
more than at the same time last year.
The receipts at

bales
all towns have been 106,717 bales less than the
last year.

.

same

week

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up

from telegraphic reports Friday night. The results for the

weak and since Aug. 1 in the last two years are as follows:
Noa.S.

1918
Since

Shipped—

Week.

Week.

Aug. 1.

067.294
19,535

0295.303
99,975

3.326
11,041
27,408

19,920
14,583
113,423
170,670

451,207

129,122

714,369

4,291

19,379
16,620
79,817

8,279
4.193
40,630

152,267
29,348
148,168

6,696

115,816

53,102

329.783

-52,524

Via St. Louis
Via Mounds, Ac
Via Rock Island
Via Louisville

335,391

76,020

384,586

—14,452
—20,416
396
6.247
1,505
5,986
—10,218
—

—

Via Cincinnati

—

Via

Virginia points
Via other routes, Ac

—

Total gross overland
—59,220
Deduct shipments—
Overland to N. V., Boston, Ac_
1,323
Between interior towns
1,082
—

—

Inland, Ac., from South

—

Total to be deducted

--

Leaving total net overland *
*

Since

Aug. 1.
81,291
111,423
3,808
40,237
29,^80
56.864
128.504

Including movement by rail to Canada,

a

495
518

Palestine, Tex,—We have had rain on one day the past
week, the rainfall being one hundredth of an inch. The ther¬
mometer has averaged 62, the highest being 78 and the

lowest 46.

San Antonio, Tex.—We have had rain on three days of the
past week, the rainfall being thirty-five hundredths of an

inch.

Revised.

The thermometer has

averaged 68, ranging from 54
■
& Taylor, Tex.—There has been rain on two days during the
week, the rainfall being eight hundredths of an inch. Mini¬
to 82.

mum

1917

-

,

thermometer 50.

Amarillo, Tex.—The week’s rainfall has been four hun¬
an inch, on one day.
Average thermometer 54,
highest 74, lowest 34.
New Orleans, La.—There has been no rain the past week.
The thermometer has averaged 66.
Shreveport, La.—There has been rain on one day of the
week, to an inappreciable extent. The thermometer has
ranged from 38 to 80.
Vicksburg, Miss.—There has been no rain during the week.
The thermometer has ranged from 39 to 77, averaging 60.
Mobile, Ala.—Dry all the week.
Average thermometer
61, highest 78, lowest 50.
Selma, Ala.—We have had no rain the past week. The
thermometer has averaged 52, the highest being 70 and the
dredths of

lowest

The foregoing
has been 52,524

1849

36.

shows the week’s net overland movement
Savannah, Ga.—We have had no rain the past week. The
bales, against 76,020 bales for the week last
thermometer has averaged 56, ranging from 44 to 74.
year, and that for the season to date the aggregate net over¬
Charleston, S. ?.—There has been"noTrain during the weelcl
land exhibits a decrease from a year ago of 49,195 bales.
The thermometer has ranged from 46 to 71, averaging"59. 4
1918
1 917
In Sight and Spinners'

Since
Week.

Takings.

Since
Week.

Net overland to Nov. 8
52.524
Southern consumption to Nov. 8.0 79,000

Aug. 1.
1,643,250
335.391
1.196.000

212.054
76,020
80,000

Total marketed
Interior stocks in

-265,537
65,895

3.174.641
510,525

368,074
53.716

Came into sight during week. .331,432
Total in sight Nov. 8

3,685.166